Enhancing the Transparency Dialogue in the “Santiago Principles” for Sovereign Wealth Funds

The financial crisis ultimately caused Western governments to welcome sovereign wealth fund (SWF) investment as a way to put a floor under collapsing markets and to provide a set of voluntary principles that would underwrite SWFs’ claim to legitimacy in the international community. In the autumn of 2007, then U.S. Treasury Secretary Henry Paulson, in conjunction with the International Monetary Fund, convened the International Working Group of SWFs (IWG) to draft a set of generally accepted principles and practices. These principles are referred to as the “Santiago Principles.” The implicit objective of these twenty-four voluntary principles is to promote greater transparency and disclosure among the SWF com-munity and mollify skepticism surrounding their commercial orientation. Like any voluntary standard, compliance relies on the goodwill of the organization, and ultimately, the organization’s sponsor. Compliance is further complicated when there are varied interpretations as to the standard requirements. What is needed is an explicit treatment of transparency in its different forms such that SWFs, their sponsors, and external analysts have a dis-cursive device for evaluating and communicating when and why (and why they think) certain nondisclosures are legitimate, or more importantly, when and why transparency in one domain may diminish the significance of disclosure in other areas, thus reducing the significance of non-disclosure in those areas. The aim, then, is to encourage dialogue, in conjunction with the Santiago Principles, on nondisclosure as doing so leads to increased transparency overall. Said slightly differently, dialogue on nondisclosure is, in itself, a form of transparency

Decarbonising states as owners

Environmental state debates focus on the governance and steering functions of politics. Concurrently, many states stand out as large global owners and investors in carbon industries. Via various investment vehicles, states control around half of all global oil and gas reserves as well as other carbon assets. We know very little, however, about where these states are invested; how they conduct their carbon investment; and what possibilities and constraints carbon-owning states have to decarbonise. Yet, these aspects - the geography, investment profiles and domestic state carbon capital dependence - are key to assess the possibilities and limitations of climate action states as carbon owners have. Based on new fine-grained firm-level data, we deliver conceptual and empirical insights into all three issues. Our intervention fills an important gap in our knowledge about the environmental state, while drawing the attention of researchers and policymakers to a blind spot, but also to transformation potentials of the carbon-owning state in the following decade

Varieties of state capital:What does foreign state-led investment do in a globalized world?

Existing studies have scrutinized the rise of states as global owners and investors, yet we still lack a good understanding of what state investment does in a globalized economy, especially in host states. Comparative capitalisms research has analyzed foreign state investment as a potential source of patient capital for coordinated and mixed-market economies. However, this patient capital framework cannot explain the recent surge of protectionist sentiments, even among the "good hosts" of state-led investment. Therefore, we go beyond the patient capital argument and develop a novel framework centered on the globalized nature of foreign state investment. We create and empirically illustrate a novel typology based on different modes of cross-border state investment-from financial to strategic-and different categories of host states. Our results provide a new pathway to study the rise and effects of cross-border state investment in the 21st century

State Capitalism and the New Global D/development Regime.

Official discourses of Development are being redefined. If the key geopolitical contexts shaping the post-war Development project were decolonisation and the Cold War, the defining world-historical transformations shaping the emerging vision of Development are the expansion of state capitalism and the rise of China. The IMF, the World Bank, the OECD, the G20, other multilaterals, and bilateral partners are increasingly taking stock of the rise of state capitalism, and acting as ideational vectors of this emerging regime. However, this new "state capitalist normal" is also portrayed as carrying risks. There is anxiety regarding the direction the political form of global capital accumulation is heading: with the unchecked proliferation of state capitalism possibly blunting competition, politicising economic relations, and intensifying geoeconomic tensions. This anxiety underwrites the current re-articulation of Development, one which embraces the state as promoter, supervisor, and owner of capital; even as it critiques China's use of similar instruments

