Essays on Currency Risk Management

In recent years a growing number of corporations have committed considerable resources to risk management, indicating the potential for risk management to protect and increase firm value. One can argue that most prior attempts to directly link the value of the firm to its hedging strategies are rather scant. Moreover, several questions with regards to firms\u27 risk management activities remain unanswered. This study consists of two essays dealing with a series of questions regarding corporate risk management in modern U.S. multinational corporations. In the first essay we first, test the valuation effects of currency hedging policies of firms around extraordinary exchange rate instability events. The exchange rate shocks of the Asian Currency crisis of 1997 and the Brazilian Real Devaluation of 1999 are used as the exchange rate instability events. These two currency crises provide us with a unique set of exogenous events to assess the effectiveness of currency risk management. The valuation effect is implemented by using two measures of firm value, namely Tobin\u27s Q ratio and the firm\u27s Excess Market Value. Second, we conduct tests specifically designed to shed light on the effectiveness of natural and financial hedges, in the attempt to determine whether financial hedging and non-financial (natural) hedging techniques are complementary or substitutive means for risk management during periods of exchange rate shocks. In the second essay we investigate the relationship between currency risk management activities, firm value and the agency-related costs arising from the separation of ownership and control. Specifically, we test the damaging effects of corporate hedging motivated by the managerial risk preferences hypothesis as outlined by Tufano (1998). This study is the first to use the Corporate Governance Index (G); a state of the art measure, to proxy for the level of agency costs in the firm and relate it to the firm\u27s currency hedging profile. Overall, our findings do not support the negative valuation effect as predicted by Tufano (1998). Our results provide support to the hedging theories that link corporate hedging policies to managerial career and reputation concerns. In addition, our results are in line with the body of the finance literature suggesting that the realization of managerial risk preferences may not always lead to a lower shareholder and firm value

Short-term outcome of posterior anorectal myectomy for treatment of children with intractable idiopathic constipation

Purpose: Many children with idiopathic constipation (IC) fail to improve with bowel management program. The role of surgical treatment in this subset of patients with intractable IC is still controversial. The aim of this study was to assess the outcome of anorectal myectomy in treatment of intractable IC.Patients and methods: Twenty-five patients with intractable IC were included in this study after failure of bowel management program for at least 1 year. Work-up was made to exclude all other causes of chronic constipation. All patients were selected for internal sphincter myectomy. Patients were followed for at least 6 months postoperatively. Clinical improvement was evaluated by number of bowel motions per week, weaning of laxatives, soiling, child’s own feedback, and overall parent satisfaction.Results: Study included 25 children with a mean age of 6.3 ±1.6 years, suffering from constipation for a mean of 32.9 ± 8.5 months, with failed trails of bowel management program for at least 12 months. All children were subjected to anorectal myectomy with a mean follow-up of 12.4 months. Children’s feedback showed a mean of 79.1% improvement. Postoperative parent satisfaction had a mean of 75.9%.Conclusion: Anorectal myectomy is an effective and technically simple procedure in selected patients with intractable IC.Keywords: anorectal myectomy, children, idiopathic constipatio

Urethral advancement procedure in the treatment of primary distal hypospadias: a series of 20 cases

Introduction: Distal hypospadias is the most common genital anomaly, occurring in almost 65% of all hypospadias cases. Although there are several surgical techniques for the treatment of distal hypospadias, it is clear that none can be used to correct all forms of hypospadias. The aim of the study was to evaluate urethral advancement in the repair of primary distal penile hypospadias with regard to feasibility, complication rates and the final cosmetic outcome.Patients and methods: Between October 2014 and June 2015, the urethral mobilization technique was used in 20 patients who presented at the Pediatric Surgery Unit, Tanta University Hospital, with primary distal hypospadias. A submeatal crescent-like incision was performed a few millimeters proximal to the meatus with two vertical incisions from the lateral ends of the submeatal incisions. The urethra within the corpus spongiosum was dissected from the skin of the ventral surface and from the glans and corpora cavernosa for a distance of ~ 4 : 1. The urethra was advanced till the urethral meatus reached its normal position without any tension. Spongioplsty can be performed, and covering Buck’s or Dartos’ layers can be used. The follow-up was conducted on a weekly basis in the outpatient clinic in the first month, and then every month for 6 months.Results: The age of the patient at the time of operation ranged from 6 to 24 months, with a mean age of 10.5 months. The operative time ranged from 60 to 90 min, with a mean time of 73.5 min. Intraoperative urethral injury occurred only in one patient. In all patients, the catheter was removed immediately postoperatively except for one patient who had operative urethral injury. Deep wound infection was noticed in only one patient, followed by partial glanular disruption. Only one patient had urethrocutaneous fistula and two patients had meatal retraction.Conclusion: Urethral advancement can be used safely in the mobilization of the distal urethra with wide glanular dissection and wide lateral mobilization of glanular wings. However, it should be stressed that in the presence of hypoplastic distal urethra and/or persistent ventral curvature, another technique should be adopted. The majority of our patients had very good cosmetic results and minimal complication. However, the technique requires further studies with a larger number of patients and longer follow-up periods to draw more precise and final conclusions.Keywords: distal hypospidaus, primary, urethral advancemen

