Light Breakfast

A light breakfast is included for attendees that preregister for speaker series. A registration table will also be available for registrants who wish to pick up event materials and for walk-in registrants. Walk-in registrants are welcome, but meal tickets may not be available.

Keynote Dinner

Retrospection & Respect: The 1913-1914 Mining/Labor Strike Symposium of 2014 and FinnForumX will host a dinner to conclude the events of the weekend, featuring keynote speaker Arnold Alanen and entertainment by the 1913 Singers. Separate registration by April 9, 2014 is required.

Lunch

Lunch is included for attendees that preregistered for the speaker series by April 9, 2014.

Opening Reception

Attendees that preregistered for the speaker series are invited to the opening reception, featuring guest speaker David Salmela and remarks from Scott See, Executive Director of the Keweenaw National Historical Park Advisory Commission. A registration table will also be available for registrants who wish to pick up event materials.

Price risk management in the copper market using commodity derivatives and options strategies

Metals price risk management is a key issue related to financial risk in metal markets because of uncertainty of commodity price fluctuation, exchange rate, interest rate changes and huge price risk either to metals’ producers or consumers. Thus, it has been taken into account by all participants in metal markets including metals’ producers, consumers, merchants, banks, investment funds, speculators, traders and so on. Managing price risk provides stable income for both metals’ producers and consumers, so it increases the chance that a firm will invest in attractive projects. The purpose of this research is to evaluate risk management strategies in the copper market. The main tools and strategies of price risk management are hedging and other derivatives such as futures contracts, swaps and options contracts. Hedging is a transaction designed to reduce or eliminate price risk. Derivatives are financial instruments, whose returns are derived from other financial instruments and they are commonly used for managing financial risks. Although derivatives have been around in some form for centuries, their growth has accelerated rapidly during the last 20 years. Nowadays, they are widely used by financial institutions, corporations, professional investors, and individuals. This project is focused on the over-the-counter (OTC) market and its products such as exotic options, particularly Asian options. The first part of the project is a description of basic derivatives and risk management strategies. In addition, this part discusses basic concepts of spot and futures (forward) markets, benefits and costs of risk management and risks and rewards of positions in the derivative markets. The second part considers valuations of commodity derivatives. In this part, the options pricing model DerivaGem is applied to Asian call and put options on London Metal Exchange (LME) copper because it is important to understand how Asian options are valued and to compare theoretical values of the options with their market observed values. Predicting future trends of copper prices is important and would be essential to manage market price risk successfully. Therefore, the third part is a discussion about econometric commodity models. Based on this literature review, the fourth part of the project reports the construction and testing of an econometric model designed to forecast the monthly average price of copper on the LME. More specifically, this part aims at showing how LME copper prices can be explained by means of a simultaneous equation structural model (two-stage least squares regression) connecting supply and demand variables. A simultaneous econometric model for the copper industry is built: {█(Q_t^D=e^((-5.0485))∙P_((t-1))^((-0.1868) )∙〖GDP〗_t^((1.7151) )∙e^((0.0158)∙〖IP〗_t ) @Q_t^S=e^((-3.0785))∙P_((t-1))^((0.5960))∙T_t^((0.1408))∙P_(OIL(t))^((-0.1559))∙〖USDI〗_t^((1.2432))∙〖LIBOR〗_((t-6))^((-0.0561))@Q_t^D=Q_t^S )┤ P_((t-1))^CU=e^((-2.5165))∙〖GDP〗_t^((2.1910))∙e^((0.0202)∙〖IP〗_t )∙T_t^((-0.1799))∙P_(OIL(t))^((0.1991))∙〖USDI〗_t^((-1.5881))∙〖LIBOR〗_((t-6))^((0.0717) Where, Q_t^D and Q_t^Sare world demand for and supply of copper at time t respectively. P(t-1) is the lagged price of copper, which is the focus of the analysis in this part. GDPt is world gross domestic product at time t, which represents aggregate economic activity. In addition, industrial production should be considered here, so the global industrial production growth that is noted as IPt is included in the model. Tt is the time variable, which is a useful proxy for technological change. A proxy variable for the cost of energy in producing copper is the price of oil at time t, which is noted as POIL(t ) . USDIt is the U.S. dollar index variable at time t, which is an important variable for explaining the copper supply and copper prices. At last, LIBOR(t-6) is the 6-month lagged 1-year London Inter bank offering rate of interest. Although, the model can be applicable for different base metals' industries, the omitted exogenous variables such as the price of substitute or a combined variable related to the price of substitutes have not been considered in this study. Based on this econometric model and using a Monte-Carlo simulation analysis, the probabilities that the monthly average copper prices in 2006 and 2007 will be greater than specific strike price of an option are defined. The final part evaluates risk management strategies including options strategies, metal swaps and simple options in relation to the simulation results. The basic options strategies such as bull spreads, bear spreads and butterfly spreads, which are created by using both call and put options in 2006 and 2007 are evaluated. Consequently, each risk management strategy in 2006 and 2007 is analyzed based on the day of data and the price prediction model. As a result, applications stemming from this project include valuing Asian options, developing a copper price prediction model, forecasting and planning, and decision making for price risk management in the copper market.

