Research toward the Practical Application of Liquidity Risk Evaluation Methods

This paper proposes a practical framework for the quantification of Liquidity-adjusted Value at Risk ("L-VaR") incorporating the market liquidity of financial products. This framework incorporates the mechanism of the market impact caused by the investor's own dealings through adjusting Value-at-Risk according to the level of market liquidity and the scale of the investor's position. Specifically, the optimal execution strategy for liquidating the investor's entire position is first calculated taking the market impact into account. Then the maximum loss that may be incurred by price fluctuations under optimal execution strategy is calculated as L-VaR. This paper presents a specific model providing a closed-form solution for calculating L-VaR, and examines whether this framework can be applied to the practices of financial risk management by calculating numerical examples. It also demonstrates that this L-VaR calculation framework may be applied under more general conditions, such as (1) when the market impact is uncertain, (2) when the investor's portfolio consists of multiple financial assets, and (3) when there is a non-linear relationship between the market impact and the trading volume.

Über Veränderungen des Neurokeratinnetzes und der Quellbarkeit der Schmidt-Lantermannschen Einkerbungen beim Regenerations- und Degenerationsprozess des peripheren markhaltigen Nervenfasern

Mit Hilfe der Formalinmethode untersuchte der Verfasser den zentralen und peripheren Stumpf des ausgeschnittenen N. ischiadicus bei Kaninchen nach Verlauf verschiedener Zeiten und kam zu folgenden Resultaten: 1. Befunde des zentralen Stumpfes. 24 Stunden nach Operation kann man in der Nähe der durchschnittenen Stelle weder Neurokeratinnetz noch Einkerbungen auffinden. Zentralwärts treten die Einkerbungen in die Erscheinung und zeigen nach und nach grössere Quellbarkeit, wobei auch das Neurokeratinnetz immer deutlicher werdend weitere Maschen zeigen, bis die Maschenweite und die Quellbarkeit der Einkerbungen bei weitem den normalen Grad überwiegen. Zuweilen sieht man eine kleine Vakuolenbildung im Knotenpunkt des Netzes. Weiter zentralwärts aber tritt die Quellbarkeit der Einkerbungen allmählich in den Hintergrund und die Netzmaschen verkleinern sich mehr und mehr, sodass man endlich eine fast normale Struktur antrifft. 48 Stunden nach Operation. Die Strecke, wo das Neurokeratinnetz und die Einkerbungen sich nicht erkennen lassen, wird kürzer und enthält häufig eine in Körnchen zerfallende Substanz. Im Gebiet, wo das Neurokeratinnetz mit weiten Maschen in die Augen springt, vergrössern sich die Vakuolen in den Knotenpunkten des Netzes hier und da, und verwandeln sich in die Netzmaschen. Sonst deckt sich der Befund mit dem der 24. Stunde. Am 3-5 Tage nach Operation kommen Querspalte in der Markscheide an der durchschnittenen Stelle zum Vorschein als erste Andeutung der Einkerbungen. Sie nehmen mit der Zeit an Breite zu und entfernen sich auseinander, um endlich eine regelmässige Anordnung zu zeigen. Dabei verbinden sich die genannten Körnchen mit einander, und zwar zuerst zu Fäden, dann zu einem Netzwerk. Auf diese Weise bildet sich das Neurokeratinnetz mit den Einkerbungen aufs neue. Kurz geht die Neubildung des Neurokeratinnetzes mit der der Einkerbungen Hand in Hand. 2. Befunde des peripheren Stumpfes. Der am Schnittende anliegende Abschnitt erweist keine Einkerbungen, wohl aber das Neurokeratinnetz, wenn auch die Netzmaschen sehr fein sind. Nur selten geht auch das Netzwerk ganz zu Grunde. Weiter peripheriewärts sieht man, dass die Verengerung der Netzmaschen im allgemeinen mit dem Vermindern der Quellbarkeit der Einkerbungen Hand in Hand geht. Doch behält das Netz meistens eine Zeit lang seine regelmässige Anordnung wenn auch mit sehr feinen Maschen, selbst wenn die Einkerbungen ganz verschwunden sind. Erst wenn die Markscheide im Verlauf der Zeit vollständig der körnigen Degeneration anheimfällt, so geht auch das Netzwerk zu Grunde

