Price adjustment to news with uncertain precision

Bayesian learning provides the core concept of processing noisy information. In standard Bayesian frameworks, assessing the price impact of information requires perfect knowledge of news’ precision. In practice, however, precision is rarely dis- closed. Therefore, we extend standard Bayesian learning, suggesting traders infer news’ precision from magnitudes of surprises and from external sources. We show that interactions of the different precision signals may result in highly nonlinear price responses. Empirical tests based on intra-day T-bond futures price reactions to employment releases confirm the model’s predictions and show that the effects are statistically and economically significant

Mitochondrial protein import

The precursor of F0-ATPase subunit 9 was bound to mitochondria in the absence of a mitochondrial membrane potential (delta psi). Binding was mediated by a protease-sensitive component on the mitochondrial surface. When delta psi was reestablished, bound precursor was directly imported without prior release from the mitochondrial membranes. A chimaeric protein consisting of the complete subunit 9 precursor fused to cytosolic dihydrofolate reductase (DHFR) was also specifically bound to mitochondria in the absence of delta psi. Two other fusion proteins, consisting either of the entire presequence of subunit 9 and DHFR or of part of the presequence and DHFR, were imported in the presence of delta psi. In the absence of delta psi, however, specific binding to mitochondria did not take place. We suggest that the hydrophobic mature part of subunit 9 is involved in the delta psi-independent binding of the subunit 9 precursor to receptor sites on the mitochondrial surface

Erfaringsfattigdom: Om visse sceniske praksisser ”efter faldet”

The lecture ”Poverty of Experience – Performance Practices after the Fall” by Nikolaus Müller-Schöll was presented at the international seminar ”After the Fall”, held at The Danish Royal Theatre in 2009 on the occasion of the 20th anniversary of the Fall of the Berlin Wall. The author has kindly permitted Peripeti to print a translated version of his lecture. Deploying Walter Benjamin’s concept of Poverty of Experience Müller-Schöll conducts an analysis of the crisis in not only experience but also the world of ideas as such in the time following the era of the cold war, the disastrous development of the (Western) financial markets and thereby the last great ideology remaining after the fall of the Berlin Wall, namely capitalism. Following this, he analyses a number of European performance practices, namely those of the performance group White Horse, the director duo Hofmann & Lindholm and Phillip Quesne’s group Vivarium Studio, exploring how these practices address the circumstances “after the fall” in an manner where they expose their own “poverty of experience” whilst very consciously dedicating themselves to an unspectacular scenic poverty

Marketingstrategien in High-Tech-Maerkten

In den sich dynamisch entwickelnden High-Tech-Märkten gewinnt die Beobachtung und Analyse des wettbewerbsstrategischen Verhaltens von Unternehmen zunehmend an Bedeutung. Aus Sicht der Praxis und der betriebswirtschaftlichen Forschung ist es von besonderem Interesse zu erfahren, welche Marketingstrategien und -maßnahmen zum Aufbau von Wettbewerbsvorteilen und zur Sicherung einer dauerhaften Erfolgsposition besonders geeignet sind. Vor diesem Hintergrund wird in der Arbeit das Verhalten von 385 High-Tech-Anbietern analysiert. Auf der Grundlage des Konzeptes der strategischen Gruppen werden das strategische und operative Unternehmensverhalten, die Bedeutung ziel- und kulturbezogener Einflußfaktoren sowie die Erfolgswirkung von Marketingstrategien in High-Tech-Märkten untersucht

Digital Innovation and Organizational Culture: The Case of a Danish Media Company

In this study, we investigate the relationship between organizational culture and digital innovation, with a particular focus on understanding firms’ abilities to achieve a balance between stability and flexibility. On the background of an in-depth case study of the development of a digital news service in one of the largest media companies in Denmark, we rely on the widely used Competing Values Framework and the Organizational Culture Assessment Instrument to identify the dominant organizational culture as a basis for understanding the challenges of transforming the company by using digital technology to innovate existing product and service offerings. Our study shows that the digital news service and the emerging work practices associated with it were negatively influenced by an imbalance towards the control-oriented dominant culture of the company, leading to limited heterogeneity within the innovation network and the digital innovation processes. The article contributes to the body of knowledge on digital innovation by investigating how organizational culture influence a firm’s ability to engage in digital innovation. Implications for both practitioners and researchers are discusse

Influence of bi- and tri-compartmental knee arthroplasty on the kinematics of the knee joint

