Global Crises and Equity Market Contagion

Using the 2007-09 financial crisis as a laboratory, we analyze the transmission of crises to country-industry equity portfolios in 55 countries. We use a factor model to predict crisis returns, defining unexplained increases in factor loadings and residual correlations as indicative of contagion. We find statistically significant evidence of contagion from US markets and from the global financial sector, but the effects are economically small. By contrast, there has been substantial contagion from domestic equity markets to individual domestic equity portfolios, with its severity inversely related to the quality of countries’ economic fundamentals and policies. This confirms the old “wake-up call” hypothesis, with markets and investors focusing substantially more on country-specific characteristics during the crisis.

Modular detergents tailor the purification and structural analysis of membrane proteins including G-protein coupled receptors

Detergents enable the purification of membrane proteins and are indispensable reagents instructural biology. Even though a large variety of detergents have been developed in the lastcentury, the challenge remains to identify guidelines that allowfine-tuning of detergents forindividual applications in membrane protein research. Addressing this challenge, here weintroduce the family of oligoglycerol detergents (OGDs). Native mass spectrometry (MS)reveals that the modular OGD architecture offers the ability to control protein purificationand to preserve interactions with native membrane lipids during purification. In addition to abroad range of bacterial membrane proteins, OGDs also enable the purification and analysisof a functional G-protein coupled receptor (GPCR). Moreover, given the modular design ofthese detergents, we anticipatefine-tuning of their properties for specific applications instructural biology. Seen from a broader perspective, this represents a significant advance forthe investigation of membrane proteins and their interactions with lipids

SxsA, a novel surface protein mediating cell aggregation and adhesive biofilm formation of Staphylococcus xylosus

Biofilm formation of staphylococci has been an emerging field of research for many years. However, the underlying molecular mechanisms are still not fully understood and vary widely between species and strains. The aim of this study was to identify new effectors impacting biofilm formation of two Staphylococcus xylosus strains. We identified a novel surface protein conferring cell aggregation, adherence to abiotic surfaces, and biofilm formation. The S. xylosus surface protein A (SxsA) is a large protein occurring in variable sizes. It lacks sequence similarity to other staphylococcal surface proteins but shows similar structural domain organization and functional features. Upon deletion of sxsA, adherence of S. xylosus strain TMW 2.1523 to abiotic surfaces was completely abolished and significantly reduced in TMW 2.1023. Macro- and microscopic aggregation assays further showed that TMW 2.1523 sxsA mutants exhibit reduced cell aggregation compared with the wildtype. Comparative genomic analysis revealed that sxsA is part of the core genome of S. xylosus, Staphylococcus paraxylosus, and Staphylococcus nepalensis and additionally encoded in a small group of Staphylococcus cohnii and Staphylococcus saprophyticus strains. This study provides insights into protein-mediated biofilm formation of S. xylosus and identifies a new cell wall-associated protein influencing cell aggregation and biofilm formation.Peer Reviewe

High energy gamma ray balloon instrument

The High Energy Gamma Ray Balloon Instrument was built in part to verify certain subsystems' performance for the Energetic Gamma Ray Experiment Telescope (EGRET) instrument, the high energy telescope to be carried on the Gamma Ray Observatory. This paper describes the instrument, the performance of some subsystems, and some relevant results

5G and AI technology application in the AMTC learning factory

5G and AI (Artificial Intelligence) are changing industrial production and offer great potential for manufacturing enterprises. One of the effects resulting from the increasing quantity of production data is the increasing demands of transmission of large amounts of data, fast transmission speed, and rapid data analysis. However, merely relying on traditional communication technology and manual data processing does not lead to high transmission performance and low analysis time. It is essential to integrate 5G and AI technology to flexibly transmit large amounts of data and real-time data. To demonstrate the feasibility and potential of these two technologies, a concept was developed at the Advanced Manufacturing Technology Center (AMTC) at the Tongji University (Shanghai, China) and further implemented in the AMTC learning factory in cooperation with wbk of Karlsruhe Institute of Technology (Karlsruhe, Germany) and Ruhr-University Bochum (Bochum, Germany). This paper presents the learning factory design in detail, describing the concept design, training environment and training phases in the AMTC learning factory. It is followed by a case study consisting of specific examples of 5G and AI, implemented in the AMTC learning factory. The importance of integrated 5G and AI applications is pointed out and discussed

Governance and strategy of entrepreneurial networks: an introduction

This special issue focuses on empirical and theoretical papers that help us to better understand the strategy and governance of entrepreneurial networks, such as franchise chains, alliances, and cooperative networks. The following central themes are covered: (I) Which formal governance mechanisms do entrepreneurial networks use in order to reduce transaction cost/agency cost and to increase strategic value? (II) What is the role of relational governance mechanisms (such as information exchange and social ties) for the performance outcomes in franchise chains and cooperatives? (III) Which alliance strategies do entrepreneurial firms pursue to realize a competitive advantage, and what is the impact of resources and capabilities on performance outcomes of entrepreneurial firms. To address these issues, insights from organizational economics (transaction cost theory, agency theory, signaling theory), strategic management perspectives (resource-based, knowledge-based and organizational capabilities theory), entrepreneurship theory and the relational governance view are used

