The postulations á la D'Alembert and á la Cauchy for higher gradient continuum theories are equivalent. A review of existing results

In order to found continuum mechanics, two different postulations have been used. The first, introduced by Lagrange and Piola, starts by postulating how the work expended by internal interactions in a body depends on the virtual velocity field and its gradients. Then, by using the divergence theorem, a representation theorem is found for the volume and contact interactions which can be exerted at the boundary of the considered body. This method assumes an a priori notion of internal work, regards stress tensors as dual of virtual displacements and their gradients, deduces the concept of contact interactions and produces their representation in terms of stresses using integration by parts. The second method, conceived by Cauchy and based on the celebrated tetrahedron argument, starts by postulating the type of contact interactions which can be exerted on the boundary of every (suitably) regular part of a body. Then it proceeds by proving the existence of stress tensors from a balance-type postulate. In this paper, we review some relevant literature on the subject, discussing how the two postulations can be reconciled in the case of higher gradient theories. Finally, we underline the importance of the concept of contact surface, edge and wedge s-order forces

The Predictive Information Content of External Imbalances for Exchange Rate Returns: How Much Is It Worth?

This paper examines the exchange rate predictability stemming from the equilibrium model of international financial adjustment developed by Gourinchas and Rey (2007). Using predictive variables that measure cyclical external imbalances for country pairs, we assess the ability of this model to forecast out-of-sample four major US dollar exchange rates using various economic criteria of model evaluation. The analysis shows that the model provides economic value to a risk-averse investor, delivering substantial utility gains when switching from a portfolio strategy based on the random walk benchmark to one that conditions on cyclical external imbalances.foreign exchange; predictability; global imbalances; fundamentals.

Volatility risk premia and exchange rate predictability

© 2016. We discover a new currency strategy with highly desirable return and diversification properties, which uses the predictive ability of currency volatility risk premia for currency returns. The volatility risk premium-the difference between expected realized volatility and model-free implied volatility-reflects the costs of insuring against currency volatility fluctuations. The strategy sells high insurance-cost currencies and buys low insurance-cost currencies. A distinctive feature of the strategy's returns is that they are mainly generated by movements in spot exchange rates instead of interest rate differentials. We explore explanations for the profitability of the strategy, which cannot be understood using traditional risk factors

Exchange Rates and Sovereign Risk

We empirically investigate the relation between currency excess returns and sovereign risk, as measured by credit default swap (CDS) spreads. An increase in a country’s CDS spread is accompanied by a contemporaneous depreciation of its exchange rate as well as an increase of its currency volatility and crash risk. The link between currency excess returns and sovereign risk is mainly driven by exposure to global sovereign risk shocks and also emerges in a predictive setting for currency risk premia. Sovereign risk forecasts excess returns to trading exchange rates, volatility and skewness, and is strongly priced in the cross-section of currencies. Moreover, we find that sovereign risk accounts for a large share of carry trade returns, and that carry and momentum strategies generate high (low) returns across countries with high (low) sovereign risk

The Expectation Hypothesis of the Term Structure of Very Short-Term Rates: Statistical Tests and Economic Value

This paper re-examines the validity of the Expectation Hypothesis (EH) of the term structure of US repo rates ranging in maturity from overnight to three months. We extend the work of Longstaff (2000a) in two directions: (i) we implement statistical tests designed to increase test power in this context; (ii) more importantly, we assess the economic value of departures from the EH based on criteria of profitability and economic significance in the context of a simple trading strategy. The EH is rejected throughout the term structure examined on the basis of the statistical tests. However, the results of our economic analysis are favorable to the EH, suggesting that the statistical rejections of the EH in the repo market are economically insignificant

Exchange rates and sovereign risk

An increase in a country's sovereign risk, as measured by credit default swap spreads, is accompanied by a contemporaneous depreciation of its currency and an increase of its volatility. The relation between currency excess returns and sovereign risk is mainly driven by default expectations (rather than distress risk premia) and exposure to global sovereign risk shocks, and also emerges in a predictive setting for currency risk premia. We show that a sovereign risk factor is priced in the cross-section of currency returns and that it is not subsumed by the carry factor.Christian Wagner acknowledges support from the Center for Financial Frictions (FRIC), grant no. DNRF10

How should eosinophilic cystitis be treated in patients with chronic granulomatous disease?

