Do international portfolio investors follow firms’ foreign investment decisions?

We analyze the interlinkages between foreign direct investment (FDI) and foreign portfolio investment (FPI) between Germany and the major economies. First, we show that Tobin’s q helps explaining the variation of the growth rate of the stock of FDI. Second, we show that foreign and the home stock market returns explain the ariation of the growth rate of the stock of FPI. Most importantly, we find that information about foreign fundamentals is revealed via direct investment. In other words, FDI transactions measured by fitted growth rates of the stock of FDI help explaining current growth rates of the stock of FPI. To our knowledge this observation is the first unambiguous evidence that international portfolio investors follow firms’ expected foreign investment decisions. JEL Classification: F21, F23, G11, G15and Information Spillovers, Foreign Direct Investment, Foreign Portfolio Investment, Investor Heterogeneity, Tobin’s q

Asset prices and portfolio choice with learning from experience

We study asset prices and portfolio choice with overlapping generations, where the young disregard history to learn from own experience. Disregarding history implies less precise estimates of output growth, which in equilibrium leads the young to increase their investment in risky assets after positive returns, that is, they act as trend chasers. In equilibrium, the risk premium decreases after a positive shock and, therefore, trend chasing young agents lose wealth relative to old agents who behave as contrarians. Consistent with findings from survey data, the average belief about the risk premium in the economy relates negatively to future excess returns and is smoother than the true risk premium

Strength Training for Arthritis Trial (START): design and rationale

Background Muscle loss and fat gain contribute to the disability, pain, and morbidity associated with knee osteoarthritis (OA), and thigh muscle weakness is an independent and modifiable risk factor for it. However, while all published treatment guidelines recommend muscle strengthening exercise to combat loss of muscle mass and strength in knee OA patients, previous strength training studies either used intensities or loads below recommended levels for healthy adults or were generally short, lasting only 6 to 24 weeks. The efficacy of high-intensity strength training in improving OA symptoms, slowing progression, and affecting the underlying mechanisms has not been examined due to the unsubstantiated belief that it might exacerbate symptoms. We hypothesize that in addition to short-term clinical benefits, combining greater duration with high-intensity strength training will alter thigh composition sufficiently to attain long-term reductions in knee-joint forces, lower pain levels, decrease inflammatory cytokines, and slow OA progression. Methods/Design This is an assessor-blind, randomized controlled trial. The study population consists of 372 older (age ≥ 55 yrs) ambulatory, community-dwelling persons with: (1) mild-to-moderate medial tibiofemoral OA (Kellgren-Lawrence (KL) = 2 or 3); (2) knee neutral or varus aligned knee ( -2° valgus ≤ angle ≤ 10° varus); (3) 20 kg.m-2 ≥ BMI ≤ 45 kg.m-2; and (3) no participation in a formal strength-training program for more than 30 minutes per week within the past 6 months. Participants are randomized to one of 3 groups: high-intensity strength training (75-90% 1Repetition Maximum (1RM)); low-intensity strength training (30-40%1RM); or healthy living education. The primary clinical aim is to compare the interventions’ effects on knee pain, and the primary mechanistic aim is to compare their effects on knee-joint compressive forces during walking, a mechanism that affects the OA disease pathway. Secondary aims will compare the interventions’ effects on additional clinical measures of disease severity (e.g., function, mobility); disease progression measured by x-ray; thigh muscle and fat volume, measured by computed tomography (CT); components of thigh muscle function, including hip abductor strength and quadriceps strength, and power; additional measures of knee-joint loading; inflammatory and OA biomarkers; and health-related quality of life. Discussion Test-retest reliability for the thigh CT scan was: total thigh volume, intra-class correlation coefficients (ICC) = 0.99; total fat volume, ICC = 0.99, and total muscle volume, ICC = 0.99. ICC for both isokinetic concentric knee flexion and extension strength was 0.93, and for hip-abductor concentric strength was 0.99. The reliability of our 1RM testing was: leg press, ICC = 0.95; leg curl, ICC = 0.99; and leg extension, ICC = 0.98. Results of this trial will provide critically needed guidance for clinicians in a variety of health professions who prescribe and oversee treatment and prevention of OA-related complications. Given the prevalence and impact of OA and the widespread availability of this intervention, assessing the efficacy of optimal strength training has the potential for immediate and vital clinical impact

Glufosinate constrains synchronous and metachronous metastasis by promoting anti-tumor macrophages

Abstract Glutamine synthetase (GS) generates glutamine from glutamate and controls the release of inflammatory mediators. In macrophages, GS activity, driven by IL10, associates to the acquisition of M2‐like functions. Conditional deletion of GS in macrophages inhibits metastasis by boosting the formation of anti‐tumor, M1‐like, tumor‐associated macrophages (TAMs). From this basis, we evaluated the pharmacological potential of GS inhibitors in targeting metastasis, identifying glufosinate as a specific human GS inhibitor. Glufosinate was tested in both cultured macrophages and on mice bearing metastatic lung, skin and breast cancer. We found that glufosinate rewires macrophages toward an M1‐like phenotype both at the primary tumor and metastatic site, countering immunosuppression and promoting vessel sprouting. This was also accompanied to a reduction in cancer cell intravasation and extravasation, leading to synchronous and metachronous metastasis growth inhibition, but no effects on primary tumor growth. Glufosinate treatment was well‐tolerated, without liver and brain toxicity, nor hematopoietic defects. These results identify GS as a druggable enzyme to rewire macrophage functions and highlight the potential of targeting metabolic checkpoints in macrophages to treat cancer metastasis

