Growth options and firm valuation

This paper studies the relation between firm value and a firm's growth options. We find strong empirical evidence that (average) Tobin's Q increases with firm-level volatility. However, the significance mainly comes from R&D firms, which have more growth options than non-R&D firms. By decomposing firm-level volatility into its systematic and unsystematic part, we also document that only idiosyncratic volatility (ivol) has a significant effect on valuation. Second, we analyze the relation of stock returns to realized contemporaneous idiosyncratic volatility and R&D expenses. Single sorting according to the size of idiosyncratic volatility, we only find a significant ivol anomaly for non-R&D portfolios, whereas in a four-factor model the portfolio alphas of R&D portfolios are all positive. Double sorting on idiosyncratic volatility and R&D expenses also reveals these differences between R&D and non-R&D firms. To simultaneously control for several explanatory variables, we also run panel regressions of portfolio alphas which confirm the relative importance of idiosyncratic volatility that is amplified by R&D expenses

Locomotion and searching behaviour in the honey bee larva depend on nursing interaction

Although honey bee brood does not need to seek shelter or food and restricts its movements to small wax cells, larvae have some degree of motility. Previously, other studies described how honey bee larvae showed analogous behaviours to the wandering period in holometabolous insects. The current research aimed to measure locomotion of the honey bee brood at different conditions of food supply and larval stadia. Besides, we developed an actometry assay to describe the larval behaviour under laboratory conditions. Our results suggested that the satiety and developmental program of larvae modulated their locomotion. Before they pupated, larval speed increased sharply and then it dropped until quiescence. However, starvation also induced an increase in angular velocity of brood. Starved larvae were between three and five times faster than the satiated ones. Moreover, fifth instars left their wax cells after 2 h of starvation without nurse bees. In the actometry assay, larvae showed behaviours of dispersion and changes in their kinematic parameters after detecting a tactile stimulus like the edge of arenas.Fil: Vázquez, Diego Eduardo. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Ciudad Universitaria. Instituto de Fisiología, Biología Molecular y Neurociencias. Universidad de Buenos Aires. Facultad de Ciencias Exactas y Naturales. Instituto de Fisiología, Biología Molecular y Neurociencias; ArgentinaFil: Farina, Walter Marcelo. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Ciudad Universitaria. Instituto de Fisiología, Biología Molecular y Neurociencias. Universidad de Buenos Aires. Facultad de Ciencias Exactas y Naturales. Instituto de Fisiología, Biología Molecular y Neurociencias; Argentin

Telomerase and telomere: their structure and dynamics in health and disease

La telomerasa es la enzima responsable del mantenimiento de la longitud de los telómeros mediante la adición de secuencias repetitivas ricas en guanina, y su actividad se observa principalmente en gametos, células madre y células tumorales. En las células somáticas humanas el potencial de proliferación es limitado, alcanzando la senescencia luego de 50-70 divisiones celulares, debido a que la ADN polimerasa no es capaz de copiar el ADN en los extremos de los cromosomas. Por el contrario, en la mayoría de las células tumorales el potencial de replicación es ilimitado debido al mantenimiento de la longitud telomérica dado por la telomerasa. Los telómeros tienen proteínas adicionales que regulan la unión de la telomerasa. De la misma manera la telomerasa también se asocia con un complejo de proteínas que regulan su actividad. Este trabajo se centra en la estructura y función del complejo telómero/telomerasa y a cómo las alteraciones en su comportamiento conducen al desarrollo de diversas enfermedades, principalmente cáncer. El desarrollo de inhibidores del sistema telómero / telomerasa podría ser un blanco con posibilidades prometedorasTelomerase is the enzyme responsible for the maintenance of telomere length by adding guanine-rich repetitive sequences. Its activity can be seen in gametes, stem cells and tumor cells. In human somatic cells the proliferative potential is limited, reaching senescence after 50-70 cell divisions, because the DNA polymerase is not able to copy the DNA at the ends of chromosomes. By contrast, in most tumor cells the replicative potential is unlimited due to the maintenance of the telomeric length given by telomerase. Telomeres have additional proteins that regulate the binding of telomerase, likewise telomerase associates, with a protein complex that regulates its activity. This work focuses on the structure and function of the telomere/telomerase complex and how changes in its behavior lead to the development of different diseases, mainly cancer. Development of inhibitors of the telomere/telomerase complex could be a target with promising possibilities.Fil: Gomez, Daniel Eduardo. Universidad Nacional de Quilmes. Departamento de Ciencia y Tecnología. Laboratorio de Oncología Molecular; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Armando, Romina Gabriela. Universidad Nacional de Quilmes. Departamento de Ciencia y Tecnología. Laboratorio de Oncología Molecular; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Farina, Hernán Gabriel. Universidad Nacional de Quilmes. Departamento de Ciencia y Tecnología. Laboratorio de Oncología Molecular; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Gomez, Daniel Eduardo. Universidad Nacional de Quilmes. Departamento de Ciencia y Tecnología. Laboratorio de Oncología Molecular; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentin

