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Gauging risk with higher moments : handrails in measuring and optimising conditional value at risk
(2009)
The aim of the paper is to study empirically the influence of higher moments of the return distribution on conditional value at risk (CVaR). To be more exact, we attempt to reveal the extent to which the risk given by CVaR can be estimated when relying on the mean, standard deviation, skewness and kurtosis. Furthermore, it is intended to study how this relationship can be utilised in portfolio optimisation. First, based on a database of 600 individual equity returns from 22 emerging world markets, factor models incorporating the first four moments of the return distribution have been constructed at different confidence levels for CVaR, and the contribution of the identified factors in explaining CVaR was determined. Following this the influence of higher moments was examined in portfolio context, i.e. asset allocation decisions were simulated by creating emerging market portfolios from the viewpoint of US investors. This can be regarded as a normal decisionmaking process of a hedge fund focusing on investments into emerging markets. In our analysis we compared and contrasted two approaches with which one can overcome the shortcomings of the variance as a risk measure. First of all, we solved in the presence of conflicting higher moment preferences a multi-objective portfolio optimisation problem for different sets of preferences. In addition, portfolio optimisation was performed in the mean-CVaR framework characterised by using CVaR as a measure of risk. As a part of the analysis, the pair-wise comparison of the different higher moment metrics of the meanvariance and the mean-CVaR efficient portfolios were also made. Throughout the work special attention was given to implied preferences to the different higher moments in optimising CVaR. We also examined the extent to which model risk, namely the risk of wrongly assuming normally-distributed returns can deteriorate our optimal portfolio choice. JEL Classification: G11, G15, C61
If we want to develop a semantic analysis for explicit performatives such as I promise you to free Willy, we are faced with the following puzzle: In order to account for the speech act expressed by the performative verb, one can assume that the so-called performative clause is purely performative and provides the illocutionary force of the speech act whose content is given by the semantic object denoted by the complement clause. Yet under this perspective, the performative clause that is, next to the performative verb, the indexicals I and you that refer to the speaker and to the addressee of the utterance context is semantically invisible and does not contribute compositionally its meaning to the meaning of the entire explicit performative sentence. Conversely, if we account for the truth conditional contribution of the performative clause and deny that the meaning of the performative verb is purely performative, then we have to find a way to account for the speech act expressed by the performative verb. Of course, there is already the widely accepted and very appealing indirectness account for explicit performative utterances developed by Bach & Harnish (1979). Roughly, Bach and Harnish solve this puzzle in deriving the performativity by means of a pragmatic inference process. According to them, the important speech act performed by means of the utterance of the explicit performative sentence is a kind of the conventionalized indirect speech act. However, the boundary between semantics and pragmatics can be drawn in many various ways. Therefore, I think there could be other perspectives regarding the interface between the truth-functional treatment of the declarative explicit performative sentences and the speech acts performed with their utterances and which are expressed by the performative verbs. Hence, this thesis consists in the experiment to develop a further analysis and to check out its consequences with respect to the semantics and pragmatics of explicit performative utterances and the new interface emerged. Briefly, the experiment runs as follows: First, I develop an analysis for explicit performative sentences framed by parenthetical structures such as in (1)(a). In a second step, this parenthetical analysis is applied to the proper Austinian explicit performative sentences in (1)(b). (1) a. Tomorrow, I promise you this, I will teach them Tyrolean songs. b. I promise you that I will teach them Tyrolean songs. To analyze at first explicit performatives framed by parenthetical structures bears the convenience that we are faced with two utterances of two main clauses. In (1)(a) there is the utterance of the host sentence Tomorrow I will teach them Tyrolean songs, and the utterance of the explicit parenthetical I promise you this, where the demonstrative this refers to the utterance of Tomorrow I will teach them Tyrolean songs. Since speakers perform speech acts with utterances of main clauses, I assume that the meaning of the explicit parenthetical I promise you this specifies that the actual illocutionary force of the utterance of Tomorrow I will teach them Tyrolean songs is the illocutionary force of a promise. Hence, instead of deriving an indirect illocutionary force by means of a pragmatic inference schema, we can deal with an ordinary direct speech act that is performed with the utterance of the host sentence. This kind of analysis stresses the particular discourse function of explicit performative utterances. Performative verbs are used whenever the contextual information is not sufficient to determine the illocutionary force of the corresponding implicit speech act. The resulting consequences of the parenthetical analysis are interesting since they cast a different light on performative verbs. Surprisingly, the performative verbs are not performative at all. They do not constitute the execution of a speech act, but are execution supporting. Instead of constituting the particular illocutionary force, they merely specify the illocutionary force of the utterance of the host sentence. For instance, the speaker utters the explicit parenthetical I promise you this for specifying what he is simultaneously doing. Hence the speaker does not succeed in performing the promise simply because he is uttering I promise you this. Rather, by means of the information conveyed by the utterance of I promise you this, the potential illocutionary forces of the utterance of the host sentence are disambiguated. Thus, it is not the case that explicit parentheticals are trivially true when uttered. Their function is more complex. Their self-verifying property (‘saying so makes it so’) is explained by means of disambiguation. Furthermore, according to the parenthetical analysis, instead of being purely performative, the performative verbs contribute compositionally their meanings to the truth conditions of the entire explicit performative sentence. Together with its consequences, this analysis is applied to the proper Austinian performatives, which display subordination. I assume that regardless of their structure, explicit performatives always semantically and pragmatically behave as the parenthetical analysis predicts.
Biventricular pacing has been suggested in end-stage heart failure. We present a 59-year-old patient undergoing second re-do CABG (coronary artery bypass graft) and carotid artery endarterectomy. Ejection fraction was 15%, QRS-width 175 ms. Following the carotid and CABG procedure, an implanted single-chamber ICD (implantable cardioverter defibrillator) was upgraded to permanent biventricular DDD pacing by implantation of one epicardial left ventricular and one epicardial atrial electrode. At follow-up two months postoperatively ejection fraction had significantly improved to 45%, the patient underwent stress test with adequate load and reported a good quality of life.
