Equity markets, transaction costs, and capital accumulation

There is a close, if imperfect, relationship between the effectiveness of an economy's capital markets and its level (or rate of growth) of real development. This may be because financial markets provide liquidity, promote the sharing of information, or permit agents to specialize. There is literature about how these functions help increase real activity, but surprisingly little literature predicting how the volume of activity in financial markets relates to the level or efficiency of an economy's productive activity. The authors address this question: how does the efficiency of an economy's equity market -- as measured by transaction costs -- affect its efficiency in producing physical capital and, through this channel, final goods and services? The answer: As the efficiency of an economy's capital markets increases (that is, as the transaction costs fall), the general effect is to cause agents to make longer-term -- hence, more transction-intensive -- investments. The result is a higher rate of return on savings and a change in its composition. These general equilibrium effects on the composition of savings cause agents to hold more of their wealth in the form of existing equity claims and to invest less in the initiation of new capital investments. As a result, a reduction in transaction costs can cause the capital stock either to rise or fall (under scenarios described in the paper). Further, a reduction in transaction costs will typically alter the composition of saving and investment, and any analysis of the consequences of such changes must take those effects into account.International Terrorism&Counterterrorism,Economic Theory&Research,Environmental Economics&Policies,Payment Systems&Infrastructure,Banks&Banking Reform,Economic Theory&Research,Environmental Economics&Policies,Banks&Banking Reform,International Terrorism&Counterterrorism,Trade and Regional Integration

Effects of PAHs and dioxins on the earthworm Eisenia andrei: a multivariate approach for biomarker interpretation.

In this study, a battery of biomarkers was utilised to evaluate the stress syndrome induced in the earthworm Eisenia andrei by exposure to environmentally realistic concentrations of benzo[a]pyrene (B[a]P) and 2,3,7,8-tetrachlorodibenzo-para-dioxin (TCDD) in OECD soil. The set of tests was then employed to assess the toxicity of field soils contaminated with organic xenobiotic compounds (such as PAHs, dioxins and PCBs). Biomarker responses (comprising biomarkers of stress and of genotoxicity) varied depending on chemicals, dose and time of exposure; and among the different polluted field soils. The results highlighted an impairment of immune and metabolic functions and genotoxic damage in worms exposed also to lower bioavailable concentrations of toxic chemicals. Multivariate analysis of biomarker data showed that all different contaminated soils had a detrimental effect on the earthworms; control animals being clearly separated from the treated ones. A separation between temporal and concentration factors were also evident for B[a]P and TCDD treatments; and field contaminated soils were further differentiated reflecting a diverse contamination. Multivariate analysis also demonstrated that lysosomal membrane stability can be considered as a predictive tool of the adverse effects on worm health status provoked by increasing bioavailable concentrations of toxic chemicals

Assessing the effective connectivity of premotor areas during real vs imagined grasping: a DCM-PEB approach

The parieto-frontal circuit underlying grasping, which requires the serial involvement of the anterior intraparietal area (aIPs) and the ventral premotor cortex (PMv), has been recently extended enlightening the role of the dorsal premotor cortex (PMd). The supplementary motor area (SMA) has been also suggested to encode grip force for grasping actions; furthermore, both PMd and SMA are known to play a crucial role in motor imagery. Here, we aimed at assessing the dynamic couplings between left aIPs, PMv, PMd, SMA and primary motor cortex (M1) by comparing executed and imagined right-hand grasping, using Dynamic Causal Modelling (DCM) and Parametrical Empirical Bayes (PEB) analyses. 24 subjects underwent an fMRI exam (3T) during which they were asked to perform or imagine a grasping movement visually cued by photographs of commonly used objects. We tested whether the two conditions a) exert a modulatory effect on both forward and feedback couplings among our areas of interest, and b) differ in terms of strength and sign of these parameters. Results of the real condition confirmed the serial involvement of aIPs, PMv and M1. PMv also exerted a positive influence on PMd and SMA, but received an inhibitory feedback only from PMd. Our results suggest that a general motor program for grasping is planned by the aIPs-PMv circuit; then, PMd and SMA encode high-level features of the movement. During imagery, the connection strength from aIPs to PMv was weaker and the information flow stopped in PMv; thus, a less complex motor program was planned. Moreover, results suggest that SMA and PMd cooperate to prevent motor execution. In conclusion, the comparison between execution and imagery reveals that during grasping premotor areas dynamically interplay in different ways, depending on task demands

