Estudo prospectivo utilizando material coletado por bioptycut para realização de exame de congelação em pacientes com tumores de mama

Estudo conduzido com o objetivo de avaliar a confiabilidade, acurácia e dificuldades do exame de congelação, utilizando-se pequenos fragmentos de tumores mamários obtidos com a biópsia histológica por agulha grossa (bioptycut). Durante 13 meses, 37 pacientes foram submetidas ao Bioptycut (pistola BIP 2.2 ou Promag 1.2, agulhas l4G), sendo que, de cada uma delas, foram retirados no mínimo dois fragmentos, um a fresco para congelação e outro submerso em formol para inclusão posterior em parafina. O estudo de congelação constituiu-se de exame citológico do "imprimir" da peça e de exame histológico usando cortes através de congelação. Os cortes foram feitos usando criostato e micrótomo, com cortes de 8µ. O tamanho do tumor puncionado variou de 1cm a 12cm (média 4,8cm). A congelação foi conclusiva em 33 casos (89%), sendo trinta carcinomas e três benignos, e inconclusiva em quatro casos (11%). A obtenção deste dia:nóstico se deu pelo "imprint" e corte em 29 casos (78%), só pelo "imprint" em quatro casos (11 %), em dois casos tanto o corte quanto o "imprint" foram inadequados e dois não foram descritos. Posteriormente foram obtidas peças por exérese da lesão (até a análise) em 28 casos, dos quais 25 carcinomas e três tumores benignos (11 %). Houve um caso de congelação conclusiva de benignidade, em que a exérese posterior revelou se tratar de carcinoma (falso-negativo). Não houve falsos-positivos. A sensibilidade foi de 96% e a especificidade de 100%. Assim, conclui-se que o exame por congelação, usando-se peças obtidas com bioptycut se mostrou confiável, evitando biópsias abertas em 81 % dos casos, garantindo rapidez e melhor preparo das pacientes para terapêutica definitiva.

Stock Repurchase Authorizations - Finnish Companies

The aim of this study is to examine the abnormal market reaction caused by share repurchase authorizations. We study this abnormal reaction from five different angles. First four concentrate on average abnormal returns while the fifth concentrates on cumulative abnormal return. Data consists of 508 share repurchase authorization from Finnish stock market. Event study methodology is used to examine the stock price reaction and regression analysis is used to find correlation between actual buybacks and abnormal returns. The empirical results show that markets do usually react positively to share repurchase authorizations. There are some differences depending which of the five angles the abnormal returns are being examined. Statistically we can confirm that some authorization give positive reaction while others do not. Also we didn’t find a statistically significant positive correlation between actual buybacks and abnormal returns.

Osakeyhtiömuotoisen perheyrityksen edullinen ja onnistunut sukupolvenvaihdos: Case-tutkimus

Tutkielman tarkoituksena oli selvittää yksityisen osakeyhtiömuotoisen perheyrityksen sukupolvenvaihdoksenprosessin edullisuuteen ja onnistumiseen liittyviä tekijöitä. Tavoitteena oli selvittää, kuinka sukupolvenvaihdos tulee toteuttaa, jotta se olisi sekä luopujalle että jatkajalle mahdollisimman edullinen. Täten huomio kiinnittyi lahjaveroon, varainsiirtoveroon, luovutusvoittoveroon sekä mahdollisiin verohuojennuksiin. Lisäksi tutkielmassa kiinnitettiin huomiota sukupolvenvaihdoksen onnistumisen kannalta tärkeisiin pehmeisiin tekijöihin, joita ovat muun muassa luopumisen vaikeus ja vaihdoksen haasteet. Tutkielma toteutettiin laadullisena tapaustutkimuksena. Tutkimusaineistona toimivat case-yrityksen tilinpäätös sekä haastattelututkimuksen tulokset. Case-yrityksen sukupolvenvaihdoksen toteutustapojen edullisuutta mallinnettiin lahjanluonteisilla kaupoilla sekä lahjalla. Tulokset osoittivat, että case-yrityksen tapauksessa sukupolvenvaihdos tapahtuu edullisimmin lahjan avulla tai maksamalla 10 prosenttia yrityksen käyvästä arvosta. Tutkimus osoitti myös, että sukupolvenvaihdos on haastava ja aikaa vievä prosessi.