Blackjack Players Demonstrate the Near Miss Effect

The effect of the ‘near-miss’ as a potential conditioned reinforcer in slot machine play has recently been the subject of behavioral research on gambling. The present study extends prior research by examining this effect during the game of blackjack. Participants consisted of college undergraduates with no history of problematic gambling. Their verbal ratings of closeness to winning were recorded and examined for each of 50 hands of standard blackjack per session. Results indicated that as the number difference between the dealer and player’s hands decreased, closeness to win rating increased. Also for each participant, non-bust losses were rated closer to winning than losses where the player busted

Differential gene expression in the cortical sulcus compared to the gyral crest within the early stages of chronic traumatic encephalopathy

Chronic traumatic encephalopathy (CTE) is a progressive neurodegenerative tauopathy found in individuals with a history of repetitive head impacts (RHI). Previous work has demonstrated that neuroinflammation is involved in CTE pathogenesis, however, the specific inflammatory mechanisms are still unclear. Here, using RNA-sequencing and gene set enrichment analysis (GSEA), we investigated the genetic changes found in tissue taken from the region CTE pathology is first found, the cortical sulcus, and compared it to neighboring gryal crest tissue to identify what pathways were directly related to initial hyperphosphorylated tau (p-tau) deposition. 21 cases were chosen for analysis: 6 cases had no exposure to RHI or presence of neurodegenerative disease (Control), 5 cases had exposure to RHI but no presence of neurodegenerative disease (RHI), and 10 cases had exposure to RHI and low stage CTE (CTE). Two sets of genes were identified: genes that changed in both the sulcus and crest and genes that changed specifically in the sulcus relative to the crest. When examining genes that changed in both the sulcus and crest, GSEA demonstrated an increase in immune related processes and a decrease in neuronal processes in RHI and CTE groups. Sulcal specific alterations were observed to be driven by three mechanisms: anatomy, RHI, or p-tau. First, we observed consistent sulcal specific alterations in immune, extracellular matrix, vascular, neuronal, and endocytosis/exocytosis categories across all groups, suggesting the sulcus has a unique molecular signature compared to the neighboring crest independent of pathology. Second, individuals with a history of RHI demonstrated impairment in metabolic and mitochondrial related processes. Finally, in individuals with CTE, we observed impairment of immune and phagocytic related processes. Overall, this work provides the first observation of biological processes specifically altered in the sulcus that could be directly implicated in CTE pathogenesis and provide novel targets for biomarkers and therapies

Using a Service Oriented Architecture Approach to Clinical Decision Support: Performance Results from Two CDS Consortium Demonstrations

The Clinical Decision Support Consortium has completed two demonstration trials involving a web service for the execution of clinical decision support (CDS) rules in one or more electronic health record (EHR) systems. The initial trial ran in a local EHR at Partners HealthCare. A second EHR site, associated with Wishard Memorial Hospital, Indianapolis, IN, was added in the second trial. Data were gathered during each 6 month period and analyzed to assess performance, reliability, and response time in the form of means and standard deviations for all technical components of the service, including assembling and preparation of input data. The mean service call time for each period was just over 2 seconds. In this paper we report on the findings and analysis to date while describing the areas for further analysis and optimization as we continue to expand our use of a Services Oriented Architecture approach for CDS across multiple institutions

Using airborne and DESIS imaging spectroscopy to map plant diversity across the largest contiguous tract of tallgrass prairie on earth

