bluuebunny/crossref_metadata_2025 huggingface dataset:
Tfcp2l1 safeguards the maintenance of human embryonic stem cell self‐renewal
Authors: Sun Hongwei , You Yu , Guo Mengmeng , Wang Xiaohu , Zhang Yan , Ye Shoudong
Published: January 2018

Tfcp2l1 is a transcription factor critical for mouse embryonic stem cell (mESC) maintenance. However, its role in human ESCs (hESCs) remains unclear. Here, we investigated the role of Tfcp2l1 in controlling hESC activity and showed that Tfcp2l1 is functionally important in the maintenance of hESC identity. Tfcp2l1 expression is highly enriched in hESCs and dramatically decreases upon differentiation. Forced expression of Tfcp2l1 promoted hESC self‐renewal. Functional analysis of the mutant forms of Tfcp2l1 revealed that both the CP2‐ and SAM‐like domains are indispensable for Tfcp2l1 to maintain the undifferentiated state of hESCs. Notably, the CP2‐like domain is closely related to the suppression of definitive endoderm and mesoderm commitment. Accordingly, knockdown of Tfcp2l1 significantly induced differentiation preferentially into definitive endoderm and mesoderm. Further studies found that inhibition of Wnt/β‐catenin signaling pathway by IWR1 is able to eliminate the differentiation caused by Tfcp2l1 downregulation. Taken together, these findings reveal the unique and crucial role of Tfcp2l1 in the determination of hESC fate and will expand our understanding of the self‐renewal and differentiation circuitry in hESCs.
Patchy colitis, and young age at diagnosis and at the time of surgery predict subsequent development of Crohn's disease after ileal pouch‐anal anastomosis surgery for ulcerative colitis
Authors: Abel Alexandra G , Chung Alvin , Paul Eldho , Gibson Peter R , Sparrow Miles P
Published: January 2018

Background and Aim

A proportion of patients having total proctocolectomy and ileal pouch‐anal anastomosis (IPAA) for ulcerative colitis (UC) are later diagnosed with Crohn's disease (CD). The aim of this study was to identify preoperative and perioperative predictors for the subsequent development of CD in patients who had IPAA for presumed UC.

Methods

A retrospective case–control study of patients undergoing IPAA surgery for presumed UC was undertaken. Cases were patients who had a revised diagnosis of CD after surgery. Preoperative and perioperative variables were examined and analyzed.

Results

Fifteen cases were compared with 39 controls. Patients aged ≤25 years at initial UC diagnosis were more likely to develop CD compared to those aged >25 years (odds ratio, OR [95% confidence interval, CI]: 7.1 [1.6–31.3]; P = 0.01). Patients aged ≤30 years at the time of colectomy had an increased risk of subsequent development of CD compared to those aged >30 years (OR [95% CI]: 4.5 [1.3–16.0]; P = 0.02). Cases were more likely to have patchy colitis on their colectomy specimen (OR [95% CI]: 6.7 [1.1–41.8]; P = 0.04). There was no significant difference between groups regarding transmural inflammation, ileitis, or fissuring ulcers on colectomy specimens, or preoperative C‐reactive protein (CRP), albumin, family history, and smoking status.

Conclusion

Predictors of the development of CD in the pouch include young age at diagnosis and at the time of surgery, and patchy colitis in the resected colon.
Associations of mitochondrial polymorphisms with sporadic colorectal adenoma
Authors: Thyagarajan Bharat , Guan Weihua , Fedirko Veronika , Barcelo Helene , Ramasubramaian Ramya , Gross Myron , Goodman Michael , Bostick Roberd M.
Published: January 2018

Somatic mutations in mitochondrial DNA have been reported in colorectal adenomatous polyps (adenomas), the precursors to most colorectal cancers. However, there are no reports of associations of germline variation in mitochondrial DNA with adenoma risk. We investigated associations of germline polymorphisms in the displacement loop (D‐loop) and non‐D‐loop region of the mitochondrial genome with incident, sporadic colorectal adenoma in three pooled colonoscopy‐based case‐control studies (n = 327 adenoma cases, 420 controls) that used identical methods for case and risk factor ascertainment. We sequenced a 1124 bp fragment to identify all genetic variation in the mitochondrial D‐loop region, and used the Sequenom platform to genotype 64 tagSNPs in the non‐D‐loop region. We used multivariable unconditional logistic regression to estimate associations of the polymorphisms with adenoma. The odds ratios (OR) for associations of four polymorphisms in the HV1 region (mt16294, mt16296, mt16278, mt16069) with adenoma were 2.30, 2.63, 3.34, and 0.56, respectively; all 95% confidence intervals (CI) excluded 1.0, however, after correction for multiple comparisons, none of the findings remained statistically significant. Similar results were found for six polymorphisms in the non‐D‐loop region. In the HV1 region poly C tract, relative to those with 5 repeats, the ORs for those with fewer or more repeats were, respectively, 2.29 (95%CI 1.07‐4.89) and 0.63 (95%CI 0.36‐1.08), but repeat numbers in the HV2 region were not associated with adenoma. These findings suggest that mitochondrial D‐loop HV1 region polymorphisms may be associated with colorectal adenoma risk and support further investigation.
Computational chemical biology and drug design: Facilitating protein structure, function, and modulation studies
Authors: Zheng Mingyue , Zhao Jihui , Cui Chen , Fu Zunyun , Li Xutong , Liu Xiaohong , Ding Xiaoyu , Tan Xiaoqin , Li Fei , Luo Xiaomin , Chen Kaixian , Jiang Hualiang
Published: January 2018

