The effect of universal futures on opening and closing stock market price discovery

Purpose – On 29 January 2001, Euronext LIFFE introduced single security futures contracts on a range of global companies. The purpose of this paper is to examine the impact that the introduction of these futures contracts had on the behaviour of opening and closing UK equity returns. Design/methodology/approach – The paper models the price discovery process using the Amihud and Mendelson partial adjustment model which can be estimated using a Kalman filter. Findings – Empirical results show that during the pre-futures period both opening and closing returns under-react to new information. After the introduction of futures contracts opening returns over-react. A rise in the partial adjustment coefficient also takes place for closing returns but this is not large enough to cause over-reaction. Originality/value – This is the first study to examine the impact of a single security futures contract on the speed of spot market price discovery.

A cross-cultural approach to understanding entrepreneurial intention

The current research aims to shed light on the role of culture in the formation of career intentions. It draws on the Theory of Planned Behavior (TPB; Ajzen), which has been widely employed to predict intentions, including entrepreneurial career intentions, but past research has almost exclusively been conducted in "Western" countries. The current research specifically explores the extent to which both the strength of relationships of TPB predictors with entrepreneurial career intentions and the TPB predictors themselves are invariant across cultures. The study compares six very different countries (Germany, India, Iran, Poland, Spain, and the Netherlands), drawing on an overall sample of 1,074 students and their assessments of entrepreneurial career intentions. Results support culture universal effects of attitudes and perceived behavioral control (self-efficacy) on entrepreneurial career intentions but cultural variation in the effects of subjective norm. © The Curators of the University of Missouri 2012.

Innovating engineering education: the RVS approach:an empirically grounded method to improved practice and enhanced student experience

This paper builds on previous work (Clark, 2009; Clark & Andrews 2011, 2014) to continue the debate around a seemingly universal question…“How can educational theory be applied to engineering education in such a way so as to make the subject more accessible and attractive to students? It argues that there are three key elements to student success; Relationships, Variety & Synergy (RVS). By further examining the purposefully developed bespoke learning and teaching approach constructed around these three elements (RVS) the discourse in this paper links educational theory to engineering education and in doing so further develops arguments for the introduction of a purposefully designed pedagogic approach for use in engineering education.

Fourier Neural Networks: An Approach with Sinusoidal Activation Functions

* Supported by INTAS 2000-626, INTAS YSF 03-55-1969, INTAS INNO 182, and TIC 2003-09319-c03-03.

Towards the knowledge-based design of universal influenza epitope ensemble vaccines

Motivation: Influenza A viral heterogeneity remains a significant threat due to unpredictable antigenic drift in seasonal influenza and antigenic shifts caused by the emergence of novel subtypes. Annual review of multivalent influenza vaccines targets strains of influenza A and B likely to be predominant in future influenza seasons. This does not induce broad, cross protective immunity against emergent subtypes. Better strategies are needed to prevent future pandemics. Cross-protection can be achieved by activating CD8+ and CD4+ T cells against highly-conserved regions of the influenza genome. We combine available experimental data with informatics-based immunological predictions to help design vaccines potentially able to induce cross-protective T-cells against multiple influenza subtypes. Results: To exemplify our approach we designed two epitope ensemble vaccines comprising highly-conserved and experimentally-verified immunogenic influenza A epitopes as putative non-seasonal influenza vaccines; one specifically targets the US population and the other is a universal vaccine. The USA-specific vaccine comprised 6 CD8+ T cell epitopes (GILGFVFTL, FMYSDFHFI, GMDPRMCSL, SVKEKDMTK, FYIQMCTEL, DTVNRTHQY) and 3 CD4+ epitopes (KGILGFVFTLTVPSE, EYIMKGVYINTALLN, ILGFVFTLTVPSERG). The universal vaccine comprised 8 CD8+ epitopes: (FMYSDFHFI, GILGFVFTL, ILRGSVAHK, FYIQMCTEL, ILKGKFQTA, YYLEKANKI, VSDGGPNLY, YSHGTGTGY) and the same 3 CD4+ epitopes. Our USA-specific vaccine has a population protection coverage (portion of the population potentially responsive to one or more component epitopes of the vaccine, PPC) of over 96% and 95% coverage of observed influenza subtypes. The universal vaccine has a PPC value of over 97% and 88% coverage of observed subtypes.

The non-existence of a universal topological type space

The concept of types was introduced by Harsányi[8]. In the literature there are two approaches for formalizing types, type spaces: the purely measurable and the topological models. In the former framework Heifetz and Samet [11] showed that the universal type space exists and later Meier[13] proved that it is complete. In this paper we examine the topological approach and conclude that there is no universal topological type space in the category of topological type spaces.

