The male fetal biomarker INSL3 reveals substantial hormone exchange between fetuses in early pig gestation

The peptide hormone INSL3 is uniquely produced by the fetal testis to promote the transabdominal phase of testicular descent. Because it is fetal sex specific, and is present in only very low amounts in the maternal circulation, INSL3 acts as an ideal biomarker with which to monitor the movement of fetal hormones within the pregnant uterus of a polytocous species, the pig. INSL3 production by the fetal testis begins at around GD30. At GD45 of the ca.114 day gestation, a time at which testicular descent is promoted, INSL3 evidently moves from male to female allantoic compartments, presumably impacting also on the female fetal circulation. At later time-points (GD63, GD92) there is less inter-fetal transfer, although there still appears to be significant INSL3, presumably of male origin, in the plasma of female fetuses. This study thus provides evidence for substantial transfer of a peptide hormone between fetuses, and probably also across the placenta, emphasizing the vulnerability of the fetus to extrinsic hormonal influences within the uterus

EFFECT OF SEX RATIO OF THE BIRTH LITTER ON SUBSEQUENT REPRODUCTIVE PERFORMANCE OF GILTS

Records on age at puberty from 1,555 gilts and total number of pigs born in litters of 1,187 gilts from the Nebraska gene pool population were used to evaluate the effects of uterine environment on subsequent reproductive performance. Independent variables were line, year, line x year, proportion of males in the birth litter (sex ratio), number born in the birth litter (fraternity size) and sex ratio x fraternity size. Sex ratio, fraternity size and their interaction influenced age at puberty (P \u3c .01) but not number born (P \u3e .2). Partial regression coefficients indicated that age at puberty tended to decrease as sex ratio increased, particularly in small litters. Although the regression coefficients were relatively large, sex ratio, fraternity size and their interaction accounted for only 1.3% of the variation in age at puberty within line x year subclass. These results offer little encouragement for the use of sex ratio as a phenotypic selection criterion for improvement of reproductive performance in gilts. Results suggest that female swine are similar to rodents in response to uterine environmental effects

A Separation Theorem of Active Management and Synthetic Enhanced Active Strategies

We propose a Separation Theorem of Active Management. It asserts that in the so-called Enhanced Active Portfolio framework the efficient frontier is linear in the active return/active risk space, and one can separate the determination of optimal active portfolio weights from the determination of optimal leverage ratio. The risk preference of investors does not play any role in the former decision. The theorem holds under a fairly general set of conditions on portfolio restrictions. As such it enlightens to understand how the optimal overall portfolio is determined under realistic portfolio constraints, and how, given a specification of a tracking error, the optimal leverage ratio is determined. In Japan the enhanced prime brokerage structure, which enables the short-extension without borrowing on margin, is yet to come. An idea to overcome this institutional incompleteness is to use the futures contract to construct Synthetic Enhanced Active Strategies. A typical 130/30-enhanced active strategy is replaced by (1)100% long position in individual stocks, (2) (30+f)% long position in index futures, and (3)(30+f)% short position in individual stocks. We explain how this problem can be formulated as an optimal portfolio problem, and show that the synthetic strategy is very cost-effective as long as the required short-extension is not too large.本文フィルはリンク先を参照のこ