1,100 research outputs found
The valuation of bonds and bond options: some empirical tests
No full textIn this paper we describe the techniques needed to value securities whose price depends exclusively on the term structure of interest rates.
Closed-form formulae are presented for the valuation of bonds and call options on bonds and yields, and the put-call parity used to derive the values of put options. We recall that the value of any financial asset whose price depends exclusively on the term structure of interest rates can be obtained using numerical methods (such as the finite differences method used here).
We also describe a method of estimating the parameters of the one-factor CIR model based on non-linear regression techniques (Marquardt’s algorithm).
In order to exemplify the method, we applied the model to fixed rate bonds denominated in lire (Italian Treasury bonds - BTPs), ecus (Italian Treasury ecu certificates - CTEs) and dollars (U.S. T-notes and T-bonds) and to Italian Treasury option certificates (CTOs), which are equivalent to combinations of fixed rate bonds and bond options
Characteristics of gastro-esophageal reflux episodes in Barrett's esophagus, erosive esophagitis and healthy volunteers
No full textBACKGROUND: Gastro-esophageal reflux is considered a major culprit in the pathogenesis of Barrett's esophagus (BE). Still, there is controversy on the role of weakly acidic and weakly alkaline reflux in BE. To compare characteristics of reflux episodes patients with BE, erosive esophagitis (EE), and healthy volunteers (HV).
METHODS: One hundred consecutive patients with BE (75 short-segment BE, 25 long-segment BE), 50 with EE and 48 HV underwent multichannel intraluminal impedance-pH off-therapy. We quantified esophageal acid exposure, characteristics, and proximal extension of reflux episodes.
KEY RESULTS: Total and acid reflux episodes gradually increased from HV [28 (17.5-43) and 18 (8-31)] to EE [73.5 (54-96) and 52 (39-68)], short-segment BE (SSBE) [83 (73.2-131) and 65 (43.3-95)] and long-segment BE (LSBE) [105 (102-187) and 77 (75-107)]. Weakly acidic reflux episodes were significantly higher (P < 0.05) in LSBE [36 (27.5-50.5)] and SSBE [34 (18.5-41)] compared to EE [21.5 (15-37)] and HV [19 (14-25)]. No differences in terms of proportion of acid, weakly acidic and weakly alkaline reflux were found [HV (49%-49%-2%) vs EE (68%-32%-1%) vs SSBE (65%-34%-1%) vs LSBE (69%-30%-1%); P = ns]. In LSBE, a higher percentage of reflux episodes (P < 0.05) reached the proximal esophagus (59%) compared with SSBE (43%).
CONCLUSIONS & INFERENCES: Barrett esophagus patients have more severe reflux as shown by the number of acid and weakly acidic reflux episodes, re-reflux episodes and proximal migration. Given that PPI change only the pH of the refluxate, the role of weakly acidic reflux in Barrett's patients on acid suppressive therapy warrants further investigation
Fe and As geochemical self-removal dynamics in mineral waters: evidence from the Ferrarelle groundwater system (Riardo Plain, Southern Italy)
No full textA theoretical pattern for Fe and As co-precipitation was tested directly in a groundwater natural system. Several monitoring wells were sampled to identify the different endmembers that govern the hydrodynamics of the Ferrarelle Groundwater System in the Riardo Plain (Southern Italy). In agreement with recent investigations, we found a mix of a deep and a shallow component in different proportions, resulting in a specific chemical composition of groundwater in each well depending on the percentages of each component. The shallow component was characterized by EC ~ 430 μS/cm, Eh ~ 300 mV, Fe ~ 0.06 μmol/L and As ~ 0.01–0.12 μmol/L, while the deep component was characterized by EC ~ 3400 μS/cm, Eh ~ 170 mV, Fe ~ 140 μmol/L and As ~ 0.59 μmol/L. A general attenuation of As and Fe concentration that was not due to a simple dilution effect was observed in the mixing process. The oxidation of Fe(II) to Fe(III) produces solid precipitates which adsorb As from solution and then co-precipitate. The reactions pattern of Fe(II) oxidation and As adsorption gave a linear function between [As] and [Fe], where the angular coefficient depends on the [O2]/[H+] ratio. Chemical data obtained from our samples showed a very good agreement with this theoretical relationship. The investigated geochemical dynamics represented a natural process of attenuation of Fe and As, two undesirable elements that usually affect groundwater quality in volcanic aquifers in central-southern Italy, which are exploited to supply drinking water. Graphic abstract: [Figure not available: see fulltext.]
