Can Canadian Stock market provide complete hedge against Inflation ?

This study empirically assesses the relationship between inflation and stock return in Canadian stock market. The study has covered data for the period 1999 :M1−2018 :M4 of canadian economy. Inflation has been decomposed to predicted and unpredicted phase by MA filter. First it has tested three hypothesis within static model : Fisher hypothesis, Fama and Schwert approach, and Fama’s proxy effect framework. These investigations support Fisher Hypothesis. It has showed that Canadian stock market provides a complete hedge against Inflation. Second, since relationships between Stock price and inflation may not be correctly specified in the static linear regression, linear and non linear autoregressive dynamic specification have been tested. ARDL and NARDL model with Expected inflation as regressor conclude that Stock price cannot be used as a hedge against inflation. Finding of NARDL precise that only partial sum of the negative changes in Expected inflation have significant effect on canadian stock market. Then inefficiency of the canadian stock market suggests that information on past values of inflation could provide opportunities for abnormal gains from the canadian stock market

Can Canadian Stock market provide complete hedge against Inflation ?

This study empirically assesses the relationship between inflation and stock return in Canadian stock market. The study has covered data for the period 1999 :M1−2018 :M4 of canadian economy. Inflation has been decomposed to predicted and unpredicted phase by MA filter. First it has tested three hypothesis within static model : Fisher hypothesis, Fama and Schwert approach, and Fama’s proxy effect framework. These investigations support Fisher Hypothesis. It has showed that Canadian stock market provides a complete hedge against Inflation. Second, since relationships between Stock price and inflation may not be correctly specified in the static linear regression, linear and non linear autoregressive dynamic specification have been tested. ARDL and NARDL model with Expected inflation as regressor conclude that Stock price cannot be used as a hedge against inflation. Finding of NARDL precise that only partial sum of the negative changes in Expected inflation have significant effect on canadian stock market. Then inefficiency of the canadian stock market suggests that information on past values of inflation could provide opportunities for abnormal gains from the canadian stock market

Effet du ROP, RIP, et R sur RSP: Symétrie ou Asymétrie? Cas des pays exportateurs et importateurs de pétrole.

This paper seeks to explore the impact of oil price shocks, real industrial production and interest rate on stock prices for six oil exporting countries and five oil importing countries using nonlinear autoregressive distributed lags (NARDL)model using monthly data for the period 1993 : 09−2017 : 01. Empirical results show strong evidence of asymmetry in the impact of positive and negative changes in oil prices, industrial production, and short term interest rate on the stock market price. We find that the reaction of real stock prices to an oil shock can vary considerably depending on whether the country is a net importer or net exporter of oil

Hyperhomocysteinaemia in Behçet's Disease

Objectives. The aim of this study was to investigate if hyperhomocysteinaemia is a contributive risk factor for the pathogenesis and the activity of Behçet's disease (BD). Design and Methods. Fifty four patients fullfiling the criteria of the International Study Group for BD were enrolled. Fifty healthy volunteers matched for age and sex with the BD group were included as a negative control group. Patients, with any condition that might affect plasma homocysteine concentration, were excluded. Results. Mean serum homocysteine concentration was significantly higher in patients with BD than in the healthy controls (P < .001), in patients with active disease (P = .04), and in masculine gender (P = .05). There was no significant difference between homocysteine level and clinical involvement. Conclusions. We demonstrated that plasma total homocysteine level (tHcy) is increased in BD and correlated with disease activity. No association was found between homocysteine levels and clinical involvement

Co-existing sarcoidosis and Takayasu arteritis: report of a case

<p>Abstract</p> <p>Introduction</p> <p>Takayasu arteritis (TA) is a chronic vasculitis of unknown origin, affecting mainly the aorta and its main branches. As a result of the inflammation, stenosis, occlusion or dilatation of the involved vessels may occur and cause a wide range of symptoms. It has been described in association with various auto-immune disorders (mainly inflammatory digestive tract diseases). However, only few cases of TA associated with sarcoidosis have been reported, raising the question of an association by chance.</p> <p>Case report</p> <p>We report a case of a 34 year-old woman, with one year history of sarcoidosis, who presented with asymmetric high hypertension revealing inflammatory humeral, axillary and subclavian arteritis related to TA, successfully treated by steroid and immunosuppressive therapy(Methotrexate^R).</p> <p>Conclusion</p> <p>TA and sarcoidosis may be related, rising the hypothesis that TA or Takayasu arteritis-like granulomatous vasculitis may be, in fact, a complication of sarcoidosis.</p

