A penalized two-pass regression to predict stock returns with time-varying risk premia

We develop a penalized two-pass regression with time-varying factor loadings. The penalization in the first pass enforces sparsity for the time-variation drivers while also maintaining compatibility with the no-arbitrage restrictions by regularizing appropriate groups of coefficients. The second pass delivers risk premia estimates to predict equity excess returns. Our Monte Carlo results and our empirical results on a large cross-sectional data set of US individual stocks show that penalization without grouping can yield to nearly all estimated time-varying models violating the no-arbitrage restrictions. Moreover, our results demonstrate that the proposed method reduces the prediction errors compared to a penalized approach without appropriate grouping or a time-invariant factor model

Control of Inflation on the Road of the Accession to European Monetary Union. The Case of Albania

The aim of this paper is to analyze the monetary policy and inflation targeting applied by the Bank of Albania on the road to Euro adaption. There will be a comparison with the monetary policy used by the European Central Bank for the countries aiming to join the European Union and it will be shown if the Bank of Albania’s monetary policy rules adapt those of the ECBs. The data of inflation and exchange rates in the Albanian economy in 2005-2013 has been used. Since the variables are non-stationary and present unit roots, Johansen’s co-integration technique has been applied. This methodology has allowed for obtaining of a co-integrating relationship among variables in the long-run. The co-integration results provide evidence of a no co-integration. This indicates that inflation and exchange rate does not move together in Albania in the long-run. According to the test results, it can be said that in the long-run foreign currency does not main cause of inflation in Albania

Control of Inflation on the Road of the Accession to European Monetary Union, The Case of Albania

The aim of this thesis is to analyze the monetary policy and inflation targeting applied by the Bank of Albania on the road to Euro adaption. There will be a comparison with the monetary policy used by the European Central Bank for the countries aiming to join the European Union and it will be shown if the Bank of Albania’s monetary policy rules adapt those of the ECBs. The data of inflation and exchange rates in the Albanian economy in 2005-2013 has been used. Since the variables are non-stationary and present unit roots, Johansen’s cointegration technique has been applied. This methodology has allowed for obtaining of a cointegrating relationship among the variables in the long-run. The co-integration results provide evidence of a no co-integration. This indicates that inflation and exchange rate does not move together in Albania in the long-run. According to the test results, it can be said that in the long-run foreign currency does not main cause of inflation in Albania.Epoka Universit

Aesthetics of Scenography Development

In human history, languages, cultures, traditions, mingle and overlap. Seeking today to tell the history of the Albanian scenography art track is a task as difficult and fascinating at the same time. Maybe this is the best way to discover the roots of the history of the development of theater through Albanian scenography. Assignment of each researcher of this branch, first of all, is to consider every act to resist the time, which carries this art in this land. Starting from this principle, so from its creation, we must find values, where and how Scenography, in the areas of art, can identify, as a disclosure of a new era of this history. Archival and documentary difficulties are present in almost all researchers and scholars path of this branch in Albania. Such a vacuum of written facts there is found in no other genre of art, no documentation of facts, names and not even any study analysis of this gender of art. Meanwhile the history of theater, fortunately, remained in her documentary image through photographs, which are simultaneously a document of the décor development and progress over the years.Keywords: artistic language of scenography, theater, actor and scenographer, mythopoietica, etc

Acute myocardial infarction and pulmonary tuberculosis in a young female patient: a case report

Abstract Introductio

Efficacy of an IgM preparation in the treatment of patients with sepsis: a double-blind randomized clinical trial in a pediatric intensive care unit

Aim: Additional treatments for sepsis to be administered alongside the standard therapy recommended by the Surviving Sepsis Campaign have recently undergone evaluation. Due to its anti-bacterial, anti-inflammatory and immunomodulatory properties, intravenous polyvalent immunoglobulin M (IgM)–enriched immunoglobulins (IgM preparation) has been investigated as one of these potentially valid adjunctive therapies. The aim of this trial was to assess the efficacy of an IgM preparation as adjuvant therapy in the treatment of pediatric patients with sepsis. Methods: In our study, 78 septic patients admitted to a pediatric intensive care unit (PICU) at the University Hospital Center “Mother Teresa” in Tirana, Albania, were randomized into two groups (intervention and control). All patients were treated according to standard PICU sepsis guidelines. Additionally, patients in the intervention group received the IgM preparation Pentaglobin® while patients in the control group received standard sepsis therapy, but no immunoglobulin  administration. Results: The survival rate was higher in the intervention group (87%, N=34) than in the control group (64%, N=25), and this difference was statistically significant  (P=0.03). Length of stay (LOS) was also significantly shorter in the intervention group. Conclusion: In this study conducted in Albania, use of an IgM preparation, in addition to standard sepsis therapy, led to a significant increase in the survival rate as well as a significant reduction in LOS compared with placebo, when administered in PICU patients with sepsis

