TESTING HABITS IN AN ASSET PRICING MODEL

We develop a model of asset pricing assuming that investor's behavior is habit forming. The model predicts that the effect of consumption growth shocks on the risk premium depends on the business cycle phase of the economy. This empirical implication is tested with a Markovswitching VAR model on the US postwar economy. The results show that the response of the risk premium to shocks to consumption is not significantly different over the business cycle phases of the economy. We interpret this as evidence against the habit formation hypothesis of the investor's behavior.Habit formation, Equity premium, Business cycle, Markovswitching VAR models

L'Africa di Francesco Petrarca. Con particolare riferimento al libro VI tradotto e commentato

La tesi si divide in tre parti: nella prima, l''Introduzione', si offre una presentazione dell'opera e di tutte le più evidenti questioni che la riguardano; si riprende il tema della grande lacuna tra IV e V libro e si offrono nuove chiavi di lettura che riconducono il testo a una qualche unità, giustificando l'esistenza della stessa; si definiscono poi più chiaramente le fasi di stesura del VI libro rettificando una tesi che fu già di Guido Martellotti; si discorre della storia del testo e si offre una rassegna completa delle versioni tentate nel corso dei secoli. Nella seconda parte, la traduzione del libro VI, si legge appunto una resa in versi liberi (preceduta da un capitolo in cui si enunciano i criteri di traduzione). L'ultima e più ampia parte, il 'Commento', affronta questioni di ordine storico, filologico, di analisi delle fonti, di comparazione con la restante produzione petrarchesca (latina e volgare) e di ordine esegetico

Morphologic Criteria of Lesion Activity in Neovascular Age-Related Macular Degeneration: A Consensus Article

Intravitreal antivascular endothelial growth factor drugs represent the current standard of care for neovascular age-related macular degeneration (nAMD). Individualized treatment regimens aim at obtaining the same visual benefits of monthly injections with a reduced number of injections and follow-up visits, and, consequently, of treatment burden. The target of these strategies is to timely recognize lesion recurrence, even before visual deterioration. Early detection of lesion activity is critical to ensure that clinical outcomes are not compromised by inappropriate delays in treatment, but questions remain on how to effectively monitor the choroidal neovascularization (CNV) activity. To assess the persistence/recurrence of lesion activity in patients undergoing treatment for nAMD, an expert panel developed a decision algorithm based on the morphological features of CNV. After evaluating all current retinal imaging techniques, the panel identified optical coherent tomography as the most reliable tool to ascertain lesion activity when funduscopy is not obvious

The Novel hDHODH Inhibitor MEDS433 Prevents Influenza Virus Replication by Blocking Pyrimidine Biosynthesis

The pharmacological management of influenza virus (IV) infections still poses a series of challenges due to the limited anti-IV drug arsenal. Therefore, the development of new anti-influenza agents effective against antigenically different IVs is therefore an urgent priority. To meet this need, host-targeting antivirals (HTAs) can be evaluated as an alternative or complementary approach to current direct-acting agents (DAAs) for the therapy of IV infections. As a contribution to this antiviral strategy, in this study, we characterized the anti-IV activity of MEDS433, a novel small molecule inhibitor of the human dihydroorotate dehydrogenase (hDHODH), a key cellular enzyme of the de novo pyrimidine biosynthesis pathway. MEDS433 exhibited a potent antiviral activity against IAV and IBV replication, which was reversed by the addition of exogenous uridine and cytidine or the hDHODH product orotate, thus indicating that MEDS433 targets notably hDHODH activity in IV-infected cells. When MEDS433 was used in combination either with dipyridamole (DPY), an inhibitor of the pyrimidine salvage pathway, or with an anti-IV DAA, such as N(4)-hydroxycytidine (NHC), synergistic anti-IV activities were observed. As a whole, these results indicate MEDS433 as a potential HTA candidate to develop novel anti-IV intervention approaches, either as a single agent or in combination regimens with DAAs

Magnetic features of the magmatic intrusion occurred in 2007 eruption at Stromboli Island (Italy.)

Significant changes in the local magnetic field marked the resumption of the eruptive activity at Stromboli volcano on February 27, 2007. After differential magnetic fields were filtered from the external noise by adaptive filters and from the seasonal thermic noise using temperature data, we highlighted step-like changes of 1-4 nT coincident with the eruptive fissures opening in the upper part of the Sciara del Fuoco. The magnetic variations detected at 2 stations are closely related to the propagation of a shallow NE-SW magmatic intrusion outside the summit craters area . These observations are consistent with those calculated from piezomagnetic models, where stress-induced changes in rock magnetization are produced by the magmatic intrusion. No significant magnetic changes were observed when the first fractures opened along the NE crater rim. Indeed, the stress-induced magnetization caused by this magmatic activity is expected to be too low because of the structural weakness and/or thermal state of the summit area. The continuous long-term decay characterizing the post-eruptive magnetic pattern was related to a time-dependent relaxation process. A Maxwell rheology was assumed and the temporal evolution of the piezomagnetic field was evaluated. This allowed for the estimate of the rheological properties of the medium, in particular an average viscosity ranging between 1016 and 1017 Pas was achieved involving a relaxation time τ of about 38 days

Hedonicity in functional motor disorders: a chemosensory study assessing taste

The aim of this study was to explore hedonicity to basic tastes in patients with functional motor disorders (FMDs) that are often associated with impairment in emotional processing. We recruited 20 FMD patients and 24 healthy subjects, matched for age and sex. Subjects were asked to rate the hedonic sensation (i.e., pleasant, neutral, and unpleasant) on a\u2009-\u200910 to +10 scale to the four basic tastes (sweet, sour, salty, and bitter) at different concentrations, and neutral stimuli (i.e., no taste stimulation) by means of the Taste Strips Test. Anxiety, depression, and alexithymia were assessed. FMD patients rated the highest concentration of sweet taste (6.7\u2009\ub1\u20092.6) as significantly more pleasant than controls (4.7\u2009\ub1\u20092.5, p\u2009=\u20090.03), and the neutral stimuli significantly more unpleasant (patients:\u2009-\u20090.7\u2009\ub1\u20090.4, controls: 0.1\u2009\ub1\u20090.4, p\u2009=\u20090.013). Hedonic ratings were not correlated to anxiety, depression, or alexithymia scores. Hedonic response to taste is altered in FMD patients. This preliminary finding might result from abnormal interaction between sensory processing and emotional valence