The effect of the Lehman Brothers bankruptcy on the performance of Chinese sectors

We investigate the effect of the news announcement of the Lehman Brothers (LBs) bankruptcy on the performance of Shanghai Stock Exchange (SSE) sectors. Unlike the assumption in the literature that firms are homogenous, we address the unknown issue: Does LBs bankruptcy have a heterogeneous effect on stock returns of sectors listed on SSE? We find statistically insignificant effect of LBs bankruptcy on the performance of energy and financial sectors while most of the other sectors suffered significantly. Thus, our results highlight the heterogeneous effect of LBs bankruptcy on different sectors and at different time intervals surrounding the event.

“Intrinsic time” and the minimal self: reflections on the methodological and metaphysical significance of temporal experience

This book investigates the complex, sometimes fraught relationship between phenomenology and the natural sciences. The contributors attempt to subvert and complicate the divide that has historically tended to characterize the relationship between the two fields. Phenomenology has traditionally been understood as methodologically distinct from scientific practice, and thus removed from any claim that philosophy is strictly continuous with science. There is some substance to this thinking, which has dominated consideration of the relationship between phenomenology and science throughout the twentieth century. However, there are also emerging trends within both phenomenology and empirical science that complicate this too stark opposition, and call for more systematic consideration of the inter-relation between the two fields. These essays explore such issues, either by directly examining meta-philosophical and methodological matters, or by looking at particular topics that seem to require the resources of each, including imagination, cognition, temporality, affect, imagery, language, and perception.

Three essays on the interest rate cruve multiplicity in the interbank market

Esta tesis lleva por título ”Tres ensayos sobre la multiplicidad de curvas de tipos de interés en el mercado interbancario” y está compuesta por tres artículos de investigación independientes en los que se analiza la evolución de los diferenciales del mercado interbancario del Euro en el periodo post-crisis. El objetivo es obtener información embebida en las cotizaciones de estos diferenciales emplenado distintas metodologías e identificar las variables que subyacen al fenómeno de la multiplicidad de curvas, caracterizando el papel que juegan a la hora de explicar esta evolución. El análisis se realiza según una aproximación cercana a la práctica de mercado (Capítulo 2), siguiendo técnicas de valoración de activos (Capítulo 3) y finalmente considerando métodos econométricos (Capítulo 4). El Capítulo 2, que incluye el primer ensayo, se centra en la evolución dinámica de las distintas curvas de tipos de interés surgidas a raíz de la crisis -diferenciadas por la periodicidad de pago del tipo de interés subyacente- a través del estudio de sus diferenciales respecto a la curva overnight. La metodología empleada es similar a la de Diebold and Li (2006) y se resume en tres factores principales que se interpretan como nivel, pendiente y curvatura. El análisis de componentes principales de estos factores para distintas periodicidades muestra que existen patrones comunes entre los factores de las diferentes curvas, en particular el primer componente principal explica el 90% de su variación. El estudio de los determinantes de estos factores revela importantes conclusiones sobre las fuentes de este patrón. En concreto, se observa que el nivel tiene una relación muy importante con el riesgo de crédito. Asimismo, el estudio del contenido informacional de los errores residuales del modelo -mediante el cómputo de la medida de ruido de Hu et al. (2013)- nos lleva a concluir que estos residuos tienen relación con la liquidez. El análisis de estos datos empleando téncicas VAR refuerza estos resultados...

The development of an algorithm to track blood pressure accurately based on the pulse transit time method

Oscillometric blood pressure (BP) monitors are currently used to diagnose hypertension both in home and clinical settings. These monitors take BP measurements once every 15 minutes over a 24 hour period and provide a reliable and accurate system that is minimally invasive. Although intermittent cuff measurements have proven to be a good indicator of BP, a continuous BP monitor is highly desirable for the diagnosis of hypertension and other cardiac diseases. However, no such devices currently exist. A novel algorithm has been developed based on the Pulse Transit Time (PTT) method, which would allow non-invasive and continuous BP measurement. PTT is defined as the time it takes the BP wave to propagate from the heart to a specified point on the body. After an initial BP measurement, PTT algorithms can track BP over short periods of time, known as calibration intervals. After this time has elapsed, a new BP measurement is required to recalibrate the algorithm. Using the PhysioNet database as a basis, the new algorithm was developed and tested using 15 patients, each tested 3 times over a period of 30 minutes. The predicted BP of the algorithm was compared to the arterial BP of each patient. It has been established that this new algorithm is capable of tracking BP over 12 minutes without the need for recalibration, using the BHS standard, a 100% improvement over what has been previously identified. The algorithm was incorporated into a new system based on its requirements and was tested using three volunteers. The results mirrored those previously observed, providing accurate BP measurements when a 12 minute calibration interval was used. This new system provides a significant improvement to the existing method allowing BP to be monitored continuously and non-invasively, on a beat-to-beat basis over 24 hours, adding major clinical and diagnostic value.

