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.

Possible benefit of consolidation therapy with high-dose cytarabine on overall survival of adults with non-promyelocytic acute myeloid leukemia

In adults with non-promyelocytic acute myeloid leukemia (AML), high-dose cytarabine consolidation therapy has been shown to influence survival in selected patients, although the appropriate doses and schemes have not been defined. We evaluated survival after calculating the actual dose of cytarabine that patients received for consolidation therapy and divided them into 3 groups according to dose. We conducted a single-center, retrospective study involving 311 non-promyelocytic AML patients with a median age of 36 years (16-79 years) who received curative treatment between 1978 and 2007. The 131 patients who received cytarabine consolidation were assigned to study groups by their cytarabine dose protocol. Group 1 (n=69) received <1.5 g/m2 every 12 h on 3 alternate days for up to 4 cycles. The remaining patients received high-dose cytarabine (≥1.5 g/m2 every 12 h on 3 alternate days for up to 4 cycles). The actual dose received during the entire consolidation period in these patients was calculated, allowing us to divide these patients into 2 additional groups. Group 2 (n=27) received an intermediate-high-dose (<27 g/m2), and group 3 (n=35) received a very-high-dose (≥27 g/m2). Among the 311 patients receiving curative treatment, the 5-year survival rate was 20.2% (63 patients). The cytarabine consolidation dose was an independent determinant of survival in multivariate analysis; age, karyotype, induction protocol, French-American-British classification, and de novo leukemia were not. Comparisons showed that the risk of death was higher in the intermediate-high-dose group 2 (hazard ratio [HR]=4.51; 95% confidence interval [CI]: 1.81-11.21) and the low-dose group 1 (HR=4.43; 95% CI: 1.97-9.96) than in the very-high-dose group 3, with no significant difference between those two groups. Our findings indicated that very-high-dose cytarabine during consolidation in adults with non-promyelocytic AML may improve survival.

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.

Language-specific aspects of reading acquisition: the case of Russian

We have investigated Russian children’s reading acquisition during an intermediate period in their development: after literacy onset, but before they have acquired well-developed decoding skills. The results of our study suggest that Russian first graders rely primarily on phonemes and syllables as reading grain-size units. Phonemic awareness seems to have reached the metalinguistic level more rapidly than syllabic awareness after the onset of reading instruction, the reversal which is typical for the initial stages of formal reading instruction creating external demand for phonemic awareness. Another reason might be the inherent instability of syllabic boundaries in Russian. We have shown that body-coda is a more natural representation of subsyllabic structure in Russian than onset-rime. We also found that Russian children displayed variability of syllable onset and offset decisions which can be attributed to the lack of congruence between syllabic and morphemic word division in Russian. We suggest that fuzziness of syllable boundary decisions is a sign of the transitional nature of this stage in the reading development and it indicates progress towards an awareness of morphologically determined closed syllables. Our study also showed that orthographic complexity exerts an influence on reading in Russian from the very start of reading acquisition. Besides, we found that Russian first graders experience fluency difficulties in reading orthographically simple words and nonwords of two and more syllables. The transition from monosyllabic to bisyllabic lexical items constitutes a certain threshold, for which the syllabic structure seemed to be of no difference. When we compared the outcomes of the Russian children with the ones produced by speakers of other languages, we discovered that in the tasks which could be performed with the help of alphabetic recoding Russian children’s accuracy was comparable to that of children learning to read in relatively shallow orthographies. In tasks where this approach works only partially, Russian children demonstrated accuracy results similar to those in deeper orthographies. This pattern of moderate results in accuracy and excellent performance in terms of reaction times is an indication that children apply phonological recoding as their dominant strategy to various reading tasks and are only beginning to develop suitable multiple strategies in dealing with orthographically complex material. The development of these strategies is not completed during Grade 1 and the shift towards diversification of strategies apparently continues in Grade 2.

