Somatic cytogenetic and azoospermia factor gene microdeletion studies in infertile men

The objective of the present study was to determine the frequency of somatic chromosomal anomalies and Y chromosomal microdeletions (azoospermia factor genes, AZF) in infertile males who seek assisted reproduction. These studies are very important because the assisted reproduction techniques (mainly intracytoplasmic sperm injection) bypass the natural selection process and some classical chromosomal abnormalities, microdeletions of AZF genes or some deleterious genic mutations could pass through generations. These genetic abnormalities can cause in the offspring of these patients male infertility, ambiguous external genitalia, mental retardation, and other birth defects. We studied 165 infertile men whose infertility was attributable to testicular problems (60 were azoospermic, 100 were oligospermic and 5 were asthenospermic). We studied 100 metaphases per patient with GTG banding obtained from temporary lymphocyte culture for chromosomal abnormality detection and performed a genomic DNA analysis using 28 Y chromosome-specific sequence-tagged sites for Y AZF microdeletion detection. Karyotyping revealed somatic anomalies in 16 subjects (16/165 = 9.6%). Of these 16, 12 were in the azoospermic group (12/60 = 20%) and 4 were in the oligospermic group (4/100 = 4%). The most common chromosomal anomaly was Klinefelter syndrome (10/165 = 6%). Microdeletions of AZF genes were detected in 12 subjects (12/160 = 7.5%). The frequencies detected are similar to those described previously. These results show the importance of genetic evaluation of infertile males prior to assisted reproduction. Such evaluation can lead to genetic counseling and, consequently, to primary and secondary prevention of mental retardation and birth defects.

Prenatal management, pregnancy and pediatric outcomes in fetuses with septated cystic hygroma

It has been reported that, compared with simple increased nuchal translucency, fetal cases with septated cystic hygroma (CH) are more likely to face perinatal handicaps. However, pediatric outcomes and proper prenatal counseling for this anomaly have not yet been truly defined. We performed this study to determine pregnancy and pediatric outcomes of fetuses with septated CH. We searched records for cases with septated CH and collected data for structural abnormalities, karyotype analysis, and pregnancy outcomes. Fetuses born with septated CH were also evaluated for their pediatric outcomes. Sixty-nine fetuses with septated CH were enrolled in the study. Results showed that chromosomal abnormalities were present in 28 fetuses (40.6%), and the most common aneuploidy was Turner syndrome (n=14, 20.3%); 16 (23.2%) of the remaining cases, in which aneuploidy was not found, had coexistent structural malformations; 25 (36.2%) cases had normal karyotype and morphology. The total number of live births and infants with unfavorable neurologic follow-up were 13 (18.8%) and 2 (2.9%), respectively. Septated CH is associated with poor perinatal outcomes; therefore, karyotype analysis and ultrasonographic anomaly screening should be performed as initial steps, and expectant management should be offered to couples with euploid fetuses that have normal morphology.

Alhaisen volatiliteetin sekä korkean idiosynkraattisen riskin anomaliat Suomen osakemarkkinoilla institutionaalisen sijoittajan näkökulmasta

Alhaisen volatiliteetin anomalian mukaan sijoittajan on mahdollista saada korkeaa tuottoa alhaisella riskillä, mikä on sijoitusstrategina mielenkiintoinen, koska modernin rahoitusteorian mukaan korkeat tuotot saavutetaan vain riskiä kasvattamalla. Tässä tutkielmassa selvitettiin alhaisen volatiliteetin ja korkean idiosynkraattisen riskin anomalioiden olemassaoloa Suomen osakemarkkinoilla sekä institutionaalisen sijoittajan mahdollisuuksia hyödyntää tutkittuja anomalioita. Tutkimusaineisto large cap -osakkeilla vuosilta 2000-2013 osoittaa, että sijoittamalla alhaisen volatiliteetin osakkeisiin sijoittaja on pystynyt voittamaan absoluuttisella tuotolla mitattuna OMXH CAP-indeksin, muttei saavuttamaan riskikorjattuja ylituottoja. Alhaisen volatiliteetin osakkeiden suoriutumista on selitetty useilla tekijöillä kuten sijoittajien irrationaalisella käyttäytymisellä näiden suosiessa korkean volatiliteetin osakkeita painaen alas samalla näiden tuottopotentiaalia. Toiseksi, alhaisen volatiliteetin yrityksillä on vahvat fundamentit, joiden myötä liikevoitto sekä tulos pysyvät vahvoina, joka näkyy puolestaan hyvinä osaketuottoina. Lisäksi, institutionaaliselle sijoittajalle muodostuu esteitä sijoittaa vain alhaisen volatiliteetin osakkeisiin, mikä osaltaan estää anomalian pois pyyhkiytymisen. Idiosynkraattisen riskin anomaliaa ei voitu todentaa käytettäessä FF3-mallin residuaaleja. Anomaliaa tutkittiin historiallista sekä EGARCH-mallilla ennustettua idiosynkraattista riskiä käyttäen.

