scholarly journals Statistical arbitrage and FX exposure with South American ADRs listed on the NYSE

2012 ◽  
Vol 3 (2) ◽  
pp. 5-18 ◽  
Author(s):  
Shadie Broumandi ◽  
Tobias Reuber
Keyword(s):  
Financial Markets ◽  
Abnormal Returns ◽  
South American ◽  
Trading Rule ◽  
Rule Based ◽  
American Depositary Receipt ◽  
Main Achievement ◽  
Statistical Arbitrage ◽  
The Mean ◽  
Positive Results

An American Depositary Receipt (ADR) represents ownership in the shares of a foreign company trading in US financial markets. We test a pair trading rule based on the mean reversion assumption for six South American stocks and their ADR counterparts on the NYSE. In our opinion, such a strategy should separate the spread risk from the currency risk. This paper aims to challenge the positive results found in similar settings. The main achievement is to show that isolating FX exposure turns such strategies that were presented as profitable to unprofitable and abnormal returns are just due to an appreciation in the home currencies versus the USD. Hence the results in some of literature should be revised.

scholarly journals Macrolide-Resistant and Macrolide-Sensitive Mycoplasma pneumoniae Pneumonia in Children Treated Using Early Corticosteroids

2021 ◽  
Vol 10 (6) ◽  
pp. 1309
Author(s):  
Hye Young Han ◽  
Ki Cheol Park ◽  
Eun-Ae Yang ◽  
Kyung-Yil Lee
Keyword(s):  
Mycoplasma Pneumoniae ◽  
Serological Test ◽  
Corticosteroid Treatment ◽  
23S Rrna ◽  
Laboratory Parameters ◽  
The Mean ◽  
Domain V ◽  
Positive Results ◽  
Mycoplasma Pneumoniae Pneumonia

We have found that early corticosteroid therapy was effective for reducing morbidity during five Korea-wide epidemics. We evaluated the clinical and laboratory parameters of 56 children who received early corticosteroid treatment for pneumonia that was caused by macrolide-resistant Mycoplasma pneumoniae (M. pneumoniae) or macrolide-sensitive M. pneumoniae between July 2019 and February 2020. All subjects had dual positive results from a PCR assay and serological test, and received corticosteroids within 24–36 h after admission. Point mutation of residues 2063, 2064, and 2067 was identified in domain V of 23S rRNA. The mean age was 6.8 years and the male:female ratio was 1.2:1 (31:25 patients). Most of the subjects had macrolide-resistant M. pneumoniae (73%), and all mutated strains had the A2063G transition. No significant differences in clinical and laboratory parameters were observed between macrolide-resistant and macrolide-sensitive M. pneumoniae groups that were treated with early dose-adjusted corticosteroids. Higher-dose steroid treatment may be needed for patients who have fever that persists for >48 h or increased biomarkers such as lactate dehydrogenase concentration at follow-up despite a usual dose of steroid therapy.

Reliability Test of a Rule-Based SCR Control Strategy for Cleaner Heavy-Duty Diesel Engine using Biodiesel Blend

2013 ◽  
Vol 284-287 ◽  
pp. 903-907
Author(s):  
Chih Cheng Chou ◽  
Chia Jui Chiang ◽  
Yong Yuan Ku ◽  
Chih Chieh Chen
Keyword(s):  
Diesel Engine ◽  
Control Strategy ◽  
Nox Reduction ◽  
Rule Based ◽  
Heavy Duty Diesel Engine ◽  
Control Objective ◽  
Biodiesel Blend ◽  
The Mean ◽  
Heavy Duty Diesel ◽  
Mean Time

A rule-based SCR control strategy is developed for a 5% biodiesel fueled heavy-diesel engine. The control objective is to reduce the tail-pipe NOx emission while minimizing the urea dosage in a reliable fashion. A total of 32 runs of experimental test in ESC and ETC driving modes are conducted to demonstrate the performance and reliability of the rule-based control strategy. Average NOx reduction rates of 78.5% and 60% are achieved for the ESC and ETC tests respectively. In the mean time, the average urea dosage is 160 gram for the ESC tests and 0.49 % of the fuel consumption for the ETC tests. Variation of less than 7.78% and 12.05% for the ESC and ETC tests respectively demonstrate the reliability of the rule-based control strategy.

