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The goal of this clinical report was to present an alternative to traditional flat bone reduction guides, using a custom-designed 3-dimensional (3D)–printed guide according to the future gingival margin of the planned dentition. A 61-year-old woman with concerns regarding her smile appearance was presented. The initial examination revealed excessive gingival show accompanied by excessive overjet. The dentition was in a failing situation. The proposed treatment plan, relying on the sufficient amount of bone and keratinized tissue, consisted of recontouring of the alveolar ridge and gingiva and placement of 6 implants and an FP-1 prosthesis after extraction of all remaining maxillary teeth. Digital smile design was completed, and a fully digitally guided surgery was planned. This consisted of using 3 surgical guides, starting with the fixation pin guide, continuing with the scalloped hard- and soft-tissue reduction guide, and finally the implant placement template. Following the surgery, the patient received a temporary restoration, and on the 4-month follow-up, a new polymethyl meta-acrylate temporary prosthesis was delivered. The patient's 7-month follow-up is presented in the article. The report of this triple-template guided surgery indicated that digital 3D planning is a considerably predictable tool to properly establish and evaluate future occlusal plane, smile line, and lip support. Scalloped guides seem to be an excellent alternative to conventional bone reduction guides since they require less bone removal and improve patient comfort during surgery. [ABSTRACT FROM AUTHOR]

Optimal oncological results and patient outcomes are achieved in surgery for early breast cancer with breast conserving surgery (BCS) where this is appropriate. A limitation of BCS occurs when cancer is present at, or close, to the resection margin – termed a 'positive' margin – and re-excision is recommended to reduce recurrence rate. This is occurs in 17% of BCS in the UK and there is therefore a critical need for a way to assess margin status intraoperatively to ensure complete excision with adequate margins at the first operation. This study presents the potential of high wavenumber (HWN) Raman spectroscopy to address this. Freshly excised specimens from thirty patients undergoing surgery for breast cancer were measured using a surface Raman probe, and a multivariate classification model to predict normal versus tumour was developed from the data. This model achieved 77.1% sensitivity and 90.8% specificity following leave one patient out cross validation, with the defining features being differences in water content and lipid versus protein content. This demonstrates the feasibility of HWN Raman spectroscopy to facilitate future intraoperative margin assessment at specific locations. Clinical utility of the approach will require further research. [ABSTRACT FROM AUTHOR]

In addition to the characteristics of leptokurtic fat-tailed distribution, financial sequences also exhibit typical volatility and jumps. Moreover, jumps exhibit self-exciting and clustering characteristics under extreme events. However, studies on dynamic margin levels often ignore jumps. In this study, we combine the self-exciting stochastic volatility with correlated jumps (SE-SVCJ) model with a generalized Pareto distribution (GPD) to measure the optimal margin level for the stock index futures market. Value at risk (VaR) is estimated and forecasted using the SE-SVCJ-GPD, SVCJ-GPD, and generalized autoregressive conditional heteroskedasticity with GPD (GARCH-GPD) models. SE-SVCJ-GPD can undertake more risks in the long or short trading position of stock index futures contracts. Moreover, the backtesting experiment results show that the SE-SVCJ-GPD model provides a more accurate margin level forecast than the other methods in both positions. This study's findings have practical significance and theoretical value for assessing the level of risk and taking corresponding risk-prevention measures. [ABSTRACT FROM AUTHOR]

