Testing Mean-Variance Efficiency in CAPM with Possibly Non-Gaussian Errors : An Exact Simulation-Based Approach

In this paper we propose exact likelihood-based mean-variance efficiency tests of the market portfolio in the context of Capital Asset Pricing Model (CAPM), allowing for a wide class of error distributions which include normality as a special case. These tests are developed in the frame-work of multivariate linear regressions (MLR). It is well known however that despite their simple statistical structure, standard asymptotically justified MLR-based tests are unreliable. In financial econometrics, exact tests have been proposed for a few specific hypotheses [Jobson and Korkie (Journal of Financial Economics, 1982), MacKinlay (Journal of Financial Economics, 1987), Gib-bons, Ross and Shanken (Econometrica, 1989), Zhou (Journal of Finance 1993)], most of which depend on normality. For the gaussian model, our tests correspond to Gibbons, Ross and Shanken’s mean-variance efficiency tests. In non-gaussian contexts, we reconsider mean-variance efficiency tests allowing for multivariate Student-t and gaussian mixture errors. Our framework allows to cast more evidence on whether the normality assumption is too restrictive when testing the CAPM. We also propose exact multivariate diagnostic checks (including tests for multivariate GARCH and mul-tivariate generalization of the well known variance ratio tests) and goodness of fit tests as well as a set estimate for the intervening nuisance parameters. Our results [over five-year subperiods] show the following: (i) multivariate normality is rejected in most subperiods, (ii) residual checks reveal no significant departures from the multivariate i.i.d. assumption, and (iii) mean-variance efficiency tests of the market portfolio is not rejected as frequently once it is allowed for the possibility of non-normal errors.

Exact Multivariate Tests of Asset Pricing Models with Stable Asymmetric Distributions

In this paper, we propose exact inference procedures for asset pricing models that can be formulated in the framework of a multivariate linear regression (CAPM), allowing for stable error distributions. The normality assumption on the distribution of stock returns is usually rejected in empirical studies, due to excess kurtosis and asymmetry. To model such data, we propose a comprehensive statistical approach which allows for alternative - possibly asymmetric - heavy tailed distributions without the use of large-sample approximations. The methods suggested are based on Monte Carlo test techniques. Goodness-of-fit tests are formally incorporated to ensure that the error distributions considered are empirically sustainable, from which exact confidence sets for the unknown tail area and asymmetry parameters of the stable error distribution are derived. Tests for the efficiency of the market portfolio (zero intercepts) which explicitly allow for the presence of (unknown) nuisance parameter in the stable error distribution are derived. The methods proposed are applied to monthly returns on 12 portfolios of the New York Stock Exchange over the period 1926-1995 (5 year subperiods). We find that stable possibly skewed distributions provide statistically significant improvement in goodness-of-fit and lead to fewer rejections of the efficiency hypothesis.

Prévalence du VPH dans le cancer ORL localement avancé et impact sur le pronostic et l'efficacité de la chimio-radiothérapie concomitante

Problématique : Bien que le tabac et l’alcool soient les facteurs causaux principaux des cancers épidermoïdes de l’oropharynx, le virus du papillome humain (VPH) serait responsable de l’augmentation récente de l’incidence de ces cancers, particulièrement chez les patients jeunes et/ou non-fumeurs. La prévalence du VPH à haut risque, essentiellement de type 16, est passée de 20% à plus de 60% au cours des vingt dernières années. Certaines études indiquent que les cancers VPH-positifs ont un meilleur pronostic que les VPH- négatifs, mais des données prospectives à cet égard sont rares dans la littérature, surtout pour les études de phase III avec stratification basée sur les risques. Hypothèses et objectifs : Il est présumé que la présence du VPH est un facteur de bon pronostic. L’étude vise à documenter la prévalence du VPH dans les cancers de l’oropharynx, et à établir son impact sur le pronostic, chez des patients traités avec un schéma thérapeutique incluant la chimio-radiothérapie. Méthodologie : Les tumeurs proviennent de cas traités au CHUM pour des cancers épidermoïdes de la sphère ORL à un stade localement avancé (III, IVA et IVB). Elles sont conservées dans une banque tumorale, et les données cliniques sur l’efficacité du traitement et les effets secondaires, recueillies prospectivement. La présence du VPH est établie par biologie moléculaire déterminant la présence du génome VPH et son génotype. Résultats: 255 spécimens ont été soumis au test de génotypage Linear Array HPV. Après amplification par PCR, de l’ADN viral a été détecté dans 175 (68.6%) échantillons tumoraux ; le VPH de type 16 était impliqué dans 133 cas (52.25 %). Conclusion: Une proportion grandissante de cancers ORL est liée au VPH. Notre étude confirme que la présence du VPH est fortement associée à une amélioration du pronostic chez les patients atteints de cancers ORL traités par chimio-radiothérapie, et devrait être un facteur de stratification dans les essais cliniques comprenant des cas de cancers ORL.

