Do Options Contain Information About Excess Bond Returns?

There is strong empirical evidence that risk premia in long-term interest rates are time-varying. These risk premia critically depend on interest rate volatility, yet existing research has not examined the impact of time-varying volatility on excess returns for long-term bonds. To address this issue, we incorporate interest rate option prices, which are very sensitive to interest rate volatility, into a dynamic model for the term structure of interest rates. We estimate three-factor affine term structure models using both swap rates and interest rate cap prices. When we incorporate option prices, the model better captures interest rate volatility and is better able to predict excess returns for long-term swaps over short-term swaps, both in- and out-of-sample. Our results indicate that interest rate options contain valuable information about risk premia and interest rate dynamics that cannot be extracted from interest rates alone.

A New Perspective on Gaussian Dynamic Term Structure Models

In any canonical Gaussian dynamic term structure model (GDTSM), the conditional forecasts of the pricing factors are invariant to the imposition of no-arbitrage restrictions. This invariance is maintained even in the presence of a variety of restrictions on the factor structure of bond yields. To establish these results, we develop a novel canonical GDTSM in which the pricing factors are observable portfolios of yields. For our normalization, standard maximum likelihood algorithms converge to the global optimum almost instantaneously. We present empirical estimates and out-of-sample forecasts for several GDTSMs using data on U.S. Treasury bond yields

Development of Topical Gels Containing Chitosan-And Peg-Based Microparticles Loaded with Dual Drugs (Diclofenac Sodium and Sulfamethoxazole) for Bacterial Skin Infections

The presence of more than one API in single-unit dosage form such as tablet is common practice and even had the market success. However, development of multiple-unit dosage form such as microparticles with more than one API is not a common practice and none of the microparticles entered so far into market using the concept of dual drug loading. In this work, the two drugs namely, Diclofenac sodium and Sulfamethoxazole were encapsulated into microparticles formulation prepared by cold/hot-dispersion method. But after the microparticles formation, the current pilot experimental studies using IR spectroscopy, UV-analysis, TLC, etc. indicated that both of these two APIs underwent interaction within the microparticles itself. Thus further experimental studies should be needed to confirm the fact that whether or not the predicted interaction between these two drugs occurred at molecular (solid solution) level inside the hydrophilic polymer-based microparticles

Clinical assessment of the MOD-MEM cancer test in controls with non-malignant diseases.

A control series of 105 patients in hospital with non-malignant diseases was used in a limited clinical assessment of the MOD-MEM test. Twenty-seven positive results could be explained on the basis of destruction of nervous parenchyma, tissue necrosis, tuberculosis, malignant disease, etc. The remaining 13 unexplained positives showed a sex and age distribution in agreement with that predicted from cancer registration statistics if the MOD-MEM test detects cancer about 16 years before the clinical appearance of the disease

The legend of plantar neuropraxia in long-distance athletes

Background. Legend has it that endurance athletes who develop plantar foot pain during long-distance running frequently experience an eventual relief of pain due to a transient neuropraxia brought on by continued activity.Objective. To evaluate the nature of this legend, we assessed long-distance runners for the presence of sensory deficits before and after completion of an ultramarathon, expecting to find an induced neuropraxia  and abnormal sensory results.Methods. Twenty-five adult participants of an ultramarathon were evaluated prior to their 50/100 km run and again upon completion of the race. Neurosensory testing was performed using a 10 g monofilament at 4 locations on each foot and a 128 Hz tuning fork at one location on each foot. The same techniques were used prior to, and at conclusion of the race.Results. We detected no neuropraxia or sensory deficits in any participant, despite reports by the same subjects that they had experienced the phenomenon during the race. While runners commonly report losing sensation in their feet during long runs, we were unable to demonstrate any sensory deficit with simple field-based testing.Conclusion. We believe that there is room for additional research to be performed using more sensitive means of neurosensory evaluation

Ground state properties of a confined simple atom by C60_{60} fullerene

We numerically study the ground state properties of endohedrally confined hydrogen (H) or helium (He) atom by a molecule of C$_{60}$. Our study is based on Diffusion Monte Carlo method. We calculate the effects of centered and small off-centered H- or He-atom on the ground state properties of the systems and describe the variation of ground state energies due to the C$_{60}$ parameters and the confined atomic nuclei positions. Finally, we calculate the electron distributions in $x-z$ plane in a wide range of C$_{60}$ parameters.Comment: 23 pages, 9 figures. To appear in J.Phys. B: Atom. Mol. Op