Intra-flock body weight(BW)variability in broilers increases production costs,as underperforming chicks often show suboptimal gut development and performance.Increasing grain particle size and dietary fiber content ha...Intra-flock body weight(BW)variability in broilers increases production costs,as underperforming chicks often show suboptimal gut development and performance.Increasing grain particle size and dietary fiber content has been shown to improve digestive efficiency and intestinal health.This study investigated whether dietary inclusion of coarse corn(CC)and oat hulls(OH)could improve gut health and reduce the performance gap between lowand high-BW(LBW and HBW)broilers.On d 7,1400 Ross 308 male broilers were categorized as LBW or HBW,with 504 LBW chicks assigned to 4 isocaloric and isonitrogenous diets with 10% fine corn(LBWC),7%CC with 3% fine corn(LBW+CC),3%OH with 10% fine corn(LBW+OH),or 7%CC and 3%OH(LBW+CO).High BW chicks received a 10% fine corn diet(HBWC).Each group had 6 replicates with 21 chicks per pen.The HBWC group showed the highest BW at each timepoint(P<0.05).By d 38,LBW+OH chicks had significantly reduced the weight difference with HBWC chicks and significantly outperformed LBWC chicks(P<0.001),whereas other groups showed intermediate values.Coarse corn and OH,individually or combined,reduced the relative plasma FITC-dextrann concentration d 14(P=0.014)and increased gizzard weights on d 21 and 38(P<0.05)as compared with LBWC group.The LBW+OH group showed increased pancreas relative weight on d 21(P=0.005,vs.HBWC)and villus height(P=0.042,vs.LBWC)on d 38.Additionally,LBW+OH group reduced isobutyrate and isovalerate levels in cecum(P<0.05,vs.HBWC and LBWC)on d 21,and upregulated ileal genes related to gut barrier function(CLDN1,vs.HBWC and LBWC;CLDN4,vs.HBWC;CLDN5,vs.LBWC),amino acid and glucose transporters(SLC15A1 and SLC1A4,vs.HBWC and LBWC),and immune function(NOS2,vs.HBWC and LBWC;TLR4,vs.HBWC)on d 14(P<0.05),and sodiumphosphate transporter SLC34A2(P=0.049,vs.HBWC)on d 38.LBW+CC birds upregulated SLC15A1(vs.HBWC and LBWC)on d 38(P<0.001).Lactobacillus was enriched in the cecum of HBWC birds,while Escherichia-Shigella was abundant in LBWC birds on d 14,with CC and OH promoting beneficial bacterial shifts in LBW groups.Overall,incorporating structural components into diets,particularly 3%OH,enhanced gastrointestinal development,intestinal integrity,and growth performance in LBW broilers.These improvements reduced disparities in BW between LBW and HBW birds,thereby contributing to more uniform flock performance at slaughter age.展开更多
The phenomena associated with the performance of newly listed companies has increased the interest of many researchers who have developed a vast literature on long-term underpricing and underperformance, which togethe...The phenomena associated with the performance of newly listed companies has increased the interest of many researchers who have developed a vast literature on long-term underpricing and underperformance, which together with hot and cold issue markets, represent the three anomalies that have always accompanied with Initial Public Offerings （IPOs）. The objective of this work is to investigate the long-run performance of IPOs of venture and non-venture-backed companies. The analysis of a sample of 102 IPOs carried out in Italy in 1998-2005 revealed that both companies （venture-backed and non-venture-backed） showed negative values, thus, confirming the phenomenon of underperformance. During the 36 months following their listing, venture-backed companies seemed to register negative and statistically significant values both with the CARsVB methodology （-93.99%） and the Buy and Hold Abnormal Returns methodology （BHARsVB -88.37%）. Venture-backed companies, unlike non- venture-backed companies, seem to be able to restrain the losses, measured by both methods, in the first 12 months （CARsB - 12.38% -20.15% CARSNNVB; BHARsVB - 10.17%; BHARsNVB - 15.51%）. During the 36 months, however, the IPOs showed negative and statistically significant values regardless of whether they were venture or non-venture-backed. The test on the difference between the average abnormal returns of the two methodologies （CAARS and BHAARs） did not produce statistically significant results. The Wealth Relative was calculated and from the results it would appear that the portfolio of venture-backed IPOs does not register ＂brilliant＂ performances. The portfolio of 102 IPOs does not seem to beat the ＂market portfolio＂. In conclusion, therefore, the phenomenon of underperformance seems to be real in our country and is documented by strongly negative and statistically significant values obtained from the samples of IPOs analyzed.展开更多
基金funded by the MONOGUTHEALTH projectsupported through the Marie Skłodowska-Curie Innovative Training Networks grant(agreement no.955374)under the European Union’s Horizon 2020 research and innovation program.
