Bayesian Analysis of Structural Credit Risk Models with Microstructure Noises

In this paper a Markov chain Monte Carlo (MCMC) technique is developed for the Bayesian analysis of structural credit risk models with microstructure noises. The technique is based on the general Bayesian approach with posterior computations performed by Gibbs sampling. Simulations from the Markov chain, whose stationary distribution converges to the posterior distribution, enable exact finite sample inferences of model parameters. The exact inferences can easily be extended to latent state variables and any nonlinear transformation of state variables and parameters, facilitating practical credit risk applications. In addition, the comparison of alternative models can be based on devian information criterion (DIC) which is straightforwardly obtained from the MCMC output. The method is implemented on the basic structural credit risk model with pure microstructure noises and some more general specifications using daily equity data from US and emerging markets. We find empirical evidence that microstructure noises are positively correlated with the firm values in emerging markets.MCMC, Credit risk, Microstructure noise, Devian information criterion

Bayesian Analysis of Structural Credit Risk Models with Microstructure Noises

Published in Journal of Econometrics https://doi.org/10.1016/j.jedc.2010.05.008</p

Targeted in vivo extracellular matrix formation promotes neovascularization in a rodent model of myocardial infarction.

BackgroundThe extracellular matrix plays an important role in tissue regeneration. We investigated whether extracellular matrix protein fragments could be targeted with antibodies to ischemically injured myocardium to promote angiogenesis and myocardial repair.Methodology/principal findingsFour peptides, 2 derived from fibronectin and 2 derived from Type IV Collagen, were assessed for in vitro and in vivo tendencies for angiogenesis. Three of the four peptides--Hep I, Hep III, RGD--were identified and shown to increase endothelial cell attachment, proliferation, migration and cell activation in vitro. By chemically conjugating these peptides to an anti-myosin heavy chain antibody, the peptides could be administered intravenously and specifically targeted to the site of the myocardial infarction. When administered into Sprague-Dawley rats that underwent ischemia-reperfusion myocardial infarction, these peptides produced statistically significantly higher levels of angiogenesis and arteriogenesis 6 weeks post treatment.Conclusions/significanceWe demonstrated that antibody-targeted ECM-derived peptides alone can be used to sufficiently alter the extracellular matrix microenvironment to induce a dramatic angiogenic response in the myocardial infarct area. Our results indicate a potentially new non-invasive strategy for repairing damaged tissue, as well as a novel tool for investigating in vivo cell biology

Investigating Consistency Among Bridge Inspectors Using Simulated Virtual Reality Testbed

The current condition of US infrastructure requires a data-driven, risk-based approach to asset management. In the case of bridges, inspectors in every state visit these structures and collect data, and based on the information they report, state departments evaluate bridge conditions, predict deterioration, and make repair and retrofit decisions. However, the capacity of inspectors for defect detection might vary due to several factors, such as the inspectors’ experience or eyesight, which results in differences when reporting their results. Through the development of a virtual reality (VR)-based testbed, the variability among inspectors in examination and documentation practices in steel and concrete bridges in Indiana will be measured and analyzed. As a result, training programs could be enhanced according to the outcome analyses of the VR system

Design and Bolometer Characterization of the SPT-3G First-year Focal Plane

During the austral summer of 2016-17, the third-generation camera, SPT-3G, was installed on the South Pole Telescope, increasing the detector count in the focal plane by an order of magnitude relative to the previous generation. Designed to map the polarization of the cosmic microwave background, SPT-3G contains ten 6-in-hexagonal modules of detectors, each with 269 trichroic and dual-polarization pixels, read out using 68x frequency-domain multiplexing. Here we discuss design, assembly, and layout of the modules, as well as early performance characterization of the first-year array, including yield and detector properties.Comment: Conference proceeding for Low Temperature Detectors 2017. Accepted for publication: 27 August 201

Recombinant anticoccidial vaccines - a cup half full?

