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Companies, and the professionals who serve them, spend vast amounts of time extracting data from contracts. This work is done in areas including M&A due diligence and integration, corporate contract management, lease abstraction, auditing, and others. In recent years, software has come to market that helps users review contracts faster and more accurately, and that also helps to better organize the process and understand its results.
There are a variety of informatics-centric tasks for which the goal is to predict something or extract some kind of signal. In this section, we consider artificial intelligence broadly, artificial intelligence applied to law, and the very fruitful fields of machine learning (ML) and natural language processing (NLP).
The General Counsel of a Fortune 100 company was recently asked if he measured ROI (return on investment) on his legal spend. “No,” he said, “I can’t. I can’t measure quality.”
At various conference panels, several of the largest firms claim they are revamping the way they handle their legal spend to be more in line with other cost centers.1 The rise of “Legal Operations” in corporate legal departments is leading the way in the use of legal metrics.2 These standard business metrics include performance, efficiency, and value. ROI means measuring return, and return requires estimating value. Value can be defined as quality divided by cost. Therefore, measuring quality is key to the modernization of legal departments, as well as their external legal service providers.
Coronavirus disease 2019 (COVID-19) is a newly emerged disease with various clinical manifestations and imaging features. The diagnosis of COVID-19 depends on a positive nucleic acid amplification test by real-time reverse transcription-polymerase chain reaction (RT-PCR) for severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). However, the clinical manifestations and imaging features of COVID-19 are non-specific, and nucleic acid test for SARS-CoV-2 can have false-negative results. It is presently believed that detection of specific antibodies to SARS-CoV-2 is an effective screening and diagnostic indicator for SARS-CoV-2 infection. Thus, a combination of nucleic acid and specific antibody tests for SARS-CoV-2 will be more effective to diagnose COVID-19, especially to exclude suspected cases.
With the increasing availability of behavioral data from diverse digital sources, such as social media sites and cell phones, it is now possible to obtain detailed information about the structure, strength, and directionality of social interactions in varied settings. While most metrics of network structure have traditionally been defined for unweighted and undirected networks only, the richness of current network data calls for extending these metrics to weighted and directed networks. One fundamental metric in social networks is edge overlap, the proportion of friends shared by two connected individuals. Here, we extend definitions of edge overlap to weighted and directed networks and present closed-form expressions for the mean and variance of each version for the Erdős–Rényi random graph and its weighted and directed counterparts. We apply these results to social network data collected in rural villages in southern Karnataka, India. We use our analytical results to quantify the extent to which the average overlap of the empirical social network deviates from that of corresponding random graphs and compare the values of overlap across networks. Our novel definitions allow the calculation of edge overlap for more complex networks, and our derivations provide a statistically rigorous way for comparing edge overlap across networks.
Due to the high incidence of COVID-19 case numbers internationally, the World Health Organization (WHO) declared a Public Health Emergency of global relevance, advising countries to follow protocols to combat pandemic advance through actions that can reduce spread and consequently avoid a collapse in the local health system. This study aimed to evaluate the dynamics of the evolution of new community cases, and mortality records of COVID-19 in the State of Pará, which has a subtropical climate with temperatures between 20 and 35 °C, after the implementation of social distancing by quarantine and adoption of lockdown. The follow-up was carried out by the daily data from the technical bulletins provided by the State of Pará Public Health Secretary (SESPA). On 18 March 2020, Pará notified the first case of COVID-19. After 7 weeks, the number of confirmed cases reached 4756 with 375 deaths. The results show it took 49 days for 81% of the 144 states municipalities, distributed over an area of approximately 1 248 000 km2 to register COVID-19 cases. Temperature variations between 24.5 and 33.1 °C did not promote the decline in the new infections curve. The association between social isolation, quarantine and lockdown as an action to contain the infection was effective in reducing the region's new cases registration of COVID-19 in the short-term. However, short periods of lockdown may have promoted the virus spread among peripheral municipalities of the capital, as well as to inland regions.
