The Effects of Credit Risk on Dynamic Portfolio Management: A New Computational Approach

The study investigates the role of credit risk in a continuous time stochastic asset allocation model, since the traditional dynamic framework does not provide credit risk flexibility. The general model of the study extends the traditional dynamic efficiency framework by explicitly deriving the optimal value function for the infinite horizon stochastic control problem via a weighted volatility measure of market and credit risk. The model's optimal strategy was then compared to that obtained from a benchmark Markowitz-type dynamic optimization framework to determine which specification adequately reflects the optimal terminal investment returns and strategy under credit and market risks. The paper shows that an investor's optimal terminal return is lower than typically indicated under the traditional mean-variance framework during periods of elevated credit risk. Hence I conclude that, while the traditional dynamic mean-variance approach may indicate the ideal, in the presence of credit-risk it does not accurately reflect the observed optimal returns, terminal wealth and portfolio selection strategies.

A neuroendocrine role for chemerin in hypothalamic remodelling and photoperiodic control of energy balance

We thank Donna Wallace and the animal house staff for their help with the animal studies. We thank Pat Bain for help in preparing the figures. This work was supported by the Biotechnology and Biological Science Research Council (BBSRC) grant number BB/K001043/1 (G.H., A.W.R., P.N.S., P.J.Mc. and P.J.M.) and the Scottish Government (A.W.R., L.M.T., C.D.M. and P.J.M.).

Determinants and impact of suboptimal asthma control in Europe : The INTERNATIONAL CROSS-SECTIONAL AND LONGITUDINAL ASSESSMENT ON ASTHMA CONTROL (LIAISON) study

Acknowledgements We are grateful to THERAmetrics for the study management, data collection and analysis. The authors would like to thank the following investigators for their contribution (>30 patients enrolled): F. Fohler, A.G. Haider, J. Hesse-Tonsa, J. Messner, W. Pohl (Austria); G. Joos, J.L. Halloy, R. Peche, H. Simonis, P. Van den Brande (Belgium); B. Bugnas, J.M. Chavaillon, P. Debove, S. Dury, L. Mathieu, O. Lagrange, A. Prudhomme, S. Verdier (France); A. Benedix, O. Kestermann, A. Deimling, G. Eckhardt, M. Gernhold, V. Grimm-Sachs, M. Hoefer, G. Hoheisel, C. Stolpe, C. Schilder, M. John, J. Uerscheln, K.H. Zeisler (Germany); A. Chaniotou, P. Demertzis, V. Filaditaki-Loverdou, A. Gaga, E. Georgatou-Papageorgiou, S. Michailidis, G. Pavkalou, M. Toumpis (Greece); K. Csicsari, K. Hajdu, M. Póczi, M. Kukuly, T. Kecskes, C. Hangonyi, J. Schlezak, E. Takács, M. Szabo,G. Szabó, C. Szabo (Hungary); G.W. Canonica, W. Castellani, A. Cirillo, M.P. Foschino Barbaro, M. Gjomarkaj, G. Guerra, G. Idotta, D. Legnani, M. Lo Schiavo, R. Maselli, F. Mazza, S. Nutini, P. Paggiaro, A. Pietra, O. Resta, S. Salis, N.A. Scichilone, M.C. Zappa, A. Zedda (Italy); M. Goosens, R. Heller, K. Mansour, C. Meek, J. van den Berg (The Netherlands); A. Antczak, M. Faber, D. Madra-Rogacka, G. Mincewicz, M. Michnar, D. Olejniczak, G. Pulka, Z. Sankowski, K. Kowal, I. Krupa-Borek, B. Kubicka Kozik, K. Kuczynska, P. Kuna, A. Kwasniewski, M. Wozniak (Poland); F. Casas Maldonado, C. Cisneros, J. de Miguel Díez, L.M. Entrenas Costa, B. Garcìa-Cosio, M.V. Gonzales, L. Lores, M. Luengo, C. Martinez, C. Melero, I. Mir, X. Munoz, A. Pacheco, V. Plaza, J. Serra, J. Serrano, J.G. Soto Campos (Spain); T. Bekci, R. Demir, N. Dursunoglu, D. Ediger, A. Ekici, O. Goksel, H. Gunen, I.K. Oguzulgen, Z.F. Ozseker, (Turkey); L. Barnes, T. Hall, S. Montgomerie, J. Purohit, J. Ryan (United Kingdom). The authors would also like to thank P. Galletti (THERAMetrics S.p.A., Sesto San Giovanni, Italy) and K. Stockmeyer (THERAMetrics GmbH, Essen, Germany) for providing editorial assistance in the preparation of this manuscript. Open Access This article is distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made. The Creative Commons Public Domain Dedication waiver (http://creativecommons.org/publicdomain/zero/1.0/) applies to the data made available in this article, unless otherwise stated.

