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PAY中文(简体)翻译:剑桥词典
PAY中文(简体)翻译:剑桥词典
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pay 在英语-中文(简体)词典中的翻译
payverb uk
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/peɪ/ us
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/peɪ/ paid | paid
pay verb
(BUY)
Add to word list
Add to word list
A1 [ I or T ] to give money to someone for something you want to buy or for services provided
付费;付酬
How much did you pay for the tickets?
你买那些票花了多少钱?
I pay my taxes.
我缴付税款。
[ + two objects ] I'll pay you the fiver back tomorrow.
我明天还你那5英镑。
I paid the driver (in/with) cash.
我付给司机现金。
Would you prefer to pay with/by cash, cheque, or credit card?
你喜欢用现金、支票还是信用卡支付?
[ + obj + to infinitive ] I think we'll need to pay a builder to take this wall down.
我想我们得雇个建筑工人来把这面墙推倒。
Did Linda pay you for looking after her cats while she was away?
琳达出门时让你替她照看她的猫,有没有付钱给你?
I paid (out) a lot of money to get the washing machine fixed and it still doesn't work!
我花了一大笔钱修洗衣机,结果还是不能用!
pay for itself
If something pays for itself, it works so well that it saves the same amount of money that it cost.
使损益相当;够本
The advertising should pay for itself.
这则广告所带来的收益应该能够本。
更多范例减少例句I pay my electricity bill by direct debit.Very few people can afford to pay those prices.How much did you pay for your glasses?We agreed to pay for the car by instalments.I've been saving all year to pay for our holiday.
pay verb
(WORK)
B1 [ I or T ] to give money to someone for work that they have done
付钱(给…),支付(…)报酬
The company pays its interns $4,000 a month.
这家公司给实习生每个月4千美元的报酬。
We pay €200 a day for this kind of work.
这样的工作我们每天付200欧元。
Accountancy may be boring but at least it pays well.
当会计可能很乏味,但至少收入可观。
Most of these women are very poorly paid and work in terrible conditions.
这些妇女大多工资很低,且工作条件恶劣。
更多范例减少例句I'll pay you double if you get the work finished by Friday.This magazine has considerable financial muscle and can afford to pay top journalists.They pay me next to nothing but I really enjoy the work.The law obliges companies to pay decent wages to their employees.You'll be paid on completion of the project.
pay verb
(PROFIT)
[ I ] to give a profit or advantage to someone or something
有收益,有利可图,有好处
It never pays to take risks where human safety is concerned.
凡是涉及人身安全时,冒险决不会有什么好处。
更多范例减少例句Crime really doesn't pay.It always pays to keep on top of your work.It would pay you to be more cautious about future investments.It pays to get some professional advice first.It never pays to rush into things.
pay verb
(GIVE)
C2 [ T ] to give or do something
给予,致以;进行
The commander paid tribute to the courage of his troops.
司令员高度赞扬了部队官兵的勇敢无畏。
It's always nice to be paid a compliment.
被人赞扬总是件好事。
A crowd of mourners gathered to pay their respects to the dead man.
一群哀悼者聚集在一起向死者告别。
pay attention (to something)
B1 to watch, listen to, or think about something carefully
(通过仔细看、听或思考)关注(某事)
You weren't paying attention to what I was saying.
你没有注意听我的话。
pay (someone/something) a call/visit
B2 to visit a person or place, usually for a short time
拜访(某人)
I'll pay you a call when I'm in the area.
我到这一带来时会去拜访你的。
We thought we'd pay a visit to the museum while we were in Lisbon.
我以为在里斯本时我们会去参观那家博物馆。
If you leave your address, I'll pay a call on you when I'm in the area.
如果你留下地址,我到这一带来时会去拜访你的。
更多范例减少例句She complained that her husband never paid her any compliments any more.He never paid attention in class and seemed to be in a permanent daydream.On this occasion we pay homage to him for his achievements.The teacher gently reproved the boys for not paying attention.You'd do well to pay heed to what your grandmother says.
习语
he who pays the piper calls the tune.
pay your dues
pay your way
pay dividends
pay the price
pay the ultimate price
pay through the nose
pay top dollar
put paid to something
you pays your money and you takes your choice/chance短语动词
pay someone/something back
pay someone back
pay down something
pay for something
pay something in
pay off
pay something off
pay someone off
pay (something) out
pay something out
更多短语动词
pay up
paynoun [ U ] uk
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/peɪ/ us
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/peɪ/
B1 the money you receive for doing a job
工资,薪金
It's a nice job but the pay is appalling.
这份工作不错,但工资低得不像话。
be in the pay of someone
to work for someone, especially secretly
(尤指秘密地)受雇于(某人)
更多范例减少例句The unions are in dispute with management over pay.Many employees have had to take drastic cuts in pay.Management has/have offered staff a 3% pay increase.When you reckon in all my overtime, my total pay is quite good.If it's a choice between higher pay and job security, I'd prefer to keep my job.
(pay在剑桥英语-中文(简体)词典的翻译 © Cambridge University Press)
pay的例句
pay
They found that, overall, listeners of these languages paid less attention to stress than to intrasentential cues in deciding agent - patient relations.
来自 Cambridge English Corpus
It also remains unclear who paid for them.
来自 Cambridge English Corpus
To this end it is disappointing that the book has paid only scant attention to the psychological processes in the disorder.
来自 Cambridge English Corpus
Willingness to pay for ultrasound in normal pregnancy.
来自 Cambridge English Corpus
It holds that it is never permitted to pay for an object x, if x could have been obtained for free.
来自 Cambridge English Corpus
In any case, now that the big cosmetics companies were paying for research into alternatives, they were no longer available as targets.
来自 Cambridge English Corpus
Have consumers pay the difference for costlier plans, if they think they provide better value.
来自 Cambridge English Corpus
People preferred to be paid in bracelets, rings, glass necklaces, and other items.
来自 Cambridge English Corpus
示例中的观点不代表剑桥词典编辑、剑桥大学出版社和其许可证颁发者的观点。
A1,B1,C2,B1,B2,B1
pay的翻译
中文(繁体)
購買, 付費, 付酬…
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西班牙语
pagar, salario, sueldo…
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葡萄牙语
pagar, salário, salário [masculine]…
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पैसे देणे, मोबदला देणे, वाहणे…
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(勘定や代金)を払う, ~に給料を支払う, 給料…
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ödemek, vermek, yapılan iş karşılığı ücret ödemek/vermek…
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paie [feminine], paye [feminine], salaire [masculine]…
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pagar, paga, sou…
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betalen, lonend zijn, betuigen…
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நீங்கள் வாங்க விரும்பும் ஒன்றுக்கு அல்லது வழங்கப்பட்ட சேவைக்காக ஒருவருக்கு பணம் செலுத்த…
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ચૂકવવું, કોઈ સેવા લીધા બદ્દલ કે કંઈ ખરીદવા બદ્દલ કોઈને પૈસા આપવા, કોઈને તેમણે કરેલ કામ માટે નાણાં…
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betale, betale tilbage, betale sig…
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betala, löna sig, höra [upp]…
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membayar, menerima padah, ada faedahnya…
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bezahlen, sich auszahlen, zollen…
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lønn [masculine], betale, gi lønn…
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رقم ادا کرنا…
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платити, сплачувати, поплатитися…
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платить, платить (за работу), быть выгодным…
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చెల్లించు, ఎవరికైనా మీరు కొనదలచుకున్న వస్తువుకు గానీ, పొందదలచుకున్న సేవలకు గానీ డబ్బు ఇచ్చు…
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يَدْفَع, يَدْفَع (الأجر), أجْر…
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অর্থ প্রদান করা, কিছু কেনা বা প্রদত্ত পরিষেবার জন্য কাউকে টাকা দেওয়া, বেতন…
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(za)platit, splatit, platit…
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membayar, mengembalikan uang pinjaman, menerima hukuman…
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จ่าย, ชำระหนี้, ชดใช้…
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trả tiền, trả nợ, trả giá…
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płacić (za), zapłacić (za), opłacić…
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돈을 지불하다, 급료, 보수를 주다…
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pagare, retribuire, retribuzione…
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pay的发音是什么?
在英语词典中查看 pay 的释义
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pawnbroker
pawnshop
pawpaw
Pax
pay
pay (something) out
pay a forfeit phrase
pay channel
pay claim
pay更多的中文(简体)翻译
全部
pay TV
prepay
base pay
pay dirt
pay rise
sick pay
pay claim
查看全部意思»
词组动词
pay up
pay down something
pay off
pay (something) out
pay something in
pay someone/something back
pay someone back
查看全部动词词组意思»
惯用语
pay dividends idiom
pay the price idiom
pay your dues idiom
pay your way idiom
pay top dollar idiom
crime doesn't pay idiom
the devil to pay idiom
查看全部惯用语意思»
“每日一词”
veggie burger
UK
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/ˈvedʒ.i ˌbɜː.ɡər/
US
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/ˈvedʒ.i ˌbɝː.ɡɚ/
a type of food similar to a hamburger but made without meat, by pressing together small pieces of vegetables, seeds, etc. into a flat, round shape
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stochastic parrot
March 04, 2024
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英语-中文(简体)
Verb
pay (BUY)
pay for itself
pay (WORK)
pay (PROFIT)
pay (GIVE)
pay attention (to something)
pay (someone/something) a call/visit
Noun
pay
be in the pay of someone
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Send Payments, Pay Online, Merchant Account | PayPal PH
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Three dimensional path planning using Grey wolf optimizer for UAVs | Applied Intelligence
Three dimensional path planning using Grey wolf optimizer for UAVs | Applied Intelligence
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Applied Intelligence
Article
Three dimensional path planning using Grey wolf optimizer for UAVs
Published: 07 January 2019
Volume 49, pages 2201–2217, (2019)
Cite this article
Applied Intelligence
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Ram Kishan Dewangan1, Anupam Shukla1 & W. Wilfred Godfrey1
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AbstractRobot path planning is essential to identify the most feasible path between a start point and goal point by avoiding any collision in the given environment. This task is an NP-hard problem and can be modeled as an optimization problem. Many researchers have proposed various deterministic and meta-heuristic algorithm to obtain better results for the path planning problem. The path planning for 3D multi-Unmanned Aerial Vehicle (UAV) is very difficult as the UAV has to find a viable path between start point and goal point with minimum complexity. This work utilizes a newly proposed methodology named ‘grey wolf optimization (GWO)’ to solve the path planning problem of three Dimensional UAV, whose task is to find the feasible trajectory while avoiding collision among obstacles and other UAVs. The performance of GWO algorithm is compared with deterministic algorithms such as Dijkstra, A* and D*, and meta-heuristic algorithms such as Intelligent BAT Algorithm (IBA), Biogeography Based Optimization (BBO), Particle Swarm Optimization (PSO), Glowworm Swarm Optimization (GSO), Whale Optimization Algorithm (WOA) and Sine Cosine Algorithm (SCA), so as to find the optimal method. The results show that GWO algorithm outperforms the other deterministic and meta-heuristic algorithms in path planning for 3D multi-UAV.
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Download referencesAuthor informationAuthors and AffiliationsABV - IIITM Gwalior, Gwalior, IndiaRam Kishan Dewangan, Anupam Shukla & W. Wilfred GodfreyAuthorsRam Kishan DewanganView author publicationsYou can also search for this author in
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Appl Intell 49, 2201–2217 (2019). https://doi.org/10.1007/s10489-018-1384-yDownload citationPublished: 07 January 2019Issue Date: 15 June 2019DOI: https://doi.org/10.1007/s10489-018-1384-yShare this articleAnyone you share the following link with will be able to read this content:Get shareable linkSorry, a shareable link is not currently available for this article.Copy to clipboard
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KeywordsUAVGrey wolf optimizationPath planningDeterministicMeta-heuristic
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Open AccessArticle
Applying Data Envelopment Analysis in Measuring the Efficiency of Chinese Listed Banks in the Context of Macroprudential Framework
by
Huichen JiangHuichen Jiang
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1,* and Yifan HeYifan He
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1
School of Economics and Management, Beihang University, Beijing 100191, China
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International College, Zhengzhou University, Zhengzhou 450052, Henan, China
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Author to whom correspondence should be addressed.
Mathematics 2018, 6(10), 184; https://doi.org/10.3390/math6100184
Submission received: 29 August 2018
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Revised: 18 September 2018
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Accepted: 25 September 2018
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Published: 29 September 2018
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Abstract:
China is a bank-dominated country; therefore, the sustainability of the Chinese banking industry is important for economic development. In this paper, data envelopment analysis (DEA) was combined with the Malmquist index, and we statically and dynamically analyzed the efficiency of listed banks during the period 2012–2017. The results showed that 12 of the 17 banks improved their technical efficiency. The technical efficiency of three banks remained the same, whilst that of two banks had dropped slightly by less than 1.0%. The Chinese government has learned from the lessons of past financial crises to find a way to forestall financial crisis, and implemented macroprudential policy, therefore the banking industry has actively served the real economy and promoted economic development while paying attention to the prevention of financial risks. According to the report of The Banker in 2018, for the first time, the four biggest banks in China topped the list of the Top 1000 World Banks. The research showed that, the Chinese government applied macroprudential framework in the banking supervision, and the listed banks effectively resisted financial risks and realized steady growth. We believe that the macroprudential framework plays a positive role in the economic development and financial stability in China.
Keywords: data envelopment analysis (DEA); efficiency; total factor productivity; listed banks; finance; macroprudential framework; financial supervision; financial risks; financial stability; economic development
1. IntroductionFinance is the core element of the modern economy. As a bank-dominated country, it is important for the national economy to achieve sustainable and healthy development of the Chinese banking industry. Therefore, the Chinese government has been paying significant attention to policy making and planning of the banking industry. In 2012, the former Chinese president Hu Jingtao pointed out that the Chinese government was going to enhance financial supervision and improve the competitiveness of financial institutions, including banks [1]. In the following year, the report on the work of the government also underlined the importance of improving the competitiveness of banks [2]. Recently, the five-year plan (2016–2020) stressed that the government should accelerate financial reform, enhance the efficiency of finance in serving the real economy, and improve the service quality and management levels of financial institutions [3]. In 2017, Chinese president Xi Jinping pointed out that the Chinese economy has been transitioning from a stage of rapid growth to an era of high-quality growth, which means that China will pursue an economy with better quality, higher efficiency, and an increased total factor of productivity. In addition, the reform of the financial system should be strengthened in order to serve the real economy better, and the financial supervision framework should be enhanced to forestall financial risks [4].In 2008, the global financial crisis caused by the subprime mortgage crisis in the United States severely damaged the global financial system. At the annual meeting of the World Economic Forum held in January 2017, Chinese president Xi Jinping emphasized that the extravagant profit-seeking behaviours of the financial capital, as well as the serious lack of financial supervision, caused the global financial crisis. Therefore, we need to strengthen the ability of financial markets to resist risks [5]. Researchers found that the lack of effective macroprudential concept was an important reason for the crisis [6,7]. Over the years, international organizations, regulatory authorities of various countries, and academics have begun to pay more attention to the development of the theory and practice of constructing a macroprudential framework, and there is an international consensus on strengthening financial supervision and preventing risks [7,8].The idea of macroprudential policy is that the rational behavior of individual financial institutions may be irrational from the perspective of the financial system. In boom times, the credit expansion of banks may result in financial crises; however, people find it hard to get a loan from banks during a credit crunch, which may contribute to worsening financial instability. Therefore, the aim of macroprudential policy is to reduce the probability and the huge costs of systemic financial risks. Furthermore, the proximate objective of macroprudential policy is to decrease stress on the financial system and its ultimate objective is to reduce the loss of output resulting from financial instability [9,10]. Macroprudential policy has played an important role in mitigating systemic risk and creating a suitable financial environment [7,11]. Additionally, Xu Zhong, the director of the research bureau of the People’s Bank of China, pointed out that during the process of opening China’s financial industry to the outside world, it is necessary to open up steadily and orderly on the premise of improving macroprudential management, strengthening financial supervision, and improving the transparency of the financial markets. Thus, international competitiveness of the financial system can be improved, and the reform and development of the financial sector can be pushed to a new level in the new era. Moreover, the reinforcement of macroprudential management concentrates on the interaction between finance and the economy, which is conducive to the better financial support for development of the real economy [12,13,14].At present, the direction of financial supervision is shifting from microprudential policy to a combination of microprudential and macroprudential policies. For instance, Basel III emphasizes the concept of macroprudential supervision. According to the development and changes of the economic and financial situation, the People’s Bank of China, being the central bank of China, has continuously improved the macroprudential policy framework and constructed the Macro Prudential Assessment (MPA) system in 2016. The MPA system supervises the financial institutions in terms of capital and leverage, assets and liabilities, liquidity, pricing behavior, asset quality, cross-border financing risk, and the implementation of credit policy. Since the first quarter of 2017, the central bank incorporated off-balance-sheet financing into broad credit indicators for MPA. Moreover, in the report of the 19th National Congress of the Communist Party of China (CPC) in October 2017, it was formally put forward that macroprudential policy and monetary policy should be the two pillars of the regulatory framework of the financial system [4].Benefiting from the deepening of reforms and the improvement of policy frameworks, China’s banking industry has achieved steady growth, even in the post-crisis period. According to the statistics disclosed by the China Banking Regulatory Commission (CBRC), the total assets of China’s Banking Financial Institutions (BFC) increased from 128.5455 trillion yuan to 252.4040 trillion yuan during the period from 2012–2017, with an average growth rate of 11.90%. Additionally, the number of employees who work in the BFC grew from 3,362,000 in 2012 to 4,090,000 in 2016. However, whether the efficiency of the banking industry is growing along with the rapid growth of the industry has become a focus of public attention. Moreover, whether a bank operates efficiently is associated with the sustainability of the bank. Additionally, as mentioned above, the sustainable development of the banking industry, especially in China, is important for economic growth as the banking industry could affect many other industries. In addition, according to Reference [15], most research focuses on the efficiency of banks in developed countries. However, development of the banking industry is not the same in developed countries and in developing countries. Therefore, research on the banking industry in developing countries will be quite interesting. Moreover, the studies will be of importance as China plays a more important role in the development of the global economy [16,17,18]. In all, our study concerning Chinese banks will fill the gap in previous studies. Furthermore, the DEA-based efficiency evaluation based on the latest data can depict the status quo of the banking industry in China well.Therefore, to accurately and comprehensively measure bank efficiency, we review the related literatures which have evaluated banking efficiency in different ways. Some research concentrated on measuring the efficiency of a bank and compared the performance of different banks through statistical analysis using accounting ratios. However, the traditional measure of efficiency using a single input and output cannot fully evaluate the performance of banks. Moreover, the evaluation based on accounting indicators may aggregate the performance of a bank in certain perspectives [19,20,21]. Therefore, we aim to measure the efficiency of a bank with multi-inputs and outputs efficiently, and we have found that data envelopment analysis is suitable for our research. Data envelopment analysis (DEA) is an efficient way to measure the relative efficiency of a decision-making unit (DMU), in comparison to the best performer in the sample. Additionally, DEA is suitable for analyzing the efficiency of DMUs with multi-inputs and outputs which can comprehensively depict performance. In addition, we do not need to preassign the form of the production function. More importantly, the combination of DEA and the Malmquist index model contributes to the dynamic analysis of the efficiency of DMUs [22,23,24].In recent years, DEA has been widely used for efficiency evaluation in different areas, especially in the banking industry (see Chen et al. [25] for the detailed development of the related studies). Moreover, DEA has been considered as an efficient way to explore banking efficiency [26]. For instance, Staub, Souza, and Tabak believed that efficiency evaluation using DEA was valuable for bank managers and financial supervisors [27]. LaPlante and Paradi applied DEA in evaluating the bank branch efficiency of a Canadian bank [28]. Chortareas et al. measured the productivity of commercial banks in Latin American countries using DEA [29]. More researchers are interested in analyzing the efficiency of the Chinese banking industry. Based on DEA, Zhang [23] calculated the efficiency of three types of commercial banks in China during the period from 1997–2001, and the results showed that the average technical efficiency of the joint-stock commercial banks was high and stable, whilst that of the city commercial banks was significantly lower and more volatile. Additionally, the average efficiency of the state-owned commercial banks was stable and only the efficiency of JSYH (for simplicity, we use the abbreviation of China Construction Bank Corporation based on the Chinese Pinyin) ranked in the Top 20 amongst commercial banks during the period. Liu [30] analyzed the technical efficiency of 15 commercial banks, including state-owned and joint-stock commercial banks, from 2000 to 2002 and found that the average technical efficiency of the banking industry was 0.797, which showed that input slacks existed for most banks. Moreover, the three-year average technical efficiency of the joint-stock banks was higher than that of the state-owned ones. Additionally, scale inefficiency had been the main cause of the decreasing technical efficiency for the two types of banks. Furthermore, using the methodology of DEA, we could measure a bank’s efficiency in a given year. However, if we want to know whether the efficiency of a bank increased or decreased between two time periods or we are interested in whether there exists technical progress during the periods, the best choice is to make a combination of the DEA and the Malmquist index. Using DEA, Pang [31] found that the efficiency of city and joint-stock commercial banks was higher than that of the state-owned ones. Additionally, the application of the Malmquist index showed that there was an increase of the total factor productivity of the banking industry during the period from 2000–2004. Based on panel data for 15 commercial banks from 2005 to 2009, Zhu et al. [32] found that the technical efficiency of the state-owned banks was higher than that of the joint-stock banks in each year within the sample period, which was different from the results of prior studies.The rest of the paper is organized as follows. The next section introduces the methodology of the measurement of bank efficiency and shows the sample and the variable selection. In Section 3, we describe the data. Then, we make an efficiency evaluation of the banking industry, statically and dynamically. Additionally, we classify the banks by their ownership types and analyze bank efficiency in detail. Section 4 discusses the results and conclusions. 2. Materials and Methods 2.1. The Measurement of Bank EfficiencyDEA is a non-parametric mathematical programming model suitable for analyzing the efficiency of DMUs which have multiple inputs and outputs, and measuring the relative efficiency of each DMU [33]. Currently, more researchers are interested in efficiency evaluation based on DEA. Basso and Funari [34] applied DEA to measure the performance of mutual funds. Allevi et al. [35] studied the environmental performance of green funds. Therefore, DEA is considered to be appropriate for analyzing the efficiency of listed commercial banks. The basic idea of the prototype of DEA can be traced back to the concept of technical efficiency proposed by Farrell in 1957 [36,37]. In 1978, Charnes et al. [38] designed the approach of data envelopment analysis and their model (namely CCR model) assumed that all the DMUs were in a state of constant returns to scale. In 1984, Banker et al. [39] developed the DEA model (namely BCC model) by allowing the variable returns to scale in the model, therefore we can analyze the pure technical efficiency and scale efficiency of a DMU [40]. Based on References [38,39], we can measure the technical efficiency, pure technical efficiency, and scale efficiency of a DMU.In this section, we study the efficiency of the listed commercial banks and treat each bank as a decision-making unit. The DEA model can be divided into the input-oriented and output-oriented models. As we are interested in whether input redundancy exists, we choose the input-oriented DEA model, and the following equations are based on the input orientation.Suppose the number of DMUs is
n
, and the types of the inputs and the outputs of each DMU are
m
and
q
.
