Sinonasal angioleiomyoma with adipocyte differentiation: clinicopathologic study of 2 cases and review of the literature

Angioleiomyoma (ALM) is a benign tumor of the skin and soft tissues composed of well differentiated smooth muscle cells arranged around and among many vascular channels. Few cases have been reported in the sinonasal region, where ALM may show a variable amount of mature adipose tissue that may make hard the distinction from angiomyolipoma. We report here two cases that presented with a three- and six-month history of left nasal obstruction respectively. In both patients, clinical examination and imaging studies failed to reveal features of tuberous sclerosis complex and demonstrated a mass obliterating the nasal cavity arising from the inferior turbinate. Both masses were endoscopically excised. Pathologic analysis revealed highly vascularized tumors composed of well differentiated smooth muscle cells intermingled with a variable number of mature adipocytes. Immunostaining for melanocytic markers was negative. Based on these findings, both tumors were diagnosed as sinonasal-ALM with adipocytic differentiation. These two cases indicate that both clinical data (i.e. absence of features of tuberous sclerosis complex) and immunohistochemistry (i.e. absence of melanocytic markers) are mandatory for the recognition of sinonasal-ALM with adipocytic differentiation. The term angiomyolipoma to identify these lesions is confusing and should be abandoned

Threshold bipower variation and the impact of jumps on volatility forecasting

This study reconsiders the role of jumps for volatility forecasting by showing that jumps have a positive and mostly significant impact on future volatility. This result becomes apparent once volatility is separated into its continuous and discontinuous components using estimators which are not only consistent, but also scarcely plagued by small sample bias. With the aim of achieving this, we introduce the concept of threshold bipower variation, which is based on the joint use of bipower variation and threshold estimation. We show that its generalization (threshold multipower variation) admits a feasible central limit theorem in the presence of jumps and provides less biased estimates, with respect to the standard multipower variation, of the continuous quadratic variation in finite samples. We further provide a new test for jump detection which has substantially more power than tests based on multipower variation. Empirical analysis (on the S&P500 index, individual stocks and US bond yields) shows that the proposed techniques improve significantly the accuracy of volatility forecasts especially in periods following the occurrence of a jump

Bridge homogeneous volatility estimators

We present a theory of bridge homogeneous volatility estimators for log-price stochastic processes. Starting with the standard definition of a Brownian bridge as the conditional Wiener process with two endpoints fixed, we introduce the concept of an incomplete bridge by breaking the symmetry between the two endpoints. For any given time interval, this allows us to encode the information contained in the open, high, low and close prices into an incomplete bridge. The efficiency of the new proposed estimators is favourably compared with that of the classical Garman–Klass and Parkinson estimators

Measuring the propagation of financial distress with Granger-causality tail risk networks

Using the test of Granger-causality in tail of Hong et al. (2009), we define and construct Granger-causality tail risk networks between 33 systemically important banks (G-SIBs) and 36 sovereign bonds worldwide. Our purpose is to exploit the structure of the Granger-causality tail risk networks to identify periods of distress in financial markets and possible channels of systemic risk propagation. Combining measures of connectedness of these networks with the ratings of the sovereign bonds, we propose a flight-to-quality indicator to identify periods of turbulence in the market. Our measure clearly peaks at the onset of the European sovereign debt crisis, signaling the instability of the financial system. Finally, we use the connectedness measures of the networks to forecast the quality of sovereign bonds. We find that connectedness is a significant predictor of the cross-section of bond quality

A New Giant Branch Clump Structure In the Large Magellanic Cloud

We present Washington C, T1 CCD photometry of 21 fields located in the northern part of the Large Magellanic Cloud (LMC), and spread over a region of more than 2.52 degrees approximately 6 degrees from the bar. The surveyed areas were chosen on the basis of their proximity to SL 388 and SL 509, whose fields showed the presence of a secondary giant clump, observationally detected by Bica et al. (1998, AJ, 116, 723). From the collected data we found that most of the observed field CMDs do not show a separate secondary clump, but rather a continuous vertical structure (VS), which is clearly seen for the first time. Its position and size are nearly the same throughout the surveyed regions: it lies below the Red Giant Clump (RGC) and extends from the bottom of the RGC to approximately 0.45 mag fainter, spanning the bluest color range of the RGC. The more numerous the VS stars in a field, the larger the number of LMC giants in the same zone. Our analysis demonstrate that VS stars belong to the LMC and are most likely the consequence of some kind of evolutionary process in the LMC, particularly in those LMC regions with a noticeable large giant population. Our results suggest that in order to trigger the formation of VS stars, there should be other conditions besides the appropriate age, metallicity, and the necessary red giant star density. Indeed, stars satisfying the requisites mentioned above are commonly found throughout the LMC, but the VS phenomenon is only clearly seen in some isolated regions. Finally, the fact that clump stars have an intrinsic luminosity dispersion further constrains the use of the clump magnitude as a reliable distance indicator.Comment: 25 pages, 9 figures, 3 tables; to be published in AJ, Dec. issu

Superluminal motion of a relativistic jet in the neutron star merger GW170817

The binary neutron star merger GW170817 was accompanied by radiation across the electromagnetic spectrum and localized to the galaxy NGC 4993 at a distance of 41+/-3 Mpc. The radio and X-ray afterglows of GW170817 exhibited delayed onset, a gradual rise in the emission with time as t^0.8, a peak at about 150 days post-merger, followed by a relatively rapid decline. To date, various models have been proposed to explain the afterglow emission, including a choked-jet cocoon and a successful-jet cocoon (a.k.a. structured jet). However, the observational data have remained inconclusive as to whether GW170817 launched a successful relativistic jet. Here we show, through Very Long Baseline Interferometry, that the compact radio source associated with GW170817 exhibits superluminal motion between two epochs at 75 and 230 days post-merger. This measurement breaks the degeneracy between the models and indicates that, while the early-time radio emission was powered by a wider-angle outflow (cocoon), the late-time emission was most likely dominated by an energetic and narrowly-collimated jet, with an opening angle of <5 degrees, and observed from a viewing angle of about 20 degrees. The imaging of a collimated relativistic outflow emerging from GW170817 adds substantial weight to the growing evidence linking binary neutron star mergers and short gamma-ray bursts.Comment: 42 pages, 4 figures (main text), 2 figures (supplementary text), 2 tables. Referee and editor comments incorporate