Where Is the Risk in Value? Evidence From a Market-to-Book Decomposition

We study the value premium using a multiples-based market-to-book decomposition of RhodesKropf, Robinson and Viswanathan (2005). The market-to-value component drives all of the value strategy return, while the value-to-book component exhibits no return predictability in either portfolio sorts or firm-level regressions. Existing results linking market-to-book to operating leverage, duration, exposure to investment-specific technology shocks, and analysts’ risk ratings derive from the unpriced value-to-book component. In contrast, results on expectation errors, limits to arbitrage, and certain types of cash flow risk and consumption risk exposure are due to the market-to-value component. Overall, our evidence casts doubt on several value premium theories

Automatic recognition of personality profiles using EEG functional connectivity during emotional processing

Personality is the characteristic set of an individual’s behavioral and emotional patterns that evolve from biological and environmental factors. The recognition of personality profiles is crucial in making human−computer interaction (HCI) applications realistic, more focused, and user friendly. The ability to recognize personality using neuroscientific data underpins the neurobiological basis of personality. This paper aims to automatically recognize personality, combining scalp electroencephalogram (EEG) and machine learning techniques. As the resting state EEG has not so far been proven efficient for predicting personality, we used EEG recordings elicited during emotion processing. This study was based on data from the AMIGOS dataset reflecting the response of 37 healthy participants. Brain networks and graph theoretical parameters were extracted from cleaned EEG signals, while each trait score was dichotomized into low- and high-level using the k-means algorithm. A feature selection algorithm was used afterwards to reduce the feature-set size to the best 10 features to describe each trait separately. Support vector machines (SVM) were finally employed to classify each instance. Our method achieved a classification accuracy of 83.8% for extraversion, 86.5% for agreeableness, 83.8% for conscientiousness, 83.8% for neuroticism, and 73% for openness

Different isolation approaches lead to diverse glycosylated extracellular vesicle populations

Extracellular vesicles (EVs) are a heterogeneous group of small secreted particles involved in inter-cellular communication and mediating a broad spectrum of biological functions. EVs cargo iscomposed of a large repertoire of molecules, including glycoconjugates. Herein, we report the firststudy on the impact of the isolation strategy on the EV populations’glycosylation profile. The use ofdifferent state-of-the-art protocols, namely differential ultracentrifugation (UC), total exosome isola-tion (TEI), OptiPrepTMdensity gradient (ODG) and size exclusion chromatography (SEC) resulted in EVpopulations displaying different sets of glycoconjugates. The EV populations obtained by UC, ODGand SEC methods displayed similar protein and glycan profiles, whereas TEI methodology isolated themost distinct EV population. In addition, ODG and SEC isolation protocols provided an enhanced EVglycoproteins detection. Remarkably, proteins displaying the tumour-associated glycan sialyl-Tn(STn) were identified as packaged cargo into EVs independently of the isolation methodology. STncarrying EV samples isolated by UC, ODG and SEC presented a considerable set of cancer-relatedproteins that were not detected in EVs isolated by TEI. Our work demonstrates the impact of usingdifferent isolation methodologies in the populations of EVs that are obtained, with consequences inthe glycosylation profile of the isolated population. Furthermore, our results highlight the importanceof selecting adequate EV isolation protocols and cell culture conditions to determine the structuraland functional complexity of the EV glycoconjugates.This work was funded by FEDER funds through theOperational Programme for Competitiveness Factors-COMPETE (POCI-01-0145-FEDER-016585; POCI-01-0145-FEDER-007274; POCI-01-0145-FEDER-028489) and NationalFunds through the Foundation for Science and Technology(FCT), under the projects: PTDC/BBB-EBI/0567/2014 (toCAR), PTDC/MED-ONC/28489/2017 (to AM) and UID/BIM/04293/2013; and the project NORTE-01-0145-FEDER-000029, supported by Norte Portugal Regional Programme(NORTE 2020), under the PORTUGAL 2020 PartnershipAgreement, through the European Regional DevelopmentFund (ERDF). DF acknowledges the FCT PhD Programmesand Programa Operacional Potencial Humano (POPH), speci-fically the Biotech Health Programme (Doctoral Programme onCellular and Molecular Biotechnology Applied to HealthSciences), with the reference PD/0016/2012 funded by FCTand the grant SFRH/BD/110636/2015 from FCT, POPH andFSE (Fundo Social Europeu); MB acknowledges the EuropeanUnion’s Horizon 2020 research and innovation programmeunder the Marie Sklodowska-Curie grant agreement No.748880; and JP acknowledges FCT (SFRH/BD/137319/2018).The authors acknowledge Rede Nacional de Espectrometria deMassa, ROTEIRO/0028/2013, ref. LISBOA-01-0145-FEDER-022125, supported by COMPETE and North PortugalRegional Operational Programme (Norte2020), under thePORTUGAL 2020 Partnership Agreement, through theEuropean Regional Development Fund (ERDF). SV acknowl-edges the Danish National Research Foundation (DNRF107)

Daily volume, intraday and overnight returns for volatility prediction: profitability or accuracy?

