Asset Allocation under the Basel Accord Risk Measures

Financial institutions are currently required to meet more stringent capital requirements than they were before the recent financial crisis; in particular, the capital requirement for a large bank's trading book under the Basel 2.5 Accord more than doubles that under the Basel II Accord. The significant increase in capital requirements renders it necessary for banks to take into account the constraint of capital requirement when they make asset allocation decisions. In this paper, we propose a new asset allocation model that incorporates the regulatory capital requirements under both the Basel 2.5 Accord, which is currently in effect, and the Basel III Accord, which was recently proposed and is currently under discussion. We propose an unified algorithm based on the alternating direction augmented Lagrangian method to solve the model; we also establish the first-order optimality of the limit points of the sequence generated by the algorithm under some mild conditions. The algorithm is simple and easy to implement; each step of the algorithm consists of solving convex quadratic programming or one-dimensional subproblems. Numerical experiments on simulated and real market data show that the algorithm compares favorably with other existing methods, especially in cases in which the model is non-convex

Petrogenesis of the Northwest Africa 4734 basaltic lunar meteorite

We report the petrography, mineralogy, trace element abundance geochemistry, and Pb–Pb geochronology of the lunar meteorite Northwest Africa (NWA) 4734 and make a comparison with the LaPaz Icefield (LAP) 02205/02224 low-Ti lunar basaltic meteorites. NWA 4734 is an unbrecciated low-Ti mare basalt composed mainly of subophitic-textured pyroxene (60 vol%) and plagioclase (30%). Pyroxene, plagioclase, and olivine exhibit large compositional variations and intra-grain chemical zoning. Pyroxene and plagioclase in NWA 4734 have rare earth element (REE) concentrations and patterns similar to those of the LAPs. The crystallization age of NWA 4734, determined in situ in baddeleyite, is 3073 ± 15 Ma (2σ), nearly identical to that of the LAPs (3039 ± 12 Ma). NWA 4734 and the LAPs have similar textures, modal abundances, mineral chemistry, and crystallization ages, and are most likely source-crater paired on the Moon. One baddeleyite grain in LAP 02224 displays distinctively older and spatially variable ages, from 3349 ± 62 to 3611 ± 62 Ma (2σ), similar to another baddeleyite grain (3109 ± 29 to 3547 ± 21 Ma) reported by Zhang et al. (2010) for the same meteorite. Raman spectra, cathodoluminescence, and stoichiometric studies of the baddeleyite suggest that the two older grains were not endogenic but were trapped by the parental magma. Equilibrium partition calculation shows that the parental melt from which the NWA 4734 plagioclase crystallized has much lower REE contents than its whole rock, indicating an open system during magma evolution. NWA 4734 could have originated from a parental melt with REE concentrations similar to that of the Apollo 12 olivine basalt. The magma likely assimilated a small amount (∼4 wt%) of KREEP-rich material during its ascent through the lunar crust

Mesoporous High‐Surface‐Area Copper–Tin Mixed‐Oxide Nanorods: Remarkable for Carbon Monoxide Oxidation

Mesoporous, high‐surface‐area Cu–Sn mixed‐oxide nanorods were fabricated for the first time by nanocasting with the use of mesoporous KIT‐6 silica as the hard template. The Cu–Sn nanorods are significantly more active than 1 % Pd/SnO2 for the oxidation of CO and possesses long‐term durability and potent water resistance; they thus have the potential to replace noble metal catalysts for emission‐control processes.In rod we trust: Mesoporous, high‐surface‐area Cu–Sn nanorods are successfully fabricated for the first time by nanocasting with the use of KIT‐6 silica as the hard template; these nanomaterials are significantly more active than 1 % Pd/SnO2 for the oxidation of CO, and furthermore, they have the potential to replace noble metal catalysts for emission control.Peer Reviewedhttps://deepblue.lib.umich.edu/bitstream/2027.42/137536/1/cctc201600221.pdfhttps://deepblue.lib.umich.edu/bitstream/2027.42/137536/2/cctc201600221-sup-0001-misc_information.pdfhttps://deepblue.lib.umich.edu/bitstream/2027.42/137536/3/cctc201600221_am.pd