Purpose: Among soft tissue sarcomas, undifferentiated pleomorphic sarcoma (UPS) has relatively higher potential of recurrence and metastasis. As serum lactate dehydrogenase (LDH) is associated with tumor progression and unfavorable outcomes in multiple malignancies, we designed this study to explore the relationship between preoperative serum LDH and prognosis in UPS patients. Methods: We extracted the data of UPS patients who underwent primary surgery in Shanghai Cancer Center, Fudan University. Receiver-operating characteristic (ROC) curve was used to figure out the best cutoff value of LDH to classify them into high- or low-expression groups. Univariate and multivariate analyses were performed using Cox proportional hazards regression to identify independent prognostic factors. Kaplan–Meier analysis was used to compare differences in overall survival (OS) and time to recurrence (TTR) between patients with high- or low-serum LDH. Results: Multivariate analyses demonstrated that preoperative serum LDH was an independent factor for OS. Kaplan–Meier curves showed that patients with relatively high-serum LDH (P = 0.0004) had poorer OS compared with those with low-serum LDH. There was a trend that patients with relatively high-serum LDH had poorer TTR than those without (P = 0.1249). In addition, there were obvious trends that patients with decreased serum LDH after surgery showed better OS (P = 0.0954) and TTR (P = 0.1720) than those with elevated serum LDH. Moreover, high preoperative serum LDH was associated with female patients (P = 0.0004), positive margin (P < 0.0001), worse survival (P = 0.0061), higher mitotic index (P = 0.0222) and necrosis (P = 0.0225). Conclusions: Preoperative serum LDH is an independent factor for OS in UPS patients, and it correlates with future surgical margin. [ABSTRACT FROM AUTHOR]

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A new version of the Trading Operating Procedures Manual for the Brazilian Exchange has been implemented, which includes changes related to futures contracts referenced in cryptocurrency indices. These changes involve criteria and procedures for the definition of rejection and auction tunnels, leverage control through minimum margin mechanisms, and monitoring compliance with leverage control measures. Additionally, participants trading Bitcoin futures contracts must comply with obligations regarding leverage control and minimum margin requirements. The minimum margin required for day trade operations is BRL100.00 per Bitcoin Futures Contract. Monitoring of compliance with the minimum margin includes evaluating the percentage of zeroing actions by brokers within a 30-second window. [Extracted from the article]

The electromigration (EM)-induced reliability issues in very large-scale integration (VLSI) circuits have attracted increased attention due to the continuous technology scaling. Traditional EM models often lead to overly pessimistic predictions incompatible with the shrinking design margin in future technology nodes. Motivated by the latest success of neural networks in solving differential equations in physical problems, we propose a novel mesh-free model to compute EM-induced stress evolution in VLSI circuits. The model utilizes a specifically crafted space–time physics-informed neural network (STPINN) as the solver for EM analysis. By coupling the physics-based EM analysis with dynamic temperature incorporating Joule heating and via effect, we can observe stress evolution along multisegment interconnect trees under constant, time-dependent, and space–time-dependent temperature during the void nucleation phase. The proposed STPINN method obviates the time discretization and meshing required in conventional numerical stress evolution analysis and offers significant computational savings. Numerical comparison with competing schemes demonstrates a $2\times $ – $52\times $ speedup with a satisfactory accuracy. [ABSTRACT FROM AUTHOR]

Numerous trials have demonstrated the benefit of partial breast preoperative radiation to produce tumor shrinkage to decrease the extent of surgery and increase the likelihood of negative margins with surgery, and to minimize long-term cosmetic effects of radiation. One of the main challenges of preoperative partial breast radiation is localizing the tumor. Prior studies have placed fiducial markers in the tumor bed, but this is an extraneous procedure just for radiation localization. For the first time, we sought to determine the novel use of the SCOUT® reflector, a radar localization system used by ∼40% breast surgeons nationwide for surgical localization, to optimize target localization in preoperative breast radiation delivery. Prior to CT simulation, a SCOUT® reflector (diameter = 1.6 mm, length = 12 mm) was placed by a radiologist under ultrasound or mammographic guidance. Contours for tumor and normal structures were created as per standard of care, with the reflector contoured with a 3 mm margin. A plan was developed to treat the partial breast PTV to 40Gy in 5 fractions every other day delivered by a VMAT dual-partial-arc plan. Cone beam Computed Tomography (CBCT) was used for initial alignment and real-time kV images (RTI) images were taken every 20 degrees of gantry rotation through the arc. The study evaluated the average distance between the centroid of the reflector+3mm contour and the center of each reflector. This study conducted a comprehensive analysis of real-time imaging data from preoperative radiation therapy, reviewing a total of 292 images. Upon combining the datasets from patients, the mean real distance between the centroid of the reflector+3mm contour and the localized reflector was 1.87 ± 1.01 mm. Applying Van Herk's formula to the aggregate data yielded a margin of 5.34 mm, which indicates the necessary buffer to ensure accurate localization within the margin of safety. The one-sample t-test of the collective data resulted in a highly significant level of precision in the localization method (P < 0.05). These results reinforce the reliability of the SCOUT® reflector for target tracking in image-guided radiation therapy (IGRT). Post-treatment, the reflector was successfully detected in all surgical procedures, validating its clinical utility. For the first time, this study demonstrates the SCOUT® reflector to be a robust tool for enhancing the accuracy of tumor localization in preoperative breast radiation therapy. Real-time imaging demonstrated this technique enabled precise targeting, monitoring, and intrafractional adjustment. Future studies should consider the use of SCOUT® reflectors for preoperative breast tumor localization which may allow for smaller PTV margins in the future. [ABSTRACT FROM AUTHOR]

