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Foreign exchange trading and management with the stochastic dual dynamic programming method

Financial Innovation 2023年第1期9卷 583-620页

作者： lorenzo Reus Guillermo Alexander Sepulveda‑Hurtado Escuela de Negocios Universidad Adolfo IbanezDiagonal Las Torres2640 SantiagoChile

We present a novel tool for generating speculative and hedging foreign exchange(FX)trading *** solution provides a schedule that determines trades in each rebalancing period based on future currency prices,net foreign account positions,and incoming(outgoing)flows from business *** obtain such policies,we construct a multistage stochastic programming(MSP)model and solve it using the stochastic dual dynamic programming(SDDP)numerical method,which specializes in solving high-dimensional MSP *** construct our methodology within an open-source SDDP package,avoiding implementing the method from *** measure the performance of our policies,we model FX prices as a mean-reverting stochastic process with random events that incorporate stochastic *** calibrate this price model on seven currency pairs,demonstrating that our trading policies not only outperform the benchmarks for each currency,but may also be close to ex-post optimal *** also show how the tool can be used to generate more or less conservative strategies by adjusting the risk tolerance,and how it can be used in a vari-ety of contexts and time scales,ranging from intraday speculative trading to monthly hedging for business ***,we examine the impact of increasing trade policy uncertainty(TPU)levels on our *** findings show that the volatility of currencies from emerging economies rises in comparison to currencies from devel-oped *** discover that an increase in the TPU level has no effect on the aver-age profit obtained by our ***,the risk exposure of the policies increases(decreases)for the group of currencies from emerging(developed)markets.

关键词： FX trading FX risk SDDP Multistage stochastic programming Julia Trade policy uncertainty

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A Review of Experimental Research on the Mode I Fracture Behavior of Bamboo

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Journal of Renewable Materials 2023年第6期11卷 2787-2808页

作者： Yue Chen Haitao Li Lei Gao Wei Xu Rodolfo lorenzo Milan Gaff College of Civil Engineering Nanjing Forestry UniversityNanjing210037China Joint International Research Laboratory for Bio-Composite Building Materials and Structures Nanjing Forestry UniversityNanjing210037China Department of Civil and Airport Engineering Nanjing University of Aeronautics and AstronauticsNanjing211106China University College London LondonWC1E 6BTUK Department of Furniture Design and Habitat BrnoMendel University in BrnoBrno61300Czech Republic Faculty of Civil Engineering Experimental CentreCzech Technical University in PragueThakurova 7Prague16629Czech Republic

Bamboo is an eco-friendly material with light weight,high strength,short growth cycle and high sustainability,which is widely used in building *** bamboo has further promoted the development of modern bamboo structures due to its unrestricted size and ***,as a fiber-reinforced material,fracture damage,especially Mode I fracture damage,becomes the most likely damage mode of its structure,so Mode I fracture characteristics are an important subject in the research of mechanical properties of *** paper summarizes the current status of experimental research on the Mode I fracture properties of bamboo based on the three-point bending(TPB)method,the single-edge notched beam(SENB)method,the compact tension(CT)method and the double cantilever beam(DCB)method,compares the fracture toughness of different species of bamboo,analyzes the toughening mechanisms and fracture damage modes,discusses the applicability of different theoretical calculation methods,and makes suggestions for future research priorities,aiming to provide a reference for future research and engineering applications in related fields.

关键词： Mode I fracture properties test method toughening mechanism fracture damage modes

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Thiopurines are an independent risk factor for active tuberculosis in inflammatory bowel disease patients

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World Journal of Gastroenterology 2023年第9期29卷 1536-1538页

作者： Flora Maria lorenzo Fortes Raquel Rocha Genoile Oliveira Santana Ciências da Vida Universidade do Estado da BahiaSalvador 41150000Brazil Programa de Pós-Graduação em Medicina e Saúde Universidade Federal da BahiaSalvador 40110060Brazil Ciência da Nutrição Universidade Federal da BahiaSalvador 40110160Brazil

The use of thiopurines is an independent risk factor for active tuberculosis in patients with inflammatory bowel disease.

关键词： Tuberculosis Inflammatory bowel disease Thiopurines Therapy Risk

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A Review of Basic Mechanical Behavior of Laminated Bamboo Lumber

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Journal of Renewable Materials 2022年第2期10卷 273-300页

作者： Assima Dauletbek Haitao Li Rodolfo lorenzo Ileana Corbi Ottavia Corbi Mahmud Ashraf College of Civil Engineering Nanjing Forestry UniversityNanjing210037China Joint International Research Laboratory for Bio-Composite Building Materials and Structures Nanjing Forestry UniversityNanjing210037China University College London LondonWC1E 6BTUK University of Naples Federico II Naples80133Italy Deakin University GeelongVIC 3216Australia