Search for dark matter cosmic-ray electrons and positrons from the Sun with the Fermi Large Area Telescope
No full textWe use 7 years of electron and positron Fermi-LAT data to search for a possible excess in the direction of the Sun in the energy range from 42 GeV to 2 TeV. In the absence of a positive signal we derive flux upper limits which we use to constrain two different dark matter (DM) models producing e+e-fluxes from the Sun. In the first case we consider DM model being captured by the Sun due to elastic scattering and annihilation into e+e-pairs via a long-lived light mediator that can escape the Sun. In the second case we consider instead a model where DM density is enhanced around the Sun through inelastic scattering and the DM annihilates directly into e+e-pairs. In both cases we perform an optimal analysis, searching specifically for the energy spectrum expected in each case, i.e., a boxlike shaped and linelike shaped spectrum respectively. No significant signal is found and we can place limits on the spin-independent cross section in the range from 10-46 cm2 to 10-44 cm2 and on the spin-dependent cross section in the range from 10-43 cm2 to 10-41 cm2. In the case of inelastic scattering the limits on the cross section are in the range from 10-43 cm2 to 10-41 cm2. The limits depend on the life time of the mediator (elastic case) and on the mass splitting value (inelastic case), as well as on the assumptions made for the size of the deflections of electrons and positrons in the interplanetary magnetic field
Ultrahigh Energy Neutrinos in the Mediterranean: Detecting v(tau) and v(mu with a km**3 Telescope
No full textGroundwater mixing in a heterogeneous multilayer aquifer driven by geogenic CO2 fluxes: Evidence from chemical and isotopic composition of Ferrarelle waters (Riardo Plain, southern Italy)
No full textThe successful management of carbon in the Earth's crust is critical for mitigating the increase of anthropogenic CO2 in the atmosphere. Carbon Capture and Storage (CCS) requires an understanding of the behavior of carbon in the crust and the development of robust monitoring techniques to constrain the movement, mechanisms, and pathways for any potential CO2 leakage. Here, we examine an aquifer from the Riardo Plain (Campania Region, southern Italy), which serves as a suitable natural analogue for CO2 migration to the critical zone (i.e., shallow crust and aquifers) and as a case study to evaluate the geochemical processes that occur when CO2-saturated fluids mix with freshwater in shallow aquifers. We investigate the behavior of various geochemical constituents (major and trace elements, δ18O–H2O, δ13C-DIC, and Rn content). Water from this area has a high degree of mineralization (EC 2500–3000 μS/cm), high HCO3- (~2.5 g/L), is saturated with respect to CaCO3, and is enriched in alkali ions (e.g., Na+ + K+). The high degree of mineralization occurs in groundwater that discharges from the basal aquifer of the Roccamonfina volcanic edifice (~6 km NW), with vast CO2 inputs that promote host rock leaching. Superficial volcanic aquifers are recharged by fresh meteoric precipitation when groundwater flows from carbonates at the edge of the plain to aquifers hosted in the southeastern slope of the Roccamonfina volcano. The presence of normal faults in this area permits natural upwelling of CO2-rich groundwater, which locally mixes with shallow freshwater present within the upper volcanic succession. Significant (R > 0.8) linear correlations between conservative elements suggest that groundwater geochemistry is dominated by a mixture of two main endmembers: (i) deep/mineralized waters and (ii) shallow/diluted waters. The intrusion of freshwater to volcanic aquifers induces oxidation, leading to adsorption of select elements (e.g., As and Ba) onto Fe-oxyhydroxide precipitates within these aquifers. Geochemical modeling suggests that CO2 saturation approaches 3 g/L, which agrees with direct measurements of CO2 flux. We conclude that our conceptual geochemical model helps to constrain mixing of CO2 with freshwater and to diagnose the secondary geochemical processes that influence aqueous geochemistry within CO2-influenced groundwater
Deep carbon degassing in the Matese massif chain (Southern Italy) inferred by geochemical and isotopic data
