Increasing risk aversion and life-cycle investing

Mathematics and Financial Economics - We derive the optimal portfolio for an investor with increasing relative risk aversion in a complete continuous-time securities market. The IRRA assumption...     

Hydrodynamics of a particle impact on a wall

The problem of a particle impacting on a wall, a common phenomenon in particle-laden flows in the minerals and process industries, is investigated computationally using a spectral-element method with the grid adjusting to the movement of the particle towards the wall. Remeshing is required at regular intervals to avoid problems associated with mesh distortion and the constantly reducing maximum time-step associated with integration of the non-linear convective terms of the Navier–Stokes equations. Accurate interpolation between meshes is achieved using the same high-order interpolation employed by the spectral-element flow solver. This approach allows the full flow evolution to be followed from the initial approach, through impact and afterwards as the flow relaxes. The method is applied to the generic two-dimensional and three-dimensional bluff body geometries, the circular cylinder and the sphere. The principal case reported here is that of a particle colliding normally with a wall and sticking. For the circular cylinder, non-normal collisions are also considered. The impacts are studied for moderate Reynolds numbers up to approximately 1200. A cylindrical body impacting on a wall produces two vortices from its wake that convect away from the cylinder along the wall before stalling while lifting induced wall vorticity into the main flow. The situation for a sphere impact is similar, except in this case a vortex ring is formed from the wake vorticity. Again, secondary vorticity from the wall and particle plays a role. At higher Reynolds number, the secondary vorticity tends to form a semi-annular structure encircling the primary vortex core. At even higher Reynolds numbers, the secondary annular structure fragments into semi-discrete structures, which again encircle and orbit the primary core. Vorticity fields and passive tracer particles are used to characterize the interaction of the vortical structures. The evolution of the pressure and viscous drag coefficients during a collision are provided for a typical sphere impact. For a Reynolds number greater than approximately 1000 for a sphere and 400 for a cylinder, the primary vortex core produced by the impacting body undergoes a short-wavelength instability in the azimuthal/spanwise direction. Experimental visualisation using dye carried out in water is presented to validate the predictions.     

Direct quantitative analysis of peptides using matrix assisted laser desorption ionization

The protocol and various matrices were examined for quantification of biomolecules in both the low ca. 1200 amu and mid mass 6000-12000 amu ranges using an internal standard. Comparative studies of different matrices of MALDI quantitative analysis showed that the best accuracy and standard curve linearity were obtained for two matrices: (a) 2,5-dihydroxybenzoic acid (DHB) combined with a comatrix of fucose and 5-methoxysalicylic acid (MSA) and (b) ferulic acid/fucose. In the low mass range, the quantitative limit was in the 30 fmol range and in the mid mass range the quantitative limit was in the 250 fmol range. Linear response was observed over 2-3 decades of analyte concentration. The relative error of the standard curve slope was 1.3-1.8% with correlation coefficients of 0.996-0.998.The main problem for quantitative measurement was suppression of the signal of the less concentrated component (analyte or internal standard) by the more concentrated component. The effect was identified with saturation of the matrix by the analyte. The threshold of matrix saturation was found to be in the range of 1/(3000-5000) analyte/matrix molar ratio. To avoid matrix saturation the (analyte+internal standard) to matrix molar ratio should be below this threshold. Thus the internal standard concentration should be as low as possible.DHB/MSA/fucose and ferulic acid/fucose matrices demonstrated good accuracy and linearity for standard curves even when the internal standard had chemical properties different from the analyte. However, use of an internal standard with different chemical properties requires highly stable instrumental parameters as well as constant (analyte+internal standard)/matrix molar ratio for all samples.     

Liposome-Based Optochemical Nanosensors

 This paper describes the optochemical pH and oxygen sensing properties of dye-encapsulating and fluorescently labeled nano-sized unilamellar liposomes. To prepare the oxygen sensitive liposomes a lipid mixture consisting of dimyristoylphospatidylcholine, cholesterol, and dihexadecyl phosphate (molar ratio 5:4:1) all dissolved in dry isopropyl alcohol is injected into a sensing dye solution. The mixture is then sonicated with a liposome maker to form dye-encapsulating liposomes. A lipid mixture consisting of dimyristoylphospatidylcholine, N-(fluorescein-5-thiocarbamoyl)-1,2-dihexadecanoyl-sn-glycero-3-phosphoethanolamine triethylammonium salt (fluorescein DHPE), cholesterol, and dihexadecyl phosphate (molar ratio 20:1:16:4) is used to prepare the pH sensitive liposomes by the same sonication technique. Fluorescein labeled DHPE phospholipids are combined with DMPC phospholipids in a 1:20 ratio to incorporate the sensing dye directly into the bilayer membrane, virtually eliminating any instability due to dye leakage. Oxygen sensing liposomes are created by encapsulating the oxygen sensitive ruthenium tris(1,10)-phenanthroline complex [Ru(phen)₃]. The dye is believed to exist both in free solution within the liposome, and as an adherent on the inner membrane of the liposome. High uniformity of the liposomes is realized by extruding them back and forth through a 100 nm pore-size polycarbonate membrane. TEM images of the liposomes, stained with uranyl acetate, show that the liposomes are unilamellar, spherical in shape, maintain high structural integrity, and average 70 nm in diameter. The liposomes show high stability with respect to dye leaking at room temperature for 8 days, and high photostability when exposed to the excitation light. Individual liposomes are used to monitor the pH and oxygen level in their vicinity during the enzymatic oxidation of glucose by the enzyme glucose oxidase. The newly prepared environmentally sensitive liposomes can be applied for non-invasive pH and oxygen determination in tissues and single biological cells. Received June 8, 1998. Revision November 10, 1998.     