Performance Comparison of Behavioral Finance -based Investment Strategies in the Finnish Stock Market 1996-2010

In this thesis traditional investment strategies (value and growth) are compared to modern investment strategies (momentum, contrarian and GARP) in terms of risk, performance and cumulative returns. Strategies are compared during time period reaching from 1996 to 2010 in the Finnish stock market. Used data includes all listed main list stocks, dividends and is adjusted in case of splits, and mergers and acquisitions. Strategies are tested using different holding periods (6, 12 and 36 months) and data is divided into tercile portfolios based on different ranking criteria. Contrarian and growth strategies are the only strategies with improved cumulative returns when longer holding periods are used. Momentum (52-week high price1) and GARP strategies based on short holding period have the best performance and contrarian and growth strategies the worst. Momentum strategies (52-week high price) along with short holding period contrarian strategies (52-week low price2) have the lowest risk. Strategies with the highest risk are both growth strategies and two momentum strategies (52-week low price). The empirical results support the efficiency of momentum, GARP and value strategies. The least efficient strategies are contrarian and growth strategies in terms of risk, performance and cumulative returns. Most strategies outperform the market portfolio in all three measures. 1 Stock ranking criterion (current price/52-week highest price) 2 Stock ranking criterion (current price/52-week lowest price)

Generation and Characterization of Knockout Mice and Analysis of Patient Material Demonstrates a Role for Tissue Inhibitor of Metalloproteinases 4 (Timp4) in the Cardiovascular System and Tumor Metastasis

This thesis focuses on tissue inhibitor of metalloproteinases 4 (TIMP4) which is the newest member of a small gene and protein family of four closely related endogenous inhibitors of extracellular matrix (ECM) degrading enzymes. Existing data on TIMP4 suggested that it exhibits a more restricted expression pattern than the other TIMPs with high expression levels in heart, brain, ovary and skeletal muscle. These observations and the fact that the ECM is of special importance to provide the cardiovascular system with structural strength combined with elasticity and distensibility, prompted the present molecular biologic investigation on TIMP4. In the first part of the study the murine Timp4 gene was cloned and characterized in detail. The structure of murine Timp4 genomic locus resembles that in other species and of the other Timps. The highest Timp4 expression was detected in heart, ovary and brain. As the expression pattern of Timp4 gives only limited information about its role in physiology and pathology, Timp4 knockout mice were generated next. The analysis of Timp4 knockout mice revealed that Timp4 deficiency has no obvious effect on the development, growth or fertility of mice. Therefore, Timp4 deficient mice were challenged using available cardiovascular models, i.e. experimental cardiac pressure overload and myocardial infarction. In the former model, Timp4 deficiency was found to be compensated by Timp2 overexpression, whereas in the myocardial infarct model, Timp4 deficiency resulted in increased mortality due to increased susceptibility for cardiac rupture. In the wound healing model, Timp4 deficiency was shown to result in transient retardation of re-epithelialization of cutaneous wounds. Melanoma tumor growth was similar in Timp4 deficient and control mice. Despite of this, lung metastasis of melanoma cells was significantly increased in Timp4 null mice. In an attempt to translate the current findings to patient material, TIMP4 expression was studied in human specimens representing different inflammatory cardiovascular pathologies, i.e. giant cell arteritis, atherosclerotic coronary arteries and heart allografts exhibiting signs of chronic rejection. The results showed that cardiovascular expression of TIMP4 is elevated particularly in areas exhibiting inflammation. The results of the present studies suggest that TIMP4 has a special role in the regulation of tissue repair processes in the heart, and also in healing wounds and metastases. Furthermore, evidence is provided suggesting the usefulness of TIMP4 as a novel systemic marker for vascular inflammation.

