Time‐invariant portfolio strategies in structured products with guaranteed minimum equity exposure

We introduce a new exotic option to be used within structured products to address a key disadvantage of standard time-invariant portfolio protection: the well-known cash-lock risk. Our approach suggests enriching the framework by including a threshold in the allocation mechanism so that a guaranteed minimum equity exposure (GMEE) is ensured at any point in time. To be able to offer such a solution still with hard capital protection, we apply an option-based structure with a dynamic allocation logic as underlying. We provide an in-depth analysis of the prices of such new exotic options, assuming a Heston–Vasicek-type financial market model, and compare our results with other options used within structured products. Our approach represents an interesting alternative for investors aiming at downsizing protection via time-invariant portfolio protection strategies, meanwhile being also afraid to experience a cash-lock event triggered by market turmoils

Regionalized environmental impacts of construction machinery

Purpose: This study aims to establish a regionalized environmental impact assessment of construction machinery equipped with diesel engines certified by the European emission standard Stage V, and operated in cold climatic zones in Europe. Method: The study quantifies potential environmental impacts associated with construction machinery over the entire lifecycle, from extraction of materials to the end-of-life. For the operation phase, a meso-level emission accounting method is applied to quantify tailpipe emissions for certain subcategories of construction machinery. This is achieved by determining the operational efficiency of each machine in terms of effective hours. The quantified emission data are then adjusted based on engine deterioration models to estimate the rate of increase in emissions throughout the lifetime of each machine. Finally, the CML impact assessment method is applied to inventory data to quantify potential environmental impacts. Results: The study shows that tailpipe emissions, which largely depend on an engine’s fuel consumption, had the largest contribution to environmental impacts in most impact categories. At the same time, there was a positive correlation between the operation weight and the impacts of the machinery. Also, machinery with similar operation weight had relatively similar impact patterns due to similar driving factors and dependencies. In addition, network, sensitivity, and uncertainty analyses were performed to quantify the source of impacts and validate the robustness of the study. Results of the sensitivity analysis showed that the responsiveness of the studied systems is very sensitive to changes in the amount of fuel consumption. In addition, the uncertainty results showed that the domain of uncertainty increased as the operation weight subcategory of machinery increased. Conclusion: This study extends previous work on the life cycle assessment (LCA) of construction machinery, and the methodology developed provides a basis for future extension and improvement in this field. The use of effective hours as the unit of operational efficiency helps to resolve uncertainties linked to lifetime and annual operation hours. Also, the obtained results can be of use for decision support and for assessing the impacts of transition from fossil fuels to alternative fuel types

Ring-Opening Regio-, Diastereo-, and Enantioselective 1,3-Chlorochalcogenation of Cyclopropyl Carbaldehydes

meso-Cyclopropyl carbaldehydes are treated in the presence of an organocatalyst with sulfenyl and selenyl chlorides to afford 1,3-chlorochalcogenated products. The transformation is achieved by a merged iminium-enamine activation. The enantioselective desymmetrization reaction, leading to three adjacent stereocenters, furnished the target products in complete regioselectivity and moderate to high diastereo- and enantioselectivities (d.r. up to 15:1 and e.r. up to 93:7)

Band structure and optical properties of germanium sheet polymers

The band structure of H-terminated Ge sheet polymers is calculated using density-functional theory in the local density approximation and compared to the optical properties of epitaxial polygermyne layers as determined from reflection, photoluminescence, and photoluminescence excitation measurements. A direct band gap of 1.7 eV is predicted and a near resonant excitation of the photoluminescence is observed experimentally close to this energy

Annex 65, Long-Term Performance of Super-Insulating-Materials in Building Components and Systems. Report of Subtask I: State of the Art and Case Studies

The objective of this subtask I is to present the main characteristic of SIM (Super Insulating Materials) compared to traditional materials.Two main SIM are considered:- VIP (Vacuum Insulation Panel)- APM (Advanced Porous Materials).Moreover, the present report provides an up-to-date catalogue of commercially available materials & components with technical description and data of each product and information about the application domains and the implementation rules.An overview on all the application areas such as external & internal wall insulation, roofs, floors, ceilings …are investigated through a few case studies.Finally, preliminary results about Life Cycle Assessment of SIM are presented at the end of the report

IER2-induced senescence drives melanoma invasion through osteopontin

Expression of the immediate-early response gene IER2 has been associated with the progression of several types of cancer, but its functional role is poorly understood. We found that increased IER2 expression in human melanoma is associated with shorter overall survival, and subsequently investigated the mechanisms through which IER2 exerts this effect. In experimental melanoma models, sustained expression of IER2 induced senescence in a subset of melanoma cells in a p53/MAPK/AKT-dependent manner. The senescent cells produced a characteristic secretome that included high levels of the extracellular phosphoglycoprotein osteopontin. Nuclear localization of the IER2 protein was critical for both the induction of senescence and osteopontin secretion. Osteopontin secreted by IER2-expressing senescent cells strongly stimulated the migration and invasion of non-senescent melanoma cells. Consistently, we observed coordinate expression of IER2, p53/p21, and osteopontin in primary human melanomas and metastases, highlighting the pathophysiological relevance of IER2-mediated senescence in melanoma progression. Together, our study reveals that sustained IER2 expression drives melanoma invasion and progression through stimulating osteopontin secretion via the stochastic induction of senescence

Road Planning and Route Alignment Selection Criteria in the Norwegian Context

This paper reveals the main factors that guide road alignment design process in Norway. The goal is to discover what constitutes the main priorities for road planners, how these priorities are ranked when it comes to alignment selection, and how they are related to guiding factors identified in official planning documents and government transport plans throughout the life cycle of a road. This is done through a comprehensive literature and data search, involving published academic research in the road alignment design field, and by exploring Norwegian road planning documents and guidelines. Examples from a recently implemented road project are also included as a way to illustrate alignment priorities in theory versus how alignment decisions are made in practice. Particular attention is paid to how key factors influence environmental and social dimensions and how much importance these dimensions are given in the overall decision-making process. The focus on the Norwegian case is relevant in that it will identify which knowledge gaps need to be filled based on actual practices in the Norwegian road sector. The results of this study found that the dominating factors in road planning and alignment selection are the user cost and the environmental and socio-economic as they are directly related to the main national transport strategy of developing a carbon-neutral and resilient transport system. These results can be used to reinforce and amplify existing road planning strategies and to understand where challenges for environmental and social responsible road planning and alignment selection are found