The security mortgage valuation in a stochastic perspective

The reverse mortgage market has been expanding rapidly in developed economies in recent years. Reverse mortgages provide an alternative source of funding for retirement income and health care costs. Increase in life expectancies and decrease in the real income at retirement continue to worry the those who are retired or close to retirement. Therefore, financial products that help to alleviate the “risk of living longer” continue to be attractive among the retirees. Reverse mortgage contracts involve a range of risks from the insurer’s perspective. When the outstanding balance exceeds the housing value before the loan is settled, the insurer suffers an exposure to crossover risk induced by three risk factors: interest rates, house prices and mortality rates. We analyse the combined impact of these risks on the pricing and the risk profile of reverse mortgage loans in a stochastic interest-mortality-house pricing model. Our results show shows  that pricing of reverse mortgages loans does not accurately assess the risks underwritten by reverse mortgages lenders and that failing to take into account mortality improvements substantially underestimates the longevity risk involved in reverse mortgage loans

FUSIONS Definitional Framework for Food Waste

none21To develop reliable food waste estimates, which can be accurately repeated over time, it is necessary to produce data within a robust methodological framework. This must comprise a consistent definition of food waste and its components, and consistent system boundaries for the food supply chain. The absence of a framework for defining food waste to date has led to the production of datasets that are not always comparable or transparent as to which fractions are included. A common definitional framework will support policy-makers at both EU and Member State level, and stakeholders across the food supply chain, by enabling them to accurately track the rate of food waste reduction, and the effectiveness of their waste prevention strategies. The development of this framework for defining food waste signals a key step towards improving our understanding of the food waste challenge in Europe and its consistent use will help measure progress towards both resource efficiency and food security goals.openKarin Östergren; Jenny Gustavsson; Hilke Bos-Brouwers; Toine Timmermans; Ole-Jørgen Hansen; Hanne Møller; Gina Anderson; Clementine O’Connor; Han Soethoudt; Tom Quested; Sophie Easteal; Alessandro Politano; Cecilia Bellettato; Massimo Canali; Luca Falasconi; Silvia Gaiani; Matteo Vittuari; Felicitas Schneider; Graham Moates; Keith Waldron; Barbara RedlingshöferKarin Östergren; Jenny Gustavsson; Hilke Bos-Brouwers; Toine Timmermans; Ole-Jørgen Hansen; Hanne Møller; Gina Anderson; Clementine O’Connor; Han Soethoudt; Tom Quested; Sophie Easteal; Alessandro Politano; Cecilia Bellettato; Massimo Canali; Luca Falasconi; Silvia Gaiani; Matteo Vittuari; Felicitas Schneider; Graham Moates; Keith Waldron; Barbara Redlingshöfe

Binary systems and their nuclear explosions

Peer ReviewedPreprin

The riskiness of longevity indexed life annuities in a stochastic Solvency II perspective

This paper investigates the problem of quantifying the impact of unex- pected deviations of mortality trend on a longevity indexed life annuity in a Solvency II perspective. Solvency II quantitative requirements regulate the margins required to offset the insurance risk in a one year risk horizon. Indeed, the idea of deepening the expected changes of future mortality rates over a single year is gaining. In the following the authors propose a com- putational tractable approach to assess the technical provisions by means of an internal model, in line with Solvency II directives. The impact of adverse effects of the mortality dynamics is investigated. Mortality is modelled by means of a stochastic CIR type model; an ex post analysis is proposed relying on Italian mortality data

Study of expression of genes potentially responsible for reduced fitness in patients with myotonic dystrophy type 1 and identification of new biomarkers of testicular function

Myotonic dystrophy type 1 (DM1) is a multisystemic disorder caused by trinucleotide CTG expansion in DMPK gene, often affecting the neighboring genes. Endocrine system is involved, resulting in hypogonadism and reproductive abnormalities, but molecular mechanisms underlying the reduced fertility observed in DM1 are very complex and partially unknown. To better characterize these mechanisms, an analysis of sperm parameters and anti‐Müllerian hormone (AMH) values was performed in 20 DM1 patients. About 50% of them showed hypoposia and azoospermia; the remaining, despite an adequate volume of ejaculate, had oligo‐astheno‐teratozoospermia. Interestingly, the lowest AMH levels better correlated with the main sperm alterations. The pattern of expression of DMPK, SIX5, and RSPH6A genes, evaluated by quantitative reverse transcription polymerase chain reaction, showed a substantial reduction of the expression in both peripheral blood and in seminal plasma of patients, compared to controls. An impairment of testis‐specific RSPH6A protein expression and localization was observed in sperm protein extracts by WB analysis and in isolated spermatozoa by immunofluorescence. These results support the hypothesis that CTG expansion also affects the expression of neighboring genes and contributes to gonad defects observed in DM1, suggesting the possibility of using them as markers for normal fertility in humans

