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Foodborne viruses are significant public health threats
capable of causing life-threatening infections and posing major risks for future pandemics
the development of vaccines and treatments remains limited due to gaps in understanding their biophysical properties
noroviruses are currently the leading cause of viral gastroenteritis globally and are responsible for numerous foodborne outbreaks
with a focus on atomic force microscopy (AFM)
We demonstrate how AFM can provide crucial insights into virus-host interactions
We also show that the integration of various biophysical approaches offers new opportunities for advancing our understanding of foodborne viruses
ultimately guiding the development of effective prevention strategies and antiviral therapies
By gaining insight into the physical interaction between viruses and food surfaces or packaging materials
it is possible to improve surface treatments
and sanitization protocols that could prevent viral spread
understanding the interaction mechanisms of viruses with host cells
including the identification of viral proteins or cell receptors essential for replication
could provide valuable information for the development of effective antiviral treatments
quantifying virus binding kinetics and affinity can help identify specific viral antigens that elicit an immune response
thus allowing the enhancement of vaccine efficacy
we will emphasize on the use of AFM as a central tool for investigating the biophysical properties of foodborne viruses
We will provide an overview of foodborne viruses
since they appear to be among the most studied foodborne viruses using AFM and due to their major contribution to foodborne viral infections
General features of transmission dynamics and approaches for the prevention and control of these infections will also be presented
we will explore how other biophysical methods contribute to understanding foodborne viral infections and how some of these can be combined with AFM
we aim to highlight its unique contributions to the field of physical virology and its role in advancing strategies to prevent and combat foodborne viral infections
current challenges faced by these strategies are discussed
along with future perspectives for the field
we will only take into account enterotropic and hepatotropic viruses
The development of prevention and mitigation strategies focused on the foodborne transmission of these viruses is highly relevant
especially since widely available vaccines or treatments are rare for foodborne viruses
NoV is mainly transmitted through the fecal-oral route
by infecting host cells such as enterocytes
human NoV is known to bind to cell-surface attachment factors
the viral particle is internalized by the cell
which replicates the viral components needed for the assembly of new viral particles
allowing infection of surrounding cells and hosts
there is a major gap in understanding the stability of viruses in the food matrix and environment
This is of particular concern for future pandemic preparedness for inactivation and mitigation strategies
Understanding of the stability of foodborne viruses is essential to find suitable methods of inactivation
different viruses have varying levels of resilience creating the need for reliable methods reusable in different strains
In order to prevent large foodborne virus outbreaks and to increase food safety
inactivation and mitigation strategies have been developed
to which a detailed understanding of the biophysical properties of the viruses may contribute
the effectiveness of treatments can vary from cell culture to in vivo conditions
highlighting the need for more robust cell culture models
Further research highlights the need for deeper understanding of viral inactivation mechanisms
as well as for the development of new vaccines
the following sections of this review will focus on the AFM and its potential applications as a biophysical method in studying foodborne viruses
Schematics of panels A-C were created in BioRender.com
the above-mentioned methods have propelled AFM-based force spectroscopy to emerge as a powerful tool in investigating virus-receptor interactions
this technique detects and provides thermodynamical characterization of virus attachment to specific cellular receptors at the single-virus level
expanding our knowledge on the viral life cycle and opening doors for targeted antiviral treatments or preventive measures
A deeper understanding of foodborne viruses at the fundamental level
in particular with regard to their biophysical properties
is clearly needed for developing more specialized detection
AFM has been shown to be a powerful tool for extracting physical properties of viruses
this technique holds great potential in studying foodborne viruses
by providing information on morphology and mechanical properties of viruses
and biophysical parameters of virus-host interactions
This suggests that high-resolution methods
could offer valuable insights into viral impairment mechanisms
aiding the evaluation of inactivation techniques and their impact on food quality
AFM remains a powerful tool for fundamental research on foodborne viruses
particularly for investigating virus-surface interactions
AFM’s versatility is evident in its ability to not only image surface topography
but also measure various surface properties simultaneously
These biophysical methods can all be applied to investigating different characteristics of viruses and often provide complementary data
which makes them useful tools in broadening our view on foodborne viral diseases
in which perspectives and challenges of integrating AFM in modelling platforms are presented
All the previous studies help portray that combining AFM with other techniques is highly valuable in expanding our knowledge of viral infections
direct correlation of data from AFM experiments and other techniques is still challenging
current limitations of combining these techniques include sample preparation compatibility
using these biophysical methods as complementary techniques helps overcome the limitations of each technique and offers a more comprehensive understanding of complex biological processes
The recent rapid development of these tools brings exciting perspectives for their application in combating foodborne viral diseases
Food harbors a big risk for future pandemics in introducing and transferring viruses
Foodborne viruses are known for their stability in various physical environments and their limitations in identification and mitigation strategies
further research in all of these areas is needed to develop new strategies applicable for the complete food-chain and to evaluate their effects when combined
This emphasizes the need to understand and monitor viral infections in animals and contain them before they acquire the ability to spread in humans
other methods fall short when it comes to the level of detail AFM can provide about single viruses
a capability made possible by its wide range of specialized techniques and sophisticated data analysis tools
such as lack of quality data to train the algorithms
the rapid development of these tools will most likely result in its widespread use in biophysical research
with its applications being extended to foodborne viruses
Foodborne viruses are a significant cause of foodborne illnesses worldwide due to their low infectious doses
long-term survival and severe lack of specific and efficient inactivation strategies
such as their interactions with the food matrix
is of highest importance in the development of new strategies to combat foodborne illnesses
AFM’s ability to probe virus-surface and virus–host interactions on a single-molecule level has made it especially relevant for understanding the infection process of foodborne viruses
Insight into adhesion to surfaces can guide the development of surface treatments
and sanitization protocols aimed at preventing viral spread
AFM also allows the identification of key viral proteins and host cell receptors involved in virus attachment and entry
which offers valuable information for the development of effective antiviral treatments
this technique allows for the quantification of binding forces and dynamics
which is critical for identifying viral antigens that trigger immune responses
with great potential in enhancing vaccine design
the use of AFM alone and in combination with various other complementary techniques offer innovative approaches for a comprehensive view on foodborne viral infections and for future studies that aim at designing novel therapeutic interventions
It is also of note that emerging computational modelling approaches and the use of AI are expected to become major contributors to expanding our fundamental understanding of foodborne viruses
the application of the biophysical methods described here can be extended to other virus families as well
paving the way to a deeper knowledge on viral infection
