The semi-nonparametric (SNP) modeling of the return distribution has been proved to be a flexible and accurate methodology for portfolio risk management that allows two-step estimation of the dynamic conditional correlation (DCC) matrix. For this SNP-DCC model, we propose a stepwise procedure to compute pairwise conditional correlations under bivariate marginal SNP distributions, overcoming the curse of dimensionality. The procedure is compared to the assumption of Dynamic Equicorrelation (DECO), which is a parsimonious model when correlations among the assets are not significantly different but requires joint estimation of the multivariate SNP model. The risk assessment of both methodologies is tested for a portfolio on cryptocurrencies by implementing backtesting techniques and for different risk measures: Value-at-Risk, Expected Shortfall and Median Shortfall. The results support our proposal showing that the SNP-DCC model has better performance for a smaller confidence level than the SNP-DECO model, although both models perform similarly for higher confidence levels.

Navigating growth cones are exposed to multiple signals simultaneously and have to integrate competing cues into a coherent navigational response. Integration of guidance cues is traditionally thought to occur at the level of cytoskeletal dynamics. Drosophila studies indicate that cells exhibit a low level of continuous caspase protease activation, and that axon guidance cues can activate or suppress caspase activity. We base a model for axon guidance on these observations. By analogy with other systems in which caspase signaling has non-apoptotic functions, we propose that caspase signaling can either reinforce repulsion or negate attraction in response to external guidance cues by cleaving cytoskeletal proteins. Over the course of an entire trajectory, incorrectly navigating axons may pass the threshold for apoptosis and be eliminated, whereas axons making correct decisions will survive. These observations would also explain why neurotrophic factors can act as axon guidance cues and why axon guidance systems such as Slit/Robo signaling may act as tumor suppressors in cancer.