Hedging with interest rate caps compared with a policy of maintaining a balanced portfolio of loans (PLA) and averaging the borrowing costs

This paper compares two different strategies for managing interest rate exposure. One involves maintaining a borrowing portfolio using short and long term debt lines in order to maintain an average borrowing cost. The second involves using interest rate caps to manage exposure to interest rate risk. The two strategies are compared using a set of daily quarterly rates from three months out to 10 years (120 months) of BBSW zero rates, par rates and forward rates from June 2000 to September 2006. The data set of implied volatilities (Appendix I used for interest cap quoting and pricing) consists of volatilities for 1, 2, 3, 4, 5, 7 and 10 year maturities; the data set is made up of daily closing mid-quotes for the period. We examine whether interest rate caps would be a better alternative for minimising interest rate risk as compared to a structure that combines a portfolio of rolling short-term debt with one of rolling long-term debt lines. Using principal component analysis (PCA) we explore the behaviour of, and the number of factors driving volatilities. As caps are quoted in terms of implied volatilities, and we know BlackÃŒs (1976) model is very sensitive to changes in these volatilities. We use PCA to examine the factors driving cap price volatilities. We explore the best way of using caps to manage interest rate risk. This should help us understand what factors affect cap prices and how many factors might be used in the interest rate models used to price interest rate derivatives such as caps and floors. We use Sharpe ratios to assess the relative borrowing costs of different strategies in relation to the volatility of their outcomes. We examine whether interest rate caps would be a more efficient method for minimising interest rate risk as compared to the a portfolio of loans.Hedging with interest rate caps, Vegas, Sharpe ratios, Principle components analysis

Resistance Training and Quality of Life Among Younger and Older Adults

Older adults are at risk for sarcopenia, which can lead to reduced physical function, physical activity, and quality of life (QoL). PURPOSE: To determine the effects of aging and sedentary behavior on risk for sarcopenia, the purpose was to compare resistance trained and nonresistance trained younger and older adults on two sarcopenia-related outcomes: QoL and physical activity level (PA). METHODS: Younger (23.8 ± 0.4) and older (68.5 ± 1.2) healthy adults were categorized into 4 groups: young trained (YT: n = 22), young not trained (YNT: n = 16), old trained (OT: n = 17), and old not trained (ONT: n = 21). Resistance trained participants trained ≥ 2X per week, for the past ≥ 6 months. Participants completed a survey to assess health-related QoL, using the Sarcopenia and Quality of Life Questionnaire (SarQoL), and PA, using the Leisure Time Exercise Questionnaire (LTEQ). The SarQoL provides a total QoL score based on 7 dimensions. We were interested in total QoL and the following 3 dimensions: physical and mental health, functionality, and activities of daily living (ADLs). Scores range from 0 (worst health) to 100 (best health). The LTEQ provides a score for PA units, based on vigorous, moderate, and light PA in the past week, with higher scores indicating more PA. ANOVAs were used to determine group differences for each variable, p ≤ 0.05. Data are reported as mean ± SE. RESULTS: Group differences emerged for all variables (p ≤ 0.05). For total QoL, YT (94.5 ± 1.4) was significantly higher than all other groups (YNT: 86.4 ± 1.6, p \u3c 0.001; OT: 87.1 ± 1.6, p = 0.001; ONT: 81.9 ± 1.4, p \u3c 0.001). OT (p = 0.017) and YNT (p = 0.039) were significantly higher than ONT. For physical and mental health, YT (94.2 ± 2.4) was significantly higher than all groups (YNT: 82.2 ± 2.8, p = 0.002; OT: 85.8 ± 2.7, p = 0.022; ONT: 77.9 ± 2.4, p \u3c 0.001). OT was significantly higher than ONT (p = 0.035). For functionality (e.g., balance, climbing stairs), YT (97.5 ± 1.4) again was significantly higher than the other groups (YNT: 92.0 ± 1.6, p = 0.012; OT: 88.9 ± 1.6, p \u3c 0.001; ONT: 85.6 ± 1.4, p \u3c 0.001). YNT was significantly higher than ONT (p= 0.004). For ADLs (e.g., difficulty, fatigue, or pain during physical effort), YT (95.4 ± 1.7) was significantly higher than all groups (YNT: 87.3 ± 1.9, p = 0.002; OT: 87.9 ± 1.9, p = 0.004; ONT: 84.7 ± 1.7, p \u3c 0.001). For all QoL variables, OT did not differ from YNT (p \u3e 0.05). For PA, YT (58.5 ± 6.1 AU) had the same activity level as OT (50.0 ± 6.9 AU, p = 0.356). YT was significantly higher than YNT (31.1 ± 7.3 AU, p = 0.005) and ONT (32.4 ± 6.4 AU, p = 0.004). All other group comparisons were not different (p \u3e 0.05). CONCLUSION: Interestingly, OT was similar to YT on PA and similar to YNT on QoL outcomes. Further, OT was higher than ONT on perceptions of physical and mental health and total QoL. These data suggest that resistance training may be an effective modality to improve or maintain QoL as individuals age