Over the past quarter of a century, there has been rapid development in structural biology, which now can provide solid evidence for understanding the functions of proteins. Concurrently, computational approaches with particular relevance to the chemical biology and drug design (CBDD) field have also incrementally and steadily improved. Today, these methods help elucidate detailed working mechanisms and accelerate the discovery of new chemical modulators of proteins. In recent years, integrating computational simulations and predictions with experimental validation has allowed for more effective explorations of the structure, function and modulation of important therapeutic targets. In this review, we summarize the main advancements in computational methodology development, which are then illustrated by several successful applications in CBDD. Finally, we conclude with a discussion of the current major challenges and future directions in the field.
Noise properties of proton density fat fraction estimated using chemical shift–encoded MRI
Authors: Roberts Nathan T. , Hernando Diego , Holmes James H. , Wiens Curtis N. , Reeder Scott B.
Published: January 2018

Purpose

The purpose of this work is to characterize the noise distribution of proton density fat fraction (PDFF) measured using chemical shift–encoded MRI, and to provide alternative strategies to reduce bias in PDFF estimation.

Theory

We derived the probability density function for PDFF estimated using chemical shift–encoded MRI, and found it to exhibit an asymmetric noise distribution that contributes to signal‐to‐noise‐ratio dependent bias.

Methods

To study PDFF noise bias, we performed (at 1.5 T) numerical simulations, phantom acquisitions, and a retrospective in vivo experiment. In each experiment, we compared the performance of three statistics (mean, median, and maximum likelihood estimator) in estimating the PDFF in a region of interest.

Results

We demonstrated the presence of the asymmetric noise distribution in simulations, phantoms, and in vivo. In each experiment we demonstrated that both the median and proposed maximum likelihood estimator statistics outperformed the mean statistic in mitigating noise‐related bias for low signal‐to‐noise‐ratio acquisitions.

Conclusions

Characterization of the noise distribution of PDFF estimated using chemical shift–encoded MRI enabled new strategies based on median and maximum likelihood estimator statistics to mitigate noise‐related bias for accurate PDFF measurement from a region of interest. Such strategies are important for quantitative chemical shift–encoded MRI applications that typically operate in low signal‐to‐noise‐ratio regimes. Magn Reson Med 80:685–695, 2018. © 2018 International Society for Magnetic Resonance in Medicine.
Development of methods and feasibility of using hyperpolarized carbon‐13 imaging data for evaluating brain metabolism in patient studies
Authors: Park Ilwoo , Larson Peder E.Z. , Gordon Jeremy W. , Carvajal Lucas , Chen Hsin‐Yu , Bok Robert , Van Criekinge Mark , Ferrone Marcus , Slater James B. , Xu Duan , Kurhanewicz John , Vigneron Daniel B. , Chang Susan , Nelson Sarah J.
Published: January 2018

Purpose

Hyperpolarized carbon‐13 (13C) metabolic imaging is a noninvasive imaging modality for evaluating real‐time metabolism. The purpose of this study was to develop and implement experimental strategies for using [1‐13C]pyruvate to probe in vivo metabolism for patients with brain tumors and other neurological diseases.

Methods

The 13C radiofrequency coils and pulse sequences were tested in a phantom and were performed using a 3 Tesla whole‐body scanner. Samples of [1‐13C]pyruvate were polarized using a SPINlab system. Dynamic 13C data were acquired from 8 patients previously diagnosed with brain tumors, who had received treatment and were being followed with serial magnetic resonance scans.

Results

The phantom studies produced good‐quality spectra with a reduction in signal intensity in the center attributed to the reception profiles of the 13C receive coils. Dynamic data obtained from a 3‐cm slice through a patient's brain following injection with [1‐13C]pyruvate showed the anticipated arrival of the agent, its conversion to lactate and bicarbonate, and subsequent reduction in signal intensity. A similar temporal pattern was observed in 2D dynamic patient studies, with signals corresponding to pyruvate, lactate, and bicarbonate being in normal appearing brain, but only pyruvate and lactate being detected in regions corresponding to the anatomical lesion. Physiological monitoring and follow‐up confirmed that there were no adverse events associated with the injection.