Review of investment strategy, portfolio management, and scorecard based portfolio selection tool for direct property investments in Finland

The lack of research of private real estate is a well-known problem. Earlier studies have mostly concentrated on the USA or the UK. Therefore, this master thesis offers more information about the performance and risk associated with private real estate investments in Nordic countries, but especially in Finland. The structure of this master thesis is divided into two independent sections based on the research questions. In first section, database analysis is performed to assess risk-return ratio of direct real estate investment for Nordic countries. Risk-return ratios are also assessed for different property sectors and economic regions. Finally, review of diversification strategies based on property sectors and economic regions is performed. However, standard deviation itself is not usually sufficient method to evaluate riskiness of private real estate. There is demand for more explicit assessment of property risk. One solution is property risk scoring. In second section risk scorecard based tool is built to make different real estate comparable in terms of risk. In order to do this, nine real estate professionals were interviewed to enhance the structure of theory-based risk scorecard and to assess weights for different risk factors.

A performance analysis of conventional and fundamental exchange traded funds: ETFs and their risk-return characteristics in relation to building institutional investor’s passive portfolio

An exchange traded fund (ETF) is a financial instrument that tracks some predetermined index. Since their initial establishment in 1993, ETFs have grown in importance in the field of passive investing. The main reason for the growth of the ETF industry is that ETFs combine benefits of stock investing and mutual fund investing. Although ETFs resemble mutual funds in many ways, also many differences occur. In addition, ETFs not only differ from mutual funds but also differ among each other. ETFs can be divided into two categories, i.e. market capitalisation ETFs and fundamental (or strategic) ETFs, and further into subcategories depending on their fundament basis. ETFs are a useful tool for diversification especially for a long-term investor. Although the economic importance of ETFs has risen drastically during the past 25 years, the differences and risk-return characteristics of fundamental ETFs have yet been rather unstudied area. In effect, no previous research on market capitalisation and fundamental ETFs was found during the research process. For its part, this thesis seeks to fill this research gap. The studied data consist of 50 market capitalisation ETFs and 50 fundamental ETFs. The fundaments, on which the indices that the fundamental ETFs track, were not limited nor segregated into subsections. The two types of ETFs were studied at an aggregate level as two different research groups. The dataset ranges from June 2006 to December 2014 with 103 monthly observations. The data was gathered using Bloomberg Terminal. The analysis was conducted as an econometric performance analysis. In addition to other econometric measures, the methods that were used in the performance analysis included modified Value-at-Risk, modified Sharpe ratio and Treynor ratio. The results supported the hypothesis that passive market capitalisation ETFs outperform active fundamental ETFs in terms of risk-adjusted returns, though the difference is rather small. Nevertheless, when taking into account the higher overall trading costs of the fundamental ETFs, the underperformance gap widens. According to the research results, market capitalisation ETFs are a recommendable diversification instrument for a long-term investor. In addition to better risk-adjusted returns, passive ETFs are more transparent and the bases of their underlying indices are simpler than those of fundamental ETFs. ETFs are still a young financial innovation and hence data is scarcely available. On future research, it would be valuable to research the differences in risk-adjusted returns also between the subsections of fundamental ETFs.

