Zugl.: Münster (Westfalen), Universiẗat, Diss., 1996.

Thesis (Ph. D.)--University of Texas at Austin, 1999. / Vita. Includes bibliographical references (leaves 170-178). Available also in a digital version from Dissertation Abstracts.

Seminario para optar el grado de Ingeniero Comercial, Mención Economía / El mercado de Swap de Tasas de Interés ha resultado uno muy interesante de estudiar por el constante aumento de su popularidad. En Chile, el Swap de este tipo más utilizado es el Swap Promedio Cámara, además, dada la forma como está construido este Swap, es posible inferir a través de él, entre otras, expectativas de Inflación futura para distintos períodos. Los principales objetivos de este seminario son en primer lugar dar a conocer las principales características de este producto derivado y en segundo lugar estudiar como ha sido su comportamiento en relación a su poder predictivo sobre la inflación futura en los últimos cinco años mediante análisis de tipo gráfico de los datos. Los resultados nos indican que en condiciones normales de la economía, el Swap Promedio Cámara sería un buen indicador de la tendencia de la Inflación futura, pero con un spread que podría ser explicado debido a la existencia de un riesgo por liquidez.

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Bachelor-Arbeit Univ. St. Gallen, 2008.

In this study we analyse relationship between classical approach to valuation of linear interest rate derivatives and post-crisis approach when the valuation better reflects credit and liquidity risk and economic costs of the transaction on top of the risk-free rate. We discuss the method of collateralization to diminish counterparty credit risk, its impact on derivatives pricing, and how overnight indexed swap (OIS) rates became market standard for discounting future derivatives' cash flows. We show that using one yield curve to both estimating the forward rates and discounting the expected future cash flows is no longer possible in arbitrage free market. We review in detail three fundamental interest rate derivatives (interest rate swap, basis swap and cross-currency swap) and we derive discount factors used for calculating the present value of expected future cash flows that are consistent with market quotes. We also investigate drivers behind basis spreads, in particular, credit and liquidity risk, and supply and demand forces, and show how they impact valuation of derivatives. We analyse Czech swap rates and propose an estimation of CZK OIS curve and approximate discount rates in case of cross-currency swaps. Finally, we discuss inflation markets and consistent valuation of inflation swaps.

