No-Transaction Band Network: A Neural Network Architecture for Efficient Deep Hedging

Deep hedging (Buehler et al. 2019) is a versatile framework to compute the optimal hedging strategy of derivatives in incomplete markets. However, this optimal strategy is hard to train due to action dependence, that is, the appropriate hedging action at the next step depends on the current action. To overcome this issue, we leverage the idea of a no-transaction band strategy, which is an existing technique that gives optimal hedging strategies for European options and the exponential utility. We theoretically prove that this strategy is also optimal for a wider class of utilities and derivatives including exotics. Based on this result, we propose a no-transaction band network, a neural network architecture that facilitates fast training and precise evaluation of the optimal hedging strategy. We experimentally demonstrate that for European and lookback options, our architecture quickly attains a better hedging strategy in comparison to a standard feed-forward network

Self-consistent dust and non-LTE line radiative transfer with SKIRT

We introduce Monte Carlo-based non-LTE line radiative transfer calculations in the 3D dust radiative transfer code SKIRT, which was originally set up as a dust radiative transfer code. By doing so, we develop a generic and powerful 3D radiative transfer code that can self-consistently generate spectra with molecular and atomic lines against the underlying continuum. We test the accuracy of the non-LTE line radiative transfer module in the extended SKIRT code using standard benchmarks. We find excellent agreement between the SKIRT results, the published benchmark results, and results obtained using the ray-tracing non-LTE line radiative transfer code MAGRITTE, which validates our implementation. We apply the extended SKIRT code on a 3D hydrodynamic simulation of a dusty AGN torus model and generate multi-wavelength images with CO rotational-line spectra against the underlying dust continuum. We find that the low-J CO emission traces the geometrically thick molecular torus, whereas the higher-J CO lines originate from the gas with high kinetic temperature located in the innermost regions of the torus. Comparing the calculations with and without dust radiative transfer, we find that higher-J CO lines are slightly attenuated by the surrounding cold dust when seen edge-on. This shows that atomic and molecular lines can experience attenuation, an effect that is particularly important for transitions at mid- and near-infrared wavelengths. Therefore, our self-consistent dust and non-LTE line radiative transfer calculations can help interpret the observational data from Herschel, ALMA, and JWST.Comment: 12 pages, 9 figures, Accepted for publication in A&

A Catalytic Role of XoxF1 as La3+-Dependent Methanol Dehydrogenase in Methylobacterium extorquens Strain AM1

In the methylotrophic bacterium Methylobacterium extorquens strain AM1, MxaF, a Ca2+-dependent methanol dehydrogenase (MDH), is the main enzyme catalyzing methanol oxidation during growth on methanol. The genome of strain AM1 contains another MDH gene homologue, xoxF1, whose function in methanol metabolism has remained unclear. In this work, we show that XoxF1 also functions as an MDH and is La3+-dependent. Despite the absence of Ca2+ in the medium strain AM1 was able to grow on methanol in the presence of La3+. Addition of La3+ increased MDH activity but the addition had no effect on mxaF or xoxF1 expression level. We purified MDH from strain AM1 grown on methanol in the presence of La3+, and its N-terminal amino acid sequence corresponded to that of XoxF1. The enzyme contained La3+ as a cofactor. The ΔmxaF mutant strain could not grow on methanol in the presence of Ca2+, but was able to grow after supplementation with La3+. Taken together, these results show that XoxF1 participates in methanol metabolism as a La3+-dependent MDH in strain AM1

Dealers and the formation of premium brands in the German car industry : Audi AG (1990–2020)

This article discusses how dealers contributed to the formation of premium brands in the German car industry in the 1990s. Using literature on luxury business, it tackles the case of Audi to explore the changing role that dealers have played and their integration into Audi’s brand management strategy when the company became autonomous within the Volkswagen Group. The article demonstrates that dealers were not mere sellers of vehicles but rather places that transmitted experience value to customers. Like mono-brand stores in the luxury industry, Audi dealers were strongly integrated in the firm and physically embodied the brand through a standardized, worldwide architectural model.論

