Testing for persistence in mutual fund performance and the ex post verification problem: Evidence from the Greek market

The present study examines a series of performance measures as an attempt to resolve the ex post verification problem. These measures are employed to test the performance persistence hypothesis of domestic equity funds in Greece, during the period 1998-2004. Correctly adjusting for risk factors and documented portfolio strategies explains a significant part of the reported persistence. The intercept of the augmented Carhart regression is proposed as the most appro- priate performance measure. Using this measure, weak evidence for persistence, only before 2001, is documented. The growth of the fund industry, the direction of flows to past winners and the integration in the international nancial system are suggested to be the reasons for the absence of performance persistence

Do Stock Returns Really Decrease with Default Risk? New International Evidence

This study constructs a novel data set of bankruptcy filings for a large sample of non-U.S. firms in 14 developed markets and sheds new light on the cross-sectional relation between default risk and stock returns. Using the reduced-form approach of Campbell et al. (2008) to estimate default probabilities, we offer conclusive evidence supporting the existence of a significant positive default risk premium in international markets. This finding is robust to different portfolio weighting schemes, data filters, risk-adjusting approaches, and holding period definitions. Decomposing the default risk measure into its systematic and idiosyncratic components, we find that the former drives this positive relation. We also show that the default risk premium is more pronounced in countries where creditor protection is stronger and shareholder bargaining power is lower

Motor Nucleus of the Trigeminal Nerve

This report contains a summary of expression patterns for genes that are enriched in the motor nucleus of the trigeminal nerve (V) of the pons. All data is derived from the Allen Brain Atlas (ABA) in situ hybridization mouse project. The structure's location and morphological characteristics in the mouse brain are described using the Nissl data found in the Allen Reference Atlas. Using an established algorithm, the expression values of the motor nucleus of the trigeminal nerve were compared to the values of its larger parent structure, in this case the pons, for the purpose of extracting regionally selective gene expression data. The highest ranking genes were manually curated and verified. 50 genes were then selected and compiled for expression analysis. The experimental data for each gene may be accessed via the links provided; additional data in the sagittal plane may also be accessed using the ABA. Correlations between gene expression in the motor nucleus of the trigeminal nerve and the rest of the brain, across all genes in the coronal dataset (~4300 genes), were derived computationally. A gene ontology table (derived from DAVID Bioinformatics Resources 2007) is also included, highlighting possible functions of the 50 genes selected for this report. 
&#xa

The effect of progesterone on the anesthetic and analgesic requirements for ovariohysterectomy in the dog

Η παρούσα μελέτη διερεύνησε την επίδραση της συγκέντρωσης της προγεστερόνης, είτε ενδογενούς κατά τον ωοθηκικό κύκλο και την κυοφορία, είτε εξωγενούς, καθώς και του ενεργού μεταβολίτη της αλλοπρεγνανολόνη, στις απαιτήσεις σε αναισθητικά και αναλγητικά φάρμακα και στην ένταση του μετεγχειρητικού πόνου για τη διεξαγωγή ωοθηκυστερεκτομής στον σκύλο. Περιελήφθησαν 150 υγιείς, θηλυκοί σκύλοι, οι οποίο προσκομίστηκαν στην Κλινική Ζώων Συντροφιάς του ΑΠΘ για ωοθηκυστερεκτομή και οι οποίοι κατανεμήθηκαν σε 6 ομάδες με βάση το στάδιο του ωοθηκικού κύκλου και την ενδεχόμενη ορμονική αγωγή που έλαβαν. Συγκεκριμένα, σχηματίστηκαν 6 ομάδες από ζώα στο στάδιο του ανοίστρου (ομάδα Α), ζώα σε άνοιστρο που έλαβαν προγεστερόνη ενδομυϊκώς (Απ), ζώα στο στάδιο του διοίστρου (Δ), ζώα σε δίοιστρο που έλαβαν υποδορίως αγλεπριστόνη (Δα), ζώα σε δίοιστρο που έλαβαν κάψουλες τριλοστάνης (Δτ) και ζώα σε κυοφορία 28-42 ημερών (Ε). Σε κάθε ζώο καταγράφηκαν οι απαιτήσεις σε προποφόλη για εγκατάσταση της γενικής αναισθησίας, οι απαιτήσεις σε ισοφλουράνιο για διατήρηση, οι απαιτήσεις σε επιπλέον αναλγητικά φάρμακα είτε διεγχειρητικά είτε μετεγχειρητικά και έγιναν μετεγχειρητικές εκτιμήσεις πόνου. Επίσης έγιναν αιμοληψίες σε συγκεκριμένες χρονικές στιγμές για ορμονολογικές αναλύσεις. Μετά τη στατιστική επεξεργασία των αποτελεσμάτων δε βρέθηκε στατιστικώς σημαντική διαφορά στις απαιτήσεις σε αναισθητικά ή σε αναλγητικά φάρμακα μεταξύ των ομάδων, ούτε στατιστικώς σημαντική συσχέτιση μεταξύ των απαιτήσεων αυτών και των συγκεντρώσεων στο αίμα της προγεστερόνης ή της αλλοπρεγνανολόνης, εκτός από 2 συσχετίσεις εντός συγκεκριμένων ομάδων. Συμπεραίνεται ότι οι συγκεντρώσεις προγεστερόνης ή αλλοπρεγνανολόνης στο αίμα δεν επηρεάζουν τις απαιτήσεις σε αναισθητικά ή αναλγητικά φάρμακα για τη διεξαγωγή ωοθηκυστερεκτομής στο σκύλο ή ότι ενδεχόμενη τέτοια επιρροή επικαλύπτεται από τη χορήγηση προαναισθητικής αγωγής και αναλγητικών φαρμάκων.The objective of the current study was to investigate the effect of serum progesterone concentration, either endogenous, during the ovarian cycle and pregnancy, or exogenous, when administered during anestrus, and of its active metabolite allopregnanolone, on anesthetic and analgesic requirements, as well as post-operative pain intensity, for the performance of ovariohysterectomy in dogs. One hundred and fifty healthy female dogs, which were admitted to our clinic for elective ovariohysterectomy, were included in the present study. They were allocated to 6 groups according to the stage of the ovarian cycle and the corresponding serum progesterone co ncentration. The six groups consisted of dogs in anestrus (group A), in anestrus which received intramuscular progesterone injections prior to surgery (group Ap), dogs in diestrus (group D), in diestrus which received subcutaneous aglepristone injections prior to surgery (group Da), in diestrus which received oral trilostane prior to surgery (group Dt) and dogs in pregnancy of duration of 28-42 days (group P). Serum progesterone concentrations were measured in all dogs before and after any hormonal treatment and serum allopregnanolone concentrations were measured in selected dogs from all groups. The required dose of propofol for induction of anesthesia and the required isoflurane concentration for maintenance of anesthesia and the need for intraoperative fentanyl administration and extra postoperative pethidine analgesia were recorded. After statistical analysis, there were no significant differences between groups, regarding their anesthetic or analgesic requirements, that could be attributed to serum progesterone and/or allopregnanolone concentration. However, moderate correlations within certain groups were noted. Serum progesterone or allopregnanolone concentrations do not seem to have an effect on anesthetic and analgesic requirements for ovariohysterectomy in the dog or any potential effect is weak enough to be masked by the action of anesthetic premedication and/or analgesic and/or anaesthetic drugs used

