Fixed Income Attribution: Analyzing Sources of Return

This paper investigates several methods of analyzing performance of bond portfolios and presents an empirical framework for conducting fixed income attribution calibrated to a particular portfolio. First, we discuss characteristic of fixed income portfolio management and explain some of the challenges for attribution reporting. Our primary focus is on depicting deficiencies in methodologies when measuring shift, twist, butterfly movements, and credit spread changes in a nonsmooth yield curve environment. In our empirical example, we present a systematic approach to fixed income performance measurement. We also show that attribution results are consistent with manager’s strategy and changes in the interest rate environment

Polymorphic expression of glutathione transferases A1, M1, P1 and T1 in epithelial ovarian cancer: a Serbian case-control study

PURPOSE: Since several studies have proposed that epithelial ovarian cancer should not be considered as a single disease entity and that it results from an accumulation of genetic changes, we aimed to assess the polymorphic expression of major cytosolic glutathione S-transferases (GSTM1, T1, A1 and P1) with respect to ovarian cancer susceptibility and aggressiveness. METHODS: This case-control study was conducted on 93 newly diagnosed epithelial ovarian cancer patients and 178 healthy matched controls. The multiplex polymerase chain reaction (PCR) was used to detect homozygous deletions of GSTM1 and GSTT1 genes. Analysis of the single nucleotide polymorphism (SNP) GSTA1 C69T was performed using PCR-restriction fragment length polymorphism (RFLP), while for SNP GSTP1 Ile105Val real-time PCR was used. RESULTS: No significant association to ovarian cancer risk was found for individual GSTM1, GSTA1 and GSTP1 genotypes (p>0.05). However, the carriers of GSTT1-active genotype were at 2-fold higher risk of ovarian cancer development (95%CI: 1.00-4.01, p=0.049), which was even more elevated in the subgroup of patients with positive family history of cancer. Moreover, the frequency of all three GST genotypes that might be associated to ovarian cancer risk (GSTT1-active, GSTA1-active and GSTP1-referent) was significantly higher in patients than in the control group (p=0.042). Even more, patients who were carriers of combination of these three genotypes represented over 64% of the total number of patients within any of the International Federation of Gynecology and Obstetrics (FIGO) stages of ovarian cancer. CONCLUSIONS: This study provides supportive evidence that GSTs might affect both susceptibility and progression of ovarian cance

