070-I * TRIBECA STUDY: (TRI)FECTA (B)IOPROSTHESES (E)VALUATION VERSUS (C)ARPENTIER MAGNA-EASE IN (A)ORTIC POSITION

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An extreme firm-specific news sentiment asymmetry based trading strategy

News sentiment has been empirically observed to have impact on financial market returns. In this study, we investigate firm-specific news from the Thomson Reuters News Analytics data from 2003 to 2014 and propose an optimal trading strategy based on a sentiment shock score and a sentiment trend score which measure extreme positive and negative sentiment levels for individual stocks. The intuition behind this approach is that the impact of events that generate extreme investor sentiment changes tends to have long and lasting effects to market movement and hence provides better prediction to market returns. We document that there exists an optimal signal region for both indicators. And we also show extreme positive sentiment provides better a signal than extreme negative sentiment, which presents an asymmetric market behavior in terms of news sentiment impact. The back test results show that extreme positive sentiment generates robust and superior trading signals in all market conditions, and its risk-adjusted returns significantly outperform the S&P 500 index over the same time period

The future of aortic surgery in Europe

At least every ten years, each specialty should reflect upon its past, its present and its future, in order to be able to reconfirm the direction in which it is headed, to adopt suggestions from inside and outside and, consequently, to improve. As such, the aim of this manuscript is to provide the interested reader with an overview of how aortic surgery and (perhaps more accurately) aortic medicine has evolved in Europe, and its present standing; also to provide a glimpse into the future, trying to disseminate the thoughts of a group of people actively involved in the development of aortic medicine in Europe, namely the Vascular Domain of the European Association of Cardio-Thoracic Surgery (EACTS)

EFFETTI STIMOLANTI DA DANTROLENE SODICO SU ORGANI E MUSCOLATURA LISCIA.

The effects of sodium dantrolene (DaNa), a calcium antagonist specifically acting on skeletal muscles, were evaluated on the spontaneous contractions of ileum, uterine horns and longitudinal strips of esophageal smooth muscle, in vitro. DaNa (1.81 to 15 μg/ml) caused a reversible dose-related increase of the spontaneous contractions of the three organs. DaNa (15 μg/ml) caused a 60±3% increase of the ileum spontaneous tone, and caused a 57±3% increase in the frequency of the spontaneous contractions of the uterus. The stimulatory effect of DaNa on the uterine musculature was not antagonized by atropine, methysergide or indomethacin. In the esophagus the maximum increase of the spontaneous tone and contractions (65±2%) was due to 3.7 μg/ml perfusion of DaNa. This effect was antagonized by nifedipin

The Liquidity Risk of REITs

This study examines the liquidity risk of real estate investment trusts (REITs) as measured by their return sensitivity to marketwide liquidity shocks. Due to their unique dividend payout rules and associated high cash payouts, REITs should benefit investors by reducing their reliance on the stock market to satisfy liquidity needs. Using a sample of 440 equity REITs from 1980 through 2015, we find empirical evidence consistent with this paradigm along four key dimensions. First, unlike non-REIT real estate firms, REITs exhibit a negative sensitivity to marketwide liquidity shocks. More specifically, when marketwide liquidity declines, REIT prices tend to increase relative to the broader stock market. Second, our findings are not property type specific, but rather are evident across broad classifications of property type sectors. Third, consistent with the importance of cash flow stability, smaller REITs provide protection against liquidity risk only when their dividend frequency is relatively high. Finally, examining only those firms changing their REIT status within the sample period, we find marketwide liquidity risk is lower when these firms operate as REITs than when they operate as non-REITs. Taken together, these findings provide support for the notion that investors view dividend payouts as a source of enhanced liquidity, and further, that REITs, as a security class with relatively high regulatory mandated payout requirements, provide investors with an important benefit in the form of reduced liquidity risk