Is change in global self-rated health associated with change in affiliation with a primary care provider? Findings from a longitudinal study from New Zealand

To investigate the association of self-rated health and affiliation with a primary care provider (PCP) in New Zealand.
Methods

We used data from a New Zealand panel study of 22,000 adults. The main exposure was self-rated health, and the main outcome measure was affiliation with a PCP. Fixed effects conditional logistic models were used to control for observed time-varying and unobserved time-invariant confounding.
Results

In any given wave, the odds of being affiliated with a PCP were higher for those in good and fair/poor health relative to those in excellent health. While affiliation for Europeans increased as reported health declined, the odds of being affiliated were lower for Māori respondents reporting very good or good health relative to those in excellent health. No significant differences in the association by age or gender were observed.
Conclusions

Our data support the hypothesis that those in poorer health are more likely to be affiliated with a PCP. Variations in affiliation for Māori could arise for several reasons, including differences in care-seeking behaviour and perceived need of care. It may also mean that the message about the benefits of primary health care is not getting through equally to all population groups.

Housing tenure and affordability and mental health following disability acquisition in adulthood

Acquiring a disability in adulthood is associated with a reduction in mental health and access to secure and affordable housing is associated with better mental health. We hypothesised that the association between acquisition of disability and mental health is modified by housing tenure and affordability. We used twelve annual waves of data (2001-2012) (1913 participants, 13,037 observations) from the Household, Income and Labour Dynamics in Australia survey. Eligible participants reported at least two consecutive waves of disability preceded by two consecutive waves without disability. Effect measure modification, on the additive scale, was tested in three fixed-effects linear regression models (which remove time-invariant confounding) which included a cross-product term between disability and prior housing circumstances: housing tenure by disability; housing affordability by disability and, in a sub-sample (896 participants 5913 observations) with housing costs, tenure/affordability by disability. The outcome was the continuous mental component summary (MCS) of SF-36. Models adjusted for time-varying confounders. There was statistical evidence that prior housing modified the effect of disability acquisition on mental health. Our findings suggested that those in affordable housing had a -1.7 point deterioration in MCS (95% CI -2.1, -1.3) following disability acquisition and those in unaffordable housing had a -4.2 point reduction (95% CI -5.2, -1.4). Among people with housing costs, the largest declines in MCS were for people with unaffordable mortgages (-5.3, 95% CI -8.8, -1.9) and private renters in unaffordable housing (-4.0, 95% CI -6.3, -1.6), compared to a -1.4 reduction (95% CI -2.1, -0.7) for mortgagors in affordable housing. In sum, we used causally-robust fixed-effects regression and showed that deterioration in mental health following disability acquisition is modified by prior housing circumstance with the largest negative associations found for those in unaffordable housing. Future research should test whether providing secure, affordable housing when people acquire a disability prevents deterioration in mental health.

Stock return predictability and determinants of predictability and profits

We examine stock return predictability for India and find strong evidence of sectoral return predictability over market return predictability. We show that mean-variance investors make statistically significant and economically meaningful profits by tracking financial ratios. For the first time in this literature, we examine the determinants of time-varying predictability and mean-variance profits. We show that both expected and unexpected shocks emanating from most financial ratios explain sectoral return predictability and profits. These are fresh contributions to the understanding of asset pricing.

Stability analysis of two-dimensional Markovian jump state-delayed systems in the Roesser model with uncertain transition probabilities

This paper is concerned with the problem of stochastic stability analysis of discrete-time two-dimensional (2-D) Markovian jump systems (MJSs) described by the Roesser model with interval time-varying delays. The transition probabilities of the jumping process/Markov chain are assumed to be uncertain, that is, they are not exactly known but can be estimated. A Lyapunov-like scheme is first extended to 2-D MJSs with delays. Based on some novel 2-D summation inequalities proposed in this paper, delay-dependent stochastic stability conditions are derived in terms of linear matrix inequalities (LMIs) which can be computationally solved by various convex optimization algorithms. Finally, two numerical examples are given to illustrate the effectiveness of the obtained results.

Continuous and jump betas: implications for portfolio diversification

Using high-frequency data, we decompose the time-varying beta for stocks into beta for continuous systematic risk and beta for discontinuous systematic risk. Estimated discontinuous betas for S&P500 constituents between 2003 and 2011 generally exceed the corresponding continuous betas. We demonstrate how continuous and discontinuous betas decrease with portfolio diversification. Using an equiweighted broad market index, we assess the speed of convergence of continuous and discontinuous betas in portfolios of stocks as the number of holdings increase. We show that discontinuous risk dissipates faster with fewer stocks in a portfolio compared to its continuous counterpart.

