This thesis deals with the risk management of savings accounts. Savings accounts are non- maturing liabilities bearing two embedded options. The first option is the client's right to withdraw deposits on notice. The second option is a bank's right to change the deposit rate on savings accounts whenever it wishes. This in practice means that a fierce competition may arise as banks can quickly react to competitor's change in the deposit rate. The embedded characteristics make the risk management of savings accounts challenging. We identify five key risks of savings accounts: liquidity risk, market risk (interest rate risk), systemic risk, reputational risk, and model risk. The thesis focuses on the interest rate risk and the method of replicating portfolios, which is a standard technique of the estimation of non-maturing liabilities' interest rate risk employed by banks. Using replicating portfolio approach, we derive that savings accounts are risky liabilities. We provide evidence that high deposit rates offered on numerous savings accounts in the Czech Republic have not been consistent with low market rates since January 2012, at least. We show that unsustainable deposit rates combined with competition among banks will lead to capital losses in some banks when market rates increase. JEL...

La synthèse translésionnelle (TLS) est un processus important pour franchir des lésions de l’ADN au cours de la duplication du génome dans les cellules humaines. Le modèle « d’échange de polymérases » suggère que la polymérase réplicative est transitoirement remplacée par une polymérase spécialisée, qui va franchir le dommage et permettre de continuer la synthèse d’ADN. Ces ADN polymérases spécialisées appelées Pol êta (η), iota (ι), kappa (κ), zêta (ζ), et Rev1 ont été bien caractérisées pour leur capacité à franchir différents types de lésions in vitro. Un concept en émergence est que ces enzymes pourraient également être requises pour répliquer des zones spécifiques du génome qui sont « difficiles à répliquer ». Polζ est constituée d’au moins 2 sous-unités : Rev3 qui est la sous-unité catalytique et Rev7 sous-unité augmentant l’activité de Rev3L. Jusqu'ici, la fonction la mieux caractérisée de Polζ était de sa capacité à catalyser l'extension d'un mésappariement en face d'une lésion d'ADN. Cependant, il a été montré que la sous unité catalytique Rev3 de levure et humaine interagissent avec les deux sous-unités accessoires de Polδ que sont pol31 et pol32 chez la levure et p50 et p66 chez l’humain. Il a aussi été mis en évidence que Rev3L est importante pour la réplication des sites fragiles (SFCs) dans les cellules humaines, zones connues pour être à l’origine d’une instabilité génétique et pour être répliquées de manière tardive (en G2/M). Tout ceci suggère que Polζ pourrait jouer un rôle dans la réplication du génome non endommagé, et plus spécifiquement lorsque des barrières naturelles (e.g. ADN non-B) entravent la progression normale des fourches de réplication.Chez la levure S. cerevisiae, l’inactivation du gène rev3 est viable et conduit à une diminution de la mutagenèse spontanée ou induite par des agents génotoxiques suggérant que Polζ est impliquée dans le franchissement mutagène des lésions endogènes ou induite. En revanche, l’inactivation du gène Rev3L chez la souris est embryonnaire létale alors que la plupart des autres ADN polymérases spécialisées ne sont pas vitales. Ceci suggère que Polζ a acquis des fonctions essentielles au cours de l’évolution qui restent inconnues à ce jour. Les fibroblastes embryonnaires murins (MEF) Rev3L-/- présente une grande instabilité génétique spontanée associée une forte augmentation de cassures et de translocations chromosomiques indiquant que Polζ est directement impliquée dans le maintien de la stabilité du génome. Afin de clarifier le rôle de cette polymérase spécialisée au cours de la réplication du génome, nous avons entrepris de procéder à une étude sur les relations structure/fonction/localisation de la protéine Rev3. Notre étude met en évidence que la progression en phase S des cellules Rev3L-/- est fortement perturbée, notamment en fin de phase S. Dans ces cellules invalidées pour Rev3L, on constate des changements dans le programme de réplication et plus particulièrement dans des régions de transition (TTR) répliquées à partir du milieu de la phase S. Nous montrons aussi un enrichissement global en marques épigénétiques répressives (marques associées à l’hétérochromatine et méthylation de l’ADN) suggérant qu’un ralentissement de la progression de la fourche de réplication à des loci particuliers peut promouvoir une hétérochromatinisation lorsque Rev3L est invalidé. De manière intéressante, nous constatons une diminution de l’expression de plusieurs gènes impliqués dans le développement qui pourrait peut-être expliquer la létalité embryonnaire constatée en absence de Rev3L. Enfin, nous mettons en évidence une interaction directe entre la protéine d’organisation de l’hétérochromatine HP1α et Rev3L via un motif PxVxL. Tout ceci nous suggère fortement que Polζ pourrait assister les ADN polymérases réplicatives Polδ et Polε dans la réplication des domaines compactés de la chromatine en milieu et fin de phase S. / DNA polymerase zeta (Polζ) is a key player in Translesion DNA synthesis (TLS). Polζ is unique among TLS polymerases in mammalian cells, because inactivation of the gene encoding its catalytic subunit (Rev3L) leads to embryonic lethality in the mouse. However little is known about its biological functions under normal growth conditions.Here we show that S phase progression is impaired in Rev3L-/- MEFs with a delay in mid and late S phase. Genome-wide profiling of replication timing revealed that Rev3L inactivation induces changes in the temporal replication program, mainly in particular genomic regions in which the replication machinery propagates a slower velocity. We also highlighted a global enrichment of repressive histone modifications as well as hypermethylation of major satellites DNA repeats in Rev3L-deficient cells, suggesting that fork movements can slow down or stall in specific locations, and a delay in restarting forks could promote heterochromatin formation in Rev3L-depleted cells. As a direct or indirect consequence, we found that several genes involved in growth and development are down-regulated in Rev3L-/- MEFs, which might potentially explain the embryonic lethality observed in Rev3L KO mice. Finally we discovered that HP1α directly interacts and recruits Rev3L to pericentromeric heterochromatin. We therefore propose that Polζ has been co-opted by evolution to assist DNA polymerase ε and δ in duplicating condensed chromatin domains during mid and late S phase.