The clinical overlap between functional dyspepsia and irritable bowel syndrome based on Rome III criteria

<p>Abstract</p> <p>Background</p> <p>Epidemiological studies suggest considerable overlap between functional dyspepsia (FD) and irritable bowel syndrome (IBS). To date, no surveys have been performed to investigate the clinical overlap between these two disorders using Rome III criteria. Our aim was to investigate the prevalence and risk factors for the overlap of FD and IBS based on Rome III criteria in a large clinical sample.</p> <p>Methods</p> <p>Consecutive patients at the general gastroenterology outpatient clinic were requested to complete a self-report questionnaire. FD and IBS were defined by Rome III criteria.</p> <p>Results</p> <p>Questionnaires were returned by 3014 patients (52.8% female, 89% response rate). FD-IBS overlap was observed in 5.0% of the patients, while 15.2% and 10.9% of the patients were classified as FD alone and IBS alone, respectively. Compared with non-IBS patients, the odds ratio of having FD among IBS patients was 2.09 (95% CI: 1.68–2.59). Patients with FD-IBS overlap had higher severity scores for the postprandial fullness symptom (2.35 ± 1.49 vs. 1.72 ± 1.59, P < 0.001) and overall FD symptom (6.65 ± 2.88 vs. 5.82 ± 2.76, P = 0.002) than those with FD alone. The only independent risk factor for FD-IBS overlap vs. FD alone was the presence of postprandial fullness symptom (OR 2.67, 95% CI: 1.34–5.31).</p> <p>Conclusion</p> <p>Clinical overlap of FD and IBS according to Rome III criteria is very common. One risk factor for FD-IBS overlap is the presence of postprandial fullness symptom. This study provides clues for future pathophysiological studies of FD and IBS.</p

Do maternal health problems influence child's worrying status? Evidence from the British Cohort Study

Conventional methods apply symmetric prior distributions such as a normal distribution or a Laplace distribution for regression coefficients, which may be suitable for median regression and exhibit no robustness to outliers. This work develops a quantile regression on linear panel data model without heterogeneity from a Bayesian point of view, i.e. upon a location-scale mixture representation of the asymmetric Laplace error distribution, and provides how the posterior distribution is summarized using Markov chain Monte Carlo methods. Applying this approach to the 1970 British Cohort Study (BCS) data, it finds that a different maternal health problem has different influence on child's worrying status at different quantiles. In addition, applying stochastic search variable selection for maternal health problems to the 1970 BCS data, it finds that maternal nervous breakdown, among the 25 maternal health problems, contributes most to influence the child's worrying status

Dictionary Pair Learning on Grassmann Manifolds for Image Denoising

Abstract—Image denoising is a fundamental problem in com-puter vision and image processing that holds considerable prac-tical importance for real-world applications. The traditional patch-based and sparse coding-driven image denoising methods convert two-dimensional image patches into one-dimensional vectors for further processing. Thus, these methods inevitably break down the inherent two-dimensional geometric structure of natural images. To overcome this limitation pertaining to previous image denoising methods, we propose a two-dimensional image denoising model, namely, the Dictionary Pair Learning (DPL) model, and we design a corresponding algorithm called the Dictionary Pair Learning on the Grassmann-manifold (DPLG) algorithm. The DPLG algorithm first learns an initial dictionary pair (i.e., the left and right dictionaries) by employing a subspace partition technique on the Grassmann manifold, wherein th

A novel approach to melt purification of magnesium alloys

AbstractA novel low-cost method for melt purification of magnesium alloys, the melt self-purifying technology (MSPT), has been developed successfully based on a low temperature melt treatment (LTMT) without adding any fluxes. The iron solubility in the molten liquid of magnesium and its alloys, and the settlement velocity of iron particles were calculated. It is shown that the low temperature melt treatment is an effective method to decrease the impurity Fe content in magnesium and its alloys. Without any additions, the Fe content in the AZ31 alloy was reduced to 15 ppm from the initial 65 ppm, and the Fe content in the AZ61 melt was decreased to 20 ppm from the initial 150 ppm after the low temperature melt treatment. The results also showed that the Fe content in AM60 and AM50 dropped to 15 and 18 ppm, respectively, from the initial 150 ppm after the low temperature melt treatment. For ZK 60, the Fe content in the melt down to less than 5 ppm was achieved. After the low temperature melt treatment, the Si content in the above alloys was also decreased obviously

