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

Ditransitives in Iraqi Arabic and English

PhD ThesisThis thesis mainly investigates ditransitive constructions with lexical as well as pronominal objects in two historically unrelated languages: Iraqi Arabic, a poorly documented language, and English (including British English dialects). The aim is to obtain insight into possible crosslinguistic similarities and differences in the ditransitive constructions, which is a controversial issue in generative theory, and thus, contribute to the theory of argument structure, Case, and agreement, particularly in relation to pronouns. It shows that Iraqi Arabic provides a rich environment for the study of ditransitives as it exhibits a wide variety of ditransitive patterns. The thesis will first present the descriptive facts of ditransitives of Iraqi Arabic which covers word order options, Case-marking, and passives. Then, it will review the various current approaches on ditransitives within a generative theory of grammar. A special focus will be given to the debate about the nature of the relationship between DOCs and PDCs, in particular whether it is derivational or projectional. Later, the thesis will introduce the reader to the theory of pronouns where a distinction will be made between the terms strong, weak pronouns, affixes and clitics as well as discussing their syntactic properties. It will address the question regarding the derivation of pronominal clitics, whether they are X°s or XPs, i.e. whether they are a wordlevel or phrase-level category. In addition, Shlonsky’ (1997) and Roberts’ (2010) theories of clitics will be presented. A close investigation and comparison of pronominal objects in Arabic, particularly Iraqi Arabic, and English is expected to shed more light on the syntax of pronominal objects in general, including the distinction between strong, weak and clitic pronouns, and pronominal objects of ditransitive verbs in particular. Following Holmberg et al (2018), it will be argued that the ditransitive predicate in the DOC contains, in addition to v and V, an applicative head, Appl which assigns a role to the Recipient, while V assigns a role to the Theme. There is cross-linguistic variation regarding how the two objects are ‘Case-licensed’. I will argue that, in Iraqi Arabic and Standard English, v assigns Case to the Recipient while Appl assigns Case to the Theme. In some British English dialects, on the other side, v may assign Case either to the Recipient or Theme. This is due to flexible licensing by Appl in these dialects as Appl may license either the Recipient or the Theme. In the PDC, on the other hand, v will assign Case to the Theme while the Goal gets Case from a preposition. In addition to the Appl attested in the DOC which I will term Appl 1, I will argue that Iraqi Arabic exhibits another Applicative head which I will term Appl 2. The latter introduces a iv Benefactive argument in clauses containing such arguments. What is special about Iraqi Arabic is that these Appl heads can be realized as the special form, -iya in the language when the following object is a pronoun. In analyzing pronominal objects, I will argue that pronominal objects in Iraqi Arabic are syntactic clitics. I will adopt a version of the theory proposed by Shlonsky (1997) where the pronominal clitics of Arabic are derived by Agree between v and a pronominal object, with incorporation in the sense of Roberts (2010). According to Roberts (2010), the pronominal clitic is a spell-out of agreement between v and a defective object. I will claim that English pronominal contracted objects are syntactic clitics, too, derived in a similar way. It will be argued that the two languages under investigation are more similar than what traditionally is thought to be the case especially as regards exhibiting syntactic clitics. The similarity between the two languages can be seen especially in the DOC construction in that both languages allow the DOC with a defective Recipient and full DP-Theme. Furthermore, both disallow the DOC with a full DP-Recipient and a defective Theme. Moreover, both languages allow the DOC with a defective Recipient and a defective Theme. In addition, both languages exhibit the DOC with two full-DP objects as well as the PDC with lexical or pronominal objects. Still, there are differences in that while some British English dialects allow the pattern, she gave it’im/John where the Theme is defective, and the Recipient is defective or a full-DP object, Iraqi Arabic disallow this construction. The flexibility of Appl 1 to agree with either the Recipient or the Theme attested in some British English dialects is not found in Iraqi Arabic as the latter allows Appl1 to agree only with the Theme in the DOC. The implication here will be that while the unvalued features of v can be valued only by the Recipient in Iraqi Arabic, it can be valued either by the Recipient or Theme in some British English dialects. Another difference to be pointed out between the two languages is that while Iraqi Arabic exhibits Appl1 and Appl 2, British English dialects exhibits only Appl1. Earlier work on a range of grammatical structures has shown the benefits of detailed crosslinguistic comparison. This dissertation adds to this body of work and further confirms its value through the results achieved from a comparison of ditransitives in English and Iraqi Arabic.Iraqi Ministry of Higher Education and Scientific Research (MOHESR

Understanding the Contributions of Alzheimer’s Disease & Cardiovascular Risks to Cerebral Small Vessel Disease Manifest as White Matter Hyperintensities on Magnetic Resonance Imaging (MRI)

