Optimal Asset Allocation in a High Inflation Regime: a Leverage-feasible Neural Network Approach

We study the optimal multi-period asset allocation problem with leverage constraints in a persistent, high-inflation environment. Based on filtered high-inflation regimes, we discover that a portfolio containing an equal-weighted stock index partially stochastically dominates a portfolio containing a capitalization-weighted stock index. Assuming the asset prices follow the jump diffusion model during high inflation periods, we establish a closed-form solution for the optimal strategy that outperforms a passive strategy under the cumulative quadratic tracking difference (CD) objective. The closed-form solution provides insights but requires unrealistic constraints. To obtain strategies under more practical considerations, we consider a constrained optimal control problem with bounded leverage. To solve this optimal control problem, we propose a novel leverage-feasible neural network (LFNN) model that approximates the optimal control directly. The LFNN model avoids high-dimensional evaluation of the conditional expectation (common in dynamic programming (DP) approaches). We establish mathematically that the LFNN approximation can yield a solution that is arbitrarily close to the solution of the original optimal control problem with bounded leverage. Numerical experiments show that the LFNN model achieves comparable performance to the closed-form solution on simulated data. We apply the LFNN approach to a four-asset investment scenario with bootstrap resampled asset returns. The LFNN strategy consistently outperforms the passive benchmark strategy by about 200 bps (median annualized return), with a greater than 90% probability of outperforming the benchmark at the terminal date. These results suggest that during persistent inflation regimes, investors should favor short-term bonds over long-term bonds, and the equal-weighted stock index over the cap-weighted stock index

Tanggung Jawab Instansi Terkait terhadap Peredaran Obat Impor Tradisional Kaitannya dengan Perlindungan Konsumen (Studi terhadap Obat yang Tidak Terdaftar di Kota Pontianak)

Drug is a substance that is consumed by the body to reduce pain and eliminate thedisease . Medication can be useful to cure the kinds of diseases suffered by humans . Inthe present development , the drug can be divided into 2 groups , namely TraditionalMedicine and modern medicine . Article 106 of Law No. 36 of 2009 states that thepharmaceutical preparations and medical devices can only be released after obtaining amarketing authorization.Based on the description of the background , issues to be addressed in this studyare as follows , How oversight of imported traditional medicine in Indonesia ?, HowLegal responsibilities of imported traditional medicine importers in Indonesia ? and Howto remedy the negative impact of imported traditional medicine circulation withoutpermission on ? Research the law can be divided into normative legal research and legalresearch soiologis . The legal research used in this thesis is a normative legal research isresearch that is done by examining library materials which are also called secondary dataand legal research literature . Factor is the juridical legislation ( Act No. 8 of 1999 onConsumer Protection ) , whereas the empirical factor is effort related agencies in order toprevent the circulation of imported drugs without a marketing authorization.The results of the study , each drug and food imports into Indonesia is overseen bya body called the National Agency of Drug and Food of the Republic of Indonesia ( FDA- RI ) . If we are keen to see the products and medicinal foods we consume from a foreigncountry , usually in packs contained no FDA - RI Registration Number . Given thesenumbers , it is clear that the food or medications that we purchase has been approved bythe FDA - RI . In order to keep an eye on any food and drug in Indonesia , FDA - RI hasissued a regulation , known as Regulation of the Head of Drug and Food ControlRepublic of Indonesia Number HK.00.05.1.3459 on Drug Importation ImportSupervision and Regulation of Food and Drug Monitoring Agency number :HK.03.1.23.10.11.08481 2011 on Criteria and Procedures for drug Registration , abusiness agents in the course of import of traditional medicine has a good faith obligationin conducting its business activities , provide information that is correct , clear and honestabout the condition and security of goods and / or services as well as member ofexplanation use , repair and maintenance , treat or serve customers properly and honestly2and not discriminatory , Ensure quality of drugs produced and / or traded under theprovision of quality standard of goods and / or services are applicable , provide anopportunity to the consumers to test and / or try the goods and / or services as well asprovide a guarantee and / or warranty on goods produced and / or traded , givingcompensation , compensation and / or reimbursement for damages resulting from the use, consumption and use of goods and / or services traded , Giving compensation , damagesand / or replacement if the goods and / or services received or not used in accordancewith the agreements . Remedies Negative Impact Of Imported Traditional Without DrugsCirculation Marketing Authorization is through the court and out of court SettlementSuggested Need for awareness of the authorities to conduct surveillance andmore intensive examination of the circulation of imported traditional medicine as hasbeen mandated in the legislation governing it so that no consumers who feel aggrieve

