Hypertension is associated with greater heat exchange during exercise recovery in a hot environment

Individuals with systemic arterial hypertension have a higher risk of heat-related complications. Thus, the aim of this study was to examine the thermoregulatory responses of hypertensive subjects during recovery from moderate-intensity exercise performed in the heat. A total of eight essential hypertensive (H) and eight normotensive (N) male subjects (age=46.5±1.3 and 45.6±1.4 years, body mass index=25.8±0.8 and 25.6±0.6 kg/m2, mean arterial pressure=98.0±2.8 and 86.0±2.3 mmHg, respectively) rested for 30 min, performed 1 h of treadmill exercise at 50% of maximal oxygen consumption, and rested for 1 h after exercise in an environmental chamber at 38°C and 60% relative humidity. Skin and core temperatures were measured to calculate heat exchange parameters. Mean arterial pressure was higher in the hypertensive than in the normotensive subjects throughout the experiment (P<0.05, unpaired t-test). The hypertensive subjects stored less heat (H=-24.23±3.99 W·m−2vs N=-13.63±2.24 W·m−2, P=0.03, unpaired t-test), experienced greater variations in body temperature (H=-0.62±0.05°C vsN=-0.35±0.12°C, P=0.03, unpaired t-test), and had more evaporated sweat (H=-106.1±4.59 W·m−2vs N=-91.15±3.24 W·m−2, P=0.01, unpaired t-test) than the normotensive subjects during the period of recovery from exercise. In conclusion, essential hypertensive subjects showed greater sweat evaporation and increased heat dissipation and body cooling relative to normotensive subjects during recovery from moderate-intensity exercise performed in hot conditions.

Evaluation of novel programs in health counseling – their effectiveness in the oral health of young children, and their acceptance by parents and professionals in public dental service.

Aim and design: To evaluate family-based health counseling for young children, and to study the significance of adding parental self-care or the training of professionals to the programs. The effectiveness and acceptability of the programs were evaluated by comparing two new programs with an earlier one. Subjects and methods: The study was carried out in Vantaa, which was divided into three study areas. The subjects consisted of children born in 2008, particularly fi rstborn children, while children born in 2006 formed the historical control. The fi rst of the new programs emphasized oral hygiene and use of fl uoride, and the second program focused on proper diet and use of xylitol. The main outcome measure was mutansstreptococci (MS) in the dental biofi lm of two-year-olds, and the opinions of parents and dental professionals were evaluated using questionnaires. Results: The programs found wide acceptance among dental professionals. There were no group-related differences found in the MS scores of the two-year-olds. However, all groups combined, father’s advanced level of education and child’s proper use of xylitol were associated with negative MS scores. In the opinion of parents, the oral healthcare guidance at least somewhat met their expectations. Conclusions: The present fi ndings suggest that providing training and support for professionals in health education is important. The addition of parental self-care to supplement programs aimed at young children does not improve the program, although it may improve parental readiness to change their own health habits. Counseling for families might be best carried out through a routine patient-centered program.

Comparative analysis of vitamin A and iron content in food according to different food composition tables and nutritional evaluation software programs

The objective of this study was to analyze retinol equivalent and iron content in different food composition tables and nutritional evaluation software programs. A literature search was conduct to identify tables and software available in Brazil containing information about retinol equivalent and iron content that are currently used by nutritionists. Ten tables and five software programs were selected for this study. The methodology used to present the retinol equivalent and iron content was evaluated and no pattern to obtain such content was found in the tables and software programs analyzed. Only one of the tables had enough information for the calculation of retinol equivalents; this table is recommended to all Latin America As for the iron content, three of the tables analyzed stand out and therefore should be used; two of them are based on national foods and the other is recommended for use in all Latin America countries. None of the software programs evaluated use the conversion factors suggested by IVACG to assess the vitamin A content in foods. Special attention should be given to the content of iron provided in the software programs since they use tables as international sources and fortified foods.