No datasets were generated or analysed during the current study
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Detection and localization of single molecular recognition events using atomic force microscopy
Physical virology: how physics is enabling a better understanding of recent viral invaders
Recent advances in sensing the inter-biomolecular interactions at the nanoscale–A comprehensive review of AFM-based force spectroscopy
J.-i Diffraction-unlimited optical microscopy
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Force spectroscopy of single cells using atomic force microscopy
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Recent advances in the application of atomic force microscopy to structural biology
A beginner’s guide to atomic force microscopy probing for cell mechanics
Imaging modes of atomic force microscopy for application in molecular and cell biology
Control of ligand-binding specificity using photocleavable linkers in AFM force spectroscopy
Features of material surfaces affecting virus adhesion as determined by nanoscopic quantification
Probing molecular recognition sites on biosurfaces using AFM
High-force catch bonds between the Staphylococcus aureus surface protein SdrE and complement regulator factor H drive immune evasion
Nanomechanical mapping of first binding steps of a virus to animal cells
Deciphering molecular mechanisms stabilizing the reovirus-binding complex
Multiple receptors involved in human rhinovirus attachment to live cells
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in Seminars in Cell & Developmental Biology
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Fucose binding cancels out mechanical differences between distinct human noroviruses
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Biophysical properties of single rotavirus particles account for the functions of protein shells in a multilayered virus
Seeing and touching adenovirus: Complementary approaches for understanding assembly and disassembly of a complex virion
Phenol derivatives obtained from grape seed extract show virucidal activity against murine Norovirus
High-speed atomic force microscopy and its future prospects
Virus self-assembly proceeds through contact-rich energy minima
In vitro assembly of virus-like particles and their applications
HS-AFM and SERS analysis of murine norovirus infection: involvement of the lipid rafts
Identification and measurement of biomarkers at single microorganism level for in situ monitoring deep ultraviolet disinfection process
Differential MS2 interaction with food contact surfaces determined by atomic force microscopy and virus recovery
Interactions between rotavirus and Suwannee River organic matter: aggregation
Detection of hepatitis C virus core protein in serum using aptamer-functionalized AFM chips
Detection of RNA viruses from influenza and HIV to Ebola and SARS-CoV-2: a review
Combining confocal and atomic force microscopy to quantify single-virus binding to mammalian cell surfaces
How did correlative atomic force microscopy and super-resolution microscopy evolve in the quest for unravelling enigmas in biology
Atomic force microscopy-Scanning electrochemical microscopy (AFM-SECM) for nanoscale topographical and electrochemical characterization: Principles
Redox-immunofunctionalized potyvirus nanoparticles for high-resolution imaging by AFM-SECM correlative microscopy
Virus-Derived Nanoparticles for Advanced Technologies: Methods and Protocols
Evaluation of tip-enhanced Raman spectroscopy for characterizing different virus strains
A manual and an automatic TERS based virus discrimination
AFM-based correlative microscopy illuminates human pathogens
Correlative Raman imaging: development and cancer applications
and applications of combining AFM and Raman microscopy on biological samples
High-resolution mass spectrometry of viral assemblies: molecular composition and stability of dimorphic hepatitis B virus capsids
Prestress strengthens the shell of Norwalk virus nanoparticles
4 virus-like particles recognize galactosylceramides in domains of planar supported lipid bilayers
AFM-IR: Technology and applications in nanoscale infrared spectroscopy and chemical imaging
Chemical mapping of the distribution of viruses into infected bacteria with a photothermal method
computational biology integrated surface plasmon resonance technology reveals the mechanism of ellagic acid against rotavirus
Elucidating the mechanism behind irreversible deformation of viral capsids
Perspectives Toward an Integrative Structural Biology Pipeline With Atomic Force Microscopy Topographic Images
Detection methods for foodborne viruses: Current state-of-art and future perspectives
High-resolution cryo-EM structures of outbreak strain human norovirus shells reveal size variations
and 13 C resonance assignments of Norwalk virus protease
and control of the number one foodborne illness: human norovirus
Antibodies against Lewis antigens inhibit the binding of human norovirus GII
4 virus-like particles to saliva but not to intestinal Caco-2 cells
NMR experiments shed new light on glycan recognition by human and murine norovirus capsid proteins
Molecular details of the recognition of blood group antigens by a human norovirus as determined by STD NMR spectroscopy
Targeting norovirus infection—multivalent entry inhibitor design based on NMR experiments
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Insights into virus capsid assembly from non-covalent mass spectrometry
Interrogating viral capsid assembly with ion mobility–mass spectrometry
Charge Detection Mass Spectrometry Reveals Favored Structures in the Assembly of Virus-Like Particles: Polymorphism in Norovirus GI
The PRMT5/WDR77 complex restricts hepatitis E virus replication
Glycan-induced protein dynamics in human norovirus P dimers depend on virus strain and deamidation status
Monitoring influenza hemagglutinin and glycan interactions using surface plasmon resonance
Qualitative and quantitative analysis of the binding of GII
4 norovirus variants onto human blood group antigens
Applications of surface plasmon resonance and biolayer interferometry for virus–ligand binding
Structures of two human astrovirus capsid/neutralizing antibody complexes reveal distinct epitopes and inhibition of virus attachment to cells
Magnetic tweezers for single-molecule experiments
Determination of protein–protein interactions at the single-molecule level using optical tweezers
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All-atom molecular dynamics simulations of entire virus capsid reveal the role of ion distribution in capsid’s stability
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and the association of IgA with HAVCR1 enhances virus-receptor interactions
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Long-range cooperative disassembly and aging during adenovirus uncoating
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We thank the Leibniz Lab “Pandemic Preparedness”
Gülşah Gabriel and all its members for the stimulating discussions during the inauguration
which contributed significantly to this article
These authors contributed equally: Rita dos Santos Natividade
Leibniz Institute for Food Systems Biology at the Technical University of Munich
TUM Junior Fellow at the Chair of Nutritional Systems Biology
Conceptualization: M.K.; Writing—original draft preparation: R.N
and M.K.; Writing—reviewing and editing: M.K
and V.S.; all authors read and approved the manuscript
The authors declare no competing interests
Publisher’s note Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations
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MarTech » Marketing artificial intelligence (AI) » Role of a marketing technology manager: Best of the MarTechBot
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As the CMO of a national healthy snacks brand
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Volume 17 - 2023 | https://doi.org/10.3389/fnbeh.2023.1209494
This article is part of the Research TopicEarly Life Events: Shedding Light on Neurobiological MechanismsView all 6 articles
Editorial on the Research Topic Early life events: shedding light on neurobiological mechanisms
The influence of early life environment on brain development
The figure summarizes the studies that composed the Research Topic: Early Life Events: Shedding Light on Neurobiological Mechanisms
In Neurobiological mechanisms involved in maternal deprivation-induced behaviors relevant to psychiatric disorders, Zanta et al. provides an updated appraisal of the effects of maternal deprivation
This procedure may lead to increased susceptibility in animal models of mental disorders
and the authors argue for some putative mechanisms that could explain the behavioral outcomes
That sex-dimorphic effects were observed in most of the neurobiological outcomes is of indisputable importance
The review covers from immediate effects to long-term outcomes involving the hypothalamic-pituitary-adrenal axis
