Risk premium: insights over the threshold

The aim of this paper is twofold: First to test the adequacy of Pareto distributions to describe the tail of financial returns in emerging and developed markets, and second to study the possible correlation between stock market indices observed returns and return's extreme distributional characteristics measured by Value at Risk and Expected Shortfall. We test the empirical model using daily data from 41 countries, in the period from 1995 to 2005. The findings support the adequacy of Pareto distributions and the use of a log linear regression estimation of their parameters, as an alternative for the usually employed Hill's estimator. We also report a significant relationship between extreme distributional characteristics and observed returns, especially for developed countries

Influence of a football match on landing biomechanics and jump performance in female football players

This study aimed to assess the acute effect of a competitive football match on jump performance and kinematic parameters during jump landing in semiprofessional female football players. Twenty-two semiprofessional players (20 ± 3 years) underwent a drop jump task for a posterior video analysis of the landing phase. These measurements were obtained at (1) baseline, (2) after, and (3) 48 h after a competitive football match. A one-way ANOVA with repeated measures was employed to detect differences over the time. There was a main effect of time for maximal knee flexion angle during drop landing (p = 0.001). In comparison with baseline, maximal knee flexion angle was reduced immediately post-match and was still reduced 48 h after the match (63.4 ± 8.6 vs 57.0 ± 11.7 vs 48.9 ± 19.1, p ≤ 0.038). There was also a main effect of time for drop jump height (p < 0.001). Drop jump height was reduced immediately post-match and remained low 48 h after the match in comparison with baseline (27.3 ± 3.6 vs 24.5 ± 2.8 ~ 25.5 ± 3.0 cm, p ≤ 0.002). There was a main effect of time on hip flexion angle during landing (p = 0.001), but the pairwise comparison revealed that this variable was not affected immediately post-match but was lower 48 h after the match than at baseline (50.1 ± 10.1 ~ 50.8 ± 13.2 vs 38.1 ± 17.8 °, p ≤ 0.005). A competitive football match worsened jump performance and several landing biomechanical parameters in female football players, which were still decreased in comparison with baseline even 48 h after the match

Generalized transport costs and index numbers: A geographical analysis of economic and infrastructure fundamentals

We rely on the economic theory approach to index numbers to improve the existing definitions and decompositions of variations in generalized transport costs (GTCs). As a value index, we decompose GTCs into price and quantity indices associated to economic—market—costs and infrastructure variables—distance and time within a network. The methodology allows the accurate identification of the sources of GTCs decline. We illustrate it for the case of road freight transportation in Spain between 1980 and 2007 and at a highly detailed geographical level. Average GTCs weighted by trade flows have decreased by 16.3%, with infrastructure driving that reduction. We find large territorial disparities in GTCs, but also significant geographical clusters where the market and network indices show spatial association

Interleukin 2 abrogates the nonresponsive state of T cells expressing a forbidden T cell receptor repertoire and induces autoimmune disease in neonatally thymectomized mice

El copyright pertenece a The Rockefeller University PressUnder physiological conditions, the vast majority of T cells differentiate in the thymus, an organ that provides an optimal microenvironment for T cell maturation and shapes the T cell repertoire via positive and negative selection processes. In the present report, we demonstrate that neonatal thymectomy of CBA/H mice results in a diminution of T cells in peripheral lymphoid organs (spleen, lymph nodes), but is followed by a marked transient (12 wk) increase in Thy-1+ CD3+ cells in the peritoneal cavity. These cells exhibit predominantly a double-negative (CD4 - CD8 - ) phenotype among which products of the T cell receptor (TCR) VO11 gene family (i.e., an I-Ereactive TCR normally deleted in I-E-bearing CBA/H mice) are selectively overexpressed . This observation suggests that, under athymic conditions, T cell differentiation and/or accumulation may occur in the peritoneal cavity. Intraperitoneal inoculation of an interleukin 2 (IL2) vaccinia virus construct that releases high titers of human IIr2 in vivo induces conversion of these doublenegative T cells to either CD4+CD8 - or CD4-CD8+ single positives, and allows in vitro stimulation of TCR V,311-bearing cells with a clonotypic antiVO antibody. Since IL-2 induces autoimmune manifestations (DNA autoantibodies, rheumatoid factors, and interstitial nephritis) in thymectomized CBA/H mice, but not in sham-treated littermates, this lymphokine is likely to enhance the autoaggressive function of T cells that bear forbidden, potentially autoreactive TCR gene products and that are normally deleted in the thymus.Peer reviewe