Return and Volatility spillovers among stock and Foreign Exchange Markets: Empirical Evidence from selected African Markets

Return and volatility dynamics in financial markets across the world have recently become important for the purpose of asset pricing, portfolio allocation and risk management. However, volatility, which come about as a result of the actions of market participants can help adapt to different situations and perform when it really matters. With recent development and liberalization among financial markets in emerging and frontier markets, the need for how the equity and foreign exchange markets interact and the extent to which return and volatility spillover are spread across countries is of importance to investors and policy makers at large. Financial markets in Africa have received attention leading to investors diversifying into them in times of crisis and contagion effects in developed countries. Regardless of the benefits these markets may offer, investors must be wary of issues such as thin trading, volatility that exists in the equity and currency markets and its related fluctuations. The study employs a VAR-GARCH BEKK model to study the return and volatility dynamics between the stock and foreign exchange sectors and among the equity markets of Egypt, Kenya, Nigeria, South Africa and Tunisia. The main findings suggest a higher dependence of own return in the stock markets and a one way return spillover from the currencies to the equity markets except for South Africa which has a weaker interrelation among the two markets. There is a relatively limited integration among the equity markets. Return and volatility spillover is mostly uni-directional except for a bi-directional relationship between the equity markets of Egypt and Tunisia. The study implication still proves a benefit for portfolio managers diversifying in these African equity markets, since they are independent of each other and may not be highly affected by the influx of negative news from elsewhere. However, there is the need to be wary of return and volatility spillover between the equity and currency markets, hence devising better hedging strategies to curb them.

Cross Listing of a Finnish Company on an Exchange in the United States of America

Finnish companies cross listing in the United States is an exceptional phenomenon. This study examines the cross listing decision, cross listing choice and cross listing process with associated challenges and critical factors. The aim is to create an in-depth understanding of the cross listing process and the required financial information. Based on that, the aim is to establish the process phases with the challenges and the critical factors that ought to be considered be- fore establishing the process plus re-evaluated and further considered at points in time during the process. The empirical part of this study is conducted as a qualitative study. The research data was collected through the adoption of two approaches, which are the interview approach and the textual data approach. The interviews were conducted with Finnish practitioners in the field of accounting and finance. The textual data was from publicly available publications of this phenomenon by the two BIG5 accounting companies worldwide. The results of this study demonstrate the benefits of cross listing in the U.S. are the better growth opportunities, the reduction of cost of capital and the production of higher quality financial information. In the decision making process companies should assess whether the benefits exceed the increased costs, the pressure for performance, the uncertainty of market recognition and the requirements of management. The exchange listing is seen as the most favourable cross listing choice for Finnish companies. The establishment of the processes for producing reliable, transparent and timely financial information was seen as both highly critical and very challenging. The critical success factors relating to the cross listing phases are the assessment and planning as well as the right mix of experiences and expertise. The timing plays important role in the process. The results mainly corroborate the literature concerning cross listing decision and choice. This study contributes to the literature on the cross listing process offering a useful model for the phases of the cross listing process.

Foreign exchange exposure management in a fuel procurement company operating in the commodity markets

Fluctuating commodity prices, foreign exchange rates and interest rates are causing changes in cash flows, market value and the companies’ profit. Most of the commodities are quoted in US dollar. Companies with non-dollar accounting face a double risk in the form of the commodity price risk and foreign exchange risk. The objective of this Master’s thesis is to find out how companies under commodity should manage foreign exchange exposure. The theoretical literature is based on foreign exchange risk, commodity risk and foreign exchange exposure management. The empirical research is done by using constructive modelling of a case company in the oil industry. The exposure is model with foreign exchange net cash flow and net working capital. First, the factors affecting foreign exchange exposure in case company are analyzed, then a model of foreign exchange exposure is created. Finally, the models are compared and the most suitable method is defined. According to the literature, foreign exchange exposure is the foreign exchange net cash flow. However, the results of the study show that foreign exchange risk can be managed also with net working capital. When the purchases, sales and storage are under foreign exchange risk, the best way to manage foreign exchange exposure is with combined net cash flow and net working capital method. The foreign exchange risk policy of the company defines the appropriate way to manage foreign exchange risk.

