Switching Effect Research Articles

Ozanimod in Relapsing Multiple Sclerosis: New Insights

Ozanimod is an approved treatment for relapsing forms of multiple sclerosis (RMS) that has been shown to reduce relapses, new brain lesions, and brain volume loss relative to intramuscular interferon (IFN) β-1a. This article summarizes selected data from clinical trials of ozanimod in RMS, which were presented at the 40th Congress of the European Committee for Treatment and Research in Multiple Sclerosis (ECTRIMS) held in Denmark in September 2024 and the Annual Meeting of the European Charcot Foundation held in Italy in November 2024. Final safety data were presented for the completed open-label extension (OLE) study of ozanimod in adults with RMS (DAYBREAK), showing that rates of adverse events (AE) remained stable or decreased over 8 years of ozanimod treatment. These findings confirm the established safety profile of ozanimod. An analysis of brain volume changes across DAYBREAK and parent trials were also presented, demonstrating that the annualized rate of brain volume loss in participants treated with continuous ozanimod for up to 7 years was below the pathologic cutoff and was similar to those previously reported from healthy controls. Data were presented from a retrospective, observational study into the effects of switching from fingolimod to ozanimod in patients with RMS due to safety or intolerance reasons. The authors concluded that this study confirms that switching from fingolimod to ozanimod for safety reasons such as lymphopenia or hypertransaminasemia may be a good strategy to continue sphingosine-1-phosphate receptor (S1PR)-modulating drug therapy. Finally, an ad hoc interim analysis of patients with early RMS from ENLIGHTEN showed promising results, demonstrating that more than three-quarters of patients had either stable or improved cognitive processing speed after 1 year of ozanimod 0.92 mg.

Domain switching effects on crack propagation in ferroelectrics through SBFEM

Domain switching effects on crack propagation in ferroelectrics through SBFEM

Photocurrent switching effect and visible light activity of electrochemically synthesized bifunctional through oxide via TiO2/CuO composites

Photoelectrochemical conversion of solar energy into fuel products such as H2 or CH4 is an appealing, but technologically difficult process due to the simultaneous requirements for stability, efficiency and selectivity in the photoelectrode. One approach to design a photoelectrode with suitable properties is by using different materials that can complement each other. In this study, we introduce a novel approach by compositing TiO2 with CuO via electrodeposition of Cu into through-oxide vias/channels – a design that offers enhanced synergy between the materials. The Cu is then precisely transformed into Cu2O, CuO, or a mixture, based on annealing temperature, enabling tunable properties and optimized functionality. Unlike in traditional “sandwich” composites, this structuring reduces bulk charge carrier recombination through the formation of a depletion zone between TiO2 and CuO, allowing both materials to perform distinct functions. As a result, photocurrent switching is achieved by altering the applied potential, which is a functionality not previously demonstrated for photoactive composite materials. Our study also reports evidence of visible light sensitivity in TiO2/CuO composites when illuminated by a 4100K LED without UV components. Open circuit voltage decay measurements reveal that the improved charge carrier transport is due to the formation of a conductive Cu pathway—a novel finding that opens new possibilities for efficient photoexcitation. Although the charge carrier lifetimes were found to be shorter in TiO2/CuO electrodes compared to pure TiO2, we attribute this to the phenomenon of Cu "filling" the TiO2 channels and decreasing the available surface area, a trade-off that provides crucial insights into material design for future applications.

Mitigating the Nocebo Effect in Biosimilar Use and Switching: A Systematic Review.

