Hedging Housing Risk

An unusually rich source of data on housing prices in Stockholm is used to analyze the investment implications of housing choices. This empirical analysis derives market-wide price and return series for housing investment during a 13-year period, and it also provides estimates of the individual-specific, idiosyncratic, variation in housing returns. Because the idiosyncratic component follows an autocorrelated process, the analysis of portfolio choice is dependent upon the holding period. We analyze the composition of household investment portfolios containing housing, common stocks, stocks in real estate holding companies, bonds and t-bills. For short holding periods, the efficient portfolio contains essentially no housing. For longer periods, low risk portfolios contain 15 to 50 percent housing. These results suggest that there are large potential gains from policies or institutions that would permit households to hedge their lumpy investments in housing. We estimate the potential value of hedges in reducing risk to households, yet yielding the same investment returns. The value is surprisingly large, especially to poorer homeowners.Portfolio Risk; House Price Index; Hedging

Learning from Minimum Entropy Queries in a Large Committee Machine

In supervised learning, the redundancy contained in random examples can be avoided by learning from queries. Using statistical mechanics, we study learning from minimum entropy queries in a large tree-committee machine. The generalization error decreases exponentially with the number of training examples, providing a significant improvement over the algebraic decay for random examples. The connection between entropy and generalization error in multi-layer networks is discussed, and a computationally cheap algorithm for constructing queries is suggested and analysed.Comment: 4 pages, REVTeX, multicol, epsf, two postscript figures. To appear in Physical Review E (Rapid Communications

On the properties of the transition matrix in bouncing cosmologies

We elaborate further on the evolution properties of cosmological fluctuations through a bounce. We show this evolution to be describable either by ``transmission'' and ``reflection'' coefficients or by an effective unitary S-matrix. We also show that they behave in a time reversal invariant way. Therefore, earlier results are now interpreted in a different perspective and put on a firmer basis.Comment: 4 pages, 1 figure, to appear in PR

A first-in-human study of AMG 208, an oral MET inhibitor, in adult patients with advanced solid tumors.

BackgroundThis first-in-human study evaluated AMG 208, a small-molecule MET inhibitor, in patients with advanced solid tumors.MethodsThree to nine patients were enrolled into one of seven AMG 208 dose cohorts (25, 50, 100, 150, 200, 300, and 400 mg). Patients received AMG 208 orally on days 1 and days 4-28 once daily. The primary objectives were to evaluate the safety, tolerability, pharmacokinetics, and maximum tolerated dose (MTD) of AMG 208.ResultsFifty-four patients were enrolled. Six dose-limiting toxicities were observed: grade 3 increased aspartate aminotransferase (200 mg), grade 3 thrombocytopenia (200 mg), grade 4 acute myocardial infarction (300 mg), grade 3 prolonged QT (300 mg), and two cases of grade 3 hypertension (400 mg). The MTD was not reached. The most frequent grade ≥3 treatment-related adverse event was anemia (n = 3) followed by hypertension, prolonged QT, and thrombocytopenia (two patients each). AMG 208 exposure increased linearly with dose; mean plasma half-life estimates were 21.4-68.7 hours. One complete response (prostate cancer) and three partial responses (two in prostate cancer, one in kidney cancer) were observed.ConclusionsIn this study, AMG 208 had manageable toxicities and showed evidence of antitumor activity, particularly in prostate cancer

Up from Crisis: Overhauling Healthcare Information, Payment, and Delivery in Extraordinary Times. Dialogue with Featured Speakers from the 6th Annual Connected Health Symposium

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/78098/1/tmj.2009.9948.pd

Parametric amplification of metric fluctuations through a bouncing phase

We clarify the properties of the behavior of classical cosmological perturbations when the Universe experiences a bounce. This is done in the simplest possible case for which gravity is described by general relativity and the matter content has a single component, namely a scalar field in a closed geometry. We show in particular that the spectrum of scalar perturbations can be affected by the bounce in a way that may depend on the wave number, even in the large scale limit. This may have important implications for string motivated models of the early Universe.Comment: 17 pages, 12 figures, LaTeX-ReVTeX format, version to match Phys. Rev.

ESR investigations on Ca perovskite

Electron spin resonance studies on fine powders of La0.65Ca0.35MnO3, performed in the X band, are reported. The coexistence of paramagnetic and ferromagnetic phases, in a narrow temperature range close to the Curie temperature, is observed. The electron spin resonance measurements do not support the presence of bipolarons above the Curie temperature. Temperature dependence of the ESR linewidth is governed by the hopping of polarons and the corresponding activation energy is about 150 meV above Tc

Passing through the bounce in the ekpyrotic models

By considering a simplified but exact model for realizing the ekpyrotic scenario, we clarify various assumptions that have been used in the literature. In particular, we discuss the new ekpyrotic prescription for passing the perturbations through the singularity which we show to provide a spectrum depending on a non physical normalization function. We also show that this prescription does not reproduce the exact result for a sharp transition. Then, more generally, we demonstrate that, in the only case where a bounce can be obtained in Einstein General Relativity without facing singularities and/or violation of the standard energy conditions, the bounce cannot be made arbitrarily short. This contrasts with the standard (inflationary) situation where the transition between two eras with different values of the equation of state can be considered as instantaneous. We then argue that the usually conserved quantities are not constant on a typical bounce time scale. Finally, we also examine the case of a test scalar field (or gravitational waves) where similar results are obtained. We conclude that the full dynamical equations of the underlying theory should be solved in a non singular case before any conclusion can be drawn.Comment: 17 pages, ReVTeX 4, 13 figures, minor corrections, conclusions unchange

Nanoscale structuring of tungsten tip yields most coherent electron point-source

This report demonstrates the most spatially-coherent electron source ever reported. A coherence angle of 14.3 +/- 0.5 degrees was measured, indicating a virtual source size of 1.7 +/-0.6 Angstrom using an extraction voltage of 89.5 V. The nanotips under study were crafted using a spatially-confined, field-assisted nitrogen etch which removes material from the periphery of the tip apex resulting in a sharp, tungsten-nitride stabilized, high-aspect ratio source. The coherence properties are deduced from holographic measurements in a low-energy electron point source microscope with a carbon nanotube bundle as sample. Using the virtual source size and emission current the brightness normalized to 100 kV is found to be 7.9x10^8 A/sr cm^2