Miracle-dz/UniFAR-FTUs huggingface dataset:
Four Essays in Financial Mathematics

The first Chapter of the Thesis presents a general and abstract framework for the analysis of mean-variance portfolio optimization problems. Under a minimal no-arbitrage condition, we consider a whole range of quadratic optimization problems, which are solved in a unified way. We give general and model-independent characterizations of the optimal solutions as well as abstract generalizations of classical results from financial economics such as two-fund separation results, mean-variance efficiency and a CAPM-type formula. Finally, we apply our general results to the valuation of contingent claims according to several mean-variance indifference valuation rules. The second Chapter considers a general reduced-form credit risk model, where the default time is modeled as a doubly stochastic random time with default intensity driven by a diffusion affine process. We characterize the family of all locally equivalent probability measures which preserve the affine structure of the model by giving necessary and sufficient conditions on their density process. We illustrate the usefulness of our results first in the context of a jump-to-default extension of the popular Heston (1993) stochastic volatility model and then in the context of a more general hybrid equity/credit risk multifactor model, providing applications of interest in view of risk management as well as pricing purposes. The third Chapter deals with general diffusion-based models and shows that, even in the absence of an Equivalent Local Martingale Measure, the financial market may still be viable, in the sense that strong forms of arbitrage are ruled out. Relying partly on the recent literature, we provide necessary and sufficient conditions for market viability in terms of the market price of risk process and martingale deflators. Regardless of the existence of a martingale measure, we show that the financial market may still be complete and contingent claims can be valued under the original (real-world) probability measure, provided we use as numeraire the Growth-Optimal Portfolio. Finally, the fourth Chapter deals with no-arbitrage conditions which are weaker than the classical \No Free Lunch with Vanishing Risk (NFLVR) criterion, providing necessary and sufficient conditions for their validity in terms of the characteristics of the discounted price process. We study the stability of weak no-arbitrage conditions with respect to changes of numeraire, absolutely continuous changes of the reference probability measure and restrictions/enlargements of the reference filtration. In particular, we prove that weak no-arbitrage conditions, unlike the classical No Arbitrage (NA) and NFLVR criteria, are in general robust with respect to these changes. Finally, we provide a general characterization of attainable contingent claims and market completeness without relying on the NFLVR condition.
Toll and Toll-like receptor signalling in development

ABSTRACT The membrane receptor Toll and the related Toll-like receptors (TLRs) are best known for their universal function in innate immunity. However, Toll/TLRs were initially discovered in a developmental context, and recent studies have revealed that Toll/TLRs carry out previously unanticipated functions in development, regulating cell fate, cell number, neural circuit connectivity and synaptogenesis. Furthermore, knowledge of their molecular mechanisms of action is expanding and has highlighted that Toll/TLRs function beyond the canonical NF-κB pathway to regulate cell-to-cell communication and signalling at the synapse. Here, we provide an overview of Toll/TLR signalling and discuss how this signalling pathway regulates various aspects of development across species. Summary: This article highlights the diverse, context-dependent roles that Toll/TLRs play beyond innate immunity in determining cell fate and differentiation, including during competition for light in plants and in neurotrophism and plasticity in the CNS.
Measuring Near-Infrared Spectroscopy Derived Cerebral Autoregulation in Neonates: From Research Tool Toward Bedside Multimodal Monitoring