Conclusion

This study has presented the first application of hyperpolarized 13C metabolic imaging in patients with brain tumor and demonstrated the safety and feasibility of using hyperpolarized [1‐13C]pyruvate to evaluate in vivo brain metabolism. Magn Reson Med 80:864–873, 2018. © 2018 International Society for Magnetic Resonance in Medicine.
Enteral Nutrition in the Management of Crohn's Disease: Reviewing Mechanisms of Actions and Highlighting Potential Venues for Enhancing the Efficacy
Authors: Alhagamhmad Moftah H.
Published: January 2018

Crohn's disease (CD) is a chronic condition that affects the gut and has adverse effects on growth and development. There is a global increase in the incidence and prevalence rates, and several factors are believed to contribute to this rise, including dietary habits. In contrast, the use of enteral nutrition (EN) as an exclusive source of nutrition is increasingly becoming the preferred induction treatment of pediatric CD patients in part to address the nutrition complications. However, EN therapy is considered less effective in adults with CD. A better understanding of the molecular mechanisms of enteral therapy will help improve the clinical management of CD. It is increasingly becoming evident that the therapeutic utility of EN is in part due to the reversal of the microbial changes and the direct immunomodulatory effects. Moreover, there is a potential tendency for enhancing the efficacy of EN therapy by improving the palatability of the given formulas and, more important, by magnifying the anti‐inflammatory properties. Recent observations have shown that the immunomodulatory effects of EN are mediated at least in part by blocking nuclear factor‐κB. Furthermore, it is likely that several ingredients of EN contribute to this activity, in particular glutamine and arginine amino acids. In addition, manipulating the composition of EN therapy by altering concentrations of the key ingredients is found to have the potential for more efficient therapy. In this review, the underlying mechanisms of EN actions will be discussed further with a focus on the potential methods for enhancing the efficacy.
Enteral Feeding Tube Clogging: What Are the Causes and What Are the Answers? A Bench Top Analysis
Authors: Garrison Christopher M.
Published: January 2018

Background

Clogged enteral feeding tubes remain a significant barrier to the delivery of nutrition, hydration, and medications to patients who cannot tolerate oral intake. There is limited research that compares the relative efficacy of different methods used to clear a clogged feeding tube. The objectives of this study were to better understand the factors that contribute to enteral feeding tube clogging and to test the efficacy of 3 methods for clearing clogged feeding tubes.

Methods

Three formulations of clogs were artificially created and tested in vitro and composed of various quantities of crushed medication (ie, aspirin) and 0.15 g coagulated protein (ie, tofu). The following 3 clog clearing strategies were tested on all clog types (n = 5 clogs/formulation/treatment): warm water flushes, an enzyme treatment, and an actuated mechanical occlusion clearing device.

Results

The variable among the clog types that appears most responsible for decreased clearing success is the state of the coagulated protein. Dried‐out protein appears to makes a greater difference than increasing the medication quantity. The actuated mechanical occlusion clearing device was significantly more successful (93%) when compared with warm water flushes (20%) and the commercially available enzyme treatment (33%; P < .005) at clearing the clogs. The actuated device required significantly less total procedure time (P < .005) and total nursing time (P < .005) when compared with the other 2 clearing methods.

Conclusions

When clogs occur, they can be quickly and effectively resolved by the actuated device, but other methodologies such as water and enzyme treatments may be of assistance.
Barriers and Solutions to Delivery of Intensive Care Unit Nutrition Therapy
Authors: Kozeniecki Michelle , Pitts Heather , Patel Jayshil J.
Published: January 2018

Despite recommendations for early enteral nutrition (EN) in critically ill patients, numerous factors contribute to incomplete delivery of EN, including insufficient nutrition risk screening in critically ill patients, underutilization of enteral feeding protocols, fixed rate‐based enteral infusion targets with frequent EN interruption, and suboptimal provider practices regarding nutrition support therapy. The purpose of this narrative review is to identify common barriers to optimizing and delivering nutrition in critically ill patients, and suggest strategies and solutions to overcome barriers.
Integrating dose estimation into a decision‐making framework for model‐based drug development
Authors: Dunyak James , Mitchell Patrick , Hamrén Bengt , Helmlinger Gabriel , Matcham James , Stanski Donald , Al‐Huniti Nidal
Published: January 2018

Model‐informed drug discovery and development offers the promise of more efficient clinical development, with increased productivity and reduced cost through scientific decision making and risk management. Go/no‐go development decisions in the pharmaceutical industry are often driven by effect size estimates, with the goal of meeting commercially generated target profiles. Sufficient efficacy is critical for eventual success, but the decision to advance development phase is also dependent on adequate knowledge of appropriate dose and dose‐response. Doses which are too high or low pose risk of clinical or commercial failure. This paper addresses this issue and continues the evolution of formal decision frameworks in drug development. Here, we consider the integration of both efficacy and dose‐response estimation accuracy into the go/no‐go decision process, using a model‐based approach. Using prespecified target and lower reference values associated with both efficacy and dose accuracy, we build a decision framework to more completely characterize development risk. Given the limited knowledge of dose response in early development, our approach incorporates a set of dose‐response models and uses model averaging. The approach and its operating characteristics are illustrated through simulation. Finally, we demonstrate the decision approach on a post hoc analysis of the phase 2 data for naloxegol (a drug approved for opioid‐induced constipation).
Approaches to sample size calculation for clinical trials in rare diseases
Authors: Miller Frank , Zohar Sarah , Stallard Nigel , Madan Jason , Posch Martin , Hee Siew Wan , Pearce Michael , Vågerö Mårten , Day Simon
Published: January 2018

