This article presents a comprehensive framework for valuing financial instruments subject to credit risk. In particular, we focus on the impact of default dependence on asset pricing, as correlated default risk is one of the most pervasive threats in financial markets. We analyze how swap rates are affected by bilateral counterparty credit risk, and how CDS spreads depend on the trilateral credit risk of the buyer, seller, and reference entity in a contract. Moreover, we study the effect of collateralization on valuation, since the majority of OTC derivatives are collateralized. The model shows that a fully collateralized swap is risk-free, whereas a fully collateralized CDS is not equivalent to a risk-free one.

DNA polymerases replicate cell genomes and/or participate in the maintenance of genome integrity. DNA polymerases sharing high sequence homology with E. coli DNA polymerase I (pol I), have been grouped in Family A. Pol I participates in Okazaki fragment maturation and in bacterial genome repair. Since its discovery in 1956, pol I has been extensively studied, primarily to get deeper insights into the mechanism of DNA replication. As research on DNA polymerases advances, many novel functions of this group of polymerases are uncovered. For example, human DNA polymerase θ (a Family A DNA pol) has been shown to synthesize DNA using RNA as a template, a function typically attributed to retroviral reverse transcriptase. A heightened interest in drug discovery against pol θ has emerged due to its roles in cancer. Likewise, Pol I family enzymes also appear attractive drug-development targets against microbial infections. Development of antimalarial compounds targeting apicoplast apPOL, an ortholog of Pol I, further extends the druggability of this family of enzymes. Here, we summarize reported drug-development efforts against Family A polymerases, and future perspective regarding these enzymes as antibiotic targets. Current techniques such artificial intelligence can be used to facilitate the goal of new drugs.

We propose a pricing formula for a defaultable zero-coupon bond with imperfect information under a regime-switching model using a structural form of credit risk modelling. While the value of the firm’s equity is observed continuously, we assume that the total value of the firm is only observed at discrete times, such as the dates of the release of the firm’s annual reports, or quarterly reports. This uncertainty about the true value of the firm results in credit spreads that do not approach zero as the debt approaches maturity, which is a problem with many structural models. The firm’s value is typically defined as its equity and debt; however, we consider the asset-to-equity ratio, an accounting ratio used to examine a firm’s financial well-being. A dependent regime-switching process models the components of this ratio, and the Markov chain represents the states of the economy. The main contribution is to study this problem when the dynamics of a firm’s assets have different parameters with regime changes.

Detection methods have been developed to prevent transmission of zoonotic or xenozoonotic porcine viruses after transplantation of pig organs or cells to the recipient (xenotransplantation). Eleven xenotransplantation-relevant viruses including porcine cytomegalovirus, a porcine roseolovirus (PCMV/PRV), porcine lymphotropic herpesviruses -1, -2, -3 (PLHV-1, 2, 3), porcine parvovirus (PPV), porcine circovirus 2, 3, 4 (PCV2, 3, 4), hepatitis E virus genotype 3 (HEV3), porcine endogenous retrovirus-C (PERV-C) and recombinant PERV-A/C have been selected. In the past, several pig breeds, minipigs and genetically modified pigs generated for xenotransplantation had been analyzed using these methods. Here, spleen, liver and blood samples from 10 German slaughterhouse pigs were screened using both, PCR-based and immunological assays. Five viruses: PCMV/PRV, PLHV-1, PLHV-3 and PERV-C were found in all animals, and PCV3 in one animal. Some animals were latently infected with PCMV/PRV as only virus-specific antibodies were detected. Others were also PCR positive in spleen and/or liver, indicative of an ongoing infection. These results provide important information on the viruses that infect German slaughterhouse pigs and together with results of previous studies revealed that the methods and test strategies efficiently work under field conditions.

The study delves into the Zaalklapspruit valley-bottom wetland in South Africa, a site designed through ecological engineering and currently impacted by acid mine drainage due to an upstream defunct coal mine. The research conducted in 2022, aimed to uncover the dynamics of contaminant dispersal within such a wetland setting, focusing on the origins, routes, and ultimate recipients of various metals and sulfur compounds. Analysis revealed that the bottom sediment is rich in organic material, with pH levels observed between 6.05 and 6.59, and exhibited notably low oxidation-reduction potentials, reaching down to −219.67 mV at sample point S3. Notably, Manganese displayed the highest adsorption rates, whereas Iron was predominantly absorbed by the roots of Typha capensis and the algae Klebsormidium acidophilum. The wetland's macrophyte rhizospheres hosted a rich array of microbiota, including families like Helicobacteraceae and Hydrogenophilaceae, which are crucial in metal and sulfur processing. This investigation sheds light on the intricate biogeochemical processes taking place involving the wetland's sediment, macrophyte root systems, periphyton, and microbial populations, underscoring the potential of ecologically engineered wetlands in the remediation of waters affected by acid mine drainage.

Chronic rhinosinusitis is a common inflammatory disease of paranasal sinuses, which causes rhinorrhea, nasal congestion and hyposmia. The genetic predisposition or the exposure to irritants can sustain the inflammatory response and the development of nasal polyposis. Nasal polyps are benign and teardrop-shaped growths that project in the nasal cavities and originate from the ethmoid sinuses. This inflammatory process is associated with high expression of IL-5 cytokine and infiltration of eosinophils. Humanized monoclonal antibodies targeting IL-5 or its receptor, represent a therapeutic strategy in the treatment of nasal polyposis in combination with corticosteroids. The molecular pathogenesis of nasal polyps in CRS patients is associated to the epithelial-mesenchymal transition (EMT), a process in which epithelial cells lose their typical phenotype acquiring a mesenchymal phenotype. TGFβ/SMAD, ERK, and Wnt/β-catenin pathways are altered in EMT during the nasal tissue remodeling. miRNA and inhibitor molecules targeting these altered signaling pathways are able to interfere with EMT; which could lead to alternative therapies. Nasal polyps are an alternative source of mesenchymal stem cells which can be easily isolated from surgical biopsies. A molecular understanding of the biology of PO-MSCs will contribute to delineating inflammatory process underlying the development of nasal polyps.

We examine worldwide Property and Casualty and Life and Health insurance companies from 2004 until 2023, implementing panel regression models and mediation analysis to show that insurers raise their reserves when they face increasing costs for their potential environmental damages, ultimately reducing their profitability and underwriting capacity. Our findings extend to the insurance sector the previous evidence on banks, demonstrating that environmental damages could affect profits and solvency of financial intermediaries. These insights are important especially for insurance managers and regulators.

Laparoscopic cholecystectomy (LC) is the gold standard of treatment for symptomatic gallstone disease. The aim of this study is to determine if postoperative opiate use is reduced with trans-versus abdominus plane (TAP) and rectus sheath (RS) regional anaesthetic blocks compared to port site local anaesthetic (LA) infiltration. A prospective, randomised cohort study was con-ducted of adult patients who underwent an emergency LC between 25 April 2022 and 25 May 2023. 40mls of 0.375% ropivacaine was infiltrated as either TAP and RS blocks or to port sites. Patient demographics, operative data and postoperative opioid use were collected from the med-ical record. 138 patients were enrolled in this study; 73 patients allocated to the LA to port sites cohort (52.9%) and 65 patients in the TAP and RS cohort (43.5%). The most common indication for surgery was acute cholecystitis. The average amount of opiate analgesia use was 115.2mg in the LA group compared to 61.2mg in the TAP and RS group (p

The symmetry properties of an ornament contain information about its civilisation and its interactions with other cultural sources. Two-dimensional periodic ornaments can be strictly classified into a limited set of 17 mathematical symmetry groups, also known as wallpaper groups. The collection of ornaments thus classified for a civilisation is characteristic of the cultural group and serves as a fingerprint to identify that group. If the distribution of wallpaper groups is available for several societies, mathematical methods can be applied to determine similarities and differences between the art practices of these communities. This method allows a systematic approach to the general ornamental practices within a culture and their interactions in the form of similarity of fingerprints. We test the feasibility of the method on examples of medieval Armenians, Byzantium, Seljuks first in Persia and then in Anatolia and among Arabs in the Middle East. For this purpose we present the distribution of the planar ornaments and calculate the Euclidean distances in pairs. We tested to what extend geographical and religious factors could account for the observed similarity of ornamental groups between cultures. The results suggest an intensive interaction between the Seljuk Turks and Arab craftsmen who produced the ornaments. Therefore the cultural interactions are religiously motivated.

This paper shows the influence of CCP’s collateralization on the pricing of the Credit Default Swaps (CDS). A narrowly variant in the way the CDS seller decides over the resources in the settlement comes with a substantial change on the elements that determine the price of the CDS.

An H-bond involves the sharing of a hydrogen atom between an electronegative atom to which it is covalently bound (the donor) and another electronegative atom serving as an electron acceptor. Such bonds represent a critically important geometrical force in biological macromolecules and, as such, have been characterized extensively. H-bond formation invariably leads to a weakening within the acceptor moiety due to the pulling exerted by the donor hydrogen. This phenomenon can be compared to a spring connecting two masses; pulling one mass stretches the spring, similarly affecting the bond between the two masses. Herein, we describe the opposite phenomenon when investigating the energetics of the C-H...O=C bond. This bond underpins the most prevalent protein transmembrane dimerization motif (GxxxG) in which a glycine C-H on one helix forms a hydrogen bond with a carbonyl in a nearby helix. We use isotope-edited FT-IR spectroscopy and corroborating computational approaches to demonstrate a surprising strengthening of the acceptor C=O bond upon binding with the glycine C-H. We show that electronic factors associated with the C-H bond strengthen the C=O oscillator by increasing the s-character of the -bond, lowering the hyperconjugative disruption of the -bond. In addition, a reduction of the acceptor C=O bond’s polarity is observed upon the formation of the C-H...O=C bond. Our findings challenge the conventional understanding of H-bond dynamics and provide new insights into the structural stability of inter-helical protein interactions.

The purpose of this study was to elucidate patterns and mechanisms driving seasonal and inter-annual variations of carbon and nitrogen stable isotopes in the zooplankton crustacean commu-nity of Lake Maggiore (Italy), during the period 2009-2020. Different zooplankton taxa and groups revealed different ranges of d13C signatures, giving an insight into food sources and niche partition. In particular, cyclopoids had a restricted range with most negative d13C‰ values and increase in d13C fractionation with the establishment of water thermal vertical stratification, high-lighting the importance of vertical distribution as key factor for taxa coexistence in a vertically heterogenous environment. d13C of the zooplankton community and of Daphnia were positively related to water temperature (R2=0.58 p <0.0001 and R2=0.68 p <0.0001, respectively) and d13C Daphnia signature to chlorophyll-a (R2=0.32, p < 0.0001). Decomposition of time series data for zooplankton carbon and nitrogen signatures and environmental parameters identified increasing trends in water temperature, chlorophyll-a and water conductivity and decrease in nitrate, that matched changes in carbon isotopic signature trend in some zooplankton taxa (Bosmina, Daphnia and diaptomids). Overall, the observed patterns in zooplankton isotopic signatures were interpreted as integrations of climate warming effects in Lake Maggiore, affecting both food sources availability and environmental conditions.

Motivated by a common Mathematical Finance topic, this paper surveys several results concerning windings of 2-dimensional processes, including planar Brownian motion, complex-valued Ornstein-Uhlenbeck processes and planar stable processes. In particular, we present Spitzer's asymptotic Theorem for each case. We also relate this study to the pricing of Asian options.

Reactions of quinones with compounds containing an amino group can produce a wide variety of addition or substitution products that depend on reactivity of both quinone and amino derivative. 6,7-Dichloropyrido[1,2-a]benzimidazole-8,9-diones undergo selective nucleophilic substitution reaction with different benzohydrazides and α-hydroxy-p-quinone imine derivatives stabilized by strong intramolecular hydrogen bond were isolated. Synthesized compounds represent a combination of several structural motifs: benzimidazole core fused with α-hydroxy-p-quinone imine which contains a benzamido fragment. The protonation/deprotonation processes were investigated in a solution using UV-Vis spectroscopy and 1H NMR titration experiment. X-ray crystallography analysis revealed a set of weak non-covalent interactions such as intra- and intermolecular hydrogen bonds and π-π stacking. Additionally, the redox behavior of 6,7-dichloropyrido[1,2-a]benzimidazole-8,9-dione and its p-imino derivative was investigated in acidic and neutral environment using cyclic voltammetry measurements. Cathode material based on 6,7-dichloropyrido[1,2-a]benzimidazole-8,9-dione could act as potential effective active electrode in aqueous electrolyte batteries, however further optimization is required.

