Are Stable Coins Stable? Stable Coins\u27 Exposure to Cryptocurrency and Financial Market Volatility

Stable coins are the nonvolatile assets that assist cryptocurrency investors in hedging from the volatility of the market. These coins have market capitalizations worth billions of US dollars and are relied on throughout the world to store funds without risk. However, there have been instances in the past of stable coins failing and wiping out billions from the market. In this analysis, I examine the exposure that the four largest stable coins have to market movements in both cryptocurrency markets and traditional financial markets. I find that one stable coin, DAI is the only coin that has no correlation or granger-causal relationships with either market. Tether is found to have a statistically significant correlation with the S&P 500, and the S&P 500 granger-causes price returns in USDC. Finally, there was a statistically significant correlation between cryptocurrency market price returns and the price returns of BUSD. These results show that DAI is the most trustworthy cryptocurrency in hedging from market risks. The research displays weaknesses that each coin has that investors should take into account when investing

Relative efficiency measurement in the public sector with data envelopment analysis

PhDTraditional efficiency measures have two significant drawbacks. Firstly, they fail to recognise that output is the result of all inputs operating in combination; thus output per head is a misleading indicator of intrinsic labour productivity. Secondly, they have often been defined in terms of average levels of performance in least squares production functions. In practice, average performance norms may institutionalise some level of inefficiency. The first of these problems may be overcome in a total-factor view of efficiency. This implies the extension of traditional ratio measures to include all inputs and outputs simultaneously. The second requires the comparison of performance with frontier possibilities. Both of these improvements are embodied in Data Envelopment Analysis (DEA). Two applications of DEA are undertaken on U. K. public sector data. The first of these defines frontier efficiency in local education authorities (LEAs). It develops an 8 variable model with 3 outputs (based on exam pass rates) and 5 inputs. Four of the inputs are uncontrollable background variables allowing for differences in student catchment area; the fifth, teaching expenditure, is under LEA control and can be targeted. The results suggest that 44 authorities are best-practice and at the remainder spending per pupil could have been reduced by an average of 6.8%. These results are replicated on smaller clusters of LEAs to examine the sensitivity of DEA to the size of the performance comparison. The clustering procedure produces marked effects on targets, peer groups and the efficiency status of certain authorities. A second case study investigates the performance of a sample of 33 prisons with a high remand population. The model separately identifies the effects of remand prisoners on costs, and includes separate variables to reflect the levels of overcrowding and offences. In 1984/85 the combined budget of these prisons was overspent by 4.6% vis a vis best-practice costs. Using an alternative constant returns technology this overspend rises to 13.1%. Two aspects of DEA targets are explored. A model of Leibenstein's inert area suggests reasons for the persistence of inefficiency and hence that targets may be unattainable without coercion. Secondly, the literature has justified the recommendation of DEA targets in their being Pareto efficient. This interpretation is disputed and an alternative DEA-Dominance criterion is proposed as a more appropriate basis for targeting

Our Prop Mud

Many contemporary art practices [...] insist on their own virginal originality by failing to acknowledge a relational dependency on a cohort of elected affinities. Joseph Noonan-Ganley is interested in these auxiliary players and their functions. His text is an inquiry into the part of the prop: both a theatrical term as well as one used in rugby, where it literally describes a supporting role — propping up another player — or, in the context of Noonan-Ganley’s own research, buttresses muddy observations

Bed Text

Joseph Noonan-Ganley writes of the experience of sharing beds within the narrative of Piers Paul Read’s non-fiction novel Alive. Noonan-Ganley attempts to bridge the gap with his readers by carving out a space for them in a text that is already written. Read’s account of the players’ survival through acts of material creation become Noonan-Ganley’s bed-making as a structure of living

The pagenumber of k-trees is O(k)

AbstractA k-tree is a graph defined inductively in the following way: the complete graph Kk is a k-tree, and if G is a k-tree, then the graph resulting from adding a new vertex adjacent to k vertices inducing a Kk in G is also a k-tree. This paper examines the book-embedding problem for k-trees. A book embedding of a graph maps the vertices onto a line along the spine of the book and assigns the edges to pages of the book such that no two edges on the same page cross. The pagenumber of a graph is the minimum number of pages in a valid book embedding. In this paper, it is proven that the pagenumber of a k-tree is at most k+1. Furthermore, it is shown that there exist k-trees that require k pages. The upper bound leads to bounds on the pagenumber of a variety of classes of graphs for which no bounds were previously known

Clearance of damaged mitochondria via mitophagy is important to the protective effect of ischemic preconditioning in kidneys

