Short Rate Research Articles

Early Outcomes of Laparoscopic Transabdominal Preperitoneal (TAPP) Repair.

Background Inguinal hernia repair is one of the commonest general surgical procedures performed all over the world. The introduction of synthetic mesh and laparoscopic repair has revolutionized inguinal hernia surgery in the recent past. Laparoscopic transabdominal preperitoneal (TAPP) repair is now considered a well-established procedure with minimal complications and short hospital stay and less recurrence. The TAPP approach gives a good view of the inguinal anatomy and a better understanding of the sac contents. The learning curve associated with TAPP repair is much less as compared to total extraperitoneal (TEP) repair. The aim of this study was to assess the effectiveness of TAPP repair for inguinal hernia in terms of the duration of surgery, hospital stay, complications, and recurrence rate. Method From March 1, 2019,to February 28, 2021, a total of 60 patients with inguinal hernias between ages 25 and 70 years were included in the study. A preoperative anesthesia assessment was done, and informed written consent was taken from all patients. The TAPP procedure was performed with polypropylene mesh in all cases, and surgery was performed by a surgeon with more than five years of laparoscopic experience. Results The total number of patients included in the study was 60. All patients were male. The mean±standard deviation (SD) age of the patients was 54.6±11.4 years. Unilateral primary inguinal hernia was present in 46 (76.6%) cases, recurrent in eight (13.3%) cases, and primary bilateral in six (10%) cases. The mean±SD duration of surgery for unilateral inguinal hernia was 59.1±15.7 minutes, and for bilateral hernia, it was 83.5±12.6 minutes.The mean hospital stay was 3.6±1.5 days. Scrotal swelling was noted as a common complicationin seven (11.6%) cases, surgical site infection (SSI) in three (5%), mesh infection in two (3.3%), urinary retention in two (3.3%), and chronic pain in one (1.6%). No recurrence was noted. Conclusion Transabdominal preperitoneal repair for inguinal hernia is a very effective procedure with a short learning curve and minimal complication rate. The hospital stay is less, and recurrence is very low.

Spillover effects of the unconventional monetary policy of the European Central Bank

We analyze the effects of the European Central Bank’s (ECB) unconventional monetary policy spillovers on the inflation-targeting Central Eastern European (CEE) countries using daily panel data from 2000 to 2019. We perform an exercise to identify these spillovers on the monetary market, calculate instantaneous short rates and term spreads, and use both Bayesian averaging panel and time-series approaches. Overall, we find that the spillovers from the unconventional ECB policy are not different from the conventional spillovers and are generally insignificant. While we find a significant reaction to inflation and an insignificant reaction to the output gap, we find that none of our ECB policy measures affect the instantaneous short interest rate nor the long-run term spreads. Our main result is that the international spillovers manifest themselves through the risk-taking channel, not the bond/interest rate channel, and have the form of volatility co-movement.

Finite difference scheme versus piecewise binomial lattice for interest rates under the skew CEV model

Interest rates frequently exhibit regulated or controlled characteristics, for example, the prevailing zero interest rate policy, or the leading role of central banks in short rate markets. In order to capture the regulated dynamics of interest rates, we introduce the skew constant-elasticity-of-variance (skew CEV) model. We then propose two numerical approaches: an improved finite difference scheme and a piecewise binomial lattice to evaluate bonds and European/American bond options. Numerical simulations show that both of these two approaches are efficient and satisfactory, with the finite difference scheme being more superior.

Mechanistic assessment reveals the significance of HRT and MLSS concentration in balancing carbon diversion and removal in the A-stage process

