Predictability of stock returns using financial statement information: Evidence on semi-strong efficiency of emerging Greek stock market

This article examines the predictability of stock returns in the Athens Stock Exchange (ASE) during 1993 to 2006 by using accounting information. Using panel data analysis, this article concludes that the selected set of financial ratios contains significant information for predicting the cross-section of stock returns. Results indicate that portfolios selected on the basis of financial ratios produce higher than average returns, suggesting that the emerging Greek market does not fully incorporate accounting information into stock prices and hence it is not semi-strong efficient

Impact of thiopurines and anti-tumour necrosis factor therapy on hospitalisation and long-term surgical outcomes in ulcerative colitis.

Ulcerative colitis (UC) is a chronic inflammatory condition affecting the large bowel and is associated with a significant risk of both requirement for surgery and the need for hospitalisation. Thiopurines, and more recently, anti-tumour necrosis factor (aTNF) therapy have been used successfully to induce clinical remission. However, there is less data available on whether these agents prevent long-term colectomy rates or the need for hospitalisation. The focus of this article is to review the recent and pertinent literature on the long-term impact of thiopurines and aTNF on long-term surgical and hospitalisation rates in UC. Data from population based longitudinal research indicates that thiopurine therapy probably has a protective role against colectomy, if used in appropriate patients for a sufficient duration. aTNF agents appear to have a short term protective effect against colectomy, but data is limited for longer periods. Whereas there is insufficient evidence that thiopurines affect hospitalisation, evidence favours that aTNF therapy probably reduces the risk of hospitalisation within the first year of use, but it is less clear on whether this effect continues beyond this period. More structured research needs to be conducted to answer these clinically important questions

On-Campus Versus Off-Campus: A Comparative Analysis Of MBA Learning Outcomes For A Classroom-Based Program

Both direct and indirect measures of learning outcomes provide data that can be used to improve learning. The research reports a study of an indirect measure of learning outcomes in an MBA program. The measure was a Post-Then format using a five point Likert scale. Thirteen courses were analyzed generating 107,440 responses over a 5-year period. Two research questions were addressed: Are MBA students learning as demonstrated by an improvement in learning outcomes? and, Is there a difference in learning outcomes for on-campus versus off-campus students? Results are presented and future research directions are offered

The Marsh Lane Railway Viaduct: 2 Years of Monitoring with Combined Sensing and Surveying Technologies

Marsh Lane viaduct is a typical example of a 19th century brick masonry railway arch in the UK. It frequently carries passenger trains to and from Leeds Station. This paper broadly discusses the sensing techniques and associated analysis procedures used to (i) identify the reasons for existing damage, (ii) quantify their impact on the dynamic response of the structure and (iii) measure degradation of the response over a period of one year. To identify existing damage, distortions in geometry of the structure are examined with new point cloud processing techniques. With the aid of limit analyses, these distortions are interpreted, and past support movements which may have caused the distortions are identified. Then, to measure the dynamic response of the bridge, quasi-distributed fibre optic strain sensing and digital image correlation displacement measurement techniques are used. These highlight the increased dynamic response around locations of existing damage, and point out to the global mechanisms of response that could propagate damage. Continuous fibre optic strain measurements between November 2017 and 2018 are then discussed to investigate the ongoing deterioration.This work is being funded by the Lloyd’s Register Foundation, EPSRC and Innovate UK through the Data-Centric Engineering programme of the Alan Turing Institute and through the Cambridge Centre for Smart Infrastructure and Construction. Funding for the monitoring installation was provided by EPSRC under the Ref. EP/N021614/1 grant and by Innovate UK under the Ref. 920035 grant

Ano-genital Granulomatosis and Crohn's Disease: A Case Series of Males Presenting with Genital Lymphoedema.

Background and Aims: Ano-genital granulomatosis is a rare chronic granulomatous condition of the skin that causes lymphoedema of the external genitalia. There is a reported association with Crohn's disease. Mechanisms of disease and optimal methods of treatment are poorly understood. Methods: A retrospective casenote review of 25 male patients with ano-genital granulomatosis presenting with genital lymphoedema was performed to determine the clinical and histopathological features of this condition and its relationship to intestinal Crohn's disease. Results: A combination of penile and scrotal oedema was reported at presentation in 80% of patients; 40% of patients had associated intestinal Crohn's disease. The average time from symptom onset to diagnosis was 52.7 months. Half of cutaneous biopsies contained non-caseating granulomas and 14% contained intralymphatic granulomas. In all, 72% of patients responded to oral steroids initially but recurrence was common. Complete or partial response was achieved in 60% of patients treated with azathioprine. Three of six patients responded to anti-tumour necrosis factor [TNF] therapy. A small proportion of patients required circumcision or de-bulking surgery for more debilitating disease. Conclusions: Ano-genital granulomatosis is a rare condition that presents with genital lymphoedema, and there is frequently a protracted delay in diagnosis. There is a very strong association with intestinal Crohn's disease. Genital lymphoedema associated with gastrointestinal symptoms should prompt careful evaluation to exclude both ano-genital granulomatosis and Crohn's disease

