One size fits all: How many default funds does a pension scheme need?

In this paper, we analyse the number of default investment funds appropriate for an occupational defined contribution pension scheme. Using a unique dataset of member risk attitudes and characteristics from a survey of a large UK pension scheme, we apply cluster analysis to identify two distinct groups of members in their 40s and 50s. Further analysis indicated that the risk attitudes of the two groups were not significantly different, allowing us to conclude that a single lifestyle default fund is appropriate

Grouping Individual Investment Preferences in Retirement Savings: A Cluster Analysis of a USS Members Risk Attitude Survey

Cluster analysis is used to identify homogeneous groups of members of USS in terms of risk attitudes. There are two distinct clusters of members in their 40s and 50s. One had previously ‘engaged’ with USS by making additional voluntary contributions. It typically had higher pay, longer tenure, less interest in ethical investing, lower risk capacity, a higher percentage of males, and a higher percentage of academics than members of the ‘disengaged’ cluster. Conditioning only on the attitude to risk responses, there are 18 clusters, with similar but not identical membership, depending on which clustering method is used. The differences in risk aversion across the 18 clusters could be explained largely by differences in the percentage of females and the percentage of couples. Risk aversion increases as the percentage of females in the cluster increases, while it reduces as the percentage of couples increases because of greater risk sharing within the household. Characteristics that other studies have found important determinants of risk attitudes, such as age, income and (pension) wealth, do not turn out to be as significant for USS members. Further, despite being on average more highly educated than the general population, USS members are marginally more risk averse than the general population, controlling for salary, although the difference is not significant

Early Cretaceous biogeographic and oceanographic synthesis of Leg 123 (off Northwestern Australia)

Biogeographic observations made by Leg 123 shipboard paleontologists for Lower Cretaceous nannofossils, foraminifers, radiolarians, belemnites, and inoceramids are combined in this chapter to evaluate the paleoceanographic history of the northwestern Australian margin and adjacent basins. Each fossil group is characterized at specific intervals of Cretaceous time and compared with data from Tethyan and Southern Hemisphere high-latitude localities. Special attention is given to the biogeographic observations made for the Falkland Plateau (DSDP Legs 36 and 71) and the Weddell Sea (ODP Leg 113). Both areas have yielded valuable Lower Cretaceous fossil records of the circumantarctic high latitudes. In general, the Neocomian fossil record from DSDP and ODP sites off northwestern Australia has important southern high-latitude affinities and weak Tethyan influence. The same is true for the pelagic lithofacies: radiolarian chert and/or nannofossil limestone, dominant in the Tethyan Lower Cretaceous, are minor lithologies in the Exmouth-Argo sites. These observations, together with the young age of the Argo crust and plate tectonic considerations, suggest that the Argo Basin was not part of the Tethys Realm. The biogeography of the Neocomian radiolarian and nannofossil assemblages suggests opening of a seaway during the Berriasian that connected the circumantarctic area with the Argo Basin, which resulted in the influx of southern high-latitude waters. This conclusion constrains the initial fit and break-up history of Gondwana. Our results favor the loose fit of the western Australian margin with southeast India by Ricou et al. (1990), which accounts for a deeper water connection with the Weddell-Mozambique basins via drowned marginal plateaus as early as the Berriasian. In fits of the du Toit-type (1937), India would remain attached to Antarctica, at least until the late Valanginian, making such a connection impossible. After the Barremian, increasing Tethyan influence is evident in all fossil groups, although southern high-latitude taxa are still present. Biogeographic domains, such as the southern extension of Nannoconus and Ticinella suggest paleolatitudes of about 50°S for the Exmouth-Argo area. Alternatively, if paleolatitudes of about 35° are accepted, these biogeographic limits were displaced northward at least 15° along Australia in comparison to the southern Atlantic. In this case, the proto-circumantarctic current was deflected northward into an eastern boundary current off Australia and carried circumantarctic cold water into the middle latitudes. Late Aptian/early Albian time is characterized by mixing of Tethyan and southern faunal elements and a significant gradient in Albian surface-water temperatures over 10° latitude along the Australian margin, as indicated by planktonic foraminifers. Both phenomena may be indicative of convergence of temperate and antarctic waters near the Australian margin. High fertility conditions, reflected by radiolarian cherts, are suggestive of coastal upwelling during that time

Increased material differentiation through multi-contrast x-ray imaging: a preliminary evaluation of potential applications to the detection of threat materials

