A Closed-Form Solution of the Multi-Period Portfolio Choice Problem for a Quadratic Utility Function

In the present paper, we derive a closed-form solution of the multi-period portfolio choice problem for a quadratic utility function with and without a riskless asset. All results are derived under weak conditions on the asset returns. No assumption on the correlation structure between different time points is needed and no assumption on the distribution is imposed. All expressions are presented in terms of the conditional mean vectors and the conditional covariance matrices. If the multivariate process of the asset returns is independent it is shown that in the case without a riskless asset the solution is presented as a sequence of optimal portfolio weights obtained by solving the single-period Markowitz optimization problem. The process dynamics are included only in the shape parameter of the utility function. If a riskless asset is present then the multi-period optimal portfolio weights are proportional to the single-period solutions multiplied by time-varying constants which are depending on the process dynamics. Remarkably, in the case of a portfolio selection with the tangency portfolio the multi-period solution coincides with the sequence of the simple-period solutions. Finally, we compare the suggested strategies with existing multi-period portfolio allocation methods for real data.Comment: 38 pages, 9 figures, 3 tables, changes: VAR(1)-CCC-GARCH(1,1) process dynamics and the analysis of increasing horizon are included in the simulation study, under revision in Annals of Operations Researc

A Quartz-bearing Orthopyroxene-rich Websterite Xenolith from the Pannonian Basin, Western Hungary: Evidence for Release of Quartz-saturated Melts from a Subducted Slab

An unusual quartz-bearing orthopyroxene-rich websterite xenolith has been found in an alkali basaltic tuff at Szigliget, Bakony-Balaton Highland Volcanic Field (BBHVF), western Hungary. Ortho- and clinopyroxenes are enriched in light rare earth elements (LREE), middle REE and Ni, and depleted in Nb, Ta, Sr and Ti compared with ortho- and clinopyroxenes occurring in either peridotite or lower crustal granulite xenoliths from the BBHVF. Both ortho- and clinopyroxenes in the xenolith contain primary and secondary silicate melt inclusions, and needle-shaped or rounded quartz inclusions. The melt inclusions are rich in SiO2 and alkalis and poor in MgO, FeO and CaO. They are strongly enriched in LREE and large ion lithophile elements, and display negative Nb, Ta and Sr anomalies, and slightly positive Pb anomalies. The xenolith is interpreted to represent a fragment of an orthopyroxene-rich body that crystallized in the upper mantle from a hybrid melt that formed by interaction of mantle peridotite with a quartz-saturated silicate melt that was released from a subducted oceanic slab. Although the exact composition of the slab melt cannot be determined, model calculations on major and trace elements suggest involvement of a metasedimentary componen

A Quartz-bearing Orthopyroxene-rich Websterite Xenolith from the Pannonian Basin, Western Hungary: Evidence for Release of Quartz-saturated Melts from a Subducted Slab

An unusual quartz-bearing orthopyroxene-rich websterite xenolith has been found in an alkali basaltic tuff at Szigliget, Bakony-Balaton Highland Volcanic Field (BBHVF), western Hungary. Ortho- and clinopyroxenes are enriched in light rare earth elements (LREE), middle REE and Ni, and depleted in Nb, Ta, Sr and Ti compared with ortho- and clinopyroxenes occurring in either peridotite or lower crustal granulite xenoliths from the BBHVF. Both ortho- and clinopyroxenes in the xenolith contain primary and secondary silicate melt inclusions, and needle-shaped or rounded quartz inclusions. The melt inclusions are rich in SiO2 and alkalis and poor in MgO, FeO and CaO. They are strongly enriched in LREE and large ion lithophile elements, and display negative Nb, Ta and Sr anomalies, and slightly positive Pb anomalies. The xenolith is interpreted to represent a fragment of an orthopyroxene-rich body that crystallized in the upper mantle from a hybrid melt that formed by interaction of mantle peridotite with a quartz-saturated silicate melt that was released from a subducted oceanic slab. Although the exact composition of the slab melt cannot be determined, model calculations on major and trace elements suggest involvement of a metasedimentary componen

Burrowing Behavior of a Deposit Feeding Bivalve Predicts Change in Intertidal Ecosystem State

Behavior has a predictive power that is often underutilized as a tool for signaling ecological change. The burrowing behavior of the deposit feeding bivalve Macoma balthica reflects a typical food-safety trade-off. The choice to live close to the sediment surface comes at a risk of predation and is a decision made when predation danger, food intake rates or future fitness prospects are low. In parts of the Dutch Wadden Sea, Macoma populations declined by 90% in the late 1990s, in parallel with large-scale mechanical cockle-dredging activities. During this decline, the burrowing depth of Macoma became shallow and was correlated with the population decline in the following year, indicating that it forecasted population change. Recently, there has been a series of large recruitment events in Macoma. According to the food-safety trade-off, we expected that Macoma should now live deeper, and have a higher body condition. Indeed, we observed that Macoma now lives deeper and that living depth in a given year forecasted population growth in the next year, especially in individuals larger than 14 mm. As living depth and body condition were strongly correlated in individuals larger than 14 mm, larger Macoma could be living deeper to protect their reproductive assets. Our results confirmed that burrowing depth signals impending population change and, together with body condition, can provide an early warning signal of ecological change. We suggest that population recovery is being driven by improved intertidal habitat quality in the Dutch Wadden Sea, rather than by the proposed climate-change related effects. This shift in ecosystem state is suggested to include the recovery of diatom habitat in the top layer of the sediment after cockle-dredging ended