There is no method of predicting the price of an option other than hedging strategies such as the binomial hedging strategy, the Black-Scholes hedging strategy and others. The price of an option is defined to be equal to the amount the seller needs to implement a hedging strategy. We will study these two basic hedging strategies in terms of their feasibility and we will see that the Black-Scholes hedging strategy is not feasible because this strategy demands instantaneously rebuilding the replicating portfolio. Consequently, the real world prices of the options are not relevant at all with the Black-Scholes hedging strategy! We will suitably redefine the binomial hedging strategy so that it will be practically useful and present other feasible and generally more effective hedging strategies with some of them are practically useful for options with no tradable underlying assets. Finally, we will mention some open questions related to the above.

This study aims to identify the model that best approximates the credit spread that should be fixed on debt instruments issued by both public and private companies, considering the particularities of the Mexican market. Five models were analyzed: Merton's [1], those proposed by Denzler et al., the one presented in this paper, which includes the conformable derivatives, taking as a reference the change of variable made by Morales-Bañuelos et al., and the Corporate Default Risk Model (DRSK) for Publics Firms of Bloomberg [4]. The required financial information was obtained from the Bloomberg platform, from which the probabilities of default, credit spreads, and credit ratings for each company in the sample under the model (DRSK) were extracted directly. Likewise, the program developed by Moody's K.M.V. was used to obtain the EDF (Expected Default Frequencies). It was concluded that the Modified Merton model approximates to a greater extent the credit spreads that fix on a prime rate on the loans granted to the Mexican non-financial companies.

As traffic congestion gets worse year by year in metropolitan areas, cities search for solutions to improve their traffic performance and reduce their environmental impacts. This paper focuses on parking pricing and congestion pricing and their short-term effects not only on traffic congestion but also on the potential revenue for a city. We develop an easy to implement multimodal macroscopic traffic and parking search model for a central area based on aggregated data at the network level. Our methodology allows us to analyze how introducing parking pricing inside a network, or a congestion toll combined with a park and ride (P+R) scheme can affect the drivers’ decision between entering the network by car (private vehicle) or using P+R instead. This decision directly influences the number of drivers using P+R, and this impacts, in turn, the traffic performance. Based on such analysis, a city can get valuable insights to evaluate whether congestion pricing is a necessity or if the traffic improvements resulting from implementing parking pricing strategies are sufficient when combined with P+R facilities. A search algorithm is used to find the best trade-off between the parking fees and the congestion toll. Any additional revenue collected through these schemes can then be used to improve public transport or the P+R facilities themselves. With minor data collection efforts and little computational costs compared to most existing parking and congestion pricing models, we illustrate our proposed framework in a case study of an area with a high parking demand for public parking spaces within the city of Zurich, Switzerland. Results show that parking pricing combined with P+R is indeed a viable option compared to congestion pricing for improving traffic performance, even if parking pricing schemes do not target all the drivers.

OBJECTIVES: To assess the predictive value of serum trypsin and Trypsinogen Activation Peptide (TAP) for the severity of AP by means of a single center cohort study as well as a systematic review of the current literature. METHODS: The literature search was conducted using Medline (PubMed), EMBASE and the Cochrane Central Register. A total of 142 patients with acute pancreatitis (AP) were included in the cohort study and parameters of the revised Atlanta criteria of 2012 and the APACHE II were assessed. RESULTS: The review showed promising results for the predictive value of serum trypsinogen-2, but conflicting results for serum TAP and trypsin. In the cohort study, patients were observed for 4 days after diagnosis of AP: 9 patients had severe AP, 35 patients had moderate AP and 81 patients had mild AP. The ratio of the geometric mean of severe vs mild AP for trypsin was 0.72 (95% CI: 0.51-1.00), p=0.053 and for TAP 0.74 (95% CI: 0.54-1.01), p=0.055 respectively. CONCLUSION: The cohort study showed an inverse correlation of serum levels of TAP and trypsin with severity of AP. Serum TAP and trypsin have an inferior predictive value of severity of AP compared to the clinical APACHE II score.

Nowadays, considering the growing tendency of companies towards e-commerce as well as green production, and dual-channel green supply chain management has become particularly important. This paper investigates pricing decisions within a dual-channel green supply chain framework while considering the capital constraints faced by risk-averse manufacturer. Simultaneously, the impact of the degree of risk aversion, consumer green preferences, and channel preferences on the optimal decision-making process of green supply chain members is analyzed. We address the issue of financial constraints faced by manufacturer through bank loans and trade credit financing and compare the two cases. Our findings illustrate that trade credit financing outperforms bank loan financing in the dual-channel green supply chain. Moreover, pricing decisions under different models are influenced by consumer preferences and risk aversion. Specifically, the greenness of the product, wholesale price, and sale price exhibit negative correlations with manufacturers' risk aversion but positive correlations with consumer preferences.

This work proposes a conceptual design for a process for recovering Polystyrene (PS) using solvents of agro-industrial origin. The literature describes the dilution of Expanded Polyestyrene (EPS) in limonene, followed by its insolubilization with alcohols for recovery. However, there is no information on the solubility limit for the PS + limonene + alcohol system, which is critical for the process design. To determine the solubility limit, we diluted the waste EPS in D-limonene, mixed it with ethanol to form a precipitate, and used a gravimetric method to measure the mass of the compounds. These results allowed for the conceptual design of an EPS recycling process using a chemical process simulator, which includes a separator, a distillation column, and auxiliary equipment such as heaters, coolers, and pumps. An empirical correlation was obtained for the solubility limit, which enabled the design of a process for the treatment of 52 kg/s of PS using 0.75 kg /s of ethanol and 2.4 kg / s of D-limonene once the stationary state had been reached. The distillation column is six-stage, with a reflux ratio of 1.5 and duties of 30 000 kW and -25 847 kW for the condenser and reboiler, respectively.

The Imbalance Cost Pass-Through (ICPT) is a flexible component of the Incentive Regulation (IBR) that empowers power producers to adjust tariffs in response to variable fuel prices, thereby enhancing the economic resilience of electricity generation. However, the cost of electricity generation is significantly influenced by the volatility of commodity prices, including coal, gas and LNG. In Malaysia, the Energy Commission has conducted biannual reviews of fuel and other generation costs. Any cost savings or increases identified during these reviews will be passed on to customers in the form of rebates or surcharges. Due to that reason, this study proposes ICPT price forecasting for the electricity market in Peninsular Malaysia. The study aims to construct an ICPT-related baseline model for the peninsular generation data by employing three forecasting methods. The forecasting performance is analysed by a Mean Absolute Percentage Error (MAPE). In findings, the ARIMA method is one of the most accurate forecasting methods for fuel prices compared to the Moving Average (MA) and LSSVM methods. The observed price differences between the ARIMA and LSSVM models for ICPT are minimal. The ICPT price for July-December 2022 and January-June 2023 is MYR 0.21/ kWh for ARIMA and MYR 0.18/kWh for LSSVM, which are close to the actual TNB’s ICPT tariff. As for the forecasting, the ICPT price is expected to drop for the next announcement. The findings of this study may contribute to a positive impact on the sustainability of the energy sector in Malaysia.

In this study, we consider the valuation of rainbow options using unsupervised machine learning methods. In particular, we consider the pricing of multi-asset (rainbow) European and American options, using Physics Informed Neural Net- works (PINNS). After developing the PINNS architecture, we benchmark the method by using it to price vanilla and exotic options with one and two un- derlying assets. We then use the methodology to price a multi-asset European option, followed by the pricing of the multi-asset American option by solving the linear complementarity problem. We compare our results to those obtained using preexisting numerical methods and note excellent agreement. Unlike con- ventional numerical methods, we note that this methodology does not suffer from the ’curse of dimensionality’. The time complexity of our method is con- siderably less than that of the conventional techniques. Thus PINNS may offer a faster more efficient solution to the pricing of rainbow options.

This paper considers the theoretical framework of the consumption-based asset-pricing model and derives successive approximations of the modified basic pricing equation using Taylor series expansions of the investor’s utility function during the averaging time interval Δ. For linear and quadratic Taylor approximations we derive new expressions for the mean asset price, mean payoff, their volatilities, skewness and amount of asset that delivers max to investor’s utility. We introduce new market-based price probability determined by statistical moments of the market trade values and volumes. We show that the market-based price probability results zero correla-tions between time-series of n-th power of price pn and trade volume Un, but doesn’t cause statis-tical independence and we derive correlation between time-series of price p and squares of trade volume U2. The market-based treatment of the random trade price describes impact of the size of market trade values and volumes on price probability. Predictions of the market-based price probability at horizon T should match forecasts of statistical moments of the trade values and volumes at the same horizon T. The market-based price probability emphasizes direct dependence on random properties of market trades.

The existences of the N→C dative bonds in the complexes between N-containing molecules and fullerenes have been verified both theoretically and experimentally. However, finding stable N→C dative bonds is still a highly challenging task. In this work, we investigated computationally the N→C dative bonds in the complexes formed by fullerene C60 with 1,2,5-chalcogenadiazoles, 2,1,3-benzochalcogenadiazoles and 1,2,4,5-chalcogenatriazoles, respectively. It was found that the N→C dative bonds are formed along with the formation of the N–Ch···C (Ch = S, Se, Te) chalcogen bonds. In the gas phase, from S-containing complexes through Se-containing complexes to Te-containing complexes, the intrinsic interaction energies become more and more negative, which indicates that the N–Ch···C chalcogen bonds can facilitate the formation of the N→C dative bonds. The intrinsic interaction energies are compensated by the large deformation energy of fullerene C60. The total interaction energies of Te-containing complexes are negative, while both of the total interaction energies of S-containing complexes and Se-containing complexes are positive. This means that the N→C dative bonds in the Te-containing complexes are more easily observed in experiments in comparison with those in the S-containing complexes and Se-containing complexes. This study provides a new theoretical perspective on the experimental observation of the N→C dative bonds in the complexes involving fullerenes. Further, the formation of stable N→C dative bonds in the complexes involving fullerenes can significantly change the properties of fullerenes, which will greatly simulate and expand the application range of fullerenes.

Predicting credit default risk is important to financial institutions, as accurately predicting the likelihood of a borrower defaulting on their loans will help to reduce financial losses, thereby maintaining profitability and stability. Although machine learning models have been used in assessing large applications with complex attributes for these predictions, there is still a need to identify the most effective techniques and to also address the issue of data imbalance. In this research, we conducted a comparative analysis of random forest, decision tree, SVM (Support Vector Machine), XGBoost (eXtreme Gradient Boosting), ADABoost (ADAptive Boosting) and multilayered perceptron with three-hidden layers, to predict credit default using loan data from LendingClub. Additionally, we also combined the model predictions using voting and stacking ensemble methods to enhance the models' performance. Furthermore, various sampling techniques was explored to handle the issue of class imbalance observed in the dataset, with the result showing that the balanced data performs better than the imbalanced data. Our proposed model achieved an accuracy of 93.7%, a precision of 95.6% and a recall of 95.5%, which shows the potential of ensemble methods in improving credit default predictions and can provide lending platforms with the tool to reduce default rates and financial losses. In conclusion, the findings from this study have broader implications for financial institutions, offering a robust approach to risk assessment beyond the Lend-ingClub dataset.

Carbon tax policies (CTP) are globally acknowledged for curbing energy consumption and emissions. Despite global adoption, China's reluctance to embrace a carbon tax, possibly due to effectiveness and public acceptance concerns, is notable. This study employs Choice-Based Conjoint Analysis to gauge Shanghai residents' preferences on four CTP attributes. Among Shanghai's populace, the annual cost of the carbon tax policy ranks highest (48.87%), followed by implementation transparency (24.72%), revenue utilization (16.68%), and policy implementers (9.73%). Notably, Shanghai residents exhibit an average annual willingness to pay of 1435.28 CNY, indicating increased acceptance. Enhanced public awareness of carbon tax policies significantly boosts willingness to pay, augmenting carbon tax revenues and fostering low-carbon technology development. Additionally, transparency improvements in carbon tax policy yield notable increases in willingness to pay, underscoring the link between understanding CTP and its perceived importance. These findings highlight the potential of carbon tax policies in advancing sustainability and transitioning to low-carbon economies.

Price markups and firm Tobin’s Q ratios are widely believed to have been increasing in the past several decades. Various models for the calculation of price markups have been developed, but each have methodological drawbacks and some results are poorly reflective of the near past wider macroeconomic experience. This paper defines an approach for the definition and measurement of markup pricing using the measure of Economic Rent and The Capital Asset Pricing Model. The results show limited markup pricing for The UK’s FTSE 100 companies (2018-2023), but that that certain Real Estate, Technology/Media and Financial Services/Equity Investment firms have enjoyed higher price markup levels. An analysis of the business models of these firms is used to qualitatively propose explanations for such markups. Finally, this work offers a formal proof that that expected price markup is equal to Tobin’s Q and finds that the empiric market level of markup is near equivalent to the market Tobin’s Q; differences between the markup and Tobin’s Q at the level of the firm are equally assessed.