The compensatory potential of increased immigration following intensive American mink population control is diluted by male-biased dispersal

Acknowledgments This research was funded by NERC Grants NE/J01396X/1; NE/E006434/1 to XL. Y. M. was funded by a Marie Curie FP7-PEOPLE-2011-IEF 300288. We profusely thank the Scottish Mink Initiative, staff, funders and multiple mink volunteers for the continued effort, samples and enthusiasm. The Scottish Water Vole Conservation Project was funded by The Tubney Charitable trust, Scottish Natural Heritage, the Cairngorms National Park Authority and the People’s Trust for Endangered Species. We also thank the Associate Editor and two anonymous referees for their thoughtful reviews.

Where is the credit crunch in Greece? CEPS Commentary, 6 October 2015

Greek policy-makers like to make the point that their economy cannot recover because of a lack of credit and that this affects exports, in particular. Austerity is an easy explanation for the weakness of domestic demand, argues Daniel Gros in this CEPS Commentary, but it is more difficult to see why Greek exports have stagnated in recent years. The author considers the argument that the Greek economy could not recover via export-led growth because of a credit crunch. The overall availability of credit was higher than GDP, and interest rates remained relatively low. There is some indication of a misallocation of bank credit, but the responsibility for any mistakes in this direction must lie squarely with the government and the Troika, given that the Greek banking system has been under government control since 2012.

Notes for short course in design and control of asphaltic mixtures: sessions on asphaltic mixtures.

"Major credit for the preparation of the majority of the material in these notes goes to Mr. Francis N. Hveem."

The effect of the advanced placement examination for credit policy by the Florida State universities on the acceleration of a student's postsecondary education

The purpose of this research study was to determine if the Advanced Placement program as it is recognized by the universities in the Florida State University System (SUS) truly serves as an acceleration mechanism for those students who enter an SUS institution with passing AP scores. Despite mandates which attempt to control uniformity of policy, each public university in Florida determines which courses will be exempted and the number of credits they will grant for passing Advanced Placement courses.^ This is a descriptive study in which the AP policies of each of the SUS institutions were compared. Additionally, the college attendance and graduation data on members of a cohort of 593 Broward County high school graduates of the class of June, 1992 were compared. Approximately 28% of the cohort members entered university with passing Advanced Placement scores.^ The rate of early and on time graduation was significantly dependent on the Advanced Placement standing of the students in the cohort. Given the financial and human cost involved, it is recommended that all state universities bring their Advanced Placement policies into line with each other and implement a uniform Advanced Placement policy. It is also recommended that a follow-up study be conducted with a new cohort bound under the current 120 credit limitation for graduation. ^

Current Status of Collectibility of Gaming-Related Credit Dollars

In her piece entitled - Current Status Of Collectability Of Gaming-Related Credit Dollars - Ruth Lisa Wenof, Graduate Student at Florida International University initially states: “Credit is an important part of incentives used to lure gamblers to gaming establishments. However, a collection problem exists in casinos retrieving gaming-related credit losses of individuals living in states where gambling is illegal. The author discusses the history of this question, citing recent cases related to Atlantic City.” This author’s article is substantially laden with legal cases associated with casinos in New Jersey; Atlantic City to be exact. The piece is specific to the segment of the gaming industry that the title suggests, and as such is written in a decidedly technical style. “Legalized casino gaming, which was approved by the citizens of New Jersey on November 8, 1976, has been used as a unique tool of urban redevelopment for Atlantic City,” Wenof says in providing some background on this ‘Jersey shore municipality. “Since Resorts International opened its casino…revenues from gambling have increased rapidly. Resorts' gross win in 1978 was $134 million,” Wenof says. “Since then, the combined gross win of the city's 11 casinos has been just shy of $7.5 billion.” The author points out that the competition for casino business is fierce and that credit dollars play an integral role in soliciting such business. “Credit plays a most important part in every casino hotel. This type of gambler is given every incentive to come to a particular hotel,” says the author. “Airplanes, limousines, suites, free meals, and beverages all become a package for the person who can sign a marker. The credit department of a casino is similar to that of a bank. A banker who loans money knows that it must be paid back or his bank will fail. This is indeed true of a casino,” Wenof warns in outlining the potential problem that this article is fundamentally designed around. In providing further background on credit essentials and possible pitfalls, Wenof affords: “…on the Casino Control Act the State Commission of Investigation recommended to the legislature that casinos should not be allowed to extend credit at all, by reason of a concern for illicit diversion of revenues, which is popularly called skimming within the industry…” Although skimming is an after-the-fact problem, and is parenthetic to loan returns, it is an important element of the collective [sic] credit scheme. “A collection problem of prime importance is if a casino can get back gaming-related credit dollars advanced by the casino to a gambler who lives in a state where gambling is illegal,” is a central factor to consider, Wenof reveals. This is a primary focus of this article. Wenof touches on the social/societal implications of gambling, and then continues the discussion by citing a host of legal cases pertaining to debt collection.