DNA damage in lens epithelial cells exposed to occupationally-relevant X-ray doses and role in cataract formation

The current framework of radiological protection of occupational exposed medical workers reduced the eye-lens equivalent dose limit from 150 to 20 mSv per year requiring an accurate dosimetric evaluation and an increase understanding of radiation induced effects on Lens cells considering the typical scenario of occupational exposed medical operators. Indeed, it is widely accepted that genomic damage of Lens epithelial cells (LEC) is a key mechanism of cataractogenesis. However, the relationship between apoptosis and cataractogenesis is still controversial. In this study biological and physical data are combined to improve the understanding of radiation induced effects on LEC. To characterize the occupational exposure of medical workers during angiographic procedures an INNOVA 4100 (General Electric Healthcare) equipment was used (scenario A). Additional experiments were conducted using a research tube (scenario B). For both scenarios, the frequencies of binucleated cells, micronuclei, p21-positive cells were assessed with different doses and dose rates. A Monte-Carlo study was conducted using a model for the photon generation with the X-ray tubes and with the Petri dishes considering the two different scenarios (A and B) to reproduce the experimental conditions and validate the irradiation setups to the cells. The simulation results have been tallied using the Monte Carlo code MCNP6. The spectral characteristics of the different X-ray beams have been estimated. All irradiated samples showed frequencies of micronuclei and p21-positive cells higher than the unirradiated controls. Differences in frequencies increased with the delivered dose measured with Gafchromic films XR-RV3. The spectrum incident on eye lens and Petri, as estimated with MCNP6, was in good agreement in the scenario A (confirming the experimental setup), while the mean energy spectrum was higher in the scenario B. Nevertheless, the response of LEC seemed mainly related to the measured absorbed dose. No effects on viability were detected. Our results support the hypothesis that apoptosis is not responsible for cataract induced by low doses of X-ray (i.e. 25 mGy) while the induction of transient p21 may interfere with the disassembly of the nuclear envelop in differentiating LEC, leading to cataract formation. Further studies are needed to better clarify the relationship we suggested between DNA damage, transient p21 induction and the inability of LEC enucleation

Potential implications of the climate crisis on diagnostics

Many countries, especially low- and middle-income countries (LMICs), have not planned for how the climate crisis will increase the need for diagnostics, even as environmental changes are accelerating expansion of human and animal disease. Diagnostics for human diseases are essential for anticipating and responding to health impacts of the climate crisis and play a fundamental role in identifying new infectious disease outbreaks, informing research and predictive models, monitoring the effectiveness of interventions, and spurring public health policy in diverse global settings. Enhanced human diagnostics will be important for public health, veterinary, public health, and environmental sectors. This Opinion uses a One Health approach to highlight the potential implications of the climate crisis on diagnostics and priorities for adaptation

Maternal Colonization With Group B Streptococcus and Serotype Distribution Worldwide: Systematic Review and Meta-analyses.

