International stock portfolio selection and performance measures recognizing higher moments of return distributions

Since the seminal works of Markowitz (1952), Sharpe (1964), and Lintner (1965), numerous studies on portfolio selection and performance measure have been based upon the mean-variance framework. However, several researchers (e.g., Arditti (1967, and 1971), Samuelson (1970), and Rubinstein (1973)) argue that the higher moments cannot be neglected unless there is reason to believe that: (i) the asset returns are normally distributed and the investor's utility function is quadratic, or (ii) the empirical evidence demonstrates that higher moments are irrelevant to the investor's decision. Based on the same argument, this dissertation investigates the impact of higher moments of return distributions on three issues concerning the 14 international stock markets.^ First, the portfolio selection with skewness is determined using: the Polynomial Goal Programming in which investor preferences for skewness can be incorporated. The empirical findings suggest that the return distributions of international stock markets are not normally distributed, and that the incorporation of skewness into an investor's portfolio decision causes a major change in the construction of his optimal portfolio. The evidence also indicates that an investor will trade expected return of the portfolio for skewness. Moreover, when short sales are allowed, investors are better off as they attain higher expected return and skewness simultaneously.^ Second, the performance of international stock markets are evaluated using two types of performance measures: (i) the two-moment performance measures of Sharpe (1966), and Treynor (1965), and (ii) the higher-moment performance measures of Prakash and Bear (1986), and Stephens and Proffitt (1991). The empirical evidence indicates that higher moments of return distributions are significant and relevant to the investor's decision. Thus, the higher moment performance measures should be more appropriate to evaluate the performances of international stock markets. The evidence also indicates that various measures provide a vastly different performance ranking of the markets, albeit in the same direction.^ Finally, the inter-temporal stability of the international stock markets is investigated using the Parhizgari and Prakash (1989) algorithm for the Sen and Puri (1968) test which accounts for non-normality of return distributions. The empirical finding indicates that there is strong evidence to support the stability in international stock market movements. However, when the Anderson test which assumes normality of return distributions is employed, the stability in the correlation structure is rejected. This suggests that the non-normality of the return distribution is an important factor that cannot be ignored in the investigation of inter-temporal stability of international stock markets. ^

Essays on intergenerational and regional aspects of water management

This dissertation consists of three essays on different aspects of water management. The first essay focuses on the sustainability of freshwater use by introducing the notion that altruistic parents do bequeath economic assets for their offspring. Constructing a two-period, over-lapping generational model, an optimal ratio of consumption and pollution for old and young generations in each period is determined. Optimal levels of water consumption and pollution change according to different parameters, such as, altruistic degree, natural recharge rate, and population growth. The second essay concerns water sharing between countries in the case of trans-boundary river basins. The paper recognizes that side payments fail to forge water-sharing agreement among the international community and that downstream countries have weak bargaining power. An interconnected game approach is developed by linking the water allocation issue with other non-water issues such as trade or border security problems, creating symmetry between countries in bargaining power. An interconnected game forces two countries to at least partially cooperate under some circumstances. The third essay introduces the concept of virtual water (VW) into a traditional international trade model in order to estimate water savings for a water scarce country. A two country, two products and two factors trade model is developed, which includes not only consumers and producer's surplus, but also environmental externality of water use. The model shows that VW trade saves water and increases global and local welfare. This study should help policy makers to design appropriate subsidy or tax policy to promote water savings especially in water scarce countries.^

Essays on Intergenerational and Regional Aspects of Water Management

This dissertation consists of three essays on different aspects of water management. The first essay focuses on the sustainability of freshwater use by introducing the notion that altruistic parents do bequeath economic assets for their offspring. Constructing a two-period, over-lapping generational model, an optimal ratio of consumption and pollution for old and young generations in each period is determined. Optimal levels of water consumption and pollution change according to different parameters, such as, altruistic degree, natural recharge rate, and population growth. The second essay concerns water sharing between countries in the case of trans-boundary river basins. The paper recognizes that side payments fail to forge water-sharing agreement among the international community and that downstream countries have weak bargaining power. An interconnected game approach is developed by linking the water allocation issue with other non-water issues such as trade or border security problems, creating symmetry between countries in bargaining power. An interconnected game forces two countries to at least partially cooperate under some circumstances. The third essay introduces the concept of virtual water (VW) into a traditional international trade model in order to estimate water savings for a water scarce country. A two country, two products and two factors trade model is developed, which includes not only consumers and producer’s surplus, but also environmental externality of water use. The model shows that VW trade saves water and increases global and local welfare. This study should help policy makers to design appropriate subsidy or tax policy to promote water savings especially in water scarce countries.

