Patriot Games? Determinants of Responses to Chinese and Foreign Sponsors of the Beijing Olympics

The paper assesses the generalizability of Speed and Thompson’s (2000) model of the determinants of sponsorship response to an important and growing market for sponsorship (China). It extends the model by considering differences in effects for foreign and domestically owned sponsors and the role of patriotism. The findings confirm that personal liking for the sponsored event, status of the event, attitude to the sponsor, perceived sincerity of the sponsor and perceived fit between the sponsor and the event are significant factors underpinning positive responses. In contrast to Speed and Thompson (2000), ubiquity of the sponsor is not significant for China. Whether the sponsor is of domestic or foreign origin is identified as an important moderator of sponsorship effects but there is no consistent evidence that foreign sponsors suffer from relatively poorer outcomes in emerging markets compared to domestically owned rivals

Metrics for NASA Aeronautics Research Mission Directorate (ARMD) Strategic Thrust 3B Vertical Lift Strategic Direction

The NASA Aeronautics Research Mission Directorate (ARMD) Strategic Implementation Plan details an ambitious plan for aeronautical research for the next quarter century and beyond. It includes a number of advanced technologies needed to address requirements of the overall aviation community (domestic and international), with an emphasis on safety, efficiency, operational flexibility, and alternative propulsion air transport options. The six ARMD Strategic Thrust Areas (STAs) represent a specific set of multi-decade research agendas for creating the global aviation improvements most in demand by the aviation service consumers and the general public. To provide NASA with a measurement of the preeminent value of these research areas, it was necessary to identify and quantify the measurable benefits to the aviation community from capabilities delivered by the research programs. This paper will describe the processes used and the conclusions reached in defining the principal metrics for ARMD Strategic Thrust Area 3B "Vertical Lift Strategic Direction.

Why do banks promise to pay par on demand?

We survey the theories of why banks promise to pay par on demand and examine evidence about the conditions under which banks have promised to pay the par value of deposits and banknotes on demand when holding only fractional reserves. The theoretical literature can be broadly divided into four strands: liquidity provision, asymmetric information, legal restrictions, and a medium of exchange. We assume that it is not zero cost to make a promise to redeem a liability at par value on demand. If so, then the conditions in the theories that result in par redemption are possible explanations of why banks promise to pay par on demand. If the explanation based on customers’ demand for liquidity is correct, payment of deposits at par will be promised when banks hold assets that are illiquid in the short run. If the asymmetric-information explanation based on the difficulty of valuing assets is correct, the marketability of banks’ assets determines whether banks promise to pay par. If the legal restrictions explanation of par redemption is correct, banks will not promise to pay par if they are not required to do so. If the transaction explanation is correct, banks will promise to pay par value only if the deposits are used in transactions. After the survey of the theoretical literature, we examine the history of banking in several countries in different eras: fourth-century Athens, medieval Italy, Japan, and free banking and money market mutual funds in the United States. We find that all of the theories can explain some of the observed banking arrangements, and none explain all of them

Semaglutide and cardiovascular outcomes in patients with obesity and prevalent heart failure: a prespecified analysis of the SELECT trial