The theory of optimal transportation has experienced a sharp increase in interest in many areas of economic research such as optimal matching theory and econometric identification. A particularly valuable tool, due to its convenient representation as the gradient of a convex function, has been the Brenier map: the matching obtained as the optimizer of the Monge–Kantorovich optimal transportation problem with the euclidean distance as the cost function. Despite its popularity, the statistical properties of the Brenier map have yet to be fully established, which impedes its practical use for estimation and inference. This article takes a first step in this direction by deriving a convergence rate for the simple plug-in estimator of the potential of the Brenier map via the semi-dual Monge–Kantorovich problem. Relying on classical results for the convergence of smoothed empirical processes, it is shown that this plug-in estimator converges in standard deviation to its population counterpart under the minimax rate of convergence of kernel density estimators if one of the probability measures satisfies the Poincaré inequality. Under a normalization of the potential, the result extends to convergence in the $L^2$ norm, while the Poincaré inequality is automatically satisfied. The main mathematical contribution of this article is an analysis of the second variation of the semi-dual Monge–Kantorovich problem, which is of independent interest.
Cats represent a potential source of Coxiella burnetii, the aetiological agent of Q fever in humans. The prevalence and risk factors of C. burnetii infection in farm, pet and feral cats were studied in Quebec, Canada, using a cross-sectional study. Serum samples were tested using a specific enzyme-linked immunosorbent assay (ELISA) for the presence of antibodies against C. burnetii, whereas rectal swabs were assayed using real-time quantitative polymerase chain reaction (qPCR) for the molecular detection of the bacteria. Potential risk factors for farm cats were investigated using clinical examinations, questionnaires and results from a concurrent study on C. burnetii farm status. A total of 184 cats were tested: 59 from ruminant farms, 73 pets and 52 feral cats. Among farm cats, 2/59 (3.4%) were ELISA-positive, 3/59 (5.1%) were ELISA-doubtful and 1/59 (1.7%) was qPCR-positive. All pets and feral cats were negative to C. burnetii ELISA and qPCR. Farm cat positivity was associated with a positive C. burnetii status on the ruminant farm (prevalence ratio = 7.6, P = 0.03). Our results suggest that although pet and feral cats do not seem to pose a great C. burnetii risk to public health, more active care should be taken when in contact with cats from ruminant farms.
The role of anthropometric status on dengue is uncertain. We investigated the relations between anthropometric characteristics (height, body mass index and waist circumference (WC)) and two dengue outcomes, seropositivity and hospitalisation, in a cross-sectional study of 2038 children (aged 2–15 years) and 408 adults (aged 18–72 years) from Bucaramanga, Colombia. Anthropometric variables were standardised by age and sex in children. Seropositivity was determined through immunoglobulin G antibodies; past hospitalisation for dengue was self-reported. We modelled the prevalence of each outcome by levels of anthropometric exposures using generalised estimating equations with restricted cubic splines. In children, dengue seropositivity was 60.8%; 9.9% of seropositive children reported prior hospitalisation for dengue. WC was positively associated with seropositivity in girls (90th vs. 10th percentile adjusted prevalence ratio (APR) = 1.19; 95% confidence interval (CI) 1.03–1.36). Among adults, dengue seropositivity was 95.1%; 8.1% of seropositive adults reported past hospitalisation. Height was inversely associated with seropositivity (APR = 0.90; 95% CI 0.83–0.99) and with hospitalisation history (APR = 0.19; 95% CI 0.04–0.79). WC was inversely associated with seropositivity (APR = 0.89; 95% CI 0.81–0.98). We conclude that anthropometry correlates with a history of dengue, but could not determine causation. Prospective studies are warranted to enhance causal inference on these questions.
Assessing conditional tail risk at very high or low levels is of great interest in numerous applications. Due to data sparsity in high tails, the widely used quantile regression method can suffer from high variability at the tails, especially for heavy-tailed distributions. As an alternative to quantile regression, expectile regression, which relies on the minimization of the asymmetric l2-norm and is more sensitive to the magnitudes of extreme losses than quantile regression, is considered. In this article, we develop a new estimation method for high conditional tail risk by first estimating the intermediate conditional expectiles in regression framework, and then estimating the underlying tail index via weighted combinations of the top order conditional expectiles. The resulting conditional tail index estimators are then used as the basis for extrapolating these intermediate conditional expectiles to high tails based on reasonable assumptions on tail behaviors. Finally, we use these high conditional tail expectiles to estimate alternative risk measures such as the Value at Risk (VaR) and Expected Shortfall (ES), both in high tails. The asymptotic properties of the proposed estimators are investigated. Simulation studies and real data analysis show that the proposed method outperforms alternative approaches.