A powerful radio-loud quasar at the end of cosmic reionization

We present the discovery of the radio-loud quasar PSO J352.4034-15.3373 at z=5.84 pm 0.02. This quasar is the radio brightest source known, by an order of magnitude, at z~6 with a flux density in the range of 8-100 mJy from 3GHz to 230MHz and a radio loudness parameter R>~1000. This source provides an unprecedented opportunity to study powerful jets and radio-mode feedback at the highest redshifts, and presents the first real chance to probe deep into the neutral intergalactic medium by detecting 21 cm absorption at the end of cosmic reionization.Comment: ApJL accepted on May 8, 2018. See the companion paper by Momjian et a

Divergent response of low‐ versus high‐threshold motor units to experimental muscle pain:dfferential motor unit behavior during pain

Key points: The neural strategies behind the control of force during muscle pain are not well understood as previous research has been limited in assessing pain responses only during low-force contractions. Here we compared, for the first time, the behaviour of motor units recruited at low and high forces in response to pain. The results showed that motor units activated at low forces were inhibited while those recruited at higher forces increased their activity in response to pain. When analysing lower- and higher-threshold motor unit behaviour at high forces we observed differential changes in discharge rate and recruitment threshold across the motor unit pool. These adjustments allow the exertion of high forces in acutely painful conditions but could eventually lead to greater fatigue and stress of the muscle tissue. Abstract: During low-force contractions, motor unit discharge rates decrease when muscle pain is induced by injecting nociceptive substances into the muscle. Despite this consistent observation, it is currently unknown how the central nervous system regulates motor unit behaviour in the presence of muscle pain at high forces. For this reason, we analysed the tibialis anterior motor unit behaviour at low and high forces. Surface EMG signals were recorded from 15 healthy participants (mean age (SD) 26 (3) years, six females) using a 64-electrode grid while performing isometric ankle dorsiflexion contractions at 20% and 70% of the maximum voluntary force (MVC). Signals were decomposed and the same motor units were tracked across painful (intramuscular hypertonic saline injection) and non-painful (baseline, isotonic saline, post-pain) contractions. At 20% MVC, discharge rates decreased significantly in the painful condition (baseline vs. pain: 12.7 (1.1) Hz to 11.5 (0.9) Hz, P < 0.001). Conversely, at 70% MVC, discharge rates increased significantly during pain (baseline vs. pain: 19.7 (2.8) Hz to 21.3 (3.5) Hz, p = 0.029) and recruitment thresholds decreased (baseline vs. pain: 59.0 (3.9) %MVC to 55.9 (3.2) %MVC, p = 0.02). These results show that there is a differential adjustment between low- and high-threshold motor units during painful conditions. An increase in excitatory drive to high-threshold motor units is likely required to compensate for the inhibitory influence of nociceptive afferent inputs on low-threshold motor units. These differential mechanisms allow the force output to be maintained during acute pain but this strategy could lead to increased muscle fatigue and symptom aggravation in the long term

Mapping the Lyman-Alpha Emission Around a z~6.6 QSO with MUSE: Extended Emission and a Companion at Close Separation