Staged surgical therapy of basal cell carcinoma of the head and neck region: an evaluation of 500 procedures

QUESTIONS UNDER STUDY / PRINCIPLES: The surgical therapy of basal cell carcinoma (BCC) is especially demanding in the facial area. This retrospective study was undertaken to evaluate the outcome of staged surgical therapy (SST) of BCC of the head and neck region performed on an interdisciplinary basis at our institution. METHODS: Patients treated for BCC in the head and neck area between 1/1/1997 and 31/12/2001 were included in the study. The lesions were histologically evaluated. Diameter of lesion, number of stages, defect coverage, operation time, and recurrence and infection rates were analysed using descriptive and inferential statistical procedures. RESULTS: 281 patients were included in the study. SST was performed in two stages in 43.7%, in three stages in 12.9% and in four or more stages in 2.7%, depending on the type of tumour and the patient's pretreatment status. The total operating time per lesion averaged one hour. Defect coverage was achieved by direct closure (37.7%), by full thickness skin graft (39.5%), by split skin graft (1.1%), by local flaps (20.3%) or by composite grafts (1.1%). Median follow-up time was 58.5 months. Low rates of recurrence (3.6%) and infection (2%) were observed with this technique. CONCLUSIONS: The staged surgical therapy of basal cell carcinoma evaluated here offers a series of advantages in respect of patient comfort and safety and economy, while allowing precise histological safety with low infection rates and reliable long-term results.

Toll-like receptor 2 is highly expressed in lesions of acne inversa and colocalizes with C-type lectin receptor

BACKGROUND: Acne inversa (hidradenitis suppurativa) is a chronic inflammatory and cicatricial disorder that affects skin areas rich in apocrine glands and terminal hairs, such as perineum and axillae. The exact pathogenesis of the disease is not well understood and the mechanisms by which bacterial superinfection contributes to the disease progression are not clear. Toll-like receptors (TLRs) expressed by inflammatory cells play a crucial role in the innate immune response to bacteria. OBJECTIVES: We sought to investigate the role of TLR2 in the pathogenesis of acne inversa. METHODS: We investigated the expression of TLR2 using real-time polymerase chain reaction analysis and immunohistochemical stainings of tissue samples from patients with acne inversa. Furthermore, we phenotypically characterized the infiltrating cells and their expression of TLR2. RESULTS: Compared with normal skin, a highly increased in situ expression of TLR2 in acne inversa skin lesions was found at both the mRNA and the protein level. The most abundant cells in the dermal infiltrate of acne inversa were CD68+ macrophages, CD209+ dendritic cells (DCs) and CD3+ T cells. CD19+ B cells and CD56+ natural killer cells were found only in small numbers. Double staining with fluorescence-labelled antibodies showed that TLR2 was expressed by infiltrating macrophages (CD68+) and DCs (CD209+). Flow cytometric analysis of isolated infiltrating cells further confirmed surface expression of TLR2 by macrophages and DCs. CONCLUSIONS: These data indicate that the enhanced expression of TLR2 by infiltrating macrophages and DCs may contribute to the pathogenesis of inflammatory lesions of acne inversa.

Alopecia areata universalis elicited during treatment with adalimumab

Adalimumab is a fully humanized recombinant anti-tumour-necrosis-factor (TNF-alpha) monoclonal antibody which has been approved for rheumatoid arthritis, active ankylosing spondylitis, psoriatic arthritis and Crohn's disease. We report a case of alopecia areata (AA) universalis occurring 6 months after administration of adalimumab monotherapy in a patient with a long-standing history of psoriatic arthritis and psoriasis. The diagnosis was confirmed by a scalp biopsy which showed a peribulbar infiltrate of both CD4+ and CD8+ T cells, CD1a+ dendritic cells as well as CD68+ and CD163+ macrophages. In addition, immunofluorescence staining for TNF-alpha was found in the mononuclear cell infiltrate. This case suggests a complex role of TNF-alpha in the induction of AA.