Perfil epidemiológico de acidentes com material biológico entre estudantes de medicina em um pronto-socorro cirúrgico

OBJETIVO: avaliar os acidentes com material biológico entre estudantes de medicina estagiando em um pronto-socorro de trauma e identificar as principais situações relacionadas, causas atribuídas e prevenção. MÉTODOS: estudo com abordagem quantitativa. Os dados foram coletados através de um questionário, aplicado via internet, contendo perguntas fechadas de escolha múltipla, referentes a acidentes com material biológico. A amostra obtida foi 100 estudantes. RESULTADOS: trinta e dois se acidentaram com materiais biológicos. As atividades de maior risco foram anestesia local (39,47%), sutura (18,42%) e recapeamento de agulha (15,79%). As principais vias de exposição ao material biológico foram contato com olho ou mucosa, com 34%, através de seringa com agulha com 45%. Após a contaminação, apenas 52% notificaram o acidente ao setor responsável. CONCLUSÃO: as principais causas de acidente encontradas e vias de exposição podem ser atribuídas a diversos fatores, como falta de treinamento e ao não uso de equipamentos de proteção individual. Ações preventivas e educativas são de extrema importância para diminuir a incidência dos acidentes com materiais biológicos e melhorar a conduta pós-exposição. É preciso entender as principais causas atribuídas e situações relacionadas a fim de implantar medidas gerais e eficazes.

Tuotanto- ja pakkausmateriaalien varastojen nykytila ja kehittäminen lääkeannostelijoita valmistavassa tehtaassa

Diplomityön tarkoituksena oli selvittää lääkeannostelijoita valmistavan tehtaan materiaalivarastojen nykytila. Varaston nykytila-analyysi jaettiin pääoma- ja operatiivisen tehokkuuden arviointiin. Työssä haluttiin kartoittaa toimenpide-ehdotuksia varastonohjauksen tehostamiseksi. Diplomityön tarkoituksena oli myös lisätä avainhenkilöiden ymmärrystä koskien varastojen pidon vaikutuksia yrityksen liiketoimintaan. Varastojen nykytila voitiin kiteyttää suureen pääoman sitoutumiseen, hitaisiin kiertoaikoihin sekä tehokkaan työskentelyn kannalta liian pieniin ja ahtaisiin varastoihin. Kustannuksia ei ole otettu kokonaisuudessaan huomioon tilattaessa ja varastoitaessa materiaalia. Varaston hitaita kiertonopeuksia ei ole tunnistettu vaikuttajina yrityksen tulokseen ja kannattavuuteen. Jotta varastonohjaus- ja hankintaprosesseja voitaisiin tehostaa, pitäisi ostotoimintoihin tehdä muutoksia. Tilausrytmiä ja –määriä täytyisi harkita uudelleen, jotta voitaisiin vähentää varastoihin sitoutuvan pääoman määrää. Informaationvirtaa tehtaalla sekä organisaatiorajojen yli pitäisi parantaa, jotta voitaisiin vähentää kysynnän heilahteluja sekä siihen varautumista. Varmuusvarastojen pidosta saatavien korvausten olisi katettava koko materiaalin kiertoajan aikana syntyvät varastoinnin kustannukset.

Repair of segmental bone defects with fiber-reinforced composite: a study of material development and an animal model on rabbits

The Repair of segmental defects in load-bearing long bones is a challenging task because of the diversity of the load affecting the area; axial, bending, shearing and torsional forces all come together to test the stability/integrity of the bone. The natural biomechanical requirements for bone restorative materials include strength to withstand heavy loads, and adaptivity to conform into a biological environment without disturbing or damaging it. Fiber-reinforced composite (FRC) materials have shown promise, as metals and ceramics have been too rigid, and polymers alone are lacking in strength which is needed for restoration. The versatility of the fiber-reinforced composites also allows tailoring of the composite to meet the multitude of bone properties in the skeleton. The attachment and incorporation of a bone substitute to bone has been advanced by different surface modification methods. Most often this is achieved by the creation of surface texture, which allows bone growth, onto the substitute, creating a mechanical interlocking. Another method is to alter the chemical properties of the surface to create bonding with the bone – for example with a hydroxyapatite (HA) or a bioactive glass (BG) coating. A novel fiber-reinforced composite implant material with a porous surface was developed for bone substitution purposes in load-bearing applications. The material’s biomechanical properties were tailored with unidirectional fiber reinforcement to match the strength of cortical bone. To advance bone growth onto the material, an optimal surface porosity was created by a dissolution process, and an addition of bioactive glass to the material was explored. The effects of dissolution and orientation of the fiber reinforcement were also evaluated for bone-bonding purposes. The Biological response to the implant material was evaluated in a cell culture study to assure the safety of the materials combined. To test the material’s properties in a clinical setting, an animal model was used. A critical-size bone defect in a rabbit’s tibia was used to test the material in a load-bearing application, with short- and long-term follow-up, and a histological evaluation of the incorporation to the host bone. The biomechanical results of the study showed that the material is durable and the tailoring of the properties can be reproduced reliably. The Biological response - ex vivo - to the created surface structure favours the attachment and growth of bone cells, with the additional benefit of bioactive glass appearing on the surface. No toxic reactions to possible agents leaching from the material could be detected in the cell culture study when compared to a nontoxic control material. The mechanical interlocking was enhanced - as expected - with the porosity, whereas the reinforcing fibers protruding from the surface of the implant gave additional strength when tested in a bone-bonding model. Animal experiments verified that the material is capable of withstanding load-bearing conditions in prolonged use without breaking of the material or creating stress shielding effects to the host bone. A Histological examination verified the enhanced incorporation to host bone with an abundance of bone growth onto and over the material. This was achieved with minimal tissue reactions to a foreign body. An FRC implant with surface porosity displays potential in the field of reconstructive surgery, especially regarding large bone defects with high demands on strength and shape retention in load-bearing areas or flat bones such as facial / cranial bones. The benefits of modifying the strength of the material and adjusting the surface properties with fiber reinforcement and bone-bonding additives to meet the requirements of different bone qualities are still to be fully discovered.