Comparison of high- and low-resolution electrospray ionization mass spectrometry for the analysis of naphthenic acid mixtures in oil sands process water

The oil sands regions of Northern Alberta, Canada, contain an estimated 1.7 trillion barrels of oil in the form of bitumen, representing the second largest deposit of crude oil in the world. A rapidly expanding industry extracts surface-mined bitumen using alkaline hot water, resulting in large volumes of oil sands process water (OSPW) that must be contained on site due to toxicity. The toxicity has largely been attributed to naphthenic acids (NAs), a complex mixture of naturally occurring aliphatic and (poly-)alicyclic carboxylic acids. Research has increasingly focused on the environmental fate and remediation of OSPW NAs, but an understanding of these processes necessitates an analytical method that can accurately characterize and quantify NA mixtures. Here we report results of an interlaboratory comparison for the analysis of pure commercial NAs and environmental OSPW NAs using direct injection electrospray ionization mass spectrometry (ESI-MS) and high-pressure liquid chromatography/high-resolution mass spectrometry (HPLC/HRMS). Both methods provided very similar characterization of pure commercial NA mixture; however, the m/z selectivity of HPLC/HRMS was essential to prevent substantial false-positive detections and misclassifications in OSPW NA mixtures. For a range of concentrations encompassing those found in OSPW (10-100 mg/L), both methods produced linear response, although concentrations of commercial NAs above 50 mg/L resulted in slight non-linearity by HPLC/HRMS. A three-fold lower response factor for total OSPW NAs by HPLC/HRMS was largely attributable to other organic compounds in the OSPW, including hydroxylated NAs, which may explain the substantial misclassification by ESI-MS. For the quantitative analysis of unknown OSPW samples, both methods yielded total NA concentrations that correlated with results from Fourier transform infrared (FTIR), but the coefficients of determination were not high. Quantification by either MS method should therefore be considered semi-quantitative at best, albeit either method has substantial value in environmental fate experiments where relative concentration changes are the desired endpoints rather than absolute concentrations.     

Analysis of isotope ratios in vitamin K1 (phylloquinone) from human plasma by gas chromatography/mass spectrometry

Vitamin K(1) is a fat-soluble vitamin required for the gamma-carboxylation of vitamin K-dependent proteins. Recent work has suggested an important role for vitamin K(1) in bone health beyond its more established function in the control and regulation of blood coagulation. However, current UK recommended intakes do not reflect this recent evidence. The use of stable isotopes provides a powerful tool to investigate vitamin K kinetics, turnover and absorption in man, although published methods have reported difficulties in the extraction and analysis of isotope ratios of vitamin K in human plasma. In this paper, we report a new methodology for the extraction and measurement of isotope ratios in vitamin K(1). Sample clean-up is achieved with liquid-liquid extraction, enzyme hydrolysis with lipase and cholesterol esterase, and solid-phase extraction. Isotopic analysis of the pentafluoropropionyl derivative of vitamin K(1) is performed by gas chromatography/mass spectrometry (GC/MS). The limit of quantitation is equivalent to at least 0.3 nmol/L and the method is demonstrated to be linear over a range of enrichments. This method provides a robust alternative to previous work requiring the use of semi-preparative high-performance liquid chromatography (HPLC).     

Chemical Proteomics and Phenotypic Profiling Identifies the Aryl Hydrocarbon Receptor as a Molecular Target of the Utrophin Modulator Ezutromid

Duchenne muscular dystrophy (DMD) is a fatal muscle‐wasting disease arising from mutations in the dystrophin gene. Upregulation of utrophin to compensate for the missing dystrophin offers a potential therapy independent of patient genotype. The first‐in‐class utrophin modulator ezutromid/SMT C1100 was developed from a phenotypic screen through to a Phase 2 clinical trial. Promising efficacy and evidence of target engagement was observed in DMD patients after 24 weeks of treatment, however trial endpoints were not met after 48 weeks. The objective of this study was to understand the mechanism of action of ezutromid which could explain the lack of sustained efficacy and help development of new generations of utrophin modulators. Using chemical proteomics and phenotypic profiling we show that the aryl hydrocarbon receptor (AhR) is a target of ezutromid. Several lines of evidence demonstrate that ezutromid binds AhR with an apparent K_D of 50 nm  and behaves as an AhR antagonist. Furthermore, other reported AhR antagonists also upregulate utrophin, showing that this pathway, which is currently being explored in other clinical applications including oncology and rheumatoid arthritis, could also be exploited in future DMD therapies.     

The platinumolefin bond strength in Pt(PPh3)2(η-3-phenylcyclobutene-1,2-dione)

The enthalpy, ΔH = ?64.7 ± 4 kJ mol^?1, for the reaction Pt(PPh₃)₂(η-C₂H₄)(s) + pcbd(g) → Pt(PPh₃)₂(η-pcbd)(s) + C₂H₄(g) where pcbd is 3-phenylcyclobutene-1,2-dione,

, has been measured calorimetrically. The Ptolefin bond in this complex is slightly stronger than that in Pt(PPh₃)₂(η-PhCHCH₂).