The determinants of option adjusted delta credit spreads: A comparative analysis on US, UK and the Eurozone

We analyse the determinants of the variation of option adjusted credit spreads (OASs) on a unique database which enlarges the traditional scope of the analysis to more disaggregated indexes (combining industry, grade and maturity levels), new variables (volumes of sales and purchases of institutional investors) and a complete set of markets (beside US, UK and the Eurozone). With our extended set of regressors we explain almost half of the variability of OASs and we find evidence of the significant impact of institutional investors' purchases and sales on corporate bond risk. We also find that US business cycle indicators significantly affect the variability of OASs in the UK and in the Eurozone.

The determinants of option-adjusted delta credit spreads: a comparative analysis of the United States, the United Kingdom and the euro area

We analyse the determinants of the variation of option-adjusted credit spreads (OASs) on a unique database that enlarges the traditional scope of analysis to more disaggregated indexes (combining industry, grade and maturity levels), new variables (volumes of sales and purchases of institutional investors) and a complete set of markets (besides the United States, the United Kingdom and the euro area). With our extended set of regressors we explain almost half of the variability of OASs and find evidence of a significant impact of institutional investors’ purchases and sales on corporate bond risk. We also find that US business cycle indicators significantly affect the variability of OASs in the United Kingdom and the euro area.option-adjusted credit spreads; delta; corporate bond risk; institutional investors; business cycle indicators

Identification and characterization of nursery areas of red mullet Mullus barbatus in the Central Tyrrhenian Sea

Red Mullet Mullus barbatus is an important target of fishing activities in the central Tyrrhenian Sea, so it is essential to identify its critical habitats in order to manage this resource efficiently. Our research specifically focused on the identification and characterization of nursery areas. The use of spatial interpolation techniques enabled us to identify five nurseries that were highly persistent through time. Moreover, the estimate of juvenile density confirmed the strong aggregation effect of these nursery grounds, as a great portion of young individuals were concentrated in a relatively small surface of the study area. The environmental characterization of these areas showed that juveniles were mainly distributed on bottoms with a relatively high percentage of sand (>70%; P <0.05). Shannon biodiversity index analysis indicated that the southern nurseries reached the highest values of habitat quality (P < 0.0001). Multivariate analysis showed that nursery grounds were divided into three main groups, and analysis of spatial dynamics showed that two different strategies characterized Red Mullet juveniles when density changes over time. In particular, in some areas young individuals selected habitats in a density-dependent way following the basin model scheme, while in other zones they selected habitats in a density-independent way according to the proportional density model. Results also showed that juveniles followed the proportional density model strategy into nursery areas with the highest Shannon biodiversity index values

Giardia Cyst Wall Protein 1 Is a Lectin That Binds to Curled Fibrils of the GalNAc Homopolymer

