Miracle-dz/UniFAR-FTUs huggingface dataset:
Uncertain volatility and the risk-free synthesis of derivatives

To price contingent claims in a multidimensional frictionless security market it is sufficient that the volatility of the security process is a known function of price and time. In this note we introduce optimal and risk-free strategies for intermediaries in such markets to meet their obligations when the volatility is unknown, and is only assumed to lie in some convex region depending on the prices of the underlying securities and time. Our approach is underpinned by the theory of totally non-linear parabolic partial differential equations (Krylov and Safanov, 1979; Wang, 1992) and the non-stochastic approach to Ito's formation first introduced by Follmer (1981a,b). In these more general conditions of unknown volatility, the optimal risk-free trading strategy will, necessarily, produce an unpredictable surplus over the minimum assets required at any time to meet the liabilities. This surplus, which could be released to the intermediary or to the client, is not required to meet the contingent claim. One sees that the effect of unknown volatility is the creation of a 'with profits' policy, where a premium is paid at the beginning, the contingent claim is collected at the terminal time, but that in addition an unpredictable surplus available as well. The risk-free initial premium required to meet the contingent claim is given by the solution to the Dirichlet problem for a totally non-linear parabolic equation of the Pucci-Bellman type. The existence of a risk-free strategy starting with this minimum sum is dependent upon theorems ensuring the regularity of the solution and upon a non-probabilistic understanding of Ito's change of variable formulae. To illustrate the ideas we give a very simple example of a one-dimensional barrier option where the maximum Black-Scholes price of the option over different fixed values for the volatility lying in an interval always underestimates the risk-free 'price' under the assumption that the volatility can vary within the same interval. This paper puts together rather standard mathematical ideas. However, the author hopes that the overall result is more than the sum of its parts. The ability to hedge under conditions of uncertain volatility seems to be of considerable practical importance. In addition it would be interesting if these ideas explained some features in the design of existing contracts.
What Happens to Wage Elasticities When We Strip Playometrics? Revisiting Married Women Labour Supply Model

This paper sheds new light on the well-known phenomenon of dwindling wage elasticities for married women in the US over the recent decades. Results of a novel model experiment approach via sample data ordering unveil considerable heterogeneity across different wage groups. Yet surprisingly constant wage elasticity estimates are revealed within certain wage groups over time as well as across two widely used US data sources, the Current Population Survey (CPS) and the Panel Study of Income Dynamics (PSID). These findings refute the assumed presence of a single-valued aggregate wage elasticity for working wives. Although womenA­s responsiveness to wages remains largely unchanged over time, we find that the composition of working women into different wage groups has changed considerably, resulting in decreasing wage elasticity estimates at the aggregate level. All these findings were methodologically impossible to acquire had we not dismantled and discarded the stereotyped endogeneity-backed instrumental variable route, which hitherto blocked the way towards sample data ordering.
KCNQ‐SMIT complex formation facilitates ion channel‐solute transporter cross talk

Voltage‐gated potassium channels formed by KCNQ2 and KCNQ3 are essential for normal neuronal excitability. KCNQ2/3 channel activity is augmented in vivo by phosphatidylinositol 4,5‐bisphosphate (PIP2), which is generated from myo‐inositol, an osmolyte transported into cells by sodium‐dependent myo‐inositol transporters (SMITs). Here, we discovered that KCNQ2/3 channels isoform‐specifically colocalize with SMIT1 and SMIT2 at sciatic nerve nodes of Ranvier and in axon initial segments, and form channel–transporter complexes in vitro and in vivo. KCNQ2/3 coexpression protected SMIT1 activity from the otherwise inhibitory effects of cellular depolarization imposed by elevating extracellular [K+], and KCNQ2 was required for potentiation of SMIT activity by myo‐inositol preincubation. Cytoskeletal disruption, which speeds PIP2 dispersion, attenuated potentiation of KCNQ2/3 currents by SMIT1‐mediated myo‐inositol uptake, suggesting close channel–transporter juxtaposition ensures KCNQ2/3 exposure to locally high myo‐inositol‐derived PIP2 concentrations. Thus, KCNQ2/3‐SMIT1/2 coassembly permits cross talk via physical interaction, and may also be required for optimal, reciprocal indirect regulation via membrane potential and PIP2, especially within the specialized architecture of axons. —Neverisky, D. L. , Abbott, G. W. KCNQ‐SMIT complex formation facilitates ion channel‐solute transporter cross talk. FASEB J. 31, 2828–2838 (2017). www.fasebj. org
Bayesian Inference for Comorbid Disease Risks Using Marginal Disease Risks and Correlation Information From a Separate Source