Is cost-related non-collection of prescriptions associated with a reduction in health? Findings from a large-scale longitudinal study of New Zealand adults

OBJECTIVE: To investigate whether cost-related non-collection of prescription medication is associated with a decline in health. SETTINGS: New Zealand Survey of Family, Income and Employment (SoFIE)-Health. PARTICIPANTS: Data from 17 363 participants with at least two observations in three waves (2004-2005, 2006-2007, 2008-2009) of a panel study were analysed using fixed effects regression modelling. PRIMARY OUTCOME MEASURES: Self-rated health (SRH), physical health (PCS) and mental health scores (MCS) were the health measures used in this study. RESULTS: After adjusting for time-varying confounders, non-collection of prescription items was associated with a 0.11 (95% CI 0.07 to 0.15) unit worsening in SRH, a 1.00 (95% CI 0.61 to 1.40) unit decline in PCS and a 1.69 (95% CI 1.19 to 2.18) unit decline in MCS. The interaction of the main exposure with gender was significant for SRH and MCS. Non-collection of prescription items was associated with a decline in SRH of 0.18 (95% CI 0.11 to 0.25) units for males and 0.08 (95% CI 0.03 to 0.13) units for females, and a decrease in MCS of 2.55 (95% CI 1.67 to 3.42) and 1.29 (95% CI 0.70 to 1.89) units for males and females, respectively. The interaction of the main exposure with age was significant for SRH. For respondents aged 15-24 and 25-64 years, non-collection of prescription items was associated with a decline in SRH of 0.12 (95% CI 0.03 to 0.21) and 0.12 (95% CI 0.07 to 0.17) units, respectively, but for respondents aged 65 years and over, non-collection of prescription items had no significant effect on SRH. CONCLUSION: Our results show that those who do not collect prescription medications because of cost have an increased risk of a subsequent decline in health.

Determining the size of PHEV charging stations powered by commercial grid-integrated PV systems considering reactive power support

Due to low electricity rates at nighttime, home charging for electric vehicles (EVs) is conventionally favored. However, the recent tendency in support of daytime workplace charging that absorbs energy produced by solar photovoltaic (PV) panels appears to be the most promising solution to facilitating higher PV and EV penetration in the power grid. This paper studies optimal sizing of workplace charging stations considering probabilistic reactive power support for plug-in hybrid electric vehicles (PHEVs), which are powered by PV units in medium voltage (MV) commercial networks. In this study, analytical expressions are first presented to estimate the size of charging stations integrated with PV units with an objective of minimizing energy losses. These stations are capable of providing reactive power support to the main grid in addition to charging PHEVs while considering the probability of PV generation. The study is further extended to investigate the impact of time-varying voltage-dependent charging load models on PV penetration. The simulation results obtained on an 18-bus test distribution system show that various charging load models can produce dissimilar levels of PHEV and PV penetration. Particularly, the maximum energy loss and peak load reductions are achieved at 70.17% and 42.95% respectively for the mixed charging load model, where the system accommodates respective PHEV and PV penetration levels of 9.51% and 50%. The results of probabilistic voltage distributions are also thoroughly reported in the paper.

Robust adaptive backstepping controller design for DC-DC buck converters with external disturbances

In modern power electronic systems, DC-DC converter is one of the main controlled power sources for driving DC systems. But the inherent nonlinear and time-varying characteristics often result in some difficulties mostly related to the control issue. This paper presents a robust nonlinear adaptive controller design with a recursive methodology based on the pulse width modulation (PWM) to drive a DC-DC buck converter. The proposed controller is designed based on the dynamical model of the buck converter where all parameters within the model are assumed as unknown. These unknown parameters are estimated through the adaptation laws and the stability of these laws are ensured by formulating suitable control Lyapunov functions (CLFs) at different stages. The proposed control scheme also provides robustness against external disturbances as these disturbances are considered within the model. One of the main features of the proposed scheme is that it overcomes the over-parameterization problems of unknown parameters which usually appear in some conventional adaptive methods. Finally, the effectiveness of the proposed control scheme is verified through the simulation results and compared to that of an existing adaptive backstepping controller. Simulation results clearly indicate the performance improvement in terms of a faster output voltage tracking response.