In the process of climate change mitigation and adaptation, the focus on climate risk driven by transition innovations has received widespread attention from governments, regulators, and investors. Based on the identification of low-carbon patents through the Green and Low-carbon Technology Inventory in China, this study constructs low-carbon innovation measurements of listed firms in China from 2015 to 2021. Then, an empirical model is used to investigate the impact and mechanism of climate transition innovations on the default risk. The baseline regression model shows that low-carbon innovations can mitigate the default risk of listed firms. Moreover, our findings are supported by instrumental variable regressions that use the time costs of innovation. Finally, the mediation effect demonstrates that investor attention, total factor productivity, and technology spillovers are paths through which transition innovations can affect the default risk. This study reveals that low-carbon technological advances have a positive effect on climate transition risks.

Abstract：The brain often switches freely between focused attention and divergent thinking, and the default mode network (DMN) is activated during brain rest. The discovery, function and characteristics of default mode network all indicate that learning does not stop when the brain "rests". Mental disease can lead to dysfunctional default mode networks, which affects learning adversely. Therefore, default mode network plays an important role in learning. Neural activities such as β-wave rhythm regulation, "subconscious" divergence mode initiation, hippocampal function and neural replay occur during default mode, which also explain that "rest" promotes learning. This paper reveals the role and neural mechanism of default mode network in learning from the neural level, discusses the essential role default mode network plays in learning, and default mode network enables rest to promote learning.

This study examined the tail dependency structure of sovereign credit risk and three global risk factors in BRICS countries using copulas approach, which is known for its ability to provide the “true” tail correlation based on the correct marginal distribution. The empirical results show that global market risk sentiment comoves with sovereign CDS spreads across BRICS countries under extreme market events, with Brazil having the highest co-dependency followed by China, Russia, and South Africa. Furthermore, oil price volatility is the second biggest risk factor correlated with sovereign CDS spreads for Brazil and South Africa while exchange rate risk exhibits very small co-dependence with sovereign CDS spreads under extreme market conditions dominated by tail events. On the contrary, exchange rate risk is the second largest risk factor co-moving with China and Russia’s sovereign CDS spreads while oil price volatility exhibits the lowest co-dependence to CDS in these countries. Between oil price and currency risk, evidence of single risk factor dominance is found for Russia where exchange rate risk is largely dominant. These results suggest that BRICS policymakers might consider financial sector regulations that mitigate risks spill-over such as targeted capital controls when markets are distressed.

We present a normative methodology, for value-pricing B2B services, using a Nash Equilibrium mechanism. Value is fundamental to any service, yet it has defied a definition. The literature is conspicuously silent on how to define value, but abounds in richly descriptive characterizations. To overcome this deficit, we focus on the financial economics of service-value. We formulate an axiomatic definition and a differential equation that embodies the idea of service-value. We specify a set of value axioms and multidisciplinary postulates that coherently form our service-value constructs. Value-pricing is challenging. It is natural that providers desire a high price and customers want a low price. Realistically, both will agree on a win-win price. To uncover this price, we specify an algorithm to reveal the Nash Equilibrium. Once agreed, it validates providers’ and customers’ commitments, and payment obligations. Service value is cocreated by both provider and customer. For a reciprocal process, its treatment is remarkably asymmetric favoring the customer. We argue that one-sided descriptions of value-in-use and value-proposition are limiting mental models. We propose the additional ideas of value-from-use and value-supposition to strengthen the conceptual symmetry of cocreation. Our work reveals a critical gap in service science, metrology. Metrology, the science of measurements, is absent from service-science. Service-value is silent on the questions of quantities, units, scales, measurement principles and instruments. We argue for a call to action for Service Metrology. We sketch a roadmap of actionable suggestions to get started.

Lean practice is recognised for having a great potential in promoting safety risk management in offsite construction (OSC). This paper presents results of a study conducted to assess the impact of lean practice in safety risk management in OSC in a developing country. A quantitative approach using survey-based questionnaire was adopted. Lean management practices (LMPs) identified from literature review were empirically tested using a sample survey of 103 OSC contractors. The survey responses were subjected to descriptive and inferential statistics. The top ranked LMPs for safety risk management in OSC included two mistake proofing practices, i.e., use of personal protective equipment (PPE) and use of hazard warning equipment; two last planner system (LPS) practices, i.e., involvement of workers in safety planning and providing necessary working equipment and one first run studies (FRS) practice, i.e., critical analysis of work methods. These LMPs are useful in controlling high consequence safety risks in OSC. Based on evidence found in this study, the paper argues that lean practice can bring great value in the safety risk management in OSC in countries where OSC is transitioning.

Background: Gluten and casein-containing foods could aggravate the symptoms of children and adolescents with autism spectrum disorder (ASD), and subsequently impact their quality of life. However, there is a mixed opinion among researchers concerning the impact of alternative diet on reducing ASD symptoms. Objective: This scoping review aimed at examining the impact of the ‘’gluten-free, casein-free’’ (GFCF) diet on health outcomes and the quality of life among autistic children and adolescents. Methods: A scoping review of the literature was performed following the Joanna Briggs Institute (JBI) guidelines. Four databases including EbscoHost, Medline, CINAHL and ProQuest were used to obtain subject-specific studies relevant to the research question and published between July 2013 and March 2024. A comprehensive search using keywords such as “autism spectrum disorder”, “gluten-free diet”, and “casein-free diet” was conducted to obtain articles related to the research focus area. Only full-text, peer-reviewed, written in English articles were selected. Data extraction and data analysis were performed according to the Preferred Reporting Items for Systematic Reviews and Meta-Analyses- extension to Scoping Review (PRISMA-ScR) protocol. Results: From the initial 586 studies a total of 27 articles were included in the final analysis of the review. The thematic analysis included ‘GFCF diet and improvement of the core autistic symptoms’’, “the gut-brain link’’, ‘’dietary interventions and autism’’, ‘’possible side effects due to the GCFC diet’’, and ‘’ inconclusive studies and mixed opinions’’. Majority of the studies showed positive effect of the GFCF diet on a variety of autistic symptoms including positive changes in cognitive skills, behaviour, and gastrointestinal symptoms while some showed conflicting evidence. Conclusion: The currently available evidence on the impact of ‘GFCF’’ diet on the quality of life of autistic children and adolescents may warrant potentially effective interventions for alleviating symptoms of autism spectrum disorders. However, this scoping review highlighted the need for more research to provide more reliable evidence on the health outcomes and quality of life of ASD sufferers to guide practice.

Metabolic and bariatric surgery (MBS) is the most effective long-term treatment for Class III obesity. Reduced dietary intake is considered a behavioral driver of post-surgical weight loss, but limited data have examined this association. Therefore, this study examined prospective, longitudinal relationships between dietary intake and weight loss over 24 months following Roux-en-Y Gastric Bypass and Sleeve Gastrectomy. Relationships between weight loss and dietary intake were examined using a validated 24-hour dietary recall method. Associations between total energy/macronutrient intake and weight loss outcomes were assessed at 12-, 18-, and 24-months following MBS, defining patients as “responders” and “suboptimal responders” according to the Reinhold criteria of 50% excess weight loss. Consistent with previous literature, 12-month responders and suboptimal responders showed significant associations between weight loss and dietary intake. Unlike previous work, this study revealed that many of these associations are no longer significant 24 months post-MBS, despite consistent weight loss trends. This study suggests a short-term signal between these dietary factors and weight loss outcomes 12 months post-MBS, consistent with previous observations. However, this signal does not persist beyond 12 months. These results are essential for interpreting and designing clinical studies measuring long-term post-surgical weight loss outcomes.

This short paper reveals a simple methodology to create local-correlation models suitable for the closed-form pricing of multi-asset financial derivatives. The multivariate models are built to ensure two conditions, first, marginals follow desirable processes, e.g. we choose the Geometric Brownian Motion (GBM), popular for stock prices. Second, the payoff of the derivative should follow a desired one dimensional process. These conditions lead to a specific choice of the dependence structure, in the form of a local-correlation model. Two popular multi-asset options are entertained, a spread option and a basket option.

We propose a methodology for the quantification of model risk in the context of credit derivatives pricing and CVA, where the uncertain or unmodelled parameter is often the correlation between rates and credit. We take the rates model to be Hull-White (normal) and the credit model to be Black-Karasinski (lognormal). We show how highly accurate analytic pricing formulae, hitherto unpublished, can be derived for CDS and extended to address instruments with defaultable Libor flows which may in addition be capped and/or floored. We also consider the pricing of a contingent CDS with an interest rate swap underlying. We derive explicit expressions showing how to good accuracy the dependence of model prices on the uncertain parameter(s) can be captured in analytic formulae which are readily amenable to computation without recourse to Monte Carlo or lattice-based computation. In so doing, we take into account the impact on model calibration of the uncertain (or unmodelled) parameter.

Nucleation is a fundamental and general process at the initial stage of first order phase transition. Although various models based on the classical nucleation theory (CNT) have been proposed to explain the energetics and kinetics of nucleation, detailed understanding on nanoscales are still required. Here we focus on homogeneous bubble nucleation, in which evaluation of the size dependence of bubble free energy is the key issue. We propose application of a formula in stochastic thermodynamics, the Jarzynski’s equality, for data analysis of molecular dynamics (MD) simulation to evaluate the free energy of bubble nucleation. As a test case, we performed a series of MD simulations with Lennard-Jones (LJ) fluid system. By applying an external spherical force field to equilibrated LJ liquid, we evaluated the free energy change during bubble growth as the Jarzynski’s ensemble average of required works. A fairly smooth free energy curve was obtained as a function of bubble radius in metastable liquid of mildly negative pressure conditions.

This article compares the predictive capabilities of six models namely the Linear Discriminant Analysis (LDA), Logistic Regression (LR), Support Vector Machine (SVM), XGBoost, Random Forest (RF) and Deep Neural Network (DNN) to predict the default behaviour of credit card holders in Taiwan using data from the UCI machine learning database. Python programming language was used for data analysis. Statistical methods were compared with machine learning algorithms using the confusion matrix measured in metric terms of prediction accuracy, sensitivity, specificity, precision, G-mean, F1 score, ROC and AUC. The dataset contains 30,000 credit card user’s information with 6636 default observations and 23,364 non-default cases. The study results found that modern machine learning methods outperformed traditional statistical methods in terms of predictive performance measured by F1 score, G-mean and AUC. Traditional methods like logistic regression were marginally better than linear discriminant analysis and support vector machines in terms of predictive performance measured by area under the receiver operating characteristic curve. In the modern machine learning methods, deep neural networks were better in most of the predictive performance metrics than XGBoost and Random Forest methods.

Using a sample of 103 surviving and non-surviving global bond funds over a long sample period of 1998 to 2022, we perform a comprehensive analysis of the funds under our modified Sharpe’s (1992) style analysis model. We find that dynamic style analysis is useful in explaining time-series and cross-sectional and in predicting future returns of global bond funds. The dynamic style analysis also allows us to examine asset allocation over time. The results show that, during 2001 to 2014, funds shift their allocations from intermediate-term bonds to world corporate bonds and from world corporate bonds to emerging market bonds in search of higher returns at the price of credit quality.

Abstract: High step-up voltage gain nonisolated DC-DC converter have attracted much attention in photovoltaic, fuel cells and other renewable energy system applications. In this paper, by combining input current ripple-free boost cell with coupled-inductor voltage-doubler cell, an input current ripple-free high voltage gain nonisolated converter is proposed. In addition, passive lossless clamp circuit is adopted to recycle the leakage inductor energy and to reduce the voltage spike across the power switch. By utilizing voltage-doubler cell consisting of diode and capacitor, the voltage stress of switch is further reduced and the resonance between the leakage inductor and the stray capacitor of the output diode is eliminated. A low switch-on-resistance low-voltage-rated MOSFET can therefore be employed to reduce the conduction loss and cost. The reverse recovery loss of output diode is reduced, and the efficiency of converter can be improved. Furthermore, the proposed converter can achieve nearly zero input current-ripple and make the design of electromagnetic interference (EMI) filter easy. Steady state analysis and operation mode of the converter is performed. Finally, experimental results are presented to verify the analysis results of the proposed converter.

