Multivariate Partial Distribution: A New Method of Pricing Group Assets and Analyzing the Risk for Hedging

Based on the Partial Distribution (Feng Dai, 2001), a new model to price an asset (MPA) is given. Going a step further, this paper puts forward the Multivariate Partial Distribution (MPD) for the first time. By use of MPD, we could gain a new kind of model for pricing the group assets (MPGA), in which the competition and cooperation are considered. Based on MPGA, the integrated risk of group assets can be divided to hedging risk and independent risk, and the corresponding models are given. So we could analyze the price risk of group assets in more particular way. The conclusions show that assets are hedged in simple way of one to one can not eliminates completely their market risk in many cases. So there should be an optimal ratio between underlying asset and its derivative in hedging. The approach to determine the optimal ratio in hedging is offered in this paper. By the MPA and MPGA, we also could interpret five of interesting economic propositions in analytic way.multivariate Partial Distribution; pricing assets; group assets; risk analysis; optimal hedging

Multivariate Partial Distribution: A New Method of Pricing Group Assets and Analyzing the Risk for Hedging

Based on the Partial Distribution (Feng Dai, 2001), a new model to price an asset (MPA) is given. Going a step further, this paper puts forward the Multivariate Partial Distribution (MPD) for the first time. By use of MPD, we could gain a new kind of model for pricing the group assets (MPGA), in which the competition and cooperation are considered. Based on MPGA, the integrated risk of group assets can be divided to hedging risk and independent risk, and the corresponding models are given. So we could analyze the price risk of group assets in more particular way. The conclusions show that assets are hedged in simple way of one to one can not eliminates completely their market risk in many cases. So there should be an optimal ratio between underlying asset and its derivative in hedging. The approach to determine the optimal ratio in hedging is offered in this paper. By the MPA and MPGA, we also could interpret five of interesting economic propositions in analytic way.Multivariate Partial Distribution pricing assets group assets risk analysis optimal hedging

A Pragmatic Study on the Conversational Functions of Internet Catchwords

In recent years, Internet catchwords have been widely used as a new form of language in daily communication. The paper makes an analysis of the functions of Internet catchwords in the process of conversation from the perspective of pragmatics. It is found that when using Internet catchwords according to the five kinds of interpersonal relationship and the content of conversation, people violate the cooperative principle to make conversational implicature so as to strengthen or shorten the pragmatic distance between the conversation makers, guarantee the smooth ongoing of the conversation and maintain a harmonious interpersonal relationship. The study may help people to have a better understanding of the function of Internet catchwords in the process of conversation

Microbiota and bile acid profiles in retinoic acid-primed mice that exhibit accelerated liver regeneration.

Background & aimsAll-trans Retinoic acid (RA) regulates hepatic lipid and bile acid homeostasis. Similar to bile acid (BA), RA accelerates partial hepatectomy (PHx)-induced liver regeneration. Because there is a bidirectional regulatory relationship between gut microbiota and BA synthesis, we examined the effect of RA in altering the gut microbial population and BA composition and established their relationship with hepatic biological processes during the active phases of liver regeneration.MethodsC57BL/6 mice were treated with RA orally followed by 2/3 PHx. The roles of RA in shifting gut microbiota and BA profiles as well as hepatocyte metabolism and proliferation were studied.ResultsRA-primed mice exhibited accelerated hepatocyte proliferation revealed by higher numbers of Ki67-positive cells compared to untreated mice. Firmicutes and Bacteroidetes phyla dominated the gut microbial community (>85%) in both control and RA-primed mice after PHx. RA reduced the ratio of Firmicutes to Bacteroidetes, which was associated with a lean phenotype. Consistently, RA-primed mice lacked transient lipid accumulation normally found in regenerating livers. In addition, RA altered BA homeostasis and shifted BA profiles by increasing the ratio of hydrophilic to hydrophobic BAs in regenerating livers. Accordingly, metabolic regulators fibroblast growth factor 21, Sirtuin1, and their downstream targets AMPK and ERK1/2 were more robustly activated in RA-primed than unprimed regenerating livers.ConclusionsPriming mice with RA resulted in a lean microbiota composition and hydrophilic BA profiles, which were associated with facilitated metabolism and enhanced cell proliferation