A Comparison of Haptic and Auditory Feedback as a Warning Signal for Slip in Tele-Operation Scenarios

Slip feedback is an important cue in everyday object manipulation, but it is generally missing in tele-operation systems. To test the usefulness of simple, abstract types of feedback that warn the user about slip events, we tested the effect of auditory and haptic vibration feedback in a tele-operation task. Participants were asked to hold an object in a remote robot hand, and the force profiles that they exerted in response to slip events were measured. Haptic feedback did not significantly change the response characteristics, but auditory feedback did significantly improve response latency. A small but significant difference between haptic and auditory reaction times (60 ms) found in our control experiment might explain the difference between the feedback types

Resistance Training may Mitigate Age-related Decline in Physical Function

Aging is often accompanied with the onset of sarcopenia, defined by low muscle mass, strength, and physical function. Regular resistance exercise may mitigate this loss; however, data are lacking that compare younger and older adults who do and do not perform resistance training for general health on skeletal muscle mass and physical function. PURPOSE: The aim of this study was to identify differences in muscle mass and physical function between younger and older adults who did and did not perform resistance training for general health. METHODS: Healthy younger (23.8 ± 0.4 yrs) and older (68.5 ± 1.2 yrs) men and women (n = 76) who either did or did not regularly participate in resistance training were placed into 4 groups: young trained (YT: n = 22), young not trained (YNT: n = 16), old trained (OT: n = 17), and old not trained (ONT: n = 21). Dual energy x-ray absorptiometry assessed appendicular skeletal muscle mass (SMI). Participants performed 4 physical function tests: stair climb (SC), 30s sit-to-stand (30sSTS), 6-min walk test (6MWT), and timed-up-and-go (TUG). ANOVAs were used to compare groups for all measures, p ≤ 0.05. Data are reported as mean ± SE. RESULTS: Differences were found between groups for SMI, SC, 30sSTS, 6MWT, and TUG (p ≤ 0.05). SMI was higher for YT compared to YNT (p = 0.001), ONT (p \u3c 0.0001) and OT (p = 0.032) (YT: 8.67 ± 0.36 kg/m2, YNT: 7.08 ± 0.23 kg/m2, OT: 7.73 ± 0.29 kg/m2, ONT: 7.11 ± 0.27 kg/m2). SC performance was slower for ONT compared to YT (p \u3c 0.0001), YNT (p \u3c 0.0001), and OT (p = 0.032); however, YT and was faster than OT (p = 0.002) (YT: 2.37 ± 0.05s, YNT: 2.60 ± 0.10s, OT: 2.94± 0.15s, ONT: 3.32 ± 0.16s). For 30sSTS, OT completed more reps than ONT (p \u3c 0.0001) and YNT (p = 0.001). YT completed more reps than YNT (p \u3c 0.0001) and ONT (p \u3c 0.0001) (YT: 22.8 ± 0.5 reps, YNT: 18.4 ± 0.7 reps, OT: 22.1 ± 1.1 reps, ONT: 16.7 ± 0.6 reps). OT (p = 0.001), YT (p \u3c 0.0001), and YNT (p = 0.046) walked farther in the 6MWT compared to ONT, and YT walked farther than YNT (p = 0.048) (YT: 837.0 ± 16.7 yds, YNT: 783.2 ± 14.5 yds, OT: 819.9 ± 23.3 yds, ONT: 728.3 ± 18.9 yds). For TUG, OT (p = 0.001) and YT (p = 0.046) were faster than ONT (YT: 5.81 ± 0.17s, YNT: 5.87 ± 0.25s, OT: 5.31 ± 0.19s, ONT: 6.35 ± 0.21s). 30sSTS, 6MWT and TUG were not different between OT and YT. 6MWT and SC were not different between OT and YNT (p \u3e 0.05). All other comparisons were not significantly different (p \u3e 0.05). CONCLUSION: Resistance trained older adults outperformed their nonresistance trained peers and these data suggest that older adults who engage in regular resistance training may maintain physical function similar to that of younger adults

Missense-depleted regions in population exomes implicate ras superfamily nucleotide-binding protein alteration in patients with brain malformation.

Genomic sequence interpretation can miss clinically relevant missense variants for several reasons. Rare missense variants are numerous in the exome and difficult to prioritise. Affected genes may also not have existing disease association. To improve variant prioritisation, we leverage population exome data to identify intragenic missense-depleted regions (MDRs) genome-wide that may be important in disease. We then use missense depletion analyses to help prioritise undiagnosed disease exome variants. We demonstrate application of this strategy to identify a novel gene association for human brain malformation. We identified de novo missense variants that affect the GDP/GTP-binding site of ARF1 in three unrelated patients. Corresponding functional analysis suggests ARF1 GDP/GTP-activation is affected by the specific missense mutations associated with heterotopia. These findings expand the genetic pathway underpinning neurologic disease that classically includes FLNA. ARF1 along with ARFGEF2 add further evidence implicating ARF/GEFs in the brain. Using functional ontology, top MDR-containing genes were highly enriched for nucleotide-binding function, suggesting these may be candidates for human disease. Routine consideration of MDR in the interpretation of exome data for rare diseases may help identify strong genetic factors for many severe conditions, infertility/reduction in reproductive capability, and embryonic conditions contributing to preterm loss