Introduction: Alzheimer’s Diseases (AD) & cerebral small vessel disease associated with cardiovascular risk factors (cSVD) frequently coexist, differentially affecting both imaging and clinical features associated with aging and dementia. We hypothesized that Magnetic Resonance Imaging (MRI) can be used in novel ways to identify relative contributions of AD & cardiovascular risks to cSVD and brain atrophy, generating new biomarkers & insights into mixed disease states associated with cognitive decline and dementia. Methods: Three experiments were conducted to address the overarching hypothesis. First, we visually rated the clinical MRI of 325 participants from a community-based cross-sectional sample to elucidate the relative association of age, AD (visualized as hippocampal atrophy) and cSVD (visualized as white matter hyperintensities; WMH) with global brain atrophy in experiment 1. In experiment 2, we analyzed cross-sectional MRI scans from 62 participants from the University of Kentucky Alzheimer’s Disease Center (UKADC) with available clinical data on cardiovascular risk and cerebrospinal fluid (CSF) beta-amyloid levels as a marker of AD. Voxel wise regression was used to examine the association of white matter hyperintensities with AD and/or cardiovascular risk (hypertension). Experiment 3, examined longitudinal MRI changes in WMH volumes in 377 participants from the Alzheimer’s Disease Neuroimaging Initiative 2 (ADNI 2). Subjects were categorized into three groups based on WMH volume change, including those that demonstrated regression (n=96; 25.5%), stability (n=72; 19.1%), and progression (n=209; 55.4%) of WMH volume over time. Differences in brain atrophy measures and cognitive testing among the three group were conducted. Results: In the first experiment, logistic regression analysis demonstrated that a 1-year increase in age was associated with global brain atrophy (OR = 1.04; p = .04), medial temporal lobe atrophy (MTA; a surrogate of AD) (OR = 3.7; p \u3c .001), and WMH as surrogate of cSVD (OR = 8.80; p \u3c .001). Both MTA and WMH were strongly associated with global brain atrophy in our study population, with WMH showing the strongest relationship after adjusting for age. In the second experiment, linear regression as well as mediation and moderation analyses demonstrated significant main effects of hypertension (HTN; the strongest risk factor associated with cSVD) and CSF Aβ 1-42 (a surrogate of AD) on WMH volume, but no significant HTN×CSF Aβ 1-42 interaction. Further exploration of the independence of HTN and Aβ using a voxelwise analysis approach, demonstrated unique patterns of WM alteration associated with either hypertension or CSF Aβ 1-42, confirming that both independently contribute to WMH previously classified as cSVD. Extending this work into a longitudinal model rather than focusing on purely cross-sectional associations, we demonstrated that spontaneous WMH regression is common, and that such regression is associated with a reduced rate of global brain atrophy (p = 0.012), and improvement in memory function over time (p = 0.003). Conclusion: These data demonstrate that both AD and cSVD frequently coexist in the same brain, contributing differentially to alterations in brain structure, subcortical white matter injury, and cognitive function. These effects can be disentangled using MRI, and while we currently lack therapeutic interventions to halt or reverse AD, the dynamic WMH change evident in our data clearly suggests that the ability to reverse cSVD exists today

Understanding molecular mechanisms of host-Edwardsiella ictaluri interaction

Catfish, the king of the U.S. aquaculture, is threatened by a severe, systemic bacterial disease known as enteric septicemia of catfish (ESC). This disease causes high mortality and massive economic losses in cultured channel catfish (Ictalurus punctatus) in the United States. E. ictaluri penetrates catfish intestinal epithelia quickly and establishes a systemic infection rapidly. However, our knowledge on catfish intestine and E. ictaluri interaction is very limited. In Particular, catfish intestinal immune responses and virulence genes needed by E. ictaluri to evade host defenses are not well understood. Hence, our long-term goal is to identify the molecular mechanisms of E. ictaluri-host interactions. The overall objectives of this study were to understand catfish immune responses to E. ictaluri infection and determine essential genes of E. ictaluri during the intestinal invasion. To accomplish the overall objectives of this research, intestinal ligated loops were constructed surgically in live catfish and loops were injected with wild-type E. ictaluri and two live attenuated E. ictaluri vaccine strains developed recently by our research group. We first determined catfish intestinal immune responses against E. ictaluri wild-type and live attenuated vaccine strains. Then, we analyzed the global gene expression patterns of wild-type E. ictaluri and vaccine strains during catfish intestinal invasion using high throughput RNA-Seq technology. Results showed a moderate level of neutrophil and B cell infiltration correlated with significantly lower expression of TNF-α, CD4-1, and CD8-α in the vaccine injected intestinal tissue compared to that of wild-type injected intestinal tissue. Further, RNA-Seq data analysis showed the prominent expression of genes related to bacterial secretion systems, ATP production processes, and multidrug resistance (MDR) efflux pumps in wild-type E. ictaluri. In contrast, the prominently expressed genes in vaccine strains were related to the phosphotransferase system and sugar metabolism processes. All these data suggest that our live attenuated vaccines are capable of triggering effective immune responses in catfish without causing damage to the host

