Diversification benefits of commodities: A stochastic dominance efficiency approach

We revisit the question whether commodities should be included in investors' portfolios. We employ for the first time a stochastic dominance efficiency (SDE) approach to construct optimal portfolios with and without commodities and we evaluate their comparative performance. SDE circumvents the necessity to posit a specific utility function to describe investor's preferences and it does not impose distributional assumptions on asset returns. We find that commodities provide diversification benefits both in- and out- of-sample. This evidence is stronger when commodity indices which mimic dynamic commodity trading strategies are used. We explain our results by documenting that commodity markets are segmented from the equity and bond markets

Advancing characterisation with statistics from correlative electron diffraction and X-ray spectroscopy, in the scanning electron microscope.

The routine and unique determination of minor phases in microstructures is critical to materials science. In metallurgy alone, applications include alloy and process development and the understanding of degradation in service. We develop a correlative method, exploring superalloy microstructures, which are examined in the scanning electron microscope (SEM) using simultaneous energy dispersive X-ray spectroscopy (EDS) and electron backscatter diffraction (EBSD). This is performed at an appropriate length scale for characterisation of carbide phases' shape, size, location, and distribution. EDS and EBSD data are generated using two different physical processes, but each provide a signature of the material interacting with the incoming electron beam. Recent advances in post-processing, driven by 'big data' approaches, include use of principal component analysis (PCA). Components are subsequently characterised to assign labels to a mapped region. To provide physically meaningful signals, the principal components may be rotated to control the distribution of variance. In this work, we develop this method further through a weighted PCA approach. We use the EDS and EBSD signals concurrently, thereby labelling each region using both EDS (chemistry) and EBSD (crystal structure) information. This provides a new method of amplifying signal-to-noise for very small phases in mapped regions, especially where the EDS or EBSD signal is not unique enough alone for classification

Fano resonances in THz metamaterials composed of continuous metallic wires and split ring resonators

Cataloged from PDF version of article.We demonstrate theoretically and experimentally that Fano resonances can be obtained in terahertz metamaterials that are composed of periodic continuous metallic wires dressed with periodic split ring resonators. An asymmetric Fano lineshape has been found in a narrow frequency range of the transmission curve. By using a transmission line combined with lumped element model, we are able to not only fit the transmission spectra of Fano resonance which is attributed to the coupling and interference between the transmission continuum of continuous metallic wires and the bright resonant mode of split ring resonators, but also reveal the capacitance change of the split ring resonators induced frequency shift of the Fano resonance. Therefore, the proposed theoretical model shows more capabilities than conventional coupled oscillator model in the design of Fano structures. The effective parameters of group refractive index of the Fano structure are retrieved, and a large group index more than 800 is obtained at the Fano resonance, which could be used for slow light devices. (C) 2014 Optical Society of Americ

The use of alfaxalone for short-term anesthesia can confound serum progesterone measurements in the common marmoset: a case report

Alfaxan® (alfaxalone) is a steroid general anesthetic widely used in veterinary medicine for induction and maintenance of anesthesia in several species. While the use of alfaxalone in veterinary practice has several benefits compared to the use of other anesthetic agents, the fact that it is derived from progesterone may confound the measurement of the latter in the blood of animals under alfaxalone treatment. In the present case study, we report the measurement of serum progesterone in an individual common marmoset (Callithrix jacchus) during five ovarian cycles in which luteolysis was induced by PGF2α. Blood samples were usually taken from the awake animal with the exception of the fifth cycle in which the sample was collected under alfaxalone anesthesia in connection with a tooth extraction. In contrast to the previous four cycles in which luteolysis resulted in the expected marked decrease in progesterone concentrations, the – apparent – progesterone level in the cycle under alfaxalone treatment remained unexpectedly high. Cross-reactivity of the non-specific antibody used in the progesterone assay with alfaxalone most likely explains this finding.</p

Synthesis and Chemiluminescent Properties of Amino-Acylated luminol Derivatives Bearing Phosphonium Cations