Über die durch einige Purinderivate verursachten Veränderungen der Golgischen Apparate in den Nierenepithelzellen beim Kaninchen

Bei Kaninchen injizierte der Verfasser eine 2%ige Lösung von Coffeinum natriobenzoicum, Theocin oder Diuretin in die Ohrvene, u. z. einmal eine kleine Menge (2.ccm pro Kg Körpergewicht), andermal eine grosse (10ccm pro Kg Körpergewicht). Dann nach Zeiträumen von 0, 5-4. Stunden tötete er die Tiere, um ihre Nieren mit Hilfe der Uransilbermethode zu untersuchen. Daraus ergibt sich Folgendes: Nach Coffeininjektion entwickelt sich der Golgische Apparat der Nierenepithelzellen, wenn man eine grosse Menge des Mittels gebraucht, während dies nicht der Fall ist bei Anwendung der kleinen Dosis. Im ersten Fall springt der Apparat am deutlichsten in die Augen an der 1.-2. Stunde nach Injektion, doch tritt er wieder in den normalen Zustand zurück 4. Stunden nach Injektion. Das gesagte gilt auch für Theocin, aber die Entwickelung des Apparates ist in diesem Fall noch stärker, während seine Rückbildung nach demselben Zeitverlauf erfolgt. Nach Injektion der grossen Menge von Diuretin zeigt der Apparat der Nierenepithelzellen die stärkste Entwickelung, die an der 1.-2. Stunde nach Injektion ihr Maximum erreicht, und an der 4. Stunde behält er noch eine leichte Vergrösserung bei

Multifunctional polyketide synthase genes identified by genomic survey of the symbiotic dinoflagellate, Symbiodinium minutum

Table S1. Predicted domains from transcriptome contigs Figure S1. Expression of KS domain-containing genes on scaffolds of S. minutum. Read coverages of RNAseq (gray line) on KS domain-containing genes (surrounded by green) show expression in our standard cultured conditions. In addition, the SL sequence containing reads (red line) from transcription start site (TSS) library suggest large multifunctional genes are expressed as a transcript that is not trans-spliced. Red arrows show trans-spliced sites, located internally in KS domain-containing genes. Figure S2. Molecular phylogenetic tree of Type I and Type II KS domains from prokaryotic and eukaryotic PKS and FAS, analyzed by maximum likelihood. Type II KS and acyl carrier protein synthases (ACPS) were used as outgroups. Bootstrap values ≥ 50 % are marked at appropriate nodes. Details regarding S. minutum sequences are provided in Table 1. (PDF 9386 kb

The Diagnostic Value of the Interstitial Biomarkers KL-6 and SP-D for the Degree of Fibrosis in Combined Pulmonary Fibrosis and Emphysema

The combined pulmonary fibrosis and emphysema (CPFE) was reported first in 1990, but it has been comparatively underestimated until recently. Although the diagnostic findings of both emphysematous and fibrotic regions are detectable by high-resolution computed tomography (HRCT) of the chest, the degree of progressive fibrosis, which increases with emphysematous lesions, is difficult to evaluate. In this study, we hypothesized that the biomarkers for pulmonary fibrosis, surfactant protein D (SP-D), and KL-6 would serve as good indicators of fibrotic lesions in CPFE. We recruited 46 patients who had been diagnosed in our hospital with both emphysema and fibrosis by their CT scan image from April 2003 to March 2008. The correlation among their pulmonary function tests, composite physiologic index (CPI), and the serum levels of SP-D and KL-6 was evaluated. We found a correlation between KL-6 and %VC, %TLC, or CPI and between SP-D and %VC or CPI. Interestingly, the combined product of KL-6 and SP-D (KL-6xSP-D) was found to highly correlate with %VC and %TLC or CPI. These results show that both KL-6 and SP-D, and especially the product of SP-D and KL-6, are good indicators of the presence of fibrotic lesions in the lungs of CPFE patients

An Investigation into the Genetic History of Japanese Populations of Three Starfish, Acanthaster planci, Linckia laevigata, and Asterias amurensis, Based on Complete Mitochondrial DNA Sequences