The input and output vectors of
DMU
j
are
X
j
=
(
x
1
j
⋯
x
m
j
)
T
>
0
and
Y
j
=
(
y
1
j
⋯
y
q
j
)
T
>
0
,
j
=
1
,
2
,
⋯
,
n
.
v
and
u
are the vectors of the input and output weights,
i
=
1
,
2
,
⋯
,
m
,
r
=
1
,
2
,
⋯
,
q
.
We can derive the pure technical efficiency (PTE) of a DMU based on the linear form of the BCC model, where the sign of
μ
0
is unstrained and it may be positive, zero, or negative.
v
,
u
,
μ
0
max
z
=
μ
T
Y
0
−
μ
0
s
.
t
.
μ
T
Y
j
−
v
T
X
j
−
μ
0
≤
0
v
T
X
0
=
1
μ
≥
0
,
v
≥
0
(1)
The dual form can be written as follows, where
λ
=
(
λ
1
…
λ
n
)
T
,
e
is a row vector and all the elements are equal to 1.
min
θ
s
.
t
.
θ
x
0
−
X
λ
≥
0
Y
λ
−
y
0
≥
0
e
λ
=
1
λ
≥
0
(2)
The technical efficiency (TE) can be derived based on the CCR model, by removing the condition of
e
λ
=
1
in Equation (2). We can compute the scale efficiency (SE) based on the equation which shows that technical efficiency is the product of scale efficiency and pure technical efficiency, and we can analyze the efficiency of a DMU in detail. Note that technical efficiency and pure technical efficiency respectively represent the efficiency under the assumption of constant returns to scale and variable returns to scale. In the DEA model, for technical, pure technical, and scale efficiency, the score of efficiency is greater than 0 and less than or equal to 1. If technical efficiency is 1, we consider the DMU to be DEA-efficient, which means that both the scale efficiency and pure technical efficiency equal one. If pure technical efficiency equals 1 or scale efficiency equals 1, the DMU is considered to be weak-efficient. If neither the pure technical efficiency nor the scale efficiency equal one, the DMU is not efficient in terms of both pure technical efficiency and scale efficiency. Note that if both the pure technical efficiency and the technical efficiency equal one, the size of the bank is appropriate and is neither too big nor too small. Otherwise, if the pure technical efficiency exceeds the technical efficiency, the bank size may be too big or too small to achieve an efficient operation. Moreover, if the optimal solution of
μ
0
>
0
or
<
0
, the size of the bank is too big or too small, and it is in a state of decreasing or increasing returns to scale, respectively.The above section discusses the DEA methodology of studying bank efficiency under the static condition. In this section, the dynamic analysis is carried out by introducing the Malmquist total factor productivity model (Malmquist index model). The Malmquist index model originated from the idea proposed by Malmquist in 1953 [41] and further developed by Caves et al. and Färe et al. [42,43,44], and it is used to analyze the change of the total factor productivity of banks between two time periods.Based on References [42,43,44], before defining the input-oriented Malmquist index, we need to assume that the production technology that converts the inputs into outputs for each time period
t
can be represented as
P
t
=
{
(
x
t
,
y
t
)
:
x
t
can
produce
y
t
}
. Given the output
y
t
, the distance function is defined by the maximum proportional contraction of the inputs
x
t
for each time period
s
and can be written as follows:
D
s
(
x
t
,
y
t
)
=
s
u
p
{
λ
:
(
x
t
/
λ
,
y
t
)
∈
P
s
}
. Thus, the Malmquist index which computes the total factor productivity change (TFPC) of a bank from period
t
to period
t
+
1
is as follows.
M
(
x
t
,
y
t
,
x
t
+
1
,
y
t
+
1
)
=
[
(
D
t
(
x
t
+
1
,
y
t
+
1
)
D
t
(
x
t
,
y
t
)
)
(
D
t
+
1
(
x
t
+
1
,
y
t
+
1
)
D
t
(
x
t
,
y
t
)
)
]
1
2
(3)
Furthermore, a Malmquist index equals 1 indicates that the total factor productivity of a DMU remains unchanged. If a Malmquist index is greater or lesser than 1, there is an increase or decrease of the total factor productivity, respectively. Based on prior studies, we can decompose the Malmquist index and measure the change in technical efficiency (CTE), and the technical change (TC), as shown in Equation (4).
C
T
E
=
D
t
+
1
(
x
t
+
1
,
y
t
+
1
)
D
t
(
x
t
,
y
t
)
,
T
C
=
[
(
D
t
(
x
t
+
1
,
y
t
+
1
)
D
t
(
x
t
+
1
,
y
t
+
1
)
)
(
D
t
(
x
t
,
y
t
)
D
t
+
1
(
x
t
,
y
t
)
)
]
1
2
(4)
Note that the technical change represents the effect of the shift of the frontier. In addition, as shown in Equation (5), the change in technical efficiency can be decomposed into the change in pure technical efficiency (CPE) and the change in scale efficiency (CSE), respectively. The decomposition of the Malmquist index and its factors would be beneficial for a further detailed study of the banking industry.
C
T
E
=
D
v
t
+
1
(
x
t
+
1
,
y
t
+
1
)
D
v
t
(
x
t
,
y
t
)
,
C
S
E
=
[
D
v
t
+
1
(
x
t
+
1
,
y
t
+
1
)
D
c
t
+
1
(
x
t
+
1
,
y
t
+
1
)
D
v
t
(
x
s
,
y
s
)
D
c
t
(
x
s
,
y
s
)
D
v
t
(
x
t
,
y
t
)
D
c
s
(
x
t
,
y
t
)
D
v
s
(
x
s
,
y
s
)
D
c
s
(
x
s
,
y
s
)
]
1
2
(5)
2.2. Data Source and Variable SelectionIn this paper, to consider the accuracy, consistency, and accessibility of data, the commercial banks listed in the Chinese A-share stock markets were chosen as our research object. By the end of 31 December 2017, there were 25 banks listed on the A-share stock market according to the industrial classification of listed companies. Moreover, we excluded firms with data which was not publicly disclosed in the sample period, and 17 firms were subsequently selected as the sample. The financial figures of the listed firms were manually collected from the publicly-disclosed financial reports over the period of 2012–2017. On 2 July 2018, “The Banker”, which is considered to be a leading magazine in the field of banking and its ranking of banks considered to be the standard in the global banking industry for more than 50 years, released the latest ranking of the Top 1000 World Banks. From the publicly-disclosed information, we manually collected the data, and the ownership types and rankings of the sample banks are listed in Table 1. According to Table 1, we found that GSYH was ranked number one and it has been ranking first for six years. Additionally, for the first time, China’s “Big Four” banks—GSYH, JSYH, ZGYH, and NYYH—topped the list of the Top 1000 World Banks [45,46].Based on the statistics derived from the China Banking Regulatory Commission (CBRC), we made the following bar chart which describes the trends of total assets of the sample banks and all the commercial banks in China. According to Figure 1, in recent years, the total assets of both the sample and all the commercial banks in China have realized a steady growth. Furthermore, the total assets of the sample, including the state-owned commercial banks, the joint-stock commercial banks, and the city commercial banks, account for more than 80% of the total assets in the Chinese banking industry during the sample period. This is indicative that the sample banks have a good representativeness in China’s banking industry.Based on previous literatures and considering the availability of data on banks in China, during the process of modelling and measuring the efficiency of listed banks, we chose the net value of the fixed assets of listed banks and the salaries of employees to reflect the capital and human inputs of the banks, respectively. Additionally, the operating cost which reflects the cost related to the main business, was chosen as the input variable. Regarding the output indicators, the operating income and net profit disclosed by the listed banks were selected as the outputs to comprehensively represent banks’ profitability. All the data were manually collected from the publicly-disclosed financial reports of the commercial banks, and the units of the indicators were one billion Renminbi (RMB, namely Chinese yuan). 3. Results 3.1. Descriptive StatisticsTable 2 shows the descriptive statistics of the sample banks. 3.2. The Overall Analysis of the Banking Industry (2012–2017)Firstly, we calculated the average total factor productivity of the seventeen listed commercial banks. According to Table 3, on the whole, the average of the banks’ total factor productivity declined slightly, with a decrease of 3.6%. Based on the basic idea of DEA, we can divide the change of total factor productivity into the 4.6% decline of the technical change index and the 1.0% enhancement of the technical efficiency. Moreover, by analyzing the parts of the technical efficiency change index, we observed a 0.7% increase in pure technical efficiency and a 0.3% improvement in scale efficiency.From the perspective of the firm level, during the sample period, there was an increase of 0.9% for PAYH’s average total factor productivity (TFP), whilst that of NYYH remained the same. Meanwhile, the six-year average TFP for BJYH, PFYH, ZSYH, XYYH, and MSYH significantly dropped, with decreases of 14.4%, 6.4%, 5.4%, 5.3%, and 5.1%, respectively. For the other banks, their average TFPs decreased slightly. In terms of the factors of the TFP, according to the results, all the banks faced a regression of frontier technology in varying degrees. The TC index of BJYH, ZXYH, ZSYH, PFYH, and XYYH decreased by 13.9%, 6.7%, 6.4%, 6.4%, and 5.3%, respectively, which directly led to a dramatic decline of the TFPs.From the perspective of technical efficiency, twelve of the seventeen banks improved in technical efficiency during the sample period. The technical efficiency of three banks remained the same, whilst that of two banks dropped slightly with a decrease of less than 1.0%. Therefore, the listed banks have suffered from the negative technical progress experienced during the period from 2012–2017. Meanwhile, the technical efficiency of most banks improved during the period, reducing the influence of the technical regression on the total factor productivity to some extent. 3.3. The Year-by-Year Analysis of Banking Industry (2012–2017)In this section, we did a year-by-year analysis of the banking industry, as shown in Table 4.In 2013, the industrial TFP increased by 3.2%, compared to 2012. This was due to the technical progress and the enhancement of the technical efficiency of the listed banks on the whole. Moreover, the increase in technical efficiency stemmed from the growth of pure technical efficiency rather than the improvement of scale efficiency. In the following year, the TFP of the banking industry dropped by more than 4%, which can be attributed to negative technical progress of 1.9% and a technical efficiency decrease of 2.9%. The decline of technical efficiency was mainly due to the decrease of scale efficiency. In 2015, the industrial TFP continued to decrease, with a drop of more than 9%. Meanwhile, the change of the TFP was different from that of previous years, where the negative technical progress increased by as much as 13.7%. However, the pure technical efficiency and scale efficiency increased and contributed to the 5.0% increase in technical efficiency of the banking industry during that year. In 2016, the industrial TFP fell whilst the decline narrowed to 3.8%. Furthermore, there was a 1.5% increase in technical progress. Additionally, both the pure technical efficiency and the scale efficiency decreased, which resulted in a drop of the technical efficiency. In 2017, the average TFP of the banking industry continued to drop by 3.2%. Meanwhile, though the technical regression of the banking industry enlarged, the technical efficiency increased, which softened the negative impact by the technical regression. More importantly, both the pure technical efficiency and scale efficiency increased by more than 3.0%. 3.4. A Comparative Analysis of the Banks of Different Types of OwnershipTable 5, Table 6 and Table 7 show the efficiency evaluation of the listed banks with different ownership types in 2017: state-owned, joint-stock, and city commercial banks. In the tables, “RTS” refers to the “returns to scale” of a bank. “c”, “d”, and “i”, respectively, represent whether the bank is in a state of constant returns to scale, decreasing returns to scale, or increasing returns to scale. Clearly, there was a huge difference between the banks of different types. In 2017, there were seven banks belonging to the efficient banks group: a state-owned commercial bank (GSYH), a city commercial bank (SHYH), and five joint-stock commercial banks (PAYH, PFYH, XYYH, ZSYH, and ZXYH). They were in a state of DEA-efficiency, which meant they were efficient in terms of both pure technical efficiency and scale efficiency.Additionally, according to the above tables, there were four banks belonging to the DEA weak-efficient banks group: a state-owned commercial bank (JSYH) and three city commercial banks (NJYH, BJYH, and NBYH). Take JSYH and NBYH, for example. They were, respectively, a state-owned commercial bank and a city commercial bank. In 2017, China’s economy had achieved steady growth and the Chinese government proposed building a dual-pillar regulatory framework, which comprised monetary policy and macroprudential policy. Additionally, the demands on liquidity management had been further strengthened. JSYH improved the management of liquidity risk, concentrated on the prudential use of funds, and ensured the security of payments and settlements. Because of the increase in net interest income by 34.66 billion yuan with a growth rate of 8.30%, the bank realized a net profit of 243.62 billion yuan, with an increase of 4.83%. NBYH conducted the diversification of its business, adhered to the idea that controlling risks contributed to the reduction of costs, and improved asset quality. The net profit of NBYH in 2017 was 9.33 billion yuan, with a growth rate of 19.50%. The other banks were neither efficient in pure technical efficiency nor in scale efficiency, which indicated that they still had great potential for improvement in terms of their efficiency.Based on the Table 8, Table 9 and Table 10, we found that, in terms of the six-year average technical efficiency, the efficiency scores of the joint-stock commercial banks, the city commercial banks and the state-owned banks were respectively 0.921, 0.918 and 0.912. It was clearly that the efficiency gap of the three types of banks was small. Then we analyzed the efficiency of the banks amongst the three ownership types on a year by year basis. The average technical efficiency of the state-owned banks had been increasing since 2012 and reached its peak in 2015. However, the technical efficiency began to decrease in 2016, though it rebounded and surpassed the historical high in 2017. The directions of the technical efficiency change of the joint-stock commercial banks and the city commercial banks from 2012 to 2017 were the same, except for the slight difference in their magnitudes. The only difference between them and the state-owned banks was that in 2014, the efficiency of both joint-stock and city commercial banks decreased by more than 4%, whilst that of the state-owned banks increased by 1.12%. Overall, although the technical efficiency of the three types of banks fluctuated during the sample period, their technical efficiency in 2017 exceeded their historical highest levels. 4. Discussion 4.1. The Validity of the Efficiency Evaluation ModelIn this section, we check the validity of the model in terms of the model specification and the existence of potential outliers in the sample. First, we introduced the isotonicity test for checking the validity of the model specification, namely, we checked whether an increase in input indicators brought a growth in outputs rather than a decrease in outputs (see Avkiran [47]; Adusei [48]; Hwang, Park and Kim [49]). By calculating the inter-correlations of the input and output variables (see Table 11, where all the numbers in the brackets refer to the p-values under the null hypothesis that the variables are not inter-correlated), we found that the inter-correlations of all the indicators were positive and significant at the 1% level, suggesting that the specification of our model was valid.Second, we conducted the outlier detection with the idea of box plot methodology. According to Reference [50], this methodology is simple and has been widely used. Following the procedures of the method, we calculated the related indicators, see Table 12. In the table, Q1, Q2, Q3, and IQR represent the first quartile, median, third quartile, and inter-quartile range (IQR). The idea of the methodology is that if the value is greater than Q3 + 1.5IQR or less than Q1 − 1.5IQR, it may be an outlier.We performed the procedure and calculated the accumulated times that the data of a bank is considered to be an outlier, see Figure 2. For instance, if the net profit and operating income of a bank were considered to be outliers in 2012, the accumulated times of the bank was two in the year. According to following Figure 2, we found that the Big Four banks in China including GSYH, JSYH, NYYH, and ZGYH outperformed the other banks during the period 2012–2017. Note that we focused on the listed banks in China in this paper, and the following table clearly shows that the Big Four banks took a large proportion of the net profit and operating income of all the banks in sample (see Figure 3), which shows that the Big Four banks play an important role in the development of the industry. Therefore, the outlier detection method shows that the performances of the Big Four banks are superior to the other banks in the sample. However, if we excluded the Big Four banks given that their performances were much better than the other banks, as well as ignored the importance of the Big Four banks in industrial development, the efficiency evaluation based on the other banks would be unrepresentative of the listed banks. Therefore, we should include the Big Four banks in the sample and the efficiency evaluation of the seventeen listed banks will be very meaningful and interesting. 4.2. ConclusionsIn this paper, we collected the data of seventeen listed commercial banks, which covered more than 80% of the total assets of the Chinese banking industry, showing good representativeness. Firstly, we evaluated the technical efficiency and calculated the Malmquist total factor productivity of the banks during the period from 2012–2017, based on the methodology of the DEA model and Malmquist index model. Secondly, the decomposition of the Malmquist index provided a useful way to see the technical change and the change in efficiency of the banks during the sample period. Moreover, we subdivided the banking industry according to the ownership types of the banks, analyzed the changes of the banks’ efficiency, and conducted the efficiency comparison. The findings and policy implications are as follows.From the perspective of bank performance, according to Figure 4, Figure 5 and Figure 6, the central bank strengthened macroprudential management and countercyclically adjusted the economy using the dynamic adjustment of the differential deposit reserve. The banking industry realized a rapid growth in 2013, and the total factor productivity of the industry increased by 3.2%. The average net profit and operating income of the banks under different ownership types, including the city commercial banks, the joint-stock commercial banks, and the state-owned commercial banks, all realized double-digit growth in outputs, with average growth rates of the net profit and operating income of the city commercial banks and joint-stock commercial banks exceeding 16%. In 2014, there were severe fluctuations in the international financial markets and factors including the decrease of oil prices led to a slowdown of the world economy. The Chinese government adhered to the general trend of seeking progress while maintaining stability, and the national economy achieved stability. Moreover, the government continuously strengthened macroprudential management. The growth of the outputs of the city commercial banks continued to expand, with net profit and operating income increasing by 19.05% and 27.80%, respectively, whilst the operating income of the joint-stock commercial banks increased by more than 20%. Meanwhile, the growth of net profit slightly decreased. In the same year, the operating income of the state-owned commercial banks expanded by 11.78%. However, the net profit growth slowed. In 2015, the frequency and magnitude of volatility in international financial markets increased, and the total factor productivity of the banking industry decreased by more than 9%. Furthermore, negative technical progress was 13.7%. Therefore, the Chinese government reduced the deposit reserve ratio and lowered the interest rate five times, and the financial regulators also guided the banking industry towards strengthening risk prevention and better serving the real economy. The operating income and net profit growth slowed in 2015 for all the three types of banks, particularly in the cases of the city commercial banks and joint-stock commercial banks, where net profit growth slowed from 19.05% and 10.83% in 2014 to 13.62% and 4.63% in 2015, respectively. However, they still showed good profitability. For the state-owned banks, the growth rates of operating income and net profit were 5.17% and 0.69%, respectively. In 2016, with the positive progress in the supply-side structural reform, the downward pressure of China’s economy lessened. As the banking industry is closely related to the development of the economy, it showed strong procyclicality. The decrease in total factor productivity narrowed and we observed a 1.5% technical progress. The output growths of the city commercial banks and the joint-stock banks gradually stabilized, with the city commercial banks’ net profit and operating income increasing by more than 10%, whilst the joint-stock banks’ net profit and operating income increased by more than 4%. The state-owned banks’ net profit growth slightly expanded, whilst their operating income showed an average negative growth of 1.73%. In 2016, the Chinese government constructed the Macro Prudential Assessment (MPA). In 2017, the global economy was recovering and emerging markets were growing at a faster pace. The Federal Reserve had raised its interest rate three times and started to reduce the size of its balance sheet. The Bank of England also raised its interest rate, and global liquidity was tightening. Meanwhile, the central bank of China continuously enhanced the MPA and took account of the off-balance-sheet financing to forestall financial risks. China’s economy realized steady growth. The city commercial banks’ net profit realized an average growth rate of 10.16%, whilst their operating income grew by 1.14%. The net profits of the joint-stock commercial banks and the state-owned commercial banks increased slightly by 5.45% and 3.44%, respectively. However, for the joint-stock banks, there was a 0.65% negative growth in the operating income, while the state-owned banks, which performed better than the past year, increased by 4.09% in 2017.For the change in input indicators, in terms of the employees’ salaries, the growth rates of the city commercial banks were 24.82%, 19.43%, 26.65%, 48.52%, 30.45%, and 23.87%, respectively, from 2013 to 2017, with an average growth rate of 28.96%. The growth rates of the joint-stock commercial banks were 23.13%, 8.76%, 12.80%, 6.77%, 2.19%, and 6.38%, respectively, from 2013 to 2017. The average growth rate of the joint-stock commercial banks was 10.01%. For the state-owned commercial banks, the growth rates in terms of the salaries of employees were 5.88%, −1.10%, 0.35%, 2.11%, 1.87%, and 0.67%, respectively, and the average growth rate was 1.63%. In terms of the fixed assets, both the city commercial banks and the joint-stock commercial banks grew rapidly, with the increases of more than 17%. For the state-owned commercial banks, the growth rate of the fixed assets was 9.64%. In terms of the operating expenses, during the sample period, the city commercial banks achieved a rapid increase, and the average growth rate was more than 10%. Moreover, the operating expenses of the banks grew by more than 30% in 2014 and 2015. In 2016, the operating expenses changed from a phase of rapid increase to a stage of stability, followed by a decrease of 0.98%. For the joint-stock commercial banks, the operating expenses increased rapidly from 2013 to 2015, and the growth rates in 2014 and 2015 were more than 25%. However, the operating expenses stabilized in 2016, and the growth rates in 2016 and 2017 were −0.83% and 3.94%, respectively. The operating expenses of the state-owned commercial banks changed in the same direction as the joint-stock commercial banks. The joint-stock commercial banks achieved higher magnitudes while the maximum growth rate of the state-owned commercial banks was 16.61%. Similarly, its growth rate decreased slightly by 1.65% in 2016 and increased by 6.46% in 2017.In summary, since the global financial crisis and the European debt crisis, the global economy has been recovering slowly, and the volatility of the financial markets has intensified. The Chinese government responded to the crisis actively and implemented macroprudential policy. The Chinese banking industry actively served the real economy and promoted the development of the national economy, whilst paying attention to the prevention of financial risks. As mentioned above, all the banks in the sample suffered from the negative technical progress of different extents; however, we observed the growth of both pure technical efficiency and scale efficiency, which contributed to the development of the industry. In addition, we found that banks of different ownership types showed their own characteristics. Moreover, we found that, in terms of the six-year average technical efficiency, the joint-stock banks performed the best, which was consistent with the study of Zhang [23]. However, our study also showed that the technical efficiency of the three types of banks was stable and the efficiency gaps between banks of different types were small, which was different from Zhang [23]. Furthermore, we studied the development of pure technical efficiency and scale efficiency of the three types of banks, which fills the gap in prior studies (e.g., Zhu et al. [32]). For the first time, the four biggest banks in China topped the list of the Top 1000 World Banks released by The Banker in July 2018, and the rankings of GSYH, JSYH, ZGYH and NYYH were 1, 2, 3 and 4. This is a good start for the Chinese banking industry, and it showed the positive influence of macroprudential policy on the sustainability of the Chinese banking industry.