This article presents a comprehensive analysis of the relative ability of three information sets—daily trading volume, intraday returns and overnight returns—to predict equity volatility. We investigate the extent to which statistical accuracy of one-day-ahead forecasts translates into economic gains for technical traders. Various profitability criteria and utility-based switching fees indicate that the largest gains stem from combining historical daily returns with volume information. Using common statistical loss functions, the largest degree of predictive power is found instead in intraday returns. Our analysis thus reinforces the view that statistical significance does not have a direct mapping onto economic value. As a byproduct, we show that buying the stock when the forecasted volatility is extremely high appears largely profitable, suggesting a strong return-risk relationship in turbulent conditions

ВЛИЯНИЕ АНТИГИСТАМИННЫХ ПРЕПАРАТОВ ВТОРОГО ПОКОЛЕНИЯ НА КОГНИТИВНЫЕ ФУНКЦИИ ДЕТЕЙ С ПОЛЛИНОЗОМ

Relevance. Allergic pathology in particular, a hay fever, can lead to decrease in cognitive functions at children. Earlier it was established that antihistamine preparations of I generation influence cognitive functions of patients. Тhe patients with this nosology receive for a longtime courses of antihistamine preparations of II generation, so the analysis of influence of different AH preparations of II generation on cognitive activity of children with a hay fever is necessary. Purpose. Studying of influence of II generation antihistamine preparations in a complex with the specific allergen immunotherapy on cognitive functions at children with a hay fever. Patients and methods. Using the psychophysiological computer complex «Psihomat» the condition of cognitive functions was established. In total the 81 child with a hey fever were investigated. The persons under consideration were divided on subgroups depending on antihistamine which they received. For the patients in the main group of investigation the cognitive functions have been studied in 3 points. Results. The patients had changes in the attention and psychomotor activity more often, than in other conitive activity. It is not obtained distinct data on characteristic contribution of antihistamine preparations of a second generation in improvement of cognitive activity as a whole at complex treatment of hay fever with specific allergen immunotherapy. Antihistamine preparations (desloratidine and cetirizine) are improved by indexes of visual and space perception at children with a hay fever. From the 3 antihistamine preparations the cetirizine has the most carried out positive effect concerning the psiho-motoric activity in the combined ASIT. Conclusion. Padding express researches in the field are necessary for receiving the definite answers to problem questions. Актуальность. Аллергическая патология, в частности поллиноз, может приводить к снижению когнитивных функций у детей. Так же ранее было установлено, что антигистаминные препараты I поколения влияют на когнитивные функции пациентов. Так как пациенты с данной нозологией достаточно длительно получают курсы антигистаминных препаратов II поколения, необходим анализ их влияния на когнитивную деятельность детей с поллинозом. Цель исследования. Изучение влияния антигистаминных препаратов II поколения в комплексе с аллергенспецифической иммунотерапией (АСИТ) на когнитивные функции у детей с поллинозом. Пациенты и методы. С помощью психофизиологического компьютерного комплекса «Психомат» определено состояние когнитивных функций у 81 ребенка с диагнозом «Поллиноз». Обследуемые были разделены на подгруппы в зависимости от антигистаминного препарата, который получали. Пациентам приводилось исследование когнитивных функций в 3 точках. Результаты. Детализация когнитивных нарушений при поллинозе в стадии ремиссии показала, что у пациентов несколько чаще нарушены произвольное внимание и психомоторная деятельность. Не получено отчетливых данных о собственном вкладе антигистаминных препаратов II поколения в улучшение когнитивной деятельности в целом при комплексном с АСИТ лечении поллинозов. Антигистаминные препараты (дезлоратадин и цетиризин) улучшают показатели зрительно-пространственного восприятия у детей с поллинозом. Цетиризин обладает лучшим пролонгированным положительным эффектом в отношении психомоторной деятельности в комбинированной терапии с АСИТ. Заключение. Необходимы дополнительные специальные исследования в данной области для получения однозначных ответов на проблемные вопросы.