Electric-field-induced nematic-cholesteric transition and 3-D director structures in homeotropic cells

We study the phase diagram of director structures in cholesteric liquid crystals of negative dielectric anisotropy in homeotropic cells of thickness d which is smaller than the cholesteric pitch p. The basic control parameters are the frustration ratio d/p and the applied voltage U. Fluorescence Confocal Polarising Microscopy allows us to directly and unambiguously determine the 3-D director structures. The results are of importance for potential applications of the cholesteric structures, such as switchable gratings and eyewear with tunable transparency based.Comment: Will be published in Physical Review

HLA Class I Binding Motifs Derived from Random Peptide Libraries Differ at the COOH Terminus from Those of Eluted Peptides

Recombinant HLA-A2, HLA-B8, or HLA-B53 heavy chain produced in Escherichia coli was combined with recombinant β2-microglobulin (β2m) and a pool of randomly synthesised nonamer peptides. This mixture was allowed to refold to form stable major histocompatability complex (MHC) class I complexes, which were then purified by gel filtration chromatography. The peptides bound to the MHC class I molecules were subsequently eluted and sequenced as a pool. Peptide binding motifs for these three MHC class I molecules were derived and compared with previously described motifs derived from analysis of naturally processed peptides eluted from the surface of cells. This comparison indicated that the peptides bound by the recombinant MHC class I molecules showed a similar motif to naturally processed and presented peptides, with the exception of the peptide COOH terminus. Whereas the motifs derived from naturally processed peptides eluted from HLA-A2 and HLA-B8 indicated a strong preference for hydrophobic amino acids at the COOH terminus, this preference was not observed in our studies. We propose that this difference reflects the effects of processing or transport on the peptide repertoire available for binding to MHC class I molecules in vivo

Influence of polymer excluded volume on the phase behavior of colloid-polymer mixtures

We determine the depletion-induced phase-behavior of hard sphere colloids and interacting polymers by large-scale Monte Carlo simulations using very accurate coarse-graining techniques. A comparison with standard Asakura-Oosawa model theories and simulations shows that including excluded volume interactions between polymers leads to qualitative differences in the phase diagrams. These effects become increasingly important for larger relative polymer size. Our simulations results agree quantitatively with recent experiments.Comment: 5 pages, 4 figures submitted to Physical Review Letter

Antisense Mapping of the MOR-1 Opioid Receptor Clone: Modulation of Hyperphagia Induced by DAMGO 1

ABSTRACT The mu opioid receptor mediates ingestive behavior: muselective agonists stimulate food intake and antagonists reduce intake in many ingestive situations. Antisense oligodeoxynucleotides directed against each of the four exons of the MOR-1 clone were equally effective in reducing spontaneous food intake and body weight in rats. However, antisense probes directed against only exon 1 or 4 of the MOR-1 clone reduced mu-mediated analgesia. The present study examined whether central administration of antisense probes directed against each of the four exons of the MOR-1 clone or a missense control altered hyperphagia elicited by the mu agonist DAMGO across a range of doses. Antisense probes directed against only exon 1 or 4 blocked hyperphagia at agonist doses of 0.5 and 1.0 g; this pattern was identical to that observed for mu-mediated analgesia. A missense control failed to exert significant effects, which suggests specificity of antisense actions. The effective antisense probes failed to reduce hyperphagia at a higher (5 g) agonist dose, a result consistent with limitations in down-regulation of receptor proteins by antisense. The mu antagonist ␤-funaltrexamine produced a similar pattern of effects on mu-mediated hyperphagia. The selective actions of antisense probes directed against different exons of the MOR-1 clone in reducing hyperphagia induced by DAMGO suggest that multiple splice variants of the MOR-1 clone exist and raise the possibility of further opioid receptor subclassifications

Forces Sauces and Eggs for Soldiers: food, nostalgia, and the rehabilitation of the British military

This article identifies, and considers the political implications of, the association of the contemporary British military and British soldiers with nostalgia. This aspect of the discursive project of rehabilitating the British military post-Iraq has not hitherto been theorized. The article analyses a set of exemplifying texts, four military charity food brands (Eggs for Soldiers, Forces Sauces, Red Lion Foods, and Rare Tea Company Battle of Britain Tea) to ask how nostalgic rehabilitation of the British military unfolds at the intersections of militarization, commemoration, and post-2008 “conscience capitalism”. I outline how military charity food brands are a form of “conscience capitalism” through which the perpetuation of militarized logics are produced as a notionally apolitical social “cause”, rendered intelligible within the terms of existing commoditized discourses of post-2008 vintage nostalgia. I then ask what understandings of British soldiers and the British military are constituted within the discourse of nostalgic rehabilitation, and secondly what forms of commemoration are entailed. I argue that a nostalgic generalization of soldiers and the military nullifies the potential unruliness of individual soldiers and obscures the specifics of recent, controversial, wars. Secondly nostalgic civil–military engagement entails a commemorative logic in which forms of quasi-military service are brought into the most banal spaces of everyday civilian life