Background: Public health interventions are increasingly being evaluated for their cost-effectiveness. Such interventions act ‘upstream’ on the determinants of ill health and commonly reduce the incidence of several diseases. Diseases that share determinants are usually correlated at an individual level, which we observe as comorbidity. This paper is motivated by the problem of estimating comorbid disease state risks when only single disease risk estimates are available. Methods: A case study is presented based on a physical activity cost-effectiveness model. The correlation between the risk of coronary heart disease, stroke and diabetes is estimated from cross sectional data using a Bayesian multivariate probit model. This is then combined with disease specific marginal baseline risks and intervention effects to give comorbid disease state risks. The expected numbers of QALYs gained through avoiding the comorbid states is estimated from disease specific utility data under a range of assumptions. Finally, the incremental benefit of physical activity is calculated under these utility assumptions. The difference in incremental benefit due to the intervention’s impact on reducing or increasing the disease risk correlations is explored in a sensitivity analysis. Results: If comorbidity is not taken into account, incremental benefit is overestimated compared with all scenarios in which the comorbidity is included in the model. Overestimation is greatest when physical activity is assumed to reduce disease state co-occurrence as well as disease risk. Conclusions: The proposed method reduces overestimation of benefit and allows the sensitivity to different assumptions about the correlation between disease risks to be determined.
Midkine in plasma as a novel breast cancer marker

Midkine, a heparin‐binding growth factor, is up‐regulated in many types of cancer. The aim of this study was to measure plasma midkine levels in patients with breast cancer and to assess its clinical significance. We examined plasma midkine levels in 95 healthy volunteers, 11 patients with ductal carcinoma in situ (DCIS), 111 patients with primary invasive breast cancer without distant metastasis (PIBC), and 25 patients with distant metastatic breast cancer (MBC), using an automatic immunoasssay analyzer (TOSOH AIA system). In PIBC, we studied the correlation between plasma midkine levels and clinicopathological factors. Immunoreactive midkine was detectable in the plasma of healthy volunteers, and a cut‐off level of 750 pg/mL was established. In breast cancer patients, plasma midkine levels were increased above normal values. These elevated levels of midkine were seen in one (9.1%) of 11 patients with DCIS, 36 (32.4%) of 111 patients with PIBC, and 16 (64.0%) of 25 patients with MBC. Increased levels of midkine were correlated with menopausal status (P = 0.0497) and nuclear grade (P = 0.0343) in PIBC. Cancer detection rates based on midkine levels were higher than those based on three conventional markers including CA15‐3 (P < 0.0001), CEA (P = 0.0077), and NCCST‐439 (P < 0.0001). Detection rates of breast cancer using a combination of two conventional tumor markers (CA15‐3/CEA, CA15‐3/NCCST‐439, or CEA/NCCST‐439) with midkine is significantly higher than those using combination of three conventional tumor markers. Midkine may be a useful novel tumor marker for detection of breast cancer, superior to conventional tumor markers. (Cancer Sci 2009; 100: 1735–1739)
Comparison of indocyanine green clearance with Child's-Pugh score and hepatic histology: a multivariate analysis.

