Continuous Equilibrium in Affine and Information-Based Capital Asset Pricing Models

We consider a class of generalized capital asset pricing models in continuous time with a finite number of agents and tradable securities. The securities may not be sufficient to span all sources of uncertainty. If the agents have exponential utility functions and the individual endowments are spanned by the securities, an equilibrium exists and the agents' optimal trading strategies are constant. Affine processes, and the theory of information-based asset pricing are used to model the endogenous asset price dynamics and the terminal payoff. The derived semi-explicit pricing formulae are applied to numerically analyze the impact of the agents' risk aversion on the implied volatility of simultaneously-traded European-style options.Comment: 24 pages, 4 figure

Activity of comets: Gas Transport in the Near-Surface Porous Layers of a Cometary Nucleus

The gas transport through non-volatile random porous media is investigated numerically. We extend our previous research of the transport of molecules inside the uppermost layer of a cometary surface (Skorov and Rickmann, 1995; Skorov et al. 2001). We assess the validity of the simplified capillary model and its assumptions to simulate the gas flux trough the porous dust mantle as it has been applied in cometary physics. A new microphysical computational model for molecular transport in random porous media formed by packed spheres is presented. The main transport characteristics such as the mean free path distribution and the permeability are calculated for a wide range of model parameters and compared with those obtained by more idealized models. The focus in this comparison is on limitations inherent in the capillary model. Finally a practical way is suggested to adjust the algebraic Clausing formula taking into consideration the nonlinear dependence of permeability on layer porosity. The retrieved dependence allows us to accurately calculate the permeability of layers whose thickness and porosity vary in the range of values expected for the near-surface regions of a cometary nucleus.Comment: 25 pages, 9 figure

Chromosomal radiosensitivity and acute radiation side effects after radiotherapy in tumour patients - a follow-up study

Radiotherapists are highly interested in optimizing doses especially for patients who tend to suffer from side effects of radiotherapy (RT). It seems to be helpful to identify radiosensitive individuals before RT. Thus we examined aberrations in FISH painted chromosomes in in vitro irradiated blood samples of a group of patients suffering from breast cancer. In parallel, a follow-up of side effects in these patients was registered and compared to detected chromosome aberrations. METHODS: Blood samples (taken before radiotherapy) were irradiated in vitro with 3 Gy X-rays and analysed by FISH-painting to obtain aberration frequencies of first cycle metaphases for each patient. Aberration frequencies were analysed statistically to identify individuals with an elevated or reduced radiation response. Clinical data of patients have been recorded in parallel to gain knowledge on acute side effects of radiotherapy. RESULTS: Eight patients with a significantly elevated or reduced aberration yield were identified by use of a t-test criterion. A comparison with clinical side effects revealed that among patients with elevated aberration yields one exhibited a higher degree of acute toxicity and two patients a premature onset of skin reaction already after a cumulative dose of only 10 Gy. A significant relationship existed between translocations in vitro and the time dependent occurrence of side effects of the skin during the therapy period. CONCLUSIONS: The results suggest that translocations can be used as a test to identify individuals with a potentially elevated radiosensitivity

Target selection for T-cell therapy in epithelial ovarian cancer: systematic prioritization of self-antigens

Adoptive T cell-receptor therapy (ACT) could represent a promising approach in the targeted treatment of epithelial ovarian cancer (EOC). However, the identification of suitable tumor-associated antigens (TAAs) as targets is challenging. We identified and prioritized TAAs for ACT and other immunotherapeutic interventions in EOC. A comprehensive list of pre-described TAAs was created and candidates were prioritized, using predefined weighted criteria. Highly ranked TAAs were immunohistochemically stained in a tissue microarray of 58 EOC samples to identify associations of TAA expression with grade, stage, response to platinum, and prognosis. Preselection based on expression data resulted in 38 TAAs, which were prioritized. Along with already published Cyclin A1, the TAAs KIF20A, CT45, and LY6K emerged as most promising targets, with high expression in EOC samples and several identified peptides in ligandome analysis. Expression of these TAAs showed prognostic relevance independent of molecular subtypes. By using a systematic vetting algorithm, we identified KIF20A, CT45, and LY6K to be promising candidates for immunotherapy in EOC. Results are supported by IHC and HLA-ligandome data. The described method might be helpful for the prioritization of TAAs in other tumor entities

