Stock loan with Automatic termination clause, cap and margin

This paper works out fair values of stock loan model with automatic termination clause, cap and margin. This stock loan is treated as a generalized perpetual American option with possibly negative interest rate and some constraints. Since it helps a bank to control the risk, the banks charge less service fees compared to stock loans without any constraints. The automatic termination clause, cap and margin are in fact a stop order set by the bank. Mathematically, it is a kind of optimal stopping problems arising from the pricing of financial products which is first revealed. We aim at establishing explicitly the value of such a loan and ranges of fair values of key parameters : this loan size, interest rate, cap, margin and fee for providing such a service and quantity of this automatic termination clause and relationships among these parameters as well as the optimal exercise times. We present numerical results and make analysis about the model parameters and how they impact on value of stock loan.Comment: 30 pages, 7 figure

Study on the Improvement of Teaching Quality Management System for Higher Engineering Institutes

Based on the analysis of its establishment and implementation of controlling scheme of the teaching quality management system (TQMS) for advanced institutes of technologies domestic and overseas, from the inspect of the management principles of TQM and 6σas well as the process method of ISO9000 family standards, in combination with the evolution scheme of teaching quality of undergraduate courses in ordinary universities, applying the running principles of PDCA ,this paper has probed into the objectives of the establishment and improvement of the management system on teaching quality, put forward its basic procedures. We believe that its establishment and maintenance should have four stages, namely, plan, do, check and action, as well as eight steps, which includes decision-making, programming, analysis, design, running, assessing, improvement and perfection, which, lays a solid foundation on concrete teaching quality assurance programs for its improvement. Key words: quality management system, procedure improvement, implementation and maintenance, continual improvement, institutes of technology. Résumé: Basé sur l’analyse de l’établissement et de l’application du plan de contrôle du système de gestion de la qualité d’enseignement pour les instituts de technologie supérieurs tant nationaux qu’ étrangers, à partir de l’examination des principes de gestion de ce système et de 6σainsi que la méthode de traitement des standards familial ISO9000, en combinaison avec l’évolution du système de la qualité d’enseignement des cours universitaires dans les universités ordinaires, en applicant les principes de PDCA, cet essai explore les objectifs de l’établissement et de l’amélioration du système de gestion de la qualité d’enseignement et met en avant ses procédures de base. On croit que son établissement et maintenance devrait comporter quatre étapes, soit plan, application, révision et action, et huit pas qui comprennent prise de décision, programmation, analyse, design, application, évaluation, amélioration et perfection, qui, jette une base solide avec des programmes concrets d’assurance de la qualité d’enseignement pour son amélioration. Mots-Clés: système de gestion de la qualité, procédure d’amélioration, application et maintenance, amélioration continuelle, instituts de technologi

Division Managers’ Private Information and Capital Investment: Exploiting External Social Connections as an Information Source

We examine the relationship between division-level information and capital investment in conglomerates, exploiting the external social connections of division managers (DMs) as an information source. We find that DMs who are socially connected with the CEOs of industry peers undertake more investment than those without such connections. The documented effect is stronger when (i) the DM’s information source is more useful, proxied by connected external firms having superior performance, high growth, large market shares, or experienced CEOs; (ii) the industry environment is more uncertain and less transparent; and (iii) the DM is more influential within the conglomerate. Along with increased investment, connected divisions display greater responsiveness to investment opportunities and subsequently realize higher profitability. Overall, division-level information helps improve capital investment decisions despite exacerbated information asymmetries

An Innovative Approach for Gob-Side Entry Retaining With Thick and Hard Roof: A Case Study