СОВРЕМЕННЫЕ АСПЕКТЫ ИЗУЧЕНИЯ КОГНИТИВНОЙ СФЕРЫ В РАЗВИТИИ РЕБЕНКА

The article gives scientific data on the development of cognitive brain functions in children in relation to their clinical significance and application: variants and regularities of development in normal state, pathology and at their boundary; pathological development of cognitive performance; origination and transformation of main symptoms and syndromes of cognitive disorders. Prospective and applied in the Center scientific approaches to diagnostics and treatment of cognitive disorders taking into consideration their development in age dynamics are given in detail. A complex of measures on the improvement of cognitive health in children and adolescents in the Russian Federation is suggested on the analysis results.В статье приводятся научные данные о развитии когнитивных функций мозга у детей сквозь призму их клинической значимости и применения: варианты и закономерности развития в норме, патологии и на их границе; патологическое развитие когнитивной деятельности; зарождение и трансформация основных симптомов и синдромов когнитивных нарушений. Подробно приводятся перспективные и применяемые в Центре научные подходы к диагностике и лечению когнитивных нарушений с учетом их развития в возрастной динамике. По результатам анализа предлагается комплекс мероприятий по улучшению когнитивного здоровья детей и подростков в Российской Федерации. 

Elective Cancer Surgery in COVID-19-Free Surgical Pathways During the SARS-CoV-2 Pandemic: An International, Multicenter, Comparative Cohort Study.

PURPOSE: As cancer surgery restarts after the first COVID-19 wave, health care providers urgently require data to determine where elective surgery is best performed. This study aimed to determine whether COVID-19-free surgical pathways were associated with lower postoperative pulmonary complication rates compared with hospitals with no defined pathway. PATIENTS AND METHODS: This international, multicenter cohort study included patients who underwent elective surgery for 10 solid cancer types without preoperative suspicion of SARS-CoV-2. Participating hospitals included patients from local emergence of SARS-CoV-2 until April 19, 2020. At the time of surgery, hospitals were defined as having a COVID-19-free surgical pathway (complete segregation of the operating theater, critical care, and inpatient ward areas) or no defined pathway (incomplete or no segregation, areas shared with patients with COVID-19). The primary outcome was 30-day postoperative pulmonary complications (pneumonia, acute respiratory distress syndrome, unexpected ventilation). RESULTS: Of 9,171 patients from 447 hospitals in 55 countries, 2,481 were operated on in COVID-19-free surgical pathways. Patients who underwent surgery within COVID-19-free surgical pathways were younger with fewer comorbidities than those in hospitals with no defined pathway but with similar proportions of major surgery. After adjustment, pulmonary complication rates were lower with COVID-19-free surgical pathways (2.2% v 4.9%; adjusted odds ratio [aOR], 0.62; 95% CI, 0.44 to 0.86). This was consistent in sensitivity analyses for low-risk patients (American Society of Anesthesiologists grade 1/2), propensity score-matched models, and patients with negative SARS-CoV-2 preoperative tests. The postoperative SARS-CoV-2 infection rate was also lower in COVID-19-free surgical pathways (2.1% v 3.6%; aOR, 0.53; 95% CI, 0.36 to 0.76). CONCLUSION: Within available resources, dedicated COVID-19-free surgical pathways should be established to provide safe elective cancer surgery during current and before future SARS-CoV-2 outbreaks

Elective cancer surgery in COVID-19-free surgical pathways during the SARS-CoV-2 pandemic: An international, multicenter, comparative cohort study

PURPOSE As cancer surgery restarts after the first COVID-19 wave, health care providers urgently require data to determine where elective surgery is best performed. This study aimed to determine whether COVID-19–free surgical pathways were associated with lower postoperative pulmonary complication rates compared with hospitals with no defined pathway. PATIENTS AND METHODS This international, multicenter cohort study included patients who underwent elective surgery for 10 solid cancer types without preoperative suspicion of SARS-CoV-2. Participating hospitals included patients from local emergence of SARS-CoV-2 until April 19, 2020. At the time of surgery, hospitals were defined as having a COVID-19–free surgical pathway (complete segregation of the operating theater, critical care, and inpatient ward areas) or no defined pathway (incomplete or no segregation, areas shared with patients with COVID-19). The primary outcome was 30-day postoperative pulmonary complications (pneumonia, acute respiratory distress syndrome, unexpected ventilation). RESULTS Of 9,171 patients from 447 hospitals in 55 countries, 2,481 were operated on in COVID-19–free surgical pathways. Patients who underwent surgery within COVID-19–free surgical pathways were younger with fewer comorbidities than those in hospitals with no defined pathway but with similar proportions of major surgery. After adjustment, pulmonary complication rates were lower with COVID-19–free surgical pathways (2.2% v 4.9%; adjusted odds ratio [aOR], 0.62; 95% CI, 0.44 to 0.86). This was consistent in sensitivity analyses for low-risk patients (American Society of Anesthesiologists grade 1/2), propensity score–matched models, and patients with negative SARS-CoV-2 preoperative tests. The postoperative SARS-CoV-2 infection rate was also lower in COVID-19–free surgical pathways (2.1% v 3.6%; aOR, 0.53; 95% CI, 0.36 to 0.76). CONCLUSION Within available resources, dedicated COVID-19–free surgical pathways should be established to provide safe elective cancer surgery during current and before future SARS-CoV-2 outbreaks