2,996 research outputs found
Specific Advice on Fulfilling Information Requirements for Nanomaterials under REACH (RIP-oN 2) â Final Project Report
The merit of high-frequency data in portfolio allocation
This paper addresses the open debate about the usefulness of high-frequency (HF) data in large-scale portfolio allocation. Daily covariances are estimated based on HF data of the S&P 500 universe employing a blocked realized kernel estimator. We propose forecasting covariance matrices using a multi-scale spectral decomposition where volatilities, correlation eigenvalues and eigenvectors evolve on different frequencies. In an extensive out-of-sample forecasting study, we show that the proposed approach yields less risky and more diversified portfolio allocations as prevailing methods employing daily data. These performance gains hold over longer horizons than previous studies have shown
Statin initiation and acute kidney injury following elective cardiovascular surgery: a population cohort study in Denmark
OBJECTIVES: Acute kidney injury (AKI) is a serious complication of cardiac surgery. Statins may prevent post-surgical AKI, yet methodological concerns about existing studies raise questions about the magnitude of a protective effect. We sought to determine the effect of initiating a statin prior to elective cardiac surgery on post-surgical AKI in a regional Danish surgical cohort.
METHODS: We identified adults who underwent cardiac surgery during 2006-11 using the Western Denmark Heart Registry. Presurgical medication use, pre- and post-surgical serum creatinine (sCr) measures, and other patient characteristics were obtained from Danish population-based registries. Post-surgical AKI was assessed using sCr measures within 5 days of surgery. The adjusted risk ratio (RR) of AKI and 95% confidence interval (CI) were estimated for patients who initiated a statin within 100 days prior to surgery compared with patients without prior statin use; long-term statin users were excluded to reduce healthy-user bias. Subanalyses were stratified by surgery type: coronary artery bypass grafting (CABG) and non-CABG surgeries.
RESULTS: We identified 1929 CABG and 1775 non-CABG patients. AKI occurred in 25% of CABG and 28% of non-CABG surgeries, and in 29% of the non-users and 21% of the statin initiators. Half of CABG patients and 9% of non-CABG patients initiated a statin prior to surgery. The adjusted RRs for the effect of statin initiation on AKI were as follows: all surgeries combined, RR = 0.86 (95% CI: 0.74, 0.98); CABG, RR = 0.88 (0.74, 1.05); non-CABG RR = 0.87 (0.68, 1.11).
CONCLUSIONS: Presurgical statin initiation is associated with a reduction in AKI risk after cardiac surgery
Gastric cancer and Helicobacter pylori: a combined analysis of 12 case control studies nested within prospective cohorts
BACKGROUND: The magnitude of the association
between Helicobacter pylori and
incidence of gastric cancer is unclear. H
pylori infection and the circulating antibody
response can be lost with development
of cancer; thus retrospective studies
are subject to bias resulting from classifi-
cation of cases as H pylori negative when
they were infected in the past.
AIMS: To combine data from all case control
studies nested within prospective
cohorts to assess more reliably the relative
risk of gastric cancer associated with H
pylori infection.To investigate variation in
relative risk by age, sex, cancer type and
subsite, and interval between blood sampling
and cancer diagnosis.
METHODS: Studies were eligible if blood
samples for H pylori serology were collected
before diagnosis of gastric cancer in
cases. Identified published studies and two
unpublished studies were included. Individual
subject data were obtained for
each. Matched odds ratios (ORs) and 95%
confidence intervals (95% CI) were calculated
for the association between H pylori
and gastric cancer.
RESULTS: Twelve studies with 1228 gastric
cancer cases were considered. The association
with H pylori was restricted to noncardia
cancers (OR 3.0; 95% CI 2.3â3.8)
and was stronger when blood samples for
H pylori serology were collected 10+ years
before cancer diagnosis (5.9; 3.4â10.3). H
pylori infection was not associated with an
altered overall risk of cardia cancer (1.0;
0.7â1.4).
CONCLUSIONS: These results suggest that
5.9 is the best estimate of the relative risk
of non-cardia cancer associated with H
pylori infection and that H pylori does not
increase the risk of cardia cancer. They
also support the idea that when H pylori
status is assessed close to cancer diagnosis,
the magnitude of the non-cardia
association may be underestimated
Inflationary perturbations in anisotropic backgrounds and their imprint on the CMB
We extend the standard theory of cosmological perturbations to homogeneous
but anisotropic universes. We present an exhaustive computation for the case of
a Bianchi I model, with a residual isotropy between two spatial dimensions,
which is undergoing complete isotropization at the onset of inflation; we also
show how the computation can be further extended to more general backgrounds.