The effects of UV radiation on photosynthesis estimated as chlorophyll fluorescence in Zygnemopsis decussata (Chlorophyta) growing in a high mountain lake (Sierra Nevada, Southern Spain)

The effect of increased UV radiation on photosynthesis estimated as in vivo chlorophyll fluorescence i.e. optimal quantum yield (Fv/Fm) and electron transport rate (ETR) in the green filamentous alga Zygnemopsis decussata (Streptophyta, Zygnematales) growing in the high mountain lake "La Caldera" (Sierra Nevada, Spain) at 3050 m altitude was evaluated. Two sets of in situ experiments were conducted: (1) On July 2006, Fv/Fm was measured throughout the day at different depths (0.1, 0.25, 0.5 and 1 m) and in the afternoon, ETR and phenolic compounds were determined. In addition, in order to analyze the effect of UV radiation, Fv/Fm was determined in algae incubated for 3 days at 0.5m under three different light treatments: PAR+UVA+UVB (PAB), PAR+UVA (PA) and PAR (P). (2) On August 2007, Fv/Fm was determined under PAB, PA and P treatments and desiccation/rehydration conditions. Fv/Fm decreased in algae growing in surface waters (0.1 m) but also at 1 m depth compared to that at 0.5 m depth. The decrease of Fv/Fm at noon due to photoinhibition was small (less than 10%) except in algae growing at 1 m depth (44%). The maximal electron transport rate was 3.5-5 times higher in algae growing at 0.25-0.5 m respectively than that at 0.1 and 1 m depth. These results are related to the accumulation of phenolic compounds: i.e. the algae at 0.25-0.5 m presented respectively about a 3-5 times higher concentration of phenolic compounds than that of algae at 0.1-1 m depth. The protection mechanisms seem to be stimulated by UVB radiation, since Fv/Fm was higher in the presence of UVB (PAB treatment) compared to PA or P treatments. UVA exerts the main photoinhibitory effect, not only at midday, but also in the afternoon. UVB radiation also had a protective effect in algae grown under desiccation conditions for three days. During re-hydration, the rapid increase of Fv/Fm (after 1 h) was higher in the UVB-grown algae than in algae grown under UVA radiation. After 5 h, Fv/Fm values were similar in algae submitted to desiccation/rehydration under PAB and P treatments as they were in the control (submerged algae). The combined effect of desiccation and UVA produced the greatest decrease of photosynthesis in Z. decussata. Thus UVB, in contrast to other species, may support the recovery process. Z. decussata can acclimate to severe stress conditions in this high mountain lake by the photoprotection mechanism induced by UVB radiation through dynamic photoinhibition and the accumulation of phenolic compounds (UV screen and antioxidant substances).This research was supported by the Spanish Ministries of Environment (PN2003/25) and Education and Science (CGL2005/01564, AGL2005/02655, CGL 2008/01127, CGL 2008/05407) and Consejería de Innovación, Ciencia y Empresa, Junta de Andalucía (Excelencia project P07-CVI-02598)

Towards Sustainable and Smart Cities: Replicable and KPI-Driven Evaluation Framework

