The choice among non-callable bonds and make whole, claw back and otherwise ordinary callable bonds

This paper seeks to explain determinates of the choice and the pricing of various types of callable and non-callable bonds. We find that the popularity of different types of callable and non-callable bonds is significantly related to the economic environment. In addition, the popularity of claw back bonds appear to be driven by agency considerations, make whole bonds by the debt overhang problem, ordinary callable bonds by the need by banks to deal with interest rate changes and non-callable bonds by the need to raise funds as cheaply as possible. All else equal, firms pay a higher offer spread for the flexibility to call a claw back bond early via a new share offering whereas issuers of make whole bonds are rewarded with a lower offer spread for restricting calls to circumstances that does not expropriate bondholder wealth

Aspects descriptifs du VIH/SIDA chez les sujets âgés de 50 ans et plus suivis au Centre de Traitement Agréé de Bafoussam - Cameroun

Introduction: La littérature scientifique dispose de très peu de données relatives à l’épidémiologie du VIH chez les sujets âgés en Afriquesubsaharienne. Au Cameroun, les caractéristiques épidémiologiques de l’infection par le VIH chez les sujets âgés de 50 ans et plus ne sont pasdocumentées.Méthodes: Dans une étude de cohorte rétrospective et une enquête transversale, nous avons comparé les caractéristiques clinicobiologiqueset la survie post thérapeutique des patients âgés de 50 ans et plus, sous traitement antirétroviral au Centre de Traitement Agrée de Bafoussam - Cameroun, aux adultes plus jeunes. Résultats: L’âge moyen était de 39 ans, les extrêmes étant 17 et 88 ans. Les sujets âgés de 50 ans et plus représentaient 14,1% des cas. Les plus âgés étaient moins bien informés sur les modes de transmission du virus (p=0,04). Leur séropositivité au VIH était le plus souvent découverte au décours d'une infection opportuniste (p=0,02). La fréquence de  comorbidité était significativement plus élevée chez les personnes âgées de 50 ans et plus (p<10-5). Nous n’avons pas retrouvé une association statistiquement significative entre l’observance thérapeutique et l’âge (p=0,83). La survie post-thérapeutique n’était pas significativement liée à l’âge (p=0,81).Conclusion: Les sujets âgés ne sont pas à l’abri du VIH. La promotion du dépistage et les programmes d’éducation sanitaire relatifs au VIH/SIDAdevraient être renforcés au sein de cette communauté déjà affaiblie par le poids de l’âge, afin de réduire l’incidence du SIDA et de leur assurerprise en charge précoce.Key words: VIH, sujets âgés, antirétroviraux, survie, Camerou

SMALL DOSES OF MORPHINE AND INTAKE OF WATER

Rats deprived of water for 19 h were given an opportunity to drink water for 30 min and for another 4.5 h. Prior to drinking, rats were injected with saline or morphine (1.0 mg/kg) to test whether morphine’s effects persisted when given day after day. Surprisingly, we did not observe that morphine enhanced drinking. Subsequently, when rats were deprived of water for 23.5 h, morphine still did not increase intake. When we continued testing, with a demonstration replicating an experiment in which morphine increased drinking and with other demonstrations, it became apparent that small doses of morphine do not always enhance intake of water

Peak expiratory flow mediates the relationship between handgrip strength and timed up and go performance in elderly women, but not men

OBJECTIVE: The aim of the present study was to verify if there is sex difference in the associations among handgrip strength, peak expiratory flow (PEF) and timed up and go (TUG) test results. METHODS: The sample included 288 consecutive elderly men (n=93) and women (n=195). Functional capacity was measured using the TUG test, and muscle strength was measured based on handgrip. Moreover, as a measure of current health status, PEF was evaluated. Linear regression procedures were performed to analyze the relationships between handgrip and both PEF and TUG test results, with adjustment for confounders, and to identify the possible mediating role of PEF in the association between handgrip strength and TUG test results. RESULTS: In men, handgrip strength was associated with both PEF and TUG performance (p<0.01). After adjustment for PEF, the relationship between handgrip strength and TUG performance remained significant. In women, handgrip strength was also associated with both PEF and TUG performance (p<0.01). However, after adjustment for PEF, the relationship between handgrip strength and TUG performance was no longer significant. CONCLUSION: Mobility in the elderly is sex dependent. In particular, PEF mediates the relationship between handgrip strength and TUG performance in women, but not in men

Nonabelian Faddeev-Niemi Decomposition of the SU(3) Yang-Mills Theory

Faddeev and Niemi (FN) have introduced an abelian gauge theory which simulates dynamical abelianization in Yang-Mills theory (YM). It contains both YM instantons and Wu-Yang monopoles and appears to be able to describe the confining phase. Motivated by the meson degeneracy problem in dynamical abelianization models, in this note we present a generalization of the FN theory. We first generalize the Cho connection to dynamical symmetry breaking pattern SU(N+1) -> U(N), and subsequently try to complete the Faddeev-Niemi decomposition by keeping the missing degrees of freedom. While it is not possible to write an on-shell complete FN decomposition, in the case of SU(3) theory of physical interest we find an off-shell complete decomposition for SU(3) -> U(2) which amounts to partial gauge fixing, generalizing naturally the result found by Faddeev and Niemi for the abelian scenario SU(N+1) -> U(1)^N. We discuss general topological aspects of these breakings, demonstrating for example that the FN knot solitons never exist when the unbroken gauge symmetry is nonabelian, and recovering the usual no-go theorems for colored dyons.Comment: Latex 30 page