Computer Aided Design Algorithmic Technique for Very Large Scale Integrated Circuit Design and Smart Home Embedded System Design

To tackle the challenges at circuit level and system level VLSI and embedded system design, this dissertation proposes various novel algorithms to explore the efficient solutions. At the circuit level, a new reliability-driven minimum cost Steiner routing and layer assignment scheme is proposed, and the first transceiver insertion algorithmic framework for the optical interconnect is proposed. At the system level, a reliability-driven task scheduling scheme for multiprocessor real-time embedded systems, which optimizes system energy consumption under stochastic fault occurrences, is proposed. The embedded system design is also widely used in the smart home area for improving health, wellbeing and quality of life. The proposed scheduling scheme for multiprocessor embedded systems is hence extended to handle the energy consumption scheduling issues for smart homes. The extended scheme can arrange the household appliances for operation to minimize monetary expense of a customer based on the time-varying pricing model.

Volatility transmission between stock and exchange-rate markets: A connectedness analysis

This paper empirically investigates volatility transmission among stock and foreign exchange markets in seven major world economies during the period July 1988 to January 2015. To this end, we first perform a static and dynamic analysis to measure the total volatility connectedness in the entire period (the system-wide approach) using a framework recently proposed by Diebold and Yilmaz (2014). Second, we make use of a dynamic analysis to evaluate the net directional connectedness for each market. To gain further insights, we examine the time-varying behaviour of net pair-wise directional connectedness during the financial turmoil periods experienced in the sample period Our results suggest that slightly more than half of the total variance of the forecast errors is explained by shocks across markets rather than by idiosyncratic shocks. Furthermore, we find that volatility connectedness varies over time, with a surge during periods of increasing economic and financial instability.

Pairs trading in the UK equity market: risk and return

In this paper, we provide the first comprehensive UK evidence on the profitability of the pairs trading strategy. Evidence suggests that the strategy performs well in crisis periods, so we control for both risk and liquidity to assess performance. To evaluate the effect of market frictions on the strategy, we use several estimates of transaction costs. We also present evidence on the performance of the strategy in different economic and market states. Our results show that pairs trading portfolios typically have little exposure to known equity risk factors such as market, size, value, momentum and reversal. However, a model controlling for risk and liquidity explains a far larger proportion of returns. Incorporating different assumptions about bid-ask spreads leads to reductions in performance estimates. When we allow for time-varying risk exposures, conditioned on the contemporaneous equity market return, risk-adjusted returns are generally not significantly different from zero.

A novel approach to exponential stability of nonlinear non-autonomous difference equations with variable delays

In this paper, by using a novel approach, we first prove a new generalization of discrete-type Halanay inequality. Based on our new generalized inequality, a novel criterion for the exponential stability of a certain class of nonlinear non-autonomous difference equations is proposed. Numerical examples are given to illustrate the effectiveness of the obtained results.

Exponential stabilization of non-autonomous delayed neural networks via Riccati equations

This paper concerns with the problem of exponential stabilization for a class of non-autonomous neural networks with mixed discrete and distributed time-varying delays. Two cases of discrete time-varying delay, namely (i) slowly time-varying; and (ii) fast time-varying, are considered. By constructing an appropriate Lyapunov-Krasovskii functional in case (i) and utilizing the Razumikhin technique in case (ii), we establish some new delay-dependent conditions for designing a memoryless state feedback controller which stabilizes the system with an exponential convergence of the resulting closed-loop system. The proposed conditions are derived through solutions of some types of Riccati differential equations. Applications to control a class of autonomous neural networks with mixed time-varying delays are also discussed in this paper. Some numerical examples are provided to illustrate the effectiveness of the obtained results.

Price discovery and asset pricing

This paper tests the hypothesis that price discovery influences asset pricing. Our innovations are twofold. First, we estimate time-varying price discovery for a large number (21) of Islamic stock portfolios. Second, we test using a predictive regression model whether or not price discovery predicts stock excess returns. We find from both in-sample and out-of-sample tests that all 21 portfolio excess returns are predictable. We show that a mean-variance investor by tracking price discovery is able to devise profitable trading strategies.

The conditional performance of euro bond funds: evidence from Portugal during the debt crisis

This paper evaluates the performance of a survivorship bias-free data set of Portuguese funds investing in Euro-denominated bonds by using conditional models that consider the public information available to investors when the returns are generated. We find that bond funds underperform the market significantly and by an economically relevant magnitude. This underperformance cannot be explained by the expenses they charge. Our findings support the use of conditional performance evaluation models, since we find strong evidence of both time-varying risk and performance, dependent on the slope of the term structure and the inverse relative wealth variables. We also show that survivorship bias has a significant impact on performance estimates. Furthermore, during the European debt crisis, bond fund managers performed significantly better than in non-crisis periods and were able to achieve neutral performance. This improved performance throughout the crisis seems to be related to changes in funds’ investment styles.