Why indexing works

We develop a simple stock selection model to explain why active equity managers tend to underperform a benchmark index. We motivate our model with the empirical observation that the best performing stocks in a broad market index often perform much better than the other stocks in the index. Randomly selecting a subset of securities from the index may dramatically increase the chance of underperforming the index. The relative likelihood of underperformance by investors choosing active management likely is much more important than the loss those same investors take due to the higher fees of active management relative to passive index investing. Thus, active management may be even more challenging than previously believed, and the stakes for finding the best active managers may be larger than previously assumed.     

An active-set projected trust-region algorithm with limited memory BFGS technique for box-constrained nonsmooth equations

In this article, by means of an active set and limited memory strategy, we propose a trust-region method for box-constrained nonsmooth equations. The global convergence and the superlinear convergence are established under suitable conditions.     

Imidazolium Based Surface Active Ionic Liquids as Novel Micellar Media for Simultaneous and Sensitive Electrochemical Detection of Dopamine and Ascorbic Acid

Surface active ionic liquid (SAIL) micelle assisted, simultaneous and highly sensitive electrochemical sensing of dopamine (DA) and ascorbic acid (AA) is presented. Results presented herein establish that SAILs viz.1‐dodecyl‐3‐methyl imidazolium chloride ([DDMIM][Cl]), 1‐octyl‐3‐methyl imidazolium chloride ([OMIM][Cl]) and 1‐butyl‐3‐methyl imidazolium chloride ([BMIM][Cl]) exhibit a probe and SAIL nature/concentration specific impact on the redox behaviour of hydroquinone (H₂Q), dopamine (DA) and ascorbic acid (AA). To our observations, the electrochemical behaviour of DA and AA is affected oppositely by SAILs with the apparent effects being more appreciable in presence of [DDMIM][Cl]. In the presence of [DDMIM][Cl] micelles, the electro‐oxidation of AA was observed to occur at potentials about 350 mV less positive than required for electrooxidation of DA, an important advantage that minimises the interference of former in sensing of the later. The peak to peak potential separation of 350 mV observed in presence of [DDMIM][Cl] micelles is the largest to be reported so far. The DPV signal for DA and AA displayed a linear response in the concentration range of 6.6 to 99.9 μM and 6.6 to 131.5 μM respectively. Very low detection limits of 0.0161 μM for DA in presence of 39.8 μM AA and 0.0227 μM for AA in presence of 39.8 μM DA were estimated in micellar phase of [DDMIM][Cl].     

Metabolite identification by liquid chromatography-mass spectrometry

Metabolite identification (Met ID) is important during the early stages of drug discovery and development, as the metabolic products may be pharmacologically active or toxic in nature. Liquid chromatography-mass spectrometry (LC-MS) has a towering role in metabolism research.This review discusses current approaches and recent advances in using LC-MS for Met ID. We critically assess and compare various mass spectrometers, highlighting their strengths and limitations. Citing appropriate examples, we cover recent LC and ion sources, isotopic-pattern matching, hydrogen/deuterium-exchange MS, data dependent analyses, MS^E, mass defect filter, 2D and 3D approaches for the elucidation of molecular formula, polarity switching, and background-subtraction and noise-reduction algorithms. A flow chart outlines a comprehensive strategy for Met ID, including a focus on reactive metabolites.     

The first example for the asymmetric synthesis of allenes by the Doering-LaFlamme allene synthesis with enantiopure cyclopropylmagnesium carbenoids

The reaction of lithium α-sulfinyl carbanion of enantiopure dichloromethyl p-tolyl sulfoxide with α,β-unsaturated carbonyl compounds gave optically active 1-chlorocyclopropyl p-tolyl sulfoxides having a carbonyl group with high asymmetric induction from the sulfur chiral center. Reduction of the carbonyl group followed by treatment with Grignard reagent, the 1-chlorocyclopropyl p-tolyl sulfoxides resulted in the formation of enantiopure allenic alcohols via the Doering-LaFlamme-type rearrangement of enantiopure cyclopropylmagnesium carbenoid intermediates. This is the first example for the asymmetric synthesis of allenes by the Doering-LaFlamme allene synthesis.     