Studies in medieval Iraqi architecture

The period covered by this thesis extends from the mid- 6th/12th century to the late 8th/14th century. These centuries saw the development, maturity and apogee of Islamic architecture in Iraq as regards plan, structure and ornament. They also saw the heyday of the atabeg system, the fall of the Abbasid caliphate with the sack of Baghdad, and the establishment and decline of Mongol power. Long and comparatively peaceful reigns, such as those of the Caliphs al-Nasir and al-Mustansir, Badr al-Din Lulu' and Shaikh Uwais, generated many notable buildings. Occasionally a ruler's change of creed might affect his patronage of architecture. Thus the conversion of Badr al-Din Lulu' to Shi'ism, possibly intended as a move against the 'Adawiya sect, caused not only the conversion of many Atabikid madrasas to maqams and mashads, but also the erection of mausolea to Shi'ite imams. This thesis was undertaken in the hope of shedding light on the comparatively little-known mediaeval architecture of Iraq. The majority Of the foreign scholars who have worked in Iraq ao far have concentrated on tbe pre-Islamic past and even specialists in Islamic art have tended to concentrate on the Umayyad and early Abbasid periods. Thus there seemed to be room for a comprehena1ve work which would not only summarise the present state ot knowledge about already published buildings and their decoration but would also fill in the picture by dealing with little known and in some cases completely unpublished structures

Transmission of Nocardia farcinica by two Ixodid species

The cultural, morphological and pathogenic characteristics of Nocardia farcinica were studied.Guinea pigs were susceptible to Nocardia farcinica, showing typical lesions following injections with cultures or infected tick materials.Rabbits readily acquired a generalized infection with Nocardia farcinica but only a small proportion of those so injected developed lesions.Generalized Nocardia farcinica infections did not result from minor skin traumata (pin -pricks and scarification) made in rabbits' ears and guinea pigs' backs which had previously been painted with cultures of the organism, and neither did they result when ticks were fed on surfaces so treated.The feeding performance and developmental periods of Amblyomma variegatum and Hyalomma anatolicum excavatum were also precisely studied.Larvae and nymphs of Amblyomma variegatum acquired Nocardia farcinica infection from rabbits and, at periods of up to nine weeks, transmitted these infections to other rabbits when feeding as the subsequent instars. Trials proved that this period of retention of transmissible infection can extend up to 33 weeks.Nymphs and adults of Amblyomma variegatum showed their ability to retain transmissible infection under various environmental conditions.Larvae and nymphs of Hyalomma anatolicum excavatum acquired Nocardia farcinica infection from rabbits and, at periods of up to eight weeks, transmitted the infection to other rabbits when feeding as the following instars. However, subsequent trials showed that Hyalomma anatolicum excavatum cannot retain naturally transmissible Nocardia farcinica infection for longer periods.Trans-ovarial transmission was not achieved with either species.These clear demonstrations of the trans-stadial transmission of the bovine farcy organism confirmed the existence of an epidemiological feature which has previously only been suspected

CEREBROVASCULAR RISK FACTORS, ARTERIOLAR SCLEROSIS, AND COGNITIVE DECLINE IN THE KENTUCKY APPALACHIAN “STROKE-BELT”

The relationship between cerebrovascular disease (CVD) risk factors and cognitive impairment or dementia has been widely studied with significant variability in findings between groups. We hypothesized that chronic small vessel injury in the form of arteriolar sclerosis, measured quantitatively using MRI to measure total white matter hyperintensity (WMH) volumes, would identify specific association of CVD risk factors and patterns of cognitive decline, associated with mild cognitive impairment of the cerebrovascular type, that represent the core features of vascular cognitive impairment in our cohort. A Cross-sectional analysis of clinical and quantitative MRI data on 114 subjects with normal cognitive function (n=52) and mild cognitive impairment (MCI; n=62) was performed. Quantitative total WMH volumes were examined in relation to potentially causative CVD risk factors and resultant test scores across cognitive domains using linear regression models adjusted for age, gender, and education. Among CVD risk factors analyzed, age (p\u3c 0.001), education (p= 0.003), hypertension (p= 0.012), and hyperlipidemia (p= 0.008) demonstrated the strongest associations with WMH volumes. Conversely, diabetes, smoking, history of heart attacks, atrial fibrillation, and history of stroke that have shown associations with CVD pathology on imaging in other studies were not statistically associated with increased WMH in this cohort. WMH volumes were associated with decrease performance on the Trial Making Test type A & B and long delayed free recall on the California Verbal Learning Test. Our findings suggest similarities and yet differences in comparison to other studies. Hypertension and hyperlipidemia appear to represent common shared risks across geographically disparate groups. Our findings, like others, suggest CVD pathology impact processing speed and executive function and provide further evidence for CVD effects on short-term memory in those at risk for cognitive decline and the future development of dementia in our cohort