A Factor-Tilt Approach to ESG Investing

This research examines the incorporation of Environmental, Social, and Governance (ESG) factors into portfolio construction, focusing on identifying companies with strong ESG practices and their relationship with financial performance. Drawing on a US sample of companies and timely ESG data provided by RepRisk, the research proposes a relative approach for constructing a portfolio with a desired exposure to traditional risk premia while tilting the final portfolio towards a quantitative ESG objective. The methodology combines bottom-up and top-down approaches to identify a potential ESG alpha while neutralizing the relative exposure to risk premia associated with traditional factors. The findings indicate a significant and positive ESG premium in the US market while addressing criticisms regarding the lack of forward-looking ESG data. The study makes a novel contribution to the literature on ESG investing by demonstrating the potential of a more flexible and nuanced approach to portfolio construction that incorporates timely ESG information. The results have general implications for investors seeking to align their investments with ESG principles, achieve better risk-adjusted returns, and generate sustainable and resilient portfolios

Betting Against ESG Sinners: Evidence From Short Selling Around the World

This paper explores the uncharted territory of short-selling around controversial environmental, social, and governance (ESG) events. Leveraging unique datasets from FIS Global and RepRisk, we investigate shorting behavior and ESG controversies across three prominent equity indices in the United States, Europe, and Japan. In doing so, we present the first empirical evidence on the co-movement of stock prices and short interest in response to ESG news. Employing a combination of event studies and statistical methods common in clinical trials, our research establishes a statistically significant association between adverse ESG events and stock price declines. Surprisingly, despite the frequent price declines surrounding the ESG incidents and the ease of shorting in the major equity markets, our findings reveal an absence of shorting activity around negative events. These findings are particularly striking given the abundance of ESG controversies and the potential for generating profits from long-short and short-only strategies by betting against companies engaged in ESG misconduct

RAISE-2 for Agile On-Orbit Demonstration of Innovative Satellite Technologies: Program Strategy, Mission Definition, and Preliminary Design

The Japan Aerospace Exploration Agency (JAXA) has provided the second demonstration opportunity of the Innovative Satellite Technology Demonstration Program. In this second mission, JAXA develops the Rapid Innovative Payload Demonstration Satellite-2 (RAISE-2) that carries six components and parts as on-orbit demonstration themes. This paper presents an overview of the RAISE-2’s demonstration themes, mission definition including standard platform specifications, results of Phase-A study and preliminary design

Comprehensive behavioral phenotyping of calpastatin-knockout mice

<p>Abstract</p> <p>Background</p> <p>Calpastatin is an endogenous inhibitor of calpain, intracellular calcium-activated protease. It has been suggested to be involved in molecular mechanisms of long-term plasticity and excitotoxic pathways. However, functions of calpastatin in vivo are still largely unknown. To examine the physiological roles of calpastatin, we subjected calpastatin-knockout mice to a comprehensive behavioral test battery.</p> <p>Results</p> <p>Calpastatin-knockout mice showed decreased locomotor activity under stressful environments, and decreased acoustic startle response, but we observed no significant change in hippocampus-dependent memory function.</p> <p>Conclusion</p> <p>These results suggest that calpastatin is likely to be more closely associated with affective rather than cognitive aspects of brain function.</p

Short-Term Impact of Video-Assisted Thoracoscopic Surgery on Lung Function, Physical Function, and Quality of Life

Background: Video-assisted thoracoscopic surgery (VATS) has been increasingly used as an approach for lung lobectomy. However, the recovery of respiratory and physical function may be insufficient at discharge because the average length of hospital stay is decreasing after surgery. In this study, we investigated the changes in physical function, lung function, and quality of life (QOL) of lung cancer patients after VATS, and factors for QOL were also evaluated. Methods: The subjects of this study were 41 consecutive patients who underwent video-assisted lung lobectomy for lung cancer. Rehabilitation was performed both before and after surgery. Lung function testing, physical function testing (timed up and go test (TUG) and the 30-s chair-stand test (CS-30)), and QOL (EORTC QLQ-C30) were measured before and 1 week after surgery. Results: Postoperative VC recovered to 76.3% +/- 15.6% 1 week after surgery. TUG, CS-30, and QOL were significantly worse after surgery (p < 0.05). Lung function and physical function were found to affect QOL. Postoperative complications included pneumonia in 1 patient. There were no patients who discontinued rehabilitation. Conclusion: Our rehabilitation program was safe and useful for patients after VATS

How Physicians Support Mothers of Children with Duchenne Muscular Dystrophy

Fujino H., Saito T., Matsumura T., et al. How Physicians Support Mothers of Children with Duchenne Muscular DystrophyHow Physicians Support Mothers of Children with Duchenne Muscular Dystrophy. Journal of Child Neurology 30(10), 1287-1294 (2015); Copyright © 2015 SAGE Publications. https://doi.org/10.1177/0883073814558334.Communicating about Duchenne muscular dystrophy and its prognosis can be difficult for affected children and their family. We focused on how physicians provide support to the mothers of children with Duchenne muscular dystrophy who have difficulty communicating about the condition with their child. The eligible participants were certified child neurologists of the Japanese Society of Child Neurology. Participants responded to questionnaires consisting of free descriptions of a vignette of a child with Duchenne muscular dystrophy and a mother. We analyzed 263 responses of the participants. We found 4 themes on advising mothers, involving encouraging communication, family autonomy, supporting family, and considering the childs concerns. These results provide a better understanding of the communication between physicians and family members who need help sharing information with a child with Duchenne muscular dystrophy. These findings will assist clinical practitioners in supporting families and the affected children throughout the course of their illness

