Miracle-dz/UniFAR-FTUs huggingface dataset:
Arbitrage Opportunities in CDS Term Structure: Theory and Implications for OTC Derivatives

Absence-of-Arbitrage (AoA) is the basic assumption underpinning derivatives pricing theory. As part of the OTC derivatives market, the CDS market not only provides a vehicle for participants to hedge and speculate on the default risks of corporate and sovereign entities, it also reveals important market-implied default-risk information concerning the counterparties with which financial institutions trade, and for which these financial institutions have to calculate various valuation adjustments (collectively referred to as XVA) as part of their pricing and risk management of OTC derivatives, to account for counterparty default risks. In this study, we derive No-arbitrage conditions for CDS term structures, first in a positive interest rate environment and then in an arbitrary one. Using an extensive CDS dataset which covers the 2007-09 financial crisis, we present a catalogue of 2,416 pairs of anomalous CDS contracts which violate the above conditions. Finally, we show in an example that such anomalies in the CDS term structure can lead to persistent arbitrage profits and to nonsensical default probabilities. The paper is a first systematic study on CDS-term-structure arbitrage providing model-free AoA conditions supported by ample empirical evidence.
Who would pay more for a fragrance-free laundry detergent? How health information affects valuation

ABSTRACT Fragrance allergy is a lifelong condition, and the probability of being affected increases with frequent exposure to fragrance. Currently, fragrance-free laundry detergents are not common in supermarkets. We used a contingent valuation among Austrian consumers in a within-respondent treatment to estimate how willingness to pay is influenced by health information. We found that higher income groups have a higher willingness to pay for fragrance-free detergents. Informing consumers about health impacts substantially increases this difference. Our simulation shows that lower-income groups benefit from health information only if low-priced fragrance-free detergents are available on the market.
Marek's Disease Virus Type 1 MicroRNA miR-M3 Suppresses Cisplatin-Induced Apoptosis by Targeting SMAD2 of the Transforming Growth Factor Beta Signal Pathway

ABSTRACT Viruses cause about 15% of the cancers that are still the leading causes of human mortality. The discovery of viral oncogenes has enhanced our understanding of viral oncogenesis. However, the underlying molecular mechanisms of virus-induced cancers are complex and require further investigation. The present study has attempted to investigate the effects of the microRNAs (miRNAs) encoded by Marek's disease virus 1 (MDV1), a chicken herpesvirus causing acute T-cell lymphomas and solid visceral tumors in chickens, on anti-cancer drug-induced apoptosis and identify the targets of the miRNAs. The results showed that of the total 14 miRNAs encoded by MDV1, MDV1-miR-M3 significantly promoted cell survival under treatment with cisplatin, a widely used chemotherapy drug. MDV1-miR-M3 suppressed cisplatin-induced apoptosis by directly downregulating expression at the protein but not the mRNA level of Smad2, a critical component in the transforming growth factor β signal pathway. Our data suggest that latent/oncogenic viruses may encode miRNAs to directly target cellular factors involved in antiviral processes including apoptosis, thus proactively creating a cellular environment beneficial to viral latency and oncogenesis. Furthermore, the knowledge of the apoptosis resistance conferred by viral miRNAs has great practical implications for improving the efficacy of chemotherapies for treating cancers, especially those induced by oncogenic viruses.
A triangulated approach to the assessment of teaching in childhood epilepsy

Background: A comprehensive methodology is needed to assess student teaching. The present study employed a triangulated approach evaluating participant perceptions of learning, critical reflection by the lecturer and peer observation to measure confidence, interest and usefulness of the subject matter. Methods: Using an interactive lecturing style, seven teaching sessions were delivered to medical students and junior doctors. Rating scales, open-ended questions and focus group discussions evaluated participant perceptions. Critical reflections and observations were made by the lecturer and independent learning consultants. Results: Seventy per cent of participants rated the lecture on the highest scale for usefulness and interest. There was a significant post-lecture increase in clinical confidence in seizure identification (p < 0.0005). Open-ended questions showed that videos were most useful (81/149) and interesting (109/149), and that the presentation of the syndromal classification provided a useful approach (114/149). Focus group discussion, lecturer and peer observation cross-validated these findings and highlighted the importance of expert commentary to the videos and the clinical relevance of material.
High-Resolution Distributed Dispersion Characterization for Polarization Maintaining Fibers Based on a Closed-Loop Measurement Framework