Grassland ecosystems are under threat globally, primarily due to land-use and land-cover changes that have adversely affected their biodiversity. Given the negative ecological impacts of biodiversity loss in grasslands, there is an urgent need for developing an operational biodiversity monitoring system that functions in these ecosystems. In this paper, we assessed the capability of airborne and spaceborne imaging spectroscopy (also known as hyperspectral imaging) to capture plant α-diversity in a large naturally-assembled grassland while considering the impact of common management practices, specifically prescribed fire. We collected a robust insitu plant diversity data set, including species composition and percent cover from 2500 sampling points with different burn ages, from recently-burned to transitional and pre-prescribed fire at the Joseph H. Williams Tallgrass Prairie Preserve in Oklahoma, USA. We expressed in-situ plant α-diversity using the first three Hill numbers, including species richness (number of observed species in a plant community), exponential Shannon entropy index (hereafter Shannon diversity; effective number of common species, where species are weighed proportional to their percent cover), and inverse Simpson concentration index (hereafter Simpson diversity; effective number of dominant species, where more weight is given to dominant species) at four different plot sizes, including 60 m × 60 m, 120 m × 120 m, 180 m × 180 m, and 240 m × 240 m. We collected full-range airborne hyperspectral data with fine spatial resolution (1 m) and visible and near-infrared spaceborne hyperspectral data from DESIS sensor with coarse spatial resolution (30 m), and used the spectral diversity hypothesis— i.e., that the variability in spectral data is largely driven by plant diversity—to estimate α-diversity remotely. In recently-burned plots and those at the transitional stage, both airborne and spaceborne data were capable of capturing Simpson diversity—a metric that calculates the effective number of dominant species by emphasizing abundant species and discounting rare species—but not species richness or Shannon diversity. Further, neither airborne nor spaceborne hyperspectral data sets were capable of capturing plant α-diversity of 60 m × 60 m or 120 m × 120 m plots. Based on these results, three main findings emerged: (1) management practices influence grassland biodiversity patterns that can be remotely detected, (2) both fine- and coarse-resolution remotely-sensed data can detect the effective number of dominant species (e.g., Simpson diversity), and (3) attention should be given to site-specific plant diversity field data collection to appropriately interpret remote sensing results. Findings of this study indicate the feasibility of estimating Simpson diversity in naturally-assembled grasslands using forthcoming spaceborne imagers such as National Aeronautics and Space Administration’s Surface Biology and Geology mission

Different doses of supplemental vitamin D maintain interleukin-5 without altering skeletal muscle strength: a randomized, double-blind, placebo-controlled study in vitamin D sufficient adults

<p>Abstract</p> <p>Background</p> <p>Supplemental vitamin D modulates inflammatory cytokines and skeletal muscle function, but results are inconsistent. It is unknown if these inconsistencies are dependent on the supplemental dose of vitamin D. Therefore, the purpose of this study was to identify the influence of different doses of supplemental vitamin D on inflammatory cytokines and muscular strength in young adults.</p> <p>Methods</p> <p>Men (<it>n </it>= 15) and women (<it>n </it>= 15) received a daily placebo or vitamin D supplement (200 or 4000 IU) for 28-d during the winter. Serum 25-hydroxyvitamin D (25(OH)D), cytokine concentrations and muscular (leg) strength measurements were performed prior to and during supplementation. Statistical significance of data were assessed with a two-way (time, treatment) analysis of variance (ANOVA) with repeated measures, followed by a Tukey's Honestly Significant Difference to test multiple pairwise comparisons.</p> <p>Results</p> <p>Upon enrollment, 63% of the subjects were vitamin D sufficient (serum 25(OH)D ≥ 30 ng/ml). Serum 25(OH)D and interleukin (IL)-5 decreased (<it>P </it>< 0.05) across time in the placebo group. Supplemental vitamin D at 200 IU maintained serum 25(OH)D concentrations and increased IL-5 (<it>P </it>< 0.05). Supplemental vitamin D at 4000 IU increased (<it>P </it>< 0.05) serum 25(OH)D without altering IL-5 concentrations. Although serum 25(OH)D concentrations correlated (<it>P </it>< 0.05) with muscle strength, muscle strength was not changed by supplemental vitamin D.</p> <p>Conclusion</p> <p>In young adults who were vitamin D sufficient prior to supplementation, we conclude that a low-daily dose of supplemental vitamin D prevents serum 25(OH)D and IL-5 concentration decreases, and that muscular strength does not parallel the 25(OH)D increase induced by a high-daily dose of supplemental vitamin D. Considering that IL-5 protects against viruses and bacterial infections, these findings could have a broad physiological importance regarding the ability of vitamin D sufficiency to mediate the immune systems protection against infection.</p