Model color-magnitude diagrams for Hubble Space Telescope observations of Local Group dwarf galaxies

In this paper, we discuss a method to conduct a quantitative study of the star formation history (SFH) of Local Group (LG) galaxies using (HST) data. This method has proven to be successful in the analysis of the SFH of the same kind of galaxies using ground-based observations. It is based on the comparison of observed CMDs with a set of model CMDs. The latter are computed assuming different evolutionary scenarios, and include a detailed simulation of observational effects. HST CMDs are ~3 mags deeper than typical ground-based CMDs, allowing the observation, for all LG galaxies, of a part of the CMD that up till now had remained accessible only for the very nearest galaxies. A very important feature that will become accessible is the HB+red-clump. The distribution of stars along this structure is quite sensitive to age and metallicity and should provide a very important improvement in the time resolution of the SFH for stars older than ~2-3 Gyr. We show and discuss four model CMDs which would be comparable with CMDs from deep HST observations. These model CMDs represent the following evolutionary scenarios corresponding to a wide range of dwarf galaxy sub-types from dI to dE: A) a constant SFR from 15Gyr ago to the present time; B) as A), but with the SFR stopped 0.5 Gyr ago; C) a constant SFR in the age range 10-9Gyr and D) as C) but in the age range 15-12 Gyr. In all four cases a range of metallicity from Z=0.0001 to Z=0.004 has been assumed. The present analysis is just a first qualitative approach to what one may expect to find in the CMDs of LG galaxies. However a complete set of model CMDs must be computed to analize the data for each galaxy, using the crowding effects derived for that particular galaxy.Comment: 2 fi

The Stellar Content and the Star Formation History of the Local Group Dwarf Galaxy LGS 3

The star formation history (SFH) and the properties of the dwarf galaxy LGS3 are analyzed using color-magnitude (CM) diagrams plotted from VRI photometry of 736 stars. The distance to the galaxy is estimated through the position of the tip or the red giant branch. Two acceptable results have been obtained: 0.77+/-0.07 Mpc and 0.96+/-0.07 Mpc, although the first value is favored by complementary considerations on the stellar content of the galaxy. Both values make LGS3 a possible satellite of M31 or of M33. The SFH is investigated for each of the two adopted distances comparing the observed CM diagrams with model CM diagrams computed for different star formation rates (psi(t)) and chemical enrichment laws (Z(t)). The results are compatible with LGS3 having been forming stars since an early epoch, 15-12 Gyr ago, at an almost constant rate if distance is 0.77 Mpc or at an exponentially decreasing rate if distance is 0.96 Mpc. According to our models, the current metallicity would range from Z~0.0007 to Z~0.002. Other results are the current psi(t): (0.55+/-0.04)x10^(-10) Mo yr^(-1) pc^(-2) or (0.47+/-0.07)x10^(-10) Mo yr^(-1) pc^(-2), depending of the distance, and its average for the entire life of the galaxy, =(1.4+/-0.1)x10^(-10) Mo yr^(-1) pc^(-2). At the present psi(t), the probability of LGS3 having an HII region is 0.2, which is compatible with the fact that no HII regions have been found in the galaxy. Its fraction of gas relative to the mass intervening in the chemical evolution is about 0.40 and its percentage of dark matter (that which cannot be explained as stellar remnants or by extrapolation of the used IMF to low masses) is 95%. The results for psi(t) and Z(t) for d=0.77 Mpc are compatible with a moderate outflow of well mixed material (lambda=3), but largeComment: 23 pages, 3 tables, 14 figures. AJ in pres