Background: Maternal rectovaginal colonization with group B Streptococcus (GBS) is the most common pathway for GBS disease in mother, fetus, and newborn. This article, the second in a series estimating the burden of GBS, aims to determine the prevalence and serotype distribution of GBS colonizing pregnant women worldwide. Methods: We conducted systematic literature reviews (PubMed/Medline, Embase, Latin American and Caribbean Health Sciences Literature [LILACS], World Health Organization Library Information System [WHOLIS], and Scopus), organized Chinese language searches, and sought unpublished data from investigator groups. We applied broad inclusion criteria to maximize data inputs, particularly from low- and middle-income contexts, and then applied new meta-analyses to adjust for studies with less-sensitive sampling and laboratory techniques. We undertook meta-analyses to derive pooled estimates of maternal GBS colonization prevalence at national and regional levels. Results: The dataset regarding colonization included 390 articles, 85 countries, and a total of 299924 pregnant women. Our adjusted estimate for maternal GBS colonization worldwide was 18% (95% confidence interval [CI], 17%-19%), with regional variation (11%-35%), and lower prevalence in Southern Asia (12.5% [95% CI, 10%-15%]) and Eastern Asia (11% [95% CI, 10%-12%]). Bacterial serotypes I-V account for 98% of identified colonizing GBS isolates worldwide. Serotype III, associated with invasive disease, accounts for 25% (95% CI, 23%-28%), but is less frequent in some South American and Asian countries. Serotypes VI-IX are more common in Asia. Conclusions: GBS colonizes pregnant women worldwide, but prevalence and serotype distribution vary, even after adjusting for laboratory methods. Lower GBS maternal colonization prevalence, with less serotype III, may help to explain lower GBS disease incidence in regions such as Asia. High prevalence worldwide, and more serotype data, are relevant to prevention efforts

Scorpioni, Vipere e Coralli alla corte degli Este - Contra pestem

Nella primavera del 1348 un evento sconvolse l’Occidente: a causa dell’apertura di nuove rotte commerciali, dopo quasi mille anni, la peste era ritornata in Europa. Le pestilenze si sarebbero susseguite per almeno tre secoli. Frequenti, più o meno gravi, toccarono Ferrara. Tremende furono quelle del 1398, del 1436, del 1483, del 1505 e del 1528. La gravità andò scemando nel 1549, la città ne risultò esente nel 1576, grazie agli editti, pochi casi si registrarono nel 1630. È stata compiuta una ricerca storica sui rimedi adottati nel periodo in Ferrara attraverso il posseduto della Biblioteca Comunale Ariostea sia in libri a stampa, sia in preziosi manoscritti. Il Ricettario medico-cosmetico (sec XV-XVI), manoscritto attribuito solo in parte a Michele Savonarola medico degli Estensi, riporta con una scrittura successiva alla prima cinque ricette (di Mitridate, Romana, Mantovana, della Regina di Polonia, l’olio). Due ricettari, di Zoppino (1510) e di Galieno (1518), riferiscono rimedi, in particolare il secondo (manoscritta) la stessa ricetta della Regina di Polonia. Manardo in testo a stampa (1522) raccomanda non solo il suo Antidoto, ma anche pomi odoriferi preservativi e rimedi curativi. Pur con l’attenzione agli altri rimedi, l’accento del presente lavoro è in particolare focalizzato all’olio di scorpioni. Rinomatissimi all’epoca, tra i tanti, erano quelli di San Bernardino, del GranDuca di Toscana, di Mesue, del Mattioli e ovviamente del Duca di Ferrara. In Savonarola viene citato, senza rivelarne la formula, l’olio di scorpioni di M.o Tommaso da Lucca, speziale prima della Pigna e poi dell’Alicorno in Ferrara. L’olio di scorpioni compare anche in Massa Baptista d’Argenta, come olio di San Bernardino, in coda ad un’opera di dedica ad Ercole d’Este (sec. XV). Ma il vero protagonista è il Castagno (Reggimento contra peste, sec. XVI-XVII varie edizioni) con l’olio del Duca, segretissimo, custodito dal duca stesso. Scorpioni dalle colline bolognesi, vipere, erbe da Venezia: da note di spesa si evince che dovesse essere molto vicino come composizione a quello del Mattioli. Sono comuni in tutti gli scritti le unzioni sul cuore, tempie, polsi, ma soprattutto l’assunzione dell’olio in gocce per os il primo mattino. Yersinia pestis? Il veleno dello scorpione ha attirato l’attenzione dei ricercatori negli ultimi anni, rivelando oltre ad attività antimicrobica (certificata anche per molti altri componenti di ricette contra pestem) altre attività terapeutiche sorprendenti ed inaspettate. Rimedi del passato possono essere fonte di sviluppo di nuovi farmaci

Mostra "Dall'Hortus Sanitatis alle moderne Farmacopee attraverso i tesori delle biblioteche ferraresi". Biblioteca Ariostea, Ferrara. 1 dicembre 2008-14 febbraio 2009.

