Beta als Risikomaß: eine Untersuchung am europäischen Aktienmarkt

Die theoretischen Grundlagen der modernen Portfoliotheorie haben in der Vergangenheit einen zunehmenden Einfluss auf die Verwaltung von Vermögen genommen. Insbesondere Wertpapierportfolios werden mit quantitativen Ansätzen gesteuert. Die zentralen Größen sind hierbei Rendite und Risiko. Vor allem die letztere soll in dieser Arbeit genauer betrachtet werden. Von den vielen, in der Theorie existierenden Konzepten zur Quantifizierung des Risikos, hat sich in der Praxis noch keines als eindeutig überlegen erwiesen. --

Correlation of Matrix Metalloproteinases and Tissue Inhibitors of Matrix Metalloproteinase Expression in Ileal Carcinoids, Lymph Nodes and Liver Metastasis with Prognosis and Survival

Purpose: Ileal carcinoids are gut epithelial tumors originating from serotonin-containing enterochromaffin (EC) cells. Therapeutic options for effectively inhibiting the growth and spread of metastatic carcinoids are still limited. We aimed to identify the role of matrix metalloproteinases (MMPs) and their endogenous tissue inhibitors (TIMPs) during tumor development and metastasis. Patients and Methods: Tissue samples were obtained from surgically treated patients. Expression of the EC-cell marker, vesicular monoamine transporter-1 (VMAT-1), was used to verify ileal carcinoids. We investigated the differential expression of MMP-2, 7, 9, 11, and 13 and their endogenous inhibitors (TIMP-1, 2, and 3) by quantitative real-time RT-PCR in 25 primary tumors, their corresponding lymph node metastases and/or liver metastases and matched normal mucosa. Results: Significantly increased expression of VMAT-1, MMP-2, MMP-11, TIMP-1 and TIMP-3 was determined by quantitative RT-PCR in EC-cell carcinoids compared to normal intestinal mucosa (p < 0.05). In contrast, MMP-2 and MMP-9 as well as TIMP-1, TIMP-2, and TIMP-3 expression in primary tumors of patients with liver metastases (M1) was significantly lower than in patients lacking liver metastases (M0). EC-cell tumors were significantly larger in the M1 group of tumors, while VMAT-1 expression was significantly decreased. We found an inverse correlation between tumor size and prognosis. Univariate analysis further revealed that decreased expression of VMAT-1, MMP-2 and TIMP-3 in primary tumors was significantly associated with a reduced survival time of the patients. Conclusion: Our data reveal that MMP-2 and TIMP-3 expression together with VMAT-1 expression are of potential prognostic and clinical value in ileal carcinoids. Copyright (C) 2008 S. Karger AG, Base

A Review on Mammary Tumors in Rabbits: Translation of Pathology into Medical Care

In recent years mammary cancer has been increasingly recognized in pet rabbits. In addition to uterine carcinomas—the most common tumor of female rabbits—mammary cancer can also markedly reduce the life expectancy of pet rabbits. The aim of this review is to raise awareness for these tumors and to report recent progress in related research. Their detailed characterization will likely improve medical care for affected rabbits. Moreover, study results will contribute to comparative pathology and may reveal if the rabbit is a suitable model for certain types of breast cancer in humans. Available information suggests that most invasive cancer cases develop through stepwise progression from non-invasive forms. Thus, early recognition will likely improve a complete cancer cure. So far, the only treatment option is surgical excision and prognostic factors are unknown. Recent investigations have identified tumor features with likely prognostic value. They have also revealed differences and similarities to mammary tumors in other species and breast cancer in women. Despite these initial data, continued research is necessary to gain more insights into the development of these tumors and their molecular features

Structurally rich dry grasslands – Potential stepping stones for bats in open farmland

Agricultural intensification has caused decrease and fragmentation of European semi-natural dry grasslands. While a high biodiversity value of dry grasslands is acknowledged for plants and insects, locally and on landscape level, their relevance for mobile species, such as bats, is unknown. Here we investigate the use of dry grassland fragments by bats in an agriculturally intensified region in Germany and evaluate local and landscape factors influencing bat activity and assemblages. Specifically, we predicted that a combination of local dry grassland structural richness and landscape features as well as their interactions affect bat activity and foraging above dry grasslands. We also expected that these features influence compositions of local bat assemblages. We repeatedly sampled at 12 dry grassland plots with acoustic monitoring and assessed activity and foraging of bat species/sonotypes, which we grouped into guilds known for foraging in open land, at vegetation edges and in narrow spaces. We determined structural richness of the dry grassland plots in field and derived landscape features from digital landscape data. A relatively high proportion of bat species/sonotypes used dry grasslands regularly. The edge space foragers responded positively to higher local structural richness. Their dry grassland use increased when surrounding forests and woody features were less available, but they foraged more on dry grasslands closer to water bodies. Narrow space bat activity on dry grasslands decreased with less landscape connectivity. Open and narrow space foragers responded to local structural richness only in landscape context. For all bat guilds we found increased use of structurally richer dry grasslands when there was more open farmland in the surroundings. This was also the case for edge space foragers, when landscapes were more homogeneous. Lastly, with increasing structural richness, bat assemblages were more dominated by edge space foragers. We show the importance of European dry grassland fragments for the highly mobile group of bats under certain local structural and landscape compositional conditions. Our results underline the value of heterogeneous dry grassland fragments as potential stepping stones in intensively used farmland areas and contribute to evidence based decision making in dry grassland management and bat conservation

