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Samuelson’s Dictum refers to the conjecture that there is more informational inefficiency at the aggregate stock market level than at the individual stock level. Our paper recasts it in a global setup: there should be more informational inefficiency at the global level than at the country level. We find that sovereign CDS spreads can predict future stock market index returns, GDP, and PMI of their underlying countries. Consistent with the global version of Samuelson’s Dictum, the predictive power for both stock returns and macro variables is almost entirely from the global, rather than country-specific, information from the sovereign CDS market. (JEL G12, G14, G17)

High amylose corn starch (HACS)-oat β-glucan (OBG) complex was prepared by ball milling treatment. The morphology and structure of the samples were characterized, and the digestibility of the samples was studied. SEM analysis showed that the grain structure of oat β-glucan-starch after ball milling showed an irregular aggregate shape. The rheological results indicated that the apparent viscosity of the solution of HACS-OBG complex prepared by ball milling, with the values of both G' and G″ decreasing on the increase of OBG addition. Multi-scale structure analysis showed that the disorder of the crystal structure and short-range structure of the HACS-OBG complex would lead to the decrease of the double helix structure content. In terms of digestibility, the RDS of the complex decreased from 75.88 % to 66.26 %, which suppressed the digestibility of starch. Molecular docking and quantum chemistry techniques further demonstrated the strong hydrogen bond interaction between HACS and OBG and the inhibition rate of OBG on the enzyme, which was conducive to the slow digestion of HACS-OBG complex. Therefore, ball milling treatment can promote the binding of OBG to starch, which may be an effective method for postprandial blood glucose control.

A zein-based film functionalized with fluorescent dyes was constructed for visual, real-time monitoring of seafood freshness. The addition of fluorescent dyes had no significant effect on the mechanical property or water sensitivity of the zein-based film, and the fluorescent film exhibited dual emission response. When exposed to ammonia, fluorescein fluorescence increased whilst the fluorescence of rhodamine B was undisturbed. The fluorescent film presented a clearly distinguishable color transition from pink to green. Sample detection tests showed the fluorescent film served successfully as a response label for on-site visual detection of seafood freshness. Development of this intelligent fluorescent film provides a new platform for food safety and quality monitoring, benefiting economic value and public health.

Wheat bran is an abundant source of cellulose and is still going to waste because of the lack of knowledge about its further exploitation and comprehensive utilisation. Here, cellulose nanocrystals (CNC) were prepared from wheat bran via sulfuric acid hydrolysis. The effects of hydrolysis time on the morphology, surface charge, yield, structure, thermal stability, physicochemical properties, and cytotoxicity of CNC were investigated. Results showed that non-cellulosic components were extensively removed by the purification process. Transmission electron microscopy confirmed that the obtained CNC displayed a needle-like shape with various dimensions. Zeta potential values of the CNC suspensions ranged from −36.5 to −39.8 mV. A hydrolysis time of 60 min resulted in CNC with the highest crystallinity (70.32%). The thermal stability of CNC shifted to lower temperature with increasing hydrolysis time. In addition, the obtained CNC exhibited interesting physicochemical properties (the water/oil retention capacities and the adsorption capacities to heavy metals) and good biocompatibility, suggesting their great potential as reinforcement for the manufacture of nanocomposites.

Samuelson’s Dictum refers to the conjecture that there is more informational inefficiency at the aggregate stock market level than at the individual stock level. Our paper recasts it in a global setup: there should be more informational inefficiency at the global level than at the country level. We find that sovereign CDS spreads can predict future stock market index returns, GDP, and PMI of their underlying countries. Consistent with the global version of Samuelson’s Dictum, the predictive power for both stock returns and macro variables is almost entirely from the global, rather than country-specific, information from the sovereign CDS market.

Survey data are ubiquitous in the economics literature, ranging from unemployment rate and CPI to surveys of professional forecasts and consumer finances. However, their potential biases are rarely discussed. By randomizing the order of responses to the questions in an economic survey, we document a pervasive response order bias: respondents tend to select answers at or near the top of the lists, leading to a systematic bias in survey results. This bias is smaller when respondents are more certain about their answers and disappears for “objective” questions (e.g., questions on demographics and recent experiences). Our evidence directly shows the bias in the levels of many survey-based variables and indirectly implies a bias in their changes, the latter likely correlated with the uncertainty in the economy. To assess bias magnitude, we examine two salient features at the time of our survey: the COVID pandemic and the approaching 2020 presidential election. We find that respondents’ expectations are shaped by their political leanings and personal experience during the pandemic: when forecasting stock returns, GDP growth, or COVID vaccine development, respondents are more pessimistic if they lean Democratic or personally know someone with COVID, but are more optimistic if they expect their preferred presidential candidate to win. The magnitude of these effects is comparable to the size of the response order bias. The implications of our evidence for financial services, public health policy, and political elections are discussed.