Bipolar sealing devices versus endoscopic vascular staplers during laparoscopic splenectomy in children with benign hematological diseases

Background: Splenectomy, whether open or laparoscopic, is considered a step of management in many children with benign hematological diseases such as immune thrombocytopenia, thalassemia, autoimmune hemolytic anemia, and spherocytosis. The major challenge during laparoscopic splenectomy (LS) is the rich blood supply of the spleen. Many techniques were considered to control the vascular supply of the spleen. Staplers, clips, either titanium or hemoclips, a bipolar sealing device (BSD), or ultrasonic shears were all used to complete LS. We aimed to compare the results of using BSD versus endoscopic staplers for vascular control of the pedicle during LS.Patients and methods: The study was carried out on 30 children with benign hematological diseases who presented to the Pediatric Surgical Unit. They were grouped randomly into two groups: group A and group B. Group A included 15 patients who were subjected to LS in which BSD was used for vascular control, whereas group B included 15 patients subjected to LS in which endoscopic staplers were used for vascular control of the pedicle.Results: The mean age of the children in group A was 9.60 years, whereas the mean age of the children in group B was 10.40 years. In group A, the mean estimated amount of blood loss was 72.27 ml. However, this was 80.67ml in group B. In group A, the mean operative time required was 39.00 min, whereas it was 56.27 min in group B. The indications for splenectomy were thalassemia in 15 cases (seven for group A and eight for group B), idiopathic thrombocytopenic purpura in 13 cases (seven for group A and six for group B), and spherocytosis in two cases (one for each group). The mean splenic size in group A was 10.43 cm, whereas it was 11.73 cm in group B.Conclusion: LS has evolved over the last decade because of the advancements of BSDs and endoscopic staplers. According to our data the use of LigaSure reduces the overall operative time, operative blood loss, and associated complications compared with the use of staplers.Keywords: children, laparoscopic, splenectom

Thermoelastic Stresses Alleviation for Two-Dimensional Functionally Graded Cylinders Under Asymmetric Loading

Open Access via the Taylor and Francis Agreement Funding This research did not receive any specific grant from funding agencies in the public, commercial, or not-for-profit sectors.Peer reviewedPublisher PD

A nontraditional method for reducing thermoelastic stresses of variable thickness rotating discs

Funding Open access funding provided by The Science, Technology & Innovation Funding Authority (STDF) in cooperation with The Egyptian Knowledge Bank (EKB). This research did not receive any specific grant from funding agencies in the public, commercial, or not-for-profit sectors.Peer reviewedPublisher PD

Serum Levels of Tissue Inhibitors of Metalloproteinase 2 in Patients With Systemic Sclerosis With Duration More Than 2 Years: Correlation With Cardiac and Pulmonary Abnormalities

In this study, we measured the serum concentration of TIMP-2 in patients with systemic sclerosis (SSc) and explored its possible correlation with cardiac and pulmonary lesions. We studied 42 patients with SSc, with duration equal to or more than 2 years. CT chest, ECG, echocardiography, and serum TIMP-2 concentration measurement using ELISA technique were performed in all patients and in 25 normal controls. The mean serum levels of TIMP-2 in patients was higher than in controls (P = .005). The mean CT score of dSSc patients with elevated TIMP-2 levels was significantly higher than dSSc patients with normal levels (P = .013). Four patients out of five with elevated TIMP-2 levels showed diastolic dysfunction (80%), compared to 2 out of 15 lSSc patients with normal levels (13.3%), with P = .014. Our research, though involving a small group of patients, points to the probable role of TIMP-2 in the development of pulmonary lesions in dSSc patients and cardiac lesions in lSSc patients with duration equal to or more than 2 years

Impact of occult hepatitis B virus infection on antiviral therapy in chronic hepatitis C patients

Background: Occult HBV infection (OBI) can be defined by the presence of HBV-DNA in the serum of patients who are negative for HBsAg. The presence of OBI has been associated with a poor therapeutic response to alpha IFN in many, but not in all studies.Objective: The aim of our study was to assess the prevalence of OBI in the serum of Egyptian patients with CHC, and to evaluate its impact on the response to treatment with a combination of Peg-IFNa and RBV.Materials and methods: Fifty chronic HCV infected patients who were treated with Peg-IFNa once a week in combination with RBV for 48 weeks were included in this study. Patients were divided into two groups, group I which included 25 patients who achieved SVR and group II that included 25 patients who failed to achieve SVR (Non-SVR). Both patient groups were subjected to detailed questionnaire, clinical examination, routine laboratory investigations and virological studies.Results: No statistical significant difference was found in sex distribution regarding SVR and Non-SVR. The frequency of patients with low viral load has a statistically significant association.KEYWORDS: Chronic hepatitis C; Occult HBV infection; Sustained virological respons