Koherens kockázatmérés és tőkeallokáció = Coherent risk measurement and capital allocation

Bármennyire szeretne is egy bank (vállalat, biztosító) csak az üzletre koncentrálni, nem térhet ki a pénzügyi (hitel-, piaci, operációs, egyéb) kockázatok elől, amelyeket mérnie és fedeznie kell. A teljes fedezés vagy nagyon költséges, vagy nem is lehetséges, így a csőd elkerülésre minden gazdálkodó egységnek tartania kell valamennyi kockázatmentes, likvid tőkét. Koherens kockázatmérésre van szükség: az allokált tőkének tükröznie kell a kockázatokat - azonban még akkor is felmerül elosztási probléma, ha jól tudjuk mérni azokat. A diverzifikációs hatásoknak köszönhetően egy portfólió teljes kockázata általában kisebb, mint a portfóliót alkotó alportfóliók kockázatának összege. A koherens tőkeallokáció során azzal a kérdéssel kell foglalkoznunk, hogy mennyi tőkét osszunk az alportfóliókra, vagyis hogyan osszuk el „kor­rekt” módon a diverzifikáció előnyeit. Így megkapjuk az eszközök kockázathoz való hozzájárulását. A tanulmányban játékelmélet alkalmazásával, összetett opciós példákon keresztül bemutatjuk a kockázatok következetes mérését és felosztását, felhívjuk a figyelmet a következetlenségek veszélyeire, valamint megvizsgáljuk, hogy a gyakorlatban alkalmazott kockázatmérési módszerek [különösen a kockáztatott érték (VaR)] mennyire felelnek meg az elmélet által szabott követelményeknek. ____________________ However much a bank (or company or insurance provider) concentrates only on business, it cannot avoid financial (credit, market, operational or other) risks that need to be measured and covered. Total cover is either very expensive or not even possible, so that every business unit has to hold some risk-free liquid capital to avoid insolvency. What it needs is coherent risk measurement: the capital allocated has to match the risks, but even if the risks are measured well, distribution problems can still arise. Thanks to diversification effects, the total risk of a portfolio is less than the sum of the risks of its sub-portfolios. Coherent capital allocation entails addressing the question of how much capital to divide among the sub-portfolios, or how to distribute ‘correctly’ the advantages of diversification. This yields the contribution of the assets to the risk. The study employs game theory and examples of compound options to demonstrate coherent measurement and distribution of risks. Attention is drawn to the dangers of inconsistencies. The authors examine how far the methods of risk measurement applied in practice (notably VaR—value at risk) meet the requirements set in theory.

The difficulty of measuring culture and diversity. Comparison of three international models of cultural measurement: FCS-2009, ESSnet-2012 and CAB-2015

The growing interest in quantifying the cultural and creative industries, visualize the economic contribution of activities related to culture demands first of all the construction of internationally comparable analysis frameworks. Currently there are three major bodies which address this issue and whose comparative study is the focus of this article: the UNESCO Framework for Cultural Statistics (FCS-2009), the European Framework for Cultural Statistics (ESSnet-Culture 2012) and the methodological resource of the “Convenio Andrés Bello” group for working with the Satellite Accounts on Culture in Ibero-America (CAB-2015). Cultural sector measurements provide the information necessary for correct planning of cultural policies which in turn leads to sustaining industries and promoting cultural diversity. The text identifies the existing differences in the three models and three levels of analysis, the sectors, the cultural activities and the criteria that each one uses in order to determine the distribution of the activities by sector. The end result leaves the impossibility of comparing cultural statistics of countries that implement different frameworks.

Measurement Of Longitudinal Spin Asymmetries For Weak Boson Production In Polarized Proton-proton Collisions At Rhic.

We report measurements of single- and double-spin asymmetries for W^{±} and Z/γ^{*} boson production in longitudinally polarized p+p collisions at sqrt[s]=510  GeV by the STAR experiment at RHIC. The asymmetries for W^{±} were measured as a function of the decay lepton pseudorapidity, which provides a theoretically clean probe of the proton's polarized quark distributions at the scale of the W mass. The results are compared to theoretical predictions, constrained by polarized deep inelastic scattering measurements, and show a preference for a sizable, positive up antiquark polarization in the range 0.05

Measurement Of The Hydrodynamic Radius Of Quantum Dots By Fluorescence Correlation Spectroscopy Excluding Blinking.

