The Exchange Rate Exposure of UK Nonfinancial Companies: Industry-Level Analysis

In line with the financial theory, any change in an exchange rate should affect the value of a firm or an industry. However, earlier research did not fully support this theory, which is surprising in view of the considerable exchange rate fluctuations over the last three decades. This study extends previous research on the foreign exchange rate exposure by investigating contemporaneous and lagged exchange rate exposure of UK nonfinancial companies at the industry level. The analyses are conducted over the total period from 1981 to 2001 and over three subperiods. Since the UK joined the ERM on October 8, 1990 and remained a member until September 16, 1992, the sample period is split into three subperiods: Pre-ERM, In-ERM and Post-ERM subperiods. Therefore, the study also aims to identify the sensitivity of industries’ stock returns to exchange rate movements over these three subperiods. The current study is different from previous studies as it considers the impact of the actual and unexpected changes in exchange rates on industries’ stock returns. The findings show that a higher percentage of UK industries are exposed to contemporaneous exchange rate changes than those reported in previous studies. There is also evidence of significant lagged exchange rate exposure. This lagged exchange rate exposure goes in line with the findings of previous studies, in that it shows some market inefficiencies in incorporating exchange rate changes into the returns of firms and industries. Generally, the sensitivities of UK industries’ stock returns to exchange rate fluctuations are most evident in the period before joining the ERM and after departure from the ERM (post-ERM). The proportion of industries with a significant exchange rate exposure declined when the pound was in the ERM and increased again after the UK left it. The findings of the study have significant implications for public policy makers, investors and managers. However, there is a need for research that considers the factors or determinants that might affect a firm’s or an industry’s exposure to changes in exchange rates.exchange rate changes, foreign exchange exposure, stock returns, UK industries, subperiod analysis and ERM.

Immunization against severe acute respiratory syndrome Coronavirus 2: an overview

In the past years, numerous new fatal infections have emerged, including Ebola, Nipah, and Zika viruses, as well as coronaviruses. Recently, infections with severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) have emerged in China, and were then transmitted all over the world, causing the coronavirus disease-19 (COVID-19) pandemic, which is transmitted at a higher rate than other diseases caused by coronaviruses. At the time of writing this review, COVID-19 is not contained in most countries in spite of quarantine, physical distancing, and enhanced hygiene measures. In this review, I address different methods for passive and active immunization against this virus, which is known to cause fatal respiratory disease, including natural passive immunization by breast milk, natural active immunization by herd immunization, artificial passive immunization by convalescent plasma or monoclonal antibodies, and artificial active immunization by vaccination. I hope this review will help design a prophylactic approach against outbreaks and pandemics of related coronaviruses in the future. Keywords: Breastfeeding; COVID-19; herd immunity; monoclonal antibodies; SARS-CoV; vaccine

Effect of Ownership Structure on Firm Stock Return Performance: Evidence from the Egyptian Stock Market

We investigate the impact of institutional ownership and ownership concentration on firm stock return performance using panel data model. Our main ownership measures include; percentage of institutional ownership held by different institutions in a firm and percentage of a firm’s outstanding stocks held by the largest three block holders. We find that there is no significant relationship between either institutional ownership or ownership concentration and both ex post and ex ante return. Also, we find that there is negative and significant relationship between institutional ownership represented by some institutions and ex post risk, while the relationship is negative and significant only between institutional ownership by employee associations and ex ante risk. Ownership concentration has no effect on ex post risk but it has a positive and significant effect on ex ante risk. The results are consistent with some past studies from the literature

Perceived barriers to organizational creativity

PurposeThe overall purpose of this research is to further the understanding of how future marketing managers in Egypt and the UK perceive creativity barriers. The paper also examines the construct validity of the barriers to creativity scale in an Arab non‐Western context.Design/methodology/approachA sample of 125 respondents was used to achieve the research purpose. Respondents completed a 17‐item instrument designed to assess barriers to creativity in business organizations.FindingsDiscriminant analysis results showed that Egyptians differ from British with respect to their attitudes towards organizational creativity barriers. t‐test procedure confirmed also that gender and age have significant effects on the attitudes towards creativity barriers.Originality/valueThis study has provided some insights into the factors associated with organizational creativity barriers in Egypt and the UK. The more is known of how future managers perceive creativity barriers, the more quickly and efficiently creativity can be stimulated.</jats:sec

