The Relationship Between Implied and Realized Volatility

The paper studies the relationship between implied volatility and realized volatility by utilizing regression analysis and correlations.

The effect of information and communication technology on global paper consumption

The objective of this thesis is to find out how information and communication technology affects the global consumption of printing and writing papers. Another objective is to find out, whether there are differences between paper grades in these effects. The empirical analysis is conducted by linear regression analysis using three sets of country-level panel data from 1990-2006. Data set of newsprint contains 95 countries, data set of uncoated woodfree paper 61 countries and data set of coated mechanical paper 42 countries. The material is based on paper consumption data of RISI’s Industry Statistics Database and on the information and communication technology data of GMID-database. Results indicate that number of Internet users has statistically significant negative effect on the consumption of newsprint and on the consumption of coated mechanical paper and number of mobile telephone users has positive effect on the consumptions of these papers. Results also indicate that information and communication technologies have only small effect on consumption of uncoated woodfree paper or no significant effect at all, but these results are more uncertain to some extent.

Sagittal abdominal diameter is a better predictor than body mass index for duration of laparoscopic left colectomy.

BACKGROUND: Visceral obesity (VO) increases technical difficulty in laparoscopic surgery. The body mass index (BMI) does not always correlate to intra-abdominal fat distribution. Our hypothesis was that simple anthropometric measures that reflect VO, could predict technical difficulty in laparoscopic colorectal surgery, as reflected by the operative time, more accurately than the BMI. METHODS: Charts of all consecutive patients who underwent laparoscopic left colon resection in our institution between 2007 and 2010 were reviewed retrospectively. On a preoperative CT scan, anthropometric measures were taken on an axial plane at the L4-L5 level. Demographic, operative and anthropometric CT measures were correlated with the operative time. Logistic regression analysis was performed to assess the value of anthropometric CT measures or BMI to predict the duration of the colectomy. RESULTS: 121 patients with elective left colon resection for benign (56%) or malignant disease (44%) were included. There were 74 sigmoid resections (61%), 21 left hemicolectomies (17%) and 26 low anterior resections (22%). A longer sagittal abdominal diameter (≥24.8 cm) was significantly associated with longer corrected operative time (248 vs. 228 min, p = 0.043). In multivariate analysis, greater sagittal abdominal diameter, sagittal internal diameter and abdominal perimeter were significantly associated with longer operative time. No significant association was found for the BMI neither in univariate nor in multivariate analysis. CONCLUSIONS: This study suggests that simple linear measures taken on a CT scan, such as sagittal abdominal diameter, sagittal internal diameter and abdominal perimeter, may predict longer operative time in laparoscopic left colonic resections more accurately than BMI.

Calendar anomalies in stock returns: Evidence from South America

This bachelor's thesis studies calendar anomalies in stock returns in five South American countries including Argentina, Brazil, Chile and Mexico. The analysis in done using regression analysis and the OLS- method.

Increased risk of cardiovascular disease (CVD) with age in HIV-positive men : a comparison of the D:A:D CVD risk equation and general population CVD risk equations

OBJECTIVES: The aim of the study was to statistically model the relative increased risk of cardiovascular disease (CVD) per year older in Data collection on Adverse events of anti-HIV Drugs (D:A:D) and to compare this with the relative increased risk of CVD per year older in general population risk equations. METHODS: We analysed three endpoints: myocardial infarction (MI), coronary heart disease (CHD: MI or invasive coronary procedure) and CVD (CHD or stroke). We fitted a number of parametric age effects, adjusting for known risk factors and antiretroviral therapy (ART) use. The best-fitting age effect was determined using the Akaike information criterion. We compared the ageing effect from D:A:D with that from the general population risk equations: the Framingham Heart Study, CUORE and ASSIGN risk scores. RESULTS: A total of 24 323 men were included in analyses. Crude MI, CHD and CVD event rates per 1000 person-years increased from 2.29, 3.11 and 3.65 in those aged 40-45 years to 6.53, 11.91 and 15.89 in those aged 60-65 years, respectively. The best-fitting models included inverse age for MI and age + age(2) for CHD and CVD. In D:A:D there was a slowly accelerating increased risk of CHD and CVD per year older, which appeared to be only modest yet was consistently raised compared with the risk in the general population. The relative risk of MI with age was not different between D:A:D and the general population. CONCLUSIONS: We found only limited evidence of accelerating increased risk of CVD with age in D:A:D compared with the general population. The absolute risk of CVD associated with HIV infection remains uncertain.

Association study of lipoprotein(a) genetic markers, traditional risk factors, and coronary heart disease in HIV-1-infected patients.