Background: Semaglutide, a GLP-1 receptor agonist, reduces the risk of major adverse cardiovascular events (MACE) in people with overweight or obesity, but the effects of this drug on outcomes in patients with atherosclerotic cardiovascular disease and heart failure are unknown. We report a prespecified analysis of the effect of once-weekly subcutaneous semaglutide 2·4 mg on ischaemic and heart failure cardiovascular outcomes. We aimed to investigate if semaglutide was beneficial in patients with atherosclerotic cardiovascular disease with a history of heart failure compared with placebo; if there was a difference in outcome in patients designated as having heart failure with preserved ejection fraction compared with heart failure with reduced ejection fraction; and if the efficacy and safety of semaglutide in patients with heart failure was related to baseline characteristics or subtype of heart failure. Methods: The SELECT trial was a randomised, double-blind, multicentre, placebo-controlled, event-driven phase 3 trial in 41 countries. Adults aged 45 years and older, with a BMI of 27 kg/m2 or greater and established cardiovascular disease were eligible for the study. Patients were randomly assigned (1:1) with a block size of four using an interactive web response system in a double-blind manner to escalating doses of once-weekly subcutaneous semaglutide over 16 weeks to a target dose of 2·4 mg, or placebo. In a prespecified analysis, we examined the effect of semaglutide compared with placebo in patients with and without a history of heart failure at enrolment, subclassified as heart failure with preserved ejection fraction, heart failure with reduced ejection fraction, or unclassified heart failure. Endpoints comprised MACE (a composite of non-fatal myocardial infarction, non-fatal stroke, and cardiovascular death); a composite heart failure outcome (cardiovascular death or hospitalisation or urgent hospital visit for heart failure); cardiovascular death; and all-cause death. The study is registered with ClinicalTrials.gov, NCT03574597. Findings: Between Oct 31, 2018, and March 31, 2021, 17 604 patients with a mean age of 61·6 years (SD 8·9) and a mean BMI of 33·4 kg/m2 (5·0) were randomly assigned to receive semaglutide (8803 [50·0%] patients) or placebo (8801 [50·0%] patients). 4286 (24·3%) of 17 604 patients had a history of investigator-defined heart failure at enrolment: 2273 (53·0%) of 4286 patients had heart failure with preserved ejection fraction, 1347 (31·4%) had heart failure with reduced ejection fraction, and 666 (15·5%) had unclassified heart failure. Baseline characteristics were similar between patients with and without heart failure. Patients with heart failure had a higher incidence of clinical events. Semaglutide improved all outcome measures in patients with heart failure at random assignment compared with those without heart failure (hazard ratio [HR] 0·72, 95% CI 0·60-0·87 for MACE; 0·79, 0·64-0·98 for the heart failure composite endpoint; 0·76, 0·59-0·97 for cardiovascular death; and 0·81, 0·66-1·00 for all-cause death; all pinteraction>0·19). Treatment with semaglutide resulted in improved outcomes in both the heart failure with reduced ejection fraction (HR 0·65, 95% CI 0·49-0·87 for MACE; 0·79, 0·58-1·08 for the composite heart failure endpoint) and heart failure with preserved ejection fraction groups (0·69, 0·51-0·91 for MACE; 0·75, 0·52-1·07 for the composite heart failure endpoint), although patients with heart failure with reduced ejection fraction had higher absolute event rates than those with heart failure with preserved ejection fraction. For MACE and the heart failure composite, there were no significant differences in benefits across baseline age, sex, BMI, New York Heart Association status, and diuretic use. Serious adverse events were less frequent with semaglutide versus placebo, regardless of heart failure subtype. Interpretation: In patients with atherosclerotic cardiovascular diease and overweight or obesity, treatment with semaglutide 2·4 mg reduced MACE and composite heart failure endpoints compared with placebo in those with and without clinical heart failure, regardless of heart failure subtype. Our findings could facilitate prescribing and result in improved clinical outcomes for this patient group. Funding: Novo Nordisk

Finishing the euchromatic sequence of the human genome

The sequence of the human genome encodes the genetic instructions for human physiology, as well as rich information about human evolution. In 2001, the International Human Genome Sequencing Consortium reported a draft sequence of the euchromatic portion of the human genome. Since then, the international collaboration has worked to convert this draft into a genome sequence with high accuracy and nearly complete coverage. Here, we report the result of this finishing process. The current genome sequence (Build 35) contains 2.85 billion nucleotides interrupted by only 341 gaps. It covers ∼99% of the euchromatic genome and is accurate to an error rate of ∼1 event per 100,000 bases. Many of the remaining euchromatic gaps are associated with segmental duplications and will require focused work with new methods. The near-complete sequence, the first for a vertebrate, greatly improves the precision of biological analyses of the human genome including studies of gene number, birth and death. Notably, the human enome seems to encode only 20,000-25,000 protein-coding genes. The genome sequence reported here should serve as a firm foundation for biomedical research in the decades ahead