One of the most important properties of quantum dots (QDs) is their size. Their size will determine optical properties and in a colloidal medium their range of interaction. The most common techniques used to measure QD size are transmission electron microscopy (TEM) and X-ray diffraction. However, these techniques demand the sample to be dried and under a vacuum. This way any hydrodynamic information is excluded and the preparation process may alter even the size of the QDs. Fluorescence correlation spectroscopy (FCS) is an optical technique with single molecule sensitivity capable of extracting the hydrodynamic radius (HR) of the QDs. The main drawback of FCS is the blinking phenomenon that alters the correlation function implicating in a QD apparent size smaller than it really is. In this work, we developed a method to exclude blinking of the FCS and measured the HR of colloidal QDs. We compared our results with TEM images, and the HR obtained by FCS is higher than the radius measured by TEM. We attribute this difference to the cap layer of the QD that cannot be seen in the TEM images.

[construction Of Measurement Instruments In The Area Of Health].

Measurement instruments are an integral part of clinical practice, health evaluation and research. These instruments are only useful and able to present scientifically robust results when they are developed properly and have appropriate psychometric properties. Despite the significant increase of rating scales, the literature suggests that many of them have not been adequately developed and validated. The scope of this study was to conduct a narrative review on the process of developing new measurement instruments and to present some tools which can be used in some stages of the development process. The steps described were: I-The establishment of a conceptual framework, and the definition of the objectives of the instrument and the population involved; II-Development of the items and of the response scales; III-Selection and organization of the items and structuring of the instrument; IV-Content validity, V-Pre-test. This study also included a brief discussion on the evaluation of the psychometric properties due to their importance for the instruments to be accepted and acknowledged in both scientific and clinical environments.

Treinamento fisico militar e aptidão fisica relacionada a saude : estudo a partir de conscritos do Tiro-de-Guerra 02-40 Sorocaba, S.P

Universidade Estadual de Campinas. Faculdade de Educação Física

Influence of light-curing unit systems on shear bond strength and marginal microleakage of composite resin restorations

The aim of the present study was to evaluate the influence of different photopolymerization (halogen, halogen soft-start and LED) systems on shear bond strength (SBS) and marginal microleakage of composite resin restorations. Forty Class V cavities (enamel and dentin margins) were prepared for microleakage assessment, and 160 enamel and dentin fragments were prepared for the SBS test, and divided into 4 groups. Kruskal-Wallis and Wilcoxon tests showed statistically significant difference in microleakage between the margins (p < 0.01) with incisal margins presenting the lowest values. Among the groups, it was observed that, only at the cervical margin, halogen soft-start photo polymerization presented statistically significant higher microleakage values. For SBS test, ANOVA showed no statistical difference (p > 0.05) neither between substrates nor among groups. It was concluded that Soft-Start technique with high intensity end-light influenced negatively the cervical marginal sealing, but the light-curing systems did not influence adhesion.

Fatal adenoviral necrotizing bronchiolitis case in a post-cardiac surgery intensive care unit

We report a case of a 67 year-old-male patient admitted to the intensive care unit in the post-coronary bypass surgery period who presented cardiogenic shock, acute renal failure and three episodes of sepsis, the latter with pulmonary distress at the 30th post-operative day. The patient expired within five days in spite of treatment with vancomycin, imipenem, colistimethate and amphotericin B. At autopsy severe adenovirus pneumonia was found. Viral pulmonary infections following cardiovascular surgery are uncommon. We highlight the importance of etiological diagnosis to a correct treatment approach.

Operant measurement of auditory threshold in prelingually deaf users of cochlear implants: II

Two experiments evaluated an operant procedure for establishing stimulus control using auditory and electrical stimuli as a baseline for measuring the electrical current threshold of electrodes implanted in the cochlea. Twenty-one prelingually deaf children, users of cochlear implants, learned a Go/No Go auditory discrimination task (i.e., pressing a button in the presence of the stimulus but not in its absence). When the simple discrimination baseline became stable, the electrical current was manipulated in descending and ascending series according to an adapted staircase method. Thresholds were determined for three electrodes, one in each location in the cochlea (basal, medial, and apical). Stimulus control was maintained within a certain range of decreasing electrical current but was eventually disrupted. Increasing the current recovered stimulus control, thus allowing the determination of a range of electrical currents that could be defined as the threshold. The present study demonstrated the feasibility of the operant procedure combined with a psychophysical method for threshold assessment, thus contributing to the routine fitting and maintenance of cochlear implants within the limitations of a hospital setting.