Background Hepatitis C virus (HCV) is a leading cause of chronic liver disease, end-stage cirrhosis, and liver cancer, but little is known about the burden of disease caused by the virus. We summarised burden of disease data presently available for Europe, compared the data to current expert estimates, and identified areas in which better data are needed. Methods Literature and international health databases were systematically searched for HCV-specific burden of disease data, including incidence, prevalence, mortality, disability-adjusted life-years (DALYs), and liver transplantation. Data were collected for the WHO European region with emphasis on 22 countries. If HCV-specific data were unavailable, these were calculated via HCV-attributable fractions. Results HCV-specific burden of disease data for Europe are scarce. Incidence data provided by national surveillance are not fully comparable and need to be standardised. HCV prevalence data are often inconclusive. According to available data, an estimated 7.3–8.8 million people (1.1–1.3%) are infected in our 22 focus countries. HCV-specific mortality, DALY, and transplantation data are unavailable. Estimations via HCV-attributable fractions indicate that HCV caused more than 86000 deaths and 1.2 million DALYs in the WHO European region in 2002. Most of the DALYs (95%) were accumulated by patients in preventable disease stages. About one-quarter of the liver transplants performed in 25 European countries in 2004 were attributable to HCV. Conclusion Our results indicate that hepatitis C is a major health problem and highlight the importance of timely antiviral treatment. However, data on the burden of disease of hepatitis C in Europe are scarce, outdated or inconclusive, which indicates that hepatitis C is still a neglected disease in many countries. What is needed are public awareness, co-ordinated action plans, and better data. European physicians should be aware that many infections are still undetected, provide timely testing and antiviral treatment, and avoid iatrogenic transmission.
Background Public health systems are confronted with constantly rising costs. Furthermore, diagnostic as well as treatment services become more and more specialized. These are the reasons for an interdisciplinary project on the one hand aiming at simplification of planning and scheduling patient appointments, on the other hand at fulfilling all requirements of efficiency and treatment quality. Methods As to understanding procedure and problem solving activities, the responsible project group strictly proceeded with four methodical steps: actual state analysis, analysis of causes, correcting measures, and examination of effectiveness. Various methods of quality management, as for instance opinion polls, data collections, and several procedures of problem identification as well as of solution proposals were applied. All activities were realized according to the requirements of the clinic's ISO 9001:2000 certified quality management system. The development of this project is described step by step from planning phase to inauguration into the daily routine of the clinic and subsequent control of effectiveness. Results Five significant problem fields could be identified. After an analysis of causes the major remedial measures were: installation of a patient telephone hotline, standardization of appointment arrangements for all patients, modification of the appointments book considering the reason for coming in planning defined working periods for certain symptoms and treatments, improvement of telephonic counselling, and transition to flexible time planning by daily updates of the appointments book. After implementation of these changes into the clinic's routine success could be demonstrated by significantly reduced waiting times and resulting increased patient satisfaction. Conclusion Systematic scrutiny of the existing organizational structures of the outpatients' department of our clinic by means of actual state analysis and analysis of causes revealed the necessity of improvement. According to rules of quality management correcting measures and subsequent examination of effectiveness were performed. These changes resulted in higher satisfaction of patients, referring colleagues and clinic staff the like. Additionally the clinic is able to cope with an increasing demand for appointments in outpatients' departments, and the clinic's human resources are employed more effectively.
Background Ongoing changes in cancer care cause an increase in the complexity of cases which is characterized by modern treatment techniques and a higher demand for patient information about the underlying disease and therapeutic options. At the same time, the restructuring of health services and reduced funding have led to the downsizing of hospital care services. These trends strongly influence the workplace environment and are a potential source of stress and burnout among professionals working in radiotherapy. Methods and patients A postal survey was sent to members of the workgroup "Quality of Life" which is part of DEGRO (German Society for Radiooncology). Thus far, 11 departments have answered the survey. 406 (76.1%) out of 534 cancer care workers (23% physicians, 35% radiographers, 31% nurses, 11% physicists) from 8 university hospitals and 3 general hospitals completed the FBAS form (Stress Questionnaire of Physicians and Nurses; 42 items, 7 scales), and a self-designed questionnaire regarding work situation and one question on global job satisfaction. Furthermore, the participants could make voluntary suggestions about how to improve their situation. Results Nurses and physicians showed the highest level of job stress (total score 2.2 and 2.1). The greatest source of job stress (physicians, nurses and radiographers) stemmed from structural conditions (e.g. underpayment, ringing of the telephone) a "stress by compassion" (e.g. "long suffering of patients", "patients will be kept alive using all available resources against the conviction of staff"). In multivariate analyses professional group (p < 0.001), working night shifts (p = 0.001), age group (p = 0.012) and free time compensation (p = 0.024) gained significance for total FBAS score. Global job satisfaction was 4.1 on a 9-point scale (from 1 – very satisfied to 9 – not satisfied). Comparing the total stress scores of the hospitals and job groups we found significant differences in nurses (p = 0.005) and physicists (p = 0.042) and a borderline significance in physicians (p = 0.052). In multivariate analyses "professional group" (p = 0.006) and "vocational experience" (p = 0.036) were associated with job satisfaction (cancer care workers with < 2 years of vocational experience having a higher global job satisfaction). The total FBAS score correlated with job satisfaction (Spearman-Rho = 0.40; p < 0.001). Conclusion Current workplace environments have a negative impact on stress levels and the satisfaction of radiotherapy staff. Identification and removal of the above-mentioned critical points requires various changes which should lead to the reduction of stress.
Analysis of knockout/knockin mice that express a mutant FasL lacking the intracellular domain
(2009)
Fas ligand (FasL; CD178; CD95L) is a type II transmembrane protein belonging to the tumour necrosis factor family; its binding to the Fas receptor (CD95; APO-1) triggers apoptosis in the receptor-bearing cell. Signalling through this pathway plays a pivotal role during the immune response and in immune system homeostasis. Similar to other TNF family members, the intracellular domain has been reported to transmit signals to the inside of the FasL-bearing cell (reverse signalling). Recently, we identified the proteases ADAM10 and SPPL2a as molecules important for the processing of FasL. Protease cleavage releases the intracellular domain, which then is able to translocate to the nucleus and to repress reporter gene activity. To study the physiological importance of FasL reverse signalling in vivo, we established knockout/knockin mice with a FasL deletion mutant that lacks the intracellular portion (FasLDeltaIntra). Co-culture experiments confirmed that the truncated FasL protein is still capable of inducing apoptosis in Fas-sensitive cells. Preliminary immune histochemistry data suggest that, in contrast to published data, the absence of the intracellular FasL domain does not alter the intracellular FasL localization in activated T cells. We are currently investigating signalling and proliferative capacities of T cells derived from homozygous FasLDeltaIntra mice to validate a co-stimulatory role of FasL reverse signalling.
