Asymptotic Multivariate Dominance: A Financial Application

We propose a multivariate stochastic dominance relation aimed at ranking different financial markets/sectors from the point of view of a non-satiable risk averse investor. In particular, we assume that the vector of returns of a given market is in the domain of attraction of a symmetric stable Paretian law in order to take into account the asymptotic behaviour of the financial returns. We determine the stochastic dominance rule for stable symmetric distributions, where the stability parameter plays a crucial role. Consequently, the multivariate rule for ordering markets is based on a comparison between i) location parameters, ii) dispersion parameters, and iii) stability indices. Finally, we apply the method to the equity markets of the four countries with the highest gross domestic product in 2013, namely, the US, China, Japan and Germany. In this empirical comparison we examine the ex ante and ex post dominance between stock markets, either assuming that the returns are jointly (or conditionally, for a robust approach) Gaussian distributed, or in the domain of attraction of a stable sub-Gaussian law.     

Compatibility of activity coefficients estimated experimentally and by Pitzer equations for the assessment of seawater pH

Calibration of pH meters is usually performed with reference pH buffer solutions of low ionic strength, I ≤ 0.1 mol kg^?1. For seawater pH measurements (I ≈ 0.7 mol kg^?1), calibration buffers in high ionic strength matrix are required. The Harned cell, in association with the Nernst equation and a model for estimating the chloride ion activity coefficient, \(\gamma_{{{\text{Cl}}^{ - } }} ,\) is the basis of the primary method for pH assignment to reference pH buffers. The semi-empirical Pitzer model is, in principle, adequate to estimate \(\gamma_{{{\text{Cl}}^{ - } }}\) of complex solutions, namely seawater. Nevertheless, no assessment of the validity of the model for this matrix is known to the authors. This work aims at estimating the adequacy of the Pitzer model by assessing the metrological compatibility of mean activity coefficients, in this case \(\gamma_{ \pm } = \sqrt {\gamma_{{{\text{H}}^{ + } }} \gamma_{{{\text{Cl}}^{ - } }} }\) estimated experimentally with the Harned cell, \(\gamma_{ \pm }^{\text{Exp}} ,\) and using the Pitzer model, \(\gamma_{ \pm }^{\text{Ptz}}\). The measurement uncertainty considered in the compatibility test was estimated using the bottom-up approach, where components were combined by the numerical Kragten method after checking its adequacy. The compatibility of the estimated \(\gamma_{ \pm }\) was assessed for solutions with increasing complexity and an ionic strength of 0.67 mol kg^–1. \(\gamma_{ \pm }^{\text{Exp}}\) and \(\gamma_{ \pm }^{Ptz}\) are metrologically compatible for a confidence level of 95 % where the relative standard uncertainty of their difference ranged from 1.1 % to 3.1 % in all chloride solutions to approximately 6.3 % when sodium sulfate was also present. This led to assume the validity of the Pitzer model equations to estimate \(\gamma_{{{\text{Cl}}^{ - } }} ,\) required to define reference pH values of buffer solutions with high ionic strength.     

A model for the interactions involving hydrophilic structure maker solutes

Enthalpies of dilution of ternary aqueous solutions containing glucose and alkan-1-ols, alkan-1,2-diols and alkan-m,n-diols were determined at 298.15 K by flow microcalorimetry. The pair-wise cross interaction coefficients of the virial expansion of the excess enthalpies were evaluated: they are positive and depend in a complex manner on the length of the alkyl chain of the alkanols. The behaviour of these systems is interpreted in terms of preferential interactions between the hydrophilic groups of the alkanols and the destructured domain present on glucose.     

Chiral recognition in aqueous solutions: On the role of urea in hydrophilic and hydrophobic interactions of unsubstituted α-amino acids

Calorimetric and nuclear relaxation time measurements were carried out at 25°C on concentrated aqueous solutions of urea containing the L and D forms of the following -aminoacids: alanine, -aminobutyric acid, norvaline, and norleucine. Glycine was also studied under the same experimental conditions. The enthalpic interaction coefficients were rationalized according to the preferential configuration model. The trends of the homochiral coefficients at increasing concentration of urea underline an interaction mechanism not different from that occurring in water. Chiral recognition is the quantity more affected by the nature of the solvent. Among the amino acids studied, only norleucine presents this effect, which vanishes at the highest concentrations of urea because the attenuated electrostatic interactions cannot impose preferential configurations.     