Introduction: Cerebral autoregulation (CAR), the ability of the human body to maintain cerebral blood flow (CBF) in a wide range of perfusion pressures, can be calculated by describing the relation between arterial blood pressure (ABP) and cerebral oxygen saturation measured by near-infrared spectroscopy (NIRS). In literature, disturbed CAR is described in different patient groups, using multiple measurement techniques and mathematical models. Furthermore, it is unclear to what extent cerebral pathology and outcome can be explained by impaired CAR. Aim and methods: In order to summarize CAR studies using NIRS in neonates, a systematic review was performed in the PUBMED and EMBASE database. To provide a general overview of the clinical framework used to study CAR, the different preprocessing methods and mathematical models are described and explained. Furthermore, patient characteristics, definition of impaired CAR and the outcome according to this definition is described organized for the different patient groups. Results: Forty-six articles were included in this review. Four patient groups were established: preterm infants during the transitional period, neonates receiving specific medication/treatment, neonates with congenital heart disease and neonates with hypoxic-ischemic encephalopathy (HIE) treated with therapeutic hypothermia. Correlation, coherence and transfer function (TF) gain are the mathematical models most frequently used to describe CAR. The definition of impaired CAR is depending on the mathematical model used. The incidence of intraventricular hemorrhage in preterm infants is the outcome variable most frequently correlated with impaired CAR. Hypotension, disease severity, dopamine treatment, injury on magnetic resonance imaging (MRI) and long term outcome are associated with impaired CAR. Prospective interventional studies are lacking in all research areas. Discussion and conclusion: NIRS derived CAR measurement is an important research tool to improve knowledge about central hemodynamic fluctuations during the transitional period, cerebral pharmacodynamics of frequently used medication (sedatives-inotropes) and cerebral effects of specific therapies in neonatology. Uniformity regarding measurement techniques and mathematical models is needed. Multimodal monitoring databases of neonatal intensive care patients of multiple centers, together with identical outcome parameters are needed to compare different techniques and make progress in this field. Real-time bedside monitoring of CAR, together with conventional monitoring, seems a promising technique to improve individual patient care.
FlexiGAN: An End-to-End Solution for FPGA Acceleration of Generative Adversarial Networks

Generative Adversarial Networks (GANs) are among the frontiers of deep networks. GANs consist of two models, a generative model and a discriminative model. While the discriminative model uses the conventional convolution operator, the generative model is fundamentally different per its use of the transposed convolution operator. Unlike the conventional convolution, the transposed convolution initially inserts a large number of zeros in its input. This zero-insertion leads to a large number of inconsequential operations and creates different patterns of computation across the sliding windows. The inconsequential operations along with the variation in computation patterns lead to signicant resource underutilization when evaluated using conventional convolution hardware. This paper introduces FlexiGAN, an end-to-end solution, from high-level GAN specication to an optimized synthesizable FPGA accelerator. FlexiGAN framework is coupled with a novel architecture that aims to harness the benets of both MIMD and SIMD execution models. The proposed architecture separated data retrieval and data processing units at the nest granularity of each compute engine. Leveraging the separation between data retrieval and data processing units in the compute engines, we introduce a succinct set of operations that enable us to signicantly reduce the on-chip memory usage, which is generally scarce in FPGAs. We evaluate our end-to-end solution across various GANs from machine learning literature. FlexiGAN provides 2.4 higher performance than an optimized conventional convolution design. In addition, FlexiGAN, on average, yields 2.8 (up to 3.7) improvements in Performance-per-Watt over a high-end GPU. These results indicate that FlexiGAN is an effective initial step towards providing an end-to-end solution for accelerating GANs
High glucose–induced endothelial progenitor cell dysfunction

Vascular complications contribute significantly to morbidity and mortality of diabetes mellitus. The primary cause of vascular complications in diabetes mellitus is hyperglycaemia, associated with endothelial dysfunction and impaired neovascularization. Circulating endothelial progenitor cells was shown to play important roles in vascular repair and promoting neovascularization. In this review, we will demonstrate the individual effect of high glucose on endothelial progenitor cells. Endothelial progenitor cells isolated from healthy subjects exposed to high glucose conditions or endothelial progenitor cells isolated from diabetic patients exhibit reduced number of endothelial cell colony forming units, impaired abilities of differentiation, proliferation, adhesion and migration, tubulization, secretion, mobilization and homing, whereas enhanced senescence. Increased production of reactive oxygen species by the mitochondria seems to play a crucial role in high glucose–induced endothelial progenitor cells deficit. Later, we will review the agents that might be used to alleviate dysfunction of endothelial progenitor cells induced by high glucose. The conclusions are that the relationship between hyperglycaemia and endothelial progenitor cells dysfunction is only beginning to be recognized, and future studies should pay more attention to the haemodynamic environment of endothelial progenitor cells and ageing factors to discover novel treatment agents.
Examining capacity and preparation of teachers for teaching personal finances in Puerto Rico