Mitochondria are essential for respiration and oxidative phosphorylation. Mitochondrial dysfunction due to aging processes is involved in pathologies and pathogenesis of a series of cardiovascular disorders. New results accumulate showing that the enzyme telomerase with its catalytic subunit telomerase reverse transcriptase (TERT) has a beneficial effect on heart functions. The benefit of short-term running of mice for heart function is dependent on TERT expression. TERT can translocate into the mitochondria and mitochondrial TERT (mtTERT) is protective against stress induced stimuli and binds to mitochondrial DNA (mtDNA). Because mtDNA is highly susceptible to damage produced by reactive oxygen species (ROS) which are generated in close proximity to the respiratory chain, the aim of this study was to determine the functions of mtTERT in vivo and in vitro. Therefore, mitochondria from hearts of adult, 2nd generation TERT-deficient mice (TERT -/-) and wt littermates were isolated and state 3 respiration was measured. Strikingly mitochondria from TERT -/- revealed a significantly lower state 3 respiration (TERTwt: 987 +/- 72 pmol/s*mg vs. TERT-/-: 774 +/- 38 pmol/s*mg, p < 0.05, n = 5). These results demonstrated that TERT -/- mice have a so far undiscovered heart phenotype. In contrast mitochondria isolated from liver tissues did not show any differences. To get further insights in the molecular mechanisms, we reduced endogenous TERT levels by shRNA and measured mitochondrial reactive oxygen species (mtROS). mtROS were increased after ablation of TERT (scrambled: 4.98 +/- 1.1% gated vs. shTERT: 2.03 +/- 0.7% gated, p < 0.05, n = 4). We next determined mtDNA deletions, which are caused by mtROS. Semiquantitative realtime PCR of mtDNA deletions revealed that mtTERT protects mtDNA from oxidative damage. To analyze whether mitochondrial integrity is required to protect from apoptosis, vectors with mitochondrially targeted TERT (mitoTERT) and wildtype TERT (wtTERT) were transfected and apoptosis was measured. mitoTERT showed the most prominent protective effect on H2O2 induced apoptosis. In conclusion, mtTERT has a protective role in mitochondria by importantly contributing to mtDNA integrity and thereby enhancing respiration capacity of the heart.
Carma-1 is required for B cell receptor-/CD40- and T cell receptor-/CD28-induced B- and T-cell activation via JNK and NF-betaB. In B cells, Carma-1 becomes phosphorylated by PKCbeta, leading to its oligomerization. Subsequent Bcl10 binding induces IKKbeta-activation and, thereby, canonical NF-KB signalling. Despite these findings it is still unknown how exactly Carma-1 is connected to the plasma membrane and to the IKK-complex. Therefore, we purified Carma-1 complexes from mouse CH12 B cells using anti-Carma-1 affinity columns. Mass spectrometric analyses of the column eluates demonstrated the presence of Carma-1 as well as three previously uncharacterized adaptor proteins in B cells, one of which was the Trk-fused gene (Tfg), an adaptor protein containing PB1 and coiledcoil domains. Whereas Tfg was originally identified as fusion partner of oncogenic Trk tyrosine kinase mutants, the normal cellular homologue of Tfg has so far not been described in B cells. However, Tfg has been shown in other systems to interact with IKKgamma and to enhance TNFinduced NF-KB activation. Tfg and Carma-1 co-localized at the plasma membrane and perinuclear structures in B cells. We further corroborated the interactions of Tfg, IKKgamma and Carma-1 by Blue Native gel electrophoresis, where Carma-1 and Tfg formed a 0.7–1 MDa complex. Ectopic expression of Tfg increased the molecular mass of IKKgamma complexes, fused IKKgamma, Bcl10 and Carma-1 complexes to a ~2 MDa complex, and increased basal and CD40-induced canonical activity of NF-KB and IKKbeta. In contrast, shRNA-mediated silencing of Tfg decreased CD40-induced IKKbeta activity. Very interestingly, in primary B cells, highest expression of Tfg was detected in marginal zone and B1 B cells, and Carma-1 and Tfg formed complexes in these B cells. Since Carma-1 is required for marginal zone B cell and B1 B cell development, we suggest that a functional interaction between Carma-1 and Tfg contributes to development and maintenance of these cells by means of canonical NF-KB signals.
Introduction: Lymphocyte infiltration (LI) is often seen in breast cancer but its importance remains controversial. A positive correlation of human epidermal growth factor receptor 2 (HER2) amplification and LI has been described, which was associated with a more favorable outcome. However, specific lymphocytes might also promote tumor progression by shifting the cytokine milieu in the tumor.
Methods: Affymetrix HG-U133A microarray data of 1,781 primary breast cancer samples from 12 datasets were included. The correlation of immune system-related metagenes with different immune cells, clinical parameters, and survival was analyzed.
Results: A large cluster of nearly 600 genes with functions in immune cells was consistently obtained in all datasets. Seven robust metagenes from this cluster can act as surrogate markers for the amount of different immune cell types in the breast cancer sample. An IgG metagene as a marker for B cells had no significant prognostic value. In contrast, a strong positive prognostic value for the T-cell surrogate marker (lymphocyte-specific kinase (LCK) metagene) was observed among all estrogen receptor (ER)-negative tumors and those ER-positive tumors with a HER2 overexpression. Moreover ER-negative tumors with high expression of both IgG and LCK metagenes seem to respond better to neoadjuvant chemotherapy.
Conclusions: Precise definitions of the specific subtypes of immune cells in the tumor can be accomplished from microarray data. These surrogate markers define subgroups of tumors with different prognosis. Importantly, all known prognostic gene signatures uniformly assign poor prognosis to all ER-negative tumors. In contrast, the LCK metagene actually separates the ER-negative group into better or worse prognosis.