This paper delves into the dynamics of asset pricing within Bachelier’s market model (BMM), elucidating the representation of risky asset price dynamics and the definition of riskless assets. It highlights the fundamental differences between BMM and the Black-Scholes-Merton market model (BSMMM), including the extension of BMM to handle assets yielding a simple dividend. Our investigation further explores Bachelier’s term structure of interest rates (BTSIR), introducing a novel version of Bachelier’s Heath-Jarrow-Morton model and adapting the Hull-White interest rate model to fit BMM. The study concludes by examining the applicability of BMM in real-world scenarios, such as those involving environmental, social, and governance (ESG)-adjusted stock prices and commodity spreads.

In this note we study the binomial model applied to European, American and Bermudan type of derivatives. Our aim is to give the necessary and sufficient conditions under which we can define a fair value via replicating portfolios for any derivative using simple mathematical arguments and without using no arbitrage techniques. Giving suitable definitions we are able to define rigorously the fair value of any derivative without using concepts from probability theory or stochastic analysis therefore is suitable for students or young researchers. It will be clear in our analysis that if $e^{r \delta} \notin [d,u]$ then we can not define a fair value by any means for any derivative while if $d \leq e^{r \delta} \leq u$ we can. Therefore the definition of the fair value of a derivative is not so closely related with the absence of arbitrage. In the usual probabilistic point of view we assume that $d < e^{r \delta} < u$ in order to define the fair value but it is not clear what we can (or we can not) do in the cases where $e^{r \delta} \leq d$ or $e^{r \delta} \geq u$.

The famous Capital Asset Pricing Model (CAPM) takes into account only business risk. In practice, companies use debt financing and operate at non–zero levels of leverage. This means that it is necessary to take into account the financial risk associated with the use of debt financing along with business one. The purpose of this paper is to simultaneously take into account the business and financial risk. A new approach to CAPM has been developed that takes into account both business and financial risk. We combine the theory of CAPM and the Modigliani–Miller (MM) theory. The first is based on portfolio analysis and accounting for business risks in relation to the market (or industry). The second one (the Modigliani–Miller (MM) theory) describes a specific company and takes into account the financial risks associated with the use of debt financing. The combination of these two different approaches makes it possible to take into account both types of risks: business and financial ones. We combine these two approaches analytically, while Hamada did it phenomenologically. Using the Modigliani–Miller (MM) theory, it is shown that the Hamada’s model, first model, used for this purpose half a century ago, is incorrect. In addition to the renormalization of the beta–coefficient, obtained in the Hamada model, two additional terms are found: the renormalized risk–free return and the term dependent on the cost of debt kd. A critical analysis of the Hamada model was carried out. The vast majority of listing companies use debt financing and are levered, and the Hamada model is not applicable to them in contrast to a new approach applicable to leveraged companies. Implemented a new approach to specific companies. A comparison of the results of the new approach with the results of the conventional CAPM is shown. Two versions of CAPM (market or industry) are considered.

Underwater Sensor Networks (UWSNs) can enable a broad range of applications such as resource monitoring, disaster prevention, and navigation-assisted. It is especially relevant for sensor nodes location in UWSNs. Global Positioning System (GPS) is not suitable for using in UWSNs because of the underwater propagation problems. Hence some localization algorithms based on the precise time synchronization between sensor nodes have been proposed which are not feasible for UWSNs. In this paper, we propose a localization algorithm called Two-Phase Time Synchronization-Free Localization Algorithm (TP-TSFLA). TP-TSFLA contains two phases, namely, range-based estimation phase and range-free evaluation phase. In the first phase, we address a time synchronization-free localization scheme base on the Particle Swarm Optimization (PSO) algorithm to decrease the localization error. In the second phase, we propose a Circle-based Range-Free Localization Algorithm (CRFLA) to locate the unlocalized sensor nodes which cannot obtain the location information through the first phase. In the second phase, sensor nodes which are localized in the first phase act as the new anchor nodes to help realize localization. Hence in this algorithm, we use a small number of mobile beacons to help achieve location without any other anchor nodes. Besides, to improve the precision of the range-free method, an extension of CRFLA by designing a coordinate adjustment scheme is updated. The simulation results show that TP-TSFLA can achieve a relative high localization ratio without time synchronization.

This paper addresses the input coupling problem for the shape memory alloy (SMA) actuated parallel platform with completely unknown nonlinear dynamics. The problem means that in a parallel platform with multiple SMA actuators acting together, the displacement of one of the actuators will simultaneously affect the remaining actuators to change. Due to the coupling problem and nonlinear characteristics of the SMA actuators, it is not easy to control the platform to achieve bi-directional swing with completely unknown nonlinear dynamics. Therefore, a model-free adaptive sliding mode control method is proposed to improve the control accuracy of the complex motion of the platform, avoiding the complex modeling process of the SMA actuated parallel platform. Based on the model-free adaptive control (MFAC) theory, a multiple input and multiple output (MIMO) dynamic linearized mathematical model of the parallel platform is established using the online input and output data of the system. Then, a sliding mode controller is designed based on the dynamic model. A rigorous theoretical analysis proves that the proposed model-free adaptive sliding mode controller is able to stably control the SMA actuated parallel platform, and its tracking error is uniformly ultimately bounded (UUB). Finally, experiments are conducted on the established SMA actuated parallel platform. The results show that the proposed model-free controller is feasible and effective, and can control the system well to achieve the complex motion of bi-directional swing.

β-Ga2O3 is a well-known semiconductor material for power devices and other applications. Recently, β-Ga2O3 has also been reported as a scintillator material with a light yield of approximately 8400 ph./MeV, scintillation decay time of &lt;1 μs, and density of 6.44 g/cm3. In this study, 2-inch diameter β-Ga2O3 single crystals were prepared by oxide crystal growth using the cold crucible (OCCC) method under various oxygen partial pressures. In the OCCC method, as in the cold crucible method, a high frequency is applied directly to the oxide materials, which are heated and melted, and the melt is held by the outermost solid material itself that is cooled by water using a copper hearth. In the OCCC method, crystal growth is performed while rotating the seed crystal, as in the Czochralski method, to increase the crystal diameter. The optical properties and radiation responses of the crystals grown under various oxygen partial pressures were evaluated.

Oxytetracycline (OTC) serves as a widely employed antibiotic in veterinary treatment and prevention of infections, potentially leaving residues in animal-derived food products, such as milk, that are consumed by humans. Given the detrimental effects of prolonged human exposure, it becomes imperative to develop precise and sensitive methods for monitoring the presence of OTC in food. This work reports on the fabrication of a label-free electrochemical aptasensor for the determination of OTC as a proof-of-concept.

The treatment of the bulky Rind-based dibromosilanes, (Rind)2SiBr2 (2) [Rind = 1,1,7,7-tetra-R1-3,3,5,5-tetra-R2-s-hydrindacen-4-yl: EMind (a: R1 = Et, R2 = Me) and Eind (b: R1 = R2 = Et)], with two equivalents of tBuLi in Et2O at low temperatures resulted in the formation of blue solutions derived from the diarylsilylenes, (Rind)2Si: (3). Upon warming the solutions above −20 °C, the blue color gradually faded, accompanying the decomposition of 3 and yielding the cyclic hydrosilanes (4) via intramolecular C−H bond insertion at the Si(II) center. The molecular structures of the bulky Eind-based 3b and 4b were confirmed by X-ray crystallography. Thus, at −20 °C, blue crystals were formed (Crystal-A), which were identified as mixed crystals of 3b and 4b. Additionally, colorless crystals of 4b as a singular component were isolated (Crystal-B), whose structure was also determined by an X-ray diffraction analysis. Although the isolation of 3 was difficult due to their thermally-labile nature, their structural characteristics and electronic properties were discussed based on the experimental findings complemented by computational results. We also examined the hydrolysis of 3b to afford the silanol, (Eind)2SiH(OH) (5b).

A bacterium known as Akkermansia muciniphila (AkkermansiaA. muciniphila) was detected in human feces in 2004. It is defined as a gram-negative, anaerobic, and mucin-degrading microbe belonging to the Verrucomicrobia species. Although the majority of A. muciniphila is found in the human intestinal tract playing a role in the gut microbiome, there are also smaller levels detected in breast milk and oral cavities as well as in the pancreas and appendix.Evidence suggests that having A. muciniphila present in the gut microbiome has positive effects on human health. As a result, A. muciniphila has been shown to have health benefits when taken as a dietary supplementation where it is considered a promising next-generation probiotic. However, the large-scale production of A. muciniphila remains a challenge due to its need for a stable environment. While culturing A. muciniphila in a mucin-based medium is one option, other strategies that use plate-based mediums have also been explored. Currently, both live and pasteurized forms of A. muciniphila are available on the market and shown to have promising outcomes in animal models. Additionally, researchers are investigating various prebiotics to increase the abundance of A. muciniphila in the human gut. This article presents a detailed summary of the phenotypic characteristics of A. muciniphila and its associations with various human health condition illnesses. Finally, the paper explores A. muciniphila's potential as an effective next-generation probiotic.

The one-dimensional MoS₂/carbon nanofibers (1D MoS₂/CNFs) are synthesized by electrospinning using exfoliated MoS₂ nanosheets and polyacrylonitrile as raw materials. The exfoliated MoS₂ nanosheets with size of about 150 nm are encapsulated in carbon nanofibers, and the free-standing MoS₂/CNFs can be easily cut into flexible tablet and directly used as binder-free anode for lithium storage. The resultant 1D MoS₂/CNFs exhibit a very high reversible capacity of 700 mAh g^-1 at 100 mA g^-1 after 50 cycles, high rate capacity (450 mAh g^-1 at 1000 mA g^-1 after 200 cycles) and good cycle stability.

Though Bangladesh is often labelled as "climate change ground zero," the Chittagong Hill Tracts (CHT) were never considered a significant climate change hotspot until heavy rainfall and consequent landslides in 2017. This shift in problem narrative seemingly overlooks myriad environmentally unsustainable 'development' initiatives along with (il)legal deforestation. This paper examines climate change trends and impacts on the lives and livelihoods of diverse local groups in CHT. By analysing changing patterns in meteorological data and qualitative information on changes and challenges in everyday life and the livelihoods of local people, we show a shortfall of captured climate data on CHT to make a strong case for climate change. Yet, this study finds that this region is exposed to a substantial threat of land degradation, flash floods, water scarcity, landslides, and other slow and quick onsets due to a combined effect of deforestation, neoliberalised development, and slight changes in temperature and precipitation patterns. This paper calls for proactive measures to address climate change impacts by endorsing sustainable development strategies prioritizing environmental stewardship, social justice, and economic prosperity.

This study investigates optimal decisions in a green supply chain consisting of a manufacturer and a leading retailer considering the green marketing and fairness preferences of member firms. Four Stackelberg game decision models are constructed in which the manufacturer and the re-tailer engage in green marketing separately when the manufacturer has no and has fairness preferences. The impacts of fairness preferences and green marketing on the optimal decision in the green supply chain are comparatively analyzed. The study finds that member firms perform green marketing regardless of the presence or absence of fairness preferences and that such be-havior increases the wholesale price, retail price, and market demand of low-carbon products as well as the profits of member firms and the supply chain. A more interesting finding is that the profit growth of member firms and the supply chain due to the manufacturer’s green marketing is more pronounced than that due to the retailer’s green marketing. When the retailer and the manufacturer engage in conduct green marketing, the manufacturer's fairness preferences have different effects on the wholesale price, retail price, market demand, level of green marketing efforts, member enterprises and profits of supply chain. Therefore, firms should consider the impact of green marketing and fairness preferences to make pricing and performance decisions, so as to achieve efficient operation of the whole supply chain and avoid double marginal effects. Finally, the above conclusions are verified through numerical simulation, providing a reference for the decision-making of member firms in the green supply chain.

The corporate strategic planning of businesses in sub-Saharan Africa (SSA) largely focuses on immediate financial performances with minimal credence to social sustainability. Thus, studies on the linkage between corporate governance and sustainability reporting have focused on developed economies. This study therefore investigated the role of institutional ownership in the impact of board committee characteristics on social sustainability reporting. The study involved strongly balanced panel data with 1,969 observations of 275 publicly listed non-financial firms in SSA within the timeframe of 2012 to 2021. Data was analyzed using STATA 14.1. The hypotheses were tested using the two-step system of the generalized method of moment (GMM) using the Arellano-Bond dynamic panel-data estimation method. The rate of social sustainability reporting was 39.4%. Relatively, Mauritius and South African firms had the most effective board committee characteristics and higher levels of social sustainability reporting. Institutional ownership had no significant effect on social sustainability reporting. Institutional ownership moderated the effect of sustainability committee independence and sustainability committee gender diversity on social sustainability reporting negatively. The paper presents a new perspective on corporate governance and social sustainability literature by examining the effect of institutional ownership on board committee characteristics and social sustainability reporting in SSA.