The present study aimed to develop a new bio-nanocomposite film based on gum arabic (GA) reinforced with cellulose nanocrystals (CNC). CNC was successfully fabricated and its microstructure was characterized. Subsequently, the effects of CNC on the rheological, physicochemical and functional properties of GA-based films were systematically evaluated. Results showed that the tensile strength (2.21 MPa) and elongation at break (62.79%) of film incorporated with 4% (w/w) CNC were effectively increased compared with the GA film (1.08 MPa and 42.50%). Additionally, 4% CNC reduced the water vapor and oxygen permeability by 10.61% and 25.30% respectively, while improved the ultraviolet light barrier and thermal stability of film. The well dispersion and filling effect of nanofiller contributed to form a compact and homogeneous film structure. Furthermore, the film containing 4% CNC decreased the weight loss of strawberries by 23.80% compared with the control group, thus delaying the deterioration of strawberry quality during storage.

This study aimed to evaluate the effects of cellulose nanocrystals (CNC) on the basic properties of soy protein isolate films, and especially to propose the corresponding formation mechanism. Tensile strength, barrier properties, and water resistance were effectively improved after the formation of nanocomposite films. Incorporating CNC could restrict water mobility and improve the viscoelastic properties of films. Appropriate content of CNC (0.50% and 0.75%) promoted the construction of a more homogeneous and compact film structure, which may be attributed to the CNC-induced conformational modifications and the enhanced hydrophobic and hydrogen-bond interactions. While excessive CNC (1.00%) was not conducive to the integrity and continuity of film structures, resulting in the weakened functional properties. The obtained films were able to decrease total viable counts and total volatile basic nitrogen of stored pork, and extend the shelf-life of strawberry. This work offers a theoretical basis for the application of CNC in packaging industry.

In view of the potential harm caused by illegal feeding of clenbuterol (CLB) in the livestock industry, herein, a novel ratiometric fluorescent probe based on graphene quantum dots (GQDs)@[Ru(bpy)3]2+ was elaborately constructed for CLB detection. In this probe, GQDs acted as response signals, and their fluorescence was remarkably quenched by CLB through the diazotization-coupling reaction. As for [Ru(bpy)3]2+ as a reference signal, its fluorescence was hardly affected. The intensity ratio of two fluorophores showed good linearity with CLB concentration in the range of 0.05-40 μM, accompanied by visualization of fluorescence variation from yellow to red. The detection limit was as low as 0.029 μM. Particularly, the probe was successfully used to detect CLB in pork and beef samples with satisfactory recoveries. To our knowledge, this is the first report on a ratiometric fluorescent probe for the detection of CLB, which possesses broad application prospects in food safety risk monitoring.

Antimonene quantum dots (AMQDs) are attracting considerable attention due to their fascinating physicochemical properties. However, research on their semiconductor characteristics, especially the photoluminescence performance, is still in a preliminary stage and the experimental verification is scarcely reported, significantly restricting their further applications. Herein, the photoluminescence property of AMQDs is experimentally verified. The AMQDs are prepared by probe sonication-assisted liquid-phase exfoliation and show robust blue fluorescence, and the photoluminescence is hardly affected by pH. In view of the derivatization reaction of tetracyclines (TET) at different pHs, AMQDs are developed as a pH-mediated dual-channel ratiometric fluorescent probe for TET detection. Under acidic conditions, the AMQDs' probe exhibits unique recognition behavior due to the inherent fluorescence of TET and the solvent-enhancing effect, that is, the fluorescence changes from blue to red. Under alkaline conditions, this fluorescent probe realizes the transition from blue to yellow-green because of the decomposition of TET. The limits of detection are 27 × 10-9 and 74 × 10-9 m, respectively. The high sensitivity and remarkable fluorescence changes make AMQDs ideal probes for TET sensing. Additionally, this is the first report on the photoluminescence property of AMQDs. It is believed that this work will open a new avenue for AMQDs in optical sensing fields.

