Are Socially Responsible Exchange-Traded Funds Paying Off in Performance?

This study examines the Socially Responsible (SR) exchange-traded funds (ETFs) by comparing their risk-adjusted performance with a matched group of conventional ETFs in the U.S. equity market. In contrast to prior studies that focus on actively managed mutual funds, we find that the risk-adjusted returns of SR ETFs are significantly lower than those of conventional ETFs during the 2005–2020 period. Such underperformance is only observed in non-crisis periods but not in economic crisis periods (i.e., the 2020 pandemic recession and 2008 financial turmoil). We attribute the observed underperformance of SR ETFs during the non-crisis periods to their limited diversification of unsystematic risks resulting from various negative or positive screens employed in the funds. We also find that net fund flows of the SR ETFs are less sensitive to past negative performance than are conventional fund flows. Collectively, our findings suggest that, instead of seeking wealth maximization, socially conscious investors may choose SR ETFs to gain non-economic utility

A free-standing sulfur/nitrogen-doped carbon nanotube electrode for high- performance lithium/sulfur batteries

A free-standing sulfur/nitrogen-doped carbon nanotube (S/N-CNT) composite prepared via a simple solution method was first studied as a cathode material for lithium/sulfur batteries. By taking advantage of the self-weaving behavior of N-CNT, binders and current collectors are rendered unnecessary in the cathode, thereby simplifying its manufacturing and increasing the sulfur weight ratio in the electrode. Transmission electronic microscopy showed the formation of a highly developed core-shell tubular structure consisting of S/N-CNT composite with uniform sulfur coating on the surface of N-CNT. As a core in the composite, the N-CNT with N functionalization provides a highly conductive and mechanically flexible framework, enhancing the electronic conductivity and consequently the rate capability of the material

Response of granite residual soil slopes under dry–wet cycles

Granite residual soil is widely distributed in the southern coastal areas of China, and the slopes of granite residual soil are prone to instability and failure under the alternating action of rainfall and drying, which will cause great disasters to human society. In order to study the response mechanism of granite residual soil slopes under the alternating action of rainfall–drying–static–rainfall (RDSR), this study conducted indoor scaling model tests to analyze the response during dry and wet cycles. This study presented the response process of the slope under the influence of dry and wet cycles and discussed the change laws of slope deformation, water content, and matric suction. The results show that, under the alternating action of rainfall–drying–static–rainfall, 1) the network cracks on the slope form a dominant channel for rainwater seepage, which is the main reason for the rapid decline in soil anti-sliding ability within a short time; 2) at a rainfall intensity of 1.7–2.4 mm/min, the erosion effect of rain on the slope is obviously stronger than that of osmotic erosion, and the surface erosion failure of the granite residual soil slope tends to occur without an obvious sliding surface; 3) after the loss of matric suction over a certain period, the phenomenon of channeling and loss failure on the slope serve as a sufficient condition for slope instability failure but is not a necessary condition. The above research results are expected to provide the basis and reference for preventing and controlling landslide hazards in granite residual soil slopes under similar conditions

Field measurement of the erosion threshold of silty seabed in the intertidal flat of the Yellow River Delta with a newly-developed annular flume

Accurately measuring the critical shear stress is crucial for numerous applications, such as sediment transport modeling, erosion prediction, and the design of sustainable coastal engineering structures. However, developing reliable and precise in-situ measurement devices faces significant challenges due to the harsh and dynamic nature of aquatic environments. Factors like turbulence and waves introduce complexities that must be considered when designing and calibrating these devices. The newly developed Openable Underwater Carousel In-situ Flume (OUC-IF) was used to determine the critical shear stress (τc) and quantify erosion rates. Acoustic Doppler Velocimeter (ADV) was employed to measure 3D near-bottom velocities, which were then used to estimate and pre-calibrate bed shear stress (τ) applied on the seabed in the annular flume. Three computation methods of shear stress were evaluated: turbulent kinetic energy (TKE), direct covariance (COV), and log profile (LP). In-situ erosion experiments were conducted for the first time at two sites in the tidal flat of the Yellow River Delta (site 1 with a water depth of 1.32 m and site 2 with a water depth of 0.75 m). The critical shear stress was found to be 0.10 Pa at site 1 and 0.19 Pa at site 2, and the erosion rates of the sediments were successfully measured. The effect of wave-seabed interactions on erosion resistance was explored by theoretically estimating the wave-induced pore pressure of the seabed based on the observed data. The max liquefaction degree of the seabed at site 1 and site 2 was 0.035 and 0.057, respectively, and the average erosion coefficient Me was 2.63E-05 kg m-2s-1 at site 1 and 3.48E-05 kg m-2s-1 at site 2

Expectations for Manuscripts on Biomass Feedstocks and Processing in ACS Sustainable Chemistry & Engineering

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Adenovirus-mediated stromal cell-derived factor-1 alpha gene transfer improves cardiac structure and function after experimental myocardial infarction through angiogenic and antifibrotic actions

Stromal cell-derived factor 1α (SDF-1) is not only a major chemotactic factor, but also an inducer of angiogenesis. The effects of SDF-1α on the left ventricular remodeling in a rat myocardial infarction (MI) model were analyzed. Myocardial infarction was induced by ligation of the left coronary artery in rats. 0.5 × 1010 pfu/ml AdV-SDF-1 or 0.5 × 1010 pfu/ml Adv-LacZ were immediately injected into the infarcted myocardium, 120 μl cell-free PBS were injected into the infarcted region or the myocardial wall in control, and sham group, respectively. We found that AdV-SDF-1 group had higher LVSP and ±dP/dtmax, lower LVEDP compared to control or Adv-LacZ group. The number of c-Kit+ stem cells, and gene expression of SDF-1, VEGF and bFGF were obviously increased, which was associated with reduced infarct size, thicker left ventricle wall, greater vascular density and cardiocytes density in infarcted hearts of AdV-SDF-1 group. Furthermore, the expression of collagen type I and type III mRNA, and collagen accumulation in the infarcted area was lower, which was associated with decreased TGF-β1, TIMP-1 and TIMP-2 expression in AdV-SDF-1 group. Conclusion: SDF-1α could improve cardiac structure and function after Myocardial infarction through angiogenic and anti-fibrotic actions