Measuring portfolio performance using a modified measure of risk

This paper reports the results of an investigation into the properties of a theoretical modification of beta proposed by Leland (1999) and based on earlier work of Rubinstein (1976). It is shown that when returns are elliptically symmetric, beta is the appropriate measure of risk and that there are other situations in which the modified beta will be similar to the traditional measure based on the capital asset pricing model. For the case where returns have a normal distribution, it is shown that the criterion either does not exist or reduces exactly to the conventional beta. It is therefore conjectured that the modified measure will only be useful for portfolios that have nonstandard return distributions which incorporate skewness. For such situations, it is shown how to estimate the measure using regression and how to compare the resulting statistic with a traditional estimated beta using Hotelling's test. An empirical study based on stocks from the FTSE350 does not find evidence to support the use of the new measure even in the presence of skewness.Journal of Asset Management (2007) 7, 388-403. doi:10.1057/palgrave.jam.225005

A Lithium Depletion Age for the Carina Association

The dispersed remnants of stellar nurseries, stellar associations, provide unparalleled samples of coeval stars critical for studies of stellar and planetary formation and evolution. The Carina Stellar Association is one of the closest stellar associations to Earth, and yet measurements of its age have varied from 13 to 45 Myr. We aim to update the age of Carina using the lithium depletion boundary (LDB) method. We obtain new measurements of the Li 6708 Å absorption feature in likely members using optical spectra from the Goodman High Throughput Spectrograph on SOAR and NRES on LCO. We detect the depletion boundary at M K ≃ 6.8 (M5). This age is consistent within uncertainties across six different models, including those that account for magnetic fields and spots. We also estimate the age through analysis of the group's overall variability, and by comparing the association members' color-magnitude diagram to stellar evolutionary models using a Gaussian Mixture Model, recovering ages consistent with the LDB. Combining these age measures we obtain an age for the Carina association of 41-5+3 Myr. The resulting age agrees with the older end of previous age measurements and is consistent with the lithium depletion age for the neighboring Tucana-Horologium moving group

A Lithium Depletion Age for the Carina Association

The dispersed remnants of stellar nurseries, stellar associations provide unparalleled samples of coeval stars critical for studies of stellar and planetary formation and evolution. The Carina Stellar Association is one of the closest stellar associations to Earth, and yet measurements of its age have varied from 13 to 45 Myr. We aim to update the age of Carina using the Lithium Depletion Boundary method. We obtain new measurements of the Li 6708 Angstrom, absorption feature in likely members using optical spectra from the Goodman HTS on SOAR and NRES on LCO. We detect the depletion boundary at M_K ~= 6.8 (M5), which corresponds to an age of 41(+3,-5) Myr. The age is consistent within uncertainties across six different models, including those that account for magnetic fields and spots. We also estimate the age through analysis of the group's overall variability, and by comparing the association members' CMD to stellar evolutionary models using a Gaussian Mixture Model, recovering ages consistent with the LDB. The resulting age agrees with the older end of previous age measurements and is consistent with the lithium depletion age for the neighboring Tucana-Horologium Moving Group.Comment: 9 pages, 6 figures, accepted to AJ on 10/17/202

Transit Hunt for Young and Maturing Exoplanets (THYME). VIII. A Pleiades-age Association Harboring Two Transiting Planetary Systems from Kepler

Young planets provide a window into the early stages and evolution of planetary systems. Ideal planets for such research are in coeval associations, where the parent population can precisely determine their ages. We describe a young association (MELANGE-3) in the Kepler field, which harbors two transiting planetary systems (KOI-3876 and Kepler-970). We identify MELANGE-3 by searching for kinematic and spatial overdensities around Kepler planet hosts with high levels of lithium. To determine the age and membership of MELANGE-3, we combine new high-resolution spectra with archival light curves, velocities, and astrometry of stars near KOI-3876 spatially and kinematically. We use the resulting rotation sequence, lithium levels, and color-magnitude diagram of candidate members to confirm the presence of a coeval 105 ± 10 Myr population. MELANGE-3 may be part of the recently identified Theia 316 stream. For the two exoplanet systems, we revise the stellar and planetary parameters, taking into account the newly determined age. Fitting the 4.5 yr Kepler light curves, we find that KOI-3876b is a 2.0 ± 0.1 R⊕ planet on a 19.58 day orbit, while Kepler-970 b is a 2.8 ± 0.2 R⊕ planet on a 16.73 day orbit. KOI-3876 was previously flagged as an eclipsing binary, which we rule out using radial velocities from APOGEE and statistically validate the signal as planetary in origin. Given its overlap with the Kepler field, MELANGE-3 is valuable for studies of spot evolution on year timescales, and both planets contribute to the growing work on transiting planets in young stellar associations