The infectious and diagnostic stage of Giardia lamblia (also known as G. intestinalis or G. duodenalis) is the cyst. The Giardia cyst wall contains fibrils of a unique β-1,3-linked N-acetylgalactosamine (GalNAc) homopolymer and at least three cyst wall proteins (CWPs) composed of Leu-rich repeats (CWPLRR) and a C-terminal conserved Cys-rich region (CWPCRR). Our goals were to dissect the structure of the cyst wall and determine how it is disrupted during excystation. The intact Giardia cyst wall is thin (~400 nm), easily fractured by sonication, and impermeable to small molecules. Curled fibrils of the GalNAc homopolymer are restricted to a narrow plane and are coated with linear arrays of oval-shaped protein complex. In contrast, cyst walls of Giardia treated with hot alkali to deproteinate fibrils of the GalNAc homopolymer are thick (~1.2 µm), resistant to sonication, and permeable. The deproteinated GalNAc homopolymer, which forms a loose lattice of curled fibrils, is bound by native CWP1 and CWP2, as well as by maltose-binding protein (MBP)-fusions containing the full-length CWP1 or CWP1LRR. In contrast, neither MBP alone nor MBP fused to CWP1CRR bind to the GalNAc homopolymer. Recombinant CWP1 binds to the GalNAc homopolymer within secretory vesicles of Giardia encysting in vitro. Fibrils of the GalNAc homopolymer are exposed during excystation or by treatment of heat-killed cysts with chymotrypsin, while deproteinated fibrils of the GalNAc homopolymer are degraded by extracts of Giardia cysts but not trophozoites. These results show the Leu-rich repeat domain of CWP1 is a lectin that binds to curled fibrils of the GalNAc homopolymer. During excystation, host and Giardia proteases appear to degrade bound CWPs, exposing fibrils of the GalNAc homopolymer that are digested by a stage-specific glycohydrolase. Author SummaryWhile the walls of plants and fungi contain numerous sugar homopolymers (cellulose, chitin, and β-1,3-glucans) and dozens of proteins, the cyst wall of Giardia is relatively simple. The Giardia wall contains a unique homopolymer of β-1,3-linked N-acetylgalactosamine (GalNAc) and at least three cyst wall proteins (CWPs), each of which is composed of Leu-rich repeats and a C-terminal Cys-rich region. The three major discoveries here are: 1) Fibrils of the GalNAc homopolymer are curled and form a lattice that is compressed into a narrow plane by bound protein in intact cyst walls. 2) Leu-rich repeats of CWP1 form a novel lectin domain that is specific for fibrils of the GalNAc homopolymer, which can be isolated by methods used to deproteinate fungal walls. 3) A cyst-specific glycohydrolase is able to degrade deproteinated fibrils of the GalNAc homopolymer. We incorporate these findings into a new curled fiber and lectin model of the intact Giardia cyst wall and a protease and glycohydrolase model of excystation.National Institutes of Health (AI048082, AI44070, GM31318, RR1088

PORTUS LUPIAE. 3D MODELING AND VISUAL NARRATIVE FOR RECONSTRUCTING A LONG MARITIME HISTORY

[EN] The fast evolution of digital technologies and techniques of data recording have had a great impact on archaeological research. The first effect of this revolution was an increased number of strongly technologically oriented projects and applications. Among all available solutions, the use of 3D models is particularly relevant for the reconstruction of sites and monuments poorly preserved, often destroyed by natural causes or human action. These digital replicas are, at the same time, a virtual environment that can be used as a tool for the interpretative hypotheses of archaeologists and an effective medium for a visual description of the cultural heritage as it crosses linguistic barriers. In this paper, methodology, aims and outcomes of a virtual reconstruction of the ancient harbour at St. Cataldo (Lecce, south Italy) carried out by Portus Lupiae Project of the University of Salento, are offered as case study for a virtual reconstruction of a long maritime activity. The use of 3D technologies for teaching and research as well as the post-processing and implementation of data generate a new digital workflow for sharing local culture.Ferrari, I.; Quarta, A.; Sammarco, M.; Carpentieri, A.; Di Tondo, A.; Leone, R. (2016). PORTUS LUPIAE. 3D MODELING AND VISUAL NARRATIVE FOR RECONSTRUCTING A LONG MARITIME HISTORY. En 8th International congress on archaeology, computer graphics, cultural heritage and innovation. Editorial Universitat Politècnica de València. 452-456. https://doi.org/10.4995/arqueologica8.2015.4156OCS45245

Characterization Techniques Coupled With Mathematical Tools for Deepening Asphaltenes Structure

Asphaltenes are the heavy fraction of fossil fuels, whose characterization remains a very difficult and challenging issue due to the still-persisting uncertainties about their structure and/or composition and molecular weight. Asphaltene components are highly condensed aromatic molecules having some heteroatoms and aliphatic functionalities. Their molecular weights distribution spans in a wide range, from hundreds to millions of mass units, depending on the diagnostic used, which is mainly due to the occurrence of self-aggregation. In the present work, mass spectrometry along with size exclusion chromatography and X-ray diffraction analysis have been applied to asphaltenes for giving some further insights into their molecular weight distribution and structural characteristics. Relatively small polycyclic aromatic hydrocarbons (PAHs) with a significant degree of aliphaticity were individuated by applying fast Fourier transform (FFT) and double bond equivalent (DBE) number analysis to the mass spectra. X-ray diffraction (XRD) confirmed some aliphaticity, showing peaks specific of aliphatic functionalities. Size exclusion chromatography indicated higher molecular weight, probably due to the aliphatic substituents. Mass spectrometry at high laser power enabled observing a downward shift of molecular masses corresponding to the loss of about 10 carbon atoms, suggesting the occurrence of aryl-linked core structures assumed to feature asphaltenes along with island and archipelago structures