文摘Intra-flock body weight(BW)variability in broilers increases production costs,as underperforming chicks often show suboptimal gut development and performance.Increasing grain particle size and dietary fiber content has been shown to improve digestive efficiency and intestinal health.This study investigated whether dietary inclusion of coarse corn(CC)and oat hulls(OH)could improve gut health and reduce the performance gap between lowand high-BW(LBW and HBW)broilers.On d 7,1400 Ross 308 male broilers were categorized as LBW or HBW,with 504 LBW chicks assigned to 4 isocaloric and isonitrogenous diets with 10% fine corn(LBWC),7%CC with 3% fine corn(LBW+CC),3%OH with 10% fine corn(LBW+OH),or 7%CC and 3%OH(LBW+CO).High BW chicks received a 10% fine corn diet(HBWC).Each group had 6 replicates with 21 chicks per pen.The HBWC group showed the highest BW at each timepoint(P<0.05).By d 38,LBW+OH chicks had significantly reduced the weight difference with HBWC chicks and significantly outperformed LBWC chicks(P<0.001),whereas other groups showed intermediate values.Coarse corn and OH,individually or combined,reduced the relative plasma FITC-dextrann concentration d 14(P=0.014)and increased gizzard weights on d 21 and 38(P<0.05)as compared with LBWC group.The LBW+OH group showed increased pancreas relative weight on d 21(P=0.005,vs.HBWC)and villus height(P=0.042,vs.LBWC)on d 38.Additionally,LBW+OH group reduced isobutyrate and isovalerate levels in cecum(P<0.05,vs.HBWC and LBWC)on d 21,and upregulated ileal genes related to gut barrier function(CLDN1,vs.HBWC and LBWC;CLDN4,vs.HBWC;CLDN5,vs.LBWC),amino acid and glucose transporters(SLC15A1 and SLC1A4,vs.HBWC and LBWC),and immune function(NOS2,vs.HBWC and LBWC;TLR4,vs.HBWC)on d 14(P<0.05),and sodiumphosphate transporter SLC34A2(P=0.049,vs.HBWC)on d 38.LBW+CC birds upregulated SLC15A1(vs.HBWC and LBWC)on d 38(P<0.001).Lactobacillus was enriched in the cecum of HBWC birds,while Escherichia-Shigella was abundant in LBWC birds on d 14,with CC and OH promoting beneficial bacterial shifts in LBW groups.Overall,incorporating structural components into diets,particularly 3%OH,enhanced gastrointestinal development,intestinal integrity,and growth performance in LBW broilers.These improvements reduced disparities in BW between LBW and HBW birds,thereby contributing to more uniform flock performance at slaughter age.
文摘The phenomena associated with the performance of newly listed companies has increased the interest of many researchers who have developed a vast literature on long-term underpricing and underperformance, which together with hot and cold issue markets, represent the three anomalies that have always accompanied with Initial Public Offerings （IPOs）. The objective of this work is to investigate the long-run performance of IPOs of venture and non-venture-backed companies. The analysis of a sample of 102 IPOs carried out in Italy in 1998-2005 revealed that both companies （venture-backed and non-venture-backed） showed negative values, thus, confirming the phenomenon of underperformance. During the 36 months following their listing, venture-backed companies seemed to register negative and statistically significant values both with the CARsVB methodology （-93.99%） and the Buy and Hold Abnormal Returns methodology （BHARsVB -88.37%）. Venture-backed companies, unlike non- venture-backed companies, seem to be able to restrain the losses, measured by both methods, in the first 12 months （CARsB - 12.38% -20.15% CARSNNVB; BHARsVB - 10.17%; BHARsNVB - 15.51%）. During the 36 months, however, the IPOs showed negative and statistically significant values regardless of whether they were venture or non-venture-backed. The test on the difference between the average abnormal returns of the two methodologies （CAARS and BHAARs） did not produce statistically significant results. The Wealth Relative was calculated and from the results it would appear that the portfolio of venture-backed IPOs does not register ＂brilliant＂ performances. The portfolio of 102 IPOs does not seem to beat the ＂market portfolio＂. In conclusion, therefore, the phenomenon of underperformance seems to be real in our country and is documented by strongly negative and statistically significant values obtained from the samples of IPOs analyzed.