Large scale flow effects, energy transfer, and self-similarity on turbulence

The effect of large scales on the statistics and dynamics of turbulent fluctuations is studied using data from high resolution direct numerical simulations. Three different kinds of forcing, and spatial resolutions ranging from 256^3 to 1024^3, are being used. The study is carried out by investigating the nonlinear triadic interactions in Fourier space, transfer functions, structure functions, and probability density functions. Our results show that the large scale flow plays an important role in the development and the statistical properties of the small scale turbulence. The role of helicity is also investigated. We discuss the link between these findings and intermittency, deviations from universality, and possible origins of the bottleneck effect. Finally, we briefly describe the consequences of our results for the subgrid modeling of turbulent flows

Universality of the Small-Scale Dynamo Mechanism

We quantify possible differences between turbulent dynamo action in the Sun and the dynamo action studied in idealized simulations. For this purpose we compare Fourier-space shell-to-shell energy transfer rates of three incrementally more complex dynamo simulations: an incompressible, periodic simulation driven by random flow, a simulation of Boussinesq convection, and a simulation of fully compressible convection that includes physics relevant to the near-surface layers of the Sun. For each of the simulations studied, we find that the dynamo mechanism is universal in the kinematic regime because energy is transferred from the turbulent flow to the magnetic field from wavenumbers in the inertial range of the energy spectrum. The addition of physical effects relevant to the solar near-surface layers, including stratification, compressibility, partial ionization, and radiative energy transport, does not appear to affect the nature of the dynamo mechanism. The role of inertial-range shear stresses in magnetic field amplification is independent from outer-scale circumstances, including forcing and stratification. Although the shell-to-shell energy transfer functions have similar properties to those seen in mean-flow driven dynamos in each simulation studied, the saturated states of these simulations are not universal because the flow at the driving wavenumbers is a significant source of energy for the magnetic field.Comment: 16 pages, 9 figures, accepted for publication in Ap

Comparison of small intestinal contrast ultrasound with magnetic resonance enterography in pediatric Crohn's disease

Aim To compare the diagnostic yield of small intestinal contrast ultrasonography (SICUS) with magnetic resonance enterography (MRE) in routine clinical practice in a cohort of pediatric patients investigated for Crohn's disease (CD) attending a UK tertiary center. Methods and Results Patients with suspected or established CD who underwent SICUS were identified retrospectively. SICUS was compared to conventional transabdominal ultrasound (TUS), ileocolonoscopy (IC), and MRE. The accuracy and agreement of SICUS in detecting small bowel lesions and CD‐related complications were assessed using kappa (κ) coefficient statistics. A total of 93 patients (median age 15 years, range 2–17, 49 male) underwent SICUS; 58 had suspected and 35 had established CD. In suspected CD, sensitivity and specificity of SICUS in detecting CD small bowel lesions were 81.8 and 100% and for TUS 85.7 and 87.5%, respectively. In established CD, sensitivity and specificity of SICUS were 98.7 and 100% and TUS 80 and 100%, respectively. Agreement between SICUS and IC was substantial for the presence of lesions (κ = 0.73) but fair in TUS (κ = 0.31). Agreement between SICUS and IC was almost perfect for detecting strictures (κ = 0.84), with a sensitivity of 100% and specificity of 97.6%. When comparing SICUS and TUS with MRE, agreement for the presence of lesions was substantial (κ = 0.63) and moderate (κ = 0.53), respectively. Agreement between SICUS and MRE was substantial for detecting strictures (κ = 0.77) and dilatation (κ = 0.68). Conclusions SICUS offers a radiation‐free alternative for assessing pediatric small bowel CD, with diagnostic accuracy that is comparable to MRE and IC, supporting its wider use in routine practice

General solutions of the Wess-Zumino consistency condition for the Weyl anomalies

The general solutions of the Wess-Zumino consistency condition for the conformal (or Weyl, or trace) anomalies are derived. The solutions are obtained, in arbitrary dimensions, by explicitly computing the cohomology of the corresponding Becchi-Rouet-Stora-Tyutin differential in the space of integrated local functions at ghost number unity. This provides a purely algebraic, regularization-independent classification of the Weyl anomalies in arbitrary dimensions. The so-called type-A anomaly is shown to satisfy a non-trivial descent of equations, similarly to the non-Abelian chiral anomaly in Yang-Mills theory.Comment: 9 pages. RevTeX fil