Sampling Interval and estimated Betas : Implications for the Presence of Transitory Components in Stock Prices

We provide a theoretical framework to explain the empirical finding that the estimated betas are sensitive to the sampling interval even when using continuously compounded returns. We suppose that stock prices have both permanent and transitory components. The permanent component is a standard geometric Brownian motion while the transitory component is a stationary Ornstein-Uhlenbeck process. The discrete time representation of the beta depends on the sampling interval and two components labelled \"permanent and transitory betas\". We show that if no transitory component is present in stock prices, then no sampling interval effect occurs. However, the presence of a transitory component implies that the beta is an increasing (decreasing) function of the sampling interval for more (less) risky assets. In our framework, assets are labelled risky if their \"permanent beta\" is greater than their \"transitory beta\" and vice versa for less risky assets. Simulations show that our theoretical results provide good approximations for the means and standard deviations of estimated betas in small samples. Our results can be perceived as indirect evidence for the presence of a transitory component in stock prices, as proposed by Fama and French (1988) and Poterba and Summers (1988).

Fractionation, chemical and toxicological characterization of tobacco smoke components

La fumée du tabac est un aérosol extrêmement complexe constitué de milliers de composés répartis entre la phase particulaire et la phase vapeur. Il a été démontré que les effets toxicologiques de cette fumée sont associés aux composés appartenant aux deux phases. Plusieurs composés biologiquement actifs ont été identifiés dans la fumée du tabac; cependant, il n’y a pas d’études démontrant la relation entre les réponses biologiques obtenues via les tests in vitro ou in vivo et les composés présents dans la fumée entière du tabac. Le but de la présente recherche est de développer des méthodes fiables et robustes de fractionnement de la fumée à l’aide de techniques de séparation analytique et de techniques de détection combinés à des essais in vitro toxicologiques. Une étude antérieure réalisée par nos collaborateurs a démontré que, suite à l’étude des produits de combustion de douze principaux composés du tabac, l’acide chlorogénique s’est avéré être le composé le plus cytotoxique selon les test in vitro du micronoyau. Ainsi, dans cette étude, une méthode par chromatographie préparative en phase liquide a été développée dans le but de fractionner les produits de combustion de l’acide chlorogénique. Les fractions des produits de combustion de l’acide chlorogénique ont ensuite été testées et les composés responsables de la toxicité de l’acide chlorogénique ont été identifiés. Le composé de la sous-fraction responsable en majeure partie de la cytoxicité a été identifié comme étant le catéchol, lequel fut confirmé par chromatographie en phase liquide/ spectrométrie de masse à temps de vol. Des études récentes ont démontré les effets toxicologiques de la fumée entière du tabac et l’implication spécifique de la phase vapeur. C’est pourquoi notre travail a ensuite été focalisé principalement à l’analyse de la fumée entière. La machine à fumer Borgwaldt RM20S® utilisée avec les chambres d’exposition cellulaire de British American Tobacco permettent l’étude in vitro de l’exposition de cellules à différentes concentrations de fumée entière du tabac. Les essais biologiques in vitro ont un degré élevé de variabilité, ainsi, il faut prendre en compte toutes les autres sources de variabilité pour évaluer avec précision la finalité toxicologique de ces essais; toutefois, la fiabilité de la génération de la fumée de la machine n’a jamais été évaluée jusqu’à maintenant. Nous avons donc déterminé la fiabilité de la génération et de la dilution (RSD entre 0,7 et 12 %) de la fumée en quantifiant la présence de deux gaz de référence (le CH4 par détection à ionisation de flamme et le CO par absorption infrarouge) et d’un composé de la phase particulaire, le solanesol (par chromatographie en phase liquide à haute performance). Ensuite, la relation entre la dose et la dilution des composés de la phase vapeur retrouvée dans la chambre d’exposition cellulaire a été caractérisée en utilisant une nouvelle technique d’extraction dite par HSSE (Headspace Stir Bar Sorptive Extraction) couplée à la chromatographie en phase liquide/ spectrométrie de masse. La répétabilité de la méthode a donné une valeur de RSD se situant entre 10 et 13 % pour cinq des composés de référence identifiés dans la phase vapeur de la fumée de cigarette. La réponse offrant la surface maximale d’aire sous la courbe a été obtenue en utilisant les conditions expérimentales suivantes : intervalle de temps d’exposition/ désorption de 10 0.5 min, température de désorption de 200°C pour 2 min et température de concentration cryogénique (cryofocussing) de -75°C. La précision de la dilution de la fumée est linéaire et est fonction de l’abondance des analytes ainsi que de la concentration (RSD de 6,2 à 17,2 %) avec des quantités de 6 à 450 ng pour les composés de référence. Ces résultats démontrent que la machine à fumer Borgwaldt RM20S® est un outil fiable pour générer et acheminer de façon répétitive et linéaire la fumée de cigarette aux cultures cellulaires in vitro. Notre approche consiste en l’élaboration d’une méthodologie permettant de travailler avec un composé unique du tabac, pouvant être appliqué à des échantillons plus complexes par la suite ; ex : la phase vapeur de la fumée de cigarette. La méthodologie ainsi développée peut potentiellement servir de méthode de standardisation pour l’évaluation d’instruments ou de l’identification de produits dans l’industrie de tabac.