We investigated the effects of Lactobacillus pentosus inoculation on N-nitrosamines (NAs) contents and bacterial communities in dry fermented sausages. Culture-dependent and culture-independent (high-throughput sequencing) methods were employed to evaluate the bacterial communities. The results showed that inoculation with L. pentosus improved the microbiological quality of dry fermented sausages by enhancing the competitiveness of dominant bacteria and inhibiting the growth of undesirable microbes. At the end of ripening, NA content, nitrite residue, carbonyl content, total volatile basic nitrogen, pH value, and water activity of the sausages inoculated with L. pentosus were lower than the control (p

The method of monitoring the freshness of seafood is not satisfactory for ensuring food safety. Here, we develop a filter membrane-based smart fluorescent tag with excellent biogenic amine response, which can monitor the freshness of seafood in real time and visually. We use green fluorescent fluorescein as an indicator and red fluorescent carbon quantum dots (RQDs) with aggregation-induced emission property as an internal reference. After simple mixing, they are deposited on the commercial filter membrane by physical deposition method to prepare the fluorescent tag. When amine molecules are present, the molecular conformation of fluorescein changes and the fluorescence increases rapidly, while RQDs have no obvious response, thus achieving a clear fluorescence color response to biogenic amines. Under UV light of 254 nm and 365 nm, the fluorescent tag showed sensitive, rapid, and color-responsive to ammonia in a wide range of 250–2.5 × 104 ppm. To further verify the practical application potential, the fluorescent tag was used to monitor the freshness of shrimp and crab in situ in real time, and satisfactory results were achieved. More importantly, owing to the reversible conformational change of fluorescein, the fluorescent tag can be reused and manufactured at low cost, making it a more attractive platform for freshness monitoring in the field of food safety.

The active food packaging films prepared in this study used gum arabic (GA)-cellulose nanocrystals (CNC) as the film-forming matrix, and grape skin extract (GSE), pomegranate peel extract (PPE) and red pitaya peel extract (RPPE) as natural antioxidants by solution casting method. The combination of extracts changed the color and microstructure of the films, resulting in a decrease in mechanical strength and water resistance, but their flexibility and light transmittance were improved. Particularly, the PPE film can almost completely block the passage of ultraviolet light (200–400 nm). In addition, the composite films carrying the extracts possessed antioxidant capacity, which can extend the storage period of raspberries. The PPE film with the highest activity prominently reduced total color difference (4.08–2.08), weight loss rate (19.71–5.81%), moisture evaporation (21.29–18.22%) and fluctuation of nutrient content of the fruits in the raspberry preservation test.

Nervonic acid (NA) has considerable potential for promoting brain development, but its utilization is limited attributed to its poor water solubility. Novel NA-loaded nanoemulsions (NA-NEs) were fabricated with planted-based soybean protein isolates (SPI), compared with whey protein isolates and Tween 20. The impact of emulsifiers on NA-NEs properties and stabilities was evaluated. Emulsions formulated with 0.5 mg/mL nervonic acid and 1.5 wt% SPI under pressure (120 MPa, 5 cycles) contained nano-scale droplets and considerable rheologic properties. The oil droplets were spherical and encapsulated within the emulsions, evidenced by atomic force microscope and confocal laser scanning microscopy. SPI-emulsions were stable under thermal treatment, NaCl concentrations, storage at 4 °C (30 days), and multiple scattering experimental conditions. SPI behaved similarly to the other two emulsifiers under the studied conditions. These findings demonstrate that SPI is a promising plant-based emulsifier for applications in nervonic acid-fortified food.

Spherical curcumin/polyvinylpyrrolidone nanocapsules (CurNC) with the improved water solubility and thermal stability than native curcumin (Cur) were synthesized. Subsequently, soy protein isolate-based pH-sensitive multifunctional packaging films reinforced with cellulose nanocrystals (CNC), CurNC, CNC/CurNC, and CNC/Cur were developed for shrimp freshness detection. It was found that adding the CNC-containing agents improved the tensile strength, hydrogen bond interactions, thermal stability, and crystalline structure of the film and decreased its water solubility and water vapor and oxygen permeability. The Cur-containing agents decreased the L* (lightness/darkness) and a* (redness/greenness) values and increased the b* (yellowness/blueness) and ΔE (total color difference) values of the film. A more dense and uniform matrix of the nanocomposite films was likely responsible for delaying the release of Cur from the film matrix. Interestingly, CNC/CurNC film displayed higher antiradical scavenging activity than CNC/Cur film, as well as remarkable color responsiveness to pH changes and NH3 presence. Moreover, the CNC/CurNC film was able to decrease the total volatile basic nitrogen of stored shrimp and visually monitor shrimp freshness in real-time.