Nakamoto doublespend strategy, described in Bitcoin foundational article, leads to total ruin with positive probability. The simplest strategy that avoids this risk incorporates a stopping threshold when success is unlikely. We compute the exact profitability and the minimal double spend that is profitable for this strategy. For a given amount of the transaction, we determine the minimal number of confirmations to be requested by the recipient that makes the double-spend strategy non-profitable. This number of confirmations is only 1 or 2 for average transactions and for a small relative hashrate of the attacker. This is substantially lower than the original Nakamoto number, which is about six confirmations and is widely used. Nakamoto analysis is only based on the success probability of the attack instead of on a profitability analysis that we carry out.
Coronavirus disease 2019 (COVID-19) has become a global pandemic. Previous studies showed that comorbidities in patients with COVID-19 are risk factors for adverse outcomes. This study aimed to clarify the association between nervous system diseases and severity or mortality in patients with COVID-19. We performed a systematic literature search of four electronic databases and included studies reporting the prevalence of nervous system diseases in COVID-19 patients with severe and non-severe disease or among survivors and non-survivors. The included studies were pooled into a meta-analysis to calculate the odds ratio (OR) with 95% confidence intervals (95%CI). We included 69 studies involving 17 879 patients. The nervous system diseases were associated with COVID-19 severity (OR = 3.19, 95%CI: 2.37 to 4.30, P < 0.001) and mortality (OR = 3.75, 95%CI: 2.68 to 5.25, P < 0.001). Specifically, compared with the patients without cerebrovascular disease, patients with cerebrovascular disease infected with COVID-19 had a higher risk of severity (OR = 3.10, 95%CI: 2.21 to 4.36, P < 0.001) and mortality (OR = 3.45, 95% CI: 2.46 to 4.84, P < 0.001). Stroke was associated with severe COVID-19 disease (OR = 1.95, 95%CI: 1.11 to 3.42, P = 0.020). No significant differences were found for the prevalence of epilepsy (OR = 1.00, 95%CI: 0.42 to 2.35, P = 0.994) and dementia (OR = 2.39, 95%CI: 0.55 to 10.48, P = 0.247) between non-severe and severe COVID-19 patients. There was no significant association between stroke (OR = 1.79, 95%CI: 0.76 to 4.23, P = 0.185), epilepsy (OR = 2.08, 95%CI: 0.08 to 50.91, P = 0.654) and COVID-19 mortality. In conclusion, nervous system diseases and cerebrovascular disease were associated with severity and mortality of patients with COVID-19. There might be confounding factors that influence the relationship between nervous system diseases and COVID-19 severity as well as mortality.
The pensions dashboard has been talked about across the industry for a long time. With the proposed implementation date of 2019 (although it has been questioned by some whether this is achievable or not), it is time to consider the actuarial aspects behind providing individuals with details of their pension benefits.
This paper outlines the perspective of the IFoA’s Future Pensions Landscape working party. The paper considers the objectives of the dashboard and the functionality that may be required to deliver on those. It also highlights the difficulties of the necessary consistency between different types of benefits and the need for alignment with other pensions communications. Lastly, it considers what is needed to enhance the dashboard to enable members to understand what their benefits might look like at retirement and the opportunities the dashboard delivers for further modelling and financial planning.
Objectives and functionality
Much has been made about the difficulty (or otherwise) of delivering on the promise of a pensions dashboard, but ultimately that will depend on what it aims to provide for the individual. The working party has considered the short and longer-term opportunities with a dashboard and what functionality these may require. It is clear that a balance between functionality and deliverability must be struck to ensure that something meaningful is delivered within a reasonable timeframe (2).
Different types of benefits
The working party has considered the features of occupational and personal pensions, defined benefit (DB) schemes (5.21), defined contribution (DC) schemes (5.25) and the state pension (3). We believe that it is essential to deliver key information around each of them in a way that is consistent but takes account of the differences between them, including the need to:
use scheme/benefit-specific pension commencement dates (4);
display accrued and prospective benefits at retirement in real terms (5.6, 5.20);
display dependants’ benefits when a part of the scheme rules (5.12);
display details of benefits in payment or already in drawdown (5.4);
ensure that deferred DBs are revalued to a recent date (5.22);
be clear about the level of pension increases payable using inflation linking as a default (5.17); and
outline any options on a benefit such as tax-free pension commencement lump sum (5.8).