relating effects on these processes with the observed behavioral changes
Two studies consider different animal models of variant early environments and their influence on cognition. Mastication stimuli enhance the learning ability of weaning-stage rats, altering the hippocampal neuron transcriptome and micromorphology, conducted by Yasuoka et al. sheds light on the correlation between masticatory stimulation and memory using powdered or solid diets during a sensitive period of development
The study investigates neural interaction between mastication stimuli and memory processing
The results reveal that mastication stimuli during the weaning period have a positive effect on rat's memory function
probably through the increase of dendrite branches of hippocampal CA1 neurons and gene regulation related to dendrite growth
These findings underscore the importance of adequate mastication during developmental periods for proper brain function
The second study, Altered cognition and anxiety in adolescent offspring whose mothers underwent different-pattern maternal sleep deprivation, and cognition link to hippocampal expressions of Bdnf and Syt-1, is based on the evidence that sleep disturbance during pregnancy may negatively affect the development of offspring. Wei et al. investigated the association between sleep deprivation in late pregnancy with emotion
and expression of synaptic plasticity-related proteins in offspring mice
Pregnant mice were used for studying the different patterns and durations of sleep deprivation
The results demonstrated that maternal sleep deprivation during late pregnancy impairs emotion and cognition in offspring
which is associated with altered hippocampal bdnf and syt1 expression
Two studies examined exposure to early adversities in children. In Examining resting-state network connectivity in children exposed to perinatal maternal adversity using anatomically weighted functional connectivity (awFC) analyses; A preliminary report, Ayyash et al. explored adversity-related changes using an innovative approach to brain imaging analysis
that combines functional and structural connectivity
children whose mothers had poor mental health and/or low socioeconomic status during the perinatal period exhibited lower connectivity in some cortical and limbic networks
but increased connectivity in the ventral attention network
The awFC approach highlighted the importance of accounting for structural aspects when assessing functional connectivity in developmental networks
This study provides further support that early life stress impacts the course of brain maturation
specifically the developmental tuning of functional and structural connectivity
Early life experiences are the basis of a child's health during development and early life caregiving adversity may influence future negative memory biases. The study Variation in maternal sensitivity and the development of memory biases in preschoolers by Rifkin-Graboi et al. explored whether insensitive care predicts subsequent memory biases for threatening stimuli in preschoolers
and if such relations could influence different forms of memories and hippocampal volume
the authors showed that exposure to insensitive caregiving predicted the difference between emotional memories which were associated with hippocampal body volumes
The study highlights that lower levels of maternal sensitivity when children were four and a half years of age predicted better relational memory when angry stimuli were involved
These studies underline the need for additional research focusing on the effects of stress during early developmental stages
when brain circuits are still maturing and adapting
in order to better understand how stress imprints into neural circuits and changes their functioning throughout life
this understanding of the mechanisms associated with early life adversity may help to better establish protective strategies
filling the knowledge gap on sexual dimorphism in the neurobiological mechanisms of early life stress
as well as how protective strategies may reverse several of those effects will allow the development of more accurate treatments for a set of psychiatric disorders
All authors contributed to the article and approved the submitted version
The authors declare that the research was conducted in the absence of any commercial or financial relationships that could be construed as a potential conflict of interest
All claims expressed in this article are solely those of the authors and do not necessarily represent those of their affiliated organizations
Any product that may be evaluated in this article
or claim that may be made by its manufacturer
is not guaranteed or endorsed by the publisher
and dysregulation: phenotypic plasticity and human development
Resilience and vulnerability to trauma: early life interventions modulate aversive memory reconsolidation in the dorsal hippocampus
Amygdala 5-HTT gene network moderates the effects of postnatal adversity on attention problems: anatomo-functional correlation and epigenetic changes
Childhood adversities and adult psychopathology in the WHO World Mental Health Surveys
Dalmaz C and Mar Arcego D (2023) Editorial: Early life events: shedding light on neurobiological mechanisms
Received: 20 April 2023; Accepted: 05 May 2023; Published: 17 May 2023
Edited and reviewed by: Denise Manahan-Vaughan
Copyright © 2023 de Lima, Couto Pereira, Dalmaz and Mar Arcego. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY)
distribution or reproduction in other forums is permitted
provided the original author(s) and the copyright owner(s) are credited and that the original publication in this journal is cited
in accordance with accepted academic practice
distribution or reproduction is permitted which does not comply with these terms
*Correspondence: Randriely Merscher Sobreira de Lima, cmFuZHJpZWx5QGdtYWlsLmNvbQ==
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The Large Language Model (LLM) course is a collection of topics and educational resources for people to get into LLMs
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Preference alignment is a second stage in the post-training pipeline, focused on aligning generated answers with human preferences. This stage was designed to tune the tone of LLMs and reduce toxicity and hallucinations. However, it has become increasingly important to also boost their performance and improve usefulness. Unlike SFT, there are many preference alignment algorithms. Here, we’ll focus on the two most important ones: DPO and PPO.
Reliably evaluating LLMs is a complex but essential task guiding data generation and training. It provides invaluable feedback about areas of improvement, which can be leveraged to modify the data mixture, quality, and training parameters. However, it’s always good to remember Goodhart’s law: "When a measure becomes a target, it ceases to be a good measure."
Quantization is the process of converting the parameters and activations of a model using a lower precision. For example, weights stored using 16 bits can be converted into a 4-bit representation. This technique has become increasingly important to reduce the computational and memory costs associated with LLMs.
Here are notable topics that didn’t fit into other categories. Some are established (model merging, multimodal) techniques, but others are more experimental (interpretability, test-time compute scaling) and the focus of numerous research papers.
This section of the course focuses on learning how to build LLM-powered applications that can be used in production, with a focus on augmenting models and deploying them.
Running LLMs can be difficult due to high hardware requirements. Depending on your use case, you might want to simply consume a model through an API (like GPT-4) or run it locally. In any case, additional prompting and guidance techniques can improve and constrain the output for your applications.
Creating a vector storage is the first step to building a Retrieval Augmented Generation (RAG) pipeline. Documents are loaded, split, and relevant chunks are used to produce vector representations (embeddings) that are stored for future use during inference.
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Real-life applications can require complex pipelines, including SQL or graph databases, as well as automatically selecting relevant tools and APIs. These advanced techniques can improve a baseline solution and provide additional features.
Text generation is a costly process that requires expensive hardware. In addition to quantization, various techniques have been proposed to maximize throughput and reduce inference costs.
Deploying LLMs at scale is an engineering feat that can require multiple clusters of GPUs. In other scenarios, demos and local apps can be achieved with a much lower complexity.
In addition to traditional security problems associated with software, LLMs have unique weaknesses due to the way they are trained and prompted.
