Inferring volatility dynamics and risk premia from the S&P 500 and VIX markets

We estimate a flexible affine model using an unbalanced panel containing S&P 500 and VIX index returns and option prices and analyze the contribution of VIX options to the model’s in- and out-of-sample performance. We find that they contain valuable information on the risk-neutral conditional distributions of volatility at different time horizons, which is not spanned by the S&P 500 market. This information allows enhanced estimation of the variance risk premium. We gain new insights on the term structure of the variance risk premium, present a trading strategy exploiting these insights, and show how to improve S&P 500 return forecast

An audit of the use of hydroxychloroquine in rheumatology clinics

Objectives To audit the use, indications, complications and patient information regarding hydroxychloroquine (HCQ) treatment in rheumatology clinics in a tertiary referral centre. Methods During a 9-month period, we identified all patients prescribed HCQ and attending rheumatology clinics in one hospital. We established: (1) the indication for HCQ (2) the prevalence of HCQ overdosing based on absolute body weight (ABW) (3) documentation of warning of risk of retinal toxicity (4) systemic and ocular co-morbidities (5) ocular symptoms during treatment (6) reasons for stopping HCQ. Results We identified 427 patients (104 male, 323 female). The cumulative dose of HCQ was lower in rheumatoid arthritis (RA; median 365 g; range 6-1752 g) compared to systemic lupus erythematosus (SLE; 450 g; 66-1788 g) (p = 0.105). The median duration of HCQ therapy was four years (range 0.1-13); 28% of patients with RA and 29% with SLE continued HCQ beyond five years. After adjusting for ABW and renal function, 10% (31/312) had been prescribed doses exceeding recommendations. Formal documentation of counselling on ocular complications was only found in one third of patients. Three cases of HCQ retinopathy were identified (all of whom had RA). Conclusion HCQ therapy is being used for more than five years in 29% of patients with rheumatic diseases, with higher than recommended doses in approximately 10% of patients. We recommend more rigorous scrutiny of the use of HCQ to reduce the risk of retinopathy

Surface Structure of Liquid Metals and the Effect of Capillary Waves: X-ray Studies on Liquid Indium

We report x-ray reflectivity (XR) and small angle off-specular diffuse scattering (DS) measurements from the surface of liquid Indium close to its melting point of $156^\circ$C. From the XR measurements we extract the surface structure factor convolved with fluctuations in the height of the liquid surface. We present a model to describe DS that takes into account the surface structure factor, thermally excited capillary waves and the experimental resolution. The experimentally determined DS follows this model with no adjustable parameters, allowing the surface structure factor to be deconvolved from the thermally excited height fluctuations. The resulting local electron density profile displays exponentially decaying surface induced layering similar to that previously reported for Ga and Hg. We compare the details of the local electron density profiles of liquid In, which is a nearly free electron metal, and liquid Ga, which is considerably more covalent and shows directional bonding in the melt. The oscillatory density profiles have comparable amplitudes in both metals, but surface layering decays over a length scale of $3.5\pm 0.6$ \AA for In and $5.5\pm 0.4$ \AA for Ga. Upon controlled exposure to oxygen, no oxide monolayer is formed on the liquid In surface, unlike the passivating film formed on liquid Gallium.Comment: 9 pages, 5 figures; submitted to Phys. Rev.

Detection of 15NH2D in dense cores: A new tool for measuring the 14N/15N ratio in the cold ISM

Ammonia is one of the best tracers of cold dense cores. It is also a minor constituent of interstellar ices and, as such, one of the important nitrogen reservoirs in the protosolar nebula, together with the gas phase nitrogen, in the form of N2 and N. An important diagnostic of the various nitrogen sources and reservoirs of nitrogen in the Solar System is the 14N/15N isotopic ratio. While good data exist for the Solar System, corresponding measurements in the interstellar medium are scarce and of low quality. Following the successful detection of the singly, doubly, and triply deuterated isotopologues of ammonia, we have searched for 15NH2D in dense cores, as a new tool for investigating the 14N/15N ratio in dense molecular gas. With the IRAM-30m telescope, we have obtained deep integrations of the ortho 15NH2D (1(1,1)-1(0,1)) line at 86.4 GHz, simultaneously with the corresponding ortho NH2D line at 85.9 GHz. o-15NH2D is detected in Barnard-1b, NGC1333-DCO+, and L1689N, while we obtained upper limits towards LDN1544 and NGC1333-IRAS4A, and a tentative detection towards L134N(S). The 14N/15N abundance ratio in NH2D ranges between 350 and 850, similar to the protosolar value of ~ 424, and likely higher than the terrestrial ratio of 270

Collapse of Monolayers of 10,12-Pentacosadiyonic Acid: Kinetics and Structure

International audienc

Multi-scale shear properties of flax fibre reinforced polyamide 11 biocomposites

Multiscale analyses are carried out to evaluate and understand the shear properties and behaviour of a flax fibre reinforced polyamide 11 (PA 11) biocomposite. Tensile tests of [+/- 45](n) laminates are performed to evaluate the macroscale in-plane shear properties, while microbond tests are performed to evaluate the apparent interfacial shear strength. Although the shear stiffness of PA 11 biocomposites is lower than the available literature values, the shear strength is higher due to a relatively high interfacial bonding strength. Flax/PA 11 interfacial bonding is controlled by hydrogen bonding rather than adhesive pressure induced by residual thermal stress. A superficial fibre cell-wall layer (primary cell-wall) is observed at different scales, which highlights the contribution of the global structure of flax fibres to the shear properties of biocomposites. (C) 2016 Elsevier Ltd. All rights reserved

Multi-scale shear properties of flax fibre reinforced polyamide 11 biocomposites

Multiscale analyses are carried out to evaluate and understand the shear properties and behaviour of a flax fibre reinforced polyamide 11 (PA 11) biocomposite. Tensile tests of [+/- 45](n) laminates are performed to evaluate the macroscale in-plane shear properties, while microbond tests are performed to evaluate the apparent interfacial shear strength. Although the shear stiffness of PA 11 biocomposites is lower than the available literature values, the shear strength is higher due to a relatively high interfacial bonding strength. Flax/PA 11 interfacial bonding is controlled by hydrogen bonding rather than adhesive pressure induced by residual thermal stress. A superficial fibre cell-wall layer (primary cell-wall) is observed at different scales, which highlights the contribution of the global structure of flax fibres to the shear properties of biocomposites. (C) 2016 Elsevier Ltd. All rights reserved