Fatores Associados ao Material Insuficiente em Punção Aspirativa por Agulha Fina nos Nódulos Sólidos da Mama

Objetivo: analisar alguns fatores que possam estar associados à ocorrência de material insuficiente nos aspirados da punção aspirativa por agulha fina (PAAF). Pacientes e Métodos: foram estudadas 351 citologias de pacientes com nódulos sólidos da mama, submetidas a PAAF, como parte de sua investigação diagnóstica. As lâminas foram analisadas por um único citologista, que classificou os esfregaços como malignos, suspeitos, benignos ou material insuficiente para diagnóstico. Foram avaliados a idade da paciente, o tamanho do tumor, o estádio clínico, o Serviço, o dispositivo utilizado na punção e o tipo de lesão puncionada, de acordo com a histologia. A significância de cada variável em relação ao material insuficiente foi testada pelo c². Resultados: houve 67 esfregaços classificados como material insuficiente (19%). O tipo de dispositivo utilizado, o tamanho do tumor, o Serviço e o estádio clínico das lesões não se relacionaram à quantidade de material suficiente ou insuficiente. A idade da paciente e o tipo histológico influenciaram a taxa de material insuficiente, sendo que as pacientes abaixo de 50 anos tiveram uma taxa de 12%, comparada a 30% daquelas acima de 50 anos (p<0,03). Quanto à histologia, nas pacientes com alterações funcionais benignas da mama, a taxa de material insuficiente foi de 30%, seguida daquelas com carcinoma ductal infiltrante, 20%, e, no fibroadenoma, 12% (p<0,02). Conclusão: esse estudo mostrou uma taxa de material insuficiente relativamente alta (19%), a qual foi influenciada pela idade da paciente e pelo tipo histológico da lesão.

Abordagem citogenética e molecular em material de abortos espontâneos

OBJETIVOS: avaliar o desempenho da citogenética e das técnicas de hibridização in situ fluorescente (FISH) e reação em cadeia da polimerase (PCR) no estudo das aneuploidias cromossômicas numéricas e na determinação do sexo fetal em amostras de abortos espontâneos. MÉTODOS: duzentos e dezenove amostras de produtos de abortos espontâneos foram submetidas a estudo citogenético. Deste total, 40 amostras foram também submetidas à técnica de PCR-nested para a determinação do sexo fetal: 32 foram selecionadas devido à falha de crescimento no estudo citogenético e oito foram escolhidas ao acaso. Vinte amostras foram selecionadas para detecção de aneuploidias cromossômicas pela técnica de FISH, utilizando-se sondas para os cromossomos 13, 18, 21, X e Y: 13 casos foram submetidos a FISH devido à falha de crescimento no estudo citogenético e sete foram escolhidos ao acaso. Foi calculada a taxa de sucesso (obtenção de cariótipo) de cada técnica. Para comparação das taxas de sucesso foi utilizado o teste de chi2, sendo considerados significantes resultados com p<0,05. Foi avaliado o índice de acerto entre os resultados das amostras submetidas a mais de um exame, tomando-se como padrão-ouro o resultado do estudo citogenético. RESULTADOS: houve crescimento celular em 84,9% das amostras submetidas a análise citogenética. Em 51,1% dos casos foram encontradas alterações cromossômicas: 65,2% trissomias, 17,9% triploidias, 9,4% tetraploidias, 4,2% monossomia do cromossomo X e 1,1% trissomia dupla, tetrassomia e alteração estrutural. A trissomia mais freqüente foi a do cromossomo 16 (39%). FISH e PCR tiveram taxa de sucesso de 90%, não diferindo significativamente do exame citogenético. Em todos os casos submetidos a mais de um exame os resultados foram concordantes. Nas amostras com falha de crescimento celular no exame citogenético e submetidas a outra técnica, a PCR obteve sucesso em 87,5% e a FISH em 84,6%. CONCLUSÃO: o estudo citogenético de restos ovulares de abortamentos espontâneos teve elevada taxa de sucesso e evidenciou anomalias cromossômicas em mais da metade dos casos. As técnicas de biologia molecular (PCR-nested e FISH) complementaram o estudo citogenético e permitiram a obtenção de resultados seguros na detecção de alterações cromossômicas numéricas e na determinação do sexo fetal.

