Quality Investing in the Nordics : An empirical analysis of the QMJ factor in the Nordic countries, excluding Iceland

This master thesis provides empirical evidence that quality investing in the Nordics, excluding Iceland, produces abnormal returns. Even though investors are willing to pay a premium for quality, the QMJ factor introduced by Asness, Frazzini, and Pedersen (2013) generates abnormal returns for Nordic countries. As we examine the QMJ factor by the individual country and the Nordics as a region, we find that the QMJ generates positive returns across all countries when having a sufficiently large investment universe. Our results suggest that high-quality firms generate higher returns than low-quality firms while being less risky, confirming the existence of the quality puzzle in the Nordics.nhhma

Responses of phytoplankton and Pfiesteria-like dinoflagellate zoospores to nutrient enrichment in the Neuse River Estuary, North Carolina, USA

The recently described toxic dinoflagellate Pfiesteria piscicida and morphologically similar Pfiesteria-like dinoflagellates have become a major water quality issue with possible fish mortality and reported human health implications. The linkages between accelerated nutrient loading, eutrophication, and the proliferation of this group of dinoflagellates, however, are not well established for natural systems. Phytoplankton primary production may provide a key link between nutrient inputs and potential outbreaks of Pfiesteria-like biflagellated zoospores in the Neuse River Estuary, North Carolina. The impacts of nutrient (NO3--nitrogen and PO43--phosphorus) supply rates, sediment-water column exchange, water column mixing, and phytoplankton prey on the abundance of Pfiesteria-like non-toxic biflagellated zoospores were examined seasonally over 18 mo in a region of the Neuse River Estuary where fish-kills attributed to P. piscicida have been reported. Phytoplankton community responses to the manipulated variables indicated that biomass and productivity were consistently N limited. Dominant phytoplankton taxa, including chlorophytes, diatoms, and cyanobacteria, exhibited significant biomass increases in response to N (as NO3-) additions. Phosphate (as PO43-) enrichments did not additionally influence the relative growth and abundance of individual algal groups. Pfiesteria-like zoospores did not exhibit significant increases in abundance in response to mixing, sediment, or nutrient-addition treatments. Seasonally, the number of Pfiesteria-like zoospores was positively correlated with phytoplankton biomass and productivity. The abundance of Pfiesteria-like zoospores followed general trends in phytoplankton biomass and production in the estuary, suggesting that the source of organic nutrition supporting growth is likely phytoplankton based. Lowering of phytoplankton growth and bloom potentials through proposed nutrient-input reduction strategies should translate into broad-based water quality improvement, including declines in the frequency and magnitudes of nuisance algal blooms, O2depletion, and associated fish and shellfish mortality in the Neuse River Estuary

Does SAQ training improve the speed and flexibility of young soccer players? A randomized controlled trial

The aim of this study was to determine the effects of a 12-week speed, agility and quickness (SAQ) training program on speed and flexibility in young soccer players. One hundred and thirty-two soccer players were randomly assigned to experimental (EG; n = 66, Mean±SD: age: 18.5 ± 0.4 years (range 17-19 years); body mass: 71.30 ± 5.93 kg; stature: 177.2 ± 6.5 cm) and control groups (CG; n = 66, Mean±SD: age: 18.6 ± 0.6 years (range 17-19 years); body mass: 70.63 ± 4.87 kg; stature: 175.9 ± 5.7 cm). The experimental group performed SAQ training whilst the control group undertook straight-line sprint training matched for volume and duration. Sprint performance was assessed using 5 m and 10 m sprints and a further test including maximal speed, a 20 m sprint. Flexibility was assessed using sit and reach, V-sit and reach, leg lift from supine position and lateral leg lift while lying on the side tests. Sprints over 5, 10 and 20 m did not differ between groups at baseline, but by week 12, the 5 m sprint had significantly improved (P 0.05) for all flexibility tests were found between experimental and control group at baseline and after the training programmes. Consequently SAQ training was found to be an effective way of improving sprint time for short distances over 5 and 10 m but not over 20 m (where maximum speed was achieved) or flexibility. These results indicate that SAQ training may be more effective for improving sprint performance for some soccer players but more research is required to determine ideal training methods for improving acceleration and flexibility in young soccer players

Prognosis of Differentiated Thyroid Cancer in Relation to Serum Thyrotropin and Thyroglobulin Antibody Status at Time of Diagnosis

