Arbitrage-Free Conditions and Hedging Strategies for Markets with Penalty Costs on Short Positions

We consider a discrete-time financial model in a general sample space with penalty costs on short positions. We consider a friction market closely related to the standard one except that withdrawals from the portfolio value proportional to short positions are made. We provide necessary and sufficient conditions for the nonexistence of arbitrages in this situation and for a self-financing strategy to replicate a contingent claim. For the finite-sample space case, this result leads to an explicit and constructive procedure for obtaining perfect hedging strategies.

An economic evaluation of antihypertensive therapies based on clinical trials

OBJECTIVE: Hypertension is a major issue in public health, and the financial costs associated with hypertension continue to increase. Cost-effectiveness studies focusing on antihypertensive drug combinations, however, have been scarce. The cost-effectiveness ratios of the traditional treatment (hydrochlorothiazide and atenolol) and the current treatment (losartan and amlodipine) were evaluated in patients with grade 1 or 2 hypertension (HT1-2). For patients with grade 3 hypertension (HT3), a third drug was added to the treatment combinations: enalapril was added to the traditional treatment, and hydrochlorothiazide was added to the current treatment. METHODS: Hypertension treatment costs were estimated on the basis of the purchase prices of the antihypertensive medications, and effectiveness was measured as the reduction in systolic blood pressure and diastolic blood pressure (in mm Hg) at the end of a 12-month study period. RESULTS: When the purchase price of the brand-name medication was used to calculate the cost, the traditional treatment presented a lower cost-effectiveness ratio [US$/mm Hg] than the current treatment in the HT1-2 group. In the HT3 group, however, there was no difference in cost-effectiveness ratio between the traditional treatment and the current treatment. The cost-effectiveness ratio differences between the treatment regimens maintained the same pattern when the purchase price of the lower-cost medication was used. CONCLUSIONS: We conclude that the traditional treatment is more cost-effective (US$/mm Hg) than the current treatment in the HT1-2 group. There was no difference in cost-effectiveness between the traditional treatment and the current treatment for the HT3 group.

Stone tool use by adult wild bearded capuchin monkeys (Cebus libidinosus). Frequency, efficiency and tool selectivity

Chimpanzees have been the traditional referential models for investigating human evolution and stone tool use by hominins. We enlarge this comparative scenario by describing normative use of hammer stones and anvils in two wild groups of bearded capuchin monkeys (Cebus libidinosus) over one year. We found that most of the individuals habitually use stones and anvils to crack nuts and other encased food items. Further, we found that in adults (1) males use stone tools more frequently than females, (2) males crack high resistance nuts more frequently than females, (3) efficiency at opening a food by percussive tool use varies according to the resistance of the encased food, (4) heavier individuals are more efficient at cracking high resistant nuts than smaller individuals, and (5) to crack open encased foods, both sexes select hammer stones on the basis of material and weight. These findings confirm and extend previous experimental evidence concerning tool selectivity in wild capuchin monkeys (Visalberghi et al., 2009b; Fragaszy et al., 2010b). Male capuchins use tools more frequently than females and body mass is the best predictor of efficiency, but the sexes do not differ in terms of efficiency. We argue that the contrasting pattern of sex differences in capuchins compared with chimpanzees, in which females use tools more frequently and more skillfully than males, may have arisen from the degree of sexual dimorphism in body size of the two species, which is larger in capuchins than in chimpanzees. Our findings show the importance of taking sex and body mass into account as separate variables to assess their role in tool use. (C) 2011 Elsevier Ltd. All rights reserved.

Taxonomy of ""Mouse-colored Tapaculos"". I. On the application of the name Malacorhynchus speluncae Menetries, 1835 (Aves: Passeriformes: Rhinocryptidae)

The type specimen of Malacorhynchus speluncae was described and illustrated as being ""mouse gray with a bluish luster"" on the upperparts and as having a ""lighter color on the lower side of the body"" which ""becomes whitish towards the middle of the throat and breast"". It represents a taxon presently placed in the genus Scytalopus. Since 1907, the name Scytalopus speluncae has been attributed to the predominantly dark-gray species from the southeastern coastal Brazilian mountains. Recently, it was suggested that the name S. speluncae should be applied to a species that is light-gray with whitish belly and extensive barring on the flanks and that occurs predominantly in the Espinhaco Range, Minas Gerais state, to the west of the range of the dark-gray taxon. As a consequence, the dark-gray species, presumably without any available name, was described as a new species, S. notorius. However, on the basis of a critical analysis of the available information on the type specimen of S. speluncae, including the original description and illustration (Menetries 1835), and our examination of large series of museum specimens, we demonstrate that the type of S. speluncae falls within the known plumage variation of the dark-gray species and that it does not show the diagnostic characters of the light-gray form. Thus, we propose that the name S. speluncae be applied only to the dark-gray species. Consequently, S. notorius must be regarded a junior-synonym of S. speluncae. Because of problems related to the exact collecting sites of Menetries, and taking into consideration the distribution of the dark-gray species, we suggest ""Serra dos Orgaos"", in Rio de Janeiro state, as the type-locality of S. speluncae.