Most material discrimination in security inspections is based on dual-energy x-ray imaging, which enables the determination of a material's effective atomic number (Zeff) as well as electron density and its consequent classification as organic or inorganic. Recently phase-based "dark-field" x-ray imaging approaches have emerged that are sensitive to complementary features of a material, namely its unresolved microstructure. It can therefore be speculated that their inclusion in the security-based imaging could enhance material discrimination, for example of materials with similar electron densities and Z eff but different microstructures. In this paper, we present a preliminary evaluation of the advantages that such a combination could bear. Utilising an energy-resolved detector for a phase-based dark-field technique provides dual-energy attenuation and dark-field images simultaneously. In addition, since we use a method based on attenuating x-ray masks to generate the dark-field images, a fifth (attenuation) image at a much higher photon energy is obtained by exploiting the x-rays transmitted through the highly absorbing mask septa. In a first test, a threat material is imaged against a non-threat one, and we show how their discrimination based on maximising their relative contrast through linear combinations of two and five imaging channels leads to an improvement in the latter case. We then present a second example to show how the method can be extended to discrimination against more than one non-threat material, obtaining similar results. Albeit admittedly preliminary, these results indicate that significant margins of improvement in material discrimination are available by including additional x-ray contrasts in the scanning process

Maternal thyroid function and child educational attainment: prospective cohort study

Objective: To determine if first trimester maternal thyroid dysfunction is a critical determinant of child scholastic performance and overall educational attainment. Design: Prospective cohort study. Setting: Avon Longitudinal Study of Parents and Children cohort in the UK. Participants: 4615 mother-child pairs with an available first trimester sample (median 10 weeks gestation, interquartile range 8-12). Exposures: Free thyroxine, thyroid stimulating hormone, and thyroid peroxidase antibodies assessed as continuous measures and the seven clinical categories of maternal thyroid function. Main outcome measures: Five age-specific national curriculum assessments in 3580 children at entry stage assessment at 54 months, increasing up to 4461 children at their final school assessment at age 15. Results: No strong evidence of clinically meaningful associations of first trimester free thyroxine and thyroid stimulating hormone levels with entry stage assessment score or Standard Assessment Test scores at any of the key stages was found. Associations of maternal free thyroxine or thyroid stimulating hormone with the total number of General Certificates of Secondary Education (GCSEs) passed (range 0-16) were all close to the null: free thyroxine, rate ratio per pmol/L 1.00 (95% confidence interval 1.00 to 1.01); and thyroid stimulating hormone, rate ratio 0.98 (0.94 to 1.02). No important relationship was observed when more detailed capped scores of GCSEs allowing for both the number and grade of pass or when language, mathematics, and science performance were examined individually or when all educational assessments undertaken by an individual from school entry to leaving were considered. 200 (4.3%) mothers were newly identified as having hypothyroidism or subclinical hypothyroidism and 97 (2.1%) subclinical hyperthyroidism or hyperthyroidism. Children of mothers with thyroid dysfunction attained an equivalent number of GCSEs and equivalent grades as children of mothers with euthyroidism. Conclusions: Maternal thyroid dysfunction in early pregnancy does not have a clinically important association with impaired child performance at school or educational achievement

A Search for Cosmic Microwave Background Anisotropies on Arcminute Scales with Bolocam

We have surveyed two science fields totaling one square degree with Bolocam at 2.1 mm to search for secondary CMB anisotropies caused by the Sunyaev- Zel'dovich effect (SZE). The fields are in the Lynx and Subaru/XMM SDS1 fields. Our survey is sensitive to angular scales with an effective angular multipole of l_eff = 5700 with FWHM_l = 2800 and has an angular resolution of 60 arcseconds FWHM. Our data provide no evidence for anisotropy. We are able to constrain the level of total astronomical anisotropy, modeled as a flat bandpower in C_l, with frequentist 68%, 90%, and 95% CL upper limits of 590, 760, and 830 uKCMB^2. We statistically subtract the known contribution from primary CMB anisotropy, including cosmic variance, to obtain constraints on the SZE anisotropy contribution. Now including flux calibration uncertainty, our frequentist 68%, 90% and 95% CL upper limits on a flat bandpower in C_l are 690, 960, and 1000 uKCMB^2. When we instead employ the analytic spectrum suggested by Komatsu and Seljak (2002), and account for the non-Gaussianity of the SZE anisotropy signal, we obtain upper limits on the average amplitude of their spectrum weighted by our transfer function of 790, 1060, and 1080 uKCMB^2. We obtain a 90% CL upper limit on sigma8, which normalizes the power spectrum of density fluctuations, of 1.57. These are the first constraints on anisotropy and sigma8 from survey data at these angular scales at frequencies near 150 GHz.Comment: 68 pages, 17 figures, 2 tables, accepted for publication in Ap