HPV infection and immunochemical detection of cell-cycle markers in verrucous carcinoma of the penis

Penile verrucous carcinoma is a rare disease and little is known of its aetiology or pathogenesis. In this study we examined cell-cycle proteins expression and correlation with human papillomavirus infection in a series of 15 pure penile verrucous carcinomas from a single centre. Of 148 penile tumours, 15 (10%) were diagnosed as pure verrucous carcinomas. The expression of the cell-cycle-associated proteins p53, p21, RB, p16INK4A and Ki67 were examined by immunohistochemistry. Human papillomavirus infection was determined by polymerase chain reaction to identify a wide range of virus types. The expression of p16INK4A and Ki67 was significantly lower in verrucous carcinoma than in usual type squamous cell carcinoma, whereas the expression of p53, p21 and RB was not significantly different. p53 showed basal expression in contrast to usual type squamous cell carcinoma. Human papillomavirus infection was present in only 3 out of 13 verrucous carcinomas. Unique low-risk, high-risk and mixed viral infections were observed in each of the three cases. In conclusion, lower levels of p16INK4A and Ki67 expressions differentiate penile verrucous carcinoma from usual type squamous cell carcinoma. The low Ki67 index reflects the slow-growing nature of verrucous tumours. The low level of p16INK4A expression and human papillomavirus detection suggests that penile verrucous carcinoma pathogenesis is unrelated to human papillomavirus infection and the oncogenes and tumour suppressor genes classically altered by virus infection.Peer reviewedFinal Accepted Versio

How to Constrain Your M Dwarf. II. The Mass–Luminosity–Metallicity Relation from 0.075 to 0.70 Solar Masse

The mass-luminosity relation for late-type stars has long been a critical tool for estimating stellar masses. However, there is growing need for both a higher-precision relation and a better understanding of systematic effects (e.g., metallicity). Here we present an empirical relationship between Mks and mass spanning $0.075M_\odot<M<0.70M_\odot$. The relation is derived from 62 nearby binaries, whose orbits we determine using a combination of Keck/NIRC2 imaging, archival adaptive optics data, and literature astrometry. From their orbital parameters, we determine the total mass of each system, with a precision better than 1% in the best cases. We use these total masses, in combination with resolved Ks magnitudes and system parallaxes, to calibrate the mass-Mks relation. The result can be used to determine masses of single stars with a precision of 2-3%, which we confirm by a comparison to dynamical masses from the literature. The precision is limited by scatter around the best-fit relation beyond mass uncertainties, perhaps driven by intrinsic variation in the mass-Mks relation or underestimated measurement errors. We find the effect of [Fe/H] on the mass-Mks relation is likely negligible for metallicities in the Solar neighborhood (0.0+/-2.2% change in mass per dex change in [Fe/H]). This weak effect is consistent with predictions from the Dartmouth Stellar Evolution Database, but inconsistent with those from MESA Isochrones and Stellar Tracks. A sample of binaries with a wider range of abundances will be required to discern the importance of metallicity in extreme populations (e.g., in the Galactic Halo or thick disk).Comment: Published in ApJ/AAS Journals. Comments welcome. Code for computing mass posteriors from Ks+distance at https://github.com/awmann/M_-M_K

Chest pain with ST segment elevation in a patient with prosthetic aortic valve infective endocarditis: a case report