Belief Updating in Subclinical and Clinical Delusions

Background and Hypothesis Current frameworks propose that delusions result from aberrant belief updating due to altered prediction error (PE) signaling and misestimation of environmental volatility. We aimed to investigate whether behavioral and neural signatures of belief updating are specifically related to the presence of delusions or generally associated with manifest schizophrenia. Methods Our cross-sectional design includes human participants (n[female/male] = 66[25/41]), stratified into four groups: healthy participants with minimal (n = 22) or strong delusional-like ideation (n = 18), and participants with diagnosed schizophrenia with minimal (n = 13) or strong delusions (n = 13), resulting in a 2 × 2 design, which allows to test for the effects of delusion and diagnosis. Participants performed a reversal learning task with stable and volatile task contingencies during fMRI scanning. We formalized learning with a hierarchical Gaussian filter model and conducted model-based fMRI analysis regarding beliefs of outcome uncertainty and volatility, precision-weighted PEs of the outcome- and the volatility-belief. Results Patients with schizophrenia as compared to healthy controls showed lower accuracy and heightened choice switching, while delusional ideation did not affect these measures. Participants with delusions showed increased precision-weighted PE-related neural activation in fronto-striatal regions. People with diagnosed schizophrenia overestimated environmental volatility and showed an attenuated neural representation of volatility in the anterior insula, medial frontal and angular gyrus. Conclusions Delusional beliefs are associated with altered striatal PE-signals. Juxtaposing, the potentially unsettling belief that the environment is constantly changing and weaker neural encoding of this subjective volatility seems to be associated with manifest schizophrenia, but not with the presence of delusional ideation.Peer Reviewe

Expression of Myoepithelial Markers in Mammary Carcinomas of 119 Pet Rabbits

Mammary cancer is a serious health issue in pet rabbits; prognostic factors are unknown. In a normal mammary gland, glandular secretory cells are surrounded by a single continuous layer of myoepithelial cells. In non-invasive mammary carcinomas, tumor cells are delineated by an intact myoepithelial layer, which is gradually lost to invasive carcinomas. The main aim of this study was to determine in rabbit mammary carcinomas (n = 119) the expression of myoepithelial markers that have prognostic significance in human cancer. Results show that all cases contained some retained myoepithelial cells. In 93% of the tumors, neoplastic cells expressed the myoepithelial marker calponin. There was a statistically significant association between higher percentages of calponin-containing cancer cells and histological features indicative of a better tumor differentiation, i.e., a lower proliferation of tumor cells, an increased percentage of tubular growth within the tumor, and a lower tumor grade, respectively. These results suggest that rabbit mammary carcinomas develop from progression of non-invasive cancer forms, and that calponin expression in cancer cells likely represents a favorable prognostic factor. The latter hypothesis has to be confirmed in long-term follow-up studies

Computational mechanisms of belief updating in relation to psychotic-like experiences

Introduction Psychotic-like experiences (PLEs) may occur due to changes in weighting prior beliefs and new evidence in the belief updating process. It is still unclear whether the acquisition or integration of stable beliefs is altered, and whether such alteration depends on the level of environmental and belief precision, which reflects the associated uncertainty. This motivated us to investigate uncertainty-related dynamics of belief updating in relation to PLEs using an online study design. Methods We selected a sample (n = 300) of participants who performed a belief updating task with sudden change points and provided self-report questionnaires for PLEs. The task required participants to observe bags dropping from a hidden helicopter, infer its position, and dynamically update their belief about the helicopter's position. Participants could optimize performance by adjusting learning rates according to inferred belief uncertainty (inverse prior precision) and the probability of environmental change points. We used a normative learning model to examine the relationship between adherence to specific model parameters and PLEs. Results PLEs were linked to lower accuracy in tracking the outcome (helicopter location) (β = 0.26 ± 0.11, p = 0.018) and to a smaller increase of belief precision across observations after a change point (β = −0.003 ± 0.0007, p < 0.001). PLEs were related to slower belief updating when participants encountered large prediction errors (β = −0.03 ± 0.009, p = 0.001). Computational modeling suggested that PLEs were associated with reduced overall belief updating in response to prediction errors (βPE = −1.00 ± 0.45, p = 0.028) and reduced modulation of updating at inferred environmental change points (βCPP = −0.84 ± 0.38, p = 0.023). Discussion We conclude that PLEs are associated with altered dynamics of belief updating. These findings support the idea that the process of balancing prior belief and new evidence, as a function of environmental uncertainty, is altered in PLEs, which may contribute to the development of delusions. Specifically, slower learning after large prediction errors in people with high PLEs may result in rigid beliefs. Disregarding environmental change points may limit the flexibility to establish new beliefs in the face of contradictory evidence. The present study fosters a deeper understanding of inferential belief updating mechanisms underlying PLEs.Peer Reviewe