Variations in the mainstreaming of sustainability: a case study approach

The construction sector has a major role to play in delivering the transition to a low carbon economy and in contributing to sustainable development; however, integrating sustainability into everyday business remains a major challenge for the sector. This research explores the experience of three large construction and engineering consultancy firms in mainstreaming sustainability. The aim of the paper is to identify and explain variations in firm level strategies for mainstreaming sustainability. The three cases vary in the way in which sustainability is ramed – as a problem of risk, business opportunity or culture – and in its location within the firm. The research postulates that the mainstreaming of sustainability is not the uniform linear process often articulated in theories of strategic change and management, but varies with the dominant organisational culture and history of each firm. he paper concludes with a reflection on the implications of this analysis for management theories and for firm level strategies.

Uma nova proposta de antena planar multibanda para comunicações móveis

The great interest observed in wireless communication systems has required the development of new configurations of microstrip antennas, because they are easily built and integrated to other microwave circuit components, which is suitable for the construction and development of planar antenna arrays and microwave integrated circuits. This work presents a new configuration of tapered microstrip antenna, which is obtained by impressing U-slots on the conducting patch combined with a transmission line matching circuit that uses an inset length. It is shown that the use of U-slots in the microstrip antenna conducting patch excites new resonating modes, that gives a multiband characteristic for the slotted microstrip antenna, that is suitable for applications in communication systems that operates several frequencies simultaneously. Up to this date, the works reported in the literature deals with the use of Uslotted microstrip rectangular antennas fed by a coaxial probe. The properties of a linear array of microstrip patch tapered antennas are also investigated. The main parameters of the U slotted tapered microstrip antennas are investigated for different sizes and locations of the slots impressed on the conducting patch. The analysis of the proposed antenna is performed by using the resonant cavity and equivalent transmission line methods, in combination with a parametric study, that is conducted by the use of the Ansoft Designer, a commercial computer aided microwave software well known by its accuracy and efficiency. The mentioned methods are used to evaluate the effect in the antennas parameters, like resonant frequency and return loss, produced by variations of the antenna structural parameters, accomplished separately or simultaneously. An experimental investigation is also developed, that consists of the design, construction and measurement of several U slotted microstrip antenna prototypes. Finally, theoretical and simulated results are presented that are in agreement with the measured ones. These results are related to the resonating modes identification and to the determination of the main characteristics of the investigated antennas, such as resonant frequency, return loss, and radiation pattern

Geochronology of the lpanema layered mafic-ultramafic complex, Minas gerais, Brazil: Evidence of extension at the meso-neoproterozoic time boundary

The mafic/ultramafic Ipanema Layered Complex (ILC), Minas Gerais Brazil, consists of seven individual bodies. These units crosscut polyphase orthogneisses and interlayered paragneisses of the Paleoproterozoic Juiz de Fora Complex. Intrusive granitoids tectonically related to [lie Neoproterozoie Aracuai orogen are also present in the study area.A Sm-Nd whole-rock linear array for seven samples metapyoxenites, metaperidotiles, metagabbro. and meta-anorthosite) from the Santa Cruz massif, the largest body of the ILC. suggest that it was emplaced at 1104 +/- 78 Ma the original magma was derived from a depleted mantle source (epsilon(Ndt)= +3.8). U-Pb single-grain zircon stud of a meta-anorthosite yields all upper intercept age of 1719 +/- 4 Ma, which is interpreted to represent inheritance. The lower intercept at 630+/-3 Ma indicates (hat a Neoproterozoic tectonothermal episode overprinted the ILC, this event occurred under upper-amphiolite-, to granulite-facies conditions. The 630 Ma episode is consistent with the timing of regional metamorphism and deformation of the adjacent Aracuai orogen (Brasiliano collage). Emplacement of the ILC and other coeval metamafies and meta-ultramafics (of alkaline affinity) in the re, oil is attributed to early extension tectonics, accompanying accretion of the Rodinia super- continent during the Mesoproterozoic-Neoproterozoic time boundary.