Nowadays, the shift toward energy and resource-efficient wastewater treatment plants (WWTPs) has become a necessity rather than a choice. For this purpose, there has been a restored interest in replacing the typical energy and resource-extensive activated sludge process with the two-stage Adsorption/bio-oxidation (A/B) configuration. In the A/B configuration, the role of the A-stage process is to maximize organics diversion to the solids stream and control the following B-stage's influent to allow for the attainment of tangible energy savings. Operating at very short retention times and high loading rates, the influence of the operational conditions on the A-stage process become more tangible than typical activated sludge. Nonetheless, there is very limited understanding of the influence of operational parameters on the A-stage process. Moreover, no studies in the literature have explored the influence of any operational/design parameters on the Alternating Activated Adsorption (AAA) technology which is a novel A-stage variant. Hence, this article mechanistically investigates the independent effect of different operational parameters on the AAA technology. It was inferred that solids retention time (SRT) shall remain below 1 day to allow for energy savings up to 45% and redirecting up to 46% of the influent's COD to the recovery streams. In the meantime, the hydraulic retention time (HRT) can be increased up to 4 h to remove up to 75% of the influent's COD with only 19% decline of the system's COD redirection ability. Moreover, it was observed that the high biomass concentration (above 3000 mg/L) amplified the effect of the sludge poor settleability either due to pin floc settling or high SVI30 which resulted in COD removal below 60%. Meanwhile, the concentration of the extracellular polymeric substances (EPS) was not found to be influenced or to influence process performance. The findings of this study can be employed to formulate an integrative operational approach in which different operational parameters are incorporated to better control the A-stage process and achieve complex objectives.

PENGARUH BELANJA PEMERINTAH PUSAT DAN NILAI TUKAR TERHADAP INFLASI DI KOTA TERNATE

This study was conducted with the aim of photographing the effect of central government spending and the exchange rate of the Rupiah against the US Dollar for the period January 2016 to 2022. This study uses the VECM method to determine the long-term and short-term relationship of these variables, to see the response of inflation to spending shocks and exchange rates. and the contribution of each variable. The result of this research is that in the long term only the variable of goods expenditure has a significant effect on inflation. Meanwhile, in the short term, personnel expenditures, goods expenditures and exchange rates have a significant effect on Ternate City Inflation. Inflation's response to shocks in personnel spending and exchange rates was relatively small and short-lived. However, Inflation responds to a relatively large and long-lasting shock in goods spending. If sorted from largest, the contribution of each variable to the movement of inflation is expenditure on goods, exchange rates and then personnel expenditure. The implication of this research is that stakeholders in Ternate City need to pay attention to the surge in personnel expenditure, goods expenditure and exchange rate fluctuations

Genomic and phenotypic analyses suggest moderate fitness differences among Zika virus lineages.

RNA viruses have short generation times and high mutation rates, allowing them to undergo rapid molecular evolution during epidemics. However, the extent of RNA virus phenotypic evolution within epidemics and the resulting effects on fitness and virulence remain mostly unknown. Here, we screened the 2015-2016 Zika epidemic in the Americas for lineage-specific fitness differences. We engineered a library of recombinant viruses representing twelve major Zika virus lineages and used them to measure replicative fitness within disease-relevant human primary cells and live mosquitoes. We found that two of these lineages conferred significant in vitro replicative fitness changes among human primary cells, but we did not find fitness changes in Aedes aegypti mosquitoes. Additionally, we found evidence for elevated levels of positive selection among five amino acid sites that define major Zika virus lineages. While our work suggests that Zika virus may have acquired several phenotypic changes during a short time scale, these changes were relatively moderate and do not appear to have enhanced transmission during the epidemic.

Universal Panel of Insertion/Deletion Polymorphisms and Biochip-Based Kit ChipID106 for Genetic Personal Identification

A panel of 106 insertion/deletion (InDel) polymorphisms and a method of their genotyping on biochips were proposed as a new approach to genetic personal identification. Short lengths and low mutation rates are basic properties of InDel markers, which thus have significant advantages over short tandem repeats (STRs) widely used in forensics. The allele frequency distributions of all known InDel polymorphisms were studied in the five largest world populations (European, East Asian, South Asian, African, and American). Markers were selected to meet the following criteria: the minor allele frequency (MAF) is higher than 0.30; the physical distance between markers is greater than 3 Mb; there are no polymorphisms, tandem repeats, and palindromes in the flanking sequences; the AT/GC ratio is close to 1. A panel of 106 polymorphisms was thus formed; the average MAF was estimated at 0.396 in the five populations. The method developed for panel genotyping included one-step multiplex PCR and subsequent hybridization on a biological microarray. The average amplicon length was 72 bp. A sample of 201 residents of Moscow and St. Petersburg was tested to determine the main characteristics of the panel: the random matching probability (MP) was 1.89x 10^(-43) and the combined probability of paternity exclusion (CPE) was 0.99999999063. The method provides an alternative to molecular genetic personal identification based on the STR length variations.

