Optimal mean–variance asset-liability management with stochastic interest rates and inflation risks

This paper considers an optimal asset-liability management problem with stochastic interest rates and inflation risks under the mean–variance framework. It is assumed that there are \(n+1\) assets available in the financial market, including a risk-free asset, a default-free zero-coupon bond, an inflation-indexed bond and \(n-2\) risky assets (stocks). Moreover, the liability of the investor is assumed to follow a geometric Brownian motion process. By using the stochastic dynamic programming principle and Hamilton–Jacobi–Bellman equation approach, we derive the efficient investment strategy and efficient frontier explicitly. Finally, we provide numerical examples to illustrate the effects of model parameters on the efficient investment strategy and efficient frontier.     

Structural insight into the inactivation of <Emphasis Type="Italic">Mycobacterium tuberculosis</Emphasis> non-classical transpeptidase Ldt<Subscript>Mt2</Subscript> by biapenem and tebipenem

Background

The carbapenem subclass of β-lactams is among the most potent antibiotics available today. Emerging evidence shows that, unlike other subclasses of β-lactams, carbapenems bind to and inhibit non-classical transpeptidases (L,D-transpeptidases) that generate 3 → 3 linkages in bacterial peptidoglycan. The carbapenems biapenem and tebipenem exhibit therapeutically valuable potencies against Mycobacterium tuberculosis (Mtb).

Results

Here, we report the X-ray crystal structures of Mtb L,D-transpeptidase-2 (Ldt_Mt2) complexed with biapenem or tebipenem. Despite significant variations in carbapenem sulfur side chains, biapenem and tebipenem ultimately form an identical adduct that docks to the outer cavity of Ldt_Mt2. We propose that this common adduct is an enzyme catalyzed decomposition of the carbapenem adduct by a mechanism similar to S-conjugate elimination by β-lyases.

Conclusion

The results presented here demonstrate biapenem and tebipenem bind to the outer cavity of Ldt_Mt2, covalently inactivate the enzyme, and subsequently degrade via an S-conjugate elimination mechanism. We discuss structure based drug design based on the findings and propose that the S-conjugate elimination can be leveraged to design novel agents to deliver and locally release antimicrobial factors to act synergistically with the carbapenem carrier.

     

Salting-in/Salting-out Mechanism of Carbon Dioxide in Aqueous Electrolyte Solutions

The solvation of carbon dioxide in sea water plays an important role in the carbon circle and the world climate. The salting-out/salting-in mechanism of CO₂ in electrolyte solutions still remains elusive at molecule level. The ability of ion salting-out/salting-in CO₂ in electrolyte solution follows Hofmeister Series and the change of water mobility induced by salts can be predicted by the viscosity B-coefficients. In this work, the chemical potential of carbon dioxide and the dynamic properties of water in aqueous NaCl, KF and NaClO₄ solutions are calculated and analyzed. According to the viscosity B-coefficients, NaClO₄ (0.012) should salt out the carbon dioxide relative to in pure water, but the opposite effect is observed for it. Our simulation results suggest that the salting-in effect of NaClO₄ is due to the strongly direct anion-CO₂ interaction. The inconsistency between Hofmeister Series and the viscosity B-coefficient suggests that it is not always right to indicate whether a salt belongs to salting-in or salting-out just from these properties of the salt solution in the absence of solute.     

<Emphasis Type="Italic">Tetra</Emphasis>-armed conjugated microporous polymers for gas adsorption and photocatalytic hydrogen evolution

Two novel tetra-armed conjugated microporous polymers with different geometries have been designed and synthesized via Suzuki-Miyaura cross coupling polycondensation. Both polymers are stable in various organic solvents tested and are thermally stable. The pyrene-containing polymer of PrPy with the rigid pyrene unit shows a higher Brunauer-Emmet-Teller specific surface area of 1219 m² g^?1 than the tetraphenylethylene-containing polymer of PrTPE (770 m² g^?1), which leads to a high CO₂ uptake ability of 3.89 mmol g^?1 at 1.13 bar/273 K and a H₂ uptake ability of 1.69 wt% at 1.13 bar/77 K. The photocatalytic hydrogen production experiments revealed that PrPy also shows a better photocatalytic performance than PrTPE due to the higher conjugation degree and planar structure, the broader UV-visible (UV-Vis) absorption, the lower photoluminescence lifetime, and the higher specific surface area.     

Encapsulation of RNA by negatively charged human serum albumin via physical interactions

Human serum albumin (HSA) is the most abundant plasma protein and has an inherent ability to target tumor cells. It is an excellent candidate for drug delivery. However, HSA cannot form complex with DNA or RNA, because it is negatively charged under physiological conditions. In this work, we reported a simple method to prepare HSA/RNA nanoparticles mainly by physical interaction. Firstly, the solution pH is adjusted to 4.0, under which condition HSA is positively charged. It forms complex with RNA via electrostatic interaction. The solution is then heated at 75 oC for 15 min to stabilize the structure and the size of the formed complex. The HSA/RNA nanoparticle prepared by this method has a diameter about 110 nm and a narrow distribution. It is also stable for days under physiological conditions. Cellular essays demonstrate that these particles exhibit a high cellular uptake efficiency and non-toxicity to HeLa cells.     

Efficient visible-light photocatalysts by constructing dispersive energy band with anisotropic p and s-p hybridization states

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On the homomorphisms of power-set <Emphasis Type="Italic">Q</Emphasis>-algebras

We continue the study of homomorphisms between power-set Q-algebras. First, by means of decomposed ul-Q-relations between ordered semigroups we give a general characterization for the homomorphisms between power-set Q-algebras. Also, we consider a new category OSGRP whose objects are ordered semigroups and whose morphisms are decomposed ul-Q-relations, and discuss the relationship between the category OSGRP and the category Q-Alg of Q-algebras.     

TV‐like regularization for backward parabolic problems

This paper investigates an inverse problem for parabolic equations backward in time, which is solved by total‐variation‐like (TV‐like, in abbreviation) regularization method with cost function ∥u_x∥². The existence, uniqueness and stability estimate for the regularization problem are deduced in the linear case. For numerical illustration, the variational adjoint method, which presents a simple method to derive the gradient of the optimization functional, is introduced to reconstruct the unknown initial condition for both linear and nonlinear parabolic equations. The conjugate gradient method is used to iteratively search for the optimal approximation. Numerical results validate the feasibility and effectiveness of the proposed algorithm. Copyright © 2016 John Wiley & Sons, Ltd.     

The double-light-beam method in three-dimensional scattered-light photoelasticity

This paper presents a new scattered-light photoelasticity technique which may be called the double-light-beam measurement method. Principal-stress directions and relative retardations related to the principal-stress differences can be measured at any point within an ordinary three-dimensional photoelastic model by this method. This method does not need double loading and the quantities to be measured depend only on the relative light intensity. Moreover, the output signals alternate, providing improved accuracy and stability. If supported by an appropriate program-control and digital processing system, the double-light-beam method can be used to quickly determine the internal stress distribution in ordinary three-dimensional photoelastic models.