Aplicación del modelo Black-Litterman para la construcción de un portafolio de renta fija global, mediante la estructuración de un benchmark propio y estrategia de cobertura vía forwards

El acceso a diferentes activos de inversión, la búsqueda de alternativas de diversificación y la cuantificación y cobertura de los riesgos asociados a los portafolios, son factores de alta relevancia a la hora de construir y administrar portafolios de inversión con alcance internacional. De ahí, que el objetivo del presente trabajo se centra en la aplicación del modelo Black-Litterman para la construcción de un portafolio de renta fija global, compuesto por activos ETFs high yield e investment grade, así como por bonos soberanos de países desarrollados. Asimismo, con el fin de aumentar la cobertura, la capacidad de diversificación y minimizar el riesgo, se presenta un benchmark construido con base en diferentes índices de renta fija global y activos de la misma categoría. Finalmente, se propondrá la utilización de una estrategia de cobertura vía forwards con el fin de mitigar el riesgo inherente a la devaluación de la divisa.The access to different investment assets, the search for diversification, and the application of measures as for quantification and hedging risk are relevant factors for building and managing international investment portfolios. Therefore, the objective of the present paper aims to the application of Black-Litterman portfolio model on building a global fixed income portfolio, which is made up of high yield and investment grade ETFs, as well as developed countries government bonds. Furthermore, in order to increase hedging, diversification ratio, and to minimize risk, a benchmark, which is made up of both global fixed income indices and assets from the same category will be built. Finally, a hedging strategy will be proposed through forwards in order to minimize the inherent risk due to currency depreciation

Species recovery in the united states: Increasing the effectiveness of the endangered species act

The Endangered Species Act (ESA) has succeeded in shielding hundreds of species from extinction and improving species recovery over time. However, recovery for most species officially protected by the ESA - i.e., listed species-has been harder to achieve than initially envisioned. Threats to species are persistent and pervasive, funding has been insufficient, the distribution of money among listed species is highly uneven, and at least 10 times more species than are actually listed probably qualify for listing. Moreover, many listed species will require ongoing management for the foreseeable future to protect them from persistent threats. Climate change will exacerbate this problem and increase both species risk and management uncertainty, requiring more intensive and controversial management strategies to prevent species from going extinct

Application de la méthode des transformateurs saturés à la mesure et régulation du champ magnétique d'un spectromètre β à double focalisation π √2 avec noyau de fer

On décrit un nouveau magnétomètre pour mesurer les champs magnétiques constants ou lentement variables dans l'intervalle de variation entre 10 -4 et 3 x 102 Oe. La précision relative est supérieure à 2,5 X 10-5 entre 7 et 300 Oe. Le champ magnétique d'un spectromètre β à double focalisation π √2 du type Siegbahn-Svartholm est stabilisé par un servomécanisme. On utilise comme signal d'erreur la différence entre une tension proportionnelle au champ d'induction magnétique et une tension de référence

A Comparison of the Conditioning Regimens BEAM and FEAM for Autologous Hematopoietic Stem Cell Transplantation in Lymphoma: An Observational Study on 1038 Patients From Fondazione Italiana Linfomi

Abstract Background Carmustine (BCNU)-Etoposide-Citarabine-Melphalan (BEAM) chemotherapy is the standard conditioning regimen for autologous stem cell transplantation (ASCT) in lymphomas. Owing to BCNU shortages, many centers switched to Fotemustine-substituted BEAM (FEAM), lacking proof of equivalence. Methods We conducted a retrospective cohort study in 18 Italian centers to compare safety and efficacy of BEAM and FEAM regimens for ASCT in lymphomas performed from 2008 to 2015. Results We enrolled 1038 patients (BEAM n=607, FEAM n=431), of which 27% had Hodgkin's lymphoma (HL), 14% indolent Non-Hodgkin's lymphoma (iNHL) and 59% aggressive NHL (aNHL). Baseline characteristics including age, sex, stage, B-symptoms, extranodal involvement, previous treatments, response before ASCT, overall conditioning intensity, were well balanced between BEAM and FEAM; notable exceptions were: ASCT year (median: BEAM=2011 vs FEAM=2013, p Conclusions BEAM and FEAM do not appear different in terms of survival and disease control. However, due to concerns of higher toxicity, Fotemustine substitution in BEAM does not seem justified, if not for easier supply

Key signalling nodes in mammary gland development and cancer: Myc

Myc has been intensely studied since its discovery more than 25 years ago. Insight has been gained into Myc's function in normal physiology, where its role appears to be organ specific, and in cancer where many mechanisms contribute to aberrant Myc expression. Numerous signals and pathways converge on Myc, which in turn acts on a continuously growing number of identified targets, via transcriptional and nontranscriptional mechanisms. This review will concentrate on Myc as a signaling mediator in the mammary gland, discussing its regulation and function during normal development, as well as its activation and roles in breast cancer

