The role of a green factor in stock prices. When Fama & French go green

La preocupación por el cambio climático se ha generalizado y los riesgos que conlleva para los activos financieros se han hecho más evidentes. Los inversores son cada vez más conscientes de la necesidad de incorporar consideraciones relacionados con el clima a sus decisiones de inversión. Todo ello ha tenido un impacto en las valoraciones del mercado. En este artículo, ampliamos el marco de los modelos factoriales que explican la rentabilidad esperada de los modelos de acciones para añadir un factor de exposición al cambio climático. Para ello, construimos una cartera que está larga en empresas con bajas emisiones de carbono, y corta en empresas con altas emisiones de carbono. Demostramos que este factor es relevante en el mercado, y que permite una aproximación a la exposición al cambio climático de las empresas con reducida divulgación de su evolución asociada al cambio climático. Así, las betas de este factor podrían ser una herramienta útil para los inversores que quieran incorporar estos aspectos a la gestión de sus carteras, y también para los analistas interesados en la exposición corporativa a los riesgos del cambio climático.Concerns about climate change are now widespread, and the risks for financial assets have become more evident. Investors are increasingly aware of the need to incorporate climate-related considerations in their investment decisions. All this has had an impact on market valuations. In this paper, we extend the framework of the factor models that explain the expected return of stock models to include a climate change exposure factor. To do so, we built a portfolio that is long on companies with low carbon emissions, and short on companies with high carbon emissions. We show that this factor is relevant in the market and allows for an approximation of the climate change exposure of firms with poor disclosure of their green performance. Thus, the betas of this factor could be a useful tool for investors that wish to incorporate these aspects in the management of their portfolios and analysts interested in corporate exposure to climate change risks

The effect of anaerobic digestate derived composts on the metabolite composition and thermal behaviour of rosemary

Abstract The study reports on the effect of anaerobic digestate derived composts on the metabolite composition and thermal behaviour of rosemary (Rosmarinus officinalis L.). Plants were cultivated in semiarid soil under four different fertiliser treatments (composts of anaerobic digested cattle (C) or pig slurry (P) at 30t/ha and 60 t/ha, and two control treatments (inorganic fertiliser and no fertiliser application). Samples of leaves and stems were analysed to investigate the effect of treatment on chemical composition and thermochemical properties. Three orthogonal analytical approaches were used, namely: Fourier transform mid infrared spectroscopy (FTIR), gas chromatography/mass spectrometry (GC/MS) and thermochemical gravimetric analysis (TGA). FTIR and GC/MS showed fertiliser treatment resulted in tissue specific changes in sample metabolite composition. Fertiliser treatment was detected to change the thermogravimetric properties of the leaf samples and from inorganic and composted pig slurry digestate treatments had greater ash content and lower proportions of fixed carbon compared with samples from the unfertilised control treatment. This study provides information on how the composition of rosemary might be altered by fertiliser application in regions of poor soil, and has implications for biomass quality when rosemary is grown on semi-wild sites for the purpose of soil improvement

Volatile Organic Compounds Emitted by C3 or CAM-Induced Mesembryanthemum crystallinum Plants

Crassulacean acid metabolism (CAM) is an adaptation of certain plants to arid and water-stressed environments. The expression of the CAM cycle may be strongly modulated by developmental and environmental factors. Mesembryanthemum crystallinum is a well-known facultative halophyte that can shift its photosynthetic carbon fixation pathway from C3 to CAM under salinity and other abiotic stress factors. However, until now, there has been no study about the volatile organic compounds (VOCs) that are emitted by M. crystallinum in its various life cycles, C3 and CAM. Plants emit a part of the photosynthetically assimilated carbon into the atmosphere in the form of VOCs. Under normal conditions, isoprenoids (isoprene and monoterpenes) are the most abundant VOCs though methanol and acetaldehyde, and C-6 compounds are also emitted in great quantities. Under stress conditions, the emission of these compounds is generally altered. The study of how emissions change depending on stress conditions has become a useful "in vivo" indicator of plant vitality and of the plant response to abiotic stresses. Within this work, we aimed to analyze the VOCs emitted from C3 or CAM-induced M. crystallinum in order to evaluate the possible role that VOCs may have in the C3/CAM transition and consequently in the adaptation of this plant to salinity. Results showed that M. crystallinum emits different kinds of VOCs: aldehydes, hydrocarbons, ketones, alcohols, and terpenoids. VOC emissions were generally higher in plants representing C3, with only few exceptions as butanone, octanal, and ethyl-hexanol that were similar in the III phase of CAM and C3 plants. Regarding the emission of terpenoids, we could observe that whereas plants in the C3 mode of photosynthesis emitted three types of monoterpenes: a-pinene, carene, and limonene, plants in the CAM state did not emit any terpenoid compound

Biochemical data from the characterization of a new pathogenic mutation of human pyridoxine-5'-phosphate oxidase (PNPO)