<p>Ischemic preconditioning (IPC) affords tissue protection in organs including kidneys; however, the underlying mechanism remains unclear. Here we demonstrate an important role of macroautophagy/autophagy (especially mitophagy) in the protective effect of IPC in kidneys. IPC induced autophagy in renal tubular cells in mice and suppressed subsequent renal ischemia-reperfusion injury (IRI). The protective effect of IPC was abolished by pharmacological inhibitors of autophagy and by the ablation of <i>Atg7</i> from kidney proximal tubules. Pretreatment with BECN1/Beclin1 peptide induced autophagy and protected against IRI. These results suggest the dependence of IPC protection on renal autophagy. During IPC, the mitophagy regulator PINK1 (PTEN induced putative kinase 1) was activated. Both IPC and BECN1 peptide enhanced mitolysosome formation during renal IRI in mitophagy reporter mice, suggesting that IPC may protect kidneys by activating mitophagy. We further established an in vitro model of IPC by inducing ‘chemical ischemia’ in kidney proximal tubular cells with carbonyl cyanide 3-chlorophenylhydrazone (CCCP). Brief treatment with CCCP protected against subsequent injury in these cells and the protective effect was abrogated by autophagy inhibition. In vitro IPC increased mitophagosome formation, enhanced the delivery of mitophagosomes to lysosomes, and promoted the clearance of damaged mitochondria during subsequent CCCP treatment. IPC also suppressed mitochondrial depolarization, improved ATP production, and inhibited the generation of reactive oxygen species. Knockdown of <i>Pink1</i> suppressed mitophagy and reduced the cytoprotective effect of IPC. Together, these results suggest that autophagy, especially mitophagy, plays an important role in the protective effect of IPC.</p> <p><b>Abbreviations</b>: ACTB: actin, beta; ATG: autophagy related; BNIP3: BCL2 interacting protein 3; BNIP3L/NIX: BCL2 interacting protein 3 like; BUN: blood urea nitrogen; CASP3: caspase 3; CCCP: carbonyl cyanide 3-chlorophenylhydrazone; COX4I1: cytochrome c oxidase subunit 4I1; COX8: cytochrome c oxidase subunit 8; DAPI: 4ʹ,6-diamidino-2-phenylindole; DNM1L: dynamin 1 like; EGFP: enhanced green fluorescent protein; EM: electron microscopy; ER: endoplasmic reticulum; FC: floxed control; FIS1: fission, mitochondrial 1; FUNDC1: FUN14 domain containing 1; H-E: hematoxylin-eosin; HIF1A: hypoxia inducible factor 1 subunit alpha; HSPD1: heat shock protein family D (Hsp60) member 1; IMMT/MIC60: inner membrane mitochondrial protein; IPC: ischemic preconditioning; I-R: ischemia-reperfusion; IRI: ischemia-reperfusion injury; JC-1: 5,5ʹ,6,6ʹ-tetrachloro-1,1ʹ,3,3ʹ-tetraethylbenzimidazolylcarbocyanine iodide; KO: knockout; MAP1LC3B/LC3B: microtubule associated protein 1 light chain 3 beta; mito-QC: mito-quality control; mRFP: monomeric red fluorescent protein; NAC: N-acetylcysteine; PINK1: PTEN induced putative kinase 1; PPIB: peptidylprolyl isomerase B; PRKN: parkin RBR E3 ubiquitin protein ligase; ROS: reactive oxygen species; RPTC: rat proximal tubular cells; SD: standard deviation; sIPC: simulated IPC; SQSTM1/p62: sequestosome 1; TOMM20: translocase of outer mitochondrial membrane 20; TUNEL: terminal deoxynucleotidyl transferase-mediated dUTP nick end labeling</p

The Dripping Sunlight : The Case of MIKI Rofu\u27s Poems

筆者は、同じ表題で、すでに二つの論文を公にしているが、「ある詩語の水脈」「北原白秋の場合」という副題をそれぞれに付して、区別してある。三編目の今回は、「三木露風の場合」である。室生犀星の「したたり止まぬ日のひかり/うつうつまはる水ぐるま」(「寂しき春」) という表現に集約的に完成されるところの、水をではなく光りを、したたるものとして捉えるという、特異な発想の出没の跡を追跡する試みの一部である

Influence of Exposure History on the Immunology and Development of Resistance to Human Schistosomiasis Mansoni

Schistosomiasis is a parasitic blood fluke infection of 200 million people worldwide. We have shown that humans can acquire immunity to reinfection after repeated exposures and cures with the drug praziquantel. The increase in resistance to reinfection was associated with an increase in schistosome-specific IgE. The ability to develop resistance and the rate at which resistance was acquired varied greatly in two cohorts of men within close geographic proximity and with similar occupational exposures to schistosomes. These differences are likely attributable to differences in history of exposure to Schistosoma mansoni infection and immunologic status at baseline, with those acquiring immunity faster having lifelong S. mansoni exposure and immunologic evidence of chronic S. mansoni infection. As many conflicting results have been reported in the literature regarding immunologic parameters associated with the development of resistance to schistosome infection, exposure history and prior immune status should be considered in the design of future immuno-epidemiologic studies

Applying the multi-threat framework of stereotype threat in the context of digital gaming.

Females often report experiencing stigmatisation pertaining to their competency in digital gaming communities. Employing the principles of the multi-Threat framework of stereotype threat, the current research examined the impact of gender-related stereotypes on females' gaming performance and related self-perceptions. In Experiment 1, 90 females were assigned to one of three conditions in which they were primed that their performance would be either diagnostic of their personal (self-As-Target) or gender group's ability (group-As-Target) or would be non-diagnostic of gaming ability (control). In Experiment 2, 90 females were primed that their performance would be judged by a group of other females (in-group source) or males (out-group source), or would be non-diagnostic of ability (control). Participants then completed a casual gaming task, as well as measures of competence beliefs, self-efficacy and self-esteem. Findings from Experiment 1 indicate that neither a self-As-Target nor a group-As-Target stereotype affected significantly gaming performance, or gamerelated self-efficacy, self-esteem and competency beliefs. Findings from Experiment 2 reveal further that females' gaming performance and associated self-perceptions were not impacted significantly by an in-group or out-group source of stereotype threat. The discussion turns to potential explanations for these findings, proposing that females may not perceive negative gender-gaming stereotypes to be an accurate representation of their personal or social group's gaming ability. We also discuss the implications of the experimental design and difficulty, as well as the potential for domain identification to moderate performance outcomes under stereotype threat