Year-end seasonality in one-month LIBOR derivatives

We examine the markets for one-month LIBOR futures contracts and options on those futures for a year-end price effect consistent with the previously identified year-end rate increase in one-month LIBOR. The cash market rate increase appears in forward rates and derivative prices, which allows the derivatives to properly hedge year-end interest rate risk. However, while the year-end effect appears in the derivative contract, these derivative contracts provide biased forecasts of both future interest rates and their volatility. The bias appears to be different at year's end for the LIBOR futures contract, but not for the options contract. The information in the derivatives almost always subsumes simple benchmark forecasts. ; Earlier title: Seasonality in one-month LIBOR derivativesEconometrics ; Monetary policy ; Finance

Cultivating a Relationship That Works: Cyber-Vigilantism and the Public Versus Private Inquiry of Cyber-Predator Stings

This is the published version

Quantifying international migration : a database of bilateral migrant stocks

This paper introduces four versions of an international bilateral migration stock database for 226 by 226 countries and territories. The first three versions each consist of two matrices, the first containing migrants defined by country of birth, that is, the foreign-born population; the second, by nationality, that is, the foreign population. Wherever possible, the information is collected from the 2000 round of censuses, though older data are included where this information was unavailable. The first version of the matrices contains as much data as could be collated at the time of writing but also contains gaps. The later versions progressively use a variety of techniques to estimate the missing data. The final matrix, comprising only the foreign-born, attempts to reconcile all of the available information to provide the researcher with a single and complete matrix of international bilateral migrant stocks. The final section of the paper describes some of the patterns evident in the database. For example, immigration to the United States is dominated by Latin America, whereas Western European immigration draws heavily on Eastern Europe, Central Asia, and the Mediterranean region. Over one-third of world migration is from developing to industrial countries and about a quarter between developing countries. Intra-developed country and intra-FSU (former Soviet Union) flows each account for about 15 percent of the total. Over half of migration is between countries with linguistic ties. Africa accounts for 8 percent of Western Europe's immigration and much less of that to other rich regions.Population Policies,International Migration,Human Migrations&Resettlements,Voluntary and Involuntary Resettlement,Statistical&Mathematical Sciences

The Occupy Movement

Even if you avoid the media at all costs and spend you days locked in your room, you have heard of Occupy Wall Street (OWS) by now. However, you may not have all the facts

Nanoscale integration of single cell biologics discovery processes using optofluidic manipulation and monitoring.

The new and rapid advancement in the complexity of biologics drug discovery has been driven by a deeper understanding of biological systems combined with innovative new therapeutic modalities, paving the way to breakthrough therapies for previously intractable diseases. These exciting times in biomedical innovation require the development of novel technologies to facilitate the sophisticated, multifaceted, high-paced workflows necessary to support modern large molecule drug discovery. A high-level aspiration is a true integration of "lab-on-a-chip" methods that vastly miniaturize cellulmical experiments could transform the speed, cost, and success of multiple workstreams in biologics development. Several microscale bioprocess technologies have been established that incrementally address these needs, yet each is inflexibly designed for a very specific process thus limiting an integrated holistic application. A more fully integrated nanoscale approach that incorporates manipulation, culture, analytics, and traceable digital record keeping of thousands of single cells in a relevant nanoenvironment would be a transformative technology capable of keeping pace with today's rapid and complex drug discovery demands. The recent advent of optical manipulation of cells using light-induced electrokinetics with micro- and nanoscale cell culture is poised to revolutionize both fundamental and applied biological research. In this review, we summarize the current state of the art for optical manipulation techniques and discuss emerging biological applications of this technology. In particular, we focus on promising prospects for drug discovery workflows, including antibody discovery, bioassay development, antibody engineering, and cell line development, which are enabled by the automation and industrialization of an integrated optoelectronic single-cell manipulation and culture platform. Continued development of such platforms will be well positioned to overcome many of the challenges currently associated with fragmented, low-throughput bioprocess workflows in biopharma and life science research

