Otwarte ogólnokrajowe seminaria z filozofii i teorii prawa „Potestas Iudicandi”

The Open Nationwide Philosophy and Theory of Law Seminar “Potestas Iudicandi”Otwarte ogólnokrajowe seminaria z filozofii i teorii prawa „Potestas Iudicandi

Asset Pricing Restrictions on Predictability

U.S. stock portfolios sorted on size, momentum, transaction costs, M/B, I/A and ROA ratios, and industry classication show considerable levels and variation of return predictability, inconsistent with asset pricing models. This means that a predictable risk premium is not equal to compensation for systematic risk as implied by asset pricing theory (Kirby 1998). We show that introducing market frictions relaxes these asset pricing moments from a strict equality to a range. Empirically, it is not short sales constraints but transaction costs (below 35 basis points) that help to reconcile the observed predictability with the Fama-French-Carhart four- factor model and the Chen-Novy-Marx-Zhang three factor model, and partly with the Durable Consumption model. Across the sorts, predictability in industry returns can be reconciled with all models considered with only 25 basis points transaction costs, whereas for momentum and ROA portfolios up to 115 basis points are needed

Epigenetic chromatin modifications in barley after mutagenic treatment

In addition to their normal developmental processes, plants have evolved complex genetic and epigenetic regulatory mechanisms to cope with various environmental stresses. It has been shown that both DNA methylation and histone modifications are involved in DNA damage response to various types of stresses. In this study, we focused on the involvement of two mutagenic agents, chemical (maleic acid hydrazide; MH) and physical (gamma rays), on the global epigenetic modifications of chromatin in barley. Our results indicate that both mutagens strongly influence the level of histone methylation and acetylation. Moreover, we found that gamma irradiation, in contrast to MH, has a more robust influence on the DNA methylation level. This is the first study that brings together mutagenic treatment along with its impact at the level of epigenetic modifications examined using the immunohistochemical method

Quality of life of patients with asthma which has been well and poorly controlled

Wstęp: Celem niniejszej pracy była ocena jakości życia chorych na astmę oskrzelową, dobrze i źle kontrolowaną, w zależności od stopnia kontroli choroby i jej zaawansowania. Materiał i metody: Do badania włączono 70 chorych z rozpoznaną astmą, w wieku 18-40 lat. Badanie trwało od listopada 2005 do lutego 2006 roku w Szpitalu Specjalistycznym w Chojnicach i w Przyklinicznej Poradni Alergologicznej Kliniki Alergologii Akademii Medycznej w Gdańsku. Rozpoznanie, zaawansowanie oraz stopień kontroli astmy były określane przez lekarza. Jakość życia chorych oceniono na podstawie kwestionariusza Szpitala Świętego Jerzego (SGRQ). Analiza statystyczna przeprowadzona była przy użyciu komputerowego programu Statistica. Badanie uzyskało akceptację lokalnej Komisji Etycznej. Wyniki: Zgodnie z zaleceniami GINA u 26 chorych rozpoznano łagodną astmę, u 31 - umiarkowaną, a u 13 - ciężką. U 41 pacjentów kontrola objawów była dobra, a u 29 - zła. Starszy wiek chorych oraz czas trwania schorzenia były istotnie związane z ciężką postacią choroby, odpowiednio: p = 0,01 i p = 0,003. W grupie chorych z dobrą kontrolą objawów całkowita suma punktów testu SGRQ wyniosła 38,77 i była znamiennie niższa niż w grupie chorych ze złą kontrolą objawów - 54,2; p = 0,0001. Podobnie istotne różnice stwierdzono we wszystkich domenach testu (objawy, aktywność i wpływ choroby na życie pacjentów) - odpowiednio: p = 0,014; p = 0,035; p = 0,003. Wnioski: Jakość życia pacjentów w istotnym stopniu zależy od kontroli objawów choroby.Introduction: The aim of the study was to assess the quality of life of patients with asthma who were well and poorly controlled. Material and methods: 70 patients with diagnosed asthma, aged from 18 to 40, were included into the study between November 2005 and February 2006 at the Specialist Hospital in Chojnice and Allergy out-patient Clinic of Medical University of Gdańsk. The diagnosis and stage of asthma, as well as the assessment of the control of disease was performed by the physician. Quality of life was assessed with the use of St. George Respiratory Questionnaire (SGRQ). Statistical analysis was made with the use of computer statistical program Statistica. Results: According to GINA in 26 patients mild asthma was diagnosed, in 31 - moderated and in 13 - severe disease. 41 patients were assessed as well controlled and 29 - as poorly controlled. Older age and longer duration of the disease were related to severe asthma, p = 0.01 and p = 0.003, respectively. In well controlled patients overall score for SGRQ was 48.86, whereas in poorly controlled was - 74.4. There was a significant difference between the overall quality of life in well and poorly controlled patients with asthma, p = 0.0001. This difference was found in all three domains: for symptoms, activity and impact on life, p = 0.014, p = 0.035 and p = 0.003, respectively. Conclusions: Quality of life is strongly dependent on the control of symptoms in asthmatic patients