PNPO deficiency is responsible of severe neonatal encephalopathy, responsive to pyridoxal-5’-phosphate (PLP) or pyridoxine. Recent studies widened the phenotype of this condition and detected new genetic variants on PNPO gene, whose pathogenetic role and clinical expression remain to be established. One of these mutations, Arg116Gln, is of particular interest because of its later onset of symptoms (beyond the first months of life) and its peculiar epileptic manifestations in patients. This protein variant was expressed as recombinant protein in E coli, purified to homogeneity, and characterized with respect to structural and kinetic properties, stability, binding constants of cofactor flavin mononucleotide (FMN) and product (PLP) in order to define the molecular and structural bases of its pathogenicity. For interpretation and discussion of reported data, together with the description of clinical studies, refer to the article [7][1] (doi: 10.1016/j.ymgme.2017.08.003)

Modulation of the liver protein carbonylome by the combined effect of marine Omega-3 PUFAs and grape polyphenols supplementation in rats fed an obesogenic high fat and high sucrose diet

Diet-induced obesity has been linked to metabolic disorders such as cardiovascular diseases and type 2 diabetes. A factor linking diet to metabolic disorders is oxidative stress, which can damage biomolecules, especially proteins. The present study was designed to investigate the effect of marine omega-3 polyunsaturated fatty acids (PUFAs) (eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA)) and their combination with grape seed polyphenols (GSE) on carbonyl-modified proteins from plasma and liver in Wistar Kyoto rats fed an obesogenic diet, namely high-fat and high-sucrose (HFHS) diet. A proteomics approach consisting of fluorescein 5-thiosemicarbazide (FTSC) labelling of protein carbonyls, visualization of FTSC-labelled protein on 1-DE or 2-DE gels, and protein identification by MS/MS was used for the protein oxidation assessment. Results showed the effciency of the combination of both bioactive compounds in decreasing the total protein carbonylation induced by HFHS diet in both plasma and liver. The analysis of carbonylated protein targets, also referred to as the 'carbonylome', revealed an individual response of liver proteins to supplements and a modulatory effect on specific metabolic pathways and processes due to, at least in part, the control exerted by the supplements on the liver protein carbonylome. This investigation highlights the additive effect of dietary fish oils and grape seed polyphenols in modulating in vivo oxidative damage of proteins induced by the consumption of HFHS diets

Lipidomics to analyze the influence of diets with different EPA:DHA ratios in the progression of Metabolic Syndrome using SHROB rats as a model

8 páginas, 4 tablasThe role of specific proportions of ω-3 EPA and DHA, in the modulation of inflammation and oxidative stress markers associated to the progression of Metabolic Syndrome was investigated. Potential inflammatory eicosanoids and docosanoids were discussed together to biomarkers of CVD, obesity, inflammation and oxidative stress in an animal model of metabolic disorders. Results evidenced a noteworthy health effect of 1:1 and 2:1 EPA:DHA proportions over 1:2 EPA:DHA based diets through a down-regulation in the production of strong pro-inflammatory ω-6 eicosanoids, a decrement of biomarkers of oxidative stress, and a modulation of fatty acid desaturase activities and plasma and membrane PUFAs towards greater anti-inflammatory profiles. Outcomes contribute to the general knowledge on the health benefits of marine lipids and their role on the progress of MetS, inflammation and oxidative stress. Results shed light on controversial protective mechanisms of EPA and DHA to better design dietary interventions aimed at reducing MetSThis work was supported by the Spanish Ministerio de Economía y Competitividad (AGL2009-12374-C3-1, -2, and -3, and AGL2013-49079-C2-1,2-R). The Consejo Superior de Investigaciones Científicas (CSIC) and the University of Santiago de Compostela (USC) are gratefully acknowledged for the doctoral fellowship to Gabriel Dasilva. Xunta de Galicia and European Social Fund are also thankfully recognized for the financial support of the postdoctoral contracts to M. P and E.G.-E., and ISCIII for the postdoctoral contract “Sara Borrell” to J.P.-J. (CD09/00068)Peer reviewe

Effects of Fish Oil and Grape Seed Extract Combination on Hepatic Endogenous Antioxidants and Bioactive Lipids in Diet-Induced Early Stages of Insulin Resistance in Rats

© 2020 by the authors.Diacylglycerols (DAG) and ceramides have been suggested as early predictors of insulin resistance. This study was aimed to examine the combined effects of fish oil (FO) and grape seed extract (GSE) on hepatic endogenous antioxidants, DAG and ceramides in diet-induced early stages of insulin resistance. Thirty-five rats were fed one of the following diets: (1) a standard diet (STD group), (2) a high-fat high-sucrose diet (HFHS group), (3) an HFHS diet enriched with FO (FO group), (4) an HFHS diet enriched with GSE (GSE group) or (5) an HFHS diet enriched with FO and GSE (FO + GSE group). In the liver, endogenous antioxidants were measured using spectrophotometric and fluorometric techniques, and non-targeted lipidomics was conducted for the assessment of DAG and ceramides. After 24 weeks, the FO + GSE group showed increased glutathione peroxidase activity, as well as monounsaturated fatty acid and polyunsaturated fatty acid-containing DAG, and long-chain fatty acid-containing ceramides abundances compared to the STD group. The FO and GSE combination induced similar activation of the antioxidant system and bioactive lipid accumulation in the liver than the HFHS diet without supplementation. In addition, the FO and GSE combination increased the abundances of polyunsaturated fatty acid-containing DAG in the liver.This work was supported by the Spanish Ministry of Economy and Competitiveness [grant numbers AGL2009-12374-C03-02, AGL2013-49079-C2-1-R and AGL2013-49079-C2-2-R].Peer reviewe