Observation of the hyperfine transition in lithium-like Bismuth 209Bi80+^{209}\text{Bi}^{80+}: Towards a test of QED in strong magnetic fields

We performed a laser spectroscopic determination of the $2s$ hyperfine splitting (HFS) of Li-like $^{209}\text{Bi}^{80+}$ and repeated the measurement of the $1s$ HFS of H-like $^{209}\text{Bi}^{82+}$. Both ion species were subsequently stored in the Experimental Storage Ring at the GSI Helmholtzzentrum f\"ur Schwerionenforschung Darmstadt and cooled with an electron cooler at a velocity of $\approx 0.71\,c$. Pulsed laser excitation of the $M1$ hyperfine-transition was performed in anticollinear and collinear geometry for $\text{Bi}^{82+}$ and $\text{Bi}^{80+}$, respectively, and observed by fluorescence detection. We obtain $\Delta E^{(1s)}= 5086.3(11)\,\textrm{meV}$ for $\text{Bi}^{82+}$, different from the literature value, and $\Delta E^{(2s)}= 797.50(18)\,\textrm{meV}$ for $\text{Bi}^{80+}$. These values provide experimental evidence that a specific difference between the two splitting energies can be used to test QED calculations in the strongest static magnetic fields available in the laboratory independent of nuclear structure effects. The experimental result is in excellent agreement with the theoretical prediction and confirms the sum of the Dirac term and the relativistic interelectronic-interaction correction at a level of 0.5% confirming the importance of accounting for the Breit interaction.Comment: 5 pages, 2 figure

HIV-1 Protease, Reverse Transcriptase, and Integrase Variation

ABSTRACT HIV-1 protease (PR), reverse transcriptase (RT), and integrase (IN) variability presents a challenge to laboratories performing genotypic resistance testing. This challenge will grow with increased sequencing of samples enriched for proviral DNA such as dried blood spots and increased use of next-generation sequencing (NGS) to detect low-abundance HIV-1 variants. We analyzed PR and RT sequences from >100,000 individuals and IN sequences from >10,000 individuals to characterize variation at each amino acid position, identify mutations indicating APOBEC-mediated G-to-A editing, and identify mutations resulting from selective drug pressure. Forty-seven percent of PR, 37% of RT, and 34% of IN positions had one or more amino acid variants with a prevalence of ≥1%. Seventy percent of PR, 60% of RT, and 60% of IN positions had one or more variants with a prevalence of ≥0.1%. Overall 201 PR, 636 RT, and 346 IN variants had a prevalence of ≥0.1%. The median intersubtype prevalence ratios were 2.9-, 2.1-, and 1.9-fold for these PR, RT, and IN variants, respectively. Only 5.0% of PR, 3.7% of RT, and 2.0% of IN variants had a median intersubtype prevalence ratio of ≥10-fold. Variants at lower prevalences were more likely to differ biochemically and to be part of an electrophoretic mixture compared to high-prevalence variants. There were 209 mutations indicative of APOBEC-mediated G-to-A editing and 326 mutations nonpolymorphic treatment selected. Identification of viruses with a high number of APOBEC-associated mutations will facilitate the quality control of dried blood spot sequencing. Identifying sequences with a high proportion of rare mutations will facilitate the quality control of NGS. IMPORTANCE Most antiretroviral drugs target three HIV-1 proteins: PR, RT, and IN. These proteins are highly variable: many different amino acids can be present at the same position in viruses from different individuals. Some of the amino acid variants cause drug resistance and occur mainly in individuals receiving antiretroviral drugs. Some variants result from a human cellular defense mechanism called APOBEC-mediated hypermutation. Many variants result from naturally occurring mutation. Some variants may represent technical artifacts. We studied PR and RT sequences from >100,000 individuals and IN sequences from >10,000 individuals to quantify variation at each amino acid position in these three HIV-1 proteins. We performed analyses to determine which amino acid variants resulted from antiretroviral drug selection pressure, APOBEC-mediated editing, and naturally occurring variation. Our results provide information essential to clinical, research, and public health laboratories performing genotypic resistance testing by sequencing HIV-1 PR, RT, and IN