Robust portfolio selection involving options under a “ marginal+joint ” ellipsoidal uncertainty set

AbstractIn typical robust portfolio selection problems, one mainly finds portfolios with the worst-case return under a given uncertainty set, in which asset returns can be realized. A too large uncertainty set will lead to a too conservative robust portfolio. However, if the given uncertainty set is not large enough, the realized returns of resulting portfolios will be outside of the uncertainty set when an extreme event such as market crash or a large shock of asset returns occurs. The goal of this paper is to propose robust portfolio selection models under so-called “ marginal+joint” ellipsoidal uncertainty set and to test the performance of the proposed models. A robust portfolio selection model under a “marginal + joint” ellipsoidal uncertainty set is proposed at first. The model has the advantages of models under the separable uncertainty set and the joint ellipsoidal uncertainty set, and relaxes the requirements on the uncertainty set. Then, one more robust portfolio selection model with option protection is presented by combining options into the proposed robust portfolio selection model. Convex programming approximations with second-order cone and linear matrix inequalities constraints to both models are derived. The proposed robust portfolio selection model with options can hedge risks and generates robust portfolios with well wealth growth rate when an extreme event occurs. Tests on real data of the Chinese stock market and simulated options confirm the property of both the models. Test results show that (1) under the “ marginal+joint” uncertainty set, the wealth growth rate and diversification of robust portfolios generated from the first proposed robust portfolio model (without options) are better and greater than those generated from Goldfarb and Iyengar’s model, and (2) the robust portfolio selection model with options outperforms the robust portfolio selection model without options when some extreme event occurs

Identification of overexpressed cytokines as serum biomarkers of hepatitis C virus-induced liver fibrosis using bead-based flexible multiple analyte profiling

Hepatic inflammation is the stimulator to activate hepatic stellate cells (HSCs) and triggers fibrogenesis. Cytokines are produced during liver inflammation and maybe considered as liver fibrosis biomarker. The aim of this study was to investigate whether cytokines can be used as reliable biomarkers of liver fibrosis using flexible multi-analyte profiling (xMAP). A total of 61 chronic hepatitis C patients with different severity of liver fibrosis were enrolled. Liver biopsy was used as standard to assess the severity of fibrosis according to METAVIR classification. Afterward, 15 samples from healthy controls were analyzed and totally 50 cytokines were screened using flexible multi-analyte profiling to discover differential biomarkers. Finally, levels of protein expressions of individual stages of liver fibrosis were measured. In histological examination, the necroinflammatory score (histology activity index, HAI) was increased from F1 to F4 stage in hepatitis C virus (HCV) infected patients, indicating that inflammation was accompanied with the progression of liver fibrosis. Using flexible multi-analyte profiling, four serum cytokines, including IFN-α2 (p=0.023), GRO-α (p=0.013), SCF (p=0.047) and SDF-1α p=0.024), were identified under antibody specific recognition and elevated with HAI score. This study reveals the relationship between cytokines and liver fibrosis, and demonstrated that IFN-α2, GRO-α, SCF and SDF-1 α may be used as biomarkers to predict liver fibrosis. The overexpressed cytokines may play a role in the progression of liver fibrosis and deserves further investigation.Keywords: Cytokine, flexible multi-analyte profiling, hepatitis C virus, liver fibrosisAfrican Journal of Biotechnology Vol. 11(29), pp. 7535-7541, 29 April, 201

An Outbreak of Coxsackievirus A16 Infection: Comparison With Other Enteroviruses in a Preschool in Taipei

Background/PurposeThe transmission rate of enteroviruses in young children remains unclear. Therefore, we carried out active surveillance in preschool children to investigate the transmission rate and clinical manifestation of enteroviruses.MethodsFrom September 2006 to December 2008, we monitored infectious diseases in children 2(–3 years of age) in a preschool in Taipei. If any child had a febrile illness or symptoms/signs of enteroviral infection [e.g. herpangina or hand-foot-and-mouth disease (HFMD)], we performed viral isolation and enterovirus polymerase chain reaction. VP1 sequencing was performed to define their serotypes. We also collected clinical data and analyzed transmission rates.ResultsThere were eight episodes of enterovirus infection during the study period. The serotypes included coxsackievirus A4 (CA4), CA2 and CA16. The transmission rates of CA4 and CA2 among children in same class were 26% and 35%, respectively. Between November 28 and December 12, 2008, 13/21 (61.9%) children contracted herpangina and/or HFMD. The average age was 2.82 (range, 2.43–3.39) years. CA16 was detected in 10/13 (76.9%) of the throat swabs by polymerase chain reaction VP1 genotyping. Compared with previous CA2 and CA4 outbreaks, CA16 had a significantly higher transmission rate (p = 0.035) and resulted in more cases of HFMD (p < 0.001). The transmission duration of coxsackie A viruses within the same class ranged from 12 to 40 days.ConclusionCompared with CA2 and CA4, CA16 infections resulted in more cases of HFMD and had significantly higher transmission rates in preschoolers