The initiation of continental rifting from the latest Early Triassic was reconstructed by correlation of sedimentary formations deposited in the western end of Neotethys (in the Dinaric–Alpine oceanic branch). The shallow-marine and basinal strata of the Silica Nappes and the Bódvarákó Series from the Torna Nappe (located in the southern part of the Inner Western Carpathians) were studied and compared to sedimentary successions described from the Alps, the Carpathians and the Dinarides. The depositional zonation, developed on the shelf during the Late Permian‒Early Triassic transgression, was dissected and rearranged from the latest Early Triassic. The facies pattern and the differential sedimentary evolution of the shelf domains suggest that the accelerated subsidence began in the latest Early Triassic, and was connected to the onset of continental rifting. Three stages are reconstructed in the studied time-frame. (1) Dark grey carbonates, very poor in fossils, were deposited in restricted and hypersaline intraplatform basins in many shelf domains. In the external domains, shallow-marine carbonates, depositional gaps and terrestrial deposits are typical (formations in the Southern Alps, the External Dinarides and the Serbian–Macedonian Massif). From the latest Early Triassic, this latter shelf segment formed a threshold that restricted water circulation from the intraplatform basins. (2) Shallowing-up carbonate successions mark the next stage that implies a period of tectonic quiescence on the shelf from the late Early Anisian to late Middle Anisian. A peculiar change in biota occurring in previously restricted domains was coeval in shallow-marine and deep-marine settings. The biotic change is revealed by observations that dark grey carbonates, which are very poor in fossils, are overlain by carbonate successions rich in fossils typical for normal-marine water. The biota and environmental changes indicate the opening of a passage which allowed the circulation of well-oxygenated and normal-salinity marine water towards the previously restricted depositional areas. The geodynamic setting switching from continental rifting to spreading in the southern sector of the Dinaric–Alpine oceanic branch (Hellenides and Albanides), triggered the opening of the gateway between the future continental margins, i.e., between the External Dinaridic domain (Adria) and Serbian–Macedonian Massif (Eurasia). (3) Following the biotic event in the northern sector of the shelf, subsidence accelerated and additional intraplatform basins opened from the latest Pelsonian. [ABSTRACT FROM AUTHOR]

Based on the contemporary concepts of Tourist Carrying Capacity (CCT), an evaluation of this indicator of pressure on the sustainability of the archaeological monument La Piedra Letrada is presented, through the principle by which it is considered that an attempt should be made to gradually outline the total or effective load capacity of a space based on weighing its physical load capacity, that is, the basic density of use, with the restrictions of use imposed by certain specific conditions of the place; to which the key spaces of the tourist visit were identified, as well as an approximate estimate of the densities for each space. In this way, different scenarios are determined regarding the maximum density of tourist use of the object of study, which allow clarifying the margins of action for future decision-making processes related to the organization and implementation of the public visit, finally obtaining a useful instrument whose values are relativized according to the management capacity developed by the governing bodies of the heritage space itself, and which must be evaluated based on future statistical data provided by the tourist and systematic management of the site. [ABSTRACT FROM AUTHOR]