Computational mechanisms of belief updating in relation to psychotic-like experiences

Introduction: Psychotic-like experiences (PLEs) may occur due to changes in weighting prior beliefs and new evidence in the belief updating process. It is still unclear whether the acquisition or integration of stable beliefs is altered, and whether such alteration depends on the level of environmental and belief precision, which reflects the associated uncertainty. This motivated us to investigate uncertainty-related dynamics of belief updating in relation to PLEs using an online study design. Methods: We selected a sample (n = 300) of participants who performed a belief updating task with sudden change points and provided self-report questionnaires for PLEs. The task required participants to observe bags dropping from a hidden helicopter, infer its position, and dynamically update their belief about the helicopter's position. Participants could optimize performance by adjusting learning rates according to inferred belief uncertainty (inverse prior precision) and the probability of environmental change points. We used a normative learning model to examine the relationship between adherence to specific model parameters and PLEs. Results: PLEs were linked to lower accuracy in tracking the outcome (helicopter location) (beta = 0.26 +/- 0.11, p = 0.018) and to a smaller increase of belief precision across observations after a change point (beta = -0.003 +/- 0.0007, p < 0.001). PLEs were related to slower belief updating when participants encountered large prediction errors (beta = -0.03 +/- 0.009, p = 0.001). Computational modeling suggested that PLEs were associated with reduced overall belief updating in response to prediction errors (beta(PE) = -1.00 +/- 0.45, p = 0.028) and reduced modulation of updating at inferred environmental change points (beta(CPP) = -0.84 +/- 0.38, p = 0.023). Discussion: We conclude that PLEs are associated with altered dynamics of belief updating. These findings support the idea that the process of balancing prior belief and new evidence, as a function of environmental uncertainty, is altered in PLEs, which may contribute to the development of delusions. Specifically, slower learning after large prediction errors in people with high PLEs may result in rigid beliefs. Disregarding environmental change points may limit the flexibility to establish new beliefs in the face of contradictory evidence. The present study fosters a deeper understanding of inferential belief updating mechanisms underlying PLEs

Regions of homozygosity confer a worse prognostic impact in myelodysplastic syndrome with normal karyotype

Chromosome; Cytogenetics; Myelodysplastic syndromesCromosoma; Citogenética; Síndromes mielodisplásicosCromosoma; Citogenètica; Síndromes mielodisplàsicsHalf of the myelodysplastic syndromes (MDS) have normal karyotype by conventional banding analysis. The percentage of true normal karyotype cases can be reduced by 20–30% with the complementary application of genomic microarrays. We here present a multicenter collaborative study of 163 MDS cases with a normal karyotype (≥10 metaphases) at diagnosis. All cases were analyzed with the ThermoFisher® microarray (either SNP 6.0 or CytoScan HD) for the identification of both copy number alteration(CNA) and regions of homozygosity (ROH). Our series supports that 25 Mb cut-off as having the most prognostic impact, even after adjustment by IPSS-R. This study highlights the importance of microarrays in MDS patients, to detect CNAs and especially to detect acquired ROH which has demonstrated a high prognostic impact.2017 SGR288 (GRC) and CERCA Programme/Generalitat de Catalunya. Fundació Internacional Josep Carreras; Italy Ministry of Health

Next-Generation EU DataGrid Data Management Services

We describe the architecture and initial implementation of the next-generation of Grid Data Management Middleware in the EU DataGrid (EDG) project. The new architecture stems out of our experience and the users requirements gathered during the two years of running our initial set of Grid Data Management Services. All of our new services are based on the Web Service technology paradigm, very much in line with the emerging Open Grid Services Architecture (OGSA). We have modularized our components and invested a great amount of effort towards a secure, extensible and robust service, starting from the design but also using a streamlined build and testing framework. Our service components are: Replica Location Service, Replica Metadata Service, Replica Optimization Service, Replica Subscription and high-level replica management. The service security infrastructure is fully GSI-enabled, hence compatible with the existing Globus Toolkit 2-based services; moreover, it allows for fine-grained authorization mechanisms that can be adjusted depending on the service semantics.Comment: Talk from the 2003 Computing in High Energy and Nuclear Physics (CHEP03), La Jolla,Ca, USA, March 2003 8 pages, LaTeX, the file contains all LaTeX sources - figures are in the directory "figures