Pricing anomalies in the Finnish stock market

The aim of this thesis is to examine whether the pricing anomalies exists in the Finnish stock markets by comparing the performance of quantile portfolios that are formed on the basis of either individual valuation ratios, composite value measures or combined value and momentum indicators. All the research papers included in the thesis show evidence of value anomalies in the Finnish stock markets. In the first paper, the sample of stocks over the 1991-2006 period is divided into quintile portfolios based on four individual valuation ratios (i.e., E/P, EBITDA/EV, B/P, and S/P) and three hybrids of them (i.e. composite value measures). The results show the superiority of composite value measures as selection criterion for value stocks, particularly when EBITDA/EV is employed as earnings multiple. The main focus of the second paper is on the impact of the holding period length on performance of value strategies. As an extension to the first paper, two more individual ratios (i.e. CF/P and D/P) are included in the comparative analysis. The sample of stocks over 1993- 2008 period is divided into tercile portfolios based on six individual valuation ratios and three hybrids of them. The use of either dividend yield criterion or one of three composite value measures being examined results in best value portfolio performance according to all performance metrics used. Parallel to the findings of many international studies, our results from performance comparisons indicate that for the sample data employed, the yearly reformation of portfolios is not necessarily optimal in order to maximally gain from the value premium. Instead, the value investor may extend his holding period up to 5 years without any decrease in long-term portfolio performance. The same holds also for the results of the third paper that examines the applicability of data envelopment analysis (DEA) method in discriminating the undervalued stocks from overvalued ones. The fourth paper examines the added value of combining price momentum with various value strategies. Taking account of the price momentum improves the performance of value portfolios in most cases. The performance improvement is greatest for value portfolios that are formed on the basis of the 3-composite value measure which consists of D/P, B/P and EBITDA/EV ratios. The risk-adjusted performance can be enhanced further by following 130/30 long-short strategy in which the long position of value winner stocks is leveraged by 30 percentages while simultaneously selling short glamour loser stocks by the same amount. Average return of the long-short position proved to be more than double stock market average coupled with the volatility decrease. The fifth paper offers a new approach to combine value and momentum indicators into a single portfolio-formation criterion using different variants of DEA models. The results throughout the 1994-2010 sample period shows that the top-tercile portfolios outperform both the market portfolio and the corresponding bottom-tercile portfolios. In addition, the middle-tercile portfolios also outperform the comparable bottom-tercile portfolios when DEA models are used as a basis for stock classification criteria. To my knowledge, such strong performance differences have not been reported in earlier peer-reviewed studies that have employed the comparable quantile approach of dividing stocks into portfolios. Consistently with the previous literature, the division of the full sample period into bullish and bearish periods reveals that the top-quantile DEA portfolios lose far less of their value during the bearish conditions than do the corresponding bottom portfolios. The sixth paper extends the sample period employed in the fourth paper by one year (i.e. 1993- 2009) covering also the first years of the recent financial crisis. It contributes to the fourth paper by examining the impact of the stock market conditions on the main results. Consistently with the fifth paper, value portfolios lose much less of their value during bearish conditions than do stocks on average. The inclusion of a momentum criterion somewhat adds value to an investor during bullish conditions, but this added value turns to negative during bearish conditions. During bear market periods some of the value loser portfolios perform even better than their value winner counterparts. Furthermore, the results show that the recent financial crisis has reduced the added value of using combinations of momentum and value indicators as portfolio formation criteria. However, since the stock markets have historically been bullish more often than bearish, the combination of the value and momentum criteria has paid off to the investor despite the fact that its added value during bearish periods is negative, on an average.