Rota’s universal operators and invariant subspaces in Hilbert spaces

A Hilbert space operator is called universal (in the sense of Rota) if every operator on the Hilbert space is similar to a multiple of the restriction of the universal operator to one of its invariant subspaces. We exhibit an analytic Toeplitz operator whose adjoint is universal in the sense of Rota and commutes with a quasi-nilpotent injective compact operator with dense range. In articular, this new universal operator invites an approach to the Invariant Subspace Problem that uses properties of operators that commute with the universal operator.

Putting Adequate Financial and Human Resources in Healthcare for Effective Universal Health Coverage in Kenya: Lessons and Experiences from China

In recent years, most low and middle-income countries, have adopted different approaches to universal health coverage (UHC), to ensure equity and financial risk protection in accessing essential healthcare services. UHC-related policies and delivery strategies are largely based on existing healthcare systems, a result of gradual development (based on local factors and priorities). Most countries have emphasized on health financing, and human resources for health (HRH) reform policies, based on good practices of several healthcare plans to deliver UHC for their population.

Health financing and labor market frameworks were used, to understand health financing, HRH dynamics, and to analyze key health policies implemented over the past decade in Kenya’s effort to achieve UHC. Through the understanding, policy options are proposed to Kenya; analyzing, and generating lessons from health financing, and HRH reforms experiences in China. Data was collected using mixed methods approach, utilizing both quantitative (documents and literature review), and qualitative (in-depth interviews) data collection techniques.

The problems in Kenya are substantial: high levels of out-of-pocket health expenditure, slow progress in expanding health insurance among informal sector workers, inefficiencies in pulling of health are revenues, inadequate deployed HRH, maldistribution of HRH, and inadequate quality measures in training health worker. The government has identified the critical role of strengthening primary health care and the National Hospital Insurance Fund (NHIF) in Kenya’s move towards UHC. Strengthening primary health care requires; re-defining the role of hospitals, and health insurance schemes, and training, deploying and retaining primary care professionals according to the health needs of the population; concepts not emphasized in Kenya’s healthcare reforms or programs design. Kenya’s top leadership commitment is urgently needed for tougher reforms implementation, and important lessons from China’s extensive health reforms in the past decade are beneficial. Key lessons from China include health insurance expansion through rigorous research, monitoring, and evaluation, substantially increasing government health expenditure, innovative primary healthcare strengthening, designing, and implementing health policy reforms that are responsive to the population, and regional approaches to strengthening HRH.

Towards the Knowledge-based Design of Universal Influenza Epitope Ensemble Vaccines

Motivation: Influenza A viral heterogeneity remains a significant threat due to unpredictable antigenic drift in seasonal influenza and antigenic shifts caused by the emergence of novel subtypes. Annual review of multivalent influenza vaccines targets strains of influenza A and B likely to be predominant in future influenza seasons. This does not induce broad, cross protective immunity against emergent subtypes. Better strategies are needed to prevent future pandemics. Cross-protection can be achieved by activating CD8+ and CD4+ T cells against highly-conserved regions of the influenza genome. We combine available experimental data with informatics-based immunological predictions to help design vaccines potentially able to induce cross-protective T-cells against multiple influenza subtypes. Results: To exemplify our approach we designed two epitope ensemble vaccines comprising highlyconserved and experimentally-verified immunogenic influenza A epitopes as putative non-seasonal influenza vaccines; one specifically targets the US population and the other is a universal vaccine. The USA-specific vaccine comprised 6 CD8+ T cell epitopes (GILGFVFTL, FMYSDFHFI, GMDPRMCSL, SVKEKDMTK, FYIQMCTEL, DTVNRTHQY) and 3 CD4+ epitopes (KGILGFVFTLTVPSE, EYIMKGVYINTALLN, ILGFVFTLTVPSERG). The universal vaccine comprised 8 CD8+ epitopes: (FMYSDFHFI, GILGFVFTL, ILRGSVAHK, FYIQMCTEL, ILKGKFQTA, YYLEKANKI, VSDGGPNLY, YSHGTGTGY) and the same 3 CD4+ epitopes. Our USA-specific vaccine has a population protection coverage (portion of the population potentially responsive to one or more component epitopes of the vaccine, PPC) of over 96% and 95% coverage of observed influenza subtypes. The universal vaccine has a PPC value of over 97% and 88% coverage of observed subtypes.

Rota's universal operators and invariant subspaces in Hilbert spaces

A Hilbert space operator is called universal (in the sense of Rota) if every operator on the Hilbert space is similar to a multiple of the restriction of the universal operator to one of its invariant subspaces. We exhibit an analytic Toeplitz operator whose adjoint is universal in the sense of Rota and commutes with a quasi-nilpotent injective compact operator with dense range. In particular, this new universal operator invites an approach to the Invariant Subspace Problem that uses properties of operators that commute with the universal operator.