We discuss 3 alternative approaches to sample size calculation: traditional sample size calculation based on power to show a statistically significant effect, sample size calculation based on assurance, and sample size based on a decision‐theoretic approach. These approaches are compared head‐to‐head for clinical trial situations in rare diseases. Specifically, we consider 3 case studies of rare diseases (Lyell disease, adult‐onset Still disease, and cystic fibrosis) with the aim to plan the sample size for an upcoming clinical trial. We outline in detail the reasonable choice of parameters for these approaches for each of the 3 case studies and calculate sample sizes. We stress that the influence of the input parameters needs to be investigated in all approaches and recommend investigating different sample size approaches before deciding finally on the trial size. Highly influencing for the sample size are choice of treatment effect parameter in all approaches and the parameter for the additional cost of the new treatment in the decision‐theoretic approach. These should therefore be discussed extensively.
And/or trees: A local limit point of view
Authors: Broutin Nicolas , Mailler Cécile
Published: January 2018

We present here a new and universal approach for the study of random and/or trees, unifying in one framework many different models, including some novel ones not yet understood in the literature. An and/or tree is a Boolean expression represented in (one of) its tree shapes. Fix an integer k, take a sequence of random (rooted) trees of increasing size, say , and label each of these random trees uniformly at random in order to get a random Boolean expression on k variables. We prove that, under rather weak local conditions on the sequence of random trees , the distribution induced on Boolean functions by this procedure converges as n tends to infinity. In particular, we characterize two different behaviors of this limit distribution depending on the shape of the local limit of
: a degenerate case when the local limit has no leaves; and a non‐degenerate case, which we are able to describe in more details under stronger conditions. In this latter case, we provide a relationship between the probability of a given Boolean function and its complexity. The examples covered by this unified framework include trees that interpolate between models with logarithmic typical distances (such as random binary search trees) and other ones with square root typical distances (such as conditioned Galton–Watson trees).
Feasibility, Safety, and Tolerance of Mesenchymal Stem Cell Therapy for Obstructive Chronic Lung Allograft Dysfunction
Authors: Keller Cesar Ariel , Gonwa Thomas Arthur , Hodge David Orel , Hei Derek Joseph , Centanni John Michael , Zubair Abba Chedi
Published: January 2018

Feasibility, tolerance, and safety of intravenous infusions of allogeneic mesenchymal stem cell (MSC) therapy in lung transplant recipients with bronchiolitis obliterans syndrome (BOS) are not well established. MSCs were manufactured, cryopreserved, transported to our facility, thawed, and infused into nine recipients with moderate BOS (average drop in forced expiratory volume in 1 second was 56.8% ± 3.2% from post-transplant peak) who were refractory to standard therapy and not candidates for retransplant. Cells were viable and sterile prior to infusion. Patients received a single infusion of either 1 (n = 3), 2 (n = 3), or 4 (n = 3) million MSCs per kg. Patients were medically evaluated before; during; and at 24 hours, 1 week, and 1 month after infusion for evidence of infusion-related adverse events and tolerance of therapy. Vital signs, pulmonary function test results, Borg Dyspnea Index, and routine laboratory data were recorded. Vital signs and O2 saturation did not significantly change during or up to 2 hours after MSC infusion. There were no significant changes in gas exchange variables, pulmonary function test results, or laboratory values at 1, 7, and 30 days postinfusion compared with preinfusion values. Infusion of MSCs in patients with BOS was feasible, safe, and well tolerated and did not produce any significant adverse changes in clinical, functional, or laboratory variables during or up to 30 days after infusion. Manufacturing, transport, and administration of intravenous, allogeneic bone marrow-derived MSCs in doses from 1 to 4 million MSCs per kg is safe in lung transplant recipients with BOS.
Traffic Accidents in Switzerland: How Hazardous Are “High Risk” Groups? An Analysis Based on Police Protocols
Authors: Gautschi Thomas , Hangartner Dominik , Bütikofer Aline
Published: January 2018

On January 1, 2005, Switzerland reduced the legal level of blood-alcohol concentration while driving from 0.8‰ to 0.5‰. This happend on basis of the assumption that more restrictive per mil levels increase road safety. The benefit of lower blood-alcohol levels, however, depends on whether drinking drivers indeed pose a risk for themselves and other road users. Analyses using official data of all 84,437 two-car crashes during 2001–2005 indeed show a higher relative risk of drinking to sober drivers. And, we also find evidence that prejudices against drivers with an Eastern European citizenship, contrary to recent newspaper articles, are groundless.
Improving Models of Income Dynamics Using Cross-Section-Information
Authors: Aebi Robert , Neusser Klaus , Steiner Peter
Published: January 2018

Based on a relative entropy approach, this paper proposes a method to estimate or update transition matrices using just cross-sectional observations at two points in time. The method is then applied to explain the development of the US income distribution. Starting from three hypothesized transition matrices and a transition matrix estimated from the PSID data, we show how these matrices must be adjusted in the light of the cross-sectional information. Finally, we explore the consequences of these updated transition matrices for the future development of the US income distribution.
Investment Performance of Swiss Pension Funds and Investment Foundations
Authors: Ammann Manuel , Zingg Andreas
Published: January 2018