scholarly journals European Equity Pairs Trading: The Effect of Data Frequency on Risk and Return

2013 ◽  
Vol 1 (2) ◽  
pp. 329 ◽  
Author(s):  
Michael Lucey ◽  
Don Walshe
Keyword(s):  
Minimum Distance ◽  
Mean Reversion ◽  
Trading Strategy ◽  
Share Price ◽  
Trading Rule ◽  
Pairs Trading ◽  
Risk And Return ◽  
Rule Based ◽  
Data Frequency ◽  
European Equity

<p><em>This article examines an equity pairs trading strategy using daily, weekly and monthly European share price data over the period 1998 – 2007. The authors show that when stocks are matched into pairs with minimum distance between normalised historical prices, a simple trading rule based on volatility between these prices yields annualised raw returns of up to 15% for the weekly data frequency. Bootstrap results suggest returns from the strategy are attributable to skill rather than luck, while insignificant beta coefficients provide evidence that this is a market neutral strategy. Resistance of the strategy’s returns to reversal factors suggest pairs trading is fundamentally different to previously documented reversal strategies based on concepts such as mean reversion.</em><em></em></p>

scholarly journals Activity patterns of South American silver catfish (Rhamdia quelen)

2006 ◽  
Vol 66 (2a) ◽  
pp. 565-574 ◽  
Author(s):  
U. H. Schulz ◽  
C. Leuchtenberger
Keyword(s):  
Woody Debris ◽  
Activity Patterns ◽  
Swimming Activity ◽  
Fish Length ◽  
South American ◽  
Silver Catfish ◽  
Frequent Use ◽  
Rhamdia Quelen ◽  
Lakes And Reservoirs ◽  
The Mean

The South American silver catfish (Rhamdia quelen) is a widely distributed species in Central and South America in areas east of the Andes between Venezuela and the northern parts of Argentina. The bottom dwelling species occurs in lakes and reservoirs as well as in rivers. Between June 2000 and December 2001, sixteen silver catfish were tracked during fourteen 24-h cycles in two-hour-intervals, with the aim of investigating daily movements and habitat use. Covered distances varied between 0 m/2 h and 326 m/2 h and the mean distance covered in 2 h was 25.6 m. The mean activity of individual silver catfish varied between 5.6 m/2 h and 81.4 m/2 h. The swimming activity was linearly related to the total fish length. The highest mean swimming activity occurred in the morning and at nightfall. Silver catfish concentrated in three areas of frequent use. All of them were characterized by steep banks providing shelter in the form of rip-rap or large woody debris. Vertically, silver catfish preferred the upper 2 m layer where tracked fish encountered higher temperatures and higher dissolved oxygen concentrations.

Gender matters: market perception of future performance

2020 ◽  
Vol 46 (10) ◽  
pp. 1247-1262
Author(s):  
Kylie A. Braegelmann ◽  
Nacasius U. Ujah
Keyword(s):  
Financial Markets ◽  
Gender Bias ◽  
Firm Size ◽  
Market Reaction ◽  
Abnormal Returns ◽  
Capital Allocation ◽  
Event Window ◽  
Content Type ◽  
Window Approach ◽  
Over Time

PurposeThis paper aims to revisit the extant evidence on gender bias in the market. Specifically, it revisits reaction to CEO announcements. Also, it explores whether the development of the bias over time and by firm size aligns with existing theory.Design/methodology/approachThe paper examines cumulative abnormal returns around CEO announcements from 1992 through 2016 using a modified event study methodology. This evidence shown examines market reactions over time and by firm size.FindingsFinancial markets react more favorably to male CEO announcements, with a cumulative abnormal return of 49 basis points above the reaction to their female counterparts. Moreover, the paper finds that market reaction varies over time, which may be because of the increasing proportion of female CEOs, and by firm size, which may be due to the differences in new information available to investors.Research limitations/implicationsLimitations include sample size due to the paucity of female CEO announcements. This paper does not examine the effect of industry, detailed CEO characteristics or announcement content on market reaction. In addition, using an extended event window may increase the likelihood of capturing confounding events, such as mergers or earnings announcements, which limits the interpretability of the results.Practical implicationsGender bias in financial markets creates another institutional barrier for the advancement of female professionals, as well as implies inefficient capital allocation in markets.Originality/valueThe literature in this field is still inconclusive. Furthermore, bias development over time and the effect of information on bias remain unexplored. This study aims to fill that gap; furthermore, it introduces an extended event-window approach.

