The impact of firm characteristics on speed of adjustment to target leverage: a UK study

Responding to the need to investigate heterogeneity in the speed of adjustment (SOA) to target leverage in a manner that reflects the fractional nature of leverage, we estimate SOA across sub-samples of UK firms using the Dynamic Panel Fractional (DPF) estimator. Using firm characteristics to identify firms subject to varying costs of deviation from and adjustment to target leverage, we find significant evidence of heterogeneity in the speeds at which UK firms adjust to target leverage. Our results show that small, high growth and low dividend paying firms adjust to target leverage faster than their large, low growth and high dividend paying counterparts. We also find some evidence to suggest openly held firms adjust faster than closely held firms, though our results are not robust to the categorizing criterion employed or target leverage specification

Molecular Characterisation of Bacteriophage K Towards Applications for the Biocontrol of Pathogenic Staphylococci

End of project reportThe aim of this work was to characterise staphylococcal bacteriophage (a bacterial virus) and to assess their potential as therapeutic agents against pathogenic strains of Staphylococcus aureus, particularly mastitis-causing strains. The project included the use of two newly isolated phage CS1 and DW2, and an existing polyvalent phage. The new phage were isolated from the farmyard and characterised by electron microscopy and restriction analysis. Both phage were shown to belong to the Siphoviridae family and were lytic for representatives of all three clonal groups of Irish mastitis-associated staphylococci. A cocktail of three phage (CS1, DW2 and K) at 108 (plaque forming units) PFU/ml was infused into cows teats in animal trials. The lack of an increase in somatic cell counts in milks indicated strongly that the phage did not irritate the animal. In addition, the most potent phage used in this study, phage K, was further studied by genome sequencing, which revealed a linear DNA genome of 127,395 base pairs, which encodes 118 putative ORFs (open reading frames)

Early life stress and LPS interact to modify the mouse cortical transcriptome in the neonatal period

Introduction: Preterm birth (PTB) is closely associated with atypical cerebral cortical development and cognitive impairment. Early exposure to extrauterine life often results in atypical environmental and biological experiences that co-occur, including early life stress (ELS) and systemic inflammation. Understanding how these experiences interact to shape cortical development is an essential prerequisite to developing therapeutic interventions that will work in the complex postnatal environment of the preterm infant. Here, we studied the effects of a murine model of infection and ELS on the neonatal cortex transcriptome. Methods: We used a mouse model of infection (1 ​mg/kg LPS at postnatal day (P)3) +/− ELS (modified maternal separation; MMS on days P4–P6) at timepoints with neurodevelopmental relevance to PTB. We used 4 groups: control, LPS, MMS and LPS ​+ ​MMS. Cortices were dissected at P6 for 3′RNA sequencing. Results: LPS exposure resulted in reduced weight gain and increased expression of inflammation-associated genes in the brain. More genes were differentially expressed following LPS (15) and MMS (29) than with LPS ​+ ​MMS (8). There was significant overlap between the LPS and MMS datasets, particularly amongst upregulated genes, and when comparing LPS and MMS datasets with LPS ​+ ​MMS. Gene Ontology terms related to the extracellular matrix and cytokine response were enriched following MMS, but not following LPS or LPS ​+ ​MMS. 26 Reactome pathways were enriched in the LPS group, none of which were enriched in the LPS ​+ ​MMS group. Finally, a rank-rank hypergeometric overlap test showed similarities, particularly in upregulated genes, in the LPS and MMS conditions, indicating shared mechanisms. Conclusion: LPS and MMS interact to modify the cortical transcriptome in the neonatal period. This has important implications for understanding the neural basis of atypical cortical development associated with early exposure to extrauterine life

Discovery of an extended debris disk around the F2V star HD 15745

Using the Advanced Camera for Surveys aboard the Hubble Space Telescope, we have discovered dust-scattered light from the debris disk surrounding the F2V star HD 15745. The circumstellar disk is detected between 2.0" and 7.5" radius, corresponding to 128 - 480 AU radius. The circumstellar disk morphology is asymmetric about the star, resembling a fan, and consistent with forward scattering grains in an optically thin disk with an inclination of ~67 degrees to our line of sight. The spectral energy distribution and scattered light morphology can be approximated with a model disk composed of silicate grains between 60 and 450 AU radius, with a total dust mass of 10E-7 M_sun (0.03 M_earth) representing a narrow grain size distribution (1 - 10 micron). Galactic space motions are similar to the Castor Moving Group with an age of ~10E+8 yr, although future work is required to determine the age of HD 15745 using other indicators.Comment: 7 pages, 4 figures, ApJ Letters, in pres