BEHAVIOR OF REINFORCED CONCRETE CONTINUOUS BEAMS STRENGHENED WITH NEAR SURFACE MOUNTED REINFORCEMENT

Using Near Surface Mounted (NSM) technique for flexural strengthening of reinforced concrete continuous beams became particularly attractive for researchers and applicators. Due to the existence of carbon fiber reinforced polymer (CFRP)laminates as external strengthening it is subjected to severe damage resulting from mechanical and environmental conditions. There is limited experimental work investigating the behavior of reinforced concrete continuous beams strengthened using NSM technique.This paper presents an experimental investigation of the behavior of reinforced concrete continuous beams strengthened with near surface mounted (NSM) technique in the hogging and sagging moment region. The main variable was changing the lengths of the NSM strips within the negative and positive moment region. The effect of the change in lengths of the NSM strips on the failure load, mid-span deflection, strain on reinforcement, slippage of CFRP strips and crack widths were investigated. The study revealed that the NSM technique can enhance crack and failure loads and controls crack widths

Alcohol Septal Ablation for Hypertrophic Obstructive Cardiomyopathy

Since its original description in 1994, alcohol septal ablation (ASA) has emerged as a minimally invasive modality for treatment of hypertrophic obstructive cardiomyopathy compared to surgical myomectomy. This catheter-based intervention relies on the injection of absolute alcohol into the septal perforator to induce a controlled infarction of the hypertrophied septum and consequently abolish the dynamic outflow obstruction. This gradient reduction has been correlated with a significant clinical improvement in the patient’s symptomatology and with left ventricular remodeling. The procedure has been refined throughout the years, especially with the introduction of myocardial contrast echocardiography for localization of the area at risk of infarction and the reduction in the amount of alcohol used. Major complications of ASA are uncommon in large referral centers but conduction system disturbances has been the most commonly reported complications of ASA with 10% of patients necessitating permanent pacemaker implantation for complete heart block. ASA has not been compared to the gold standard surgical myomectomy in a randomized prospective study. We review the clinical aspects of this procedure and provide some historical background

Development and validation of an instrument to measure online retailing ethics: consumers' perspective

Purpose: The purpose of this paper is to identify the dimensions of e-retailing ethics from the consumers’ perspective and to develop a reliable and valid measurement instrument. Design/methodology/approach: The paper is based on a quantitative survey conducted among Egyptian consumers aged 18 and above. These were measured on a five-point Likert scale. The reliability and validity of this six-factor scale are verified using empirical data collected randomly from Egyptians’ online consumers. Structure equation modelling used to test the suggested model. Findings: The results showed that buyer perceptions about seller ethics (BPSE) is a second order construct composed of six factors (e.g. privacy, security, reliability, non-deception, service recover, and shared value). The results also showed that the BPSE has strong predictive capability in relation to online customer satisfaction and repurchase intention. Originality/value: This project is one of the first empirical studies that develop a reliable and valid measurement instrument of BPSE. The findings provide several important theoretical and practical implications for online retailing and academic researchers as well as making a significant contribution to the body of knowledge in the online retailing context

P53 Expression in Response to Equigan Induced Testicular Injury and Oxidative Stress in Male Rat and the Possible Prophylactic Effect of Star Anise Extracts