My main recommendation is to do something that you enjoy. Install libraries in a Google Colab notebook, play with them, deploy a model on Hugging Face Spaces, hack an application, quantize an LLM, or fine-tune it for RAG. Find your own niche and keep exploring it, read papers, and implement your own ideas. It’s a large field with extensive research and funding. Become an expert at one thing in this entire course, and you’ll make yourself invaluable! 🙂
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The Zika virus (ZIKV) epidemic hit Brazil in 2015 and resulted in a generation of children at risk of congenital Zika syndrome (CZS)
The social vulnerability of certain segments of the population contributed to the disproportional occurrence of CZS in the Brazilian Northeast
Living conditions are essential factors in understanding the social determination of CZS
which is embedded in a complex interaction between biological
played a central role in the context of the epidemic and was a pioneer in reporting the ZIKV infection and registering a high number of cases of CZS
The aim of the study was identifying the incidence and spatial distribution pattern of children with CZS in the municipality of Salvador
This is an ecological study that uses the reported cases of ZIKV and CZS registered in the epidemiological surveillance database of the Municipal Secretariat of Health of the city of Salvador between August of 2015 and July of 2016
The neighborhoods formed the analysis units and the thematic maps were built based on the reported cases
Associations between CZS and living conditions were assessed using the Kernel ratio and a spatial autoregressive linear regression model
Seven hundred twenty-six live births were reported
of which 236 (32.5%) were confirmed for CZS
Despite the reports of ZIKV infection being widely distributed
the cases of CZS were concentrated in poor areas of the city
A positive spatial association was observed between living in places with poorer living conditions and births of children with CZS
This study shows the role of living conditions in the occurrence of births of children with CZS and indicates the need for approaches that recognize the part played by social inequalities in determining CZS and in caring for the children affected
was related with the urban socioeconomic conditions in Recife
where income was used as the only indicator of living conditions
income is an insufficient indicator for representing the complexity of the relationships of the social determinants implied in the occurrence of CZS
this study includes new factors to examine the effect of living conditions over the main consequence of ZIKV infection
it aimed to identify the incidence and spatial distribution pattern of children with CZS in the municipality of Salvador
this study only classified the children using the results of perinatal and post-natal neuroimaging exams
independent of the presence of microcephaly
An individual analysis of the imaging exams recorded in the database identified three categories of participants in relation to CZS:
Confirmed – presence of alterations suggestive of CZS;
CZS discarded – normality in the imaging exams or alterations not suggestive of CZS;
Incomplete investigation (suspected cases) – no result for the imaging exam or the aforementioned exam was not conducted
A – Location of the biggest city in the Northeast – Salvador
B – Health Districts of the city of Salvador
In this study adaptations were needed to operationalize these last two indicators to build the LCI with the data available in the 2010 Demographic Census
for the Favela indicator the calculation occurred based on the “sector type” variable
where in that 2010 census code 1 represented the “census sector (CS) of the special subnormal cluster type.” For each neighborhood
the total CSs defined by code 1 constituted the numerator of that indicator while the denominator was represented by the total residences
In relation to the inhabitants per room indicator
the “mean number of rooms per residence” and “mean number of bedrooms per residence” variables were not present in the 2010 census and were substituted by the “inhabitants in permanent private residences” and “permanent private residences” variables
with which it was possible to calculate the “number of people per residence” variable
the sum of the score of these five indicators resulted in a score (LCI score) for each neighborhood
Higher LCI scores correspond to the poorest living conditions
These scores were also organized in ascending order and grouped according to quartiles of relatively homogeneous neighborhoods
corresponding to population strata classified as high (1)
The incidence of confirmed cases of CZS was calculated for every 10,000 live births
according to the neighborhood of residence
The number of live births per neighborhood in Salvador in the period studied was obtained from the Live Births Information System (SINASC)
Cases of CZS (reported and confirmed) were georeferenced using the QGIS software (QGIS Geographic Information System. Open Source Geospatial Foundation. https://qgis.org/en/site/) through the application programming interfaces (APIs) of Google Maps
a tool that transforms the text addresses stored in a database into geographical coordinates
These were spatially distributed on the cartographic map of the neighborhoods of Salvador in a shapefile format
obtained from the Urban Development Company of the State of Bahia
and then the thematic maps were built for the period studied
where the 900 m distance was the one that presented the best image for visualizing the spatial distribution of the problem studied
a neighborhood matrix or adjacency weight matrix (close neighbors with at least one boundary point in common) was built
The existence of an association between the smoothed CZS rate and socioeconomic variables of the neighborhoods was assessed by applying spatial autoregressive (SAR) linear regression models
Given the presence of a spatial autocorrelation in the smoothed CZS rates
the modeling was adjusted by demographic density and incidence of ZIKV infection
Categorical data were compared using Fisher exact test (2-sided) to test for differences between confirmed
All the statistical analyses were conducted using version 16 of the Stata software (College Station
Twenty-three deaths were recorded in the period, of which 10 (4.2%) were among children with CZS (p < 0.001/CZS discarded) and 13 (5.5%) were in the group without a complete investigation. There was no record in those who were free of CZS (Table 2)
Greater variability and a lower median for CP were observed among children with CZS (30.0 cm) in relation to those discarded for CZS and those not investigated using an imaging exam
Distribution of suspected cases of ZIKV infection and reported and confirmed cases of CZS between August 1st of 2015 and July 31st of 2016
Spatial distribution of suspected and confirmed cases of CZS according to living conditions in the municipality of Salvador
Brazil between August 1st of 2015 and July 31st of 2016
A - Reported and confirmed cases of CZS; B – Strata of living conditions in the city of Salvador; B - Kernel ratio for confirmed cases of CZS; D - Kernel density for confirmed cases of CZS according to living conditions
at the forefront of the fight against the epidemic and its consequences
with a peak occurrence of CZS in December of 2015
our data demonstrate an increase in cases of ZIKV infection between January and March of 2016
but this did not correspond to children being born with CZS
making it the Brazilian state capital with the highest percentage of non-white women
the white pregnant women predominantly lived in places with high (35.3%) and intermediate (29.4%) living conditions
the study suggests that white skin is predominantly associated with better education
and housing indicators and might be a protective factor for a child being born with CZS
the data presented here should be interpreted with caution
We recognize that the municipality of Salvador presents its own particularities regarding the way it is architecturally and urbanistically organized
which restricts the extrapolation of these results
Worth highlighting is the dependency on the quality and availability of data from the health surveillance systems
only reports of suspected ZIKV infection were considered
in which only 20% of people infected develop symptoms
which may be confused with those of other arboviruses such as dengue fever and chikungunya
At the time there was a lack of laboratory exams for ZIKV due to the high cost of the laboratory kits and inconsistent results because of cross reactions with other arboviruses during the epidemic
Such neurological alterations in the period of the epidemic were used as a proxy for CZS
Approximately one-third of the suspected cases in the study were not investigated
We can presume that at least some of these cases are of children with CZS
which may have led to underestimation in our analyses
this is an ecological study of spatial aggregation subject to the effects of scale (aggregation of areas)
and the possibility of some intra-area heterogeneity due to the use of pre-defined geographical-administrative divisions as an analysis unit (neighborhoods)
and not more homogeneous areas in terms of socioeconomic conditions
This last restriction is particularly important due to the presence of favelas and middle/upper class neighborhoods in the same region
like any disease affecting child development
need effective actions of policymakers and the society to interrupt the deep socioeconomic inequalities and the disparities in access to health services to break the cycle of poverty and social exclusion experienced by people with disabilities and their families
identifying places where children with CZS live and risk maps would help the public authorities to outline strategies focused on monitoring this population group affected by the main consequences of the ZIKV epidemic
the infant growth and development surveillance system needs to be strengthened in the public health services
considering all children born throughout the epidemic and using prospective cohort studies to accompany the spectrum of the development of that generation of children
and social assistance services is needed to provide social support and adequate inclusion into the school environment
which are essential for infant development
Brazilian Institute of Geography and Statistics
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The authors are grateful to Cristiane Cardoso and the Center for Information and Epidemiological Surveillance of Salvador for making the database available
We are also thankful to the Collective Health Institute of the Federal University of Bahia for providing the structure to develop the research
This study was funded by grants from the National Council for Scientific and Technological Development (MCTIC/FNDCT - CNPq/MEC - CAPES/MS - Decit # 14/2016–440577/2016–0)
Souza is thankful for the scholarship support
The funder had no role in the study design
Guilherme Loureiro Werneck and Darci Neves dos Santos contributed equally to this work
Márcio Santos da Natividade & Darci Neves dos Santos
writing – original draft preparation; Natividade MS: conceptualization
writing – review & editing; Werneck GL: conceptualization
writing – review & editing; Santos DN: conceptualization
All authors read and approved the final manuscript
This study was submitted to the ethics committee of the Collective Health Institute of the Federal University of Bahia and was approved under protocol no
Authors confirm that all methods were performed in accordance with the relevant guidelines and regulations
Written consent was not obtained because secondary data from databases were used
there was no direct contact with the children and their families
The authors declare they have no competing interests
Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations
unless otherwise stated in a credit line to the data
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DOI: https://doi.org/10.1186/s12889-022-13614-x
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Clients of Deutsche Bank’s quant research team say it has a gift for describing the finer points of complex ideas from machine learning to liquidity risk premia
is actually usable from a quantitative standpoint,” says a senior quant portfolio manager at a US pension fund
“It is written in a way that not only describes the ideas but explains precisely what they are doing.”