Mycorrhization level in truffle plants and presence of concurrent fungi

In Italy, to improve good practices for truffle cultivation, some regional governments require specific certification of mycorrhization level and plant quality for marketing, out-planting and establishment of truffle orchards. The Department of Applied Biology at the University of Perugia has dealt with certification of truffle plants since the 1980's. Here we show the mycorrhization analysis of different host species previously inoculated with truffle spores by an Italian commercial nursery

Neural representations underlying mental imagery as unveiled by representation similarity analysis

It is commonly acknowledged that visual imagery and perception rely on the same content-dependent brain areas in the high-level visual cortex (HVC). However, the way in which our brain processes and organizes previous acquired knowledge to allow the generation of mental images is still a matter of debate. Here, we performed a representation similarity analysis of three previous fMRI experiments conducted in our laboratory to characterize the neural representation underlying imagery and perception of objects, buildings and faces and to disclose possible dissimilarities in the neural structure of such representations. To this aim, we built representational dissimilarity matrices (RDMs) by computing multivariate distances between the activity patterns associated with each pair of stimuli in the content-dependent areas of the HVC and HC. We found that spatial information is widely coded in the HVC during perception (i.e. RSC, PPA and OPA) and imagery (OPA and PPA). Also, visual information seems to be coded in both preferred and non-preferred regions of the HVC, supporting a distributed view of encoding. Overall, the present results shed light upon the spatial coding of imagined and perceived exemplars in the HVC

Quality assessment of truffle-inoculated seedlings in Italy: proposing revised parameters for certification

Aim of study: the main aims of this study were to evaluate the quality of truffle-inoculated seedlings produced by commercial nurseries in Italy and to identify their minimum requisites in terms of plant age, health, homogeneity, and cut-off percentage of inoculated Tuber and non-Tuber ectomycorrhizae, based on the analysis of an extensive sample of seedlings subjected to quality control and certification.Area of study: truffle-inoculated seedlings produced by Italian commercial nurseries.Material and Methods: analysis of truffle-inoculated seedlings for health and quality standards; recording of presence of inoculated Tuber spp. and other concurrent fungi according to the official Italian method for certification; selective amplification of ectomycorrhizal DNA by PCR species-specific primers.Main results: We showed that mycorrhization levels in truffle-inoculated seedlings increased with time after truffle-spore inoculation. The highest mean percentage of the inoculated Tuber spp., but also the highest presence of contaminants, were recorded after three years. The mycorrhization level of Tuber melanosporum and T. aestivum was higher in Corylus and Ostrya seedlings than in Q. ilex and Q. pubescens, but the latter two host species showed the lowest presence of other ectomycorrhizal fungi. Mycorrhization level distribution in truffle-inoculated seedlings of suitable batches differed very little from the distribution in only all suitable seedlings. Truffle seedlings with other Tuber spp. were very few and even absent after three years. The general quality of Italian truffle-inoculated seedlings is high but can be improved even further by revising the parameters used for their certification.Research highlights: Mycorrhization assessment in truffle-inoculated seedlings produced by commercial nurseries and a revision of the parameters of quality standards following several years of certification in Italy.Keywords: Truffle cultivation; truffle seedlings; mycorrhization level; Tuber; commercial nursery; certification methods

Quality assessment of truffle-inoculated seedlings in Italy: proposing revised parameters for certification