Pathophysiological relevance of sputum MUC5AC and MUC5B levels in patients with mild asthma

[Background] Airway mucus hypersecretion is an important pathophysiological feature of asthma. MUC5AC and MUC5B are the major secreted polymeric mucins in airways, and their compositions affect mucus properties. Despite the increasing appreciation of MUC5AC and MUC5B compositions in asthmatic airways, their pathophysiological relevance remains to be fully understood in humans. [Methods] In this cross-sectional study, we prospectively enrolled newly referred steroid-untreated patients with mild asthma and healthy controls. We compared induced sputum MUC5AC and MUC5B levels between patients and controls. Subsequently, we assessed the correlation between MUC5AC and MUC5B levels and clinical indices in patients. Sputum MUC5AC and MUC5B levels were measured using enzyme-linked immunosorbent assays. [Results] Sputum MUC5AC and MUC5B levels were significantly higher in patients (n = 87) than in controls (n = 22) (p = 0.0002 and p = 0.006, respectively). The ratio of sputum MUC5AC to MUC5B tended to be higher in patients than in controls (p = 0.07). Sputum MUC5AC levels significantly and positively correlated with fractional exhaled nitric oxide at expiratory flow of 50 mL/s (Spearman's rho = 0.29, p = 0.006), sputum eosinophil proportion (rho = 0.34, p = 0.0013), and airway sensitivity (rho = 0.39, p = 0.0005). By contrast, sputum MUC5B levels significantly and positively correlated with airway sensitivity (rho = 0.35, p = 0.002) and negatively correlated with airway reactivity (rho = −0.33, p = 0.004). [Conclusions] Sputum MUC5AC is increased by protein levels and involved in airway type 2/eosinophilic inflammation and airway hyperresponsiveness in steroid-untreated patients with mild asthma

Prevalence of somatic diseases in adults with attention deficit hyperactivity disorder in Japan is highest in people aged ≥40 years with mental disorders: a cross-sectional study of a Japanese health insurance claims database

IntroductionStudies have reported an association between attention deficit hyperactivity disorder (ADHD) and somatic diseases; however, the correlation of mental disorders with the association between ADHD and somatic diseases remains uninvestigated. This study investigated and compared the prevalence of somatic diseases among adults with/without ADHD, stratified by the presence or absence of mental disorders.MethodsThis cross-sectional study (October 2020–September 2021), using data (June 2013–September 2021) from a Japanese health insurance claims database, included adult participants with a medical record of and receiving medication for ADHD (ADHD group); the control group (matched 1:5 by age/sex) comprised participants without ADHD. The prevalence and odds ratio (OR; ADHD versus control) of type 2 diabetes mellitus (T2DM), diabetes complications, hypertension, cardiovascular disease (CVD), dyslipidemia, gout and hyperuricemia, chronic obstructive pulmonary disease (COPD), non-alcoholic fatty liver disease/non-alcoholic steatohepatitis (NAFLD/NASH), and atopic dermatitis were investigated. Pooled ORs for stratified analysis were calculated using the Mantel-Haenszel method.ResultsIn the matched analysis sets, the ORs for all somatic diseases were significantly higher for the ADHD group (n=15,028) versus the control group (n=74,796). On stratified analysis, the Mantel-Haenszel ORs were significant for NAFLD/NASH (1.53; 95% confidence interval [CI]: 1.34, 1.73), diabetes complications (1.39; 95% CI: 1.09, 1.77), and gout and hyperuricemia (1.34; 95% CI: 1.19, 1.51). Furthermore, the stratum-specific ORs for T2DM, hypertension, and dyslipidemia were &gt;1 and &lt;1 in the presence and absence of mental disorders, respectively. The prevalence of all somatic diseases except atopic dermatitis increased with age. For participants aged ≥40 years, the Mantel-Haenszel ORs were significant for all somatic diseases except CVD, COPD, and atopic dermatitis.ConclusionsThe prevalence of several somatic diseases, including chronic disorders, was high among adults with ADHD, particularly in those aged ≥40 years and those with mental disorders

Positive association of AKT1 haplotype to Japanese methamphetamine use disorder

Recent evidence suggests that the AKT1-GSK3Β signalling cascade partially mediates dopaminedependentbehaviours. In relation to the pathophysiology of schizophrenia or methamphetamine (Meth)use disorder, AKT1 is a good candidate gene for such conditions. For schizophrenia, positive associationsof SNPs and AKT1 haplotypes were reported in US and Japanese samples. To evaluate the association between AKT1 and Meth-use disorder, we conducted a case-control study of Japanese samples (182 patients and 437 controls). A positive association between a SNP and haplotypes was found, and the ‘signal’ SNP was the same SNP found to be associated with US schizophrenia, but not with Japanese schizophrenia. Our results indicate that AKT1 may play a possible role in the development of Meth-use disorder. Further investigation of these associations, together with evidence from previous animal studies, may open the way to elucidation of the pathophysiology of this condition.</p