Oil prices and stock returns : nonlinear links across sectors

We present evidence of an asymmetric relationship between oil prices and stock returns. The two regime multivariate Markov switching vector autoregressive (MSVAR) model allow us to capture the state shifts in the relationship between regional stock markets and sectors. Results suggest that oil price risk is significantly priced in the sample used. The impact is asymmetric with respect to market phases, and regimes have been associated with world economic, social and political events. Our study also suggests asymmetric responses of sector stock returns to oil price changes and different transmission impacts depending on the sector analyzed. There is a high causality from oil to sectors like Industrials and Oil & Gas. Companies inside the Utilities sector were more able to hedge against oil price increases between 2007 and 2012. Historical crisis events between 1992–1998 and 2003–2007 do not seem to have affected the relationship between oil and sector stock returns, given the higher probability of remaining smoother. For all sectors there seems to be a turn back to stability from 2012 onwards. Finally, investors gain more through portfolio diversification benefits built across, rather than within sectors.info:eu-repo/semantics/publishedVersio

Financial and monetary policy responses to oil price shocks: evidence from oil-importing and oil-exporting countries

In this study, we investigate the financial and monetary policy responses to oil price shocks using a Structural VAR framework. We distinguish between net oil-importing and net oil-exporting countries. Since the 80s, a significant number of empirical studies have been published investigating the effect of oil prices on macroeconomic and financial variables. Most of these studies though, do not make a distinction between oil-importing and oil-exporting economies. Overall, our results indicate that the level of inflation in both net oil-exporting and net oil-importing countries is significantly affected by oil price innovations. Furthermore, we find that the response of interest rates to an oil price shock depends heavily on the monetary policy regime of each country. Finally, stock markets operating in net oil-importing countries exhibit a negative response to increased oil prices. The reverse is true for the stock market of the net oil-exporting countries. We find evidence that the magnitude of stock market responses to oil price shocks is higher for the newly established and/or less liquid stock market

Treatment of scaphoid non-union with a percutaneous corticocancellous bone graft.

Contains fulltext : 49230.pdf (publisher's version ) (Closed access)Thirty-three symptomatic scaphoid non-unions were treated by a simple, minimally invasive procedure using a percutaneous autologous corticocancellous bone graft. After an average follow-up of 3.5 years, union was observed in 29 cases. These patients had no, or mild, pain at work and an almost normal range of motion and grip strength. No progression to osteoarthritis was observed

Biomechanical evaluation of three different fixation methods of the Chevron osteotomy of the olecranon: an analysis with Roentgen Stereophotogrammatic Analysis

Item does not contain fulltextBACKGROUND: In this study three different methods for fixating the Chevron osteotomy of the olecranon are evaluated. Transcortical fixed Kirschner wires with a tension band, a large cancellous screw with a tension band, and a large cancellous screw alone are compared using Roentgen Stereophotogrammatic Analysis (RSA). METHODS: The different fixation methods were tested in 17 cadaver specimens by applying increasing repetitive force to the triceps tendon. Forces applied were 200N, 350N, and 500N. Translation and rotation of the osteotomy were recorded using Roentgen Stereophotogrammatic Analysis. FINDINGS: Both the fixations with a cancellous screw with tension band and with bi-cortical placed Kirschner wires with a tension band provide enough stability to withstand the forces of normal daily use. INTERPRETATION: Since fixation with a cancellous screw with tension band is a fast and easy method and is related to minimal soft tissue damage this method can preferably be used for fixation of a Chevron osteotomy of the olecranon.5 p

Het 'zuggurtung'-principe bij olecranonfracturen en de Chevronoesteotomie van het olecranon

Bij ongeveer 20% van de fracturen van de onderarm is sprake van een fractuur van het olecranon. Simpele, niet-comminutieve fracturen van het olecranon kunnen, biomechanisch gezien, worden vergeleken met een Chevron-osteotomie van het olecranon. Beide worden frequent gefixeerd met twee bicorticaal geplaatste Kirschner-draden en een cerclagedraad (de klassieke ‘zuggurtung’ of trekgording). Een algemeen aanvaard principe bij deze fixatie is dat tractie van de triceps op het olecranon omgezet wordt in compressiekrachten ter hoogte van de fractuur, dan wel ter hoogte van de osteotomie van het olecranon. In dit artikel wordt met de röntgen stereofotogrammetrische analyse (RSA) techniek aangetoond dat fixatie van kadaverarmen met twee bicorticaal geplaatste Kirschner-draden en een cerclagedraad in een achtvormige configuratie resulteert in een stabiele situatie, waarbij direct postoperatieve mobilisatie mogelijk is. De resultaten lieten echter ook zien dat tractie van de triceps niet resulteert in compressie over het fractuurvlak