Background Imatinib mesylate, a selective inhibitor of Abl tyrosine kinase, is efficacious in treating chronic myeloid leukaemia (CML) and Ph+ acute lymphoblastic leukaemia (ALL). However, most advanced-phase CML and Ph+ ALL patients relapse on Imatinib therapy. Several mechanisms of refractoriness have been reported, including the activation of the Src-family kinases (SFK). Here, we investigated the biological effect of the new specific dual Src/Abl kinase inhibitor AZD0530 on Ph+ leukaemic cells. Methods Cell lines used included BV173 (CML in myeloid blast crisis), SEM t(4;11), Ba/F3 (IL-3 dependent murine pro B), p185Bcr-Abl infected Ba/F3 cells, p185Bcr-Abl mutant infected Ba/F3 cells, SupB15 (Ph+ ALL) and Imatinib resistant SupB15 (RTSupB15) (Ph+ ALL) cells. Cells were exposed to AZD0530 and Imatinib. Cell proliferation, apoptosis, survival and signalling pathways were assessed by dye exclusion, flow cytometry and Western blotting respectively. Results AZD0530 specifically inhibited the growth of, and induced apoptosis in CML and Ph+ ALL cells in a dose dependent manner, but showed only marginal effects on Ph- ALL cells. Resistance to Imatinib due to the mutation Y253F in p185Bcr-Abl was overcome by AZD0530. Combination of AZD0530 and Imatinib showed an additive inhibitory effect on the proliferation of CML BV173 cells but not on Ph+ ALL SupB15 cells. An ongoing transphosphorylation was demonstrated between SFKs and Bcr-Abl. AZD0530 significantly down-regulated the activation of survival signalling pathways in Ph+ cells, resistant or sensitive to Imatinib, with the exception of the RTSupB15. Conclusion Our results indicate that AZD0530 targets both Src and Bcr-Abl kinase activity and reduces the leukaemic maintenance by Bcr-Abl.
Background The effect of additional treatment strategies with antineoplastic agents on intraperitoneal tumor stimulating interleukin levels are unclear. Taurolidine and Povidone-iodine have been mainly used for abdominal lavage in Germany and Europe. Methods In the settings of a multicentre (three University Hospitals) prospective randomized controlled trial 120 patients were randomly allocated to receive either 0.5% taurolidine/2,500 IU heparin (TRD) or 0.25% povidone-iodine (control) intraperitoneally for resectable colorectal, gastric or pancreatic cancers. Due to the fact that IL-1beta (produced by macrophages) is preoperatively indifferent in various gastrointestinal cancer types our major outcome criterion was the perioperative (overall) level of IL-1beta in peritoneal fluid. Results Cytokine values were significantly lower after TRD lavage for IL-1beta, IL-6, and IL-10. Perioperative complications did not differ. The median follow-up was 50.0 months. The overall mortality rate (28 vs. 25, p = 0.36), the cancer-related death rate (17 vs. 19, p = .2), the local recurrence rate (7 vs. 12, p = .16), the distant metastasis rate (13 vs. 18, p = 0.2) as well as the time to relapse were not statistically significant different. Conclusion Reduced cytokine levels might explain a short term antitumorigenic intraperitoneal effect of TRD. But, this study analyzed different types of cancer. Therefore, we set up a multicentre randomized trial in patients undergoing curative colorectal cancer resection. Trial registration : ISRCTN66478538
Background The differential diagnosis between follicular thyroid adenoma and minimal invasive follicular thyroid carcinoma is often difficult for several reasons. One major aspect is the lack of typical cytological criteria in well differentiated specimens. New marker molecules, shown by poly- or monoclonal antibodies proved helpful. Methods We performed global gene expression analysis of 12 follicular thyroid tumours (4 follicular adenomas, 4 minimal invasive follicular carcinomas and 4 widely invasive follicular carcinomas), followed by immunohistochemical staining of 149 cases. The specificity of the antibody was validated by western blot analysis Results In gene expression analysis QPRT was detected as differently expressed between follicular thyroid adenoma and follicular thyroid carcinoma. QPRT protein could be detected by immunohistochemistry in 65% of follicular thyroid carcinomas including minimal invasive variant and only 22% of follicular adenomas. Conclusion Consequently, QPRT is a potential new marker for the immunohistochemical screening of follicular thyroid nodules.
This study addresses the structure-function relationships of three essential membrane proteins: Porin from Paracoccus denitrificans, Porin OmpG from Eschericia coli and BetP from Corynobacterium glutamicum using Fourier transform infrared (FT-IR) spectroscopy and Attenuated Total Reflection (ATR) techniques. The structure of porin from P. denitrificans is known for more than a decade; however, the mechanism for loss of functionality together with the monomerization was not clear. In this study we have addressed the role of lipids for the functionality of porin using FT-IR. OmpF porin was found to interact with the lipid molecules via the aromatic girdles surrounding the protein for functionality. In this study, molecular bonds and groups of the lipids were established as reporter groups probing at different depths of the bilayer in order to understand the interaction partner of the aromatic girdles of porins. Monomerization of the trimeric assembly of OmpF porin reconstituted in lipids is induced by increasing the temperature. Porin (OmpF) was found to be extremely stable: The secondary structure of the protein was unaltered up to the temperature-induced main transition, around 80-90 °C, above which it is denatured. However, the interaction of the aromatic girdle with the lipid molecules exhibited distinct changes at much lower temperature values (40 - 50°) where, according to the previous functional studies, monomerization and the loss of function occurs. The results are compared with OmpG porin from E.coli, for which the functional unit is a monomer. The aromatic girdle-lipid interaction was monitored by the tyrosine aromatic ring C=C vibrational mode, a universal marker for the protein stability and interaction. We have also found that the aromatic girdles of porins are interacting with the interfacial region of the lipid bilayer instead of lipid headgroups. Lipid-protein interaction was found to be not only essential for the structural stability, but also for the functionality of OmpF porin. We have also studied the structural properties of OmpG from E.coli. The structure of OmpG at two pH values has been resolved using X-ray crystallography and the channel has been proposed to attain different states at different pH values as closed (pH < 5.5) and open (pH >7.5). This study, using IR spectroscopy, revealed that the pH-induced opening and closing of the channel is reflected by the frequency shifts of the ? sheet structure. OmpG has more rigid ? barrel properties upon opening of the channel. IR spectral analysis revealed multiple ? sheet signals with different hydrogen bond strengths. This enabled us to monitor the formation of hydrogen bridges between the extracellular loops upon opening of the channel. The conclusion that OmpG porin having two states at different pH values was also confirmed by the three mutants where the role of the histidine pair (H231 & H261) and loop 6 has been addressed. Temperature-profiling of the wild type (WT) protein and the mutants did not show pH dependent structural stability differences in detergent solution. However, the WT protein was found to be more stable in the open form in 2D crystals than the closed form. Reconstitution into lipids has increased the transition temperature value by ~20 °C in the closed state and ~25 °C in the open state. Therefore we conclude that the open and closed state of OmpG has structural stability differences that are only revealed in the lipid environment. A comparison of the transition temperature values of OmpG WT and the mutants suggested that the hydrogen bond network among S218-H231-H261-D267, together with the formation of 12 residue-long ?