Ecological vulnerability assessment based on remote sensing ecological index (RSEI): A case of Zhongxian County, Chongqing

The ecological vulnerability evaluation index was established through Normalized Difference Vegetation Index (NDVI), Wetness (WET), Normalized Difference Build-up and Soil Index (NDBSI) and Land Surface Temperature (LST) indicators, comprehensively evaluate the ecological vulnerability of Zhongxian County of Chongqing in 2002, 2009, and 2016 by Principal Components Analysis (PCA), and analyze its spatio-temporal evolution. The vulnerability areas of five levels were calculated respectively, and the overall index of ecological vulnerability was also calculated. The index of remote sensing ecological index (RSEI) and Normalized Difference Vegetation Index decreased first and then increased; the Wetness index showed an upward trend; the Normalized Difference Build-up and Soil Index index increased first and then decreased; and the Land Surface Temperature index decreased. The ecological vulnerability body index (EVBI) shows a downward trend, and the incremental changes are mainly concentrated in the negligible vulnerability areas and light vulnerability area, while the medium vulnerability, strong vulnerability and extreme vulnerability area generally show a downward trend. Furthermore, the new increment of ecological vulnerability grade area concentrates on negligible vulnerability area and light vulnerability area from 2002 to 2016. In general, the ecological vulnerability gradually shifts to low vulnerability, and the ecological environment tends to develop healthily

Efficacy and safety of Gushen Antai Pills combined with dydrogesterone in the treatment of threatened miscarriage: a systematic review and meta-analysis

Background: Despite some progress has been made in the pathogenesis and treatment of threatened miscarriage (TM), conventional treatment remains suboptimal. Thus, complementary medicine gradually become a new treatment option for treating threatened miscarriage. Gushen Antai Pills (GAP), a classic prescription of Traditional Chinese medicine (TCM), has became a popular complementary therapy to conventional western medicine (dydrogesterone) in treating threatened miscarriage in recent years. However, a systematic summary and analysis for its therapeutic effects is lacking. This meta-analysis aimed to systematically evaluate the effectiveness and safety of Gushen Antai Pills combined with dydrogesterone in the treatment of threatened miscarriage.Methods: A systematic search across seven electronic databases was conducted from inception to 17 September 2022. Studies were included if they were randomized controlled trials (RCTs) evaluating the effect of integrating Gushen Antai Pills and dydrogesterone in patients with threatened miscarriage, and reported the outcomes of interest. All statistical analyses were conducted using the Revman5.3 and Stata 13 software. The GRADE system was used to evaluate the quality of evidence.Results: Ten eligible randomized controlled trials involving 950 participants were contained in this meta-analysis. The pooled analysis showed that Gushen Antai Pills combined with dydrogesterone can significantly reduce the incidence of early pregnancy loss (RR: 0.29; 95% CI: 0.19–0.42; p &lt; 0.00001) and alleviate clinical symptoms (RR: 1.39; 95% CI: 1.22–1.59; p &lt; 0.00001), compared with treatment of dydrogesterone alone. Also, meta-analysis indicated that integrating Gushen Antai Pills and dydrogesterone is more effective than using dydrogesterone alone in improving hormone levels (serum levels of progesterone, β-HCG and estradiol) for women with threatened miscarriage (all p &lt; 0.00001). Meanwhile, the combined effects with significant heterogeneity also showed favorable consistency in the sensitivity analyses, indicating a good stability of present results. Moreover, no significant differences between Gushen Antai Pills combined with dydrogesterone and control group on adverse events was identified. The overall GRADE qualities were low to moderate.Conclusion: The overall available evidence suggested that Gushen Antai Pills combined with dydrogesterone had significant effects in improving pregnancy success rate, clinical symptoms and hormone levels for women with threatened miscarriage, with considerable safety and reliability. However, due to the partial heterogeneity, suboptimal quality and high risk of bias of some included studies, further rigorously designed randomized controlled trials are required.Systematic Review Registration: identifier https://INPLASY2022120035, https://inplasy.com/inplasy-2022-12-0035/