Correlations among carcass traits taken by ultrasound and after slaughter in Mediterranean (Bubalus bubalis) young bulls

The objective of this work was to estimate the correlations among measurements taken in vivo with ultrasound equipment with some carcass traits measured after slaughter. Twenty eight Mediterranean bulls, with average shrunk body weight of 330 kg and 14 months of age, were fed by 120 days with high concentrate diets. The shrunk body weight, the ribeye area (REAU), the back fat thickness (FTU) over the Longissimus dorsi muscle between 12(a) and 13(a) ribs and rump fat (EGP8U), were measured at 28 days intervals. Real-time ultrasound equipment Piemedical Scanner 200 VET, with 18 cm linear array transducer was utilized. After the slaughter, the hot carcass weight (PCQ) and the kidney, pelvic and inguinal fat (GRPI) were weighted and the dressing percentage (DP) calculated. After 24 hours of cooling the ribeye area (REAC), backfat thickness (FTC) and rump fat (EGP8C) were measured. Both the REAC, FTC and EGP8C were underestimated by ultrasound measurements. The Pearson correlation coefficients for ribeye area, backfat thickness and rump fat measured in the carcass and with ultrasound, were 0.96, 0.99 and 0.91, respectively. The coefficient between DP and REAU was 0.47; 0.45 between DP and REAC, 0.56 between DP and FTU and 0.58 between DP and FTC. DP presented a 0.59 correlation coefficient with EGP8U. The Spearman correlation was estimated between REAU and REAC, FTU and FTC, EGP8U and EGP8C, and the values were 0.96, 0.99 and 0.91,respectively. The ultrasound measures could be used to estimate carcass traits in buffaloes with good accuracy.

Ovarian and Uterine Ultrasonography in Aotus azarai infulatus

We evaluated the uterus and ovaries of owl monkeys (Aotus azarai infulatus) via gynecological ultrasound examination. We evaluated the subjects in 2 different time periods. The first period (P1) was characterized by the absence of mating, with daily examinations, during 4 mo (n = 10). At the end of P1, we paired the subjects for 30 d, but without ultrasonographic evaluation. The second period (P2) was characterized by the presence of mating, with examinations once a week, during 7 consecutive months (n = 9). We evaluated the uterus and ovaries in sagittal and transverse scans, using a 5-12 MHz linear array probe. The uterine volume (UV) was directly proportional to the number of previous parturitions. The right ovary volume (RtOV) is greater than the left (LtOV) in P1 and P2. There is a positive correlation (p < 0.05) between the females' mass, RtOV (r = 0.28) and LtOV (r = 0.16).

Doppler ultrasonography principles and methods of evaluation of the reproductive tract in mares

