Mutual fund incentive fees: Determinants and effects

We investigate the how and why of performance fee provisions in a free contracting environment such as the Italian mutual fund market until 2006. We find weak support for the hypothesis that these provisions emerge as an economically efficient solution in a rational asset management industry plagued by asymmetric information. They appear to emerge mainly as the product of strategic pricing by asset managers wishing to ease market competition, leverage on investors' sentiment, and hedge their cost structure. Alternatively, fears that managers may opportunistically alter funds' investment policies to maximize the option value embedded in the incentive provisions appear unjustified

Undernutrition, body composition and proportion among schoolchildren in two departments of Mendoza, Argentina

El objetivo fue conocer y analizar las prevalencias de desnutrición, composición y proporción corporales en relación con las condiciones socioambientales de residencia de niños de dos departamentos lindantes de la provincia de Mendoza: San Rafael (SR) y General Alvear (GA). Se realizó un estudio transversal en 5118 niños de 5 a 12 años. Se relevaron: peso; estatura total y sentado; perímetro braquial y pliegue tricipital, y se calcularon índices de masa corporal y de estatura sentado, áreas muscular y grasa del brazo. Las prevalencias de Bajo Peso/Edad (BP/E); Baja Talla/Edad (BT/E) y Bajo Peso/Talla (BP/T) se estimaron utilizando NHANES III. Las variables socioambientales se relevaron mediante encuestas semiestructuradas. La prevalencia de BT/E fue similar en ambas poblaciones y las de BP/E y BP/T, mayores en GA. El acortamiento de los miembros inferiores fue mayor en SR; y los déficits de tejido muscular y adiposo, en GA. Se concluye que GA muestra mayores prevalencias de desnutrición aguda con modificación de la composición corporal asociadas a la precarización socioambiental. En SR, el estado nutricional y la calidad de vida son mejores que en GA, ya que supera aquellas condiciones adversas que afectaron las primeras etapas de desarrollo, reflejadas en la proporción corporal.The aim was to know and to analyse the prevalence of undernutrition and body composition and proportion in relationship to socio-environmental conditions of residence in children of two adjacent departments in the province of Mendoza: San Rafael (SR) and General Alvear (GA). A crosssectional anthropometrical study was performed in 5.118 children from 5 to 12 years old. Body weight, height, sitting height, arm circumference and triceps skinfold were measured and the sitting height ratio and muscle and body mass index, fat areas of the arm calculated. Prevalences of low weight-for-age (LW/A), low height-for-age (LH/A) and low weight-for-height (LW/H) were estimated using NHANES III. The socio-environmental variables were surveyed using semi-structured questioner. Prevalences of LH/A were similar in both populations and LW/A and LW/H higher in GA. The lower limb shortening was higher in SR, the deficits of muscle and adipose tissue in GA. It is concluded that whereas GA shows a higher prevalence of acute malnutrition associate to body composition changes as consequence of the social insecurity; in SR, is evident that nutritional status and life quality are better than GA surpassing those adverse conditions that affected the early stages of development as a mirror in body proportion change.Fil: Garraza, Mariela. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico la Plata. Instituto de Genética Veterinaria "ingeniero Fernando Noel Dulout"; Argentina. Universidad Nacional de La Plata. Facultad de Ciencias Veterinarias; ArgentinaFil: Forte, Luis M.. Universidad Nacional de la Plata. Facultad de Cs.naturales y Museo. Instituto de Geomorfologia y Suelos; ArgentinaFil: Navone, Graciela Teresa. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico la Plata. Centro de Estudios Parasitológicos y de Vectores (i); Argentina. Universidad Nacional de La Plata. Facultad de Ciencias Naturales y Museo; ArgentinaFil: Oyhenart, Evelia Edith. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico la Plata. Instituto de Genética Veterinaria "ingeniero Fernando Noel Dulout"; Argentina. Universidad Nacional de La Plata. Facultad de Ciencias Veterinarias; Argentin