Market anomalies and tactical asset allocation: Utilising market anomalies in multiple asset class portfolios with the Black−Litterman model

This thesis discusses the basic problem of the modern portfolio theory about how to optimise the perfect allocation for an investment portfolio. The theory provides a solution for an efficient portfolio, which minimises the risk of the portfolio with respect to the expected return. A central feature for all the portfolios on the efficient frontier is that the investor needs to provide the expected return for each asset. Market anomalies are persistent patterns seen in the financial markets, which cannot be explained with the current asset pricing theory. The goal of this thesis is to study whether these anomalies can be observed among different asset classes. Finally, if persistent patterns are found, it is investigated whether the anomalies hold valuable information for determining the expected returns used in the portfolio optimization Market anomalies and investment strategies based on them are studied with a rolling estimation window, where the return for the following period is always based on historical information. This is also crucial when rebalancing the portfolio. The anomalies investigated within this thesis are value, momentum, reversal, and idiosyncratic volatility. The research data includes price series of country level stock indices, government bonds, currencies, and commodities. The modern portfolio theory and the views given by the anomalies are combined by utilising the Black-Litterman model. This makes it possible to optimise the portfolio so that investor’s views are taken into account. When constructing the portfolios, the goal is to maximise the Sharpe ratio. Significance of the results is studied by assessing if the strategy yields excess returns in a relation to those explained by the threefactormodel. The most outstanding finding is that anomaly based factors include valuable information to enhance efficient portfolio diversification. When the highest Sharpe ratios for each asset class are picked from the test factors and applied to the Black−Litterman model, the final portfolio results in superior riskreturn combination. The highest Sharpe ratios are provided by momentum strategy for stocks and long-term reversal for the rest of the asset classes. Additionally, a strategy based on the value effect was highly appealing, and it basically performs as well as the previously mentioned Sharpe strategy. When studying the anomalies, it is found, that 12-month momentum is the strongest effect, especially for stock indices. In addition, a high idiosyncratic volatility seems to be positively correlated with country indices on stocks.

Using Computational Fluid-Dynamics (CFD) for the evaluation of beer pasteurization: effect of orientation of cans

In-package pasteurization is the most used method for beer microbiological stabilization. The search for safer and better quality food has created a need to better understand the processes involved in producing it. However, little is known about the temperature and velocity profiles during the thermal processes of liquid foods in commercial packaging, which results in over-dimensioned processes to guarantee safety, decreasing the sensorial and nutritional characteristics of the product and increasing process costs. Simulations using Computational Fluid-Dynamics (CFD) have been used by various authors to evaluate those processes. The objective of the present paper was to evaluate the effect of packaging orientation in the pasteurization of beer in a commercial aluminum can using CFD. A heating process was simulated at 60 ºC up to 15 PUs (a conventional beer process, in which 1 Pasteurization Unit (PU) is equivalent to 1minute at 60 ºC). The temperature profile and convection current velocity along the process and the variation of the PUs were evaluated in relation to time considering the cans in the conventional, inverted, and horizontal positions. The temperature and velocity profiles were similar to those presented in the literature. The package position did not result in process improvement.