Probing the Galaxy I. The galactic structure towards the galactic pole

Observations of (B-V) colour distributions towards the galactic poles are compared with those obtained from synthetic colour-magnitude diagrams to determine the major constituents in the disc and spheroid. The disc is described with four stellar sub-populations: the young, intermediate, old, and thick disc populations, which have respectively scale heights of 100 pc, 250 pc, 0.5 kpc, and 1.0 kpc. The spheroid is described with stellar contributions from the bulge and halo. The bulge is not well constrained with the data analyzed in this study. A non-flattened power-law describes the observed distributions at fainter magnitudes better than a deprojected R^{1/4}-law. Details about the age, metallicity, and normalizations are listed in Table 1. The star counts and the colour distributions from the stars in the intermediate fields towards the galactic anti-centre are well described with the stellar populations mentioned above. Arguments are given that the actual solar offset is about 15 pc north from the galactic plane.Comment: 11 pages TeX, 4 separate pages with additional figures, accepted for publication in A&

Lateral gene exchanges shape the genomes of amoeba-resisting microorganisms.

Based on Darwin's concept of the tree of life, vertical inheritance was thought to be dominant, and mutations, deletions, and duplication were streaming the genomes of living organisms. In the current genomic era, increasing data indicated that both vertical and lateral gene inheritance interact in space and time to trigger genome evolution, particularly among microorganisms sharing a given ecological niche. As a paradigm to their diversity and their survival in a variety of cell types, intracellular microorganisms, and notably intracellular bacteria, were considered as less prone to lateral genetic exchanges. Such specialized microorganisms generally have a smaller gene repertoire because they do rely on their host's factors for some basic regulatory and metabolic functions. Here we review events of lateral gene transfer (LGT) that illustrate the genetic exchanges among intra-amoebal microorganisms or between the microorganism and its amoebal host. We tentatively investigate the functions of laterally transferred genes in the light of the interaction with their host as they should confer a selective advantage and success to the amoeba-resisting microorganisms (ARMs)

The Resolved Outer Population of NGC6822 with WFPC2

We present F336W (U), F439W (B), F555W (V), and F675W (R) Wide Field Planetary Camera 2 (WFPC2) photometry of two outer regions of the Local Group dwarf irregular galaxy NGC6822. The NE region is ~13 arcmin from the galaxy centre, while the W region lies 10 arcmin out, and within the wispy low surface brightness outer regions of the galaxy. The fields are not crowded and contain few NGC 6822 stars. We discuss errors and uncertainties and find that the W region contains a main sequence that extends to stars of about 2 solar masses, with an age of about 200 Myr. The NE region has no main sequence or stars younger than 1 Gyr, but does contain some luminous red stars that are not matched in the W field. These stars are not clumped in the field. The results suggest that the W region may be a trace of a tidal event that triggered the current star-formation in this isolated galaxy.Comment: 12 pages including 2 tables, plus 4 figures (#1 omitted) To appear in PAS

ESG compliant optimal portfolios: The impact of ESG constraints on portfolio optimization in a sample of European stocks

The introduction of the Environmental, Social, Governance (ESG) dimensions in setting up optimal portfolios has been becoming of uttermost importance for the financial industry. Given the absence of consensus in empirical literature and the limited number of studies providing performance comparison of ESG strategies, the aim of this paper is to assess the impact of ESG on optimal portfolios and to compare different approaches to the construction of ESG compliant portfolios. Following Varmaz et al. (2022) optimization model, we minimize portfolio residual risk by imposing a desired level of portfolio average systemic risk and ESG (measured by Bloomberg ESG score) over both an unscreened and a screened sample based on the 586 stocks of the EURO STOXX Index in the period January 2007 – August 2022. Three are the main results. First, regardless of the level of portfolio systemic risk, the Sharpe ratio of the optimal portfolios worsens as the target ESG level increases. Second, the Sharpe ratio dynamics of portfolios with the highest average ESG scores follows market phases: it is very close to/higher than other portfolios in bull markets, whereas it underperforms in stable or bear markets suggesting that ESG portfolios do not seem to represent a safe haven. Third, negative screenings with medium low threshold reduce the performance of optimal portfolios with respect to optimization over an unscreened sample. However, when adopting a very severe screening we obtain a superior performance implying that very virtuous companies allows investors to do well by doing good