Banks finance their operations in several ways, by shareholders equity, receiving deposits from customers and by borrowing from investors and other financial institutions. One widely used approach is to issue a bond. Bonds issued on the foreign capital markets is a way to increase the financing options and mitigate risk exposure. When a bank converts foreign capital to domestic capital, there is a degree of currency risk involved. One commonly used instrument for converting capital from one currency to another is a cross currency swap. Since the Global Financial Crisis 2007-2009 regulations imposed by regulators have increased. Banks are required to have sound risk management practises where risk exposure is estimated. In response to recent regulations banks have several departments which assess and follow up risks taken in the operations. As a result, at least two systems are used when valuing financial instruments, one where all trades are conducted, the front office system, and one where risk exposure is estimated, the risk system. The aim of this project is to investigate why there is a discrepancy between the two systems. We will also analyse how this discrepancy affects risk measures. By replicating the two systems’ valuation it is possible to distinguish why there is a discrep- ancy between the systems, regarding the valuation of cross currency basis swaps. When the replication is in place, risk measure calculations are conducted to enable analysis of the impact on risk measures. There are two main differences found between the two systems and how they value a cross currency basis swap: (i) how the underlying risk factors are used; and (ii) how an upcoming cash flow is settled. The effect of these discrepancies are that the risk system overestimate the risk exposure compared with the front office system. / Banker finansierar sin verksamhet på flera olika sätt, %har flera möjligheter att, t.ex. genom eget kapital, inlåning och upplåning från investerare och andra finansiella institutioner. Ett vanligt förfarande är att emittera en obligation, där obligationer emitterade på den utländska kapitalmarknaden är ett sätt att öka finansieringsalternativen och därmed minska riskexponeringen mot den inhemska marknaden. När en bank konverterar utländskt kapital till kapital i den nationella valutan, finns en viss valutarisk inblandad. Ett vanligt instrument för att växla kapital från en valuta till en annan är en valutaswappar. Allt sedan den Globala Finanskrisen 2007-2009 har regleringen från tillsynsmyndigheter ökat. Banker är skyldiga att ha sunda riskhanteringsstrategier för att uppskatta sin riskexponering. Till följd av nya regleverk har banker idag flera avdelningar vilka estimerar och följer upp risker som tas i verksamheten. Ett resultat av detta är att åtminstone två system används vid värdering av finansiella instrument, ett system där all handel utförs, och ett där riskexponeringen estimeras. Syftet med detta projekt är att undersöka eventuella skillnader i värderingen av valutabasisswappar och vidare analysera hur detta påverkar olika riskmått. Det verkar vara en diskrepans mellan de två systemen där finansiella instrument värderas, speciellt med avsende på valutabasisswappar. Genom att replikera de två systemens värdering är det möjligt att urskilja varför det finns en diskrepans. Replikering av de två systemen låg till grund för beräkningen av riskmått samt analysen av hur skillnaderna påverkar dessa. % Resultat De huvudsakliga skillnaderna mellan de två systemen avsenede värderingen av valutabasisswappar är: (i)hur de underliggande riskfaktorerna används, och (ii) hur nästkommande kassaflöde (kupong) bestäms. Effekten av dessa skillnader är att systemet där riskexponering estimeras övervärderar risken jämfört med om risken skulle estimerats i systemet där all handel utförs.

Abstract SWAP-70 originally identified as a signaling protein exclusively expressed in B-cells has been recently described in other cells of the hematopoietic system, such as mast cells and dendritic cells. Here we describe a novel role of SWAP-70 in hematopoiesis, specifically in regulation of erythropoiesis. SWAP-70 protein expression is detected at the stage of the hematopoietic stem cell (HSC). Its expression persists throughout several stages of multipotent and myeloid progenitors. In erythroid development SWAP-70 is found from early committed to erythroid lineage precursors, burst-forming unit erythroid (BFU-E) and colony-forming unit erythroid (CFU-E); however its expression declines with erythroid maturation and it is lastly detectable at the basophilic erythroblast stage. The protein’s deficiency leads to 3-fold increase in HSC numbers in the bone marrow (BM). The lack of SWAP-70 does not affect intermediate myeloid progenitors and the first erythroid committed progenitor, BFU-E. Hematopoietic tissues (BM and spleen) of Swap-70-/- mice carry 2-times less CFU-Es, thus SWAP-70 appears to be important at this stage. Swap-70-/- mice have the same frequencies of later erythroid progenitors, Ter-119+ erythroblasts, in the BM but fewer in the spleen. BM and splenic Ter-119+ erythroid Swap-70-/- compartment (basophilic, polychromatic and orthochromatic erythroblasts) exhibit an altered profile that is characterized by the delayed maturation of cells at the polychromatic stage. SWAP-70 deficiency is not critical for steady state erythropoiesis and does not influence blood homeostasis. Yet SWAP-70 is essential for proper stress response in conditions of anemia. Swap-70-/- mice have normal steady state hematocrite level but fail to restore it after induced anemia, thus showing sluggish blunted response to erythropoietic stress. In resting conditions Swap-70-/- early erythroid progenitors (CFU-Es) exhibit aberrant preactivation of the integrin VLA-4, which supports homotypic and heterotypic interaction within the erythroid niche, and are hyperadhesive to fibronectin. Similarly, Swap-70-/- basophilic erythroblasts are hyperadhesive to splenic tissue. Based on our data and our initial observations we propose a novel function of SWAP-70 in the c-kit signaling pathway and integrin-mediated, i.e. VLA-4, interactions that are important for HSC and erythroid progenitor maintanence and differentiation. Better understanding of mechanisms governing red blood cell development and homeostasis is of high relevance in the context of treatment of anemia, a very common blood disorder, which leads to a wide range of clinical complications and is the most common cancer-associated morbidity.