In this note we describe a new approach to the option pricing problem by introducing the notion of the safe (and acceptable) for the writer price of an option, in contrast to the fair price used in the Black-Scholes model. Our starting point is that the option pricing problem is closely related with the hedging problem by practical techniques. Recalling that the Black - Scholes model does not give us the price of the option but the initial value of a replicating portfolio we observe easily that has a serious disadvantage because assumes the building of this replicating portfolio continuously in time and this is a disadvantage of any model that assumes such a construction. Here we study the problem from the practical point of view concerning mainly the over the counter market. This approach is not affected by the number of the underlying assets and is particularly useful for incomplete markets. In the usual Black-Scholes or binomial or some other approaches one assumes that one can invest or borrow at the same risk free rate $r>0$ which is not true in general. Even if this is the case one can immediately observes that this risk free rate is not a universal constant but is different among different people or institutions. So, the fair price of an option is not so much fair! Moreover, the two sides are not, in general, equivalent against the risk therefore the notion of a fair price has no meaning at all. We also define a variant of the usual binomial model, by estimating safe upward and downward rates $u,d$, trying to give a cheaper safe or acceptable price for the option.

Until now, crystalline NiCo2S4 and its composites have demonstrated improve performances in supercapacitor applications, compared to their oxide analogous, due to their relatively higher electrical conductivity, and multifaceted redox reaction. However, amorphous phase materials have recently shown promise in electrochemical energy storage systems. In this work, urea-assisted amorphous NiCo2S4 on nickel foam (referred to as aNCS) with high nitrogen atom% content, was obtained via hydrothermal method. In comparison to the crystalline NiCo2S4 (referred to as cNCS), aNCS exhibited superior electrochemical performance with specific capacitance of ~3506 F g-1 which is higher than cNCS specific capacitance of ~2185 F g-1 at 2 A g-1. Additionally, aNCS in two-electrode asymmetry supercapacitor exhibited specific capacitance and energy density of ~196 F g-1 and 56 Wh kg-1, respectively.

Autonomous navigation in dynamic environments poses a significant challenge in the field of ro-botics with the primary goals of ensuring both smooth and safe movement. This study introduces control strategy based on an Adaptive Neuro-Fuzzy Inference System (ANFIS) to enhance au-tonomous robot navigation in dynamic environments, emphasizing on collision-free path plan-ning. This strategy employs, a path planning technique to develop a trajectory that allows the ro-bot to navigate smoothly while avoiding collisions with both static and dynamic obstacles. The developed control system incorporates four ANFIS controllers: two are tasked with guiding the robot toward its end point, and the other two are activated for obstacle avoidance. The experi-mental setup conducted in CoppeliaSim involves a mobile robot equipped with ultrasonic sensors navigating in an environment with static and dynamic obstacles. Simulation experiments are conducted to demonstrate the model's capability in ensuring collision-free navigation, employing a path planning algorithm to ascertain the shortest route to the target destination. The simulation results highlight the superiority of the ANFIS-based approach over conventional methods, partic-ularly in terms of computational efficiency and navigational smoothness.

Human Activity Recognition (HAR) technology enables continuous behavior monitoring, particularly valuable in healthcare. This study investigates the viability of using an ear-worn motion sensor for classifying daily activities, including lying, sitting/standing, walking, ascending stairs, descending stairs, and running. Fifty healthy participants (between 20 and 47 years old) engaged in these activities while under monitoring. Various machine learning algorithms, ranging from interpretable shallow models to state-of-the-art deep learning approaches designed for HAR, were employed for classification. Results demonstrate the ear sensor's efficacy, with deep learning models achieving 98% accuracy rate of classification. The obtained classification models are agnostic regarding which ear the sensor is worn and robust against moderate variations in sensor orientation (e.g., due to differences in auricle anatomy), meaning no initial calibration of the sensor orientation is required. The study underscores the ear's efficacy as a suitable site for monitoring human daily activity and suggests its potential for combining HAR with in-ear vital signs monitoring. This approach offers a practical method for comprehensive health monitoring by integrating sensors in a single anatomical location. This integration facilitates individualized health assessments, with potential applications in tele-monitoring, personalized health insights, and optimizing athletic training regimes.

Background/Aim: Stool gluten immunogenic peptides (GIP) determination is now considered a valuable tool for detecting dietary lapses in treated celiac disease (CeD) patients. Our study aims to explore the diagnostic performance of a qualitative lateral flow immunoassay point-of-care test (LFIA/PoCT) compared with a qualitative enzyme-linked immunosorbent assay (ELISA) for detection of stool GIP. Methods: The study is a post hoc analysis of stool samples collected in the real-life conditions from a cohort of gluten-free diet-treated CeD patients. Stool GIP was measured in µg/g of stool using an ELISA kit (iVYLISA GIP S®, Biomedal SL). For the qualitative evaluation of stool GIP, a LFIA/PoCT test (GlutenDetect®; Biomedal S.L) was employed, which reported results as positive or negative. The LFIA/PoCT performance was evaluated against ELISA, considered as the gold standard. GIP concentrations

Recent brain imaging findings by using different methods (e.g., fMRI and PET) have suggested that social anxiety disorder (SAD) is correlated with alterations in regional or network-level brain function. However, due to many limitations associated with these methods, such as poor temporal resolution and limited number of samples per second, neuroscientists could not quantify the fast dynamic connectivity of causal information networks in SAD. In this study, SAD-related changes in brain connections within the default mode network (DMN) were investigated using eight electroencephalographic (EEG) regions of interest. Partial directed coherence (PDC) was used to assess the causal influences of DMN regions on each other and indicate the changes in the DMN effective network related to SAD severity. The DMN is a large-scale brain network basically composed of the mesial prefrontal cortex (mPFC), posterior cingulate cortex (PCC)/precuneus, and lateral parietal cortex (LPC). The EEG data were collected from 88 subjects (22 control, 22 mild, 22 moderate, 22 severe) and used to estimate the effective connectivity between DMN regions at different frequency bands: delta (1–3 Hz), theta (4–8 Hz), alpha (8–12 Hz), low beta (13–21 Hz), and high beta (22–30 Hz). Among the healthy control (HC) and the three considered levels of severity of SAD, the results indicated a higher level of causal interactions for the mild and moderate SAD groups than for the severe and HC groups. Between the control and the severe SAD groups, the results indicated a higher level of causal connections for the control throughout all the DMN regions. We found significant increases in the mean PDC in the delta (p = 0.009) and alpha (p = 0.001) bands between the SAD groups. Among the DMN regions, the precuneus exhibited a higher level of causal influence than other regions. Therefore, it was suggested to be a major source hub that contributes to the mental exploration and emotional content of SAD. In contrast to the severe group, HC exhibited higher resting-state connectivity at the mPFC, providing evidence for mPFC dysfunction in the severe SAD group. Furthermore, the total Social Interaction Anxiety Scale (SIAS) was positively correlated with the mean values of the PDC of the severe SAD group, r (22) = 0.576, p = 0.006 and negatively correlated with those of the HC group, r (22) = −0.689, p = 0.001. The reported results may facilitate greater comprehension of the underlying potential SAD neural biomarkers and can be used to characterize possible targets for further medication.

Anticholinergic burden (ACB) from medications has been associated with adverse outcomes in older people. Aim: To conduct a non-randomised feasibility study of an intervention to Reduce anticholinerGic burdEN in oldER pATiEnts (REGENERATE) to inform a subsequent definitive trial. Methods: The development and evaluation of an ACB reduction intervention was guided by the Medical Research Council framework. Findings from preliminary studies, two systematic reviews and two qualitative studies informed the design of a mixed-method feasibility study. The study was conducted in one UK primary care site. The clinical pharmacist identified and invited potentially eligible patients, reviewed their medications and made recommendations to reduce the ACB as needed. Patients completed surveys at baseline, and 6- and 12- weeks post intervention. A purposive sample of patients and healthcare professionals was interviewed. Results: There was an 16/20 response; 14/16 attended the pharmacist led consultation and completed the baseline questionnaire and 13/14 completed both follow-up questionnaire. The sustainability of deprescribing was confirmed. The results suggest the potential of the intervention to reduce side effects from medications and improve quality of life (EQ-5D-5L). The interviews showed patients were happy with the study processes, and the medication changes, and were satisfied with the pharmacist’s consultation. Conclusions: This feasibility study demonstrated that a deprescribing/reducing ACB intervention in older people is feasible in a primary care setting and may benefit patients. Well-designed RCTs and cost-effectiveness studies should be undertaken to confirm the benefits of ACB deprescribing in primary care settings. Trial registration: ClinicalTrials.gov no. NCT04660838

Coronary microvascular dysfunction (CMD) is a clinical entity linked with various risk factors that significantly affect cardiac morbidity and mortality. Hypertension, one of the most important, causes both functional and structural alterations in the microvasculature, promoting the occurrence and progression of microvascular angina. Endothelial dysfunction and capillary rarefaction play the most significant role in the development of CMD among patients with hypertension. CMD is also related to several hypertension-related morphological and functional changes in the myocardium in the subclinical and early clinical stages, including left ventricular hypertrophy, interstitial myocardial fibrosis, and diastolic dysfunction. This indicates the fact that CMD, especially if associated with hypertension, is a subclinical marker of end-organ damage and heart failure, particularly the one with preserved ejection fraction. This is why it is important to search for microvascular angina in every patient with hypertension and chest pain not associated with obstructive coronary artery disease. Several highly sensitive and specific non-invasive and invasive diagnostic modalities have been developed to evaluate the presence and severity of CMD, but also to investigate additional complications that can affect further prognosis, especially among those with hypertensive heart disease. Although various pharmacological and interventional treatments demonstrated certain clinical effects, integrated diagnostic and therapeutic algorithms are necessary to reduce the burden of this emerging condition.

The current study explores the problem of illiquidity in the corporate bond market and examines a broad set of liquidity proxies through empirical investigation. Purpose: The purpose of this paper is to give solution to the global issue of illiquidity in the corporate bond market. The problem is identified by many researchers and this paper attempts to find out the viable solution of the "fungibility route" as an alternative to the "liquidity route". Design/ Methodology: An Analysis of a sample size of 2,34,772 trade data of corporate bonds and a sample size of 2,00,607 trade data of G-securities is done to identify the problem. Findings / Solution proposed: A mathematical model based on credit risk differential and sensitivity differential is proposed to find out the fair value at which an illiquid bond can be swapped by a liquid bond. To arrive at the fair value of the illiquid bond, we have calculated risk adjusted discount rate using modified duration and credit risk differential. With our solution, it is possible to enhance the liquidity of the bond not directly but through fungibility route. Originality: the research is first of its kind in which solution is given to the global problem of corporate bond illiquidity. To execute the trade in the fungibility route, proposed parties involved are the Fungibility platform, the initiator, and the bidder. The derived fair value would facilitate trade and serve as an exit strategy for illiquid bond holders worldwide.

By this contribution we would like to briefly highlight the problems in conceiving the “Hydrogen Bond” (HB) as a real short-range, directional, electrostatic, attractive interaction and to reframe its nature through the non-approximated view of condensed matter offered by a Quantum Electro-Dynamic (QED) perspective. We focus our attention on water, as the paramount case to show the effectiveness of this 40-years’ old theoretical background, which depicts water as a two-fluid system (where one of the two phases is coherent). The HB emerge to be the result of the electromagnetic field gradient in the coherent phase of water, whose vacuum level is lower than the non-coherent (gas-like) fraction. Thus, the HB can be properly looked at, i.e. no more as a “dipolar force” among molecules, but as the phenomenological effect of their collective thermodynamic tendency to occupy a lower ground-state, compatibly with temperature and pressure. This perspective allows to account for many “anomalous” behaviours of water and to understand why the calculated energy associated to HB should change when considering two molecules (water-dimer), or the liquid state, or the several kinds of ice. The emergence of a condensed, liquid, phase at room temperature is indeed the consequence of the boson condensation as described in the framework of spontaneous symmetry breakings (SSB). The switch from a still semi-classical Quantum Mechanical (QM) in the 1st quantization to a Quantum Field Theory (QFT) view embedded in the 2nd quantization is advocated for a more realistic and authentic description of water, condensed matter and living systems.

The paper is an investigation on the impact of financial markets on the volatility of green bonds credit risk component, measured by the option-adjusted spread/swap curve (OAS) of the Global Bloomberg Barclays MSCI Green Bond Index, for both the non and pandemic periods. For these purpose, after observing the dynamic joint correlations between all the variables through a DCC-GARCH, we adopt GARCH(1,1) and EGARCH(1,1) models, putting the OAS as dependent variable. Our main results show that the conditional variance parameters are significant and persistent in both times, testifying the overall impact of the other markets on the OAS. In more detail, we highlight that the gamma in the two EGARCH models is positive: so the “green” credit risk volatility is more sensitive to positive shocks than negative ones. With reference to the conditional mean, we note that if during the non pandemic time only the stock market is significant, during the pandemic also conventional bonds and gold are impacting. To the best of our knowledge this is the first study that analyzes the specific credit risk component of green bond yields: we deem our findings useful to observe the change of green bonds creditworthiness in a complex market context.

