Optimal portfolio performance with exchange-traded funds

In this paper, the portfolio selection problem in exchange-traded fund (hereafter ETF) markets is considered. Since the ETFs track some market indexes with lower costs than the indexes, their development and popularity is grown enormously in the last decade. Moreover, ETF characteristics also present several advantages for the investors that we briefly examine for the U.S. and European markets of ETFs. In particular, we first introduce a new performance measure consistent with the optimal choices of non-satiable risk-averse investors and then we discuss the optimization of a few performance measures on the U.S. and European ETF markets. Finally, we propose an empirical comparison among the ex-post wealth obtained by optimizing the new performance measure, the Sharpe ratio and the Rachev ratio

New Organic Polymers for Solar Cells

From the moment of conductive polyacetylene discovery, semiconducting polymers and other organic thin films and multilayers are important for a wide range of applications, including electronics, photovoltaics and sensors. The main idea of this chapter is the synthesis of new conjugated donor and acceptor polymers and development of organic solar cells on their basis. As donor polymers were used modified polyanilines (PANIs) and its dopants, as acceptor compounds - the fullerene C60 derivatives. Experimental prototypes of organic solar cells were obtained on the basis of binary donor-acceptor layers and bulk heterojunctions, consisting of novel polyaniline derivatives and fullerene-contained polymers. The current-voltage characteristics of solar cells were measured and the values of such parameters, such as open-circuit voltage, short-circuit current, fill factor and power conversion efficiency, were calculated. Comparison of parameters of the various types of organic solar cells was held

QSPR - MODELING OF FULLERENE DERIVATIVES USING GUSAR: EXPLORING STRUCTURAL ATTRIBUTES CRITICAL FOR PHOTOCONVERSION EFFICIENCY OF POLYMER SOLAR CELL ACCEPTORS

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Angiographic Therapies for Diabetic Foot Syndrome

Background. The study aimed to improve treatment outcomes in diabetic foot syndrome patients by use of invasive pressure monitoring during arterial radiological interventions.Materials and methods. A total of 36 patients with type 2 diabetes and purulent necrotic lesions of lower extremities have been treated at the surgery unit of Bashkir State Medical University Clinic during 2019—2020, with 12 persons forming the main cohort and receiving the measures complemented with the newly developed “X-ray endovascular intraoperative significance evaluation of lower limb arterial stenosis” technique (Patent RU 2737215 of 26.11.2020). The control cohort comprised 24 patients following pertinent standard treatment and recommendations in this pathology.Results and discussion. Immediate treatment outcomes were evaluated by person in the main and control cohorts. Longterm outcomes were observed at 6, 12 and 24 months since hospital discharge in 10 (83.3 %) patients of the main and 19 (79.2 %) — of the control cohort. In a 2-year run, the limb was kept in 8 (66.7 %) patients having the new revascularisation technique and in 10 (41.7 %) persons of the control cohort (p < 0.05).Conclusion. The use of endovascular radiology for limb revascularisation and intraoperative significance monitoring of lower limb arterial stenosis allow the volume determination of balloon angioplasty and statement of revascularisation completeness

Modeling asset returns under time-varying semi-nonparametric distributions

We extend the semi-nonparametric (SNP) density of León, Mencía and Sentana (2009) to time-varying higher-order moments for daily asset return innovations of stock indexes and foreign-exchange rates. We estimate robust tail-indexes for testing the existence of the unconditional higher-order moments. We obtain closed-form expressions of partial moments and expected shortfall under the time-varying SNP density with the GJR-GARCH for modeling returns. A comparative study between SNP and Hansen's skewed-t, based on skewness-kurtosis frontiers, in-sample and backtesting analyses, is also implemented. Finally, we conduct an out-of-sample portfolio selection exercise for the stocks of the S&P 100 index through an equity screening method based on our parametric one-sided reward/risk performance measures and compare with the Sharpe ratio portfolio

Ангиографические методы в лечении пациентов с синдромом диабетической стопы

Background. The study aimed to improve treatment outcomes in diabetic foot syndrome patients by use of invasive pressure monitoring during arterial radiological interventions.Materials and methods. A total of 36 patients with type 2 diabetes and purulent necrotic lesions of lower extremities have been treated at the surgery unit of Bashkir State Medical University Clinic during 2019—2020, with 12 persons forming the main cohort and receiving the measures complemented with the newly developed “X-ray endovascular intraoperative significance evaluation of lower limb arterial stenosis” technique (Patent RU 2737215 of 26.11.2020). The control cohort comprised 24 patients following pertinent standard treatment and recommendations in this pathology.Results and discussion. Immediate treatment outcomes were evaluated by person in the main and control cohorts. Longterm outcomes were observed at 6, 12 and 24 months since hospital discharge in 10 (83.3 %) patients of the main and 19 (79.2 %) — of the control cohort. In a 2-year run, the limb was kept in 8 (66.7 %) patients having the new revascularisation technique and in 10 (41.7 %) persons of the control cohort (p < 0.05).Conclusion. The use of endovascular radiology for limb revascularisation and intraoperative significance monitoring of lower limb arterial stenosis allow the volume determination of balloon angioplasty and statement of revascularisation completeness.Введение. Целью исследования явилось улучшение результатов лечения больных с синдромом диабетической стопы с  помощью контроля инвазивного давления внутри артерии при рентгенохирургических вмешательствах.Материалы и  методы. В  хирургическом отделении Клиники ФГБОУ ВО  «БГМУ» Минздрава РФ за  период с 2019 по 2020 г. пролечено 36 пациентов с сахарным диабетом 2-го типа и наличием гнойно-некротического поражения нижних конечностей. Из них 12 больных составили основную группу, в которой в комплекс лечебных мероприятий включен новый способ «Рентгенэндоваскулярное интраоперационное определение значимости стеноза артерий нижних конечностей» (Патент РФ RU 2737215 от 26.11.2020). Контрольную группу составили 24 пациента, получавших лечение без применения разработанного способа с соблюдением стандартов и рекомендаций необходимой помощи при данном заболевании.Результаты и обсуждение. Ближайшие результаты лечения удалось оценить у всех пациентов основной и контрольной групп, вошедших в исследование. Оценка отдаленных результатов проводилась через 6, 12 и 24 месяца после выписки из стационара у 10 (83,3 %) пациентов основной группы и 19 (79,2 %) контрольной. В сроки до 2 лет конечность сохранена у 8 (66,7 %) больных с применением разработанной методики реваскуляризации и 10 (41,7 %) пациентов группы контроля (p < 0,05).Заключение. Применение рентгенэндоваскулярных методов реваскуляризации конечности и способа интраоперационного определения значимости стеноза артерий нижних конечностей позволяют определить объем баллонной ангиопластики и подтвердить полноту реваскуляризации