BACKGROUND/AIMS Indocyanine green clearance, measured by percentage disappearance rate, detects alterations in liver function and may be used as a non-invasive determinant of hepatic reserve. The aims of this study were to compare liver histology and Child's-Pugh score with percentage disappearance rate and determine which variables correlated with PDR. METHODOLOGY Child's-Pugh score, liver function tests, liver biopsies and indocyanine green testing (0.5mg/kg) were performed in 102 consecutive patients with cirrhosis of diverse etiologies. Indocyanine green concentration was determined using spectrophotometric analysis (806nm) and plotted logarithmically with Michaelis-Menten kinetics to calculate the percentage disappearance rate. Liver biopsies were graded using the modified Knodell score to obtain a histological activity index. RESULTS In bivariable analysis, percentage disappearance rate significantly correlated with Child's-Pugh score, albumin, bilirubin, prothrombin time and histological activity index. Albumin, prothrombin time and histological activity index were independent predictors of percentage disappearance rate in the final model (albumin p<0.01, prothrombin time p<0.046, histological activity index p=0.033), accounting for 46.2% of variability in percentage disappearance rate measurements. CONCLUSIONS Percentage disappearance rates correlated with Child's-Pugh scores in this series of cirrhotic patients. However, 46.2% of its variability was accounted for by albumin, prothrombin time and histological activity index.
iPTF SEARCH FOR AN OPTICAL COUNTERPART TO GRAVITATIONAL-WAVE TRANSIENT GW150914

The intermediate Palomar Transient Factory (iPTF) autonomously responded to and promptly tiled the error region of the first gravitational-wave event GW150914 to search for an optical counterpart. Only a small fraction of the total localized region was immediately visible in the northern night sky, due both to Sun-angle and elevation constraints. Here, we report on the transient candidates identified and rapid follow-up undertaken to determine the nature of each candidate. Even in the small area imaged of 126 deg2, after extensive filtering, eight candidates were deemed worthy of additional follow-up. Within two hours, all eight were spectroscopically classified by the Keck II telescope. Curiously, even though such events are rare, one of our candidates was a superluminous supernova. We obtained radio data with the Jansky Very Large Array and X-ray follow-up with the Swift satellite for this transient. None of our candidates appear to be associated with the gravitational-wave trigger, which is unsurprising given that GW150914 came from the merger of two stellar-mass black holes. This end-to-end discovery and follow-up campaign bodes well for future searches in this post-detection era of gravitational waves.
Phosphoinositide 3-Kinase-Dependent Signalling Pathways in Cutaneous Squamous Cell Carcinomas

Cutaneous squamous cell carcinoma (cSCC) derives from keratinocytes in the epidermis and accounts for 15–20% of all cutaneous malignancies. Although it is usually curable by surgery, 5% of these tumours metastasise leading to poor prognosis mostly because of a lack of therapies and validated biomarkers. As the incidence rate is rising worldwide it has become increasingly important to better understand the mechanisms involved in cSCC development and progression in order to develop therapeutic strategies. Here we discuss some of the evidence indicating that activation of phosphoinositide 3-kinases (PI3Ks)-dependent signalling pathways (in particular the PI3Ks targets Akt and mTOR) has a key role in cSCC. We further discuss available data suggesting that inhibition of these pathways can be beneficial to counteract the disease. With the growing number of different inhibitors currently available, it would be important to further investigate the specific contribution of distinct components of the PI3Ks/Akt/mTOR pathways in order to identify the most promising molecular targets and the best strategy to inhibit cSCC.
Owner vs. Manager Control Effects on Bank Performance

A basic notion derived from the observation of a high and increasing degree of manager control in large American corporations (see Berle and Means (1932)) is that managers may have objectives different from the assumed profit maximization motive of owners of firms. ' The issue remains unresolved-theoretical work has been of an ad hoc nature (e.g., Monsen and Downs (1965)) and the empirical evidence is mixed (e.g., Kamerschen (1968); Monsen, Chiu, and Cooley (1968); and Larner (1970)). This study conducts an empirical analysis of the relative performance of owner controlled and manager controlled banks. The study is unique in three respects. First, it focuses upon cost and growth as well as profit performance. Second, and more important, it is not confined to the largest 200 or 500 firms as has been the case with most previous studies.2 The sample in this study includes the lead bank of most of the 1,735 bank holding companies in the United States in 1975.3 Third, we test for nonlinearity to determine empirically at what percentage (if any) of ownership performance differences become apparent.
Unpacking and repacking community representation in forest policy and management negotiations: lessons from the social responsibility agreement in Ghana.