Numerical study on aerodynamic characteristics of high-speed trains with considering thermal-flow coupling effects

In order to conduct in-depth researches on rationality of air conditioning system equipment of a high-speed train as well as its pipeline system design, working conditions of the air conditioning system and distribution of aerodynamic characteristics including pressure, velocity and temperature in high speed trains should be computed carefully at the design stage. Therefore, the finite volume method was used to solve a governing equation of computational fluid dynamics. The aerodynamic characteristics of pipelines of the air conditioning system and the complete high speed train were computed, so the indoor distribution of wind velocity, temperature and gas concentration (carbon oxide, carbon dioxide, nitrogen and so forth) was obtained. The flow field index and the thermal comfort index were used to evaluate the indoor thermal comfort degree. In this way, whether rationality of the air conditioning system design and indoor aerodynamic characteristic could satisfy requirements for design specifications can be analyzed. Results show that: Under winter or summer working conditions, wind velocity was relatively high at the passageway door, where the maximum wind velocity was more than 1 m/s and would make passengers uncomfortable. Air flow velocity outside comfortable regions was more than 0.05 m/s, satisfying UIC553 standards. Velocity distribution was basically the same indoors, where wind velocity was large at positions perpendicular to the air supply hole, and the maximum wind velocity was more than 1 m/s, but wind velocity was uniform in the passenger region, which was basically lower than 0.2 m/s and satisfied UIC553 standards. In summer and winter working conditions, distribution of pressure, velocity and temperature was not uniform, where the maximum temperature gradient was near the air inlet in the compartment. Air components in the compartment satisfied requirements for comfort. The most uncomfortable regions in the compartment were concentrated at the passageway. Air supply holes distributed symmetrically on the train roof caused high air flow intensity, high wind velocity, low temperature and high humidity at the passageway in the compartment, so the thermal comfort was low, and it is feasible to adjust the layout of air supply holes appropriately

Household Transmission of Pandemic (H1N1) 2009 Virus, Taiwan

During August–November 2009, to investigate disease transmission within households in Taiwan, we recruited 87 pandemic (H1N1) 2009 patients and their household members. Overall, pandemic (H1N1) 2009 virus was transmitted to 60 (27%) of 223 household contacts. Transmission was 4× higher to children than to adults (61% vs. 15%; p<0.001)

Discovery of serum biomarkers of alcoholic fatty liver in a rodent model: C-reactive protein

<p>Abstract</p> <p>Background</p> <p>Excessive consumption of alcohol contributes to alcoholic liver disease. Fatty liver is the early stage of alcohol-related liver disease. The aim of this study was to search for specific serological biomarkers of alcoholic fatty liver (AFL) compared to healthy controls, non-alcoholic fatty liver (NAFL) and liver fibrosis in a rodent model.</p> <p>Methods</p> <p>Serum samples derived from animals with AFL, NAFL, or liver fibrosis were characterized and compared using two-dimensional differential gel electrophoresis. A matrix-assisted laser desorption ionization-time of flight tandem mass spectrometer in conjunction with mascot software was used for protein identification. Subsequently, Western blotting and flexible multi-analyte profiling were used to measure the expressions of the putative biomarkers present in the serum of animals and clinical patients.</p> <p>Results</p> <p>Eight differential putative biomarkers were identified, and the two most differentiated proteins, including upregulated C-reactive protein (CRP) and downregulated haptoglobin (Hp), were further investigated. Western blotting validated that CRP was dramatically higher in the serum of AFL compared to healthy controls and other animals with liver disease of NAFL or liver fibrosis (<it>p </it>< 0.05). Moreover, we found that CRP and Hp were both lower in liver fibrosis of TAA-induced rats and clinical hepatitis C virus-infected patients.</p> <p>Conclusion</p> <p>The results suggest that increased levels of CRP are an early sign of AFL in rats. The abnormally elevated CRP induced by ethanol can be used as a biomarker to distinguish AFL from normal or otherwise diseased livers.</p

