International Portfolio Diversification: Short-Term Financial Assets and Gold

Using a continuous-time finance-theoretic framework, this paper presents the optimal portfolio rule of an international investor who consumes N national composite goods and who holds N domestic-currency-denominated assets with known nominal interest rates in an environment where prices of goods, assets and exchange rates follow geometric Brownian motion. It is shown that the currency portfolio rule described in Macedo (1982a) is applicable to the case where there are N assets with a known price and one asset, gold, with a random rice in terms of the numeraire. Under these assumptions, it is found that the optimal portfolio of an investor consuming goods from all major industrialized countries (according to their weight in total trade) would be dominated in March 1981 by long positions in U.S. dollars (25%), yen (17%), D. marks (16%), French francs (15%) and pounds sterling (10%). An investor consuming only U.S. goods, by contrast, would hold 96% of his optimal portfolio in U.S. dollars. Because of the covariance of exchange rates and gold, the exclusion of the latter generates substantial reshuffling. The analysis of the evolution of portfolios over time shows that shares changed dramatically at the beginning of the period and did not begin to approach their March 1981 values until the end of 1975. In the case of the yen and the pound there were oscillations throughout the period. With respect to the dollar share in the optimal portfolio of the U.S. and international investor, it is found that, in the period between late 1974 and mid-1976, a period in which the dollar is considered to have been "strong", a large decline in its optimal share took place.

Liver Transplantation to Provide Low-Density-Lipoprotein Receptors and Lower Plasma Cholesterol in a Child with Homozygous Familial Hypercholesterolemia

A six-year-old girl with severe hypercholesterolemia and atherosclerosis had two defective genes at the low-density-lipoprotein (LDL) receptor locus, as determined by biochemical studies of cultured fibroblasts. One gene, inherited from the mother, produced no LDL receptors; the other gene, inherited from the father, produced a receptor precursor that was not transported to the cell surface and was unable to bind LDL. The patient degraded intravenously administered 125I-LDL at an extremely low rate, indicating that her high plasma LDL-cholesterol level was caused by defective receptor-mediated removal of LDL from plasma. After transplantation of a liver and a heart from a normal donor, the patient's plasma LDL-cholesterol level declined by 81 per cent, from 988 to 184 mg per deciliter. The fractional catabolic rate for intravenously administered 125I-LDL, a measure of functional LDL receptors in vivo, increased by 2.5-fold. Thus, the transplanted liver, with its normal complement of LDL receptors, was able to remove LDL cholesterol from plasma at a nearly normal rate. We conclude that a genetically determined deficiency of LDL receptors can be largely reversed by liver transplantation. These data underscore the importance of hepatic LDL receptors in controlling the plasma level of LDL cholesterol in human beings. (N Engl J Med 1984; 311: 1658–64.). © 1984, Massachusetts Medical Society. All rights reserved

High-order gauge-invariant perturbations of a spherical spacetime

We complete the formulation of a general framework for the analysis of high-order nonspherical perturbations of a four-dimensional spherical spacetime by including a gauge-invariant description of the perturbations. We present a general algorithm to construct these invariants and provide explicit formulas for the case of second-order metric perturbations. We show that the well-known problem of lack of invariance for the first-order perturbations with l=0,1 propagates to increasing values of l for perturbations of higher order, owing to mode coupling. We also discuss in which circumstances it is possible to construct the invariants