Vicentini e Mares hanno condotto una ricerca nell'ambito delle opere in possesso delle biblioteche di Ateneo ed Ariostea al fine di ricostruire il faticoso percorso che ha portato alla codifica dei trattamenti terapeutici i cui risultati sono confluiti nel corso dei secoli alla stesura delle varie Farmacopee. Viene esposta una selezione delle circa 200 opere visionate

Assessing Through-Water Structure-from-Motion Photogrammetry in Gravel-Bed Rivers under Controlled Conditions

Structure-from-Motion (SfM) photogrammetry has become a popular solution for three-dimensional topographic data collection in geosciences and can be used for measuring submerged bed surfaces in shallow and clear water systems. However, the performance of through-water SfM photogrammetry has not been fully evaluated for gravel-bed surfaces, which limits its application to the morphodynamics of gravel-bed rivers in both field investigations and flume experiments. In order to evaluate the influence of bed texture, flow rate, ground control point (GCP) layout, and refraction correction (RC) on the measurement quality of through-water SfM photogrammetry, we conducted a series of experiments in a 70 m-long and 7 m-wide flume with a straight artificial channel. Bed surfaces with strongly contrasting textures in two 4 m-long reaches were measured under five constant flow regimes with three GCP layouts, including both dry and underwater GCPs. All the submerged surface models with/without RC were compared with the corresponding dry bed surfaces to quantify their elevation errors. The results illustrated that the poorly sorted gravel-bed led to the better performance of through-water SfM photogrammetry than the bed covered by fine sand. Fine sediment transport caused significant elevation errors, while the static sand dunes and grain clusters did not lead to noticeable errors in the corrected models with dry GCPs. The elevation errors of the submerged models linearly increased with water depth for all the tested conditions of bed textures, GCP layouts, and discharges in the uncorrected models, but the slopes of the increasing relations varied with texture. The use of underwater GCPs made significant improvements to the performance of direct through-water SfM photogrammetry, but counteracted with RC. The corrected models with dry GCPs outperformed the uncorrected ones with underwater GCPs, which could still be used to correct the underestimation in surface elevation caused by RC. Based on the new findings, recommendations for through-water SfM photogrammetry in measuring submerged gravel-bed surfaces were provided

Assessing Through-Water Structure-from-Motion Photogrammetry in Gravel-Bed Rivers under Controlled Conditions

Structure-from-Motion (SfM) photogrammetry has become a popular solution for three-dimensional topographic data collection in geosciences and can be used for measuring submerged bed surfaces in shallow and clear water systems. However, the performance of through-water SfM photogrammetry has not been fully evaluated for gravel-bed surfaces, which limits its application to the morphodynamics of gravel-bed rivers in both field investigations and flume experiments. In order to evaluate the influence of bed texture, flow rate, ground control point (GCP) layout, and refraction correction (RC) on the measurement quality of through-water SfM photogrammetry, we conducted a series of experiments in a 70 m-long and 7 m-wide flume with a straight artificial channel. Bed surfaces with strongly contrasting textures in two 4 m-long reaches were measured under five constant flow regimes with three GCP layouts, including both dry and underwater GCPs. All the submerged surface models with/without RC were compared with the corresponding dry bed surfaces to quantify their elevation errors. The results illustrated that the poorly sorted gravel-bed led to the better performance of through-water SfM photogrammetry than the bed covered by fine sand. Fine sediment transport caused significant elevation errors, while the static sand dunes and grain clusters did not lead to noticeable errors in the corrected models with dry GCPs. The elevation errors of the submerged models linearly increased with water depth for all the tested conditions of bed textures, GCP layouts, and discharges in the uncorrected models, but the slopes of the increasing relations varied with texture. The use of underwater GCPs made significant improvements to the performance of direct through-water SfM photogrammetry, but counteracted with RC. The corrected models with dry GCPs outperformed the uncorrected ones with underwater GCPs, which could still be used to correct the underestimation in surface elevation caused by RC. Based on the new findings, recommendations for through-water SfM photogrammetry in measuring submerged gravel-bed surfaces were provided