Design and Implementation of Protocol Conversion of Intelligent Power Distribution Equipment for New Power System

A protocol conversion method of intelligent distribution equipment for a new power system is proposed to aim at the problems of short data reading distance and high data packet loss rate in the current protocol conversion process of intelligent distribution equipment. The protocol conversion process of the equipment is divided into two parts, the uplink channel, and the downlink channel. The multi-protocol conversion process of the intelligent distribution equipment is designed. A data-based protocol conversion scheme is set up to realize the bidirectional conversion of the protocol. The original protocol conversion gateway is replaced by the CAN-PROFINET protocol conversion gateway to control the network message throughput and realize the protocol conversion of the intelligent power distribution equipment. The experimental results show that the method can effectively extend the data reading distance and reduce the data packet loss rate to a certain extent, which provides a new development direction for the new power system network control technology.

Short interference fringe and high event rate of two-photon interference using up-converted photon pairs

We demonstrate a hybrid approach to detecting a short fringe period of two-photon interference with high brightness, by combining spontaneous parametric down-conversion (SPDC) and up-conversion techniques. Photon pairs were generated at the wavelength of 1550 nm via SPDC, and converted to 516.7 nm through up-conversion process with the pump light 775 nm in efficiency ∼90%. The two-photon interference of the up-converted photon pairs exhibited a fringe period of 258.3 nm with high event rate (∼2000 counts s−1), which was 6 times shorter than the original wavelength, demonstrating that the energy-time correlation of the photon pairs was preserved. The technique simultaneously provides short fringe period beyond the classical limit and high brightness of the photon pairs.

Foreign Exchange Options on Heston-CIR Model Under Lévy Process Framework

In this paper, we consider the Heston-CIR model with Lévy process for pricing in the foreign exchange (FX) market by providing a new formula that better fits the distribution of prices. To do that, first, we study the existence and uniqueness of the solution to this model. Second, we examine the strong convergence of the Lévy process with stochastic domestic short interest rates, foreign short interest rates and stochastic volatility. Then, we apply Least Squares Monte Carlo (LSMC) method for pricing American options under our model with stochastic volatility and stochastic interest rate. Finally, by considering real-world market data, we illustrate numerical results for the four-factor Heston-CIR Lévy model.

The Independent Impact of Peripheral Arterial Disease on Mortality in Nonagenarians and Centenarians Who Were Treated in an Intensive Care Unit: A Consecutive Cohort of 1 108 Patients

To investigate the clinical characteristics, risk factors, and outcomes of inpatients with peripheral arterial disease (PAD) including lower extremity PAD, abdominal aortic aneurysm (AAA), and carotid artery disease in a large cohort of critically ill patients aged ≥ 90 years. A retrospective analysis was conducted of all adult patients aged ≥ 90 years consecutively admitted to the intensive care unit at a tertiary care centre in Hamburg, Germany, between 1 January 2008 and 30 April 2019. Multivariable regression and Kaplan-Meier methods were used to determine the independent impact of PAD on short and long term mortality endpoints. The analyses were adjusted for confounding by several sociodemographic and clinical parameters including Charlson Comorbidity Index (CCI) and established clinical risk scores. A total of 1 108 eligible patients were identified (92.3 years, 33% men). Of these, 24% had PAD (9% lower extremity PAD, 2% AAA, 15% coronary artery disease) and 76% did not have any history of PAD and were used as a comparison group. When compared with the comparison group, patients with PAD had a higher CCI (2 vs. 1, p < .001), more often had chronic kidney disease (28% vs. 21%, p= .019), and renal replacement therapy (5% vs. 2%, p= .016). Furthermore, they needed vasopressors (48% vs. 40%, p= .027) and parenteral nutrition (10% vs. 6%, p= .041) more often. After adjusting for confounding, PAD was independently associated with increased in hospital (hazard ratio [HR] 1.97, 95% confidence interval [CI] 1.39 - 2.81, p < .001) and long term mortality rates (HR 1.32, 95% CI 1.05 - 1.66, p= .019). One of four critically ill nonagenarians and centenarians in an ICU in Germany had PAD. PAD was associated with both higher short and long term mortality rates while its impact outweighed higher age. Future studies should address this increasingly important population beyond 89 years of age.