Adaptive evolution of Toll-like receptor 5 in domesticated mammals

<p>Abstract</p> <p>Background</p> <p>Previous studies have proposed that mammalian toll like receptors (TLRs) have evolved under diversifying selection due to their role in pathogen detection. To determine if this is the case, we examined the extent of adaptive evolution in the TLR5 gene in both individual species and defined clades of the mammalia.</p> <p>Results</p> <p>In support of previous studies, we find evidence of adaptive evolution of mammalian TLR5. However, we also show that TLR5 genes of domestic livestock have a concentration of single nucleotide polymorphisms suggesting a specific signature of adaptation. Using codon models of evolution we have identified a concentration of rapidly evolving codons within the TLR5 extracellular domain a site of interaction between host and the bacterial surface protein flagellin.</p> <p>Conclusions</p> <p>The results suggest that interactions between pathogen and host may be driving adaptive change in TLR5 by competition between species. In support of this, we have identified single nucleotide polymorphisms (SNP) in sheep and cattle TLR5 genes that are co-localised and co-incident with the predicted adaptive codons suggesting that adaptation in this region of the TLR5 gene is on-going in domestic species.</p

Hydrogen sulfide protects renal grafts against prolonged cold ischemia-reperfusion injury via specific mitochondrial actions

This article has been accepted for publication and undergone full peer review but has not been through the copyediting, typesetting, pagination and proofreading process, which may lead to differences between this version and the Version of Record. Please cite this article as doi: 10.1111/ajt.14080 This article is protected by copyright. All rights reserved.Accepted manuscript online: 15 October 2016Ischemia-reperfusion injury (IRI) is unavoidably caused by loss and subsequent restoration of blood flow during organ procurement and prolonged IRI results in increased rates of delayed graft function and early graft loss. The endogenously produced gasotransmitter, hydrogen sulfide (H2 S), is a novel molecule that mitigates hypoxic tissue injury. The current study investigates the protective mitochondrial effects of H2 S during in vivo cold storage and subsequent renal transplantation (RTx) and in vitro cold hypoxic renal injury. Donor allografts from Brown Norway rats treated with University of Wisconsin (UW) solution + H2 S (150 μM NaSH) during prolonged (24-hour) cold (4°C) storage exhibited significantly (p1000-fold compared to similar levels of the non-specific H2 S donor, GYY4137 and also improved syngraft function and survival following prolonged cold storage compared to UW. H2 S treatment mitigates cold IRI-associated renal injury via mitochondrial actions and could represent a novel therapeutic strategy to minimize the detrimental clinical outcomes of prolonged cold IRI during RTx.This work was supported by grants from Physicians Services Incorporated and the Canadian Urological Association (AS) and by a Frederick Banting and Charles Best Canada Graduate Scholarships Doctoral Award from the Canadian Institutes of Health Research (IL). MW and MEW would like to thank the Medical Research Council UK (MR/M022706/1) for their generous research support. RT would like to acknowledge the Brian Ridge Scholarship for support

A Fluctuation Analysis of the Bolocam 1.1mm Lockman Hole Survey

We perform a fluctuation analysis of the 1.1mm Bolocam Lockman Hole Survey, which covers 324 square arcmin to a very uniform point source-filtered RMS noise level of 1.4 mJy/beam. The fluctuation analysis has the significant advantage of utilizing all of the available data. We constrain the number counts in the 1-10 mJy range, and derive significantly tighter constraints than in previous work: the power-law index is 2.7 (+0.18, -0.15), while the amplitude is equal to 1595 (+85,-238) sources per mJy per square degree, or N(>1 mJy) = 940 (+50,-140) sources/square degree (95% confidence). Our results agree extremely well with those derived from the extracted source number counts by Laurent et al (2005). Our derived normalization is about 2.5 times smaller than determined by MAMBO at 1.2mm by Greve et al (2004). However, the uncertainty in the normalization for both data sets is dominated by the systematic (i.e., absolute flux calibration) rather than statistical errors; within these uncertainties, our results are in agreement. We estimate that about 7% of the 1.1mm background has been resolved at 1 mJy.Comment: To appear in the Astrophysical Journal; 22 pages, 9 figure