The impact of accounting standards on pension investment decisions

This is the author accepted manuscript. The final version is available from the publisher via the DOI in this record.This study analyzes the ‘real’ effects of accounting standards in the context of defined benefit pension plans. Specifically, we examine the impact of IAS 19R, which increases expected pension-induced equity volatility by eliminating the so-called ‘corridor method’, a smoothing device for actuarial gains and losses. Supported by interview evidence, we show that IAS 19R leads firms to reconsider their pension investment decisions. Using matched samples of treatment and control firms, results from multivariate difference-in-differences tests indicate that firms affected by the adoption of IAS 19R significantly shift their pension assets from equities into bonds, relative to control firms. This effect is attenuated for firms with larger and better-funded pension plans. Supplementary analyses suggest that this shift in pension investment is mainly due to IAS 19R’s changes in the accounting for actuarial gains and losses (the ‘OCI method’). These results are robust to several sensitivity tests, although endogeneity concerns cannot be fully ruled out. Our study informs accounting standard setters and other stakeholders of potential shifts in firms’ real economic activities due to concerns about pension-induced equity volatility

Recombinant HIV Envelope Proteins Fail to Engage Germline Versions of Anti-CD4bs bNAbs

Vaccine candidates for HIV-1 so far have not been able to elicit broadly neutralizing antibodies (bNAbs) although they express the epitopes recognized by bNAbs to the HIV envelope glycoprotein (Env). To understand whether and how Env immunogens interact with the predicted germline versions of known bNAbs, we screened a large panel (N:56) of recombinant Envs (from clades A, B and C) for binding to the germline predecessors of the broadly neutralizing anti-CD4 binding site antibodies b12, NIH45-46 and 3BNC60. Although the mature antibodies reacted with diverse Envs, the corresponding germline antibodies did not display Env-reactivity. Experiments conducted with engineered chimeric antibodies combining the mature and germline heavy and light chains, respectively and vice-versa, revealed that both antibody chains are important for the known cross-reactivity of these antibodies. Our results also indicate that in order for b12 to display its broad cross-reactivity, multiple somatic mutations within its VH region are required. A consequence of the failure of the germline b12 to bind recombinant soluble Env is that Env-induced B-cell activation through the germline b12 BCR does not take place. Our study provides a new explanation for the difficulties in eliciting bNAbs with recombinant soluble Env immunogens. Our study also highlights the need for intense efforts to identify rare naturally occurring or engineered Envs that may engage the germline BCR versions of bNAbs

HIV-1 gp120 Induces Expression of IL-6 through a Nuclear Factor-Kappa B-Dependent Mechanism: Suppression by gp120 Specific Small Interfering RNA

In addition to its role in virus entry, HIV-1 gp120 has also been implicated in HIV-associated neurocognitive disorders. However, the mechanism(s) responsible for gp120-mediated neuroinflammation remain undefined. In view of increased levels of IL-6 in HIV-positive individuals with neurological manifestations, we sought to address whether gp120 is involved in IL-6 over-expression in astrocytes. Transfection of a human astrocyte cell line with a plasmid encoding gp120 resulted in increased expression of IL-6 at the levels of mRNA and protein by 51.3±2.1 and 11.6±2.2 fold respectively; this effect of gp120 on IL-6 expression was also demonstrated using primary human fetal astrocytes. A similar effect on IL-6 expression was observed when primary astrocytes were treated with gp120 protein derived from different strains of X4 and R5 tropic HIV-1. The induction of IL-6 could be abrogated by use of gp120-specific siRNA. Furthermore, this study showed that the NF-κB pathway is involved in gp120-mediated IL-6 over-expression, as IKK-2 and IKKβ inhibitors inhibited IL-6 expression by 56.5% and 60.8%, respectively. These results were also confirmed through the use of NF-κB specific siRNA. We also showed that gp120 could increase the phosphorylation of IκBα. Furthermore, gp120 transfection in the SVGA cells increased translocation of NF-κB from cytoplasm to nucleus. These results demonstrate that HIV-1 gp120-mediated over-expression of IL-6 in astrocytes is one mechanism responsible for neuroinflammation in HIV-infected individuals and this is mediated by the NF-κB pathway

Bindung und Mobilisierung von Schwermetallen in Langsam-Sandfiltern - Laborexperimente und halbtechnische Gelaendeversuche zur Charakterisierung der wichtigsten Prozesse zur Bindung und Mobilisierung von Spurenmetallen in Langsamfiltern

SIGLETIB Hannover: RN 8422 (86-6) / FIZ - Fachinformationszzentrum Karlsruhe / TIB - Technische InformationsbibliothekDEGerman

Laborexperimente und halbtechnische Gelaendeversuche zur Charakterisierung der wichtigsten Prozesse, welche die Bindung und Mobilisierung von Spurenmetallen in Langsamsandfiltern beeinflussen Abschlussdatum: Maerz 1986

TIB: RN 8422 (1986,6) / FIZ - Fachinformationszzentrum Karlsruhe / TIB - Technische InformationsbibliothekSIGLEDEGerman