Over the past decade,the physical and mechanical performances of laminated bamboo lumber(LBL)–a bamboo-based structural material,have been extensively studied using experimental,analytical,and numerical *** paper presents a review of existing knowledge in the literature about the mechanical properties of *** paper involved the review of the response of LBL to different types of loading such as tension,bending,compres-sion,and *** on results of the literature reviewed,the strength of LBL parallel to grain was 90–124 MPa with MOE of 10700 MPa in tension,29.55–72.60 MPa,and MOE of 8396–11022 MPa in compression,63.87–128.4 MPa,and MOE of 8320–10912 MPa in bending,and 7.15–17.5 MPa in *** average strength of LBL was similar and in some cases exceeded the average values of bamboo-or wood-based materials,while the variability of its mechanical parameters was *** variability in strength values of LBL was affected by bamboo species,density and thickness of bamboo strips,growth portion,type of treatment,strips arrange-ments,and type of adhesive which in turn calls for classification of LBL by strength grades,degree of hardness,the capability of impregnation and penetration,as well as by areas of application in *** study pro-vided and discussed concluding observations,the current research gap,and future research directions on the mechanical properties of LBL.

关键词： Laminated bamboo lumber mechanical properties composites

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How does a data strategy enable customer value?The case of FinTechs and traditional banks under the open finance framework

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Financial Innovation 2022年第1期8卷 2045-2078页

作者： Laura Grassi Nicolas Figini lorenzo Fedeli School of Management Politecnico di Milanovia Lambruschini 4bMilanItaly

The coupling of data and digital innovation opens the way for new business in the financial services sector,where customers are placed at the centre of decisions and data can help to develop customer *** carry out our research,we adopted a multi-case study approach to explore how a data strategy is developed in the retail banking industry,together with its relationship with customer value,paying particular attention to the heterogeneity between traditional banks and financial technology companies(FinTechs).Two main points emerged from the ***,there are three possible approaches to Open Finance,which are mainly defined by their different corporate cultures,organisational configurations,technological architecture and data ***,it is not enough to be a FinTech to be best placed to exploit the market,as some traditional banks share the FinTechs’approach to Open *** new tailored products,customising their prices and offering them over the right channels through targeted communication are all data-driven initiatives that stem from cross-or up-selling potential,core to the retail banking industry for turning a customer into a cash flow,thus enabling value to be created for *** findings additionally revealed that there is a form of external information asymmetry between the customer and the bank,and that there is also an internal asymmetry between bank departments,as their visibility on information about the same customer may differ.

关键词： FinTech Open finance Customer orientation Customer centric Data valorisation Open banking

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Liquid biopsy in colorectal cancer:No longer young,but not yet old

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World Journal of Gastroenterology 2022年第15期28卷 1503-1507页

作者： Giandomenico Roviello Daniele Lavacchi lorenzo Antonuzzo Martina Catalano Enrico Mini Department of Health Sciences Section of Clinical Pharmacology and OncologyUniversity of FlorenceFirenze 50139Italy Clinical Oncology Unit AOU CareggiFirenze 50134Italy Department of Experimental and Clinical Medicine University of FirenzeFirenze 50134Italy School of Human Health Sciences University of FlorenceFlorence 50134Italy

Colorectal cancer(CRC)is one of the most prevalent cancers and the second leading cause of cancer-related deaths *** treatment strategy employed in CRC patients is becoming highly dependent on molecular characteristics present at diagnosis and during *** biopsy is an emerging field in the management of this cancer,and its relevance as a potential diagnostic,prognostic,monitoring,and therapeutic tool makes it a viable strategy in the clinical management of CRC *** biopsy also has certain limitations,but these limitations seem to be at the reach of near-future technological *** this letter,we focus on the clinical perspectives of liquid biopsy in CRC with particular regard to the various biomarkers recently identified that have been shown to be potentially useful in multiple aspects of early stage or metastatic CRC.

关键词： Colorectal cancer Liquid biopsy Circulating tumor DNA Diagnosis Prognosis Targeted therapy

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Speckle spatial correlations aiding optical transmission matrix retrieval:the smoothed Gerchberg–Saxton single-iteration algorithm

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Photonics Research 2022年第10期10卷 2349-2358页

作者： DANIELE ANCORA lorenzo DOMINICI ANTONIO GIANFRATE PAOLO CAZZATO MILENA DE GIORGI DARIO BALLARINI DANIELE SANVITTO LUCA LEUZZI Department of Physics Universitàdi Roma la SapienzaPiazzale Aldo Moro 5I-00185 RomeItaly Institute of Nanotechnology Consiglio Nazionale delle Ricerche(CNR-NANOTEC)Via MonteroniI-73100 LecceItaly Institute of Nanotechnology Soft and Living Matter LaboratoryConsiglio Nazionale delle Ricerche(CNR-NANOTEC)Piazzale Aldo Moro 5I-00185 RomeItaly

The estimation of the transmission matrix of a disordered medium is a challenging problem in disordered ***,its reconstruction relies on a complex inversion that aims at connecting a fully controlled input to the deterministic interference of the light field scrambled by the *** the moment,iterative phase retrieval protocols provide the fastest reconstructing frameworks,converging in a few tens of *** the knowledge of speckle correlations,we construct a new phase retrieval algorithm that reduces the computational cost to a single *** being faster,our method is practical because it accepts fewer measurements than state-of-the-art *** to reducing computation time by one order of magnitude,our result can be a step forward toward real-time optical imaging that exploits disordered devices.