Objectives: General population studies have shown associations between copy number variation (CNV) of the LPA gene Kringle-IV type-2 (KIV-2) coding region, single-nucleotide polymorphism (SNP) rs6415084 in LPA and coronary heart disease (CHD). Because risk factors for HIV-infected patients may differ from the general population, we aimed to assess whether these potential associations also occur in HIV-infected patients. Methods: A unicenter, retrospective, case-control (1:3) study. Eighteen HIV-patients with confirmed diagnosis of acute myocardial infarction (AMI) were adjusted for age, gender, and time since HIV diagnosis to 54 HIV-patients without CHD. After gDNA extraction from frozen blood, both CNV and SNP genotyping were performed using real-time quantitative PCR. All genetic and non-genetic variables for AMI were assessed in a logistic regression analysis. Results: Our results did not confirm any association in terms of lipoprotein(a) LPA structural genetic variants when comparing KIV-2 CNV (p = 0.67) and SNP genotypes (p = 0.44) between AMI cases and controls. However, traditional risk factors such as diabetes mellitus, hypertension, and CD4(+) T cell count showed association (p < 0.05) with CHD. Conclusion: Although significant associations of AMI with diabetes, hypertension and CD4(+) T cell count in HIV-patients were found, this study could not confirm the feasibility neither of KIV-2 CNV nor rs6415084 in LPA as genetic markers of CHD in HIV-infected patients.Highlights:● Individuals with HIV infection are at higher risk of coronary heart disease (CHD) than the non-infected population.● Our results showed no evidence of LPA structural genetic variants associated with CHD in HIV-1-infected patients.● Associations were found between diabetes mellitus, arterial hypertension, CD4(+) T cell count, and CHD.● The clinical usefulness of these biomarkers to predict CHD in HIV-1-infected population remains unproven.● Further studies are needed to assess the contribution of common genetic variations to CHD in HIV-infected individuals.

Characterization and occurence of eairly softening disorder in 'golden' papaya fruits

The occurrence of green skin and soft pulp in 'Golden' papaya fruit during certain seasons has been reported by farmers in the northern of the state of Espirito Santo, Brazil. The objective of this study was to characterize and determine the occurrence of this disorder, which was referred as "early softening disorder". Fruits were harvested weekly for 11 months (from September to July). The fruits were stored at 10°C, and then fruit flesh firmness and skin color were analyzed. The results of the firmness test were submitted to regression analysis assuming a linear trendline. The slope of the curve was called the 'softening index' (SI). Fruits with early softening are characterized by a loss of firmness in less than 10 days, even when stored under refrigeration. Although softened, the skin of the fruit remains partially green. Fruits with the disorder occurred more frequently from mid-summer to mid-autumn (February to May). It is not possible to distinguish early softening disorder fruits from those without the disorder by skin color and flesh firmness analysis at the time of the harvest.

Lack of support for the association between facial shape and aggression: a reappraisal based on a worldwide population genetics perspective

Antisocial and criminal behaviors are multifactorial traits whose interpretation relies on multiple disciplines. Since these interpretations may have social, moral and legal implications, a constant review of the evidence is necessary before any scientific claim is considered as truth. A recent study proposed that men with wider faces relative to facial height (fWHR) are more likely to develop unethical behaviour mediated by a psychological sense of power. This research was based on reports suggesting that sexual dimorphism and selection would be responsible for a correlation between fWHR and aggression. Here we show that 4,960 individuals from 94 modern human populations belonging to a vast array of genetic and cultural contexts do not display significant amounts of fWHR sexual dimorphism. Further analyses using populations with associated ethnographical records as well as samples of male prisoners of the Mexico City Federal Penitentiary condemned by crimes of variable level of inter-personal aggression (homicide, robbery, and minor faults) did not show significant evidence, suggesting that populations/individuals with higher levels of bellicosity, aggressive behaviour, or power-mediated behaviour display greater fWHR. Finally, a regression analysis of fWHR on individual"s fitness showed no significant correlation between this facial trait and reproductive success. Overall, our results suggest that facial attributes are poor predictors of aggressive behaviour, or at least, that sexual selection was weak enough to leave a signal on patterns of between- and within-sex and population facial variation.

Copeptin is associated with kidney length, renal function, and prevalence of simple cysts in a population-based study.