Methane exchange in a boreal forest estimated by gradient method

Forests are generally considered to be net sinks of atmospheric methane (CH4) because of oxidation by methanotrophic bacteria in well-aerated forests soils. However, emissions from wet forest soils, and sometimes canopy fluxes, are often neglected when quantifying the CH4 budget of a forest. We used a modified Bowen ratio method and combined eddy covariance and gradient methods to estimate net CH4 exchange at a boreal forest site in central Sweden. Results indicate that the site is a net source of CH4. This is in contrast to soil, branch and leaf chamber measurements of uptake of CH4. Wetter soils within the footprint of the canopy are thought to be responsible for the discrepancy. We found no evidence for canopy emissions per se. However, the diel pattern of the CH4 exchange with minimum emissions at daytime correlated well with gross primary production, which supports an uptake in the canopy. More distant source areas could also contribute to the diel pattern; their contribution might be greater at night during stable boundary layer conditions

Strategisches Handeln von Startups im Kontext der Mediatisierung

Junge Gründer und Start-ups müssen sich in einer schnell wandelnden und mediatisierten Wettbewerbsumwelt behaupten. Ihr Handeln wird geprägt von sozialen Netzwerkmedien wie Facebook, LinkedIn oder Instagram. Um auf diesen Medien-plattformen erfolgreich zu sein, müssen Markenführung und Markenkommunikation strategisch verankert sein. Der Aufsatz präsentiert daher eine qualitative Analyse empirischer Daten aus dem Kontext des Start-up-Incubator neudeli der Bauhaus-Universität Weimar und verdeutlicht, dass die Mediatisierung grundlegend in die strategische Entwicklung der Marke von jungen Gründern und Start-ups eingreift. Die Studie verdeutlicht das Verständnis strategischer Markenführung in mediatisierten Kontexten und zeigt, dass drei idealtypische Praktiken zur Markenführung und strategischen Entwicklung beitragen: 1) Bürokratische Medienarbeit, 2) Mediale Kreativarbeit, 3) Netzwerkarbeit durch Medien

Development and Validation of a Risk Score for Chronic Kidney Disease in HIV Infection Using Prospective Cohort Data from the D:A:D Study

