High frequency analysis of the EWZ ETF

The purpose of this thesis is to conduct a high frequency study of the pricing behavior and performance of an emerging market exchange traded fund relative to its benchmark index1. The thesis uses a high frequency intraday data2 set of the international EWZ ETF and its benchmark the MSCI Brazil making this high frequency analysis the first on an emerging market ETF. In testing the pricing behavior, the thesis first examines the price deviation of the ETF from its benchmark index. Second pricing behavior is analyzed using cointergration analysis and a Vector Error Correction Model (VECM) between the ETF and the index intraday movements as well as a Granger Causality test for robsutness. In testing performance differences between the ETF and index, a performance is measured and compared using Sharpe Ratio and persistence and the tracking error of the ETF are measured analysis is also conducted. Results showed that the prices of the index are higher on average that those of the ETF on both daily and intraday basis. Moreover, it was shown in the results that the ETF outperforms the index on intraday basis but the index outperforms the on daily basis. Also, the results displayed that there is an average daily tracking error on annual basis and that this error is persistent with a 0.12% rate. Furthermore, it was concluded that on intraday basis both the ETF and the index move to close the gap if a price deviation exists with a rate of 16.3% and 83.7% respectively, while on the other hand, on daily basis the results show that ETF doesn\u27t affect the index at all Keywords: Exchange Traded Funds, ETFs, price deviation, performance persistence, tracking error, tracking ability, co-integration, international

Recycling of waste gypsum boards to produce new drywalls and non-load bearing bricks

Recycling of gypsum boards wastes is attractive but challenging at the same time. The quality and quantity of the waste is quite important. The amount of gypsum board waste is on the rise. Millions of tons of gypsum board waste are produced annually and only a small percentage of gypsum board waste is recycled. This waste threatens the environment in three main ways: producing Hydrogen Sulfide gas when dumped in a moist environment, increasing the use of landfills and depleting natural resources. Consequently, the United States is considering the prohibition of gypsum board waste partial or full dumping in landfills that contain biodegradable waste. Furthermore, the European Union has set some regulations to control the amount of disposable gypsum board waste in landfills. This study aims to recycle the waste gypsum boards in order to be used in feasible applications. It targets the possibility of utilizing gypsum board waste to produce new gypsum boards or to produce non-load bearing gypsum bricks. To meet this objective, flexural strength test was conducted for the gypsum boards samples. Moreover, standard tests such as compressive strength, flexural strength, water absorption and density, were performed on the gypsum bricks. Three phases of gypsum board waste were examined: unheated gypsum board waste ( ), gypsum board waste heated at 130 ( ), and heated gypsum at 250 ( ). The results of this research show that the highest flexural strength for gypsum boards was obtained when adding 0.5% of Zinc Sulfate to the heated gypsum board waste. The flexural strength of produced gypsum board exceeded that of the commercial gypsum board available in the market. Moreover, the results of the non-load bearing gypsum bricks demonstrate that the mechanical properties of these bricks meet the non-load bearing bricks standards. The recommended unheated gypsum brick mix is the one conducted using 0.3% of Zinc Sulfate. The compressive strength of the obtained sample exceeded the ASTM limit for concrete non-load bearing bricks as well as the National standard when tested after seven and fourteen days. The gypsum bricks that were conducted from mixing heated gypsum board waste with Zinc Sulfate did not meet the ASTM limit for concrete non-load bearing bricks. However, the compressive strength limit in the Egyptian Standard for non-load bearing cement bricks was achieved when adding 0.3% of Zinc Sulfate to the heated gypsum board waste. In conclusion, this study pinpoints the importance of recycling waste gypsum boards and provides the initiative of using this waste in suitable applications

Wall panel structure design optimization of a hexagonal satellite

Considering that it satisfies high strength and stiffness at a low weight, the grid structure is the ideal option for meeting the requirements for developing the wall panel structure for the satellite. The most attractive grid structures for the satellite wall panel industry are isogrid and honeycomb structures. The first part of this work involves studying the mechanical and dynamic performance of five designs for the satellite wall panel made of 7075-T0 Al-alloy. These designs include two isogrid structures with different rib widths, two honeycomb structures with different cell wall thicknesses, and a solid structure for comparison. The performance of these designs was evaluated through compression, bending, and vibration testing using both finite element analysis (FEA) with the Ansys workbench and experimental testing. The FEA results are consistent with the experimental ones. The results show that the isogrid structure with a lower rib thickness of 2 mm is the best candidate for manufacturing the satellite wall panel, as this design reveals the best mechanical and dynamic performance. The second part of this work involves studying the influence of the length of the sides of the best isogrid structure in the range of 12 mm–24 mm on its mechanical and dynamic performance to achieve the lowest possible mass while maintaining the structure's integrity. Then, a modified design of skinned wall panels was introduced and dynamically tested using FEA. Finally, a CAD model of a hexagonal satellite prototype using the best-attained design of the wall panel, i.e., the isogrid structure with a 2 mm rib width and 24 mm-long sides, was built and dynamically tested to ensure its safe design against vibration. Then, the satellite prototype was manufactured, assembled, and successfully assessed