Slow and Steady: Readiness, Pretreatment Weekly Strengthening Activity, and Pediatric Weight Management Program Completion

Background: Pediatric weight management programs have substantial attrition rates, which have led to recommendations to assess readiness prior to enrollment. Both pretreatment readiness scales and behaviors, such as exercise, have been theorized to predict subsequent program completion. The purpose of this study was to explore the role of self-reported pretreatment exercise in adolescents on completion of a pediatric weight management program and to explore the predictive ability of standard readiness scales. Methods: A total of 146 obese (BMI≥95th percentile) pediatric (ages 11?18) participants joined a 6-month multidisciplinary weight management program between March, 2007, and July, 2010. Completers were compared retrospectively to noncompleters on demographic, readiness, and pretreatment exercise practices from clinic-developed intake questionnaires using univariate analyses. Regression analyses specified the degree to which these variables predicted program completion. Results: The 6-month completion rate was 53%. There was no relationship between self-reported readiness and program completion. Self-reported pretreatment weekly strengthening activity (SA) was significantly associated with program completion, compared to those who performed SA either never [univariate odds ratio (OR) 3.18, 95% confidence interval (CI) 1.51?6.68, p=0.002; multivariate OR 2.43, 95% CI 1.06?5.58, p=0.036] or daily (univariate OR 4.90, 95% CI 1.74?13.77, p=0.002; multivariate OR 4.69, 95% CI 1.45?15.14, p=0.010). No relationship was found between other forms of exercise and program completion. Conclusions: Self-reported pretreatment weekly SA, but not standard readiness scales, predicted pediatric weight management program completion.Peer Reviewedhttps://deepblue.lib.umich.edu/bitstream/2027.42/140330/1/chi.2013.0006.pd

Only small changes in soil organic carbon and charcoal concentrations found one year after experimental slash-and-burn in a temperate deciduous forest

International audienceAnthropogenic fires affected the temperate deciduous forests of Central Europe over millennia. Biomass burning releases carbon to the atmosphere and produces charcoal, which potentially contributes to the stable soil carbon pools and is an important archive of environmental history. The fate of charcoal in soils of temperate deciduous forests, i.e. the processes of charcoal incorporation and transportation, and the effects on soil organic matter are still not clear. In a long-term experimental burning site, we investigated the effects of slash-and-burn and determined soil organic carbon, charcoal carbon and nitrogen concentrations and the soil lightness of colour (L*) in the topmost soil material (0?1, 1?2.5 and 2.5?5 cm depths) before, immediately after the fire and one year after burning. The main results are that (i) only few charcoal particles from the forest floor were incorporated into the soil matrix by soil mixing animals. In 0?1 cm and during one year, the charcoal C concentrations increased only by 0.4 g kg?1 and the proportion of charcoal C to SOC concentrations increased from 2.8 to 3.4%; (ii) the SOC concentrations did not show any significant differences; (iii) soil lightness significantly decreased in the topmost soil layer and correlated with the concentrations of charcoal C (r=-0.87**) and SOC (r=?0.94**) in samples 0?5 cm. We concluded that the soil colour depends on the proportion of aromatic charcoal carbon in total organic matter and that Holocene burning could have influenced soil charcoal concentrations and soil colour

Health Coverage in Massachusetts: Far to Go, Farther to Fall

This analysis has been prepared to highlight the state\u27s experience in health reform and describe the challenges that it now faces. It recommends a renewed commitment to maintaining and strengthening the reforms that have made Massachusetts one of the nation\u27s health policy leaders. This analysis does not focus on comprehensive health reform, although we believe that the cost and coverage problems that plague the Massachusetts health system (as well as that of every other state) would be most effectively addressed through broader restructuring aimed at achieving universal coverage and more decisive control over expenditures. In this report, we instead focus on shorter term reforms that can be achieved both politically and financially, which would offer important protections to the residents who most need the help

Evaluation of the expansion of Mantis religiosa (L.) in Poland based on a questionnaire survey

Mantis religiosa (L.) is the only species of praying mantis in Poland. The main habitat where its occurrence is permanent and confirmed is the Sandomierska Basin (SE Poland). Numerous reports suggest a significant dispersion of these insects in Poland. Therefore, we decided to use and collect information to update the knowledge about the spread of the praying mantis in Poland. With the use of Google Maps, we created a map on which respondents were asked to select the location where they encountered a M. religiosa specimen in Poland in recent years (2013–2016). In total, we obtained 159 locations for the European mantis. These findings show the significant spread of this species in all directions from its main habitat in Sandomierska Basin. However, there is a need for more studies on this topic, especially to confirm the existence of reproductive populations in the provided locations and to confirm the existence of two different M. religiosa lineages in Poland