BACKGROUND: Serum thyrotropin (TSH) concentration and thyroid autoimmunity may be of prognostic importance in differentiated thyroid cancer (DTC). Preoperative serum TSH level has been associated with higher DTC stage in cross-sectional studies; data are contradictory on the significance of thyroid autoimmunity at the time of diagnosis. OBJECTIVE: We sought to assess whether preoperative serum TSH and perioperative antithyroglobulin antibodies (TgAb) were associated with thyroid cancer stage and outcome in DTC patients followed by the National Thyroid Cancer Treatment Cooperative Study, a large multicenter thyroid cancer registry. METHODS: Patients registered after 1996 with available preoperative serum TSH (n=617; the TSH cohort) or perioperative TgAb status (n=1770; the TgAb cohort) were analyzed for tumor stage, persistent disease, recurrence, and overall survival (OS; median follow-up, 5.5 years). Parametric tests assessed log-transformed TSH, and categorical variables were tested with chi square. Disease-free survival (DFS) and OS was assessed with Cox models. RESULTS: Geometric mean serum TSH levels were higher in patients with higher-stage disease (Stage III/IV=1.48 vs. 1.02 mU/L for Stages I/II; p=0.006). The relationship persisted in those aged ≥45 years after adjusting for sex (p=0.01). Gross extrathyroidal extension (p=0.03) and presence of cervical lymph node metastases (p=0.003) were also significantly associated with higher serum TSH. Disease recurrence and all-cause mortality occurred in 37 and 38 TSH cohort patients respectively, which limited the power for survival analysis. Positive TgAb was associated with lower stage on univariate analysis (positive TgAb in 23.4% vs. 17.8% of Stage I/II vs. III/IV patients, respectively; p=0.01), although the relationship lost significance when adjusting for age and sex (p=0.34). Perioperative TgAb was not an independent predictor of DFS (hazard ratio=1.12 [95% confidence interval=0.74-1.69]) or OS (hazard ratio=0.98 [95% confidence interval=0.56-1.72]). CONCLUSIONS: Preoperative serum TSH level is associated with higher DTC stage, gross extrathyroidal extension, and neck node metastases. Perioperative TgAb is not an independent predictor of DTC prognosis. A larger cohort is required to assess whether preoperative serum TSH level predicts recurrence or mortality

Increased Stability of PFSA Proton Exchange Membranes Under Fuel Cell Operation by the Decomposition of Peroxide Catalyzed by Heteropoly Acids

Abstract Proton exchange membranes were cast from mixtures of the 3M perfluorinated sulfonic acid ionomer, with side chain -O-(CF 2 ) 4 -SO 3 H, and various heteropoly acids (HPAs) at a 10 or 20 wt% doping level. The membrane electrode assemblies (MEAs) prepared from these membranes were subjected to a fuel cell testing protocol involving incubation to steady state, temperature challenge, accelerated testing, and post mortem analysis. The cell temperature was varied from 70 -100 ºC under relatively dry conditions, 70 ºC dewpoint, to avoid leaching of the HPA. The most important finding from this study was that the mor

Cross-Sectional Exploration of Plasma Biomarkers of Alzheimer\u27s Disease in Down Syndrome: Early Data from the Longitudinal Investigation for Enhancing Down Syndrome Research (LIFE-DSR) Study

With improved healthcare, the Down syndrome (DS) population is both growing and aging rapidly. However, with longevity comes a very high risk of Alzheimer’s disease (AD). The LIFE-DSR study (NCT04149197) is a longitudinal natural history study recruiting 270 adults with DS over the age of 25. The study is designed to characterize trajectories of change in DS-associated AD (DS-AD). The current study reports its cross-sectional analysis of the first 90 subjects enrolled. Plasma biomarkers phosphorylated tau protein (p-tau), neurofilament light chain (NfL), amyloid β peptides (Aβ1-40, Aβ1-42), and glial fibrillary acidic protein (GFAP) were undertaken with previously published methods. The clinical data from the baseline visit include demographics as well as the cognitive measures under the Severe Impairment Battery (SIB) and Down Syndrome Mental Status Examination (DS-MSE). Biomarker distributions are described with strong statistical associations observed with participant age. The biomarker data contributes to understanding DS-AD across the spectrum of disease. Collectively, the biomarker data show evidence of DS-AD progression beginning at approximately 40 years of age. Exploring these data across the full LIFE-DSR longitudinal study population will be an important resource in understanding the onset, progression, and clinical profiles of DS-AD pathophysiology

The Fate of Firms: Explaining Mergers and Bankruptcies

Using a uniquely complete data set of more than 50,000 observations of approximately 16,000 corporations, we test theories that seek to explain which firms become merger targets and which firms go bankrupt. We find that merger activity is much greater during prosperous periods than during recessions. In bad economic times, firms in industries with high bankruptcy rates are less likely to file for bankruptcy than they are in better years, supporting the market illiquidity arguments made by Shleifer and Vishny (1992). At the firm level, we find that, among poorly performing firms, the likelihood of merger increases with poorer performance, but among better performing firms, the relation is reversed and chances of merger increase with better performance. Such a changing relation has not been detected in prior merger studies. We also find that low-growth, resource-rich firms are prime acquisition targets and that firms’ debt capacity relates negatively to the likelihood of a merger. Debt-related variables, leverage and secured debt, play an especially prominent role in distinguishing between which firms merge and which firms go bankrupt