Sustainability is pivotal in the urban transformation strategy in order to reach more resource-efficient, resilient and smarter cities. The goal of being a sustainable city should drive the decisions for city interventions, and measuring city progress is a key step for this process. There are many initiatives aiming at defining indicators and assessment procedures, but there is no convergence in the definition of terms and application methodologies, making their real implementation complex. Within mySMARTLife project (GA#731297), a KPI-driven evaluation framework has been defined with the aim of covering the multiple pillars of a smart and sustainable city (i.e., environment, energy, mobility, ICT, citizens, economy, governance) in a holistic way. This methodology also defines the concepts and terms to guide urban planners and/or experts at the time of implementing the framework for any specific city. The evaluation framework has been deployed in the cities of Nantes, Hamburg and Helsinki, and some lessons have been learned, such as the necessity of providing a definition of measurement boundary to avoid biased interpretations. Due to a co-creation strategy, the main issues from the cities have been taken into consideration in order to increase the replicability of the results.The work presented in this paper is the result of the EU-funded project mySMARTLife, under the H2020 programme with grant agreement no. 731297

Sub-micro- and nano-sized polyethylene terephthalate deconstruction with engineered protein nanopores

The identification or design of biocatalysts to mitigate the accumulation of plastics, including sub-micro- and nano-sized polyethylene terephthalate (nPET), is becoming a global challenge. Here we computationally incorporated two hydrolytic active sites with geometries similar to that of Idionella sakaiensis PET hydrolase, to fragaceatoxin C (FraC), a membrane pore-forming protein. FraCm1/m2 could be assembled into octameric nanopores (7.0 nm high × 1.6–6.0 nm entry), which deconstructed (40 °C, pH 7.0) nPET from GoodFellow, commodities and plastic bottles. FraCm1 and FraCm2 degrade nPET by endo- and exo-type chain scission. While FraCm1 produces bis(2-hydroxyethyl) terephthalate as the main product, FraCm2 yields a high diversity of oligomers and terephthalic acid. Mechanistic and biochemical differences with benchmark PET hydrolases, along with pore and nPET dynamics, suggest that these pore-forming protein catalytic nanoreactors do not deconstruct macro-PET but are promising in nanotechnology for filtering, capturing and breaking down nPET, for example, in wastewater treatment plants.This study was conducted under the auspices of the FuturEnzyme Project funded by the European Union’s Horizon 2020 Research and Innovation Programme under the auspices of the FuturEnzyme Project (grant agreement no. 101000327) and the PlasticsFatE project (grant agreement no. 95921), and Horizon Europe Research and Innovation Programme under grant agreement no. GA101060625 (Nymphe project). We also acknowledge financial support under grants PID2020-112758RB-I00 (M.F.), PDC2021-121534-I00 (M.F.), TED2021-130544B-I00 (M.F.), PID2019-106370RB-I00 (V.G.) and PID2019-105838RB-C31 (F.J.P.) from the Ministerio de Ciencia e Innovación, Agencia Estatal de Investigación (AEI) (Digital Object Identifier MCIN/AEI/10.13039/501100011033), Fondo Europeo de Desarrollo Regional (ERDF) A way of making Europe and the European Union NextGenerationEU/PRTR, UCM-Banco Santander Grants PR87/19-22556 and PR108/20-26896 and UnaEuropa (Unano) SF2106 (to A.M.P.). S.G.-L. was supported by a Real Colegio Complutense Postdoctoral Fellowship for Distinguished Junior Scholars. S.R. thanks the Spanish Ministry of Science and Innovation for a PhD fellowship (FPU19/00608). D.H.-M. thanks Complutense University of Madrid and Banco Santander for a PhD fellowship (CT82/20/CT83/20). A.R.-M. thanks the Spanish Ministry of Science and Innovation for a PhD fellowship (PRE2020-091825) and the project PID2019-106370RB-I00. We thank M. J. Vicente for the ESI–MS analysis, performed at the Servicio Interdepartamental de Investigación (SIDI) from the Autonomous University of Madrid, Spain.Peer Reviewed"Article signat per 16 autors/es: Ana Robles-Martín, Rafael Amigot-Sánchez, Laura Fernandez-Lopez, Jose L. Gonzalez-Alfonso, Sergi Roda, Víctor Alcolea-Rodriguez, Diego Heras-Márquez, David Almendral, Cristina Coscolín, Francisco J. Plou, Raquel Portela, Miguel A. Bañares, Álvaro Martínez-del-Pozo, Sara García-Linares, Manuel Ferrer & Víctor Guallar"Postprint (published version

