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

Genetic Diversity, Population Structure, and Linkage Disequilibrium of an Association-Mapping Panel Revealed by Genome-Wide SNP Markers in Sesame

The characterization of genetic diversity and population structure can be used in tandem to detect reliable phenotype–genotype associations. In the present study, we genotyped a set of 366 sesame germplasm accessions by using 89,924 single-nucleotide polymorphisms (SNPs). The number of SNPs on each chromosome was consistent with the physical length of the respective chromosome, and the average marker density was approximately 2.67 kb/SNP. The genetic diversity analysis showed that the average nucleotide diversity of the panel was 1.1 × 10-3, with averages of 1.0 × 10-4, 2.7 × 10-4, and 3.6 × 10-4 obtained, respectively for three identified subgroups of the panel: Pop 1, Pop 2, and the Mixed. The genetic structure analysis revealed that these sesame germplasm accessions were structured primarily along the basis of their geographic collection, and that an extensive admixture occurred in the panel. The genome-wide linkage disequilibrium (LD) analysis showed that an average LD extended up to ∼99 kb. The genetic diversity and population structure revealed in this study should provide guidance to the future design of association studies and the systematic utilization of the genetic variation characterizing the sesame panel

Dynamic characteristics and drivers of the regional household energy-carbon-water nexus in China

Being a node of the energy-water consumer and carbon dioxide (CO2) emitter, the household is one key sector to pilot integrated energy-carbon-water (ECW) management. This study developed an integrated framework to explore China’s provincial household ECW nexus as well as their drivers from the years 2000 through 2016. The absolute amount and growth rate of household energy use (HEU), household CO2 emissions (HCE), and household water use (HWU) were abstracted to reveal the dynamic characteristics of the household ECW nexus. Efficiency advance, income growth, urbanization, family size, and household number were defined to explain the changes in the household ECW nexus. This study revealed that there is a huge regional heterogeneity in China’s household ECW nexus. Developed regions such as Zhejiang, Jiangsu, Guangdong, and Shanghai are the most important household ECW nexus nodes with larger amounts and growth rates of household ECW. Income growth overwhelmingly increases ECW, while efficiency advance effectively curbs its growth. Comparatively, household number, family size, and urbanization have small effects. Therefore, implementing differentiated management and focusing on the synergy of socioeconomic factors are the keys to achieving integrated household ECW management. And the analytical framework can be used to analyze ECW nexus from a sector, city, or country perspective

Bilateral Fronto-Parietal Integrity in Young Chronic Cigarette Smokers: A Diffusion Tensor Imaging Study

Cigarette smoking continues to be the leading cause of preventable morbidity and mortality in China and other countries. Previous studies have demonstrated gray matter loss in chronic smokers. However, only a few studies assessed the changes of white matter integrity in this group. Based on those previous reports of alterations in white matter integrity in smokers, the aim of this study was to examine the alteration of white matter integrity in a large, well-matched sample of chronic smokers and non-smokers.Using in vivo diffusion tensor imaging (DTI) to measure the differences of whole-brain white matter integrity between 44 chronic smoking subjects (mean age, 28.0±5.6 years) and 44 healthy age- and sex-matched comparison non-smoking volunteers (mean age, 26.3±5.8 years). DTI was performed on a 3-Tesla Siemens scanner (Allegra; Siemens Medical System). The data revealed that smokers had higher fractional anisotropy (FA) than healthy non-smokers in almost symmetrically bilateral fronto-parietal tracts consisting of a major white matter pathway, the superior longitudinal fasciculus (SLF).We found the almost symmetrically bilateral fronto-parietal whiter matter changes in a relatively large sample of chronic smokers. These findings support the hypothesis that chronic cigarette smoking involves alterations of bilateral fronto-parietal connectivity

Evapotranspiration and its partitioning during and following a mountain pine beetle infestation of a lodgepole pine stand in the interior of British Columbia, Canada