Moral Masculinities: Ethical Self-fashionings of Professional Chinese Men in London

Through qualitative interviews and examination of textual sources, this essay investigates the gendered, class and cultural subjectivities of transnational, highly-educated Chinese men living and working in London. Narrative analysis of the interviews of two participants suggests that they exhibit hybrid “bricolage masculinities,” which incorporate elements from Western educational and corporate cultures, and also appropriate concepts and practices from the Confucian tradition of moral self-cultivation. A discussion of contemporary texts that support the revival of Confucian masculinities illuminates the discursive context in which the participants’ ethical self-fashionings take place. The study argues that the cosmopolitan yet culturally embedded masculinities of the participants are suggestive of how professional Chinese men, as they step onto the world stage, seek to insert themselves more advantageously into local and global power relations of gender, class and nation.

Territorial and demographic aspects of the Networks of Protected Natural Areas of Castilla-La Mancha: 1978-2014

The Autonomous Region of Castilla-La Mancha develops from the approval of the Spanish Constitution a whole executive and legislative branch to implement its policies on environmental protection. The new legislation (Law 9/1999, of 26 May) has pursued the conservation and the integral protection of the natural elements of the territory demanding to new criteria as such the environmental quality of ecosystems or the exceptional landscape. The spread and the declaration of new natural spaces have caused a double geographical and territorial model. First, natural spaces located in rural mountainous areas with depopulation and aging problems. And second, natural spaces situated in areas densely populated

MODERN SPORT COACHING AND THE LAW: IMPLICATIONS FOR COACH EDUCATION

Introduction
The intersection between the law of negligence and sport coaching in the UK is a developing area (Partington, 2014; Kevan, 2005). Crucially, since the law of negligence may be regarded as generally similar everywhere (Magnus, 2006), with the predominance of volunteer coaches in the UK reflective of the majority of countries in the world (Duffy et al., 2011), a detailed scrutiny of this relationship from the perspective of the coach uncovers important implications for coach education beyond this jurisdiction.  
Argumentation
Fulfilment of the legal duty of discharging reasonable care may be regarded as consistent with the ethical obligation not to expose athletes to unreasonable risks of injury (Mitten, 2013). More specifically, any ‘profession’ requiring ‘special skill or competence’ (Bolam v Friern Hospital Management Committee [1957] 1 WLR 582), including the coaching of sport (e.g., Davenport v Farrow [2010] EWHC 550), requires a higher standard of care to be displayed than would be expected of the ordinary reasonable person (Lunney & Oliphant, 2013; Jones & Dugdale, 2010). For instance, volunteer coaches with no formal qualifications (e.g., Fowles v Bedfordshire County Council [1996] ELR 51) would be judged by this benchmark of professional liability (Powell & Stewart, 2012). Further, as the principles of coaching are constantly assessed and revised (Cassidy et al., 2009; Taylor & Garratt, 2010), so too is the legal standard of care required of coaches (Powell & Stewart, 2012). Problematically, ethical concerns may include coaches being unwilling to increase knowledge, abusive treatment of players and incompetence/inexperience (Haney et al., 1998). These factors accentuate coaches’ exposure to civil liability.
Implications
It is imperative that coaches have an awareness of this emerging intersection and develop a ‘proactive risk assessment lens’ (Hartley, 2010). In addition to supporting the professionalisation of sport coaching, coach education/CPD focused on the legal and ethical aspects of coaching (Duffy et al., 2011; Telfer, 2010; Haney et al., 1998) would enhance the safety and welfare of performers, safeguard coaches from litigation risk, and potentially improve all levels of coaching (Partington, 2014). Interestingly, there is evidence to suggest a demand from coaches for more training on health and safety issues, including risk management and (ir)responsible coaching (Stirling et al., 2012). Accordingly, critical examination of the issue of negligent coaching would inform coach education by: enabling the modelling and sharing of best practice; unpacking important ethical concerns; and, further informing the classification of coaching as a ‘profession’.

Les métamorphoses du rapport politique à la mort (recherche de pivots structurant la réflexion en médecine palliative)