Arginine vasopressin (AVP) has a key role in osmoregulation by facilitating water transport in the collecting duct. Recent evidence suggests that AVP may have additional effects on renal function and favor cyst growth in polycystic kidney disease. Whether AVP also affects kidney structure in the general population is unknown. We analyzed the association of copeptin, an established surrogate for AVP, with parameters of renal function and morphology in a multicentric population-based cohort. Participants from families of European ancestry were randomly selected in three Swiss cities. We used linear multilevel regression analysis to explore the association of copeptin with renal function parameters as well as kidney length and the presence of simple renal cysts assessed by ultrasound examination. Copeptin levels were log-transformed. The 529 women and 481 men had median copeptin levels of 3.0 and 5.2 pmol/L, respectively (P<0.001). In multivariable analyses, the copeptin level was associated inversely with eGFR (β=-2.1; 95% confidence interval [95% CI], -3.3 to -0.8; P=0.002) and kidney length (β=-1.2; 95% CI, -1.9 to -0.4; P=0.003) but positively with 24-hour urinary albumin excretion (β=0.11; 95% CI, 0.01 to 0.20; P=0.03) and urine osmolality (β=0.08; 95% CI, 0.05 to 0.10; P<0.001). A positive association was found between the copeptin level and the presence of renal cysts (odds ratio, 1.6; 95% CI, 1.1 to 2.4; P=0.02). These results suggest that AVP has a pleiotropic role in renal function and may favor the development of simple renal cysts.

Factors Affecting Innovation Adoption in Organizations: The Case of Corporate Website Adoption

Diplomityössä tutkittiin innovaatioiden omaksumista organisaatioissa, ja tarkoituksena oli selvittää tekijät, jotka vaikuttivat omaksumisajankohtaan sekä luokitella yritykset omaksujaryhmiin. Työn empiirinen osuus tarkasteli yritysten internet-kotisivujen omaksumista. Tutkimuksen empiirinen aineisto kerättiin postikyselyn avulla, ja vastausprosentti kyselyssä oli melko hyvä (60%). Aikaisempien tutkimusten pohjalta muodostettiin eri tekijöille mittarit, jotka analyysien perusteella olivat erittäin luotettavia. Regressioanalyysia sovellettiin, kun pyrittiin selvittämään omaksumisajankohtaan vaikuttavia tekijöitä, ja klusterianalyysiä käytettiin apuna omaksujaluokkien muodostamisessa. Omaksujaluokkien väliset erot selvitettiin varianssianalyyseillä. Tutkimuksessa löydettiin kolme omaksumisajankohtaan vaikuttavaa tekijää: (1) innovaation koettu suhteellinen hyöty, (2) yritysjohdon sitoutuminen omaksumisprosessiin, sekä (3) yrityksen strategisten partnereiden määrä. Yritykset luokiteltiin neljään omaksujaluokkaan (innovaattorit, aikaiset omaksujat, aikainen enemmistö ja myöhäinen enemmistö) innovatiivisuuden perusteella. Innovatiivisuutta mitattiin kolmella indikaattorilla, jotka olivat: (1) ajankohta, jolloin yritys tuli tietoiseksi internet-sivuista, (2) ajankohta, jolloin tehtiin omaksumispäätös sekä (3) aika, joka kului internet-sivujen käyttöönottoon. Omaksujaluokkien välillä tunnistettiin lukuisia eroja eri ominaisuuksien suhteen.

Menestysmittariston kehittäminen Osuuspankkiryhmässä

Työn tavoitteena oli syy-seuraussuhteiden selvittäminen osuuspankkien uudessa tasapainotetussa menestysmittaristossa sekä mittaristokokonaisuuden arvioiminen ja mahdollisten kehitysehdotusten esittäminen. Lisäksi tavoitteena oli pankkitasoa alemmille seurantatasoille sopivien menestysmittareiden kehittäminen. Taustaksi soveltavalle osalle työssä tarkastellaan suorituskykymittaristojen roolia osana toiminnan ohjausta ja strategista johtamista. Suorituskykymittaristoista nostetaan esille tasapainotettu mittaristo, muut toiminnan ohjauksen välineet jätetään tutkimuksen ulkopuolelle. Syy-seuraussuhteet esitetään vuokaaviona. Suurin osa esitetyistä syy-seuraussuhteista perustuu rationaaliseen päättelyyn, minkä lisäksi joidenkin mittareiden välisiä yhteyksiä on tutkittu yksinkertaisen regressioanalyysin avulla. Mittaristokokonaisuuden arvioinnin yhteydessä esille nostettuihin kehittämistarpeisiin pyritään vastaamaan määrittelemällä uusi tunnusluku - asiakkuuden kokonaisarvo - joka yhdistää talous- ja asiakasnäkökulman mittaamisen osuuspankkien menestysmittaristossa. Alempien organisaatiotasojen menestysmittareiden kehittämisen osalta rajoitutaan mittareihin, jotka voisivat toimia menestysmittareina kaikissa osuuspankeissa. Niiden muodostamiseen otetaankin kantaa lähinnä periaatteellisella tasolla.

