Multiscale Systematic Risk

Cataloged from PDF version of article.In this paper we propose a new approach to estimating systematic risk (the beta of an asset). The proposed method is based on a wavelet multiscaling approach that decomposes a given time series on a scale-by-scale basis. The empirical results from different economies show that the relationship between the return of a portfolio and its beta becomes stronger as the wavelet scale increases. Therefore, the predictions of the CAPM model should be investigated considering the multiscale nature of risk and return. (C) 2004 Elsevier Ltd. All rights reserved

Between a rock and a hard place: corporate elites in the context of religion and secularism in Turkey

Drawing on discourse analyses of 36 in-depth interviews with elite business people from Turkey, the study identifies the networking patterns of new and established business elites in the context of economic liberalization and socioreligious transformation of the country. Through a comparative analysis of the so-called secular and religious elite networks, we demonstrate the role of institutional actors such as the government, and identity networks, based on religion and place of birth in shaping the form and content of social networks among business elites in Turkey. In order to achieve this, we operationalize Bourdieu's notion of theory of practice and Granovetter's theory of social networks, illustrating the utility of combining these approaches in explicating the form and content of social networks in their situated contexts, in which power and divergent interests are negotiated.Galatasaray University Research Fund [grant number 12.102.005]

Portable automated radio-frequency scanner for non-destructive testing of carbon-fibre-reinforced polymer composites

A portable automated scanner for non-destructive testing of carbon-fibre-reinforced polymer (CFRP) composites has been developed. Measurement head has been equipped with an array of newly developed radio-frequency (RF) inductive sensors mounted on a flexible arm, which allows the measurement of curved CFRP samples. The scanner is also equipped with vacuum sucks providing mechanical stability. RF sensors operate in a frequency range spanning from 10 up to 300 MHz, where the largest sensitivity to defects buried below the front CFRP surface is expected. Unlike to ultrasonic testing, which will be used for reference, the proposed technique does not require additional couplants. Moreover, negligible cost and high repeatability of inductive sensors allows developing large scanning arrays, thus, substantially speeding up the measurements of large surfaces. The objective will be to present the results of an extensive measurement campaign undertaken for both planar and curved large CFRP samples, pointing out major achievements and potential challenges that still have to be addressed

Effects of various inulin levels on in vitro digestibility of corn silage, perennial ryegrass (Lolium perenne L.) and common vetch (Vicia sativa L.)/oat (Avena sativa L.) hay

The aim of this study was to investigate the effects of various inulin levels on in vitro true dry matter digestibility (IVTDDM) and in vitro neutral detergent fibre digestibility (IVTDNDF) of corn silage (CS), perennial ryegrass (PR), and common vetch/oat hay (VO). Inulin was added to the fermenter at concentrations of 0 (CSC, PRC, VOC), 100 (CS100, PR100, VO100), 200 (CS200, PR200, VO200), and 300 (CS300, PR300, VO300) mg/litre of total culture fluid using an in vitro DaisyII incubator. Each fermenter contained 1600 ml buffer solution and 400 ml rumen fluid. The IVTDDM and IVTDNDF were determined with a DaisyII incubator and rumen fluid obtained from three cannulated Karayaka rams. The IVTDDM values (%) for PRC, PR100, PR200, and PR300 were 70.06 ± 1.133, 73.21 ± 4.153, 70.36 ± 0.506, and 66.69 ± 1.317, respectively. The effects of various inulin levels on IVTDDM and IVTDNDF values of PR were significant (P <0.05). The IVTDDM and IVTDNDF values for CS and VO were not significantly (P >0.05) different. Among the treatments, supplementation of inulin to CS and VO did not have a significant (P >0.05) effect on IVTDDM and IVTDNDF values. The high dose of inulin (PR300) reduced IVTDDM and IVTDNDF, whereas PR100 showed a statistically significant (P <0.05) increase on IVTDDM and IVTDNDF. However, in vivo studies with PR may be required to show the effects of various levels of inulin supplementation to support the IVTD findings of the current study.Keywords: Inulin, in vitro true digestibility, hay, silag

Fixed vs. Flexible Pricing in a Competitive Market

We study the selection and dynamics of two popular pricing policies—fixed price and flexible price—in competitive markets. Our paper extends previous work in marketing, for example, Desai and Purohit (2004) by focusing on decentralized markets with a dynamic and fully competitive framework while also considering possible noneconomic aspects of bargaining. We construct and analyze a competitive search model, which allows us to endogenize the expected demand depending on pricing rules and posted prices. Our analysis reveals that fixed and flexible pricing policies generally coexist in the same marketplace, and each policy comes with its own list price and customer demographics. More specifically, if customers dislike haggling, then fixed pricing emerges as the unique equilibrium, but if customers get some additional satisfaction from the bargaining process, then both policies are offered, and the unique equilibrium exhibits full segmentation: haggler customers avoid fixed-price firms and exclusively shop at flexible firms, whereas nonhaggler customers do the opposite. We also find that prices increase in customer satisfaction, implying that sellers take advantage of the positive utility enjoyed by hagglers in the form of higher prices. Finally, considering the presence of seasonal cycles in most markets, we analyze a scenario in which market demand goes through periodic ups and downs and find that equilibrium prices remain mostly stable despite significant fluctuations in demand. This finding suggests a plausible competition-based explanation for the stability of prices

Ekspresija E-selektina u mišjem sjemeniku nakon njegove pokusne torzije (ishemije/reperfuzije).