Congo Basin peatlands: threats and conservation priorities

The recent publication of the first spatially explicit map of peatlands in the Cuvette Centrale, central Congo Basin, reveals it to be the most extensive tropical peatland complex, at ca. 145,500 km2. With an estimated 30.6 Pg of carbon stored in these peatlands, there are now questions about whether these carbon stocks are under threat and, if so, what can be done to protect them. Here, we analyse the potential threats to Congo Basin peat carbon stocks and identify knowledge gaps in relation to these threats, and to how the peatland systems might respond. Climate change emerges as a particularly pressing concern, given its potential to destabilise carbon stocks across the whole area. Socio-economic developments are increasing across central Africa and, whilst much of the peatland area is protected on paper by some form of conservation designation, the potential exists for hydrocarbon exploration, logging, plantations and other forms of disturbance to significantly damage the peatland ecosystems. The low level of human intervention at present suggests that the opportunity still exists to protect the peatlands in a largely intact state, possibly drawing on climate change mitigation funding, which can be used not only to protect the peat carbon pool but also to improve the livelihoods of people living in and around these peatlands

Diverse and Active Roles for Adipocytes During Mammary Gland Growth and Function

The mammary gland is unique in its requirement to develop in close association with a depot of adipose tissue that is commonly referred to as the mammary fat pad. As discussed throughout this issue, the mammary fat pad represents a complex stromal microenvironment that includes a variety of cell types. In this article we focus on adipocytes as local regulators of epithelial cell growth and their function during lactation. Several important considerations arise from such a discussion. There is a clear and close interrelationship between different stromal tissue types within the mammary fat pad and its adipocytes. Furthermore, these relationships are both stage- and species-dependent, although many questions remain unanswered regarding their roles in these different states. Several lines of evidence also suggest that adipocytes within the mammary fat pad may function differently from those in other fat depots. Finally, past and future technologies present a variety of opportunities to model these complexities in order to more precisely delineate the many potential functions of adipocytes within the mammary glands. A thorough understanding of the role for this cell type in the mammary glands could present numerous opportunities to modify both breast cancer risk and lactation performance

Fungal enzyme sets for plant polysaccharide degradation

Enzymatic degradation of plant polysaccharides has many industrial applications, such as within the paper, food, and feed industry and for sustainable production of fuels and chemicals. Cellulose, hemicelluloses, and pectins are the main components of plant cell wall polysaccharides. These polysaccharides are often tightly packed, contain many different sugar residues, and are branched with a diversity of structures. To enable efficient degradation of these polysaccharides, fungi produce an extensive set of carbohydrate-active enzymes. The variety of the enzyme set differs between fungi and often corresponds to the requirements of its habitat. Carbohydrate-active enzymes can be organized in different families based on the amino acid sequence of the structurally related catalytic modules. Fungal enzymes involved in plant polysaccharide degradation are assigned to at least 35 glycoside hydrolase families, three carbohydrate esterase families and six polysaccharide lyase families. This mini-review will discuss the enzymes needed for complete degradation of plant polysaccharides and will give an overview of the latest developments concerning fungal carbohydrate-active enzymes and their corresponding families

Implementation of an educational intervention to improve hand washing in primary schools: process evaluation within a randomised controlled trial

Background: Process evaluations are useful for understanding how interventions are implemented in trial settings. This is important for interpreting main trial results and indicating how the intervention might function beyond the trial. The purpose of this study was to examine the reach, dose, fidelity, acceptability, and sustainability of the implementation of an educational hand washing intervention in primary schools, and to explore views regarding acceptability and sustainability of the intervention. Methods: Process evaluation within a cluster randomised controlled trial, including focus groups with pupils aged 6 to 11, semi-structured interviews with teachers and external staff who coordinated the intervention delivery, and school reports and direct observations of the intervention delivery. Results: The educational package was delivered in 61.4% of schools (85.2% of intervention schools, 37.8% of control schools following completion of the trial). Teachers and pupils reacted positively to the intervention, although concerns were raised about the age-appropriateness of the resources. Teachers adapted the resources to suit their school setting and pupils. Staff coordinating the intervention delivery had limited capacity to follow up and respond to schools. Conclusions: The hand washing intervention was acceptable to schools, but its reach outside of a randomised trial, evidenced in the low proportion of schools in the control arm who received it after the trial had ended, suggests that the model of delivery may not be sustainable.Catherine R Chittleborough, Alexandra L Nicholson, Elaine Young, Sarah Bell and Rona Campbel