歯の形態形成に関与する新規遺伝子の解明

Tooth development is controlled by body plan during the fetal period, the generation of teeth from tooth germ is induced by the epithelial-mesenchymal interaction. Spatiotemporal regulation of tooth morphogenesis is supported by gene expression. Although many of the genes involved in tooth development are known, the molecular mechanism underlying tooth morphogenesis is not completely understood. For a comprehensive understanding of tooth development, the elucidation of unknown genes is necessary. In this study, to identify unknown genes involved in tooth development, we performed genome-wide analysis at each stage of tooth development and identified 17 genes with high levels of expression and large changes in expression. In addition, we performed qPCR and in situ hybridization analyses to elucidate the spatiotemporal regulation, such as the regulation that occurs around or in the entire tooth germ, enamel knots, epithelium, and mesenchyme. These results show that these characteristic genes may play important roles in each time period or region of tooth development, and the elucidation of the functions of these genes will lead to an integrated understanding of the process of tooth development.博士（医学）・甲第790号・令和3年3月15日発行元である日本再生歯科医学会の許諾を得て登録（2021年6月29日付）ジャーナル公式サイト（日本再生歯科医学会HP内）：http://www.jarde.jp/zasshi/e/18-2-1.htm

Current Treatment Strategies and Nanoparticle-Mediated Drug Delivery Systems for Pulmonary Arterial Hypertension

There are three critical pathways for the pathogenesis and progression of pulmonary arterial hypertension (PAH): the prostacyclin (prostaglandin I-2) (PGI(2)), nitric oxide (NO), and endothelin pathways. The current approved drugs targeting these three pathways, including prostacyclin (PGI(2)), phosphodiesterase type-5 (PDE5) inhibitors, and endothelin receptor antagonists (ERAs), have been shown to be effective, however, PAH remains a severe clinical condition and the long-term survival of patients with PAH is still suboptimal. The full therapeutic abilities of available drugs are reduced by medication, patient non-compliance, and side effects. Nanoparticles are expected to address these problems by providing a novel drug delivery approach for the treatment of PAH. Drug-loaded nanoparticles for local delivery can optimize the efficacy and minimize the adverse effects of drugs. Prostacyclin (PGI(2)) analogue, PDE5 inhibitors, ERA, pitavastatin, imatinib, rapamycin, fasudil, and oligonucleotides-loaded nanoparticles have been reported to be effective in animal PAH models and in vitro studies. However, the efficacy and safety of nanoparticle mediated-drug delivery systems for PAH treatment in humans are unknown and further clinical studies are required to clarify these points

Usefulness of the Multimodal Fusion Image for Visualization of Deep Sylvian Veins

The preoperative assessment of cerebral veins is important to avoid unexpected cerebral venous infarction in the neurosurgical setting. However, information is particularly limited regarding deep Sylvian veins, which occasionally disturb surgical procedures for cerebral anterior circulation aneurysms. The predictability of detecting deep Sylvian veins and their tributaries using a modern multimodal fusion image was aimed to be evaluated. Moreover, 51 patients who underwent microsurgery for unruptured cerebral aneurysms with Sylvian fissure dissection were retrospectively reviewed. The visualization of the four components of the deep Sylvian veins in conventional computed tomography (CT) venography and multimodal fusion images was evaluated. To compare the detection accuracy among these radiological images, the sensitivity and specificity for the detection of each of the four venous structures were calculated in comparison with those of intraoperative inspections. The kappa coefficients were also measured and the inter-rater agreement for each venous structure in each radiological image was examined. In all veins, the multimodal fusion image exhibited a high detection rate without statistical difference from intraoperative inspections (P = 1.0). However, CT venography exhibited a low detection rate with a significant difference from intraoperative inspections in the common vertical trunk (P = 0.006) and attached vein (P = 0.008). The kappa coefficients of the fusion image ranged from 0.73 to 0.91 and were superior to those of CT venography for all venous structures. This is the first report to indicate the usefulness of a multimodal fusion image in evaluating deep Sylvian veins, especially for the detection of nontypical, relatively small veins with large individual variability.博士（医学）・甲第864号・令和5年3月15