[EN] The monitoring of reactive oxygen species in living cells provides valuable information on cell function and performance. Lately, the development of chemiluminescence-based reactive oxygen species monitoring has gained increased attention due to the advantages posed by chemiluminescence, including its rapid measurement and high sensitivity. In this respect, specific organelle-targeting trackers with strong chemiluminescence performance are of high importance. We herein report the synthesis and chemiluminescence properties of eight novel phosphonium-functionalized amino-acylated luminol and isoluminol derivatives, designed as mitochondriotropic chemiluminescence reactive oxygen species trackers. Three different phosphonium cationic moieties were employed (phenyl, p-tolyl, and cyclohexyl), as well as two alkanoyl chains (hexanoyl and undecanoyl) as bridges/linkers. Synthesis is accomplished via the acylation of the corresponding phthalimides, as phthalhydrazide precursors, followed by hydrazinolysis. This method was chosen because the direct acylation of (iso)luminol was discouraging. The new derivatives' chemiluminescence was evaluated and compared with that of the parent molecules. A relatively poor chemiluminescence performance was observed for all derivatives, with the isoluminol-based ones being the poorest. This result is mainly attributed to the low yield of the fluorescence species formation during the chemiluminescence oxidation reaction.This project was financially supported by the European Union's Horizon 2020 framework program for research and innovation under grant agreement no. 712921, as well as a Greek State Scholarships Foundation (I.K.Y.) fellowship to A.P.Pantelia, A.; Daskalaki, I.; Cuquerella Alabort, MC.; Rotas, G.; Miranda Alonso, MÁ.; Vougioukalakis, GC. (2019). Synthesis and Chemiluminescent Properties of Amino-Acylated luminol Derivatives Bearing Phosphonium Cations. Molecules. 24(21):1-16. https://doi.org/10.3390/molecules24213957S116242

Mechanical properties and microstructure of additively manufactured stainless steel with laser welded joints

Powder bed fusion (PBF) is a commonly employed metal additive manufacturing (AM) process in which components are built, layer-by-layer, using metallic powder. The component size is limited by the internal build volume of the employed PBF AM equipment; the fabrication of components larger than this volume therefore requires mechanical joining methods, such as laser welding. There are, however, very limited test data on the mechanical performance of PBF metal with laser welded joints. In this study, the mechanical properties of PBF built 316L stainless steel parts, joined together using laser welding to form larger components, have been investigated; the microstructure of the components has also been examined. 33 PBF 316L stainless steel tensile coupons, with central laser welds, welded using a range of welding parameters, and with coupon half parts built in two different orientations, were tested. The porosity, microhardness and microstructure of the welded coupons, along with the widths of the weld and heat-affected zone (HAZ), were characterised. The PBF base metal exhibited a typical cellular microstructure, while the weld consisted of equiaxed, columnar and cellular dendrite microstructures. Narrow weld regions and HAZs were observed. The PBF base metal was found to have higher proof and ultimate strengths, but a similar fracture strain and a lower Young’s modulus, compared with conventionally manufactured 316L stainless steel. The strengths were dependent on the build direction – the vertically built specimens showed lower proof strengths than the horizontal specimens. The laser welds generally exhibited lower microhardness, proof strengths and fracture strains than the PBF base metal which correlated with the observed structure. This work has demonstrated that PBF built parts can be joined by laser welding to form larger components and provided insight into the resulting strength and ductility

Service quality, visitor satisfaction and future behavior in the museum sector

The present study investigates the factors that affect visitors’ satisfaction and their future behavior. A survey based on the dimensions of SERVPERF among 632 visitors in two distinct in terms of atmosphere, exhibits and activities museums, the Archaeological Museum and the Museum for Science and Technology in Thessaloniki (Greece) provides the empirical evidence. The results indicate that the five dimensions of SERVPERF can successfully determine the degree of visitors’ satisfaction and predict future behavior. Future behavior is often subject to visitors’ place of residence. The type of museum is also a significant factor affecting satisfaction and future behavior. on and loyalty

Strong and Broadband Pure Optical Activity in 3D Printed THz Chiral Metamaterials

Optical activity (polarization rotation of light) is one of the most desired features of chiral media, as it is important for many polarization related applications. However, in the THz region, chiral media with strong optical activity are not available in nature. Here, we study theoretically, and experimentally a chiral metamaterial structure composed of pairs of vertical U-shape resonators of "twisted" arms, and we reveal that it demonstrates large pure optical activity (i.e. optical activity associated with negligible transmitted wave ellipticity) in the low THz regime. The experimental data show polarization rotation up to 25 (deg) for an unmatched bandwidth of 1 THz (relative bandwidth 80 %), from a 130 um-thickness structure, while theoretical optimizations show that the rotation can reach 45 (deg). The enhanced chiral response of the structure is analyzed through an equivalent RLC circuit model, which provides also simple optimization rules for the enhancement of its chiral response. The proposed chiral structures allow easy fabrication via direct laser writing and electroless metal plating, making them suitable candidates for polarization control applications.Comment: 17 pages, 7 figure