Socio-economic inequalities in lung cancer mortality in Spain: a nation-wide study using area-based deprivation

Background: Lung cancer is the main cause of cancer mortality worldwide and in Spain. Several previous studies have documented socio-economic inequalities in lung cancer mortality but these have focused on specific provinces or cities. The goal of this study was to describe lung cancer mortality in Spain by sex as a function of socio-economic deprivation. Methods: We analysed all registered deaths from lung cancer during the period 2011-2017 in Spain. Mortality data was obtained from the National Institute of Statistics, and socio-economic level was measured with the small-area deprivation index developed by the Spanish Society of Epidemiology, with the census tract of residence at the time of death as the unit of analysis. We computed crude and age-standardized rates per 100,000 inhabitants by sex, deprivation quintile, and type of municipality (rural, semi-rural, urban) considering the 2013 European standard population (ASR-E). We further calculated ASR-E ratios between the most deprived (Q5) and the least deprived (Q1) areas and mapped census tract smoothed standardized lung cancer mortality ratios by sex. Results: We observed 148,425 lung cancer deaths (80.7% in men), with 73.5 deaths per 100,000 men and 17.1 deaths per 100,000 women. Deaths from lung cancer in men were five times more frequent than in women (ASR-E ratio = 5.3). Women residing in the least deprived areas had higher mortality from lung cancer (ASR-E = 22.2), compared to women residing in the most deprived areas (ASR-E = 13.2), with a clear gradient among the quintiles of deprivation. For men, this pattern was reversed, with the highest mortality occurring in areas of lower socio-economic level (ASR-E = 99.0 in Q5 vs. ASR-E = 86.6 in Q1). These socio-economic inequalities remained fairly stable over time and across urban and rural areas. Conclusions: Socio-economic status is strongly related to lung cancer mortality, showing opposite patterns in men and women, such that mortality is highest in women residing in the least deprived areas and men residing in the most deprived areas. Systematic surveillance of lung cancer mortality by socio-economic status may facilitate the assessment of public health interventions aimed at mitigating cancer inequalities in Spain.High Resolution Study of Social Inequalities in Cancer (HiReSIC), Asociación Española Contra el Cáncer (AECC) (PROYE20023SÁNC). Subprograma de Vigilancia Epidemiológica del Cáncer (VICA), del CIBER de Epidemiología y Salud Pública (CIBERESP), Instituto de Salud Carlos III (ISCIII). Instituto de Salud Carlos III (ISCIII): PI18/01593 EU/FEDER. Acciones de Movilidad CIBERESP, 2022. Dafina Petrova is supported by a Juan de la Cierva Fellowship from the Ministry of Science and the National Research Agency of Spain (MCIN/AEI, JC2019-039691-I, https://doi.org/10.13039/501100011033, Accessed 4 October 2021). The funders had no role in the study design, data collection, analysis, interpretation of data, writing or decision to publish.S

Effect of Defoliation Frequency on Forage Yield from Intensive Silvopastoral Systems Compared to a Monoculture Grassland

Livestock production in the tropical regions of the world faces serious constraints as a result of climate change. Monoculture based pastures require the use of large amounts of nitrogen fertilizers to sustain production throughout the year. In general terms, tropical grasses are of low quality and when consumed by ruminant species, contribute to the emission of greenhouse gases (methane, carbon dioxide and nitrous oxide) (Herrero et al. 2009; Place et al. 2009). The establishment of intensive silvopastoral systems (iSPS) with associated shrubs legumes and grasses can increase the yield and quality of forage as well as fixation and transfer of atmospheric nitrogen (N) (Murgueitio et al. 2011). Therefore, the costs of nitrogen fertilizers and the emissions of greenhouse gases under practical conditions can be reduced. The intensive silvopastoral system is a kind of agroforestal practice that it is environmentally friendly and at the same time improves productivity of livestock systems. However, several aspects of its management have not been fully evaluated. This is the case of the response to defoliation, which is an important management factor associated to the overall biomass productivity (Solorio 2005)