Asset Market Liquidity Risk Management: A Generalized Theoretical Modeling Approach for Trading and Fund Management Portfolios

Asset market liquidity risk is a significant and perplexing subject and though the term market liquidity risk is used quite chronically in academic literature it lacks an unambiguous definition, let alone understanding of the proposed risk measures. To this end, this paper presents a review of contemporary thoughts and attempts vis-à-vis asset market/liquidity risk management. Furthermore, this research focuses on the theoretical aspects of asset liquidity risk and presents critically two reciprocal approaches to measuring market liquidity risk for individual trading securities, and discusses the problems that arise in attempting to quantify asset market liquidity risk at a portfolio level. This paper extends research literature related to the assessment of asset market/liquidity risk by providing a generalized theoretical modeling underpinning that handle, from the same perspective, market and liquidity risks jointly and integrate both risks into a portfolio setting without a commensurate increase of statistical postulations. As such, we argue that market and liquidity risk components are correlated in most cases and can be integrated into one single market/liquidity framework that consists of two interrelated sub-components. The first component is attributed to the impact of adverse price movements, while the second component focuses on the risk of variation in transactions costs due to bid-ask spreads and it attempts to measure the likelihood that it will cost more than expected to liquidate the asset position. We thereafter propose a concrete theoretical foundation and a new modeling framework that attempts to tackle the issue of market/liquidity risk at a portfolio level by combining two asset market/liquidity risk models. The first model is a re-engineered and robust liquidity horizon multiplier that can aid in producing realistic asset market liquidity losses during the unwinding period. The essence of the model is based on the concept of Liquidity-Adjusted Value-at-Risk (L-VaR) framework, and particularly from the perspective of trading portfolios that have both long and short trading positions. Conversely, the second model is related to the transactions cost of liquidation due to bid-ask spreads and includes an improved technique that tackles the issue of bid-ask spread volatility. As such, the model comprises a new approach to contemplating the impact of time-varying volatility of the bid-ask spread and its upshot on the overall asset market/liquidity risk.Economic Capital; Emerging Markets; Financial Engineering; Financial Risk Management; Financial Markets; Liquidity Risk; Portfolio Management; Liquidity Adjusted Value at Risk

Heterochromatin Polymorphisms and Chromosomes Damage in Heavy Smoking Men

Objective: The goal of the study is to appraise the heterochromatin polymorphism and chromosomal abnormalities associated with chromosome in smoking men. Methods: During a 9-months period (January 2014 to September 2014) a total of 60 heavy smoking men (more than 20 cigarettes daily) together with 60 normal controls were subjected to the present investigation. A study of the variants heterochromatin of chromosomes1, 9 and 16 was performed on lymphocyte culture followed by C-banding from a total of 60 heavy smokers and 60 nonsmoker persons. Constitutive evaluation was based on qualitative method, blood culture, chromosomes harvesting and C-band technique were carry out according to the standard methods. Results: Study indicates smoking men had significantly increased frequency of larger C- band variants on chromosome 1 and 9 as compared with nonsmoking men (p˂0.05).  The frequency of inversions revealed significant differences for variants heterochromatin of chromosome 1, 9 and to less extent 16 between smokers and nonsmokers control group and significant association (p<0.05). Conclusion: These results confirm the positive correlation between the amount of heterochromatin on chromosomes 1 and 9 and susceptibility of the smoking men to early development of cancer. Keywords: Polymorphisms, Chromosomes, Heterochromatin, Smoking

Asset Market Liquidity Risk Management: A Generalized Theoretical Modeling Approach for Trading and Fund Management Portfolios

Asset market liquidity risk is a significant and perplexing subject and though the term market liquidity risk is used quite chronically in academic literature it lacks an unambiguous definition, let alone understanding of the proposed risk measures. To this end, this paper presents a review of contemporary thoughts and attempts vis-à-vis asset market/liquidity risk management. Furthermore, this research focuses on the theoretical aspects of asset liquidity risk and presents critically two reciprocal approaches to measuring market liquidity risk for individual trading securities, and discusses the problems that arise in attempting to quantify asset market liquidity risk at a portfolio level. This paper extends research literature related to the assessment of asset market/liquidity risk by providing a generalized theoretical modeling underpinning that handle, from the same perspective, market and liquidity risks jointly and integrate both risks into a portfolio setting without a commensurate increase of statistical postulations. As such, we argue that market and liquidity risk components are correlated in most cases and can be integrated into one single market/liquidity framework that consists of two interrelated sub-components. The first component is attributed to the impact of adverse price movements, while the second component focuses on the risk of variation in transactions costs due to bid-ask spreads and it attempts to measure the likelihood that it will cost more than expected to liquidate the asset position. We thereafter propose a concrete theoretical foundation and a new modeling framework that attempts to tackle the issue of market/liquidity risk at a portfolio level by combining two asset market/liquidity risk models. The first model is a re-engineered and robust liquidity horizon multiplier that can aid in producing realistic asset market liquidity losses during the unwinding period. The essence of the model is based on the concept of Liquidity-Adjusted Value-at-Risk (L-VaR) framework, and particularly from the perspective of trading portfolios that have both long and short trading positions. Conversely, the second model is related to the transactions cost of liquidation due to bid-ask spreads and includes an improved technique that tackles the issue of bid-ask spread volatility. As such, the model comprises a new approach to contemplating the impact of time-varying volatility of the bid-ask spread and its upshot on the overall asset market/liquidity risk