In the context of biosimilar use and switching, a patient's negative perception of a biosimilar might trigger a nocebo effect, where negative expectations unrelated to its pharmacologic action may lead to worsened symptoms, resulting in less perceived therapeutic benefit or worsened adverse events. Considering the crucial role biosimilars have in reducing health care costs and expanding access to safe biologics globally, it is essential to develop and implement effective strategies to mitigate the possible occurrence of such nocebo effects. The aim of this systematic literature review was two-fold: (i) to review strategies that have been applied and/or tested for minimising the nocebo effect in clinical practice, within and outside the context of biosimilar switching, and (ii) to propose recommendations on useful mitigation strategies to minimise the occurrence of the nocebo effect in the context of biosimilar switching. Biomedical databases PubMed and Embase were screened up until the end of April 2023 with a search string consisting of the following search terms "nocebo", "biosimilar", "mitigation", "strategy", and "prevention" and related synonyms. The search strategy was supplemented by snowballing of the included studies. The quality of the studies was assessed using the Joanna Briggs Institute Critical Appraisal Checklist for Systematic Reviews and Research Syntheses, the Scale for the Assessment of Narrative Review Articles, and the Mixed Methods Appraisal Tool. Of the 1617 identified and screened records, 60 met the inclusion criteria. Among these, 10 (17%) were conducted within the context of biosimilar switching, 7 of which specifically tested strategies to mitigate the nocebo effect. Among the remaining 50 studies conducted outside the biosimilar switching context, 46 tested mitigation strategies. Across the included studies, 13 distinct mitigation strategies were identified, which can be employed within the context of biosimilar switching: (i) open non-verbal communication, (ii) positive framing, (iii) empathic communication, (iv) validating communication, (v) shared decision making, (vi) self-affirmation, (vii) education of patients and health care professionals about the nocebo effect, (viii) education of patients and health care professionals about biosimilars, (ix) soft-skills training for health care professionals, (x) personalised information, (xi) supporting information, (xii) multidisciplinary approach, (xiii) organisation of the switch. This review has identified a set of strategies that have been tested to mitigate the nocebo effect, which can be applied by health care professionals in the context of biosimilar switching with the aim of mitigating the occurrence of a nocebo effect. We recommend implementing a combination of mitigation strategies for patients and health care professionals to utilise before, during, and after a switch. It should be noted that given the limited number of studies specifically testing nocebo mitigation strategies within the biosimilar switching context to date, it is not yet possible to draw definite conclusions about the effect size of each mitigation strategy individually or in combination.

Does the frequency of cultural switching modulate bilinguals’ performance on Executive Functions tasks? A study of highly proficient bicultural-bilinguals

Aims and Objectives: This study investigates how bicultural switching could influence cognitive performance on Executive Functions tasks among bicultural-bilinguals. Methodology: Study 1 ( n = 233) integrates self-report questionnaire data on cultural and language behaviour with a priming experiment, providing empirical evidence of young adult bilinguals’ ability to shift between multiple cultures. Study 2 ( n = 48) explores the effect of cultural switching frequency on young adult bicultural bilinguals’ performance on tests for interference and inhibition control, set-shifting ability, and attention. Data and Analysis: Study 1: A repeated measures ANOVA was conducted to determine the effect of different primes on participant’s ratings. We ran a two-way mixed ANOVA to ascertain the effect of interlocutors (Grandparents/relatives, Parents, Siblings, Peers/co-workers, Social media) on behaviour (Cultural, Language). Study 2: A one-way ANOVA was conducted on Simon, Flanker, and Wisconsin Card Sort tasks (WCST). Each of the three attention network components was analysed using a 2 (trial-type, within-subjects) × 2 (Switching Group, between-groups) mixed-ANOVA for the Attention Network task. Findings: Study 1: Participants who alternate frequently between cultural frames made a clearer distinction between Western primes than those who switched between cultural frames less, suggesting that the frequency of cultural switching could impact cognition. Study 2: Bicultural bilinguals who switched between cultural frames frequently resolved stimulus-response conflict significantly faster in the Flanker task, made fewer mistakes within each sorting block in the WCST, and had a smaller conflict effect compared to infrequent switchers in the Attention Network Task. Significance: This study examines the effects of bicultural switching on Executive Functions of highly proficient bicultural bilinguals, highlighting it as a potential confound in bilingual research. Bicultural switching effects on interference and inhibition-control persist even in participants at the developmental peak of their cognitive processing capabilities after controlling for a plethora of socio-linguistic variables. Our research highlights how this understudied aspect of multiculturalism may have broad implications for bilingual research in Executive Functions.

Constructing high-performance and versatile liquid–solid triboelectric nanogenerator with inflatable columnar units