Notre recherche explore quelques moments forts des métamorphoses du rapport politique à la mortalité sous examen des thèmes de l’interdit, de la dignité, de l’autonomie et de l’altérité. Nous dégageons des ancrages propices à nourrir la pensée actuelle en médecine palliative. Ainsi, nous livrons une enquête philosophique, appréciant pour nous Occidentaux, les influences marquantes des pensées gréco-romaine, chrétienne et moderne. Ces bases, édifiant notre monde politique, ont suscité l’émergence de la médecine palliative. C’est pourquoi, nous tentons de caractériser et de comprendre les problématiques nouvelles, dans leurs aspects politique et éthique, envisagées à l’aune des formes contemporaines d’accompagnement des mourants. Notre effort tente de discerner les aspirations et les impasses. L’étude de la métamorphose des repères fait ressortir une dissociation accentuée au fil du temps. En effet, au fur et à mesure, notre entreprise d’interprétation du fondement de ces questions politiques dévoilait : une reconnaissance universelle de l’interdit d’homicide, mais accusant une perte du lien moral au profit d’une visée amorale ; un aval unanime du respect de la dignité, mais manifestant une confusion et une division ostensible entre conceptions intrinsèque et extrinsèque ; une affirmation péremptoire de l’autonomie, mais avec une distanciation marquée au regard de la façon d’envisager la part de l’autre ; une déclinaison de liens humains reconnus de tous, mais exacerbés dans une tension artificielle entre individualisme et altruisme. Au surplus, en constatant la distance et la dislocation entre le public et le privé, entre la réclamation de fraternité et la recherche d’amicalité signifiante, nous avons envisagé la communauté palliative comme un lieu de résistance à cette décomposition menaçante au sein de la communauté politique. À terme de l’analyse, nous avons fondé les concepts « d’allonomie » et de « suspension éthique ». Il s’agit de contributions originales destinées à donner à la philosophie toute sa dimension sapientielle au service de l’accompagnement palliatif.

Writing Violence: the legal, moral and aesthetic Implications of creative non-fiction.

This essay began as a hybrid critical/creative paper that was presented as part of an all-female panel discussing the intersections between writing and extreme violence. My own paper was on the relationship between my creative nonfiction novel The Museum of Atheism and the real life murder of six-year-old beauty queen, JonBenet Ramsey. This essay is an attempt to represent the writing process of the creative nonfiction author, and to consider the ways in which critical theory can be used to highlight, or conversely obscure, fictional writing. In addition to considering the effect of using a real story, a true crime, as the basis for a semi-fictional work, this essay will also consider the relationship I had as a writer to my publisher, editor and agent, and their interventions in the writing process to ensure that facts were deliberately skewed or warped in order to avoid litigation. Finally, I will consider my own relationship to the material, and the impact that this had on the writing process.

Ethical aspects of children’s perceptions of information-giving in care

The aim of this study was to identify key aspects in the exchange of information and to determine how nurses communicate news to hospitalised children. For this study, we applied the critical incident technique with 30 children aged between 8 and 14 years. Data were collected in paediatric units in a hospital in Alicante (Spain) using participant observation and semi-structured interviews. The analysis yielded three main categories: the children’s reaction to the information, nursing staff behaviour as a key aspect in the exchange of information and communication of news as well as children’s experience. This article emphasises the need to promote children’s consent and participation in nursing interventions. An analysis of these aspects will verify whether children’s rights are being respected and taken into account in order to promote children’s well-being and adaptation to hospitalisation.

Financial Characteristics of Family Businesses and Financial Aspects of Succession

Family businesses are special in many respects. By examining their financial characteristics one can come to unique conclusions/results. This paper explores the general characteristics of the financial behaviour of family businesses, presents the main findings of the INSIST project’s company case studies concerning financing issues and strategies, and intends to identify the financial characteristics of company succession. The whole existence of family businesses is characterized by a duality of the family and business dimensions and this remains the case in their financial affairs. The financial decisions in family businesses (especially SMEs) are affected by aspects involving a duality of goals rather than exclusively profitability, the simultaneous presence of family and business financial needs, and the preferential handling of family needs at the expense of business needs (although it has to be said that there is evidence of family investments being postponed for the sake of business, too. Family businesses, beyond their actual effectiveness, are guided by individual goals like securing living standards, ensuring workplaces for family members, stability of operation, preservation of the company’s good reputation, and keeping the company’s size at a level that the immediate family can control and manage. The INSIST project’s company case studies revealed some interesting traits of family business finances like the importance of financial support from the founder’s family during the establishment of the company, the use of bootstrapping techniques, the financial characteristics of succession, and the role of family members in financial management.

Aligning supplier evaluation with manufacturing competitive priorities. Results of an international survey in manufacturing and assembly industries

The aim of our research is to investigate a company’s purchasing and manufacturing competitive priorities jointly in order to uncover any relationships between them and also their effect on the supply chain tools implemented by the company. We assume that the supplier selection criteria of the companies reflect the true goals of the purchasing function and we take the purchasing function’s point of view to examine the aforementioned relationships. We use a multinational database for our empirical analysis which contains almost 700 companies from 20 countries and data that were acquired in 2009. We identified four different clusters which reflect a different level of supply chain tool implementation.

Socio-demographic and Health Aspects Associated with the Quality of Life in the Elderly of the Family Health Strategy. An Analytical Study

to analyze the association between the socio-demographic and health aspects to the quality of life (QOL) of elderly peoplelinked to the ESF.

