The exposure of shipping firms’ stock returns to financial risks and oil prices: a global perspective

Shipping is an industry that is highly geared towards international trade and therefore, would seem to be highly susceptible to fluctuations in macroeconomic factors. This article investigates the impact of exchange rates, interest rates and oil prices on stock returns of 143 shipping companies from 16 countries. We also investigate the factors which determine the extent to which firm are sensitive to macroeconomic variables. Our results indicate that the low incidence of significant exposure to exchange rate and interest rates suggests that most shipping firms have utilised reasonably successful hedging strategies to reduce the impact of these macroeconomic risks. Finally, we find that, for the minority of shipping firms significantly affected by oil price increases, the effects have usually been beneficial

The Relation Between Galaxy ISM and Circumgalactic OVI Gas Kinematics Derived from Observations and Λ\LambdaCDM Simulations

We present the first galaxy-OVI absorption kinematic study for 20 absorption systems (EW>0.1~{\AA}) associated with isolated galaxies (0.15$<z<$0.55) that have accurate redshifts and rotation curves obtained using Keck/ESI. Our sample is split into two azimuthal angle bins: major axis ($\Phi<25^{\circ}$) and minor axis ($\Phi>33^{\circ}$). OVI absorption along the galaxy major axis is not correlated with galaxy rotation kinematics, with only 1/10 systems that could be explained with rotation/accretion models. This is in contrast to co-rotation commonly observed for MgII absorption. OVI along the minor axis could be modeled by accelerating outflows but only for small opening angles, while the majority of the OVI is decelerating. Along both axes, stacked OVI profiles reside at the galaxy systemic velocity with the absorption kinematics spanning the entire dynamical range of their galaxies. The OVI found in AMR cosmological simulations exists within filaments and in halos of ~50 kpc surrounding galaxies. Simulations show that major axis OVI gas inflows along filaments and decelerates as it approaches the galaxy while increasing in its level of co-rotation. Minor axis outflows in the simulations are effective within 50-75 kpc beyond that they decelerate and fall back onto the galaxy. Although the simulations show clear OVI kinematic signatures they are not directly comparable to observations. When we compare kinematic signatures integrated through the entire simulated galaxy halo we find that these signatures are washed out due to full velocity distribution of OVI throughout the halo. We conclude that OVI alone does not serve as a useful kinematic indicator of gas accretion, outflows or star-formation and likely best probes the halo virial temperature.Comment: 24 pages, 21 figures, 4 tables. Accepted to ApJ on November 14, 201

'Mindless markers of the nation': The routine flagging of nationhood across the visual environment

The visual environment has increasingly been used as a lens with which to understand wider processes of social and economic change with studies employing in-depth qualitative approaches to focus on, for example, gentrification or trans-national networks. This exploratory paper offers an alternative perspective by using a novel method, quantitative photo mapping, to examine the extent to which a particular socio-cultural marker, the nation, is ‘flagged’ across three contrasting sites in Britain. As a multi-national state with an increasingly diverse population, Britain offers a particularly fruitful case study, drawing in debates around devolution, European integration and Commonwealth migration. In contributing to wider debates around banal nationalism, the paper notes the extent to which nations are increasingly articulated through commerce, consumption and market exchange and the overall significance of everyday markers (signs, objects, infrastructure) in naturalising a national view of the world

Cardiac Non-myocyte Cells Show Enhanced Pharmacological Function Suggestive of Contractile Maturity in Stem Cell Derived Cardiomyocyte Microtissues

The immature phenotype of stem cell derived cardiomyocytes is a significant barrier to their use in translational medicine and pre-clinical in vitro drug toxicity and pharmacological analysis. Here we have assessed the contribution of non-myocyte cells on the contractile function of co-cultured human embryonic stem cell derived cardiomyocytes (hESC-CMs) in spheroid microtissue format. Microtissues were formed using a scaffold free 96-well cell suspension method from hESC-CM cultured alone (CM microtissues) or in combination with human primary cardiac microvascular endothelial cells and cardiac fibroblasts (CMEF microtissues). Contractility was characterized with fluorescence and video-based edge detection. CMEF microtissues displayed greater Ca(2+ )transient amplitudes, enhanced spontaneous contraction rate and remarkably enhanced contractile function in response to both positive and negative inotropic drugs, suggesting a more mature contractile phenotype than CM microtissues. In addition, for several drugs the enhanced contractile response was not apparent when endothelial cell or fibroblasts from a non-cardiac tissue were used as the ancillary cells. Further evidence of maturity for CMEF microtissues was shown with increased expression of genes that encode proteins critical in cardiac Ca(2+ )handling (S100A1), sarcomere assembly (telethonin/TCAP) and β-adrenergic receptor signalling. Our data shows that compared with single cell-type cardiomyocyte in vitro models, CMEF microtissues are superior at predicting the inotropic effects of drugs, demonstrating the critical contribution of cardiac non-myocyte cells in mediating functional cardiotoxicity