Zugl.: Tübingen, Universiẗat, Diss., 2006. / Includes bibliographical references (p. 223-248).

Submitted by Fabio Sobreira Campos da Costa (fabio.sobreira@ufpe.br) on 2016-07-28T13:48:12Z No. of bitstreams: 2 license_rdf: 1232 bytes, checksum: 66e71c371cc565284e70f40736c94386 (MD5) Dissertação para biblioteca- Versão digital.pdf: 3924060 bytes, checksum: 99b5d3f2c655eb2094f3e4cf887ae8c9 (MD5) / Made available in DSpace on 2016-07-28T13:48:12Z (GMT). No. of bitstreams: 2 license_rdf: 1232 bytes, checksum: 66e71c371cc565284e70f40736c94386 (MD5) Dissertação para biblioteca- Versão digital.pdf: 3924060 bytes, checksum: 99b5d3f2c655eb2094f3e4cf887ae8c9 (MD5) Previous issue date: 2016-02-29 / CNPq / Descendentes adultos de mães esquistossomóticas demonstraram alteração da imunidade para antígenos homológos e heterólogos, devido á gestação ou amamentação nestas mães. A gestação em descendentes, sob infecção pós-natal concomitantemente imunizados com OA(ovalbumina)+adjuvante, demonstrou maior número de granulomas e alta deposição de colágeno enquanto que a amamentação diminuiu o tamanho. Para o antígeno heterólogo, ambas a gestação e a amamentação levaram à imunossupressão anti-OA. Contudo, sabe-se pouco sobre os efeitos da sensibilização materna com antígenos parasitários do verme do S. mansoni (SWAP). Aqui, as mães foram sensibilizadas com SWAP e foi avaliada a imunidade em descendentes nascidos e/ou amamentados. Para isto, descendentes adultos foram divididos em: animais nascidos de mães sensibilizadas e amamentados em mães não-sensibilizadas (MI), animais nascidos em mães não-sensibilizadas e amamentados em mães sensibilizadas (AI) ou nascidos e/amamentados (MIAI) em mães sensibilizadas e mães não-sensibilizadas (Controle). Estes descendentes foram infectados (80 cercárias de S. mansoni) e uma parte foi imunizada com OA+adjuvante. Realizou-se a dupla marcação para linfócitos T e coestimulatórias (CD4 e CD28, CD154 ou CTLA-4) e macrófagos (CD14 e CD40) em esplenócitos, sob estimulação com OA ou mitógeno (ConA). Foi realizada a dosagem das citocinas (IL-4, IL-10, IL-5 e IFN-γ), e anticorpos IgG1 e IgG2a anti-SWAP e antiOA, bem como a histomorfometria do granuloma hepático. Em relação ao Controle, os grupos AI e MIAI, sob infecção pós-natal apresentaram menor grau de fibrose e não houve diferença no grupo MI. Houve maior produção de IL-10 nos grupos MIAI, AI e MI, com diminuição de IL-5 e maior frequência de células CD14+CD40+ no primeiro e menor produção de IFN- e maior frequência de células CD4+CD28+ no segundo. No grupo MI, houve maior frequência basal de células CD4+CD28+ e CD14+CD40+, porém estiveram diminuídas em resposta ao mitógeno. Houve maior produção de isótipo IgG2a anti-SWAP em todos os grupos experimentais e de IgG1 anti-SWAP apenas no grupo AI.Para a imunidade anti-OA, no grupo MIAI, houve maior frequência de células CD14+/CD40, menor produção de IL-5 sem diferença na produção de anticorpos anti-OA. Amamentação induziu maior frequência de células CD4+/CD28, CD4+/CTLA-4, CD14+/CD40, maiores níveis de IL-4 e menos IFN-γ basal e em resposta à OA e maior produção de IgG1 anti-OA. A gestação induziu maior frequência basal de células CD14+/CD40+ e menor frequência em resposta à OA e ConA, maiores níveis de IL-4, em resposta à OA, sem diferença para IFN-γ. Em resposta ao mitógeno, menos células CD4+CD28+, alta frequência de células