In recent years, polyureas with dynamic hindered urea bonds (HUBs), as a class of promising biomedical polymers, have attracted attention as a benefit of their controlled hydrolytic property. The effect of the chemical structures on the properties of polyureas and their assemblies was rarely reported. In this study, four kinds of polyureas with different chemical groups have been synthesized, and the polyurea from cyclohexyl diisocyanate and tert-butyl diamine showed the fastest hydrolytic rate. The amphiphilic polyurea composed of hydrophobic cyclohexyl-tert-butyl polyurea and hydrophilic poly(ethylene glycol) was synthesized for controlled delivery of antitumor drug paclitaxel (PTX). The PTX-loaded PEGylated polyurea micelle more effectively entered into the murine breast cancer 4T1 cells and inhibited the corresponding tumor growth in vitro and in vivo. Therefore, the PEGylated polyurea with adjustable degradation might be a promising polymer matrix for drug delivery.

This study presents a comprehensive approach to calculating the free energy of hydration of methane using Molecular Dynamics simulations. We employed the Free Energy Perturbation (FEP) method to determine the Gibbs free energy associated with transferring a methane molecule into water. Simulations were conducted in a cubic simulation box containing one methane molecule and 1000 TIP4P water molecules. The forward and backward routes were both analyzed, providing consistent free energy differences, which validates the robustness of our methodology. The Gibbs free energy profiles demonstrated characteristic energy barriers and stabilization points, indicative of the interaction dynamics in the solvation process. The results demonstrate the robustness of the FEP method implemented in LAMMPS, yielding free energy in close agreement with experimental data and previous computational studies. The calculated free energy differences for methane hydration exhibited deviations of 13% and 8% for the forward and backward routes, respectively, compared to experimental values. These findings underscore the accuracy and efficiency of using LAMMPS for free energy calculations, contributing to the broader understanding of solvation thermodynamics. Additionally, radial distribution functions were analyzed to provide insights into the structural arrangement of water molecules around methane, revealing strong interaction between methane's carbon atom and water molecules.

This study derives space travel pricing by Walrasian Equilibrium, which is logical reasoning from the general relativity theory (GRT), the accounting equation, and economic supply and demand functions. The Cobb-Douglas functions embed the endogenous space factor as new capital to form the space travel firm's production function, which is also transformed into the consumer's utility function. Thus, the market equilibrium occurs at the equivalence of supply and demand functions, like the GRT presents the equivalence between the spatial geometric tensor and the energy-momentum tensor, which explains the principles of gravity and the motion of space matter in the spacetime framework. The mathematical axiomatic set theory of the accounting equation explains the equity premium effect that causes a short-term accounting equation inequality, then reaches the equivalence by suppliers' incremental equity through the closing accounts process of the accounting cycle. On the demand side, the consumption of space travel can be assumed as a value at risk (VaR) investment to attain the specific spacetime curvature in an expected orbit. Spacetime market equilibrium is then achieved to construct the space travel pricing model. The methodology of econophysics and analogy method was applied to infer the space travel pricing by the model of profit maximization, single-minded, and envy-free pricing in unit-demand markets. A case study with simulation was conducted for empirical verification of the math models and algorithm. Results show that space travel pricing remains the principle of market equilibrium but needs to be extended to the spacetime tensor of GRT.

In this study, I extend the Fama and French five-factor asset pricing model with a sixth factor, namely, carbon risk, to investigate its impact on equity returns. To measure carbon risk, a new factor ‘pollutant minus green,’ is developed using the difference between the weighted average returns of pollutant and green firms across 51 developed and emerging countries across four categories—North America, Europe, Emerging Markets, and the Asia Pacific. The results reveal that North America, Europe, and Asia Pacific markets have a carbon risk premium that gets eliminated in small-cap firms. The carbon risk factor is further tested in left-hand side (LHS) test asset portfolios and found to be more pronounced with size-effect anomaly; specifically, small stock firms report greater declining average returns because of more exposure than the mega-cap stocks to carbon dioxide emissions. Furthermore, size-effect anomaly prevails with profitability and investment factors across firms. Therefore, high profitability, as well as high investment small firms, show a greater decline than the big stock firms in average returns when their carbon dioxide emissions increase. The asset pricing model evaluation is carried out through the Gibbons, Ross, and Shanken test. The six-factor model directed at capturing carbon risk patterns in average equity returns performs better than the three-factor and five-factor models of Fama and French (1993 and 2015) in the majority of categories under 3x3 sorting and compete with both Fama and French model under 2x4x4 sorted LHS portfolios. The finding of this study offers various useful applications for investors, policymakers, brokers, corporations, governmental pollution abatement institutions, and other stakeholders who wish to obtain carbon risk premium.

Surface initiated atom transfer radical polymerization (SI-ATRP) is one of the most versatile technique to modify the surface properties of material. Recent developed metal free SI-ATRP makes such technique more widely applicable. Herein photo-induced metal-free SI-ATRP of methacrylates, such as methyl methacrylate, N-isopropanyl acrylamide, and N,N- dimethylaminoethyl methacrylate, on the surface of SBA-15 was reported to fabricate organic-inorganic hybrid materials. SBA-15 based polymeric composite with adjustable graft ratio was obtained. The structure evolution during the SI-ATRP modification of SBA-15 was monitored and verified by FT-IR, XPS, TGA, BET, and TEM. The obtained polymeric composite showed enhanced adsorption ability for the model compound toluene in aqueous. This procedure provides a low cost, ready availability, and facile modification way to synthesize the polymeric composites without the contamination of metal.

Resource pricing in cloud computing has become one of the main challenges for cloud providers. The challenge is determining a fair and appropriate price to satisfy users and resource providers. To determine a fair price, it is necessary to consider the conditions and needs of both parties: provider and user. This research tries to provide a pricing mechanism for cloud computing based on game theory. The proposed mechanism takes into account three factors including fault possibility, interaction between virtual machines, and energy consumption to reach a fair price. In the proposed game, the provider decides on the price of the virtual machine which can be offered to the user on each physical machine and the user decides between the virtual machines offered to run its application. The whole game is implemented as a function of the resource broker component. The proposed mechanism is simulated and evaluated using the CloudSim simulator. Its performance is compared with several previous recent mechanisms. According to the results, the proposed mechanism has been able to determine a more reasonable price for the user and the provider which increases the overall profitability of the cloud system.

This paper explores the application of machine learning (ML) algorithms in predicting trends in the fixed bond market, where traditional analytical methods have proven inadequate. Focusing on various ML techniques such as supervised and unsupervised learning, neural networks, and deep learning, the study evaluates their effectiveness in forecasting market movements. It details a series of experiments in which different ML models are rigorously trained and tested against historical bond market data. The findings reveal that models employing time series analysis and advanced deep learning show marked potential in accurately predicting bond market trends. Additionally, the paper delves into the challenges and limitations inherent in these ML approaches, including data requirements and the risk of model overfitting. Finally, it proposes directions for future research, emphasizing the integration of ML into broader financial market analysis.

The success of deep learning (DL) in offline brain-computer interfaces (BCIs) has not yet translated into efficient online applications. This is due to three primary challenges. First, most DL solutions are designed for offline decoding, making the transition to online decoding complex and unclear. Second, the use of sliding windows in online decoding increases the computational complexity of DL training. Third, DL models typically require large amounts of training data, which are often scarce in BCI applications. To address these issues and enable real-time decoding, even across different subjects without calibration data, we first introduce a novel approach called real-time adaptive pooling (RAP). RAP modifies the pooling layers of existing offline DL models towards the online decoding requirements. Additionally, it significantly reduces the computational demand during training by jointly decoding consecutive windows. To reduce the amount of training data required, our approach leverages different levels of domain adaptation. We show how different settings enable different adaptation solutions. The results demonstrate that our approach is both powerful and can be calibration-free, providing a robust and practical solution for real-time BCI applications. These findings pave the way for the development of co-adaptive and highly efficient DL-based online BCI systems.

This article aims to solve the problem of robust supervision of a reverse osmosis desalination system (RO-DS) with two models, external model and bond graph model. The structure of an industrial system from the point of view of the external model operates according to several modes of operation (degraded and normal). For this external model, we cannot locate the faults since we are talking about a global operation of the system. The possible solution for the development of research was to use the multidisciplinary model called bond graph. This model by its graphic nature and using a unified language makes it possible to model the industrial system element by element from where it helps the user not only to detect the faults but also to locate them when they appear in the system. The results suggest that the use of the bond graph model for alarm 02 is a reverse osmosis error (RO1); these phenomena are readable on the bond graph model and can be quantified by equations. The equation of the model of this reverse osmosis (RO1) is found in the residual equations (r5, r6 and r7), so that these residues will be sensitive to this rupture. The possible solution during research development was to use the bond graph model to supplement information with physical knowledge and to locate faults. This article also describes the operating safety (by minimizing false alarms and non-detections as well as delays in fault detection) of the desalination system by using the bond graph model described in Linear Fractional Transformation (LFT) form for enable it to manage the robust supervision of a desalination system. An approach based on (LFT-BG) is developed to monitor tank leakage (Cu) and reverse osmosis (RO1 and RO2) faults or valve level (V1 and V2) closures and membrane clogging reverse osmosis (Rm1 and Rm2) that can occur in the reverse osmosis desalination system (RO-DS).

^{We consider the collective pricing orders in a minimum supply chain that is composed of a monopolistic manufacturer and many retailers that belong to the same chain store firm. The retailers have the freedom to raise or lower the local price. The chain store firm sets up the commercial rules for local retail stores to maximize its total payoff. The monopolistic manufacturer firm controls the total quantity supplied for the market to achieve maximum benefits. We applied the two dimensional Ising model in statistical physics to map the collective distribution of microscopic strategy of local retailers into the macroscopic total payoff of the chain store firm. The local stores choose to raise the price or lower the price based their own mind when the supply in market surpasses the demand. When the supply in market is far less than the demand, the stores synchronously raise prices, even though a local store only have the incomplete information of their nearest neighboring supermarket. We find the critical equation for the balance point between the action of supplier and the action of chain store management based on game theory and statistical physics. The critical equation can identify the Nash equilibrium point of the non-cooperative game between the manufacturer and the chain-store seller, and reveal different levels of collective operations. This statistical physics method also holds for more complicate supply chains and economic systems.}

The bond index is an indicator of the grindability of the material and is widely used in the preparation of mineral raw materials and the cement industry. Paper offers new, abbreviated and simplified procedure to determine Bond work index that relies on first-order kinetics law and can be performed with any number of grinding cycles, depending on the desired accuracy of the required data. The parameters G and P80 of each grinding cycle are multiplied by the newly founded coefficients giDT and piDT to obtain values approximately equal to these parameters of the last grinding cycle when the equilibrium state is reached in the standard test. The paper presents comparative results obtained by standard Bond and new shortened procedure on individual samples of andesite, limestone, copper-ore and smelter slag and on composite samples of andesite from limestone and copper-ore with smelter slag in different mass ratios. As the number of grinding cycles increases, the precision of the shortened procedure increases, and the mean square error decrease 3.59%, 2.61% and 1.74% for two, three and four grinding cycles.

: In this paper we present an optimization of the planar manufacturing scheme for stretch-free, shape induced metal interconnects to simplify the fabrication with the aim of maximizing the flexibility in the structure regarding to stress and strain. The Formation of trenches between silicon islands are actively used in the lithographic process to create arc shape structures by spin coating resist into the trenches. The resulting resist form is used as a template for the metal lines, which are structured on top. Because this arc shape is beneficial for the flexibility of these bridges. The trench depth as a key parameter for the stress distribution is investigated by applying numerical simulations. The simulated results show that the increase in penetration depth of the metal bridge into the trench increases the tensile load which is converted into a shear Force Q(x), that usually leads to increased strains the structure can generate. For the fabrication the filling of the trenches with resist is optimized by varying the spin speed. Compared to the theoretical resistance, the current-voltage measurements of the metal bridges show a similar behavior and almost every structural variation is capable of functioning as a flexible electrical interconnect in a complete island-bridge array.