Indicadores de calidad de la tierra en distintas posiciones de la cuenca del Río Santa María

p.111-115La posición de los suelos en el paisaje y las diferentes prácticas de manejo se consideran elementos importantes para modificar las propiedades del suelo y la calidad del mismo. En el área en estudio, la cuenca del río Santa María en la provincia de Catamarca, es posible encontrar distintas posiciones del relieve, asociadas con cultivos intensivos a semiintensivos sujetos a prácticas de manejo inadecuadas que provocan procesos de degradación de diversa índole, asociados con la textura diferente de los suelos. El grado de afectación de las propiedades y características de los suelos en el valle no es conocido, pero es posible suponer que, dada la falta de rotaciones y la naturaleza de la producción primaria de la zona, las degradaciones físicas, químicas y biológicas, junto con los procesos erosivos están muy difundidos, por ello el objetivo de este trabajo consistió en determinar el comportamiento de los indicadores de calidad de la tierra ante cambios en la posición en el paisaje, el uso de la tierra y la profundidad de la medición. Se observó que la conductividad eléctrica (CE) tiene tendencia a disminuir en profundidad y con el uso agrícola en los suelos de la cuenca, mientras que la Relación de Absorción de Sodio (RAS) y el pH no presentaron modificaciones en estas condiciones. Todos los indicadores fueron muy dependientes de la posición en el paisaje, sin embargo este factor no pudo ser diferenciado del uso de la tierra. Se encontró además que los indicadores físicos son muy sensibles al uso agrícola, y que el Diámetro Medio Geométrico (DMG) resulta ser un mejor predictor que el Diámetro Medio Ponderado (DMP) en suelos de textura arenosa. Por último, se observó que el contenido de CO, el DMP, el DMG y la CE se incrementan hacia las posiciones más bajas

A 3D inﾠvitro model of patient-derived prostate cancer xenograft for controlled interrogation of inﾠvivo tumor-stromal interactions

Patient-derived xenograft (PDX) models better represent human cancer than traditional cell lines. However, the complex in vivo environment makes it challenging to employ PDX models to investigate tumor-stromal interactions, such as those that mediate prostate cancer (PCa) bone metastasis. Thus, we engineered a defined three-dimensional (3D) hydrogel system capable of supporting the co-culture of PCa PDX cells and osteoblastic cells to recapitulate the PCa-osteoblast unit within the bone metastatic microenvironment in vitro. Our 3D model not only maintained cell viability but also preserved the typical osteogenic phenotype of PCa PDX cells. Additionally, co-culture cellularity was maintained over that of either cell type cultured alone, suggesting that the PCa-osteoblast cross-talk supports PCa progression in bone, as is hypothesized to occur in patients with prostatic bone metastasis. Strikingly, osteoblastic cells co-cultured with PCa PDX tumoroids organized around the tumoroids, closely mimicking the architecture of PCa metastases in bone. Finally, tumor-stromal signaling mediated by the fibroblast growth factor axis tightly paralleled that in the in vivo counterpart. Together, these findings indicate that this 3D PCa PDX model recapitulates important pathological properties of PCa bone metastasis, and validate the use of this model for controlled and systematic interrogation of complex in vivo tumor-stromal interactions

An In Vivo Screen Identifies PYGO2 as a Driver for Metastatic Prostate Cancer

Advanced prostate cancer displays conspicuous chromosomal instability and rampant copy number aberrations, yet the identity of functional drivers resident in many amplicons remain elusive. Here, we implemented a functional genomics approach to identify new oncogenes involved in prostate cancer progression. Through integrated analyses of focal amplicons in large prostate cancer genomic and transcriptomic datasets as well as genes upregulated in metastasis, 276 putative oncogenes were enlisted into an in vivo gain-of-function tumorigenesis screen. Among the top positive hits, we conducted an in-depth functional analysis on Pygopus family PHD finger 2 (PYGO2), located in the amplicon at 1q21.3. PYGO2 overexpression enhances primary tumor growth and local invasion to draining lymph nodes. Conversely, PYGO2 depletion inhibits prostate cancer cell invasion in vitro and progression of primary tumor and metastasis in vivo In clinical samples, PYGO2 upregulation associated with higher Gleason score and metastasis to lymph nodes and bone. Silencing PYGO2 expression in patient-derived xenograft models impairs tumor progression. Finally, PYGO2 is necessary to enhance the transcriptional activation in response to ligand-induced Wnt/β-catenin signaling. Together, our results indicate that PYGO2 functions as a driver oncogene in the 1q21.3 amplicon and may serve as a potential prognostic biomarker and therapeutic target for metastatic prostate cancer.Significance: Amplification/overexpression of PYGO2 may serve as a biomarker for prostate cancer progression and metastasis. Cancer Res; 78(14); 3823-33. ©2018 AACR

Estado nutricional y parasitosis intestinales en niños residentes en zonas urbana, periurbana y rural del partido de Brandsen (Buenos Aires, Argentina)

