Airline Fuel Hedging: Do Hedge Horizon and Contract Maturity Matter?

Large and unpredictable swings in fuel prices create financial uncertainty to airlines. While there are the risks for going unhedged, airlines that hedge to mitigate fuel price risk face the basis risk. This paper examines whether the length of hedge horizon and distance to contract maturity affect the effectiveness of jet fuel cross hedging. Understanding the effects of hedge duration and futures contract maturity helps improve airline’s fuel hedging strategies. We find that (1) regardless of the distance to contract maturity, weekly hedge horizon has the highest effectiveness for jet fuel proxies like heating oil, Brent, WTI, and gasoil; (2) heating oil is the best jet fuel proxy for all hedge hori-zons and contract maturities; and (3) the hedge effectiveness of heating oil is higher for one-month and three-month contracts

Angiogenic mechanims in adipose tissue and tumor

Angiogenesis is involved in the development and progression of many human diseases, including cancer, cardiovascular diseases, chronic inflammation, and metabolic diseases. Despite differences in microenvironment under various pathological settings, angiogenic blood vessels share some common features in numerous diseases. This thesis reveals novel molecular mechanisms of angiogenesis in tumors and adipose tissues, as well as defining potential therapeutic targets for treatment of cancer and obesity-associated metabolic diseases. In Paper I, we showed that PDGF-BB is a tumor-derived vascular remodeling factor that promotes tumor growth through activation of stromal fibroblasts and perivascular cells in tumor microenvironment. Tumor-derived PDGF-BB activates stromal fibroblasts to produce erythropoietin (Epo), which in turn triggers extramedullary hematopoiesis thereby enhancing oxygen perfusion in tumor vasculatures leading to an accelerated tumor growth rate. Epo is also known as a potent angiogenic factor which acts directly on endothelial cells (ECs) to induce tumor neovascularization. Therefore, PDGF-BB modulates tumor angiogenesis, vascular remodeling and hematopoiesis, via activation of the Epo signaling pathway, thus facilitating tumor growth, invasion and possibly reduces drug responsiveness. Understanding the role of Epo in promoting tumor growth and angiogenesis not only provides novel mechanistic insights into the complex interplay between various signaling pathways involved in the stimulation of angiogenesis, but also highlights the risk associated with using Epo in treatment of cancer-associated anemia. In Paper II, we used mouse tumor models to propose a novel mechanism underlying the combination therapy consisting of anti-angiogenic and chemotherapeutic agents commonly used in human patients. We showed that tumorderived VEGF induces severe aplastic anemia in mice, and delivery of chemotherapeutics to these tumor-bearing mice led to an earlier demise due to the synergistic or additive suppression of bone marrow hematopoiesis by VEGF and chemotherapy. Switching to a sequential delivery of anti-angiogenic drugs prior to administration of chemotherapeutics drugs resulted in significant recovery of bone marrow hematopoiesis, and thus markedly increased tolerance to chemotoxicity. Given the fact that a significant number of cancer patients die of chemotoxicity, our findings provide an important mechanism in which anti-angiogenic drugs decreases chemotoxicity. In Paper III, we discuss the novel methods we developed for the study of adipose angiogenesis, which are becoming increasingly used by other scientists. In Paper IV, we showed for the first time that cold acclimation of mice markedly activates an angiogenic phenotype via sympathetic upregulation of VEGF expression. Importantly, inhibition of angiogenesis significantly modulates adipose metabolism. This work provides the first example where targeting adipose vasculature might provide a novel therapeutic approach for the treatment of obesity and metabolic diseases

Environmental Efficiency Assessment of U.S. Transport Sector: A Slack-based Data Envelopment Analysis Approach

Sustainable transportation in the U.S. is essential for long-term economic growth and mobility, and environmental preservation. Using a non-radial slack-based measurement data envelopment analysis (SBM-DEA) model and state-level data, this study assesses the environmental efficiency of the transportation sector in the U.S. from years 2004 to 2012. In addition to environmental efficiency, carbon efficiency and potential carbon reduction were estimated for the 50 U.S. states. The findings of this study reveal that U.S. transportation sector was environmentally inefficient; U.S. states had an average transportation environmental efficiency score below 0.64. Therefore the states could substantially reduce carbon emissions to improve the environmental efficiency of their transportation sectors