Effect of exposing rams to a female stimulus before semen collection on ram libido and semen quality

peer-reviewedRams with strong libido and desirable semen characteristics can provide more insemination doses per ejaculate and produce more progeny, improving population genetic linkage to improve the accuracy of EBV. The objective of this study was to determine if teasing rams, either by sight and smell alone (Exp. 1), or physical contact (Exp. 2), could improve libido and semen quality of rams. In Exp. 1, there were 3 treatments in which rams were exposed to the sight and smell of the ewe for 1 h: control treatment (n = 5) in which rams were exposed to a ewe not in estrus; non-novel treatment (n = 6) in which rams were exposed to a ewe in estrus and the same ewe was used for semen collection; and novel treatment (n = 6) in which rams were exposed to a ewe in estrus and a different ewe in estrus was used for semen collection. In Exp. 2, rams were individually given full access to a ewe, which had a cotton apron fi tted to cover her vulva, for 15 min. The 3 treatments in Exp. 2 were: control treatment (n = 5) in which rams were placed in a pen with a ewe not in estrus; a nonnovel treatment (n = 5) in which rams were placed in a pen with a ewe in estrus and the same ewe was used for semen collection; novel treatment (n = 6) in which rams were placed in a pen with a ewe in estrus and a different ewe in estrus was used for semen collection. Experiment 1 was repeated for 5 consecutive days and Exp. 2 was repeated for 4 consecutive days. Data on reaction time, number of mounts, semen volume, semen concentration, sperm wave motion, and progressive linear motion (Exp. 1 only) were collected and analyzed as a randomized complete block design, where rams were initially blocked for breed and age. In Exp. 1, there was an effect of day (P < 0.05) and a treatment × day interaction (P < 0.05) on semen volume, whereas there was also an effect of treatment (P < 0.05) and day (P < 0.01) on semen concentration, which was most evident on d 1. In Exp. 2, there was an effect of treatment on reaction time (P < 0.05) and semen volume (P = 0.08), which was most evident on d 1. This study demonstrates an acute effect on d 1 on semen concentration when rams were exposed to the sight and smell of a ewe in estrus. Alternatively, when rams were stimulated with physical contact of a ewe in estrus, an acute increase in semen volume was evident on d 1. These effects were not evident on subsequent days and thus the overall benefi ts on ram libido and semen quality of exposing rams to ewes in estrus are minimal.PUBLISHEDpeer-reviewe

Genotype-Independent Transmission of Transgenic Fluorophore Protein by Boar Spermatozoa

Recently, we generated transposon-transgenic boars (Sus scrofa), which carry three monomeric copies of a fluorophore marker gene. Amazingly, a ubiquitous fluorophore expression in somatic, as well as in germ cells was found. Here, we characterized the prominent fluorophore load in mature spermatozoa of these animals. Sperm samples were analyzed for general fertility parameters, sorted according to X and Y chromosome-bearing sperm fractions, assessed for potential detrimental effects of the reporter, and used for inseminations into estrous sows. Independent of their genotype, all spermatozoa were uniformly fluorescent with a subcellular compartmentalization of the fluorophore protein in postacrosomal sheath, mid piece and tail. Transmission of the fluorophore protein to fertilized oocytes was shown by confocal microscopic analysis of zygotes. The monomeric copies of the transgene segregated during meiosis, rendering a certain fraction of the spermatozoa non-transgenic (about 10% based on analysis of 74 F1 offspring). The genotype-independent transmission of the fluorophore protein by spermatozoa to oocytes represents a non-genetic contribution to the mammalian embryo

Harmonisation of demographic and socio-economic variables in cross-national survey research

The aim of the present paper is to demonstrate how demographic and socio-economic variables in cross-national comparative survey research can be harmonized. After a short introduction discussing the difference between translation and harmonization, the path from a national concept and structure to an internationally-applicable measurement instrument is traced using the education variable as an example. Tables, References. Adapted from the source document. (author's abstract

Pyoderma gangrenosum after totally implanted central venous access device insertion

<p>Abstract</p> <p>Background</p> <p>Pyoderma gangrenosum is an aseptic skin disease. The ulcerative form of pyoderma gangrenosum is characterized by a rapidly progressing painful irregular and undermined bordered necrotic ulcer. The aetiology of pyoderma gangrenosum remains unclear. In about 70% of cases, it is associated with a systemic disorder, most often inflammatory bowel disease, haematological disease or arthritis. In 25–50% of cases, a triggering factor such as recent surgery or trauma is identified. Treatment consists of local and systemic approaches. Systemic steroids are generally used first. If the lesions are refractory, steroids are combined with other immunosuppressive therapy or to antimicrobial agents.</p> <p>Case presentation</p> <p>A 90 years old patient with myelodysplastic syndrome, seeking regular transfusions required totally implanted central venous access device (Port-a-Cath^®) insertion. Fever and inflammatory skin reaction at the site of insertion developed on the seventh post-operative day, requiring the device's explanation. A rapid progression of the skin lesions evolved into a circular skin necrosis. Intravenous steroid treatment stopped the necrosis' progression.</p> <p>Conclusion</p> <p>Early diagnosis remains the most important step to the successful treatment of pyoderma gangrenosum.</p