Eimeria species parasites can cause the disease coccidiosis, most notably in chickens. The occurrence of coccidiosis is currently controlled through a combination of good husbandry, chemoprophylaxis and/or live parasite vaccination; however, scalable, cost-effective subunit or recombinant vaccines are required. Many antigens have been proposed for use in novel anticoccidial vaccines, supported by the capacity to reduce disease severity or parasite replication, increase body weight gain in the face of challenge or improve feed conversion under experimental conditions, but none has reached commercial development. Nonetheless, the protection against challenge induced by some antigens has been within the lower range described for the ionophores against susceptible isolates or current live vaccines prior to oocyst recycling. With such levels of efficacy it may be that combinations of anticoccidial antigens already described are sufficient for development as novel multi-valent vaccines, pending identification of optimal delivery systems. Selection of the best antigens to be included in such vaccines can be informed by knowledge defining the natural occurrence of specific antigenic diversity, with relevance to the risk of immediate vaccine breakthrough, and the rate at which parasite genomes can evolve new diversity. For Eimeria, such data are now becoming available for antigens such as apical membrane antigen 1 (AMA1) and immune mapped protein 1 (IMP1) and more are anticipated as high-capacity, high-throughput sequencing technologies become increasingly accessible

Classical realization of a strongly driven two-level system

A classical two-level system has been realized by coupling two propagation or two polarization modes of an optical ring resonator. This system can be driven by periodic modulation of either the coupling or the bare mode frequencies, at sufficient strength to violate the rotating-wave approximation (RWA) on resonance. Landau-Zener transitions, Rabi oscillation with non-RWA signature, and Autler-Townes doublets have been observed

Vitamin D receptor ChIP-seq in primary CD4+ cells: relationship to serum 25-hydroxyvitamin D levels and autoimmune disease

PMCID: PMC3710212This is an Open Access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/2.0), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited

Rifaximin Treatment in Hepatic Encephalopathy

Background Hepatic encephalopathy is a chronically debilitating complication of hepatic cirrhosis. The efficacy of rifaximin, a minimally absorbed antibiotic, is well documented in the treatment of acute hepatic encephalopathy, but its efficacy for prevention of the disease has not been established. Methods In this randomized, double-blind, placebo-controlled trial, we randomly assigned 299 patients who were in remission from recurrent hepatic encephalopathy resulting from chronic liver disease to receive either rifaximin, at a dose of 550 mg twice daily (140 patients), or placebo (159 patients) for 6 months. The primary efficacy end point was the time to the first breakthrough episode of hepatic encephalopathy. The key secondary end point was the time to the first hospitalization involving hepatic encephalopathy. Results Rifaximin significantly reduced the risk of an episode of hepatic encephalopathy, as compared with placebo, over a 6-month period (hazard ratio with rifaximin, 0.42; 95% confidence interval [CI], 0.28 to 0.64; P Conclusions Over a 6-month period, treatment with rifaximin maintained remission from hepatic encephalopathy more effectively than did placebo. Rifaximin treatment also significantly reduced the risk of hospitalization involving hepatic encephalopathy. (ClinicalTrials.gov number, NCT00298038.

How natural forest conversion affects insect biodiversity in the Peruvian Amazon : can agroforestry help?

The Amazonian rainforest is a unique ecosystem that comprises habitat for thousands of animal species. Over the last decades, the ever-increasing human population has caused forest conversion to agricultural land with concomitant high biodiversity losses, mainly near a number of fast-growing cities in the Peruvian Amazon. In this research, we evaluated insect species richness and diversity in five ecosystems: natural forests, multistrata agroforests, cocoa agroforests, annual cropping monoculture and degraded grasslands. We determined the relationship between land use intensity and insect diversity changes. Collected insects were taxonomically determined to morphospecies and data evaluated using standardized biodiversity indices. The highest species richness and abundance were found in natural forests, followed by agroforestry systems. Conversely, monocultures and degraded grasslands were found to be biodiversity-poor ecosystems. Diversity indices were relatively high for all ecosystems assessed with decreasing values along the disturbance gradient. An increase in land use disturbance causes not only insect diversity decreases but also complete changes in species composition. As agroforests, especially those with cocoa, currently cover many hectares of tropical land and show a species composition similar to natural forest sites, we can consider them as biodiversity reservoirs for some of the rainforest insect species