Does a unique “T+1 trading rule” in China incur return difference between daytime and overnight periods?

2018 ◽  
Vol 8 (1) ◽  
pp. 2-20 ◽  
Author(s):  
Xundi Diao ◽  
Hongyang Qiu ◽  
Bin Tong
Keyword(s):  
Financial Markets ◽  
Short Selling ◽  
Trading Rule ◽  
Content Type ◽  
Index Futures ◽  
Linear Regression Technique ◽  
The Difference ◽  
Nonparametric Techniques ◽  
Return Difference ◽  
Practical Implications

Purpose The purpose of this paper is to examine the difference between the daytime (open-to-close) and overnight (close-to-open) returns of CSI 300 index and its derivative futures. Design/methodology/approach The paper explores the difference between the daytime and overnight time returns by using nonparametric techniques. Moreover, investigation on some factors such as short selling, trading rules, risks are made to seek the sources of the day and night effects based on a large number of empirical analysis. In the end, further analyses on daytime and overnight returns are given by the use of high-frequency data and linear regression technique. Findings The authors show that the daytime returns of CSI 300 index are no less than its overnight returns, while the daytime returns of CSI 300 index futures are no more than its overnight returns, even after removing the heteroscedasticity of the researched time series. Specifically, the PM returns (13:05 to close) play a quite important role in the intra-day time. The findings also suggest that the unique “T+1 trading rule” in China may be a reason that incurs the lower opening price in the morning and the higher closing price in the afternoon, resulting in the statistically significant differences between the daytime and overnight returns. Practical implications The findings are of great importance for investors to decide when to buy and sell stock and futures portfolios in Chinese financial markets. Originality/value This study empirically analyzes why there the higher daytime returns and the lower overnight returns exist in the Chinese stock markets from different aspects and contributes the existing literature on day and night effects because of periodic market closures.

68. The Occurrence of Coliform Bacteria in Milk

1933 ◽  
Vol 5 (1) ◽  
pp. 15-28 ◽  
Author(s):  
J. F. Malcolm
Keyword(s):  
Seasonal Variation ◽  
Atmospheric Temperature ◽  
Coliform Bacteria ◽  
Cow’S Milk ◽  
Negative Results ◽  
Early Autumn ◽  
The Mean ◽  
Bacterial Content ◽  
Positive Results ◽  
Better Than

1. Of 21,569 samples of mixed cow's milk taken under fair conditions of cleanliness and examined by means of the coliform test, 48·3 per cent, gave negative results with 1/10, 1/100 and 1/1000 c.c. amounts; 21–4 per cent, gave positive results with only 1/10 c.c.; 14·0 per cent, gave positive results with only 1/10 and 1/100 c.c.; and 16·3 per cent, gave positive results with 1/10, 1/100 and 1/1000 c.c. It is probable that these results are better than those generally obtained.2. The proportion of coliform-positive samples was much higher in summer and early autumn than during the winter and spring. This seasonal variation was largely due to atmospheric temperature, there being a well-marked direct correlation between the proportion of coliform-positive samples and the mean of the minimum and maximum atmospheric temperatures.3. Of 21,857 samples examined, 10,458 were coliform negative and had an average bacterial content of 25,294 per c.c; 11,399 were coliform positive and had an average bacterial content of 160,577 per c.c. The coliform-positive samples contained on an average 6·3 times as many bacteria as the coliform negative.

scholarly journals The Effectiveness of a Cognitive-Behavioral Counseling Program in Modifying the Negative Behavior Among Students of Aqabat Jaber School Camp in the Governorate of Jericho

2019 ◽  
Vol 9 (3) ◽  
pp. 105
Author(s):  
Kamal A. Salameh
Keyword(s):  
Male Students ◽  
Negative Behavior ◽  
Counseling Program ◽  
Behavioral Counseling ◽  
The Mean ◽  
Semi Empirical ◽  
And Control ◽  
Purposive Sample ◽  
Experimental Group ◽  
Positive Results