This study explored the factors that affect the capacity of teachers to teach personal finances in the public and private school systems in Puerto Rico. Three hundred sixteen teachers from grades six to 12 completed the on-line survey that included an assessment of demographic variables, socioeconomic variables, teaching variables and personal finance administration variables. To guide this study, the Personal Finance Education Efficacy Model was created using Social Cognitive Theory. Within this model, three research questions were addressed including what are the determinants of: (a) objective financial knowledge, (b) subjective financial knowledge, and (c) high personal finance teaching efficacy. Hierarchical multiple regression analyses were used to test the determinants of both objective and subjective financial knowledge. Results indicated that both models were significant (ρ < .001), in which the model accounted for 10% of the variance of objective financial knowledge and 44% of the variance of subjective financial knowledge. A hierarchical binary logistic regression analysis was used to test the determinants of high level of personal finance teaching efficacy beliefs. Results showed the model was accurate approximately 83% of the time. Additionally, results from Principal Component Analyses indicated the Spanish translated versions of the Teacher Efficacy Scale (TES), the Financial Self-Efficacy Scale (FSES), and the Personal Finance Teaching Efficacy Beliefs Instrument (PFTEBI) demonstrated similar levels of reliability as previously published in the literature. These findings infer that scales may be used in other cultures and be translated into other languages like Spanish. The PFTEBI was created for this study based on the Mathematics Teaching Efficacy Beliefs Instrument (MTEBI) to measure the level of teaching efficacy beliefs of the respondents. PFTEBI was found to be composed of three subscales and showed good reliability. EXAMINING CAPACITY AND PREPARATION OF TEACHERS FOR TEACHING PERSONAL FINANCES IN PUERTO RICO
Determination of antioxidant and antimicrobial properties of Eremurus spectabilis Bieb.

In this study, in vitro antioxidant and antimicrobial activities of the E. spectabilis Bieb. , which is consumed as a vegetable among people, was investigated and Kluyveromyces lactis ’s antioxidant activies in anaerobic cultural environment is researched. This purpose; 2,2-diphenyl-1-picrylhydrazyl (DPPH) radical scavenging activity, flavonoid, resveratrol, sugar contents, lipid peroxidation (LPO) levels, fatty acid level, lipophilic vitamin values, protein and glutathione amounts were measured. In the FeCl group in which FeCl 2 + H 2 O 2 is applied, when compared with LPO level control group (K), it was observed that it increase in high amount (p<0.05). LPO level decreases in certain proportions in treatment groups. It is suggested that the lowering effect of the LPO of E. spectabilis extracts are arise from phytochemical like flavonoids that it includes. As a result of the antibacterial activity studies, it was observed that E. spectabilis have different proportional antimicrobial activities against E. coli, S. aureus, Epidermophyton spp. and C. albicans .
Expanded CD133+ Cells from Human Umbilical Cord Blood Improved Heart Function in Rats after Severe Myocardial Infarction

Pharmacological approaches are partially effective in limiting infarct size. Cell therapies using a cell population enriched with endothelial progenitor cells (EPCs) CD133+ have opened new perspectives for the treatment of ischemic areas after infarction. This preclinical study evaluated the effect of intramyocardial transplantation of purified or expanded human umbilical cord blood-derived CD133+ cells on the recovery of rats following acute myocardial infarction (AMI). Histology studies, electrocardiogram, and fluorescence in situ hybridization (FISH) were used to evaluate heart recovery. Purified CD133+ cells, enriched in endothelial progenitor cells, when expanded in vitro acquired an endothelial-like cell phenotype expressing CD31 and von Willebrand factor (vWF). The group of infarcted rats that received expanded CD133+ cells had a more significant recovery of contraction performance and less heart remodeling than the group that received purified CD133+ cells. Either purified or expanded CD133+ cells were able to induce neovascularization in the infarcted myocardium in an equivalent manner. Few human cells were detected in the infarcted myocardium of the rats 28 days after transplantation suggesting that the effects observed might be related primarily to paracrine activity. Although both cell populations ameliorated the infarcted heart and are suitable for regeneration of the vascular system, expanded CD133+ cells are more beneficial and promising candidates for vascular regeneration.
Identification of subtype-specific prognostic signatures using Cox models with redundant gene elimination