The Dynamic Relationship between Finnish Stock Market and Commodities

Since different stock markets have become more integrated during 2000s, investors need new asset classes in order to gain diversification benefits. Commodities have become popular to invest in and thus it is important to examine whether the investors should use commodities as a part for portfolio diversification. This master’s thesis examines the dynamic relationship between Finnish stock market and commodities. The methodology is based on Vector Autoregressive models (VAR). The long-run relationship between Finnish stock market and commodities is examined with Johansen cointegration while short-run relationship is examined with VAR models and Granger causality test. In addition, impulse response test and forecast error variance decomposition are employed to strengthen the results of short-run relationship. The dynamic relationships might change under different market conditions. Thus, the sample period is divided into two sub-samples in order to reveal whether the dynamic relationship varies under different market conditions. The results show that Finnish stock market has stable long-run relationship with industrial metals, indicating that there would not be diversification benefits among the industrial metals. The long-run relationship between Finnish stock market and energy commodities is not as stable as the long-run relationship between Finnish stock market and industrial metals. Long-run relationship was found in the full sample period and first sub-sample which indicate less room for diversification. However, the long-run relationship disappeared in the second sub-sample which indicates diversification benefits. Long-run relationship between Finnish stock market and agricultural commodities was not found in the full sample period which indicates diversification benefits between the variables. However, long-run relationship was found from both sub-samples. The best diversification benefits would be achieved if investor invested in precious metals. No long-run relationship was found from either sample. In the full sample period OMX Helsinki had short-run relationship with most of the energy commodities and industrial metals and the causality was mostly running from equities to commodities. During the first sub period the number of short-run relationships and causality shrunk but during the crisis period the number of short-run relationships and causality increased. The most notable result found was unidirectional causality from gold to OMX Helsinki during the crisis period.

Diversificação ou especialização: uma análise do processo de mudança estrutural da indústria brasileira

Diversification or specialization: an analysis of the process of structural change of the Brazilian industry. Based on findings by Imbs and Wacziarg (2003), whose empirical study has established the existence of a U-shaped pattern in the evolution of industrial specialization relative to per capita income, this paper aimed at determining the path of structural change followed by the Brazilian industry in the last decades and at comparing it with the evidence for other countries. The conclusion is that the stage of diversification of the Brazilian industrial structure has ended at a relatively low level of per capita income.

Liquidity Risk in the Finnish Stock Market

This study explores the pricing of liquidity risk and its effect on stock returns in the Finnish stock market. In addition to that, it investigates whether there is a trend in liquidity risk. Finally, it analyzes whether the two chosen liquidity measures provide different results. The data consists of all the common shares listed in the Finnish stock market during the period of 1/1997–7/2015. To examine whether liquidity risk affects stock returns in the Finnish stock market, this study utilizes a conditional version of liquidity-adjusted capital asset pricing model (LCAPM) by Acharya and Pedersen (2005). Two recently proposed illiquidity measures – PQS and AdjILLIQ – are used in the empirical estimation to see whether there are differences in the results between the measures. The time-varying conditional liquidity risks are estimated by using a multivariate DCC-GARCH model, while the pricing of the liquidity risk is conducted by applying fixed effect panel regression. The results imply that investors in the Finnish stock market are willing to pay a premium to hedge from wealth shocks and having liquid assets during the declined market liquidity. However, investors are not willing to pay a premium for stocks with higher returns during illiquid markets. The total annualized illiquidity premiums found in the Finnish stock market are 1.77% and 1.04%, based on the PQS and AdjILLIQ measures, respectively. The study also shows that liquidity risk does not exhibit decreasing trend, and investors should consider liquidity risk in their portfolio diversification in the Finnish stock market.

