Stress Tests of Capital Requirements

This paper examines the performance of the leading methods for setting capital requirements for securities firms' trading books. Tests are conducted on a large sample of UK equity market makers' books over a substantial number of periods of equity market stress from 1985 to 1995. The comprehensive and building-block approaches, favoured by US and European regulators, fail to provide effective cover. Only portfolio-based, value-at-risk type models are efficient in providing appropriate levels of capital to cover the position risk of equity trading books. This paper was presented at the Financial Institutions Center's October 1996 conference on "

Fermented beverages with health-promoting potential: Past and future perspectives

peer-reviewedFermentation is an ancient form of food preservation, which also improves the nutritional content of foods. In many regions of the world, fermented beverages have become known for their health-promoting attributes. In addition to harnessing traditional beverages for commercial use, there have recently been innovative efforts to develop non-dairy probiotic fermented beverages from a variety of substrates, including soy milk, whey, cereals and vegetable and fruit juices. On the basis of recent developments, it is anticipated that fermented beverages will continue to be a significant component within the functional food market

Sequencing-Based Analysis of the Bacterial and Fungal Composition of Kefir Grains and Milks from Multiple Sources

peer-reviewedKefir is a fermented milk-based beverage to which a number of health-promoting properties have been attributed. The microbes responsible for the fermentation of milk to produce kefir consist of a complex association of bacteria and yeasts, bound within a polysaccharide matrix, known as the kefir grain. The consistency of this microbial population, and that present in the resultant beverage, has been the subject of a number of previous, almost exclusively culture-based, studies which have indicated differences depending on geographical location and culture conditions. However, culture-based identification studies are limited by virtue of only detecting species with the ability to grow on the specific medium used and thus culture-independent, molecular-based techniques offer the potential for a more comprehensive analysis of such communities. Here we describe a detailed investigation of the microbial population, both bacterial and fungal, of kefir, using high-throughput sequencing to analyse 25 kefir milks and associated grains sourced from 8 geographically distinct regions. This is the first occasion that this technology has been employed to investigate the fungal component of these populations or to reveal the microbial composition of such an extensive number of kefir grains or milks. As a result several genera and species not previously identified in kefir were revealed. Our analysis shows that the bacterial populations in kefir are dominated by 2 phyla, the Firmicutes and the Proteobacteria. It was also established that the fungal populations of kefir were dominated by the genera Kazachstania, Kluyveromyces and Naumovozyma, but that a variable sub-dominant population also exists.The Alimentary Pharmabiotic Centre is a research centre funded by Science Foundation Ireland (SFI), through the Irish Government’s National Development Plan. The authors and their work were supported by SFI CSET grant APC CSET 2 grant 07/CE/B1368

Backcountry adventure as spiritual experience: a means-end study

Thesis (Ph.D.) - Indiana University, School of Health, Physical Education and Recreation, 2007The purpose of this study was twofold. First, to establish an understanding of what is meant when someone describes a backcountry adventure as spiritual. The second purpose of this study was to better understand the relationships between the attributes, consequences, and values (ACV) of the spiritual aspects of a backcountry adventure. Interviews were conducted with 63 backcountry users in the region of Teton Pass, Wyoming. Data analysis consisted of two main stages. First, informant statements were coded for content analysis. A total of 23 content categories were generated: six attributes, nine consequences and eight values. These concepts compose the spiritual experience of backcountry adventures expressed in the data. Inter-rater reliability was calculated at 99.22%. For stage two, implication matrices were generated for the frequency of association between the ACV concepts represented in each hierarchical value map (HVM). An analysis of informant subgroups was conducted based on gender, age, years of backcountry experience, type of activity leading to spiritual experience, and level of skill associated with that activity. A total of 18 HVMs were generated for analysis, two for the overall data and one for each of the 16 subgroups examined for the purposes of identifying possible differences. These HVM were interpreted visually and numerically based on frequency and strength of ACV associations. The eight values identified represent a construct of spirituality; most frequently expressed were a transcendent experience (63%), increased awareness (46%), connection to others (43%), and a sense of fulfillment (29%). The major consequences were focus (38%), reflection (30%), tranquility (32%) and an appreciation of beauty (32%). The more prevalent attributes were the natural backcountry setting (95%) and the adventure (35%). The attribute of a social interaction (29%) was identified as important for the benefit of sharing an experience (27%) and the resulting value of improved sense of connection to others. Mental and physical exercise (35%), resulting in the benefits of enhanced sense of wellbeing (22%), were also recognized as contributing to the spiritual meaning. The backcountry provided the benefit of enjoyment (25%). Other ACV concepts and ACV associations that contribute to spiritual meaning were identified

Unexpected evolutionary proximity of eukaryotic and cyanobacterial enzymes responsible for biosynthesis of retinoic acid and its oxidation

Biosynthesis of retinoic acid from retinaldehyde (retinal) is catalysed by an aldehyde dehydrogenase (ALDH) and its oxidation by cytochrome P450 enzymes (CYPs). Herein we show by phylogenetic analysis that the ALDHs and CYPs in the retinoic acid pathway in animals are much closer in evolutionary terms to cyanobacterial orthologs than would be expected from the standard models of evolution

The New Amy, Vicky, and Andy Act: A Positive Step Towards Full Restitution for Child Pornography Victims

In this article, we review some of the valuable steps forward found in the AVAA, as well as the work that remains to be done. But in closing, it may be useful to remember that the legal issues swirling around restitution decisions have real world consequences, both for the defendants who must pay the restitution awards and the victims who need and deserve compensation. As between these two groups, however, the equities tip decisively in favor of victims. To be sure, large restitution awards have financial consequences for criminal defendants. But the stark fact remains that criminals have a choice to commit the crime or not. Having voluntarily chosen to commit a crime producing serious lifelong financial repercussions for victims, a defendant has no right to complain when courts require him to contribute to making victims whole. Victims of child pornography crimes – and, more broadly, all serious federal crimes – deserve to have their interests prioritized in federal sentencing statutes. The AVAA is a modest but useful step in that direction

U.S. v. Clinesmith: Amicus Brief in Support of Motion for Relief Under The Crime Victims\u27 Rights Act

This amicus brief was filed in the U.S. District Court for the District of Columbia in support of Dr. Carter Page’s motion to be recognized as a “victim” under the Crime Victims’ Rights Act (CVRA) in U.S. v. Clinesmith. The brief discusses the important issue who qualifies as a “victim” for purposes of obtaining CVRA protections and concludes that Dr. Page is a “victim” in the case.In the underlying criminal case, Page argues that he is a “victim” of Clinesmith’s false statement, made in connection with FISA warrant renewal application by the Government to surveil Dr. Page’s communications. The amicus brief provides background on the CVRA’s expansive protections, which cover any individual who is “directly and proximately harmed” as the result of a crime. In this case, because Clinesmith’s false statement subverted the FISA process by providing false information to the FISA Court, the false statement alone created sufficient harm to trigger CVRA “victim” status.The amicus organizations on this brief are the National Crime Victim Law Institute, The National Organization for Victim Assistance, The National Center for Victims of Crime, Arizona Voice for Crime Victims, The Network for Victim Recovery of the District Of Columbia, Ohio Crime Victim Justice Center, Rocky Mountain Victim Law Center, South Carolina Victim Assistance Network, And Utah Crime Victims Legal Clinic as Amici Curiae In Support of Motion for Relief Under the Crime Victims’ Rights Ac