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.

National exchange rate policies and international debt crises: how Brazil did not follow Argentina into a default in 2001-2002

This paper examines how exchange rate policies and IMF Stand-By Arrangements affect debt crises using econometrics and a comparison between Argentina and Brazil. It refines an existing diagram outlining crisis development to propose crisis prevention strategies. Flexible exchange rate policies reduce a country's probability of default by over 4%, but Stand-By Arrangements increase it by an inconsequential percentage. Unlike Argentina, Brazil avoided a default via a freely-floating exchange rate system, fiscal deficit reduction, and a cooperative and coordinated relationship with the IMF. The results provide policymakers from developing countries with lessons to manage their countries' default risks more effectively.

Sopeutumattomien oppilaiden tunne- ja itsesäätelytaitojen kehittyminen: Oppilaiden ja opettajien arvioita ja kokemuksia Aggression portaat -interventiosta

Tässä tutkimuksessa tarkastellaan sopeutumattomien erityisoppilaiden tunne- ja itsesäätelytaitojen kehittymistä Aggression portaat -interventio-ohjelman avulla kolmen vuoden tutkimusjakson aikana. Käsite sopeutumaton oppilas ei ole yksiselitteisesti määriteltävissä, mutta tässä tutkimuksessa sillä tarkoitetaan yleisopetussuunnitelman mukaan opiskelevaa oppilasta, joka käyttäytymiseen ja tunne-elämään liittyvien haasteidensa vuoksi on saanut siirron erityisopetuksen oppilaaksi ja saa enintään 10 oppilaan opetusryhmässä erityistä pedagogista tukea. Tutkimuksen yksi keskeinen tehtävä oli tutkia, onko tunne- ja itsesäätelytaitojen opettamisesta hyötyä sopeutumattomien oppilaiden tunteiden hallinnan ja käyttäytymisen itsesäätelyn kannalta. Tutkimuksen teoreettisena viitekehyksenä on Rose-Krasnorin (1997) malli yksilön sosioemotionaalisesta kompetenssista täydennettynä muiden tutkijoiden näkemyksillä. Sosioemotionaalinen kompetenssi on yläkäsite, johon kuuluvat alakäsitteinä tunne- ja itsesäätelytaidot, sosiokognitiiviset taidot ja sosiaaliset taidot. Lisäksi sosioemotionaaliseen kompetenssiin vaikuttavat kiintymyssuhteet ja osallisuus sekä tavoitteet vuorovaikutuksessa ja konteksti. Tässä tutkimuksessa keskitytään tunne- ja itsesäätelytaitoihin. Interventioryhmän (N=36) muodostivat Varsinais-Suomen alueella opiskelevat sopeutumattomien oppilaiden erityiskoulun 8-13-vuotiaat oppilaat, joille opetettiin tunne- ja itsesäätelytaitoja Aggression portaat -opetusmateriaaliin (Cacciatore 2007) pohjautuvan intervention avulla. Kontrolliryhmän (N=26) oppilaat olivat interventioryhmän oppilaiden ikäisiä ja he opiskelivat Varsinais-Suomen alueen kouluissa pienluokissa myös käyttäytymiseen ja tunne-elämään liittyvien haasteidensa vuoksi. Kontrolliryhmän oppilaat eivät saaneet tutkimusjakson aikana interventio-ohjelman mukaista opetusta. Interventioryhmän oppilaat kävivät erityiskoulua, jossa kaikilla oppilailla oli sopeutumisongelmia ja kontrolliryhmän oppilaat opiskelivat yleisopetuksen koulujen yhteydessä olevilla sopeutumattomien oppilaiden pienluokilla. Tutkimusaineisto on kerätty vuosina 2010-2012. Tutkimusmetodeina olivat sekä oppilaille että opettajille laaditut Webropol-alustaiset kyselyt ja oppilaiden kirjoittamat väkivalta-aiheiset tekstit. Tutkimus- ja kontrolliryhmän oppilaille pidettiin ”Tunteiden hallinta ja käyttäytyminen”- kyselyn avulla alkumittaus syksyllä 2009 ja mittaus toistettiin keväällä 2010, 2011 ja 2012. Kyselyiden avulla selvitettiin, miten