Testing stock market convergence: a non-linear factor approach

This paper applies the Phillips and Sul (Econometrica 75(6):1771–1855, 2007) method to test for convergence in stock returns to an extensive dataset including monthly stock price indices for five EU countries (Germany, France, the Netherlands, Ireland and the UK) as well as the US between 1973 and 2008. We carry out the analysis on both sectors and individual industries within sectors. As a first step, we use the Stock and Watson (J Am Stat Assoc 93(441):349–358, 1998) procedure to filter the data in order to extract the long-run component of the series; then, following Phillips and Sul (Econometrica 75(6):1771–1855, 2007), we estimate the relative transition parameters. In the case of sectoral indices we find convergence in the middle of the sample period, followed by divergence, and detect four (two large and two small) clusters. The analysis at a disaggregate, industry level again points to convergence in the middle of the sample, and subsequent divergence, but a much larger number of clusters is now found. Splitting the cross-section into two subgroups including euro area countries, the UK and the US respectively, provides evidence of a global convergence/divergence process not obviously influenced by EU policies

The 10 Meter South Pole Telescope

The South Pole Telescope (SPT) is a 10 m diameter, wide-field, offset Gregorian telescope with a 966-pixel, multi-color, millimeter-wave, bolometer camera. It is located at the Amundsen-Scott South Pole station in Antarctica. The design of the SPT emphasizes careful control of spillover and scattering, to minimize noise and false signals due to ground pickup. The key initial project is a large-area survey at wavelengths of 3, 2 and 1.3 mm, to detect clusters of galaxies via the Sunyaev-Zeldovich effect and to measure the small-scale angular power spectrum of the cosmic microwave background (CMB). The data will be used to characterize the primordial matter power spectrum and to place constraints on the equation of state of dark energy. A second-generation camera will measure the polarization of the CMB, potentially leading to constraints on the neutrino mass and the energy scale of inflation.Comment: 47 pages, 14 figures, updated to match version to be published in PASP 123 903 (May, 2011

Determination of total and available fractions of PAHs by SPME in oily wastewaters : overcoming interference from NAPL and NOM

Background, aim, and scope Polycyclic aromatic hydrocarbons (PAHs) are often found in oily wastewaters. Their presence is usually the result of human activities and has a negative effect on the environment. One important step in addressing this problem is to evaluate the effectiveness of PAH removal by biological processes since these are the most cost-effective treatments known today. Many techniques are presently available for PAH determination in wastewaters. Solid phase microextracion (SPME) is known to be one of the most effective techniques for this purpose. When analyzing complex matrices with substances such as natural organic matter (NOM) and non-aqueous phase liquids (NAPL), it is important to differentiate the free dissolved PAH from matrix-bonded PAH. PAHs associated with the bonded fraction are less susceptible to biological treatment. The present study concerns the development of a simple and suitable methodology for the determination of the freely dissolved and the total fraction of PAHs present in oily wastewaters. The methodology was then applied to an oily wastewater from a fuel station retention basin. Material and methods Headspace SPME was used for analyzing PAH since the presence of a complex or dirty matrix in direct contact with the fiber may damage it. Four model PAHs—anthracene, fluorene, phenanthrene, and pyrene—were analyzed by GC-MS. Negligible depletion SPME technique was used to determine the free fraction. Total PAH was determined by enhancing the mass transfer from the bonded phase to the freely dissolved phase by temperature optimization and the use of the method of standard additions. The PAH absorption kinetics were determined in order to define the optimal sampling conditions for this method. The fitting of the experimental data to a mathematical model was accomplished using Berkeley Madonna software. Humic acid and silicon oil were used as model NOM and NAPL, respectively, to study the effect of these compounds on the decrease of SPME response. Then, the method was evaluated with wastewater from a fuel station spill retention basin. Results The SPME kinetic parameters—k 1 (uptake rate), k 2 (desorption rate), and K SPME (partition coefficient)—were determined from experimental data modeling. The determination of the free fraction required 15-min sampling to ensure that PAH depletion from sample was below 1%. For total PAH, a 30-min extraction at 100°C ensured the maximum signal response in the GC-MS. For the determination of free and total PAHs, extractions were performed before reaching the SPME equilibrium. The wastewater used in this study had no free fraction of the analyzed PAHs. However, the four studied PAHs were found when the method for total PAH was used. Discussion The addition of NOM and NAPL dramatically decreased the efficiency of the SPME. This decrease was the result of a greater partition of the PAHs to the NAPL and NOM phases. This fact was also observed in the analysis of the fuel station spill retention basin, where no free PAH was measured. However, using the method of standard addition for the determination of total PAH, it was possible to quantify all four PAHs. Conclusions The method developed in the present study was found to be adequate to differentiate between free and total PAH present in oily wastewater. It was determined that the presence of NOM and NAPL had a negative effect on SPME efficiency. Recommendations and perspectives The presence of binding substances had a great influence on SPME kinetics. Therefore, it is of extreme importance to determine their degree of interference when analyzing oily wastewaters or results can otherwise be erroneous. Other factors influencing the total PAH determinations should be considered in further studies.Fundação para a Ciência e a Tecnologia (FCT) - SFRH/BD/ 18816/2004, POCI/AMB/61044/200