In this research we investigate the impact of stochastic volatility on future initial margin (IM) and margin valuation adjustment (MVA) calculations for interest rate derivatives. An analysis is performed under different market conditions, namely during the peak of the Covid-19 crisis when the markets were stressed and during Q4 of 2020 when volatilities were low. The Cheyette short-rate model is extended by adding a stochastic volatility component, which is calibrated to fit the EUR swaption volatility surfaces. We incorporate the latest risk-free rate benchmarks (RFR), which in certain markets have been selected to replace the IBOR index. We extend modern Fourier pricing techniques to accommodate the RFR benchmark and derive closed-form sensitivity expressions, which are used to model IM profiles in a Monte Carlo simulation framework. The various results are compared to the deterministic volatility case. The results reveal that the inclusion of a stochastic volatility component can have a considerable impact on nonlinear derivatives, especially for far out-of-the-money swaptions. The effect is particularly pronounced if the market exhibits a substantial skew or smile in the implied volatility curve. This can have severe consequences for funding cost valuation and risk management. [ABSTRACT FROM AUTHOR]

Summary: Patient‐centred outcomes are increasingly recognised as crucial measures of healthcare quality. Days alive and at home up to 30 days after surgery (DAH30) is a validated and readily obtainable patient‐centred outcome measure that integrates much of the peri‐operative patient journey. However, the minimal difference in DAH30 that is clinically important to patients is unknown. We designed and administered a 28‐item survey to evaluate the minimal clinically important difference in DAH30 among adult patients undergoing inpatient surgery. Patients were approached pre‐operatively or within 2 days postoperatively. We did not study patients undergoing day surgery or nursing home residents. Patients ranked their opinions on the importance of discharge home using a Likert scale (from 1, not important at all to 6, extremely important) and the minimum number of extra days at home that would be meaningful using this scale. We recruited 104 patients; the survey was administered pre‐operatively to 45 patients and postoperatively to 59 patients. The mean (SD) age was 53.5 (16.5) years, and 51 (49%) patients were male. Patients underwent a broad range of surgery of mainly intermediate (55%) to major (33%) severity. The median minimal clinically important difference for DAH30 was 3 days; this was consistent across a broad range of scenarios, including earlier discharge home, complications delaying hospital discharge and the requirement for admission to a rehabilitation unit. Discharge home earlier than anticipated and discharge home rather than to a rehabilitation facility were both rated as important (median score = 5). Empirical data on the minimal clinically important difference for DAH30 may be useful to determine sample size and to guide the non‐inferiority margin for future clinical trials. [ABSTRACT FROM AUTHOR]

Using the generalized extreme value theory to characterize tail distributions, we address liquidation, leverage and optimal margins for bitcoin long and short futures positions. The empirical analysis of perpetual bitcoin futures on BitMEX shows that (1) daily forced liquidations to outstanding futures are substantial at 3.51% and 1.89% for long and short; (2) investors got forced liquidation do trade aggressively with average leverage of 60X; and (3) exchanges should elevate current 1% margin requirement to 33% (3X leverage) for long and 20% (5X leverage) for short to reduce the daily margin call probability to 1%. Our results further suggest that normality assumption on return significantly underestimates optimal margins. Policy implications are also discussed. [ABSTRACT FROM AUTHOR]

The bony carotid canal is a tube-like bone with a rough surface in contrast to smooth surfaces of the other parts of the temporal bone petrosal portion (petrosa): it takes an impression of the additional, out-sourcing product. No study had been conducted to evaluate a contribution of the adjacent sphenoid and pharyngotympanic tube (PTT) to the carotid canal. We examined sagittal and horizontal histological sections of hemi-heads from 37 human fetuses at 10 to 37 weeks. At 10 to 18 weeks, the future carotid canal was identified as a wide loose space between the cartilaginous cochlea and the ossified or cartilaginous sphenoid elements (ala temporalis and pterygoid). A linear mesenchymal condensation extending between the cochlear wall and ala temporalis suggested the future antero-inferior margin of the carotid canal. This delineation was more clearly identified in later stages. After 25 weeks, 1) the growing pterygoid pushed the PTT upward and, in turn, the PTT pushed the internal carotid artery (ICA) upward toward the petrosa: 2) a membranous ossification occurs in the dense mesenchymal tissue, the latter of which took an appearance of an anterior process of the petrosa; 3) the bony process of the petrosa involved the ICA inside or posteriorly. The bony carotid canal was made with membranous ossification in the dense mesenchymal tissue between the petrosa and sphenoid. The mother tissue was detached from the sphenoid by the PTT. The ossification of the septum between the ICA and tympanic cavity seemed to continue after birth. [ABSTRACT FROM AUTHOR]