El presente estudio tuvo como objeto analizar el estado nutricional y las parasitosis intestinales en niños de 3 a 6 años de edad, residentes en zonas urbanas (U), periurbanas (PU) y rurales (R) del partido de Brandsen. La muestra quedó constituida por 600 niños (302 varones y 298 mujeres). Los valores P85#P95 definieron sobrepeso y >P95 obesidad. Se tomaron muestras de materia fecal seriada y escobillado anal que fueron analizadas mediante técnicas de concentración por sedimentación (Ritchie) y flotación (Willis). Los datos fueron asociados con las características socioambientales de cada zona. PU presentó prevalencias de baja talla para la edad y parasitosis significativamente mayores que U (p<0.01). Se registraron 7 especies parásitas en U, 8 en PU y 4 en R, siendo Enterobius vermicularis, Blastocystis hominis y Giardia lamblia las especies más abundantes. También el poliparasitismo fue mayor en PU. Aunque el sobrepeso y la obesidad fueron elevados en las tres zonas, las mayores prevalencias se registraron en PU y R respecto de U (p<0.01). La coexistencia de desnutrición y sobrepeso-obesidad, podría vincularse con los cambios experimentados en las costumbres alimentarias y los modos de vida de estas poblaciones en el contexto de la transición nutricional. La zona periurbana presenta las peores condiciones socio-ambientales para el crecimiento y la salud de los niños en edad preescolar

Firm Opacity Lies in the Eye of the Beholder

We classify and test empirical measures of firm opacity and document theoretical and empirical inconsistencies across these proxies by testing the relative opacity of banks versus non-banks. We evaluate the effectiveness of these proxies by observing the effect of two cleanly identified shocks to firm-specific information: credit rating initiation and inclusion in the S&P 500 index. Using a difference-in-difference approach, we compare firms that are newly rated and firms that are included in the S&P 500 index with a propensity matched sample of “unchanged” firms. We find that only the number of analysts and Amihud's illiquidity ratio provide consistent patterns across different estimation specifications and different econometric settings. These two proxies show that banks are more opaque than non-banks. Based on our tests, we recommend that these proxies be used as the primary measures of firm opacity

Pre- and postsynaptic actions of ATP on neurotransmission in rat submandibular ganglia

The pre- and postsynaptic actions of exogenously applied ATP were investigated in intact and dissociated parasympathetic neurotics of rat submandibular ganglia. Nerve-evoked excitatory postsynaptic potentials (EPSPs) were not inhibited by the purinergic receptor antagonists, suramin and pyridoxal-phosphate-6-azophenyl-2 ' ,4 ' -disulphonic acid (PPADS), or the desensitising agonist, alpha,beta -methylene ATP. In contrast. EPSPs were abolished by the nicotinic acetylcholine receptor antagonists, hexamethonium and mecamylamine. Focal application of ATP (100 muM) had no effect on membrane potential of the postsynaptic neurone or on the amplitude of spontaneous EPSPs. Taken together, these results suggest the absence of functional purinergic (P2) receptors on the postganglionic neurone in situ. In contrast, focally applied ATP (100 muM) reversibly inhibited nerve-evoked EPSPs. Similarly, bath application of the non-hydrolysable analogue of ATP, ATP gammaS, reversibly depressed EPSPs amplitude, The inhibitory effects of ATP and ATP gammaS on nerve-evoked transmitter release were antagonised by bath application of either PPADS or suramin, suggesting ATP activates a presynaptic P2 purinoceptor to inhibit acetylcholine release from preganglionic nerves in the submandibular ganglia. In acutely dissociated postganglionic neurotics from rat submandibular ganglia. focal application of ATP (100 LM) evoked an inward current and subsequent excitatory response and action potential firing, which was reversibly inhibited by PPADS (10 muM). The expression of P2X purinoceptors in wholemount and dissociated submandibular ganglion neurones was examined using polyclonal antibodies raised against the extracellular domain of six P2X purinoceptor subtypes (P2X(1-6)). In intact wholemount preparations, only the P2X(5) purinoceptor subtype was found to be expressed in the submandibular ganglion neurones and no P2X immunoreactivity was detected in the nerve fibres innervating the ganglion. Surprisingly, in dissociated submandibular ganglion neurones, high levels of P2X(2) and P2X(4) purinoceptors immunoreactivity were found on the cell surface. This increase in expression of P2X(2) and P2X(4) purinoceptors in dissociated submandibular neurones could explain the increased responsiveness of the neurotics to exogenous ATP. We conclude that disruption of ganglionic transmission in vivo by either nerve damage or synaptic blockade may up-regulate P2X expression or availability and alter neuronal excitability. (C) 2001 IBRO. Published by Elsevier Science Ltd. All rights reserved