A model-independent maximum range for the liquidity correction of TIPS yields

We derive a model-independent maximum range for the admissible liquidity risk premium in real Treasury bonds—also known as Treasury Inflation Protected Securities (TIPS). The range is constructed using additional information in the inflation swap market and a set of simple theoretical assumptions. As an application, we construct a lower bound to estimates of the inflation risk premium the Treasury receives from TIPS by deducting their maximum liquidity premium. This conservative measure of the benefit to the Treasury of issuing TIPS is positive on average at the ten-year maturity for our sample period.Inflation (Finance) ; Inflation-indexed bonds

A method for exploratory repeated-measures analysis applied to a breast-cancer screening study

When a model may be fitted separately to each individual statistical unit, inspection of the point estimates may help the statistician to understand between-individual variability and to identify possible relationships. However, some information will be lost in such an approach because estimation uncertainty is disregarded. We present a comparative method for exploratory repeated-measures analysis to complement the point estimates that was motivated by and is demonstrated by analysis of data from the CADET II breast-cancer screening study. The approach helped to flag up some unusual reader behavior, to assess differences in performance, and to identify potential random-effects models for further analysis.Comment: Published in at http://dx.doi.org/10.1214/11-AOAS481 the Annals of Applied Statistics (http://www.imstat.org/aoas/) by the Institute of Mathematical Statistics (http://www.imstat.org

Resolution of Biphasic Binding of the Opioid Antagonist Naltrexone in Brain Membranes

In synaptosomal membranes from rat brain cortex, in the presence of 150 m M NaC1, the opioid antagonist [ 3 H] naltrexone bound to two populations of receptor sites with affinities of 0.27 and 4.3 n M , respectively. Guanosine-5′-(3-thiotriphosphate) had little modulating effect and did not alter the biphasic nature of ligand binding. On the other hand, receptor-selective opioids differentially inhibited the two binding components of [ 3 H] naltrexone. As shown by nonlinear least-squares analysis, the Μ opioids Tyr-D-Ala-Gly-(Me)Phe-Gly-ol or sufentanil abolished high-affinity [ 3 H] naltrexone binding, whereas the Δ-selective ligands [D- Pen 2 , D-Pen 5 ] enkephalin, ICI 174, 864, and oxymorphindole inhibited and eventually eliminated the low-affinity component in a concentration-dependent manner. These results indicate that, in contrast to the guanine nucleotide-sensitive biphasic binding of opioid-alkaloid agonists, the heterogeneity of naltrexone binding in brain membranes reflects ligand interaction with different opioid-receptor types.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/66340/1/j.1471-4159.1991.tb08288.x.pd

Spectroscopy and Electrochemistry of Cytochrome P450 BM3-Surfactant Film Assemblies

We report analyses of electrochemical and spectroscopic measurements on cytochrome P450 BM3 (BM3) in didodecyldimethylammonium bromide (DDAB) surfactant films. Electronic absorption spectra of BM3−DDAB films on silica slides reveal the characteristic low-spin Fe^(III) heme absorption maximum at 418 nm. A prominent peak in the absorption spectrum of BM3 Fe^(II)−CO in a DDAB dispersion is at 448 nm; in spectra of aged samples, a shoulder at ∼420 nm is present. Infrared absorption spectra of the BM3 Fe^(II)−CO complex in DDAB dispersions feature a time-dependent shift of the carbonyl stretching frequency from 1950 to 2080 cm^(-1). Voltammetry of BM3-DDAB films on graphite electrodes gave the following results: Fe^(III/II) E_(1/2) at −260 mV (vs SCE), ∼300 mV positive of the value measured in solution; ΔS°_(rc), ΔS°, and ΔH° values for water-ligated BM3 in DDAB are −98 J mol^(-1) K^(-1), −163 J mol^(-1) K^(-1), and −47 kJ mol^(-1), respectively; values for the imidazole-ligated enzyme are −8 J mol^(-1) K^(-1), −73 J mol^(-1) K^(-1), and −21 kJ mol^(-1). Taken together, the data suggest that BM3 adopts a compact conformation within DDAB that in turn strengthens hydrogen bonding interactions with the heme axial cysteine, producing a P420-like species with decreased electron density around the metal center

Redox Couples of Inducible Nitric Oxide Synthase

We report direct electrochemistry of the iNOS heme domain in a DDAB film on the surface of a basal plane graphite electrode. Cyclic voltammetry reveals Fe^(III/II) and Fe^(II/I) couples at −191 and −1049 mV (vs Ag/AgCl). Imidazole and carbon monoxide in solution shift the Fe^(III/II) potential by +20 and +62 mV, while the addition of dioxygen results in large catalytic waves at the onset of Fe^(III) reduction. Voltammetry at higher scan rates (with pH variations) reveals that the Fe^(III/II) cathodic peak can be resolved into two components, which are attributable to Fe^(III/II) couples of five- and six-coordinate hemes. Digital simulation of our experimental data implicates water dissociation from the heme as a gating mechanism for ET in iNOS

REVISE AND RESUBMIT Corporate Governance and Investor Rationality: Evidence from the 1990s' Technology Bubble