In vivo antimicrobial activity of 0.6% povidone-iodine eye drops in patients undergoing intravitreal injections: a prospective study

To investigate the antimicrobial activity of a preservative-free 0.6% povidone-iodine eye drop as an antiseptic procedure in decreasing the conjunctival bacterial load in eyes scheduled for intravitreal treatment and to compare its efficacy to the untreated fellow eye used as the control group. Prospective cohort analysis in which 208 patients received preservative-free 0.6% povidone-iodine eye drops three times a day for three days before intravitreal injection. Before and after the prophylactic treatment, a conjunctival swab was collected from both the study eye and the untreated contralateral eye, used as control. The swab was inoculated on different culture media and the colony-forming units were counted. Bacteria and fungi were identified by matrix-assisted laser desorption ionization time-of-flight mass spectrometry. Treatment with 0.6% povidone-iodine eye drops significantly reduced the conjunctival bacterial load from baseline (p < 0.001 for blood agar and p < 0.001 for chocolate agar) with an eradication rate of 80%. The most commonly isolated pathogen at each time-point and in both groups was coagulase-negative Staphylococci, isolated in 84% of the positive cultures. The study provides evidence about the effectiveness of 0.6% povidone-iodine eye drops treatment in reducing the conjunctival bacterial load in eyes scheduled for intravitreal treatment

Predictors of choice of initial antifungal treatment in intraabdominal candidiasis

Intraabdominal candidiasis (IAC) is the second most frequent form of invasive candidiasis, and is associated with high mortality rates. This study aims to identify current practices in initial antifungal treatment (IAT) in a real-world scenario and to define the predictors of the choice of echinocandins or azoles in IAC episodes. Secondary analysis was performed of a multinational retrospective cohort at 13 teaching hospitals in four countries (Italy, Greece, Spain and Brazil), over a 3-year period (2011\u20132013). IAC was identified in 481 patients, 323 of whom received antifungal therapy (classified as the treatment group). After excluding 13 patients given amphotericin B, the treatment group was further divided into the echinocandin group (209 patients; 64.7%) and the azole group (101 patients; 32.3%). Median APACHE II scores were significantly higher in the echinocandin group (p 0.013), but IAT did not differ significantly with regard to the Candida species involved. Logistic multivariate stepwise regression analysis, adjusted for centre effect, identified septic shock (adjusted OR (aOR) 1.54), APACHE II > 15 (aOR 1.16) and presence in surgical ward at diagnosis (aOR 1.16) as the top three independent variables associated with an empirical echinocandin regimen. No differences in 30-day mortality were observed between groups. Echinocandin regimen was the first choice for IAT in patients with IAC. No statistical differences in mortality were observed between regimens, but echinocandins were administered to patients with more severe disease. Some disagreements were identified between current clinical guidelines and prescription of antifungals for IAC at the bedside, so further educational measures are required to optimize therapies

Neutral processes dominate microbial community assembly in Atlantic salmon, Salmo salar

In recent years a wealth of studies have examined the relationships between a host and its microbiome across diverse taxa. Many studies characterise the host microbiome without considering the ecological processes that underpin microbiome assembly. In this study, the intestinal microbiota of Atlantic salmon, Salmo salar, sampled from farmed and wild environments was first characterised using 16s rDNA MiSeq sequencing analysis. We used neutral community models to determine the balance of stochastic and deterministic processes that underpin microbial community assembly and transfer across lifecycle stage and between gut compartments. Across gut compartments in farmed fish, neutral models suggest that most microbes are transient with no evidence of adaptation to their environment. In wild fish, we find declining taxonomic and functional microbial community richness as fish mature through different lifecycle stages. Alongside neutral community models applied to wild fish, we suggest declining richness demonstrates an increasing role for the host in filtering microbial communities that is correlated with age. We find a limited subset of gut microflora adapted to the farmed and wild host environment among which Mycoplasma sp. are prominent. Our study reveals the ecological drivers underpinning community assembly in both farmed and wild Atlantic salmon and underlines the importance of understanding the role of stochastic processes such as random drift and small migration rates in microbial community assembly, before considering any functional role of the gut microbes encountered