REGIONAL GRADIENT STRATEGIC SENSORS CHARACTERIZATIONS

In the present paper, the characterizations of regional gradient strategic sensors notions have been given for different cases of regional gradient observability. The results obtained are applied to two dimensional linear infinite distributed system in Hilbert space where the dynamic is governed by strongly continuous semi-group. Various cases of regional strategic sensors are considered and analyzed in connection with regional gradient strategic sensors concepts. Also, we show that there is a various sensors which are not gradient strategic in usual sense for the considered systems, but may be regionally gradient strategic of this system

Seroprevalence study of IgG and IgM Antibodies to Toxoplasma, Rubella, Cytomegalovirus, Chlamydia trachomatis and Herpes simplex II in Pregnancy women in Babylon Province

In this work 180 blood samples was collected from pregnant women in Babylon province, Babylon maternity and children hospital from October/2008 to April/2009. It revealed that TORCH infections was; Cytomegalovirus formed (CMV) 57.2% followed by Toxoplasma gondii 55.5% Rubella 53.9%, Herpes simplex II 28.9% and Chlamydia trachomatis 24.4%. Seroprevalence of Toxoplasma, Rubella, CMV, Chlamydia trachomatis and Herpes IgM Antibodies according to various obstetric losses showed that Abortions happened in all causes with high percentage (Over than 30%) except Herpes infections (less than 6%), while congenital anomalies and premature delivery formed high ratio with some different in some cases. Neonatal deaths are very low under 1% except in CMV infections which formed 4.9%. Distribution of age with type of infection according IgM Antibodies to Toxoplasma, Rubella, CMV, Chlamydia trachomatis and Herpes simplex revealed that major age group for infection was between <20 to 40 years which formed more than two third of all infection cases. Residential distribution with type of infection according IgM Antibodies shows that most infection occurred in rural area (over than 50% in all agents) except in Herpes simplex infections which formed 82.7% in urban area. TORCH (Toxoplasma gondii, Rubella, Cytomegalovirus and Herpes simplex) infections with incidence of abortion in pregnant women in this study revealed that First trimester was the highest ratio of infection than other two trimesters

Review of mechanical vapour compression refrigeration system part 2: performance challenge

Reducing energy consumption and providing high performance for a vapour compression refrigeration system are big challenges that need more attention and investigation. This paper provides an extensive review of experimental and theoretical studies to present the vapour compression refrigeration system and its modifications that can be used to improve system's performance and reduce its energy consumption. This paper also presents the challenges that can be considered as a gab of research for the future works and investigations. Cooling capacity, refrigerant effect, energy consumption can be improved by using vapour injection technique, natural working fluid, and heat exchanger. Based on the outcome of this paper, vapour injection technique using natural refrigerant such as water can provide ultimate friendly refrigeration system. Future vision for the vapour compression refrigeration system and its new design technique using Computational Fluid Dynamic (CFD) is also considered and presented

ELFA and IFAT Techniques to Detect Chlamydial Infections in Baghdad Women and Its Effect on the Immunoglobulins Level.

Background: Chlamydia trachomatis is one of the most common human pathogens and considered as one of the causative agents of STDs. This organism cause acute and recurrent pelvic infections and infertility. Patients and Methods: Two hundred and seventy three females were included in the present study, attending infertility department, AL-Elwiya hospital, AL-Jarah private hospital, central public health laboratory and STDs clinic to whom IFAT, ELAF and immunoglobulins concentration were done. Results: Females were divided into three age groups <20; 20-39 and ≥40 years. Single and repeated abortions were 44.9%, 55.1% respectively. Primary and secondary infertility were 55.6% and 44.4%. Higher abortions rate were in the age group 20-39 years which represents 31.5% and 41.6% in single and repeated abortions. Primary and secondary infertility were high in the same age group which represents 42.6% and 33.3% of the total investigated females, also the multipartners within the same age group constitutes 56.7%.Chlamydial infections detected by IFAT technique constitute 12.8% which were represented as 14.6%, 11.1%, 36.7% and 5% in abortions, infertility, multipartners and fertility with no abortion groups respectively. While by ELFA technique the percentages were 12.4%, 9.3%, 30% and 4% in the same mentioned groups.Immunoglobulins mean value in females with chlamydial infections wee as follows IgG = 2102.1 mg/dl; IgA = 317.9 mg/dl and IgM = 272.5 mg/dl. Which were more than the normal values of the immunoglobulins. Conclusions: Chlamydial infections were distributed largely among multipartners than other aborted females. High abortions were noted in age group 20-39 years. IFAT technique was more reliable than ELFA technique to detect chlamydial infections. IgG and IgM concentrations were higher than normal concentrations, while IgA remains normal

Water Infiltration Characteristics for Artificial Lake in Bahr Al-Najaf

Al-Najaf is one of the important cities in Iraq due to its high spiritual and religious reputation that attracts Moslems from different parts of the world to visit the holy shrine of Al-Imam Ali (peace be upon him). The city of Al-Najaf and particularly Bahr Al-Najaf area, is expecting a number of large scale construction activities, among these development activities are the planning of a new tourist city called Sayf Thulfiqar city. Sayf Thulfiqar city is planned to be the largest tourist city in Iraq. The area of the proposed tourist city is about 63 hectares, consists of an artificial lake 1000m long surrounded by twelve towers and a number of small dwellings. This lake is considered as a big challenge in planning, construction, and sustainability. The challenging points primarily are the sources of water required to fill the lake, infiltration characteristics of the soil at site, weather conditions, etc.The present paper focuses on investigating the rate of water infiltration through the base and side walls of a pit with dimensions 3m by 3m and 0.5m in depth excavated and filled with water in the location of artificial lake. The process of filling was repeated several times with full observation and continuous field measurements. The results revealed some useful characteristics and correlations regarding the infiltration of water of artificial lake in Bahr Al-Najaf