On the stability of the extracellular hemoglobin of Glossoscolex paulistus, in two iron oxidation states, in the presence of urea

The stability of the Glossoscolex paulistus hemoglobin (HbGp), in two iron oxidation states (and three forms), as monitored by optical absorption, fluorescence emission and circular dichroism (CD) spectroscopies, in the presence of the chaotropic agent urea, is studied. HbGp oligomeric dissociation, denaturation and iron oxidation are observed. CD data show that the cyanomet-HbGp is more stable than the oxy-form. Oxy- and cyanomet-HbGp show good fits on the basis of a two state model with critical urea concentrations at 220-222 nm of 5.1 +/- 0.2 and 6.1 +/- 0.1 mol/L, respectively. The three-state model was able to reveal a subtle second transition at lower urea concentration (1.0-2.0 mol/L) associated to partial oligomeric dissociation. The intermediate state for oxy- and cyanomet-HbGp is very similar to the native state. For met-HbGp, a different equilibrium, in the presence of urea, is observed. A sharp transition at 1.95 +/- 0.05 mol/L of denaturant is observed, associated to oligomeric dissociation and hemichrome formation. In this case, analysis by a three-state model reveals the great similarity between the intermediate and the unfolded states. Analysis of spectroscopic data, by two-state and three-state models, reveals consistency of obtained thermodynamic parameters for HbGp urea denaturation. (C) 2012 Elsevier Inc. All rights reserved.

On scale-mixture Birnbaum-Saunders distributions

We present for the first time a justification on the basis of central limit theorems for the family of life distributions generated from scale-mixture of normals. This family was proposed by Balakrishnan et al. (2009) and can be used to accommodate unexpected observations for the usual Birnbaum-Saunders distribution generated from the normal one. The class of scale-mixture of normals includes normal, slash, Student-t, logistic, double-exponential, exponential power and many other distributions. We present a model for the crack extensions where the limiting distribution of total crack extensions is in the class of scale-mixture of normals. (C) 2012 Elsevier B.V. All rights reserved.

Foraminifera as indicators of marine pollutant contamination on the inner continental shelf of southern Brazil

Analyses of living foraminiferal and environmental parameters near an outfall at Mar Grosso Beach (Laguna, SC, Brazil) demonstrate its usefulness as indicators of domestic sewage pollution. The low species diversity may be due to sand accumulation in the central part. Higher diversity was noted closer to the mouth of Laguna estuarine system where reduced salinity and higher temperatures indicate freshwater influence, suggesting a relationship between increased diversity and greater availability of terrestrial food. On the basis of foraminiferal diversity and average coliform count the higher values are closer to the mouth of the estuarine system and under the influence of the outfall. Due to the effect of local hydrodynamics, the particulate organic waste derived from the outfall does not settle down locally, and thus, do not accumulate nearby. Our hypothesis is that the fine material derived from the outfall is accumulating on the southwestern and northwestern parts of the beach.

The effect of a Lucia jig for 30 minutes on neuromuscular re-programming, in normal subjects

The Lucia jig is a technique that promotes neuromuscular reprogramming of the masticatory system and allows the stabilization of the mandible without the interference of dental contacts, maintaining the mandible position in harmonic condition with the musculature in normal subjects or in patients with temporomandibular dysfunction (TMD). This study aimed to electromyographically analyze the activity (RMS) of the masseter and temporal muscles in normal subjects (control group) during the use of an anterior programming device, the Lucia jig, in place for 0, 5, 10, 20 and 30 minutes to demonstrate its effect on the stomatognathic system. Forty-two healthy dentate individuals (aged 21 to 40 years) with normal occlusion and without parafunctional habits or ternporomandibular dysfunction (RDC/TMD) were evaluated on the basis of the electromyographic activity of the masseter and temporal muscles before placement of a neuromuscular re-programming device, the Lucia jig, on the upper central incisors. There were no statistically significant differences (p < 0.05) in the electromyographic activity of the masticatory muscles in the different time periods. The Lucia jig changed the electromyographic activity by promoting a neuromuscular reprogramming. In most of the time periods, it decreased the activation of the masticatory muscles, showing that this device has wide applicability in dentistry. The use of a Lucia jig over 0, 5, 10, 15, 20 and 30 minutes did not promote any statistically significant increase in muscle activity despite differences in the data, thus showing that this intra-oral device can be used in dentistry.