Transactional sex and HIV risks - evidence from a cross-sectional national survey among young people in Uganda.

BACKGROUND: Transactional sex is associated with the HIV epidemic among young people in Uganda. Few quantitative studies based on nationally representative survey data explored the relationship between sexual behaviors, HIV infection, and transactional sex. OBJECTIVE: This study aimed to determine the associations between risky sexual behaviors, participation in transactional sex, and HIV sero-status among men and women aged 15-24 in Uganda. DESIGN: The study uses data from the Uganda AIDS Indicator Survey, a cross-sectional national HIV serological study conducted in 2011. We analyzed data on 1,516 men and 2,824 women aged 15-24 who had been sexually active in the 12 months preceding the survey. Private, face-to-face interviews were also conducted to record the sociodemographics, sexual history, and experiences of sexual coercion. Logistic regression analysis was performed to measure associations between sexual behaviors and transactional sex, and associations between HIV sero-status and transactional sex. RESULTS: Among young people who had been sexually active in the 12 months prior to the survey, 5.2% of young men reported paying for sex while 3.7% of young women reported receiving gifts, favors, or money for sex. Lower educational attainment (ORadjusted 3.25, CI 1.10-9.60) and experience of sexual coercion (ORadjusted 2.83, CI 1.07-7.47) were significantly associated with paying for sex among men. Multiple concurrent sexual relationships were significantly associated with paying for sex among young men (ORadjusted 5.60, CI 2.08-14.95) and receiving something for sex among young women (ORadjusted 8.04, CI 2.55-25.37). Paying for sex among young men and having three to five lifetime sexual partners among young women were associated with increased odds of testing positive for HIV. CONCLUSIONS: Transactional sex is associated with sexual coercion and HIV risk behaviors such as multiple concurrent sexual partnerships among young people in Uganda. In addition, transactional sex appears to place young men at increased risk for HIV in Uganda. Both sexes appear equally vulnerable to risks associated with transactional sex, and therefore should be targeted in intervention programs. In addition, strengthening universal education policy and improving school retention programs may be beneficial in reducing risky sexual behaviors and transactional sex.

Disc Filter External Models in an Integrated Simulation Environment

Työssä tutkittiin kiekkosuodattimeen liittyviä ulkoisia simulointimalleja integroidussa simulointiympäristössä. Työn tarkoituksena oli parantaa olemassa olevaa mekanistista kiekkosuodatinmallia. Malli laadittiin dynaamiseen paperiteollisuuden tarpeisiin tehtyyn simulaattoriin (APMS), jossa olevaan alkuperäiseen mekanistiseen malliin tehtiin ulkoinen lisämalli, joka käyttää hyväkseen kiekkosuodatinvalmistajan mittaustuloksia. Laitetiedon saatavuutta suodattimien käyttäjille parannettiin luomalla Internetissä sijaitsevalle palvelimelle kiekkosuodattimen laitetietomäärittelyt. Suodatinvalmistaja voi palvella asiakkaitaan viemällä laitetiedot palvelimelle ja yhdistämällä laitetiedon simulointimalliin. Tämä on mahdollista Internetin ylitse käytettävän integroidun simulointiympäristön avulla, jonka on tarkoitus kokonaisvaltaisesti yhdistää simulointi ja prosessisuunnittelu. Suunnittelijalle tarjotaan työkalut, joilla dynaaminen simulointi, tasesimulointi ja kaavioiden piirtäminen onnistuu prosessilaitetiedon ollessa saatavilla. Nämä työkalut on tarkoitus toteuttaa projektissa nimeltä Galleria, jossa luodaan prosessimalli- ja laitetietopalvelin Internetiin. Gallerian käyttöliittymän avulla prosessisuunnittelija voi käyttää erilaisia simulointiohjelmistoja ja niihin luotuja valmiita malleja, sekä saada käsiinsä ajan tasalla olevaa laitetietoa. Ulkoinen kiekkosuodatinmalli laskee suodosvirtaamat ja suodosten pitoisuudet likaiselle, kirkkaalle ja superkirkkaalle suodokselle. Mallin syöttöparametrit ovat kiekkojen pyörimisnopeus, sisään tulevan syötön pitoisuus, suotautuvuus (freeness) ja säätöparametri, jolla säädetään likaisen ja kirkkaan suodoksen keskinäinen suhde. Suotautuvuus kertoo mistä massasta on kyse. Mitä suurempi suotautuvuus on, sitä paremmin massa suodattuu ja sitä puhtaampia suodokset yleensä ovat. Mallin parametrit viritettiin regressioanalyysillä ja valmistajan palautetta apuna käyttäen. Käyttäjä voi valita haluaako hän käyttää ulkoista vai alkuperäistä mallia. Alkuperäinen malli täytyy ensin alustaa antamalla sille nominaaliset toimintapisteet virtaamille ja pitoisuuksille tietyllä pyörimisnopeudella. Ulkoisen mallin yhtälöitä voi käyttää alkuperäisen mallin alustamiseen, jos alkuperäinen malli toimii ulkoista paremmin. Ulkoista mallia voi käyttää myös ilman simulointiohjelmaa Galleria-palvelimelta käsin. Käyttäjälle avautuu näin mahdollisuus tarkastella kiekkosuodattimien parametreja ja nähdä suotautumistulokset oman työasemansa ääreltä mistä tahansa, kunhan Internetyhteys on olemassa. Työn tuloksena kiekkosuodattimien laitetiedon saatavuus käyttäjille parani ja alkuperäisen simulointimallin rajoituksia ja puutteita vähennettiin.