Author ContributionsH.J. finished the work including mathematic methodology, data collection, the search of information related to the study, investigation and research, modelling, and writing. Y.H. assisted the search of information related to the study.FundingThis research was funded and supported by the Academic Excellence Foundation of BUAA for PhD Students, the Chinese Academy of Social Sciences (CASS) Innovation Project under Grant No. 2017CJYA006, and National Natural Science Foundation of China under Grant No. 71673020 and Grant No. 71690244.AcknowledgmentsWe thank the helpful and important suggestions of the editors and reviewers.Conflicts of InterestThe authors declare no conflict of interest.ReferencesComprehensively Deepen the Reform of the Financial System. Available online: http://kns.cnki.net/KCMS/detail/detail.aspx?dbcode=CJFQ&dbname=CJFD2012&filename=ZGJR201223000 (accessed on 16 June 2018).The Report on the Work of the Government. 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Figure 1.
The trends of the total assets (the unit of the total assets is 100 million RMB) of commercial banks (2012–2017).
Figure 1.
The trends of the total assets (the unit of the total assets is 100 million RMB) of commercial banks (2012–2017).
Figure 2.
The trends of the inputs and outputs (2012–2017).
Figure 2.
The trends of the inputs and outputs (2012–2017).
Figure 3.
The trends of indicators of all the banks in the sample and the Big Four banks (2012–2017).
Figure 3.
The trends of indicators of all the banks in the sample and the Big Four banks (2012–2017).
Figure 4.
The trends of inputs and outputs (2012–2017).
Figure 4.
The trends of inputs and outputs (2012–2017).
Figure 5.
The trends of inputs and outputs (2012–2017).
Figure 5.
The trends of inputs and outputs (2012–2017).
Figure 6.
The trends of inputs and outputs (2012–2017).
Figure 6.
The trends of inputs and outputs (2012–2017).
Table 1.
The list of the banks in the sample.
Table 1.
The list of the banks in the sample.
Bank 1NameType 2Rank 3GSYHIndustrial and Commercial Bank of China LimitedA11JSYHChina Construction Bank CorporationA12ZGYHBank of China LimitedA13NYYHAgricultural Bank of China LimitedA14JTYHBank of Communications Co., Ltd.A111ZSYHChina Merchants Bank Co., Ltd.A220PFYHShanghai Pudong Development Bank Co., Ltd.A225XYYHIndustrial Bank Co., Ltd.A226ZXYHChina CITIC Bank Corporation LimitedA227MSYHChina Minsheng Banking Corp., Ltd.A230GDYHChina Everbright Bank Company Limited Co., Ltd.A239PAYHPing An Bank Co., Ltd.A257BJYHBank of Beijing Co., Ltd.A363HXYHHua Xia Bank Co., LimitedA265SHYHBank of Shanghai Co., Ltd.A376NJYHBank of Nanjing Co., Ltd.A3143NBYHBank of Ningbo Co., Ltd.A3166
1 The abbreviation of the name of a sample bank is based on the bank’s stock name in Pinyin; 2 For simplicity, A1, A2, and A3 refer to the bank being a state-owned commercial bank, a joint-stock commercial bank, or the city commercial bank, respectively; 3 Rank refers to the ranking of a bank in the Top 1000 World banks.
Table 2.
The descriptive statistics of the input and output variables.
Table 2.
The descriptive statistics of the input and output variables.
Statistical IndicatorsFixed AssetsSalaries of EmployeesOperating ExpensesNet ProfitOperating Income(Billion RMB)(Billion RMB)(Billion RMB)(Billion RMB)(Billion RMB)Mean52.04812.624102.63373.543196.814Min2.1730.3334.1574.0459.114Median14.4837.86364.70141.763119.534Max220.65147.697364.66287.451726.502Std. Deviation 166.55712.574101.01580.977202.259C.V. 21.2790.9960.9841.1011.028
1 “Std. Deviation” represents standard deviation; 2 “C.V.” refers to the coefficient of variation.
Table 3.
The Malmquist total factor productivity index and its factors 1 (2012–2017, firm level).
Table 3.
The Malmquist total factor productivity index and its factors 1 (2012–2017, firm level).
IDFirmCTETCCPECSETFPC1BJYH0.9940.8611.0000.9940.8562GSYH1.0000.9611.0001.0000.9613GDYH1.0010.9661.0030.9990.9674HXYH1.0150.9721.0141.0010.9875JSYH1.0090.9681.0130.9960.9766JTYH1.0120.9531.0140.9980.9657MSYH0.9900.9590.9851.0050.9498NJYH1.0080.9731.0001.0080.9819NBYH1.0110.9661.0021.0090.97710NYYH1.0320.9691.0380.9951.00011PAYH1.0320.9771.0001.0321.00912PFYH1.0000.9361.0001.0000.93613SHYH1.0200.9731.0121.0080.99214XYYH1.0000.9471.0001.0000.94715ZSYH1.0120.9361.0001.0120.94616ZGYH1.0120.9691.0121.0000.98117ZXYH1.0300.9331.0301.0000.961Mean1.0100.9541.0071.0030.964Std. Deviation0.0130.0280.0130.0090.034
1 “TFPC”, “TC”, “CTE”, “CPE” and “CSE” refer to the total factor productivity change, the technical change, the change in technical efficiency, the change in pure technical efficiency and the change in scale efficiency.
Table 4.
The average Malmquist total factor productivity of banking industry.
Table 4.
The average Malmquist total factor productivity of banking industry.
YearCTETCCPECSETFPC20131.0131.0191.0131.0001.03220140.9710.9810.9930.9780.95320151.0500.8631.0251.0250.90720160.9481.0150.9670.9810.96220171.0740.9011.0401.0330.968Mean1.0100.9541.0071.0030.964Std. Deviation0.0530.0700.0280.0250.045
Table 5.
The efficiency evaluation 1 of the state-owned banks in 2017.
Table 5.
The efficiency evaluation 1 of the state-owned banks in 2017.
TypeBankTEPTESERTSState-owned commercial banksGSYH1.0001.0001.000cJSYH0.9781.0000.978dJTYH0.9340.9560.977iZGYH0.9290.9300.999iNYYH0.9000.9240.974d
1 “TE”, “PTE” and “SE” refer to the technical efficiency, the pure technical efficiency and the scale efficiency.
Table 6.
The efficiency evaluation of the joint-stock commercial banks in 2017.
Table 6.
The efficiency evaluation of the joint-stock commercial banks in 2017.
TypeBankTEPTESERTSJoint-stock commercial banksPAYH1.0001.0001.000cPFYH1.0001.0001.000cXYYH1.0001.0001.000cZSYH1.0001.0001.000cZXYH1.0001.0001.000cGDYH0.9250.9410.983dMSYH0.8710.8730.998iHXYH0.8480.8570.989d
Table 7.
The efficiency evaluation of the city commercial banks in 2017.
Table 7.
The efficiency evaluation of the city commercial banks in 2017.
TypeBankTEPTESERTSCity commercial banksSHYH1.0001.0001.000cNJYH0.9741.0000.974iBJYH0.9711.0000.971iNBYH0.8891.0000.889i
Table 8.
The average efficiency of the state-owned commercial banks (2012–2017).
Table 8.
The average efficiency of the state-owned commercial banks (2012–2017).
YearState-OwnedCommercial BanksTESEPTE20120.8910.9980.89420130.8960.9700.92720140.9060.9630.94220150.9360.9690.96720160.8950.9480.94420170.9480.9860.962Mean0.9120.9720.939
Table 9.
The average efficiency of the joint-stock commercial banks (2012–2017).
Table 9.
The average efficiency of the joint-stock commercial banks (2012–2017).
YearJoint-StockCommercial BanksTESEPTE20120.9100.9680.94120130.9260.9800.94620140.8890.9670.92020150.9420.9880.95420160.9030.9890.91220170.9560.9960.959Mean0.9210.9810.939
Table 10.
The average efficiency of city commercial banks (2012–2017).
Table 10.
The average efficiency of city commercial banks (2012–2017).
YearCityCommercial BanksTESEPTE20120.9220.9370.98420130.9320.9480.98220140.8900.8990.98920150.9290.9440.98320160.8780.8960.97720170.9590.9591.000Mean0.9180.9300.986
Table 11.
Test of Isotonicity.
Table 11.
Test of Isotonicity.
Statistical IndicatorsNet ProfitOperating IncomeFixed AssetsSalaries of EmployeesOperating ExpensesNet profit1.0000 Operating income0.9934 *** (0.0000)1.0000 Fixed assets0.9444 *** (0.0000)0.9539 *** (0.0000)1.0000 Salaries of employees0.8974 *** (0.0000)0.9214 *** (0.0000)0.9039 *** (0.0000)1.0000 Operating expenses0.9716 *** (0.0000)0.9914 *** (0.0000)0.9537 *** (0.0000)0.9324 *** (0.0000)1.0000
*** Represent the 1% significance level.
Table 12.
The statistical indicators of the box plot methodology 1.
Table 12.
The statistical indicators of the box plot methodology 1.
Statistical IndicatorsNet ProfitOperating IncomeFixed AssetsSalaries of EmployeesOperating ExpensesQ117.1448.186.784.3525.72Q241.76119.5314.487.8664.70Q369.89207.14100.0813.35129.57IQR52.75158.9693.308.99103.86
1 The unit of input and output variables is 1 billion RMB.
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Jiang, H.; He, Y.
Applying Data Envelopment Analysis in Measuring the Efficiency of Chinese Listed Banks in the Context of Macroprudential Framework. Mathematics 2018, 6, 184.
https://doi.org/10.3390/math6100184
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Jiang H, He Y.
Applying Data Envelopment Analysis in Measuring the Efficiency of Chinese Listed Banks in the Context of Macroprudential Framework. Mathematics. 2018; 6(10):184.
https://doi.org/10.3390/math6100184
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2018. "Applying Data Envelopment Analysis in Measuring the Efficiency of Chinese Listed Banks in the Context of Macroprudential Framework" Mathematics 6, no. 10: 184.
https://doi.org/10.3390/math6100184
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Jiang, H.; He, Y.
Applying Data Envelopment Analysis in Measuring the Efficiency of Chinese Listed Banks in the Context of Macroprudential Framework. Mathematics 2018, 6, 184.
https://doi.org/10.3390/math6100184
AMA Style
Jiang H, He Y.
Applying Data Envelopment Analysis in Measuring the Efficiency of Chinese Listed Banks in the Context of Macroprudential Framework. Mathematics. 2018; 6(10):184.
https://doi.org/10.3390/math6100184
Chicago/Turabian Style
Jiang, Huichen, and Yifan He.
2018. "Applying Data Envelopment Analysis in Measuring the Efficiency of Chinese Listed Banks in the Context of Macroprudential Framework" Mathematics 6, no. 10: 184.
https://doi.org/10.3390/math6100184
Note that from the first issue of 2016, this journal uses article numbers instead of page numbers. See further details here.
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Predicting Stock Price Trend Using MACD Optimized by Historical Volatility
icting Stock Price Trend Using MACD Optimized by Historical VolatilityJournalsPublish with usPublishing partnershipsAbout usBlogMathematical Problems in EngineeringJournal overviewFor authorsFor reviewersFor editorsTable of ContentsSpecial IssuesMathematical Problems in Engineering/2018/Article/On this pageAbstractIntroductionConclusionData AvailabilityConflicts of InterestAcknowledgmentsReferencesCopyrightRelated ArticlesResearch Article | Open AccessVolume 2018 | Article ID 9280590 | https://doi.org/10.1155/2018/9280590Show citationPredicting Stock Price Trend Using MACD Optimized by Historical VolatilityJian Wang1and Junseok Kim1Show moreAcademic Editor: Luis MartínezReceived18 Sept 2018Revised13 Nov 2018Accepted21 Nov 2018Published25 Dec 2018AbstractWith the rapid development of the financial market, many professional traders use technical indicators to analyze the stock market. As one of these technical indicators, moving average convergence divergence (MACD) is widely applied by many investors. MACD is a momentum indicator derived from the exponential moving average (EMA) or exponentially weighted moving average (EWMA), which reacts more significantly to recent price changes than the simple moving average (SMA). Traders find the analysis of 12- and 26-day EMA very useful and insightful for determining buy-and-sell points. The purpose of this study is to develop an effective method for predicting the stock price trend. Typically, the traditional EMA is calculated using a fixed weight; however, in this study, we use a changing weight based on the historical volatility. We denote the historical volatility index as HVIX and the new MACD as MACD-HVIX. We test the stability of MACD-HVIX and compare it with that of MACD. Furthermore, the validity of the MACD-HVIX index is tested by using the trend recognition accuracy. We compare the accuracy between a MACD histogram and a MACD-HVIX histogram and find that the accuracy of using MACD-HVIX histogram is 55.55% higher than that of the MACD histogram when we use the buy-and-sell strategy. When we use the buy-and-hold strategy for 5 and 10 days, the prediction accuracy of MACD-HVIX is 33.33% and 12% higher than that of the traditional MACD strategy, respectively. We found that the new indicator is more stable. Therefore, the improved stock price forecasting model can predict the trend of stock prices and help investors augment their return in the stock market.1. IntroductionSecurities investment is a financial activity influenced by many factors such as politics, economy, and psychology of investors. Its process of change is nonlinear and multifractal [1]. The stock market has high-risk characteristics; i.e., if the stock price volatility is excessive or the stability is low, the risk is uncontrollable. Financial asset returns in the short term are persistent; however, those in the long term will be reversed [2].Asness [3] reported that the stock, foreign exchange, and commodity markets have a trend. Hassan [4] noted that complex calculations are not particularly effective for predicting stock markets. Many trend analysis indicators and prediction methods for financial markets have been proposed. Pai [5] used Internet search trends and historical trading data to predict stock markets using the least squares support vector regression model. Lahmiri [6] accurately predicted the minute-ahead stock price by using singular spectrum analysis and support vector regression. Researchers have also used other methods to forecast stock markets. Singh et al. [7] designed a forecasting model consisting of fuzzy theory and particle swarm optimization to predict stock markets using historical data from the State Bank of India. Lahmiri et al. [8] proposed an intelligent ensemble forecasting system for stock market fluctuations based on symmetric and asymmetric wavelet functions. Das et al. [9] proposed a hybridized machine-learning framework using a self-adaptive multipopulation-based Jaya algorithm for forecasting the currency exchange value. Laboissiere et al. [10] developed a model involving correlation analysis and artificial neural networks (NNs) to predict the stock prices of Brazilian electric companies. Lei [11] proposed a wavelet NN prediction method for the stock price trend based on rough set attribute reduction. Lahmiri [12] used variational mode decomposition to forecast the intraday stock price. Lahmiri [13] addressed the problem of technical analysis information fusion and reported that technical information fusion in an NN ensemble architecture improves the prediction accuracy. In [14], the authors argued that time series of stock prices are nonstationary and highly noisy. This led the authors to propose the use of a wavelet denoising-based backpropagation (WDBP) NN for predicting the monthly closing price of the Shanghai composite index. Shynkevich et al. [15] investigated the impact of varying the input window length and the highest prediction performance was observed when the input window length was approximately equal to the forecast horizon. In [16], a prediction model based on the input/output data plan was developed by means of the adaptive neurofuzzy inference system method representing the fuzzy inference system. Zhou et al. [17] proposed a stock market prediction model based on high-frequency data using generative adversarial nets. Wang et al. [18] used a bimodal algorithm with a data-divider to predict the stock index. In [19], the author used multiresolution analysis techniques to predict the interest rate next-day variation. Using K-line patterns’ predictive power analysis, Tao et al. [20] found that their proposed approach can effectively improve prediction accuracy for stock price direction and reduce forecast error.We will introduce the concept of moving average convergence divergence (MACD) and help the readers understand its principle and application in Section 2. Although the MACD oscillator is one of the most popular technical indicators, it is a lagging indicator. In Section 3, we propose an improved model called MACD-HVIX to deal with the lag factor. In Section 4, data for empirical research are described. Finally, in Section 5, we develop a trading strategy using MACD-HVIX and employ actual market data to verify its validity and reliability. We also compare the prediction accuracy and cumulative return of the MACD-HVIX histogram with those of the MACD histogram. The performance of MACD-HVIX exceeds that of MACD. Therefore, the trading strategy based on the MACD-HVIX index is useful for trading. Section 6 presents our conclusion.2. MACD and Its StrategyMACD evolved from the exponential moving average (EMA), which was proposed by Gerald Appel in the 1970s. It is a common indicator in stock analysis. The standard MACD is the 12-day EMA subtracted by the 26-day EMA, which is also called the DIF. The MACD histogram, which was developed by T. Aspray in 1986, measures the signed distance between the MACD and its signal line calculated using the 9-day EMA of the MACD, which is called the DEA. Similar to the MACD, the MACD histogram is an oscillator that fluctuates above and below the zero line. The construction formula is as follows: where , , and . The weight number is a fixed value equal to . The number of the MACD histogram is usually called the MACD bar or OSC. The analysis process of the cross and deviation strategy of DIF and DEA includes the following three steps.(i) Calculate the values of DIF and DEA.(ii) When DIF and DEA are positive, the MACD line cuts the signal line in the uptrend, and the divergence is positive, there is a buy signal confirmation.(iii) When DIF and DEA are negative, the signal line cuts the MACD line in the downtrend, and the divergence is negative, there is a sell signal confirmation.3. MACD-HVIX Weighted by Historical Volatility and Its StrategyThe essence of a good technical indicator is a smooth trading strategy; i.e., the constructed index must be a stationary process. We present an empirical study in Section 5. The validity and sensitivity of MACD have a strong relationship with the choice of parameters. Different investors choose different parameters to achieve the best return for different stocks. In this study, the weight is based on the historical volatility. It is expected that the accuracy and stability of MACD can be improved. The construction formula is as follows:Here, the weight changes over time; HVIX is the change index of the historical volatility of a stock. The HVIX in this paper is the change index of the volatility in the past days. It is similar to the market volatility index VIX used by the Chicago options exchange. It reflects the panic of the market to a certain extent; thus, it is also called the panic index. The above process is expressed by the code shown in Algorithm 1.Require: Set up parameters The stock closing price is , the historical volatility index is , the length of the closingstock price data is , the weight of is , the weight of is ,and the time parameters are and . for j=1 to () do sum=0; for i=j to (j+) do Generate return series Sum the return in the past days sum=sum+ Calculate the mean return in the past days R_mean= sum=0 for i=j to (j+) do Sum the variance in the past days sum=sum+; Calculate the standard deviation in the past days for j=1 to () do sum1=0 for i=j to (j+) do sum1=sum1+; sum2=0; for i=j to (j+) do sum2=sum2+; Calculate for i=2 to () do Calculate and Calculate for i=2 to length() do Calculate Algorithm 1 General algorithm for HVIX and EMA-HVIX.The analysis process of the cross and deviation strategy of DIF-HVIX and DEA-HVIX includes the following three steps.(i)Calculate the values of DIF-HVIX and DEA-HVIX.(ii)When DIF-HVIX and DEA-HVIX are positive, the MACD-HVIX line cuts the signal line of HVIX in the uptrend, and the divergence is positive, there is a buy signal confirmation.(iii)When DIF-HVIX and DEA-HVIX are negative, the signal line of HVIX cuts the MACD-HVIX line in the downtrend, and the divergence is negative, there is a sell signal confirmation.4. Data DescriptionWe first perform an empirical study on the buy-and-sell strategy, which involves buying today and selling tomorrow. We use the historical data for the stock “-zgrs-” from November 2, 2015, to September 21, 2017, from the Shanghai stock market. First, we develop the strategy for the new index and calculate the prediction accuracy and cumulative return of the stock with two different indicators. Then, we compare the accuracy rate and cumulative return. The accuracy here is calculated according to whether the stock price rises on the second day. Furthermore, we test a buy-and-hold strategy for the proposed model. The buy-and-hold strategy is a trading strategy in which the traders hold the stock for a while instead of selling it on the next trading day. We use the historical data for the stock “-dggf-” from July 27, 2009, to November 3, 2017, from the Shanghai stock market to test a 5 d buy-and-hold strategy and use the historical data for the stock “-payh-” from June 22, 1993, to May 10, 2010, from the Shanghai stock market to test a 10 d buy-and-hold strategy. The detailed trading strategy is similar to the buy-and-sell strategy. Here, we use , , and 5. Empirical Results5.1. Empirical Results of Buy-and-Sell StrategyFrom the “-zgrs-” stock data chosen in Section 4, we calculate the HVIX of the past m days and the past n days. A higher stock index means that investors feel anxiety regarding the stock market, and a lower stock index means that the rate of change of the stock price will decrease. Figure 1 shows the HVIX index.Figure 1 Historical volatility of “-zgrs-” with the buy-and-sell strategy.Next, using the calculated volatility index, we calculate the weight of the EMA formula in Section 3 and obtain the values of MACD-HVIX, DEA-HVIX, and OSC.Figure 2 shows the candlestick chart and MACD histogram. In the candlestick chart, the blue line represents the 12-d EMA, and the red line represents the 26-d EMA. Candlesticks are usually composed of a red and green body, as well as an upper wick and a lower wick. The area between the opening and the closing prices is called the body, and price excursions above or below the real body are called the wick. The body indicates the opening and closing prices, and the wick indicates the highest and lowest traded prices of a stock during the time interval represented. For a red body, the opening price is at the bottom, and the closing price is at the top. For a green body, the opening price is at the top, and the closing price is at the bottom.Figure 2 Candlestick chart and MACD histogram for “-zgrs-” with the buy-and-sell strategy. (For interpretation of the references to color in the figure, the reader is referred to the web version of the article.)In the MACD histogram, the solid line represents the DIF, the dotted line represents the DEA, and the histogram represents the MACD bar. According to the strategy described in Section 3, we buy the stock when the DIF and DEA are positive, the DIF cuts the DEA in an uptrend, and the divergence is positive. We sell the stock when the DEA cuts the DIF in a downtrend, and the divergence is negative. As shown in Figure 2, we sell the stock on days 155 and 355 and buy the stock on days 212, 290, 310, 381, and 393. The buy-and-sell signals in the candlestick chart and the MACD histogram are shown in Figure 3.Figure 3 Buy-and-sell signals in the candlestick chart and MACD histogram for the buy-and-sell strategy.Figure 4 shows the candlestick chart and MACD histogram of HVIX. In the candlestick chart, the blue line represents the 12-d EMA-HVIX, and the red line represents the 26-d EMA-HVIX. In the MACD-HVIX histogram, the solid line represents the DIF-HVIX, the dotted line represents the DEA-HVIX, and the histogram represents the MACD-HVIX bar. According to the strategy described in Section 3, we buy the stock when the DIF-HVIX and DEA-HVIX are positive, the DIF-HVIX cuts the DEA-HVIX in an uptrend, and the divergence is positive, and we sell the stock when the DEA-HVIX cuts the DIF-HVIX in a downtrend, and the divergence is negative. As shown in Figure 4, we sell the stock on days 118 and 187 and buy the stock on days 222, 231, 241, 243, 292, 415, and 447. The buy-and-sell