Accounting for derivatives:an evaluation of reporting practice by UK banks

In 1998 the Accounting Standards Board (ASB) published FRS 13, ‘Derivatives and other Financial Instruments: Disclosures’. This laid down the requirements for disclosures of an entity’s policies, objectives and strategies in using financial instruments, their impact on its risk, performance and financial condition, and details of how risks are managed. FRS 13 became effective in March 1999, and this paper uses the 1999 annual reports of UK banks to evaluate the usefulness of disclosures from a user’s perspective. Usefulness is measured in terms of the criteria of materiality, relevance, reliability, comparability and understandability as defined in the ASB’s Statement of Principles (ASB, 1999). Our findings suggest that the narrative disclosures are generic in nature, the numerical data incomplete and not always comparable, and that it is difficult for the user to combine both narrative and numerical information in order to assess the banks’ risk profile. Our overall conclusion is therefore that current UK financial reporting practices are of limited help to users wishing to assess the scale of an institution’s financial risk exposure.

A comparison of the apoptotic and cytotoxic effects of hexanedione derivatives on human non-neuronal lines and the neuroblastoma line SH-SY5Y

The effects of the alpha-diketone derivatives 2,3- and 3,4-hexanediones were investigated in three non-neuronal cell lines (MCF7, HepG2 and CaCo-2) as well as in the neuroblastoma line, SH-SY5Y. The MTT reduction assay was employed to determine the necrotic effects of the alpha-diketones and the neurotoxin 2,5-hexanedione over 4, 24 and 48 hr exposures. Flow cytometry was also used to study the effects of the three isomers on the cell cycle of the SH-SY5Y line only. With 2,5-hexanedione, the mean MTT IC50 decreased more than 10-fold from 4 to 48 hr. The toxicities of both alpha-diketones were similar, with a more than 18-fold increase in sensitivity of the SH-SY5Y at 24 hr compared to that of 4 hr. With flow cytometry at 48 hr, SH-SY5Y apoptosis with 2,5-hexanedione rose throughout the concentration range evaluated (0-30 mM) while 2,3- and 3,4-hexanediones showed apoptosis over the concentration range 1-1.6 mM, with 3,4-hexanedione being the more potent compared to the 2,3-isomer. At 1.6 mM nearly all the cells had entered apoptosis in the presence of the 3,4-isomer, (94.9 ± 1.4%) but only 57.5 ±4.1% of the 2,3-isomer-treated cells had reached that stage. The 2,3-and 3,4-isomers in diets alone may not pose a serious threat to human health. Further studies may be necessary to evaluate the effects of other dietary components on their toxicity. These alpha-diketones also display a degree of toxic selectivity towards neuroblastoma cells, which may have therapeutic implications.

An Expansion Formula for Fractional Derivatives and its Application

An expansion formula for fractional derivatives given as in form of a series involving function and moments of its k-th derivative is derived. The convergence of the series is proved and an estimate of the reminder is given. The form of the fractional derivative given here is especially suitable in deriving restrictions, in a form of internal variable theory, following from the second law of thermodynamics, when applied to linear viscoelasticity of fractional derivative type.

From Differences to Derivatives

A relation showing that the Grünwald-Letnikov and generalized Cauchy derivatives are equal is deduced confirming the validity of a well known conjecture. Integral representations for both direct and reverse fractional differences are presented. From these the fractional derivative is readily obtained generalizing the Cauchy integral formula.

Fractional Derivatives and Fractional Powers as Tools in Understanding Wentzell Boundary Value Problems for Pseudo-Differential Operators Generating Markov Processes

Mathematics Subject Classification: 26A33, 31C25, 35S99, 47D07.

On Multidimensional Analogue of Marchaud Formula for Fractional Riesz-Type Derivatives in Domains in R^n

2000 Mathematics Subject Classification: 26A33, 42B20

Comparative Analysis of Viscoelastic Models Involving Fractional Derivatives of Different Orders

Mathematics Subject Classification: 74D05, 26A33

On the Equivalence of the Riemann-Liouville and the Caputo Fractional Order Derivatives in Modeling of Linear Viscoelastic Materials

Mathematics Subject Classification: 26A33

On a Differential Equation with Left and Right Fractional Derivatives

Mathematics Subject Classification: 26A33; 70H03, 70H25, 70S05; 49S05

Caputo Derivatives in Viscoelasticity: A Non-Linear Finite-Deformation Theory for Tissue

Mathematics Subject Classification: 26A33, 74B20, 74D10, 74L15

Time-Fractional Derivatives in Relaxation Processes: A Tutorial Survey

2000 Mathematics Subject Classification: 26A33, 33E12, 33C60, 44A10, 45K05, 74D05,

Well-Posedness of Diffusion-Wave Problem with Arbitrary Finite Number of Time Fractional Derivatives in Sobolev Spaces H^s

Mathematics Subject Classification 2010: 26A33, 33E12, 35S10, 45K05.

Hamilton’s Principle with Variable Order Fractional Derivatives

MSC 2010: 26A33, 70H25, 46F12, 34K37 Dedicated to 80-th birthday of Prof. Rudolf Gorenflo

Fractional Derivatives in Spaces of Generalized Functions

MSC 2010: 26A33, 46Fxx, 58C05 Dedicated to 80-th birthday of Prof. Rudolf Gorenflo

On Arrangements of Real Roots of a Real Polynomial and Its Derivatives

2000 Mathematics Subject Classification: 12D10.