A quant hedge fund portfolio manager describes chief data scientist Andrew Moniz’s work developing strategies based on unstructured text-based data as “transformative”
the team’s research identified a non-diversifiable liquidity factor that is separate from recognised factors such as value
the team uncovered risks from mismatches between risk and alpha models that it says investors are overlooking
Deutsche formed its quant investment solutions team
in 2009 focusing initially on equity quant strategy
Since then it has expanded into cross-asset quant strategy and data analysis
the bank’s global head of quantitative strategy and quant investment solutions research
In data science the team published research on using text analysis as a signal for long-only
Its approach allows investors to stitch systematic and fundamental strategies together
providing them with insights not usually gained through one individual strategy
“Discretionary managers are increasingly interested in the big data space,” says Mesomeris
how they can utilise insights from credit card transaction data or geospatial data in their investment process in a way that can enrich their cashflow models or give them a differentiated view of companies.”
A purely systematic strategy may buy a company’s stock because it appears cheap
but such a strategy would be blind to the threats of litigation facing the company
Fundamental investors also gain by drawing information from sources not otherwise accessible in financial accounts
As well as for investigating corporate behaviour
the team has also looked at using natural language processing to gauge the sentiment of central bankers
The sort of practical guidance Deutsche provides includes suggestions on extracting text from public webpages
Due to the variety of coding options available to website designers
Deutsche proposes a probabilistic method: using a text-to-tags ratio
to identify the largest and most meaningful block of text
Then there’s measuring the relevance of a specific text to a particular company
The team suggests using a named entity recognition algorithm
This classifies text into categories such as names or places and determines their importance according to frequency and their appearance in
Mesomeris spent four years as a quantitative analyst at Citi before joining Deutsche Bank
where he focused on long-short text-based strategies
having previously been a senior portfolio manager at APG Asset Management
Other senior members of the group include Khoi LeBinh
Asia-Pacific head of global quantitative strategy
directors in European quantitative research
Natividade focuses on futures and options trading using multi-frequency and multi-style models
Mesomeris says investors are overlooking how their choice of model horizon could have a greater impact on performance than their choice of alpha model
Buy-siders often – wrongly – match the horizon of their risk models with that of their investments or portfolio rebalances
“It doesn’t matter so much if you are a long-horizon or short-horizon investor
The most important consideration is what type of portfolio you hold
Longer-horizon risk models are better for optimised portfolios due to the models’ lower estimation error of correlations
But shorter-horizon models are typically better for long-only portfolios because longer-horizon models tend to over-forecast market shocks
use the same factors in their risk model as in their alpha model
Representing the value factor by cashflow yield in the alpha model but using book-to-price in the risk model
The consequence is a possible underestimation of risk due to the portfolio’s systemic risk being allocated to risk that is stock-specific
Deutsche’s research suggests a liquidity factor exists and is independent of other accepted factors
“People have become more aware that market-wide liquidity is actually a non-diversifiable source of risk,” says Mesomeris
“There’s another risk factor out there – a macro-level risk factor – that’s non-diversifiable and
your returns will vary depending on changes in the market-wide liquidity environment.”
Deutsche’s research introduces several liquidity metrics and develops strategies to explore each of the dimensions of liquidity: level
Level is a monthly average measure of the proportion of outstanding shares traded every day
Change represents the drift of the day’s traded volume away from the monthly average
while volatility is a measure of the volatility in daily volume
is a measure of the stock’s exposure to overall market liquidity
Many have argued illiquidity premia cannot exist because illiquid stocks cannot be traded
or the premia are merely echoes of other premia
The research finds level and beta are statistically significant
there is a 90% probability of their explaining excess returns beyond traditional factors in 35% of the months investigated
The statistics are similar for risk premia such as size and quality
The only significant exposure to other factors for the metrics used in the research was higher liquidity volatility among small-cap stocks
Other research includes linear signal blending
Here the team investigates how uncorrelated factor metrics might be combined to produce a better estimation of factors resulting in a higher Sharpe ratio
Naive signal weighting may not take account of correlations
or may simply be improved by incorporating alpha
The latter is achieved by allocating risk constraints for a given metric dependent on an investor’s belief in that metric’s returns
the team also works with clients on individual projects
was to find a way of managing a client’s equities portfolio risk budget more efficiently
The client had been reliant on equity beta risk but wanted to consider other sources of equity returns
“We looked at effectively replacing some equity beta risk with “equity-like” factor risk
such as employing short volatility or implied dividend premium strategies,” he says
Portfolio protection will be the next big topic
they’re starting to talk about crisis risk offset trades
which allocate to strategies that seek to perform well in the event of an equity market collapse – some of which involve investments into CTA [commodity trading adviser]-type strategies.”