The objective of this study was to evaluate the ability of five strains of meat-borne bacteria to decrease N-nitrosodimethylamine (NDMA) and N-nitrosodiethylamine (NDEA) and to elucidate the mechanism in Mann-Rogosa-Sharp (MRS) broth. Lactobacillus pentosus R3 was found to be the most effective in decreasing the concentration of the two N-nitrosamines (NAs) in MRS broth, with a rate of 22.05% for NDMA and 23.31% for NDEA. The concentration of the two NAs could not be reduced by either extracellular metabolites or intracellular extracts of Lb. pentosus R3 (P > 0.05), and proteinaceous substances in the cell debris were found to be responsible for the decrease. These were surface-layer proteins (SLPs) located on the cell wall. Therefore, the decrease in NDMA and NDEA by Lb. pentosus R3 is associated with its SLPs. Lb. pentosus R3 may be developed as a starter culture in the production of fermented foods with lower NAs.

This study aimed to evaluate the effect of calcium ions (Ca2+) on the thermal gelling properties of cellulose nanocrystals-whey protein isolate composite gels, as well as to propose a corresponding ion-induced gelation mechanism. It was found that the gel strength, viscoelasticity, and thermal stability of the mixed gels gradually improved with an increase in the Ca2+ concentration from 0 M to 0.15 M. The addition of an appropriate Ca2+ could induce the conformational transformation from α-helix to β-sheet, increase the content of tryptophan residues and reactive sulfhydryl groups, and enhance the hydrophobic interactions and the amide II band, which promoted the full unfolding and orderly aggregation of protein molecules to form a stable three-dimensional gel network. However, 0.20 M Ca2+ resulted in the formation of a coarse gel structure with some irregular aggregates, thereby leading to the decreased water holding capacity and gel strength. This research offers a theoretical foundation for the design and development of novel composite food gels with various functional properties.

This paper examines the investment performance of US ethical equity mutual funds relative to the market and their traditional counterparts using a survivorship-bias-free database. We detect selectivity and market timing performance of fund managers using two models. First, we use Treynor and Mazuy’s (Harv Bus Rev 44:131–136, 1966) model to determine these performances from a quadratic regression of fund returns on market returns. Second, we use a comprehensive and integrated model derived by Bhattacharya and Pfleiderer (A note on performance evaluation. Technical Report 714, Stanford, California, Stanford University, Graduate School of Business, 1983) and Lee and Rahman (J Bus 63:261–278, 1990) to simultaneously capture stock selection and market timing skill of fund managers. This model extracts timing skill from the relationship between managers’ forecast and realized market return. In addition, the R2 approach developed by Amihud and Goyenko (Rev Financ Stud 26:667–694, 2013) for evaluating selectivity is also used in this paper. Our empirical results indicate that ethical funds perform no worse than their traditional counterparts, although ethical and traditional funds do not outperform the market. We find some evidence of superior security selection and/or market timing skill among a very small number of ethical and traditional funds. It appears that matching traditional funds have slightly more abnormal (superior as well as inferior) performance than ethical funds in our sample.

Hyperoside (Hyp) exhibits a range of bioactive properties, but its application is restrained due to its poor water solubility and low oral bioavailability. In this study, a novel Hyp delivery system based on zein and pectin was prepared by an anti-solvent precipitation method to delivery of Hyp. The results showed that 91% optimized encapsulation efficiency of Hyp-zein/pectin composite nanoparticles (Hyp-Z/P NPs). Hyp-Z/P NPs formed core-shell spherical structures with a particle size of about 270 nm and zeta potential of −32.4 mV. Fourier transform infrared spectroscopy revealed that hydrogen bonding, electrostatic interaction, and hydrophobic effects were the main forces driving the formation of Hyp-Z/P NPs. X-ray diffraction analyses indicated that Hyp was encapsulated in an amorphous form. Freeze-dried Hyp-Z/P NPs displayed good redispersibility in aqueous solution. The DPPH• scavenging ability and ABTS•+ scavenging ability of Hyp-Z/P NPs were 3-fold and 1.8-fold higher than that of free Hyp, respectively. Furthermore, compared to Hyp-loaded zein nanoparticles, Hyp-Z/P NPs showed better stability and sustained release of Hyp under simulated gastrointestinal conditions. Therefore, Hyp-Z/P NPs can be used as an effective oral delivery system for Hyp, which may be particularly useful for expanding the applications of Hyp in functional foods, beverages, and pharmaceutical products.