oppilaiden tunteiden kokeminen ja ilmaiseminen sekä tunteiden hallinta ja käyttäytymisen itsesäätely muuttuivat tutkimusjakson aikana. Kyselyssä kartoitettiin myös oppilaiden kokemuksia kiusaamisena ilmenevästä väkivallasta. Aineistolähtöisen sisällönanalyysin avulla selvitettiin oppilaiden kirjoitelmista heidän ajatuksiaan ja näkemyksiään väkivallasta ja ehdotuksia keinoista väkivallan vähentämiseksi. Keväällä 2012 interventioryhmän oppilaille ja opettajille laadittujen erillisten kyselyiden avulla selvitettiin sekä oppilaiden että opettajien arvioita ja kokemuksia oppilaiden tunne- ja itsesäätelytaitojen muutoksesta interventio-ohjelman avulla. Lisäksi oppilaat ja opettajat arvioivat pidettyjen tunnetaitotuntien hyödyllisyyttä oppilaille. Interventioryhmän opettajat arvioivat myös Aggression portaat -interventiomateriaalin käyttökelpoisuutta. Vuoden 2014 Perusopetuksen opetussuunnitelman perusteissa esitetyt velvoitteet opettaa kouluissa oppilaille tunne- ja vuorovaikutustaitoja edellyttävät tietoa konkreettisista käytänteistä ja tutkimusperustaisista interventio-ohjelmista. Tämän tutkimuksen tulokset osoittavat, että interventioryhmän muodostaneet sopeutumattomat oppilaat hyötyivät Aggression portaat -interventiosta. Heidän tunne- ja itsesäätelytaidoissaan tapahtui myönteistä kehitystä etenkin myönteisten tunnekokemusten lisääntymisen ja toisiin kohdistuneen fyysisen väkivallan vähenemisen osalta. Myös suhtautuminen väkivaltapelien ikärajoihin oli merkittävästi myönteisempää kuin kontrolliryhmän oppilailla, joilla kielteinen asenne lisääntyi selvästi tutkimusjakson aikana. Lisäksi interventioryhmän oppilailla oli keinoja itsensä rentouttamiseksi, päinvastoin kuin kontrolliryhmän oppilailla, joilla keinottomuuden kokemus jopa lisääntyi. Interventioryhmän oppilaat suhtautuivat hyvin kielteisesti toisen yllyttämiseen väkivaltaiseen tekoon ja kirjoittivat enemmän ajatuksiaan väkivallasta tuoden esille runsaasti ehdotuksia keinoista väkivallan vähentämiseksi. Myös oppilaat ja opettajat kokivat interventio-ohjelman oppilaiden kehityksen kannalta hyödylliseksi ja opettajat myös interventiomateriaalin käyttökelpoiseksi.

Static waves in corporate space : characterizing oscillating trading patterns in New York stock exchange

Various researches in the field of econophysics has shown that fluid flow have analogous phenomena in financial market behavior, the typical parallelism being delivered between energy in fluids and information on markets. However, the geometry of the manifold on which market dynamics act out their dynamics (corporate space) is not yet known. In this thesis, utilizing a Seven year time series of prices of stocks used to compute S&P500 index on the New York Stock Exchange, we have created local chart to the corporate space with the goal of finding standing waves and other soliton like patterns in the behavior of stock price deviations from the S&P500 index. By first calculating the correlation matrix of normalized stock price deviations from the S&P500 index, we have performed a local singular value decomposition over a set of four different time windows as guides to the nature of patterns that may emerge. I turns out that in almost all cases, each singular vector is essentially determined by relatively small set of companies with big positive or negative weights on that singular vector. Over particular time windows, sometimes these weights are strongly correlated with at least one industrial sector and certain sectors are more prone to fast dynamics whereas others have longer standing waves.