Semimartingale price systems in models with transaction costs beyond efficient friction

A standing assumption in the literature on proportional transaction costs is efficient friction. Together with robust no free lunch with vanishing risk, it rules out strategies of infinite variation, as they usually appear in frictionless markets. In this paper, we show how the models with and without transaction costs can be unified. The bid and the ask price of a risky asset are given by c\'adl\'ag processes which are locally bounded from below and may coincide at some points. In a first step, we show that if the bid-ask model satisfies "no unbounded profit with bounded risk" for simple strategies, then there exists a semimartingale lying between the bid and the ask price process. In a second step, under the additional assumption that the zeros of the bid-ask spread are either starting points of an excursion away from zero or inner points from the right, we show that for every bounded predictable strategy specifying the amount of risky assets, the semimartingale can be used to construct the corresponding self-financing risk-free position in a consistent way. Finally, the set of most general strategies is introduced, which also provides a new view on the frictionless case.Comment: 43 page

Tool Wear Segmentation in Blanking Processes with Fully Convolutional Networks based Digital Image Processing

The extend of tool wear significantly affects blanking processes and has a decisive impact on product quality and productivity. For this reason, numerous scientists have addressed their research to wear monitoring systems in order to identify or even predict critical wear at an early stage. Existing approaches are mainly based on indirect monitoring using time series, which are used to detect critical wear states via thresholds or machine learning models. Nevertheless, differentiation between types of wear phenomena affecting the tool during blanking as well as quantification of worn surfaces is still limited in practice. While time series data provides partial insights into wear occurrence and evolution, direct monitoring techniques utilizing image data offer a more comprehensive perspective and increased robustness when dealing with varying process parameters. However, acquiring and processing this data in real-time is challenging. In particular, high dynamics combined with increasing strokes rates as well as the high dimensionality of image data have so far prevented the development of direct image-based monitoring systems. For this reason, this paper demonstrates how high-resolution images of tools at 600 spm can be captured and subsequently processed using semantic segmentation deep learning algorithms, more precisely Fully Convolutional Networks (FCN). 125,000 images of the tool are taken from successive strokes, and microscope images are captured to investigate the worn surfaces. Based on findings from the microscope images, selected images are labeled pixel by pixel according to their wear condition and used to train a FCN (U-Net)

“State Regimes of Gender: Legal Aspects of Gender Identity Registration, Trans-Relevant Policies and Quality of LGBTIQ Lives”: A Roundtable Discussion

This roundtable took place at the European Conference on Politics and Gender (ECPG) in July 2019.  

State Regimes of Gender: Legal Aspects of Gender Identity Registration, Trans-Relevant Policies and Quality of LGBTIQ Lives : A Roundtable Discussion

Cooper, D, Kondakov, A, Molitor, V, Quinan, C, van de Vleuten, A, and Zimenkova, T, (2020) State Regimes of Gender: Legal Aspects of Gender Identity Registration, Trans-Relevant Policies and Quality of LGBTIQ Lives: A Roundtable Discussion’, International Journal of Gender, Sexuality and Law 1(1): 377-402. https://doi.org/10.19164/ijgsl.v1i1.985This roundtable took place at the European Conference on Politics and Gender (ECPG) in July 2019.Non peer reviewe

Совершенствование методов обеспечения безопасности магистральных газопроводов

Действующие магистральные и внутрипромысловые нефтегазопродуктопроводы представляют собой сложные технические системы, обладающие мощным энергетическим потенциалом. Строительство и эксплуатация магистральных газопроводов приводит к губительным геоэкологическим последствиям. Источники воздействия: объекты, по которым транспортируется природный газ; землеройная, грузоподъемная, транспортная техника, применяемая при строительстве, эксплуатации и техническом обслуживании трубопроводов. Наиболее чувствительный экологический ущерб наносится в результате аварий на магистральных трубопроводах.Operating the main and infield oil-and gas pipelines is a complex technical system, which has a powerful energy potential. The construction and operation of gas pipelines leads to destructive geo ecological consequences. Sources of exposure: facilities that transport natural gas; earthmoving, lifting, transportation machinery, used in the construction, operation and maintenance of pipelines. The most sensitive ecological damage as a result of accidents on pipelines

Ram locus is a key regulator to trigger multidrug resistance in Enterobacter aerogenes