One issue, which is increasingly being noted as fundamentally essential for any effective community participation and negotiation process but has for long evaded policy research attention, is community representation in forest management decision-making. This paper, responding to the limited attention given to the concept attempts to provide a theoretical review of the subject in the context of social responsibility agreement negotiations in Ghana and to suggest lessons for effective community representation in forest policy and management negotiations. The paper borrows extensively from a research conducted in the Domi River Forest Reserve area, which explored the expectation and reality of how communities were represented in the social responsibility agreement (SRA) negotiation for the award of Timber Utilisation Contracts in Ghana. In addition, the paper has extensively reviewed literature to propose that community representation should focus on defining, both in spatial and social sense, the boundary of the term ‘community', who represents the community (representatives), what is being represented (content) and how it is being represented (process). The paper argues that an appropriate framework for community representation is one that explicitly and unambiguously defines ‘who is to be represented', establishes and presents collective community interest and ensures the ‘selection' of legitimate and accountable representatives. The paper provides an appropriate framework and lessons to guide policy ‘makers' and practitioners in forest policy and management planning and implementation to ensuring effective representation and participation of communities. Keywords : community, representation, negotiation, social responsibility agreement, timber utilization contract Ghana Journal of Forestry Vol. 15&16 2004: 20-29
Bias-corrected optical flow estimation for road vehicle tracking

Model-based vehicle tracking in traffic image sequences can be made more robust by matching expected displacement rates of vehicle surface points to optical flow (OF) vectors computed from an image sequence. The capability to track vehicles uninterruptedly in this manner over extended image sequences results in the ability to investigate even small errors in OF estimation. It turns out that the OF magnitudes are systematically underestimated. The-albeit small-bias can be corrected by analyzing the influence of explicitly modeled grey value noise on the precision of OF values estimated by means of the neighborhood sampling method.
A new look at the origin, function, and "stem-cell" status of muscle satellite cells.

Muscle satellite cells have long been considered a distinct myogenic lineage responsible for postnatal growth, repair, and maintenance of skeletal muscle. Recent studies in mice, however, have revealed the potential for highly purified hematopoietic stem cells from bone marrow to participate in muscle regeneration. Perhaps more significantly, a population of putative stem cells isolated directly from skeletal muscle efficiently reconstitutes the hematopoietic compartment and participates in muscle regeneration following intravenous injection in mice. The plasticity of muscle stem cells has raised important questions regarding the relationship between the muscle-derived stem cells and the skeletal muscle satellite cells. Furthermore, the ability of hematopoietic cells to undergo myogenesis has prompted new investigations into the embryonic origin of satellite cells. Recent developmental studies suggest that a population of satellite cells is derived from progenitors in the embryonic vasculature. Taken together, these studies provide the first evidence that pluripotential stem cells are present within adult skeletal muscle. Tissue-specific stem cells, including satellite cells, may share a common embryonic origin and possess the capacity to activate diverse genetic programs in response to environmental stimuli. Manipulation of such tissue-specific stem cells may eventually revolutionize therapies for degenerative diseases, including muscular dystrophy.
Noncanonical views of homology-directed DNA repair

While gene conversion and classical nonhomologous end-joining are the most physiologically predominant forms of DNA repair mechanisms, emerging lines of evidence suggest the usage of several noncanonical homology-directed repair (HDR) pathways in both prokaryotes and eukaryotes in different contexts. Here, Verma and Greenberg review how these alternative HDR pathways are executed.
Power-flow simulation with visualization function based on IEEE common data format