The effect and mechanism of wheat bran cellulose (WBC) on the gelling characteristics of soy protein isolate (SPI) were evaluated. It was found that the water holding capacity, gel strength, and viscoelasticity of SPI gel were improved with the increase of WBC concentration. The addition of WBC (0.5-2.0%, w/v) stabilized the moisture phase and induced the construction of the regular and homogenous three-dimensional gel network. The Raman spectroscopy revealed that WBC addition caused a significant reduction in α-helix percentage (28.92-63.08%) (p 0.05) with a concomitant increase in β-sheet (16.92-34.37%) (p 0.05) and β-turn (8.09-13.54%) (p 0.05) percentages of the pure SPI gel. Additionally, hydrogen-bonding interaction between SPI and WBC and the enhanced thermal stability were proposed in the composite gels. Overall, WBC is effective in improving the gel properties of SPI, suggesting its potential application as novel gel modifier in the food industry.

The use of starter cultures helps to improve the quality and safety of traditional meat products. In this study, the effects of Lactobacillus plantarum R2 and Staphylococcus xylosus A2 inoculation on microbial community, lipolysis, proteolysis, and volatile compounds in Chinese dry fermented sausages were investigated. Culture-dependent and culture-independent high-throughput sequencing) methods were employed to evaluate the bacterial communities. Results showed that the total contents of free fatty acids (FFAs) and free amino acids (FAAs) were increased by inoculating the starter cultures, especially a mixed culture. A significant decrease in pH and water activity was observed in the inoculated sausages (p 0.05). Moreover, the inoculation treatment enhanced the competitiveness of dominant bacteria and inhibited the growth of unwanted bacteria. This was beneficial to promote the release of FFAs and FAAs and to prevent the formation of off-flavours and rancidity. Thus, the flavour development in the inoculated dry fermented sausages was attributed to the improvements in microbiological quality.

This study aimed to develop soy protein isolate (SPI)-based active nanocomposite films reinforced with cellulose nanocrystals (CNC), zinc oxide nanoparticles (ZnONP), CNC/ZnONP mixture (physical mixing), or CNC@ZnONP nanohybrids (in situ growth). The tensile strength, oxygen and water vapor barrier properties, water resistance ability, and thermal stability were substantially improved by the incorporation of nano reinforcements, particularly the CNC-containing agents. However, the nanocomposite films displayed a lower elongation at break, surface hydrophobicity, and transmittance compared with the pure SPI-based film. The filling effect of reinforcements and their hydrogen bonds with the film matrix contributed to the formation of a compact and homogeneous film structure. The ZnO-containing films obviously inhibited the growth of foodborne pathogens (Escherichia coli and Staphylococcus aureus) and also reduced the total viable counts and the total volatile basic nitrogen values in a pork sample. Furthermore, the CNC@ZnONP film prevented the migration of zinc from the film into the food system. Therefore, the obtained nanocomposite films have broad application prospects in the field of active food packaging.

This study examines the effect of economic and political uncertainty on sovereign CDS spreads using a novel panel index of world uncertainty. We document that sovereign CDS spreads widen with uncertainty. A 1% increase in uncertainty leads to a 0.86% increase in sovereign CDS spreads. Furthermore, the effect of uncertainty on sovereign CDS spreads is stronger for developed countries, countries with investment-grade credit ratings, and during non-crisis periods. The banking sector is a potential channel through which uncertainty increases sovereign risk. Overall, our results suggest that economic and political uncertainty contributes to both local and global components of sovereign CDS spreads.

The sovereign CDS market has developed rapidly for two decades and currently has a gross notional amount of more than a trillion dollars. We document a strong momentum effect in this market, which cannot be explained by a large set of risk factors. These momentum returns are positively skewed and higher during recessions. Consistent with the interpretation that this momentum effect is due to investors’ initial underreaction to sovereign credit information followed by corrections, our evidence shows that the momentum returns tend to be higher during the months surrounding announcements of credit rating or outlook changes of the underlying countries.