PERICARDIAL FEATURES OF IN-HOSPITAL RHEUMATOLOGY PATIENTS: AN OBSERVATIONAL STUDY

Reumatske bolesti mogu biti povezane s perikarditisom, ali su teži oblici te bolesti rijetki. Cilj ovog opservacijskog istraživanja bio je proučiti obilježja perikarda u bolesnika s različitim reumatskim bolestima. Uklju čeno je trideset i pet bolesnika hospitaliziranih u Klinici za reumatologiju Sveučilišnoga kliničkog centra Kosova od 1. do 21. listopada 2014. Prikupljeni su demografski podaci, anamnestički podaci, učinjeni su EKG i ehokardiografi ja s posebnim naglaskom na perikard. Ehokardiografi ja je bila posebno usmjerena na količinu perikardijalnog izljeva i njegovu debljinu u stražnjoj srčanoj ovojnici. Srednja dob bolesnika bila je 51,5 ± 13,8 god., a 65,7% njih bile su žene. Među analiziranim bolesnicima bilo je 88,6% s upalnim reumatskim bolestima, od čega njih 11,3% s blagim simptomima, 68,7% s umjerenim i 20% s teškim simptomima. U svih je bolesnika naglašena perikardijalna hiperehogenost sa srednjom debljinom perikarda od 4,68 ± 1,66 mm. Perikardijalni izljev manje količine bio je prisutan u 57,1% bolesnika s količinom od 3,3 ± 1,9 ml. Težina reumatske bolesti bila je značajno i pozitivno povezana s prisutnošću perikardijalnog izljeva (r = 0,29; p = 0,04) i količinom perikardijalnog izljeva (r = 0,28; p = 0,05). Bolesnici nisu znali da imaju perikardijalni izljev niti su imali kliničke simptome u tom smislu. Zaključno, u ovome kratkotrajnom malom opservacijskom istraživanju promjene perikarda bile su čest nalaz u bolesnika s reumatskim bolestima. Ipak, najčešće se radilo o perikarditisu supkliničkog oblika i s malom količinom izljeva. Aktivnost bolesti može biti povezana s perikarditisom. Potrebne su studije s većim brojem bolesnika i dužeg trajanja da bi se dalje istražilo ovo područje.Rheumatic disorders can be associated with pericarditis, but severe forms of pericarditis are rare. Th e aim of this observational study was to evaluate pericardial features in patients with diff erent rheumatic diseases. Th irty-fi ve patients hospitalized at the Clinic of Rheumatology, University Clinical Center of Kosovo, from October 1 to October 21, 2014 were included in the study. Demographic data, history, laboratory, ECG, and echocardiography data, with special emphasis on the analysis of the pericardium, were obtained from each patient. Echocardiography was especially focused on the amount of pericardial fl uid and pericardial thickness in the posterior wall of the heart. Mean patient age was 51.5 ± 13.8 years. 65.7% of the patients were women. Out of the patients that we analyzed, 88.6% had an infl ammatory rheumatologic disease. 11.3% of the patients had mild symptoms, in 68.7% the symptoms were moderate, and in 20% severe. In all patients, pericardial hyperechogenicity was marked, with a mean pericardial thickness of 4.68 ± 1.66 mm. Pericardial eff usion in a small amount was present in 57.1% of patients, with a mean pericardial fl uid amount of 3.3 ± 1.9 mm. Th e severity of rheumatic disease had a positive and signifi cant correlation with the presence of pericardial eff usion (r= 0.29, p=0.04) and its amount (r= 0.28, p=0.05). Th e patients had not been aware of the pericardial involvement and did not have any clinical symptoms. In conclusion, in this short-term small observational study pericardial changes were a frequent fi nding in the rheumatology patients. In general, the pericarditis was subclinical and with small amounts of eff usion. Th e disease activity of rheumatic disorders can be associated with pericarditis. Further studies with larger samples of patients and of longer duration are needed to further explore this issue