Effect of Different Radiopacifying Agents on the Physicochemical Properties of White Portland Cement and White Mineral Trioxide Aggregate

Introduction: The aim of this study was to evaluate the pH, calcium ion release, setting time, and solubility of white mineral trioxide aggregate (WMTA) and white Portland cement (WPC) combined with the following radiopacifying agents: bismuth oxide (BO), calcium tungstate (CT), and zirconium oxide (ZO). Methods: Fifty acrylic teeth with root-end filling material were immersed in ultrapure water for measurement of pH and calcium release (atomic absorption spectrophotometry) at 3, 24, 72, and 168 hours. For evaluation of setting time, each material was analyzed according to the American Society for Testing and Materials guidelines 266/08. The solubility test was performed according to American National Standards Institute/American Dental Association specification no. 57/2000. Solubility, setting time, and pH values were compared by using analysis of variance and Tukey test, and the values of calcium release were compared by the Kruskal-Wallis and Miller tests. The significance level was set at 5%. Results: The pH and calcium release were higher at 3 and 24 hours. WPC was the material with the higher values for both properties. WMTA had the greatest solubility among all materials (P < .05). All radiopacifiers increased the setting time of WPC, and WMTA had the shortest setting time among all materials (P < .05). Conclusions: All materials released calcium ions. Except for WPC/CT at 168 hours, all materials promoted an alkaline pH. On the basis of the obtained results, ZO and CT can be considered as potential radiopacifying agents to be used in combination with Portland cement. (J Endod 2012;38:394-397)

Effects of the extraction conditions on the yield and composition of rice bran oil extracted with ethanol-A response surface approach

Rice bran oil was obtained from rice bran by solvent extraction using ethanol. The influence of process variables, solvent hydration (0-24% of water, on mass basis), temperature (60-90 degrees C), solvent-to-rice bran mass ratio (2.5:1 to 4.5:1) and stirrer speed (100-250 rpm) were analysed using the response surface methodology. The extraction yield was highly affected by the solvent water content, and it varied from 8.56 to 20.05 g of oil/100 g of fresh rice bran (or 42.7-99.9% of the total oil available) depending on the experimental conditions. It was observed that oryzanol and tocols behave in different ways during the extraction process. A larger amount of tocols is extracted from the solid matrix in relation to gamma-oryzanol. It was possible to obtain values from 123 to 271 mg of tocols/kg of fresh rice bran and 1527 to 4164 mg of oryzanol/kg of fresh rice bran, indicating that it is feasible to obtain enriched oil when this renewable solvent is used. No differences in the chemical composition of the extracted oils were observed when compared to the data cited in the literature. (C) 2011 The Institution of Chemical Engineers. Published by Elsevier B.V. All rights reserved.

The Selection Exerted by Oil Contamination on Mangrove Fungal Communities

Mangrove ecosystems are tropical environments that are characterized by the interaction between the land and the sea. As such, this ecosystem is vulnerable to oil spills. Here, we show a culture-independent survey of fungal communities that are found in the sediments of the following two mangroves that are located on the coast of Sao Paulo State (Brazil): (1) an oil-spill-affected mangrove and (2) a nearby unaffected mangrove. Samples were collected from each mangrove forest at three distinct locations (transect from sea to land), and the samples were analyzed by quantitative PCR and internal transcribed spacer (ITS)-based PCR-DGGE analysis. The abundance of fungi was found to be higher in the oil-affected mangrove. Visual observation and correspondence analysis (CA) of the ITS-based PCR-DGGE profiles revealed differences in the fungal communities between the sampled areas. Remarkably, the oil-spilled area was quite distinct from the unaffected sampling areas. On the basis of the ITS sequences, fungi that are associated with the Basidiomycota and Ascomycota taxa were most common and belonged primarily to the genera Epicoccum, Nigrospora, and Cladosporium. Moreover, the Nigrospora fungal species were shown to be sensitive to oil, whereas a group that was described as "uncultured Basidiomycota" was found more frequently in oil-contaminated areas. Our results showed an increase in fungal abundance in the oil-polluted mangrove regions, and these data indicated potential fungal candidates for remediation of the oil-affected mangroves.