Renal urate excretion in patients with Wilson's disease

Renal urate excretion in patients with Wilson's disease. Because many patients with Wilson's disease have hypouricemia, a study was made of 10 patients and 10 control persons to determine the nature of the renal excretory defect. Uric acid excretion was studied before and after the administration of pyrazinamidem—an agent which is postulated to selectively block urate secretion. Urate excretion was also correlated with the quantity of various types of amino acids excreted. In the presence of pyrazinamide, total urate excretion is decreased markedly just as in normal individuals. It appears that proximal reabsorption of urate may not be impaired. There is a positive correlation between excessive urate excretion and that of serine, arginine, valine, and glutamine.Excrétion rénale des urates chez les malades atteints de maladie de Wilson. Du fait que beaucoup de malades atteints de maladie de Wilson ont une hypouricémie une étude a été réalisée chez dix malades et dix sujets témoins afin de déterminer la nature du trouble de l'excrétion des urates. L'excrétion d'acide urique a été étudiée avant et après l'administration de pyrazinamide, agent dont on suppose qu'il bloque électivement la secrétion d'urate. L'excrétion d'urate a été aussi corrélée avec la quantité de divers acides aminés excrétés. En présence de pyrazinamide l'excrétion totale d'urate est notablement diminuée, comme chez les témoins. Il apparaît que la réabsorption proximale des urates n'est probablement pas diminuée. Il existe une corrélation positive entre l'excrétion excessive d'urate et l'excrétion de sérine, d'arginine, de valine et de glutamine

A Companion to the Ancient Greek Language (Book Review)

It has become customary for reviews of handbooks to express misgivings toward the genre and its ever-increasing presence. But whatever one might think of companion volumes, this is a useful book. It boasts a wide range of generally high-quality essays by a parade of eminent scholars. Perhaps its most praiseworthy feature is the clarity and accessibility of many of its contributions, which makes them ideal starting points for the non-specialist. We will no doubt be assigning several of these chapters in our classes

The Midpoint Rule as a Variational--Symplectic Integrator. I. Hamiltonian Systems

Numerical algorithms based on variational and symplectic integrators exhibit special features that make them promising candidates for application to general relativity and other constrained Hamiltonian systems. This paper lays part of the foundation for such applications. The midpoint rule for Hamilton's equations is examined from the perspectives of variational and symplectic integrators. It is shown that the midpoint rule preserves the symplectic form, conserves Noether charges, and exhibits excellent long--term energy behavior. The energy behavior is explained by the result, shown here, that the midpoint rule exactly conserves a phase space function that is close to the Hamiltonian. The presentation includes several examples.Comment: 11 pages, 8 figures, REVTe

Sternoclavicular joint arthropathy mimicking radiculopathy in a patient with concurrent C4-5 disc herniation

Background Patients with sternoclavicular joint arthropathy, which can result from septic arthritis, often present with localized sternoclavicular pain as well as shoulder pain. Such pain may be similar to the presenting symptoms of cervical intervertebral disc herniation. Clinical presentation A 47-year-old female presented with 1 month of significant pain in the neck as well as right anterior chest and deltoid. The patient was found to have reduced strength in the right deltoid muscle on physical examination. MRI revealed a C4-C5 herniated nucleus pulposus. The patient underwent successful C4-C5 anterior cervical discectomy, but subsequently developed painful swelling in the region of the right sternoclavicular joint with limited motor strength in the right shoulder and arm. A needle biopsy of the mass yielded negative results, but her erythrocyte sedimentation rate (ESR) and C-reactive protein (CRP) numbers did respond to antibiotics, consistent with infection of the sternoclavicular joint. A follow-up CT scan (6.5 months postoperatively) revealed apparent resolution right sternoclavicular joint arthropathy, thought the patient continued to experience pain. 15 months postoperatively, the patient was prescribed methotrexate due to persistent pain and mild weakness arising from a possible rheumatologic inflammation. 19 months postoperatively, the patient had full strength of the right shoulder and arm and visible decrease in swelling at the sternoclavicular joint. More than three years postoperatively, the patient was diagnosed with multiple myeloma, which was appropriately treated. At follow-up four years postoperatively, the patient had an MRI showing new C6-C7 herniated nucleus pulposus, but no longer had any right shoulder or chest pain or associated weakness. Conclusion This case demonstrates that sternoclavicular joint arthropathy results in symptoms that can mimic the presenting symptoms of shoulder or cervical spine pathology, such as shoulder and neck pain, necessitating careful diagnosis and management