An innovative roadway layout in a Chinese colliery based on gob-side entry retaining (GER) with thick and hard roof (THR) was introduced. Suspended roof is left with a large area in GER with THR, which leads to large area roof weighting (LARW). LARW for GER with THR and mechanism of shallow-hole blasting to force roof caving in GER were expounded. Key parameters of shallow-hole blasting to force roof caving are proposed. LS-DYNA3D was used to validate the rationality of those key parameters, and UDEC was used to discuss and validate shallow-hole blasting to force roof-caving effect by contrast to the model without blasting and the model with shallow-hole blasting. Moreover, shallow-hole blasting technology to force roof caving for GER with THR was carried out in the Chinese colliery as a case study. Field test indicates that shallow-hole blasting technology effectively controls ground deformation of GER with THR and prevents LARW

Development of Patient-specific AAV Vectors After Neutralizing Antibody Selection for Enhanced Muscle Gene Transfer

A major hindrance in gene therapy trials with adeno-associated virus (AAV) vectors is the presence of neutralizing antibodies (NAbs) that inhibit AAV transduction. In this study, we used directed evolution techniques in vitro and in mouse muscle to select novel NAb escape AAV chimeric capsid mutants in the presence of individual patient serum. AAV mutants isolated in vitro escaped broad patient-specific NAb activity but had poor transduction ability in vivo. AAV mutants isolated in vivo had enhanced NAb evasion from cognate serum and had high muscle transduction ability. More importantly, structural modeling identified a 100 amino acid motif from AAV6 in variable region (VR) III that confers this enhanced muscle tropism. In addition, a predominantly AAV8 capsid beta barrel template with a specific preference for AAV1/AAV9 in VR VII located at threefold symmetry axis facilitates NAb escape. Our data strongly support that chimeric AAV capsids composed of modular and nonoverlapping domains from various serotypes are capable of evading patient-specific NAbs and have enhanced muscle transduction

Proteomic analysis of spinal cord tissue in a rat model of cancer-induced bone pain

BackgroundCancer-induced bone pain (CIBP) is a moderate to severe pain and seriously affects patients’ quality of life. Spinal cord plays critical roles in pain generation and maintenance. Identifying differentially expressed proteins (DEPs) in spinal cord is essential to elucidate the mechanisms of cancer pain.MethodsCIBP rat model was established by the intratibial inoculation of MRMT-1 cells. Positron emission tomography (PET) scan and transmission electron microscopy (TEM) were used to measure the stats of spinal cord in rats. Label free Liquid Chromatography with tandem mass spectrometry (LC-MS-MS) were used to analyze the whole proteins from the lumbar spinal cord. Differentially expressed proteins (DEPs) were performed using Gene Ontology (GO) and Kyoto encyclopedia of genes and genomes (KEGG) enrichment analysis, and verified using Western blot and immunofluorescence assay.ResultsIn the current study, CIBP rats exhibited bone damage, spontaneous pain, mechanical hyperalgesia, and impaired motor ability. In spinal cord, an hypermetabolism and functional abnormality were revealed on CIBP rats. An increase of synaptic vesicles density in active zone and a disruption of mitochondrial structure in spinal cord of CIBP rats were observed. Meanwhile, 422 DEPs, consisting of 167 up-regulated and 255 down-regulated proteins, were identified among total 1539 proteins. GO enrichment analysis indicated that the DEPs were mainly involved in catabolic process, synaptic function, and enzymic activity. KEGG pathway enrichment analysis indicated a series of pathways, including nervous system disease, hormonal signaling pathways and amino acid metabolism, were involved. Expression change of synaptic and mitochondrial related protein, such as complexin 1 (CPLX1), synaptosomal-associated protein 25 (SNAP25), synaptotagmin 1 (SYT1), aldehyde dehydrogenase isoform 1B1 (ALDH1B1), Glycine amidinotransferase (GATM) and NADH:ubiquinone oxidoreductase subunit A11 (NDUFA11), were further validated using immunofluorescence and Western blot analysis.ConclusionThis study provides valuable information for understanding the mechanisms of CIBP, and supplies potential therapeutic targets for cancer pain

Prevalence of Vitamin D Inadequacy Among Chinese Postmenopausal Women: A Nationwide, Multicenter, Cross-Sectional Study