In presence of a single inflaton field, there are three physical perturbations
(precisely as in the isotropic case), which are obtained (i) by removing gauge
and nondynamical degrees of freedom, and (ii) by finding the combinations of
the remaining modes in terms of which the quadratic action of the perturbations
is canonical. The three perturbations, which later in the isotropic regime
become a scalar mode and two tensor polarizations (gravitational wave), are
coupled to each other already at the linearized level during the anisotropic
phase. This generates nonvanishing correlations between different modes of the
CMB anisotropies, which can be particularly relevant at large scales (and,
potentially, be related to the large scale anomalies in the WMAP data). As an
example, we compute the spectrum of the perturbations in this Bianchi I
geometry, assuming that the inflaton is in a slow roll regime also in the
anisotropic phase. For this simple set-up, fixing the initial conditions for
the perturbations appears more difficult than in the standard case, and
additional assumptions seem to be needed to provide predictions for the CMB
anisotropies.Comment: 31 pages, 3 figure
Exact/heuristic hybrids using rVNS and hyperheuristics for workforce scheduling
In this paper we study a complex real-world workforce scheduling
problem. We propose a method of splitting the problem into smaller parts and
solving each part using exhaustive search. These smaller parts comprise a
combination of choosing a method to select a task to be scheduled and a method
to allocate resources, including time, to the selected task. We use reduced
Variable Neighbourhood Search (rVNS) and hyperheuristic approaches to
decide which sub problems to tackle. The resulting methods are compared to
local search and Genetic Algorithm approaches. Parallelisation is used to
perform nearly one CPU-year of experiments. The results show that the new
methods can produce results fitter than the Genetic Algorithm in less time and
that they are far superior to any of their component techniques. The method
used to split up the problem is generalisable and could be applied to a wide
range of optimisation problems
Default Risk and Equity Returns: A Comparison of the Bank-Based German and the U.S. Financial System
In this paper, we address the question whether the impact of default risk on equity returns depends on the financial system firms operate in. Using an implementation of Merton's option-pricing model for the value of equity to estimate firms' default risk, we construct a factor that measures the excess return of firms with low default risk over firms with high default risk. We then compare results from asset pricing tests for the German and the U.S. stock markets. Since Germany is the prime example of a bank-based financial system, where debt is supposedly a major instrument of corporate governance, we expect that a systematic default risk effect on equity returns should be more pronounced for German rather than U.S. firms. Our evidence suggests that a higher firm default risk systematically leads to lower returns in both capital markets. This contradicts some previous results for the U.S. by Vassalou/Xing (2004), but we show that their default risk factor looses its explanatory power if one includes a default risk factor measured as a factor mimicking portfolio. It further turns out that the composition of corporate debt affects equity returns in Germany. Firms' default risk sensitivities are attenuated the more a firm depends on bank debt financing
Investor heterogeneity and the cross-section of U.K. investment trust performance
We use the upper and lower bounds derived by Ferson and Lin (2010) to examine the impact of investor heterogeneity on the performance of U.K. investment trusts relative to alternative linear factor models. We find using the upper bounds that investor heterogeneity has an important impact for nearly all investment trusts. The upper bounds are large in economic terms and significantly different from zero. We find no evidence of any trusts where all investors agree on the sign of performance beyond what we expect by chance. Using the lower bound, we find that trusts with a larger disagreement about trust performance have a weaker relation between the trust premium and past Net Asset Value (NAV) performance
A 2.3-Day Periodic Variability in the Apparently Single Wolf-Rayet Star WR 134: Collapsed Companion or Rotational Modulation?
We present the results of an intensive campaign of spectroscopic and
photometric monitoring of the peculiar Wolf-Rayet star WR 134 from 1989 to
1997.
This unprecedentedly large data set allows us to confirm unambiguously the
existence of a coherent 2.25 +/- 0.05 day periodicity in the line-profile
changes of He II 4686, although the global pattern of variability is different
from one epoch to another. This period is only marginally detected in the
photometric data set. Assuming the 2.25 day periodic variability to be induced
by orbital motion of a collapsed companion, we develop a simple model aiming at
investigating (i) the effect of this strongly ionizing, accreting companion on
the Wolf-Rayet wind structure, and (ii) the expected emergent X-ray luminosity.
We argue that the predicted and observed X-ray fluxes can only be matched if
the accretion on the collapsed star is significantly inhibited. Additionally,
we performed simulations of line-profile variations caused by the orbital
revolution of a localized, strongly ionized wind cavity surrounding the X-ray
source. A reasonable fit is achieved between the observed and modeled
phase-dependent line profiles of He II 4686. However, the derived size of the
photoionized zone substantially exceeds our expectations, given the observed
low-level X-ray flux. Alternatively, we explore rotational modulation of a
persistent, largely anisotropic outflow as the origin of the observed cyclical
variability. Although qualitative, this hypothesis leads to greater consistency
with the observations.Comment: 34 pages, 16 figures. Accepted by the Astrophysical Journa
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