Crown-of-thorns starfish, Acanthaster planci (COTS), are common in coral reefs of Indo-Pacific Ocean. Since they are highly fecund predators of corals, periodic outbreaks of COTS cause substantial loss of healthy coral reefs. Using complete mitochondrial DNA sequences, we here examined how COTS outbreaks in the Ryukyu Archipelago, Japan are reflected by the profile of their population genetics. Population genetics of the blue starfish, Linckia laevigata, which lives in the Ryukyu Archipelago, but not break out and the northern Pacific sea star, Asterias amurensis, which lives in colder seawater around the main Islands of Japan, were also examined as controls. Our results showed that As. amurensis has at least two local populations that diverged approximately 4.7 million years ago (MYA), and no genetic exchanges have occurred between the populations since then. Linckia laevigata shows two major populations in the Ryukyu Archipelago that likely diverged approximately 6.8 MYA. The two populations, each comprised of individuals collected from coast of the Okinawa Island and those from the Ishigaki Island, suggest the presence of two cryptic species in the Ryukyu Archipelago. On the other hand, population genetics of COTS showed a profile quite different from those of Asterias and Linckia At least five lineages of COTS have arisen since their divergence approximately 0.7 MYA, and each of the lineages is present at the Okinawa Island, Miyako Island, and Ishigaki Island. These results suggest that COTS have experienced repeated genetic bottlenecks that may be associated with or caused by repeated outbreaks

Intestinal carriage of methicillin-resistant Staphylococcus aureus in nasal MRSA carriers hospitalized in the neonatal intensive care unit

BACKGROUND: The current data regarding the correlation between the methicillin-resistant Staphylococcus aureus (MRSA) clones carried in the nasal cavity and digestive tract are inadequate. METHODS: MRSA strains were isolated from both the feces and nasal swabs of 21 nasal-MRSA carriers ranging from 10 to 104 days of age treated at the neonatal intensive care units of two hospitals. The molecular epidemiological characteristics of the isolates were determined: multilocus sequence types, spa-types, staphylococcal cassette chromosome mec (SCCmec) types, carriage of four exotoxin genes, and genes contained in commercially available kit. RESULTS: The feces of all nasal carriers contained MRSA at levels ranging from 4.0 × 10(2) to 2.8 × 10(8) colony forming units/g feces. The MRSA clones isolated from the feces and the nasal swabs of each patient were the same. Four MRSA clones, clonal complex (CC) 8-SCCmec IVl, CC8-SCCmec IVb, CC1-SCCmec IVa and CC5-SCCmec IIa were identified from 21 patients. All CC8-SCCmec IVl strains and one of three CC5-SCCmec IIa strains carried the toxic shock syndrome toxin gene. CONCLUSIONS: The feces of tested MRSA carriers contained the same MRSA clones as the nasal isolates in considerable amounts, suggesting that more careful attention should be paid for the handling of excrement in the case of newborn babies or infants than that of adults

Expansion and Diversification of Fluorescent Protein Genes in Fifteen Acropora Species during the Evolution of Acroporid Corals

In addition to a purple, non-fluorescent chromoprotein (ChrP), fluorescent proteins (FPs) account for the vivid colors of corals, which occur in green (GFP), cyan (CFP), and red (RFP) FPs. To understand the evolution of the coral FP gene family, we examined the genomes of 15 Acropora species and three confamilial taxa. This genome-wide survey identified 219 FP genes. Molecular phylogeny revealed that the 15 Acropora species each have 9-18 FP genes, whereas the other acroporids examined have only two, suggesting a pronounced expansion of the FP genes in the genus Acropora. The data estimates of FP gene duplication suggest that the last common ancestor of the Acropora species that survived in the period of high sea surface temperature (Paleogene period) has already gained 16 FP genes. Different evolutionary histories of lineage-specific duplication and loss were discovered among GFP/CFPs, RFPs, and ChrPs. Synteny analysis revealed core GFP/CFP, RFP, and ChrP gene clusters, in which a tandem duplication of the FP genes was evident. The expansion and diversification of Acropora FPs may have contributed to the present-day richness of this genus