Aim of study: the main aims of this study were to evaluate the quality of truffle-inoculated seedlings produced by commercial nurseries in Italy and to identify their minimum requisites in terms of plant age, health, homogeneity, and cut-off percentage of inoculated Tuber and non-Tuber ectomycorrhizae, based on the analysis of an extensive sample of seedlings subjected to quality control and certification.Area of study: truffle-inoculated seedlings produced by Italian commercial nurseries.Material and Methods: analysis of truffle-inoculated seedlings for health and quality standards; recording of presence of inoculated Tuber spp. and other concurrent fungi according to the official Italian method for certification; selective amplification of ectomycorrhizal DNA by PCR species-specific primers.Main results: We showed that mycorrhization levels in truffle-inoculated seedlings increased with time after truffle-spore inoculation. The highest mean percentage of the inoculated Tuber spp., but also the highest presence of contaminants, were recorded after three years. The mycorrhization level of Tuber melanosporum and T. aestivum was higher in Corylus and Ostrya seedlings than in Q. ilex and Q. pubescens, but the latter two host species showed the lowest presence of other ectomycorrhizal fungi. Mycorrhization level distribution in truffle-inoculated seedlings of suitable batches differed very little from the distribution in only all suitable seedlings. Truffle seedlings with other Tuber spp. were very few and even absent after three years. The general quality of Italian truffle-inoculated seedlings is high but can be improved even further by revising the parameters used for their certification.Research highlights: Mycorrhization assessment in truffle-inoculated seedlings produced by commercial nurseries and a revision of the parameters of quality standards following several years of certification in Italy.Keywords: Truffle cultivation; truffle seedlings; mycorrhization level; Tuber; commercial nursery; certification methods

Tailored treatment for signet ring cell gastric cancer

Gastric cancer with Laur\ue8n diffuse types is increasing in the West. The raising trend is more evident when considering signet ring cells (SRC) histology. However, to control the biologic potential of this GC subtype, some hypotheses of tailored therapeutic strategies for SRC cancers have been made. A review of the literature was performed using the key words "signet ring cells" AND "gastric cancer". Results of literature review were descriptively reported. Endoscopic submucosal dissection (ESD), according to the Japanese extended criteria, could be a therapeutic option for early SRC tumours. However, according to the evidences from more recent studies, indications for ESD to these tumours types should be carefully considered. Concerning the optimal surgical treatment, considering the high lymphotropism and infiltrating behaviour of SRC histotype, the extension of gastric resection should be wider than for intestinal type cancer and laparoscopic surgery should be performed carefully. Moreover, D3 lymphadenectomy could provide a benefit in diffuse-type and SRC histology. The role of surgery in gastric cancer with peritoneal carcinomatosis is still debated and studies on this topic should stratify the good results according to GC histotype. Finally, despite the evidences of chemoresistance in SRC, ongoing randomized trials suggest that multimodal therapy could be the best treatment. Based on the assumption that SRC tumours have specific features, they deserve a specific multimodal treatment. However, a preliminary step to generate strong evidences in this field is the standardization of terminology used to define signet ring cells carcinoma

High-frequency subsurface and bulk dynamics of liquid indium

We have performed bulk and surface-sensitive inelastic x-ray scattering experiments on liquid indium with 3 meV energy resolution. The experimental data are well reproduced within a generalized hydrodynamic model including structural and microscopic relaxation processes. We find a longitudinal viscosity of 22 mPa s in the near-surface region compared to 7.4 mPa s in the bulk. The origin of the increase is associated with a slowing down of the collective dynamics in a subsurface region of 4.6 nm. © 2007 The American Physical Society

Mycorrhizal inoculation of pecan seedlings with some marketable truffles

Pecan is the common name of Carya illinoinensis (Wangenh.) K. Koch, an ectomycorrhizal tree native to North America, also frequently known as hickory. Mycorrhizal inoculations of pecan seedlings with: Tuber aestivum Vittad., T. borchii Vittad., T. indicum Cooke & Massee, and T. lyonii Butters are described and discussed