Purpose: Several genetic regulators belonging to AraC family are involved in the emergence of MDR isolates of E. aerogenes due to alterations in membrane permeability. Compared with the genetic regulator Mar, RamA may be more relevant towards the emergence of antibiotic resistance. Methodology: Focusing on the global regulators, Mar and Ram, we compared the amino acid sequences of the Ram repressor in 59 clinical isolates and laboratory strains of E. aerogenes. Sequence types were associated with their corresponding multi-drug resistance phenotypes and membrane protein expression profiles using MIC and immunoblot assays. Quantitative gene expression analysis of the different regulators and their targets (porins and efflux pump components) were performed. Results: In the majority of the MDR isolates tested, ramR and a region upstream of ramA were mutated but marR or marA were unchanged. Expression and cloning experiments highlighted the involvement of the ram locus in the modification of membrane permeability. Overexpression of RamA lead to decreased porin production and increased expression of efflux pump components, whereas overexpression of RamR had the opposite effects. Conclusion: Mutations or deletions in ramR, leading to the overexpression of RamA predominated in clinical MDR E. aerogenes isolates and were associated with a higher-level of expression of efflux pump components. It was hypothesised that mutations in ramR, and the self-regulating region proximal to ramA, probably altered the binding properties of the RamR repressor; thereby producing the MDR phenotype. Consequently, mutability of RamR may play a key role in predisposing E. aerogenes towards the emergence of a MDR phenotype

The effect of first step right atrial mapping (FRAM) on ablation duration and fluoroscopy exposure during cavotricuspid isthmus ablation of atrial flutter

AIM To investigate the clinical significance of right atrial mapping prior to cavotricuspid isthmus (CTI) ablation in patients with typical atrial flutter (AFL). METHODS Clinical and ablation parameters were retrospectively assessed and compared in patients undergoing CTI ablation with or without a first-step right atrial mapping (FRAM) by using the CARTO 3D mapping system. RESULTS CTI block by radiofrequency ablation (RFA) was achieved in all 143 patients. In the FRAM group there was a shorter ablation duration and fluoroscopy exposure compared with the non-FRAM group. CHA$_{2}$DS$_{2}$-VASc score was associated with higher ablation durations, more ablation applications and increased fluoroscopy exposure. Body mass index (BMI) was associated with longer ablation duration and more ablation applications. Furthermore, patients with reduced left ventricular ejection fraction (LVEF) had longer ablation durations and more fluoroscopy exposure. One patient in the non-FRAM group developed cardiac effusion after ablation. None of the patients had recurrence after 6 months of follow-up. CONCLUSIONS Patients with high BMI, high CHA$_{2}$DS$_{2}$-VASc score and reduced LVEF may benefit from the FRAM approach by reducing ablation duration, number of ablation applications and fluoroscopy exposure

Frühe Bildung für nachhaltige Entwicklung. Ziele und Gelingensbedingungen

Im Rahmen der Schriftenreihe „Wissenschaftliche Untersuchungen zur Arbeit der Stiftung „Haus der kleinen Forscher“ werden regelmäßig wissenschaftliche Beiträge von renommierten Expertinnen und Experten aus dem Bereich der frühen Bildung veröffentlicht. Diese Schriftenreihe dient einem fachlichen Dialog zwischen Stiftung, Wissenschaft und Praxis, mit dem Ziel, allen Kitas, Horten und Grundschulen in Deutschland fundierte Unterstützung für ihren Bildungsauftrag zu geben. Der zwölfte Band der Schriftenreihe mit einem Geleitwort von Armin Lude fokussiert die Ziele und Gelingensbedingungen einer Bildung für nachhaltige Entwicklung für Kinder, pädagogische Fachkräfte und Leitungskräfte. Alexander Kauertz, Heike Molitor, Andrea Saffran, Susanne Schubert, Mandy Singer-Brodowski, Daniela Ulber und Johannes Verch erörtern in ihrer Expertise zentrale Zieldimensionen einer Bildung für nachhaltige Entwicklung auf der Ebene der Kinder sowie pädagogischer Fach- und Leitungskräfte. Neben einer theoretischen Fundierung identifizieren die Autorinnen und Autoren Gelingensbedingungen für eine effektive und wirkungsvolle frühe Bildung für nachhaltige Entwicklung in der Praxis. Sie geben zudem Empfehlungen für die Entwicklung der Stiftungsangebote und die wissenschaftliche Begleitung der Stiftungsarbeit zu BNE. Zwei weitere Kapitel beschreiben die Umsetzung der fachlichen Empfehlungen in die inhaltlichen Angebote der Stiftung „Haus der kleinen Forscher“ sowie die Evaluationsergebnisse zur Wirkung des Angebotsportfolios zu BNE. Ein Ausblick auf die zukünftige (Weiter-)Entwicklung der Stiftungsangebote zur Bildung für nachhaltige Entwicklung beschließt den Band. (DIPF/Orig.