Lung cancer (LC) is a leading cause of cancer-associated mortalities worldwide. Adenocarcinoma (AC) and squamous cell carcinoma (SCC) account for ~70% of all cases of LC. Since AC and SCC are two distinct diseases, their corresponding prognostic genes associated with patient survival time are expected to be different. To date, only a few studies have distinguished patients with good prognosis from those with poor prognosis for each specific subtype. In the present study, the Cox filter model, a feature selection algorithm that identifies subtype-specific prognostic genes to incorporate pathway information and eliminate redundant genes, was adopted. By applying the proposed model to data on non-small cell lung cancer (NSCLC), it was demonstrated that both redundant gene elimination and search space restriction can improve the predictive capacity and the model stability of resulting prognostic gene signatures. To conclude, a pre-filtering procedure that incorporates pathway information for screening likely irrelevant genes prior to complex downstream analysis is recommended. Furthermore, a feature selection algorithm that considers redundant gene elimination may be preferable to one without such a consideration.
Evolution and containment of transmissible recombinant vector vaccines

Transmissible vaccines offer a revolutionary approach for controlling infectious disease and may provide one of the few feasible methods for eliminating pathogens from inaccessible wildlife populations. Current efforts to develop transmissible vaccines use recombinant vector technology whereby pathogen antigens are engineered to be expressed from innocuous infectious viral vectors. The resulting vaccines can transmit from host to host, amplifying the number of vaccine‐protected individuals beyond those initially vaccinated directly through parenteral inoculation. One main engineering challenge is the potential for natural selection to favor vaccine mutants that eliminate or reduce expression of antigenic inserts, resulting in immunogenic decay of the vaccine over time. Here, we study a mathematical model of vector mutation whereby continuous elimination of the antigenic insert results in reversion of the vaccine back into the insert‐free vector. We use this model to quantify the maximum allowable rate of reversion that can be tolerated for a transmissible vaccine to maintain a critical threshold level of immunogenicity against a target pathogen. Our results demonstrate that even for transmissible vaccines where reversion is frequent, performance will often substantially exceed that of conventional, directly administered vaccines. Further, our results demonstrate the feasibility of designing transmissible vaccines that yield desired levels of immunogenicity, yet degrade at a rate sufficient for persistence of the recombinant vaccine within the environment to be minimized.
Mucroporin-M1 Inhibits Hepatitis B Virus Replication by Activating the Mitogen-activated Protein Kinase (MAPK) Pathway and Down-regulating HNF4α in Vitro and in Vivo*