Portfolio insurance is expensive and bleeds carry
but Deutsche Bank has recently researched how to hedge portfolios while benefiting from carry returns
The bank concludes that in low-volatility environments
delta-one instruments are a cheaper way of hedging portfolios than options
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Volume 13 - 2022 | https://doi.org/10.3389/fpsyg.2022.874261
such as tools and other technical articles useful for survival
imply that creativity is an outcome of evolution
the existence of purely ornamental items obfuscates the functional value of creativity
What is the functional or adaptive value of aesthetic and intellectual ornaments
Recent evidence shows a connection between ornamental creativity
this association is not sufficient for establishing that creativity in humans evolved by sexual selection
we synthesize findings from many disciplines about the mechanisms
and the function of creativity in sexual selection
Existing research indicates that creativity has the characteristics expected of a trait evolved by sexual selection: genetic basis
an advantage in mating in humans and other animals
and psychological modules adapted to mating contexts
Future studies should investigate mixed findings in the existing literature
such as creativity not being found particularly attractive in a non-WEIRD society
we identified remaining knowledge gaps and recommend that further research should be undertaken in the following areas: sexual and reproductive correlates of creativity in non-WEIRD societies
technical and everyday creativity on attractiveness
Evolutionary research should analyze whether being an evolved signal of genetic quality is the only way in which creativity becomes sexually selected and therefore passed on from generation to generation
This review has gone a long way toward integrating and enhancing our understanding of ornamental creativity as a possible sexual selected psychological trait
“Sexual selection made our brains wasteful, if not wasted: it transformed a small, efficient ape-style brain into a huge, energy-hungry handicap spewing out luxury behaviors like conversation, music, and art.” (Miller, 2000
what would the evolutionary benefits be of body decoration
sexual selection would have shaped the psychological propensities to perform these manifestations and to enjoy them
Recent studies seem to confirm that more creative people, particularly in the ornamental/aesthetic aspect, are considered more attractive in Western, educated, industrialized, rich, and democratic societies (see Karamihalev, 2013; Lebuda et al., 2021)
more than that is needed to show that creativity evolved by sexual selection
Before approaching the multiple lines of evidence supporting creativity as a sexually selected trait, it is necessary to characterize creativity and its constituent variables (Figure 1)
All of these creative domains are costly because successfully navigating them depends on healthy brains, and healthy brains are costly (i.e., energy-intensive and susceptible to instabilities throughout development; Miller, 2001). However, ornamental or aesthetic manifestations may be more expensive because they require a lot of energy expenditure without the practical benefits in return (from the point of view of survival; Feist, 2001)
That would be the case for creativity employed in such domains as art and body beautification
Aesthetic sensibility is the ability to assess the quality of sensory stimuli, such as abstract drawings and human faces. Eibl-Eibesfeldt (1989) describes three levels in human aesthetic psychology: (1) the basic level
which we have shared with most vertebrates and includes regularities
and superstimuli; (2) the human-specific level
which is universal and relates to a human “sense of order” that underlies more specific attributes such as balance
and harmony; (3) the local culture level which is related to traditions and tastes shared within each human population
The selection of these genes linked to creativity has an ancient history. Modern humans have over 200 unique non-protein-encoding genes that regulate the co-expression of many other protein-encoding genes in coordinated networks underlying modern capabilities such as creativity, which are not found in chimpanzees or Neanderthals (Zwir et al., 2022)
These genes provide a part of the biological substrate necessary for creativity; however
they do not necessarily imply the development of creative capacities
Inheriting the propensity to develop the ability differs from having the ability
which depends on adequate stimulation throughout ontogenetic development as well as a host of other neurodevelopmental and biopsychosocial factors
Dopamine has a role in creativity and sexuality, which suggests a link with sexual selection (Garcia et al., 2010; Acevedo et al., 2020). Dopaminergic activity is also related to psychomotor agitation behaviors such as eye blinking, that is a known clinical marker of accelerated dopaminergic activity observed in schizophrenic patients and non-clinical creative individuals (Akbari Chermahini and Hommel, 2009)
Though women with high testosterone display intense creative activity, the pattern seems more consistent in men. The masculine peak of artistic output happens in married men from 30 to 40 years old, extending beyond 40 for singles (Kanazawa, 2000). Men write 10 times more books and other literary outputs, accounting for more entries in the Guinness World Records (Lange, 2011; Lange and Euler, 2014)
Lateralization of the brain hemispheres appears to be associated with testosterone. For example, boys with higher testosterone levels at puberty show greater right brain lateralization (Beking et al., 2018). Boys with higher levels of intrauterine testosterone showed the opposite lateral (i.e., left) activation at puberty (Beking et al., 2018), which seems more associated with an autistic profile (Castelli et al., 2002)
Consequences of stress on people with schizotypal and autistic traits
Creative people are moderately schizotypal
People with schizophrenia and bipolar disorder also have these characteristics
sometimes manifesting them in a “dysfunctional way,” e.g.
That “dysfunctional manifestation” of creativity can occur because of stressors that disrupt normal nervous system development
individuals with the same genetic propensities for high creativity may manifest it in the form of a disorder or the neurotypical form
depending on how much the stressors have affected ontogeny
This figure shows three examples of populations
each subjected to different levels of environmental stress
The symbol with “!” means high levels of stressors
while the symbol “ok” means tolerable levels of stressors
those that do not significantly impair neural development
and motivation) capable of generating cultural creative outputs
However, the variability in creativity in each sex may also depend on the creative domain evaluated. He (2018) measured divergent thinking and creative problem-solving in Hong Kong university students. Greater male variability was found in divergent thinking tasks involving images but not verbal tasks (He, 2018). See Table 1
If creativity is a result of evolution, it is to be expected that there would be similar characteristics in other species (e.g., Cauchard et al., 2013)
if this process is partly due to sexual selection
it makes sense to assume that creativity plays a role in the reproduction of humans and other species
These behaviors suggest that males who exhibit greater cognitive complexity tend to attract females
research is unclear as to whether exhibiting cognitive behaviors attracts females or whether some other trait
such findings as reviewed above suggest that displaying aesthetic and ornamental capabilities linked to creativity is not restricted to the present but also to the evolutionary past
The available evidence indicates that creative manifestations—mainly ornamental ones, but also pragmatic ones—may play a unique role in attractiveness. But why? In the following sections, we will examine evidence related to various theories (see also Davis and Arnocky, 2022)
when one would expect to find this result also in men
Why are men more engaged and prominent in art than women, despite their similar creative performance? Men and women can use their creative potential in different ways. For instance, in comedy women use their creativity more in assessing humor, while men use theirs more in producing humor (Greengross et al., 2020). Similarly, one study mentioned the presence of more women (69%) than men in the front rows of music concerts (Sluming and Manning, 2000)
Anecdotal evidence suggests that creativity is attractive. Creative geniuses in art and science (e.g., Lord Byron, Albert Einstein, Pablo Picasso, Van Gogh, and Charles Chaplin) are known for having had many casual sex partners, marriages, and children (Karamihalev, 2013)
We have already shown evidence that creativity is universally attractive
we will discuss specific evidence in more detail
That would suggest that the reproductive benefit of this kind of creativity lies in facilitating the acquisition of resources
That is the opposite of what is expected from an adaptive perspective
namely that creativity leads to reproductive success
One possible explanation is that the attraction to creative partners is recent in human history
creativity was adaptive from a sexual selection point of view in our environment of evolutionary adaptedness (EEA)
but is not adaptive anymore because societies and environments (including the Meru) have changed so drastically
This study reinforces the idea that creativity evolved by sexual selection in men and women (Baer and Kaufman, 2008; Varella et al., 2011, 2014, 2017; Miller, 2013)
given the possibility of short-and long-term relationships
indicates that ornamental creativity may have evolved for signaling both good genes and an ability to acquire resources
Intelligence and creativity may not be attractive in themselves but as markers of resource-related potential
it is possible that intelligence and creativity are not considered attractive in societies (as may be the case with the Meru) where access to resources does not depend on intelligence or creativity
men with superior cognitive abilities will also tend to rise in social status hierarchies
mate selection has been about advertising one’s attractiveness to other men
genetic quality becomes a part of sexual selection at some point
practical benefits of cognitive ability do not increase together with the growth in cognitive ability
fruitless) forms of cognitive ability and creativity to exhibit fitness may arise
These distinctive ornaments may have begun to bring reproductive advantages for cultural reasons
which is when Baldwin effect’s ability to produce ever more complex ornaments may have been genetically incorporated
The use of the Baldwin Effect here is admittedly speculative
Further studies are needed to explore the relations between culture
Future studies should investigate the possible role of androgens in male and female creativity and the mechanisms that promote this association
Evidence shows that creativity is sexy: it is considered attractive in potential mating partners, at least in WEIRD societies (Buss, 1989; Li et al., 2011; Kaufman et al., 2016; Souza et al., 2016). Future studies should verify the role that creativity plays in attractiveness in traditional societies (e.g., Lebuda et al., 2021)
future studies should verify the theoretical framework (e.g.
