Liquidity risk and the performance of UK mutual funds

We examine the role of liquidity risk, both as a stock characteristic as well as systematic liquidity risk, in UK mutual fund performance for the first time. Using four alternative measures of stock liquidity we extract principal components across stocks in order to construct systematic or market liquidity factors. We find that on average UK mutual funds are tilted towards liquid stocks (except for small stock funds as might be expected) but that, counter-intuitively, liquidity as a stock characteristic is positively priced in the cross-section of fund performance. We find that systematic liquidity risk is positively priced in the cross-section of fund performance. Overall, our results reveal a strong role for stock liquidity level and systematic liquidity risk in fund performance evaluation models

Liquidity commonality and pricing in UK equities

We investigate the pricing of systematic liquidity risk in UK equities using a large sample of daily data. Employing four alternative measures of liquidity we first find strong evidence of commonality in liquidity across stocks. We apply asymptotic principal component analysis (PCA) on the sample of stocks to extract market or systematic liquidity factors. Previous research on systematic liquidity risk, estimated using PCA, is focused on the US, which has very different market structures to the UK. Our pricing results indicate that systematic liquidity risk is positively priced in the cross-section of stocks, specifically for the quoted spread liquidity measure. These findings around the pricing of systematic liquidity risk are not affected by the level of individual stock liquidity as a risk characteristic. However, counter-intuitively, we find that the latter is negatively priced in the cross-section of stocks, confirming earlier research

The asset pricing effects of UK market liquidity shocks: evidence from tick data

Using tick data covering a 12 year period including much of the recent financial crisis we provide an unprecedented examination of the relationship between liquidity and stock returns in the UK market. Previous research on liquidity using high frequency data omits the recent financial crisis and is focused on the US, which has a different market structure to the UK. We first construct several microstructure liquidity measures for FTSE All Share stocks, demonstrating that tick data reveal patterns in intra-day liquidity not observable with lower frequency daily data. Our asymptotic principal component analysis captures commonality in liquidity across stocks to construct systematic market liquidity factors. We find that cross-sectional differences in returns exist across portfolios sorted by liquidity risk. These are strongly robust to market, size and value risk. The inclusion of a momentum factor partially explains some of the liquidity premia but they remain statistically significant. However, during the crisis period a long liquidity risk strategy experiences significantly negative alphas

Far Ultraviolet Spectroscopy of Seven Nova-Like Variables

We present the results of a multi-component synthetic spectral analysis of the archival far ultraviolet spectra of several key nova-like variables including members of the SW Sex, RW Tri, UX UMa and VY Scl subclasses: KR Aur, RW Tri, V825 Her, V795 Her, BP Lyn, V425 Cas and HL Aqr. Accretion rates as well as the possible flux contribution of the accreting white dwarf are included in our analysis. Except for RW Tri which has a reliable trigonometric parallax, we computed the distances to the nova-like systems using the method of Knigge (2006). Our analysis of seven archival IUE spectra of RW Tri at its parallax distance of 341 pc consistently indicates a low mass (0.4Msun) white dwarf and an average accretion rate, 6.3 E-9Msun/yr. For KR Aur, we estimate that the white dwarf has Teff=29,000K, log g = 8.4 and contributes 18% of the FUV flux while an accretion disk with accretion rate of 3 E-10Msun/yr at an inclination of 41 degrees, contributes the remainder. We find that an accretion disk dominates the far UV spectrum of V425 Cas but a white dwarf contributes non-negligibly with approximately 18% of the FUV flux. For the two high state nova-likes, HL Aqr and V825 Her, their accretion disks totally dominate with 1 E-9Msun/yr and 3 E-9Msun/yr, respectively. For BP Lyn we find an accretion rate of 1 E-8Msun/yr while for V795 Her, we find an accretion rate of 1 E-10Msun/yr. We discuss the implications of our results for the evolutionary status of nova-like variables.Comment: ApJ, accepte

Australian female gamers video game preferences

In this research, the research problem addressed was “What video games appeal the most to women?” which aimed at providing an insight into what types and aspects of video games are most salient to women. The findings are expected to benefit both new and existing video game companies by allowing them to reach an otherwise untapped yet eager market. A total of 250 female gamers were interviewed for the research. On analysis of the data collected through the questionnaire it was found that the formulated hypotheses, based on the literature reviewed, were essentially accurate. Female gamers were clearly averse to games involving violence while preferring games that involved creativity and mental stimulation

Close intervention sessions complement intensive insulin therapy in paediatric diabetes: a longitudinal study

Objective: To examine the impact of multidisciplinary team input and intensive insulin therapy on glycaemic control in children and adolescents with diabetes over a 13-year period. Design: Two statistical approaches were used to interrogate the dataset. First a matched pair analysis to compare insulin treatment-type effect (pump vs multiple daily injections (MDIs)), followed by panel data regression to assess the impact of intensive re-education on glycated haemoglobin (HbA1c), in addition to treatment type. Setting: A large tertiary paediatric diabetes centre using a prospectively maintained database of clinical encounters from 2007 to 2020. Main outcome measures: Difference in HbA1c between treatment types (matching methodology) and expected change in HbA1c with treatment type and re-education (panel data). Results: Compared with MDI, matched pump patients had a lower HbA1c 6 months after pump commencement (ΔHbA1c=-0.53%, CI -0.34% to -0.72%; n=106). This effect was robust in controlling for socioeconomic deprivation (ΔHbA1c=-0.74%, CI -0.40% to -1.08%; n=29). Panel data analysis demonstrated a -0.55% reduction in HbA1c with pump therapy compared with MDI therapy (CI -0.43% to -0.67%). Patients who had intensive re-education had recorded an HbA1c of 0.95% (CI 0.85% to 1.05%) greater than otherwise identical patients prior to re-education. Following these sessions, HbA1c dropped by a mean -0.81% (CI -0.68% to -0.95%) within 6 months. These were also robust in controlling for socioeconomic factors. Conclusions: Compared with matched peers on MDI regimens, patients on pump therapy have lower expected HbA1c, an effect sustained for up to 8 years. Intensive re-education is associated with a significant drop in previously elevated HbA1c levels.</p