Differences in sex hormone levels in the menstrual cycle due to tobacco smoking — myth or reality?

Introduction: Tobacco smoke contains, among others, polycyclic aromatic hydrocarbons (PAHs), heterocyclic analogues, aromatic amines, N-nitrosamines, volatile hydrocarbons, aldehydes, phenols, miscellaneous organic compounds, metals, and inorganic compounds. Tobacco smoking can harm women’s reproductive system and may reduce fertility. The objective of the study was to explore the effect of tobacco smoke on the menstrual cycle due to smoking and second-hand smoke-exposure. Material and methods: The study was performed on 153 women of reproductive age, who received care at the Gynaecological-Obstetric Clinical Hospital of the Poznan University of Medical Sciences. They were divided into three treatment groups: non-smokers, secondhand smokers, and smokers. Comprehensive assessment of all hormone levels: follicle-stimulating hormone (FSH), luteinizing hormone (LH), 17β-oestradiol (E2), and progesterone (P), in the various phases of the menstrual cycle and with concomitant determinations of serum cotinine concentrations was performed. The menstrual cycle was observed with ultrasonography. Results: Cigarette smoking may be an important factor in disrupting reproduction: 1. The increase in the oestradiol E2 level was accompanied by significantly lowered serum cotinine concentrations in tobacco smokers; 2. In smoking patients, the serum level of LH significantly increased on the first days of the menstrual cycle; 3. The higher levels of P (in the 14th and 21st days) were assumed to be the result of a longer menstrual cycle. Conclusions: Active and passive smoking may be an important contributor to reproductive health issues and deserves greater focus in health education programs directed towards women of reproductive age

Association between loop diuretic dose changes and outcomes in chronic heart failure: observations from the ESC-EORP Heart Failure Long-Term Registry