Parasitosis internas de los ovinos en la prov. de La Pampa

The presence of helminths in the gastrointestinal tract, lung8 and liver of eighty 3 to 8 month old lambs were studied from September 1983 to October 1984. The goal was to determine the prevalence and abundance of regional parasite species. The samples were obtained from Sta Rosa slaughter (Frical S.A.). Sheep were brought from the departments of Capital, Toay, Atreucó, Guatraché, Catrlló, Utracán y Conhelo. The helminths recovered and their respective prevalence were as follow: Haemonchus contortus, 73.8%; Nematodirul spp, 64.6% (N. spathiger, N. oiratianus y N. abnormalis); Trichuris ovis, 58.4%; Trichostrongylus colubriformis, 46,1%; T. vitrinus, 20%; T. axei, 44.6%; 4.6%; C. curticei, 1.5%; -Oesopha Rostomum spp, 26.1 % lº'-.. vanulosum 66%, O. columbianum 34%); Chabartia ovina, 16.9%; Taladorlagia circumcincta, 4.6%; Dictyocaulus spp, 10.7%; Cysticercus tanuicollia, 30.7%; Monlezia axpanza 7.6%; M. banadani, 1.5%; M. denticulata, 1.5%; Thysanoloma actinoidas, 3%; Echinococcus granuloaus, 3%. The most important species for Heap production was Haemonchus, being mora prevalent from mid-January to mid-May. Grater Laval wara seen during sarly autumn.Desde septiembre de 1983 hasta octubre de 1984 se estudiaron las cargas de helmintos en el contenido del tracto gastrointestinal, pulmón e hígado de 80 corderos de 3 a 8 meses de edad en general. La finalidad fue determinar prevalencia y abundancia de especies parásitas en la región. Los organos se obtuvieron de corderos faenados en el frigorífico de Sta Rosa, Frical S.A. Los ovinos provenían de los departamentos Capital, Toay, Atreucó, Guatraché, Catriló, Utracén y Conhelo. Los helmlntos observados y su prevalencia anual respectiva fueron los siguientes: Haemonchus contortus, 73.8%; Nematodirus spp, 64.6% (N. spathiger, N. oiratianus y N. abnormali); Trichuris ovis, 58.4%; Trichostrongylus colubriformis, 46,1%; T. vitrinua, 20%; T. axei, 44.6%; Ostertagia ostertagi, 43%; Q. Iyrata, 9.2%; Cooperia oncophora, 29.2%; C. punctata, 4.6%; C. curticeí. 1.5%; Oesophagostomum app, 26.1 % (O. venulosum 66%, O. columbianum 34%); Chabertia ovina, 16.9%; Teladorsagia circumcincta, 4.6%; Dictyocaulus spp, 10.7%; Cystícercus tenuicollis, 30.7%; Moniezia expanza 7':6%; M. benedeni, 1.5%; M. denticulata, 1.5%; Thysanosoma actinoides, 3%; Echinococcus granulosus, 3%. De acuerdo a su prevalencia y patogenicidad la especie más importante para la producción ovina fué Haemonchus contortus y su mayor prevalencia se registró de enero a mediados de mayo

Trace analysis of environmental matrices by large-volume injection and liquid chromatography-mass spectrometry

The time-honored convention of concentrating aqueous samples by solid-phase extraction (SPE) is being challenged by the increasingly widespread use of large-volume injection (LVI) liquid chromatography–mass spectrometry (LC–MS) for the determination of traces of polar organic contaminants in environmental samples. Although different LVI approaches have been proposed over the last 40 years, the simplest and most popular way of performing LVI is known as single-column LVI (SC-LVI), in which a large-volume of an aqueous sample is directly injected into an analytical column. For the purposes of this critical review, LVI is defined as an injected sample volume that is ≥10% of the void volume of the analytical column. Compared with other techniques, SC-LVI is easier to set up, because it requires only small hardware modifications to existing autosamplers and, thus, it will be the main focus of this review. Although not new, SC-LVI is gaining acceptance and the approach is emerging as a technique that will render SPE nearly obsolete for many environmental applications.In this review, we discuss: the history and development of various forms of LVI; the critical factors that must be considered when creating and optimizing SC-LVI methods; and typical applications that demonstrate the range of environmental matrices to which LVI is applicable, for example drinking water, groundwater, and surface water including seawater and wastewater. Furthermore, we indicate direction and areas that must be addressed to fully delineate the limits of SC-LVI

Formation and Degradation of Beta-casomorphins in Dairy Processing

Milk proteins including casein are sources of peptides with bioactivity. One of these peptides is beta-casomorphin (BCM) which belongs to a group of opioid peptides formed from b-casein variants. Beta-casomorphin 7 (BCM7) has been demonstrated to be enzymatically released from the A1 or B b-casein variant. Epidemiological evidence suggests the peptide BCM 7 is a risk factor for development of human diseases, including increased risk of type 1 diabetes and cardiovascular diseases but this has not been thoroughly substantiated by research studies. High performance liquid chromatography coupled to UV-Vis and mass spectrometry detection as well as enzyme–linked immunosorbent assay (ELISA) has been used to analyze BCMs in dairy products. BCMs have been detected in raw cow’s milk and human milk and a variety of commercial cheeses, but their presence has yet to be confirmed in commercial yoghurts. The finding that BCMs are present in cheese suggests they could also form in yoghurt, but be degraded during yoghurt processing. Whether BCMs do form in yoghurt and the amount of BCM forming or degrading at different processing steps needs further investigation and possibly will depend on the heat treatment and fermentation process used, but it remains an intriguing unknown