What are the components of humanized childbirth in a highly specialized hospital? : an organizational case study

Many studies have focused on the concept of humanization of birth in normal pregnancy cases or at low obstetric risk, but no studies, at our knowledge, have so far specifically focused on the humanization of birth in both high-risk, and low risk pregnancies, in a highly specialized hospital setting. The present study thus aims to: 1) define the specific components of the humanized birth care model which bring satisfaction to women who seek obstetrical care in highly specialized hospitals; and 2) explore the organizational and cultural dimensions which act as barriers or facilitators for the implementation of humanized birth care practices in a highly specialized, university affiliated hospital in Quebec. A single case study design was chosen for this thesis. The data were collected through semi-structured interviews, field notes, participant observations, selfadministered questionnaire, relevant documents, and archives. The samples comprised: 11 professionals from different disciplines, 6 administrators from different hierarchical levels within the hospital, and 157 women who had given birth at the hospital during the study. The performed analysis covered both quantitative descriptive and qualitative deductive and inductive content analyses. The thesis comprises three articles. In the first article, we proposed a conceptual framework, based on Allaire and Firsirotu’s (1984) organizational culture theory. It attempts to examine childbirth patterns as an organizational cultural phenomenon. In our second article, we answered the following specific question: according to the managers and multidisciplinary professionals practicing in a highly specialized hospital as well as the women seeking perinatal care in this hospital setting, what is the definition of humanized care? Analysis of the data collected uncovered the following themes which explained the perceptions of what humanized birth was: personalized care, recognition of women’s rights, humanly care for women, family-centered care,women’s advocacy and companionship, compromise of security, comfort and humanity, and non-stereotyped pregnancies. Both high and low risk women felt more satisfied with the care they received if they were provided with informed choices, were given the right to participate in the decision-making process and were surrounded by competent care providers. These care providers who humanly cared for them were also able to provide relevant medical intervention. The professionals and administrators’ perceptions of humanized birth, on the other hand, mostly focused on personalized and family-centered care. In the third article of the thesis, we covered the dimensions of the internal and external components of an institution which can act as factors that facilitate or barriers that prevent, a specialized and university affiliated hospital in Quebec from adopting a humanized child birthing care. The findings revealed that both the external dimensions of a highly specialized hospital -including its history, society, and contingency-; and its internal dimensions -including culture, structure, and the individuals present in the hospital-, can all affect the humanization of birth care in such an institution, whether separately, simultaneously or in interaction. We thus hereby conclude that the humanization of birth care in a highly specialized hospital setting, should aim to meet all the physiological, as well as psychological aspects of birth care, including respect of the fears, beliefs, values, and needs of women and their families. Integration of competent and caring professionals and the use of obstetric technology to enhance the level of certainty and assurance in both high-risk and low risk women are both positive factors for the implementation of humanized care in a highly specialized hospital. Finally, the humanization of birth care approach in a highly specialized and university affiliated hospital setting demands a new healthcare policy. Such policy must offer a guarantee for women to have the place of birth, and the health care professional of their choice as well as those, which will enable women to make informed choices from the beginning of their pregnancy.

