Order Imbalances in Options and Volatility Risk Premium on Equity Index

Chin-Ho Chen,Huimin Chung,Wen-Liang G. Hsieh,Shu-Fang Yuan 한국재무학회 2011 한국재무학회 학술대회 Vol.2011 No.09

This study explores the impact of aggregate daily order imbalances in options on volatility risk premium on its underlying index. Two types of volatility risk premium, ex-post and ex-ante volatility risk premiums, are included to address this issue. Based on Taiwan stock index and options (TXO) data over the period from January 1, 2005 to December 31, 2009, several interesting results emerge. First, order imbalances in near-month options, especially for call options’, have a predominant influence on ex-post and ex-ante volatility risk premiums. Next, order imbalances of near-month options in either direction, excess buy orders or excess sell order, have distinct effect on volatility risk premium. Overall, the increased level of excess buy orders drives ex-post and ex-ante volatility risk premiums upward, but downward only for excess sell orders in call options. Finally, ex-post and ex-ante volatility risk premiums are positively related to order imbalances of near-month options in respond to continuous price variations. Nonetheless, there is no significant relation for index price jumps.

Hepatocyte and mesenchymal stem cell co-transplantation in rats with acute liver failure

Cheng-Maw Ho,Ya-Hui Chen,Chin-Sung Chien,Shu-Li Ho,Hui-Ling Chen,Rey-Heng Hu,Po-Huang Lee 대한이식학회 2020 Korean Journal of Transplantation Vol.34 No.2

Background: Cell therapy is considered a potential alternative to liver transplantation in acute liver failure (ALF). We aimed to evaluate the add-on therapeutic benefit of hepatocyte and mesenchymal stem cell (MSC) cotransplantation over hepatocyte-only transplantations in a rat model of ALF. Methods: ALF was induced by D-galactosamine in Sprague-Dawley rats. Freshly isolated donor hepatocytes were derived from Tg (UBC-emGFP) rats and MSCs were collected from the bone marrow cells of DsRed rats. Donor hepatocytes (1×107/mL) were intraportally transplanted 24 hours after treatment with D-galactosamine over a 70-second interval, and donor MSCs (0.5, 1, or 2×106/0.5 mL) were intraportally transplanted 1 hour after the hepatocyte transplantation was complete. Animals were sacrificed after 7 and 14 days and subjected to donor cell identification, liver histology, serologic testing, and immunohistopathological examination. Results: MSCs were observed in the periportal area, 1 and 2 weeks after transplantation. Transplanted hepatocytes did not actively proliferate when compared to hepatocyte-only transplantation. Morphologically, transplanted MSCs did not appear to differentiate into hepatocytes even 2 weeks after transplantation. Cotransplantation of MSCs was associated with lower macrophage infiltration, and reduced type I collagen, hepatocyte growth factor, tumor necrosis factor-α, and interleukin 10 expression, with similar gene expression profiles for epidermal growth factor and interleukin 6, when compared to hepatocyte-only transplantation. Conclusions: Hepatocyte and MSC cotransplantation is feasible and safe in rat models of ALF. MSCs were found to survive the process and could be located within the periportal niches 2 weeks after treatment, without enhancing transplanted hepatocyte proliferation or differentiating into hepatocytes, while ameliorating the inflammatory response.

Histopathological Evidence for the Existence of Primary Liver Progenitor Cell Cancer: Insight from Cancer Stem Cell Pathobiology

( Cheng-maw Ho ),( Shu-li Ho ),( Chia-tung Shun ),( Po-huang Lee ),( Ya-hui Chen ),( Chin-sung Chien ),( Hui-ling Chen ),( Rey-heng Hu ) 대한간학회 2017 춘·추계 학술대회 (KASL) Vol.2017 No.1