Assessment of soundscapes using self-report and physiological measures

Soundscape studies evaluate the subjective and objective qualities of an environment and attempt to develop a holistic view of the interplay between the acoustic scene and the listener’s experience. Descriptors are used to express the perception of the acoustic environment, while further subjective and quantitative measures are used as indicators that represent features of the acoustic environment. The relationships between descriptors and indicators for a particular soundscape study are often identified by developing linear statistical models. This work describes an experiment to assess heart rate measures, including ultra short term heart rate variability, within the context of the predictor descriptor framework of a soundscape study. The aim of this work is to provide evidence in support of the psychophysiological basis of measures of affect in soundscape evaluation. In this study 15 participants evaluated a randomly ordered set of 8 soundscape recordings in a repeated measures directed listening experiment. Subjective evaluation of the soundscapes was performed using the self-assessment manikin and a sound classification survey. Participants’ heart rate was measured throughout the experiment with a Polar H10 ECG heart rate monitor. Statistically significant relationships were identified between indicators and descriptors that reflect results present in the literature. However, there were no significant interactions between heart rate measures and self-reported affect or classification scores. Future studies should focus on improving the selection of stimuli and the experiment methodology to boost the sensitivity of the experiment in light of small effect sizes.

Predictors of restenosis after popliteal angioplasty in patients with chronic limb threatening ischemia

Purpose: To evaluate factors associated with restenosis after angioplasty of popliteal artery lesions in patients presenting with chronic limb threatening ischemia. Methods: A prospective non-randomized study between from August 2018 to December 2020 conducted on 25 patients presenting with chronic limb threatening ischemia and having popliteal artery atherosclerotic occlusive disease (median age 65.52 (±8.35) years). Plain balloon angioplasty was done and patients were followed for 6 months. The primary outcomes were the primary patency and predictors of restenosis. Results: The primary patency at 6 months was 64%. Restenosis after angioplasty was associated with the presence of multilevel disease (p=0.036), presence of complete total occlusion (p=0.003), and subintimal angioplasty (p=0.005). Other studied variables weren't associated with patency loss. Conclusion: Angioplasty of popliteal atherosclerotic disease is feasible and has accepted short term primary patency rate. The presence of multilevel disease, popliteal complete occlusion, and the use of subintimal angioplasty were associated with lower primary patency after 6 months.

Are Default Rate Time Series Stationary? : A Practical Approach for Banking Experts

As the IFRS 9 accounting standard requires banks to recognise impairments based on a forward-looking expected loss concept, banks must estimate the quantitative relationship between default rates and macroeconomic indicators (GDP, unemployment, etc.). In such models, the stationarity of the (usually short) default rate time series is often the most critical issue. In this article, we provide practical advice for banking experts on how (under which circumstances) they can still use short default rate time series in OLS regressions even if those fail regular stationarity tests. We argue that if margin of conservativism is requested for the underlying default rate projections, then applying (seemingly) non-stationary default rate time series in OLS models might not necessarily be problematic.

Factors Shaping Euro and Forint Cash Holding Ratios : The Rise of Cash Demand for Savings Purposes from the Turn of the Millennium

This study reviews the factors shaping forint and euro cash demand for savings purposes by examining the cash holding ratio. Forint and euro cash holding ratios are both rising, which points to an increase in cash savings. According to the results, in the long run, the cash demand for savings purposes is determined by traditional variables such as wealth and yields, along with uncertainty, the price of financial services and the institutional environment. In the short run, the change in uncertainty and the evolution of short interest rates dominate. Crises and the sudden shifts in the institutional environment lead to a shock, with large growth in the cash holding ratio for both currencies.