Book review : the red market : on the trail of the world’s organ brokers, bone thieves, blood farmers, and child traffickers

Book review of The Red Market: On the Trail of the World's Organ Brokers, Bone Thieves, Blood Farmers, and Child Traffickers. Scott Carney, 2011, William Morrow (New York, 978-0-06-193646-3, 272 pp.)

Three essays on the intraday dynamics of the foreign exchange market

Containing three essays on the intraday dynamics of the foreign exchange market, the dissertation highlights the role of higher-moments in improving the forecasting ability of exchange rates models while contributing to the literature through the identification of new calendar anomalies in the currency market which has implications for regulators and investors.

‘Care in a chair’ – The impact of an overcrowded emergency department on the time to treatment and length of stay of self-presenting patients with abdominal pain

Objectives The aim in this study was to investigate the impact of overcrowding on the Australasian Triage Score’s (ATS) time to treatment target and the National Emergency Access Target (NEAT) for patients who self-present to the Emergency Department (ED) with abdominal pain. Background The causes and effects of ED overcrowding have been well described in the literature. It is a widespread phenomenon throughout the world and it can cause serious harm to patients and have a negative impact on access to emergency care. There is however, little research investigating the effect of overcrowding when patients self-present to the ED and experience a delay in being allocated a cubicle. Methods A retrospective analysis of 12-months of computerised records was carried out in order to determine if self-presenting patients with abdominal pain allocated a category 3 triage score who were required to ‘queue’ for a cubicle would meet ATS target and NEAT requirements. A multiple regression analysis was used to determine whether or not queuing for an ED cubicle, age and gender were predictors of meeting the ATS guidelines and NEAT requirements. Results Three hundred and five patients met the inclusion criteria and were included in the study. Of these 149 patients waited more than 15 min to be allocated a cubicle while 156 did not experience any delay. A multiple regression analysis revealed that gender and age were not predictive of meeting the ATS target and NEAT requirements, while delay in allocation to a cubicle was a significant predictor of not being assessed within 30 min and discharged within 4 h. Furthermore, 61.2% of patients allocated to the waiting room queue for any amount of time were admitted to the ward. Conclusion Queuing in the waiting room for an ED bed was a significant predictor of whether or not category three patients with abdominal pain had treatment commenced within 30 min of presentation and was associated with a longer total ED length of stay.

PRICE TRANSMISSION ON THE MILK PORTUGUESE MARKET

This paper aims to analyze the milk prices transmission along the food chain in Portugal, temporally and spatially. The results show that the volatility on retail prices is small but happens after 2008. The farm gate price does not change when the price of package milk changes. In mainland, price transmission does not happen but for Azores the transmission is effective. In the intensive systems, the risk to collapse is bigger than in the extensive systems, where the volatility of prices reflects the process of markets adjustment.

School-time Extension: Are the School Structure’s Hard Components Modified? Literature Review on the Subject

For more than two decades we have witnessed in Latin America –in Argentina particularly– the development of policies to expand the school day. We understand that the implementation of such policies is an opportunity to observe the behavior of the school’s behavior faced with the attempt to modify one of its hardest components –school-time–; it becomes also a natural laboratory to analyze how much does the traditional organization of school-time can resist, how does it change and how do these changes (if implemented) impact the rest of the school components (spaces, groups, etc.). This paper shows the state of the art of the most significant studies in two research fields, in the context of primary education, on this matter: on the one hand, the studies related to organization and extension of school time and, on the other hand, research on the structural and structuring components of school-related aspects. The literature review indicates that studies on school-time and on the corresponding extension policies and programs do not report the difficulties found when trying to modify the hard components of the school system. Studies with the ‘school system’ as object of study have not approached the numerous school-time extension experiences, although time is one of the structural elements of the system.