Riding the Yield Curve: Diversification of Strategies

Riding the yield curve, the fixed-income strategy of purchasing a longer-dated security and selling before maturity, has long been a popular means to achieve excess returns compared to buying-and-holding, despite its implicit violations of market efficiency and the pure expectations hypothesis of the term structure. This paper looks at the historic excess returns of different strategies across three countries and proposes several statistical and macro-based trading rules which seem to enhance returns even more. While riding based on the Taylor Rule works well even for longer investment horizons, our empirical results indicate that, using expectations implied by Fed funds futures, excess returns can only be increased over short horizons. Furthermore, we demonstrate that duration-neutral strategies are superior to standard riding on a risk- adjusted basis. Overall, our evidence stands in contrast to the pure expectations hypothesis and points to the existence of risk premia which may be exploited consistently.Term Structure, Interest Rates, Market Efficiency, Taylor Rule

The Implications of Insurance Status on Presentation, Surgical Management and Mortality among Non-Metastatic Breast Cancer Patients in Indiana

Background The National Breast and Cervical Cancer Early Detection Program seeks to reduce health care disparities by providing uninsured and underinsured women access to screening mammograms. The objective of this study is to identify the differences in presentation, surgical management, and mortality among nonmetastatic uninsured patients diagnosed through Indiana's Breast and Cervical Cancer Program compared with patients with private and government (Medicare or Medicaid) insurance. Methods Study data were obtained using the Indiana state cancer registry and Indiana's Breast and Cervical Cancer Program. Women aged 50 to 64 with an index diagnosis of stage 0 to III breast cancer from January 1, 2006 to December 31, 2013, were included in the study. Bivariate intergroup analysis was conducted. Kaplan-Meier estimates between insurance types were compared using the log rank test. All-cause mortality was evaluated using a mixed effects model. Results The groups differed significantly for sociodemographic and clinical variables. Uninsured Indiana Breast and Cervical Cancer Program patients presented with later disease stage (P < .001) and had the highest overall mortality (hazard ratio 2.2, P = .003). Surgical management only differed among stage III patients (P = .012). Conclusion To improve insurance-based disparities in Indiana, implementation of the Breast and Cervical Cancer Program in conjunction with expansion of insurance coverage to vulnerable low-income populations need to be optimized

Mechanisms of Volatile Anesthetic-Induced Myocardial Protection

Volatile anesthetics protect myocardium against reversible and irreversible ischemic injury. Experimental evidence from several in vitro and in vivo animal models demonstrates that volatile agents enhance the recovery of stunned myocardium and reduce the size of myocardial infarction after brief or prolonged coronary artery occlusion and reperfusion, respectively. This protective effect persists after the anesthetic has been discontinued, a phenomenon known as anesthetic-induced preconditioning (APC). Recent clinical data also demonstrates evidence of APC in patients during cardiac surgery. Thus, administration of volatile anesthetics may represent a novel therapeutic approach that reduces morbidity and mortality associated with perioperative myocardial ischemia and infarction. The mechanisms responsible for APC appear to be similar to those implicated in ischemic preconditioning, but nonetheless have subtle differences. Accumulating evidence indicates that APC is characterized by complex signal transduction pathways that may include adenosine receptors, G proteins, protein kinase C, reactive oxygen species, and sarcolemmal or mitochondrial KATP channels. Opioid analgesics may further enhance APC as well. This article will review recent advances in the understanding of mechanisms responsible for volatile anesthetic-induced myocardial protection

Relationship between Funding Source and Conclusion among Nutrition-Related Scientific Articles