Type-1 Diabetes Mellitus (T1D) onset and development is closely linked with imbalance of gut microbiome, while supplementation with probiotics may result in positive alterations in gut microbiome composition. In the present study, the effect of a dietary intervention including free or immobilized cells of the presumptive probiotic Pediococcus acidilactici ORE5 on Corinthian currants, a food with beneficial impact in the condition of diabetes, was investigated. Male Wistar rats were studied which were divided into 4 groups: healthy animals, which received the free (H_FP) or the immobilized cells (H_IPC), and diabetic animals, which received the free (D_FP) or the immobilized cells (D_IPC), for 4 weeks (109 cfu/day, in all groups). At the end of the dietary intervention, D_IPC group exerted lower concentration of the inflammatory cytokine IL-1b compared to D_FP. Consumption of immobilized on Corinthian currants P. acidilactici ORE5 cells by diabetic animals led to increased loads of fecal lactobacilli and lower levels of Enterobacteriaceae, coliforms, and E. coli, while Actinobacteria phylum, Akkermansia, and Bifidobacterium genera abundances were increased, and fecal lactic acid was elevated. Overall, the results of the present research demonstrated that functional ingredients can ameliorate gut dysbiosis present in T1D and could be used to design dietary patterns aiming at T1D management. However, well-designed clinical trials are necessary, in order to confirm the beneficial effects in humans.

Compared with the traditional bundle pricing strategy with fixed products, this paper proposes a more flexible interactive bundle pricing strategy (IBPS) for agricultural e-retailers. Since more and more consumers tend to buy more environmentally friendly and healthy organic agricultural products, we consider consumers' organic preferences and build a mixed bundle pricing model for organic and inorganic agricultural products. A free shipping strategy is introduced to maximize retailer profit and optimize consumer surplus. Through numerical analysis, we find: (1) Compared with the traditional online retailing method, IBPS can effectively stimulate consumption and higher retailer profit; (2) As the free shipping threshold increases, the total profit shows a trend of first increasing and then decreasing, indicating that a suitable free shipping threshold can optimize the retailer profit; (3) As the consumer green preference increases, the total sales of agricultural products decrease, but the organic sales improve, while total profit rises; (4) The higher the level of consumption, the higher the sales volume of organic products and there is an upward trend in the profits of e-retailers.

This paper inquires on the options pricing modeling using Artificial Neural Networks to price Apple(AAPL) European Call Options. Our model is based on the premise that Artificial Neural Networks can be used as functional approximators and can be used as an alternative to the numerical methods to some extent, for a faster and an efficient solution. This paper provides a neural network solution for two financial models, the BlackScholes-Merton model, and the calibrated-Heston Stochastic Volatility Model, we evaluate our predictions using the existing numerical solutions for the same, the analytic solution for the Black-Scholes equation, COS-Model for Heston’s Stochastic Volatility Model and Standard Heston-Quasi analytic formula. The aim of this study is to find a viable time-efficient alternative to existing quantitative models for option pricing.

In this paper, we consider a manufacturer who produces and sells a kind of innovative product in the monopoly market environment. Because the life cycle of innovative product is usually shorter than its procurement lead time, one unique demand quantity (scenario) will occur in the selling season, thus there is only one chance for the manufacturer to determine both optimal production quantity and optimal sale price. Considering this one-time feature of such a decision problem, a price-setting newsvendor model for innovative products is proposed. Different to the existing price-setting newsvendor models, the proposed models determine the optimal production quantity and sale price based on some specific state (scenario) which is most applicable for the manufacturer. The theoretical analysis provides managerial insights into the manufacturers’ behaviors in a monopoly market of an innovative product and several phenomena in the luxury goods market are well explained.

The efficient preparation of single-stranded DNA (ssDNA) rings, as a macromolecular construction approach with topological features, has aroused much interest due to their numerous applications in biotechnology and DNA nanotechnology. However, an extra splint is essential for enzymatic circularization, and by-products of multimers are usually present at high concentrations. Here, we proposed a simple and robust strategy of using permuted precursor (linear ssDNA) for circularization by forming an intramolecular dynamic nick using a part of the linear ssDNA substrate itself as the template. After the simulation of the secondary structure for desired circular ssDNA, the linear ssDNA substrate is designed to have its ends on the duplex part (≥5 bp). By using this permuted substrate with 5'-phosphate, the splint-free circularization is simply carried out by T4 DNA ligase. Very interestingly, formation of only several base pairs (2–4) flanking the nick is enough for ligation, although they form only instantaneously under ligation conditions. More significantly, the 5 bp intramolecular duplex part commonly exists in genomes or functional DNA, demonstrating the high generality of our approach. Our findings are helpful for understanding the mechanism of enzymatic DNA ligation from the viewpoint of substrate binding.

Genetic engineering has become an essential element in developing climate-resilient crops and environmental sustainable solutions to respond to the increasing need for global food security. Genome editing using CRISPR/Cas [Clustered regulatory interspaced short palindromic repeat (CRISPR)-associated protein (Cas)] technology is being applied to a variety of organisms, including plants. This technique has become popular because of its high specificity, effectiveness, and low production cost. Therefore, this technology has the potential to revolutionize agriculture and contribute to global food security. Over the past few years, increasing efforts have been seen in its application in developing higher-yielding, nutrition rich, disease resistant, stress-tolerant “crops” fruits and vegetables. Cas proteins such as Cas9, Cas12, Cas13, and Cas14, among others, have distinct architectures and have been used to create new genetic tools that improve features that are important for agriculture. The versatility of Cas has accelerated genomic analysis and facilitated the use of CRISPR/Cas to manipulate and alter nucleic acid sequences in cells of different organisms. This review provides the evolution of CRISPR technology exploring its mechanisms and contrasting it with traditional breeding and transgenic approaches to improve different stress tolerance. We have also discussed the CRISPR/Cas system and explored three Cas proteins that are currently known to exist: Cas12, Cas13, and Cas14 and their potential to generate foreign DNA free or non-transgenic crops that could be easily regulated for commercialization in most countries.

The prognostic abilities of artificial intelligence and neuroscience in forensics and the criminal justice system stand as a reformatory paradigm for understanding any criminal conduct. While the use of artificial intelligence has been labeled transformational data analytical capabilities, neural predictive approaches also enable an intricate understanding of culpability and criminal propensities. The literature on the complex nature of neuroprediction and artificial intelligence, its ethical deliberations and its usability in curving recidivism are analyzed. This theoretical review elucidates the complex interplay, nuptial relationships and convergence of these relationships in the quest for justice. The consequences of not protecting individual rights in the criminal justice system are surveyed using grounded theory. The degree of acceptability and dependability of AI-generated evidence in legal proceedings are also reviewed. All these topics are yet to be contemplated under one roof to offer an argumentative view. The author expects to prompt readers and new commers to embrace more sociolegal and technological research before incorporating such research in the Indian Judiciary. The review focuses on the question of whether to blame such technology inclusion wholly or rather to prioritize the acquisition of bias-free pretrained datasets and processing models.

In this study, the influence of graphene oxide nanoparticles on the bond-slip behavior of fiber and fly ash based geopolymer paste was examined. Geopolymer paste incorporating graphene oxide nanoparticles solution was cast in half briquetted specimens and embedded with a fiber. Three types of fibers were used: steel, polypropylene, and basalt. The pullout test was performed at two distinct speeds: 1 mm/second and 3 mm/second. Results showed that the addition of graphene oxide increased the compressive strength of geopolymer by about 7%. The bond-slip responses of fibers embedded in geopolymer mixed with graphene oxide exhibited higher peak stress and toughness as compared to those embedded in normal geopolymer. Each fiber type also showed different mode of failure. Both steel and polypropylene fibers showed full bond-slip responses due to their high ductility. Basalt fiber, on the other hand, because of its brittleness, failed by fiber fracture mode which showed no-slip in pull out responses. Both bond strength and toughness were found to be rate sensitive. The sensitivity was higher in graphene oxide/geopolymer than in conventional geopolymer.

The DEAD-box RNA helicase DDX3X is a multifunctional protein involved in RNA metabolism and stress responses. In this study, we investigated the role of RG/RGG motifs in the dynamic process of liquid-liquid phase separation (LLPS) of DDX3X using cell-free assays and explored their potential link to cancer development through bioinformatic analysis. Our results demonstrate that the number, location, and composition of RG/RGG motifs significantly influence the ability of DDX3X to undergo phase separation and form self-aggregates. Mutational analysis revealed that the spacing between RG/RGG motifs and the number of glycine residues within each motif are critical factors in determining the extent of phase separation. Bioinformatic analysis of cancer genomic datasets uncovered a significant enrichment of DDX3X mutations in RG/RGG motifs across multiple cancer types, particularly in the N-terminal region of the protein. Furthermore, we found that DDX3X is co-expressed with the stress granule protein G3BP1 in several cancer types and can undergo co-phase separation with G3BP1 in a cell-free system, suggesting a potential functional interaction between these proteins in phase-separated structures. DDX3X and G3BP1 may interact through their RG/RGG domains and subsequently exert important cellular functions under stress situation. Collectively, our findings provide novel insights into the role of RG/RGG motifs in modulating DDX3X phase separation and their potential contribution to cancer pathogenesis.

By using the Black-Derman-Toy (BDT) model, we predict the future trend of the riskless rate, and then we build an equation that relates the market price of zero-coupon bonds and the theoretical price of zero-coupon bonds calculated using a binomial option pricing model. Based on this, we can find the implied daily return μ, implied natural upturn probability p, and implied daily volatility σ with respect to different time-to-maturity values of zero-coupon bonds. With these results, we can give some suggestions to bond traders.

Carbon fiber reinforced polymer (CFRP) has been used widely in strengthening of steel structures. Steel/CFRP systems subjected to elevated temperatures is realistic in a summer climate event in many countries where the temperature in steel may approach 50 °C or even higher, which will lead to the degradation of the bond performance between CFRP and steel. Therefore, predicting the bond behavior of the CFRP/steel system under elevated temperature is critical. This paper investigated the mechanical performance of CFRP/steel adhesively-bonded double strap joints at elevated temperatures. Thirty CFRP-steel double strap joints were tested to failure under temperatures between 10 °C and 90 °C. It was found that the joint failure mode changed from adherend failure to debonding failure as the temperature approached T_g. In addition, the ultimate load and joint stiffness decreased significantly at temperatures near to and greater than T_g. Based on the experimental results, a model is proposed to predict the bond stress of the CFRP/steel at different temperatures.

Early detection of neurological conditions is critical for timely diagnosis and treatment. Identifying cellular-level changes is essential for implementing therapeutic interventions prior to symptomatic disease onset. However, monitoring brain tissue directly through biopsies is invasive and high-risk. Bodily fluids such as blood or cerebrospinal fluid contain information in many forms, including proteins and nucleic acids. Particularly, cell-free DNA (cfDNA) has potential as a versatile neurological biomarker. Yet, our knowledge of cfDNA released by brain tissue and how cfDNA changes in response to deleterious events within the brain is incomplete. Mapping changes in cfDNA to specific cellular events is difficult in vivo, where many tissues contribute to circulating cfDNA. Organoids are tractable systems for examining specific changes consistently in a human background. However, few studies have investigated cfDNA released from organoids. Here, we examined cfDNA isolated from cerebral organoids. We found that cerebral organoids release quantities of cfDNA sufficient for downstream analysis with droplet-digital PCR and whole-genome sequencing. Further, gene ontology analysis of genes aligning with sequenced cfDNA fragments revealed association with terms related to neurodevelopment and autism spectrum disorder. We conclude that cerebral organoids hold promise as tools for the discovery of cfDNA biomarkers related to neurodevelopmental and neurological disorders.

Perovskite solar cells (PSCs) are vital for their optical and electrical properties, with lead-based PSCs reaching a remarkable efficiency of 26.1%, while tin-based counterparts achieve 18.71%. Due to lead's toxicity, there's a push for alternatives like tin. However, tin-based PSCs suffer from stability issues and high defect density states, necessitating the development of cost-effective, high-performance, and eco-friendly alternatives. In this study, we designed a hetero-junction architecture using MASnI3-based Perovskite, opti-mized with SCAPs-1D. After exhaustive analysis, our device achieved a power conversion efficiency of 24.18%, with enhanced parameters including Voc of 0.09323V, Jsc of 30.8360 mA/cm2, and FF of 84.10%. Recombination rates, particularly Shockley-Read Hall recom-bination, were significantly reduced. Parametric analyses, encompassing absorber layer thickness, band gap, defect density, doping concentration, and operating temperature, in-dicate potential efficiency enhancements. This underscores the viability of Sn-based PSCs as a cost-effective, efficient, and environmentally benevolent alternative to lead-based counterparts, promising advancements in future research and development efforts.