A closed-loop dispersion measurement framework (CLDM) is proposed. Carrying out dispersion compensation with an arbitrary trial dispersion on the interferogram under test, and using a criterion function as feedback to adjust the trial dispersion until the optimum is reached the trial dispersion is the measured result. The CLDM framework is not only noise-robust but can also cope with the case of multiple peaks that provides high resolution. We use it to measure the distributed birefringence dispersion (BD) chromatic dispersion difference of the two polarized modes of polarization maintaining fibers (PMFs). In this regime, the optimum of dispersion compensation is that the signal energy of every peak in the interferogram is concentrated. Thus, we present a criterion function to evaluate the signal energy concentration. Theoretical and experimental demonstration of this method is implemented. In addition, the spatial resolution (<inline-formula><tex-math notation="LaTeX">$<$</tex-math></inline-formula>10 cm) is discussed. Eventually, a <inline-formula><tex-math notation="LaTeX">$\approx$</tex-math></inline-formula> 3 km-length PMF coil is tested. The measurement error for BD and its slope @1550 nm are <inline-formula> <tex-math notation="LaTeX">$<5\;\times\; 10^{-4}$</tex-math></inline-formula> ps/nm/km and <inline-formula> <tex-math notation="LaTeX">$2\;\times\; 10^{-4}$</tex-math></inline-formula> ps/nm<inline-formula> <tex-math notation="LaTeX">$^2$</tex-math></inline-formula>/km, respectively.
Sulfur‐Containing Ferrocenyl Alcohols and Oximes: New Promising Antistaphylococcal Agents

A small library containing four different series of new ferrocene derivatives, 2‐(alkylsulfanyl)‐1‐ferrocenylethan‐1‐ols, 3‐(alkylsulfanyl)‐1‐ferrocenylpropan‐1‐ols, (E)‐ and (Z)‐2‐(alkylsulfanyl)‐1‐ferrocenylethan‐1‐one oximes, and (E)‐ and (Z)‐3‐(alkylsulfanyl)‐1‐ferrocenylpropan‐1‐one oximes (36 different compounds in total) was synthesized starting from ferrocene and the corresponding sulfanyl acids. All compounds were spectrally (IR and NMR) and electrochemically characterized. In general, the obtained compounds were found to exhibit very strong antimicrobial activities (broth microdilution assay) against the tested microorganisms (six common human pathogens). For the majority of the tested compounds, the determined MIC values were either under the 10 μg/ml MIC limit recognized to delimit efficient antimicrobials or were comparable to/lower than those of the used positive controls (tetracycline/nystatin). The most susceptible organism was found to be Staphylococcus aureus with MIC values even reaching 0.001 μg/ml. The presence of CH(OH)(CH2)nS and CH(NOH)(CH2)nS (n=1 or 2) structural fragments seems to be essential for the observed strong activity (introduction of hydroxyimino and alcohol functionalities, instead of the keto function, resulted in a more than 105‐fold increase in antistaphylococcal activity in some instances). Nevertheless, a possible influence of the ferrocenyl‐core redox chemistry (Fe2+/Fe3+) should not be disregarded. The studied alcohols exhibited a reversible one‐electron redox couple at almost the same position as ferrocene, while the hydroxyimino group conjugated with cyclopentadienyl ring considerably shifted the redox potential of the ferrocene unit in oximes.
Adapting neuroeconomics for environmental and energy policy