Background: Mucroporin-M1 is a scorpion venom-derived peptide. Results: Mucroporin-M1 peptide activates the MAPK pathway, and then reduces the expression of HNF4α, resulting in the inhibition of HBV replication in vitro and in vivo. Conclusion: Mucroporin-M1 inhibits HBV replication by activating MAPK pathway and down-regulating HNF4α. Significance: New-resourced peptide inhibits HBV replication by a novel mechanism. Hepatitis B virus (HBV) is a noncytopathic human hepadnavirus that causes acute, chronic hepatitis and hepatocellular carcinoma (HCC). As the clinical utility of current therapies is limited, new anti-HBV agents and sources for such agents are still highly sought after. Here, we report that Mucroporin-M1, a scorpion venom-derived peptide, reduces the amount of extracellular HBsAg, HBeAg, and HBV DNA productions of HepG2.2. 15 cells in a dose-dependent manner and inhibits HBV capsid DNA, HBV intracellular RNA replication intermediates and the HBV Core protein in the cytoplasm of HepG2.2. 15 cells. Using a mouse model of HBV infection, we found that HBV replication was significantly inhibited by intravenous injection of the Mucroporin-M1 peptide. This inhibitory activity was due to a reduction in HBV promoter activity caused by a decrease in the binding of HNF4α to the precore/core promoter region. Furthermore, we confirmed that Mucroporin-M1 could selectively activate mitogen-activated protein kinases (MAPKs) and lead to the down-regulation of HNF4α expression, which explains the decreased binding of HNF4α to the HBV promoter. Moreover, when the protein phosphorylation activity of the MAPK pathway was inhibited, both HNF4α expression and HBV replication recovered. Finally, we proved that treatment with the Mucroporin-M1 peptide increased phosphorylation of the MAPK proteins in HBV-harboring mice. These results implicate Mucroporin-M1 peptide can activate the MAPK pathway and then reduce the expression of HNF4α, resulting in the inhibition of HBV replication in vitro and in vivo. Our work also opens new doors to discovering novel anti-HBV agents or sources.
Lessons from energy history for climate policy

This paper sought to draw lessons from long run trends in energy markets for energy and climate policy. An important lesson is that consumer responses to energy markets change with economic development. In particular, evidence suggests that income elasticities of demand for energy services have tended to follow an inverse-U shape curve. Thus, at low levels of economic development, energy service consumption tends to be quite responsive to per capita income changes; at mid-levels, consumption tends to be very responsive to changes in income per capita; and, at high levels, consumption is less responsive to income changes. The paper also highlights the risks to developing countries of locking-in to carbon intensive infrastructure or behaviours. Without guidance and incentives, rapid economic development is likely to lock consumers into high energy service prices in the long run and bind the economy onto a high energy intensity trajectory with major long run economic and environmental impacts. Thus, effective energy service policies in periods of rapid development, such as in China and India at present, are crucial for the long run prosperity of the economy.
Reverse takeover: the moderating role of family ownership

ABSTRACT The aim of this study was to analyse the determinants of reverse takeovers, examining the influence of target firm shareholders’ type in the agreement. We examine reverse takeovers implemented in the Alternative Investment Market between 1999 and 2012, paying special attention to the differences between family and non-family target firms, as well as the impact of the financial crisis. We propose that family firms have a lower probability of accepting a reverse takeover (‘shell’ firm), to avoid both diluting the ownership structure (loss of control) and new shareholders entering their firm. Our main findings show that the higher the percentage of ownership held by family holders, the lower the probability of their being the target firm in a reverse takeover. This effect is maintained during the crisis period, in accordance with the expectation that family firms will have fewer financial constraints.
Reducing Students’ Speaking Anxiety through Peer Group Activities

This research aimed at reducing the students’ speaking anxiety, enhancing the students’ speaking skill, and finding out the students’ perception toward peer group activities. The researcher applied a mixed-method research design using a QUAN-qual model or as known as explanatory mixed method design. The instruments of the research were a questionnaire, speaking test, observation, and interview. The population of this research was the first-grade students of SMAN 13 Pangkep in academic year 2017/2018 which consisted of 90 students. The sample of this research was 44 students. The experimental class consisted of 22 students and control class consisted of 22 students. The quantitative results show that the use of peer group activities reduces the students’ speaking anxiety and enhances their speaking skill. It is proven by the mean score of students’ speaking anxiety both in experimental and control class (56.09 56.18). The result of the qualitative data shows that peer group activities are very helpful, good, interesting, and new activities in learning English. Keywords: Speaking Anxiety, Speaking Skill, Peer Group Activities INTRODUCTION Speaking is the skill to produce verbal utterances, convey meaning, though and ideas. Bailey (2006) states that speaking is the productive aural or oral skill that includes conveying meaning by producing verbal utterances systematically. Unfortunately, many