The purpose of this study is to investigate whether margin downregulations helped enhance the functions of index futures markets following the stock market crash in China in 2015. Using high-frequency trading data, we estimate the changes in the price discovery and volatility spillover relationships between the CSI 300 index and its futures. We find that reducing the margin ratio strengthens the lead role of futures in the lead-lag relationship and results in more volatility transmission from futures markets to the stock market. Furthermore, this paper shows that the expiration-day effect negatively influences the two functions. [ABSTRACT FROM AUTHOR]

This paper investigates the relationship between bank credit maturity structure and economic growth of the respective economies at the state level within the United States. The results suggest that loan maturity structure in addition to interest rates and credit availability do significantly affect economic growth. Productive economies make greater use of both short and long term credit. The provision of longer term funding at the margin actualizes future production, experiencing greater productivity growth in the present. [ABSTRACT FROM AUTHOR]

Clean surgical margins in breast‐conserving surgery (BCS) are essential for preventing recurrence. Intraoperative pathologic diagnostic methods, such as frozen section analysis and imprint cytology, have been recognized as crucial tools in BCS. However, the complexity and time‐consuming nature of these pathologic procedures still inhibit their broader applicability worldwide. To address this situation, two issues should be considered: 1) the development of nonpathologic intraoperative diagnosis methods that have better sensitivity, specificity, speed, and cost; and 2) the promotion of new imaging algorithms to standardize data for analyzing positive margins, as represented by artificial intelligence (AI), without the need for judgment by well‐trained pathologists. Researchers have attempted to develop new methods or techniques; several have recently emerged for real‐time intraoperative management of breast margins in live tissues. These methods include conventional imaging, spectroscopy, tomography, magnetic resonance imaging, microscopy, fluorescent probes, and multimodal imaging techniques. This work summarizes the traditional pathologic and newly developed techniques and discusses the advantages and disadvantages of each method. Taking into consideration the recent advances in analyzing pathologic data from breast cancer tissue with AI, the combined use of new technologies with AI algorithms is proposed, and future directions for real‐time intraoperative margin assessment in BCS are discussed. [ABSTRACT FROM AUTHOR]

Processes occurring at the grounding zone of marine terminating ice streams are crucial to marginal stability, influencing ice discharge over the grounding‐line, and thereby regulating ice‐sheet mass balance. We present new marine geophysical data sets over a ~30×40 km area from a former ice‐stream grounding zone in Storfjordrenna, a large cross‐shelf trough in the western Barents Sea, south of Svalbard. Mapped ice‐marginal landforms on the outer shelf include a large accumulation of grounding‐zone deposits and a diverse population of iceberg ploughmarks. Published minimum ages of deglaciation in this region indicate that the deposits relate to the deglaciation of the Late Weichselian Storfjordrenna Ice Stream, a major outlet of the Barents Sea–Svalbard Ice Sheet. Sea‐floor geomorphology records initial ice‐stream retreat from the continental shelf break, and subsequent stabilization of the ice margin in outer‐Storfjordrenna. Clustering of distinct iceberg ploughmark sets suggests locally diverse controls on iceberg calving, producing multi‐keeled, tabular icebergs at the southern sector of the former ice margin, and deep‐drafted, single‐keeled icebergs in the northern sector. Retreat of the palaeo‐ice stream from the continental shelf break was characterized by ice‐margin break‐up via large calving events, evidenced by intensive iceberg scouring on the outer shelf. The retreating ice margin stabilized in outer‐Storfjordrenna, where the southern tip of Spitsbergen and underlying bedrock ridges provide lateral and basal pinning points. Ice‐proximal fans on the western flank of the grounding‐zone deposits document subglacial meltwater conduit and meltwater plume activity at the ice margin during deglaciation. Along the length of the former ice margin, key environmental parameters probably impacted ice‐margin stability and grounding‐zone deposition, and should be taken into consideration when reconstructing recent changes or predicting future changes to the margins of modern ice streams. [ABSTRACT FROM AUTHOR]

