Log-Normal Interest Rate Models: Stability and Methodology

The lognormal distribution assumption for the term structure of interest is the most natural way to exclude negative spot and forward rates. However, imposing this assumption on the continuously compounded interest rate has a serious drawback: rates explode and expected rollover returns are infinite even if the rollover period is arbitrarily short. As a consequence such models cannot price one of the most widely used hedging instrument on the Euromoney market, nameley the Eurodollar future contract. The purpose of this paper is twofold: First to show that the problems with lognormal models result from modelling the wrong rate, namely the continuously compounded rate. If instead one models the effective annual rate these problems disappear. Second to give a survey on recent work on lognormal term structure models for effective or nominal forward rates.Term Structure Models, Lognormal Interest Rate, Eurodollar Futures

The Lid Domain of Caenorhabditis elegans Hsc70 Influences ATP Turnover, Cofactor Binding and Protein Folding Activity

Hsc70 is a conserved ATP-dependent molecular chaperone, which utilizes the energy of ATP hydrolysis to alter the folding state of its client proteins. In contrast to the Hsc70 systems of bacteria, yeast and humans, the Hsc70 system of C. elegans (CeHsc70) has not been studied to date

Cabbage and fermented vegetables : From death rate heterogeneity in countries to candidates for mitigation strategies of severe COVID-19

Large differences in COVID-19 death rates exist between countries and between regions of the same country. Some very low death rate countries such as Eastern Asia, Central Europe, or the Balkans have a common feature of eating large quantities of fermented foods. Although biases exist when examining ecological studies, fermented vegetables or cabbage have been associated with low death rates in European countries. SARS-CoV-2 binds to its receptor, the angiotensin-converting enzyme 2 (ACE2). As a result of SARS-CoV-2 binding, ACE2 downregulation enhances the angiotensin II receptor type 1 (AT(1)R) axis associated with oxidative stress. This leads to insulin resistance as well as lung and endothelial damage, two severe outcomes of COVID-19. The nuclear factor (erythroid-derived 2)-like 2 (Nrf2) is the most potent antioxidant in humans and can block in particular the AT(1)R axis. Cabbage contains precursors of sulforaphane, the most active natural activator of Nrf2. Fermented vegetables contain many lactobacilli, which are also potent Nrf2 activators. Three examples are: kimchi in Korea, westernized foods, and the slum paradox. It is proposed that fermented cabbage is a proof-of-concept of dietary manipulations that may enhance Nrf2-associated antioxidant effects, helpful in mitigating COVID-19 severity.Peer reviewe

Nrf2-interacting nutrients and COVID-19 : time for research to develop adaptation strategies

There are large between- and within-country variations in COVID-19 death rates. Some very low death rate settings such as Eastern Asia, Central Europe, the Balkans and Africa have a common feature of eating large quantities of fermented foods whose intake is associated with the activation of the Nrf2 (Nuclear factor (erythroid-derived 2)-like 2) anti-oxidant transcription factor. There are many Nrf2-interacting nutrients (berberine, curcumin, epigallocatechin gallate, genistein, quercetin, resveratrol, sulforaphane) that all act similarly to reduce insulin resistance, endothelial damage, lung injury and cytokine storm. They also act on the same mechanisms (mTOR: Mammalian target of rapamycin, PPAR gamma:Peroxisome proliferator-activated receptor, NF kappa B: Nuclear factor kappa B, ERK: Extracellular signal-regulated kinases and eIF2 alpha:Elongation initiation factor 2 alpha). They may as a result be important in mitigating the severity of COVID-19, acting through the endoplasmic reticulum stress or ACE-Angiotensin-II-AT(1)R axis (AT(1)R) pathway. Many Nrf2-interacting nutrients are also interacting with TRPA1 and/or TRPV1. Interestingly, geographical areas with very low COVID-19 mortality are those with the lowest prevalence of obesity (Sub-Saharan Africa and Asia). It is tempting to propose that Nrf2-interacting foods and nutrients can re-balance insulin resistance and have a significant effect on COVID-19 severity. It is therefore possible that the intake of these foods may restore an optimal natural balance for the Nrf2 pathway and may be of interest in the mitigation of COVID-19 severity