Targeting hepatic protein carbonylation and oxidative stress occurring on diet-induced metabolic diseases through the supplementation with fish oils

The present study addressed the ability of long-chain ω-3 polyunsaturated fatty acids (ω-3 PUFA), i.e., eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA), to ameliorate liver protein damage derived from oxidative stress and induced by consumption of high-caloric diets, typical of Westernized countries. The experimental design included an animal model of Sprague-Dawley rats fed high-fat high-sucrose (HFHS) diet supplemented with ω-3 EPA and DHA for a complete hepatic proteome analysis to map carbonylated proteins involved in specific metabolic pathways. Results showed that the intake of marine ω-3 PUFA through diet significantly decreased liver protein carbonylation caused by long-term HFHS consumption and increased antioxidant system. Fish oil modulated the carbonylation level of more than twenty liver proteins involved in critical metabolic pathways, including lipid metabolism (e.g., albumin), carbohydrate metabolism (e.g., pyruvate carboxylase), detoxification process (e.g., aldehyde dehydrogenase 2), urea cycle (e.g., carbamoyl-phosphate synthase), cytoskeleton dynamics (e.g., actin), or response to oxidative stress (e.g., catalase) among others, which might be under the control of diet marine ω-3 PUFA. In parallel, fish oil significantly changed the liver fatty acid profile given by the HFHS diet, resulting in a more anti-inflammatory phenotype. In conclusion, the present study highlights the significance of marine ω-3 PUFA intake for the health of rats fed a Westernized diet by describing several key metabolic pathways which are protected in liver

Effects of fish oil and grape seed extract combination on hepatic endogenous antioxidants and bioactive lipids in diet-induced early stages of insulin resistance in rats

Diacylglycerols (DAG) and ceramides have been suggested as early predictors of insulinresistance. This study was aimed to examine the combined effects of fish oil (FO) and grape seedextract (GSE) on hepatic endogenous antioxidants, DAG and ceramides in diet-induced early stagesof insulin resistance. Thirty-five rats were fed one of the following diets: (1) a standard diet (STDgroup), (2) a high-fat high-sucrose diet (HFHS group), (3) an HFHS diet enriched with FO (FO group),(4) an HFHS diet enriched with GSE (GSE group) or (5) an HFHS diet enriched with FO and GSE(FO+GSE group). In the liver, endogenous antioxidants were measured using spectrophotometricand fluorometric techniques, and non-targeted lipidomics was conducted for the assessment of DAGand ceramides. After 24 weeks, the FO+GSE group showed increased glutathione peroxidaseactivity, as well as monounsaturated fatty acid and polyunsaturated fatty acid-containing DAG, andlong-chain fatty acid-containing ceramides abundances compared to the STD group. The FO and GSEcombination induced similar activation of the antioxidant system and bioactive lipid accumulation inthe liver than the HFHS diet without supplementation. In addition, the FO and GSE combinationincreased the abundances of polyunsaturated fatty acid-containing DAG in the liver

Familial Mediterranean fever in the pediatric population

Familial Mediterranean fever; Amyloid A; ColchicineFebre mediterrània familiar; Amiloide A; ColchicinaFiebre mediterránea familiar; Amiloide A; ColchicinaFamilial Mediterranean fever (FMF) is the most frequent autoinflammatory disorder characterized by short, repeated, and self-limiting crises of fever and serositis. The disease was described as autosomal recessive hereditary transmission secondary to variants of the MEFV (MEditerranean FeVer) gene, even though a variable proportion of patients only present a heterozygous variant. FMF is very common in certain ethnic groups (Turkish, Armenian, Arab, and Jewish), even though it has been described throughout the Mediterranean and elsewhere in the world. The clinical manifestations are variable, with secondary amyloidosis being the most serious complication of the disorder. Treatment and prophylaxis are mainly based on the administration of colchicine, which prevents the crises and avoids complications in most cases. This study reviews the course of seven pediatric patients diagnosed with FMF during the period 2010-2018 at a district hospital. Most of the patients were of Caucasian origin, with onset at an early age in the form of fever as the main symptom, and some patients moreover presented less frequent manifestations (pericardial effusion, sensorineural hearing loss). Two cases presented plasmatic amyloid A protein elevation that subsided with the treatment. All the patients initially received colchicine, and one of them required prescription of anakinra, which was replaced by canakinumab due to a serious adverse reaction. There were no cases of consanguinity, and all the patients were of Mediterranean origin. The subjects showed a favorable course over the years, which was attributed to the early diagnosis and treatment provided