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

BUDGET 2008-09 Mid Year Economic and Fiscal Outlook

The purpose of the MYEFO report is to provide updated information to allow the assessment of the Government's fiscal performance against the fiscal strategy set out in the current Budget Papers

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

How Seafood Wholesale Markets Matter for Urban Food Security:Evidence from Chennai, India

Urban sites gather poverty in particular locations and often require bulk food system approaches for addressing prevalent food security and nutrition needs. The food systems that service them are, however, characterized by perishability and large irregularities in supply. Seafood is currently recognized as contributing in a major way to food security and nutrition, and it is to assessing the role of wholesale markets in meeting the needs of the urban poor that this paper is directed. It zooms in on the city of Chennai, India, where an estimated 40% of the population is considered poor and marine fish plays a crucial role in diets. Building on one-and-a-half years of field research in the pre-COVID-19 period, the paper analyses the performance of one of the city’s largest fish wholesale markets, Vanagaram, in relation to the four commonly recognized pillars of food security. Results demonstrate how urban food systems function as major suppliers of fish (and other food items) to thousands of low- and middle-income households. Most importantly, this case study demonstrates the crucial role that is played by wholesale markets in merging low-price fish supplies from different geographic regions and thereby ensuring food security of poorer inhabitants

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

Dual-time-point FDG PET/CT imaging in prosthetic heart valve endocarditis

Purpose: FDG PET/CT has been of increasing interest in the diagnostic workup of prosthetic heart valve endocarditis (PVE). Some reports advocate later imaging time points to improve the diagnostic accuracy for PVE. In this study, we compared standard and late FDG PET/CT images in patients with a clinical suspicion of PVE. Materials and Methods: Fourteen scans in 13 patients referred for FDG PET/CT for suspicion of PVE performed at standard (60 min post injection) and late (150 min post injection) time points were scored based on visual interpretation and semi-quantitatively with SUVmax and target-to-background ratio (TBR, defined as [SUVmax valve/SUVmean blood pool]). Final diagnosis was based on surgical findings in all cases of infection (n = 6) and unremarkable follow-up in all others (n = 8). Results: Late images were more prone to false positive interpretation for both visual and semi-quantitative analyses. Visual analysis of the standard images yielded 1 false negative and 1 false positive result. On the late images, no scans were false negative but 5 scans were false positive. Conclusion: Late FDG PET/CT imaging for PVE seem