Pricing the Bund Term Structure with Linear Regressions – Without an Observable Short Rate

Pricing the Bund Term Structure with Linear Regressions – Without an Observable Short Rate

Semi-Analytical Pricing for Generalized Short Rate Models

Semi-Analytical Pricing for Generalized Short Rate Models

주식시장국면 예측과 투자전략에 대한 연구

Purpose - This study investigates the performance of investment strategies incorporating estimated stock market cycle based on a lead-lag relationship between business cycle and stock market cycle, thereby deriving empirical implications on risk management.&#x0D; Design/methodology/approach - The data period ranges from June 1953 to September 2022 and de-trended short rate, term spread, credit spread, stock market volatility are considered as major input variables to estimate business cycle and stock market cycle by applying probit model. Based on the estimated stock market cycle, two types of strategies are constructed and their performance relative to the benchmark is empirically examined.&#x0D; Findings Two types of strategies based on stock market cycle are considered: The first strategy is to long(short) on stocks when stock market stage is expected to be an expansion(a recession), and the second one is to long on stocks(bonds) when expecting an expansion(a recession). The empirical results show that the strategies based on stock market cycle outperforms a simple buy and hold strategy in both in-sample and out-of-sample investigation. Also the out-of-sample evidence suggests that the second strategy which is in line with asset allocation is more profitable than the first one.&#x0D; Research implications or Originality The strategies considered in this study are based on the estimated stock market cycle which only depends on a few easily available financial variables, thereby making easier to establish such a strategy. It implies that investors enhance investment performance by constructing a relatively simple trading strategies if they set their position on stocks or choose which asset class to buy conditioning on stock market cycle.

Influence of climatic parameters on the probabilistic design of green roofs

Green roofs are effective tools for stormwater control in highly urbanized areas since they allow the reduction of peak runoffs and volumes discharged in sewer systems. Their design is quite standardized, except for the thickness of the growing medium layer, which is strictly related to vegetation type and rainfall regime. The paper proposes an analytical probabilistic approach that relates the climatic variables, the growing medium thickness, and the water content in the condition of fulfilled field capacity to the probability that runoff from green roofs exceeds a fixed threshold. The developed equations also consider the possibility of a reduced retention capacity due to previous rainfall events, that strongly influence the performance of these green infrastructures, especially when short dry periods and/or low evapotranspiration rates occur. This feature, neglected by the traditional design storm approach, and only partially considered by previous analytical probabilistic models, represent a great potentiality of the proposed equations that are also more user-friendly and less time-consuming than continuous simulation analysis. The focus of the paper is on the influence of climatic parameters on runoff probability. To this aim to perform the monthly analysis is fundamental, especially when there is a strong variability of the climatic parameters throughout the year.The model was tested in a case study in Milano, Italy. The application presented a good agreement between the results obtained from the proposed equations and those obtained from the continuous simulation of recorded data. The results also highlighted the importance of performing analysis on a monthly scale.

Comparative analysis of ureteroscopic laser lithotripsy and extracorporeal shock wave lithotripsy in the treatment of childhood proximal ureteral stones

This study aims to make a comparative analysis of the superiority of ESWL and URS in proximal ureteral stones in children. A total of 155 patients under the age of 15 were included in the study. The patients were divided into two groups as Group 1 (n = 80, ESWL) and Group 2 (n = 75, URS) according to the type of procedure performed. The patients in both groups were evaluated in terms of age, gender, lateralization, stone size, stone volüme, stone density, and preoperative hydronephrosis. In addition, both methods used were compared in terms of success rate, time, cost, hospitalization and complications. The mean age were 7.4 ± 2.1 in Group-1 and 8.1 ± 1.8 in Group-2. Demographic, clinical and laboratory data of both groups were similar. The hospitalization time, procedure time, success rate and cost were significantly higher in Group-2. The complication rate was significantly higher in Group-2 (p < 0.001). There was a significant negative correlation between ESWL success and stone volume (ρ -0.375, p = 0.001) and stone density (ρ -0.283, p = 0.011). ESWL can be performed as the first line treatment of proximal ureteral stones in children due to its daily use, low cost, short procedure time and low complication rate. Increasing stone volume and density reduces the success of ESWL.