We utilize the Multi Unit Spectroscopic Explorer (MUSE) on the Very Large Telescope (VLT) to search for extended Lyman-Alpha emission around the z~6.6 QSO J0305-3150. After carefully subtracting the point-spread-function, we reach a nominal 5-sigma surface brightness limit of SB = 1.9x10$^{-18}$ erg/s/cm$^2$/arcsec$^2$ over a 1 arcsec$^2$ aperture, collapsing 5 wavelength slices centered at the expected location of the redshifted Lyman-Alpha emission (i.e. at 9256 Ang.). Current data suggest the presence (5-sigma, accounting for systematics) of a Lyman-Alpha nebula that extends for 9 kpc around the QSO. This emission is displaced and redshifted by 155 km/s with respect to the location of the QSO host galaxy traced by the [CII] emission line. The total luminosity is L = 3.0x10$^{42}$ erg/s. Our analysis suggests that this emission is unlikely to rise from optically thick clouds illuminated by the ionizing radiation of the QSO. It is more plausible that the Lyman-Alpha emission is due to fluorescence of the highly ionized optically thin gas. This scenario implies a high hydrogen volume density of n$_H$ ~ 6 cm$^{-3}$. In addition, we detect a Lyman-Alpha emitter (LAE) in the immediate vicinity of the QSO: i.e., with a projected separation of 12.5 kpc and a line-of-sight velocity difference of 560 km/s. The luminosity of the LAE is L = 2.1x10$^{42}$ erg/s and its inferred star-formation-rate is SFR ~ 1.3 M$_\odot$/yr. The probability of finding such a close LAE is one order of magnitude above the expectations based on the QSO-galaxy cross-correlation function. This discovery is in agreement with a scenario where dissipative interactions favour the rapid build-up of super-massive black holes at early Cosmic times.Comment: 17 pages, 15 figures. Accepted for publication in Ap

Chronic exposure to glyphosate induces transcriptional changes in honey bee larva: A toxicogenomic study

The honey bee Apis mellifera is the most abundant managed pollinator in diverse crops worldwide. Consequently, it is exposed to a plethora of environmental stressors, among which are the agrochemicals. In agroecosystems, the herbicide glyphosate (GLY) is one of the most applied. In laboratory assessments, GLY affects the honey bee larval development by delaying its moulting, among other negative effects. However, it is still unknown how GLY affects larval physiology when there are no observable signs of toxicity. We carried out a longitudinal experimental design using the in vitro rearing procedure. Larvae were fed with food containing or not a sub-lethal dose of GLY in chronic exposure (120 h). Individuals without observable signs of toxicity were sampled and their gene expression profile was analyzed with a transcriptomic approach to compare between treatments. Even though 29% of larvae were asymptomatic in the exposed group, they showed transcriptional changes in several genes after the GLY chronic intake. A total of 19 transcripts were found to be differentially expressed in the RNA-Seq experiment, mainly linked with defensive response and intermediary metabolism processes. Furthermore, the enriched functional categories in the transcriptome of the exposed asymptomatic larvae were linked with enzymes with catalytic and redox activity. Our results suggest an enhanced catabolism and oxidative metabolism in honey bee larvae as a consequence of the sub-lethal exposure to GLY, even in the absence of observable symptoms.Fil: Vázquez, Diego Eduardo. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Ciudad Universitaria. Instituto de Fisiología, Biología Molecular y Neurociencias. Universidad de Buenos Aires. Facultad de Ciencias Exactas y Naturales. Instituto de Fisiología, Biología Molecular y Neurociencias; Argentina. Universidad de Buenos Aires. Facultad de Ciencias Exactas y Naturales. Departamento de Biodiversidad y Biología Experimental. Laboratorio del Grupo de Estudio de Insectos Sociales; ArgentinaFil: Latorre Estivalis, Jose Manuel. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - La Plata; Argentina. Universidad Nacional de La Plata. Centro Regional de Estudios Genómicos; ArgentinaFil: Ons, Sheila. Universidad Nacional de La Plata. Centro Regional de Estudios Genómicos; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - La Plata; ArgentinaFil: Farina, Walter Marcelo. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Ciudad Universitaria. Instituto de Fisiología, Biología Molecular y Neurociencias. Universidad de Buenos Aires. Facultad de Ciencias Exactas y Naturales. Instituto de Fisiología, Biología Molecular y Neurociencias; Argentina. Universidad de Buenos Aires. Facultad de Ciencias Exactas y Naturales. Departamento de Biodiversidad y Biología Experimental. Laboratorio del Grupo de Estudio de Insectos Sociales; Argentin

Surface EMG amplitude does not identify differences in neural drive to synergistic muscles