关键词： optical matrix algorithm

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Silicon nanocrystals to enable silicon photonics

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Chinese Optics Letters 2009年第4期7卷 319-324页

作者： lorenzo Pavesi Nanoscience Laboratory Department of PhysicsUniversity of Trento

Low dimensional silicon, where quantum size effects play significant roles, enables silicon with new photonic functionalities. In this short review, we discuss the way that silicon nanocrystals are produced, their optoelectronic properties and a few device applications. We demonstrate that low dimensional silicon is an optimum material for developing silicon photonics.

关键词： Nanocrystals Photonic devices

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Patient-derived organoids for therapy personalization in inflammatory bowel diseases

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World Journal of Gastroenterology 2022年第24期28卷 2636-2653页

作者： Marianna Lucafò Antonella Muzzo Martina Marcuzzi lorenzo Giorio Giuliana Decorti Gabriele Stocco Advanced Translational Diagnostics Laboratory Institute for Maternal and Child Health-IRCCS“Burlo Garofolo”Trieste 34137Italy Department of Medicine Surgery and Health SciencesUniversity of TriesteTrieste 34127Italy Department of Life Sciences University of TriesteTrieste 34127Italy

Inflammatory bowel diseases(IBDs)are chronic inflammatory disorders of the intestinal tract that have emerged as a growing problem in industrialized *** of IBD pathogenesis is still incomplete,and the most widely-accepted interpretation considers genetic factors,environmental stimuli,uncontrolled immune responses and altered intestinal microbiota composition as determinants of IBD,leading to dysfunction of the intestinal epithelial *** vitro models commonly used to study the intestinal barrier do not fully reflect the proper intestinal *** important innovation is represented by organoids,3D in vitro cell structures derived from stem cells that can self-organize into functional organ-specific *** may be generated from induced pluripotent stem cells or adult intestinal stem cells of IBD patients and therefore retain their genetic and transcriptomic *** models are powerful pharmacological tools to better understand IBD pathogenesis,to study the mechanisms of action on the epithelial barrier of drugs already used in the treatment of IBD,and to evaluate novel target-directed molecules which could improve therapeutic *** aim of this review is to illustrate the potential use of organoids for therapy personalization by focusing on the most significant advances in IBD research achieved through the use of adult stem cells-derived intestinal organoids.

关键词： Inflammatory bowel disease Organoids Intestinal epithelium 3D cell cultures Personalized medicine

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Biomechanical analysis of the "running" vs. "conventional" diagonal stride uphill techniques as performed by elite cross-country skiers

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Journal of Sport and Health Science 2022年第1期11卷 30-39页

作者： Barbara Pellegrini Chiara Zoppirolli Federico Stella lorenzo Bortolan Hans-Christer Holmberg Federico Schena CeRiSM(Research Centre of Mountain Sport and Health) University of VeronaRovereto 38068Italy Department of Neuroscience Biomedicine and MovementUniversity of VeronaVerona 37129Italy Swedish Winter Sports Research Centre Department of Health SciencesMid Sweden UniversityÖstersund 83125Sweden School of Kinesiology University of British ColumbiaVancouver BC V6T 1Z1Canada Biomechanics Laboratory Beijing Sport UniversityBeijing 100084China

Purpose:This study aimed to compare biomechanical aspects of a novel"running"diagonal stride(DSRUN)with"conventional"diagonal stride(DSCONV)skiing techniques performed at high ***:Ten elite Italian male junior cross-country skiers skied on a treadmill at 10 km/h and at a 10°incline utilizing both variants of the diagonal stride *** 3-dimensional kinematics of the body,poles,and roller skis;the force exerted through the poles and foot plantar surfaces;and the angular motion of the leg joints were ***:Compared to DSCONV,DSRUN demonstrated shorter cycle times(1.05±0.05 s vs.0.75±0.03 s(mean±SD),p<0.001)due to a shorter rolling phase(0.40±0.04 s vs.0.09±0.04 s,p<0.001);greater force applied perpendicularly to the roller skis when they had stopped rolling forward(413±190 N vs.890±170 N,p<0.001),with peak force being attained earlier;prolonged knee extension,with a greater range of motion during the roller ski-stop phase(28°±40 vs.16°±3°,p=0.00014);and more pronounced hip and knee flexion during most of the forward leg *** mechanical work performed against friction during rolling was significantly less with DSRUN than with DSCONV(0.04±0.01 J/m/kg vs.0.10±0.02 J/m/kg,p<0.001).Conclusion:Our findings demonstrate that DSRUN is characterize by more rapid propulsion,earlier leg extension,and a greater range of motion of knee joint extension than DSCONV-Further investigations,preferably on snow,should reveal whether DSRUN results in higher acceleration and/or higher peak speed.

关键词： Classical skiing Kinetics Roller skiing

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