Do ethics imply persistence? The case of Islamic and socially responsible funds

We analyze the performance persistence of Islamic and Socially Responsible Investment (SRI) mutual funds. We adopt a multi-stage strategy in which, in the first stage, partial frontiers’ approaches are considered to measure the performance of the different funds in the sample. In the second stage, the results yielded by the partial frontiers are plugged into different investment strategies based on a recursive estimation methodology whose persistence performance is evaluated in the third stage of the analysis. Results indicate that, for both types of funds, performance persistence actually exists, but only for the worst and, most notably, best funds. This result is robust not only across methods (and different choices of tuning parameters within each method) but also across both SRI and Islamic funds—although in the case of the latter persistence was stronger for the best funds. The persistence of SRI and Islamic funds represents an important result for investors and the market, since it provides information on both which funds to invest in and which funds to avoid. Last but not least, the use of the aforementioned techniques in the context of mutual funds could also be of interest for the non-conclusive literature

Tuning localized plasmons in nanostructured substrates for surface-enhanced Raman scattering

Comprehensive reflectivity mapping of the angular dispersion of nanostructured arrays comprising of inverted pyramidal pits is demonstrated. By comparing equivalently structured dielectric and metallic arrays, diffraction and plasmonic features are readily distinguished. While the diffraction features match expected theory, localised plasmons are also observed with severely flattened energy dispersions. Using pit arrays with identical pitch, but graded pit dimensions, energy scaling of the localised plasmon is observed. These localised plasmons are found to match a simple model which confines surface plasmons onto the pit sidewalls thus allowing an intuitive picture of the plasmons to be developed. This model agrees well with a 2D finite-difference time-domain simulation which shows the same dependence on pit dimensions. We believe these tuneable plasmons are responsible for the surface-enhancement of the Raman scattering (SERS) of an attached layer of benzenethiol molecules. Such SERS substrates have a wide range of applications both in security, chemical identification, environmental monitoring and healthcare

Influence of rock-forming and catalytic additives on transformation of highly viscous heavy oil

© 2016 Pleiades Publishing, Ltd. The influence of the rock-forming additives kaolin and alumina in the presence of nickel compounds on the thermal catalytic conversion of heavy oil at a temperature of 360°C in a reducing atmosphere at different pressures in the system has been revealed. The effect of poly-α-olefins as a hydrogen donor has been examined. It has been found that there are predominant degradation reactions of the resinous components, aliphatic substituents in asphaltenes, and branched aliphatic structures accompanied by redistribution of n-alkanes toward homologues with a lower molecular weight, resulting in reduction in the viscosity of heavy oil. Conducting the process in the presence of Al2O3, Ni, and poly-α-olefins at a pressure of 8 MPa increases the quantity of light fractions of the oil and facilitates the degradation of asphaltenes. A decrease of pressure in the experiment on the oil with kaolin in a reducing atmosphere leads to a decrease in aromaticity of the final product and an increase in the yield of lube oil hydrocarbon and low-boiling fractions

All-Polymer Microcavities for the Fluorescence Radiative Rate 2 Modification of a Diketopyrrolopyrrole Derivative

Controlling the radiative rate of emitters with 6 macromolecular photonic structures promises flexible devices with 7 enhanced performances that are easy to scale up. For instance, radiative rate enhancement empowers low-threshold lasers, while rate suppression affects recombination in photovoltaic and photochemical processes. However, claims of the Purcell effect with polymer structures are controversial, as the low dielectric contrast typical of suitable polymers is commonly not enough to provide the necessary confinement. Here we show all-polymer planar microcavities with photonic band gaps tuned to the photoluminescence of a diketopyrrolopyrrole derivative, which allows a change in the fluorescence lifetime. Radiative and nonradiative rates were disentangled systematically by measuring the external quantum efficiencies and comparing the planar microcavities with a series of references designed to exclude any extrinsic effects. For the first time, this analysis shows unambiguously the dye radiative emission rate variations obtained with macromolecular dielectric mirrors. When different0 waveguides, chemical environments, and effective refractive index effects in the structure were accounted for, the change in the radiative lifetime was assigned to the Purcell effect. This was possible through the exploitation of photonic structures made of polyvinylcarbazole as a high-index material and the perfluorinated Aquivion as a low-index one, which produced the largest dielectric contrast ever obtained in planar polymer cavities. This characteristic induces the high confinement of the radiation electric field within the cavity layer, causing a record intensity enhancement and the steering the radiative rate. Current limits and requirements to achieve the full control of radiative rates with polymer planar microcavities are also addressed