Aspects of Modeling Fraud Prevention of Online Financial Services

Banking and online financial services are part of our critical infrastructure. As such, they comprise an Achilles heel in society and need to be protected accordingly. The last ten years have seen a steady shift from traditional show-off hacking towards cybercrime with great economic consequences for society. The different threats against online services are getting worse, and risk management with respect to denial-of-service attacks, phishing, and banking Trojans is now part of the agenda of most financial institutions. This trend is overseen by responsible authorities who step up their minimum requirements for risk management of financial services and, among other things, require regular risk assessment of current and emerging threats.For the financial institution, this situation creates a need to understand all parts of the incident response process of the online services, including the technology, sub-processes, and the resources working with online fraud prevention. The effectiveness of each countermeasure has traditionally been measured for one technology at a time, for example, leaving the fraud prevention manager with separate values for the effectiveness of authentication, intrusion detection, and fraud prevention. In this thesis, we address two problems with this situation. Firstly, there is a need for a tool which is able to model current countermeasures in light of emerging threats. Secondly, the development process of fraud detection is hampered by the lack of accessible data.In the main part of this thesis, we highlight the importance of looking at the “big risk picture” of the incident response process, and not just focusing on one technology at a time. In the first article, we present a tool which makes it possible to measure the effectiveness of the incident response process. We call this an incident response tree (IRT). In the second article, we present additional scenarios relevant for risk management of online financial services using IRTs. Furthermore, we introduce a complementary model which is inspired by existing models used for measuring credit risks. This enables us to compare different online services, using two measures, which we call Expected Fraud and Conditional Fraud Value at Risk. Finally, in the third article, we create a simulation tool which enables us to use scenario-specific results together with models like return of security investment, to support decisions about future security investments.In the second part of the thesis, we develop a method for producing realistic-looking data for testing fraud detection. In the fourth article, we introduce multi-agent based simulations together with social network analysis to create data which can be used to fine-tune fraud prevention, and in the fifth article, we continue this effort by adding a platform for testing fraud detection.Finansiella nättjänster är en del av vår kritiska infrastruktur. På så vis utgör de en akilleshäl i samhället och måste skyddas på erforderligt sätt. Under de senaste tio åren har det skett en förskjutning från traditionella dataintrång för att visa upp att man kan till en it-brottslighet med stora ekonomiska konsekvenser för samhället. De olika hoten mot nättjänster har blivit värre och riskhantering med avseende på överbelastningsattacker, nätfiske och banktrojaner är nu en del av dagordningen för finansiella institutioner. Denna trend övervakas av ansvariga myndigheter som efterhand ökar sina minimikrav för riskhantering och bland annat kräver regelbunden riskbedömning av befintliga och nya hot.För den finansiella institutionen skapar denna situation ett behov av att förstå alla delar av incidenthanteringsprocessen, inklusive dess teknik, delprocesser och de resurser som kan arbeta med bedrägeribekämpning. Traditionellt har varje motåtgärds effektivitet mätts, om möjligt, för en teknik i taget, vilket leder till att ansvariga för bedrägeribekämpning får separata värden för autentisering, intrångsdetektering och bedrägeridetektering.I denna avhandling har vi fokuserat på två problem med denna situation. För det första finns det ett behov av ett verktyg som kan modellera effektiviteten för institutionens samlade motåtgärder mot bakgrund av befintliga och nya hot. För det andra saknas det tillgång till data för forskning rörande bedrägeridetektering, vilket hämmar utvecklingen inom området.I huvuddelen av avhandlingen ligger tonvikten på att studera ”hela” incidenthanteringsprocessen istället för att fokusera på en teknik i taget. I den första artikeln presenterar vi ett verktyg som gör det möjligt att mäta effektiviteten i incidenthanteringsprocessen. Vi kallar detta verktyg för ”incident response tree” (IRT) eller ”incidenthanteringsträd”. I den andra artikeln presenterar vi ett flertal scenarier som är relevanta för riskhantering av finansiella nättjänster med hjälp av IRT. Vi utvecklar också en kompletterande modell som är inspirerad av befintliga modeller för att mäta kreditrisk. Med hjälp av scenarioberoende mått för ”förväntat bedrägeri” och ”value at risk”, har vi möjlighet att jämföra risker mellan olika nättjänster. Slutligen, i den tredje artikeln, skapar vi ett agentbaserat simuleringsverktyg som gör det möjligt att använda scenariospecifika resultat tillsammans med modeller som ”avkastning på säkerhetsinvesteringar” för att stödja beslut om framtida investeringar i motåtgärder.I den andra delen av avhandlingen utvecklar vi en metod för att generera syntetiskt data för test av bedrägeridetektering. I den fjärde artikeln presenterar vi ett agentbaserat simuleringsverktyg som med hjälp av bland annat ”sociala nätverksanalyser” kan användas för att generera syntetiskt data med realistiskt utseende. I den femte artikeln fortsätter vi detta arbete genom att lägga till en plattform för testning av bedrägeridetektering.QC 20151103</p

IncidentResponseSim: An Agent-Based Simulation Tool for Risk Management of Online Fraud

IncidentResponseSim is a multi-agent-based simulation tool supporting risk management of online financial services, by performing a risk assessment of the quality of current countermeasures, in the light of the current and emerging threat environment. In this article, we present a set of simulations using incident response trees in combination with a quantitative model for estimating the direct economic consequences. The simulations generate expected fraud, and conditional fraud value at risk, given a specific fraud scenario. Additionally, we present how different trojan strategies result in different conditional fraud value at risk, given the underlying distribution of wealth in the online channel, and different levels of daily transaction limits. Furthermore, we show how these measures can be used together with return on security investment calculations to support decisions about future security investments.</p

Modeling Fraud Prevention of Online Services Using Incident Response Trees and Value at Risk

Authorities like the Federal Financial Institutions Examination Council in the US and the European Central Bank in Europe have stepped up their expected minimum security requirements for financial institutions, including the requirements for risk analysis. In a previous article, we introduced a visual tool and a systematic way to estimate the probability of a successful incident response process, which we called an incident response tree (IRT). In this article, we present several scenarios using the IRT which could be used in a risk analysis of online financial services concerning fraud prevention. By minimizing the problem of underreporting, we are able to calculate the conditional probabilities of prevention, detection, and response in the incident response process of a financial institution. We also introduce a quantitative model for estimating expected loss from fraud, and conditional fraud value at risk, which enables a direct comparison of risk among online banking channels in a multi-channel environment.</p