Enhancing the Toolbox of Fixed Income Active Portfolio Management

AbstractMany central banks adopt an active investment style for reserve management. This paper discusses various possible enhancements to active management tools and processes to generate extra returns in an increasingly challenging environment. The proposed framework is based on an affine model, which includes macroeconomic and market sentiment indicators among the explanatory variables. Using estimates of expected excess returns drawn from the model, an operational indicator produces input highlighting the portfolio's exposure to duration risk. This indicator is incorporated within a broader framework, in which a scorecard considers a range of qualitative elements, including consensus figures on macroeconomic data, monetary policy and interest rates. These elements are then combined with the model output to produce a comprehensive indication with respect to portfolio deviation from the benchmark. It should be noted that the approach presented in this paper is experimental; it has not yet been used in an active portfolio. Finally, consideration is given to the governance of the central bank investment process in order to assess how the proposed enhancements could strengthen the decision-making process. The analysis suggests that the scorecard with model-based input may address some weaknesses inherent in tactical decision- making.The views expressed herein are solely our own and do not necessarily reflect those of the Bank of Italy or the European System of Central Banks

Particle size segregation in granular flow in silos

Segregation and layering of alumina in storage silos are investigated, with a view to predicting output quality versus time, given known variations in input quality on emplacement. A variety of experiments were conducted, existing relevant publications were reviewed, and the basis for an algorithm for predicting the effect of withdrawing from a central flowing region, in combination with variations in quality due to geometric, layering and segregation effects, is described in this report

Testosterone positively regulates vagina NO-induced relaxation: an experimental study in rats

PURPOSE: Female sexual response involves a complex interplay between neurophysiological mechanisms and the nitric oxide (NO)-mediated relaxation of clitoris and vagina. The aim of this study was to evaluate sex steroids regulation of the relaxant pathway in vagina, using a validated animal model. METHODS: Subgroups of OVX Sprague–Dawley rats were treated with 17β-estradiol, testosterone, or testosterone and letrozole, and compared with a group of intact animals. Masson’s trichrome staining was performed for morphological evaluation of the distal vaginal wall, in vitro contractility studies investigated the effect of OVX and in vivo treatments on vaginal smooth muscle activity. RNA from vaginal tissue was analyzed by semi-quantitative RT-PCR. RESULTS: Immunohistochemical analysis showed that OVX induced epithelial and smooth muscle structural atrophy, testosterone and testo + letrozole increased the muscle bundles content and organization without affecting the epithelium while 17β-estradiol mediated the opposite effects. In vitro contractility studies were performed on noradrenaline pre-contracted vaginal strips from each experimental group. Acetylcholine (0.001–10 µM) stimulation induced a concentration-dependent relaxation, significantly reduced by NO-synthase inhibitor L-NAME and by guanylate cyclase inhibitor ODQ. OVX resulted in a decreased responsiveness to acetylcholine, restored by testosterone, with or without letrozole, but not by 17β-estradiol. OVX sensitivity to the NO-donor SNP was higher than in the control. Vardenafil, a PDE5 inhibitor, enhanced SNP effect in OVX + testosterone as well as in control, as supported by RNA expression analysis. CONCLUSIONS: Our study demonstrates that testosterone improves the NO-mediated smooth muscle vaginal cells relaxation confirming its role in maintaining the integrity of muscular relaxant machinery

Predicting Patterns of Customer Usage, with Niftecash

Report is the result of the working during 93rd European Study Group with Industry in Limerick

Predicting Patterns of Customer Usage, with Niftecash

Report is the result of the working during 93rd European Study Group with Industry in Limerick

Outcome of radiotherapy in T1 glottic carcinoma: A population-based study

We evaluated the radiation outcome and prognostic factors in a population-based study of early (T1N0M0) glottic carcinoma. Survival parameters and prognostic factors were evaluated by uni- and multivariate analysis in 316 consecutive irradiated patients with T1 glottic carcinoma in the Comprehensive Cancer Center West region of the western Netherlands. Median follow-up was 70 months (range 1-190 months). Five and ten-year local control was 86 and 84%. Disease specific survival was 97% at 5 and 10 years. In multivariate analysis, pre-existent laryngeal hypertrophic laryngitis was the only predictive factor for local control (relative risk = 3.0, P = 0.02). Comorbidity was prognostic for overall survival. No factor was predictive for disease specific survival. Pre-existent laryngeal hypertrophic laryngitis is a new risk factor associated with reduced local control in T1 glottic carcinoma treated with radiotherapy