Machine Learning Based Localization and Classification with Atomic Magnetometers

We demonstrate identification of position, material, orientation, and shape of objects imaged by a ⁸⁵Rb atomic magnetometer performing electromagnetic induction imaging supported by machine learning. Machine learning maximizes the information extracted from the images created by the magnetometer, demonstrating the use of hidden data. Localization 2.6 times better than the spatial resolution of the imaging system and successful classification up to 97% are obtained. This circumvents the need of solving the inverse problem and demonstrates the extension of machine learning to diffusive systems, such as low-frequency electrodynamics in media. Automated collection of task-relevant information from quantum-based electromagnetic imaging will have a relevant impact from biomedicine to security

Renormalization constants of the lattice energy momentum tensor using the gradient flow

We employ a new strategy for a non perturbative determination of the renormalized energy momentum tensor. The strategy is based on the definition of suitable lattice Ward identities probed by observables computed along the gradient flow. The new set of identities exhibits many interesting qualities, arising from the UV finiteness of flowed composite operators. In this paper we show how this method can be used to non perturbatively renormalize the energy momentum tensor for a SU(3) Yang-Mills theory, and report our numerical results

Functional co-monotony of processes with applications to peacocks and barrier options

We show that several general classes of stochastic processes satisfy a functional co-monotony principle, including processes with independent increments, Brownian diffusions, Liouville processes. As a first application, we recover some recent results about peacock processes obtained by Hirsch et al. which were themselves motivated by a former work of Carr et al. about the sensitivity of Asian Call options with respect to their volatility and residual maturity (seniority). We also derive semi-universal bounds for various barrier options.Comment: 27 page

The combined molecular adjuvant CASAC enhances the CD8+ T cell response to a tumor-associated self-antigen in aged, immunosenescent mice

BACKGROUND: Ineffective induction of T cell mediated immunity in older individuals remains a persistent challenge for vaccine development. Thus, there is a need for more efficient and sophisticated adjuvants that will complement novel vaccine strategies for the elderly. To this end, we have investigated a previously optimized, combined molecular adjuvant, CASAC (Combined Adjuvant for Synergistic Activation of Cellular immunity), incorporating two complementary Toll-like receptor agonists, CpG and polyI:C, a class-II epitope, and interferon (IFN)-γ in aged mice. FINDINGS: In aged mice with typical features of immunosenescence, antigen specific CD8+ T cell responses were stimulated after serial vaccinations with CASAC or Complete/Incomplete Freund's Adjuvant (CFA/IFA) and a class I epitope, deriving either from ovalbumin (SIINFEKL, SIL) or the melanoma-associated self-antigen, tyrosinase-related protein-2 (SVYDFFVWL, SVL). Pentamer analysis revealed that aged, CASAC/SIL-vaccinated animals had substantially higher frequencies of H-2K(b)/SIL-specific CD8+ T cells compared to the CFA/IFA-vaccinated groups. Similarly, higher frequencies of H-2K(b)/SVL-pentamer+ and IFN-γ+ CD8+ T cells were detected in the aged, CASAC + SVL-vaccinated mice than in their CFA/IFA-vaccinated counterparts. In both antigen settings, CASAC promoted significantly better functional CD8+ T cell activity. CONCLUSION: These studies demonstrate that functional CD8+ T cells, specific for both foreign and tumour-associated self-antigens, can be effectively induced in aged immunosenescent mice using the novel multi-factorial adjuvant CASAC

Risk of multiple sclerosis after optic neuritis in patients with normal baseline brain MRI

When assessing and managing a patient with optic neuritis (ON), the risk of future development of multiple sclerosis (MS) is an important issue, as this can be the first presentation of the disease. Although the presence of lesions on baseline brain MRI is the strongest predictor of MS conversion, some patients with normal imaging also develop MS. We aimed to estimate MS risk in patients with ON and a normal baseline MRI and identify individuals with higher risk of conversion. We performed a retrospective study including patients with idiopathic ON and normal baseline brain MRI who presented to our hospital over an 8year period. Of a total of 42 patients, 10 converted to MS: five during the first follow-up year, seven during the first 2years and all of the patients within the first 5years, with a 5year MS conversion rate of 23.8%. MS conversion rates were significantly higher in patients with history of previous symptoms suggestive of demyelination (p=0.002), cerebrospinal fluid oligoclonal bands unmatched in serum (p=0.004) and incomplete visual acuity recovery (⩽6/12) after 1year (p=0.002). Lower conversion rates were found in patients with optic disc edema (p=0.022). According to these results, a significant proportion of patients with idiopathic ON and a normal baseline brain MRI will develop MS, with a higher risk during the first 5years. Therefore, in the presence of factors in favor of MS conversion, close follow-up, including semestral medical consultations and yearly brain MRI, can be recommended. Early immunomodulatory treatment may be individually considered as it can delay conversion and reduce new lesion development rate