Regulatory policy is an important factor affecting the development of emerging ride-hailing platforms. However, there is little research exploring the impact of specific regulatory policies on platforms from the perspective of enterprise growth. Taking the Chinese ride-hailing platform (RHP) as an example, this study employs the system dynamics method to simulate and analyze the impact of restrictive policies on the model of vehicles and the qualification of drivers on the growth of RHP. Furthermore, it compares and evaluates the effects of different countermeasures taken by the platform in the face of policy uncertainty. Specifically, this study dynamically examines the growth of platforms under loose/strict policy and short/long term policy scenarios, and evaluates the coping strategy of self-built fleet adopted by platform. The results show that regulatory policy uncertainty brings great challenges to the overall development of the RHP. A Self-built fleet not only has the potential to improve RHP's ability to resist policy risks but also increases the platform's scale effect at both ends of supply and demand. It is worth noting that RHP should devise the most suitable strategy according to a comprehensive evaluation of the characteristics of the regulatory policies and the cost-effectiveness of the countermeasure. It also shows that the promotion and application of new energy vehicles and automated vehicles can bring good profit margins to RHP in the future. This study can help policymakers and managers better understand of the impact of regulatory policy on the growth of RHP and also provide a valuable reference for promoting the healthy and orderly development of ride-hailing market. [ABSTRACT FROM AUTHOR]

The theory of storage says that the marginal convenience yield on inventory falls at a decreasing rate as inventory increases. The authors test this hypothesis by examining the relative variation of spot and futures prices for metals. As the hypothesis implies, futures prices are less variable than spot prices when inventory is low, but spot and futures prices have similar variability when inventory is high. The theory of storage also explains inversions of "normal" futures-spot price relations around business-cycle peaks. Positive demand shocks around peaks reduce metal inventories and, as the theory predicts, generate large convenience yields and price inversions. [ABSTRACT FROM AUTHOR]

Stock index futures prices are generally below the level predicted by simple arbitrage models. This paper suggests that the discrepancy between the actual and predicted prices is caused by taxes. Capital gains and losses are not taxed until they are realized. As Constantinides demonstrates in a recent paper, this gives stockholders a valuable timing option. If the stock price drops, the investor can pass part of the loss on to the government by selling the stock. On the other hand, if the stock price rises, the investor can postpone the tax by not realizing the gain. Since this option is not available to stock index futures traders, the futures prices will be lower than standard no-tax models predict. [ABSTRACT FROM AUTHOR]

This paper will demonstrate that different margin levels are associated with the price behavior differences of certain commodity futures. In 1959, Harry Roberts suggested the methodology of rational subgrouping as a means of testing random versus systematic price changes. His methodological suggestion has had only limited testing in security markets and no direct application to domestic futures markets. This paper uses margin levels as a basis for rational subgrouping of selected commodity futures. Evidence supports the argument that, when a series of price changes is grouped according to margin levels and these levels are analyzed separately, nonrandom characteristics that tend to be offsetting in the aggregate series become evident. The nonrandom behavior observed is consistent with the hypothesis that, in certain periods, margin levels have been set too high to attract a volume of speculative services necessary for the maintenance of market balance. The first section presents the market model and a description of the institutional framework of margin levels and the technique of rational subgrouping. A hypothesis regarding the relationship between margin levels and price behavior is set forth in the next section. The results of serial correlation and run analysis follow. It is shown that either of these tests used separately would lead to incomplete or inaccurate interpretation of the behavior of the underlying series. The characteristics of the distributions of daily price changes are examined next with the intention of discriminating between a Gaussian nonstationary hypothesis and a stable Paretian hypothesis. Application of the Kolmogorov-Smirnov test indicates that neither hypothesis is consistent with the data, but stable Paretian is a closer approximation. The final section is concerned with economic interpretations of the results and is followed by a brief summary of findings. [ABSTRACT FROM AUTHOR]