signals in the candlestick chart and the MACD histogram are shown in Figure 5.Figure 4 Candlestick chart and MACD-HVIX histogram for “-zgrs-” with the buy-and-sell strategy. (For interpretation of the references to color in this figure, the reader is referred to the web version of the article.)Figure 5 Buy-and-sell signals in the candlestick chart and the MACD-HVIX histogram for the buy-and-sell strategy.To verify the stability of the new indicator, we compare the MACD and MACD-HVIX in Figure 6. The MACD and MACD-HVIX have basically the same trend and the stability of the MACD-HVIX is better than that of the MACD.Figure 6 Comparison of the two indicators for the buy-and-sell strategy.Table 1 shows a comparison of the specific values of the buying-selling points for the MACD index and MACD-HVIX index, as well as a comparison of the predicted and actual trends. Here, we see that the prediction accuracy of MACD-HVIX is 0.667 and that of MACD is 0.4286. By using the proposed indicator, we can improve the prediction accuracy by 55.55% compared with the traditional MACD. The “-Price-” in the table represents the closing price of stock. Next, we compare the cumulative returns for the two indicators. According to the trading points shown in the table, we perform a simulation test. We assume that the initial fund is 1 million. The cumulative returns under the two indexes are 1.1136 million and 1.3365 million, for MACD and MACD-HVIX indices, respectively.Table 1 Comparison of the specific values of the buying-selling points for the buy-and-sell strategy.5.2. Empirical Results of Buy-and-Hold StrategyUsing the “-dggf-” stock data chosen in Section 4, we first investigate the buy or sell points for both the indicators with the buy-and-hold strategy applied for 5 d. Then, we compare the prediction accuracy between the two indicators. The MACD histogram shown in Figure 7 indicates the buy-and-sell points; we should buy the stock at a buy point on days 391, 1,071, 1,181, 1,326, and 1,481, and sell the stock at a sell point on days 791, 881, and 911. The prediction situation is shown in Table 2.Table 2 Comparison of the specific values of the buying-selling points with the buy-and-hold strategy applied for 5 d.Figure 7 Candlestick chart and MACD histogram for “-dggf-” with the buy-and-hold strategy applied for 5 d. (For interpretation of the references to color in this figure, the reader is referred to the web version of the article.)The MACD-HVIX histogram in Figure 8 indicates the buy-and-sell points. We should buy the stock at a buy point on days 371, 1,201, 1,331, and 1,561 and sell the stock at a sell point on days 751 and 771. The prediction situation is shown in Table 2. A comparison between MACD and MACD-HVIX is shown in Figure 9.Figure 8 Candlestick chart and MACD-HVIX histogram for “-dggf-” with the buy-and-hold strategy for 5 d. (For interpretation of the references to color in this figure, the reader is referred to the web version of the article.)Figure 9 Comparison of the two indicators with the buy-and-hold strategy applied for 5 d.Table 2 shows a comparison of the specific values of the buying-selling points for the MACD and MACD-HVIX indices with the buy-and-hold strategy for 5 d, as well as a comparison of the predicted and actual trends. Here, we observe that the prediction accuracy of MACD-HVIX is 0.8333 and that of MACD is 0.6250. By using the proposed indicator, we can improve the prediction accuracy by 33.33% compared with the traditional MACD. The “-Price-” in the table represents the closing price of the stock.Next, using the “-payh-” stock data chosen in Section 4, we investigate the buy or sell points for both the indicators with the buy-and-hold strategy applied for 10d. Then, we compare the prediction accuracy between the two indicators. The MACD histogram in Figure 10 indicates the buy-and-sell points. We should buy the stock at a buy point on day 901, and sell the stock at a sell point on days 621, 1,971, 2,071, 2,291, 2,431, and 2,661. The prediction situation is shown in Table 3.Table 3 Comparison of the specific values of the buying-selling points with the buy-and-hold strategy applied for 10 d.Figure 10 Candlestick chart and MACD histogram for “-payh-” with the buy-and-hold strategy applied for 10 d. (For interpretation of the references to color in this figure, the reader is referred to the web version of the article.)The MACD-HVIX histogram in Figure 11 indicates the buy-and-sell points. We should buy the stock at a buy point on day 901 and sell the stock at a sell point on days 2,071, 2,421, 2,661, and 2,741. The prediction situation is shown in Table 3. A comparison of MACD and MACD-HVIX is presented in Figure 12.Figure 11 Candlestick chart and MACD-HVIX histogram for “-payh-” with the buy-and-hold strategy applied for 10 d. (For interpretation of the references to color in this figure, the reader is referred to the web version of the article.)Figure 12 Comparison of the two indicators with the buy-and-hold strategy applied for 10 d.Table 3 shows the comparison of the specific values of the buying-selling points for the MACD and MACD-HVIX indices with the buy-and-hold strategy applied for 5 d, as well as a comparison of the predicted and actual trends. Here, we observe that the prediction accuracy of MACD-HVIX is 0.8 and that of MACD is 0.7143. By using the proposed indicator, we can improve the prediction accuracy by 12% compared with the traditional MACD. The “-Price-” in the table represents the closing price of the stock.5.3. Computational ComplexityThe computational complexity of the MACD and MACD-HVIX for a stock which has a length of n are and , respectively. In terms of trend prediction processing time, the average time required to process a buy-and-sell strategy, a buy-and-hold strategy for 5 days, and a buy-and-hold strategy for 10 days with the MACD approach (MACD-HVIX) are, respectively, 1.25 (1.51), 1.12 (1.35), and 1.41 seconds (1.58) using Matlab R2017b on an Intel(R) Core(TM) i5-6200 CPU @ 2.30GHz processor.6. ConclusionAs indicated by Tables 1, 2, and 3, we buy-and-sell stock based on improved MACD; then we found all the accuracy is higher than that before the improvement. Therefore, the improved model has higher maneuverability in securities investment and allows investors to capture every buy-and-sell points in the market. For both the buy-and-sell strategy and the buy-and-hold strategy, the empirical results indicated that the proposed model can make more precise predictions than the traditional model. The proposed model was tested with three different stocks and it generated the high prediction accuracy for all the cases. In addition, while a smoothing index is used to construct the MACD index and the impact of the past price declines exponentially, the MACD-HVIX does not have this property. Although the MACD-HVIX index is improved compared with the MACD index, the stationarity of the MACD-HVIX index is difficult prove theoretically. Test shows that it is stable; however, in the ever-changing market, an abnormal situation can cause incalculable losses to investors. In future research, we will investigate other factors for the model by constantly updating the data and the training model to obtain a better prediction effect.Data AvailabilityThe data used to support the findings of this study are available from the corresponding author upon request.Conflicts of InterestThe authors declare that there are no conflicts of interest regarding the publication of this paper.AcknowledgmentsThe first author (Jian Wang) was supported by the China Scholarship Council (201808260026). The corresponding author (J.S. Kim) expresses thanks for the support from the BK21 PLUS program.ReferencesF. Schmitt, D. Schertzer, and S. Lovejoy, “Multifractal Fluctuations in Finance,” International Journal of Theoretical and Applied Finance, vol. 03, no. 03, pp. 361–364, 2000.View at: Publisher Site | Google ScholarT. J. Moskowitz, Y. H. Ooi, and L. H. 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Goldman Sachs Analysts Want More Money and Better Conditions
>Goldman Sachs Analysts Want More Money and Better Conditions
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the money game
Nov. 4, 2021
Revolt of the Goldman Juniors
Crushed by pandemic workloads, Wall Street’s youngest want more money and better conditions. But mostly more money.
By
Jen Wieczner,
New York features writer who covers Wall Street, business, and crypto
This article was featured in One Great Story, New York’s reading recommendation newsletter. Sign up here to get it nightly.
Photo-Illustration: Intelligencer. Photo: Jeenah Moon/The New York Times/Redux
This article was featured in One Great Story, New York’s reading recommendation newsletter. Sign up here to get it nightly.
Photo-Illustration: Intelligencer. Photo: Jeenah Moon/The New York Times/Redux
When Goldman Sachs sent its analysts home at the beginning of the pandemic, they figured their jobs would stay largely the same: the same 80-hour weeks, the same urgent but menial tasks, the same imagined riches a few years down the line. And they figured they could rely on the essential sustenance Goldman had always provided: Seamless. In the in-office era, analysts had been able to expense around $30 worth of dinner when working after hours, plus another $25 or so if they toiled past midnight. For analysts — the youngest employees at the bank, enrolled in what’s essentially a two-year boot camp — the meal allowance was sacrosanct, less a privilege than an entitlement. Of course they’d get free dinners when work shifted to home.
And so when Goldman eliminated the Seamless stipend in the spring of 2020, the reactions came in shades of disbelief and outrage. “The free-dinner thing is a very big perk out of college,” a Goldman analyst who quit last year told me. “JPMorgan and Morgan Stanley were giving free meals, and we felt that we deserved that. When we went work-from-home, they gave us nothing — literally nothing.”
The bank’s reasoning: If it paid for dinner at people’s homes, where workers technically had access to a kitchen, Goldman would owe taxes on that compensation, whereas in-office meals were deductible. The rationale grated on first-year analysts making an $85,000 base salary plus bonus. “You guys have billions of dollars,” said a second Wall Street analyst. “We’re just trying to eat.”
Goldman had long been known as the worst-paying bank on Wall Street, the theory being that aspiring financiers would accept a “Goldman discount” in exchange for a chance to soak up some of the company’s prestige. But during the pandemic, the bank just started to seem cheap. Unlike its competitors, Goldman refused to issue a stipend to cover at-home tech and ergonomic equipment; some analysts even had to purchase their own laptops. Meanwhile, the work itself was only getting more overwhelming — nowhere more so than within the San Francisco office’s technology, media, and telecom group, or TMT for short. These bankers were handling a historic onslaught of SPAC and IPO deals, and 120-hour workweeks became the norm. “There’s a number of real things that made the experience of a junior banker worse, and on top of that, they’re cutting their meal stipend,” said another person who left Goldman’s TMT group last year. “I think people just felt like they were being shit on even more.”
In May 2020, a group of TMT analysts polled each other on various measures of work-related misery and presented their findings to an indifferent senior banker on a Zoom call; on another occasion, they tried to convey to a partner how hard it was to find time to buy groceries. “When I was an analyst, I used to eat ramen noodles,” the partner told them. “Just microwave some ramen — you should be fine.” By the end of 2020, at least half of the second-year TMT analysts had prematurely left the bank, forcing their rookie colleagues to shoulder an even greater load. “Shit hit the fan for the first-years who had just started,” one of them said. (Nobody currently working at the bank would talk to me on the record.) “All these deals coming up on our asses — the expected few all-nighters a month turned into a few all-nighters a week. It’s not like I went into it expecting a rosy lifestyle. I just didn’t expect it to be so consistent and so constant.”
Lots of people’s jobs came to suck more during the pandemic — but at Goldman, where every act and trend takes on an added symbolic charge, discontent was boiling at levels that threatened to erupt into public view. In February 2021, analysts in the TMT group secured a virtual audience with a senior executive, hoping to make some requests to moderate their workload. Worried about appearing in front of a powerful banker like a litter of mewling kittens, the analysts decided to organize their points as best they knew how: in a data-stuffed PowerPoint deck, just like the ones they produced en masse for Goldman’s clients, using the bank’s own watermarked template.
The 11-slide presentation, titled “Working Conditions Survey,” represented 13, or nearly all, of the first-year TMT analysts in San Francisco. As they went through the findings — e.g., 77 percent felt like they’d been a victim of “workplace abuse” at Goldman — some analysts thought they saw the executive wipe away tears after seeing one analyst’s comment: “The sleep deprivation, the treatment by senior bankers, the mental and physical stress … I’ve been through foster care and this is arguably worse.”
After the call, the analysts waited for a response. They knew CEO David Solomon personally got a copy of their report. For a month, they heard nothing; then, on March 17, the San Francisco group woke up to a deluge of texts. Their presentation had gotten out and was going viral, first on the Twitter and Instagram feeds of @Litquidity, a must-read industry satire, then Bloomberg and CNBC and major newspapers from New York to London. “It was like, What the fuck is happening?” one analyst who participated in the survey told me. “The intention was not to leak it.”
In the middle and higher echelons of Goldman, the analysts’ plight received little sympathy. Randy Habeeb was working as a trader in the bank’s New York office when the PowerPoint leaked. “To be honest with you, I was actually really pissed,” he told me. “It’s kind of like an unwritten code that you just don’t talk about it. You kind of just man up and do it.” He’s since left Goldman to start his own firm, Habeeb Capital, where he sits in front of a faux-grass wall and keeps on his desk a mug with the words “Fucker in Charge of You Fucking Fucks.” Even the survey’s most disturbing allegations failed to resonate with longtime bankers. “I haven’t been in foster care,” said a former Goldman executive, who started as an analyst. “But that struck me as somewhat dramatic. Either highly dramatic, or they had a great foster-care experience!”
Goldman’s leadership may have been unbothered by its greenest employees’ unhappiness, but elsewhere on Wall Street, an unusual phenomenon began to unfold. The day after the survey leaked, Jefferies awarded its analysts Pelotons. A week later, Credit Suisse doled out $20,000 “lifestyle allowances” to its junior bankers and promised additional raises to come. In early April, Bank of America bumped analysts’ salaries by $10,000, Wells Fargo announced a one-off “financial allowance” bonus of $10,000, and Houlihan Lokey gave out all-expenses-paid vacations. By early this summer, JPMorgan and Barclays had followed suit.
It was the biggest pay gain for junior bankers since 2014, when a rash of sudden deaths, including some suicides, forced the firms to reckon with their treatment and mental health. This year’s raises brought the starting salary for investment bankers to at least $100,000, not including annual bonuses, which often double their total compensation.
And yet it’s not at all clear that the extra lucre has restored equilibrium to the investment-banking bargain — a job that has always sucked and always paid well enough to convince hordes of Ivy Leaguers to apply anyway. On top of salary and bonus, analyst posts have traditionally offered a chance to see how Wall Street operates up close before providing off-ramps to sweet gigs in hedge funds and private equity. Today, all three of these major perks are less compelling than they were just a few years ago. Tech pays better; the pandemic has deprived analysts of observing much of anything; and banking experience is not remotely a prerequisite to enter the hottest sectors in finance, namely venture capital and crypto.
For many new investment bankers, the deal they struck for their first two years out of college is looking like an increasingly out-of-the-money trade. “Banking used to be this golden ticket,” said a former Wall Street associate. (Often possessing an M.B.A., associates are one rung up from analysts and are still considered junior bankers.) “It’s still a really good job, but if you can get Google, Apple, Netflix, Snap — those are better jobs.” His wife, he noted, earns more money for fewer hours at a tech giant.
There’s also evidence that a new generation is less willing to stomach what has long been known as the I-banker nine-to-five: 9 a.m. to five the following morning. “This is a complete change. For the top graduates, they think, ‘Why would I do that? I’m smart, I’m clever — that’s for the worker bee, not me,’” said Paul Webster, a managing partner at the recruiter Page Executive, who specializes in placing investment bankers. “All of a sudden, new graduates don’t want to work long hours anymore.”
Goldman may have gotten all the media attention because it’s Goldman, but wretchedness has been building at nearly every bank. “People are quitting left and right,” one analyst at Wells Fargo told me. “People are just so burnt out. I know someone who quit with nothing lined up just because their mental health had been hit so hard.” Patrick Curtis, the founder and CEO of Wall Street Oasis, a popular forum for the banking industry, said the frequency of posts indicating mental-health breakdowns more than doubled over the past year from the usual — to the point where the site is considering setting up an automated system to direct members to crisis hotlines.
What if banks are incurable? Run too long by such avaricious people that no amount of power inversion or generational reconsiderations of work-life balance can change the culture? At Citigroup, a new CEO, Jane Fraser — the first woman to run a big U.S. bank — assumed the reins in March and within weeks announced measures aimed at alleviating worker stress. “It’s refreshing because you get rid of some old anachronistic cultures or ways of doing things and you unleash this energy,” she told Bloomberg. But executives quickly overrode many of her initiatives. On “Zoom-Free Fridays,” managing directors still made analysts Zoom — but sometimes let them leave their cameras off. Fraser instructed employees to avoid scheduling calls outside traditional business hours and declared Memorial Day a four-day weekend; “We get an email five minutes later saying ‘This doesn’t apply to our group,’” said a Citi associate who quit this summer, after working every holiday except Christmas last year. Workers knew their bosses expected them to ignore Fraser’s notes reminding employees that July 4 was paid time off and to observe a “protected Saturday” policy. “All those initiatives, all of us just look at each other and are like, ‘LOL, what?’” said another former Citi associate who recently quit, despite being offered a retention bonus. “It just becomes like a joke among everyone.”
Decades of junior-staffer abuse can’t be unlearned in a year, especially when the industry self-selects for the ruthless. When one Citi analyst informed a superior by email that he’d caught COVID and was heading to the hospital, the VP replied and gave him a new assignment. “No time off. He was like, ‘Oh, thanks for letting me know. I actually have a staffing for you.’” Another analyst griped on Citi’s internal messaging system: “I hate this job, I hate this bank, I want to jump out the window.” A monitoring system generated an alert, and he got a concerned call from HR. “This is a consensus opinion,” he responded dispassionately. “This is how everyone feels.”
The low point at Citi happened on April 19. It was during the frenzy of Pelotons and bonuses, and Fraser scheduled a virtual call with Citi’s junior bankers for 7 a.m. They assumed the meeting could only mean higher pay. Instead, Fraser and a lieutenant beamed onto their screens and told the workers — in a gesture apparently intended to signal respect — that they knew what they didn’t want: raises. Rather, she was focused on improving their work conditions, rattling off a list of efforts from IT upgrades to hiring more analysts and associates to help ease the workload. When the video call concluded after 20 minutes, young bankers left furious. “Everyone was like, What the fuck? It was just very tone deaf,” said one of the former associates I spoke to. The analysts and associates turned their computers off and didn’t dial into any calls for the remainder of the day. In the end, Citi caved, raising junior bankers’ pay in July to start at $100,000. But by then, feelings had curdled. “It was sort of like, if you’re the first kid on the block to get a puppy, cool. If you’re the last one on the block to get a puppy, great, like, that’s it? What else are you going to do?” said the ex-associate, who had already given notice by the time the raises kicked in. “It doesn’t make it better. It only made it worse when other people got it and you didn’t.”
At Goldman, by midsummer, the analysts were feeling insulted that their bank was holding out on higher pay. “We were still being worked like crazy,” one said. “Nothing changed internally. All of our friends are getting money, and we’re getting promises of a better work life two months down the line.” One former TMT associate who’d left before the PowerPoint debacle called one of its authors to check in and marveled at how much the situation had deteriorated in just a few months. “It just felt amplified. The level of animosity toward the employer felt really pronounced, and very dysfunctional,” he said. “There was real anger, a real sense of unfairness, and a bit of an attitude like, I just don’t give a fuck anymore. That was just kind of shocking to hear that tone — kind of dark, honestly.”
Finally, in early August, Solomon called the analysts to an in-person meeting in a Goldman auditorium. The bank was hiking their base salaries by about 30 percent, to $110,000 for first-year analysts and $125,000 for second-years — making Goldman the highest-paying of the so-called bulge-bracket banks. (Morgan Stanley later matched the figures.) It was a sign that the calculation for working at Goldman had changed: The bank would have to compete for young talent with cash, not just its reputation — the end of the Goldman discount. “If you can suppress an insurrection for small dollars, I think you just do it, even though no one loves it,” said the former Goldman executive. “I’m sure David increased the salaries totally against his desires.”
The analysts, improbably, had won. But not all of them stuck around to collect. The employee who negatively compared Goldman to foster care was already gone. Among the 13 analysts in the TMT group that conducted the survey, at least five have left the bank; four of them are women of color. One told me she quit because she couldn’t conceive of moving up the ranks to a position where she might inflict the same pain on another underling and concluded that even the boosted compensation wasn’t enough to keep her at Goldman. “When I thought about it bigger picture — How much difference does it really make in your life? — I decided that my happiness was worth more than a few hundred thousand extra dollars,” she said. She recently accepted a corporate role outside the finance industry.