CD40/CD154, e altos níveis de IL-10. Assim, a amamentação, e não a gestação, em mães sensibilizadas com SWAP, seguida de infecção pós-natal ameniza a inflamação granulomatosa. Para o antígeno heterólogo, ambos gestação e amamentação desviam a resposta para Th2, porém a amamentação melhora os status de ativação de linfócitos e macrófagos, acompanhada de melhor resposta de anticorpos anti-OA. / Descendants adult schistosome mothers had alterations of immunity to homologous and heterologous antigens due to pregnancy or breastfeeding these mothers. The pregnancy in offspring in postnatal infection concomitantly immunized with OA (ovalbumin) + adjuvant, demonstrated great number of granulomas and high deposition of collagen, while suckled decreased size. For the heterologous antigen, both pregnancy and breastfeeding led to anti-OA immunosuppression. However, little is known about the effects of maternal sensitization with worm parasite antigens of S. mansoni (SWAP). Here, mothers were sensitized with SWAP and immunity was evaluated in born and / or breastfed offspring. For this, adult descendants were divided into animals born sensitized mothers and breastfed in non-sensitized mothers (BIM), animals born in nonsensitized and breastfeeding mothers sensitized mothers (SIM) or born and / breastfed (BSIM) in mothers sensitized mothers and non-sensitized (CONTROL). These offspring were infected (80 cercariae of S. mansoni) and a part was immunized with adjuvant + OA. Was performed for double labeling T lymphocytes and co-stimulatory (CD4 and CD28 or CTLA-4 CD154) and macrophages (CD14 and CD40) in splenocytes, OA or upon stimulation with mitogen (ConA). the dosage of cytokines was performed (IL-4, IL-10, IL-5 and IFN-γ) and IgG1 and IgG2a anti-SWAP and anti-OA and histomorphometry of hepatic granuloma. In relation to control, SIM and BSIM groups under postnatal infection had lower degree of fibrosis and no difference in BIM group. There was a greater IL-10 production in BSIM groups, SIM and BIM, with decreased IL-5 and increased frequency of CD14+ CD40+ in the first and lowest IFN-γ and increased frequency of CD4+ CD28+ in the second. In the BIM group had higher baseline frequency of CD4+CD28+ and CD14+CD40+ cells, but were reduced in response to mitogen. There was a higher production of isotype IgG2a anti-SWAP in all experimental groups and anti-IgG1 SWAP only in the SIM group. For the anti-OA immunity in BSIM group had a greater frequency of CD14+/ CD40 cells, decreased production of IL-5 with no difference in the production of anti-OA antibodies. Breastfeeding induced higher frequency of CD4+/CD28+ CD4+/CTLA-4+, CD14+/ CD40+ increased IL-4 levels under basal and IFN-γ and in response to OA and increased production of anti-OA IgG1. Pregnancy induced basal frequency of CD14+/ CD40+ and lower frequency in response to OA and Con-A, increased IL-4 levels in response to OA was no difference for IFN-γ. In response to mitogen less CD4+ CD28+ cells, CD40 high-frequency cells CD154, and high IL-10 levels. Thus, breastfeeding, and not pregnancy in mothers sensitized with SWAP, followed by postnatal alleviates granulomatous inflammation infection. For the heterologous antigen, both pregnancy and breastfeeding divert the response towards Th2, but breastfeeding enhances activation status of lymphocytes and macrophages, together with better anti-OA antibody response.