Sex chromosome translocation and speciation : a Drosophila genetic model

Although exceptions may be readily identified, two generalizations concerning genetic differences among species may be drawn from the available allozyme and chromosome data. First, structural gene differences among species vary widely. In many cases, species pairs do not differ more than intraspecific populations. This suggests that either very few or no gene substitutions are required to produce barriers to reproduction (Avise 1976). Second, chromosome form and/or number differs among even closely related species (White 1963; 1978; Fredga 1977; Wright 1970). Many of the observed chromosomal differences involve translocational rearrangements; these produce severe fitness depression in heterozygotes and were, thus, long considered unlikely candidates for the fixation required of genetic changes leading to speciation (Wright 1977). Nonetheless, the fact that species differences are frequently translocational argues convincingly for their fixation despite prejudices to the contrary. Haldane's rule states that in the F of interspecific crosses, the heterogametic sex is absent or sterile in the preponderance of cases (Haldane 1932). This rule definitely applies in the genus Dr°sophila (Ehrman 1962). Sex chromosome translocations do not impose a fitness depression as severe as that imposed by autosomal translocations, and X-Y translocations may account for Haldane's rule (Haldane 1932). Consequently a study of the fit ness parameters of an X·yL and a yS chromosome in Drosophila melanogaster populations was initiated by Tracey (1972). Preliminary results suggested that x.yL//YSmales enjoyed a mating advantage with X·yL//X·yL females, that this advantage was frequency dependent, that the translocation produced sexual isolation and that interactions between the yL, yS and a yellow marker contributed to the observed isolation (Tracey and Espinet 1976; Espinet and Tracey 1976). Encouraged by the results of these prelimimary studies, further experiments were performed to clarify the genetic nature of the observed sexual isolation, S the reality of the y frequency dependent fitness .and the behavioural changes, if any, produced by the translocation. The results of this work are reported herein. Although the marker genes used in earlier studies, sparkling poliert an d yellow have both been found to affect activity,but only yellow effects asymmetric sexual isolation. In addition yellow effects isolation through an interaction with the T(X-y) chromosomes, yS also effects isolation, and translocational strains are isolated from those of normal karyotype in the absence of marker gene differences. When yS chromosomes are in competition with y chromosomes on an X.yL background, yS males are at a distinct advantage only when their frequency is less than 97%. The sex chromosome translocation alters the normal courtship pattern by the incorporation of circling between vibration and licking in the male repertoire. Finally a model of speciation base on the fixation of this sex chromosome translocation in a geographically isolated gene pool is proposed.

ASSESSING THE PERFORMANCE OF EMERGING MARKET MUTUAL FUNDS IN CANADA

Emerging markets have received wide attention from investors around the globe because of their return potential and risk diversification. This research examines the selection and timing performance of Canadian mutual funds which invest in fixed-income and equity securities in emerging markets. We use (un)conditional two- and five-factor benchmark models that accommodate the dynamics of returns in emerging markets. We also adopt the cross-sectional bootstrap methodology to distinguish between ‘skill’ and ‘luck’ for individual funds. All the tests are conducted using a comprehensive data set of bond and equity emerging funds over the period of 1989-2011. The risk-adjusted measures of performance are estimated using the least squares method with the Newey-West adjustment for standard errors that are robust to conditional heteroskedasticity and autocorrelation. The performance statistics of the emerging funds before (after) management-related costs are insignificantly positive (significantly negative). They are sensitive to the chosen benchmark model and conditional information improves selection performance. The timing statistics are largely insignificant throughout the sample period and are not sensitive to the benchmark model. Evidence of timing and selecting abilities is obtained in a small number of funds which is not sensitive to the fees structure. We also find evidence that a majority of individual funds provide zero (very few provide positive) abnormal return before fees and a significantly negative return after fees. At the negative end of the tail of performance distribution, our resampling tests fail to reject the role of bad luck in the poor performance of funds and we conclude that most of them are merely ‘unlucky’.

Interactions of onion (Allium cepa) and yellow wax bean (Phaseolus vulgaris) in monoculture and intercropping with weeds, Chenopodium album and Amaranthus hybridus

Intercropping systems are seen as advantageous as they can provide higher crop yield and diversity along with fewer issues related to pests and weeds than monocultures. However, plant interactions in intercropped crop species and between crops and weeds in these systems are still not well understood. The main objective of this study was to investigate interactions between onion (Allium cepa) and yellow wax bean (Phaseolus vulgaris) in monocultures and intercropping with and without the presence of a weed species, either Chenopodium album or Amaranthus hybridus. Another objective of this study was to compare morphological traits of C. album from two different populations (conventional vs. organic farms). Using a factorial randomized block design, both crop species were planted either in monoculture or intercropped with or without the presence of one of the two weeds. The results showed that intercropping onion with yellow wax bean increased the growth of onion but decreased the growth of yellow wax bean when compared to monocultures. The relative yield total (RYT) value was 1.3. Individual aboveground dry weight of both weed species under intercropping was reduced about 5 times when compared to the control. The poor growth of weeds in intercropping might suggest that crop diversification can help resist weed infestations. A common garden experiment indicated that C. album plants from the conventional farm had larger leaf area and were taller than those from the organic farm. This might be associated with specific evolutionary adaptation of weeds to different farming practices. These findings contribute to the fundamental knowledge of crop-crop interactions, crop-weed competition and adaptation of weeds to various conditions. They provide insights for the management of diversified cropping systems and integrated weed management as practices in sustainable agriculture.