Aims: Primary liver progenitor cell cancer is a rare disease entity without definite evidence and characterization. Current nomenclature of primary liver cancer with prominent progenitor features is not comprehensive. This study was aimed to investigate the existence of this kind of primary liver cancer and characterize it immunohistopathologically based on the emerging understanding of cancer stem cell pathobiology. Methods: Surgical specimens from primary liver cancer which posed diagnostic difficulty fitting within current WHO classification of combined hepatocellular-cholangiocellular carcinoma with stem-cell features according to the growth morphology and its suggested immunohistochemical features, were stained with antibodies against well-defined markers of progenitor cells, stemness, and differentiation toward hepatocytes or cholangiocytes. Comparative interpretation of images was processed considering the histological morphology and characteristic markers. Results: The primary liver cancer consisted of CD24+ cancer progenitor cells and CD90+ mesenchymal stromal cells, which were intimately mixed. CD24+ cancer cells demonstrated bi-directional trends of differentiation: bile ductule transformation (cytokeratin 19+, epithelial cell adhesion molecule [EpCAM]+, neural cell adhesion molecule [NCAM]+, CD133+, and delta-like 1 homolog [DLK1]+); and trabecular or nested cell clusters toward hepatic lineage (hepatocyte nuclear factor-4 alpha [HNF-4α]+, Hep Par1+ and negative for CK19, EpCAM, CD133, and DLK1). Moderate lymphocyte (mostly CD4+ and CD8+ T cells) infiltrated in the CD90+ cancer- associated stroma. Conclusions: We provided the corroboration that liver progenitor cells can form primary liver cancer, not just presented as few side population of cancer stem cells. Its existence might pose significance for future stem cell therapeutic intervention targeting liver diseases, albeit the disease is rare.

Fabrication of a Pb-Sn Nanowire Array Gas Sensor Using a Novel High Vacuum Die Casting Technique

Chin-Guo Kuo,Ho Chang,Lih-Ren Hwang,Shu Hor,Jia-Shin Chen,Guo-yan Liu,Sheng-Cheng Cheng 대한금속·재료학회 2013 ELECTRONIC MATERIALS LETTERS Vol.9 No.4

In this study, an anodic aluminum oxide nanomold was obtained by etching on an aluminum substrate at a purity of 99.7% with an oxalic acid electrolyte. After etching, a nanomold was prepared with pores that were measured at 80 nm in diameter. This nanomold was used as a base. Using the vacuum casting method,the Pb-Sn alloy was die-cast into the nanomold and consequently shaped into a Pb-Sn alloy nanowire of 80 nm in diameter and 50 μm in length. After solidification, a Pb-Sn nanowire array was obtained. The array of Pb-Sn nanowires prepared in this study can be applied to a gas sensor. Microstructural analysis of the AAO nanomold and the Pb-Sn nanowire array are performed by SEM and XRD.

Effect of Cold Storage Time on Sprouting and Flowering of ‘Sinko’ Pear Scion in Taiwan

Ho-Jin Seo,Kwang-sik Cho,Jin-Ho Choi,Sun-hee Yim,Myung-su Kim,Chin-Lung Lee,Su-Feng Roan,Iou-Zen Chen 한국원예학회 2015 한국원예학회 학술발표요지 Vol.2015 No.5

Effect of Altitude on Flower Bud Differentiation and Necrosis in ‘Shinko’ Pears in Subtropical Climates

Ho-Jin Seo,Young-Ook Jin,Chin-Lung Lee,Su-Feng Roan,Iou-Zen Chen 한국원예학회 2015 원예과학기술지 Vol.33 No.1

Time-specific responses of flower bud differentiation were investigated in ‘Shinko’ (Pyrus pyrifolia Nakai) pear grown at different altitudes from July through December 2013 to determine their suitability as scions in a top-grafting system. Flower bud initiation and bud necrosis were monitored on each of three sections of one-year-old shoots: terminal, middle, and basal. Flower bud differentiation s tarted in September in the highlands of the Lishan area, and in J uly in the lowlands of the Zhoulan area. In Lishan, flower bud differentiation was higher in the middle and basal segments; during leaf fall, however, flower bud differentiation occurred rapidly in the terminal segment. In Zhoulan, flower buds began to differentiate from the terminal section of the shoot, and severe flower bud necrosis was noted. In July, flower buds developed normally; however, in early August, some of the buds at the basal segment showed browning. During leaf fall, some flower buds showed symptoms of necrosis with rapid and complete browning. Flower bud necrosis began at the basal segment and progressed rapidly towards middle and terminal sections. Before leaf fall, flower buds fell off when scales swelled. The terminal and middle parts of the current-year shoots, with some flower buds, collected in October or later from the Lishan area could be used as scions for top-grafting of ‘Shinko’ pear. Each grafting scion was a 3-5 cm shoot with one flower bud. These results suggest that scions from the terminal and middle segments of stems of ‘Shinko’ pear from the Lishan area can be used as scions whereas those from Zhoulan area show necrosis and might not be suitable as scions.