No full textThe Italian Apennines are among the most important sources of freshwater for several Italian regions. With evidences of deep CO2-rich fluids intruding into aquifers in the nearby central-southern Apennines, a thorough investigation into the geochemistry of groundwater became critical to ensure the water quality in the area. Here, we show the main hydrogeochemical processes occurring in the Matese Massif (MM) aquifer through the investigation of 98 water samples collected from springs and water wells. All waters were classified as HCO3 type with Ca dominance (from 50% up to 97%) and variable amount of Mg (from 1% up to 49%). A multivariate statistical approach through the application of the factor analysis (FA) highlighted three main hydrogeochemical processes: (i) water-carbonate rock interactions mostly enhanced in peripheral areas of the MM by CO2 deep degassing; (ii) addition of NaCl-rich components linked to recharging process and to water mixing processes of the groundwater with a thermal component relatively rich in Cl, Na, and CO2; (iii) anthropogenic activities influencing groundwater composition at the foothills of MM. Furthermore, the first detailed TDIC, pCO2, and δ13C-TDIC distribution maps of the MM area have been created, which track chemical and isotopic anomalies in several peripheral areas (Pratella, Ailano, and Telese) throughout the region. These maps systematically highlight that the greater the amount of dissolved carbon occurs the heavier the C isotope enrichment, especially in the peripheral areas. Conversely, spring waters emerging at higher altitudes within MM are only slightly mineralized and associated with δ13C-TDIC values mainly characterized by recharging processes with the addition of biogenic carbon during the infiltration process through the soil
THE USE OF PROTON-PUMP INHIBITORS (PPI) REDUCES THE FREQUENCY OF ENDOSCOPICALLY SIGNIFICANT LESIONS (ESL) IN ALL-CAUSE UPPER GASTROINTESTINAL ENDOSCOPY
No full textNoise parametric identification and whitening for LIGO 40-meter interferometer data
No full textOne of the goals of gravitational data wave analysis is the knowledge and accurate estimation of the noise
power spectral density of the data taken by the detector, this being necessary in the detection algorithms. In this
paper we show how it is possible to estimate the noise power spectral density of gravitational wave detectors
using modern parametric techniques and how it is possible to whiten the noise data before they pass to the
algorithms for gravitational wave detection. We report the analysis we made of data taken by the Caltech 40-m
prototype interferometer to identify the noise power spectral density and to whiten the sequence of noise. We
concentrate our study on data taken in November 1994; in particular, we analyze two frames of data: the
18nov94.2.frame and the 19nov94.2.frame. We show that it is possible to whiten these data, to a good degree
of whiteness, using a high order whitening filter. Moreover, we can choose to whiten only a restricted band of
frequencies around the region we are interested in, obtaining a higher level of whiteness
Models of the Formation of the 29 February 2016 New Spatter Cone Inside Mount Nyiragongo
No full textA new and unusual eruptive event occurred on 29 February 2016 within the summit crater of the Mount Nyiragongo volcano. Based on field campaigns performed between July 2015 and September 2017, and building on a previously published buoyancy‐driven bidirectional magma flow model explaining the progression of Mount Nyiragongo lava lake level, we provide the first quantitative estimations of volumes of erupted lava outpouring from the new spatter cone. Besides matching field data of the lava lake level covering the period December 2002 to September 2017, numerical solutions of the model reveal that the most probable dike path is one originating from the shallow magma reservoir, and not from the lava lake or branching from its feeding conduit. According to these simulations, the reservoir and erupted lava volumes are respectively estimated to the order of 10 km3 and 20 M m3. Magma overpressure at the level of the shallow reservoir is estimated in the range 12 to 16 MPa, high enough to potentially initiate new erupting events.A new and unusual eruptive event occurred on 29 February 2016 within the summit crater of the Mount Nyiragongo volcano. Based on field campaigns performed between July 2015 and September 2017, and building on a previously published buoyancy-driven bidirectional magma flow model explaining the progression of Mount Nyiragongo lava lake level, we provide the first quantitative estimations of volumes of erupted lava outpouring from the new spatter cone. Besides matching field data of the lava lake level covering the period December 2002 to September 2017, numerical solutions of the model reveal that the most probable dike path is one originating from the shallow magma reservoir, and not from the lava lake or branching from its feeding conduit. According to these simulations, the reservoir and erupted lava volumes are respectively estimated to the order of 10 km3 and 20 M m3. Magma overpressure at the level of the shallow reservoir is estimated in the range 12 to 16 MPa, high enough to potentially initiate new erupting events
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