Seroprevalence of enterovirus 71 and no evidence of crossprotection of enterovirus 71 antibody against the other enteroviruses in kindergarten children in Taipei city

Background/PurposeEnterovirus 71 (EV71) infection may cause severe neurological and cardiopulmonary complications, especially in preschool children. This study is to investigate the seroprevalence and seroconversion of EV71, and the crossprotection of EV71 antibody against other enteroviruses among kindergarteners.MethodsOverall 228 children in a public kindergarten were enrolled during two academic years, 2006 and 2007, in Taipei, Taiwan and we measured their EV71 neutralizing antibody. When the participants had herpangina; hand, foot and mouth disease (HFMD); febrile illness or respiratory symptoms, throat swabs were sampled and processed for viral culture and enterovirus real-time reverse transcriptase polymerase chain reaction (RT-PCR). Questionnaires, completed by the participants’ guardians, surveyed the history of allergy and annual incidence of symptoms related to enterovirus infection.ResultsSeropositive rates of EV71 were 20% (32/163) in 2006 and 6% (4/65) in 2007. The rate of EV71 seropositivity increased with age (p < 0.01) in 2006 but it did not differ between genders (p = 0.14). No seroconversion was observed from 2006 to 2007. Herpangina occurred in 64% of children with EV71 seropositivity and 48% of those without EV71 antibodies (p = 0.12). Non-71 enterovirus infection, confirmed by viral study, occurred in 53% (19/36) of the EV71-seropositive children and in 53% (102/192) of EV71-seronegative children (p = 0.89). No participants had EV71 infection during the study period.ConclusionEV71 did not frequently circulate in Taipei City from September 2006 to June 2008. Presence of EV71 neutralizing antibody was not associated with lower incidence of enterovirus infection caused by non-71 serotypes

NBM-HD-1: A Novel Histone Deacetylase Inhibitor with Anticancer Activity

HDAC inhibitors (HDACis) have been developed as promising anticancer agents in recent years. In this study, we synthesized and characterized a novel HDACi, termed NBM-HD-1. This agent was derived from the semisynthesis of propolin G, isolated from Taiwanese green propolis (TGP), and was shown to be a potent suppressor of tumor cell growth in human breast cancer cells (MCF-7 and MDA-MB-231) and rat glioma cells (C6), with an IC50 ranging from 8.5 to 10.3 μM. Western blot demonstrated that levels of p21(Waf1/Cip1), gelsolin, Ac-histone 4, and Ac-tubulin markedly increased after treatment of cancer cells with NBM-HD-1. After NBM-HD-1 treatment for 1–4 h, p-PTEN and p-AKT levels were markedly decreased. Furthermore, we also found the anticancer activities of NBM-HD-1 in regulating cell cycle regulators. Treatment with NBM-HD-1, p21(Waf1/Cip1) gene expression had markedly increased while cyclin B1 and D1 gene expressions had markedly decreased. On the other hand, we found that NBM-HD-1 increased the expressions of tumor-suppressor gene p53 in a dose-dependent manner. Finally, we showed that NBM-HD-1 exhibited potent antitumor activity in a xenograft model. In conclusion, this study demonstrated that this compound, NBM-HD-1, is a novel and potent HDACi with anticancer activity in vitro and in vivo

Transmission of acute infectious illness among cases of Kawasaki disease and their household members

Background/purposeKawasaki disease (KD) is a disease of unknown cause and the causative agent is most likely to be infectious in nature. To investigate the household transmission pattern of infectious illness and etiology, we thus initiated a prospective case and household study.MethodsWe enrolled KD cases and their household members from February 2004 to September 2008. The KD cases and their household members accepted questionnaire-based interviews of the contact history, signs of infection, and symptoms to check whether clusters of infectious illness occurred.ResultsA total of 142 KD cases and 561 household members were enrolled. Among the 142 KD cases, 136 cases (96%) were typical KD, and six (4%) were atypical KD. Of the 561 household members, 17% were siblings, 46% were parents, 18% were grandparents, and the others were cousins or babysitters. Prior to the onset of their KD illness, 66% (94/142) KD cases had contact with ill household members. On the same day of the onset of KD cases' illness, 4% (6/142) KD cases had household members with illness. After KD cases' disease onset, 70% (100/142) KD cases had at least one other family member with illness. Overall, 61% (343/561) of all the household members had acute infectious illness during KD cases' acute stage, and 92% (130/142) of the families had clusters of infectious illness.ConclusionA total of 66% KD cases had positive contact with ill household members prior to their disease onset and 92% of families had clusters of infectious illness, so KD is strongly associated with infections