Effects of Different Moisture Contents on Physical Properties of PVA-Gelatin Films

In this work, it was investigated the effect of different moisture contents on PVA-gelatin films by means of dielectric properties, infrared spectroscopy, microwave response and gravimetric method. The films were elaborated from a blend of gelatin and PVA, with 0 and 25 % glycerol. The sorption isotherms were determined by gravimetric methods, at 25 A degrees C. A capacimeter was used for dielectric measurements, and a device called SOLFAN setup was used for microwave measurements. The sorption isotherms were markedly affected by the glycerol content and relative humidity, due to the hygroscopic nature of the films. The dielectric constant and the microwave response signal were also strongly affected by the moisture and glycerol content in the films. Finally, Infrared spectra showed some changes in the amide peak positions, attributed to the modifications in the interactions between the macromolecules. The behaviors obtained in this work were explained on the basis the way the water enters in the film matrix.

A new species of the Bokermannohyla circumdata group (Anura: Hylidae) from southeastern Brazil, with bioacoustic data on seven species of the genus

We describe a new species of the Bokermannohyla circumdata group from the Estacao de Pesquisa e Desenvolvimento Ambiental Galheiro (EPDA-Galheiro) (19 degrees 12'S; 47 degrees 08'W), Municipality of Perdizes, State of Minas Gerais, a mid-altitudinal (similar or equal to 850 m above sea level) riparian forest environment in the Cerrado of southeastern Brazil. Bokermannohyla napolii sp. nov. is allied to the large-sized species of the group, diagnosed on the basis of adult morphology/morphometrics, and mainly vocalizations. Adult specimens of the new species are most closely related to those of B. luctuosa and B. circumdata, but can be differentiated from the former by having distal subarticular tubercle of finger III bifid/divided in males, and finger IV bifid/divided in males and females; and from both B. luctuosa and B. circumdata by a distinctive advertisement call structure. We also provide bioacoustic data on seven other species of the genus, including previously unknown advertisement calls of B. circumdata and B. carvalhoi, and re-description of the advertisement calls of B. luctuosa, B. ibitiguara, B. nanuzae, B. sazimai, and B. hylax.

p16 (INK4a) has clinicopathological and prognostic impact on oropharynx and larynx squamous cell carcinoma

CDKN2A encodes proteins such as p16 (INK4a), which negatively regulate the cell-cycle. Molecular genetic studies have revealed that deletions in CDKN2A occur frequently in cancer. Although p16 (INK4a) may be involved in tumor progression, the clinical impact and prognostic implications in head and neck squamous cell carcinoma (HNSCC) are controversial. The objective of this study was to evaluate the frequency of the immunohistochemical expression of p16 (INK4a) in 40 oropharynx and 35 larynx from HNSCC patients treated in a single institution and followed-up at least for 10 years in order to explore potential associations with clinicopathological outcomes and prognostic implications. Forty cases (53.3%) were positive for p16 (INK4a) and this expression was more intense in non-smoking patients (P = 0.050), whose tumors showed negative vascular embolization (P = 0.018), negative lymphatic permeation (P = 0.002), and clear surgical margins (P = 0.050). Importantly, on the basis of negative p16 (INK4a) expression, it was possible to predict a probability of lower survival (P = 0.055) as well as tumors presenting lymph node metastasis (P = 0.050) and capsular rupture (P = 0.0010). Furthermore, increased risk of recurrence was observed in tumors presenting capsular rupture (P = 0.0083). Taken together, the alteration in p16 (INK4a) appears to be a common event in patients with oropharynx and larynx squamous cell carcinoma and the negative expression of this protein correlated with poor prognosis.

Self-assembled films from chitosan and poly(vinyl sulfonic acid) on Nafion® for direct methanol fuel cell

Chitosan/poly(vinyl sulfonic acid) (PVS) films have been prepared on Nafion® membranes by the layer-by-layer (LbL) method for use in direct methanol fuel cell (DMFC). Computational methods and Fourier transform infrared (FTIR) spectra suggest that an ionic pair is formed between the sulfonic group of PVS and the protonated amine group of chitosan, thereby promoting the growth of LbL films on the Nafion® membrane as well as partial blocking of methanol. Chronopotentiometry and potential linear scanning experiments have been carried out for investigation of methanol crossover through the Nafion® and chitosan/PVS/Nafion® membranes in a diaphragm diffusion cell. On the basis of electrical impedance measurements, the values of proton resistance of the Nafion® and chitosan/PVS/Nafion® membranes are close due to the small thickness of the LbL film. Thus, it is expected an improved DMFC performance once the additional resistance of the self-assembled film is negligible compared to the result associated with the decrease in the crossover effect.