Infeccoes de transmissao vertical em material abortivo e sangue com enfase em Toxoplasmose gondii

OBJETIVO: Analisar os resultados sorológicos, anatomopatológicos e parasitológicos de material abortivo para infecções com risco de transmissão vertical, com ênfase na toxoplasmose. MÉTODOS: Foi realizado um estudo coorte-transversal tratando da prevalência das doenças infectoparasitárias. Participaram da pesquisa 105 mulheres que sofreram aborto espontâneo completo e/ou incompleto; elas foram entrevistadas por meio de um questionário, e foram coletadas amostras de sangue e material abortivo. Foram realizados testes imunológicos para toxoplasmose, doença de Chagas, rubéola, citomegalovírus e sífilis e análise anatomopatológica nos restos ovulares. RESULTADOS: 55% das mulheres tinham entre 20 e 30 anos de idade. A maioria (68%) apresentou idade gestacional entre a 7ª e a 14ª semanas. 54,3% das mulheres tinham o ensino médio completo ou incompleto. Pela análise da sorologia, a infecção com risco de transmissão vertical mais frequente foi o citomegalovírus (CMV) com 97,1% de positividade, e em seguida a rubéola, com 95,2%. A toxoplasmose teve um percentual de 54,3%, a doença de Chagas, de 1,9% e a sífilis, de 0,95%. A análise dos laudos de biópsia demonstrou que 63,1% apresentaram inflamação e 34%, ausência de inflamação. Das análises sorológica, anatomopatológica e parasitológica das 105 mulheres, 57 foram soropositivas para T. gondii, e nenhuma teve resultado positivo para a Reação em Cadeia da Polimerase (PCR) e para inoculação em camundongos. CONCLUSÕES: A prevalência de doenças com risco de transmissão congênita nas mulheres com abortamento espontâneo é importante, sendo necessárias pesquisas visando esclarecer a etiologia do aborto.

The us subprime crisis and stock market integration: evidence from the BRICS

The aim of this study is to examine the level of stock market co-movement in the BRICS countries and three major industrialized countries (Japan, UK and USA). While analyzing the interdependence and integration of markets, two subsets are examined: before (2000 – 2007) and during the global financial crisis (2007-2011). Generally, interdependence across markets is likely to increase during a highly volatile period. This is problematic because if it were true, the main benefit of international diversification would be reduced at times when it is most needed. The results reveal the dominant role of the US financial markets over the examined time period. Empirical studies of this research paper indicate that cross-market linkages have become slightly stronger during the ongoing subprime crisis than before crisis. However, results also show that an investor may obtain some international diversification benefits by investing especially in the BRICS countries despite the fact of unstable economic condition and growing globalization.

Performance characteristic of moving average trading rules in the Finnish stock market

The thesis examines the profitability of DMAC trading rules in the Finnish stock market over the 1996-2012 period. It contributes to the existing technical analysis literature by comparing for the first time the performance of DMAC strategies based on individual stock trading portfolios to the performance of index trading strategies based on the trading on the index (OMX Helsinki 25) that consists of the same stocks. Besides, the market frictions including transaction costs and taxes are taken into account, and the results are reported from both institutional and individual investor’s perspective. Performance characteristic of DMAC rules are evaluated by simulating 19,900 different trading strategies in total for two non- overlapping 8-year sub-periods, and decomposing the full-sample-period performance of DMAC trading strategies into distinct bullish- and bearish-period performances. The results show that the best DMAC rules have predictive power on future price trends, and these rules are able to outperform buy-and-hold strategy. Although the performance of the DMAC strategies is highly dependent on the combination of moving average lengths, the best DMAC rules of the first sub-period have also performed well during the latter sub-period in the case of individual stock trading strategies. According to the results, the outperformance of DMAC trading rules over buy-and-hold strategy is mostly attributed to their superiority during the bearish periods, and particularly, during stock market crashes.