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Which Investor Corrects Mispricing Around Earnings Announcements?
No full textUsing daily investor group-level trading data, we investigate whose trades align with anomalies and contribute to the correction of mispricing around earnings announcements. Around earnings announcements, institutions sell overpriced stocks four times more than they do on non-earnings days. Although retail investors purchase overpriced stocks on non-earnings days, such a tendency disappears around the earnings announcements. The overpricing of stocks in the short leg of anomalies is resolved around earnings announcement only if these stocks were sold by institutions, highlighting institutions\u27 role in revealing mispricing. The institutional trades to correct overpricing are stronger when stocks are easier to sell short. On the contrary, during the short selling ban period, there is no evidence that institutions sell overpriced stocks around earnings announcements, reaffirming the role of short selling constraints in hindering mispricing correction
PFAS in Landfill Leachate: Practical Considerations for Treatment and Characterization
No full textPer- and polyfluoroalkyl substances (PFAS) are widely used in consumer products and are particularly high in landfill leachate. The practice of sending leachate to wastewater treatment plants (WWTPs) is an issue for utilities that have biosolids land application limits based on PFAS concentrations. Moreover, landfills may face their own effluent limit guidelines for PFAS. The purpose of this review is to understand the most appropriate treatment technology combinations for mitigating PFAS in landfill leachate. The first objective is to understand the unique chemical characteristics of landfill leachate. The second objective is to establish the role and importance of known and emerging analytical techniques for PFAS characterization in leachate, including quantification of precursor compounds. Next, an overview of technologies that concentrate PFAS and technologies that destroy PFAS is provided, including fundamental background content and key operating parameters. Finally, practical considerations for PFAS treatment technologies are reviewed, and recommendations for PFAS treatment trains are described. Both pros and cons of treatment trains are noted. In summary, the complex matrix of leachate requires a separation treatment step first, such as foam fractionation, for example, concentrate the PFAS into a lower-volume stream. Then, a degradation treatment step can be applied to the concentrated PFAS stream
Effects of Soluble Electron Shuttles on Microbial Iron Reduction and Methanogenesis
No full textIn many aquatic and terrestrial ecosystems, iron (Fe) reduction by microorganisms is a key part of biogeochemical cycling and energy flux. The presence of redox-active electron shuttles in the environment potentially enables a phylogenetically diverse group of microbes to use insoluble iron as a terminal electron acceptor. We investigated the impact that different electron shuttles had on respiration, microbial physiology, and microbial ecology. We tested eight different electron shuttles, seven quinones and riboflavin, with redox potentials between 0.217 and −0.340 V. Fe(III) reduction coupled with acetate oxidation was observed with all shuttles. Once Fe(III) reduction began to plateau, a rapid increase in acetate consumption was observed and coincided with the onset of methane production, except in the incubations with the shuttle 9,10-anthraquinone-2-carboxylic acid (AQC). The rates of iron reduction, acetate consumption, methanogenesis, and the microbial communities varied significantly across the different shuttles independent of redox potential. In general, shuttles appeared to reduce the overall diversity of the community compared to no shuttle controls, but certain shuttles were exceptions to this trend. Geobacteraceae were the predominant taxonomic family in all enrichments except in the presence of AQC or 1,2-dihydroxyanthraquinone (AQZ), but each shuttle enriched a unique community significantly different from the no shuttle control conditions. This suggests that the presence of different redox-active electron shuttles can have a large influence on the microbial ecology and total carbon flux in the environment
Rebuttal: Reduced Oxidative Capacity of Skeletal Muscle Is NOT an Inevitable Consequence of Adult Ageing
No full textWe thank Drs Marcinek and Ferrucci for their perspective on the inevitability of age-related declines in skeletal muscle oxidative capacity (Marcinek & Ferrucci, 2025). We agree that mitochondria have numerous roles in the cell beyond provision of chemical energy, many of which may be altered by ageing, but our focus in this debate is entirely on its role in energy production
Elephant Megacarcasses Increase Local Nutrient Pools in African Savanna Soils and Plants
Full text linkAfrican elephants (Loxodonta africana) are the largest extant terrestrial mammals, with bodies containing enormous quantities of nutrients. Yet, we know little about how these nutrients move through the ecosystem after an elephant dies. Here, we investigated the initial effects (1–26 months postmortem) of elephant megacarcasses on savanna soil and plant nutrient pools in the Kruger National Park, South Africa. We hypothesized that (H1) elephant megacarcass decomposition would release nutrients into soil, resulting in higher concentrations of soil nitrogen (N), phosphorus (P), and micronutrients near the center of carcass sites; (H2) carbon (C) inputs into the soil would stimulate microbial activity, resulting in increased soil respiration potential near the center of carcass sites; and (H3) carcass-derived nutrients would be absorbed by plants, resulting in higher foliar nutrient concentrations near the center of carcass sites. To test our hypotheses, we identified 10 elephant carcass sites split evenly between nutrient-poor granitic and nutrient-rich basaltic soils. At each site, we ran transects in the four cardinal directions from the center of the carcass site, collecting soil and grass (Urochloa trichopus, formerly U. mosambicensis) samples at 0, 2.5, 5, 10, and 15 m. We then analyzed samples for C, N, P, and micronutrient concentrations and quantified soil microbial respiration potential. We found that concentrations of soil nitrate, ammonium, δ15N, phosphate, and sodium were elevated closer to the center of carcass sites (H1). Microbial respiration potentials were positively correlated with soil organic C, and both respiration and organic C decreased with distance from the carcass (H2). Finally, we found evidence that plants were readily absorbing carcass-derived nutrients from the soil, with foliar %N, δ15N, iron, potassium, magnesium, and sodium significantly elevated closer to the center of carcass sites (H3). Together, these results indicate that elephant megacarcasses release ecologically consequential pulses of nutrients into the soil which stimulate soil microbial activity and are absorbed by plants into the above-ground nutrient pools. These localized nutrient pulses may drive spatiotemporal heterogeneity in plant diversity, herbivore behavior, and ecosystem processes