Detailed, high quality, marine total field magnetic data recently acquired over parts of the South Atlantic Ocean off the southwestern margin of South Africa display a pattern of well-defined, NW-SE striking linear magnetic anomalies that can be traced with confidence over distances >150 km. The magnetic anomalies are interpreted to be M-series seafloor spreading anomalies M9 to M11, which are consistent with the initiation of seafloor spreading at approximately 135 Ma (Late Valanginian/Early Hauterivian). Seafloor spreading models indicate a more rapid (44 mm/yr) initial spreading phase between M11 and M4/M5 followed by slower (29 mm/yr) spreading from M4/M5 to M0. This two rate spreading model also matches M-series anomalies previously reported over the conjugate South American margin offshore Argentina where the rates are slightly (<10%) slower. The presence of M11 anomalies over both margins suggest s an earlier opening of the southern South Atlantic basin than previously recognized. Breaks in the continuity of the linear anomaly pattern, observed in map view, are oriented approximately NE-SW and are considered sites of possible fracture zones. One such discontinuity, which we have termed the “Cape Lineament” (CL), marks a significant change in crustal character and Cretaceous depositional history, as revealed by gravity data and seismic reflection data, respectively. Crust NW of the CL, in the Orange Basin, is characterized by greater thickness and the presence of seismically-imaged seaward dipping reflectors (SDRs) whereas SE of the CL the crust has a more “normal” oceanic thickness and SDRs are either absent or more limited in areal extent. Magnetic, gravity and seismic data were combined to develop a crustal model of the South African margin north of the CL that includes: (a) a region of rifted/attenuated continental crust landward of magnetic anomaly G, (b) a 60–80 km wide zone of substantially intruded, underplated thin continental crust overlain by SDRs between anomalies G and M11, and (c) a ∼90 km wide zone of thick oceanic crust associated with a wide intrusion zone and smoother seafloor spreading magnetic anomalies that thins progressively to normal oceanic crustal thickness at the seaward edge of the overlying SDRs. South of the CL, the change in crustal character from attenuated continental crust to normal thickness oceanic crust occurs over a much shorter distance of approximately 35–40 km, possibly indicating the diminished influence of magmatic material. Although linear magnetic anomalies are observed both NW and SE of CL, anomalies to the SE display a better correlation with those predicted by our seafloor spreading model. We have successfully reconstructed the positions of the African and South American margins south of 32°S at M11 time (i.e., ∼135 Ma) using a new rotation pole at 38.86°N, 31.46°W. This pole applies only to the southernmost margins of the Austral segment where M11 is observed. Further north at this time the margins are undergoing non-rigid deformation that includes both crustal extension and magmatic underplating. [ABSTRACT FROM AUTHOR]

The current low interest rate environment and the coming into force of Solvency II raise questions about the stability of the life insurance industry in Europe and the sustainability of traditional insurance products. We use a data set built from French supervisory reports to investigate the drivers of the participation rates (equivalent to annual yields) served on euro-denominated life insurance contracts over the period from 1999 to 2013. Our analysis confirms practitioners’ intuition on the alignment with the 10-year French government bond; we later analyse the deviation of the participation rates from this reference. Our data indicate that financial margins are more strictly targeted than participation. We find evidence that surrenders are fairly uncorrelated with participation, suggesting that other levers are used to monitor them. While higher asset returns can imply better yield for policyholders, riskier portfolios do not necessarily translate into better participation. [ABSTRACT FROM AUTHOR]