Abstract The use of water resources for energy generation has become increasingly prevalent, encompassing the conversion of kinetic energy from streams, tides, and waves into renewable electrical power. Water energy sources offer numerous benefits, including widespread availability, stability, and the absence of carbon dioxide and other greenhouse gas emissions, making them a clean and environmentally friendly form of energy. In this work, we develop a droplet-based liquid–solid triboelectric nanogenerator (LS-TENG) using sophisticatedly designed inflatable columnar structures with inner and outer dual-electrodes. This device can be utilized to harvest both the internal droplet-rolling mechanical energy and the external droplet-falling mechanical energy, capable of being assembled into various structures for versatile applications. The design incorporates a combined structure of both internal and external TENG to optimize output performance via multiple energy harvesting strategies. The internal structure features a dual-electrode columnar-shaped LS-TENG, designed to harvest fluid kinetic energy from water droplets. By leveraging the back-and-forth motion of a small amount of water within the air column, mechanical energy can be readily collected, achieving a maximum mass power density of 9.02 W·Kg−1 and an energy conversion efficiency of 10.358%. The external component is a droplet-based LS-TENG, which utilizes a double-layer capacitor switch effect elucidated with an equivalent circuit model. Remarkably, without the need for pre-charging, a single droplet can generate over 140 V of high voltage, achieving a maximum power density of 7.35 W·m−2 and an energy conversion efficiency of 22.058%. The combined LS-TENG with a sophisticated inflatable columnar structure can simultaneously collect multiple types of energy with high efficacy, exhibiting great significance in potential applications such as TENG aeration rollers, inflatable lifejacket, wind energy harvesting, TENG tents, and green houses.

Electric‐Field‐ and Stacking‐Tuned Antiferromagnetic FeClF Bilayer: The Coexistence of Bipolar Magnetic Semiconductor and Anomalous Valley Hall Effect

AbstractValley polarization from broken inversion symmetry provides a new degree of freedom for carriers, bipolar magnetic semiconductor (BMS) generates a purely spin‐polarized current under a gate voltage, but few systems possess the coexistence of valley polarization and BMS. Based on the recent experimental FeCl2 flakes, reversible electric‐field effect on the valley‐ and spin‐polarized Janus FeClF bilayer with different stackings are investigated herein. Janus FeClF bilayers in all three stacks possess interlayer antiferromagnetic (AFM) and intralayer ferromagnetic (FM) couplings. The most stable A (Cl‐Fe‐F‐Cl‐Fe‐F) stack possesses concurrent and spontaneous BMS nature and valley polarization with perpendicular magnetic anisotropy (PMA), while B (Cl‐Fe‐F‐F‐Fe‐Cl) and C (F‐Fe‐Cl‐Cl‐Fe‐F) stacks exhibit AFM semiconductor characters without valley polarization. Electric‐field achieves a transition of BMS and AFM semiconductor. Large ferrovalley (≈108 meV) exists and is mainly contributed by Fe‐dxy and orbitals. With the out‐of‐plane to in‐plane to out‐of‐plane transition of the easy axis, anomalous valley Hall effect (AVHE) can be manipulated to presence and disappearance by perpendicular electric‐field, indicating the valley switch effect (VSE). The coexisting BMS feature, PMA, AVHE and VSE make Janus FeClF bilayer a promising candidate for multifunctional valleytronic and spintronic applications, favoring broad explorations for the low‐dimensional Janus family.

Band gap engineering and photoelectronic properties of novel pentagonal materials penta-XN2 (X = Ni, Pt): a first principle calculations

Abstract Two-dimensional pentagonal materials as the next-generation nanoelectronic devices are promising candidates due to their interesting structures and novel electronic, mechanical, optical and other properties. Penta-NiN2, a newly synthesized material with pentagonal atomic arrangement under high pressure (ACS Nano 15 (2021), 13 539), has also sparked considerable interest. This study systematically investigates the effects of the biaxial strain on the electronic structure of monolayer penta-NiN2 (penta-PtN2). Furthermore, combining the non-equilibrium Green’s function approach, we research the optoelectronic and transport properties of penta-NiN2 (PtN2). The results indicate that biaxial strain can effectively modulate the bandgap of penta-NiN2 (PtN2), particularly achieving a semiconductor-to-metal transition under compressive strain. Moreover, tensile and compressive strains effectively enhance the optical characteristics of penta-NiN2 (PtN2) in visible light range. Under tensile and compressive strains, the absorption peak of penta-NiN2 shows a red shift and a blue shift in visible region, respectively. The pin-junction photodiode of penta-NiN2 (PtN2) exhibit significant photocurrent under illumination. The strongest photocurrent is observed in penta-NiN2 photodiodes under −3% compressive strain, showing the highest response to yellow light. Under the tensile stress of 7% and compressive stress of −3%, the photocurrent of the Penta-PtN2 photodiode is enhanced in the yellow and green light regions. Additionally, applying compressive strain reduces the bandgap of penta-NiN2 (PtN2), significantly enhancing its transport properties and thereby inducing a switch effect in devices. In summary, our study demonstrates that penta-XN2 (X = Ni, Pt) is a promising material in the fields of nanoelectronics and optoelectronic devices.

