The performance of socially responsible mutual funds: the role of fees and management companies

In this paper, we shed light on the debate about the financial performance of socially responsible investment (SRI) mutual funds by separately analyzing the contributions of before-fee performance and fees to SRI funds' performance and by investigating the role played by fund management companies in the determination of those variables. We apply the matching estimator methodology to obtain our results and find that in the period 1997-2005, US SRI funds had significantly higher fees and better before- and after-fee performance than conventional funds with similar characteristics. Differences, however, were driven exclusively by SRI funds run by management companies specialized in socially responsible investment.Socially responsible investment, Mutual fund fees, Mutual fund performance, Matching estimators

Hyperspectral remote sensing of cyanobacterial pigments as indicators for cell populations and toxins in eutrophic lakes

The growth of mass populations of toxin-producing cyanobacteria is a serious concern for the ecological status of inland waterbodies and for human and animal health. In this study we examined the performance of four semi-analytical algorithms for the retrieval of chlorophyll a (Chl a) and phycocyanin (C-PC) from data acquired by the Compact Airborne Spectrographic Imager-2 (CASI-2) and the Airborne Imaging Spectrometer for Applications (AISA) Eagle sensor. The retrieval accuracies of the semi-analytical models were compared to those returned by optimally calibrated empirical band-ratio algorithms. The best-performing algorithm for the retrieval of Chl a was an empirical band-ratio model based on a quadratic function of the ratio of re!ectance at 710 and 670 nm (R2=0.832; RMSE=29.8%). However, this model only provided a marginally better retrieval than the best semi-analytical algorithm. The best-performing model for the retrieval of C-PC was a semi-analytical nested band-ratio model (R2=0.984; RMSE=3.98 mg m−3). The concentrations of C-PC retrieved using the semi-analytical model were correlated with cyanobacterial cell numbers (R2=0.380) and the particulate and total (particulate plus dissolved) pools of microcystins (R2=0.858 and 0.896 respectively). Importantly, both the empirical and semi-analytical algorithms were able to retrieve the concentration of C-PC at cyanobacterial cell concentrations below current warning thresholds for cyanobacteria in waterbodies. This demonstrates the potential of remote sensing to contribute to early-warning detection and monitoring of cyanobacterial blooms for human health protection at regional and global scales

Advancing cyanobacteria biomass estimation from hyperspectral observations: Demonstrations with HICO and PRISMA imagery

Retrieval of the phycocyanin concentration (PC), a characteristic pigment of, and proxy for, cyanobacteria biomass, from hyperspectral satellite remote sensing measurements is challenging due to uncertainties in the remote sensing reflectance (∆Rrs) resulting from atmospheric correction and instrument radiometric noise. Although several individual algorithms have been proven to capture local variations in cyanobacteria biomass in specific regions, their performance has not been assessed on hyperspectral images from satellite sensors. Our work leverages a machine-learning model, Mixture Density Networks (MDNs), trained on a large (N = 939) dataset of collocated in situ chlorophyll-a concentrations (Chla), PCs, and remote sensing reflectance (Rrs) measurements to estimate PC from all relevant spectral bands. The performance of the developed model is demonstrated via PC maps produced from select images of the Hyperspectral Imager for the Coastal Ocean (HICO) and Italian Space Agency’s PRecursore IperSpettrale della Missione Applicativa (PRISMA) using a matchup dataset. As input to the MDN, we incorporate a combination of widely used band ratios (BRs) and line heights (LHs) taken from existing multispectral algorithms, that have been proven for both Chla and PC esti�mation, as well as novel BRs and LHs to increase the overall cyanobacteria biomass estimation accuracy and reduce the sensitivity to ∆Rrs. When trained on a random half of the dataset, the MDN achieves uncertainties of 44.3%, which is less than half of the uncertainties of all viable optimized multispectral PC algorithms. The MDN is notably better than multispectral algorithms at preventing overestimation on low (10 mg m− 3). According to our extensive assessments, the developed model is anticipated to enable practical PC products from PRISMA and HICO, therefore the model is promising for planned hyperspectral missions, such as the Plankton Aerosol and Cloud Ecosystem (PACE). This advancement will enhance the complementary roles of hyperspectral radiometry from satellite and low-altitude platforms for quantifying and monitoring cyanobacteria harmful algal blooms at both large and local spatial scales

Optical types of inland and coastal waters

Inland and coastal waterbodies are critical components of the global biosphere. Timely monitoring is necessary to enhance our understanding of their functions, the drivers impacting on these functions and to deliver more effective management. The ability to observe waterbodies from space has led to Earth observation (EO) becoming established as an important source of information on water quality and ecosystem condition. However, progress toward a globally valid EO approach is still largely hampered by inconsistences over temporally and spatially variable in-water optical conditions. In this study, a comprehensive dataset from more than 250 aquatic systems, representing a wide range of conditions, was analyzed in order to develop a typology of optical water types (OWTs) for inland and coastal waters. We introduce a novel approach for clustering in situ hyperspectral water reflectance measurements (n = 4045) from multiple sources based on a functional data analysis. The resulting classification algorithm identified 13 spectrally distinct clusters of measurements in inland waters, and a further nine clusters from the marine environment. The distinction and characterization of OWTs was supported by the availability of a wide range of coincident data on biogeochemical and inherent optical properties from inland waters. Phylogenetic trees based on the shapes of cluster means were constructed to identify similarities among the derived clusters with respect to spectral diversity. This typification provides a valuable framework for a globally applicable EO scheme and the design of future EO missions

Simultaneous retrieval of selected optical water quality indicators from Landsat-8, Sentinel-2, and Sentinel-3