Studies on the Processing Properties and Interactions Between Porcine Blood Proteins and Waxy Rice Starch During Making Porcine Blood Cake

Lin, Chin-Wen,Yang, Jeng-Huh,Chu, Hsien-Pin,Su, Ho-Ping,Chen, Hsiao-Ling,Huang, Chia-Cheong Asian Australasian Association of Animal Productio 2001 Animal Bioscience Vol.14 No.3

The physiochemical properties and interactions between porcine blood and waxy rice were determined. Addition of calcium chloride (0.15%) improved acceptability of blood cake and increased the gelatinization degree of waxy rice. The water-holding capacity of porcine blood gel (blood/water=60/40, v/v), extent of absorption and gelatinization of waxy rice, and scanning electron microscopy showed that blood protein matrix and waxy rice are competitors for holding water in the cooking procedure. Non-haem iron content increased linearly (R=0.95) when heating temperature rose. The presence of blood proteins caused increasing of peak temperature (Tp) of gelatinization in differential scanning calorimetric thermal gram, The microstnlcture of plasma proteins and haemoglobin appeared continuous changes, and interacted with surface of waxy rice flour in terms of network and mosaic form, respectively. The electrophoretic patterns revealed an interaction between plasma proteins and waxy rice glutelin and haemoglobin when heated could be found at temperatures above $60^{\circ}C$.

Effect of Altitude on Flower Bud Differentiation and Necrosis in 'Shinko' Pears in Subtropical Climates

Seo, Ho-Jin,Jin, Young-Ook,Lee, Chin-Lung,Roan, Su-Feng,Chen, Iou-Zen Korean Society of Horticultural Science 2015 원예과학기술지 Vol.33 No.1

Time-specific responses of flower bud differentiation were investigated in 'Shinko' (Pyrus pyrifolia Nakai) pear grown at different altitudes from July through December 2013 to determine their suitability as scions in a top-grafting system. Flower bud initiation and bud necrosis were monitored on each of three sections of one-year-old shoots: terminal, middle, and basal. Flower bud differentiation s tarted in September in the highlands of the Lishan area, and in J uly in the lowlands of the Zhoulan area. In Lishan, flower bud differentiation was higher in the middle and basal segments; during leaf fall, however, flower bud differentiation occurred rapidly in the terminal segment. In Zhoulan, flower buds began to differentiate from the terminal section of the shoot, and severe flower bud necrosis was noted. In July, flower buds developed normally; however, in early August, some of the buds at the basal segment showed browning. During leaf fall, some flower buds showed symptoms of necrosis with rapid and complete browning. Flower bud necrosis began at the basal segment and progressed rapidly towards middle and terminal sections. Before leaf fall, flower buds fell off when scales swelled. The terminal and middle parts of the current-year shoots, with some flower buds, collected in October or later from the Lishan area could be used as scions for top-grafting of 'Shinko' pear. Each grafting scion was a 3-5 cm shoot with one flower bud. These results suggest that scions from the terminal and middle segments of stems of 'Shinko' pear from the Lishan area can be used as scions whereas those from Zhoulan area show necrosis and might not be suitable as scions.

The Use of Shared Decision Making of Renal Replacement Therapy in Patients with Chronic Kidney Disease

Ya-Fang Ho,I-Chuan Li,Yu-Chi Chen,Chiu-Chin Huang 한국간호과학회 2019 한국간호과학회 학술대회 Vol.2019 No.10

Performance of adding waste glass and sewage sludge to reservoir-sediment aggregates

Ing-Jia Chiou,Chin-Ho Chen,Chia-Ling Lin 사단법인 한국계산역학회 2014 Computers and Concrete, An International Journal Vol.13 No.1

Accumulated annual reservoir sedimentation in Taiwan was 14.6 million m3 in 2010, seriously endangering reservoir safety and the water supply. In addition, the sintering temperature of reservoir-sediment aggregates (RSAs) is very high, and very energy consuming consequently. Therefore, to explore the effects of admixtures on sintering behavior and performance of the aggregates, two different admixtures are blended, waste-glass and municipal sewage sludge, into reservoir sediment to make artificial aggregates. Experimental results show that the lightweight characteristics of waste-glass/reservoir-sediment aggregates (WGRSAs) are more significant than those of sewage sludge/reservoir-sediment aggregates (SSRSAs). Moreover, as sintering temperature increases, the specific gravity of WGRSAs drops more apparently. The optimum sintering temperature of pure reservoir-sediment aggregates (PRSAs), SSRSAs, and WGRSAs was 1150°C, 1100°C, and 1050°C, respectively. The PRSAs are normal weight with better strength; the WGRSAs are lightweight and energy-saving; and the SSRSAs are lightweight with normal strength.