Single-Defect-Induced Peculiarities in Inverse Faraday-Based Switching of Superconducting Current-Carrying States near a Critical Temperature

The Inverse Faraday Effect (IFE) is a phenomenon that enables non-thermal magnetization in various types of materials through the interaction with circularly polarized light. This study investigates the impact of single defects on the ability of circularly polarized radiation to switch between distinct superconducting current states, when the magnetic flux through a superconducting ring equals half the quantum flux, Φ0/2. Using both analytical methods within the standard Ginzburg–Landau theory and numerical simulations based on the stochastic time-dependent Ginzburg–Landau approach, we demonstrate that while circularly polarized light can effectively switch between current-carrying superconducting states, the presence of a single defect significantly affects this switching mechanism. We establish critical temperature conditions above which the switching effect completely disappears, offering insights into the limitations imposed by a single defect on the dynamics of light-induced IFE-based magnetization in superconductors.

3R-CuCrO2 delafosite: crystal growth, crystal structure, dielectric and DC conductivity properties

Single-crystal samples of the 3R-CuCrO2 phase (R3m, a = 2.9613(2) Å, c = 17.098(2) Å) with a delafossite structure were grown by the flux method. Structural parameters were refined by X-ray structural analysis. The elemental composition of the grown crystals was confirmed by Auger electron spectroscopy. A threshold electric field switching effect from a high-resistance to a low-resistance state was discovered. The effect is characterized by a jump in electrical resistance (up to 5 orders of magnitude at E = 4.7 kV/cm, T = 120 K) and S-shaped current–voltage characteristics with a region of negative differential resistance. The temperature dependences of dielectric permittivity and dielectric loss tangent exhibit a Debye-type relaxation process with an activation energy of 0.51(3) eV. The observed features of dc conductivity, current–voltage characteristics, and dielectric properties interpreted on the basis of the existence of charge carriers in a small polaron state and the destruction of this state by the electric field.

Impact of the Prey Refuge Parameter in the Presence of Fear Effect on the Fuzzy Two-Prey–One Predator Model with Switching Effect

It has been thought of as a class of models where a generalist predator feeds on two distinct prey species. We wish to examine how prey refuge factors affect prey–predator models when fear effects are present. In order to achieve this, a two-prey–one predator model with prey refuge has been taken into consideration in the presence of the predator’s fear effect on two prey species. Both prey species engage in intra-specific competition. We enhance our model by including a switching mechanism in predation. In order to account for the inherent imperfection of environmental conditions, some parameters have been taken as fuzzy numbers. Analytical and numerical results on the system have been examined in fuzzy sense. The system’s positivity, boundedness, and permanence are examined. The system’s local and global stability analyses have been investigated. Hopf bifurcation analysis around the positive interior equilibrium point has been explored. The stability of the limit cycle of our suggested fuzzy system has been discussed. The system’s numerical simulations have been investigated with pertinent tables and graphical illustrations. When the prey refuge parameter and fear parameter exceed the critical value, the system experiences Hopf bifurcation at the positive interior equilibrium point.

Effects of switching from MiniMed™ 640G to 770G on continuous glucose monitoring metrics and DTR-QOL scores: An observational study of Japanese people with type 1 diabetes mellitus.

We evaluated the effect of the MiniMed™ 770G, an insulin pump using hybrid closed-loop technology, on blood glucose management and quality of life in Japanese people with type 1 diabetes. This was a 52-week, prospective, observational study. Fifty Japanese people with type 1 diabetes switched from the MiniMed™ 640G to 770G, and we analyzed the continuous glucose monitoring data of 24 subjects who used auto mode throughout the study. We also analyzed the scores of the Diabetes Therapy-Related Quality of Life questionnaire completed by 26 auto-mode users before and after the treatment change. The baseline time in range 70-180 mg/dL was 67.3 (54.8-78.4)%, with a significant improvement beginning 8 weeks after the switch and lasting until 52 weeks. The baseline time below range <70 mg/dL was 1.9 (0.6-3.6)%, with a significant increase at week 8; however, the mean value was less than 4% throughout the study period. On the other hand, the number of blood glucose measurements significantly increased. While there was no significant difference in the overall change in the total Diabetes Therapy-Related Quality of Life score, there was a significant decrease in the treatment satisfaction score. Use of the MiniMed™ 770G improved continuous glucose monitoring metrics. However, treatment satisfaction decreased, probably due to the increased frequency of blood glucose monitoring necessary to maintain auto mode.