Evaluation of the productive and vegetative aspects of the cultivar 'Imperial Gala' apple tree with EM-9 interstem in different lengths.

The obtaining of a compact plant, with less vigor and high productivity, equivalent to a conventional plant, constitutes a strong tendency in the current horticulture, aiming at a raising of the fruit production at the same planted area. One of the techniques that have had success nowadays is the interstem use. This study was developed in a commercial orchard of Randon Agro Silvo Pastoril S.A. (RASIP), located in the Rio Grande do Sul state, Brazil. The purpose of this work was to evaluate the vegetative and productive development of apple trees of 'Imperial Gala' with different lengths of EM-9 interstem. The treatments consisted of five interstem lengths: 10, 15, 20, 25, 30 cm. In the seventh year of implantation the following parameters were evaluated: the height of the plant, the diameter of the 'Imperial Gala' 5 cm above the second graft point, the volume of the tree-head (height, width and length), the number of bud per branch, and the number of fruits per lineal centimeter of branch. Through this study it could be concluded that the greater interstem (30 cm) presented better indices with relation of vigor control. However, the number of fruits per lineal centimeter of branch with the interstem of 10 cm offered only significant superiority, when compared with the interstem of 30 cm. Using interstem technique allows to gather the benefits of the rootstock 'Marubakaido' and to control excessive vigour with the interstem EM-9.

The Effect Of Celastrol, A Triterpene With Antitumorigenic Activity, On Conformational And Functional Aspects Of The Human 90kda Heat Shock Protein Hsp90α, A Chaperone Implicated In The Stabilization Of The Tumor Phenotype.

Hsp90 is a molecular chaperone essential for cell viability in eukaryotes that is associated with the maturation of proteins involved in important cell functions and implicated in the stabilization of the tumor phenotype of various cancers, making this chaperone a notably interesting therapeutic target. Celastrol is a plant-derived pentacyclic triterpenoid compound with potent antioxidant, anti-inflammatory and anticancer activities; however, celastrol's action mode is still elusive. In this work, we investigated the effect of celastrol on the conformational and functional aspects of Hsp90α. Interestingly, celastrol appeared to target Hsp90α directly as the compound induced the oligomerization of the chaperone via the C-terminal domain as demonstrated by experiments using a deletion mutant. The nature of the oligomers was investigated by biophysical tools demonstrating that a two-fold excess of celastrol induced the formation of a decameric Hsp90α bound throughout the C-terminal domain. When bound, celastrol destabilized the C-terminal domain. Surprisingly, standard chaperone functional investigations demonstrated that neither the in vitro chaperone activity of protecting against aggregation nor the ability to bind a TPR co-chaperone, which binds to the C-terminus of Hsp90α, were affected by celastrol. Celastrol interferes with specific biological functions of Hsp90α. Our results suggest a model in which celastrol binds directly to the C-terminal domain of Hsp90α causing oligomerization. However, the ability to protect against protein aggregation (supported by our results) and to bind to TPR co-chaperones are not affected by celastrol. Therefore celastrol may act primarily by inducing specific oligomerization that affects some, but not all, of the functions of Hsp90α. To the best of our knowledge, this study is the first work to use multiple probes to investigate the effect that celastrol has on the stability and oligomerization of Hsp90α and on the binding of this chaperone to Tom70. This work provides a novel mechanism by which celastrol binds Hsp90α.

Effectiveness Of The Endotracheal Tube Cuff On The Trachea: Physical And Mechanical Aspects.

The inflation pressure of the endotracheal tube cuff can cause ischemia of the tracheal mucosa at high pressures; thus, it can cause important tracheal morbidity and tracheal microaspiration of the oropharyngeal secretion, or it can even cause pneumonia associated with mechanical ventilation if the pressure of the cuff is insufficient. In order to investigate the effectiveness of the RUSCH® 7.5 mm endotracheal tube cuff, this study was designed to investigate the physical and mechanical aspects of the cuff in contact with the trachea. For this end, we developed an in vitro experimental model to assess the flow of dye (methylene blue) by the inflated cuff on the wall of the artificial material. We also designed an in vivo study with 12 Large White pigs under endotracheal intubation. We instilled the same dye in the oral cavity of the animals, and we analyzed the presence or not of leakage in the trachea after the region of the cuff after their deaths (animal sacrifice). All cuffs were inflated at the pressure of 30 cmH2O. We observed the passage of fluids through the cuff in all in vitro and in vivo experimental models. We conclude that, as well as several other cuff models in the literature, the RUSCH® 7.5 mm tube cuffs are also not able to completely seal the trachea and thus prevent aspiration of oropharyngeal secretions. Other prevention measures should be taken.