Computational fluid dynamics evaluation of liquid food thermal process in a brick shaped package

Food processes must ensure safety and high-quality products for a growing demand consumer creating the need for better knowledge of its unit operations. The Computational Fluid Dynamics (CFD) has been widely used for better understanding the food thermal processes, and it is one of the safest and most frequently used methods for food preservation. However, there is no single study in the literature describing thermal process of liquid foods in a brick shaped package. The present study evaluated such process and the influence of its orientation on the process lethality. It demonstrated the potential of using CFD to evaluate thermal processes of liquid foods and the importance of rheological characterization and convection in thermal processing of liquid foods. It also showed that packaging orientation does not result in different sterilization values during thermal process of the evaluated fluids in the brick shaped package.

Dehydration of "dedo de moça" pepper: kinetics and phytochemical concentration

Red pepper is rich in vitamin C and other phytochemicals and can be consumed as a dehydrated product. The evaluation of the best drying conditions can ensure a better quality product. This study aimed to investigate the effect of air temperature (55, 65, and 75 ºC) on drying kinetics of red peppers and on vitamin C, total phenolic content, and color of dried pepper as compared to the fresh product. Dehydration was carried out in a forced convection oven. Drying kinetics was determined by periodic weighting until constant weight. The moisture content of the fresh pepper was approximately 86%. The drying curves were fitted to three different models available in the literature. The Page model showed the best fit for this process. Analysis of variance revealed that the air drying temperature significantly influenced (p < 0.05) the quality parameters (vitamin C content, total phenolic content, and color) of the dried pepper as compared to the fresh pepper. After drying, the vitamin C retention increased with reduced air-drying temperature. In general, products dried at lower temperatures exhibited better quality due to reduced losses of bioactive compounds.

Kuukausi- ja kuunvaihdeanomalia Suomen osakemarkkinoilla vuosina 2005-2013

Tutkimuksen tavoitteena on tutkia tammikuu- ja kuunvaihdeanomalian esiintymistä Suomen osakemarkkinoilla.

Quinze anos de rigidez monetária no Brasil pós-Plano Real: uma agenda de pesquisa

Fifteen years of monetary rigidity in Brazil after the Real Plan: a research agenda.The paper makes a review of literature and a research agenda on the anomaly of Brazilian monetary policy. Following a retrospect of the first 15 years after the Real Plan, there is a review of studies aiming to explain the high real interest rate. None of the summarized theses can completely explain the phenomenon. The main research opportunities are: deepening of empirical evidence of monetary policy efficacy loss; improvement in mensuration of its inefficacy; and improvement of alternative instruments to control inflation. The field of political economy is also fertile. One should assess the relevance of oligopolies as an explaining factor of persistence of high inflation.

Alternative banking: theory and evidence from Europe

Since financial liberalization in the 1980s, non-profit maximizing, stakeholder-oriented banks have outperformed private banks in Europe. This article draws on empirical research, banking theory and theories of the firm to explain this apparent anomaly for neo-liberal policy and contemporary market-based banking theory. The realization of competitive advantages by alternative banks (savings banks, cooperative banks and development banks) has significant implications for conceptions of bank change, regulation and political economy.

Momentum-anomalia Tukholman osakemarkkinoilla

Tämän kandidaatintutkielman tarkoituksena on perehtyä momentum-anomaliaan ja sen esiintymiseen Tukholman pörssissä. Anomalian tunnistamisen lisäksi tutkitaan sen ajallista esiintymistä sekä anomaliaa tarkastelevien portfolioiden tuottoja suhteessa markkinoihin. Tutkimuksen aineisto koostuu Tukholman pörssissä julkisesti noteerattujen yritysten osakkeiden tuottoaikasarjasta heinäkuusta 2010 kesäkuuhun 2015.