Strategies of financial consumer behavior change : contributions of transtheoretical model oriented approach-avoidance

De nombreux acteurs sont de plus en plus attentifs aux comportements problématiques des consommateurs en matière budgétaire et financière. Les modèles de changement de comportement peuvent aider à l’élaboration de messages et d’approches adaptés dans ce domaine. Cette recherche montre que les stratégies de changement utilisées par le consommateur sont fondamentalement des stratégies d’approche et d’évitement et propose un modèle définissant le rôle de la balance décisionnelle dans l’utilisation de ces stratégies. Le modèle intègre également des variables individuelles telles que l’attitude à l’égard de l’argent et le niveau d’anxiété susceptibles de jouer sur l’adoption de ces stratégies. Ce modèle est appliqué à des groupes constitués de consommateurs en situations similaires sur la trajectoire du changement. Les dimensions de changement du modèle transthéorique (précontemplation, contemplation, action, maintien) ont servi de base à la construction de ces groupes. Les résultats montrent aussi les effets de l’orientation paratélique du consommateur. Les contributions théoriques concernent principalement l’explication de l’adoption de stratégies de changement de comportement financier de type approche-évitement. Les contributions managériales correspondent aux actions destinées à favoriser le changement en considérant plusieurs variables de segmentation et en particulier la situation des consommateurs sur leurs trajectoires de changement.Increasing attention is being given by researchers, practitioners and stakeholders to issues raised by consumers’ financial and budgetary behavior. Models of behavior change can help develop messages and adapted approaches in this area. This research shows that strategies of change used by the consumer are basically approach and avoidance strategies and proposes a model defining the role of decisional balance in using of these strategies. The model also includes individual variables such as attitude towards money and anxiety level that may have influenced the adoption of these strategies. This model is applied to groups of consumers in similar situations in the trajectory of change. The dimensions of the transtheoretical model of change (precontemplation, contemplation, action, maintenance) has been used to obtain these groups. The results also show effects of consumer's paratelic orientation. Theoretical contributions mainly explain the adoption of approach-avoidance strategies of financial behavior change. Managerial contributions correspond to actions to promote change by considering several variables of segmentation in particular the position of consumers on their trajectory of change

Polymorphism of Interleukin 6 -174 G/C in Behcet Disease: Case Series and Review of Literature

To assess the association between polymorphisms of the IL-6 -174 G/C and Behçet's disease (BD) in Tunisian patients. DNA was extracted from blood samples taken from 43 Tunisian patients and 43 healthy controls. The polymorphisms were analyzed by PCR with the PCR-RFLP. No significant association was found between patients and controls concerning polymorphism of IL6 -174 G/C between the (allelic frequency: C (17.44 vs 8, 13%; P=0.17) et G (82,55 vs 91,86%; P= 0.21). Neither age of onset of BD nor sex appears to be influenced by allelic variation of SNP-174 G / C of IL6. Disease duration of BD was longer in patients having the form 174 G-allele. SNP -174G/C was more frequent in patients without significant association (32.5 vs 16,26% ; P=0.07). SNP -174 G/C was not associated with the HLA B51. Neither age of onset of BD nor sex appears to be influenced by SNP-174 G / C of IL6. Disease duration of BD was longer in the absence of the SNP-174 G/C IL6, with no significant difference (79.2 + / -45.095 vs.70.28 + / - 47.034 months, P=0.59). The polymorphism of IL6 -174 G/C does not modulate clinical expression of BD. The single nucleotide polymorphisms of the IL-6 do not appear to be associated with BD reconstruction