Background: Doppler ultrasonography is a non-invasive real time pulse-wave technique recently used for the transrectal study of the reproductive system hemodynamics in large animals. This technic is based in the Doppler Effect Principle that proposes the change in frequency of a wave for an observer (red blood cells) moving relative to the source of the respective wave (ultrasonic transducer). This method had showed to be effective and useful for the evaluation of the in vivo equine reproductive tract increasing the diagnostic, monitoring, and predictive capabilities of theriogenology in mares. However, an accurate and truthful ultrasonic exam requires the previous knowledge of the Doppler ultrasonography principles. Review: In recent years, the capabilities of ultrasound flow imaging have increased enormously. The current Doppler ultrasound machines offer three methods of evaluation that may be used simultaneously (triplex mode). In B-mode ultrasound, a linear array of transducers simultaneously scans a plane through the tissue that can be viewed as a two-dimensional gray-scale image on screen. This mode is primarily used to identify anatomically a structure for its posterior evaluation using colored ultrasound modes (Color or Spectral modes). Colored ultrasound images of flow, whether Color or Spectral modes, are essentially obtained from measurements of moving red cells. In Color mode, velocity information is presented as a color coded overlay on top of a B-mode image, while Pulsed Wave Doppler provides a measure of the changing velocity throughout the cardiac cycle and the distribution of velocities in the sample volume represented by a spectral graphic. Color images conception varies according to the Doppler Frequency that is the difference between the frequency of received echoes by moving blood red cells and wave frequency transmitted by the transducer. To produce an adequate spectral graphic it is important determine the position and size of the simple gate. Furthermore, blood flow velocity measurement is influence by the intersection angle between ultrasonic pulses and the direction of moving blood-red cells (Doppler angle). Objectively colored ultrasound exam may be done on large arteries of the reproductive tract, as uterine and ovary arteries, or directly on the target tissue (follicle, for example). Mesovarium and mesometrium attachment arteries also can be used for spectral evaluation of the equine reproductive system. Subjectively analysis of the ovarian and uterine vascular perfusion must be done directly on the corpus luteum, follicular wall and uterus (endometrium and myometrium associated), respectively. Power-flow imaging has greater sensitivity to weak blood flow and independent of the Doppler angle, improving the evaluation of vessels with small diameters and slow blood flow. Conclusion: Doppler ultrasonography principles, methods of evaluation and reproductive system anatomy have been described. This knowledge is essential for the competent equipment acquisition and precise collection and analysis of colored ultrasound images. Otherwise, the reporting of inconsistent and not reproducible findings may result in the discredit of Doppler technology ahead of the scientific veterinary community.

Preliminary assessment of the quantitative relationships between testicular tissue composition and ultrasonographic image attributes in the ram

This study examined the relationships between gross chemical composition and ultrasonographic characteristics of the ram testes. Ten testes from sexually mature Karakul rams were scanned ex situ with an 8-MHz linear-array transducer, in a transverse and longitudinal plane. All ultrasonograms were saved as digital images and subjected to computerized analyses. Crude protein content was determined by the Kjeldahl method, moisture was determined with an oven-drying method, and fat was measured by the Soxhlet extraction of dried samples. Mean pixel values (r = -0.64, P = 0.04), pixel heterogeneity (standard deviation of pixel values; r = -0.64, P = 0.04) and maximum pixel intensity (r = -0.76, P = 0.01) were all negatively correlated with parenchymal protein content. Pixel heterogeneity correlated directly with extractable lipids (r = 0.66, P = 0.02). The quantitative correlations between echotextural and biochemical parameters found in the present experiment confirm the utility of ultrasonographic imaging combined with computer-assisted image analysis for determining changes in testicular histophysiology. © 2013 Elsevier Ltd. All rights reserved.

Lamb mode diversity imaging for non-destructive testing of plate-like structures

Several Lamb wave modes can be coupled to a particular structure, depending on its geometry and transducer used to generate the guided waves. Each Lamb mode interacts in a particular form with different types of defects, like notches, delamination, surface defects, resulting in different information which can be used to improve damage detection and characterization. An image compounding technique that uses the information obtained from different propagation modes of Lamb waves for non-destructive testing of plate-like structures is proposed. A linear array consisting of 16 piezoelectric elements is attached to a 1 mm thickness aluminum plate, coupling the fundamental A0 and S0 modes at the frequencies of 100 kHz and 360 kHz, respectively. For each mode two images are obtained from amplitude and phase information: one image using the Total Focusing Method (TFM) and one phase image obtained from the Sign Coherence Factor (SCF). Each TFM image is multiplied by the SCF image of the respective mode to improve contrast and reduce side and grating lobes effects. The high dispersive characteristic of the A0 mode is compensated for adequate defect detection. The information in the SCF images is used to select one of the TFM mode images, at each pixel, to obtain the compounded image. As a result, dead zone is reduced, resolution and contrast are improved, enhancing damage detection when compared to the use of only one mode. © 2013 Elsevier Ltd.