Study of expression of genes potentially responsible for reduced fitness in patients with myotonic dystrophy type 1 and identification of new biomarkers of testicular function

Myotonic dystrophy type 1 (DM1) is a multisystemic disorder caused by trinucleotide CTG expansion in DMPK gene, often affecting the neighboring genes. Endocrine system is involved, resulting in hypogonadism and reproductive abnormalities, but molecular mechanisms underlying the reduced fertility observed in DM1 are very complex and partially unknown. To better characterize these mechanisms, an analysis of sperm parameters and anti‐Müllerian hormone (AMH) values was performed in 20 DM1 patients. About 50% of them showed hypoposia and azoospermia; the remaining, despite an adequate volume of ejaculate, had oligo‐astheno‐teratozoospermia. Interestingly, the lowest AMH levels better correlated with the main sperm alterations. The pattern of expression of DMPK, SIX5, and RSPH6A genes, evaluated by quantitative reverse transcription polymerase chain reaction, showed a substantial reduction of the expression in both peripheral blood and in seminal plasma of patients, compared to controls. An impairment of testis‐specific RSPH6A protein expression and localization was observed in sperm protein extracts by WB analysis and in isolated spermatozoa by immunofluorescence. These results support the hypothesis that CTG expansion also affects the expression of neighboring genes and contributes to gonad defects observed in DM1, suggesting the possibility of using them as markers for normal fertility in humans

Stydy of anti Mullerian hormone levels in patients with myotonic dystrophy type 1. Prelilminary results.

Myotonic dystrophy type 1 is a multisystemic disorder characterized by myotonia, muscle weakness and involvement of several organs and apparatus such as heart, lungs, eye, brain and endocrine system. Hypogonadism and reproductive abnormalities are frequently reported. A progressive testicular atrophy occurs in about 80% in the affected males leading to Leydig cell hyperproliferation and elevated basal follicle stimulating hormone (FSH) levels. Anti- Müllerian hormone (AMH) – a dimeric glycoprotein belonging to the super-family of transforming grow factor beta (TGF-beta) – is the earliest Sertoli cell hormone secreted in males and, together with inhibin B and FSH, is an important indicator of Sertoli cell function. AMH levels remain high during the whole prepubertal phase and are down-regulated in puberty by the increasing testosterone levels. Aims of the work were to assess the AMH levels in 50 patients with Myotonic Dystrophy type 1 aged less 50 years and to investigate whether it may contribute to the endocrine function impairment observed in these patients. The results confirmed a reduction of testosterone levels associated with an increase in Luteinizing Hormone (LH) and FSH compared to controls, suggesting a reduced function of the Sertoli cells. Conversely the average levels of AMH were significantly lower in patients compared with controls, and almost undetectable in about 60% of them. Further studies are necessary to better clarify these findings

Surgical results and factors influencing outcome in patients with posterior wall acetabular fracture

The purpose of this study was to evaluate the results of open reduction and internal fixation in a large series of posterior wall fractures of the acetabulum and to identify the factors that affect the outcomes in this case series. One hundred twenty-one patients who had undergone open reduction and internal fixation of a fracture of the posterior wall of the acetabulum were assessed at a mean of 53 months (range, 24-163) after surgery. The functional outcome was evaluated with use of the modified Merle d'Aubigne scoring system, the Harris Hip Score (HHS), and the Short Form-36 Health Survey (SF-36) questionnaire. Final follow-up radiographs were graded according to Matta's radiologic criteria. Patient, fracture, and radiographic variables were analyzed to identify possible associations with functional and radiographic outcome. The quality of fracture reduction on postoperative radiographs was anatomical in 115 hips (95.0%), satisfactory in 6 cases (5.0%), and unsatisfactory in none. Final modified d'Aubignè scores were excellent in 45 hips (40.2%), good in 52 (46.4%), fair in 7 (6.3%), and poor in 8 (7.1%). Mean HHS was 91.5±8.9 (48-100). The SF-36 scores were similar with respect to age and sex-matched norms, but physical domains in males remained lower in comparison with the normal population. The early reduction of an associated hip dislocation and quality of surgical reduction were strong positive predictors of functional and radiographic outcomes at follow-up, whereas associated injuries and the existence of pre-operative nerve palsy were negative predictors of patients' functionality. This study of surgically treated fractures of the posterior wall of the acetabulum has shown that functional and radiographic results are satisfactory in most patients, provided that prompt reduction of an associated hip dislocation and anatomical reduction of the fracture are carried out. Associated injuries and nerve lesions affect the final functional outcome

Review of EU legislation and policies with implications on food waste

This report is a deliverable of the FP7 Project "FUSIONS" (Food Use for Social Innovation by Optimising Waste Prevention Strategies). The report aims to inventory and analyze legislation and policies impacting food waste generation at the European level by drawing on existing literature and publicly available information