ART in Europe, 2017: results generated from European registries by ESHRE

© The Author(s) 2021. Published by Oxford University Press on behalf of European Society of Human Reproduction and Embryology. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted reuse, distribution, and reproduction in any medium, provided the original work is properly cited.Study question: What are the data on ART and IUI cycles, and fertility preservation (FP) interventions reported in 2017 as compared to previous years, as well as the main trends over the years? Summary answer: The 21st ESHRE report on ART and IUI shows the continual increase in reported treatment cycle numbers in Europe, with a decrease in the proportion of transfers with more than one embryo causing an additional slight reduction of multiple delivery rates (DR) as well as higher pregnancy rates (PR) and DR after frozen embryo replacement (FER) compared to fresh IVF and ICSI cycles, while the number of IUI cycles increased and their outcomes remained stable. What is known already: Since 1997, ART aggregated data generated by national registries, clinics or professional societies have been gathered and analyzed by the European IVF-monitoring Consortium (EIM) and communicated in a total of 20 manuscripts published in Human Reproduction and Human Reproduction Open. Study design size duration: Data on European medically assisted reproduction (MAR) are collected by EIM for ESHRE on a yearly basis. The data on treatments performed between 1 January and 31 December 2017 in 39 European countries were provided by either National Registries or registries based on personal initiatives of medical associations and scientific organizations. Participants/materials setting methods: Overall, 1382 clinics offering ART services in 39 countries reported a total of 940 503 treatment cycles, including 165 379 with IVF, 391 379 with ICSI, 271 476 with FER, 37 303 with preimplantation genetic testing (PGT), 69 378 with egg donation (ED), 378 with IVM of oocytes, and 5210 cycles with frozen oocyte replacement (FOR). A total of 1273 institutions reported data on 207 196 IUI cycles using either husband/partner's semen (IUI-H; n = 155 794) or donor semen (IUI-D; n = 51 402) in 30 countries and 25 countries, respectively. Thirteen countries reported 18 888 interventions for FP, including oocyte, ovarian tissue, semen and testicular tissue banking in pre- and postpubertal patients. Main results and the role of chance: In 21 countries (20 in 2016) in which all ART clinics reported to the registry, 473 733 treatment cycles were registered for a total population of approximately 330 million inhabitants, allowing a best-estimate of a mean of 1435 cycles performed per million inhabitants (range: 723-3286).Amongst the 39 reporting countries, the clinical PR per aspiration and per transfer in 2017 were similar to those observed in 2016 (26.8% and 34.6% vs 28.0% and 34.8%, respectively). After ICSI the corresponding rates were also similar to those achieved in 2016 (24% and 33.5% vs 25% and 33.2% in 2016). When freeze all cycles were removed, the clinical PRs per aspiration were 30.8% and 27.5% for IVF and ICSI, respectively.After FER with embryos originating from own eggs the PR per thawing was 30.2%, which is comparable to 30.9% in 2016, and with embryos originating from donated eggs it was 41.1% (41% in 2016). After ED the PR per fresh embryo transfer was 49.2% (49.4% in 2016) and per FOR 43.3% (43.6% in 2016).In IVF and ICSI together, the trend towards the transfer of fewer embryos continues with the transfer of 1, 2, 3 and ≥4 embryos in 46.0%, 49.2%, 4.5% and in 0.3% of all treatments, respectively (corresponding to 41.5%, 51.9%. 6.2% and 0.4% in 2016). This resulted in a reduced proportion of twin DRs of 14.2% (14.9% in 2016) and stable triplet DR of 0.3%. Treatments with FER in 2017 resulted in a twin and triplet DR of 11.2% and 0.2%, respectively (vs 11.9% and 0.2% in 2016).After IUI, the DRs remained similar at 8.7% after IUI-H (8.9% in 2016) and at 12.4% after IUI-D (12.4.0% in 2016). Twin and triplet DRs after IUI-H were 8.1% and 0.3%, respectively (in 2016: 8.8% and 0.3%) and 6.9% and 0.2% after IUI-D (in 2016: 7.7% and 0.4%). Amongst 18 888 FP interventions in 13 countries, cryopreservation of ejaculated sperm (n = 11 112 vs 7877 from 11 countries in 2016) and of oocytes (n = 6588 vs 4907 from eight countries in 2016) were the most frequently reported. Limitations reasons for caution: As the methods of data collection and levels of reporting vary amongst European countries, interpretation of results should remain cautious. Some countries were unable to deliver data about the number of initiated cycles and deliveries. Wider implications of the findings: The 21st ESHRE report on ART, IUI and FP interventions shows a continuous increase of reported treatment numbers and MAR-derived livebirths in Europe. Being already the largest data collection on MAR in Europe, efforts should continue to optimize data collection and reporting with the perspective of improved quality control, transparency and vigilance in the field of reproductive medicine. Study funding/competing interests: The study has received no external funding and all costs are covered by ESHRE. There are no competing interests.info:eu-repo/semantics/publishedVersio

A picture of medically assisted reproduction activities during the COVID-19 pandemic in Europe

STUDY QUESTION: How did coronavirus disease 2019 (COVID-19) impact on medically assisted reproduction (MAR) services in Europe during the COVID-19 pandemic (March to May 2020)? SUMMARY ANSWER: MAR services, and hence treatments for infertile couples, were stopped in most European countries for a mean of 7 weeks. WHAT IS KNOWN ALREADY: With the outbreak of COVID-19 in Europe, non-urgent medical care was reduced by local authorities to preserve health resources and maintain social distancing. Furthermore, ESHRE and other societies recommended to postpone ART pregnancies as of 14 March 2020. STUDY DESIGN, SIZE, DURATION: A structured questionnaire was distributed in April among the ESHRE Committee of National Representatives, followed by further information collection through email. PARTICIPANTS/MATERIALS, SETTING, METHODS: The information was collected through the questionnaire and afterwards summarised and aligned with data from the European Centre for Disease Control on the number of COVID-19 cases per country. MAIN RESULTS AND THE ROLE OF CHANCE: By aligning the data for each country with respective epidemiological data, we show a large variation in the time and the phase in the epidemic in the curve when MAR/ART treatments were suspended and restarted. Similarly, the duration of interruption varied. Fertility preservation treatments and patient supportive care for patients remained available during the pandemic. LARGE SCALE DATA: N/A. LIMITATIONS, REASONS FOR CAUTION: Data collection was prone to misinterpretation of the questions and replies, and required further follow-up to check the accuracy. Some representatives reported that they, themselves, were not always aware of the situation throughout the country or reported difficulties with providing single generalised replies, for instance when there were regional differences within their country. WIDER IMPLICATIONS OF THE FINDINGS: The current article provides a basis for further research of the different strategies developed in response to the COVID-19 crisis. Such conclusions will be invaluable for health authorities and healthcare professionals with respect to future similar situations.peer-reviewe