Several studies document irrational investor behavior related to Internet firms during the 1990s' technology bubble. This paper investigates whether investors display the same behavior towards nonInternet firms that adopt Internet technology in the same time period. I find a positive association between short-and long-term metrics of firm performance related to the launching of commercial web sites by non-Internet companies. However, the extent to which this positive association exists is largely driven by the quality of the firms' corporate governance. These results indicate that investors were not universally irrational during the 1990s technology bubble. In addition, my findings also highlight the relevance of corporate governance in mitigating information asymmetry when technological innovations with an uncertain impact on firm value affect the economy. Why did the launching of a commercial web site generate opposite market responses for two retailers in the same industry? Differences between the two firms, reported in Another difference of potential importance between ShopKo and Cost Plus is the level of protection these firms grant their shareholders as measured by the Gompers, Ishii, and Metrick 2 In this paper, I use a broad sample of firms to study whether, based on the way companies are governed, investors react differently to firms' adoptions of new technologies. I also study whether investors' reactions to the adoption of new technologies are rational. The 1990s technology bubble provides an excellent setting to study these research questions. This period witnessed the emergence of the Internet as new commercial medium. The efficacy of this new technology was the source of considerable uncertainty. Several finance studies, discussed in the next section, document irrational investor behavior around tech stocks during the 1990s technology bubble. 2 However, none of the existing studies document whether investors were universally irrational during the period. That is, whether the irrational behavior was limited to tech stocks or whether investors were able to moderate uncertainty and act rationally. To address my research questions, as in the case-study of ShopKo and Cost Plus, I examine the effect of launching a commercial web site during the 1990s on firm value in non-Internet companies. This choice is motivated by the notion that establishing a web site is a necessary --though not sufficient--condition for any firm in order to adopt and implement the new technology and perhaps conduct business on the Internet. 3 I recognize that results supporting irrational investor behavior might also be consistent with investors' short-term or myopic behavior, (Stein (1989)), and with the notion that stock prices fail to reflect future earnings 4 Both short-and long-term payoffs are necessary to test for rational investor behavior because, under efficient markets, one would only expect to observe meaningful short term stock revaluations for events that investors believe will have a lasting and positive effect on the firm's future cash flows and profitability. In addition, the study of short-and long-term performance metrics enables me to dispel concerns over myopic investor behavior. 2. For example, 3 My initial proxy for corporate governance is the G-index, which counts restrictions on shareholder rights. Therefore, a lower (higher) G-index is commonly interpreted to proxy for strong (weak) shareholder rights and stronger (weaker) governance quality. I am aware that the use of the Gindex as an appropriate proxy for corporate governance is also the subject of debate. In robustness tests, the G-index is replaced with alternative governance metrics which yield qualitatively similar results. Initial results show that, on average, investors receive the introduction of commercial web sites enthusiastically, but I also find that operating performance declines in the years following the launching. Taken together, these results suggest that investors were overly excited in their initial evaluation of the impact of web sites on firm value and profitability, and appear consistent with both irrational and myopic behavior by investors. However, further tests which incorporate corporate governance to the analysis, do not lend support to the either one of these conjectures and allow me to reject irrational and myopic behavior hypotheses. Subsequent analyses show that the extent to which investors react positively to web site introductions is largely driven by whether the firm's level of investor protection is strong. Moreover,

Update of the ICUD-SIU consultation on upper tract urothelial carcinoma 2016: treatment of low-risk upper tract urothelial carcinoma

Introduction The conservative management of upper tract urothelial carcinoma (UTUC) has historically been offered to patients with imperative indications. The recent International Consultation on Urologic Diseases (ICUD) publication on UTUC stratified treatment allocations based on high- and low-risk groups. This report updates the conservative management of the low-risk group. Methods The ICUD for low-risk UTUC working group performed a thorough review of the literature with an assessment of the level of evidence and grade of recommendation for a variety of published studies in this disease space. We update these publications and provide a summary of that original report. Results There are no prospective randomized controlled studies to support surgical management guidelines. A risk-stratified approach based on clinical, endoscopic, and biopsy assessment allows selection of patients who could benefit from kidney-preserving procedures with oncological outcomes potentially similar to radical nephroureterectomy with bladder cuff excision, with the added benefit of renal function preservation. These treatments are aided by the development of high-definition flexible digital URS, multi-biopsies with the aid of access sheaths and other tools, and promising developments in the use of adjuvant topical therapy. Conclusions Recent developments in imaging, minimally invasive techniques, multimodality approaches, and adjuvant topical regimens and bladder cancer prevention raise the hope for improved risk stratification and may greatly improve the endoscopic treatment for low-risk UTUC

Nasal cathelicidin is expressed in early life and is increased during mild, but not severe respiratory syncytial virus infection

Respiratory syncytial virus is the major cause of acute lower respiratory tract infections in young children, causing extensive mortality and morbidity globally, with limited therapeutic or preventative options. Cathelicidins are innate immune antimicrobial host defence peptides and have antiviral activity against RSV. However, upper respiratory tract cathelicidin expression and the relationship with host and environment factors in early life, are unknown. Infant cohorts were analysed to characterise early life nasal cathelicidin levels, revealing low expression levels in the first week of life, with increased levels at 9 months which are comparable to 2-year-olds and healthy adults. No impact of prematurity on nasal cathelicidin expression was observed, nor were there effects of sex or birth mode, however, nasal cathelicidin expression was lower in the first week-of-life in winter births. Nasal cathelicidin levels were positively associated with specific inflammatory markers and demonstrated to be associated with microbial community composition. Importantly, levels of nasal cathelicidin expression were elevated in infants with mild RSV infection, but, in contrast, were not upregulated in infants hospitalised with severe RSV infection. These data suggest important relationships between nasal cathelicidin, upper airway microbiota, inflammation, and immunity against RSV infection, with interventional potential