I thought about the next next crop of elite graduates — the ones entering the workforce next May — and wondered what in this chain of events had made a larger impression: the junior bankers’ total misery or their huge new salaries. I found an answer pretty quickly. At Yale, applications to the undergraduate finance club were up 23 percent at the start of the school year, according to Yash Bhansali, the president — and a 2021 Goldman intern. And at another elite university, I spoke to a student whose offer for a full-time analyst position at Goldman Sachs, starting summer 2022, arrived the same week the bank announced its junior banker raises. The letter included the higher sum. “When I heard I would be getting paid the amount I would, I didn’t even blink,” the student said. “I was just like, ‘Yeah.’ I immediately signed.”
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Curr Biol. Author manuscript; available in PMC 2019 Apr 14.Published in final edited form as:Curr Biol. 2018 Sep 10; 28(17): R1043–R1058. doi: 10.1016/j.cub.2018.04.058PMCID: PMC6462409EMSID: EMS82581PMID: 30205054Principles of insect path integrationStanley Heinze,*,1 Ajay Narendra,2 and Allen Cheung3Stanley Heinze
1Lund University, Lund, SwedenFind articles by Stanley HeinzeAjay Narendra
2Macquarie University, Sydney, AustraliaFind articles by Ajay NarendraAllen Cheung
3The University of Queensland, Queensland Brain Institute, Upland Road, St. Lucia, Queensland, AustraliaFind articles by Allen CheungAuthor information Copyright and License information PMC Disclaimer
1Lund University, Lund, Sweden
2Macquarie University, Sydney, Australia
3The University of Queensland, Queensland Brain Institute, Upland Road, St. Lucia, Queensland, Australia*Email: es.ul.loib@eznieh.yelnatsPMC Copyright notice The publisher's final edited version of this article is available free at Curr BiolAssociated DataSupplementary MaterialsSupplemental Information.NIHMS82581-supplement-Supplemental_Information.docx (100K)GUID: 973C078F-4061-4BC1-A06B-B5E8060A14FAAbstractContinuously monitoring its position in space relative to a goal is one of the most essential tasks for an animal that moves through its environment. Species as diverse as rats, bees, and crabs achieve this by integrating all changes of direction with the distance covered during their foraging trips, a process called path integration. They generate an estimate of their current position relative to a starting point, enabling a straight-line return (home vector). While in theory path integration always leads the animal precisely back home, in the real world noise limits the usefulness of this strategy when operating in isolation. Noise results from stochastic processes in the nervous system and from unreliable sensory information, particularly when obtaining heading estimates. Path integration, during which angular self-motion provides the sole input for encoding heading (idiothetic path integration), results in accumulating errors that render this strategy useless over long distances. In contrast, when using an external compass this limitation is avoided (allothetic path integration). Many navigating insects indeed rely on external compass cues for estimating body orientation, whereas they obtain distance information by integration of steps or optic-flow-based speed signals. In the insect brain, a region called the central complex plays a key role for path integration. Not only does it house a ring-attractor network that encodes head directions, neurons responding to optic flow also converge with this circuit. A neural substrate for integrating direction and distance into a memorized home vector has therefore been proposed in the central complex. We discuss how behavioral data and the theoretical framework of path integration can be aligned with these neural data.IntroductionWell before the advent of GPS, humans have had a need to revisit specific sites, for instance, the home cave or a specific tree that is abundant in fruit. While a map would be useful in these instances to avoid getting lost, creating a map requires information of where one is relative to the navigational goal or the starting point of a trip. This is particularly difficult if there are no conspicuous features of the environment, for example in the desert or at sea. Early sailors, when venturing out into the sea, found a solution to this problem. They regularly updated their position relative to the point of departure by measuring traveling speed and direction, a strategy called dead reckoning. In animals this behavior is termed path integration [1]. Many arthropods, including a wide variety of insects (Figure 1A, shield bugs [2,3], field crickets [4], cockroaches [5], Drosophila [6], honeybees [7]and ants [8]) are known to use this strategy to return to their nest, hive or burrow by the shortest possible route after convoluted foraging trips. This is critical for survival, since it reduces predatory pressure and allows the animal to minimize exposure to hostile weather conditions. In principle, during path integration animals continuously keep track of the distance and the directions traveled and then integrate this information to produce a single vector that takes them directly back to the point of origin (Figure 1B). While path integration in a strict sense does not include the homeward journey, i.e. it only refers to the update of the internal position estimate with respect to a point of origin, without homing behavior it is very difficult to obtain an experimental readout of the animal’s internal position estimate. This raises the question whether homing insects are the only species with the capability for path integration. If it is not used for homing, which behaviors would a path integration based position estimate be used for? In more general terms this leads to the question of how useful path integration is as an independent navigation strategy and how it interacts with other behavioral modules. We propose that the answer might be found by examining the neural circuits underlying path integration behavior.Open in a separate windowFigure 1If the circuits underlying path integration are unique to homing insects, this might suggest that path integration can be understood as an isolated behavioral module. In contrast, if path integration results from neural ensembles participating in many functions, all insects with those circuits could potentially have this capability and one can expect that path integration interacts strongly with other behaviors also driven by the shared circuits. Intuitively, one might think that any neural circuit for path integration must comprise an angular integrator that keeps track of the animal’s turns, and an odometer that integrates the current speed of the animal over time, i.e. keeps track of distance using dedicated odometer cells. Together both would encode the animal’s position relative to a point of origin. As laid out in the following sections, this simplistic view of the neural basis of path integration is not in agreement with behavioral data or theoretical considerations, and recent insights into the neural substrates of path integration indeed point to a much more integrated internal representation of the insect’s position.Path integration behaviorRequisites of the path integratorThe strongest evidence for the ability to path integrate comes from displacing animals to an unfamiliar location while they attempt to return home (Figure 1C). If these displaced animals travel in the direction where home would have been and ignore the passive displacement, one can conclude that the animal has a path integrator. When these experiments were done in desert ants, it was revealed that one key input required for the path integrator is a reliable external compass. The main compass cue that these and other insects use for path integration is the pattern of polarized light present in the blue sky [9]. It allows to infer the Sun’s position without the need to see the Sun directly. As with all celestial cues, the polarization pattern is reliable because it is located at an infinite distance from the animal, so that the orientation of the celestial cue changes only when animals carry out rotational motion, but not during translational motion. Specialized sets of ommatidia located in the dorsal rim area of the insect’s compound eyes detect changes in the angle of polarization (E-vector) [10,11]. Many insects in addition possess simple eyes (ocelli) on the dorsal surface of the head that are often also sensitive to polarized light [12–15], but their contribution to path integration behavior is unclear. Similarly, compass information derived from other global cues such as the position of the Sun [16], the Moon [17] spectral and intensity cues [18,19], magnetic cues [20–22], and the Milky Way [23,24], are also used for insect navigation, yet whether they contribute to path integration is still unclear.The second input required for the path integrator is an odometer. Which sensory information insects use for measuring distances depends on their mode of locomotion. Walking insects, such as ants, rely on a pedometer, that is, their distance estimation is based on integrating the number of steps [25,26]. This was elegantly shown by shortening or lengthening the legs of ants that had arrived at a food source after travelling a specific distance. Ants with modified longer legs overshot on their home journey, whereas those with modified shorter legs underestimated the homeward distance.As ants and other insects also walk over undulating terrain, the path integrator takes into account the angular upward and downward slopes that the animal travels. It encodes not the entire distance traveled, but the sum of the horizontal projections it traversed during the outbound journey [27]. This efficiently compensates for differences in terrain along the outbound and inbound trip. While behaviorally well-described, it is still unknown whether step integration is driven by the proprioceptors located in body joints or by monitoring activity of a pattern generator for walking.Insects can also use another sensory cue to gauge distance traveled: optic flow, i.e., the rate at which visual information moves across their retina when they navigate their environment [28,29]. While the pedestrian ants generally appear to ignore lateral optic flow and respond only weakly to changes in the ventral optic flow [30,31], a convincing case for the use of optic flow in ants comes from studying social carrying behavior [32]. During social carrying a transporter ant carries one of its nestmates to a new nest, which is unfamiliar to the carried individual. If the pair is separated and the passenger is released within a channel placed in an unfamiliar location, it travels the entire homeward distance, demonstrating that the ant has obtained distance information despite not having been able to use its step integrator. If the ventral region of the eye was occluded during the passive transport, i.e., preventing optic flow detection, the ant appears to be lost when released in the test channel, suggesting that optic flow information is indeed used by passengers to estimate the distance home. Interestingly, distance information obtained from optic flow during an outward journey could not be transferred to a stride integrator during the homeward journey, suggesting distinct neural correlates for each process.Different from ants, flying insects appear to estimate distances exclusively by integrating optic flow [28,29]. Optic flow based distance estimation has been largely studied in honeybees. Individual honeybees that return to the hive after a successful foraging trip convey information about the location of the food source to their nestmates through the waggle dance [33,34]. During the dance the bees move along a straight line while they waggle their abdomen, loop to the left to return to the starting point, repeat the waggling along the straight line, before making a loop to the right to repeat the entire sequence of movements. The duration of the waggle phase is proportional to the distance between the hive and the food source, and the angle between the axis of the waggle and the vertical direction provides the direction to the food source with respect to the Sun. Importantly, observing the dance allows to gain direct insight into the knowledge the bee has of its foraging trip and thus view the result of its path integration computations.A functional celestial compass is also required for distance estimation. In fact, ants walking in channels only integrate distances when they have had access to polarized skylight and ignore the distance they walk in conditions where the sky is occluded [35]. This indicates that insects do not record distance and direction information separately, but store both in an integrated manner, refuting the notion of explicit odometer cells. Honeybees do something slightly different, giving rise to the possibility that that they store multiple vectors; a personal vector that the bee individually relies on and a communal vector to convey the distance information to nestmates [36]. This was discovered by training honeybees to a feeder at a known distance and depriving the bees of celestial cues along some segments of the outbound trip. The personal vector ignored the distance travelled without celestial compass, whereas the communal vector included these segments.Path integration interacts with other navigational strategiesIn visually poor landscapes, such as saltpans or mudflats, the visual world for an animal remains fairly similar over 100s of meters. Hence in such landscapes, irrespective of how far animals are displaced from their typical foraging area, they rely primarily on their path integrator and travel most of the distance indicated by their home vector [37,38]. In contrast, ants that live in slightly cluttered landscapes learn visual landmark information and establish individualistic routes that lead them to their food sources and back to the nest [39]. If they are displaced close to the familiar foraging corridor, they initially orient using visual landmarks (Figure 2A, 0 m) or chose an intermediate direction between the real home and the direction indicated by the path integrator (Figure 2A) [40,41], and subsequently find home by relying on visual landmarks along the route [40]. In contrast, when ants are displaced to previously unvisited locations but within their foraging range, they ignore compass information from the path integrator and exclusively use visual landmark information to directly head home [42,43] (Figure 2B). Finally, ants occupying landmark-rich habitats follow their home vector only for a short distance when displaced to unfamiliar locations [44,45] (Figure 1C). Overall, the degree to which ants rely on their path integrator when placed in an unfamiliar location thus inversely correlates with the availability of landmarks in their habitat [45].Open in a separate windowFigure 2Optimally, path integration and other spatial estimates should be combined by weighting each estimate’s level of certainty, which for path integration is inversely proportional to path length, i.e. the longer the path the less reliable the position estimate. Intuitively, when in conflict, a less certain estimate should be weighted less. However, [41] showed that positional certainty cannot explain behavior resulting from conflicts between path integration and visual cues (Figure 2A). Instead, the data matched better with a strategy during which the ants ignore the distance to the goal and only account for the angular component of the uncertainty distribution, i.e. weighting directional certainty. These results could be explained by averaging path integration vectors of various length in memory, suggesting that the working memory resulting from path integration is transferred to long term memory, which then is optimized over the course of multiple homing runs.The extent to which insects use polarized skylight, a key input to the path integrator, is also context dependent. Foraging ants that leave the nest weight both celestial and terrestrial compass cues equally and hence respond to a change in the pattern of polarized skylight by about half of the manipulation [46]. When ants are returning home, they weight their polarization compass more strongly the further they are away from the nest [47].Path integration also serves as a reference system for learning visual landmarks. Naïve eusocial insects emerging from their nest for the first time learn the nest-associated visual landmarks through carefully choreographed learning walks or flights [48–50]. Information learnt during this phase is used to pinpoint home during their return journeys. After leaving the nest, flying insects turn back and move in a series of arcs centered around the nest, gradually gaining distance and elevation, while ensuring the nest is always seen in the left or right visual field. Walking insects, such as ants, engage in learning walks where they carry out multiple loops that begin and end at the nest [20,49,51]. During these loops, ants systematically turn back and look towards the nest. The only strategy that allows them to repeatedly acquire nest-oriented views is by relying on the path integrator [52]. This is because the ants cannot see the nest entrance during their learning walks, which is typically an inconspicuous hole in the ground. Thus, the path integrator is the main framework on which visual representation of the nest environment is generated.In conclusion, the insect path integrator does not work in isolation but interacts with other navigational information present in the environment, resulting in robust as well as flexible orientation behavior. Moreover, path integration appears to be the fallback strategy used if no other options are available. To illuminate why this is the case, the theoretical underpinnings of path integration have to be examined.Theory of path integrationMathematically, path integration is perfect. Even though it can be described using different references frames and coordinate systems, these implementations all have the same outcome: the animal exactly pinpoints its origin. In the real world, and as indicated by the behavioral data above, this is clearly not the case. This discrepancy results from the fact that errors occur, which causes uncertainty in the animal’s estimate of its position. Where do these errors originate? They result from noise. Noise is a ubiquitous part of the world, manifest at all physical scales [53–55]. It ranges from inherent quantum uncertainty, randomness of molecular ensembles, the stochasticity of neural spikes, to environmental obstruction or distortion of sensory cues. Noise is considered here as any random perturbation on a path integration input, update or output, which cannot be predicted or detected by the insect. Consequently, noise reduces path integration accuracy. To survive, insects have evolved corrective and compensatory strategies for mitigating the impact of path integration errors.Path integration errors and reference framesActive displacement is the canonical input for all path integration computations. Unavoidably, noise impacts on displacement estimates, resulting in angular and linear input errors that affect the positional uncertainty of the animal. While linear errors from distance estimates always accumulate with increasing path length, angular errors must be subdivided based on their impact on path integration accuracy: First, direction errors occur when using a compass or stable landmark, and second, rotation errors occur when integrating angular velocity to estimate direction. Of those, only rotational errors accumulate with increasing foraging time.Path integration updates and memories are also susceptible to error. Both information transfer and the changing neural code during path integration computations are impacted by noise, causing some discrepancy between path integration updates and true displacement. The maintenance of path integration memory during a journey, and across multiple path integration tasks are also susceptible. As it is assumed that only those movement and steering errors (path integration output) that are not detected or updated will affect path integration, these output errors are considered together with sensory and update errors.As mentioned above, only rotational angular errors accumulate. Thus, the impact of input noise depends on whether rotations or directions are used to estimate displacement (Figure 3A; [56–58]. Compass or compass-like information is used to estimate displacement in allothetic path integration. By definition, compass cues provide a stable direction input, i.e., displacement estimates will not accumulate directional error over time. Using idiothetic (e.g. self-motion) cues alone, displacement must use rotational estimates cumulatively, resulting in idiothetic path integration.Open in a separate windowFigure 3The properties of allothetic path integration and idiothetic path integration differ substantially (for mathematical details see [56–58]). Given identical stepwise errors, idiothetic path integration accumulates positional uncertainty much more rapidly, and is much less accurate than allothetic path integration (Figure 3B,C). This is because the accumulation of angular errors in idiothetic path integration is without bound, thereby progressively increasing the input error. Using allothetic path integration, angular errors are bounded by the compass, and path integration positional uncertainty increases linearly with journey length.Additionally, idiothetic path integration systematically underestimates the net distance travelled, capping the maximal distance that can be represented. The combination of large positional uncertainty and systematic distance underestimation makes idiothetic path integration untenable for all but the shortest of paths.Spatial coordinate systems for path integrationIn principle, path integration information needs to be stored temporarily and updated regularly, a process that results in some error with each update. This process can be implemented in various coordinate systems differing in two characteristics: (1) egocentric versus allocentric reference frame, and (2) static versus dynamic vectorial basis [59]. The reference frame defines the origin and reference vectors of the coordinate system. Egocentric means the self is at the origin and all other locations are defined with respect to body axes. Allocentric means an external location (e.g., nest) is at the origin, and all other locations, including the current location, are represented with respect to that external reference (Figure 3D,E; [59,60]). Coordinates may either be projected along pre-defined directions (static vectorial basis) or be free to rotate (dynamic vectorial basis). There is no maximum number of reference directions, but as the animal’s heading in the real world will only rarely align with any pre-defined direction, an accurate heading representation always requires an additional projection computation onto at least two static reference vectors at each step (Figure 3D,E).Irrespective of the type of directional input, the type of coordinate system that is internally used for storing and updating the animal’s position determines whether path integration update requires a rotation estimate, therefore affecting path integration accuracy (Figure 3F, [59,61]). Any dynamic vectorial basis or egocentric reference frame requires rotation estimates and thus cause cumulative angular errors similar to idiothetic path integration (subtle differences described in [59]), resulting in large, nonlinear positional uncertainty. An allocentric static vectorial representation is therefore expected to be most resistant to update noise, since it is the only coordinate system class not requiring rotation estimates. Moreover, if a compass is used, positional uncertainty from allocentric static vectorial representations accumulates linearly like allothetic path integration. Therefore, the variance of positional uncertainty should increase linearly with path length, which is indeed consistent with insect data [62].When distance estimates during path integration build up over time in ‘allocentric static vectorial representations’, this is functionally equivalent to a ring of static reference vectors pointing into all azimuth directions, upon which the animal’s movements continuously accumulate (Figure 3). In other implementations of allocentric static vectorial representations, even distance components are static, so that each vector represents an external location or ‘place’. Path integration updates would entail shifting the neural representation along a 2D array of places. If the neural representation is encoded by spike rate, neurons may behave like ‘place cells’ of the mammalian hippocampus [59].The presence of anatomical substrates for a ring-like path integration system in the insect central complex (see below), the absence of definitive ‘place cell’ evidence, and the apparent match between theoretical and behavioral data suggests that insect path integration is best described by a ring-like ‘allocentric static vectorial representation’ model [59,63,64].Systematic search and path integrationAs all path integrators accumulate errors they lead animals only to the vicinity of the goal, rather than to the goal itself. To overcome this uncertainty, insect path integration must always operate together with a search strategy to ensure the target is found [37,65–67]. An insect’s uncertainty about the precise location of its goal increases with foraging distance. During path integration this means that the longer the outbound path becomes, the greater the uncertainty of the animal’s position estimate is. Insect search therefore has likely evolved to complement path integration to find a target as efficiently as possible and, given this intimate link, both behaviors potentially result from shared neural substrates [64].Insects begin searching behavior when they have not found their goal after traveling their entire vector towards home or towards a food source. Food-specific searches have been mostly described in honeybees [67] and are needed as the waggle dance that recruits them to the food source will not direct them with pinpoint accuracy [68]. In contrast, we know most about home-specific searches in ants and isopods. In all cases, and irrespective whether the animals are walking or flying, individuals search in ever increasing loops, returning close to the start of their search at the end of each loop [65,69] (Figure 2C). As longer traveling distances decrease the accuracy of the path integrator, the search is adjusted accordingly. Ants adapt by searching in wider loops when the accuracy of the path integrator is low, but focus their search to a narrow area when the accuracy of the path integrator is high [37]. Irrespective of the state of the path integrator, some ant species also search when they detect that their familiar visual landmarks are absent during homing. In these cases, they generate a progressive search where loops get larger but drift towards the nest [70].Like path integration, search is imperfect. For each increment of search effort, there is a chance that an insect may miss the target. The total probability of successfully locating the target additionally takes into account knowledge of the target’s location (target uncertainty function), which, during path integration, is equal to the positional uncertainty when search is initiated. If this target uncertainty function follows a circular Gaussian distribution, success is optimized when the search distribution follows an inverted parabola [71–73] (Box 1(I); for mathematical details see Supplemental information). The shape of this curve dictates that the optimal search radius should increase slowly over time, proportional to the fourth root of the total allocated search time. Crucially, there is no need to plan the total search effort before beginning to search, as later search effort can simply add to earlier search effort without affecting optimality. Optimal search can be implemented by adding widening discs of search area, similar to the above described ant search strategy [65,66]. Note that until an insect finds its target or other familiar cue, its uncertainty is expected to continue increasing.How do these considerations apply to path integration? For path integration using a compass-driven, allocentric static vectorial representation, optimal search theory makes a number of testable predictions. For example, [74] compared two ant populations of which one covered double the distances prior to search initiation (14 vs 28 m). Optimal search theory predicts a very small difference in the search radii between the two groups, consistent with observations (Supplemental Information), but contrary to the authors’ original interpretation that small differences meant ants did not adapt their search widths. Similarly small differences in search radius were reported in another species of ant [75]. In contrast, the uncertainty distribution itself should differ substantially under the same conditions, again in close agreement with data (Supplemental Information). Furthermore, the maximum search radius should be proportional to t0.5, almost identical to Cataglyphis search data from [65] (Box 1(II), Supplemental Information).In contrast to ants in open fields, bees are often tested in one-dimensional tunnels. Does optimal search still hold in these situations? If an insect simply takes a slice through the optimal 2D search distribution, initial search width should be proportional to d04 (Supplemental Information). However, 1D search width increases linearly with foraging distance (d0) in honeybees [76]. This result can still be explained by optimal search theory, if bees use a 2D path integration-search heuristic, but are forced to execute search in 1D. Estimated using the bees’ U-turn positions, 1D search radius should then be proportional to training distance, as reported in honeybees (Supplemental information for details; Box 1(III)).Despite the near perfect matches between predictions and observations described so far, there remains a potentially serious gap in our understanding of path integration-related search. Two parameters of optimal search are properties of the insect - the