The IMF as a function of supersonic turbulence

Recent studies seem to suggest that the stellar initial mass function (IMF) in early-type galaxies might be different from a classical Kroupa or Chabrier IMF, i.e. contain a larger fraction of the total mass in low-mass stars. From a theoretical point of view, supersonic turbulence has been the subject of interest in many analytical theories proposing a strong correlation with the characteristic mass of the core mass function (CMF) in star forming regions, and as a consequence with the stellar IMF. Performing two suites of smoothed particles hydrodynamics (SPH) simulations with different mass resolutions, we aim at testing the effects of variations in the turbulent properties of a dense, star forming molecular cloud on the shape of the system mass function in different density regimes. While analytical theories predict a shift of the peak of the CMF towards lower masses with increasing velocity dispersion of the cloud, we observe in the low-density regime the opposite trend, with high Mach numbers giving rise to a top-heavy mass distribution. For the high-density regime we do not find any trend correlating the Mach number with the characteristic mass of the resulting IMF, implying that the dynamics of protostellar accretion discs and fragmentation on small scales is not strongly affected by turbulence driven at the scale of the cloud. Furthermore, we suggest that a significant fraction of dense cores are disrupted by turbulence before stars can be formed in their interior through gravitational collapse. Although this particular study has limitations in its numerical resolution, we suggest that our results, along with those from other studies, cast doubt on the turbulent fragmentation models on the IMF that simply map the CMF to the IMF.Comment: 12 pages, 7 figures, accepted by MNRA

ESG screening strategies and portfolio performance: how do they fare in periods of financial distress?

This paper analyses the impact of screening strategies based on ESG (Environmental, Social, Governance) scores, with a focus on periods of financial distress such as the 2008 global recession and the 2020 Covid-19 pandemic. To this end, negative and positive screening strategies based on Bloomberg ESG disclosure scores and different screening thresholds are set up from the 559 stocks belonging to the EURO STOXX index in the period 2007-2021. To compare ESG portfolios performance with a benchmark passive strategy, we compute risk-adjusted performance measures: the Sharpe ratio and the alphas resulting from both a one-factor model and the Carhart four-factor model. Three main results emerge. First, each single ESG dimension has a different role in determining performance: environmental and governance screens, and the combined ESG ones, generally lead to over performance, in contrast to the social screens. Second, ESG screens represent better performing strategies in the long-term, whereas, when the focus is on times of financial distress, the passive strategy appears to perform better and ESG portfolios do not seem to represent a safe haven. Finally, positive screening strategies, and in particular those based on the social dimension, limit diversification benefits and are characterized by significant underperformance during periods of crises. These results are useful to address ESG portfolio optimization and to gauge the role that finance may have in support of sustainable economic development

Theory of Stellar Population Synthesis with an application to N-Body simulations

Aims. We present here a new theoretical approach to population synthesis. The aim is to predict colour magnitude diagrams (CMDs) for huge numbers of stars. With this method we generate synthetic CMDs for N-body simulations of galaxies. Sophisticated hydrodynamic N-body models of galaxies require equal quality simulations of the photometric properties of their stellar content. The only prerequisite for the method to work is very little information on the star formation and chemical enrichment histories, i.e. the age and metallicity of all star-particles as a function of time. The method takes into account the gap between the mass of real stars and that of the star-particles in N-body simulations, which best correspond to the mass of star clusters with different age and metallicity, i.e. a manifold of single stellar sopulations (SSP). Methods. The theory extends the concept of SSP to include the phase-space (position and velocity) of each star. Furthermore, it accelerates the building up of simulated CMD by using a database of theoretical SSPs that extends to all ages and metallicities of interest. Finally, it uses the concept of distribution functions to build up the CMD. The technique is independent of the mass resolution and the way the N-body simulation has been calculated. This allows us to generate CMDs for simulated stellar systems of any kind: from open clusters to globular clusters, dwarf galaxies, or spiral and elliptical galaxies. Results. The new theory is applied to an N-body simulation of a disc galaxy to test its performance and highlight its flexibility.Comment: accepted for publication in A&