Morphological and molecular characterisation of a mixed Cryptosporidium muris/Cryptosporidium felis infection in a cat

To date Cryptosporidium muris has been identified by microscopy and genotyping in cats in two studies. We report morphological and genetic evidence of a mixed C. muris and C. felis infection in a cat and provide the first histological, immunohistochemical, in situ hybridisation and genetic confirmation of a C. muris infection in the stomach of a cat. The cat suffered persistent diarrhoea after the initial consultation, which remained unresolved, despite several medical interventions. Further studies are required to determine the range, prevalence and clinical impact of Cryptosporidium species infecting cats

Recent Decisions

Comments on recent decisions by Jack Fena, R. Emmett Fitzgerald, James J. Haranzo, Bernard James McGraw, Joseph C. Spalding, James Francis O\u27Rieley, E. Milton Farley, III, Robert J. Affeldt, Robert A. Stewart, Robert A. Layden, Mark Harry Berens, Joseph T. Helling, Clifford A. Goodrich, Jr., Edward J. Van Tassel, and Andrew V. Giorgi

Photon Shot Noise Limits on Optical Detection of Neuronal Spikes and Estimation of Spike Timing

AbstractOptical approaches for tracking neural dynamics are of widespread interest, but a theoretical framework quantifying the physical limits of these techniques has been lacking. We formulate such a framework by using signal detection and estimation theory to obtain physical bounds on the detection of neural spikes and the estimation of their occurrence times as set by photon counting statistics (shot noise). These bounds are succinctly expressed via a discriminability index that depends on the kinetics of the optical indicator and the relative fluxes of signal and background photons. This approach facilitates quantitative evaluations of different indicators, detector technologies, and data analyses. Our treatment also provides optimal filtering techniques for optical detection of spikes. We compare various types of Ca2+ indicators and show that background photons are a chief impediment to voltage sensing. Thus, voltage indicators that change color in response to membrane depolarization may offer a key advantage over those that change intensity. We also examine fluorescence resonance energy transfer indicators and identify the regimes in which the widely used ratiometric analysis of signals is substantially suboptimal. Overall, by showing how different optical factors interact to affect signal quality, our treatment offers a valuable guide to experimental design and provides measures of confidence to assess optically extracted traces of neural activity

A Ring of Warm Dust in the HD 32297 Debris Disk

We report the detection of a ring of warm dust in the edge-on disk surrounding HD 32297 with the Gemini-N/MICHELLE mid-infrared imager. Our N'-band image shows elongated structure consistent with the orientation of the scattered-light disk. The Fnu(11.2 um) = 49.9+/-2.1 mJy flux is significantly above the 28.2+/-0.6 mJy photosphere. Subtraction of the stellar point spread function reveals a bilobed structure with peaks 0.5"-0.6" from the star. An analysis of the stellar component of the SED suggests a spectral type later than A0, in contrast to commonly cited literature values. We fit three-dimensional, single-size grain models of an optically thin dust ring to our image and the SED using a Markov chain Monte Carlo algorithm in a Bayesian framework. The best-fit effective grain sizes are submicron, suggesting the same dust population is responsible for the bulk of the scattered light. The inner boundary of the warm dust is located 0.5"-0.7" (~65 AU) from the star, which is approximately cospatial with the outer boundary of the scattered-light asymmetry inward of 0.5". The addition of a separate component of larger, cooler grains that provide a portion of the 60 um flux improves both the fidelity of the model fit and consistency with the slopes of the scattered-light brightness profiles. Previous indirect estimates of the stellar age (~30 Myr) indicate the dust is composed of debris. The peak vertical optical depths in our models (~0.3-1 x 1e-2) imply that grain-grain collisions likely play a significant role in dust dynamics and evolution. Submicron grains can survive radiation pressure blow-out if they are icy and porous. Similarly, the inferred warm temperatures (130-200 K) suggest that ice sublimation may play a role in truncating the inner disk.Comment: ApJ accepted, 8 pages, 4 figure