Delat ledarskap : En studie om huvudmännens syn på delat ledarskap i skolan

Syftet med denna studie har varit att belysa hur skolans huvudmän, dvs. rektorers chefer, ser på delat ledarskap i skolan. Studien belyser också hur samarbetet mellan huvudmännen och rektorerna fungerar samt vilka möjligheter och hinder huvudmännen ser med ett delat ledarskap i skolan. Insamling av data har gjorts genom kvalitativa semistrukturerade intervjuer och bearbetats i en tematisk analys. Urvalet har avgränsats till att omfatta fyra huvudmän på verksamhetschefsnivå och en huvudman på politisk nivå i några av de största kommunerna i Stockholms län. Studien har en kunskapsteoretisk utgångspunkt som brukar beskrivas som tolkande och konstruktionistisk till sin art. Tidigare forskning indikerar att det finns en kunskapslucka när det gäller huvudmännens syn på delat ledarskap i skolan vilket motiverar att denna studie görs. Resultatet visade att huvudmännen anser att det delade ledarskapet bör få finnas där det finns behov för det, dock inte på rektorsnivå på en och samma skolenhet eftersom skollagen inte tillåter det. Däremot har rektor möjlighet att organisera den inre verksamheten på sin skola utifrån bestämmelser i skollagen där det framgår att det är möjligt att ha två eller fler rektorer på skolor med fler skolenheter. Huvudmännen anser att deras skyldighet är att se till att ha en styrkedja med tydlig rollfördelning så att oklarheter i ansvar, genomförande och återkoppling kan undvikas. Nyckelord: Delat ledarskap, samarbete, huvudman, skol

Thermocapillary convection of intermediate Prandtl number fluid in floating zone configuration

grantor: University of TorontoThe effects of surface evaporation on the onset of oscillatory thermocapillary convection in half floating zones were studied experimentally. Thermocapillary convection was investigated in half-zones (D = 7.0 mm) using acetone and methanol as working fluids. The half-zones were either fully enclosed with a quartz tube or partially open to the ambient air, to change the evaporation rate. Experiments were conducted using various measurement techniques to determine the characteristics of thermocapillary convection during steady to oscillatory transition. Experimental results showed that the liquid temperature and surface velocity start to periodically fluctuate at the onset of instability. There was also a manifestation of vortex expansion and contraction in images obtained by Particle Image Velocimetry, and an appearance of a thermal wave traveling on the surface in infrared images. Heat loss by evaporation was found to strongly stabilize thermocapillary convection and reduce the critical Marangoni number as predicted by a linear stability analysis.M.A.Sc

Delat ledarskap : En studie om huvudmännens syn på delat ledarskap i skolan

Syftet med denna studie har varit att belysa hur skolans huvudmän, dvs. rektorers chefer, ser på delat ledarskap i skolan. Studien belyser också hur samarbetet mellan huvudmännen och rektorerna fungerar samt vilka möjligheter och hinder huvudmännen ser med ett delat ledarskap i skolan. Insamling av data har gjorts genom kvalitativa semistrukturerade intervjuer och bearbetats i en tematisk analys. Urvalet har avgränsats till att omfatta fyra huvudmän på verksamhetschefsnivå och en huvudman på politisk nivå i några av de största kommunerna i Stockholms län. Studien har en kunskapsteoretisk utgångspunkt som brukar beskrivas som tolkande och konstruktionistisk till sin art. Tidigare forskning indikerar att det finns en kunskapslucka när det gäller huvudmännens syn på delat ledarskap i skolan vilket motiverar att denna studie görs. Resultatet visade att huvudmännen anser att det delade ledarskapet bör få finnas där det finns behov för det, dock inte på rektorsnivå på en och samma skolenhet eftersom skollagen inte tillåter det. Däremot har rektor möjlighet att organisera den inre verksamheten på sin skola utifrån bestämmelser i skollagen där det framgår att det är möjligt att ha två eller fler rektorer på skolor med fler skolenheter. Huvudmännen anser att deras skyldighet är att se till att ha en styrkedja med tydlig rollfördelning så att oklarheter i ansvar, genomförande och återkoppling kan undvikas. Nyckelord: Delat ledarskap, samarbete, huvudman, skol