Objectives: Equigan is an anabolic androgenic steroid that developed for veterinary use to improve the food producing animal growth rate through promoting protein synthesis and muscle growth. The current study aimed to investigate the possible prophylactic effect of star anise extracts (SAE) response of to Equigan induced testicular injury, oxidative stress, P53 expression in male rats. Materials and Methods: Forty adult male rats were equally divided into four groups. 1st Control group, while 2nd group were rats receive orally SAE for 12 weeks. 3rd group include rats that injected intramuscularly with Equigan for 12 weeks while 4th group were co-treated group where rats injected with Equigan and SAE for 12 weeks. Results: Testis sections in Equigan treated rat induced abnormal arrangement of spermatogenesis cycles; disturbance and decrease in the spermatogenic cells, many of a syncytial cells were detected with marked decrease in sperms numbers and moderate depleted and degenerated Leydig cells. Testicular immunohistochemical observation after Equigan intramuscular injections showed a significant increase of the apoptotic protein p53. Co-administration of SAE with Equigan improved the testicular injury and P53 alternations. Conclusions: SAE could scavenge free radicals and produce beneficial effects against Equigan damage in testis and P53 alternations

Comparison of the accuracy of two scoring systems in predicting the outcome of organophosphate intoxicated patients admitted to intensive care unit (ICU)

AbstractIntroductionOrganophosphates(OP) are one of the most common causes of poisoning, especially in developing countries, with high morbidity and mortality. As mortality rate of OP poisoning is still high, early diagnosis and appropriate treatment is often life saving. OP is the main cause of poisoning and death in the poison control centre (PCC), Ain Shams University (ASU) in Egypt.ObjectiveTo compare the accuracy of acute physiology and chronic health evaluation score (APACHE IV) and simplified acute physiology score (SAPS II) in the prediction of mortality of patients with organophosphate poisoning (OPP) who required admission to the Intensive Care Unit (ICU) of PCC of ASU between January 1st, 2009 and December 31st, 2009.MethodsA prospective study conducted by collecting data on consecutive patients with acute OPP admitted to the intensive care unit over 12months. Data required to calculate the patients’ predicted mortality by (APACHE) IV and (SAPS) II scoring systems were collected.ResultsNinety patients were recruited in the study with acute OP toxicity. The observed mortality following acute OP toxicity was 13.3% (12 patients). The area under the receiver operator characteristic (ROC) curves of APACHE IV score was better than SAPS II score (0.921±0.054 SE, 0.807±0.078 SE, respectively). APACHE IV and SAPS II scores were significantly higher in the non-survival than in the survival group (P<0.05).ConclusionAPACHE IV and SAPS II scores calculated within the first 24h are good prognostic indicators among patients with acute OP toxicity that required ICU admission with preference to APACHE IV score. APACHE IV and SAPS II scores above 89, 44, respectively within the first 24h are a predictor of poor outcome in patients with acute OP toxicity.RecommendationApplication of APACHE IV and SAPS II scores is a good predictor of high mortality in OP intoxicated patients which helps in proper allocation of resources

Different Tools for the Assessment of Bone Mass among Egyptian Adults

BACKGROUND: Several tools such as, dual X-ray absorptiometry (DXA), quantitative computed tomography (QCT) and self-assessment tool (OST), are being used for diagnosis of osteoporosis.OBJECTIVE: to compare the sensitivity and specify detection rate of bone mineral density (BMD) changes for DXA versus QCT and OST among a sample of Egyptian adults of both sexes.SUBJECTS AND METHODS: This study is a cross sectional one, which included 62 Egyptians, aged 20-65 years.  Each individual was assessed for BMD using DXA at femur and spine sites; QCT and OST which take into account body weight and age. Accordingly they were diagnosed as either osteoporotic/osteopenic or normal.RESULTS: The highest prevalence of osteopenia or osteoporosis was diagnosed among menopause women. DXA at femur has diagnosed more cases of osteoporosis (both osteopenic and osteoporotic) as compared to spine DXA or QCT, but OST is out of rang; as it failed to diagnose any case.CONCLUSION: DXA has been found to be more efficacious than QCT scan in the diagnosis of osteoporosis. DXA in femur is better than DXA-spine and QCT. Generally, DXA is the "gold standard" when assessing osteoporosis. Further studies are needed to modify the equation of OST and confirm its efficiency in Egyptians population