Robust Markowitz: Comprehensively maximizing Sharpe ratio by parametric-quadratic programming

Markowitz formulates portfolio selection and calls the optimal solutions as an efficient frontier. Sharpe initiates Sharpe ratio for frontier portfolios' reward to variability. Finance textbooks assume that there exists a line which passes through a risk-free rate and is tangent to an efficient frontier. The tangent portfolio enjoys the maximum Sharpe ratio. However, the assumption is over-simplistic because we prove that other situations exist. For example, Sharpe ratio itself may not be even well-defined. We comprehensively maximize Sharpe ratio. In such an area, this paper contributes to the literature. Specifically, we identify the other situations by parametric-quadratic programming which renders complete efficient frontiers by piecewise-hyperbola structure. Researchers traditionally view efficient frontiers by just isolated points. We accomplish handy formulae, so investors can even manually process them. The COVID-19 pandemic is unleashing crises. Unfortunately, there is quite limited research of portfolio selection for COVID. In such an area, this paper contributes to the practice. Specifically, we originate a counter-COVID measure for stocks and integrate it as a constraint into portfolio-selection models. The maximum-Sharpe-ratio portfolio outperforms stock-market indexes in sample. We launch the models for Dow Jones Industrial Average and discover outperformance out of sample.

Targeting epigenetic regulators for inflammation: Mechanisms and intervention therapy.

Emerging evidence indicates that resolution of inflammation is a critical and dynamic endogenous process for host tissues defending against external invasive pathogens or internal tissue injury. It has long been known that autoimmune diseases and chronic inflammatory disorders are characterized by dysregulated immune responses, leading to excessive and uncontrol tissue inflammation. The dysregulation of epigenetic alterations including DNA methylation, posttranslational modifications to histone proteins, and noncoding RNA expression has been implicated in a host of inflammatory disorders and the immune system. The inflammatory response is considered as a critical trigger of epigenetic alterations that in turn intercede inflammatory actions. Thus, understanding the molecular mechanism that dictates the outcome of targeting epigenetic regulators for inflammatory disease is required for inflammation resolution. In this article, we elucidate the critical role of the nuclear factor-κB signaling pathway, JAK/STAT signaling pathway, and the NLRP3 inflammasome in chronic inflammatory diseases. And we formulate the relationship between inflammation, coronavirus disease 2019, and human cancers. Additionally, we review the mechanism of epigenetic modifications involved in inflammation and innate immune cells. All that matters is that we propose and discuss the rejuvenation potential of interventions that target epigenetic regulators and regulatory mechanisms for chronic inflammation-associated diseases to improve therapeutic outcomes.

Pulmonary ACE2 expression in neonatal and adult rats.

Children show a distinct presentation of COVID-19, characterized by a lower incidence and mild phenotype, but the reason for this is still unknown. The angiotensin-converting enzyme 2 (ACE2) functions as the primary cell entry receptor for Severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) and is thought to cause distinct clinical features between children and old people. The primary purpose of this study was to determine whether differences exist in the level of expression and distribution of ACE2 between neonatal and adult rat lungs. The lung tissues from rats of various ages were used to investigate the expression patterns of ACE2. Western blot, immunohistochemistry, and immunofluorescence were used to quantify or identify the localization of ACE2 in rat lungs. ACE2 was homogenously expressed in fewer alveolar type II (AT2) cells in the neonatal lung, with no polarization to the alveolar space and additional expression in pulmonary endothelium when compared to adult rat lungs. These findings suggest that the patterns of ACE2 distribution and cellular localization in rat lungs change with age.

Low toxicity and high immunogenicity of an inactivated vaccine candidate against COVID-19 in different animal models.

The ongoing COVID-19 pandemic is causing huge impact on health, life, and global economy, which is characterized by rapid spreading of SARS-CoV-2, high number of confirmed cases and a fatality/case rate worldwide reported by WHO. The most effective intervention measure will be to develop safe and effective vaccines to protect the population from the disease and limit the spread of the virus. An inactivated, whole virus vaccine candidate of SARS-CoV-2 has been developed by Wuhan Institute of Biological Products and Wuhan Institute of Virology. The low toxicity, immunogenicity, and immune persistence were investigated in preclinical studies using seven different species of animals. The results showed that the vaccine candidate was well tolerated and stimulated high levels of specific IgG and neutralizing antibodies. Low or no toxicity in three species of animals was also demonstrated in preclinical study of the vaccine candidate. Biochemical analysis of structural proteins and purity analysis were performed. The inactivated, whole virion vaccine was characterized with safe double-inactivation, no use of DNases and high purity. Dosages, boosting times, adjuvants, and immunization schedules were shown to be important for stimulating a strong humoral immune response in animals tested. Preliminary observation in ongoing phase I and II clinical trials of the vaccine candidate in Wuzhi County, Henan Province, showed that the vaccine is well tolerant. The results were characterized by very low proportion and low degree of side effects, high levels of neutralizing antibodies, and seroconversion. These results consistent with the results obtained from preclinical data on the safety.