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.

Recanalization of the Chronically Occluded Internal Carotid Artery: Review of the Literature.

Introduction: We reviewed the literature on interventions for patients with medically refractory chronically occluded internal carotid artery (COICA) to assess the risks and/or benefits after recanalization via an endovascular technique (ET) or hybrid surgery (HS, i.e., ET plus carotid endarterectomy). Methods: A systematic search of the electronic databases was performed. Patients with COICA were classified into 4 different categories according to Hasan et al classification. Results: Eighteen studies satisfied the inclusion criteria. Only 6 studies involved an HS procedure. We identified 389 patients with COICA who underwent ET or HS; 91% were males. The overall perioperative complication rate was 10.1% (95% confidence interval [CI]: 7.4%-13.1%). For types A and B, the successful recanalization rate was 95.4% (95% CI: 86.5%-100%), with a 13.7% (95% CI: 2.3%-27.4%) complication rate. For type C, the success rate for ET was 45.7% (95% CI: 17.8%-70.7%), with a complication rate of 46.0% (95% CI: 20.0%-71.4%) for ET and for the HS technique 87.6% (95% CI: 80.9%-94.4%), with a complication rate of 14.0% (95% CI: 7.0%-21.8%). For type D, the success rate of recanalization was 29.8% (95% CI: 7.8%-52.8%), with a 29.8% (95% CI: 6.1%-56.3%) complication rate. Successful recanalization resulted in a symmetrical perfusion between both cerebral hemispheres, resolution of penumbra, normalization of the mean transit time, and improvement in Montreal Cognitive Assessment (MoCA) score (ΔMoCA = 9.80 points; P = 0.004). Conclusions: Type A and B occlusions benefit from ET, especially in the presence of a large penumbra. Type C occlusions can benefit from HS. Unfortunately, we did not identify an intervention to help patients with type D occlusions. A phase 2b randomized controlled trial is needed to confirm these findings

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Spin-phonon coupling effects in transition-metal perovskites:a DFT+UU and hybrid-functional study

Spin-phonon coupling effects, as reflected in phonon frequency shifts between ferromagnetic (FM) and G-type antiferromagnetic (AFM) configurations in cubic CaMnO$_3$, SrMnO$_3$, BaMnO$_3$, LaCrO$_3$, LaFeO$_3$ and La$_2$(CrFe)O$_6$, are investigated using density-functional methods. The calculations are carried out both with a hybrid-functional (HSE) approach and with a DFT+$U$ approach using a $U$ that has been fitted to HSE calculations. The phonon frequency shifts obtained in going from the FM to the AFM spin configuration agree well with those computed directly from the more accurate HSE approach, but are obtained with much less computational effort. We find that in the $A$MnO$_3$ materials class with $A$=Ca, Sr, and Ba, this frequency shift decreases as the A cation radius increases for the $\Gamma$ phonons, while it increases for R-point phonons. In La$M$O$_3$ with $M$=Cr, Fe, and Cr/Fe, the phonon frequencies at $\Gamma$ decrease as the spin order changes from AFM to FM for LaCrO$_3$ and LaFeO$_3$, but they increase for the double perovskite La$_2$(CrFe)O$_6$. We discuss these results and the prospects for bulk and superlattice forms of these materials to be useful as multiferroics.Comment: 13 pages, 7 figures, 9 table

El enfoque neogibsoniano como marco conceptual y metodológico para el diseño de programas de entrenamiento deportivo

The neogibsonian approach holds that the processes of perceptual and perceptual-motor learning consist of improving the detection and use of the abundant information that exists in task environments. This claim is the starting point for a conceptual and methodological framework used for the analysis of learning. The conceptual framework includes the concepts of the education of attention and calibration and, more recently, the ones of potential-based and direct learning. The present article introduces the neogibsonian approach and describes the implications of that approach for the design of training programs. In particular, the article addresses an explanation for the beneficial effects of variability in practice methods, and it considers the way in which variability should be introduced so as to achieve the beneficial effects

Catalytic hollow fiber membranes prepared using layer-by-layer adsorption of polyelectrolytes and metal nanoparticles

Immobilization of metalnanoparticles in hollowfibermembranes via alternating adsorption of polyelectrolytes and negatively charged Au nanoparticles yields catalytic reactors with high surface areas. SEM images show that this technique deposits a high density of unaggregated metalnanoparticles both on the surfaces and in the pores of the hollowfibers. Catalytic reduction of 4-nitrophenol with NaBH4, which can be easily monitored by UV–vis spectrophotometry, demonstrates that the nanoparticles in the hollowfibermembrane are highly catalytically active. In a single pass through the membrane, >99% of the 4-nitrophenol is reduced to 4-aminophenol, but this conversion decreases over time. The conversion decline may stem from catalyst fouling caused by by-products of 4-aminophenol oxidation