Patrón reproductivo y características de la población de la salema, Sarpa salpa (Osteichthyes: Sparidae) en el mar Mediterráneo

The sexual maturation and the growth of the salema, Sarpa salpa (Linnaeus, 1758), along the Italian Mediterranean coast (central Italy), were studied in fish (n = 105) killed incidentally by underwater explosions during the construction of Civitavecchia harbour in 1999 and specimens collected with trammel nets (n = 339). This species is characterized by a protandric hermaphroditism and the sex change process occurs between 24 and 31 cm TL corresponding to a wide range of ages (3-7 years). Size at maturity (L50) was 19.5 cm, at which almost all the individuals were males. Two distinct spawning periods were observed: one in spring, from March to May, and the other in autumn, from the end of September to November. During the first year, compensatory growth occurred in the individuals born in the two periods. An annual regular pattern of ring deposition was identified in the otoliths: the translucent ring was laid down during the winter months, while the opaque ring was formed during the summer months. Back-calculated lengths at age were used to estimate the parameters of the Von Bertalanffy growth equation which were: L∞ = 37.27 cm, K = 0.27 year-1 and t0 = -0.53 year. Salema showed isometric growth (b = 3.04; P = 0.84; t = 0.19).La maduración sexual y crecimiento de Sarpa salpa (Linnaeus, 1758) en las costas del Mediterráneo italiano (Italia central) fueron estudiadas a partir de la recolecta de ejemplares muertos accidentalmente (n = 105) como consecuencia de las explosiones submarinas acaecidas durante la construcción del puerto de Civitavecchia en 1999, así como de ejemplares recolectados mediante redes de arrastre (n = 339). Esta especie se caracteriza por un hermafroditismo protándrico, ocurriendo el proceso de cambio sexual entre los 24 y 31 cm TL, los cuales corresponden a un amplio rango de edades (3-7 años). La talla de maduración (L50) fue de 19,5 cm, siendo la casi la totalidad de los individuos eran de sexo masculino. Se observaron dos períodos diferentes de reproducción: uno en primavera, de marzo a mayo y otro en otoño, de finales de septiembre a noviembre. Se observó, durante el primer año, un crecimiento compensatorio ocurrido entre los individuos nacidos en los dos períodos. Se identificó en los otolitos un modelo anual y regular de deposición de anillos. Se observó el depósito de un anillo translúcido durante los meses invernales, mientras que otro opaco se formó durante los meses de verano. Las composición por edades y tallas retrocalculadas se utilizaron para estimar los parámetros de la ecuación de crecimiento de Von Bertalanffy, es decir: L∞ = 37,27 cm, K = 0,27 año-1 y t0 = -0,53 año. S. salpa demostró un crecimiento isométrico (b = 3,04; P = 0,84; t = 0,19)

Feeding habits of European hake (Merluccius merluccius) in the central Mediterranean Sea

European hake (Merluccius merluccius) is an important predator of deeper shelf-upper slope Mediterranean communities. It is a nectobenthic species distributed over a wide depth range (20−1000 m) throughout the Mediterranean Sea and the north east Atlantic region (Fisher et al., 1987). Notwithstanding the ecological and economic importance (Oliver and Massutí, 1995) of hake in the Mediterranean, many aspects of its biology (e.g., recruitment and reproduction), due to multiple spawning (Sarano, 1986) and the current state of exploitation, are poorly understood (Arneri and Morales-Nin, 2000)