Reforming of extra viscous oil in the presence of mineral additives of carbonate rock

© Copyright 2016.Conversion of superviscous oil in the presence of mineral additives of carbonate rock. In the presence of carbonaceous additive at a temperature of 360 ° C, degree of aromaticity of the transformed oil increases, sulfur content slightly reduced. In thermobaric conditions of the experiments, the branched structures are actively involved in the process of destruction, formed n- Alkanes contained mainly in the diesel fraction, also reduced output of gasoline fractions. In the samples of transformed oil increased content of nitrogen and carbon, reduced sulfur content

A Method of Drusen Measurement Based on the Geometry of Fundus Reflectance

BACKGROUND: The hallmarks of age-related macular degeneration, the leading cause of blindness in the developed world, are the subretinal deposits known as drusen. Drusen identification and measurement play a key role in clinical studies of this disease. Current manual methods of drusen measurement are laborious and subjective. Our purpose was to expedite clinical research with an accurate, reliable digital method. METHODS: An interactive semi-automated procedure was developed to level the macular background reflectance for the purpose of morphometric analysis of drusen. 12 color fundus photographs of patients with age-related macular degeneration and drusen were analyzed. After digitizing the photographs, the underlying background pattern in the green channel was leveled by an algorithm based on the elliptically concentric geometry of the reflectance in the normal macula: the gray scale values of all structures within defined elliptical boundaries were raised sequentially until a uniform background was obtained. Segmentation of drusen and area measurements in the central and middle subfields (1000 μm and 3000 μm diameters) were performed by uniform thresholds. Two observers using this interactive semi-automated software measured each image digitally. The mean digital measurements were compared to independent stereo fundus gradings by two expert graders (stereo Grader 1 estimated the drusen percentage in each of the 24 regions as falling into one of four standard broad ranges; stereo Grader 2 estimated drusen percentages in 1% to 5% intervals). RESULTS: The mean digital area measurements had a median standard deviation of 1.9%. The mean digital area measurements agreed with stereo Grader 1 in 22/24 cases. The 95% limits of agreement between the mean digital area measurements and the more precise stereo gradings of Grader 2 were -6.4 % to +6.8 % in the central subfield and -6.0 % to +4.5 % in the middle subfield. The mean absolute differences between the digital and stereo gradings 2 were 2.8 +/- 3.4% in the central subfield and 2.2 +/- 2.7% in the middle subfield. CONCLUSIONS: Semi-automated, supervised drusen measurements may be done reproducibly and accurately with adaptations of commercial software. This technique for macular image analysis has potential for use in clinical research

