Estimating fees for managed futures: a continuous-time model with a knockout feature

Past research regarding incentive fees based on high-water marks has developed models for the specific characteristics of hedge funds. These theoretical models have used either discrete time or a Black-Scholes type differential equation. However, for managed futures, high-water marks are measured more frequently than for hedge funds, so a continuous-time model for managed futures may be appropriate. A knockout feature is added to a continuous model, which is something unique to managed futures although it could also have some relevance to hedge funds. The procedures allow one to derive the distribution function for the fund's survival time, which has not been derived in past research. The distribution of the maximum until ruin is derived as well, and used to provide an estimate of expected incentive fees. An estimate of the expected fixed fee is also obtained. The model shows that the expected incentive fee would be maximized if all funds were invested in margins, but for total fees to be maximized in the presence of a knockout feature, less than half of the funds should be invested. This is precisely what fund managers do. This result suggests that designing a fund with incentive fees only may cause fund managers to adopt the highest leverage, and thus, highest risk possible.     

Chemoenzymatic preparation of optically active trans- and cis-cyclohex-4-ene-1,2-diamine and trans-6-aminocyclohex-3-enol derivatives

Lipase from Burkholderia cepacia (PSL-C) effectively catalyzed the kinetic resolution of both racemic trans-N,N-diallylcyclohex-4-ene-1,2-diamine (±)-6 and its precursor trans-6-(diallylamino)cyclohex-3-enol (±)-5. The resulting optically active vicinal diamine and β-amino alcohol were converted into a precursor of oseltamivir and a cis-cyclohex-4-ene-1,2-diamine derivative, respectively.     

Ruthenium Complexation in an Aluminium Metal–Organic Framework and Its Application in Alcohol Oxidation Catalysis

A ruthenium trichloride complex has been loaded into an aluminium metal–organic framework (MOF), MOF‐253, by post‐synthetic modification to give MOF‐253‐Ru. MOF‐253 contains open bipyridine sites that are available to bind with the ruthenium complex. MOF‐253‐Ru was characterised by elemental analysis, N₂ sorption and X‐ray powder diffraction. This is the first time that a Ru complex has been coordinated to a MOF through post‐synthetic modification and used as a heterogeneous catalyst. MOF‐253‐Ru catalysed the oxidation of primary and secondary alcohols, including allylic alcohols, with PhI(OAc)₂ as the oxidant under very mild reaction conditions (ambient temperature to 40 °C). High conversions (up to >99 %) were achieved in short reaction times (1–3 h) by using low catalyst loadings (0.5 mol % Ru). In addition, high selectivities (>90 %) for aldehydes were obtained at room temperature. MOF‐253‐Ru can be recycled up to six times with only a moderate decrease in substrate conversion.     

A Highly Stereoselective Synthesis of Glycidic Amides Based on a New Class of Chiral Sulfonium Salts: Applications in Asymmetric Synthesis

A new type of chiral sulfonium salts that are characterized by a bicyclic system has been designed and synthesized from α‐amino acids. Their corresponding ylides, which were prepared by basic treatment of the sulfonium salts, reacted smoothly with a broad array of simple and chiral aldehydes to provide trans‐epoxy amides in reasonable to very good yields and excellent stereoselectivities (>98 %). The obtained epoxy amides were found to be useful as synthetic building blocks. Thus, they were reduced into their corresponding epoxy alcohols and subjected to oxirane‐ring‐opening reactions with different types of nucleophiles.     

An efficient chemoenzymatic method to prepare optically active primary-tertiary trans-cycloalkane-1,2-diamines

Optically active trans-N-Boc-cyclopentane- and cyclohexane-1,2-diamines (7) were prepared by a chemoenzymatic method from the corresponding (±)-trans-N,N-diallylcycloalkane-1,2-diamine. These mono-carbamates 7 (ee=99%) were used as the starting materials in the syntheses of different vicinal primary-tertiary diamines. Thus, by means of a simple three-step sequence involving a reductive-amination of an aromatic aldehyde with 7, N-methylation and finally, cleavage of the Boc group, several trans-N-(arylmethyl)-N-methylcyclopentane- and cyclohexane-1,2-diamines were obtained in high yields.     