Components of reaching and grasping an object may emerge following a single minimization process

Mémoire numérisé par la Division de la gestion de documents et des archives de l'Université de Montréal.

Fabrication and Characterization of All-Fiber Components for Optical Access Networks

This Thesis deals with the fabrication and characterization of novel all-fiber components for access networks. All fiber components offer distinctive advantages due to low forward and backward losses, epoxy free optical path and high power handling. A novel fabrication method for monolithic 1x4 couplers, which are vital components in distributed passive optical networks, is realized. The fabrication method differs from conventional structures with a symmetric coupling profile and hence offers ultra wideband performance and easy process control. New structure for 1x4 couplers, by fusing five fibers is proposed to achieve high uniformity, which gives equivalent uniformity performance to 1x4 planar lightwave splitters, isolation in fused fiber WDM is improved with integration of long period gratings. Packaging techniques of fused couplers are analyzed for long term stability.

Vocational Higher Secondary Education in Kerala: A Status Study of Students, Pass Outs and Training Components

This study analyses the socio-economic backgrounds and entrepreneurial profiles of the students and pass outs of the Vocational Higher Secondary Education in Kerala and the academic achievements of the Vocational Higher Secondary students and pass outs in Kerala in terms of their performance in the examinations. The study also analyses the quality and availability of the various training and support facilities of the Vocational Higher Secondary Schools in Kerala, nature and rate of employment and higher studies among the pass outs of the Vocational Higher Secondary Education in Kerala and the awareness of students, pass outs, teachers and principals regarding the goals and objectives, mode of implementation, apprenticeship training and higher study and employment opportunities of the programme of the Vocational Higher Secondary Education in Kerala.

Development of a Biometric Personal Authentication System Based on Fingerprint and Speech

Biometrics deals with the physiological and behavioral characteristics of an individual to establish identity. Fingerprint based authentication is the most advanced biometric authentication technology. The minutiae based fingerprint identification method offer reasonable identification rate. The feature minutiae map consists of about 70-100 minutia points and matching accuracy is dropping down while the size of database is growing up. Hence it is inevitable to make the size of the fingerprint feature code to be as smaller as possible so that identification may be much easier. In this research, a novel global singularity based fingerprint representation is proposed. Fingerprint baseline, which is the line between distal and intermediate phalangeal joint line in the fingerprint, is taken as the reference line. A polygon is formed with the singularities and the fingerprint baseline. The feature vectors are the polygonal angle, sides, area, type and the ridge counts in between the singularities. 100% recognition rate is achieved in this method. The method is compared with the conventional minutiae based recognition method in terms of computation time, receiver operator characteristics (ROC) and the feature vector length. Speech is a behavioural biometric modality and can be used for identification of a speaker. In this work, MFCC of text dependant speeches are computed and clustered using k-means algorithm. A backpropagation based Artificial Neural Network is trained to identify the clustered speech code. The performance of the neural network classifier is compared with the VQ based Euclidean minimum classifier. Biometric systems that use a single modality are usually affected by problems like noisy sensor data, non-universality and/or lack of distinctiveness of the biometric trait, unacceptable error rates, and spoof attacks. Multifinger feature level fusion based fingerprint recognition is developed and the performances are measured in terms of the ROC curve. Score level fusion of fingerprint and speech based recognition system is done and 100% accuracy is achieved for a considerable range of matching threshold

Study of the Oceanic Heat Budget Components over the Arabian Sea during the Formation and Evolution of Super Cyclone, Gonu