Evaluation of essential oils and a prebiotic for newborn dairy calves

A blend of essential oils (EO) and a prebiotic were combined (EOC) to formulate a colostrum-based liquid birth supplement and a separate feeding supplement (Start Strong and Stay Strong, Ralco Inc., Marshall, MN). These products were designed to promote immunity and stimulate appetite to diminish health challenges and stresses experienced by newborn calves. The hypothesis was that calves supplemented with an oral dose of liquid EOC at birth (10-mL aliquot at birth and 10 mL at 12 h of age) when fed the EOC feeding supplement would result in improved growth performance, health, and immunity. The objective was to determine if an additional feeding of liquid EOC at birth in combination with EOC in the milk replacer (MR) would allow calves to demonstrate improved growth, health, and immunity compare with calves only offered EO in MR. Sixty-one Holstein calves (18 males and 43 females) from a commercial dairy operation were blocked by birth date and randomly assigned to 1 of 3 treatments. Treatments were 1) Control (CON): a 24% crude protein (CP):20% fat (as-fed basis) MR; 2) EP: a 24:20 MR with EOC mixed at 1.25 g/d; or 3) EPC: a 24:20 MR with EOC mixed at 1.25 g/d in addition to calves receiving one 10-mL oral dose of liquid EOC at birth and 10 mL again at 12 h. The 24:20 MR was fed via bucket 2 times per day at a rate of 0.57 kg/calf daily for 14 d, increased to 0.85 kg/calf at 2 times per day until 35 d and was reduced to 0.43 kg at 1 time per day at 36 d to facilitate weaning after 42 d. Decoquinate was added to the MR at 41.6 mg/kg for coccidiosis control. Calves were housed in individual hutches bedded with straw with ad libitum access to a 20% CP-pelleted calf starter and water. All data were analyzed using PROC MIXED as a randomized complete block design. Calves in this study had similar (P > 0.10) average daily gains, body weight, and growth measurements. Calves fed EPC had significantly (P < 0.05) higher IgA titers on day 0 of the trial compared with calves fed EP or CON, which was expected as calves were supplemented with liquid EOC at birth and 12 h later demonstrating an increase in immune response. The use of a liquid EOC product being administrated after birth can improve IgA titers to improve the immune status of the new born calf to fight off potential diseases and pathogens. A formulation error resulted in the EOC being fed at half the rate of the previous experiment of 2.5 g/d, which appears to be below an efficacious dosage

Cluster Lenses

Clusters of galaxies are the most recently assembled, massive, bound structures in the Universe. As predicted by General Relativity, given their masses, clusters strongly deform space-time in their vicinity. Clusters act as some of the most powerful gravitational lenses in the Universe. Light rays traversing through clusters from distant sources are hence deflected, and the resulting images of these distant objects therefore appear distorted and magnified. Lensing by clusters occurs in two regimes, each with unique observational signatures. The strong lensing regime is characterized by effects readily seen by eye, namely, the production of giant arcs, multiple-images, and arclets. The weak lensing regime is characterized by small deformations in the shapes of background galaxies only detectable statistically. Cluster lenses have been exploited successfully to address several important current questions in cosmology: (i) the study of the lens(es) - understanding cluster mass distributions and issues pertaining to cluster formation and evolution, as well as constraining the nature of dark matter; (ii) the study of the lensed objects - probing the properties of the background lensed galaxy population - which is statistically at higher redshifts and of lower intrinsic luminosity thus enabling the probing of galaxy formation at the earliest times right up to the Dark Ages; and (iii) the study of the geometry of the Universe - as the strength of lensing depends on the ratios of angular diameter distances between the lens, source and observer, lens deflections are sensitive to the value of cosmological parameters and offer a powerful geometric tool to probe Dark Energy. In this review, we present the basics of cluster lensing and provide a current status report of the field.Comment: About 120 pages - Published in Open Access at: http://www.springerlink.com/content/j183018170485723/ . arXiv admin note: text overlap with arXiv:astro-ph/0504478 and arXiv:1003.3674 by other author

Substructures in WINGS clusters

We search for and characterize substructures in the projected distribution of galaxies observed in the wide field CCD images of the 77 nearby clusters of the WIde-field Nearby Galaxy-cluster Survey (WINGS). This sample is complete in X-ray flux in the redshift range 0.04<z<0.07. We search for substructures in WINGS clusters with DEDICA, an adaptive-kernel procedure. We test the procedure on Monte-Carlo simulations of the observed frames and determine the reliability for the detected structures. DEDICA identifies at least one reliable structure in the field of 55 clusters. 40 of these clusters have a total of 69 substructures at the same redshift of the cluster (redshift estimates of substructures are from color-magnitude diagrams). The fraction of clusters with subclusters (73%) is higher than in most studies. The presence of subclusters affects the relative luminosities of the brightest cluster galaxies (BCGs). Down to L ~ 10^11.2 L_Sun, our observed differential distribution of subcluster luminosities is consistent with the theoretical prediction of the differential mass function of substructures in cosmological simulations.Comment: A&A accepted - figure 6 is available from http://adlibitum.oats.inaf.it/ramella/WINGSfig