The Impact on the Pricing Process of Costly Active Management and Performance Chasing Clients

One of the necessary features of markets to produce efficient pricing is competition between information-based investors who quickly impound new information into price. However, a signifficant proportion of funds invested in today's equity markets are in the hands of managers who pursue a style that utilises little or none of the available information. We simulate such a market where the funds are being managed using the following three investment styles: fundamental, momentum and index. We confirm that the major pricing anomalies that have been highlighted previously in the literature are a natural consequence of competition between managers utilising these three investment styles. More importantly, we show that this situation is unlikely to change as long as markets continue to be dominated by costly active managers with clients who pursue outperformance

Influence of Heart Rate on Left and Right Ventricular Longitudinal Strain in Patients with Chronic Heart Failure

Over the past years, a number of studies have demonstrated the relevance of strain assessed by two-dimensional speckle tracking echocardiography (STE) in evaluating ventricular function. The aim of this study was to analyze changes in left (LV) and right ventricular (RV) longitudinal strain associated with variations of heart rate (HR) in participants with and without chronic heart failure (CHF). We enrolled 45 patients, 38 of these diagnosed with CHF and carrying an implantable cardioverter defibrillator, and seven patients with pacemakers and without CHF. The frequency of atrial stimulation was increased to 90 beats/min and an echocardiogram was performed at each increase of 10 beats/min. Global LV and RV longitudinal strain (LVGLS and RVGLS, respectively) and RV free wall longitudinal strain (RVfwLS) were calculated at each HR. When analyzed as continuous variables, significant reductions in LVGLS were detected at higher HRs, whereas improvements in both RVGLS and RVfwLS were observed. Patients with a worsening of LVGLS (76% overall) were more likely to present lower baseline LV function. Only a few patients (18% for RVGLS and 16% for RVfwLS) exhibited HR-related deteriorations of RV strain measures, which was associated with lower levels of baseline RV function and higher pulmonary systolic pressures. Finally, 21 (47%) and 25 (56%) participants responded with improvements in RVGLS and RVfwLS, respectively. Our findings revealed heterogeneous RV and LV responses to increases in HR. These findings might ultimately be used to optimize cardiac functionality in patients diagnosed with CHF

MUSE-ALMA Halos XI: Gas flows in the circumgalactic medium

The flow of gas into and out of galaxies leaves traces in the circumgalactic medium which can then be studied using absorption lines towards background quasars. We analyse 27 log(N_HI) > 18.0 HI absorbers at z = 0.2 to 1.4 from the MUSE-ALMA Halos survey with at least one galaxy counterpart within a line of sight velocity of +/-500 km s^{-1}. We perform 3D kinematic forward modelling of these associated galaxies to examine the flow of dense, neutral gas in the circumgalactic medium. From the VLT/MUSE, HST broadband imaging and VLT/UVES and Keck/HIRES high-resolution UV quasar spectroscopy observations, we compare the impact parameters, star-formation rates and stellar masses of the associated galaxies with the absorber properties. We find marginal evidence for a bimodal distribution in azimuthal angles for strong HI absorbers, similar to previous studies of the MgII and OVI absorption lines. There is no clear metallicity dependence on azimuthal angle and we suggest a larger sample of absorbers are required to fully test the relationship predicted by cosmological hydrodynamical simulations. A case-by-case study of the absorbers reveals that ten per cent of absorbers are consistent with gas accretion, up to 30 per cent trace outflows while the remainder trace gas in the galaxy disk, the intragroup medium and low-mass galaxies below the MUSE detection limit. Our results highlight that the baryon cycle directly affects the dense neutral gas required for star-formation and plays a critical role in galaxy evolution.Comment: 13 pages, 6 figures, 12 pages of appendix. Accepted for publication in MNRA

Notulae to the Italian native vascular flora: 3.

In this contribution new data concerning the distribution of native vascular flora in Italy are presented. It includes new records, exclusions, and confirmations to the Italian administrative regions for taxa in the genera Asplenium, Bolboschoenus, Botrychium, Chamaerops, Crocus, Galeopsis, Grafia, Helosciadium, Hieracium, Juniperus, Leucanthemum, Lolium, Medicago, Phalaris, Piptatherum, Potamogeton, Salicornia, Salvia, Seseli, Silene, Spiraea, Torilis and Vicia. Rhaponticoides calabrica is proposed as synonym novum of R. centaurium. Furthermore, new combinations in the genera Galatella and Lactuca are proposed

Untangling the chemical evolution of Titan's atmosphere and surface–from homogeneous to heterogeneous chemistry