Oceans play a vital role in the global climate system. They absorb the incoming solar energy and redistribute the energy through horizontal and vertical transports. In this context it is important to investigate the variation of heat budget components during the formation of a low-pressure system. In 2007, the monsoon onset was on 28th May. A well- marked low-pressure area was formed in the eastern Arabian Sea after the onset and it further developed into a cyclone. We have analysed the heat budget components during different stages of the cyclone. The data used for the computation of heat budget components is Objectively Analyzed air-sea flux data obtained from WHOI (Woods Hole Oceanographic Institution) project. Its horizontal resolution is 1° × 1°. Over the low-pressure area, the latent heat flux was 180 Wm−2. It increased to a maximum value of 210 Wm−2 on 1st June 2007, on which the system was intensified into a cyclone (Gonu) with latent heat flux values ranging from 200 to 250 Wm−2. It sharply decreased after the passage of cyclone. The high value of latent heat flux is attributed to the latent heat release due to the cyclone by the formation of clouds. Long wave radiation flux is decreased sharply from 100 Wm−2 to 30 Wm−2 when the low-pressure system intensified into a cyclone. The decrease in long wave radiation flux is due to the presence of clouds. Net heat flux also decreases sharply to −200 Wm−2 on 1st June 2007. After the passage, the flux value increased to normal value (150 Wm−2) within one day. A sharp increase in the sensible heat flux value (20 Wm−2) is observed on 1st June 2007 and it decreased there- after. Short wave radiation flux decreased from 300 Wm−2 to 90 Wm−2 during the intensification on 1st June 2007. Over this region, short wave radiation flux sharply increased to higher value soon after the passage of the cyclone.

A Prototype for a Multimodal Biometric Security system based on Face and Audio Signatures

Any automatically measurable, robust and distinctive physical characteristic or personal trait that can be used to identify an individual or verify the claimed identity of an individual, referred to as biometrics, has gained significant interest in the wake of heightened concerns about security and rapid advancements in networking, communication and mobility. Multimodal biometrics is expected to be ultra-secure and reliable, due to the presence of multiple and independent—verification clues. In this study, a multimodal biometric system utilising audio and facial signatures has been implemented and error analysis has been carried out. A total of one thousand face images and 250 sound tracks of 50 users are used for training the proposed system. To account for the attempts of the unregistered signatures data of 25 new users are tested. The short term spectral features were extracted from the sound data and Vector Quantization was done using K-means algorithm. Face images are identified based on Eigen face approach using Principal Component Analysis. The success rate of multimodal system using speech and face is higher when compared to individual unimodal recognition systems

Effectiveness Of Feature Detection Operators On The Performance Of Iris Biometric Recognition System

Iris Recognition is a highly efficient biometric identification system with great possibilities for future in the security systems area.Its robustness and unobtrusiveness, as opposed tomost of the currently deployed systems, make it a good candidate to replace most of thesecurity systems around. By making use of the distinctiveness of iris patterns, iris recognition systems obtain a unique mapping for each person. Identification of this person is possible by applying appropriate matching algorithm.In this paper, Daugman’s Rubber Sheet model is employed for irisnormalization and unwrapping, descriptive statistical analysis of different feature detection operators is performed, features extracted is encoded using Haar wavelets and for classification hammingdistance as a matching algorithm is used. The system was tested on the UBIRIS database. The edge detection algorithm, Canny, is found to be the best one to extract most of the iris texture. The success rate of feature detection using canny is 81%, False Accept Rate is 9% and False Reject Rate is 10%.