<p>Abstract</p> <p>Introduction</p> <p>Acute ST-segment elevation myocardial infarction secondary to atherosclerotic plaque rupture is a common medical emergency. This condition is effectively managed with percutaneous coronary intervention or thrombolysis. We report a rare case of acute myocardial infarction secondary to coronary embolisation of valvular vegetation in a patient with infective endocarditis, and we highlight how the management of this phenomenon may not be the same.</p> <p>Case presentation</p> <p>A 73-year-old British Caucasian man with previous tissue aortic valve replacement was diagnosed with and treated for infective endocarditis of his native mitral valve. His condition deteriorated in hospital and repeat echocardiography revealed migration of vegetation to his aortic valve. Whilst waiting for surgery, our patient developed severe central crushing chest pain with associated anterior ST segment elevation on his electrocardiogram. Our patient had no history or risk factors for ischaemic heart disease. It was likely that coronary embolisation of part of the vegetation had occurred. Thrombolysis or percutaneous coronary intervention treatments were not performed in this setting and a plan was made for urgent surgical intervention. However, our patient deteriorated rapidly and unfortunately died.</p> <p>Conclusion</p> <p>Clinicians need to be aware that atherosclerotic plaque rupture is not the only cause of acute myocardial infarction. In the case of septic vegetation embolisation, case report evidence reveals that adopting the current strategies used in the treatment of myocardial infarction can be dangerous. Thrombolysis risks intra-cerebral hemorrhage from mycotic aneurysm rupture. Percutaneous coronary intervention risks coronary mycotic aneurysm formation, stent infections as well as distal septic embolisation. As yet, there remains no defined treatment modality and we feel all cases should be referred to specialist cardiac centers to consider how best to proceed.</p

Lymphocyte Subsets Show Different Response Patterns to In Vivo Bound Natalizumab—A Flow Cytometric Study on Patients with Multiple Sclerosis

Natalizumab is an effective monoclonal antibody therapy for the treatment of relapsing- remitting multiple sclerosis (RRMS) and interferes with immune cell migration into the central nervous system by blocking the α4 subunit of very-late activation antigen-4 (VLA-4). Although well tolerated and very effective, some patients still suffer from relapses in spite of natalizumab therapy or from unwanted side effects like progressive multifocal leukoencephalopathy (PML). In search of a routine-qualified biomarker on the effectiveness of natalizumab therapy we applied flow cytometry and analyzed natalizumab binding to α4 and α4 integrin surface levels on T-cells, B-cells, natural killer (NK) cells, and NKT cells from 26 RRMS patients under up to 72 weeks of therapy. Four-weekly infusions of natalizumab resulted in a significant and sustained increase of lymphocyte-bound natalizumab (p<0.001) which was paralleled by a significant decrease in detectability of the α4 integrin subunit on all lymphocyte subsets (p<0.001). We observed pronounced natalizumab accumulations on T and B cells at single measurements in all patients who reported clinical disease activity (n = 4). The natalizumab binding capacity of in vitro saturated lymphocytes collected during therapy was strongly diminished compared to treatment-naive cells indicating a therapy-induced reduction of α4. Summing up, this pilot study shows that flow cytometry is a useful method to monitor natalizumab binding to lymphocytes from RRMS patients under therapy. Investigating natalizumab binding provides an opportunity to evaluate the molecular level of effectiveness of natalizumab therapy in individual patients. In combination with natalizumab saturation experiments, it possibly even provides a means of studying the feasability of patient-tailored infusion intervals. A routine-qualified biomarker on the basis of individual natalizumab saturation on lymphocyte subsets might be an effective tool to improve treatment safety

Localization of supersymmetric field theories on non-compact hyperbolic three-manifolds

We study supersymmetric gauge theories with an R-symmetry, defined on non-compact, hyperbolic, Riemannian three-manifolds, focusing on the case of a supersymmetry-preserving quotient of Euclidean AdS$_3$. We compute the exact partition function in these theories, using the method of localization, thus reducing the problem to the computation of one-loop determinants around a supersymmetric locus. We evaluate the one-loop determinants employing three different techniques: an index theorem, the method of pairing of eigenvalues, and the heat kernel method. Along the way, we discuss aspects of supersymmetry in manifolds with a conformal boundary, including supersymmetric actions and boundary conditions.Comment: v3:79p, minor clarifications and references adde