effective search width W and the uncertainty constant kσ, which is the total rate of increase of positional variance during path integration. Using data from Cataglyphis [65] yields a search width of W = 3.8 m (Supplemental Information), i.e., the ant must recognize its nest perfectly at 1.9 m away either side – which is in stark contrast to the observed 2-3 cm reported elsewhere [62]. One possibility to resolve this discrepancy is that insects could actually search for a relatively large familiar region from which they can find home, rather than home itself. Supporting this view, ants which inhabit landmark-rich environments seem to initiate search early to find a familiar route, rather than the nest per se [45].Importantly, the uncertainty constant kσ allows insight into the magnitude of path integration-related positional uncertainty. Using the above data, and assuming a circular Gaussian uncertainty distribution, path integration positional uncertainty in ants increases at a seemingly inexplicable rate, i.e., >310 cm2 (95% CI, ~ half an A4 page) per 1 cm walked (Box 1(IV)). Comparable estimates are found using the median radius of search initiation points [37]. It is unclear what could cause such large path integration errors, or whether current neurocomputational models can cope with them [64,77]. As even unrealistically large sensory errors cannot come close to such uncertainty (Box 1(IV)), path integration error may be largely due to internal path integration update noise rather than input/output noise. A possible explanation for such large errors is that insects which navigate long distances could have evolved a smaller gain per unit distance travelled in their path integration accumulator, i.e. they sacrifice accuracy for range given finite neural resources. Insects with smaller foraging ranges would be predicted to have smaller errors per unit distance (larger gain). In contrast, a larger foraging range would require learning an extended familiar nest region, with correspondingly large search width.A duo accumulator model for path integrationAs outlined above, honeybee dance provides a vectorial readout of recent navigation journeys and appears to depend on the same information used for path integration [78], thus offering a window to the underlying mechanisms. Additional to informing us about the nature of the bee’s odometer, dance observations suggest that a bee must remember a net path integration vector between nest and reward, which is reset to zero at the nest. Yet, at the same time, the bee cannot forget the reward vector which it uses to produce the dance. This suggests that separate accumulators for outbound and inbound journeys may be required (Figure 4A). A consequence of such a duo-accumulator is that inbound and outbound path integration behaviors become dissociable. If, for instance, the outbound and inbound paths differ, dance may only show the outbound (i.e., reward-bound) information, and it is left to the recruit to find home after foraging, consistent with experimental data [36,79] and difficult to explain by other models. Another consequence is that dance distance and travel distance may differ, as was shown when honeybees are guided along a partially occluded path to reward during training [36,79] (Figure 4C). A similar reduction in path integration distance along unoccluded channels was also reported in ants [35].Open in a separate windowFigure 4Path integration may be used directly to control dance behavior or indirectly via stored memories. Theoretically, a honeybee could more accurately estimate a reward location by combining noisy estimates from multiple visits, particularly if path integration uncertainty is large. That requires a longer-term memory which averages multiple path integration estimates, potentially explaining the multimodal honeybee dances reported by [80] (Figure 4D).Overall, dance observations suggest that the path integrator of the insect brain likely interacts with long-term memory to allow vector averaging, in line with the above mentioned behavioral observations in ants [41]. Additionally, the dissociable inbound and outbound vectors discovered via dance observations are easily explainable if the bee’s path integration circuit comprises two separate accumulators. To gauge how realistic this model is, we have to ask what is known about how insect brains control path integration?The neural basis of path integrationA brain region called the central complex (CX) has emerged as likely site in the insect brain to serve as the neural substrate for path integration. This highly conserved, midline-spanning group of neuropils in the center of the brain consists of the upper and lower divisions of the central body (CBU, CBL; ellipsoid and fan-shaped body in flies), the protocerebral bridge (PB) and the paired noduli (Figure 5A) [81–83]. It is characterized by a regular, repetitive neuroarchitechture of 16-18 vertical columns and several horizontal layers [84,85], both of which are formed by repeating sets of columnar neurons, combined with tangential input neurons innervating entire layers. Most cell types of the CX are conserved at least anatomically across all insect species investigated to date, suggesting that the principal circuit outline has evolved more than 350 million years ago [84–87].Open in a separate windowFigure 5Sensing directionsEstimating the insect’s current heading requires information either from global compass cues, or, if these are unavailable, from rotational motion cues. The most prominent pathway for sending compass information to the CX comprises a set of neurons indirectly linking the optic lobe to the CBL (Figure 5A) [10]. In many insects, these cells carry global compass information derived from the skylight polarization pattern and other celestial cues. This compass-pathway has been most extensively studied in locusts (reviewed in [10,88]), but has also been identified in the Monarch butterfly [86,89], dung beetles [87,90], ants [91], and bees [64]. When presenting a rotating polarizer to the animal from above, polarization sensitive neurons (POL-neurons) of this pathway respond with sinusoidal changes in their action potential frequency [88]. Each cell is tuned to a particular plane of polarization (E-vector), at which it exhibits maximal activity. As a given E-vector correlates with the solar azimuth, at least when viewed in the zenith, each POL cell encodes the direction of the animal relative to solar azimuth. Across the population of POL neurons all tuning angles exist, thus representing all possible compass directions. After the information is transmitted to the CX, an ordered array of these E-vector tunings emerges in the columns of the PB [92]. Here, a POL neuron’s tuning corresponds to its anatomical location along the width of the PB, systematically shifting from left to right until all possible E-vectors are covered. Activity across the PB therefore is predicted to form a localized bump of maximal spike-rate, depending on the direction the animal faces with respect to the Sun.In Drosophila, this prediction based on global compass cues has been confirmed directly by imaging entire populations of neurons homologous to the locust POL-neurons [93–96]. These experiments were carried out in closed-loop conditions with flies walking on an air-suspended ball or during tethered flight. The flies used were genetically engineered to express a calcium indicator in a set of neurons called the E-PG cells (homologous to CL1 cells) (Figure 5B). These neurons connect single CBL-columns (ellipsoid body in flies) to single PB-columns in a highly stereotypical projection pattern (Figure 5C). When imaged during behavior, the population of E-PG cells generated a single bump of high activity across the width of the CBL [93]. According to the projection pattern of these cells, this bump is also observable in each hemisphere of the PB. When the fly turned clockwise, the bump moved anti-clockwise to a new position and vice versa when the fly moved anti-clockwise. The activity bump thus tracked the angular movements of the fly, generating a distribution of activity across the CX that encodes head direction. The principal input to these cells are the Drosophila ring neurons (the homologous counterparts of TL neurons from other insects) [97]. These carry information about the visual environment in flies [97], while they are the final element of the POL pathway in other insects [10]. This suggests that the TL neuron pathway has been rededicated to relay the directional information to the CX that is most relevant in each particular species. Whatever the source of information, the result of the computations in the CX always appears to be a bump of activity encoding the current heading of the insect.The Drosophila head direction cells are not only active in the presence of visual input, but function also in darkness [93]. This indicates that proprioceptive input is used by these cells and suggests that rotation estimates converge with visual input. If both pathways are conserved in all insects, allothetic compass signals should converge with idiothetic rotation estimates in the head-direction circuit. As demonstrated by path integration theory reviewed above, a heading estimate based only on idiothetic information should accumulate significant error [56,58,59]. Indeed, the head-direction activity bump drifted out of sync with the real heading of the fly in darkness. By measuring the activity of individual neurons with extracellular recordings rather than imaging an entire neuronal population, head-direction cells resembling those in the fly were found also in cockroaches [98].Considering the data from compass encoding in locusts, bees, butterflies and beetles together with head-direction encoding in flies and cockroaches, it appears likely that the same circuitry is implemented in the CX of all insects. While shifting emphasis on different inputs according to ecological need, the head-direction circuit can be expected to use a combination of global compass cues, reliable landmark information and rotation estimates (rotational optic flow and proprioceptive input) to encode the current heading of the insect in the context of any navigation strategy, including for path integration. At least some neural substrates required for path integration, i.e. the mentioned head-direction code, are therefore most likely shared between all behaviors that require an oriented response within either an internal or external reference frame.Recently, the nature of the circuit that generates and maintains the head-direction activity bump in Drosophila has been illuminated in detail. As predicted by theoretical considerations more than two decades ago, a circuit motif called a ‘ring attractor’ can account for the observed activity in the CX [99]. This hypothetical circuit comprises, in principle, a circular array of neurons that are linked by mutual inhibitory connections, complemented by local excitatory connection between neighboring members of the ring. Any activity injected into that circuit will consolidate itself into a single bump and will be maintained even in the absence of new input. If each neuron of the ring resembles a different azimuth angle (i.e., a fixed reference vector), then the combined activity in all neurons in the ring encodes the current heading of the animal and, when combined with an accumulator, can be used directly as input for a path integrator, creating a static vectorial representation of a position estimate (the number of cells being equivalent to the number of reference vectors). The eight columnar Drosophila E-PG neurons per hemisphere form the core of such a ring attractor circuit [96]. Which neurons mediate the postulated local excitation between neighboring cells and the ring-wide inhibition needed for the attractor circuit?First, E-PG neurons are connected to another type of columnar neuron of the CX, the P-EN neurons. While the E-PG cells receive input in the CBL and project to the PB, the P-EN cells possess the opposite polarity (Figure 5B,D) [94,95]. Using these morphological features, both types of cells form reciprocal excitatory connections. Crucially, the projection patterns of both cell types are not identical, but are offset by one column to the right (in one hemisphere) or to the left (in the other hemisphere). This offset means that any individual E-PG neuron indirectly excites its neighbor via a P-EN intermediary. To prevent this excitation to spread across the entire circuit, lateral inhibition is required [94–96,100]. Whereas direct evidence for the cell-type providing this inhibition is lacking, local interneurons of the PB (closely resembling TB1 neurons from other insects [92,101]) appear to be the most promising candidates [100]. These cells have complex branching patterns [84,102] covering the entire PB and could connect all E-PG cells to one another in ways compatible with ring attractor circuits. In the context of a path integration circuit, TB1 neurons in bees, differing slightly in their morphology from their fly counterparts, were used to construct a ring attractor circuit model without the need for recurrent excitation [64], indicating that there might be several possible implementations of ring attractors in the insect CX with subtle differences reflecting different needs of each species.How does the movement of the animal update the location of the bump within the CX? Two potential input pathways to the fly ring attractor circuit exist: The most prominent one (mediated by TL-neurons/ring-neurons) directly feeds onto the E-PG neurons in the CBL and carries visual feature information [97,103], and, in other insects, information about compass cues [10]. Unfortunately it has not been resolved how individual neurons of that pathway connect to the elements of the head-direction network. Therefore, it is still elusive how the disordered compass information from several parallel pathways is used to update the bump position in the CBL/PB. The second input pathway is less well described, but, in contrast, its effects on the circuit have been clearly revealed [94,95,104]. It carries information about body rotations (rotational optic flow and likely proprioceptive information) and feeds onto the P-EN neurons. Via an intricate mechanism rooted in subtle anatomical features of the CX (Figure 5D), the head-direction bump in the E-PG cells will always be pulled either clockwise or counterclockwise along the ring by the P-EN cells, as long as the fly performs counterclockwise or clockwise angular movements, respectively. While the specific role of this circuit for path integration, and its link to compass input remains to be resolved, the head-direction signal it generates in the PB-columns is suited to be one principal input to any possible downstream path integrator.Sensing distancesDirection signals are a crucial input for path integration, but have to be combined with information about the distances covered to enable returning to a point of origin. As mentioned above, bees use translational optic flow to estimate distances, while ants do the same by integrating their steps. Recently, neurons responding to translational optic flow in a speed dependent way have been shown to terminate in the bee CX [64]. Specifically, they relay information from the ventromedial and lateral protocerebrum to the noduli, small regions of previously unknown function present in all flying insects. Two of these cells (TN1 and TN2 cells; Figure 5B) exist on either side of the midline, yielding a set of four neurons per brain. Each cell is tuned to translational optic flow originating from a particular azimuth located ca. 45˚ on either side of the midline, both in front and behind the bee. These neurons thus tile the animal’s movement space into four cardinal directions and together can robustly encode all translational movements of the bee [64]. This yields a reliable result even during periods of holonomic motion, i.e. when the body axis of the bee is not aligned with its movement direction and the bee performs sideways movements while hovering in front of flowers. Whether these cells are also involved in mediating information from legs for stride integration in ants remains to be explored, particularly in the light of behavioral results in ants suggesting that distance information based on optic flow cannot be transferred to measuring distance by step integration during walking [32].Path integration memoryUnlike using visual landmark information, path integration as such does not involve long term memory. The information required to return home is solely based on the integrated version of their preceding foraging journey, stored in working memory. The memories of the path integrator, i.e., both the abilities to estimate heading direction and distances, lasts only for 24h and declines rapidly thereafter [105,106]. In stark contrast, memories of nest-associated visual landmarks last for the entire lifetime, at least in desert ants [106,107]. To establish a working memory of a foraging trip, translational speed has to be integrated over time to obtain a measure for the flown distance. Whereas the mechanism for this integration has not been identified in vivo, a computational model of the bee CX has combined optic flow sensitive TN neurons from the noduli with compass neurons in the PB to generate a distance memory [64]. This model results in an accumulation of neural activity in each of the eight directions represented by the head-direction cell population. As each accumulator unit is a separate, direction-locked odometer, no dedicated odometer cell representing the total distance traveled is required. Rather, the combined activity of all eight integrators represents the distance to the point of origin in conjunction with its direction at any given moment in time during foraging. The neural substrate for this proposed path integration memory are columnar neurons of the CBU (CPU4 neurons; P-FN in Drosophila;
Figure 5B), which connect the PB and the noduli to project to the CBU in a regular pattern [84,85,108]. Per column there are a minimum of 18 cells in the examined bee species [64], allowing the existence of recurrent microcircuits within each columnar circuit (i.e., the accumulator for one compass direction). While remaining hypothetical, this implementation of path integration uses only biologically plausible connections between existing CX neurons and predicts specific activity patterns across the population of CPU4 cells after defined foraging trips. These patterns represent a distributed neural code for the home vector, which can be experimentally verified in the future.SteeringThe distributed home vector representation of the bee path integration model essentially encodes the goal of the insect’s behavior during the homing trip. Likely downstream neurons have been suggested to compare this information to the current compass heading and initialize compensatory steering movements to align intended and actual headings [64]. The CX has been implicated in motor planning for nearly three decades, based on deficits in walking behavior, turning ability, and leg coordination in structural CX mutants of Drosophila [109,110]. More recently, extracellular recordings from freely moving cockroaches have revealed that activity of CX neurons predict the imminent movements of the animal [111]. These cells encode specific combinations of rotational and translational movements and thereby encode future trajectories of the cockroach. All recordings combined constitute a population of cells that mapped the possible movement space of the animal. Current injection through the same electrodes that were used for recording CX activity during free movement caused the insect to turn in a predicted direction, presumably by activating neurons near the electrode terminals, thereby demonstration a causal relation between the neural activity and the motor action [111]. Unfortunately, the morphological identity of these cells is not known. However, virtual current injections into the modeled path integration circuit of the bee showed that similarly predictable turning behavior can be initiated when artificially driving the output cells of the circuit [64]. In the model, these neurons (CPU1 columnar cells; Figure 5B) compare the neural activity of the PB compass cells with the output of the memory units. If the CPU1 population in one hemisphere exceeds the activity level of that in the other hemisphere, steering is initiated to turn the insect towards the target. These cells possibly correspond to the movement predicting neurons in cockroaches.CPU1 cells are highly conserved across many insects and are considered the major output cells of the CX [64,85,86,102]. They converge in a brain region called the lateral accessory lobe, which is known to contain premotor neurons in silk moths (Bombyx mori) [112,113]. These moth neurons show so-called flip flop activity that is characterized by sustained periods of alternating high and low firing rates [114]. The transition between the two states is initiated by sensory information, most commonly short pheromone pulses [113], but can also be triggered by light flashes [115]. As neck motor neurons show flip-flop activity as well and head-turns often precede body-turns, the flip flop circuit is considered a control network for turning movements during moth odor plume tracking [116]. Mirroring the neural activity, this tracking behavior features typical zig-zagging movements, during which the moth passes through the odor plume multiple times and reverses flight direction after each exposure to the plume. Consistent with the idea that this circuit fundamentally underlies steering in insects [112], the path integration circuit model of bees yielded similar steering behavior when implemented on a robot [64].Overall, the insect CX appears to contain all elements for a path integration circuit, ranging from the representation of the animal’s current heading, input from speed sensing cells, a possible neural substrate for a distributed home vector representation, and output neurons that link to known steering centers of the insect brain.Towards unified neural control of navigationMany questions about how insect brains control path integration remain unanswered. Arguably the most fundamental question is how path integration is embedded into the general behavioral repertoire of insects, especially as it has become clear from behavioral data that path integration is essentially never used in isolation. How does the brain switch between explorative navigation, during which the path integrator accumulates information, and homing, during which this information is used to drive the turning movements of the animal? Locating the motivational switches responsible for these transitions between strategies might also resolve how other navigation strategies, e.g. route following and landmark navigation, are integrated with path integration. One region of the CX appears to be anatomically suited to serve as integration site for different strategies: The CBU (fan-shaped body) receives input from many different brain areas via a diverse set of input neurons [86,117,118]. These regions include areas that receive projections from the output cells of the mushroom body and thus could carry information controlling navigation strategies that require long-term memory (route following, landmark navigation, retrieval of averaged path integration vectors). The axonal terminals of these cells in the CBU could provide input to the dendrites of CPU1 neurons and would thus converge onto the same steering circuit as path integration output [64,119]. Using the dendritic trees of CPU1 cells as integration site for working-memory based output from the path integrator and for long-term memory based output generated by other strategies would also allow efficient weighting of these navigation modes. The input with the best signal to noise ratio would dominate CPU1 neuron activity and all inputs combined would generate an integrated activity pattern indicating the insect’s desired heading, which then could be compared to the PB-based representation of the current compass heading to guide the animal’s next movement decision.Finally, if the path integration memory is based on ongoing activity in the CBU, information flow from the CBU towards long-term storage must exist, e.g., to allow averaging of vectors and association of vectors with landmarks, that are suggested for instance by honeybee dance observations. The mushroom body is the most likely location for long term storage, yet there is no known direct connection between the CX and this area, highlighting the need for more comprehensive analysis of the neural connections of the CX.Open conceptual questionsIn summary, insects have evolved strategies in the context of path integration that approximate optimal computations. However, some aspects of path integration and search behavior remain elusive, such as the drifting search patterns observed in some ants [70], or how search paths themselves are generated [62,65,66]. Similarly, it is unclear whether search is an emergent property of the path integration system itself [59,64,120] or requires additional neural control. A reward-based motivational system may be able to orchestrate largely independent functional modules, of which path integration, search, route following, and landmark navigation are examples [77,121]. If so, path integration can be understood independently of the rest of an insect’s navigational system. However, if path integration is interwoven with other strategies such as search, dance, and landmark memories, then a reductionist approach may not suffice. While a definite answer is still to be found, several lines of evidence seem to favor the latter possibility. The fact that a highly conserved brain region like the central complex appears to be at the heart of path integration is striking, as the basic neural circuits proposed to underlie path integration are also present in non-homing insects. Clearly this brain region is involved in a stunningly rich variety of behaviors beyond path integration [81,89,109,111,122–124], and it will be a major task to pin these to specific components or computations of the neural circuitry of this brain center. Whether these path integration circuits have been modified from an ancestral version to endow homing insects with a capable path integrator, or if all insects have a basic ability to path integrate is a yet to be illuminated. Given the intimate relation between systematic search and path integration behaviors, it appears promising to use search that can be centered around a random, non-salient position in space as an indication for the existence of an underlying path integrator, allowing to also access path integration control circuits in non-homing insects. On the other hand, it may be questioned whether behavioral experiments in artificial, simplified settings make full use of the animal’s mental abilities. If more complex strategies are used by the insect brain during natural foraging (e.g. information fusion, cognitive maps), these could produce behavior indistinguishable from path integration during simplified tasks. While the natural ecology of some insect species may indeed favor path integration as the most parsimonious interpretation of their navigational behaviors, it remains unclear whether this is true of insects in general.Supplementary MaterialSupplemental Information includes a mathematical description of the relation between optimal search theory and path integration uncertainty estimates and can be found with this article online at *bxs.Supplemental InformationClick here to view.(100K, docx)AcknowledgementsWe would like to thank Dr. Marie Dacke for helpful comments on the manuscript. The authors are grateful for financial support from the following organizations: the Swedish Research Council (VR, 621-2012-2213, to S.H.), the European Research Council (ERC) under the European Union’s Horizon 2020 research and innovation program (grant agreement no. 714599, to S.H.), the Australian Research Council (FT140100221, DP150101172, to A.N.) and the Hermon Slade Foundation (HSF17/08, to A.N.).FootnotesDeclaration of InterestsThe authors declare no competing interests.References1. Mittelstaedt H, Mittelstaedt ML. Avian Navigation. Berlin, Heidelberg: Springer, Berlin, Heidelberg; 1982. Homing by path integration; pp. 290–297. [Google Scholar]2. Hironaka M, Nomakuchi S, Filippi L, Tojo S, Horiguchi H, Hariyama T. The directional homing behaviour of the subsocial shield bug, Parastrachia japonensis (Heteroptera: Cydnidae), under different photic conditions. Zool Sci. 2003;20:423–428. [PubMed] [Google Scholar]3. Hironaka M, Filippi L, Nomakuchi S, H H, Hariyama T. 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LET SOMETHING/SOMEONE SLIDE - Cambridge English Dictionary
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Meaning of let something/someone slide in English
let something/someone slide idiom
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to not do anything about something or someone when you should try to change or correct that thing or person: I knew he wasn’t telling me everything, but I decided to let it slide. It’s easy to let exercise slide in the suburbs where you have to drive your car all the time.
(Definition of let something/someone slide from the Cambridge Academic Content Dictionary © Cambridge University Press)
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a type of food similar to a hamburger but made without meat, by pressing together small pieces of vegetables, seeds, etc. into a flat, round shape
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The Benefits and Dangers of Paycheck Advance Apps - Consumer Reports
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The Benefits and Dangers of Paycheck Advance Apps
These phone-based services can provide emergency funds to help you out of a bind, but they can be problematic when overused. CR explains how they work.
By Octavio Blanco
June 25, 2021
Illustration: Chris Griggs/Consumer Reports, Apple
Terry Patterson, an IT worker in Austin, Texas, needed money to visit his father in Arkansas last summer, but he couldn’t wait until his next paycheck. So he took a $50 cash advance using a paycheck advance app on his phone called MoneyLion.
