Risk Management Of Shanghai Enterprises With Financial Derivatives

Using a survey, this paper examines the practices of risk management using financial derivatives by enterprises in Shanghai. It is found that the use of financial derivatives by Shanghai enterprises is still at its infancy stage. Many enterprises focus on only one or two types of derivatives for managing their business risks. This may be attributed both to the government regulations against speculation and the underdevelopment of the derivative markets in China.

Tourism, jobs, capital accumulation and the economy: A dynamic analysis

This paper examines the effects of tourism on labor employment, capital accumulation and resident welfare for a small open economy with unemployment. A tourism boom improves the terms of trade, increases labor employment, but lowers capital accumulation. The reduction in the capital stock depends on the degree of factor intensity. When the traded sector is weakly capital intensive, the fall in capital would not be so severe and the expansion of tourism improves welfare. However, when the traded sector is strongly capital intensive, the fall in capital can be a dominant factor to lower welfare. This immiserizing result of tourism on resident welfare is confirmed by the German data.tourism ; employment ; capital accumulation ; welfare

A Dynamic Analysis of Tied Aid

In this paper we examine the impact of tied aid on capital accumulation and welfare in the presence of a quota on imports. Using a simulation model we establish that tied aid can lower the relative domestic price of the manufactured good and therefore reduce the stock of capital. In the presence of a strong production externality from capital accumulation and high tying ratio, tied aid may immiserize the recipient country

A Dynamic Analysis of Tied Aid

In this paper we examine the impact of tied aid on capital accumulation and welfare in the presence of a quota on imports. Using a simulation model we establish that tied aid can lower the relative domestic price of the manufactured good and therefore reduce the stock of capital. In the presence of a strong production externality from capital accumulation and high tying ratio, tied aid may immiserize the recipient country.Tied aid; Quotas; Capital; Welfare

Tourism, jobs, capital accumulation and the economy: A dynamic analysis

This paper examines the effects of tourism on labor employment, capital accumulation and resident welfare for a small open economy with unemployment. A tourism boom improves the terms of trade, increases labor employment, but lowers capital accumulation. The reduction in the capital stock depends on the degree of factor intensity. When the traded sector is weakly capital intensive, the fall in capital would not be so severe and the expansion of tourism improves welfare. However, when the traded sector is strongly capital intensive, the fall in capital can be a dominant factor to lower welfare. This immiserizing result of tourism on resident welfare is confirmed by the German data.Ce papier examine l'effet du tourisme sur l'emploi, l'accumulation du capital et le bien-être dans une petite économie ouverte où une partie de la main-d'oeuvre est au chômage. Une augmentation des recettes touristiques améliore le terme de l'échange, augmente l'emploi, mais réduit l'investissement. La baisse du stock de capital dépend des intensités en facteurs des productions. Quand le secteur exposé a une intensité capitalistique faible, la baisse du capital reste limitée et l'augmentation des recettes touristique améliore le bien-être national. Cependant, si le secteur exposé a une intensité capitalistique forte, la baisse du capital est plus ample et nous obtenons une diminution du bien-être national. L'effet appauvrissant que peut avoir le tourisme est illustré par des simulations sur données allemandes

Field transformations and simple models illustrating the impossibility of measuring off-shell effects

In the context of simple models illustrating field transformations in Lagrangian field theories we discuss the impossibility of measuring off-shell effects in nucleon-nucleon bremsstrahlung, Compton scattering, and related processes. To that end we introduce a simple phenomenological Lagrangian describing nucleon-nucleon bremsstrahlung and perform an appropriate change of variables leading to different off-shell behavior in the nucleon-nucleon amplitude as well as the photon-nucleon vertex. As a result we obtain a class of equivalent Lagrangians, generating identical S-matrix elements, of which the original Lagrangian is but one representative. We make use of this property in order to show that what appears as an off-shell effect in an S-matrix element for one Lagrangian may originate in a contact term from an equivalent Lagrangian. By explicit calculation we demonstrate for the case of nucleon-nucleon bremsstrahlung as well as nucleon Compton scattering the equivalence of observables from which we conclude that off-shell effects cannot in any unambiguous way be extracted from an S-matrix element. Finally, we also discuss some implications of introducing off-shell effects on a phenomenological basis, resulting from the requirement that the description of one process be consistent with that of other processes described by the same Lagrangian.Comment: 19 pages, Latex, using RevTe

Evolution of average multiplicities of quark and gluon jets

The energy evolution of average multiplicities of quark and gluon jets is studied in perturbative QCD. Higher order (3NLO) terms in the perturbative expansion of equations for the generating functions are found. First and second derivatives of average multiplicities are calculated. The mean multiplicity of gluon jets is larger than that of quark jets and evolves more rapidly with energy. It is shown which quantities are most sensitive to higher order perturbative and nonperturbative corrections. We define the energy regions where the corrections to different quantities are important. The latest experimental data are discussed.Comment: 23 pages including 3 figures. Version 2 contains small correction to equation (41