An undecanuclear ferrimagnetic Cu9Dy2 SMM achieved through ligand fine-tuning

We describe the concept of increasing the nuclearity of a previously reported high-spin Cu5Gd2 core using a “fine tuning” ligand approach. Thus two Cu9Ln2 coordination clusters, with Ln = Dy (1), Gd(2) were synthesized with the Gd compound having a ground spin state of 17/2 and the Dy analogue showing SMM behavior in zero field

Carotid ultrasound findings as a predictor of long-term survival after abdominal aortic aneurysm repair: a 14-year prospective study

AbstractPurposeSeveral factors have been related to long-term survival after open abdominal aortic aneurysm (AAA) repair. The effect of carotid stenosis on outcome has not yet been examined. We performed an open prospective study to evaluate the prognostic significance of carotid stenosis on long-term survival of patients who had undergone elective operative repair of AAA.MethodsTwo hundred eight patients who underwent elective open AAA repair in our department between March 1987 and December 2001 were included in the study. All patients were evaluated preoperatively with color duplex ultrasound (US) scanning of the carotid arteries, and were followed up with clinical examination and carotid duplex US scanning 1 month after the operation and every 6 months thereafter. Median duration of follow-up was 50 months (range, 5-181 months). Cardiovascular morbidity and mortality, as well as all causes of mortality, were recorded and analyzed with regard to traditional risk factors and carotid US findings.ResultsTwenty-seven fatal and 46 nonfatal cardiovascular events were recorded. Both univariate and multivariate analysis showed that carotid stenosis 50% or greater and echolucent plaque were significantly associated with cardiovascular mortality and morbidity. Carotid stenosis was a stronger predictor of cardiovascular death than was ankle/brachial index. Age, hypercholesterolemia, coronary artery disease, and diabetes mellitus were also associated with higher mortality and morbidity from cardiovascular causes.ConclusionPatients electively operated on for AAA repair and with stenosis 50% or greater and echolucent plaque at duplex US scanning are at significantly increased risk for cardiovascular mortality and morbidity. Carotid US can therefore be used to select a subgroup of patients with AAA who might benefit from medical intervention, including antiplatelet and lipid-lowering agents

Food consumption within Greek households: further evidence from a national representative sample

The aim of this study is to characterize the relationship between food consumption and socio-demographic characteristics in several groups of individuals. This is achieved by capturing the quantity of food purchased in categories on a microeconomic level. The empirical analysis is approached through the estimation of (a) expanded generalized linear models, (b) quantile regression models, (c) quadratic almost ideal demand system models and (d) Deaton’s (1988) approach. The results reveal that the composition of a household has a significant impact on the quantity of food consumed. In addition, price and income elasticities are estimated, confirming that the majority of food items are inelastic with respect to price and income except for meat. These findings can be used as a basis for considering food policy implications while evaluating the potential gains from applying specific policies