Structural perspective on the direct inhibition mechanism of EGCG on mammalian histidine decarboxylase and DOPA decarboxylase

Histidine decarboxylase (HDC) and l-aromatic amino acid decarboxylase (DDC) are homologous enzymes that are responsible for the synthesis of important neuroactive amines related to inflammatory, neurodegenerative, and neoplastic diseases. Epigallocatechin-3-gallate (EGCG), the most abundant catechin in green tea, has been shown to target histamine-producing cells and to promote anti-inflammatory, antitumor, and antiangiogenic effects. Previous experimental work has demonstrated that EGCG has a direct inhibitory effect on both HDC and DDC. In this study, we investigated the binding modes of EGCG to HDC and DDC as a first step for designing new polyphenol-based HDC/DDC-specific inhibitors.     

Automated analysis of perfluorinated compounds in human hair and urine samples by turbulent flow chromatography coupled to tandem mass spectrometry

Perfluorinated compounds (PFCs) are ubiquitous contaminants of humans and animals worldwide. PFCs are bioaccumulated because of their affinity for proteins. It has been shown they could have a variety of toxicological effects and cause damage to human health, emphasizing the need for sensitive and robust analytical methods to assess their bioaccumulation in humans. In this paper we report the development and validation of an analytical method for analysis of PFCs in the non-invasive human matrices hair and urine. The method is based on rapid and simple sample pre-treatment followed by online turbulent flow liquid chromatography and tandem mass spectrometry (TFC–LC–MS–MS) for analysis of 21 PFCs. The method was validated for both matrices. Percentage recovery was between 60 and 105 for most compounds in both matrices. Limits of quantification ranged from 0.1 to 9 ng mL⁻¹ in urine and from 0.04 to 13.4 in hair. The good performance of the method was proved by investigating the presence of selected PFCs in 24 hair and 30 urine samples from different donors living in Barcelona (NE Spain). The results were indicative of bioaccumulation of these compounds in both types of sample. PFOS and PFOA were most frequently detected in hair and PFBA in urine.     

1-Phthalimido-4-(3-indolyl)-2-siloxy-1,3-butadienes: synthesis and Diels-Alder reactivity

New 1-phthalimido-4-(3-indolyl)-2-trialkylsiloxy-1,3-butadienes were easily prepared from 1,3-dichloropropanone and their configurations were established from NMR data. Their Diels-Alder reactivity with different maleimides and quinones was studied, high yields of the exo cycloadducts being obtained, as confirmed by X-ray diffraction studies.     

Chemoenzymatic preparation of optically active 4-aryl-5-carboxy-6-methyl-3,4-dihydro-2(1H)-pyridone derivatives

A series of racemic 4-aryl-5-(tert-butoxycarbonyl)-6-methyl-3,4-dihydro-2(1H)-pyridones have been prepared by means of a modified Hantzsch reaction using commercially available starting materials. An easy removal of the tert-butyl group of these pyridones and subsequent reaction with cesium carbonate and chloromethyl 2-methylpropanoate provided us suitable substrates (±)-5 to be used in lipase-catalyzed hydrolysis reactions. Lipase B from Candida antarctica (CAL-B) was the most adequate lipase in the hydrolysis of (±)-5. Despite the low enantioselectivity values obtained (E≤12), several optically active pyridone derivatives were finally isolated with high enantiomeric excesses (ee≥91%) and moderate yields.     

Microwave-Assisted Wittig Reaction of Semistabilized Nitro-Substituted Benzyltriphenyl-Phosphorous Ylides with Aldehydes in Phase-Transfer Conditions

We report here a simple entry into the nitrostilbene system in very short reaction times and good yields using the microwave-assisted Wittig reaction in phase-transfer conditions of nitro-substituted benzyltriphenylphosphonium ylides with aldehydes.