Constructing multi-source satellite-derived water quality (WQ) products in inland and nearshore coastal waters from the past, present, and future missions is a long-standing challenge. Despite inherent differences in sensors’ spectral capability, spatial sampling, and radiometric performance, research efforts focused on formulating, implementing, and validating universal WQ algorithms continue to evolve. This research extends a recently developed machine-learning (ML) model, i.e., Mixture Density Networks (MDNs) (Pahlevan et al., 2020; Smith et al., 2021), to the inverse problem of simultaneously retrieving WQ indicators, including chlorophyll-a (Chla), Total Suspended Solids (TSS), and the absorption by Colored Dissolved Organic Matter at 440 nm (acdom(440)), across a wide array of aquatic ecosystems. We use a database of in situ measurements to train and optimize MDN models developed for the relevant spectral measurements (400–800 nm) of the Operational Land Imager (OLI), MultiSpectral Instrument (MSI), and Ocean and Land Color Instrument (OLCI) aboard the Landsat-8, Sentinel-2, and Sentinel-3 missions, respectively. Our two performance assessment approaches, namely hold-out and leave-one-out, suggest significant, albeit varying degrees of improvements with respect to second-best algorithms, depending on the sensor and WQ indicator (e.g., 68%, 75%, 117% improvements based on the hold-out method for Chla, TSS, and acdom(440), respectively from MSI-like spectra). Using these two assessment methods, we provide theoretical upper and lower bounds on model performance when evaluating similar and/or out-of-sample datasets. To evaluate multi-mission product consistency across broad spatial scales, map products are demonstrated for three near-concurrent OLI, MSI, and OLCI acquisitions. Overall, estimated TSS and acdom(440) from these three missions are consistent within the uncertainty of the model, but Chla maps from MSI and OLCI achieve greater accuracy than those from OLI. By applying two different atmospheric correction processors to OLI and MSI images, we also conduct matchup analyses to quantify the sensitivity of the MDN model and best-practice algorithms to uncertainties in reflectance products. Our model is less or equally sensitive to these uncertainties compared to other algorithms. Recognizing their uncertainties, MDN models can be applied as a global algorithm to enable harmonized retrievals of Chla, TSS, and acdom(440) in various aquatic ecosystems from multi-source satellite imagery. Local and/or regional ML models tuned with an apt data distribution (e.g., a subset of our dataset) should nevertheless be expected to outperform our global model

X chromosome inactivation does not necessarily determine the severity of the phenotype in Rett syndrome patients

Rett syndrome (RTT) is a severe neurological disorder usually caused by mutations in the MECP2 gene. Since the MECP2 gene is located on the X chromosome, X chromosome inactivation (XCI) could play a role in the wide range of phenotypic variation of RTT patients; however, classical methylation-based protocols to evaluate XCI could not determine whether the preferentially inactivated X chromosome carried the mutant or the wild-type allele. Therefore, we developed an allele-specific methylation-based assay to evaluate methylation at the loci of several recurrent MECP2 mutations. We analyzed the XCI patterns in the blood of 174 RTT patients, but we did not find a clear correlation between XCI and the clinical presentation. We also compared XCI in blood and brain cortex samples of two patients and found differences between XCI patterns in these tissues. However, RTT mainly being a neurological disease complicates the establishment of a correlation between the XCI in blood and the clinical presentation of the patients. Furthermore, we analyzed MECP2 transcript levels and found differences from the expected levels according to XCI. Many factors other than XCI could affect the RTT phenotype, which in combination could influence the clinical presentation of RTT patients to a greater extent than slight variations in the XCI pattern

A922 Sequential measurement of 1 hour creatinine clearance (1-CRCL) in critically ill patients at risk of acute kidney injury (AKI)

Meeting abstrac

Atmospheric correction of ENVISAT/MERIS data over inland waters: Validation for European lakes

Traditional methods for aerosol retrieval and atmospheric correction of remote sensing data over water surfaces are based on the assumption of zero water reflectance in the near-infrared. Another type of approach which is becoming very popular in atmospheric correction over water is based on the simultaneous retrieval of atmospheric and water parameters through the inversion of coupled atmospheric and bio-optical water models. Both types of approaches may lead to substantial errors over optically-complex water bodies, such as case II waters, in which a wide range of temporal and spatial variations in the concentration of water constituents is expected. This causes the water reflectance in the near-infrared to be non-negligible, and that the water reflectance response under extreme values of the water constituents cannot be described by the assumed bio-optical models. As an alternative to these methods, the SCAPE-M atmospheric processor is proposed in this paper for the automatic atmospheric correction of ENVISAT/MERIS data over inland waters. A-priori assumptions on the water composition and its spectral response are avoided by SCAPE-M by calculating reflectance of close-to-land water pixels through spatial extension of atmospheric parameters derived over neighboring land pixels. This approach is supported by the results obtained from the validation of SCAPE-M over a number of European inland water validation sites which is presented in this work. MERIS-derived aerosol optical thickness, water reflectance and water pigments are compared to in-situ data acquired concurrently to MERIS images in 20 validation match-ups. SCAPE-M has also been compared to specific processors designed for the retrieval of lake water constituents from MERIS data. The performance of SCAPE-M to reproduce ground-based measurements under a range of water types and the ability of MERIS data to monitor chlorophyll-a and phycocyanin pigments using semiempirical algorithms after SCAPE-M processing are discussed. It has been found that SCAPE-M is able to provide high accurate water reflectance over turbid waters, outperforming models based on site-specific bio-optical models, although problems of SCAPE-M to cope with clear waters in some cases have also been identified. © 2009 Elsevier Inc. All rights reserved