Targeting metabolic activity in high-risk neuroblastoma through Monocarboxylate Transporter 1 (MCT1) inhibition

Amplification of the MYCN oncogene occurs in ~25% of primary neuroblastomas and is the single most powerful biological marker of poor prognosis in this disease. MYCN transcriptionally regulates a range of biological processes important for cancer, including cell metabolism. The MYCN-regulated metabolic gene SLC16A1, encoding the lactate transporter monocarboxylate transporter 1 (MCT1), is a potential therapeutic target. Treatment of neuroblastoma cells with the MCT1 inhibitor SR13800 increased intracellular lactate levels, disrupted the nicotinamide adenine dinucleotide (NADH/NAD+) ratio, and decreased intracellular glutathione levels. Metabolite tracing with 13C-glucose and 13C-glutamine following MCT1 inhibitor treatment revealed increased quantities of tricarboxylic acid (TCA) cycle intermediates and increased oxygen consumption rate. MCT1 inhibition was highly synergistic with vincristine and LDHA inhibition under cell culture conditions, but this combination was ineffective against neuroblastoma xenografts. Posttreatment xenograft tumors had increased synthesis of the MCT1 homolog MCT4/SLC16A, a known resistance factor to MCT1 inhibition. We found that MCT4 was negatively regulated by MYCN in luciferase reporter assays and its synthesis in neuroblastoma cells was increased under hypoxic conditions and following hypoxia-inducible factor (HIF1) induction, suggesting that MCT4 may contribute to resistance to MCT1 inhibitor treatment in hypoxic neuroblastoma tumors. Co-treatment of neuroblastoma cells with inhibitors of MCT1 and LDHA, the enzyme responsible for lactate production, resulted in a large increase in intracellular pyruvate and was highly synergistic in decreasing neuroblastoma cell viability. These results highlight the potential of targeting MCT1 in neuroblastoma in conjunction with strategies that involve disruption of pyruvate homeostasis and indicate possible resistance mechanisms

An approach for the identification of targets specific to bone metastasis using cancer genes interactome and gene ontology analysis

Metastasis is one of the most enigmatic aspects of cancer pathogenesis and is a major cause of cancer-associated mortality. Secondary bone cancer (SBC) is a complex disease caused by metastasis of tumor cells from their primary site and is characterized by intricate interplay of molecular interactions. Identification of targets for multifactorial diseases such as SBC, the most frequent complication of breast and prostate cancers, is a challenge. Towards achieving our aim of identification of targets specific to SBC, we constructed a 'Cancer Genes Network', a representative protein interactome of cancer genes. Using graph theoretical methods, we obtained a set of key genes that are relevant for generic mechanisms of cancers and have a role in biological essentiality. We also compiled a curated dataset of 391 SBC genes from published literature which serves as a basis of ontological correlates of secondary bone cancer. Building on these results, we implement a strategy based on generic cancer genes, SBC genes and gene ontology enrichment method, to obtain a set of targets that are specific to bone metastasis. Through this study, we present an approach for probing one of the major complications in cancers, namely, metastasis. The results on genes that play generic roles in cancer phenotype, obtained by network analysis of 'Cancer Genes Network', have broader implications in understanding the role of molecular regulators in mechanisms of cancers. Specifically, our study provides a set of potential targets that are of ontological and regulatory relevance to secondary bone cancer.Comment: 54 pages (19 pages main text; 11 Figures; 26 pages of supplementary information). Revised after critical reviews. Accepted for Publication in PLoS ON

Basics of Generalized Unitarity

We review generalized unitarity as a means for obtaining loop amplitudes from on-shell tree amplitudes. The method is generally applicable to both supersymmetric and non-supersymmetric amplitudes, including non-planar contributions. Here we focus mainly on N=4 Yang-Mills theory, in the context of on-shell superspaces. Given the need for regularization at loop level, we also review a six-dimensional helicity-based superspace formalism and its application to dimensional and massive regularizations. An important feature of the unitarity method is that it offers a means for carrying over any identified tree-level property of on-shell amplitudes to loop level, though sometimes in a modified form. We illustrate this with examples of dual conformal symmetry and a recently discovered duality between color and kinematics.Comment: 37 pages, 10 figures. Invited review for a special issue of Journal of Physics A devoted to "Scattering Amplitudes in Gauge Theories", R. Roiban(ed), M. Spradlin(ed), A. Volovich(ed