Alhaisen volatiliteetin anomalia Suomen osakemarkkinoilla

Tutkielman tavoitteena on selvittää esiintyykö Suomen osakemarkkinoilla alhaisen volatiliteetin anomaliaa. Tutkielman tavoitteeseen vastataan työn empiirisessä osassa analysoimalla Suomen osakemarkkinoilla listattujen osakkeiden tuottoaikasarjoja. Tutkielmassa tarkastellaan myös finanssikriisin vaikutusta anomalian ilmenemiseen. Tutkimus sijoittuu aikavälille tammikuusta 2001 tammikuuhun 2015. Tutkielmassa muodostetaan portfolioita osakkeiden historiallisen volatiliteetin mukaan. Näiden portfolioiden menestymistä suhteessa markkinoihin arvioidaan absoluuttisten tuottojen, Sharpen luvun sekä Jensenin alfan avulla. Markkinaindekseinä käytetään OMXH CAP -indeksiä sekä tutkimusaineiston pohjalta muodostettua markkinaportfoliota. Kaikkein parhaimman absoluuttisen tuoton on saanut vuodesta 2001 vuoteen 2015 sijoittamalla keskiverron volatiliteetin osakkeisiin. Parhaan riskikorjatun tuoton on kuitenkin saavuttanut sijoittamalla alhaisen volatiliteetin osakkeisiin. Tutkielmassa löydetään todisteita alhaisen volatiliteetin anomalian esiintymisestä Suomen osakemarkkinoilla koko tutkimusaineisto huomioon ottaen. Tutkielman ehkä mielenkiintoisin löydös on kuitenkin huomio alhaisen volatiliteetin anomalian häviämisestä Suomen osakemarkkinoilta finanssikriisin jälkeen. Ennen finanssikriisiä esiintynyt erittäin vahva alhaisen volatiliteetin osakkeiden ylisuoriutuminen hävisi täysin finanssikriisin jälkeen. Toisin sanoen riskin ja tuoton suhde on kääntynyt päälaelleen finanssikriisin jälkeen, eikä alhaisen volatiliteetin anomaliaa voida enää sanoa esiintyvän.

Rahoituksellisen velkaantuneisuuden ja B/P-luvun yhteys sekä niiden tuottojenennustuskyky

Tämän kandidaatintutkielman tarkoituksena oli tutkia rahoituksellisen velkaantuneisuuden vaikutusta yritysten B/P-lukuihin ja keskimääräisiin tuottoihin Suomen osakemarkkinoilla vuosina 1996–2012. Tutkielman perustana oleva ilmiö on B/P-anomalia, jonka mukaan korkean B/P:n osakkeet eli arvo-osakkeet menestyvät osakemarkkinoilla paremmin kuin matalan B/P:n osakkeet eli kasvuosakkeet. Useiden tutkijoiden mielestä arvoanomalioiden syynä on korkeampi systemaattinen riski, jonka yksi komponenteista on rahoituksellinen velkaantuneisuus. Näiden tutkimusten perusteella korkean B/P:n yrityksillä pitäisi olla korkeampi systemaattinen riski ja siten todennäköisesti myös korkeampi rahoituksellinen velkaantuneisuus. Aineistona tutkimuksessa toimi Helsingin pörssin yritykset vuosilta 1996–2012 pois lukien rahoitus- ja vakuutusalan yritykset sekä kiinteistösijoitusyhtiöt. Tulosten perusteella B/P:n sekä rahoituksellisen velkaantuneisuuden välillä oli positiivinen, monotoninen ja tilastollisesti merkitsevä suhde, kun aineiston yritykset olivat jaettu kolmeen portfolioon niiden B/P-lukujen perusteella, mutta yhteyttä ei ollut löydettävissä kuuden portfolion tapauksessa. B/P-anomaliasta oli viitteitä, kun portfolioina käytettiin kolmea B/P-luvun pohjalta muodostettua portfoliota, mutta erot eivät olleet tilastollisesti merkitseviä. Rahoituksellisen velkaantuneisuuden sekä keskimääräisten vuosituottojen väliltä ei ollut löydettävissä tilastollisesti merkitsevää yhteyttä tästä aineistosta.