good genes) that explains the attractiveness and evolutionary function of different types of creativity (e.g.
Despite making an important contribution to the literature on mating preferences by bringing together multiple studies and interpreting how much they support the hypothesis of the evolution of creativity by sexual selection
despite the extent of the review performed here
this article is not a systematic review or a meta-analysis
We would like to appreciate for the enriching advice provided by both peers and the editor of the volume
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Citation: Novaes FC and Natividade JC (2023) The sexual selection of creativity: A nomological approach
Received: 11 February 2022; Accepted: 03 November 2022; Published: 09 January 2023
Copyright © 2023 Novaes and Natividade. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY)
*Correspondence: Felipe Carvalho Novaes, ZmVsaXBlY2FydmFsaG8ubkBnbWFpbC5jb20=; Jean Carlos Natividade, amVhbm5hdGl2aWRhZGVAZ21haWwuY29t
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Volume 7 - 2016 | https://doi.org/10.3389/fpsyg.2016.01404
The Associations of Dyadic Coping and Relationship Satisfaction Vary between and within Nations: A 35-Nation Study
A corrigendum on The Associations of Dyadic Coping and Relationship Satisfaction Vary between and within Nations: A 35-Nation Study
Alghraibeh” was incorrectly spelled as “Ahmad M
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This error does not affect the scientific conclusions of the article in any way
Yamamoto ME and Yoo G (2016) Corrigendum: The Associations of Dyadic Coping and Relationship Satisfaction Vary between and within Nations: A 35-Nation Study
Received: 26 August 2016; Accepted: 01 September 2016; Published: 27 September 2016
Edited and reviewed by: Keiko Ishii
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*Correspondence: Peter Hilpert, aGlscGVydEB1dy5lZHU=
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Aviagen shares its Latin American sustainability story as just one example of this commitment
The dynamic and ever-growing region of Latin America is extremely important for us at Aviagen and for the industry as a whole
Brazil ranks third in the list of the world’s top chicken meat producers and first in poultry exports worldwide
and the outlook for future growth is positive across the entire region
To ensure the economic and social sustainability of Latin America
poultry production must keep pace with this growth in a way that lessens the impact of production on our planet
Aviagen has invested in strengthening its presence
service and security of supply to Latin American poultry growers
We also continue to breed efficiencies that lead to greater success for customers while strengthening the sustainability of the environment
the economy and society in Latin America and worldwide
Our teams work every day to put the company’s global commitment to sustainability into practice
Ever since Aviagen established roots in Brazil in 1985
going from one operation and 512 employees in Brazil in 2016 to 4 operations (with the addition of Argentina
Colombia and Peru) and 1,400 employees today
we have invested an average of €10,093,803 (US$11,843,364) annually in recent years
This investment has gone toward upgrading existing facilities and adding new modern
highly skilled staff to champion the success of our customers and the cause of sustainability
The year 2019 marked an important milestone
That was when Peru became home to our first Latin American business unit outside of Brazil
with Parent Stock (PS) production slated to start in 2022
we have already invested close to €6.5 million (about US$7.6 million) to expand production capacity and modernise existing facilities
We now have 4 strong bases for supplying local markets and exporting high-quality broiler breeders to customers throughout the region
helping to strengthen their economic sustainability and their ability to offer their communities an affordable
In addition to the economic sustainability of the industry in Latin America and beyond
we are committed to breeding sustainability in the environment for future generations
This is a core company value and especially important as we increase production to meet the growing demand for a sustainable source of protein
Ongoing advancement in feed conversion ratio (FCR)
performance measurement of the rate at which feed is converted to live body weight
is made possible by our genetic selection and balanced breeding programme
Progress made over the past decade has contributed significantly to reducing the industry’s carbon footprint
helping to minimise the impact of poultry meat production on the environment
Gustavo Vilela accepted the position of environment coordinator for Brazil and Latin America
Gustavo will lead our sustainability efforts in this growing and robust region while also providing opportunities for greater learning and collaboration with Brazilian organisations that have sustainable development as their mission
Gustavo has a considerable background in environmental management
He holds a degree in Environmental Engineering
an education extension in low carbon management
a Master’s in Business Administration (MBA) in Entrepreneurial Business Management and a degree in Security Engineering
We are also engaged in various sustainability projects in the region
we joined the JBS Fund in Brazil to promote the sustainable development of the Amazon Biome (an area that contains the Amazon rainforest
and other ecoregions that cover most of the Amazon basin and some adjacent areas)
The JBS initiatives focus on forest conservation and restoration
community development and science and technology advancement
but we also care about the people in the communities where we operate
our colleagues in Latin America donated a large quantity of food
supplies and funds to hospitals and elderly facilities throughout their communities
The team also supported social and health programmes for the youth
to teenagers in a local school and encouraging teens to try diverse sports
dedicated to bringing together famous singers in Brazil to collect funds for Boldrini Hospital
which specialises in caring for children with cancer and is one of the leading pediatric cancer research centres in Brazil and Latin America
we see sustainability as a journey instead of a destination
Our future depends on the sustainable work we do today
As we team with our customers to increase production to feed our ever-growing communities
we strive every day to achieve greater sustainability for the future of the industry
Deutsche Bank’s presentations for its newest investment tool – Alpha-Dig – include a Venn diagram showing different types of company information that move stock prices
It looks rather like a drawing from a cell biology textbook
costs and so on – grouped in a zone titled “hard information”
Overlapping them is a much larger “soft information” area
encircling colourful globules labelled “supply chain”
Deutsche built and launched Alpha-Dig to help its clients put those blobs of intangible value under the microscope
a thousand individuals are trialling the product already
“It’s the most sophisticated use of artificial intelligence to extract meaning from documents that I’ve seen across the Street,” says one portfolio manager
Alpha-Dig is perhaps the brightest but not the only highlight of Deutsche’s year
The bank’s quant research team constructed a unique database to understand how exchange-traded fund (ETF) flows affect stock pricing
Deutsche also this year published timely studies on defensive and short volatility strategies that have been well received by clients
“They produce research I can act on,” says the portfolio manager
Deutsche’s work on ETF flows was the “first concrete empirically based evidence” on how flows are affecting prices – a question that’s been bugging investors for years
He describes Deutsche’s analysts as “pioneers”
Projects such as Alpha-Dig reflect a broader push by the bank to respond to growing interest in the use of data among investors of all creeds
the quant team works on projects to support the bank’s fundamental analysts
“We want to build on our strength in quantitative research across asset classes
particularly through leveraging the power of artificial intelligence and data science in other areas – in company research
in fixed income research,” says Spyros Mesomeris
who heads quant and quantitative investment solutions research
even quantitative psychologists – experts in modelling human behaviour
The rest of the quantitative research and quant investment solutions team is growing too – this at a time when Deutsche more widely is making well-publicised cuts
Other banks and buy-siders have used algorithms to derive sentiment scores from text data
But where other tools typically do so by counting terms in documents and classifying them as positive or negative
Alpha-Dig uses machine learning techniques including some of the same employed in driverless cars to learn how words – when they appear together – flag problems
using the branch of machine learning known as natural language processing to scan and “understand” stories in the financial press
Alpha-Dig renders this information into a numerical sentiment score but
also enables users to see how the score was reached
Mesomeris says it gives clients more nuanced information than just a binary positive or negative rating
“It allows you to look into similar case studies
see how close they are to the event you are interested in and use a score in your own models based on that similarity.”
