The volatility structure of the fixed income market under the HJM framework: A nonlinear filtering approach

ABSTRACT. This paper considers the dynamics for interest rate processes within a multi-factor Heath, Jarrow and Morton (1992) specification. Despite the flexibility of and the notable advances in theoretical research about the HJM models, the number of empirical studies is still inadequate. This paucity is principally because of the difficulties in estimating models in this class, which are not only high-dimensional, but also nonlinear and involve latent state variables. This paper treats the estimation of a fairly broad class of HJM models as a nonlinear filtering problem, and adopts the local linearization filter of Jimenez and Ozaki (2003), which is known to have some desirable statistical and numerical features, to estimate the model via the maximum likelihood method. The estimator is then applied to the interbank offered-rates of the U.S, U.K, Australian and Japanese markets. The two-factor model, with the factors being the level and the slope effect, is found to be a reasonable choice for all of the markets. However, the contribution of each factor towards overall variability of the interest rates and the financial reward each factor claims differ considerably from one market to another

Synchronised neural signature of creative mental imagery in reality and augmented reality

Creativity, transforming imaginative thinking into reality, is a mental imagery simulation in essence. It can be incorporeal, concerns sophisticated and/or substantial thinking, and involves objects. In the present study, a mental imagery task consisting of creating a scene using familiar (FA) or abstract (AB) physical or virtual objects in real (RMI) and augmented reality (VMI) environments, and an execution task involving effectively creating a scene in augmented reality (VE), were utilised. The beta and gamma neural oscillations of healthy participants were recorded via a 32 channel wireless 10/20 international EGG system. In real and augmented environments and for both the mental imagery and execution tasks, the participants displayed a similar cortico-cortical neural signature essentially based on synchronous vs asynchronous beta and gamma oscillatory activities between anterior (i.e. frontal) and posterior (i.e. parietal, occipito-parietal and occipito-temporal) areas bilaterally. The findings revealed a transient synchronised neural architecture that appears to be consistent with the hypothesis according to which, creativity, because of its inherent complexity, cannot be confined to a single brain area but engages various interconnected networks

AlphaFold2-multimer guided high-accuracy prediction of typical and atypical ATG8-binding motifs

Macroautophagy/autophagy is an intracellular degradation process central to cellular homeostasis and defense against pathogens in eukaryotic cells. Regulation of autophagy relies on hierarchical binding of autophagy cargo receptors and adaptors to ATG8/LC3 protein family members. Interactions with ATG8/LC3 are typically facilitated by a conserved, short linear sequence, referred to as the ATG8/LC3 interacting motif/region (AIM/LIR), present in autophagy adaptors and receptors as well as pathogen virulence factors targeting host autophagy machinery. Since the canonical AIM/LIR sequence can be found in many proteins, identifying functional AIM/LIR motifs has proven challenging. Here, we show that protein modelling using Alphafold-Multimer (AF2-multimer) identifies both canonical and atypical AIM/LIR motifs with a high level of accuracy. AF2-multimer can be modified to detect additional functional AIM/LIR motifs by using protein sequences with mutations in primary AIM/LIR residues. By combining protein modelling data from AF2-multimer with phylogenetic analysis of protein sequences and protein-protein interaction assays, we demonstrate that AF2-multimer predicts the physiologically relevant AIM motif in the ATG8-interacting protein 2 (ATI-2) as well as the previously uncharacterized noncanonical AIM motif in ATG3 from potato (Solanum tuberosum). AF2-multimer also identified the AIM/LIR motifs in pathogen-encoded virulence factors that target ATG8 members in their plant and human hosts, revealing that cross-kingdom ATG8-LIR/AIM associations can also be predicted by AF2-multimer. We conclude that the AF2-guided discovery of autophagy adaptors/receptors will substantially accelerate our understanding of the molecular basis of autophagy in all biological kingdoms

Containing the Not-Invented-Here Syndrome in external knowledge absorption and open innovation: The role of indirect countermeasures

This paper builds new theory and provides supporting evidence to contain the Not-Invented-Here Syndrome (NIHS) – a persistent decision-making error arising from an attitude-based bias against external knowledge. Conceptually, we draw on the 4i framework of organizational learning to develop a novel process perspective on NIHS. This allows us not only to unpack how and where NIHS impedes organizational learning, but also to identify the key requirements for effective NIHS countermeasures. Importantly, countermeasures fall into two categories: those that seek to change the negative attitude directly (direct NIHS countermeasures) and those that seek to attenuate the behavioral impact of negative attitudes without addressing the attitudes as such (indirect NIHS countermeasures). While the evidence base on direct NIHS countermeasures has grown over the last decade, indirect NIHS countermeasures have received little research attention. To address this gap, we adopt a mixed methods research design composed of two complementary empirical studies – the first qualitative and the second quantitative. Study 1 explores the prevalence of distinct NIHS countermeasures in collaborative R&D practice. Based on 32 interviews and three focus group meetings with R&D employees, we find that a broad array of primarily direct NIHS countermeasures is employed in R&D practice. Study 2 addresses the scarcity of scholarly and managerial insights on indirect NIHS countermeasures by testing the effectiveness of perspective taking as a debiasing technique to contain negative attitudes at the level of the individual. Based on quantitative survey data from 565 global R&D projects, it provides empirical evidence not only for the prevalence and negative effects of NIHS on project success as mediated by external knowledge absorption, but also for the effectiveness of perspective taking as an exemplary indirect NIHS countermeasure

POLLUTION OF GROUNDWATER BY LEACHATE FROM DONG THANH LANDFILL DISPOSAL SITE

Joint Research on Environmental Science and Technology for the Eart

Factors associated with the decision to investigate child protective services referrals: a systematic review

Background: Limited resources for child protection create challenging decision situations for child protective services (CPS) workers at the point of intake. A body of research has examined the factors associated with worker decisions and processes using a variety of methodological approaches to gain knowledge on decision-making. However, few attempts have been made to systematically review this literature. Objective: As part of a larger project on decision-making at intake, this systematic review addressed the question of the factors associated with worker decisions to investigate alleged maltreatment referrals. Methods: Quantitative studies that examined factors associated with screening decisions in CPS practice settings were included in the review. Database and other search methods were used to identify research published in English over a 35-year period (1980-2015). Findings: Of 1,147 identified sources, 18 studies were selected for full data extraction. The studies were conducted in the U.S., Canada, and Sweden and varied in methodological quality. Most studies examined case factors with few studies examining other domains. Conclusions: To inform CPS policy and practice, additional research is needed to examine the relationships between decision-making factors and case outcomes. Greater attention needs to be given to the organizational and external factors that influence decision-making