Chronic granulomatous disease (CGD) is a primary immunodeficiency resulting from the absence or malfunction of oxidative mechanism in phagocytic cells. The disease is due to a mutation in one of four genes that encode subunits of the nicotinamide adenine dinucleotide phosphate (NADPH) oxidase complex. Affected patients experience severe infections and granuloma formation due to exuberant inflammatory responses. Some evidence suggests that eosinophilic cystitis (EC) is included in the spectrum of inflammatory manifestations. EC is an inflammatory disease, rare in childhood, which may require different, nonstandardized therapeutic approaches, ranging from antihistamines to cyclosporine

Photometry of the Oort Cloud comet C/2009 P1(Garradd): pre-perihelion observations at 5.7 and 2.5 AU

The aim of this paper is to contribute to the characterization of the general properties of the Long Period Comets (LPCs) family, and in particular to report on the dust environment of comet C/2009 P1 (Garradd). The comet was observed at two epochs pre-perihelion, at ~6 AU and at ~2.5 AU: broad-band images have been used to investigate its coma morphology and properties and to model the dust production rate. Comet C/2009 P1 (Garradd) is one of the most active and “dust producing” LPCs ever observed, even at the large heliocentric distance rh~6 AU. Its coma presents a complex morphology, with subtle structures underlying the classical fan-shaped tail, and, at rh~2.5 AU, also jet-like structures and spiralling outflows. In the reference aperture of radius ρ=5°×104 km, the R-Afρ is 3693±156 cm and 6368±412 cm, in August 2010 (rh~6 AU) and July 2011 (rh~2.5 AU), respectively. The application of a first order photometric model, under realistic assumptions on grain geometric albedo, power-law dust size distribution, phase darkening function and grain dust outflow velocity, yielded a measure of the dust production rate for the two epochs of observation of Qd=7.27×102 kg/s and Qd=1.37×103 kg/s, respectively, for a reference outflow dust velocity of vsmall=25 m/s for small (0.1–10 µm) grains and vlarge=1 m/s for large (10 µm–1 cm) grains. These results suggest that comet Garradd is one of the most active minor bodies observed in recent years, highly contributing to the continuous replenishment of the Interplanetary Dust Complex also in the outer Solar System, and pose important constraints on the mechanism(s) driving the cometary activity at large heliocentric distances

Advances in paclitaxel combinations for treating cervical cancer

Introduction: Cervical cancer is the fourth common cancer in women worldwide. While, in the past, locally advanced stage disease was treated by pelvic radiotherapy, nowadays the National Cancer Institute strongly recommends chemoradiation protocols. Weekly cisplatin was previously the standard of care in this setting; however, the low response rate and the short median progression-free survival (PFS) of patients have led researchers to investigate combinatory regimens. Area covered: This article is based on literature searches up until April 2019, with current trial registers also analyzed. All data available on this topic has been summarized in this narrative review. Expert opinion: In recent years, it has been demonstrated that cisplatin-based doublets, and in particular, cisplatin plus paclitaxel, are superior to cisplatin as a monotherapy in terms of response rate and progression-free survival of patients with advanced cervical cancer. This double regime combined with bevacizumab is also considered the first-line option for metastatic or recurrent disease. Dose-dense paclitaxel in neo-adjuvant chemotherapy combinations is a promising option in patients with locally advanced cervical cancer. Exploration of novel biological therapies and in vitro combinations based on the use of paclitaxel is warranted

Exchange rate forecasting and the performance of currency portfolios

We examine the potential gains of using exchange rate forecast models and forecast combination methods in the management of currency portfolios for three exchange rates: the euro versus the US dollar, the British pound, and the Japanese yen. We use a battery of econometric specifications to evaluate whether optimal currency portfolios implied by trading strategies based on exchange rate forecasts outperform single currencies and the equally weighted portfolio. We assess the differences in profitability of optimal currency portfolios for different types of investor preferences, two trading strategies, mean squared error-based composite forecasts, and different forecast horizons. Our results indicate that there are clear benefits of integrating exchange rate forecasts from state-of-the-art econometric models in currency portfolios. These benefits vary across investor preferences and prediction horizons but are rather similar across trading strategies