Colorectal cancer (CRC) is one of the leading causes of cancer-related death worldwide. Colorectal adenomatous polyps are at high risk for the development of CRC. In this report, we described the metabolic changes in the sera from patients with colorectal polyps and CRC by using the NMR-based metabolomics. 110 serum samples were collected from patients and healthy controls, including 40 CRC patients, 32 colorectal polyp patients, and 38 healthy controls. The metabolic profiles and differential metabolites of sera were analyzed by multivariate statistical analysis (MSA), including principal component analysis (PCA), partial least squares discriminant analysis (PLS-DA), and orthogonal partial least squares discriminant analysis (OPLS-DA) methods. A total of 23 differential metabolites were identified from MSA. According to the pathway analysis and multivariate ROC curve-based exploratory analysis by using the relative concentrations of differential metabolites, we found abnormal metabolic pathways and potential biomarkers involved with the colorectal polyp and CRC. The results showed that the pyruvate metabolism and glycerolipid metabolism were activated in colorectal polyps. And the glycolysis and glycine, serine, and threonine metabolism were activated in CRC. The changed metabolism may promote cellular proliferation. In addition, we found that the rates of acetate/glycerol and lactate/citrate could be the potential biomarkers in colorectal polyp and CRC, respectively. The application of 1H-NMR metabolomics analysis in serum has interesting potential as a new detection and diagnostic tool for early diagnosis of CRC.

Cellulose nanocrystals (CNC) were successfully prepared from wheat bran, and their effects on the gelling properties and microstructure of heat-induced whey protein isolate (WPI) gels were investigated. The results showed that the water holding capacity, gel strength, viscoelasticity, and thermal stability of the composite gels were improved by increasing the CNC concentration from 0 to 1.0 % (w/v). The incorporation of CNC restricted water mobility and facilitated conformation conversion of the secondary structure from α-helix to β-sheet. CNC has good compatibility with the protein matrixes at relatively low concentrations. At higher CNC concentrations, the agglomerated CNC can serve as an active dehydrating agent to absorb moisture in the protein matrixes, which promotes unfolding and cross-linking of the protein molecules. Moreover, the active filling effects of CNC contributed to the formation of a compact and homogeneous gel structure. Therefore, naturally sourced CNC is suggested as a potential gel modifier in food industry.

Because of the indiscriminate use of antibiotics and threats of the drug resistance, bacterial wound infection remains one of the most difficult medical issues. Therefore, it is of great significance to develop novel antibacterial platforms. In this work, we successfully prepared gallic acid functional silver nanoparticles (GA-Ag NPs) by a one-pot method and then embedded them into the network structure of a biocompatible polysaccharide to obtain a novel hydrogel (GA-Ag NP hydrogel) with outstanding bactericidal effect. In this system, the embedded GA-Ag NPs not only act as an antibacterial agent sustainably released from the matrix of the hydrogel to realize sterilization, but also act as a photothermal agent that effectively and controllably converts 808 nm near-infrared ray light into heat to kill bacteria. In vitro testing verified the outstanding broad-spectrum sterilization property of the GA-Ag NP hydrogel against Gram-negative Escherichia coli (E. coli) and Gram-positive Staphylococcus aureus (S. aureus). In vivo wound healing experiments confirmed the practical potential of this hydrogel in combating bacterial infections and accelerating wound healing. Hemolysis and cytotoxicity experiments showed that it has good biocompatibility. The development of this novel antibacterial hydrogel opens a new way to strengthen the antimicrobial arsenal for fighting bacterial infections.

Sovereign CDS spreads have unique predictive power for future stock market index returns, sovereign bond yields, as well as real macroeconomic variables such as GDP and PMI. The predictive power comes almost entirely from the global, rather than country-specific, component of sovereign CDS spreads. This is consistent with the interpretation that the information advantage of the sovereign CDS market is from its “global perspective” rather than local knowledge about individual countries. Stock and sovereign bond market indices gradually “catch up” with sovereign CDS spreads, mostly during the days surrounding credit rating or outlook changes, and especially for downgrades.

Background The safety and efficacy of laparoscopic liver resection (LLR) for colorectal liver metastasis (CLM) remain to be established. A meta-analysis was undertaken to compare LLR and open liver resection (OLR) for CLM with respect to surgical and oncologic outcomes. Methods An electronic search was performed to retrieve all relevant articles published in the English language by the end of March 2013. Data were analyzed using Review Manager version 5.0. Results A total of 8 nonrandomized controlled studies with 695 subjects were analyzsed. Intra-operative blood loss, the proportion of patients requiring blood transfusion, morbidity and the length of hospital stay were all significantly reduced after LLR. Postoperative recurrence, 5-year overall and disease-free survivals were comparable between two groups. Conclusions LLR for CLM is safe and efficacious. It improves surgical outcomes and uncompromises oncologic outcomes as compared with OLR.