In this paper, power-flow calculation simulator with its visualization function is proposed and implemented. Generally, it is necessary to prepare a text file, which describes bus systems with generators and loads, which is one of the barriers for power-flow simulation. The proposed simulator has a function of automatic generations of IEEE common data format file from user-drawn power-system diagram. Therefore, it is possible for users to make a simulation only by drawing power systems on display. In addition, the proposed simulator also has a function that power-system diagram is illustrated automatically from IEEE common data format file. By using this function, it is possible to visualize power flow amount and direction on the bus-system diagram, which helps for users to comprehend network dynamics intuitively. Because the proposed simulator allows including renewable-resource generators in the bus system, it is useful to evaluate the power distribution systems. It is shown that the proposed simulator can make accurate IEEE common data format file and intuitive power-flow illustration.
Race, Performance, Pay, and Retention Among National Basketball Association Head Coaches

This article estimates racial differences in the retention probability, pay, and performance of National Basketball Association (NBA) coaches over the period from 1996 to 2003. Using a hazard function approach, the author finds small and statistically insignificant racial differences in the exit hazard, conditional on team performance, team payroll, and a variety of coaching quality indicators. There were also statistically insignificant racial differences in the quit and discharge hazards, all else equal. Further, among marginal coaches, the author finds no racial performance differentials, all else equal. Finally, controlling for performance and qualifications, the author finds small and statistically insignificant racial differences in annual compensation, total contractwide compensation, and contract duration. Together, these findings do not suggest that Black NBA coaches are subject to racial discrimination in entry, pay, or retention.
Monitoring of zonisamide in human breast milk and maternal plasma by solid-phase extraction HPLC method.

An HPLC method was developed for the determination of zonisamide in human breast milk and plasma. Chromatographic separation was achieved using a Develosil CN analytical column with potassium dihydrogenphosphate buffer (pH 3.5 with milk, pH 2.5 with plasma)-acetonitrile as the mobile phase. Zonisamide and 1, 2-benzisoxazole-3-methansulfonamine acetate as internal standard were detected by ultraviolet absorbance at 240 nm. Zonisamide in breast milk and plasma was extracted by a rapid and simple procedure based on C(18) bonded-phase extraction. Determination of zonisamide in human breast milk and plasma was possible in the concentration range 0.05-20.0 microg/mL. The recoveries of zonisamide added to human breast milk and plasma were 79.5-85.0% and 86.3-93.1%, respectively, with coefficients of variation of less than 8.3% and 11.4% respectively. The mean concentrations of zonisamide in breast milk and plasma were 9.41 +/- 0.95 and 10.13 +/- 0.45 microg/mL, respectively. The average ratio between the breast milk concentration and plasma concentration (M/P ratio) was 0.93 +/- 0.09.
Investigating Purchase Incidence, Brand Choice and Purchase Quantity Decisions of Households

We develop a comprehensive utility maximizing framework to study the impact of marketing variables on the category purchase, brand choice and purchase quantity decisions of households for frequently purchased packaged goods. The model allows for dependence among the three decisions while ensuring that these decisions provide, in combination, the greatest possible utility to the household. By accounting for variations in reservation prices and intrinsic brand preferences across households, the modeling framework explicitly captures the effects of unobserved heterogeneity on all three purchase decisions. The principal empirical finding from analyzing the A. C. Nielsen data for the yogurt product category is that the substantive implications for the effects of marketing variables are sensitive to whether these effects are determined conditional or unconditional on a product category purchase. Our results show that reservation prices and intrinsic brand preferences vary across households, and not accounting for these variations in the estimation could lead to biased estimates for the coefficients of the marketing variables. A comparison of our results to those obtained from a nested logit model of purchase incidence and brand choice reveals that our proposed model performs better using both a formal statistical test as well as the criterion of predictive validity in a holdout sample of panelists. Further, the purchase quantity model compares favorably with two alternative models of quantity choice in the validation sample.