IRIS BIOMETRIC RECOGNITION SYSTEM EMPLOYING CANNY OPERATOR

Biometrics has become important in security applications. In comparison with many other biometric features, iris recognition has very high recognition accuracy because it depends on iris which is located in a place that still stable throughout human life and the probability to find two identical iris's is close to zero. The identification system consists of several stages including segmentation stage which is the most serious and critical one. The current segmentation methods still have limitation in localizing the iris due to circular shape consideration of the pupil. In this research, Daugman method is done to investigate the segmentation techniques. Eyelid detection is another step that has been included in this study as a part of segmentation stage to localize the iris accurately and remove unwanted area that might be included. The obtained iris region is encoded using haar wavelets to construct the iris code, which contains the most discriminating feature in the iris pattern. Hamming distance is used for comparison of iris templates in the recognition stage. The dataset which is used for the study is UBIRIS database. A comparative study of different edge detector operator is performed. It is observed that canny operator is best suited to extract most of the edges to generate the iris code for comparison. Recognition rate of 89% and rejection rate of 95% is achieved

Behaviour of mrigal (cirrihinus mrigala) meat components during the washing process in the preparation of surimi

To elucidate the effect of washing, on flesh components, mrigal flesh was washed through one, two and three washing cycles. Washing resulted in absorption of water (1-3%) and loss of fat (49%). 35% loss of soluble protein (SP) was noticed in the first washing itself and the loss is almost equally shared by the sarcoplasmic (18% of SP) and the myofibrillar proteins (17% of SP). The subsequent washings removed small portions of water-soluble sarcoplasmic proteins resulting in the concentration of myofibrillar proteins. 73% of the soluble protein was retained in the flesh after three washing cycles. The protein had undergone marginal conformational changes as reflected by the decrease in the actomyosin Ca super(2+) ATPase activity The rheological properties of the washed flesh were,however, significantly better than that of the unwashed mince

Unveiling the components of the signaling pathway between endosomes and the phagocytic uptake machinery in Dictyostelium discoideum

The soil amoebae Dictyostelium discoideum take up particles from their environment in order to obtain nutrition. The particle transits through the cell within a phagosome that fuses with organelles of different molecular compositions, undergoing a gradual degradation by different sets of hydrolytic enzymes. Griffiths’ concept of “phagosome individuality” predicts signaling from phagosomes into the cytoplasm, which might regulate many aspects of cell physiology. The finding that Dictyostelium cells depleted of the lysozyme AlyA or over-expressing the esterase Gp70 exhibit increased uptake of food particles, led to the postulation of a signaling cascade between endocytic compartments and the cytoskeletal uptake machinery at the plasma membrane. Assuming that Gp70 acts downstream of AlyA, gene-expression profiling of both mutants revealed different and overlapping sets of misregulated genes that might participate in this signaling cascade. Based on these results, we analyzed the effects of the artificial misregulation of six candidate genes by over-expression or negative genetic interference, in order to reconstruct at least part of the signaling pathway. SSB420 and SSL793 were chosen as candidates for the first signaling step, as they were up-regulated in AlyA-null cells and remained unaltered in the Gp70 over-expressing cells. The over-expression of SSB420 enhanced phagocytosis and raised the expression levels of Gp70, supporting its involvement in the signaling pathway between AlyA and Gp70 as a positive regulator of phagocytosis. However, this was not the case of cells over-expressing SSL793, as this mutation had no effects on phagocytosis. For the signaling downstream of Gp70, we studied four commonly misregulated genes in AlyA-depleted and Gp70 over-expressing cells. The expression levels of SLB350, SSB389 and TipD were lower in both mutants and therefore these were assumed as possible candidates for the negative regulation of phagocytosis. Cells depleted of SLB350 exhibited an increased phagocytic activity and no effect on Gp70 expression, proving its participation in the signaling pathway downstream of Gp70. Unlike SLB350, the disruption of the genes coding for SSB389 and TipD had no effects on particle uptake, excluding them from the pathway. The fourth candidate was Yipf1, the only gene that was commonly up-regulated in both mutants. Yet, the artificial over-expression of this protein had no effects on phagocytosis, so this candidate is also not included in the signaling pathway. Furthermore, localizing the products of the candidate genes within the cell helped unveiling several cellular organelles that receive signals from the phagosome and transduce them towards the uptake machinery.