<p>Abstract</p> <p>Background</p> <p>The cruciate ligaments are important stabilizers of the knee joint and determine joint kinematics in the natural knee and after cruciate retaining arthroplasty.</p> <p>No in vitro data is available to biomechanically evaluate the ability of the anterior cruciate ligament (ACL) to maintain knee joint kinematics after bicruciate-retaining bi-compartmental knee arthroplasty (BKA).</p> <p>Therefore, the objective of the current study was to investigate the kinematics of the natural knee joint, before and after installing bicruciate-retaining BKA and posterior cruciate retaining total knee arthroplasty. Specifically, we incorporated a dynamic knee simulator to simulate weight-bearing flexions on cadaveric knee specimen before and after surgical manipulations.</p> <p>Methods</p> <p>In this cadaveric study we investigated rotational and translational tibiofemoral kinematics during simulated weight-bearing flexions of the intact knee, after bi-compartmental knee arthroplasty (BKA+), after resecting the ACL in BKA (BKA-), and after posterior cruciate retaining total knee arthroplasty (TKA).</p> <p>Results</p> <p>Rotation of BKA+ is closest to the intact knee joint, whereas TKA shows significant differences from 30 to 90 degree of flexion. Within the tested flexion range (15 to 90 degree of flexion), there was no significant difference in the anterior-posterior translation among intact, BKA+, and TKA knees. Resecting the ACL in BKA leads to a significant anterior tibial translation.</p> <p>Conclusions</p> <p>BKA with intact cruciate ligaments resembles rotation and translation of the natural knee during a simulated weight-bearing flexion. It is a suitable treatment option for medial and patellofemoral osteoarthritis with advantages in rotational characteristics compared to TKA.</p

Differences in tibiofemoral kinematics between the unloaded robotic passive path and a weightbearing knee simulator

Cadaveric in vitro studies are essential to test hypotheses concerning surgical manipulations in the same individual. Robotic technologies as well as different knee-models have been developed to get an in-depth comprehension of knee joint kinematics. The purpose of this study was to compare utilization of these different established principles

A diszpozitívum és a kormányozhatatlan : Gondolatok bárminemű politika kezdetéről és végéről a végtelenben

With the term dispositif this essay focuses primarily on those elements and practices of the performing arts that G. Agamben once defined as the “ungouvernable of any kind of politics”. As “ungovernable” they may be returned to general usage. For Müller Schöll the figure of the harlequin represents the ungovernable or unruly. The harlequin was the central character that single handed disturbed the disciplinary process the theatre underwent during the 18th century. His act also invites us to re-evaluate the so-called performative turn of the 1960s

Decompressive Craniectomy Is Associated With Good Quality of Life Up to 10 Years After Rehabilitation From Traumatic Brain Injury

OBJECTIVES Traumatic brain injury is the number one cause of death in children and young adults and has become increasingly prevalent in the elderly. Decompressive craniectomy prevents intracranial hypertension but does not clearly improve physical outcome 6 months after traumatic brain injury. However, it has not been analyzed if decompressive craniectomy affects traumatic brain injury patients' quality of life in the long term. DESIGN Therefore, we conducted a cross-sectional study assessing health-related quality of life in traumatic brain injury patients with or without decompressive craniectomy up to 10 years after injury. SETTING Former critical care patients. PATIENTS Chronic traumatic brain injury patients having not (n = 37) or having received (n = 98) decompressive craniectomy during the acute treatment. MEASUREMENTS AND MAIN RESULTS The Quality of Life after Brain Injury questionnaire was used as outcome measure with a total score from zero to 100, representing lowest and best health-related quality of life, respectively. Health-related quality of life was compared between patients with or without decompressive craniectomy for the entire cohort, for the traumatic brain injury severity (mild, moderate, severe) measured by the initial Glasgow Coma Scale, for age and time variables (age at traumatic brain injury, age at survey, elapsed time since traumatic brain injury) using the Mann-Whitney U test. Differences were considered significant at a p value of less than 0.05.Decompressive craniectomy was necessary in all initial traumatic brain injury severity groups. Eight percent more decompressive craniectomy patients reported good health-related quality of life with a Quality of Life after Brain Injury total score greater than or equal to 60 compared with the no decompressive craniectomy patients up to 10 years after traumatic brain injury (p = 0.004). Initially, mild classified traumatic brain injury patients had a median Quality of Life after Brain Injury total score of 83 (decompressive craniectomy) versus 62 (no decompressive craniectomy) (p = 0.028). Health-related quality of life regarding physical status was better in decompressive craniectomy patients (p = 0.025). Decompressive craniectomy showed a trend toward better health-related quality of life in the 61-85-year-old reflected by median Quality of Life after Brain Injury total scores of 62 (no decompressive craniectomy) versus 79 (decompressive craniectomy) (p = 0.06). CONCLUSIONS Our results suggest that decompressive craniectomy is associated with good health-related quality of life up to 10 years after traumatic brain injury. Thus, decompressive craniectomy may have an underestimated therapeutic potential after traumatic brain injury

A reference-beam multi-slit autocollimator built using off-the-shelf components with variable number of slits and increased sensitivity at frequencies from 1 to 100 Hz

Optical levers for precision angle measurement have the advantage of exerting only a negligible force on the object being measured. Also, in autocollimating configuration, optical levers are insensitive to longitudinal movements of the target mirror. In this article, a reference-beam multi-slit autocollimator with variable number of slits, built from cost-effective off-the-shelf components, is presented. Further, an optimized algorithm for data processing is introduced, reducing computational effort for repeated Gaussian peak fitting. In the described setup, by adjusting the number of slits, the measurement range can be increased at the cost of sensitivity, and vice versa. In the tested configuration with 28 slits, the device has a measurement range of 12 mrad, and a sensitivity in the order of nrad/Hz starting at frequencies of 0.1 Hz, with increased sensitivity compared to other recently described autocollimators at frequencies over 1 Hz