We investigate the performance of domestic and international bond and equity portfolios of Swiss pension funds and investment foundations over the period of 1996 to 2006. Our sample consists of 73 pension funds and 13 investment foundations with total assets of more than CHF 200 billion. We find some indications for superior skills of security selection and timing by pension funds in international bond management even net of costs for asset management and fund administration. In contrast, we find a significant net underperformance for domestic bonds, domestic equities and international equities. For investment foundations, we find a significant net underperformance for domestic bonds and international equities, whereas for international bonds and domestic equities the null hypothesis of neither significant outperformance or underperformance cannot be rejected. Finally, we find no evidence of persistence in the performance of Swiss pension funds and investment foundations.
The Evolution of Physician Density in Switzerland
Authors: Wanzenried Gabrielle , Nocera Sandra
Published: January 2018

Our paper investigates the geographical distribution of physicians across the Swiss cantons over the years 1960 to 2005. We use a physician location model relating physician growth in a canton related to (i) the existing number of physicians in an area, (ii) commonly used determinants of the demand for physician services such as population growth, per capita income and age, and (iii) factors that determine the medical infrastructure of an area, i.e. the number of hospital beds and the existence of a university hospital. We analyze the effects separately for general practitioners and specialists and find that the two physician types react differently to certain factors included in our analysis.
The Contribution of Managed Care to the Performance of Healthcare Systems — Evidence from Three Countries
Authors: Schoder Johannes , Zweifel Peter
Published: January 2018

This paper applies the five standard economic performance criteria to gauge the contribution of Managed Care (MC) to the performance of three healthcare systems, viz. Germany, the Netherlands, and Switzerland. The criteria are (1) matching of consumer preferences, (2) technical efficiency, (3) adaptive capacity, (4) dynamic efficiency, and (5) a rent-free distribution of income that provides incentives for producers to attain criteria (1) through (4). Being insurance-based, the German, Dutch, and Swiss healthcare systems comprise three contractual relationships that can be judged in the light of these criteria. The maximum contribution of MC to the performance of the healthcare system is found for the Netherlands followed by Switzerland. The Independent Practice Associations representing MC in the Netherlands, and the Health Maintenance Organizations representing MC in Switzerland score 15 respectively 6 out of 30 points. By way of contrast, the contribution of the Disease Management Programs to the performance of the German healthcare system remains limited (3 out of 30 points).
Indirect Construction of Hedonic Price Indexes for Private Properties
Authors: Fahrländer Stefan S.
Published: January 2018

This paper analyzes the construction of price indexes for condominiums and single family houses in Switzerland over the period 1985 to 2004 using the indirect method. We find, that the pooling of the data, i.e. direct indexes with fixed hedonic prices, are good models for average properties but can be biased for the indexation of non-average properties. Therefore indirect index construction using predictions for specific properties based on annual equations is recommended.

Based on differentiation of forty regions it is shown, that indexes vary from region to region, but show a comparable general path between 1985 and 2004. In recent years prices for single family houses raised in the large urban areas and tourist resorts but, due to big land reserves, were stable or even declined in smaller urban and semi-urban as well as in rural areas. Price paths for condominiums are generally comparable to those of single family houses with the big difference, that over the last three years prices were raising in most of the regions.
The Performance of Actively and Passively Managed Swiss Equity Funds
Authors: Ammann Manuel , Steiner Michael
Published: January 2018

Using a Switzerland-specific Carhart model, we study the risk-adjusted performance of actively and passively managed mutual funds investing in Swiss stocks from 1989 to 2007. We also compare the performance of actively managed funds to passively managed funds instead of comparing them to a theoretical index. For a sample of 160 funds with 13,672 monthly observations we find that active as well as passive funds significantly underperform indices on an aggregated basis. However, active large-cap funds significantly underperform and active Small&Mid-Cap-funds significantly outperform the index. Further, we find that the average manager of an active Swiss equity fund systematically overweights small-cap, value, and low-momentum stocks. When directly comparing active to passive funds, active funds significantly underperform by −1.1% p.a. on average. While active institutional funds can almost keep up with the performance of passive funds, active retail funds cannot and drive the substantial underperformance observed for active funds. Finally, active funds perform better before the millennium than thereafter. This robust result supports the hypothesis of ongoing efficiency increases in the Swiss stock market.
Targeting labour market programmes — results from a randomized experiment
Authors: Behncke Stefanie , Frölich Markus , Lechner Michael
Published: January 2018

We evaluate a randomized experiment of a statistical support system developed to assist caseworkers in Swiss employment offices in choosing appropriate active labour market programmes for their unemployed clients. This statistical support system predicted the labour market outcome for each programme and thereby suggested an ‘optimal’ labour market programme for each unemployed person. The support system was piloted in several employment offices. In those pilot offices, half of the caseworkers used the system and the other half acted as control group. The allocation of the caseworkers to treatment and control group was random. The experiment was designed such that caseworkers retained full discretion about the choice of active labour market programmes, and the evaluation results showed that caseworkers largely did not follow the statistical support system. This indicates that stronger incentives are needed for caseworkers to comply with statistical profiling and targeting systems.
Reaction of Swiss term premia to monetary policy surprises
Authors: Söderlind Paul
Published: January 2018