IntroductionMassive tree mortality events in western Canada due to widespread infestation by mountain pine beetle (MPB) are expected to impact local-to-regional evapotranspiration (ET) dynamics during and after a disturbance. How ecosystem-level ET and its components may vary with canopy-tree mortality (treefall) and subsequent understory recovery remains unclear.MethodsWe used 10 years of continuous eddy-covariance and remote-sensing data (2007–2016) and machine-learning models based on random forest and xgboost to determine forest- and climate-driven effects at temporal scales appropriate for a lodgepole pine-dominated stand following a major, five-year MPB disturbance initiated in the summer of 2006.ResultsTotal annual ET over the 10 years ranged from 207.2 to 384.6 mm, with annual plant transpiration (T) contributing to 57 ± 5.4% (mean ± standard deviation) of annual ET. Annual ET initially declined (2007–2011) and then increased (2011–2016), with ET and T/ET increasing at statistically non-significant rates of approximately 3.2 and 1.2% per year from 2007 to 2016. Air temperature (Ta) and vapor pressure deficit (VPD) were the most important predictors of seasonal variation in ET and T/ET during the 10-year period, with high Ta, VPD, and photosynthetically active radiation (PAR) causing ET and T/ET to increase. Annual ET increased with both increasing spring Ta and decreasing VPD. Annual T/ET was shown to increase with increasing VPD and decrease with increasing volumetric soil water content at a 5-cm depth (VWC5). Enhanced vegetation index (EVI, an indicator of canopy greenness) lagged T and overstory tree mortality, whereas previous- and current-year values of EVI were shown to be poor predictors of annual ET and T/ET.Discussion and conclusionsThese findings suggest that the promotion of climate factors on forest ecosystem-level water vapor fluxes may offset reductions promoted by MPB outbreaks. Climate processes affected water vapor fluxes more than biotic factors, like stand greenness, highlighting the need to include climate-regulatory mechanisms in predictive models of ET dynamics during and subsequent to stand disturbance. Climate and forest-greenness effects on water vapor fluxes need to be explored at even longer time scales, e.g., at decadal scales, to capture long-drawn-out trends associated with stand disturbance and its subsequent recovery

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

Ensuring water resource security in China; the need for advances in evidence based policy to support sustainable management.

China currently faces a water resource sustainability problem which is likely to worsen into the future. The Chinese government is attempting to address this problem through legislative action, but faces severe challenges in delivering its high ambitions. The key challenges revolve around the need to balance water availability with the need to feed a growing population under a changing climate and its ambitions for increased economic development. This is further complicated by the complex and multi-layered government departments, often with overlapping jurisdictions, which are not always aligned in their policy implementation and delivery mechanisms. There remain opportunities for China to make further progress and this paper reports on the outcomes of a science-to-policy roundtable meeting involving scientists and policy-makers in China. It identifies, in an holistic manner, new opportunities for additional considerations for policy implementation, continued and new research requirements to ensure evidence-based policies are designed and implemented and identifies the needs and opportunities to effectively monitor their effectiveness. Other countries around the world can benefit from assessing this case study in China

Pharmacological Characterization of [3H]CHIBA-3007 Binding to Glycine Transporter 1 in the Rat Brain

Glycine transporter-1 (GlyT-1) in glial cells regulates extracellular levels of glycine, which acts as an obligatory co-agonist at the N-methyl-D-aspartate (NMDA) receptors in the brain. In the present study, we developed a novel radioligand, [3H]3-chloro-N-((S)-((R)-1-methylpiperidin-2-yl)(thiophen- 3-yl)methyl)-4- (trifluoromethyl)picolinamide ([3H]CHIBA-3007), for studying GlyT-1 in the brain. The presence of a single saturable high-affinity binding component for [3H]CHIBA-3007 binding to the rat brain membranes was detected. Scatchard analysis revealed an apparent equilibrium dissociation constant (Kd) of 1.61±0.16 nM and a maximal number of binding sites (Bmax) of 692.8±22.8 fmol/mg protein (mean ± SEM, n = 3). The specific binding of [3H]CHIBA-3007 was inhibited by a number of GlyT-1 inhibitors, such as CHIBA-3007, desmethyl-CHIBA-3007, CHIBA-3008, SSR504734, NFPS/ALX5407, LY2365109 and Org24598, consistent with the pharmacological profiles of GlyT-1 inhibitors. Interestingly, the potency of eight GlyT-1 inhibitors (CHIBA-3007, desmethyl-CHIBA-3007, NFPS/ALX5407, LY2365109, Org24598, SSR504734, sarcosine, and glycine) for blocking in vitro specific binding of [3H]CHIBA-3007 was significantly correlated with the potency of these inhibitors for inhibiting [14C]glycine uptake in the rat brain membranes. In contrast, the GlyT-2 inhibitor ALX1393 exhibited very weak for [3H]CHIBA-3007 binding. Furthermore, the regional distribution of [3H]CHIBA-3007 binding in the rat brain was similar to the previously reported distribution of GlyT-1. The present findings suggest that [3H]CHIBA-3007 would be a useful new radioligand for studying GlyT-1 in the brain