Surface electromyographic (EMG) signal amplitude is typically used to compare the neural drive to muscles. We experimentally investigated this association by studying the motor unit (MU) behavior and action potentials in the vastus medialis (VM) and vastus lateralis (VL) muscles. Eighteen participants performed isometric knee extensions at four target torques [10, 30, 50 and 70% of the maximum torque (MVC)] while high-density EMG signals were recorded from the VM and VL. The absolute EMG amplitude was greater for VM than VL (p<0.001) while the EMG amplitude normalized with respect to MVC was greater for VL than VM (p<0.04). Because differences in EMG amplitude can be due to both differences in the neural drive and in the size of the MU action potentials, we indirectly inferred the neural drives received by the two muscles by estimating the synaptic inputs received by the corresponding motor neuron pools. For this purpose, we analyzed the increase in discharge rate from recruitment to target torque for motor units matched by recruitment threshold in the two muscles. This analysis indicated that the two muscles received similar levels of neural drive. Nonetheless, the size of the MU action potentials was greater for VM than VL (p<0.001) and this difference explained most of the differences in EMG amplitude between the two muscles (~63% of explained variance). These results indicate that EMG amplitude, even following normalization, does not reflect the neural drive to synergistic muscles. Moreover, absolute EMG amplitude is mainly explained by the size of MU action potentials

Mapping the Lyman-Alpha Emission Around a z~6.6 QSO with MUSE: Extended Emission and a Companion at Close Separation

We utilize the Multi Unit Spectroscopic Explorer (MUSE) on the Very Large Telescope (VLT) to search for extended Lyman-Alpha emission around the z~6.6 QSO J0305-3150. After carefully subtracting the point-spread-function, we reach a nominal 5-sigma surface brightness limit of SB = 1.9x10$^{-18}$ erg/s/cm$^2$/arcsec$^2$ over a 1 arcsec$^2$ aperture, collapsing 5 wavelength slices centered at the expected location of the redshifted Lyman-Alpha emission (i.e. at 9256 Ang.). Current data suggest the presence (5-sigma, accounting for systematics) of a Lyman-Alpha nebula that extends for 9 kpc around the QSO. This emission is displaced and redshifted by 155 km/s with respect to the location of the QSO host galaxy traced by the [CII] emission line. The total luminosity is L = 3.0x10$^{42}$ erg/s. Our analysis suggests that this emission is unlikely to rise from optically thick clouds illuminated by the ionizing radiation of the QSO. It is more plausible that the Lyman-Alpha emission is due to fluorescence of the highly ionized optically thin gas. This scenario implies a high hydrogen volume density of n$_H$ ~ 6 cm$^{-3}$. In addition, we detect a Lyman-Alpha emitter (LAE) in the immediate vicinity of the QSO: i.e., with a projected separation of 12.5 kpc and a line-of-sight velocity difference of 560 km/s. The luminosity of the LAE is L = 2.1x10$^{42}$ erg/s and its inferred star-formation-rate is SFR ~ 1.3 M$_\odot$/yr. The probability of finding such a close LAE is one order of magnitude above the expectations based on the QSO-galaxy cross-correlation function. This discovery is in agreement with a scenario where dissipative interactions favour the rapid build-up of super-massive black holes at early Cosmic times.Comment: 17 pages, 15 figures. Accepted for publication in Ap

Copious Amounts of Dust and Gas in a z=7.5 Quasar Host Galaxy

We present IRAM/NOEMA and JVLA observations of the quasar J1342+0928 at z=7.54 and report detections of copious amounts of dust and [CII] emission in the interstellar medium (ISM) of its host galaxy. At this redshift, the age of the universe is 690 Myr, about 10% younger than the redshift of the previous quasar record holder. Yet, the ISM of this new quasar host galaxy is significantly enriched by metals, as evidenced by the detection of the [CII] 158micron cooling line and the underlying far-infrared (FIR) dust continuum emission. To the first order, the FIR properties of this quasar host are similar to those found at a slightly lower redshift (z~6), making this source by far the FIR-brightest galaxy known at z>7.5. The [CII] emission is spatially unresolved, with an upper limit on the diameter of 7 kpc. Together with the measured FWHM of the [CII] line, this yields a dynamical mass of the host of <1.5x10^11 M_sun. Using standard assumptions about the dust temperature and emissivity, the NOEMA measurements give a dust mass of (0.6-4.3)x10^8 M_sun. The brightness of the [CII] luminosity, together with the high dust mass, imply active ongoing star formation in the quasar host. Using [CII]-SFR scaling relations, we derive star formation rates of 85-545 M_sun/yr in the host, consistent with the values derived from the dust continuum. Indeed, an episode of such past high star formation is needed to explain the presence of ~10^8 M_sun of dust implied by the observations.Comment: 8 pages, 4 figures. Published in ApJ Letter