不同活性焦载体对V2O5/AC催化剂脱硫活性的影响

活性焦载体的选择是制备高活性烟气脱硫催化剂的关键.以四种煤制活性焦(AC)为载体,制得了系列V2O5/AC催化剂.通过脱硫活性评价、催化氧化能力测试和孔结构分析表明,AC表面的高活性氧化位较少,担载V2O5使AC表面产生了新的高活性氧化位,其脱硫活性显著提高;V2O5在具有高比表面积和较大孔容的载体上分散性较好,能够形...     

具有不同活性中心的固体催化剂的失活模式

 An approach is suggested to distinguish different types of active sites responsible for different reactions on bifunctional catalysts. The model assumes a non-uniform vulnerability of active sites that depends on their location. Problems on the relationship between the dispersion of the active phase and selectivity are discussed. The effect of coke formation on the activity change of different sites is analyzed.     

Al2O3性质对加氢脱硫催化剂Co-Mo/Al2O3活性相形成的影响

以两种商用Al2O3为载体,制备了汽油选择性加氢脱硫催化剂Co-Mo/Al2O3,并采用红外光谱、X射线衍射、N2吸附-脱附、透射电镜、扫描透射-能谱和X射线光电子能谱等手段系统研究了载体物化性质对催化剂活性相形成的影响.结果表明,表面羟基数量少和结晶程度高的载体与活性金属间相互作用减弱,促进了Mo物种的硫化还原,使MoS2片晶的尺寸和层数增加,且其硫化态催化剂上CoMoS活性位更多,CoMoS/MoS2比更大,因而显著提高了相应Co-Mo催化剂加氢脱硫活性和选择性.     

介孔Al2O3负载PdO催化甲烷燃烧反应性能

采用浸渍法制备了介孔Al2O3(M-Al2O3)负载PdO催化剂,考察了其催化CH4燃烧反应性能.结果表明,以M-Al2O3为载体的PdO催化剂活性比普通Al2O3载体高得多,这很可能与M-Al2O3的孔道结构对PdO物种的限域作用有关.随着PdO/M-Al2O3催化剂焙烧温度的升高,甲烷催化燃烧活性先增加后降低,其中700oC焙烧的催化剂活性最高,400oC反应时CH4转化率为91%.此时Pd物种主要以PdO颗粒形式高度分散在载体的介孔孔道内,而高温焙烧时,Pd物种主要以Pd和PdO的混合晶相存在.尽管900oC焙烧制得的催化剂上CH4的转化率降低,但TOF值最大,这可能与该催化剂中同时存在金属Pd和PdO有关.     

Dual Metal Active Sites in an Ir1/FeOx Single-Atom Catalyst: A Redox Mechanism for the Water-Gas Shift Reaction

Herein, we report a theoretical and experimental study of the water-gas shift (WGS) reaction on Ir₁/FeO_x single-atom catalysts. Water dissociates to OH* on the Ir₁ single atom and H* on the first-neighbour O atom bonded with a Fe site. The adsorbed CO on Ir₁ reacts with another adjacent O atom to produce CO₂, yielding an oxygen vacancy (O_vac). Then, the formation of H₂ becomes feasible due to migration of H from adsorbed OH* toward Ir₁ and its subsequent reaction with another H*. The interaction of Ir₁ and the second-neighbouring Fe species demonstrates a new WGS pathway featured by electron transfer at the active site from Fe³⁺−O⋅⋅⋅Ir²⁺−O_vac to Fe²⁺−O_vac⋅⋅⋅Ir³⁺−O with the involvement of O_vac. The redox mechanism for WGS reaction through a dual metal active site (DMAS) is different from the conventional associative mechanism with the formation of formate or carboxyl intermediates. The proposed new reaction mechanism is corroborated by the experimental results with Ir₁/FeO_x for sequential production of CO₂ and H₂.