The arrival of the Cassini-Huygens probe at Saturn's moon Titan - the only Solar System body besides Earth and Venus with a solid surface and a thick atmosphere with a pressure of 1.4 atm at surface level - in 2004 opened up a new chapter in the history of Solar System exploration. The mission revealed Titan as a world with striking Earth-like landscapes involving hydrocarbon lakes and seas as well as sand dunes and lava-like features interspersed with craters and icy mountains of hitherto unknown chemical composition. The discovery of a dynamic atmosphere and active weather system illustrates further the similarities between Titan and Earth. The aerosol-based haze layers, which give Titan its orange-brownish color, are not only Titan's most prominent optically visible features, but also play a crucial role in determining Titan's thermal structure and chemistry. These smog-like haze layers are thought to be very similar to those that were present in Earth's atmosphere before life developed more than 3.8 billion years ago, absorbing the destructive ultraviolet radiation from the Sun, thus acting as 'prebiotic ozone' to preserve astrobiologically important molecules on Titan. Compared to Earth, Titan's low surface temperature of 94 K and the absence of liquid water preclude the evolution of biological chemistry as we know it. Exactly because of these low temperatures, Titan provides us with a unique prebiotic 'atmospheric laboratory' yielding vital clues - at the frozen stage - on the likely chemical composition of the atmosphere of the primitive Earth. However, the underlying chemical processes, which initiate the haze formation from simple molecules, have been not understood well to date

First overview on the 4th Annex I Habitats Report in Italy: methods, criticality, results and future prospects

Like all the other EU/28 countries, in 2019 Italy developed the 4th Italian Report ex-Art. 17 on the conservation status of the Habitats of Annex I to the 92/43/EEC Directive. Institutional referent of the process, on behalf of the Ministry for Environment, Land and Sea Protection (MATTM), was the Italian Institute for Environmental Protection and Research (ISPRA) with the scientific support of the Italian Botanical Society (SBI). A huge working group composed of thematic and territorial experts was formed with the task to collect, analyse, validate the data resulting from Annex I Habitat monitoring in Italy for the period 2013-2018, whose collection is in charge to the regional administrations. Data on 124 types of terrestrial and inland water Habitats present in Italy have been processed in order to assess their overall conservation status in the Biogeographic Regions of occurrence. The carried out activity led to the compilation of 278 assessment sheets. The work included a critical analysis of the data and a broad scientific confrontation aimed at finding methodologically robust solutions to fill the gaps. The work was structured so as to guarantee the traceability of the information and to allow the collection of "gray" literature and scientific articles, phytosociological surveys and unpublished material of the specialists, composing a substantial pool of data useful for starting a long-term process to support the next reporting cycles. Cartographic outcomes, associated databases and additional data used for the assessments will be available online on the ISPRA Portal as soon as the validation process by the European Commission will be completed. A freely accessible online archive of phytosociological surveys representative of the various Annex I Habitats in Italy is being set up within the national "VegItaly" database, managed by the Italian Society of Vegetation Science, by way of a dedicated archive named "HAB_IT". Such a long-term vision, oriented to the storage and enhancement of knowledge, represents an important innovative aspect and a significant progress towards the construction of an effective monitoring system for the conservation of Annex I Habitats in Italy

Il supporto della SISV alla realizzazione di un manuale nazionale per il monitoraggio degli habitat della Direttiva 92/43/EEC in Italia.

A partire dall'entrata in vigore della Direttiva 92/43/EEC, la sorveglianza dello stato di conservazione degli habitat elencati nell'Allegato I ed il relativo monitoraggio periodico a intervalli di sei anni sono diventati un obbligo per tutti i paesi membri dell'UE, in base a quanto previsto negli Articoli 11 e 17. Nel 2011 è stato pubblicato un documento che fornisce le linee guida di riferimento europee per il monitoraggio di habitat e specie (Evans & Arvela 2011). Su questa base metodologica, la Società Italiana di Scienza della Vegetazione (SISV), avvalendosi di un ampio gruppo di soci esperti, ha avviato un dibattito interno su principi, criteri, parametri e strumenti per il monitoraggio degli habitat di Allegato I e dei tipi di vegetazione in essi rappresentati. Il progetto è stato promosso dal Ministero dell'Ambiente e della Tutela del Territorio e del Mare e coordinato dall'Istituto Superiore per la Protezione e la Ricerca Ambientale, e si trova al momento in una fase prossima alla conclusione. A partire dalla documentazione già prodotta a livello nazionale per gli habitat italiani (Biondi et al., 2009, 2012, 2014; Genovesi et al., 2014), diversi aspetti critici sono stati esaminati attraverso una discussione scientifica ampiamente condivisa. In particolare, sono stati affrontati: gli aspetti legati alla scelta di strumenti adeguati per valutare i parametri area, struttura e funzione, prospettive future; il concetto di "specie tipica"; i metodi di campionamento habitat-specifici appropriati. Il protocollo sviluppato si pone come uno strumento pratico ed efficace, scientificamente valido e in linea con gli standard metodologici internazionali. Il suo utilizzo permetterà una raccolta armonizzata di dati su scala nazionale, rendendo possibile una valutazione comparata dello stato di conservazione di ciascun habitat