Ristola M. on työryhmien DAD Study Grp ; Royal Free Hosp Clin Cohort ; INSIGHT Study Grp ; SMART Study Grp ; ESPRIT Study Grp jäsen.Background Chronic kidney disease (CKD) is a major health issue for HIV-positive individuals, associated with increased morbidity and mortality. Development and implementation of a risk score model for CKD would allow comparison of the risks and benefits of adding potentially nephrotoxic antiretrovirals to a treatment regimen and would identify those at greatest risk of CKD. The aims of this study were to develop a simple, externally validated, and widely applicable long-term risk score model for CKD in HIV-positive individuals that can guide decision making in clinical practice. Methods and Findings A total of 17,954 HIV-positive individuals from the Data Collection on Adverse Events of Anti-HIV Drugs (D:A:D) study with >= 3 estimated glomerular filtration rate (eGFR) values after 1 January 2004 were included. Baseline was defined as the first eGFR > 60 ml/min/1.73 m2 after 1 January 2004; individuals with exposure to tenofovir, atazanavir, atazanavir/ritonavir, lopinavir/ritonavir, other boosted protease inhibitors before baseline were excluded. CKD was defined as confirmed (>3 mo apart) eGFR In the D:A:D study, 641 individuals developed CKD during 103,185 person-years of follow-up (PYFU; incidence 6.2/1,000 PYFU, 95% CI 5.7-6.7; median follow-up 6.1 y, range 0.3-9.1 y). Older age, intravenous drug use, hepatitis C coinfection, lower baseline eGFR, female gender, lower CD4 count nadir, hypertension, diabetes, and cardiovascular disease (CVD) predicted CKD. The adjusted incidence rate ratios of these nine categorical variables were scaled and summed to create the risk score. The median risk score at baseline was -2 (interquartile range -4 to 2). There was a 1: 393 chance of developing CKD in the next 5 y in the low risk group (risk score = 5, 505 events), respectively. Number needed to harm (NNTH) at 5 y when starting unboosted atazanavir or lopinavir/ritonavir among those with a low risk score was 1,702 (95% CI 1,166-3,367); NNTH was 202 (95% CI 159-278) and 21 (95% CI 19-23), respectively, for those with a medium and high risk score. NNTH was 739 (95% CI 506-1462), 88 (95% CI 69-121), and 9 (95% CI 8-10) for those with a low, medium, and high risk score, respectively, starting tenofovir, atazanavir/ritonavir, or another boosted protease inhibitor. The Royal Free Hospital Clinic Cohort included 2,548 individuals, of whom 94 individuals developed CKD (3.7%) during 18,376 PYFU (median follow-up 7.4 y, range 0.3-12.7 y). Of 2,013 individuals included from the SMART/ESPRIT control arms, 32 individuals developed CKD (1.6%) during 8,452 PYFU (median follow-up 4.1 y, range 0.6-8.1 y). External validation showed that the risk score predicted well in these cohorts. Limitations of this study included limited data on race and no information on proteinuria. Conclusions Both traditional and HIV-related risk factors were predictive of CKD. These factors were used to develop a risk score for CKD in HIV infection, externally validated, that has direct clinical relevance for patients and clinicians to weigh the benefits of certain antiretrovirals against the risk of CKD and to identify those at greatest risk of CKD.Peer reviewe

Annual survey of water vapor behavior from the OMEGA mapping spectrometer onboard Mars Express

International audience► Analysis of the first years of Mars Express data. ► Extensive comparison with past and simultaneous measurements. ► Agreement between datasets within the uncertainties. ► Significant quantitative discrepancies for the northern summer maximum. ► Limited amplitude of water vapor diurnal fluctuations

Observations of atmospheric water vapor above the Tharsis volcanoes on Mars with the OMEGA/MEx imaging spectrometer

International audienceThe OMEGA imaging spectrometer onboard the Mars Express spacecraft is particularly well suited to study in detail specific regions of Mars, thanks to its high spatial resolution and its high signal-to-noise ratio. We investigate the behavior of atmospheric water vapor over the four big volcanoes located on the Tharsis plateau (Olympus, Ascraeus, Pavonis and Arsia Mons) using the 2.6 mum band, which is the strongest and most sensitive H 2O band in the OMEGA spectral range. Our data sample covers the end of MY26 and the whole MY27, with gaps only in the late northern spring and in northern autumn. The most striking result of our retrievals is the increase of water vapor mixing ratio from the valley to the summit of volcanoes. Corresponding column density is often almost constant, despite a factor of ˜5 decrease in air mass from the bottom to the top. This peculiar water enrichment on the volcanoes is present in 75% of the orbits in our sample. The seasonal distribution of such enrichment hints at a seasonal dependence, with a minimum during the northern summer and a maximum around the northern spring equinox. The enrichment possibly also has a diurnal trend, being the orbits with a high degree of enrichment concentrated in the early morning. However, the season and the solar time of the observations, due to the motion of the spacecraft, are correlated, then the two dependences cannot be clearly disentangled. Several orbits exhibit also spatially localized enrichment structures, usually ring- or crescent-shaped. We retrieve also the height of the saturation level over the volcanoes. The results show a strong minimum around the aphelion season, due to the low temperatures, while it raises quickly before and after this period. The enrichment is possibly generated by the local circulation characteristic of the volcano region, which can transport upslope significant quantities of water vapor. The low altitude of the saturation level during the early summer can then hinder the transport of water during this season. The influence of the coupling between atmosphere and surface, due mainly to the action of the regoliths, can also contribute partially to the observed phenomenon