An affine yield curve model is estimated on daily Swiss data 2002–2009. The market price of risk is modelled in terms of proxies for uncertainty, which are estimated from interest rate options. The estimated model generates innovations in the 3-month rate that are similar to external evidence of monetary policy surprises — as well as term premia that are consistent with survey data. The results indicate that a surprise increase in the policy rate gives a reasonably sized decrease (−0.25%) in term premia for longer maturities.
Interchange fees as a mechanism to raise rivals’ costs — some evidence from Switzerland
Authors: Rutz Samuel
Published: January 2018

In 2004 the Swiss Competition Commission (ComCo) opened an investigation concerning multilateral agreed interchange fees in the Swiss credit card market which ended with an amicable settlement. The most important element of this amicable settlement consists in the limitation of the interchange fee to the actual network costs of the issuers. In this paper I discuss whether there was a market failure in the Swiss credit card market which justified the intervention by ComCo and whether the remedies imposed in the amicable settlement eliminated the alleged market failure.
Tactical size rotation in Switzerland
Authors: Hock Thorsten
Published: January 2018

The size premium, defined as the return differential between shares of small and large companies, is subject to cyclical fluctuations. This study examines the predictability of this premium for the Swiss stock market applying a new and flexible forecasting approach. Our strategies provide promising information ratios. The results show that risk variables (VIX, TED spread, etc.), the performance of the S&P 500 and statistical variables such as AR(1) terms or trends prove to be successful forecasting variables in our algorithm. Furthermore, variables that sum up the consensus estimates of equity analysts (IBES) make valuable forecast contributions.
Should Marginal Cost of Public Funds Include the Revenue Effect?
Authors: Chang Ming Chung , Wu Shufen
Published: January 2018

It is an important difference in different measures of the marginal cost of public funds whether to take into account the “revenue effect” emphasized by Atkinson and Stern (1974). This paper tries to reconcile two competing measures from a general viewpoint. We demonstrate that the revenue effect represents a distortionary effect associated with commodity taxation as opposed to a “windfall.” We thus derive a new measure which captures the distortionary effect associated with commodity as opposed to lump-sum taxation. This new measure is guaranteed to be higher than unity. Moreover, this new measure lies between the two measures.
Improving Prevention Compliance through Appropriate Incentives: Theoretical Modelling and Empirical Evidence
Authors: Schneider Udo , Zerth Jürgen
Published: January 2018

This paper explores the effects of insurance parameters and complementary information environment on the patient’s primary prevention activity. The theoretical model is based on a principal-agent setting in which the patient acts as an agent in deciding about his prevention efforts. The insurer chooses the coverage level and therefore the level of patient’s cost sharing and decides on his monitoring activities. The empirical analysis looks at the patient’s prevention decision in the case of smoking. Using a hazard model in discrete time, the decision to change behaviour depends on health status, education, age and working time but not on the insurance system.
Fuel Exemptions, Revenue Recycling, Equity and Efficiency: Evaluating Post-Kyoto Policies for Switzerland
Authors: Imhof Jan
Published: January 2018

The Swiss CO2 law runs out in 2012, together with the first commitment period of the Kyoto Protocol. Currently, the Swiss parliament is deciding on the successor of the law that aims to achieve a 20% reduction of CO2 emissions below 1990 levels by 2020. As a means to achieve this ambitious target, the current tax on stationary fuels at 36 CHF/t CO2 will be maintained, while transportation fuels will still be exempted from the carbon tax. Currently, the tax revenues are fully redistributed as a per-capita lump-sum payment via mandatory health insurance and to the employers proportional to their wage payments. This recycling scheme is likely to be prolonged. However, in the presence of the actual debate on the revision of the CO2 law, this paper reexamines the exemption of transportation fuels and the revenue recycling scheme under two points of view. First, I examine the effects on cost-effectiveness and second, I study their impact on equity. Using a static computable general equilibrium model of the Swiss economy incorporating 14 household groups, I find that tax exemptions increase the economy-wide costs of a carbon tax, yet fail to ease the effect on over-proportionally affected households. However, adjusting CO2 tax rates to correct for pre-existing fuel taxes that do not internalize any external effects may decrease the economy-wide cost of a green tax reform. On the other hand the choice of the recycling scheme has less of an effect on efficiency, but its impact on the distributional outcome of the tax reform has to be considered. Choosing an optimal, economy-wide tax will decrease overall costs considerably, while a lump-sum per-capita rebate will result in a progressive tax package at reasonable costs.
Did the Bundesbank target monetary expansion or inflation? Evidence from monetary base growth
Authors: Boeva Galina , Vaubel Roland
Published: January 2018