Optimisation des modèles d'évaluation et de couverture d'options financières sous contraintes de liquidité / Optimization of pricing and hedging models for financial options under liquidity constraints

We give a review of classical and recent results on maximization of expected utility for an investor who has the possibility of trading in a financial market. Emphasis will be given to the duality theory related to this convex optimization problem. For expository reasons we first consider the classical case where the underlying probability space is finite. This setting has the advantage that the technical diffculties of the proofs are reduced to a minimum, which allows for a clearer insight into the basic ideas, in particular the crucial role played by the Legendre-transform. In this setting we state and prove an existence and uniqueness theorem for the optimal investment strategy, and its relation to the dual problem; the latter consists in finding an equivalent martingale measure optimal with respect to the conjugate of the utility function. We also discuss economic interpretations of these theorems. We then pass to the general case of an arbitrage-free financial market modeled by an R^d-valued semi-martingale. In this case some regularity conditions have to be imposed in order to obtain an existence result for the primal problem of finding the optimal investment, as well as for a proper duality theory. It turns out that one may give a necessary and sufficient condition, namely a mild condition on the asymptotic behavior of the utility function, its so-called reasonable asymptotic elasticity. This property allows for an economic interpretation motivating the term "reasonable". The remarkable fact is that this regularity condition only pertains to the behavior of the utility function, while we do not have to impose any regularity conditions on the stochastic process modeling the financial market (to be precise: of course, we have to require the arbitrage-freeness of this process in a proper sense; also we have to assume in one of the cases considered below that this process is locally bounded; but otherwise it may be an arbitrary R^d-valued semi-martingale). (author's abstract) / Series: Report Series SFB "Adaptive Information Systems and Modelling in Economics and Management Science"

In very dynamic Information and Communication Technology (ICT) infrastructures, with rapidly growing applications, malicious intrusions have become very sophisticated, effective, and fast. Industries have suffered billions of US dollars losses due only to malicious worm outbreaks. Several calls have been issued by governments and industries to the research community to propose innovative solutions that would help prevent malicious breaches, especially with enterprise networks becoming more complex, large, and volatile. In this thesis we approach self-replicating, self-propagating, and self-contained network programs (i.e. worms) as vulnerability mitigation mechanisms to eliminate threats to networks. These programs provide distinctive features, including: Short distance communication with network nodes, intermittent network node vulnerability probing, and network topology discovery. Such features become necessary, especially for networks with frequent node association and disassociation, dynamically connected links, and where hosts concurrently run multiple operating systems. We propose -- to the best of our knowledge -- the first computer worm that utilize the second layer of the OSI model (Data Link Layer) as its main propagation medium. We name our defensive worm Seawave, a controlled interactive, self-replicating, self-propagating, and self-contained vulnerability mitigation mechanism. We develop, experiment, and evaluate Seawave under different simulation environments that mimic to a large extent enterprise networks. We also propose a threat analysis model to help identify weaknesses, strengths, and threats within and towards our vulnerability mitigation mechanism, followed by a mathematical propagation model to observe Seawave's performance under large scale enterprise networks. We also preliminary propose another vulnerability mitigation worm that utilizes the Link Layer Discovery Protocol (LLDP) for its propagation, along with an evaluation of its performance. In addition, we describe a preliminary taxonomy that rediscovers the relationship between different types of self-replicating programs (i.e. viruses, worms, and botnets) and redefines these programs based on their properties. The taxonomy provides a classification that can be easily applied within the industry and the research community and paves the way for a promising research direction that would consider the defensive side of self-replicating programs.

