Using Common Features to Construct a Preference-Free Estimator of the Stochastic Discount Factor

We propose a novel estimator for the stochastic discount factor (SDF) in a panel-data context. Under general conditions it depends exclusively on appropriate averages of asset returns, and its computation is a direct exercise, as long as one has enough observations to our asymptotic results. We identify the SDF using the fact that it is the common feature in every asset return of the economy. Moreover, it does not depend on any assumptions about preferences, or on consumption data, which allows testing directly different preference specifications, as well as the existence of the equity-premium puzzle. Preliminary results are encouragingstochastic discount factor, panel data techniques

The forward- and the equity-premium puzzles: two symptoms of the same illness?

Using information on US domestic financial data only, we build a stochastic discountfactor—SDF— and check whether it accounts for foreign markets stylized factsthat escape consumption based models. By interpreting our SDF as the projection ofa pricing kernel from a fully specified model in the space of returns, our results indicatethat a model that accounts for the behavior of domestic assets goes a long waytoward accounting for the behavior of foreign assets prices. We address predictabilityissues associated with the forward premium puzzle by: i) using instruments that areknown to forecast excess returns in the moments restrictions associated with Eulerequations, and; ii) by pricing Lustig and Verdelhan (2007)’s foreign currency portfolios.Our results indicate that the relevant state variables that explain foreign-currencymarket asset prices are also the driving forces behind U.S. domestic assets behavior.

A new experimental snow avalanche test site at Seehore peak in Aosta Valley (NW Italian Alps) - Part II: Engineering aspects

The estimate of the effects produced by the impact of a snow avalanche against an obstacle is of the utmost importance in designing safe mountain constructions. For this purpose, an ad-hoc instrumented obstacle was designed and built in order to measure impact forces of small and medium snow avalanches at Seehore peak (NW Italian Alps). The structural design had to consider several specific and unusual demands dictated by the difficult environment. In this article, the new test facility is described from the engineering point of view, discussing the most important aspects of the analyzed problems which were solved before and after the construction. The performance of the instrumented obstacle in the first two operating seasons, and some proposals for future upgrading are eventually illustrate

Pathophysiology, current treatments and future targets in hereditary forms of renal Fanconi syndrome

INTRODUCTION: Renal Fanconi syndrome describes a general dysfunction of the proximal tubules characterized by urinary losses of water, electrolytes, low-molecular weight proteins, aminoacids and glucose. The heterogeneity of its underlying causes has complicated the understanding of renal Fanconi syndrome for many years. Recent studies of its isolated form, only affecting the proximal tubule and no other nephron segments, allow new insights into the understanding of pathophysiology and development of disease models. AREAS COVERED: In this review, we discuss the most recent insights into pathophysiology of renal Fanconi syndrome as well as novel disease and potential developments of new therapeutic strategies. EXPERT OPINION: The importance of fatty acid oxidation in proximal tubules in human disease has just recently been established. So far this has not yet led to pharmaceutical development of medicines, due to lack of understanding of the exclusive use of fatty acids by mitochondria in the proximal tubule for energy generation. Nevertheless, novel insights have resulted in potential targets for development of new therapeutic strategies

Odd-intrinsic-parity processes within the Resonance Effective Theory of QCD

We analyse the most general odd-intrinsic-parity effective Lagrangian of QCD valid for processes involving one pseudoscalar with vector mesons described in terms of antisymmetric tensor fields. Substantial information on the odd-intrinsic-parity couplings is obtained by constructing the vector-vector-pseudoscalar Green's three-point function, at leading order in 1/Nc, and demanding that its short-distance behaviour matches the corresponding OPE result. The QCD constraints thus enforced allow us to predict the decay amplitude omega -> pion gamma, and the O(p^6) corrections to pion -> gamma gamma. Noteworthy consequences concerning the vector meson dominance assumption in the decay omega -> 3 pions are also extracted from the previous analysis.Comment: 20 pages, 4 figure

A missense mutation in Ehd1 associated with defective spermatogenesis and male infertility

