Betting against sentiment? Seemingly unrelated anomalies and the low-risk effect

The negative CAPM alphas of high-beta and high-variance stocks are attributable to an unaccounted factor in the CAPM. We use eight seemingly unrelated anomalies to construct a composite factor in the spirit of the optimal orthogonal portfolio (FOP). Accounting for FOP re-establishes a positive relation between beta and average returns in time series regressions as well as cross-sectional and explains the negative alphas of high-beta and high-variance stocks. To analyze economic drivers behind FOP, we perform a horse race between leverage constraints, investor sentiment, and disagreement. Our results highlight investor sentiment as the most promising explanation for the low-risk effect

Fouling of dairy components on hydrophobic polytetrafluoroethylene (PTFE) membranes for membrane distillation

This study investigates fouling of membranes during membrane distillation (MD) of two model dairy feeds — skim milk and whey, as well as their major single components. Every MD experiment was conducted for 20 hat 54 C feed inlet temperature and 5 C permeate inlet temperature using PTFE membranes. Performance was assessed in terms of throughput (flux) and retention efficiency.Skim milk flux was found to be lower but stable overtime compared to whey.The study using single components as well as combinations the reofrevealed that fouling was primarily driven by proteins and calcium, but only in combination.Lactose also played a role to a lesser extent in the protein/membrane interactions, possibly due to preferential hydration,but did not interact with the membrane polymer directly. However lactose was found to deposit once an anchorpoint to the membrane was established by other components. Skim milk showed strong adhesion from its principle proteins, caseins;however salts were needed to form a thick and dense cake layer.Caseins seem to form a layer on the membrane surface that prevents other components from interacting with the membrane polymer.Wheyproteins, on the other hand, deposited to alesse rextent. In general membrane distillation was found to be a process that generates high quality water with retention of all tested components >99% while simultaneously concentrating whey or skim milk

Fast forward for food’s future

'Foods and food ingredients are produced at very large scale on a daily basis; however, insight in the underlying mechanisms that take place at micrometre scale is lacking. This is because of the small scale and the high speed at which things occur. Food microtechnology combines investigation in small channels for example in microfluidic devices with high speed imaging and modelling, and uses this to push the food process technology of the future in fast forward mode.

Особенности митохондриальной патологии у человека

Статья посвящена анализу современного уровня знаний о механизмах возникновения и особенностях митохондриальной патологии, обусловливающих сложности ее диагностики и терапии.Стаття присвячена аналізу сучасного рівня знань про механізми виникнення та особливості виникнення мітохондріальної патології, що обумовлюють складність її діагностики та терапії.This article is concerned with the analysis of the present findings about the mechanisms of emergency and features of mitochondrial abnormality which lead to the difficulties in its diagnostics and therapy

Physicochemical stability of lycopene-loaded emulsions stabilized by plant or dairy proteins

Lycopene is a lipophilic bioactive compound that has many health benefits but can be challenging to deliver in vivo. To mediate this, delivery strategies should be developed, and protein-stabilized oil-in-water (O/W) emulsions have been suggested to improve the physicochemical stability, bioaccessibility and bioavailability of lycopene. In this research different proteins were compared to determine their impact on the physical stability (droplet size, charge, interfacial rheology) and lycopene retention in canola O/W emulsions. Two were of dairy (whey protein isolate, sodium caseinate) and two of plant (soy and pea protein isolate) origin; plant proteins being of interest due to their wider availability, reduced cost, and lower impact on the environment compared to dairy proteins. Particle size distribution for sodium caseinate and pea protein-stabilized emulsions remained unchanged after 14 days of refrigerated storage, while whey and soy protein isolate-stabilized emulsions became unstable. The droplet charge was largely negative (~ -45 – -60 mV) for all emulsions and the lycopene concentration in plant protein-stabilized emulsions at 14 days of storage was similar to that in sodium caseinate-stabilized emulsions, but significantly higher than that in whey proteinstabilized emulsions. While sodium caseinate formed relatively viscous films at the oil-water interface, the other proteins showed more viscoelastic behaviour. In spite of this difference, both the caseinate and pea protein stabilized emulsions were promising delivery vehicles. This also indicates that plant-derived proteins can be feasible alternatives to dairy emulsifiers

The effect of intraoperative specimen inking on lumpectomy re-excision rates

<p>Abstract</p> <p>Background</p> <p>Lumpectomy re-excision to obtain negative margins is common. We compare the effect of two specimen orientation approaches on lumpectomy re-excision rates.</p> <p>Methods</p> <p>All women undergoing lumpectomy for breast cancer by a single surgeon between 03/2007 - 02/2009 were included. Lumpectomies underwent standard inking (SI) after surgery by a pathologist from 03/2007-02/2008 while intraoperative inking (II) with direct surgeon input was done from 03/2008-02/2009. Rates of margin positivity and re-excision were compared between these methods.</p> <p>Results</p> <p>65 patients were evaluated, reflecting SI in 39 and II in 26 cases. Margin positivity rates of 46% [SI] vs. 23% [II] (p = 0.06) and re-excision rates of 38% [SI] vs. 19% [II] were observed. Residual disease at re-excision was found in 27% [SI] vs. 67% [II] of cases.</p> <p>Conclusions</p> <p>Intraoperative inking in this practice offered a simple way to reduce re-excision rates after lumpectomy and affect an improvement in quality of patient care.</p