Optical properties of organic superconductor K-(BETS)2FeBr4 /

K-(BETS)2FeBr4 is a quasi-2D charge transfer organic metal with interesting electronic and magnetic properties. It undergoes a transition to an antiferromagnetic (AF) state at ambient pressure at the Neel temperature (T^^) = 2.5 K, as well as to a superconducting (SC) state at 1.1 K [1]. The temperature dependence of the electrical resistivity shows a small decrease at T;v indicating the resistivity drops as a result of the onset of the ordering of Fe'*''" spins. A sharp drop in the resistivity at 1.1 K is due to its superconducting transition. The temperature dependence of the susceptibility indicates an antiferromagnetic spin structure with the easy axis parallel to the a-axis. The specific heat at zero-field shows a large peak at about 2.4 K, which corresponds to the antiferromagnetic transition temperature (Tat) and no anomaly is observed around the superconducting transition temperature (1.1 K) demonstrating that the magnetically ordered state is not destroyed by the appearance of another phase transition (the superconducting transition) in the 7r-electron layers [1], [2]. This work presents an investigation of how the low frequency electromagnetic response is affected by the antiferromagnetic and superconducting states, as well as the onset of strong correlation. The location of the easy axis of three samples was determined and polarized thermal reflectance measurements of these «-(BETS)2FeBr4 samples oriented with their vertical axis along the a- and c axes were then carried out using a *He refrigerator cryostat and a Martin-Puplett type polarizing interferometer at various temperatures (T = 0.5 K, 1.4 K. 1.9 K, 2.8 K) above and below the superconducting state and/or antiferromagnetic state. Comparison of the SC state to the normal state along the o- and c-axes indicates a rising thermal reflectance at low frequencies (below 10 cm"' ) which may be a manifestation of the superconducting energy gap. A dip-Hke feature is detected at low frequencies (below 15 cm"') in the thermal reflectance plots which probe the antiferromagnetic state along the two axes, and may be due to the opening of a gap in the excitation spectrum as a result of the antiferromagnetism. In another set of experiments, thermal reflectance measurements carried out along the a- and c-axes at higher temperatures (10 K-80 K) show that the reflectivity decreases with increasing temperature to 60 K (the coherence temperature) above which it increases again. Comparison of the thermal reflectance plots along the a- and c-axes at higher temperatures reveals an anisotropy between these two axes. The Hagen-Rubens thermal reflectance plots corresponding to an average over the ac-plane were calculated using experimental hterature resistivity values. Comparison of the Hagen-Rubens plots with the experimental thermal reflectance along the a- and c-axes indicates that both exhibit the general trend of a decrease in thermal reflectance with increasing frequency, however the calculated Hagen-Rubens thermal reflectance at different temperatures is much lower than the experimental curves.

Petrography, Petrochemistry and petrogenesis of Huronian volcanic rocks of the Elliot Lake region, Ontario

In the Elliot lake region of northern Ontario, Yolcanlc lava piles represent the lowermost units of the Huronian SUpergroup. These rocks general1y trend east-west and belong to the Elliot lake Group. They are s1tuated on the north and south limbs or the QuIrke lake Syncline. The volcanIc rocks of this study contain a secondary minerai assemblage consisting of actinolite, biotite, chlorIte, eptdote/cllnozoislte tttanomagnettte and calcite characteristic of greenschist metamorphism. Compilation of data suggests that metamorphism of the volcanic rocks proceeded between 325- and 425-C and between 2.4 and 4.7 kb. Geochemtcally these lavas represent tholeiitic and calc-alkaline assemblages. The tholeiites are character1sttcally enriched tn Fe and Tt and consist mainly of basalts, basaltic andesites and andesites. These rocks are believed to have formed by the partIal melting of a peridottte source at low P-T. In contrast, the calc-alkaline rocks are depleted in Fe and TI, but show a signIficant enrichment In 51 and Zr; andesIte Is the major rock type for thIs assemblage. I·t Is postUlated that the calc-alkalIne sU1te of rocks was the result of eIther the partIal meltIng of abasaltic·magma at shallow depth, or the melttng of s1al1c crustal materIal due to the added we1ght of tholeiitIc material on an unstable crust and to downwarplng processes Inttlated by convection cells.