Effects of prenatal exposure to endocrine disruptors and toxic metals on the fetal epigenome

Exposure to environmental contaminants during pregnancy has been linked to adverse outcomes at birth and later in life. The link between prenatal exposures and latent health outcomes suggests that these exposures may result in long-term epigenetic reprogramming. Toxic metals and endocrine disruptors are two major classes of contaminants that are ubiquitously present in the environment and represent threats to human health. In this review, we present evidence that prenatal exposures to these contaminants result in fetal epigenomic changes, including altered global DNA methylation, gene-specific CpG methylation and microRNA expression. Importantly, these changes may have functional cellular consequences, impacting health outcomes later in life. Therefore, these epigenetic changes represent a critical mechanism that warrants further study

Financial contagion and asset pricing

Asset market interconnectedness can give rise to significant contagion risks during periods of financial crises that extend beyond the risks associated with changes in volatilities and correlation. These channels include the transmission of shocks operating through changes in the higher order comoments of asset returns, including changes in coskewness arising from changes in the interaction between volatility and average returns across asset markets. These additional contagion channels have nontrivial implications for the pricing of options through changes in the payoff probability structure and more generally, in the management of financial risks. The effects of incorrectly pricing risk has proved to be significant during many financial crises, including the subprime crisis from mid 2007 to mid 2008, the Great Recession beginning 2008 and the European debt crisis from 2010. Using an exchange options model, the effects of changes in the comoments of asset returns across asset markets are investigated with special emphasis given to understanding the effects on hedging risk during financial crises. The results reveal that by not correctly pricing the risks arising from higher order moments during financial crises, there is significant mispricing of options, while hedged portfolios during noncrisis periods become exposed to price movements in times of crises.The authors gratefully acknowledge Australian Research Council Grant DP0985783

Empirical modelling of contagion: a review of methodologies

The existing literature promotes a number of alternative methods to test for the presence of contagion during financial market crises. This paper reviews those methods and shows how they are related in a unified framework. A number of extensions are also suggested which allow for multivariate testing, endogenous issues and structural breaks

Environmental contaminants and microRNA regulation: Transcription factors as regulators of toxicant-altered microRNA expression

MicroRNAs (miRNAs) regulate gene expression by binding mRNA transcripts and inhibiting translation and/or inducing degradation of the associated transcripts. Expression levels of miRNAs have been shown to be altered in response to environmental toxicants, thus impacting cellular function and influencing disease risk. Transcription factors (TFs) are known to be altered in response to environmental toxicants and play a critical role in the regulation of miRNA expression. To date, environmentally-responsive TFs that are important for regulating miRNAs remain understudied. In a state-of-the-art analysis, we utilized in silico bioinformatic analysis to characterize potential transcriptional regulators of environmentally-responsive miRNAs. Using the miRStart database, genomic sequences of promoter regions for all available human miRNAs (n=847) were identified and promoter regions were defined as −1000/+500 base pairs from the transcription start site. Subsequently, the promoter region sequences of environmentally-responsive miRNAs (n=128) were analyzed using enrichment analysis to determine overrepresented TF binding sites (TFBS). While most (56/73) TFs differed across environmental contaminants, a set of 17 TFs was enriched for promoter binding among miRNAs responsive to numerous environmental contaminants. Of these, one TF was common to miRNAs altered by the majority of environmental contaminants, namely SWI/SNF-related, matrix-associated, actin-dependent regulator of chromatin, subfamily A, member 3 (SMARCA3). These identified TFs represent candidate common transcriptional regulators of miRNAs perturbed by environmental toxicants

Clustering of Luminous Red Galaxies III: Detection of the Baryon Acoustic Peak in the 3-point Correlation Function

We present the 3-point function \xi_3 and Q_3=\xi_3/\xi_2^2 for a spectroscopic sample of luminous red galaxies (LRG) from SDSS DR6 & DR7. We find a strong (S/N$>$6) detection of $Q_3$ on scales of 55-125 Mpc/h, with a well defined peak around 105 Mpc/h in all \xi_2, \xi_3 and Q_3, in excellent agreement with the predicted shape and location of the imprint of the baryon acoustic oscillations (BAO). We use very large simulations to asses and test the significance of our measurement. Models without the BAO peak are ruled out by the $Q_3$ data with 99% confidence. Our measurements show the expected shape for Q_3 as a function of the triangular configuration. This provides a first direct measurement of the non-linear mode coupling coefficients of density and velocity fluctuations which, on these large scales, are independent of cosmic time, the amplitude of fluctuations or cosmological parameters. The location of the BAO peak in the data indicates \Omega_m =0.28 \pm 0.05 and \Omega_B=0.079 \pm 0.025 (h=0.70) after marginalization over spectral index (n_s=0.8-1.2) linear b_1 and quadratic c_2 bias,which are found to be in the range: b_1=1.7-2.2 and c_2=0.75-3.55. The data allows a hierarchical contribution from primordial non-Gaussianities in the range Q_3=0.55-3.35. These constraints are independent and complementary to the ones that can be obtained using the 2-point function, which are presented in a separate paper. This is the first detection of the shape of $Q_3$ on BAO scales, but our errors are shot-noise dominated and the SDSS volume is still relatively small, so there is ample room for future improvement in this type of measurements.Comment: New figure checking to different systematic effects and to DR7 dat