The objective of this study is to investigate the effectiveness of a counseling program in modifying the negativebehavior of male students aged 11-15 years. The researcher used the semi-empirical approach with twomeasurements, pre and posttest measurements. A purposive sample of 52 students was selected and divided into twogroups, experimental and control groups. Each group comprised a number of 26 male students respectively. Theresearcher developed the behavioral modification and counseling program questionnaire.The study showed that there were statistically significant differences in reducing the level of negative behavior in theexperimental group attributed to the counseling program. The experimental group mean reached a score of 87.08 andthe control group’s mean was 227. The results also indicated that the experimental group has a statisticallysignificant difference for the minimum permissible level of negative behavior (110), where the mean for negativebehavior reached 87.08, a decrease of 22.92. The effect of the independent factor on the dependent factor wassignificant, given that the d-value was 2.07, which is greater than the value 0.8. The study recommended for thegroup counseling program to be employed and circulated due to its positive results in modifying behavior.

Basal metabolism and respiration in men living at 5,800 m (19,000 ft)

1964 ◽  
Vol 19 (5) ◽  
pp. 949-954 ◽  
Author(s):  
M. B. Gill ◽  
L. G. C. E. Pugh
Keyword(s):  
Metabolic Rate ◽  
Basal Metabolic Rate ◽  
Basal Respiration ◽  
Mean Value ◽  
Alveolar Ventilation ◽  
Basal Metabolism ◽  
South American ◽  
Insufficient Evidence ◽  
Prolonged Stay ◽  
The Mean

Respiratory determinations were carried out on eight members of the Himalayan Scientific and Mountaineering Expedition 1960—1961 and three Sherpas during a prolonged stay at 5,800 m (19,000 ft). Ventilation and oxygen uptake were similar in both groups, although the Sherpas were smaller men. The Sherpas had lower alveolar ventilation, higher PaCOCO2 and lower PaOO2 values than the scientists. Among six of the scientists mean basal metabolic rate was 10% above the mean value predicted from sea-level standards. There was no increase in the two others, who did not acclimatize. The mean basal metabolic rate in the three Sherpas was +21%. The findings were not explained by the extra O2 cost of increased breathing, changes in body composition, or exposure to cold, although this may have been a factor in the Sherpas. The results were similar to recent South American data on residents at 4,540 m (14,900 ft). It was concluded that acclimatization to great altitudes in man is associated with increase in basal metabolism, but there is insufficient evidence as to whether this is a response to hypoxia or other environmental factors. basal respiration; acclimatized men; high altitude (5,800 m) Submitted on March 30, 1964

scholarly journals An Investigation of Collegiate Students’ Motivation and Its Impact on Attitude for Learning English as a Second Language at Government Degree College Mehar

2019 ◽  
Vol 5 (2) ◽  
pp. 41
Author(s):  
Mumtaz Ali Khokhar ◽  
Shoukat Ali Lohar
Keyword(s):  
Second Language ◽  
English Language ◽  
Parental Influence ◽  
Item Number ◽  
Parental Encouragement ◽  
Quantitative Design ◽  
The Mean ◽  
Instrumental Motivation ◽  
Positive Results ◽  
Learning English

Motivation is a great stimuli for learning (Schmid, Palminteri, Lafargue, & Pessiglione, 2010) and learning a second language involves integrative and instrumental motivation (Curral & Marques- Quenterio, 2009). Influences of motivation in interior Sindh, Pakistan, speak volumes of factors. This study investigates the motivation of collegiate students at Government Degree College Mehar for learning English as a second language. Furthermore, to know the factors instrumental or integrative that motivated students for learning English language, the quantitative design was employed to conduct the research. The questionnaire encompasses 20 close ended items which were adapted from Gardener’s AMTB. The questionnaire is based on 5 point Likert scale, and the data were collected from 180 participants at Government Degree College Mehar. Data were analyzed through SPSS. The findings reveal that highest mean of the item number (1) is (4.73) and it reflects participants are instrumentally motivated whereas they are less integrative motivated. The parental influence has also shown positive results. As it is evident from the item number (11) that excelled in mean of the above item as (4.21). The parental encouragement has boosted the interest as well as confidence of the children for learning English language. The students’ over all attitude for learning English language is found greater in the mean item number (9) as (4.42) which all support that instrumental motivation plays major role for learning English at Government Degree College Mehar. The study recommends that functional and practical courses should be added in syllabi to enable students to achieve their instrumental aim and objectives.

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