On Stackelberg Equilibria with Differentiated Products: the Critical Role of the Strategy Space.

Nous Considerons Dans Cet Article un Modele de Duopole Avec Produits Differencies; Nous Montrons Que le Caractere Substituts Vs Complements de Ces Produits Est un Facteur Important Dans la Determination du Mode de Concurrence Strategique (Cournot-Bertrand, Nash Mixte, Stackelberg; En Prix Ou Quantites) Que L'on Est Susceptible D'observer. Si les Produits Sont Substituts (Complements), la Concurrence Sera du Type Cournot (Bertrand) Plutot Que du Type Nash Mixte a Moins Qu'une Firme Puisse Affirmer Son Leadership et Forcer une Concurrence a la Stackelberg Mais Quel Soit le Role Tenu Par une Firme, Il Sera Preferable Pour Elle Que la Concurrence S'exprime En Quantite (Prix). Par Ailleurs, la Concurrence a la Bertrand Est Toujours la Meilleure du Point de Vue des Consommateurs et du Point de Vue de L'efficacite Sociale, et Ce, Que les Produits Soient Susbtituts Ou Complements.

Les politiques commerciales, industrielles, régionales, et d'adaptation dans le Rapport de la Commission MacDonald: un Commentaire

The effect of long discussions between commissioners with divergent views on certain issues is obvious in the report: it is more oriented towards the short term than expected. Undue attention was paid to trade liberalization with the U.S., a region of the world which the report describes as one in relative decline. The report does not deal with a scenario wherein trade liberalization with the U.S.A. is seen as a necessary transitory measure leading towards diversification of Canada's trade relation away from North America. Such an examination would point to a different approach to the U.S.A. in the short term. The report does not deal with services, information and te telecommunication which are fundamental to the economic development of Canada. There is also overemphasis on commercial policy and relative neglect on the use of domestic policies, among them industrial policy, in the pursuit of Canada's objectives. The report notes the interdependence between commercial and domestic policies and rightly recommend that provinces must, as a consequence, be involved in trade liberalization discussions. It is argued that the report underestimates the pressures for extra- territorial application of U.S. policies to Canada and the pressure for harmonization of policies which would follow trade liberalization. The report pays no attention to the implications of offshore investment going primarily to the U.S.A. and does not pay adequate attention to the role of investment to deal with adjustment problems. Available studies would have allowed the commissioners to clarify the determinants of investment decisions by Canadian head offices who have established subsidiaries in the U.S.A. but they were not examined. Little attention was paid to the role of transnationals and intrafirm trade in examining the implications of trade liberalization. The importance given to the reduction of regional disparities in earned incomes is welcome. However, the recommandation to leave regional development to provinces and municipalities denies the importance of national policies in the attainment of regionalization job equilization the impact of new CAD-CAM-telecommunications technologies on location decisions for the production of goods and services was not examined. Nor were the extent of and changes in interregional (i.e. interprovincial and more particularly province-state) trade flows examined. Knowledge of these patterns is essential in the formulation of industrial and adjustment policies in light of trade liberalization. The report recommends passive industrial adjustment policies focussed on the U.S., a reflection of the concern of the commissioners for the short term and the U.S.A. The implementation of the report's recommendations would lead to a centralization of economic power at the nationallevel, hence the need to establish a renewed senate to favour the formulation of regionally sensitive national policies.