Anomalous resistive switching effect in La0.8Ca0.2MnO3/Nb:SrTiO3 structure

A barrier-type resistive switching (RS) unit, composed of a metal and Nb:SrTiO3 (NSTO), holds significant potential for data storage applications due to its high storage density, low operating voltage, and excellent stability. While extensive research has been conducted on conductive oxides (COs), there has been relatively less focus on the RS properties of heterogeneous structures combing CO electrodes and NSTO. Epitaxial growth of CO on NSTO is expected to yield devices with enhanced stability and repeatability. This study explores the RS characteristics of La0.8Ca0.2MnO3 (LCMO)/NSTO heterostructures through epitaxy of both conventional and anoxic LCMO films on (00 l)-oriented NSTO single crystal substrates. The results reveal that the conventional LCMO/NSTO structure exhibits a conventional counterclockwise bipolar RS (BRS) effect, while the anoxic LCMO/NSTO heterostructure demonstrates a unique clockwise (CW) BRS effect (exhibiting different RS characteristics under different applied voltages). The study concludes that the CW-BRS effect mechanism is attributed to a high concentration of oxygen vacancies (Vo) in LCMO. Under different external electric fields, Vo in LCMO and NSTO migrate to the LCMO/NSTO interface, respectively, leading to multiple changes in the interface barrier. These findings offer valuable experimental insights for utilizing CO in the field of RS applications.

Candida tropicalis morphotypes show altered cellular structure and gene expression pre- and post-exposure to fluconazole.

A feature of Candida tropicalis is its ability to undergo phenotypic switching that can affect antifungal sensitivity and virulence traits. Here, we investigated the effect of switching on alterations at the cellular structure level of C. tropicalis morphotypes and whether exposure to fluconazole (FLC) in vitro could be associated with these alterations in a morphotype-dependent manner. Candida tropicalis morphotypes included clinical isolate (Parental) and two switch strains (Crepe variant and revertant of Crepe-RC). The minimum inhibitory concentration (MIC50) of fluconazole was determined according to EUCAST. Cell wall porosity, quantification of cell wall components, cell size/complexity, and expression of ERG11 and CDR1 genes in morphotypes pre- and post-exposure to fluconazole were determined. Crepe and RC showed an eightfold higher MIC50 (1µg/ml) than the Parental (0.125µg/ml). Exposure to FLC resulted in twofold higher MIC50 for Parental and RC. The Crepe variant exhibited a fourfold higher expression of ERG11, and the RC showed 10-fold higher expression of CDR1 than the clinical isolate. Switch strains showed reduced cell wall porosity compared to Parental, and exposure to FLC resulted in a significant reduction in the porosity of Parental and RC cells. Furthermore, phenotypic switching affected cell wall β-1,3-glucan and chitin contents in a morphotype-dependent manner. Our findings indicate that switching affects cellular structure in C. tropicalis and the occurrence of differential alterations between the clinical isolate and its switched states in response to fluconazole exposure.

Quantized feedback stabilization of impulsive switched linear systems based on event triggering

AbstractThis article studies the feedback stabilization problem of an impulsive switched linear system whose feedback loop is closed over a digital network. Particularly, the combined effects of mode switches, impulses, quantization, network delay and external disturbances on the stability of that system are investigated. By extending the previous delay‐free and impulse‐free methods of reachable‐set approximation and propagation, some novel communication and control policies are designed to stabilize the concerned switched system with both network delay and impulses. In order to save the occupied network bandwidth, some event‐triggered control policies are proposed. To handle the effects of the mode switches and the impulse, we design event‐triggering conditions for both the case with no switch and no impulse on an inter‐event interval and the case with one switch or one impulse on an inter‐event interval. Note that the occurrence of a mode switch or an impulse leads to the switch of the event‐triggering conditions. Under the event‐triggered control policies, a stabilizing bit rate condition is derived. It is proven that even under impulses and network delay, the event‐triggered control policies can stabilize the switched system at a lower bit rate than earlier works based on conventional time‐triggered control policies.

Efficacy and acceptability of lurasidone for bipolar depression: a systematic review and dose–response meta-analysis

QuestionThe optimal dose of lurasidone for bipolar depression is unclear. This study examined its dose–response relationship for efficacy, acceptability, and metabolic/endocrine profiles.Study selection and analysisFive databases and grey literature published...