Having included the above, the dashboard must then consider how to allow for consistency of projection of benefits to the scheme/benefit-specific pension commencement dates. For DBs, this can be achieved relatively easily in real terms by allowing merely for future accrual based on the current position and benefit structure. For DC benefits, this needs a standardised approach. After consideration of multiple options (5.25), we have recommended a simplified projection approach using a risk-based allowance for real investment growth depending on the assets held (or a risk categorisation) (5.50). This would enable the dashboard to carry out consistent projections across DC pots. In an ideal world, we recommend that benefit statements use projections aligned to this approach, too.
In order to build confidence in any dashboard (and in pensions in general), consistency between benefit statements and scheme provision of information is key (8). This includes the need for dates and speed of information provision, the type of information provided and assumptions and projection approaches to be standardised.
We have also considered other hybrid benefit structures that exist. Many or all of these can revert to using the approach outlined for DB, DC, or a combination of the two along with the expertise of a provider to achieve the aims of consistent dashboard provision (6).
We have also tried to allow for some of the legacy or complex issues within the UK pensions landscape that we consider relevant to the provision of a usable dashboard, such as the need to include Guaranteed Annuity Rates, and the need to explain the various risks and uncertainties with both DB and DC provision (7).
Future opportunities for supporting financial planning
The working party has considered the longer-term opportunities to use the dashboard to assist individuals with planning for their retirement. We recommend that the dashboard infrastructure be set up with this in mind from the beginning, even if the deployment of this type of support is a long way away (9) or even provided through third parties (10).
The working party looks forward to the Department for Work and Pensions feasibility study on the dashboard (which is due for publication) and welcomes the chance to influence the shape of what has the potential to be a huge engagement opportunity for the pensions industry.
In Japan, respiratory syncytial virus (RSV) infection generally has occurred during autumn and winter. However, a possible change in the seasonal trend of RSV infection has been observed recently. The current study was conducted to determine whether the epidemic season of RSV infection in Japan has indeed changed significantly. We used expectation-based Poisson scan statistics to detect periods with high weekly reported RSV cases (epidemic cluster), and the epidemic clusters were detected between September and December in the 2012–2016 seasons while those were detected between July and October in the 2017–2019 seasons. Non-linear and linear ordinary least squares regression models were built to evaluate whether there is a difference in year trend in the epidemic seasonality, and the epidemic season was shifted to earlier in the year in 2017–2019 compared to that in 2012–2016. Although the reason for the shift is unclear, this information may help in clinical practice and public health.
Much of our current understanding about novel coronavirus disease 2019 (COVID-19) comes from hospitalised patients. However, the spectrum of mild and subclinical disease has implications for population-level screening and control. Forty-nine participants were recruited from a group of 99 adults repatriated from a cruise ship with a high incidence of COVID-19. Respiratory and rectal swabs were tested by polymerase chain reaction (PCR) for severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). Sera were tested for anti-SARS-CoV-2 antibodies by enzyme-linked immunosorbent assay (ELISA) and microneutralisation assay. Symptoms, viral shedding and antibody response were examined. Forty-five participants (92%) were considered cases based on either positive PCR or positive ELISA for immunoglobulin G. Forty-two percent of cases were asymptomatic. Only 15% of symptomatic cases reported fever. Serial respiratory and rectal swabs were positive for 10% and 5% of participants respectively about 3 weeks after median symptom onset. Cycle threshold values were high (range 31–45). Attempts to isolate live virus were unsuccessful. The presence of symptoms was not associated with demographics, comorbidities or antibody response. In closed settings, incidence of COVID-19 could be almost double that suggested by symptom-based screening. Serology may be useful in diagnosis of mild disease and in aiding public health investigations.
RNA interference (RNAi) is a technique used in many insects to study gene function. However, prior research suggests possible off-target effects when using Green Fluorescent Protein (GFP) sequence as a non-target control. We used a transcriptomic approach to study the effect of GFP RNAi (GFP-i) in Nasonia vitripennis, a widely used parasitoid wasp model system. Our study identified 3.4% of total genes being differentially expressed in response to GFP-i. A subset of these genes appears involved in microtubule and sperm functions. In silico analysis identified 17 potential off-targets, of which only one was differentially expressed after GFP-i. We suggest the primary cause for differential expression after GFP-i is the non-specific activation of the RNAi machinery at the injection site, and a potentially disturbed spermatogenesis. Still, we advise that any RNAi study involving the genes deregulated in this study, exercises caution in drawing conclusions and uses a different non-target control.