Abstract Neuroimaging methods provide insight into the neural mechanisms underlying the decision process, characterizing choice at the individual level and, in a growing number of contexts, predicting national- and market-level behavior. This dual capacity to examine heterogeneity while forecasting aggregate choice is particularly beneficial to those studying environmental decision-making. To effectively reduce residential energy usage and foster other pro-environmental behaviors, policy-makers must understand the effects of information frames and behavioral nudges across individuals who hold a diverse array of attitudes toward the environment and face a broad range of barriers to action. This paper articulates the potential of neuroeconomic methods to aid environmental policy-makers interested in behavior change, especially those interested in closing the energy efficiency gap. Investigation into the roles of affect, eco-labeling and social norms will be discussed, as well as personal identity and climate change beliefs. Combining neuroimaging with behavioral economics experiments can inform the development of effective messaging, characterize the influence of individual differences on the decision process and aid in forecasting the efficacy of policy interventions at scale.
Incorporating parameter risk into derivatives prices – bid-ask pricing and calibration

In this thesis, a new methodology using convex risk measures is developed to incorporate parameter risk into prices of financial derivatives, provided that a distribution on the parameter space is given. A technique to induce a parameter distribution in case of calibration to market prices is presented, allowing to conduct a comparison of parameter risk in different financial market models and of different exotic options. For the calibration to quoted bid-ask prices, a non-parametric calibration approach to broad classes of distortion risk measures is developed and a calibration to quoted bid-ask prices is assessed.
Patterns of functional magnetic resonance imaging activation in association with structural lesions in the rolandic region: a classification system.

OBJECT Functional magnetic resonance (fMR) imaging of the motor cortex is a potentially powerful tool in the preoperative planning of surgical procedures in and around the rolandic region. Little is known about the patterns of fMR imaging activation associated with various pathological lesions in that region or their relation to motor skills before surgical intervention. METHODS Twenty-two control volunteers and 44 patients whose pathologies included arteriovenous malformations (AVMs; 16 patients), congenital cortical abnormalities (11 patients), and tumors (17 patients) were studied using fMR imaging and a hand motor task paradigm. Activation maps were constructed for each participant, and changes in position or amplitude of the motor activation on the lesion side were compared with the activation pattern obtained in the contralateral hemisphere. A classification scheme of plasticity (Grades 1-6) based on interhemispheric pixel asymmetry and displacement of activation was used to compare maps between patients, and relative to hand motor dexterity and/or weakness. There was 89.4% interobserver agreement on classification of patterns of fMR imaging activation. Displacement of activation by mass effect was more likely with tumors. Cortical malformations offer a much higher functional reorganization than AVMs or tumors. High-grade plasticity is recruited to compensate for severe motor impairment. CONCLUSIONS Pattern modification of fMR imaging activation can be systematized in a classification of motor cortex plasticity. This classification has shown good correlation among grading, brain lesions, and motor skills. This proposal of a classification scheme, in addition to facilitating data collection and processing from different institutions, is well suited for comparing risks associated with surgical intervention and patterns of functional recovery in relation to preoperative fMR imaging categorization. Such studies are underway at the authors' institution.
Analysis of acoustic emission signals accompanying the process of electrical treeing of epoxy resins

The paper presents results of research of electrical treeing of solid dielectrics with the method of acoustic emission (AE). The study was performed on epoxy resins samples at an alternating voltage of 50 Hz. The samples were of cuboidal shape of the dimensions (25×10×4)mm. One of the cuboid sample walls of the dimensions (25×4)mm was covered with a conducting paint. Into the opposite wall a surgical needle of T-25 type was melted into. The distance between the electrodes (the needle and the wall covered with a conducting paint) was in the range 0.5-2.0mm. It was found that AE signals are generated during electrical treeing of epoxy resins. Registered AE signals were denoised with wavelet transformation method and then there were analyzed. Values of chosen parameters increased when the process begins. There are also some dominant frequencies ranges connected with the treeing.
Lean production, Toyota Production System and Kaizen philosophy