Study of C- and O-glycosylflavones in sugarcane extracts using liquid chromatography: exact mass measurement mass spectrometry

The flavonoids present in sugarcane (Saccharum officinarum) extracts were analyzed by liquid chromatography - mass spectrometry (LC-MS), and a study of the fragmentation patterns of selected flavonoids was conducted using orthogonal acceleration time-of-flight electrospray ionization mass spectrometry (ESI-oa-ToF MS). Seven C- and O-glycosylflavones were identified in the extracts, namely, schaftoside, isoschaftoside, luteolin-8-C-(rhamnosylglucoside), vitexin, orientin, tricin-7-O-neohesperidoside and tricin-7-O-glucoside. Of these, five were identified in the absence of direct comparison with their respective standards. The described method also permitted the differentiation of the 6-C and 8-C isomeric flavones, schaftoside and isoschaftoside. The combination of fragmentation data and exact mass measurement showed to be complimentary to the HPLC-UV-MS techniques previously utilized for isomers discrimination in sugarcane studies.

Direct measurement of intrinsic atomic scale magnetostriction

Using differential x-ray absorption spectroscopy (DiffXAS) we have measured and quantified the intrinsic, atomic-scale magnetostriction of Fe(81)Ga(19). By exploiting the chemical selectivity of DiffXAS, the Fe and Ga local environments have been assessed individually. The enhanced magnetostriction induced by the addition of Ga to Fe was found to originate from the Ga environment, where lambda(gamma,2)(approximate to (3/2)lambda(100)) is 390 +/- 40 ppm. In this environment, < 001 > Ga-Ga pair defects were found to exist, which mediate the magnetostriction by inducing large strains in the surrounding Ga-Fe bonds. For the first time, intrinsic, chemically selective magnetostrictive strain has been measured and quantified at the atomic level, allowing true comparison with theory.

Measurement of ethylene production during banana ripening

Introduction. This protocol aims at measuring fruit ethylene production during ripening. It can be used to compare ethylene production between different banana varieties or to compare ethylene production between fruit produced in different pedo-climatic conditions. The principle, key advantages, starting plant material, time required and expected results are presented. Materials and methods. This part describes the required laboratory materials and the three steps necessary for calculating the amount of ethylene produced during banana postharvest ripening. Possible troubleshooting is considered.

Biochemical characterization of pulp of banana fruit: measurement of soluble sugars, organic acids, free ACC and in vitro ACC oxidase

Introduction. We present some protocols aiming at partially characterizing banana fruit quality through measurement of some key biochemical parameters. The principle, key advantages, starting plant material, time required and expected results are presented. Materials and methods. This part describes the required laboratory materials and the steps necessary for achieving four protocols making it possible to measure sugar, organic acids and free ACC contents, and in vitro ACC oxidase activity. Results. Standard results obtained by using the protocols described are presented in the figures.

Measurement of banana green life

Introduction. This protocol aims at measuring the storage life potential of banana fruit, and at determining the physiological age of fruit. The principle, key advantages, starting plant material, time required and expected results are presented. Materials and methods. This part describes the required laboratory materials and the five steps necessary for calculating the banana green life duration, which corresponds to the number of days between the fruit harvest and climacteric crisis. Results. The measurement of O-2 and CO2 concentrations allows one to detect the climacteric peak which marks the end of the banana green life.

Measurement of fungicide efficacy on post-harvest diseases: wound anthracnose, quiescent anthracnose, crown rot

Introduction. This protocol aims at evaluating (a) the efficacy of new fungicides for the control of post-harvest diseases, (b) the efficacy of various application methods for the chemical control of post-harvest diseases, and (c) the quality of the fungicide solution during the same packing day where this solution is recycled. The principle, key advantages, starting plant material, time required and expected results are presented. Materials and methods. Materials required and details of the eighteen steps of the protocol (fruit sampling and inoculum preparation, wound anthracnose study, quiescent anthracnose study, and crown-rot study) are described. Results. Comparison between untreated control bananas and bananas treated with fungicide allows the calculation of the fungicide treatment efficacy.