Normal function of the C-terminal Eps15 homology domain-containing protein 1 (EHD1) has previously been associated with endocytic vesicle trafficking, shaping of intracellular membranes, and ciliogenesis. We recently identified an autosomal recessive missense mutation c.1192C>T (p.R398W) of EHD1 in patients who had low molecular weight proteinuria (0.7–2.1 g/d) and high-frequency hearing loss. It was already known from Ehd1 knockout mice that inactivation of Ehd1 can lead to male infertility. However, the exact role of the EHD1 protein and its p.R398W mutant during spermatogenesis remained still unclear. Here, we report the testicular phenotype of a knockin mouse model carrying the p.R398W mutation in the EHD1 protein. Male homozygous knockin mice were infertile, whereas the mutation had no effect on female fertility. Testes and epididymes were significantly reduced in size and weight. The testicular epithelium appeared profoundly damaged and had a disorganized architecture. The composition of developing cell types was altered. Malformed acrosomes covered underdeveloped and misshaped sperm heads. In the sperm tail, midpieces were largely missing indicating disturbed assembly of the sperm tail. Defective structures, i.e., nuclei, acrosomes, and sperm tail midpieces, were observed in large vacuoles scattered throughout the epithelium. Interestingly, cilia formation itself did not appear to be affected, as the axoneme and other parts of the sperm tails except the midpieces appeared to be intact. In wildtype mice, EHD1 co-localized with acrosomal granules on round spermatids, suggesting a role of the EHD1 protein during acrosomal development. Wildtype EHD1 also co-localized with the VPS35 component of the retromer complex, whereas the p.R398W mutant did not. The testicular pathologies appeared very early during the first spermatogenic wave in young mice (starting at 14 dpp) and tubular destruction worsened with age. Taken together, EHD1 plays an important and probably multifaceted role in spermatogenesis in mice. Therefore, EHD1 may also be a hitherto underestimated infertility gene in humans

Quantification of FAM20A in human milk and identification of calcium metabolism proteins

BACKGROUND: FAM20A, a recently discovered protein, is thought to have a fundamental role in inhibiting ectopic calcification. Several studies have demonstrated that variants of FAM20A are causative for the rare autosomal recessive disorder, enamel-renal syndrome (ERS). ERS is characterized by defective mineralization of dental enamel and nephrocalcinosis suggesting that FAM20A is an extracellular matrix protein, dysfunction of which causes calcification of the secretory epithelial tissues. FAM20A is a low-abundant protein that is difficult to detect in biofluids such as blood, saliva, and urine. Thus, we speculated the abundance of FAM20A to be high in human milk, since the secretory epithelium of lactating mammary tissue is involved in the secretion of highly concentrated calcium. Therefore, the primary aim of this research is to describe the processes/methodology taken to quantify FAM20A in human milk and identify other proteins involved in calcium metabolism. METHOD: This study used mass spectrometry-driven quantitative proteomics: (1) to quantify FAM20A in human milk of three women and (2) to identify proteins associated with calcium regulation by bioinformatic analyses on whole and milk fat globule membrane fractions. RESULTS: Shotgun MS/MS driven proteomics identified FAM20A in whole milk, and subsequent analysis using targeted proteomics also successfully quantified FAM20A in all samples. Combination of sample preparation, fractionation, and LC-MS/MS proteomics analysis generated 136 proteins previously undiscovered in human milk; 21 of these appear to be associated with calcium metabolism. CONCLUSION: Using mass spectrometry-driven proteomics, we successfully quantified FAM20A from transitional to mature milk and obtained a list of proteins involved in calcium metabolism. Furthermore, we show the value of using a combination of both shotgun and targeted driven proteomics for the identification of this low abundant protein in human milk

Anomalies and WZW-term of two-flavour QCD

The U(2)_R x U(2)_L symmetry of QCD with two massless flavours is subject to anomalies which affect correlation functions involving the singlet currents A^0_\mu or V^0_\mu. These are relevant for pion-photon interactions, because - for two flavours - the electromagnetic current contains a singlet piece. We give the effective Lagrangian required for the corresponding low energy analysis to next-to-leading order, without invoking an expansion in the mass of the strange quark. In particular, the Wess-Zumino-Witten term that accounts for the two-flavour anomalies within the effective theory is written down in closed form.Comment: 17 pages, 1 figur

Mir-132/212 is required for maturation of binocular matching of orientation preference and depth perception

MicroRNAs (miRNAs) are known to mediate post-transcriptional gene regulation, but their role in postnatal brain development is still poorly explored. We show that the expression of many miRNAs is dramatically regulated during functional maturation of the mouse visual cortex with miR-132/212 family being one of the top upregulated miRNAs. Age-downregulated transcripts are significantly enriched in miR-132/miR-212 putative targets and in genes upregulated in miR-132/212 null mice. At a functional level, miR-132/212 deletion affects development of receptive fields of cortical neurons determining a specific impairment of binocular matching of orientation preference, but leaving orientation and direction selectivity unaltered. This deficit is associated with reduced depth perception in the visual cliff test. Deletion of miR-132/212 from forebrain excitatory neurons replicates the binocular matching deficits. Thus, miR-132/212 family shapes the age-dependent transcriptome of the visual cortex during a specific developmental window resulting in maturation of binocular cortical cells and depth perception