A Multivariate Model of Strategic Asset Allocation

Much recent work has documented evidence for predictability of asset returns. We show how such predictability can affect the portfolio choices of long-lived investors who value wealth not for its own sake but for the consumption their wealth can support. We develop an approximate solution method for the optimal consumption and portfolio choice problem of an infinitely-lived investor with Epstein-Zin utility who faces a set of asset returns described by a vector autoregression in returns and state variables. Empirical estimates in long-run annual and postwar quarterly US data suggest that the predictability of stock returns greatly increases the optimal demand for stocks. The role of nominal bonds in long-term portfolios depends on the importance of real interest rate risk relative to other sources of risk. We extend the analysis to consider long-term inflation-indexed bonds and find that these bonds greatly increase the utility of conservative investors, who should hold large positions when they are available.

Cosmic Microwave Background constraints of decaying dark matter particle properties

If a component of cosmological dark matter is made up of massive particles - such as sterile neutrinos - that decay with cosmological lifetime to emit photons, the reionization history of the universe would be affected, and cosmic microwave background anisotropies can be used to constrain such a decaying particle model of dark matter. The optical depth depends rather sensitively on the decaying dark matter particle mass m_{dm}, lifetime tau_{dm}, and the mass fraction of cold dark matter f that they account for in this model. Assuming that there are no other sources of reionization and using the WMAP 7-year data, we find that 250 eV < m_{dm} < 1 MeV, whereas 2.23*10^3 yr < tau_{dm} < 1.23*10^18 yr. The best fit values for m_{dm} and tau_{dm}/f are 17.3 keV and 2.03*10^16 yr respectively.Comment: 17 pages, 3 figure

Label Retaining Stromal Cells Are Involved in Uterine Remodeling after Parturition

Oral 1: Uterus: abstract no. P009postprin

Identification of endometrial label retaining cells in postpartum mice

DMM 2011 entitled: Re-engineering Regenerative MedicinePoster Session - Stem Cell Biology: no. 50A well known technique for understanding stem cell niche is label-retaining cell (LRC) approach. Using animal models, quiescent cells (a property of somatic stem cells) which retain the DNA synthesis label (bromodeoxyuridine, BrdU) for a long period of time has shown to contain adult stem cells 1-2. In mice, endometrial epithelial and stromal cells undergo proliferation, differentiation and apoptosis. Endometrial LRCs have been identified from normal cycled mice 3-4. However the presence of LRCs during extensive remodeling has not been investigated. In this study, endometrial epithelial and stromal LRCs during pregnancy and postpartum was …postprin

The relationship of asthma and the pattern of adiposity in adult Chinese

Poster presentationpublished_or_final_versionThe 15th Medical Research Conference, Department of Medicine, The University of Hong Kong, Hong Kong, 16 January 2010. In Hong Kong Medical Journal, 2010, v. 16, suppl. 1, p. 56, abstract no. 9

Breast Conservation Treatment in Hong Kong – Early Results of 203 Patients: Retrospective Study

published_or_final_versio

Inhaled fluticasone therapy improves quality of life in bronchiectasis

published_or_final_versio

Stereotactic ablative radiotherapy for medically inoperable early stage lung cancer: early outcomes

Objective To evaluate the clinical outcome and safety of stereotactic ablative radiotherapy for medically inoperable stage I non- small-cell lung carcinoma. Design Retrospective case series. Setting Pamela Youde Nethersole Eastern Hospital, Hong Kong. Patients All patients with medically inoperable stage I non-small-cell lung carcinoma receiving stereotactic ablative radiotherapy since its establishment in 2008. Main outcome measures Disease control rate, overall survival, and treatment toxicities. Results Sixteen stage I non-small-cell lung carcinoma patients underwent the procedure from June 2008 to November 2011. The median patient age was 82 years and the majority (81%) had moderate-tosevere co-morbidity based on the Adult Comorbidity Evaluation 27 index. With a median follow-up of 22 months, the 2-year primary tumour control rate, disease-free survival and overall survival rates were 91%, 71% and 87%, respectively. No grade 3 (National Cancer Institute Common Terminology Criteria for Adverse Events) or higher treatment-related complications were reported. Conclusion Stereotactic ablative radiotherapy can achieve a high degree of local control safely in medically inoperable patients with early lung cancer.published_or_final_versio

Mindfulness-based cognitive therapy v. group psychoeducation for people with generalised anxiety disorder: randomised controlled trial

Background: Research suggests that an 8-week mindfulness-based cognitive therapy (MBCT) course may be effective for generalised anxiety disorder (GAD). Aims: To compare changes in anxiety levels among participants with GAD randomly assigned to MBCT, cognitive–behavioural therapy-based psychoeducation and usual care. Method: In total, 182 participants with GAD were recruited (trial registration number: CUHK_CCT00267) and assigned to the three groups and followed for 5 months after baseline assessment with the two intervention groups followed for an additional 6 months. Primary outcomes were anxiety and worry levels. Results: Linear mixed models demonstrated significant group × time interaction (F(4,148) = 5.10, P = 0.001) effects for decreased anxiety for both the intervention groups relative to usual care. Significant group × time interaction effects were observed for worry and depressive symptoms and mental health-related quality of life for the psychoeducation group only. Conclusions: These results suggest that both of the interventions appear to be superior to usual care for the reduction of anxiety symptoms