A Deontic Analysis of Inter-Organizational Control Requirements

This research focuses on the design and verification of inter-organizational controls. Instead of looking at a documentary procedure, which is the flow of documents and data among the parties, the research examines the underlying deontic purpose of the procedure, the so-called deontic process, and identifies control requirements to secure this purpose. The vision of the research is a formal theory for streamlining bureaucracy in business and government procedures. Underpinning most inter-organizational procedures are deontic relations, which are about rights and obligations of the parties. When all parties trust each other, they are willing to fulfill their obligations and honor the counter parties’ rights; thus controls may not be needed. The challenge is in cases where trust may not be assumed. In these cases, the parties need to rely on explicit controls to reduce their exposure to the risk of opportunism. However, at present there is no analytic approach or technique to determine which controls are needed for a given contracting or governance situation. The research proposes a formal method for deriving inter-organizational control requirements based on static analysis of deontic relations and dynamic analysis of deontic changes. The formal method will take a deontic process model of an inter-organizational transaction and certain domain knowledge as inputs to automatically generate control requirements that a documentary procedure needs to satisfy in order to limit fraud potentials. The deliverables of the research include a formal representation namely Deontic Petri Nets that combine multiple modal logics and Petri nets for modeling deontic processes, a set of control principles that represent an initial formal theory on the relationships between deontic processes and documentary procedures, and a working prototype that uses model checking technique to identify fraud potentials in a deontic process and generate control requirements to limit them. Fourteen scenarios of two well-known international payment procedures -- cash in advance and documentary credit -- have been used to test the prototype. The results showed that all control requirements stipulated in these procedures could be derived automatically.

Control efficacy of complex networks

W.-X.W. was supported by NSFC under Grant No. 11105011, CNNSF under Grant No. 61074116 and the Fundamental Research Funds for the Central Universities. Y.-C.L. was supported by ARO under Grant W911NF-14-1-0504

Control and prediction for blackouts caused by frequency collapse in smart grids

C.-W.W. is supported by a studentship funded by the College of Physical Sciences, University of Aberdeen. M.S.B. acknowledges EPSRC grant NO. EP/I032606/1.

Control of cortex development by ULK4, a rare risk gene for mental disorders including schizophrenia

This work was supported by the grants from British Council China (Sino-UK higher Education for PhD studies) to Y.D. and C.D.M., and also from the following funding resources: Tenovus Scotland (G12/05, B.L.), The Carnegie Trust (RG13060-10, B.L.) and National Natural Science Foundation of China (91232724, Y.D.; 31100788, L.Z.; 81200933, N.N.S.; 31528011, B.L. and Y.D.).

Domain-driven classification based on multiple criteria and multiple constraint-level programming for intelligent credit scoring

Extracting knowledge from the transaction records and the personal data of credit card holders has great profit potential for the banking industry. The challenge is to detect/predict bankrupts and to keep and recruit the profitable customers. However, grouping and targeting credit card customers by traditional data-driven mining often does not directly meet the needs of the banking industry, because data-driven mining automatically generates classification outputs that are imprecise, meaningless, and beyond users' control. In this paper, we provide a novel domain-driven classification method that takes advantage of multiple criteria and multiple constraint-level programming for intelligent credit scoring. The method involves credit scoring to produce a set of customers' scores that allows the classification results actionable and controllable by human interaction during the scoring process. Domain knowledge and experts' experience parameters are built into the criteria and constraint functions of mathematical programming and the human and machine conversation is employed to generate an efficient and precise solution. Experiments based on various data sets validated the effectiveness and efficiency of the proposed methods. © 2006 IEEE.

New weapons to fight old enemies: novel strategies for the (bio)control of bacterial biofilms in the food industry

Biofilms are microbial communities characterized by their adhesion to solid surfaces and the production of a matrix of exopolymeric substances, consisting of polysaccharides, proteins, DNA and lipids, which surround the microorganisms lending structural integrity and a unique biochemical profile to the biofilm. Biofilm formation enhances the ability of the producer/s to persist in a given environment. Pathogenic and spoilage bacterial species capable of forming biofilms are a significant problem for the healthcare and food industries, as their biofilm-forming ability protects them from common cleaning processes and allows them to remain in the environment post-sanitation. In the food industry, persistent bacteria colonize the inside of mixing tanks, vats and tubing, compromising food safety and quality. Strategies to overcome bacterial persistence through inhibition of biofilm formation or removal of mature biofilms are therefore necessary. Current biofilm control strategies employed in the food industry (cleaning and disinfection, material selection and surface preconditioning, plasma treatment, ultrasonication, etc.), although effective to a certain point, fall short of biofilm control. Efforts have been explored, mainly with a view to their application in pharmaceutical and healthcare settings, which focus on targeting molecular determinants regulating biofilm formation. Their application to the food industry would greatly aid efforts to eradicate undesirable bacteria from food processing environments and, ultimately, from food products. These approaches, in contrast to bactericidal approaches, exert less selective pressure which in turn would reduce the likelihood of resistance development. A particularly interesting strategy targets quorum sensing systems, which regulate gene expression in response to fluctuations in cell-population density governing essential cellular processes including biofilm formation. This review article discusses the problems associated with bacterial biofilms in the food industry and summarizes the recent strategies explored to inhibit biofilm formation, with special focus on those targeting quorum sensing.