Several empirical studies have suggested that the Bundesbank has pursued inflation targets rather than monetary targets. These studies have been criticized because they do not adequately measure the deviation from target and because they use some short term interest rate as a measure of the Bundesbank’s policy actions instead of the comprehensive measure, the monetary base adjusted for changes in reserve requirements. We find that, in the period from 1979 III to 1998 IV, changes in adjusted monetary base growth reacted negatively and significantly to deviations from target monetary expansion as measured relative to the nearest margin of the target band if, and only if, no control variables are added. With our control variables, the significance of this coefficient drops to 10 per cent. By contrast, deviations of the inflation rate from the inflation objective used to derive the money supply target never has any significant effect on changes in adjusted monetary base growth. This result holds regardless of whether the lagged or the currently expected inflation rate is employed. The results are consistent with money supply targeting (if anything) but not with inflation targeting.
Spatial effects in willingness to pay for avoiding nuclear risks
Authors: Schneider Yves , Zweifel Peter
Published: January 2018

How to deal with the risks associated with nuclear energy is a major policy issue. This paper investigates the effect of an individual’s distance from nuclear power plants on willingness to pay for increased insurance coverage against nuclear accidents (MWP

C
) as well as on willingness to pay for solving the nuclear waste disposal problem (MWP

W
). Using data from a discrete choice experiment conducted in Switzerland, we find evidence that MWP

C
values decrease with distance from plant once attitudes influencing choice of residential location are controlled for. However, distance from plant has no effect on MWP

W
values.
Stock Market’s Reactions to Revelation of Tax Evasion: An Empirical Assessment
Authors: Brunhart Andreas
Published: January 2018

Additionally to the financial crisis causing a world recession, Liechtenstein’s financial sector has been challenged by the so-called “Zumwinkel-Affair”, when a whistle-blower sold data of hundreds of tax evaders to international tax authorities. This paper investigates the impact of this affair on the daily stock prices of banks from Liechtenstein. An unconventional augmented GARCH-model (labelled as “augmented amalGARCH”), which outperforms conventional models, is introduced and dynamically analyses various influences on risk and returns. Also, an event study framework is applied. The main finding beyond further conclusions is that the Zumwinkel-Affair had an (accumulating) effect on risk, but surprisingly no impact on average stock return could be detected.
Linking Europe: The Role of the Swiss Electricity Transmission Grid until 2050
Authors: Schlecht Ingmar , Weigt Hannes
Published: January 2018

The aim of this paper is to evaluate the role of the Swiss electricity transmission system and the planned network extensions in the context of Central European electricity market developments and thereby the Swiss and European energy transitions. In addition, we conduct a sensitivity analysis of delayed grid investments for Swiss and European network projects, respectively. By utilizing a numerical model representation of the Swiss electricity market Swissmod we derive a quantification of the different effects and developments up to 2050. In summary, the Central European market will largely be influenced by the significant increase in intermittent renewable generation. Whereas current power flow patterns are mostly from the Northern markets towards Italy using Switzerland as a transit hub, the large share of solar capacities in 2050 will lead to a high variability on shorter timeframes. While Switzerland will remain a transit hub, the import and export flows will vary with season and daytime. The potential costs and system impacts due to delayed network investments are rather modest in comparison to the overall generation costs but can nevertheless sum to 700 million per year highlighting the importance of network extension to improve cross-regional energy exchange.
Relationship Banking in the Residential Mortgage Market? Evidence from Switzerland
Authors: Brown Martin , Hoffmann Matthias
Published: January 2018

We examine to what extent mortgage lending is characterized by strong relationships between banks and their borrowers. Our analysis is based on survey data covering all current bank relations for a sample of 1,481 Swiss households out of which 687 have a mortgage. We document that mortgage borrowers maintain significantly more bank relations than comparable households without a mortgage. However, this does not imply that mortgage relations are loose. Comparing mortgage relations to other bank relations of the same households we find that mortgage relations are used for a broader scope of transactions and are held with banks that are located closer to the household. Examining the heterogeneity of mortgage relations across households, we find that financially sophisticated households are less likely to hold their mortgage with a local bank.
The Social Marginal Cost Curve and a Corner Solution of the Second-Best Level of Public Good Provision: A Review and an Extension
Authors: Chang Ming Chung , Peng Hsiao-Ping , Ho Yan-Ching
Published: January 2018

Assume that the private goods and the public good are weakly separable, the private goods are gross complements, and the private utility function is a homogeneous of degree one function with constant elasticity of substitution. We demonstrate that, under commodity taxation, the social marginal cost curve of public good provision is initially upward sloping and eventually becomes downward sloping. Moreover, the social marginal cost eventually falls below the private marginal cost. These unusual properties arise from a demand-shift effect: An increase in the tax rate raises the marginal willingness to pay for the public good since it pushes up the unit cost of private utility, hence making the public good more attractive than private goods. In other words, the supply of the public good creates its own demand when the funding to cover production costs is raised through distortionary commodity taxes. It follows that there may exist three solutions to the first-order condition for the second-best problem: two of them are interior solutions and one is a corner solution.
Time-Varying and Regional Dynamics in Swiss Housing Markets
Authors: Drechsel Dirk , Funk Anne Kathrin
Published: January 2018