Low frequency of human papillomavirus detection in prostate tissue from individuals from Northern Brazil

The presence of human papillomavirus (HPV) was evaluated in 65 samples of prostate tumours and six samples of prostates with benign prostatic hyperplasia from individuals from Northern Brazil. We used a highly sensitive test, the Linear Array HPV Genotyping Test, to detect 37 high and low-risk HPV types. In this study, only 3% of tumour samples showed HPV infection. Our findings support the conclusion that, despite the high incidence of HPV infection in the geographic regions studied, HPV was not associated with a higher risk of prostate cancer. To our knowledge, this is the first study evaluating the frequency of HPV detection in prostatic tissue of individuals from Brazil.

Comprehensive genome methylation and whole genome expression analysis in penile carcinoma: Uncovering new molecular markers

Background: Penile carcinoma (PeCa) is frequently associated with high morbidity rates. Unlikely of the vast majority of tumors, there is no molecular markers described that are able to assist in diagnosis and prognosis or with potential to be therapeutic targets in PeCa. Patients and methods: DNA methylation status (244K Human DNA Methylation Microarray platform, Agilent Technologies) and large-scale expression analysis (4x44K Whole Human Genome Microarray, Agilent Technologies) were performed in 35 and 37 PeCa, respectively. Quantitative bisulfite pyrosequencing (qBP) and RT-qPCR were used to validate the findings in 93 samples. HPV status was assessed using the Linear Array HPV Genotyping kit (Roche Molecular Diagnostics, CA, USA). Results: Methylome analysis revealed 171 hypermethylated and 449 hypomethylated CpGs sites and the transcriptome profiling showed 2986 down- and 2817 over-expressed genes. HPV positivity was found in 32.7% of the cases, mainly the HPV16. The integrative analysis in 32 PeCa revealed a panel of 96 genes with inverse correlation between methylation and gene expression levels. The CpG hypermetlylation and gene downexpression, was confirmed for TWIST1, RSOP2, SOX3, SOX17, CD133, OTX2, HOXA3 and MEIS. In addition, BIRC5, DNMT1 and DNMT3B presented low levels of methylation and overexpression. The comparison of the results with clinical findings revealed that LIN28A, NKX2.2, NKX2.3, LHX5, BDNF, FOXA1 and CDX2 were associated with poor prognosis features. Conclusion: Putative prognostic markers were detected revealing that DNA methylation modulates the expression of several genes in PeCa. These data may prove instrumental for biomarker discovery in clinics and molecular epidemiology of PeCa.

Análise integrada entre dados de expressão global de transcritos codificadores e de miRNAs em carcinomas de células escamosas de laringe

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Human papillomavirus genotypes distribution in 175 invasive cervical cancer cases from Brazil

Abstract Background Invasive cervical cancer is the second most common malignant tumor affecting Brazilian women. Knowledge on Human Papillomavirus (HPV) genotypes in invasive cervical cancer cases is crucial to guide the introduction and further evaluate the impact of new preventive strategies based on HPV. We aimed to provide updated comprehensive data about the HPV types’ distribution in patients with invasive cervical cancer. Methods Fresh tumor tissue samples of histologically confirmed invasive cervical cancer were collected from 175 women attending two cancer reference hospitals from São Paulo State: ICESP and Hospital de Câncer de Barretos. HPV detection and genotyping were performed by the Linear Array HPV Genotyping Test (Roche Molecular Diagnostics, Pleasanton,USA). Results 170 out of 172 valid samples (99%) were HPV DNA positive. The most frequent types were HPV16 (77.6%), HPV18 (12.3%), HPV31 (8.8%), HPV33 (7.1%) and HPV35 (5.9%). Most infections (75%) were caused by individual HPV types. Women with adenocarcinoma were not younger than those with squamous cell carcinoma, as well, as women infected with HPV33 were older than those infected by other HPV types. Some differences between results obtained in the two hospitals were observed: higher overall prevalence of HPV16, absence of single infection by HPV31 and HPV45 was verified in HC-Barretos in comparison to ICESP patients. Conclusions To our knowledge, this is one of the largest studies made with fresh tumor tissues of invasive cervical cancer cases in Brazil. This study depicted a distinct HPV genotype distribution between two centers that may reflect the local epidemiology of HPV transmission among these populations. Due to the impact of these findings on cervical cancer preventive strategies, extension of this investigation to routine screening populations is warranted.