The purpose of this paper is to compare principles from the original Toyota Production System (TPS), the Toyota Way 2001 and Kaizen philosophy with principles derived from Japanese Zen Buddhism. The paper would also like to enlarge the debate concerning some lessons learnt from Japanese culture in order to avoid Lean implementation failures. ,The original English version of Taiichi Ohno’s book dedicated to the TPS, the Toyota Way 2001 and other relevant papers regarding Kaizen were reviewed and analyzed. The principles that emerged from the review of this literature were then compared with similar philosophical principles from Japanese Soto Zen Buddhism. The literature concerning Zen philosophy was methodically analyzed and categorized using the content analysis. ,The results of this research show many theoretical parallelisms as well as lessons for practitioners, in particular referring to principles such as Jidoka, just-in-time, waste identification and elimination, challenge, Kaizen, Genchi Genbutsu, respect for people and teamwork. ,Analysis and results are mainly based on the literature that was found, reviewed and categorized, along with the knowledge of authors on Zen philosophy. Results could differ depending on the literature reviewed and categorized. ,The results of this research bring food for thought to practitioners in terms of lessons learnt from Japanese culture, Toyota principles and management style in order to avoid Lean implementation failures. ,This is one of the first papers which compares Lean-TPS and Kaizen principles with the Zen philosophy to try to learn lessons for succeeding in Lean implementation.
Antibacterial and Antioxidant Properties of the Leaves and Stem Essential Oils of Jatropha gossypifolia L.

Antibacterial and antioxidant properties of the leaves and stem essential oils (EOs) of Jatropha gossypifolia and their efficacies against infectious and oxidative stress diseases were studied in vitro. The EOs obtained using Clevenger modified apparatus were characterized by high resolution GC-MS, while their antioxidant and antibacterial properties were examined by spectrophotometric and agar diffusion techniques, respectively. The EOs exhibited strong antibacterial activity against Escherichia coli, Enterococcus faecium, and Staphylococcus aureus. The stem essential oil (SEO) was more active than the leaf essential oil (LEO) against test bacteria with minimum inhibition concentration (MIC) ranging from 0.025 to 0.05 mg/mL and the LEO from 0.05 to 0.10 mg/mL. The SEO was bactericidal at 0.025 and 0.05 mg/mL against S. aureus and E. faecium, respectively, and the LEO was bacteriostatic against the three bacteria at 0.05 and 0.10 mg/mL. The SEO IC50 (0.07 mg/mL) showed that the antiradical strength was superior to LEO (0.32 mg/mL) and β-carotene (1.62 mg/mL) in scavenging 2, 2-diphenyl-1-picrylhydrazyl radicals (DPPH•). The oils effectively reduced three other oxidants to neutral molecules in concentration dependent manner. Findings from this study suggest that, apart from the traditional uses of the plant extracts, the EOs have strong bioactive compounds with noteworthy antibacterial and antiradical properties and may be good candidates in the search for lead compounds for the synthesis of novel potent antibiotics.
How Media Campaigns Influence Children's Physical Activity: Expanding the Normative Mechanisms of the Theory of Planned Behavior

This study explicates mechanisms of media campaign effectiveness in the context of children's physical activity. The authors’ model expands the theory of planned behavior by integrating injunctive and descriptive norms into its normative mechanism. Analysis of a 3-wave nationally representative evaluation survey among 1,623 tweens indicates that campaign exposure is significantly related, but only indirectly, to both physical activity intention and physical activity behavior. Instead, campaign exposure seems more strongly related to perceived behavioral control and attitudes toward physical activity. By contrast, perceived behavioral control and descriptive norms are strongly related to behavioral intention. The findings suggest that integrating normative mechanisms with the theory of planned behavior can improve efforts to predict and explain a health behavior.
Basal Signaling Activity of μ Opioid Receptor in Mouse Brain: Role in Narcotic Dependence