Evaluating stress patterns for Plio-Quaternary brittle deformation along the Calama-Olacapato-El Toro fault zone, Central Andes

Understanding the geometry and kinematics of the major structures of an orogen is important to elucidate its style of deformation, as well as its tectonic evolution. We describe the temporal and spatial changes in the state of stress of the trans-orogen area of the Calama-Olacapato-El Toro (COT) Fault Zone in the Central Andes, at about 24°S within the northern portion of the Puna Plateau between the Argentina-Chile border. The importance of the COT derives principally from the Quaternary-Holocene activity recognized on some segments, which may shed new light on its possible control on Quaternary volcanism and on the seismic hazard evaluation of the area. Field geological surveys along with kinematic analysis and numerical inversion of ∼140 new fault-slip measurements have revealed that this portion of the COT zone, previously considered a continuous, long-lived lineament, in reality has been subjected to three different kinematic regimes: 1) a Miocene transpressional phase with the maximum principal stress (σ1) chiefly trending NNE-SSW; 2) an extensional phase that started by 9 Ma, with a horizontal NW-SE-striking minimum principal stress (σ3) – permutations between σ2 and σ3 axes have been recognized at two sites – and 3) a left-lateral strike-slip phase with a horizontal ∼E-W &sigma1 and ∼N-S σ3 dating to the Late Pliocene-Quaternary. Spatially, in the Quaternary, the left-lateral component decreases toward the westernmost tip of the COT, where it transitions to extension; this produced to a N-S horst and graben structure. Hence, even if transcurrence is still active in the eastern portion of the COT, as focal mechanisms of crustal earthquakes indicate, our study demonstrates that extension is becoming the predominant structural style of deformation, at least in the western region. These major temporal and spatial changes in the tectonic regimes are attributed in part to changes in the magnitude of the boundary forces due to subduction processes. The overall orogen-perpendicular extension might be the result of vertical stress larger than both the horizontal stresses induced by gravitational effect of a thickened crust.

Our Lives, Our Thoughts and Our Allegiance: New Immigrants and American Industry in 1914

Through comparative analysis of the immigrant labor forces at work in iron mining in northern Minnesota, coal mining in Illinois, and steel milling in the Calumet region of Chicago and Gary, this paper addresses the forms of social distance separating and marginalizing new immigrants from American society and trade unionism that existed in 1914, the year that marked the end point of mass immigration from Eastern and Southern Europe. The “new immigration” was a labor migration that congregated its subjects overwhelmingly in what were called "unskilled" or "semi-skilled" forms of labor. Skilled work was largely, with certain variations, the preserve of "American" or old immigrant workers. This labor gulf separating new immigrants and American workers was hardened by a spatial separateness. New immigrants often lived in what have been called industrial villages—the mining town or location, the factory neighborhood— striking in their isolation and insularity from mainstream society. This separateness and insularity became a major preoccupation for corporate managers, Progressive reformers, and for American trade unions as new immigrants began to engage in major labor struggles leading up to 1914. But among the three industries, only the union of coal miners, the United Mine Workers, enjoyed success in organizing the new immigrants. In the steel mills and the iron mines, the unions were either rooted out or failed to gain a foothold at all. The explanation for these differences is to be found in the different forms of industrial development among the industries studied.

Teofilo Petriella : Marxist Revolutionary

The paper will examine the role Teofilo Petriella played in splitting Italian communities through Marxist agitation. As a strike leader on Mesabi Iron Range and in Copper Country, Petriella traveled throughout the Great Lakes region. In each community he found supporters among the discontented miners, while also facing strong opposition from Catholic priests and middle class community leaders. By examining his activities in both regions, I will illustrate the connectivity of Italian communities around Lake Superior, while also addressing religious and class conflict amongst the populations.

'Työmies?': Finnish Canadians in the Economy: A Historiographic Overview

Finnish immigrants are often seen as labor activists, even “radicals,” and key players in the “left-right” political divide, thus indicating a real presence on the “other” side of the economy. How did successive historians build these now-standard views? This paper takes a sweeping tour of writing on Finnish Canadian workers, tracing the evolution of these assessments. Archives and histories provided basic notions of “the” Finnish Canadian and were key sources as professional scholars – many Finns themselves – began their work. In Canada, new academics – Varpu Lindstrom most prominently – wrote about women, arts and culture, intellectual activity, and the impact of Finns as “exceptional” historical actors in socioeconomic terms. But, have historians of Finnish Canadian workers built a convincing case? Examination of Finnish Canadian “economic” historiography offers insights into the Finnish Canadian “story,” and the nature of generalization in immigrant and ethnic history.