Design Principles for Plasmonic Nanoparticle Devices

For all applications of plasmonics to technology it is required to tailor the resonance to the optical system in question. This chapter gives an understanding of the design considerations for nanoparticles needed to tune the resonance. First the basic concepts of plasmonics are reviewed with a focus on the physics of nanoparticles. An introduction to the finite element method is given with emphasis on the suitability of the method to nanoplasmonic device simulation. The effects of nanoparticle shape on the spectral position and lineshape of the plasmonic resonance are discussed including retardation and surface curvature effects. The most technologically important plasmonic materials are assessed for device applicability and the importance of substrates in light scattering is explained. Finally the application of plasmonic nanoparticles to photovoltaic devices is discussed.Comment: 29 pages, 15 figures, part of an edited book: "Linear and Non-Linear Nanoplasmonics

A dose-dependent plasma signature of the safety and immunogenicity of the rVSV-Ebola vaccine in Europe and Africa.

The 2014-2015 Ebola epidemic affected several African countries, claiming more than 11,000 lives and leaving thousands with ongoing sequelae. Safe and effective vaccines could prevent or limit future outbreaks. The recombinant vesicular stomatitis virus-vectored Zaire Ebola (rVSV-ZEBOV) vaccine has shown marked immunogenicity and efficacy in humans but is reactogenic at higher doses. To understand its effects, we examined plasma samples from 115 healthy volunteers from Geneva who received low-dose (LD) or high-dose (HD) vaccine or placebo. Fifteen plasma chemokines/cytokines were assessed at baseline and on days 1, 2 to 3, and 7 after injection. Significant increases in monocyte-mediated MCP-1/CCL2, MIP-1β/CCL4, IL-6, TNF-α, IL-1Ra, and IL-10 occurred on day 1. A signature explaining 68% of cytokine/chemokine vaccine-response variability was identified. Its score was higher in HD versus LD vaccinees and was associated positively with vaccine viremia and negatively with cytopenia. It was higher in vaccinees with injection-site pain, fever, myalgia, chills, and headache; higher scores reflected increasing severity. In contrast, HD vaccinees who subsequently developed arthritis had lower day 1 scores than other HD vaccinees. Vaccine dose did not influence the signature despite its influence on specific outcomes. The Geneva-derived signature associated strongly (ρ = 0.97) with that of a cohort of 75 vaccinees from a parallel trial in Lambaréné, Gabon. Its score in Geneva HD vaccinees with subsequent arthritis was significantly lower than that in Lambaréné HD vaccinees, none of whom experienced arthritis. This signature, which reveals monocytes' critical role in rVSV-ZEBOV immunogenicity and safety across doses and continents, should prove useful in assessments of other vaccines

Varicellovirus UL 49.5 proteins differentially affect the function of the transporter associated with antigen processing, TAP

Cytotoxic T-lymphocytes play an important role in the protection against viral infections, which they detect through the recognition of virus-derived peptides, presented in the context of MHC class I molecules at the surface of the infected cell. The transporter associated with antigen processing (TAP) plays an essential role in MHC class I–restricted antigen presentation, as TAP imports peptides into the ER, where peptide loading of MHC class I molecules takes place. In this study, the UL49.5 proteins of the varicelloviruses bovine herpesvirus 1 (BHV-1), pseudorabies virus (PRV), and equine herpesvirus 1 and 4 (EHV-1 and EHV-4) are characterized as members of a novel class of viral immune evasion proteins. These UL49.5 proteins interfere with MHC class I antigen presentation by blocking the supply of antigenic peptides through inhibition of TAP. BHV-1, PRV, and EHV-1 recombinant viruses lacking UL49.5 no longer interfere with peptide transport. Combined with the observation that the individually expressed UL49.5 proteins block TAP as well, these data indicate that UL49.5 is the viral factor that is both necessary and sufficient to abolish TAP function during productive infection by these viruses. The mechanisms through which the UL49.5 proteins of BHV-1, PRV, EHV-1, and EHV-4 block TAP exhibit surprising diversity. BHV-1 UL49.5 targets TAP for proteasomal degradation, whereas EHV-1 and EHV-4 UL49.5 interfere with the binding of ATP to TAP. In contrast, TAP stability and ATP recruitment are not affected by PRV UL49.5, although it has the capacity to arrest the peptide transporter in a translocation-incompetent state, a property shared with the BHV-1 and EHV-1 UL49.5. Taken together, these results classify the UL49.5 gene products of BHV-1, PRV, EHV-1, and EHV-4 as members of a novel family of viral immune evasion proteins, inhibiting TAP through a variety of mechanisms