Low Mass Group Environments have no Substantial Impact on the Circumgalactic Medium Metallicity

We explore how environment affects the metallicity of the circumgalactic medium (CGM) using 13 low mass galaxy groups (2-5 galaxies) at $\langle z_{abs}\rangle=0.25$ identified near background quasars. Using quasar spectra from HST/COS and from Keck/HIRES or VLT/UVES we measure column densities of, or determine limits on, CGM absorption lines. We use a Markov chain Monte Carlo approach with Cloudy to estimate metallicities of cool ($T\sim10^4$K) CGM gas within groups and compare them to CGM metallicities of 47 isolated galaxies. Both group and isolated CGM metallicities span a wide range ($-2<$[Si/H]$<0$), where the mean group ($-0.54\pm0.22$) and isolated ($-0.77\pm0.14$) CGM metallicities are similar. Group and isolated environments have similar distributions of {\HI} column densities as a function of impact parameter. However, contrary to isolated galaxies, we do not find an anti-correlation between {\HI} column density and the nearest group galaxy impact parameter. We additionally divided the groups by member luminosity ratios (i.e., galaxy-galaxy and galaxy-dwarf groups). While there was no significant difference in their mean metallicities, a modest increase in sample size should allow one to statistically identify a higher CGM metallicity in galaxy-dwarf groups compared to galaxy-galaxy groups. We conclude that either environmental effects have not played an important role in the metallicity of the CGM at this stage and expect that this may only occur when galaxies are strongly interacting or merging, or that some isolated galaxies have higher CGM metallicities due to past interactions. Thus, environment does not seem to be the cause of the CGM metallicity bimodality.Comment: 14 pages, 5 figures, 2 figure sets, 1 machine-readable tabl

Understanding in-context interaction: An investigation into on-the-go mobile search

Recent years have seen a profound change in how most users interact with search engines: the majority of search requests now come from mobile devices, which are used in a number of distracting contexts. This use of mobile devices in various situational contexts away from a desk presents a range of novel challenges for users and, consequently, possibilities for interface improvements. However, there is at present a lack of work that evaluates interaction in such contexts to understand what effects context and mobility have on behaviour and errors and, ultimately, users’ search performance. Through a controlled study, in which we simulate walking conditions on a treadmill and obstacle course, we use a combination of interaction logs and multiple video streams to capture interaction behaviour as participants (n = 24) complete simple search tasks. Using a bespoke tagging tool to analyse these recordings, we investigate how situational context and distractions impact user behaviour and performance, contrasting this with users in a baseline, seated condition. Our findings provide insights into the issues these common contexts cause, how users adapt and how such interfaces could be improved

Presence of a prothrombotic state in people with idiopathic pulmonary fibrosis: a population-based case-control study

BACKGROUND: Laboratory studies suggest that the clotting cascade is activated in fibrotic lungs. Since humans vary in their tendency to clot due to a variety of inherited or acquired defects, we investigated whether a prothrombotic state increases the chance of developing idiopathic pulmonary fibrosis (IPF) and/or worsens the prognosis of IPF. METHODS: We recruited 211 incident cases of IPF and 256 age-and sex-matched general population controls and collected data on medical history, medication, smoking habit, blood samples as well as lung function and high-resolution CT scans done as part of routine clinical care. A prothrombotic state was defined as the presence of at least one inherited or acquired clotting defect or marker of fibrinolytic dysfunction. We used logistic regression to quantify the association between a prothrombotic state and IPF adjusted for age, sex, smoking habit and highly sensitive C reactive protein. Cox regression was used to determine the influence of a prothrombotic state on survival. RESULTS: Cases were more than four times more likely than controls to have a prothrombotic state (OR 4.78, 95% CI 2.93 to 7.80; p<0.0001). Cases with a prothrombotic state were also likely to have more severe disease (forced vital capacity <70% predicted) at presentation (OR 10.79, 95% CI 2.43 to 47.91) and had a threefold increased risk of death (HR 3.26, 95% CI 1.09 to 9.75). CONCLUSIONS: People with IPF are more likely to have a prothrombotic state than general population controls and the presence of a prothrombotic state has an adverse impact on survival

Please mind the gap: students’ perspectives of the transition in academic skills between A-level and degree level geography

This paper explores first-year undergraduates’ perceptions of the transition from studying geography at pre-university level to studying for a degree. This move is the largest step students make in their education, and the debate about it in the UK has been reignited due to the government’s planned changes to A-level geography. However, missing from most of this debate is an appreciation of the way in which geography students themselves perceive their transition to university. This paper begins to rectify this absence. Using student insights, we show that their main concern is acquiring the higher level skills required for university learning

Sirolimus therapy for angiomyolipoma in tuberous sclerosis and sporadic lymphangioleiomyomatosis: a phase 2 trial

This study showed sustained regression of renal angiomyolipomas in patients with tuberous sclerosis or sporadic LAM receiving 2 years of sirolimus treatment. Possible effects on pulmonary function and neurocognition require further investigation