Narcotic analgesics cause addiction by poorly understood mechanisms, involving μ opioid receptor (MOR). Previous cell culture studies have demonstrated significant basal, spontaneous MOR signaling activity, but its relevance to narcotic addiction remained unclear. In this study, we tested basal MOR-signaling activity in brain tissue from untreated and morphine-pretreated mice, in comparison to antagonist-induced withdrawal in morphine-dependent mice. Using guanosine 5′-O-(3-[35S]thio)triphosphate ([35S]GTPγS) binding and adenylyl cyclase activity assay in brain homogenates, we demonstrated that morphine pretreatment of mice enhanced basal MOR signaling in mouse brain homogenates and, moreover, caused persistent changes in the effects of naloxone and naltrexone, antagonists that elicit severe withdrawal in dependent subjects. Naloxone and naltrexone suppressed basal [35S]GTPγS binding (acting as “inverse agonists”) only after morphine pretreatment, but not in drug-naive animals. Moreover, naloxone and naltrexone stimulated adenylyl cyclase activity in striatum homogenates only after morphine pretreatment, by reversing the inhibitory effects of basal MOR activity. After cessation of morphine treatment, the time course of inverse naloxone effects on basal MOR signaling was similar to the time course of naltrexone-stimulated narcotic withdrawal over several days. The neutral antagonist 6β-naltrexol blocked MOR activation without affecting basal signaling (G protein coupling and adenylyl cyclase regulation) and also elicited substantially less severe withdrawal. These results demonstrate long-lasting regulation of basal MOR signaling as a potential factor in narcotic dependence.
Seasonal patterns of predation for gray wolves in the multi-prey system of Yellowstone National Park.

1. For large predators living in seasonal environments, patterns of predation are likely to vary among seasons because of related changes in prey vulnerability. Variation in prey vulnerability underlies the influence of predators on prey populations and the response of predators to seasonal variation in rates of biomass acquisition. Despite its importance, seasonal variation in predation is poorly understood. 2. We assessed seasonal variation in prey composition and kill rate for wolves Canis lupus living on the Northern Range (NR) of Yellowstone National Park. Our assessment was based on data collected over 14 winters (1995-2009) and five spring-summers between 2004 and 2009. 3. The species composition of wolf-killed prey and the age and sex composition of wolf-killed elk Cervus elaphus (the primary prey for NR wolves) varied among seasons. 4. One's understanding of predation depends critically on the metric used to quantify kill rate. For example, kill rate was greatest in summer when quantified as the number of ungulates acquired per wolf per day, and least during summer when kill rate was quantified as the biomass acquired per wolf per day. This finding contradicts previous research that suggests that rates of biomass acquisition for large terrestrial carnivores tend not to vary among seasons. 5. Kill rates were not well correlated among seasons. For example, knowing that early-winter kill rate is higher than average (compared with other early winters) provides little basis for anticipating whether kill rates a few months later during late winter will be higher or lower than average (compared with other late winters). This observation indicates how observing, for example, higher-than-average kill rates throughout any particular season is an unreliable basis for inferring that the year-round average kill rate would be higher than average. 6. Our work shows how a large carnivore living in a seasonal environment displays marked seasonal variation in predation because of changes in prey vulnerability. Patterns of wolf predation were influenced by the nutritional condition of adult elk and the availability of smaller prey (i.e. elk calves, deer). We discuss how these patterns affect our overall understanding of predator and prey population dynamics.
Step Function Model For Forecasting Project Cash Flow

Cash flow forecasting for projects has assumed a special interest among researchers for the past 30 years or more. Due to their peculiar execution cycle, projects follow a sigmoid or ‘S’ curve pattern in their progress from start to completion. Many researchers have developed different empirical and mathematical models and also computer programs that forecast the cash flows by using a variety of characteristic ‘S’ curves for different project activities and incorporating related time lags between expenditure and cash flow. However, it must be noted that the cash flows do not occur on a continuous basis but are discrete and occur at specific instances. Therefore mathematically, cash flows are not continuous functions but are step functions and any projection made on the assumption of them being continuous functions would be inaccurate and therefore unreliable in practice. While modeling cash flows as continuous functions may be a mathematically reasonable approximation, it tends to average out the values occurring at different times by a smooth curve and may hide the likely cash deficits that may occur between the two periods. This difference cannot be ignored since cash flow shortfall, even for an extremely short duration of a few days, can have acute real consequences on a project. The paper critically examines various mathematical approaches by different researchers, and suggests a novel approach for developing a step function model for discrete cash flow forecasting for projects. This lays a foundation for further work that needs to be done to develop the actual equations based on project data and validate the approach for practical use.