A model shows that the price-dependent Chinese margin system differs from the fixed-amount American margin system by altering the risk of underlying positions, resulting in a more elastic demand by long-term buyers but a more inelastic demand by long-term sellers, whereas demand by day traders is not affected. The simulation results show a reduction in price volatility when trading is switched to the Chinese floating system. Empirical evidence shows that futures price volatility in China is lower in general and on market-down days than that in the United States, both of which are consistent with the predictions of the model. [ABSTRACT FROM AUTHOR]

This paper focuses on the effects of a corporate income flat tax reform on businesses' investment decisions. Since 1990, several Swiss states (cantons) have been switching from a graduated to a flat tax rate scheme on profits. The paper assesses the effects of such a reform both on the number of establishments (i.e. extensive margin of investment) and on the number of employees (i.e. intensive margin) in a given jurisdiction by computing a difference-in-differences estimation. Our results suggest that the introduction of a flat tax reform on corporate income taxes has a negative and statistically significant impact on both margins of investment. Moreover, the effect is considerably larger for riskier firms, suggesting that progressive taxation acts as an insurance effect for risk-averse entrepreneurs. [ABSTRACT FROM AUTHOR]

Aim/purpose - To develop a conceptual model for analyzing the impact of output price risk and material input price risk on price margins. Design/methodology/approach - To analyze the combined effect of output price risk and material input risk on price margins, we use a series of comparative static analyses, GARCH models, and data ranging from 1990/01 to 2012/12. Findings - The theoretical results indicate that the impact of output price risk and the impact of material input price risk on price margins are ambiguous and, to a great extent, hinge on the correlation between output price and material input price. The empirical results show that whole frozen catfish price risk and live catfish price risk negatively affect the price margin for frozen catfish. The empirical results, however, indicate that the risk of the price of live catfish affects markedly the price margin for frozen whole catfish in contrast to the impact of the risk of the price of frozen whole catfish. Research implications/limitations - The empirical results have significant implications for managerial decision-making especially when crafting strategies for improving price margins. Accordingly, in order to beef up the price margin for frozen whole catfish, catfish processors may consider engaging in vertical integration. This paper has some limitations: first, it assumes that firms operate in competitive markets; second, it assumes that firms produce and sell a single product. Originality/value/contribution - Unlike earlier studies that focused solely on the effect of output price risk on price margins, this paper analyzes theoretically and empirically the impact of output price risk and material input price risk on price margins. [ABSTRACT FROM AUTHOR]

While value-based pricing remains the most talked about and taught pricing orientation, it is also the most difficult pricing orientation to deploy in organizations. For the past 5 years, scholars have continued to recommend the adoption of value-based pricing while at the same time exploring the reasons for its continued low adoption and high rate of failure. We surveyed 144 pricing professionals in 144 distinct organizations to understand the current state of the value-based-pricing practice. We explore perceptions and challenges, and further validate the impact of value-based pricing on margins. We also identify the key drivers of the impact of value-based pricing on the business unit profitability and pricing power. Our results show that we still have a long road ahead with the increased adoption of value-based pricing as a primary pricing orientation. While perceptions have improved, there remain critical difficulties in deploying this methodology in firms. With this study, we intended to continue the discussion on the necessity to pay attention to customer value and also provide additional knowledge to practitioners willing to get started on the journey toward pricing excellence. [ABSTRACT FROM AUTHOR]

We estimate time-for-money tradeoffs for cyclists by exploiting revealed behavior in response to a bikesharing program's discontinuous, "notched" pricing structure. The cost of a bicycle trip increases from $0 to $1 after 30 min. We observe cyclists adding time to their trip by checking-in at an intermediate station along their route to avoid the price, thus revealing their value of saving time (VST) cycling. Estimates of the VST for cycling are close to the minimum wage or roughly 20% of hourly wages implied by median incomes. These estimates are smaller than comparable estimates for automobiles, likely driven by leisure benefits of cycling. Although bicycle commuters exhibit somewhat larger VSTs, our results across user type, time, and route-specific characteristics are relatively homogeneous, suggesting a more fundamental time–money tradeoff. Additionally, we estimate small changes along extensive margins in response to a large price increase, but changes along intensive margins are virtually nonexistent. [ABSTRACT FROM AUTHOR]