-sheet contributes to the structural stability of the open channel. In the process of closing and opening of the channel, the globular structure of the protein remains mainly unchanged, while there are changes in the side chain moieties. In addition to the role of the histidine pair and the loop L6, in situ opening/closing experiments showed that the negatively charged amino acids, i.e. Asp and Glu, and Arg residues also play an active role; possibly by interacting with each other inside the pore lumen. Therefore it could be concluded that the closure of the channel at acidic pH values is not only via closing the channel entrance by loop 6, but also via changing the electric potential inside the lumen due to the different states of charged amino acids in order to effectively block the gateway. BetP from C.glutamicum attains an active and inactive state in order to adjust its glycine betaine uptake rate to the osmotic conditions that the cell encounters. The structure of BetP is not yet available. The WT protein exhibited structural differences in the presence of excess K+, which is one of the activation conditions. In 2D crystals, increasing the ionic strength to 700 mM K+ was shown to induce changes in the ?-helical moiety with contributions from the ester groups and one Tyr residue using ATR-FTIR. An increase in ionic strength to 220 mM K+ was found to be the threshold value of potassium concentration ([K+]) where the protein exhibits structural alterations in detergent solution. The determined [K+] values are in good agreement with the previous functional studies. However, there are differences in the activation profile of BetP in 2D crystals and in detergent solution, which points out that the lipids are involved in the conformational transition from the inactive to the active state and their absence can lead to different structural properties. BetP WT was found to have ~65% alpha-helix, ~25% random coil and ~10% turn structure in detergent solution. In the presence of excess K+, the WT protein is found to adapt more unordered structure. Secondary structure analysis of the mutants revealed that both the N- and C-terminus are in ?-helical conformation. Reconstitution of WT protein in 2D crystals increased the main transition (denaturation) temperature value from ~62 °C to ~85 °C, a clear indication that the protein is more stable in lipid environment. Temperature-profiling of the two forms of the WT protein revealed that the structural breakdown is preceeded by monomerization of the trimeric assembly. Comparing the two forms of the WT protein and the mutant BetA, we conclude that the oligomeric status is stabilized via the interactions among hydrophilic regions involving the N terminus. H/D exchange and activation with excess K+ in D2O-buffer revealed that activation of the protein involves the interaction of Arg and Asp/Glu residues in the cytoplasmic region of the protein. BetP WT and the two mutants tested, i.e. BetA and BetP?C45, showed differences in protein packing upon activation. The WT protein and BetP?C45 mutant also show changes in the hydrogen bonding properties of turns. Since BetA does not show such a property in activation, we conclude that the N-terminus interacts with the loops in the inactive state via the interaction of charged amino acids for the WT protein and that this interaction is altered during the activation. It could be argued that the protein packing is affected via the changes in turns upon activation. We also have found experimental evidence that one Tyr residue has different orientations in the active and inactive state of BetP. Based on the previous functional studies, it could be one of the five Tyr residues in the cytoplasmic region of the protein (in loop 3, 6, 7 or C-terminus). The mutant BetP?C45, on the other hand, showed fewer differences between the active and inactive state conditions and based on the H/D exchange rates, the mutant shows the properties of an active WT protein, proving that the C-terminal truncation impairs the conformational transition between the active and inactive states.
The characterization of microscopic properties in correlated low-dimensional materials is a challenging problem due to the effects of dimensionality and the interplay between the many different lattice and electronic degrees of freedom. Competition between these factors gives rise to interesting and exotic magnetic phenomena. An understanding of how these phenomena are driven by these degrees of freedom can be used for rational design of new materials, to control and manipulate these degrees of freedom in order to obtain desired properties. In this work, we study these effects in materials with small exchange interaction between the magnetic ions such as metal-organic and inorganic dilute compounds. We overcome the dfficulties in studying these kind of materials by combining classical and quantum mechanical ab initio methods and many-body theory methods in an effective theoretical approach. To treat metal-organic compounds we elaborate a novel two-step methodology which allows one to include quantum effects while reducing the computational cost. We show that our approach is an effective procedure, leading at each step, to additional insights into the essential features of the phenomena and materials under study. Our investigation is divided into two parts, the first one concerning the exploration of the fundamental physical properties of novel Cu(II) hydroquinone-based compounds. We have studied two representatives of this family, a polymeric system Cu(II)-2,5-bis(pyrazol-1-yl)-1,4-dihydroxybenzene (CuCCP) and a coupled system Cu2S2F6N8O12 (TK91). The second part concerns the study of magnetic phenomena associated with the interplay between different energy scales and dimensionality in zero-, one- and two-dimensional compounds. In the zero-dimensional case, we have performed a comprehensive study of Cu4OCl6L4 with L=diallylcyanamide=NC-N-(CH2-CH=CH2)2 (Cu4OCl6daca4). Interpretations of the magnetic properties for this tetrameric compound have been controversial and inconsistent. From our studies, we conclude that the common models usually applied to this and other representatives in the same family of cluster systems fail to provide a consistent description of their low temperature magnetic properties and we thus postulate that in such systems it is necessary to take into account quantum fluctuations due to possible frustrated behavior. In the one-dimensional case, we studied polymeric Fe(II)-triazole compounds, which are of special relevance due to the possibility of inducing a spin transition between low and high spin state by applying a external perturbation. A long standing problem has been a satisfactory microscopic explanation of this large cooperative phenomenon. A lack of X-ray data has been one mitigating reason for the absence of microscopic studies. In this work, we present a novel approach to the understanding of the microscopic mechanism of spin crossover in such systems and show that in these kind of compounds magnetic exchange between high spin Fe(II) centers plays an important role. The correct description of the underlying physics in many materials is often hindered by the presence of anisotropies. To illustrate this difficulty, we have studied a two dimensional dilute compound K2V3O8 which exhibits an unusual spin reorientation effect when applying magnetic fields. While this effect can be understood when considering anisotropies in the system, it is not sufficient to reproduce experimental observations. Based on our studies of the electronic and magnetic properties in this system, we predict an extra exchange interaction and the presence of an additional magnetic moment at the non-magnetic V site. This sheds a new light into the controversial recent experimental data for the magnetic properties of this material.