Population-level impact of switching to 1-dose human papillomavirus vaccination in high-income countries: examining uncertainties using mathematical modeling.

A concern in high-income countries is that switching to 1-dose human papillomavirus (HPV) vaccination could cause a rebound in HPV infection and cervical cancer if 1-dose efficacy or duration were inferior to 2 doses. Using mathematical modeling and up-to-date trial-based data, we projected the population-level effectiveness of switching from 2-dose to 1-dose vaccination under different vaccine efficacy and duration assumptions in high-income countries. We used HPV-ADVISE (Agent-based Dynamic model for VaccInation and Screening Evaluation), a transmission-dynamic model of HPV infection and cervical cancer, varying key model assumptions to identify those with the greatest impact on projections of HPV-16 and cervical cancer incidence over time: 1) 1-dose vaccine efficacy and vaccine duration, 2) mechanisms of vaccine efficacy and duration over time, 3) midadult (>30 years of age) sexual behavior, 4) progression to cervical cancer among midadults, and 5) vaccination coverage and programs. In high-income countries, 1-dose vaccination would cause no appreciable rebound in HPV-16 infection, except for a limited rebound under the most pessimistic assumptions of vaccine duration (average, 25 years), because 1) the switch would occur when HPV prevalence is low because of high 2-dose vaccination coverage and 2) individuals would be protected during their peak ages of sexual activity (<35 to 40 years of age). Our model projects a more limited rebound in cervical cancer because of a shift to older age at infection, resulting in fewer life-years left to potentially develop cancer. Projections were robust when varying key model assumptions. High protection during peak ages of sexual activity in high-income countries would likely mitigate any potential rebounds in HPV infection and cervical cancer under the most pessimistic assumptions of 1-dose efficacy and duration.

Valley switch effect in an α-T3 lattice-based superconducting interferometer

Abstract Dirac electrons possess a valley degree of freedom, which is currently under investigation as a potential information carrier. We propose an approach to generate and manipulate the valley-switching current (VSC) through Andreev reflection using an interferometer-based superconductor hybrid junction. The interferometer comprises a ring-shaped structure formed by topological kink states in the α-T3 lattice via carefully designed electrostatic potentials. Our results demonstrate the feasibility of achieving a fully polarized VSC in this device without contamination from cotunneling electrons sharing the same valley as the incident electron. Furthermore, we show that control over the fully polarized VSC can be achieved by applying a nonlocal gate voltage or modifying the global parameter α. The former alters the dynamic phase of electrons while the latter provides an α-dependent Berry phase, both directly influencing quantum interference and thereby affecting performance in terms of generating and manipulating VSC, crucial for advancements in valleytronics.

Effect of switching from dulaglutide to tirzepatide on blood glucose and renal function.

The case reports a woman in her 70s, with type 2 diabetes and chronic kidney disease in G4 stage. The patient had elevated HbA1c, and she was switched from linagliptin, a dipeptidyl peptidase 4 inhibitor, to dulaglutide, a glucagon-like peptide-1 receptor agonist (GLP-1RA). Thereafter, the HbA1c level decreased; however, since the dulaglutide supply became a problem, the patient was switched to tirzepatide, a glucose-dependent insulinotropic polypeptide (GIP)/GLP-1RA. To date, no clinical studies have evaluated the efficacy and safety of switching from GLP-1RA to GIP/GLP-1RA, but we report this case because efficacy was observed in this patient. The therapeutic effects after switching to tirzepatide included decrease in HbA1c, increase in eGFR, and decrease in BUN, when compared to when dulaglutide was used. A change from dulaglutide to tirzepatide, could inhibit renal impairment progression and improve renal function.

Optimal Asset Allocation of Pension Funds with a Portfolio Constraint Change

We investigated the asset allocation problem of a pension fund in which the constraints on the risky investment proportion change owing to local regulations or the fund’s policy changes. We assumed that the fund manager has a utility function with respect to the funding ratio of the pension fund. A dynamic programming approach was employed and we obtained a closed-form solution to the problem. To numerically measure the effect of such changes on asset allocation, we define the concept of policy change equivalent return (PCER) as the additional expected return for the value function of the case without such changes at the same level as the value function of the case with them. In the numerical analysis, we analyzed both the effect of regime switching on market parameters and policy change on the PCER and showed the effectiveness of introducing policy changes to asset allocation.