Electrosynthesized, non-conducting films of poly(2-naphthol): electrochemical and XPS investigations

Advanced biosensors are frequently based on electrosynthesized polymeric films. In this context, the electrosynthesis mechanism underlying the electrochemical oxidation of 2-naphthol (2-NAP) in phosphate buffer at pH 7 on Pt electrodes has been investigated. The voltammetric behaviour suggested the formation of a non-conducting polymer (poly(2-NAP)) through an irreversible electrochemical process complicated by 2-NAP adsorption and fast electrode passivation. Repeat experiments showed the passive films to be strongly adherent to the Pt surface with thicknesses of approximately 10 nm, as estimated by in-situ electrochemical quartz crystal microbalance (EQCM) measurements and by X-ray photoelectron spectroscopy (XPS). The polymer structure was then investigated by XPS, which gave evidence of the presence of naphthalene rings bonded through poly(oxide) groups (C–O–C) and of quinonoid groups, probably present as the ends of polymeric chains. The polymer repeat unit and terminal groups derived by XPS analysis are in accordance with electrochemical results and with synthesis routes reported for phenol-derived compounds in aqueous solution. XPS also gave evidence of a large excess of oxygen, probably arising from water molecules entrapped by the polymeric chains, as suggested by angle-resolved XPS and thermal treatment of poly(2-NAP)/Pt film under ultra-high vacuum (UHV).     

Biochemical and Molecular Study of <Emphasis Type="Italic">Carpobrotus edulis</Emphasis> Bioactive Properties and Their Effects on <Emphasis Type="Italic">Dugesia sicula</Emphasis> (Turbellaria,Tricladida) Regeneration

The traditional medicinal properties of Carpobrotus edulis are well recognized, particularly in Tunisia where it is used for wound healing. Thus, in this study, biochemical and molecular properties of its leaves’ bioactive aqueous-acetone extract were investigated. The total phenolic content (TPC) of the extract was estimated to be 184 ± 5 mg/100 g of fresh matter (FM). The qualitative and quantitative polyphenolic profile was determined by ultra performance liquid chromatography with diode array detection (UPLC-DAD) and showed that chlorogenic acid was the major compound (43.7%). The extract exhibits potent antioxidant capacities with IC50 = 56.19 and 58.91 μg/ml, as accessed via the anionic DPPH and cationic ABTS radical scavenging assays, respectively. The extract has high antibacterial properties, especially against the Gram+ Staphylococcus aureus and Bacillus cereus strains. To investigate the extract effect on regeneration, the flatworm Dugesia sicula Lepori, 1948, was used as a model. The macroscopic analysis of planarian cultures in ordinary medium containing phenolic extract at non-toxic concentrations illustrated that the extract caused morphological changes. Additionally, the molecular study through the fluorescence-activated cell sorting (FACS) technique showed that C. edulis polyphenols can harm the stem cells’ development. These results emphasize the ecotoxicological impact of phenolic rejections in the environment on flatworms’ physiology.     

Influence of the Use of an Ionic Liquid as Pre-Hydrodistillation Maceration Medium on the Composition and Yield of Cannabis sativa L. Essential Oil

Cannabis sativa L. is a multi-purpose crop, whose resilience, adaptability and soil-enriching properties make it a low-impact production. In the last years, the cultivation of the “industrial” hemp varieties (THC < 0.2%) has been promoted by many Countries, opening a whole new market of hemp-derived products, such as its essential oil (EO). Its distillation might represent an effective method to exploit a residue of the hemp fiber production (flowers), complying with the guidelines of the circular economy. In the present work, different concentrations of an ionic liquid (IL; 1,3-dimethyl-1H-imidazol-3-ium dimethylphosphate) have been studied as a pre-hydrodistillation maceration medium. The EO yields have been evaluated, and their compositions have been analyzed by GC-EIMS. The use of 100% and 90% IL concentrations gave a hydrodistillation yield increment of 250% and 200%, respectively. The 200% yield increase was maintained when the 100% IL was recycled after the hydrodistillation. The lower IL concentrations incremented the cannabinoid and oxygenated sesquiterpene contents, while the opposite was true for sesquiterpene hydrocarbons. The proposed IL-enhanced hydrodistillation medium applied to hemp, studied for the first time in the present work, might be used to both (i) noteworthy increment the hydrodistillation yield and (ii) modulate the obtained EO composition based on the desired final product.