The Diminishing Benefits Of Nae International Portfolio Diversification Following The 1997 Asian Financial Crisis

Nae international diversification has been fundamental to portfolio management over the past 30 years, but the benefits appear to be significantly diminished following the 1997 Asian financial crisis. Using monthly return data covering the period from 1970 through 2004, we found rising correlations between U.S. and international equity markets exceeding 0.85 since July 1997. Even the return correlation of emerging countries recently has reached almost 0.80. We also found a significant reduction in the variance of the international return correlation after the financial crisis. Portfolio managers should not expect to receive the same benefits from international portfolio diversification as that obtained prior to the Asian financial crisis

The Valuation of Mortgage Loan Commitments Using Option Pricing Estimates

This paper values mortgage loan commitments in the context of the option pricing theory developed by Black and Scholes, and Merton. A valuation model is derived and empirical results are presented.

Palliative care and Parkinson's disease : meeting summary and recommendations for clinical research

Introduction: Palliative care is an approach to caring for patients and families affected by serious illnesses that focuses on the relief of suffering through the management of medical symptoms, psychosocial issues, advance care planning and spiritual wellbeing. Over the past decade there has been an emerging clinical and research interest in the application of palliative care approaches to Parkinson’s disease (PD) and outpatient palliative care services are now offered by several movement disorders centers. Methods: An International Working Group Meeting on PD and Palliative Care supported by the Parkinson’s Disease Foundation was held in October 2015 to review the current state of the evidence and to make recommendations for clinical research and practice. Results: Topics included: 1) Defining palliative care for PD; 2) Lessons from palliative care for heart failure and other chronic illnesses; 3) Patient and caregiver Needs; 4) Needs assessment tools; 5) Intervention strategies; 6) Predicting prognosis and hospice referrals; 7) Choice of appropriate outcome measures; 8) Implementation, dissemination and education research; and 9) Need for research collaborations. We provide an overview of these discussions, summarize current evidence and practices, highlight gaps in our knowledge and make recommendations for future research. Conclusions: Palliative Care for PD is a rapidly growing area which holds great promise for improving outcomes for PD patients and their caregivers. While clinical research in this area can build from lessons learned in other diseases, there is a need for observational, methodological and interventional research to address the unique needs of PD patients and caregivers

Fine structure in the gamma-ray sky

The EGRET results for gamma-ray intensities in and near the Galactic Plane have been analysed in some detail. Attention has been concentrated on energies above 1 GeV and the individual intensities in a $4^\circ$ longitude bin have been determined and compared with the large scale mean found from a nine-degree polynomial fit. Comparison has been made of the observed standard deviation for the ratio of these intensities with that expected from variants of our model. The basic model adopts cosmic ray origin from supernova remnants, the particles then diffusing through the Galaxy with our usual 'anomalous diffusion'. The variants involve the clustering of SN, a frequency distribution for supernova explosion energies, and 'normal', rather than 'anomalous' diffusion. It is found that for supernovae of unique energy, and our usual anomalous diffusion, clustering is necessary, particularly in the Inner Galaxy. An alternative, and preferred, situation is to adopt the model with a frequency distribution of supernova energies. The results for the Outer Galaxy are such that no clustering is required.Comment: 10 pages, 4 figures, 1 table, accepted for publication in J.Phys.G: Nucl.Part.Phy

A Uniform CO Survey of the Molecular Clouds in Orion and Monoceros

We report the results of a new large scale survey of the Orion-Monoceros complex of molecular clouds made in the J = 1->0 line of CO with the Harvard-Smithsonian 1.2m millimetre-wave telescope. The survey consists of 52,288 uniformly spaced spectra that cover an area of 432 square degrees on the sky and is the most sensitive large-scale survey of the region to date. Distances to the constituent molecular clouds of the complex, estimated from an analysis of foreground and background stars, have provided information on the three dimensional structure of the entire complex.Comment: Accepted for publication in Astronomy and Astrophysics. 19 pages with 17 colour figures - 39 if you count the sub-figures separately. The figures here have been bit-mapped with some loss of quality and beauty. The paper version in A&A will be in greyscale with the on-line version in colour. In the meantime the colour version can be obtained by following links at http://www.star.bris.ac.uk/mrwm . The 9MB PostScript is recommended if you have appropriate bandwidth or otherwise the 2.3MB PDF is usabl

The Influence of Intense Tai Chi Training on Physical Performance and Hemodynamic Outcomes in Transitionally Frail, Older Adults

Background. Few data exist to evaluate whether Tai Chi (TC) training improves physical performance and hemodynamic outcomes more than a wellness education (WE) program does among older fallers transitioning to frailty. Methods. This 48-week randomized clinical trial was provided at 10 matched pairs of congregate living facilities in the Atlanta metropolitan area to 291 women and 20 men, who were transitionally frail, ≥70 years old, and had fallen at least once within the past year. Pairs of facilities were randomized to either TC exercise (n = 158) or WE (control) interventions (n = 153) over 48 weeks. Physical performance (freely chosen gait speed, reach, chair-rises, 360° turn, picking up an object from the floor, and single limb support) and hemodynamic outcomes (heart rate and blood pressure) were obtained at baseline and after 4, 8, and 12 months. Results. Mean percent change (baseline to 1 year) for gait speed increased similarly in both cohorts (TC: 9.1% and WE: 8.2%; p =.78). However, time to complete three chair-rises decreased 12.3% for TC and increased 13.7% for WE (p =.006). Baseline to 1 year mean percent change decreased among TC and increased within WE cohorts for: body mass index (-2.3% vs 1.8%; p <.0001), systolic blood pressure (-3.4% vs 1.7%; p =.02), and resting heart rate (-5.9% vs 4.6%; p <.0001). Conclusions. TC significantly improved chair-rise and cardiovascular performance. Because TC training reduced fall occurrences in this cohort, factors influencing functional and cardiovascular improvements may also favorably impact fall event

Surface reconstruction of wear in carpets by using a wavelet edge detector

Carpet manufacturers have wear labels assigned to their products by human experts who evaluate carpet samples subjected to accelerated wear in a test device. There is considerable industrial and academic interest in going from human to automated evaluation, which should be less cumbersome and more objective. In this paper, we present image analysis research on videos of carpet surfaces scanned with a 3D laser. The purpose is obtaining good depth Images for an automated system that should have a high percentage of correct assessments for a wide variety of carpets. The innovation is the use of a wavelet edge detector to obtain a more continuously defined surface shape. The evaluation is based on how well the algorithms allow a good linear ranking and a good discriminance of consecutive wear labels. The results show an improved linear ranking for most carpet types, for two carpet types the results are quite significant

A Note on the Valuation of Mortgage Loan Commitments: Incorporating the Commitment Cost in the Mortgage Rate

Kutner and Seifert recently found that mortgage loan commitments have significant financial value. This note presents a procedure that may be used to incorporate this value in the nominal lending rate. The findings indicate that typical lending rates should be augmented by approximately 8 to 44 basis points in order to adequately capture this additional cost.