AGRICULTURAL VALUE ADDED: PROSPECTS FOR NORTH DAKOTA

Introduction: This report provides an overview of the important factors affecting investments in agricultural value-added ventures. The introductory section outlines current research on factors important in the location of economic activity. Research applied to specific agricultural value-added ventures, such as food manufacturing and livestock feeding and finishing operations, are discussed. A listing of resources available to entrepreneurs considering value-added investments concludes the introductory section. Following the introductory section are short overviews of industries that already have, or may have, potential for increasing economic activity in the state. All are based on the important foundation of agriculture in the state's economy or upon the natural resource base giving the state a comparative advantage in investments in alternative energy or resource-based recreation.Agribusiness,

Systematic comparison of plasma EBV DNA, anti-EBV antibodies and miRNA levels for early detection and prognosis of nasopharyngeal carcinoma

Nasopharyngeal carcinoma (NPC) is originated from the epithelial cells of nasopharynx, Epstein-Barr virus (EBV)-associated and has the highest incidence and mortality rates in Southeast Asia. Late presentation is a common issue and early detection could be the key to reduce the disease burden. Sensitivity of plasma EBV DNA, an established NPC biomarker, for Stage I NPC is controversial. Most newly reported NPC biomarkers have neither been externally validated nor compared to the established ones. This causes difficulty in planning for cost-effective early detection strategies. Our study systematically evaluated six established and four new biomarkers in NPC cases, population controls and hospital controls. We showed that BamHI-W 76 bp remains the most sensitive plasma biomarker, with 96.7% (29/30), 96.7% (58/60) and 97.4% (226/232) sensitivity to detect Stage I, early stage and all NPC, respectively. Its specificity was 94.2% (113/120) against population controls and 90.4% (113/125) against hospital controls. Diagnostic accuracy of BamHI-W 121 bp and ebv-miR-BART7-3p were validated. Hsa-miR-29a-3p and hsa-miR-103a-3p were not, possibly due to lower number of advanced stage NPC cases included in this subset. Decision tree modeling suggested that combination of BamHI-W 76 bp and VCA IgA or EA IgG may increase the specificity or sensitivity to detect NPC. EBNA1 99 bp could identify NPC patients with poor prognosis in early and advanced stage NPC. Our findings provided evidence for improvement in NPC screening strategies, covering considerations of opportunistic screening, combining biomarkers to increase sensitivity or specificity and testing biomarkers from single sampled specimen to avoid logistic problems of resampling

The burden of cardiovascular disease in Asia from 2025 to 2050: a forecast analysis for East Asia, South Asia, South-East Asia, Central Asia, and high-income Asia Pacific regions

Background: Given the rapidly growing burden of cardiovascular disease (CVD) in Asia, this study forecasts the CVD burden and associated risk factors in Asia from 2025 to 2050. Methods: Data from the Global Burden of Disease 2019 study was used to construct regression models predicting prevalence, mortality, and disability-adjusted life years (DALYs) attributed to CVD and risk factors in Asia in the coming decades. Findings: Between 2025 and 2050, crude cardiovascular mortality is expected to rise 91.2% despite a 23.0% decrease in the age-standardised cardiovascular mortality rate (ASMR). Ischaemic heart disease (115 deaths per 100,000 population) and stroke (63 deaths per 100,000 population) will remain leading drivers of ASMR in 2050. Central Asia will have the highest ASMR (676 deaths per 100,000 population), more than three-fold that of Asia overall (186 deaths per 100,000 population), while high-income Asia sub-regions will incur an ASMR of 22 deaths per 100,000 in 2050. High systolic blood pressure will contribute the highest ASMR throughout Asia (105 deaths per 100,000 population), except in Central Asia where high fasting plasma glucose will dominate (546 deaths per 100,000 population). Interpretation:This forecast forewarns an almost doubling in crude cardiovascular mortality by 2050 in Asia, with marked heterogeneity across sub-regions. Atherosclerotic diseases will continue to dominate, while high systolic blood pressure will be the leading risk factor

DEVELOPING AND TESTING THE PRELIMINARY EFFECTS OF STOMA PSYCHOSOCIAL INTERVENTION PROGRAMME ON OUTCOMES OF COLORECTAL PATIENTS WITH STOMA: A MIXED METHOD STUDY

Ph.DDOCTOR OF PHILOSOPH

Computer model of step discontinuity in circular waveguide

Master'sMASTER OF ENGINEERIN

SECURITY IN COMMERCIAL BUILDINGS

Bachelor'sBACHELOR OF SCIENCE (ESTATE MANAGEMENT