“I needed to go see him, and it paid for gas, food, and things like that,” the 43-year-old says.
Among many banking services, MoneyLion offers advances on paychecks through its Instacash brand. Patterson arranged to have part of the direct deposit from his employer delivered to his MoneyLion account, essentially handing the money back. Depending on the service’s guidelines, MoneyLion users can get cash advances of up to $250.
In a pinch, that can be extremely helpful. But some paycheck advance apps—also known as earned or early wage access apps—are the digital equivalent of a regular payday lender, consumer advocates say, charging exorbitant interest rates to people desperate for cash. The apps usually charge a fee for cash advances and other financial services. (MoneyLion offers advances without a fee unless you require expedited delivery.)
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Among the most popular paycheck advance apps for consumers are Dave, Earnin, and MoneyLion. But there are services offered through employers, too, including DailyPay, Even, and Payactiv. The option has grown in popularity during the COVID-19 pandemic as many workers struggle with reduced hours and smaller paychecks.
Last year consumers received 55.8 million paycheck advances totaling $9.5 billion, according to a report by Leslie Parrish, an industry analyst with the Aite Group, a financial services research consultancy. That’s up sharply from 2018, when there were 18.6 million advances totaling $3.2 billion.
One in five households has less than two weeks of savings, according to a 2020 report by the Consumer Financial Protection Bureau. And as the paycheck advance app industry grows, it’s operating without much regulation, potentially putting vulnerable workers at risk, advocates say.
“The apps are heavily used by people who make minimum wage, people in retail, and fast-food workers who are disproportionately people in communities of color,” says Lauren Saunders, associate director at the National Consumer Law Center. “These are—for the most part—loans, and they should be regulated as such.”
These direct-to-consumer apps are available in the Apple App Store and Google Play Store. Employer-sponsored services are offered in employee benefits packages. Users typically download an app to a smartphone and link it to a bank account, prepaid debit card, or mobile payment service. If you receive a regular paycheck or work for a participating company such as Kroger and Walmart, you usually qualify for an advance.
Once connected and approved, you can request some portion of your next paycheck. The service deposits the funds directly into your bank account. On payday, it recoups the advance by debiting the money from your bank account or directly from your paycheck.
Because many of the apps are intended for workers with steady paychecks, they may not be ideal for freelancers or gig workers.
On average, users request advances of $120, according to an April study of four earned-wage access companies from the Financial Health Network, an industry and policy group devoted to improving workers’ financial well-being.
Some apps charge a subscription fee while others charge per-use fees; they usually range between $1 and $10. Earnin allows users to tip whatever amount they want—even nothing at all. In some cases, employers pay the transaction fees.
Chuck Bell, Consumer Reports’ programs director, favors the services sponsored and funded by employers.
“It is one thing if an employer chooses to offer early wage access to employees without any fees or extra costs,” says Bell. “The problems arise with third-party systems that charge fees or pull money from customers’ accounts, putting them at risk of overdraft.”
While the services may be a good option for workers with limited access to emergency cash, they can present dangers when overused.
“These applications seem like a good tool for individuals who have bills that require payment before they receive their paycheck,” says Patrick Bernard Washington, PhD, an associate professor of finance at Morehouse College. “Workers who earn a low wage may have an emergency for which they need a loan to satisfy the issue. However, it is still a loan against an income that may not be a living wage.”
Ted Rossman, an industry analyst at CreditCards.com and Bankrate.com, says that “earned wage apps could work for some people once in a while, but you definitely shouldn’t make a habit out of it.”
“Ultimately,” he adds, “if the need for additional funds is a regular occurrence, you need to find ways to earn more and/or spend less.”
But industry leaders say these products can help users avoid traditional payday loans, vehicle title loans, black-market lenders, pawnshops, and other potentially dangerous sources of emergency cash.
They also may help users avoid overdraft fees, which, according to Bankrate.com, tend to cost about $34 a pop.
“Overdraft fees are only hitting people that are struggling,” says Ram Palaniappan, CEO of Earnin. “To a huge extent, our customers are telling us that they save $50 a month in overdraft fees. That’s a lot for our customers—it’s like half a day’s work that was going to the bank.”
“MoneyLion’s Instacash helps our members pay their bills on time, cover unexpected expenses, and avoid expensive overdraft fees,” a company spokesperson told Consumer Reports. “Our members tell us that the service gives them greater control over their money, makes them feel less stressed about their financial situation, and helps them reach their financial goals.”
But some of these services are actually payday lenders in disguise, consumer advocates say. And because they’re right there on your smartphone, they’re easy to access and use routinely.
“Our biggest finding from the data is that this is not a one-and-done product; consumers are continuously using the product,” says Devina Khanna, policy manager at the Financial Health Network.
Advocates also worry that consumers don’t fully understand the true cost of the services. The National Consumer Law Center has calculated that a “$100 advance taken out five days before payday with a $5 fee or tip is equivalent to an annual percentage rate of 365 percent.” That’s similar to what traditional payday lenders charge in some states, and much higher than the roughly 16 percent interest rate applied on average by a credit card, based on 2020 Federal Reserve data.
State and federal regulators say they’ve been keeping an eye on the industry. At the same time, they acknowledge that these products can be beneficial for people who have little or no access to cash on short notice. That’s why they are being careful not to stifle the industry with rules that might inhibit innovation, says Suzanne Martindale, senior deputy commissioner for consumer financial protection at the California Department of Financial Protection and Innovation and a former staff attorney in Consumer Reports’ advocacy division.
If you’re considering using a paycheck advance app, here are a few things to know:
It’s Easy to Get Hooked on These Services
While getting a paycheck advance once in a while may not be a problem—and could actually help you avoid overdraft fees—research shows that users tend to use these services regularly.
Across all four companies studied by FHN, the industry and policy group, more than 70 percent of users took consecutive advances in a semimonthly period over the course of a year.
Quinten Farmer, co-founder and president of Even, a service that partners with Walmart, says users access their funds more than once a month and use the app’s information dashboard daily to track their hours, plan their finances, and see how much of a paycheck may be available for an advance.
“We see over 50 percent of the folks we serve come in every day to access the planning and budgeting tools, or just to check in on what’s going on,” says Farmer.
Many apps impose guardrails intended to keep users from accessing too much of a paycheck or from using the service too often between pay periods. But some services may be less restrictive.
“Consumers should ultimately understand that they could become trapped in a company’s ecosystem,” says Washington, the Morehouse professor. “Considering that at least 5 percent of Americans live paycheck to paycheck, then it is probably not a good idea to borrow money from your next paycheck, which you will need to pay all your expenses.”
“Consumers need to be really careful with these services,” says Rossman. “If you use an app like Earnin once in a while, it may not seem like that big of a deal, but it’s a very slippery slope. If you fell short this month, there’s a good chance you’ll fall short next month, too.”
A Paycheck Advance Isn’t Likely to Help Your Credit History
A whopping 97 percent of earned wage access transactions were recouped by providers, according to the FHN study. But those good repayment habits aren’t helping you to build credit.
“Consumers should be aware that most of these applications do not help you build your credit score,” says Washington. “Also, there does not seem to be any option in which the consumer can spread the payback payments over several paychecks in the future.”
So consider the alternatives. Some traditional banks and credit unions offer short-term small-dollar lending services. They help you to build credit, and the APRs generally don’t exceed 36 percent. The payments are usually divided into installments instead of one lump sum due on payday, too.
A group led by JPMorgan Chase recently announced plans for a pilot project that issues credit cards to lower-income Americans based on how well they manage their bank accounts rather than their record of paying back debts, which could also help customers establish a credit history.
You Can Still Get Caught Up in Overdrafts
As some consumers have discovered, the algorithms used by these apps don’t always account for holidays and other anomalies that inadvertently change your pay schedule.
To make matters worse, some apps then try repeatedly to recover the funds, creating multiple overdraft fees, which can have a crippling impact on low-wage workers.
In March, Earnin agreed to pay $3 million in cash and up to $9.5 million in loan forgiveness to settle a class-action lawsuit filed by 273,071 Earnin users, who had been hit with overdraft fees when the service attempted to withdraw funds from their accounts between Sept. 3, 2015, and May 28, 2020. Some of those accounts had been temporarily suspended. Under the terms of the settlement, Earnin didn’t concede the merits of the suit’s claims.
The company says it has “completely overhauled its marketing language.”
To avoid problems like these, some apps let you reschedule your debit date if you know you won’t have sufficient funds in the bank.
Earnin users, for example, can reschedule by notifying the company on its in-app live chat at least two business days before the debit date, but the service allows you only one such update in the lifetime of your membership.
Help Might Not Be There When You Need It
Timely customer service is especially important for financial apps, because problems can have an adverse impact on your livelihood. But some apps provide only an email address for communication with company reps.
In cases where it’s difficult to reach a real person, posting a message on Twitter is a great way to get a company’s attention. Like many other services, mobile apps often have public relations employees who monitor Twitter and other social media. And when they see a post raising an issue, they can be quick to respond.
Paycheck Advance Apps Collect a Lot of Personal Data
Information such as what you earn and spend, when you’re paid, and when you’re low on funds may be visible to the app’s developers.
The Earnin app might even require you to enable location tracking. That’s one way to confirm if you’re actually reporting to the place you claim to work, the company says.
“Location data is not required for 100 percent of people,” says its CEO. “It helps us know if someone is at work or not. It’s very similar to a company’s time-tracking system.”
Data collected by these services is applied to research and development, but the companies contacted for this report say they don’t sell it.
Octavio Blanco
My mission: To write stories that broaden readers' horizons and offer new solutions they can apply to their lives. Who I write for: My family, my friends, my neighbors, myself, and—most important—you. My passions: Music, art, coffee, cheese, good TV, and riding my electric bike.
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PLoS One. 2014; 9(8): e103626. Published online 2014 Aug 11. doi: 10.1371/journal.pone.0103626PMCID: PMC4128819PMID: 25111294Alternatives to the Six-Minute Walk Test in Pulmonary Arterial HypertensionVincent Mainguy, Simon Malenfant, Anne-Sophie Neyron, Didier Saey, François Maltais, Sébastien Bonnet, and Steeve Provencher
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Pulmonary Hypertension Research Group, Centre de recherche de l'Institut universitaire de cardiologie et de pneumologie de Québec, Université Laval, Québec (Québec), Canada
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Pulmonary Hypertension Research Group, Centre de recherche de l'Institut universitaire de cardiologie et de pneumologie de Québec, Université Laval, Québec (Québec), Canada
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Pulmonary Hypertension Research Group, Centre de recherche de l'Institut universitaire de cardiologie et de pneumologie de Québec, Université Laval, Québec (Québec), Canada
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Pulmonary Hypertension Research Group, Centre de recherche de l'Institut universitaire de cardiologie et de pneumologie de Québec, Université Laval, Québec (Québec), Canada
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Pulmonary Hypertension Research Group, Centre de recherche de l'Institut universitaire de cardiologie et de pneumologie de Québec, Université Laval, Québec (Québec), Canada
Vanderbilt University Medical Center, United States of America
* E-mail: ac.lavalu.qpcuirc@rehcnevorp.evetsCompeting Interests: The authors have declared that no competing interests exist.Conceived and designed the experiments: SP FM DS VM. Performed the experiments: VM ASN SM SP DS. Analyzed the data: VM SP FM. Contributed reagents/materials/analysis tools: SP SB FM DS. Wrote the paper: VM SP. Read, corrected and approved the manuscript: SM ASN DS FM SB SP VM.Received 2014 Feb 3; Accepted 2014 Jun 30.Copyright © 2014 Mainguy et alThis is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are properly credited.AbstractIntroductionThe physiological response during the endurance shuttle walk test (ESWT), the cycle endurance test (CET) and the incremental shuttle walk test (ISWT) remains unknown in PAH. We tested the hypothesis that endurance tests induce a near-maximal physiological demand comparable to incremental tests. We also hypothesized that differences in respiratory response during exercise would be related to the characteristics of the exercise tests.MethodsWithin two weeks, twenty-one PAH patients (mean age: 54(15) years; mean pulmonary arterial pressure: 42(12) mmHg) completed two cycling exercise tests (incremental cardiopulmonary cycling exercise test (CPET) and CET) and three field tests (ISWT, ESWT and six-minute walk test (6MWT)). Physiological parameters were continuously monitored using the same portable telemetric device.ResultsPeak oxygen consumption (VO2peak) was similar amongst the five exercise tests (p = 0.90 by ANOVA). Walking distance correlated markedly with the VO2peak reached during field tests, especially when weight was taken into account. At 100% exercise, most physiological parameters were similar between incremental and endurance tests. However, the trends overtime differed. In the incremental tests, slopes for these parameters rose steadily over the entire duration of the tests, whereas in the endurance tests, slopes rose sharply from baseline to 25% of maximum exercise at which point they appeared far less steep until test end. Moreover, cycling exercise tests induced higher respiratory exchange ratio, ventilatory demand and enhanced leg fatigue measured subjectively and objectively.ConclusionEndurance tests induce a maximal physiological demand in PAH. Differences in peak respiratory response during exercise are related to the modality (cycling vs. walking) rather than the progression (endurance vs. incremental) of the exercise tests.IntroductionPulmonary arterial hypertension (PAH) is characterized by a progressive increase in pulmonary vascular resistance leading to altered gas exchange, right heart failure and ultimately to patients' death [1]. Numerous exercise abnormalities have been described in PAH. These include considerable reduction of peak oxygen consumption (VO2peak), oxygen pulse (VO2/HR) and end-tidal carbon dioxide partial pressure (PETCO2), abnormal increase in the ventilatory equivalent for carbon dioxide (VE/VCO2), exercise-induced hypoxemia and early anaerobic threshold [2]–[4]. These abnormalities have been attributed to decreased cardiac output, underperfused alveoli caused by the remodeled and constricted small pulmonary arteries, hyperventilation as well as respiratory and peripheral muscle dysfunction [4]–[7].Exercise capacity is very meaningful in PAH as it correlates with survival and functional status [8]–[9]. As a result, exercise capacity has been the primary outcome measure in the majority of the recent clinical trials in PAH [10]. While incremental cardiopulmonary cycling exercise test (CPET) provides comprehensive assessment of the cardiac and respiratory adaptation during exercise [9], [11], exercise capacity in PAH is most commonly assessed using the six-minute walk test (6MWT). Following the paradigm set by other chronic conditions such as chronic obstructive pulmonary disease (COPD) in which endurance tests are more sensitive to clinical changes following therapeutic intervention than the CPET and 6MWT [12]–[15], endurance tests including the endurance shuttle walk test (ESWT) and the cycle endurance test (CET) have been proposed in PAH. Whether these tests induce clinically relevant and similar cardiorespiratory response compared to exercise tests currently used in PAH remains unknown.The objective of this study was to compare the physiological response during endurance (ESWT and CET) and incremental (incremental shuttle walk test (ISWT) and CPET) exercise tests. We tested the hypothesis that endurance tests would induce a near-maximal physiological demand comparable to incremental tests. We also hypothesized that differences in respiratory and skeletal muscle responses during exercise would be related to the modality (cycling vs. walking) rather than the progression (endurance vs. incremental) of the exercise test.MethodsEthics statementThe institutional ethics committee (Comité d'éthique de la recherche de l'Institut universitaire de cardiologie et de pneumologie de Québec, protocol number: CÉR 20414) approved the research protocol and all patients gave written consent prior to study enrolment.SubjectsPAH patients were recruited at the Institut universitaire de cardiologie et de pneumologie de Québec. The PAH diagnosis was made according to recent guidelines [16]. Only patients with no change in their PAH therapies and in stable clinical condition over the last 4 months were eligible. Exclusion criteria were as follow: (1) recent syncope or World Health Organization (WHO) functional class IV [17]; (2) left ventricular ejection fraction <40%; (3) significant restrictive (more than minimal lung fibrosis on CT scan or total lung capacity <70% of predicted) or obstructive (FEV1/FVC<70%) lung disease.Study designThese measures were obtained as part of a controlled trial evaluating the test-retest reliability of the CET, ESWT and 6MWT [18]. Within two weeks, PAH patients performed two different incremental exercise tests (CPET and ISWT), two constant work rate exercise tests (CET and ESWT) and a 6MWT. Oxygen therapy was not required for any patient during any exercise test.Incremental exercise testsIncremental exercise tests were performed on two different days. Standardized instructions asking patients to exercise up to symptom limitation were given prior each exercise test and standardized encouragements were provided throughout the tests.At visit 1, a CPET was performed on an electrically braked ergocycle (Corival, Lode B.V., Groningen, The Netherlands) [19]. After 3 minutes of rest and 1 minute of unloaded pedaling, patients exercised using a progressive RAMP protocol until exhaustion. Patients were asked to pedal at a minimum rate of 60 rpm and increments varied from 5 to 20 watts/min for target exercise duration between 8 to 12 minutes. After one hour of rest, a practice CET was performed.At visit 2, an ISWT was performed in an enclosed corridor on a flat 10 meter-long course delimited by two cones positioned 0.5 meters from either end [20]. Patients had to follow the rhythm dictated by an audio signal. The initial walking speed was set at 0.5 m·s−1 for all patients independently from their age or functional class. Subsequently, the walking speed automatically increased every minute by 0.17 m·s−1 until exhaustion. After one hour of rest, a practice ESWT was also performed on the same flat 10 meter-long course [21].Constant work rate exercise tests and 6MWTAt visit 3, patients performed two constant work rate exercise tests and a 6MWT, with a resting period of two hours between the tests. To minimize any confounding effect based on test sequence, the order of the tests was randomized using the Latin Square design. While standardized instructions asking the patients to exercise as long as possible during the constant work rate exercises or to cover the longest distance possible during the 6MWT were given prior to each exercise test, no verbal encouragements were made during these exercises [22]. After 5 min of rest, the CET was initiated with 1 min of unloaded pedaling before the workload was set at 80% of peak workload achieved during the CPET. Patients were told to pedal at a minimum rate of 60 rpm. The CET time was defined as the total exercise duration until exhaustion excluding unloaded pedaling. The ESWT was performed on the same flat 10 meter-long course as for the ISWT. This test included a 1.5 min warm-up period. The walking speed was then set at 85% of the peak walking speed achieved during the ISWT [21]. The rhythm was dictated by an audio signal at constant intervals. The ESWT time was defined as the total exercise duration until exhaustion excluding the warm-up period. The 6MWT was performed according to the American Thoracic Society recommendations [23], and individual results were compared to predicted values [24].Physiological monitoring and measurementsCardiac 12-lead ECG, breath-by-breath respiratory parameters and pulse O2 saturation (SpO2) were continuously monitored using the same portable telemetric device (Oxycon Mobile, Viasys Healthcare, Hoechberg, Germany) for all exercise tests. The patients were wearing a facemask. The system had a dead space of 30 ml. The transmitting device was composed of two units equipped with O2 and CO2 analysers. Altogether, the system weighted 950 grams including the lithium battery. Patients wore a shoulder belt system to carry the telemetric device while walking or cycling. The receiving unit was connected to a portable computer. Both volume and gas calibration were made systematically before each exercise test. Cardiac and respiratory parameters were analyzed averaging five of seven breaths for every relative time. The ratio of inspiratory time to total breath duration (Ti/Ttot) and the ratio of tidal volume on inspiratory time (VT/Ti) were used as measurements of respiratory timing and inspiratory drive respectively. The anaerobic threshold was assessed using the V-slope method [19]. The VE/VCO2 slope from rest to the anaerobic threshold was assessed for CPET and ISWT.Dyspnea and leg fatigue were assessed at the end of each test using a 10-point modified Borg scale [25]. The reasons for stopping exercise were categorized into leg fatigue, dyspnea, general fatigue and inability to maintain the imposed cadence. For field exercise tests, the work of walking was also estimated using the product of the walking distance by body weight [26], assuming a constant velocity during the 6MWT [27]–[28]. In order to assess the objective fatigue of the vastus lateralis, both nonvolitional and volitional strengths of the quadriceps were evaluated before and after each constant work rate tests, as previously described [5]. A minimum of 3 sets of maximal voluntary contraction (MVC) and potentiated twitches (TWq) measurements were performed separated by a 1-minute resting period. Reported values for the MVC and TWq were the mean of the three strongest contractions with less than 5% variability. Muscle fatigue was defined as a post-exercise drop in TWq≥15% from baseline [29].Statistical analysisA longitudinal mixed model was used to compare the time course of the various exercise parameters during exercise. For getting a general idea of the trend among the five metabolic levels including baseline, 25%, 50%, 75% and 100% of the total exercise duration, separate smooth fitted curves for each exercise test were done. The data exploration and graphical representation of each subject suggested a piece-wise linear model with a linear increase over the first 25% of the total exercise and then a change in slope with a lower increase afterwards, especially for the CET, the ESWT and the 6MWT. For each outcome variable, two experimental factors were designed including the exercise test (random order) and the relative of the total exercise duration (baseline, 25%, 50%, 75% and 100%). The latter was analyzed as a repeated-measure factor with the use of an autoregressive covariance matrix as correlation decreases as exercise duration between observations increases. A random intercept and random slopes for exercise duration from baseline to 25% and 25% to 100% were considered as subjects have higher or lower intercepts and steeper or shallower slopes over exercise duration. The empirical best linear unbiased predictors (EBLUPs) fulfilled the normality assumption. The interactions between “Exercise test” and the slopes were considered. Missing values were not imputed. The residual maximum likelihood was used as the method of estimation and the Kenward–Roger method was used to estimate denominator degrees of freedom for the test of fixed effect. The univariate normality assumption was verified with the Shapiro-Wilk tests on the error distribution from the Cholesky factorization of the statistical model. The Brown and Forsythe's variation of Levene's test statistic was used to verify the homogeneity of variances. All variables were log-transformed to stabilize variances. The results were considered significant with p-values≤0.05. End-exercise parameters for each exercise modality were compared using ANOVA. Pearson correlation was performed to examine the relationship between workload (cycling tests), as well as distance and work of walking (field tests) and VO2peak reached during each test. Data are presented as mean (SD) or mean (SE) when specified. All analyses were conducted using the statistical packages R v3.0.2 (R Foundation for Statistical Computing, Vienna, Austria.) and SAS v9.4 (SAS Institute Inc, Cary, NC, U.S.A.).ResultsPatients' characteristicsTwenty-one PAH patients completed all exercise tests without complication. Baseline characteristics are shown in
Table 1
. No adverse events were observed during exercise tests.Table 1Patients' characteristics (n = 21).