In late 2006/early 2007, the Cultural Research Centre (CRC), with financial and technical support from the Cross-Cultural Foundation of Uganda, carried out research in Iganga and Namutumba districts to gauge the impact of the introduction of the local language as a medium of instruction in ‘pilot’ lower primary school classes. Our research was in response to new circumstances in Uganda’s education sector, with Government introducing teaching in local languages in lower primary classes from February 2007. This was accompanied by a “thematic curriculum”, to develop early childhood skills that are fundamental to continuing educational performance in numeracy, literacy and life skills. This was a departure from the earlier emphasis on the acquisition of facts in various subjects in primary schools, mostly focusing on recall, and mostly taught in English. This nationwide policy followed a pilot initiative in four districts, including Iganga (later split into Iganga and parts of Namutumba districts), where 15 pilot schools had been chosen. Instruction in Lusoga in Primary 1 to 3 classes started there in 2005, following a period of teacher training. From the outset however, parents, teachers, pupils and others raised questions: was teaching in the local language possible, and would it make a positive difference to learning?
In Lango, Northern Uganda, 20 years of war, cattle rustling and HIV/AIDS have resulted in widespread loss of life, population displacement, and loss of property. In spite of this turmoil, some traditional cultural practices, such as widow inheritance, early child marriage, and widow cleansing continued, although they were increasingly seen to conflict with ‘modern’ development thinking, especially when infringing women and children’s rights. External development actors first tried to address this situation by ‘sensitising’ communities, but with limited success. It however soon became evident that clan leaders were instrumental in perpetuating cultural practices: in the early 2000’s, they became increasingly identified as key actors to address harmful traditions and to resolve conflicts. With the many trials faced by local communities, women’s roles in supporting the family institution and upholding cultural values had however expanded too. Several development organisations were established to address the challenges related to these changes and one was the Lango Female Clan Leaders’ Association, with a focus on promoting girls’ education and access to justice for women. This case study examines the role that these female clan leaders have successfully played in tackling current gender- related challenges. It explores the interface between traditional and modern gender concepts and the value of working with cultural resource persons to address cultural challenges. The study involved desk research, field based semistructure interviews, focus group discussions with 30 respondents and key informants, and a validation write-shop, all held in the course of 2008.
This paper traces the historical development of lexicography in Gabon. Gabon, like most African countries, is multilingual. The recent inventories of languages spoken in Gabon are those established by Jacquot (1978) and Kwenzi-Mikala (1998). According to Kwenzi-Mikala (1997), there are 62 speech forms divided into 10 language groups or language-units in Gabon. These speech forms co-exist with French, the official language. In fact, in article 2 of paragraph 8 of the revised Constitution of 1994 the following can be read: "The Gabonese Republic adopts French as the official language. Furthermore, she endeavours to protect and promote the national languages." This constitutional arrangement naturally makes French the language used in education, administration and the media. The survey of lexicography in Gabon that is presented here includes the linguistic situation in and the language policy of Gabon, the lexicographic survey itself, as well as the lexicographic needs of the different speech forms (including languages and dialects). Initially, the pioneers of Gabonese lexicography were missionaries or colonial administrators. Very little was done in this field by the Gabonese themselves. Although credit is to be given to these early works, there are a number of shortcomings regarding the linguistic as well as the metalexicographic contents of dictionaries and lexicons produced during this period. In fact, the main weak point of those studies was the lack of tones in the written transcription of oral productions and orthographic problems. Furthermore, in those contributions, the theory of lexicography is largely unknown and lexico-graphic works are hardly ever based on authentic data corpora of the languages being described.
The main goal of this article is to define the problem of vowel duration in Civili (H12a). It shows that the so-called Civili vowel-length desperately needs to be re-examined, because previous works on the sound system of this language hardly explain a number of phonological phenomena, such as vowel lengthening, on the basis of data at hand. Demonstrating the problem in question, the author first reviews previous works that all identify a vowel lengthening in Civili. From different analyses the complexity of the phenomenon is found out by observing differences from an analysis to another, and by regarding difficulties the different phonologists came up against. Then, the problem is also seen through the weakness of each analysis results. This eventually shows more aspects of the vowel duration issue, and leads the author to make a clear distinction between vowel length and vowel lengthening that can be all regarded as only vowel duration. Finally, the article shares a possible way for a solution through an experimental approach of the Civili sound system.
This article raises a number of questions that should be dealt with in drawing up a lexicographic plan for Gabon. For which of the Gabonese languages should lexicographic units be established? This question entrains the issue of inventorying the Gabonese languages and their standardization as well as the issue of language planning for Gabon. What is the status of those foreign languages widely spoken in Gabon? What about French? Should Gabon keep importing its French dictionaries from France, or should the Gabonese compile their own French dictionaries, including French words and expressions exclusively used in Gabon? Finally, after trying to answer these questions, a number of suggestions are made for the establishment of a lexicographic plan for Gabon.