Diagnostic Performance of Cardiac Computed Tomography for Detecting Patent Foramen Ovale: Evaluation Using Transesophageal Echocardiography and Catheterization as Reference Standards

Background: Patent foramen ovale (PFO) is associated with various diseases such as cryptogenic stroke, migraine, and platypnea-orthodeoxia syndrome. This study aimed to evaluate the diagnostic performance of cardiac computed tomography (CT) for PFO detection. Materials and Methods: Consecutive patients diagnosed with atrial fibrillation and who underwent catheter ablation with pre-procedural cardiac CT and transesophageal echocardiography (TEE) were enrolled in this study. The presence of PFO was defined as (1) the confirmation of PFO using TEE and/or (2) the catheter crossing the interatrial septum (IAS) into the left atrium during ablation. CT findings indicative of PFO included (1) the presence of a channel-like appearance (CLA) on the IAS and (2) a CLA with a contrast jet flow from the left atrium to the right atrium. The diagnostic performance of both a CLA alone and a CLA with a jet flow was evaluated for PFO detection. Results: Altogether, 151 patients were analyzed in the study (mean age, 68 years; men, 62%). Twenty-nine patients (19%) had PFO confirmed by TEE and/or catheterization. The diagnostic performance of a CLA alone was as follows: sensitivity, 72.4%; specificity, 79.5%; positive predictive value (PPV), 45.7%; negative predictive value (NPV), 92.4%. The diagnostic performance of a CLA with a jet flow was as follows: sensitivity, 65.5%; specificity, 98.4%; PPV, 90.5%; NPV, 92.3%. The diagnostic performance of a CLA with a jet flow was statistically superior to that of a CLA alone (p = 0.045), and the C-statistics were 0.76 and 0.82, respectively. Conclusion: A CLA with a contrast jet flow in cardiac CT has a high PPV for PFO detection, and its diagnostic performance is superior to that of a CLA alone

Significant Delayed Activation on the Right Ventricular Outflow Tract Represents Complete Right Bundle-Branch Block Pattern in Brugada Syndrome

Background: The appearance of complete right bundle-branch block (CRBBB) in Brugada syndrome (BrS) is associated with an increased risk of ventricular fibrillation. The pathophysiological mechanism of CRBBB in patients with BrS has not been well established. We aimed to clarify the significance of a conduction delay zone associated with arrhythmias on CRBBB using body surface mapping in patients with BrS. Methods and Results: Body surface mapping was recorded in 11 patients with BrS and 8 control patients both with CRBBB. CRBBB in control patients was transiently exhibited by unintentional catheter manipulation (proximal RBBB). Ventricular activation time maps were constructed for both of the groups. We divided the anterior chest into 4 areas (inferolateral right ventricle [RV], RV outflow tract [RVOT], intraventricular septum, and left ventricle) and compared activation patterns between the 2 groups. Excitation propagated to the RV from the left ventricle through the intraventricular septum with activation delay in the entire RV in the control group (proximal RBBB pattern). In 7 patients with BrS, excitation propagated from the inferolateral RV to the RVOT with significant regional activation delay. The remaining 4 patients with BrS showed a proximal RBBB pattern with the RVOT activation delay. The ventricular activation time in the inferolateral RV was significantly shorter in patients with BrS without a proximal RBBB pattern than in control patients. Conclusions: The CRBBB morphology in patients with BrS consisted of 2 mechanisms: (1) significantly delayed conduction in the RVOT and (2) proximal RBBB with RVOT conduction delay. Significant RVOT conduction delay without proximal RBBB resulted in CRBBB morphology in patients with BrS