Germ cell-specific apoptosis occurs after ischemia/reperfusion of the testis and is dependent on E-selectin expression. The aim of the study was to determine differences in E-selectin expression in testes tissues of control, sham and treatment groups after ischemia/reperfusion in mice. Mice were subjected to 720° testicular torsion for 1 h or 2 h duration (ischemia) followed by detorsion (reperfusion). After 2 h of reperfusion, the testes were fixed in Bouin fixative and immunohistochemical analysis performed for E-Selectin expression. E-selectin expression increased in the ischemic testis and contralateral testis after 2 h of reperfusion in mice. This increase in E-selectin expression may confirm that E-selectins play a key role in mediating of apoptosis in germ cells after ischemia/reperfusion. Thus, the blockage of E-selectins might be a strategy for rescue of post-ischemic testes.Apoptoza germinativnih stanica javlja se nakon ishemije i reperfuzije sjemenika, a ovisna je o ekspresiji E-selektina. Cilj ovog istraživanja bio je odrediti razlike u ekspresiji E-selektina u tkivu sjemenika kontrolne, placebo i pokusne skupine nakon ishemije/reperfuzije u miševa. Miševi su bili podvrgnuti torziji sjemenika od 7200 tijekom jednog ili dva sata (ishemija), nakon čega je slijedila detorzija (reperfuzija). Nakon dva sata reperfuzije tkivo sjemenika bilo je fiksirano u Bouinovom fiksativu i pretraženo imunohistokemijski na ekspresiju E-selektina. Ekspresija E-selektina povećala se u ishemičnih sjemenika nakon dva sata reperfuzije. Može se reći da povećanje ekspresije E-selektina potvrđuje njhovu ključnu ulogu u nastanku apoptoze germinativnih stanica nakon ishemije/reperfuzije pa bi blokada E-selektina mogla biti od važnosti za spašavanje sjemenika nakon ishemije

Physician Refusal or Withdrawal of Patient Treatment at Healthcare System of A University Hospital in Turkey

The refusal of the physician to give treatment to the patient is the end of relationship between the physician and the patient. The withdraw is end of relationship which has begun between the physician and the patient. The refuse or withdraw of the patient treatment, which constitutes a perception like the same act, causes significant ethical problems in the provision of health care. We carried out our research to identify physicians\u27 considerations. We conducted a survey study between Research Assistants working in Clinical Departments in Inonu University Turgut Ozal Medical Center and in the treatment of patients. In study, 81 (80.2%) physicians were the most important factor in the refusal of the physician to give treatment to the patient, the patient or relative physical violence application. The reason for the refused was the patient who had psychological stress exerted 12 (11.9%), the medical difficulty was 7 (6.9%) and the patient 1 (1.0%) did not trust the physician\u27s knowledge. It is possible to say that the main reason for the refusal of the patient treatment or withdraw treatment is the physician\u27s injury of the honour

Psychological and physiological effects of compassionate mind training: A pilot randomised controlled study

The development of the compassionate self, associated with practices such as slow and deeper breathing, compassionate voice tones and facial expressions and compassionate focusing is central to Compassion Focused Therapy. This study explores the impact of a two-week Compassionate Mind Training (CMT) program on emotional, self-evaluative and psychopathology measures and on heart rate variability (HRV). Participants (general population and college students) were randomly assigned to one of two conditions: CMT (n=56) and Wait-List Control (n=37). Participants in the CMTcondition were instructed to practice CMT exercises during two weeks. Self-report measures of compassion, positive affect, fears of compassion, self-criticism, shame, depression, anxiety and stress, and HRV were collected at pre and post intervention in both conditions. Compared to the control group, the experimental group showed significant increases in positive emotions, associated with feeling relaxed and also safe and content, but not activated; and in self-compassion, compassion for others and compassion from others. There were significant reductions in shame, self-criticism, fears of compassion, and stress. Only the experimental group reported significant improvement in HRV. Developing awareness of the evolved nature and inherent difficulties of our minds allied with practicing CMT exercises has beneficial effects on participants' psychological and physiological well-being.N/

Perceived partner responsiveness, daily negative affect reactivity, and all-cause mortality:A 20-year longitudinal study

Objective This study tested longitudinal associations between absolute levels of perceived partner responsiveness (PPR; how much people perceive that their romantic partners understand, care for, and appreciate them), daily negative affect reactivity and positive affect reactivity, and all-cause mortality in a sample of 1,208 adults for three waves of data collection spanning 20 years. We also tested whether longitudinal changes in PPR predicted mortality via affect reactivity. Methods Data were taken from the National Survey of Midlife Development in the United States. PPR was assessed at waves 1 and 2, affect reactivity to stressors was assessed by daily diary reports at wave 2, and mortality status was obtained at wave 3. Results Mediation analyses revealed absolute levels of PPR at wave 1 predicted wave 3 mortality via wave 2 affective reactivity in the predicted direction, but this did not remain robust when statistically accounting for covariates (e.g., marital risk, neuroticism), beta = .004, 95% confidence interval = -.03 to .04. However, wave 1-2 PPR change predicted negative affect (but not positive affect) reactivity to daily stressors at wave 2, which then predicted mortality risk a decade later (wave 3); these results held when adjusting for relevant demographic, health, and psychosocial covariates, beta = -.04, 95% confidence interval = -.09 to -.002. Conclusions These findings are among the first to provide direct evidence of psychological mechanisms underlying the links between intimate relationships and mortality and have implications for research aiming to develop interventions that increase or maintain responsiveness in relationships over time