Enhancing momentum investment strategy using leverage

Previous studies examine investment strategies based on leverage and momentum; none investigates both variables jointly as an investment strategy. This paper is the first incorporating leverage and momentum together. We show that low past returns (losers) forecast future negative abnormal returns only among stocks with high leverage levels, but not among stocks with low leverage levels. However, high past returns (winners) forecast future positive abnormal returns independently of leverage level. As a result, the negative relation between leverage and future abnormal returns is only observed among loser stocks, and the positive relation between past returns and future abnormal returns is only shown among non‐low leverage stocks. Our results are important in achieving better investment strategies: buying winners' stocks (independently of their level of leverage) and short‐selling losers' stocks with high leverage yield higher abnormal returns than strategies based on only one of these variables. Our two‐dimensional strategy yields risk‐adjusted abnormal returns of 15.66% per annum, whereas the single leverage or momentum strategies yield 7.70% and 7.96% per annum, respectively. The difference is nearly 8% and economically significant. If leverage is considered as proxy for default risk, our results, contrary to previous evidence, show that momentum profits are not exclusive of default stocks, and that momentum returns are not only driven by negative returns yielded by distress stocks.     

The occurrence and function of the sphragis in the zerynthiine genera Zerynthia,Allancastria and Bhutanitis (Lepidoptera: Papilionoidea: Papilionidae)

In some butterfly species males attach a large external mating plug termed a sphragis to the female abdomen during mating. This is derived from male accessory secretions and covers the female ostium bursae and surrounding areas, thus preventing or delaying remating. Specimens of all 12 species of the genera Zerynthia, Allancastria and Bhutanitis (Lepidoptera: papilionidae), which form a natural clade within the Zerynthiini, were examined for presence or absence of a sphragis and their male and female genitalia were studied. In all three genera female genitalia lack a typical sinus vaginalis and the sterigma is modified to form an exposed, shiny, well-sclerotized genital plate, derived from the fusion and expansion of the lamellae ante- and postvaginales. The exposed ostium bursae is situated near the posterior end of the genital plate in Zerynthia, whereas in Allancastria and Bhutanitis it is near the anterior end. A crude irregularly formed sphragis was found at least facultatively in all species. The sphragides of Zerynthia and Bhutanitis were generally poorly developed, in most cases only partially covering the female genital plate. In Allancastria the sphragis mostly covered the genital plate entirely, and generally incorporated numerous long scales derived from the male’s 8th abdominal segment; scales were sometimes sparse or absent, probably due to depletion from repeated matings by males. In Zerynthia, males lacked the dense terminal abdominal tuft of elongated scales found in Allancastria, and their sphragis lacked scales. The sphragis of Bhutanitis thaidina incorporated scales from the male valves, whereas in the B. lidderdalii sphragis (and probably B. ludlowi) the scales derived from the male’s 8th abdominal segment. The role of the scales and possible reasons for the difference in the development of the sphragis among these genera are discussed.     

Parasite community of the golden cownose ray Rhinoptera steindachneri Evermann and Jenkins 1891 (Chondrichthyes: Myliobatidae), in Acapulco Bay,Guerrero, Mexico

The parasite community of the ray Rhinoptera steindachneri from Acapulco Bay was examined and quantified; analyses were based on the sex of the host and the date of sampling. A total of 171 specimens of R. steindachneri were examined during July–August of 2010, and May and July of 2012. Twenty-one species of parasites were found: three species of Monogenea; eight adult and one larval species of Cestoda; one larval species of Nematoda; five species of Copepoda; two species of Isopoda; and one species of Hirudinea. Cestodes had the greatest species richness (43% of the total species), followed by the copepods (24%). Two species of cestode, Glyphobothrium sp. and Rhinebothrium sp., were collected only from adult rays. At the component community level, species richness showed statistically significant variation between 13 and 16 species, which is similar to previous reports for other species of rays. The parasite component communities and infracommunities of R. steindachneri exhibited similar patterns: high species number and low numerical dominance by a particular species of parasite. The differences of body size of male vs. female rays, and a change in diet and feeding behaviour with the age of R. steindachneri, are likely important factors in the structuring of their parasite communities.     

Little-known and phylogenetically obscure South African estuarine microgastropods (Mollusca: Truncatelloidea) as living animals

Areas of the Knysna estuarine bay in the Western Cape are dominated by three endemic South African truncatelloid microgastropods, temporarily known as ‘Hydrobia’ knysnaensis (Krauss), ‘Assiminea’ capensis (Sowerby) and ‘Assiminea’ globulus Connolly. Although first described 80–170 years ago and present in abundance (up to 100,000 m^?2), they remain surrounded by confusion and still await taxonomic assignment, largely because they appear most atypical members of their groups by virtue of anatomy and/or biogeography and/or habitat. This study contributes in-life perspectives to morphological and phylogenetic analyses known to be on-going. At Knysna, they are syntopic: at least two occurring in >85% and all three in >40% of individual 0.0026 m² samples from their region of dominance. Nevertheless, they tend to greater abundance in divergent microhabitats; ‘A.’ globulus dominating higher tidal levels, and ‘A.’ capensis and ‘Hydrobia’ lower ones; the former especially unvegetated sediment, the latter, if anything, seagrass. Interspecific feeding interactions appear unlikely to be responsible for these patterns, other evidence suggesting that all are maintained below carrying capacity. Field biology of ‘H.’ knysnaensis generally appears equivalent to that of northern-hemisphere intertidal hydrobiids and that of ‘A.’ globulus is typically assimineid, albeit at atypically low shore height. Unlike assimineids, however, ‘A.’ capensis is truly aquatic. The success of these truncatelloids in unusual circumstances may be consequent on the absence from South Africa of other microgastropod groups that fill their niches elsewhere in the southern hemisphere.     

The formation of disulfide bonds in human protamines during sperm maturation.

The disulfide contents of human sperm heads, as measured by reduction to the sulfhydryls and subsequent alkylation with 14C-iodoacetamide, increase about 2-fold during the sperm passage from the caput to caudal epididymides. Majority of the increased disulfides resides in the human protamine fractions.     

GABA stimulates the rabbit corneal endothelial fluid pump.

GABA and its analogues were shown to activate the rabbit corneal endothelial fluid pump in the micromolar range. The stimulation was abolished by bicuculline and chlorpromazine, but not by picrotoxin.     

Sex-dependence in triglyceride metabolism in response to dietary carbohydrates.

In humans, as well as in mice, fed on high carbohydrate diets, there was a significant sex difference in the plasma tirglycerides in that males had higher levels than females. This was mainly due to the difference in their removal rate of circulating triglycerides in the animals of both sexes. In mice, males had higher levels of liver triglycerides as well as higher rate of incorporation of U- 14C-glucose into liver triglycerides when compared to females.     

Stimulation of sodium transport by antidiuretic hormone in bullfrog intestine.

Antidiuretic hormone (ADH) increased the potential difference (PD) and shortcircuit current (SCC) across the small intestine of the bullfrog. This effect was independent of those produced by amiloride or high calcium but was masked by a theophylline-induced effect. Net active sodium (Na+) absorption accounted for the observed electrical changes.     

Haemoglobin Bohr effect and lactic acid content of the blood of 2 water-snakes with different degrees of aquatic adaptation.

H. modestus, a water-snake with morphological respiratory adaptation to its habitat, presents haemoglobins with a lower Bohr effect than those of L. miliaris, an aquatic snake without such respiratory adaptations. The difference in blood lactic acid content of the 2 snakes submitted to mechanical stimuli appears to be compatible with the properties of their haemoglobins.