Transmetatarsal Amputation Results in Higher Frequency of Revision Surgery and Higher Ambulation Rates Than Below-Knee Amputation

Background: Selecting the level of amputation for patients with severe foot pathology can be challenging. The surgeon is sometimes confronted with an option between transmetatarsal amputation (TMA) and below-knee amputation (BKA). Recent studies have suggested that minor foot amputations have high revision rates and need for higher level of amputation. This study sought to compare the revision rates, need for higher level of amputation, postoperative ambulatory rate, and the demographic factors between these 2 operations. Methods: We retrospectively reviewed the records of patients undergoing either BKA or TMA at a single academic institution during an 8-year period. Demographic characteristics and medical history were collected and included in a binary logistic regression model to evaluate for independent predictors of needing revision surgery or needing higher-level amputation. Secondary outcomes included ambulatory status and wound status at last follow-up. Results: There was a total of 367 patients who underwent either BKA (n=293) or TMA (n=74). On binary logistic regression, the only significant independent predictor of needing revision surgery was undergoing TMA (odds ratio [OR] 2.30, CI 1.199-4.146, P = .011). The presence of PAD trended toward significance (OR 2.12, CI 0.99-4.493, P = .051). Similarly, significant independent predictors of needing higher level amputation were undergoing TMA (OR 4.117, CI 1.9-8.9, P < .001) and presence of PAD (OR 4.85, CI 1.59-14.85, P = .006). More TMA patients were ambulatory (56.8%) on last follow-up compared with BKA patients (30.9%). Conclusion: Transmetatarsal amputation has a higher risk of reoperation and need for revision amputation compared with below-knee amputation. Transmetatarsal amputation has a higher chance of returning patients to independent ambulation. Patients with peripheral arterial disease are at a higher risk of revision surgery and higher-level amputation with both operations. Level of Evidence: Level III, retrospective case review

Nonimmunoglobulin Crystal-Storing Histiocytosis (CSH): Case Report and Literature Review

Crystal-storing histiocytosis (CSH) is an uncommon condition in which histiocytes accumulate a crystalline matter within their cytoplasm. Generally, those crystals are composed of either monoclonal or polyclonal immunoglobulin chains, which have a strong association with an underlying lymphoproliferative or plasma cell disorder (LP-PCD). Rarely, CSH has been reported as local or generalized manifestation of a variety of benign disorders. These cases are associated with crystals composed of nonimmunoglobulin substances. We are reporting an exceptional case of a local colonic CSH with Charcot–Leyden crystals. This patient underwent a screening colonoscopy that detected some polyps. The biopsy reported tubular adenomas, with a markedly dense, transmural inflammatory infiltrates, which were predominantly composed of eosinophils and crystal-storing histiocytes containing Charcot–Leyden crystals. The patient had a negative workup for LP-PCD and autoimmune conditions, including a normal skeletal survey and bone marrow aspirate/biopsy. The only positive laboratory workup was an elevated absolute eosinophil count and a positive IgG anti-Strongyloides antibody. Giving those findings, this parasitic infection is the most likely etiology of the CSH in our patient. Although there was an initial negative evaluation for LP-PCD, close monitoring of patients with either immunoglobulin or nonimmunoglobulin CSH is recommended

The Holidays (production)

Research Background The Holidays (production) is a live professional theatre production in the field of Drama, Theatre and Performance Studies (FOR 190404), an instance of research led by creative practice centered around research problems which grapple with challenges of both content and form1 how to create an intermedial performance that will develop and present themes significant to young people and their families for the mainstage.2 how to innovate formally using principles of Composed Theatre in a mainstage context.The Queensland Premier’s Drama Award (2018-9) winning script for The Holidays was guaranteed production as part of the award. This production was delayed by Queensland Theatre, initially so it could form part of the company’s 50 year anniversary celebrations, and subsequently as part of the chaos COVID-19 visited upon the performing arts. After a period of uncertainty its original season dates in July 2020 were shifted back to November, in an environment when many other productions were completely cancelled. As writer my role, with company approval, was to advise, assist and augment with the approach to and appointment of key creatives, as well as attending auditions. This input resulted in an all-Queensland creative team.The production rehearsed through October and November 2020. The role of the writer in this period was to initiate and respond to changes in the script brought about by both the emergent intermedial demands of the piece (solutions related to its integration of screen, sound and live action) and the exigencies of the new COVID-19 working environment. Research Contribution The script noted that the production “requires the confluence and convergence of live performance, design, projection, music and sound. Theatre production hierarchies that usually keep these forces operating separately in process and product will need to shift to accommodate new ways of keeping the relationships between these media alive and responsive, rather than in passive parallel.”This proved to be the case, with the significant aesthetic challenges laid down by the script requiring not only careful planning, adaptability, innovation and responsivity from within the skilled team of key creatives led by Director Bridget Boyle, but also adjustments to the standard production processes outlined by mainstage theatre companies. The distinct integration of aesthetic forms presented by The Holidays was noted as a key feature of the production.Research Significance (evidence of excellence)The world premiere on November 19 was received extremely well by audiences and critics, with reviews in local and national publications noting the production’s achievement in terms of both themes and form.<br/