Tο πρώτο μέρος της εργασίας αφορούσε την παρακολούθηση της ερυθρολευχαιμική σειρά ποντικού (MEL) διαμολυσμένη με το επισωματικό αυτό-αναπαραγώμενο όχημα pEPI-EGFP, τα κύτταρα της οποίας δεν παρουσίαζαν φθορισμό ενώ παρέμεναν ανθεκτικά στο αντιβιοτικό (G418). Αποδείχθηκε η επισωματική κατακράτηση του οχήματος για δύο μήνες μετά τη δημιουργία της διαμολυσμένης σειράς. Η διαπίστωση επίσης ότι το μεταφερόμενο γονίδιο μπορεί να μην εκφράζεται αλλά το όχημα να παραμένει για τουλάχιστον 60 ημέρες επισωματικό και χωρίς ενσωμάτωση μας ώθησε σε νέες προοπτικές αναζήτησης. Το δεύτερο μέρος της εργασίας έγινε παρασκευή δύο οχημάτων τα οποία διαφέρουν ως προς τον υποκινητή του γονιδίου αναφοράς ΕGFP τόσο μεταξύ τους όσο και από το όχημα pEPI-EGFP, το βασικό όχημα μελέτης έως τώρα. Η παρασκευή αυτή βασίστηκε στην αντικατάσταση του υποκινητή pCMV από: 1 τον υποκινητή pSFFV για την παρασκευή του οχήματος pEPI-pSFFV και 2 τον υποκινητή της β-σφαιρίνης (pβ-globin) για την παρασκευή του αντίστοιχου οχήματος pEPI-pβ-globin. Η παρασκευή των δύο αυτόν οχημάτων, του pEPI-pSFFV και pEPI-pβ-globin αποτελεί ένα σημαντικό βήμα στη ανάπτυξη νέων οχημάτων που αποτελέσουν οχήματα μεταφοράς γονιδίων σε αρχέγονα αιμοποιητικά κύτταρα. / The first part of this work concerned the observation of the mouse erithroid cell line (MEL) transected with the Replicating Episomal Vector pEPI-EGFP. The cells even thought that they had lost their florescence a few days after the transfection with the Vector pEPI-EGFP, they still endure to the antibiotic (G418). In the fist place we have shown that the Replicating Episomal Vector pEPI-EGFP remains in episomatic condition at list two months after the transfect ion of the cell line with out any insertion eventhought the transferred gene is not translated. The second part of this work concerned the construction of two new vectors. The new vectors have the same reference gene with the pEPI-EGFP vector the EGFP gene but they have tow totally deferent new promoters for the EGFP gene. This contract was based on the replacement of the promoter pCMV 1. with the promoter pSFFV for the contraction of the pEPI-pSFFV new vector 2. with the promoter pβ-globin for the contraction of the pEPI-pβ-globin new vector These two new vectors the pEPI-pSFFV and the pEPI-pβ-globin were tested for their ability of being used as Replicating Episomal Vectors to Hematopoietic Stem Cells, HSC sach as CD34+ cells.

No description available.

<p>Prostate cancer is one leading cause of cancer-related death among men in Western countries. The standard therapies for localized prostate cancer include radical prostatectomy and radiation therapy. Such measures are relatively effective in the short term, but many patients ultimately relapse. These patients may benefit from a combination of standard therapy and oncolytic virus therapy. My work aimed to develop viruses for this purpose.</p><p>TARP is a protein that in males is specifically expressed in prostate epithelial and cancer cells. In my thesis, I characterized the TARP promoter and showed that TARP expression is regulated at the transcriptional level by testosterone through binding of the androgen receptor in the proximal TARP promoter. I further developed TARP promoter-based regulatory sequences for prostate-specific gene expression. A sequence comprising a PSA enhancer, a PSMA enhancer and the TARP promoter was constructed and designated PPT. An adenoviral vector containing the PPT sequence shielded from transcriptional interference by an H19 insulator showed high prostate-specific transcriptional activity in human cells both in the presence and absence of testosterone. However, in experimental murine prostate cancer the PPT sequence is not active. Therefore, a two-step transcriptional amplification (TSTA) system was used together with the PPT sequence to develop an adenovirus that confers prostate-specific transgene expression also in murine cells.</p><p>I constructed a conditionally replicating adenovirus where the E1A gene expression is controlled by an H19 insulator-shielded PPT regulatory sequence, Ad[I/PPT-E1A]. This virus exhibited absolute prostate specificity in terms of E1A expression, viral replication and cytolysis <i>in vitro</i> and <i>in vivo</i>. Importantly, our virus is active both in the presence and absence of testosterone, which may prove beneficial for patients treated by hormonal withdrawal. </p><p>Hopefully, my work will improve existing gene therapy strategies for prostate cancer and in the long term improve the prognosis for patients with prostate cancer.</p>

