Cross-hedging with currency options and futures

This paper develops an expected utility model of a multinational firm facing exchange rate risk exposure to a foreign currency cash flow. Currency derivative markets do not exist between the domestic and foreign currencies. There are, however, currency futures and options markets between the domestic currency and a third currency to which the firm has access. Since a triangular parity condition holds among these three currencies, the available, yet incomplete, currency futures and options markets still provide a useful avenue for the firm to indirectly hedge against its foreign exchange risk exposure. This paper offers analytical insights into the optimal cross-hedging strategies of the firm. In particular, the results show the optimality of using options in conjunction with futures in the case of currency mismatching, even though cash flows appear to be linear.published_or_final_versio

Privacy Guaranteed Mutual Authentication on EPCglobal Class 1 Gen 2 Scheme

Concerning the security weakness of EPC scheme especially on privacy concerned applications, an anonymous mutual authentication protocol is proposed for light-weight security inauguration on Class 1 Gen 2 UHF RFID (EPC C1G2) scheme. By utilizing the existing functions and memory bank of tag, we amend the processing sequence based on current EPC architecture. And an auto-updating index number IDS is enrolled to provide privacy protection to EPC code. A light weight encryption algorithm utilizing tagpsilas existing PRNG and keys are introduced for mutual authentication. Several attacks to the RFID solutions can be effectively resolved through our improvement.published_or_final_versio

Design characteristics of a piezoelectric/ER fluid motor

This paper shows the performance characteristics of a new concept in stepper motor technology. Piezo translators [PZT] employed to provide primary motion are connected to a load via a controllable electrorheological fluid [ERF] ratchet. The speed of the motor is governed by either the frequency of the pulse control or the amplitude of expansion of the PZT. Ideal considerations are used to quantify the limiting potential of the drive. Future applications are discussed.published_or_final_versio

PGMAP: a privacy guaranteed mutual authentication protocol conforming to EPC class 1 gen 2 standards

To resolve the security vulnerabilities and comply with EPC Class 1 Gen 2 UHF RFID (EPC C1G2) Standard at the same time, we present a Privacy Guaranteed Mutual Authentication Protocol (PGMAP). By utilizing the existing functions and memory bank of tag, we amend the processing sequence based on current EPC architecture. An auto-updating index number IDS is enrolled to provide privacy protection to EPC code and a set of light weight algorithms utilizing tag's PRNG are added for authentication. Several attacks to the existing security solutions can be effectively resolved in our protocol. © 2008 IEEE.published_or_final_versionThe IEEE International Conference on e-Business Engineering (ICEBE 2008), Xi'an, China, 22-24 October 2008. In Proceedings of ICEBE, 2008, p. 289-29

Active transforming growth factor-β is associated with phenotypic changes in granulomas after drug treatment in pulmonary tuberculosis

Background: Tuberculosis (TB) chemotherapy clears bacterial burden in the lungs of patients and allows the tuberculous lesions to heal through a fibrotic process. The healing process leaves pulmonary scar tissue that can impair lung function. The goal of this study was to identify fibrotic mediators as a stepping-stone to begin exploring mechanisms of tissue repair in TB. Methods: Hematoxylin and eosin staining and Masson's trichrome stain were utilized to determine levels of collagenization in tuberculous granulomas from non-human primates. Immunohistochemistry was then employed to further interrogate these granulomas for markers associated with fibrogenesis, including transforming growth factor-β (TGFβ), α-smooth muscle actin (αSMA), phosphorylated SMAD-2/3, and CD163. These markers were compared across states of drug treatment using one-way ANOVA, and Pearson's test was used to determine the association of these markers with one another. Results: TGFβ and αSMA were present in granulomas from primates with active TB disease. These molecules were reduced in abundance after TB chemotherapy. Phosphorylated SMAD-2/3, a signaling intermediate of TGFβ, was observed in greater amounts after 1 month of drug treatment than in active disease, suggesting that this particular pathway is blocked in active disease. Collagen production during tissue repair is strongly associated with TGFβ in this model, but not with CD163+ macrophages. Conclusions: Tissue repair and fibrosis in TB that occurs during drug treatment is associated with active TGFβ that is produced during active disease. Further work will identify mechanisms of fibrosis and work towards mitigating lung impairment with treatments that target those mechanisms

Comparison of bend angle measurements in fresh cryopreserved cartilage specimens after electromechanical reshaping

Cryopreservation of cartilage has been investigated for decades and is currently an established protocol. However, the reliability and applicability of cartilage cryopreservation for the use in electromechanical reshaping (EMR) has not been studied exclusively. A system to cryopreserve large numbers of tissue specimens provides a steady source of cartilage of similar quality for experimentation at later dates. This will reduce error that may arise from different cartilage stock, and has the potential to maximize efficiency under time constraints. Our study utilizes a unique methodology to cryopreserve septal cartilage for use in EMR studies. Rabbit septal cartilage specimens were harvested and standardized to 20 x 8 x 1 mm, and placed in one of three solutions (normal saline, PBS, 10% DMSO in PBS) for four hours in a cold storage room at 4 degrees Celsius. Then, each cartilage specimen was vacuumed and sealed in an anti-frost plastic bag and stored in a freezer at -80 degrees Celsius for 1 to 3 weeks duration. EMR was performed using 2 and 6 volts for 2 minutes application time. Bend angle measurements of the cryopreserved cartilage specimens were compared to bend angles of fresh cartilage which underwent EMR using the same parameters. Results demonstrate that normal saline, phosphate buffered saline (PBS), and PBS with DMSO were effective in cryopreservation, and indicated no significant differences in bend angle measurements when compared to no cryopreservation. Our methodology to cryopreserve cartilage specimens provides a successful approach for use in conducting large-scale EMR studies. © 2010 Copyright SPIE - The International Society for Optical Engineering

Cordycepin enhances cisplatin apoptotic effect through caspase/MAPK pathways in human head and neck tumor cells

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