Content A. EXECUTIVE SUMMARY, INCLUDING MAJOR RECOMMENDATIONS B. COMPLETE REPORT 1. INTRODUCTION 2. RISK MAP 2.1 Why a Risk Map is needed, and for what purpose 2.1.1 Creating a unified data base 2.1.2 Assessing systemic risk 2.1.3 Allowing for coordinated policy action 2.2 Recommendations 3. GLOBAL REGISTER FOR LOANS (CREDIT REGISTER) AND BONDS (SECURITIES REGISTER) 3.1 Objectives of a credit register 3.2 Credit registers in Europe (and beyond) 3.3 Suggestions for a supra-national Credit Register 3.4 Integrating a supra-national Securities Register 3.5 Recommendations 4. HEDGE FUNDS: REGULATION AND SUPERVISION 4.1 What are hedge funds (activities, location, size, regulation)? 4.2 What are the risks posed by hedge funds (systematic risks, interaction with prime brokers)? 4.3 Routes to better regulation (direct, indirect) 4.4 Recommendations 5. RATING AGENCIES: REGULATION AND SUPERVISION 5.1 The role of ratings in bond and structured finance markets, past and present 5.2 Elements of rating integrity (independence, compensation and incentives, transparency) 5.3 Recommendations (registration, transparency, annual report on rating performance) 6. PROCYCLICALITY: PROBLEMS AND POTENTIAL SOLUTIONS 6.1 What is meant by “procyclicality” and why is it a problem? 6.2 The roots of procyclicality and the lessons it suggests for policymakers 6.2.1 Underpinnings of the phenomenon 6.2.2 Lessons to be learned 6.3 Characteristics of a macrofinancial stability framework 6.4 Recommendations 7. THE ROLE OF INTERNATIONAL INSTITUTIONS AND FORA, IN PARTICULAR THE IMF, BIS AND FSF 7.1 Legitimacy 7.2 Re-focusing the work 7.3 Recommendations
Content New Financial Architecture (Short Version) 1. Purpose of the paper – causes of the crisis 2. Recommendations 2.1. Incentives 2.2. Transparency 2.3. Regulation and Supervision 2.4. International Institutions 3. Concluding remarks Appendix (Full text) A 1. Causes of the crisis A 2. Improving the Framework A 2.1. Incentives A 2.2. Transparency A 2.3. Regulation and Supervision A 2.4. International Institutions A 3. Concluding remarks
We analyze a national sample of Americans with respect to their debt literacy, financial experiences, and their judgments about the extent of their indebtedness. Debt literacy is measured by questions testing knowledge of fundamental concepts related to debt and by selfassessed financial knowledge. Financial experiences are the participants’ reported experiences with traditional borrowing, alternative borrowing, and investing activities. Overindebtedness is a self-reported measure. Overall, we find that debt literacy is low: only about one-third of the population seems to comprehend interest compounding or the workings of credit cards. Even after controlling for demographics, we find a strong relationship between debt literacy and both financial experiences and debt loads. Specifically, individuals with lower levels of debt literacy tend to transact in high-cost manners, incurring higher fees and using high-cost borrowing. In applying our results to credit cards, we estimate that as much as one-third of the charges and fees paid by less knowledgeable individuals can be attributed to ignorance. The less knowledgeable also report that their debt loads are excessive or that they are unable to judge their debt position. JEL Classification: D14, D91
Suppliers play a major role in innovation processes. We analyze ownership allocations and the choice of R&D technology in vertical R&D cooperations. Given incomplete contracts on the R&D outcome, there is a tradeoff between R&D specifically designed towards a manufacturer (increasing investment productivity) and a general technology (hold-up reduction). We find that the market solution yields the specific technology in too few cases. More intense product market competition shifts optimal ownership towards the supplier. The use of exit clauses increases the gains from the collaboration. JEL Classification: L22, L24, O31, O32
Venture capital exit rights
(2009)
Theorists argue that exit rights can mitigate hold-up problems in venture capital. Using a hand-collected data-set of venture capital contracts from Germany we show that exit rights are included more frequently in venture capital contracts when a hold-up problem associated with the venture capitalist's exit decision is likely. Examples include drag-along and tag-along rights. Additionally, we find that almost all exit rights are allocated to the venture capitalist rather than to the entrepreneur. In addition, we show that besides the basic hold-up mechanism there are other mechanisms such as ex-ante bargaining power and the degree of pledgeable income that drive the allocation of exit rights. JEL Classification: G24, G34, D80
We merge administrative information from a large German discount brokerage firm with regional data to examine if financial advisors improve portfolio performance. Our data track accounts of 32,751 randomly selected individual customers over 66 months and allow direct comparison of performance across self-managed accounts and accounts run by, or in consultation with, independent financial advisors. In contrast to the picture painted by simple descriptive statistics, econometric analysis that corrects for the endogeneity of the choice of having a financial advisor suggests that advisors are associated with lower total and excess account returns, higher portfolio risk and probabilities of losses, and higher trading frequency and portfolio turnover relative to what account owners of given characteristics tend to achieve on their own. Regression analysis of who uses an IFA suggests that IFAs are matched with richer, older investors rather than with poorer, younger ones.