Shocks and systemic influences: contagion in global equity markets in 1998

The transmission of the financial crises in 1998 though international equity markets is estimated through a multi-factor model of financial markets specifically allowing for contagion effects. The application measures the strength of contagion emanating from the Russia crisis of 1998, and the LTCM near collapse, using a panel of 10 emerging and developed financial markets. Pre and post default periods for Russia are distinguished. The results show that contagion is significant and widespread from both crises, although the LTCM crises has more impact on developed than emerging markets. Consistent with the existing literature, regional effects are found to be strong during financial crises. Asian markets are found to be relatively immune from contagion, perhaps reflecting the effect of their own recent crisis

Joint Tests of Contagion with Applications to Financial Crises

Joint tests of contagion are derived which are designed to have power where contagion operates simultaneously through coskewness, cokurtosis and covolatility. Finite sample properties of the new tests are evaluated and compared with existing tests of contagion that focus on a single channel. Applying the tests to daily Eurozone equity returns from 2005 to 2014 shows that contagion operates through higher order moment channels during the GFC and the European debt crisis, which are not necessarily detected by traditional tests based on correlations.The authors gratefully acknowledge ARC Discovery Project DP160102350 and DP0985783 funding

Regionalization of Hydrologic Response in the Great Lakes Basin: Considerations of Temporal Scales of Analysis

Methods for predicting streamflow in areas with limited or nonexistent measures of hydrologic response commonly rely on regionalization techniques, where knowledge pertaining to gauged watersheds is transferred to ungauged watersheds. Hydrologic response indices have frequently been employed in contemporary regionalization research related to predictions in ungauged basins. In this study, we developed regionalization models using multiple linear regression and regression tree analysis to derive relationships between hydrologic response and watershed physical characteristics for 163 watersheds in the Great Lakes basin. These models provide an empirical means for simulating runoff in ungauged basins at a monthly time step without implementation of a rainfall-runoff model. For the dependent variable in these regression models, we used monthly runoff ratio as the indicator of hydrologic response and defined it at two temporal scales: (1) treating all monthly runoff ratios as individual observations and (2) using the mean of these monthly runoff ratios for each watershed as a representative observation. Application of the models to 62 validation watersheds throughout the Great Lakes basin indicated that model simulations were far more sensitive to the temporal characterization of hydrologic response than to the type of regression technique employed, and that models conditioned on individual monthly runoff ratios (rather than long term mean values) performed better. This finding is important in light of the increased usage of hydrologic response indices in recent regionalization studies. Models using individual observations for the dependent variable generally simulated monthly runoff with reasonable skill in the validation watersheds (median Nash-Sutcliffe efficiency = 0.53, median R2 = 0.66, median absolute value of deviation of runoff volume = 13%). These results suggest the viability of empirical 3 approaches to simulate runoff in ungauged basins. This finding is significant given the many regions of the world with sparse gaging networks and limited resources for gathering the field data required to calibrate rainfall-runoff models

Higher order moments of the density field in a parameterized sequence of non-gaussian theories

We calculate the higher order moments in a sequence of models where the initial density fluctuations are drawn from a chi^2_nu distribution with a power-law power spectrum. For large values of nu the distribution is approximately gaussian, and we reproduce the values known from perturbation theory. As \nu is lowered the distribution becomes progressively more non-gaussian, approximating models with rare, high-amplitude peaks. The limit nu=1 is a realization of recently proposed isocurvature models for producing early galaxy formation where the density perturbations are quadratic in a gaussian field.Comment: 7 pages, 7 figures, to appear in MNRA

Large-N expansions applied to gravitational clustering

We develop a path-integral formalism to study the formation of large-scale structures in the universe. Starting from the equations of motion of hydrodynamics (single-stream approximation) we derive the action which describes the statistical properties of the density and velocity fields for Gaussian initial conditions. Then, we present large-N expansions (associated with a generalization to N fields or with a semi-classical expansion) of the path-integral defined by this action. This provides a systematic expansion for two-point functions such as the response function and the usual two-point correlation. We present the results of two such expansions (and related variants) at one-loop order for a SCDM and a LCDM cosmology. We find that the response function exhibits fast oscillations in the non-linear regime with an amplitude which either follows the linear prediction (for the direct steepest-descent scheme) or decays (for the 2PI effective action scheme). On the other hand, the correlation function agrees with the standard one-loop result in the quasi-linear regime and remains well-behaved in the highly non-linear regime. This suggests that these large-N expansions could provide a good framework to study the dynamics of gravitational clustering in the non-linear regime. Moreover, the use of various expansion schemes allows one to estimate their range of validity without the need of N-body simulations and could provide a better accuracy in the weakly non-linear regime.Comment: 27 pages, published in A&