Purpose: We aimed to investigate the status of serum 25-hydroxyvitamin D [25(OH)D] among Chinese postmenopausal women in a multicenter cross-sectional study.Methods: Non-institutionalized postmenopausal women aged ≥55 years were recruited from urban and rural areas in 7 geographically different regions in China. Subject enrollment was executed during the summer and the winter. Vitamin D insufficiency and deficiency were defined as 25(OH)D < 30 and< 20 ng/ml, and was measured by liquid chromatography-tandem mass spectrometry. Women were referred to a dual-energy x-ray absorptiometry (DXA) if they had a medium-to-high fracture risk suggested by Osteoporosis Self-Assessment Tool for Asians (OSTA).Results: Among all subjects, 91.2% (1,535/1,684, 95%CI: 89.7, 92.5) had vitamin D insufficiency and 61.3% had vitamin D deficiency (1,033/1,684, 95%CI: 59.0, 63.7). The prevalence of vitamin D deficiency was significantly higher in urban dwellers (64.9 vs. 57.7% in rural, P = 0.002) and in winter-enrolled subjects (84.7 vs. 41.3% in summer, P < 0.0001). The prevalence of vitamin D inadequacy did not increase in trend by latitude and was numerically lower in women who had high fracture risk and osteoporosis. A non-curvilinear change of intact parathyroid hormone (iPTH) levels was observed at 25(OH)D >16.78 ng/mL.Conclusions: The prevalence of vitamin D inadequacy was remarkable among Chinese postmenopausal women and independent of fracture risk assessed by OSTA or osteoporosis suggested by DXA. Winter season, urban residence, however not latitude, were significantly associated with a higher likelihood of vitamin D deficiency. Optimal vitamin D status for iPTH and bone-related outcomes merits further investigation in this population

Neurological Manifestation of Incretin-Based Therapies in Patients with Type 2 Diabetes: A Systematic Review and Network Meta-Analysis.

As a new class of antidiabetic drug, incretin-based therapies, which include dipeptidyl peptidase-4 inhibitors (DPP-4Is) and glucagon-like peptide-1 receptor agonists (GLP-1 RAs), have raised concerns about symptoms of withdrawal in patients with type 2 diabetes mellitus (T2DM), such as dizziness and headache. To systematically evaluate whether incretin-based therapies may lead to dizziness and headache in patients with T2DM compared to other traditional antidiabetic drugs or placebo. We searched Medline, Embase, the Cochrane library, and clinicaltrials.gov from inception through June 23, 2017, to identify randomized controlled trials of the safety of DPP-4Is or GLP-1 RAs versus placebo or other antidiabetic drugs in T2DM patients. We used the network meta-analysis under the frequentist framework to compare the association between multiple antidiabetic drugs and dizziness and headache. A total of 233 clinical trials with nine treatments and 147,710 patients were included: two incretin-based therapies, one placebo, and six traditional antidiabetic drugs (metformin, insulin, sulfonylurea, thiazolidinediones, alpha-glucosidase inhibitor, and sodium-glucose co-transporter 2). Compared to insulin, thiazolidinediones, or placebo, GLP-1 RAs statistically significantly increased the risk of dizziness (odds ratios [ORs]: 1.92, 1.57, and 1.40, respectively) and headache (ORs: 1.34, 1.41, and 1.18, respectively). DPP-4Is increased the risk of headache (OR: 1.22, 95% confidence interval [CI]: 1.02 to 1.46; moderate quality) and dizziness (OR: 1.46, 95% CI: 1.05 to 2.03; moderate quality) compared to insulin. Of the incretin-based therapies, DPP-4Is had a lower risk of dizziness than GLP-1 RAs (OR: 0.76, 95% CI: 0.67 to 0.87; high quality). Ranking probability analysis indicated that GLP-1 RAs may have the greatest risk of both dizziness and headache among the nine treatments (22.5% and 23.4%, respectively), whereas DPP-4Is were in the middle (46.2% and 45.0%, respectively). Incretin-based therapies increase the risk of dizziness and headache compared to insulin, thiazolidinediones, and placebo