BACKGROUND: Industrial support of biomedical research may bias scientific conclusions, as demonstrated by recent analyses of pharmaceutical studies. However, this issue has not been systematically examined in the area of nutrition research. The purpose of this study is to characterize financial sponsorship of scientific articles addressing the health effects of three commonly consumed beverages, and to determine how sponsorship affects published conclusions. METHODS AND FINDINGS: Medline searches of worldwide literature were used to identify three article types (interventional studies, observational studies, and scientific reviews) about soft drinks, juice, and milk published between 1 January, 1999 and 31 December, 2003. Financial sponsorship and article conclusions were classified by independent groups of coinvestigators. The relationship between sponsorship and conclusions was explored by exact tests and regression analyses, controlling for covariates. 206 articles were included in the study, of which 111 declared financial sponsorship. Of these, 22% had all industry funding, 47% had no industry funding, and 32% had mixed funding. Funding source was significantly related to conclusions when considering all article types (p = 0.037). For interventional studies, the proportion with unfavorable conclusions was 0% for all industry funding versus 37% for no industry funding (p = 0.009). The odds ratio of a favorable versus unfavorable conclusion was 7.61 (95% confidence interval 1.27 to 45.73), comparing articles with all industry funding to no industry funding. CONCLUSIONS: Industry funding of nutrition-related scientific articles may bias conclusions in favor of sponsors' products, with potentially significant implications for public health

The chemical composition of red giants in 47 Tucanae I: Fundamental parameters and chemical abundance patterns

Context: The study of chemical abundance patterns in globular clusters is of key importance to constrain the different candidates for intra-cluster pollution of light elements. Aims: We aim at deriving accurate abundances for a large range of elements in the globular cluster 47 Tucanae (NGC 104) to add new constraints to the pollution scenarios for this particular cluster, expanding the range of previously derived element abundances. Methods: Using tailored 1D LTE atmospheric models together with a combination of equivalent width measurements, LTE, and NLTE synthesis we derive stellar parameters and element abundances from high-resolution, high signal-to-noise spectra of 13 red giant stars near the tip of the RGB. Results: We derive abundances of a total 27 elements (O, Na, Mg, Al, Si, Ca, Sc, Ti, V, Cr, Mn, Fe, Co, Ni, Cu, Zn, Y, Zr, Mo, Ru, Ba, La, Ce, Pr, Nd, Eu, Dy). Departures from LTE were taken into account for Na, Al and Ba. We find a mean [Fe/H] = $-0.78\pm0.07$ and $[\alpha/{\rm Fe}]=0.34\pm0.03$ in good agreement with previous studies. The remaining elements show good agreement with the literature, but the inclusion of NLTE for Al has a significant impact on the behaviour of this key element. Conclusions: We confirm the presence of an Na-O anti-correlation in 47 Tucanae found by several other works. Our NLTE analysis of Al shifts the [Al/Fe] to lower values, indicating that this may be overestimated in earlier works. No evidence for an intrinsic variation is found in any of the remaining elements.Comment: 22 pages, 16 figures. Accepted for publication in A&

Separation of Test-Free Propositional Dynamic Logics over Context-Free Languages

For a class L of languages let PDL[L] be an extension of Propositional Dynamic Logic which allows programs to be in a language of L rather than just to be regular. If L contains a non-regular language, PDL[L] can express non-regular properties, in contrast to pure PDL. For regular, visibly pushdown and deterministic context-free languages, the separation of the respective PDLs can be proven by automata-theoretic techniques. However, these techniques introduce non-determinism on the automata side. As non-determinism is also the difference between DCFL and CFL, these techniques seem to be inappropriate to separate PDL[DCFL] from PDL[CFL]. Nevertheless, this separation is shown but for programs without test operators.Comment: In Proceedings GandALF 2011, arXiv:1106.081

The Sanitary Improvement District as a Mechanism for Urban Development

The history of the Sanitary Improvement District (SID) in Nebraska is closely tied to the history of urban development in the Omaha Metropolitan Area. The end of World War II freed the pent-up demand for new dwelling units in Nebraska as well as in the rest of the nation. Omaha\u27s stock of platted lots was rapidly used up in the late 40\u27s and pressures were great for opening up new areas. To meet the demand, new dwellings began to spring up on the fringes of the City, but altogether too many of these were served only by wells and septic tanks. As the housing boom developed it became clear that such utilities could not satisfactorily accommodate large concentrations of suburban populations. Yet the City found it difficult to extend water, sewer and other utilities to the new areas, partly because many existing areas of the City were not provided with such services and political necessity demanded that these needs be met first. Consequently, neither the developers nor the City had the organizational capacities or the financial resources to urbanize these fringe areas properly