Analyzing interest rate risk: stochastic volatility in the term structure of government bond yields
(2009)
We propose a Nelson-Siegel type interest rate term structure model where the underlying yield factors follow autoregressive processes with stochastic volatility. The factor volatilities parsimoniously capture risk inherent to the term structure and are associated with the time-varying uncertainty of the yield curve’s level, slope and curvature. Estimating the model based on U.S. government bond yields applying Markov chain Monte Carlo techniques we find that the factor volatilities follow highly persistent processes. We show that slope and curvature risk have explanatory power for bond excess returns and illustrate that the yield and volatility factors are closely related to industrial capacity utilization, inflation, monetary policy and employment growth. JEL Classification: C5, E4, G1
This paper provides a joint analysis of household stockholding participation, stock location among stockholding modes, and participation spillovers, using data from the US Survey of Consumer Finances. Our multivariate choice model matches observed participation rates, conditional and unconditional, and asset location patterns. Financial education and sophistication strongly affect direct stockholding and mutual fund participation, while social interactions affect stockholding through retirement accounts only. Household characteristics influence stockholding through retirement accounts conditional on owning retirement accounts, unlike what happens with stockholding through mutual funds. Although stockholding is more common among retirement account owners, this fact is mainly due to their characteristics that led them to buy retirement accounts in the first place rather than to any informational advantages gained through retirement account ownership itself. Finally, our results suggest that, taking stockholding as given, stock location is not arbitrary but crucially depends on investor characteristics. JEL Classification: G11, E21, D14, C35
Milah books & manuals
(2009)
The ENVISAT validation programme for the atmospheric instruments MIPAS, SCIAMACHY and GOMOS is based on a number of balloon-borne, aircraft, satellite and ground-based correlative measurements. In particular the activities of validation scientists were coordinated by ESA within the ENVISAT Stratospheric Aircraft and Balloon Campaign or ESABC. As part of a series of similar papers on other species [this issue] and in parallel to the contribution of the individual validation teams, the present paper provides a synthesis of comparisons performed between MIPAS CH4 and N2O profiles produced by the current ESA operational software (Instrument Processing Facility version 4.61 or IPF v4.61, full resolution MIPAS data covering the period 9 July 2002 to 26 March 2004) and correlative measurements obtained from balloon and aircraft experiments as well as from satellite sensors or from ground-based instruments. In the middle stratosphere, no significant bias is observed between MIPAS and correlative measurements, and MIPAS is providing a very consistent and global picture of the distribution of CH4 and N2O in this region. In average, the MIPAS CH4 values show a small positive bias in the lower stratosphere of about 5%. A similar situation is observed for N2O with a positive bias of 4%. In the lower stratosphere/upper troposphere (UT/LS) the individual used MIPAS data version 4.61 still exhibits some unphysical oscillations in individual CH4 and N2O profiles caused by the processing algorithm (with almost no regularization). Taking these problems into account, the MIPAS CH4 and N2O profiles are behaving as expected from the internal error estimation of IPF v4.61 and the estimated errors of the correlative measurements.
Stocks are exposed to the risk of sudden downward jumps. Additionally, a crash in one stock (or index) can increase the risk of crashes in other stocks (or indices). Our paper explicitly takes this contagion risk into account and studies its impact on the portfolio decision of a CRRA investor both in complete and in incomplete market settings. We find that the investor significantly adjusts his portfolio when contagion is more likely to occur. Capturing the time dimension of contagion, i.e. the time span between jumps in two stocks or stock indices, is thus of first-order importance when analyzing portfolio decisions. Investors ignoring contagion completely or accounting for contagion while ignoring its time dimension suffer large and economically significant utility losses. These losses are larger in complete than in incomplete markets, and the investor might be better off if he does not trade derivatives. Furthermore, we emphasize that the risk of contagion has a crucial impact on investors' security demands, since it reduces their ability to diversify their portfolios.
We provide explicit solutions to life-cycle utility maximization problems simultaneously involving dynamic decisions on investments in stocks and bonds, consumption of perishable goods, and the rental and the ownership of residential real estate. House prices, stock prices, interest rates, and the labor income of the decision-maker follow correlated stochastic processes. The preferences of the individual are of the Epstein-Zin recursive structure and depend on consumption of both perishable goods and housing services. The explicit consumption and investment strategies are simple and intuitive and are thoroughly discussed and illustrated in the paper. For a calibrated version of the model we find, among other things, that the fairly high correlation between labor income and house prices imply much larger life-cycle variations in the desired exposure to house price risks than in the exposure to the stock and bond markets. We demonstrate that the derived closed-form strategies are still very useful if the housing positions are only reset infrequently and if the investor is restricted from borrowing against future income. Our results suggest that markets for REITs or other financial contracts facilitating the hedging of house price risks will lead to non-negligible but moderate improvements of welfare.
This paper relates recursive utility in continuous time to its discrete-time origins and provides a rigorous and intuitive alternative to a heuristic approach presented in [Duffie, Epstein 1992], who formally define recursive utility in continuous time via backward stochastic differential equations (stochastic differential utility). Furthermore, we show that the notion of Gâteaux differentiability of certainty equivalents used in their paper has to be replaced by a different concept. Our approach allows us to address the important issue of normalization of aggregators in non-Brownian settings. We show that normalization is always feasible if the certainty equivalent of the aggregator is of expected utility type. Conversely, we prove that in general L´evy frameworks this is essentially also necessary, i.e. aggregators that are not of expected utility type cannot be normalized in general. Besides, for these settings we clarify the relationship of our approach to stochastic differential utility and, finally, establish dynamic programming results. JEL Classifications: D81, D91, C61
This thesis contributes to the field of soft matter research and studies the importance of hydrodynamic interactions during free-solution electrophoresis of linear polyelectrolytes by means of coarse-grained molecular dynamics simulations including full electro-hydrodynamic interactions. The center of attention is the specific role of hydrodynamic interactions on the electrophoretic behaviour of charged macromolecules. Points of interest are the dependence of hydrodynamic interactions on the chain length, the chain flexibility and the surrounding counterions, and their combined influence on important observables such as the static chain conformations and the dynamic transport coefficients, i.e., the diffusion and the electrophoretic mobility. These problems are addressed by extensive computer simulations that are quantitatively matched with experimental results. Existing theoretical predictions are carefully examined and are augmented by the observations in this thesis.
Opting out of the great inflation: German monetary policy after the break down of Bretton Woods
(2009)
During the turbulent 1970s and 1980s the Bundesbank established an outstanding reputation in the world of central banking. Germany achieved a high degree of domestic stability and provided safe haven for investors in times of turmoil in the international financial system. Eventually the Bundesbank provided the role model for the European Central Bank. Hence, we examine an episode of lasting importance in European monetary history. The purpose of this paper is to highlight how the Bundesbank monetary policy strategy contributed to this success. We analyze the strategy as it was conceived, communicated and refined by the Bundesbank itself. We propose a theoretical framework (following Söderström, 2005) where monetary targeting is interpreted, first and foremost, as a commitment device. In our setting, a monetary target helps anchoring inflation and inflation expectations. We derive an interest rate rule and show empirically that it approximates the way the Bundesbank conducted monetary policy over the period 1975-1998. We compare the Bundesbank´s monetary policy rule with those of the FED and of the Bank of England. We find that the Bundesbank´s policy reaction function was characterized by strong persistence of policy rates as well as a strong response to deviations of inflation from target and to the activity growth gap. In contrast, the response to the level of the output gap was not significant. In our empirical analysis we use real-time data, as available to policy-makers at the time. JEL Classification: E31, E32, E41, E52, E58