PAH Type
IPAHn = 9PAH-Hern = 1PAH-CTDn = 9PAH-CHD*
n = 2
Sex (F/M)(17/4)
Age (years)54 (15)
BMI (kg·m−2)27 (5)
WHO Functional Class (II/III)(15/6)
Pulmonary Hemodynamics
**
RAP (mmHg)6.6 (3.5)mPAP (mmHg)42 (12)PCWP (mmHg)11 (3)CI (l/min·m2)3.0 (0.6)PVR (WU·m2)6.6 (3.1)
6MWD (m)447 (96)
6MWD (% predicted)83 (17)Open in a separate windowValues are n or mean (SD).* Includes two patients with Eisenmenger physiology related to persistent arterial canal and ventricular septal defect.** Right heart catheterization performed <6 months was used to describe hemodynamic severity.
Table legend: PAH, Pulmonary arterial hypertension; IPAH, Idiopathic PAH; PAH-Her, Heritable PAH; PAH-CTD, PAH associated with connective tissue disease; PAH-CHD, PAH associated with congenital heat disease; BMI, Body mass index; WHO, World Health Organization; RAP, Right atrial pressure; mPAP, Mean pulmonary artery pressure; PCWP, Pre-capillary wedge pressure; CI, Cardiac index; PVRi, Pulmonary vascular resistance index; 6MWD, six-minute walk distance.
Overall physiological response induced by the various exercise testing modalitiesCardiac and ventilatory responses for each exercise test are described in
Table 2
and
Figures 1
–
3
, respectively. At 100% exercise, VO2peak was similar for all exercise modalities (p = 0.90 by ANOVA). As expected, the slope of the physiological parameters during the tests significantly differed between exercise modalities (
Figure 1
). In the incremental tests, slopes for oxygen consumption, heart rate (HR), minute ventilation (VE), respiratory exchange ratio (RER), as well as carbon dioxide output and VE/VCO2 (data not shown) rose steadily over the entire duration of the tests. Conversely, in the endurance tests, slopes rose sharply from baseline to 25% of maximum exercise (all p≤0.001 compared to the slopes of incremental tests using the longitudinal mixed model), at which point they appeared far less steep until test end (all p<0.05 compared to the slopes of incremental tests using the longitudinal mixed model). The work rate achieved during CPET and CET significantly correlated with VO2peak reached during these tests (R2 = 0.62 and 0.74, respectively, both p<0.01). The mean 6MWT distance was 447(96) meters, as compared to 384(87) and 460(258) meters for the ISWT and ESWT respectively. While the distance walked during the 6MWT, ISWT and ESWT correlated with the VO2peak reached during these tests (R2 = 0.25, 0.41 and 0.33, all p<0.01), this correlation was markedly increased when the work of walking was taken into account (R2 = 0.75, 0.75 and 0.47, all p<0.01) or when the distance walked during the 6MWT and the ISWT was correlated with the VO2peak/kg reached during these tests (R2 = 0.67 and 0.75, all p<0.01). Note that these adjustments minimally influenced these correlations for the ESWT (0.47 and 0.20, p<0.01, for the work of walking and the VO2peak/kg).Open in a separate windowFigure 1Comparison of the physiological parameters between incremental and constant work rate exercise tests.At 100% exercise, Oxygen consumption (VO2), heart rate (HR), minute ventilation (VE) and respiratory exchange ratio (RER) were similar between incremental and endurance tests. However, slopes for these parameters rose steadily over the entire duration of the incremental cardiopulmonary exercise test (CPET) and the incremental shuttle walk test (ISWT), whereas their slopes rose sharply from baseline to 25% of maximum exercise at which point they appeared far less steep until test end for the cycle endurance test (CET) and the endurance shuttle walk test (ESWT). Mean (SE) values of physiological parameters are expressed at the same relative time (e.g. 0%, 25%, 50%, 75% and 100%) from the maximal exercise duration. The shaded zone represents the initial warm-up period of the CPET, the CET and the ESWT. *p<0.05; **p<0.01; ***p<0.001 for the comparison of the slopes of each parameter from baseline to 25% of exercise duration, and from 25% to 100% (test end).Open in a separate windowFigure 3Comparison of the physiological parameters between cycling and walking constant work rate exercise tests.Physiological response during the cycle endurance test (CET) and the endurance shuttle walk test (ESWT) at the same relative time (e.g. 0%, 25%, 50%, 75% and 100%) from maximal exercise duration. The ESWT was characterized by a higher oxygen consumption (VO2) and a lower respiratory exchange ratio (RER) throughout the exercise. Conversely, carbon dioxide output (VCO2), minute ventilation (VE) and oxygen pulse (VO2/HR) slopes were slightly steeper in the early phase of the CET (from baseline to 25% of exercise duration), to end up with similar end-exercise values. Similarly, heart rate (HR) slopes, although statistically significant, were virtually the same during the CET and the ESWT. The shaded zone represents the initial warm-up period of the ESWT. #p≤0.01 between CET and ESWT. Values are means (SE). *p<0.05; **p<0.01; ***p<0.001 for the comparison of the slopes of each parameter from baseline to 25% of exercise duration, and from 25% to 100% (test end).Table 2Ventilatory parameters measured at the same relative time during incremental and constant work rate exercise tests as well as the 6MWT (n = 21).Incremental exercise testsConstant work rate exercise tests6MWTCPETISWTCETESWTBFBaseline19 (4)19 (5)19 (5)20 (4)20 (5)25%25 (7)25 (6)27 (3)33 (6)29 (5)50%29 (7)29 (6)32 (8)37 (7)33 (6)75%33 (6)32 (6)37 (7)38 (6)35 (6)100%40 (7)39 (7)40 (7)40 (7)37 (8)VT
Baseline0.6 (0.1)0.6 (0.1)0.6 (0.1)0.6 (0.1)0.6 (0.2)25%1.1 (0.3)1.0 (0.2)1.2 (0.4)1.3 (0.3)1.3 (0.3)50%1.2 (0.3)1.1 (0.2)1.4 (0.4)1.4 (0.3)1.3 (0.3)75%1.4 (0.3)1.3 (0.3)1.4 (0.4)1.4 (0.3)1.4 (0.3)100%1.5 (0.3)1.4 (0.3)*
1.4 (0.3)1.4 (0.3)1.4 (0.3)VT/Ti (L·sec1)Baseline0.53 (0.13)0.52 (0.16)0.58 (0.18)0.51 (0.10)0.53 (0.15)25%1.09 (0.17)0.95 (0.19)1.34 (0.29)1.59 (0.37)1.38 (0.32)50%1.37 (0.22)1.19 (0.19)1.66 (0.30)1.78 (0.39)1.58 (0.36)75%1.68 (0.26)1.55 (0.26)1.87 (0.36)1.85 (0.46)1.67 (0.35)100%2.06 (0.34)1.91 (0.41)2.01 (0.38)1.92 (0.42)1.80 (0.29)Ti/Ttot (%)Baseline38 (5)36 (8)36 (6)39 (7)38 (9)25%40 (5)42 (4)43 (5)45 (5)46 (3)50%42 (5)44 (4)45 (3)46 (3)45 (5)75%44 (4)44 (5)45 (5)46 (4)46 (4)100%45 (4)47 (4)44 (5)45 (5)45 (4)VE/VCO2
Baseline45 (9)48 (9)47 (9)49 (8)47 (9)25%45 (9)46 (10)47 (11)49 (13)49 (14)50%46 (11)47 (12)49 (12)51 (15)49 (15)75%48 (12)48 (14)50 (13)52 (16)51 (16)100%51 (13)50 (15)52 (13)53 (17)51 (16)PETCO2 (kPa)Baseline3.83 (0.57)3.82 (0.53)3.74 (0.55)3.77 (0.61)3.71 (0.56)25%3.72 (0.66)3.59 (0.63)3.49 (0.74)3.32 (0.76)3.34 (0.81)50%3.60 (0.77)3.52 (0.71)3.34 (0.80)3.21 (0.75)3.30 (0.82)75%3.45 (0.81)3.44 (0.80)3.25 (0.83)3.14 (0.76)3.25 (0.83)100%3.24 (0.82)3.23 (0.85)3.23 (0.80)3.08 (0.72)3.17 (0.80)SpO2 (%)Baseline95 (4)95 (4)94 (5)95 (4)94 (4)25%92 (5)91 (5)89 (7)88 (6)89 (5)50%92 (5)89 (5)89 (8)87 (6)87 (6)75%90 (5)88 (5)88 (8)86 (7)87 (6)100%89 (6)87 (6)87 (8)85 (7)85 (7)Borg (Leg fatigue)6 (2)4 (3)*
6 (2)5 (2)5 (2)Borg (dyspnea)7 (2)6 (2)6 (2)6 (2)5 (2)Open in a separate windowValues are mean (SD).*p≤0.05 vs. CPET.
Table legend: CPET, Cardiopulmonary exercise test; ISWT, Incremental shuttle walk test; CET, Cycle endurance test; ESWT, Endurance shuttle walk test; 6MWT, Six-minute walk test; VE, Minute ventilation; BF, Breath frequency; VT, Tidal volume; Ti, Inspiratory duration; Ttot, Total breath duration; VE/VCO2, Ventilatory equivalent for carbon dioxide; PETCO2, End-tidal carbon dioxide partial pressure; SpO2, Oxygen saturation by pulse oximetry.
Cycling (CPET) versus field walking (ISWT) incremental exercise tests (Table 2, Figure 2)Open in a separate windowFigure 2Comparison of the physiological parameters between cycling and walking incremental exercise tests.Physiological response during the cardiopulmonary exercise test (CPET) and the incremental shuttle walk test (ISWT) at the same relative time (e.g. 0%, 25%, 50%, 75% and 100%) from the maximal exercise duration. The CET was characterized by increased respiratory exchange ratio (RER) compared to the ISWT. The shaded zone represents the initial warm-up period of the CPET. Values are means (SE). *p<0.05; **p<0.01; ***p<0.001 for the comparison of the slopes of each parameter from baseline to 25% of exercise duration, and from 25% to 100% (test end). #p<0.05 for end-exercise value compared by ANOVA. Figure legend: VO2, Oxygen consumption; VCO2, Carbon dioxide output; RER, Respiratory exchange ratio; VE, Minute ventilation; HR, Heart rate; VO2
/HR, Oxygen pulse; CPET, Cardiopulmonary exercise test; ISWT, Incremental shuttle walk test.The maximal workload achieved during CPET was 69(25) watts, with mean increments of 9(2) watts·min−1, whereas the maximal walking velocity during ISWT was 1.42(0.28) m·sec−1. The mean CPET duration was significantly longer than that of the ISWT (465(124) vs. 370(85) sec, p≤0.01). The slopes and peak values for VO2, VE, VCO2, HR, RER, VO2/HR, VT/Ti, Ti/Ttot and PETCO2 were similar during CPET and ISWT. Nevertheless, RER was higher during CPET. Exercise-induced desaturation was not significantly different during walking (p = 0.08 at end-exercise). Finally, leg fatigue Borg scores were higher following CPET as compared to ISWT, and the most common reason for stopping exercise was different between the two tests as leg fatigue (n = 10/21) was the main limiting factor for CPET as compared to 4/21 for ISWT (p = 0.01).Cycling (CET) versus field walking (ESWT) constant work rate exercise tests (Table 2 and Figure 3)The ESWT duration was longer than CET duration (399(207) versus 248(123) sec, p = 0.01). Although differences in the slopes for VO2, VE, VCO2, HR, RER and VO2/HR were statistically significant between CET and ESWT, clinically relevant differences were only observed for end-exercise VO2 and RER. Exercise-induced desaturation was also comparable during CET and ESWT (p = 0.13 at end-exercise). Conversely, quadriceps fatigue was enhanced following the CET compared to ESWT (
Figure 4
). Leg fatigue was the main limiting factor in 9/21 and 5/21 patients for the CET and ISWT (p = 0.57).Open in a separate windowFigure 4Quadriceps muscle fatigue induced by the constant work rate exercise tests.Relative voluntary and non-volitional quadriceps strengths lost from baseline as assessed by maximal voluntary contraction (MVC) and potentiated twitch (TWq) following the cycle endurance test (CET), the endurance shuttle walk test (ESWT) and the six-minute walk test (6MWT). The CET induced significant quadriceps muscle fatigue defined as a 15% decrease in TWq following exercise (dotted line). Indeed, 12 (57%), 2 (10%) and 3 (14%) patients developed significant quadriceps fatigue following CET, ESWT and 6MWT, respectively. *p≤0.01; # p≤0.05. Values are mean (SE). Figure legend: CET, Cycle endurance test; ESWT, Endurance shuttle walk test; 6MWT, Six-minute walk test; MVC, Maximal voluntary contraction; TWq: Potentiated twitches.Externally paced (ESWT) versus self-paced (6MWT) constant work rate exercise testsThe mean walking velocity (1.24(0.27) vs 1.16(0.23) m·sec−1, p = 0.28) and VO2 (1002 (296) vs 953 (258) ml·min−1, p = 0.11) were similar for the ESWT and the 6MWT. Nevertheless, ESWT was associated with higher peak VCO2 (1092 (364) vs 996 (281) ml·min−1, p<0.01), HR (136 (23) vs 128 (21) beat·min−1, p<0.01), VE (55 (12) vs 48 (9) L·min−1, p<0.01) and breathing frequency (40 (7) vs 37 (8), p<0.01).DiscussionThe present study assessed and compared, for the first time, the cardiopulmonary responses of five different exercise testing modalities in patients with PAH. VO2peak were essentially the same amongst the different exercise modalities. The distance walked during field walking exercise tests correlated with the VO2peak achieved during these tests, especially when patients' weight was taken into account. While the pattern of work rate imposition (incremental versus constant work rate) dictated the slopes of the physiological response, the modality of exercise (cycling versus walking) was mainly responsible for differences in end-exercise values for RER, locus of symptom limitation and the degree of quadriceps fatigue.In this study, VO2peak differed by less than 50 ml among the five different exercise tests. In a previous study, Valli et al.
[30] described a higher VO2peak during CPET as compared to ISWT in 13 idiopathic PAH patients, although this difference was small in magnitude. Conversely, Deboeck et al.
[28] documented a higher VO2 during the 6MWT compared to CPET in 20 PAH patients. The authors carefully acknowledged that this was possibly related to an underestimation of the aerobic capacity by the CPET as patients were unable to achieve their maximal physiological parameters during this test due to premature lactic acidosis and leg fatigue. Taken together, these results demonstrate that endurance tests are associated with clinically relevant metabolic demand in PAH. Therefore, they may constitute an alternative to incremental cycling test to assess the functional status of patients with PAH.A major physiological difference between walking and cycling is that the amount of muscles involved is markedly different between these two exercise modalities. In PAH, as in heart failure, the maximum muscle O2 extraction is decreased [31] potentially due to muscle capillary rarefaction [7], making VO2peak relatively more muscle-mass dependent than in healthy active subjects. Given the comparable VO2peak for all exercise test, the VO2 per muscle unit was likely lower during walking, potentially at a level below the anaerobic threshold. Therefore, the larger muscle mass engaged during walking as compared to cycling could account for lower RER during walking tests. The muscle mecanoreceptors are also more driven by the velocity than by the force deployed [32]–[34]. The differences between cycling speed and walking cadence might thus cause a different ventilatory response. This is also supported by the lower level of quadriceps fatigability and leg fatigue perception during walking than during cycling. These results are also in keeping with previous reports of later onset and less severe lactic acidosis at the same level of load during walking, compared with cycling exercise in other chronic conditions [35]–[36]. These results suggest that the respiratory response during exercise is more related to the exercise modality (cycling vs walking) than its progression (incremental vs. constant). To our knowledge, only one study evaluated the responsiveness of the walking versus cycling tests following a therapeutic intervention in PAH [18]. The responsiveness of CET was lower than the 6MWT and ESWT. Cycling tests might be less susceptible to track a beneficial effect on pulmonary hemodynamics following PAH therapy because of the important drop in non-volitional quadriceps strength as seen in our study.As the distance walked correlates with the VO2peak of PAH patients, it suggests that field walking exercise tests are representative of the maximal exercise capacity achievable by PAH patients. Interestingly, this correlation between the walking distance and the VO2peak was markedly improved when the work of walking was taken into account, especially for the 6MWT and the ISWT for which the walking distance is directly influenced by the walking velocity. As suggested by Chuang et al.
[26], the work of walking on a flat course equals the product of distance and weight, assuming a constant walking velocity. However, this estimation does not consider the accelerations and decelerations occurring during the walking tests. This may have led to an underestimation of the work of walking during shuttle walking tests where the 10 meter-long course imposes more acceleration/deceleration than the 30 meter-long course of the 6MWT, and may explain the differences in the physiological response observed between the 6MWT and the ESWT. Whether the work of walking would increase the discriminative capacity of the walking tests in PAH compared to the distance alone also remains to be confirmed.Potential limitations of our study should be discussed. First, patients had to complete three exercise tests during the same day. This was done to minimize the number of study visits and to accommodate patients coming from remote areas. This could have precluded the achievement of maximal capacity in some tests due to patients' fatigue. Nevertheless, the VO2peak achieved during the two constant work rate exercise tests and the 6MWT were not different than the one achieved during the incremental tests while patients had not previously participated to any forms of exercise. Moreover, the exercise tests were separated by 2 hours and the order of the tests for each subject was randomly determined using the Latin Square design to minimize any confounding effect based on test sequence. Because of technical difficulties in arterial sampling during walking exercise tests, blood gases were not measured. This would have been of interest to accurately quantify dead-space ventilation and to provide indirect information (through blood lactate) about muscle metabolism during exercise tests. Finally, the effect of carrying the telemetric device during walking compared to cycling tests was likely to be trivial given its low weight.The 6MWT is typically considered as a safe procedure even when performed without detailed cardiopulmonary monitoring. Here, we show that the peak VO2 and heart rate responses achieved during a 6MWT represent ≈95% of that of an incremental cycling exercise test, suggesting that this test may induce more physiological stress than previously thought. Despite this, no adverse effects were noted in the present investigation in which a total of 105 exercise tests were performed. This is consistent with previous studies [4], [18], [37] in showing that exercise testing procedure are generally safe in class II/III PAH patients. Our findings may have implications for the choice of exercise tests to be used to assess the efficacy of a given intervention. Considering that cycling tests are more demanding on the lower limb muscle and quadriceps fatigue is more common during cycling, this exercise modality may be preferable to assess interventions such as exercise training whose aim is to improve muscle function. Conversely, cycling tests might be less susceptible to track a beneficial effect on pulmonary hemodynamics following PAH specific therapy, as previously suggested [18]. Similarly, walking tests may be more useful to assess the potential exercise-enhancing effect of oxygen therapy because exercise-induced O2 desaturation is more common with this exercise testing modality.ConclusionsDespite a similar physiological demand in terms of VO2peak, the modality of exercise test was mainly responsible for the different RER, locus of symptom limitation and quadriceps fatigability. The distance reached during field walking tests correlates with the VO2peak achieved during cycling tests and therefore reflects individual exercise capacity in PAH. As it was proposed in COPD, field walking exercise tests might be of clinical interest in PAH. Whether they might be used as an alternative to the 6MWT for tracking beneficial clinical changes following therapy and to assess exercise-induced desaturation remains to be confirmed in PAH.AcknowledgmentsThe authors acknowledge Serge Simard for statistical analysis, and Luce Bouffard for technical assistance.Funding StatementFinancial support was provided by Fonds de recherche du Québec-Santé (FRQS). The FRQS was not otherwise involved in study design, data collection and analysis, decision to publish, or preparation of the manuscript.References1.
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a moment...Enable JavaScript and cookies to continueA homotopy method for solving the horizontal linear complementarity problem | Computational and Applied Mathematics
A homotopy method for solving the horizontal linear complementarity problem | Computational and Applied Mathematics
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Computational and Applied Mathematics
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A homotopy method for solving the horizontal linear complementarity problem
Published: 22 May 2013
Volume 33, pages 1–11, (2014)
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Xiuyu Wang1 & Xingwu Jiang2
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AbstractThe \(P(\tau ,\alpha ,\beta )\)-pair defined in this paper is a class of matrix pair which is broad enough to include \(P^*\)-matrix as special case. We construct a combined homotopy equation for the horizontal linear complementarity problem, prove the existence, boundedness and the convergence of the homotopy path, which is from any interior point to the solution of the problem, under a condition that the matrix pair is \(P(\tau ,\alpha ,\beta )\) pair. Numerical examples show that this method is feasible and effective.
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Download referencesAuthor informationAuthors and AffiliationsSchool of Basic Science, Changchun University of Technology, Changchun, 130012, People’s Republic of ChinaXiuyu WangJilin Business and Technology College, Changchun, 130062, People’s Republic of ChinaXingwu JiangAuthorsXiuyu WangView author publicationsYou can also search for this author in
PubMed Google ScholarXingwu JiangView author publicationsYou can also search for this author in
PubMed Google ScholarCorresponding authorCorrespondence to
Xiuyu Wang.Additional informationCommunicated by Marcos Raydan.Xiuyu Wang’s research was supported by The NNSF (10771020) of China and Jilin Natural Science Foundation (201215128, 20101597).Rights and permissionsReprints and permissionsAbout this articleCite this articleWang, X., Jiang, X. A homotopy method for solving the horizontal linear complementarity problem.
Comp. Appl. Math. 33, 1–11 (2014). https://doi.org/10.1007/s40314-013-0039-1Download citationReceived: 27 July 2012Revised: 21 March 2013Accepted: 26 April 2013Published: 22 May 2013Issue Date: April 2014DOI: https://doi.org/10.1007/s40314-013-0039-1Share this articleAnyone you share the following link with will be able to read this content:Get shareable linkSorry, a shareable link is not currently available for this article.Copy to clipboard
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KeywordsComplementarity problem
\(P(\tau , \alpha , \beta )\) pairHomotopy methodMathematics Subject ClassificationPrimary 90C33Secondary 90C30
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Access LionPATH - Undergraduate Admissions
Access LionPATH - Undergraduate Admissions
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Date to Accept Offers of Admission Extended to May 15 Penn State will extend its offer acceptance deadline from May 1 to May 15, 2024, for incoming first-year students enrolling in the summer or fall 2024 terms.
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