In light of the strong increase of house prices in Switzerland in the 2000s and early 2010s, we analyze the effects of mortgage rate shocks, changes in housing demand & supply and business cycle conditions on house prices for the time period 1982–2013. We study intertemporal effects by employing Bayesian timevarying coefficients vector autoregressions (TVC-BVAR), regional effects by using regional BVARs and heterogeneity in housing markets by looking at housing segments. 50 % of house price variations can be explained by housing demand & supply. The response of house prices to mortgage rate shocks weakened after the 1990s real estate crisis and remained constant thereafter. However, owneroccupied apartment prices became again more sensitive to mortgage rate shocks during the recent house price boom. Regional effects are especially prevalent for regions Zurich and Geneva.
How do Overnight Stays React to Exchange Rate Changes?
Authors: Stettler Christian
Published: January 2018

This paper analyses the effect of a change in the real exchange rate on the number of overnight stays in Swiss hotels. It uses unique three-dimensional panel data on the monthly number of overnight stays by the visitor’s country of origin in 141 Swiss communities during the ten-year period from January 2005 to December 2014. We find low exchange rate elasticities of 0.2 for cities, but much higher elasticities of 1.4 for touristic communities. On the source market side, we find large exchange rate elasticities for German, Dutch, and Belgian visitors, while travellers from France and Italy are less price sensitive.
Career motivation of secondary students in STEM: a cross-cultural study between Korea and Indonesia
Authors: Shin Sein , Rachmatullah Arif , Roshayanti Fenny , Ha Minsu , Lee Jun-Ki
Published: January 2018

The purpose of this study was to understand the career motivation of secondary students in science, technology, engineering, and mathematics (STEM) by comparing Korean and Indonesian students. Effects of gender and educational level on students’ STEM career motivation were also examined. To test for differences, we used Rasch analysis, 3-way ANOVA, correlation analysis, and multiple group path analysis. STEM career motivation was found to be significantly affected by interactions between country, gender, and educational level. Overall, Indonesian students had more STEM career motivation than Korean students. Korean students showed larger gender differences in STEM career motivation than Indonesian students.
Some Cooperatives Produce Great Wines, but the Majority Does Not: Complementary Institutional Mechanisms to Improve the Performance of an Indispensable Organizational Form
Authors: Frick Bernd
Published: January 2018

Although they have often been found to be technically inefficient, cooperatives not only have survived in the wine industry but continue to play major roles in most European countries. Because the specific advantages of their “organizational architecture” (resource pooling and decentralization) seem to outweigh the disadvantages (vaguely defined property rights and high monitoring costs), this paper discusses organizational measures to improve the performance of cooperatives by addressing three different aspects of “organizational design” (managing entry and exit, motivating members, and investing in corporate culture). (JEL Classifications: D22, D23, L14, L21, L31)
Systematics and biology of the blue lanternfish, Diaphus coeruleus from the south-eastern Arabian Sea
Authors: Meera K. M. , Hashim M. , Sanjeevan V. N. , Jayasankar J. , Ambrose T. V. , Sudhakar M.
Published: January 2018

The paper presents the first detailed study on systematics, otolith structure and biology of Diaphus coeruleus, from the south-eastern Arabian Sea. The closely related and co-inhabiting species D. coeruleus and D. watasei are distinguished on the basis of morphometric, meristic and otolith characters. Analysis of gut content revealed that these fishes mainly feed on deep sea squids and shrimps. Six maturation stages of gonads are identified in males (immature, quiescent, mature, ripe, spawning and spent) and five stages (immature, quiescent, mature, ripening and spawning stages) in females. Overall sex ratio deviated in favour of males (1 male: 0.2 female) and the mean fecundity was 2150 ± 353 eggs. The length-weight relationship shows an overall isometric growth in males with N = 76 and b = 3.13 and for females with N = 17 and suggests negative allometric growth (b = 1.719). Otolith length (LO) and otolith weight (WO) are positively correlated to standard body length (LS) and body weight (BW).
Uptake and Translocation of Nitrofen and Oxyfluorfen
Authors: Fadayomi Omosuyi , Warren G.F.
Published: January 2018

The site of uptake of nitrofen (2,4-dichlorophenyl-p-nitrophenyl ether) and oxyfluorfen [2-chloro-1-(3-ethoxy-4-nitrophenoxy)-4-(trifluoromethyl)benzene] was studied using a double pot technique. Sorghum [Sorghum bicolor(L.) Moench ‘RS610′] and pea (Pisum sativumL. ‘Alaska’) were the test plants. Herbicidal activity measured by the reduction in fresh weight of the roots and shoots of treated plants showed that exposure of the shoot zone to the herbicides caused much more injury to the plants than root exposure. Translocation of both compounds from root applications to tops of pea and sorghum was studied using14C-labeled herbicides. There was very little movement of the compounds from the roots of both species. Translocation of the compounds from foliage application was studied using greenbean (Phaseolus vulgarisL. ‘Spartan Arrow’) and soybean [Glycine max(L.) Merr ‘Wayne’]. Almost all of the applied14C-herbicides remained at the point of application.