Testing and comparing conditional CAPM with a new approach in the cross-sectional framework

This study examines the conditional relationship between beta and return for stocks traded on S&P 500 for the period from July 2001 to June 2011. The portfolios formed based on the Book value per share and betas using monthly data. A novel approach for capturing time variation in betas whose pattern is treated as a function of market returns is developed and presented. The estimated coefficients of a nonlinear regression constitute the basis of creating a two factor model. Our results indicate that the proposed specification outperforms alternative models in explaining the cross-section of returns

Cold gas and star formation in a merging galaxy sequence

We explore the evolution of the cold gas and star-formation activity during galaxy interactions, using a merging galaxy sequence comprising both pre- and post-mergers. Data for this study come from the literature but supplemented by new radio observations presented here. Firstly, we confirm that the star-formation efficiency (SFE) increases close to nuclear coalescence. At post-merger stages there is evidence that the SFE declines to values typical of ellipticals. This trend can be attributed to M(H_2) depletion due to interaction induced star-formation. However, there is significant scatter, likely to arise from differences in the interaction details of individual systems. Secondly, we find that the central molecular hydrogen surface density, increases close to the final stages of the merging of the two nuclei. Such a trend is also predicted by numerical simulations. Furthermore, there is evidence for a decreasing fraction of cold gas mass from early interacting systems to merger remnants, attributed to gas conversion into other forms. The evolution of the total-radio to blue-band luminosity ratio, reflecting the disk+nucleus star-formation activity, is also investigated. Although this ratio is on average higher than that of isolated spirals, we find a marginal increase along the merging sequence, attributed to the relative insensitivity of disk star-formation to interactions. However, a similar result is also obtained for the nuclear radio emission, although galaxy interactions are believed to significantly affect the activity in the central galaxy regions. Finally, we find that the FIR--radio flux ratio distribution of interacting galaxies is consistent with star-formation being the main energising source.Comment: 18 pages, 17 figures, accepted for publication in MNRA

Keck Imaging of the Globular Cluster Systems in the Early--type Galaxies NGC 1052 and NGC 7332

The presence of two globular cluster subpopulations in early-type galaxies is now the norm rather than the exception. Here we present two more examples for which the host galaxy appears to have undergone a recent merger. Using multi-colour Keck imaging of NGC 1052 and NGC 7332 we find evidence for a bimodal globular cluster colour distribution in both galaxies, with roughly equal numbers of blue and red globular clusters. The blue ones have similar colours to those in the Milky Way halo and are thus probably very old and metal-poor. If the red GC subpopulations are at least solar metallicity, then stellar population models indicate young ages. We discuss the origin of globular clusters within the framework of formation models. We conclude that recent merger events in these two galaxies have had little effect on their overall GC systems. We also derive globular cluster density profiles, global specific frequencies and in the case of NGC 1052, radial colour gradients and azimuthal distribution. In general these globular cluster properties are normal for early-type galaxies.Comment: 11 pages, Latex, 15 figures, 2 tables, accepted by MNRA

Cross-sectional conditional risk return analysis in the sorted beta framework: A novel Two Factor Model

This study examines the conditional relationship between beta and return for stocks traded on S&P 500 for the period from July 2001 to June 2011. The portfolios formed based on the Book value per share and betas using monthly data. A novel approach for capturing time variation in betas whose pattern is treated as a function of market returns is developed and presented. The estimated coefficients of a nonlinear regression constitute the basis of creating a two factor model. Our results indicate that the proposed specification surpasses alternative models in explaining the cross-section of returns

Oxidative stress stimulates alpha-tocopherol transfer protein in human trophoblast tumor cells BeWo

alpha-Tocopherol transfer protein (alpha-TTP) has been identified as the major intracellular transport protein for the antioxidant vitamin E (alpha-Tocopherol). Expression of alpha-TTP on the reproductive system has been described both in mouse uterus and lately in the human placenta. The aim of this study was to clarify if placental expression of alpha-TTP can be modified by substances causing oxidative reactions. The human choriocarcinoma cell line BeWo was, therefore, treated with two known pro-oxidants. alpha-TTP expression was determined with immunocytochemistry and evaluated by applying a semiquantitative score. The presence of pro-oxidants in BeWo cells induced alpha-TTP expression. We thus hypothesize that stimulation of alpha-TTP expression by oxidative stress, as this was induced by pro-oxidants, could be part of an antioxidant process occurring in the placenta in the aim of enhancing the supply of alpha-Tocopherol. This process could occur both in normal pregnancies, as well as in pregnancy disorders presented with intensified oxidative stress. In that view, this model is proposed for further oxidative stress studies on trophoblast and placenta, on the grounds of clarifying the role of alpha-Tocopherol in pregnancy physiology and pathophysiology