Sanomalehden yhteiskunta 1987

Aineisto koostuu Helsingin Sanomien 20.10.1987 julkaistun numeron luokitellusta sisällöstä. Tutkimuksen keskeinen idea on, että yhteiskunta ylimalkaan syntyy ihmisten joutuessa/ryhtyessä keskenään kosketukseen ja vuorovaikutukseen. Moderni yhteiskunta syntyy välineitä käyttävästä kanssakäymisestä. Sanomalehti on yksi tällaisia välineitä; se on väline, jonka kautta yleisön muodostavat (sadat tuhannet) ihmiset ja lehdessä esiintyvät (tuhannet) toimijat, erityisesti yleisöään edustava lehti ja toimijat, joutuvat keskenään kosketukseen ja vuorovaikutukseen. Pääteemoiksi saatiin tämän tehtävänasettelun mukaisesti seuraavat kaksi: (1) Keitä, mitä ja minkälaisia ovat lehdessä esiintyvät toimijat (lehti itse ja muut toimijat)? Toimijoita luonnehdittiin tehtävän mukaisesti eri tavoin luokittelemalla ne lukuisten muuttujien suhteen. (2) Mitä toimijat tekevät? Varsinkin suhteessa toisiinsa? Miten erityisesti lehden ja muiden toimijoiden väliset suhteet järjestyvät niiden toiminnassa? Toimintaa luonnehdittiin luokittelemalla siirrot lukuisten muuttujien suhteen. (3) Toimijoiden ja toiminnan kontekstina ovat lehden jutut ja niissä esiintyvät pelit, joita niitäkin kuvattiin useiden muuttujien avulla.The data consist of the coded content of the Finnish newspaper Helsingin Sanomat published on October 20, 1987. The main idea of the study is that to begin with, society is born when people interact with each other. Modern society is born through interaction using tools, and a newspaper is one of these tools: it's a tool through which (hundreds of thousands) people and (thousands of) actors featuring in the newspaper, and especially in the paper representing its audience and actors, come in touch with each other. With this idea in mind, there are three main themes in the survey: 1) Who and what kind of actors are those featuring in the newspaper (the paper itself and other actors)? The actors were characterised by categorizing them in relation to a great number of variables. 2) What do the actors do? Especially in relation to each other? How in particular do the relationships between the newspaper and other actors arrange themselves in their actions? Action was characterised by categorizing moves in relation to a host of variables. 3) The context of action is the news stories of the newspaper, and games featuring in them (also described with several variables). Other categorizations specified, for instance, in which section of the newspaper the content had appeared, what kind it was (article, column, editorial, notice, cartoon, news issue etc), was the author mentioned, the source of the content, and the number and size of photos and other visual content etc

Systemloesungen im kombinierten Verkehr: Rahmenbedingungen, Entwicklungen, Forderungen, Potentiale

Available from Bibliothek des Instituts fuer Weltwirtschaft, ZBW, Duesternbrook Weg 120, D-24105 Kiel C 177684 / FIZ - Fachinformationszzentrum Karlsruhe / TIB - Technische InformationsbibliothekSIGLEDEGerman

A term structure model and the pricing of interest rate derivatives

SIGLEAvailable from Bibliothek des Instituts fuer Weltwirtschaft, ZBW, Duesternbrook Weg 120, D-24105 Kiel / FIZ - Fachinformationszzentrum Karlsruhe / TIB - Technische InformationsbibliothekDEGerman

Log-normal interest rate models: stability and methodology

SIGLEAvailable from Bibliothek des Instituts fuer Weltwirtschaft, ZBW, D-21400 Kiel W 109 (398) / FIZ - Fachinformationszzentrum Karlsruhe / TIB - Technische InformationsbibliothekDEGerman

On the stability of lognormal interest rate models

SIGLEAvailable from Bibliothek des Instituts fuer Weltwirtschaft, ZBW, Duesternbrook Weg 120, D-24105 Kiel W 109 (263) / FIZ - Fachinformationszzentrum Karlsruhe / TIB - Technische InformationsbibliothekDEGerman

On The Stability Of Log-Normal Interest Rate Models And The Pricing Of Eurodollar Futures

. The lognormal distribution assumption for the term structure of interest is the most natural way to exclude negative spot and forward rates. However, imposing this assumption on the continuously compounded interest rate has a serious drawback: expected rollover returns are infinite even if the rollover period is arbitrarily short. As a consequence such models cannot price one of the most widely used hedging instrument on the Euromoney market, namely the Eurofuture contract. The purpose of this paper is to show that the problem with lognormal models result from modelling the wrong rate, namely the continuously compounded rate. If instead one models the effective annual rate the problem disappears, i.e. the expected rollover returns are finite. The paper studies the resulting dynamics of the continuously compounded rate which is neither normal nor lognormal. 1. Introduction Most models of the term structure of interest rate which start with modelling the short rate r(t) are of the for..