The tool also scores companies against United Nations sustainable development goals – a set of targets for improving global health
education and sustainability that asset allocators are beginning to use in investment choices; it is also able to quantify a company’s exposure to economic “themes”
such as the growing use of artificial intelligence
likens using Alpha-Dig to a new form of “mosaic investing”
the name used in the past to describe collecting information about companies from multiple sources
the information sources have simply become more numerous and harder to comb through
Deutsche found details of litigation and regulatory risk are typically buried three-quarters of the way through company risk factor disclosures
If a materials company experiences supply chain disruption
Alpha-Dig says its stock will drop 4% on average
But the losses unfold over the next 40 trading days – much longer than investors might think
Generally it takes three months before the share price will start recovering
Deutsche says it can improve the Sharpe ratio of its own existing value factor strategies by 15%
by using the tool to identify and avoid companies whose stock is cheap for good reason
The year has not been just about clever new machine learning tools
Deutsche built a proprietary database of ETF composition going back to 2005 and covering more than 97% of Russell 3000 stocks
in order to analyse the impact of the $5 trillion sector on market moves
The research threw up some counterintuitive findings
around which the bank has been able to construct trading strategies
A stock being “promoted” from the Russell 2000 (small cap) index to the Russell 1000 (large cap) index
if the smallest stock in the Russell 1000 gets demoted and becomes a large stock in the Russell 2000
the ETF stake in its stock might increase 100 times or more
The effect occurs because fewer assets are invested in the large cap index
and because stocks that attract a high weighting at the top of the small cap index get a low weighting when they move to the bottom of the large caps
experience less extreme flows because of the relative volume of assets referencing the different indexes
Deutsche says a dollar invested in companies with the most negative ETF flow in 2006 would have grown to $3.48 by the end of 2017 compared with $1.40 for those with the highest flow
Backtests show the strategy achieved a Sharpe of 1.67 since 2009
put out in February a detailed study of the best way to combine defensive strategies – timely advice for clients in a month during which many such strategies were suffering badly
Deutsche’s head of cross-asset quantitative research
says banks including his own have typically focused on developing return streams that are uncorrelated with wider markets
But clients increasingly are asking for products that are “anti-correlated” to public markets
He attributes the change in thinking to worries about fixed income portfolios as the era of quantitative easing comes to an end
as well as the recent failure of several common defensive strategies to protect against stock market falls
Awareness among asset allocators of the importance of getting through such episodes unscathed has also grown
Deutsche traced the impact of the best and worst 5% of months on investors’ compound annual growth rates using proxy data for funds
finding the worst months had the biggest effect
followed by the best months in second place
“The other 90% of months don’t really matter that much,” Natividade says
“It’s how you performed in the worst and best months that matters.”
The team looked at how to construct portfolios of 11 common defensive strategies so as to achieve the best combination of diversification and capital protection
Natividade describes the task as a portfolio optimisation problem
the best mix of strategies will depend on an investor’s wider choices
Deutsche’s work shows that combining both diversifying and insurance-type strategies in a drawdown protection overlay is likely to lead to better long-term growth – with the diversifying strategies reducing the performance drag of the insurance
investors should be willing to include more volatile insurance-type strategies in the mix
as doing so can enhance the capital efficiency of the overall strategy
Deutsche also examined ways to enhance short-volatility strategies
saying buy-siders should be copying alternative delta hedging approaches commonly used by market-makers to hedge gamma exposure when selling options
the idea is to underhedge selectively to allow for intraday momentum in futures markets
which typically leads to futures trading rich into the close
“There has been a disconnect between those that make markets in options and options users,” Natividade says
“Alternative delta hedging is the bread and butter of profit generation for bank options desks
Risk premia investors on the other hand tend not to think like that.”
researchers have found a glow-in-the-dark mushroom not seen since 1840
The long-forgotten fungus has been reclassified
but scientists are still trying to determine just what makes the mysterious mushroom glow — and why
The mushroom's bioluminescence
or an organism's ability to produce light on their own
was first discovered by English botanist George Gardner
who spotted a group of boys playing with a glowing fungus on the streets of Vila de Natividade in Brazil
The boys led him to where it grew at the base of a decaying dwarf palm
when San Francisco State University researcher Dennis Desjardin and colleagues collected new specimens of the glowing mushroom and reclassified it as Neonothopanus gardneri
But tracking down the elusive fungus was no easy task
Researchers had to "go out on new moon nights and stumble around in the forest
running into trees," while on the lookout for nearby poisonous snakes and prowling jaguars
with digital cameras allowing the researchers to photograph mushrooms in darkened rooms
since some bioluminescence is not visible to the human eye
compared to the 30 to 40 minutes required of regular film exposure
scientists haven't yet identified luciferin and luciferase in fungi
as long as water and oxygen are available," Desjardin said
"But animals only produce this light in spurts
This tells us that the chemical that is acted upon by the enzyme in mushrooms has to be readily available and abundant."
Scientists have discovered several other glow-in-the-dark mushroomsaround the world in recent years
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There are about 65 luminescent fungi speciesknown
but the ability may have evolved to attract nocturnal animals to aid in dispersal of the fungi's spores — spreading their offspring around
and if it evolved multiple times," Desjardin said
"Each one of these is a fascinating question that we are close to answering."
The findings are available online and are scheduled to be published in the November/December print issue of the journal Mycologia
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Bahamas -- Lora Cherepy and Victor Oliveira were married on April 18 at 5 p.m
The bride is the daughter of Karen and Louis Cherepy
The groom is the son of Diamontino and Natividade Oliveira
Andrea Cherepy and Jose Oliveira were witnesses
A reception followed at Viva Wyndham at Fortuna Beach
The bride is a 2000 graduate of Delaware Valley College and works for the U.S
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