Several life contingency agreements are based on the assumption that policyholders have impaired life expectancy attributable to factors such as lifestyle, social class, or preexisting health issues. Quantifying two crucial variables, augmented death probabilities and the discount rate of projected cash flows, is essential for pricing such agreements. Information regarding the correct values of these parameters is subject to vagueness and imprecision, which further intensifies if impairments must be considered. This study proposes modelling mortality and interest rates using a generalization of fuzzy numbers (FNs), known as intuitionistic fuzzy numbers (IFNs). Consequently, this paper extends the literature on life contingency pricing with fuzzy parameters, where uncertainty in variables, such as interest rates and death probabilities, is modelled using FNs. While FNs introduce epistemic uncertainty, the use of IFNs adds bipolarity to the analysis by incorporating both positive and negative information regarding actuarial variables. Our analysis focuses on two agreements involving policyholders with impaired life expectancy: determining the annuity payment in a substandard annuity and pricing a life settlement over a whole life insurance policy. In particular, we emphasize modelling interest rates and survival probabilities using triangular intuitionistic fuzzy numbers (TIFNs) owing to their ease of interpretation and implementation.

Many problems in the fields of finance and actuarial science can be transformed into the problem of solving backward stochastic differential equations (BSDE) and partial differential equations (PDE) with jumps, which are often difficult to solve in high-dimensional cases. To solve this problem, this paper applies the deep learning algorithm to solve a class of high-dimensional nonlinear partial differential equations with jump terms and their corresponding backward stochastic differential equations (BSDE) with jump terms. Using the nonlinear Feynman-Kac formula, the problem of solving this kind of PDE is transformed into the problem of solving the corresponding backward stochastic differential equations with jump terms, and the numerical solution problem is turned into a stochastic control problem. At the same time, the gradient and jump process of the unknown solution are separately regarded as the strategy function and they are approximated respectively by using two multilayer neural networks as function approximators. Thus, deep learning-based method is used to overcome the “curse of dimensionality” caused by high-dimensional PDE with jump, and the numerical solution is obtained. In addition, this paper proposes a new optimization algorithm based on the existing neural network random optimization algorithm, and compares the results with the traditional optimization algorithm, and achieves good results. Finally, the proposed method is applied to three practical high-dimensional problems: Hamilton-Jacobi-Bellman equation, bond pricing under the jump Vasicek model and high-dimensional option pricing model with default risk. The proposed numerical method has obtained satisfactory accuracy and efficiency. The method has important application value and practical significance in investment decision-making, option pricing, insurance and other fields.

Increasing distributed generation and intermittency, along with the increasing frequency of extreme weather events, impose a serious challenge for the electric power supply security. Understanding the costs of interruption is vital in terms of enhancing the power system infrastructure and planning the distribution grid. On the other hand, customer rights and demand response techniques are further reasons to study the worth of power reliability. In this paper, the authors make use of directional distance function and shadow pricing method for a case study from Finland. The aim is to calculate the cost of one minute of power interruption from the distribution network operator perspective. The sample consists of 78 distribution network operators from Finland with cost and network information between 2013 and 2015.

The optimal timing for actively discontinuing immune checkpoint inhibitor therapy in long-term responders with recurrent/metastatic head and neck squamous cell carcinoma (R/M HNSCC) remains unresolved. We conducted a retrospective study of 246 patients with R/M HNSCC treated with nivolumab to determine the optimal timing to actively discontinue nivolumab therapy. We examined the point at which progression-free survival (PFS) plateaued in all cases. We compared the prognosis of 19 (7.7%) ongoing cases and 227 (92.3%) discontinued cases and analyzed treatment duration and treatment-free interval (TFI). The 6-year overall survival was 11.8% (median, 12.1), and the 6-year PFS was 15.3% (median, 3.0). The PFS curve remained stable for 3 years. The median duration of nivolumab treatment was 2.9 months (range, 0.03–81.9): Ongoing group, 41.8 (5.6–81.9); Decision group, 36.8 (4.0–70.1); Toxicity group, 30.6 (2.8–64.8); and progressive disease group, 2.0 (0.03–42.9). TFI in the Decision group was 15.1 months (0.6–61.6) and 30.6 months (2.8–64.8) in the Toxicity group. Limited number of long-term responders in R/M HNSCC cases treated with nivolumab exists. Given that PFS plateaued at 3 years, we propose that the optimal duration of treatment for this subset of patients is 3 years.

Leasing and recycling are important issues to achieve low-carbon sustainable development of construction machinery industry, however there are some dilemmas bothering which is caused by excessive restriction of product service life. Focusing on the problem of pricing and coordination, a two-stage model of leasing closed-loop supply chain based on the Industrial Internet platform practical application was proposed. Under the centralized and decentralized decision-making scenarios, the price of leasing and selling, maintenance effort and recovery rate are calculated respectively. By using the Shapley value method to optimize the selling price, and the two-part pricing contract to calculate the compensation fee, the global profit is reasonably distributed, while the supply chain achieving Pareto optimality. The performance of different contracts on the improvement of supply chain profit was investigated. And the correlation among parameters was also explored through sensitivity analysis and numerical simulation. The findings showed that maintenance and recycling of construction machinery can be improved with the advantage of the Industrial Internet platform, while achieving the supply chain coordination by contracts. The enhancement of maintenance effort can decrease the remanufacturing cost which is positively correlated to the selling price and leasing price of product, furthermore promoting the recovery rate of used products. In the future, reasonable control of platform cost can help improve the recycling of construction machinery.

The commercial oxygen-free copper sheets were cold-rolled with reduction rates ranging from 20% to 87% reduction rate and annealed at 400, 500 and 600 °C. The microstructure and texture evolution during cold-rolling and annealing processes were studied using optical microscopy (OM), the scanning electron microscopy (SEM) and the electron back-scattered diffraction (EBSD). The results show that the deformation textures of {123} (S) , {112} (Copper) and {110} (Brass) were continuously enhanced with the increase of cold-rolling reduction. The orientations along the α-oriented fiber converged towards Brass and the orientation density of β fiber obviously increased when the rolling reduction exceeded 60%. The recrystallization texture was significantly affected by the cold-rolling reduction. After 60% cold-rolling reduction, Copper and S textures components gradually decreased and {011} recrystallization texture component formed with the increase of annealing temperature. After 87% cold-rolling reduction, a strong Cube texture formed and other textures were inhibited with the increase of annealing temperature. The strong Brass and S deformation texture was conducive to the formation of a strong Cube annealing texture. The density of annealing twin boundary decreased with the increase of annealing temperature, and more annealing twin boundaries formed in the oxygen-free copper sheets with the increase of cold rolling reduction.

This paper investigates the secular decline in real interest rates and the potential influence of central bank monetary policy on long-term government bond yields, focusing particularly on the US Federal Reserve (Fed). While various demand-side and supply-side explanations, such as ageing populations, lack of investment opportunities, and reduced productivity growth, have been proposed for this decline. A recent study highlighted the significant role of 3-day time windows around Federal Open Market Committee (FOMC) meetings in capturing yield changes in 10-year Treasuries. To explore if similar patterns exist in other advanced economies, this study constructs 3-day monetary policy decision windows around the 10-year government bond yields for selected countries, using both domestic central bank decision dates and those of the Fed. The findings suggest that, despite heterogeneity among advanced economies and factors like unconventional monetary policy tools and exchange rate interventions, there is substantial evidence supporting a stronger influence of the Fed's decisions on global bond yields compared to national monetary policies. By employing a simple Ordinary Least Squared (OLS) method to analyze the covariance between bond yields and policy decisions, this study establishes a connection between the literature on the global financial cycle and secular stagnation. The results imply that the Fed's influence extends beyond US borders, potentially contributing to a global monetary policy dynamic.

Enzyme immobilization is known to enhance polypeptide resistance towards environmental changes, particularly in terms of their stability. The Y509E mutant of β-xylosidase from Geobacil-lus stearothermophilus (XynB2Y509E) (which also bears xylanase activity) has been immobilized in chitosan spheres through either entrapment or covalent bond formation methods. In the immo-bilization by entrapment, besides observing a total loss of xylanase activity, it was found that chitosan concentration affects the process efficiency. Additionally, the maturation time of the spheres and the alkaline pH used to precipitate the spheres affect the β-xylosidase activity of the enzyme. In covalent bond immobilization, it was found that the pH during the modification with glutaraldehyde, as well as the subsequent protein binding, were key factors in preserving the dual enzymatic activity. The activity expressed after immobilization by covalent bonding was 23% higher compared to the activity expressed following entrapment immobilization, with values of 122.3 and 99.4 U. g-1, respectively. Both biocatalysts showed increased thermal and pH stability, along with an improved storage capacity, as they retained 40% and 88% of their activi-ty after being stored at 4 C for two months. Moreover, XynB2Y509E immobilized by covalent binding also exhibited outstanding reusability, retaining a 92% of activity after ten cycles of re-use.

In Philadelphia chromosome positive B-cell (Ph+) acute lymphoblastic leukemia (LLA), growing evidence has ac-cumulated about the efficacy of low-intensity and chemo-free regimens. Our objective was to analyze all recent trials evaluating these treatments and to compare them in terms of efficacy. We applied the Shiny method, an artificial intelligence technique, to analyze Kaplan-Meier curves and reconstruct patient-level data. Reconstructed patient data were then evaluated through standard survival statistics and subjected to indirect head-to-head treatment comparisons. The endpoint was progression-free survival (PFS). Based on 848 reconstructed patients, 9 trials were analyzed. The survival data from these trials were pooled into three types of treatments: i) treatments based on ty-rosine kinase inhibitors (TKIs) combined with reduced-intensity chemotherapy (denoted as TKICHE); ii) TKIs as-sociated to steroids with no chemotherapy (TKISTE); iii) chemotherapy-free combinations of blinatumomab plus TKIs (TKIBLI). According to the Shiny method, the three PFS curves were reported in a single Kaplan-Meier graph and subjected to survival statistics. In terms of PFS, TKIBLI ranked first, TKICHE second, and TKISTE third; the differences between these three regimens were statistically significant. This multi-treatment Kaplan-Meier graph, generated through the Shiny method, summarized the current evidence on these treatments in both qualitative and quantitative terms.

: In Philadelphia chromosome positive B-cell (Ph+) acute lymphoblastic leukemia (LLA), growing evidence has accumulated about the efficacy of low-intensity and chemo-free regimens. Our objective was to analyse all recent trials evaluating these treatments and to compare them in terms of efficacy. We applied the Shiny method, an artificial intelligence technique, to analyse Kaplan-Meier curves and reconstruct patient-level data. Reconstructed patient data were then evaluated through standard survival statistics and subjected to indirect head-to-head treatment comparisons. The endpoint was progression-free survival (PFS). Based on 562 reconstructed patients, 8 trials were analyzed. The survival data from these trials were pooled into three types of treatment: i) treatments based on tyrosine kinase inhibitors (TKIs) combined with reduced-intensity chemotherapy (denoted as TKICHE); ii) TKIs associated to steroids with no chemotherapy (TKISTE); iii) chemotherapy-free combinations of blinatumomab plus TKIs (TKIBLI). According to the Shiny method, the three PFS curves were reported in a single Kaplan-Meier graph and subjected to survival statistics. In terms of PFS, TKIBLI ranked first, TKICHE second, and TKISTE third; the differences between these three regimens were statistically significant. In conclusion, the multi-treatment Kaplan-Meier graph generated in this study has effectively summarized the current evidence on these treatments in comparative terms.

The purpose of the present study was to investigate anti-staphylococcal activity of liposomal daptomycin, against four biofilm-producing S. aureus and S. epidermidis clinical strains, three of which are methicillin resistant. Neutral and negatively charged Daptomycin-loaded liposomes were prepared by three methods thin film hydration (TFH), DRV and microfluidic mixing (MM), and characterized for drug encapsulation (EE%), size distribution, zeta-potential, vesicle stability, drug release and drug integrity. Interestingly, whilst drug loading in THF and DRV nanosized (by extrusion) vesicles was around 30-35, very low loading (~4%) was possible in MM vesicles, requiring further explanatory investigations. Liposomal encapsulation protected daptomycin from degradation and preserve its bioactivity. Quantitative microtiter plate (crystal violet, CV), methylthiazoltetrazolium (MTT), and growth curve (GC) assays evaluated antimicrobial activity of neutral and negative charge daptomycin-liposomes towards planktonic bacteria and biofilms. Neutral liposomes exhibited dramatically enhanced inhibition of bacteria growth (compared to free drug) for all species studied, while negative charged liposomes were totally inactive. Biofilm prevention and treatment studies revealed high antibiofilm activity of liposomal daptomycin. Neutral liposomes were more active for prevention and negative charge ones for treating established biofilms. Planktonic bacteria as well as matured biofilms of low daptomycin susceptible MRSE and MRSA strains were almost completely eradicated by liposomal-daptomycin indicating the need for their further exploration as antimicrobial therapeutics.