The Application of the Further Enhanced Permanent Portfolio in the Long Term Investment and Retirement Scheme

In our previous related research on permanent portfolio (PP), the permanent portfolio was proven to significantly outperform an all-stocks portfolio based on the Hong Kong Hang Seng Index over the last 20 years since 1996. In a further attempt, we try to fine-tune the performance of our enhanced permanent portfolio (further enhanced PP) by varying the proportion of the REITs component. The findings indicated that both the cumulative total return and compounded annual growth rate (CAGR) of the further-enhanced portfolio would be improved with the increase in the proportion of the REITs component by considering the changes in Sharpe Ratio. We confirm the belief that this simple assetallocation approach to investment can be broadly and usefully applied to any sustainable investment management of a long-term nature as well as investment for retirement purposes

Non-genomic activation of adenylyl cyclase and protein kinase G by 17β-estradiol in vascular smooth muscle of the rat superior mesenteric artery

The aim of the present study was to investigate the signaling mechanisms underlying the non-genomic effects of estrogen in rat superior mesenteric arteries. Isometric tension was recorded in rings with or without endothelium. Changes in cyclic nucleotide levels and protein kinase (PK) activities were measured. Localization of estrogen receptors (ER) and caveolin-1 were visualized by confocal microscopy. 17β-Estradiol elicited a concentration-dependent relaxation. The relaxation was reduced by SQ 22536 (adenylyl cyclase inhibitor) and KT 5823 (PKG inhibitor) while ODQ (guanylyl cyclase inhibitor) and KT 5720 (PKA inhibitor) had no effect. At the physiological concentration of 1 nM, 17β-estradiol had no significant effect on relaxation but enhanced the relaxation to sodium nitroprusside. The enhancement of relaxation by 17β-estradiol was blocked by SQ 22536 and KT 5823. Although 1 nM 17β-estradiol or 10 nM sodium nitroprusside given alone had minimal effects on PKG activity, in their combined presence, a significant increase in PKG activity was observed. Confocal microscopy demonstrated that ERα and ERβ colocalized with caveolin-1 and PKG in vascular smooth muscle cells. The present findings suggest that 17β-estradiol enhances relaxation of vascular smooth muscle of the rat superior mesenteric artery by activating adenylyl cyclase, leading to an increase in cAMP which cross activates PKG in the caveolae. No detectable increase in total cAMP level was detected as these changes occurred in the caveolae. These results are consistent with the notion that 17β-estradiol mediates its effect in the distinct microdomains of the caveolae of the plasma membrane with colocalization of adenylyl cyclase and PKG. © 2011 Elsevier Ltd.link_to_subscribed_fulltex

The Autoregressive Conditional Marked Duration Model: Statistical Inference to Market Microstructure

Abstract: We consider the Autoregressive Conditional Marked Duration (ACMD) model and apply it to 16 stocks traded in Hong Kong Stock Exchange (SEHK). By examining the orderings of appropriate sets of model parameters, market microstructure phenomena can be explained. To substantiate these conclusions, likelihood ratio test is used for testing the significance of the parameter orderings of the ACMD model. While some of our results resolve a few controversial market microstructure hypotheses and echo some of the existing empirical evidence, we discover some interesting market microstructure phenomena that may be characteristic to SEHK

Exostosis of the Foot: Clinical Features and Outcome After Surgery

Background/Purpose: There are two common diagnoses for exostosis occurring in the foot—osteochondromas and subungal exostoses. Methods: A retrospective study of patients with a diagnosis of exostosis receiving surgery from 2000 to 2011 was conducted. Sixty-five patients were reviewed. Fourteen cases of exostosis on the foot were identified. Results: Out of fourteen cases of exostosis on the foot, nine had a subungal location and five were located on the foot. Four out of five cases on the foot showed histology of hyaline cartilage cap while fibrocartilage was shown in seven out of nine cases with lesions on the toes. In cases of subungal exostosis, excision was done via a transungal approach or wedge excision. Surgical outcome was satisfactory in terms of improvement in pain, cosmetic concern, and functional disturbance. Conclusion: Osteochondroma and subungal exostosis are not uncommonly encountered diagnoses for bony outgrowths occurring over the foot region. Surgical outcome was satisfactory

Derivation of a prognostic score for identifying critically ill patients in an emergency department resuscitation room

Introduction Several prognostic scores exist for critically ill patients, including APACHE II, Revised Trauma Score (RTS), Rapid Emergency Medicine Score (REMS) and Modified Early Warning Score (MEWS). However, there is no widely used score specifically designed to predict the likelihood of early intensive care unit (ICU) admission or death in undifferentiated emergency department (ED) resuscitation room patients. We aimed to derive such a score and compare it with other similar scores. Methods This was a single centre study of consecutive adult resuscitation room patients over one month. Physiological and blood test variables were compared according to the composite primary outcome: admission to ICU or death within 7 days of attendance. Multivariate logistic regression was used to derive a prediction score which was compared with other scores using ROC (receiver operating characteristic) analysis. Results 330 patients were included in the study, of whom 77 were admitted to ICU or died within 7 days. A prediction score was derived using the following parameters: systolic blood pressure; Glasgow coma score; blood glucose; bicarbonate; white cell count; and a history of metastates. This score significantly out-performed APACHE II, RTS, REMS and MEWS with an area under the ROC curve of 0.909 (95% CI 0.872–0.938). Conclusion The Prince of Wales Emergency Department Score (PEDS) is a new prognostic score to predict the likelihood of early ICU admission or death in undifferentiated resuscitation room patients. Further studies are needed to validate and refine this potentially useful tool