The opportunity cost of negative screening in socially responsible investing

This paper investigates the impact of negative screening on the investment universe as well as on financial performance. We come up with a novel identification process and as such depart from mainstream socially responsible investing literature by concentrating on individual firms’ conduct and by studying a much wider range of issues. Firstly, we study the size and financial performance of fourteen potentially controversial issues: abortion, adult entertainment, alcohol, animal testing, contraceptives, controversial weapons, fur, gambling, genetic engineering, meat, nuclear power, pork, (embryonic) stem cells, and tobacco. We investigate an international sample of more than 1,600 stocks for more than twenty years. We then analyze the impact of applying negative screens to a market portfolio. Our findings suggest that the choice for negative screening strategies does matter for the size of the investment universe as well as for risk-adjusted return performance. Investing in controversial stocks in many cases results in additional risk-adjusted returns, whereas excluding them may reduce financial performance. These findings suggest that there are opportunity costs to negative screening.Publisher PDFPeer reviewe

Spread of \u3ci\u3eAcentria Ephemerella\u3c/i\u3e (Lepidoptera: Pyralidae) in Central North America

The aquatic moth, Acentria ephemerella, was first reported from North America in 1927. Recent records from widespread localities in central North America indicate that the range of this European introduction continues to expand. The moth is well established in the western Great Lakes region and is recorded west to the Missouri River valley in Iowa

Robust Multilayer Insulation for Cryogenic Systems

New requirements for thermal insulation include robust Multilayer insulation (MU) systems that work for a range of environments from high vacuum to no vacuum. Improved MLI systems must be simple to install and maintain while meeting the life-cycle cost and thermal performance objectives. Performance of actual MLI systems has been previously shown to be much worse than ideal MLI. Spacecraft that must contain cryogens for both lunar service (high vacuum) and ground launch operations (no vacuum) are planned. Future cryogenic spacecraft for the soft vacuum environment of Mars are also envisioned. Industry products using robust MLI can benefit from improved cost-efficiency and system safety. Novel materials have been developed to operate as excellent thermal insulators at vacuum levels that are much less stringent than the absolute high vacuum requirement of current MLI systems. One such robust system, Layered Composite Insulation (LCI), has been developed by the Cryogenics Test Laboratory at NASA Kennedy Space Center. The experimental testing and development of LCI is the focus of this paper. LCI thermal performance under cryogenic conditions is shown to be six times better than MLI at soft vacuum and similar to MLI at high vacuum. The experimental apparent thermal conductivity (k-value) and heat flux data for LCI systems are compared with other MLI systems

Integration of the international carbon market: A time-varying analysis

This is the final version. Available on open access from Elsevier via the DOI in this recordData availability: Data will be made available on request.Emission Trading Schemes (ETSs) have become vital for meeting global emission reduction targets. They are gaining momentum, as witnessed by increasing market size and improving information mechanisms. Examining key emission markets — European Union, New Zealand, California, and Hubei (China) — from April 2014 to December 2021, a Time-Varying Parameter Vector Autoregressive (TVP-VAR) model is applied to discern the markets' connectedness. In a novel approach to global carbon market research, this study uniquely combines the TVP-VAR with the connectedness approach, overcoming fixed parameters estimation and ensuring precise parameter estimates. The approach sheds light on patterns of total, directional, and net return/volatility spillovers, striving to identify which markets act as transmitters and which are receivers. Linking market spillovers to market characteristics, events, and policies offers insights for investors and policymakers. The total connectedness index of 10–12 % suggests a relatively low level of spillover, when compared to other market integration studies. The dynamic nature of return and volatility spillovers is evident, especially during the energy crisis and Covid-19 outbreak. The EU's ETS consistently acts as a net transmitter, predominantly in return connectedness, while New Zealand's ETS emerges as a major shock receiver in both return and volatility systems. Global climate negotiations and carbon market events have only a minor impact on the level of connectedness, in contrast to energy or financial crises and the Covid-19 outbreak. By highlighting the intricacies of carbon price volatility and market transmissions, the findings equip stakeholders with invaluable, actionable insights

Cryogenic Thermal Performance Testing of Bulk-Fill and Aerogel Insulation Materials

The research testing and demonstration of new bulk-fill materials for cryogenic thermal insulation systems was performed by the Cryogenics Test Laboratory at NASA Kennedy Space Center. Thermal conductivity testing under actual-use cryogenic conditions is a key to understanding the total system performance encompassing engineering, economics, and materials factors. A number of bulk fill insulation materials, including aerogel beads, glass bubbles, and perlite powder, were tested using a new cylindrical cryostat. Boundary temperatures for the liquid nitrogen boil-off method were 293 K and 78 K. Tests were performed as a function of cold vacuum pressure from high vacuum to no vacuum conditions. Results are compared with other complementary test methods in the range of 300 K to 20 K. Various testing techniques are shown to be required to obtain a complete understanding of the operating performance of a material and to provide data for answers to design engineering questions

Reported versus measured body weight and height of 4-year-old children and the prevalence of overweight

Background: In adults, body weight tends to be underestimated when based on self-reported data. Whether this discrepancy between measured and reported data exists in healthy young children is unclear. We studied whether parental reported body weight and height of 4-year-old children corresponded with measured body weight and height. In addition, we studied the determinants and the consequences of differences between reported and measured data. Methods: Data on body weight and height of 864 4-year-old Dutch children born in 1996/1997 enrolled in the Prevention and Incidence of Asthma and Mite Allergy (PIAMA) birth cohort study were collected via a questionnaire and a medical examination. Overweight was defined according to standard international age and gender specific definitions. Results: Mean differences between measured and reported body weight, height, and body mass index (BMI) were small. Parents of children with a low BMI tended to over report body weight while parents of children with a high BMI tended to underreport body weight. Whereas 9.5% of the children were overweight according to reported BMI, the prevalence of overweight was 13.4% based on measured BMI. Over 45% of the overweight children according to measured BMI were missed when reported BMI was used. Conclusion: These findings suggest that overweight prevalence rates in children are underestimated when based on reported weight and height

Influence of Processing Pipeline on Cortical Thickness Measurement

In recent years, replicability of neuroscientific findings, specifically those concerning correlates of morphological properties of gray matter (GM), have been subject of major scrutiny. Use of different processing pipelines and differences in their estimates of the macroscale GM may play an important role in this context. To address this issue, here, we investigated the cortical thickness estimates of three widely used pipelines. Based on analyses in two independent large-scale cohorts, we report high levels of within-pipeline reliability of the absolute cortical thickness-estimates and comparable spatial patterns of cortical thickness-estimates across all pipelines. Within each individual, absolute regional thickness differed between pipelines, indicating that in-vivo thickness measurements are only a proxy of actual thickness of the cortex, which shall only be compared within the same software package and thickness estimation technique. However, at group level, cortical thickness-estimates correlated strongly between pipelines, in most brain regions. The smallest between-pipeline correlations were observed in para-limbic areas and insula. These regions also demonstrated the highest interindividual variability and the lowest reliability of cortical thickness-estimates within each pipeline, suggesting that structural variations within these regions should be interpreted with caution