Kineettinen tarkastelu keskisakeusalueella toimivalle happivaiheelle

Työn tavoitteena oli tarkastella keskisakeudessa toimivan happidelignifioinnin kinetiikkaa ja vertailla sitä olemassa olevien kineettisten tutkimuksien kanssa. Lisäksi tutkittiin kuinka happivaiheen suodos vaikuttaa delignifiointiasteeseen sekä selektiivisyyteen. Työn kirjallisuusosassa perehdyttiin happidelignifioinnin kineettisiin malleihin, jotka on kehitetty ennustamaan alkalin, paineen, lämpötilan ja ajan vaikutusta ligniinin poistumiselle sekä hiilihydraattiketjujen katkeilulle. Delignifioituminen on nopeaa ensimmäisen kymmenen minuutin aikana ja hidastuu jäännösdelignifiointivaiheessa. Laboratoriotutkimuksissa selvitettiin kuinka prosessimuuttujat vaikuttavat kappaluvun ja viskositeetin muutokseen. Tuloksia tarkasteltiin lineaarisella regressioanalyysillä, jonka avulla muuttujien vaikutukset saadaan selkeästi esille. Happivaiheen ensimmäisessä vaiheessa suurin vaikutus delignifiointiasteeseen sekä viskositeetin alenemiseen on alkaliannoksella. Pienillä hapen annostuksella saavutettiin hyvä selektiivisyys, suurillakin alkaliannoksilla. Lämpötilan vaikutus on lähes olematon, kun paine on pieni. Kun paine kasvaa, kasvaa myös lämpötilan vaikutus delignifiointiasteeseen. Hiilihydraattien depolymerisoituminen lisääntyy lämpötilan kasvaessa lähes lineaarisesti, riippumatta paineesta. Hyvä loppuselektiivisyys saavutetaan kun ensimmäisen vaiheen selektiivisyys on hyvä. Ensimmäisessä vaiheessa saavutettiin hyvä selektiivisyys, kun alkali ei pääse kulumaan loppuun eikä delignifioituminen jatku liian pitkälle. Toisessa vaiheessa selektiivisyys säilyy parhaiten, kun lisättävä alkaliannos on pieni. Lämpötila ja paine vaikuttavat alkaliannokseen verrattuna hyvin vähän loppuselektiivisyyteen.

Effect of gibberellic acid and the biostimulant stimulate® on the initial growth of tamarind

Plant growth regulators and biostimulants have been used as an agronomic technique to optimize the production of seedlings in various crops. This study aimed to evaluate the influence of gibberellic acid and the biostimulant Stimulate® on the initial growth of tamarind (Tamarindus indica L.). The experiments were conducted in a nursery with 50% shading, in a randomized block design with five replications and five plants per plot. Thirty eight days after sowing, the leaves were sprayed seven times a day with 0.0 (control), 0.8, 1.6, 2.4 and 3.2 mL of gibberellic acid L-1 aqueous solution and with 0.0 (control), 6.0,12.0, 18.0, and 24.0 mL Stimulate® L-1 aqueous solution. Stem diameter (SD), plant height (PH), longest root length (LRL), shoot dry mass (SDM), root dry mass (RDM) and RDM:SDM ratio were evaluated ninety days after sowing. Variance and regression analysis showed that GA3 at 4% promoted plant growth (height), but had no significant effect on stem diameter, longest root length, shoot and root dry mass and the RDM:SDM ratio. On the other hand, all concentrations of Stimulate® significantly increased plant height and shoot and root dry mass of tamarind seedlings.