[Abstract] Aims. Guidelines recommend down-titration of loop diuretics (LD) once euvolaemia is achieved. In outpatients with heart failure (HF), we investigated LD dose changes in daily cardiology practice, agreement with guideline recommendations, predictors of successful LD down-titration and association between dose changes and outcomes. Methods and results. We included 8130 HF patients from the ESC-EORP Heart Failure Long-Term Registry. Among patients who had dose decreased, successful decrease was defined as the decrease not followed by death, HF hospitalization, New York Heart Association class deterioration, or subsequent increase in LD dose. Mean age was 66±13 years, 71% men, 62% HF with reduced ejection fraction, 19% HF with mid-range ejection fraction, 19% HF with preserved ejection fraction. Median [interquartile range (IQR)] LD dose was 40 (25–80) mg. LD dose was increased in 16%, decreased in 8.3% and unchanged in 76%. Median (IQR) follow-up was 372 (363–419) days. Diuretic dose increase (vs. no change) was associated with HF death [hazard ratio (HR) 1.53, 95% confidence interval (CI) 1.12–2.08; P = 0.008] and nominally with cardiovascular death (HR 1.25, 95% CI 0.96–1.63; P = 0.103). Decrease of diuretic dose (vs. no change) was associated with nominally lower HF (HR 0.59, 95% CI 0.33–1.07; P = 0.083) and cardiovascular mortality (HR 0.62 95% CI 0.38–1.00; P = 0.052). Among patients who had LD dose decreased, systolic blood pressure [odds ratio (OR) 1.11 per 10 mmHg increase, 95% CI 1.01–1.22; P = 0.032], and absence of (i) sleep apnoea (OR 0.24, 95% CI 0.09–0.69; P = 0.008), (ii) peripheral congestion (OR 0.48, 95% CI 0.29–0.80; P = 0.005), and (iii) moderate/severe mitral regurgitation (OR 0.57, 95% CI 0.37–0.87; P = 0.008) were independently associated with successful decrease. Conclusion. Diuretic dose was unchanged in 76% and decreased in 8.3% of outpatients with chronic HF. LD dose increase was associated with worse outcomes, while the LD dose decrease group showed a trend for better outcomes compared with the no-change group. Higher systolic blood pressure, and absence of (i) sleep apnoea, (ii) peripheral congestion, and (iii) moderate/severe mitral regurgitation were independently associated with successful dose decrease

Sex- and age-related differences in the management and outcomes of chronic heart failure: an analysis of patients from the ESC HFA EORP Heart Failure Long-Term Registry

Aims: This study aimed to assess age- and sex-related differences in management and 1-year risk for all-cause mortality and hospitalization in chronic heart failure (HF) patients. Methods and results: Of 16 354 patients included in the European Society of Cardiology Heart Failure Long-Term Registry, 9428 chronic HF patients were analysed [median age: 66 years; 28.5% women; mean left ventricular ejection fraction (LVEF) 37%]. Rates of use of guideline-directed medical therapy (GDMT) were high (angiotensin-converting enzyme inhibitors/angiotensin receptor blockers, beta-blockers and mineralocorticoid receptor antagonists: 85.7%, 88.7% and 58.8%, respectively). Crude GDMT utilization rates were lower in women than in men (all differences: P\ua0 64 0.001), and GDMT use became lower with ageing in both sexes, at baseline and at 1-year follow-up. Sex was not an independent predictor of GDMT prescription; however, age >75 years was a significant predictor of GDMT underutilization. Rates of all-cause mortality were lower in women than in men (7.1% vs. 8.7%; P\ua0=\ua00.015), as were rates of all-cause hospitalization (21.9% vs. 27.3%; P\ua075 years. Conclusions: There was a decline in GDMT use with advanced age in both sexes. Sex was not an independent predictor of GDMT or adverse outcomes. However, age >75 years independently predicted lower GDMT use and higher all-cause mortality in patients with LVEF 6445%

The Open Nationwide Philosophy and Theory of Law Seminar “Potestas Iudicandi”

The Open Nationwide Philosophy and Theory of Law Seminar “Potestas Iudicandi”Otwarte ogólnokrajowe seminaria z filozofii i teorii prawa „Potestas Iudicandi

Disentangling Persistence from Predictability in Asset Pricing

We find persistent predictors known to bias predictive regressions for stock re- turns to matter also for asset pricing models. For example, deciding whether hedge funds offer an expansion of the investment opportunity set depends, among other things, on the persistence levels of predictors used to create managed returns. Us- ing simulations to disentangle the effects of persistence from predictability, we find highly persistent predictors to bias asset pricing models and tests even if managed portfolios and conditioning information are used optimally. Our framework enables us to construct tests that are robust in the presence of persistent predictors, and we find it to be more difficult to construct such robust tests for linear than for the non-linear ways of utilizing conditioning information