Prostate cancer is one leading cause of cancer-related death among men in Western countries. The standard therapies for localized prostate cancer include radical prostatectomy and radiation therapy. Such measures are relatively effective in the short term, but many patients ultimately relapse. These patients may benefit from a combination of standard therapy and oncolytic virus therapy. My work aimed to develop viruses for this purpose. TARP is a protein that in males is specifically expressed in prostate epithelial and cancer cells. In my thesis, I characterized the TARP promoter and showed that TARP expression is regulated at the transcriptional level by testosterone through binding of the androgen receptor in the proximal TARP promoter. I further developed TARP promoter-based regulatory sequences for prostate-specific gene expression. A sequence comprising a PSA enhancer, a PSMA enhancer and the TARP promoter was constructed and designated PPT. An adenoviral vector containing the PPT sequence shielded from transcriptional interference by an H19 insulator showed high prostate-specific transcriptional activity in human cells both in the presence and absence of testosterone. However, in experimental murine prostate cancer the PPT sequence is not active. Therefore, a two-step transcriptional amplification (TSTA) system was used together with the PPT sequence to develop an adenovirus that confers prostate-specific transgene expression also in murine cells. I constructed a conditionally replicating adenovirus where the E1A gene expression is controlled by an H19 insulator-shielded PPT regulatory sequence, Ad[I/PPT-E1A]. This virus exhibited absolute prostate specificity in terms of E1A expression, viral replication and cytolysis in vitro and in vivo. Importantly, our virus is active both in the presence and absence of testosterone, which may prove beneficial for patients treated by hormonal withdrawal. Hopefully, my work will improve existing gene therapy strategies for prostate cancer and in the long term improve the prognosis for patients with prostate cancer.

Οι αυτοαναπαραγόμενοι επισωματικοί φορείς γονιδιακής μεταφοράς αποτελούν πολλά υποσχόμενους φορείς γονιδιακής θεραπείας. Στην παρούσα εργασία δημιουργήθηκε ο φορέας Zif-VP64-EP2 στα πλαίσια των μελετών γονιδιακής θεραπείας για τις αιμοσφαιρινοπάθειες. Πρόκειται για ένα κυκλικό πλασμίδιο, που φέρει το γονίδιο ενός τεχνητού μεταγραφικού παράγοντα της γ-σφαιρίνης του Zif-VP64 υπό την επενέργεια του ισχυρού υποκινητή pSFFV καθώς και τo γονίδιο της eGFP με το S/MAR στοιχείο από την περιοχή 5’ του γονιδίου της ανθρώπινης ιντερφερόνης β υπό την επενέργεια του υποκινητή pCMV. Διαπιστώθηκε ότι το Zif-VP64-EP2 μεσολαβεί γονιδιακή μεταφορά σε διαμολυσμένα κύτταρα της ανθρώπινης κυτταρικής σειράς Κ562. Η μακράς διάρκειας διαμολυσμένη καλλιέργεια (3 μήνες) καταδεικνύει ότι το όχημα είναι λειτουργικό και διατηρείται ως επισωματικό σε Κ562 κύτταρα διαμολυσμένα κύτταρα με το Zif-VP64- ΕΡ2. / Self-replicating episomal vectors for gene transfer are a new and very promising experimental approach to gene therapy. In this study, it was created the vector Zif-VP64-EP2, within the context of developing self-replicating episomal vectors for the gene therapy of hemoglobinopathies. Zif-VP64-EP2 is a circular plasmid which includes the gene of an artificial transcription factor for gamma globin: Zif-VP64 under the control of pSFFV promoter and the gene of eGFP with the S/MAR element from the region 5’ of the human interferon β gene under the control of pCMV promoter. It was established that Zif-VP64-EP2 was retained within the transfected Κ562 hematopoietic progenitor cell. Its episomal situation for a long time (3 months) and its normal expression in K562 human cells constitutes a proof of the utility of Zif-VP64- ΕΡ2 system in gene therapy applications.