Canonical WNT/β-Catenin Signaling Plays a Subordinate Role in Rhabdomyosarcomas

The development of skeletal muscle from immature precursors is partially driven by canonical WNT/β-catenin signaling. Rhabdomyosarcomas (RMS) are immature skeletal muscle-like, highly lethal cancers with a variably pronounced blockade of muscle differentiation. To investigate whether canonical β-catenin signaling in RMS is involved in differentiation and aggressiveness of RMS, we analyzed the effects of WNT3A and of a siRNA-mediated or pharmacologically induced β-catenin knock-down on proliferation, apoptosis and differentiation of embryonal and alveolar RMS cell lines. While the canonical WNT pathway was maintained in all cell lines as shown by WNT3A induced AXIN expression, more distal steps including transcriptional activation of its key target genes were consistently impaired. In addition, activation or inhibition of canonical WNT/β-catenin only moderately affected proliferation, apoptosis or myodifferentiation of the RMS tumor cells and a conditional knockout of β-catenin in RMS of Ptchdel/+ mice did not alter RMS incidence or multiplicity. Together our data indicates a subordinary role of the canonical WNT/β-catenin signaling for RMS proliferation, apoptosis or differentiation and thus aggressiveness of this malignant childhood tumor

Impact of opioid-free analgesia on pain severity and patient satisfaction after discharge from surgery: multispecialty, prospective cohort study in 25 countries

Background: Balancing opioid stewardship and the need for adequate analgesia following discharge after surgery is challenging. This study aimed to compare the outcomes for patients discharged with opioid versus opioid-free analgesia after common surgical procedures.Methods: This international, multicentre, prospective cohort study collected data from patients undergoing common acute and elective general surgical, urological, gynaecological, and orthopaedic procedures. The primary outcomes were patient-reported time in severe pain measured on a numerical analogue scale from 0 to 100% and patient-reported satisfaction with pain relief during the first week following discharge. Data were collected by in-hospital chart review and patient telephone interview 1 week after discharge.Results: The study recruited 4273 patients from 144 centres in 25 countries; 1311 patients (30.7%) were prescribed opioid analgesia at discharge. Patients reported being in severe pain for 10 (i.q.r. 1-30)% of the first week after discharge and rated satisfaction with analgesia as 90 (i.q.r. 80-100) of 100. After adjustment for confounders, opioid analgesia on discharge was independently associated with increased pain severity (risk ratio 1.52, 95% c.i. 1.31 to 1.76; P < 0.001) and re-presentation to healthcare providers owing to side-effects of medication (OR 2.38, 95% c.i. 1.36 to 4.17; P = 0.004), but not with satisfaction with analgesia (beta coefficient 0.92, 95% c.i. -1.52 to 3.36; P = 0.468) compared with opioid-free analgesia. Although opioid prescribing varied greatly between high-income and low- and middle-income countries, patient-reported outcomes did not.Conclusion: Opioid analgesia prescription on surgical discharge is associated with a higher risk of re-presentation owing to side-effects of medication and increased patient-reported pain, but not with changes in patient-reported satisfaction. Opioid-free discharge analgesia should be adopted routinely

Mortality of emergency abdominal surgery in high-, middle- and low-income countries

Background: Surgical mortality data are collected routinely in high-income countries, yet virtually no low- or middle-income countries have outcome surveillance in place. The aim was prospectively to collect worldwide mortality data following emergency abdominal surgery, comparing findings across countries with a low, middle or high Human Development Index (HDI). Methods: This was a prospective, multicentre, cohort study. Self-selected hospitals performing emergency surgery submitted prespecified data for consecutive patients from at least one 2-week interval during July to December 2014. Postoperative mortality was analysed by hierarchical multivariable logistic regression. Results: Data were obtained for 10 745 patients from 357 centres in 58 countries; 6538 were from high-, 2889 from middle- and 1318 from low-HDI settings. The overall mortality rate was 1⋅6 per cent at 24 h (high 1⋅1 per cent, middle 1⋅9 per cent, low 3⋅4 per cent; P < 0⋅001), increasing to 5⋅4 per cent by 30 days (high 4⋅5 per cent, middle 6⋅0 per cent, low 8⋅6 per cent; P < 0⋅001). Of the 578 patients who died, 404 (69⋅9 per cent) did so between 24 h and 30 days following surgery (high 74⋅2 per cent, middle 68⋅8 per cent, low 60⋅5 per cent). After adjustment, 30-day mortality remained higher in middle-income (odds ratio (OR) 2⋅78, 95 per cent c.i. 1⋅84 to 4⋅20) and low-income (OR 2⋅97, 1⋅84 to 4⋅81) countries. Surgical safety checklist use was less frequent in low- and middle-income countries, but when used was associated with reduced mortality at 30 days. Conclusion: Mortality is three times higher in low- compared with high-HDI countries even when adjusted for prognostic factors. Patient safety factors may have an important role. Registration number: NCT02179112 (http://www.clinicaltrials.gov)

Molecular mechanisms of the muscle differentiation blockade in Rhabdomyosarcoma

Background: Rhabdomyosarcomas (RMS) are common pediatric soft tissue tumors, showing skeletal muscle features, unsatisfying responses to current therapies and poor outcome that reflects the limited knowledge of RMS’ pathogenesis. Since WNT signaling impacts skeletal muscle development, our preliminary expression study addressed this pathway in RMS cell lines, revealing overexpression of WNT5A (i.e. a ligand that activates the non-canonical branch of the WNT pathway) in the less aggressive RME. Therefore, the current study aimed to assess the significance of WNT5A in RMS. Methods: We analyzed WNT5A as well as different WNT pathway receptors and coreceptors expression in different RMS cell lines, performed functional studies (proliferation, migration, invasion and sphere formation assays) of various representative RMS cell lines following stable WNT5A knock down (KD) and overexpression (OE) in vitro and established a cell line based RMS xenograft model to validate the impact of WNT5A on RMS proliferation in vivo. Results: We found that WNT5A KD increases migration and self-renewal capacity of RMS cell lines and suppresses muscle differentiation markers in addition to inducing proliferation and growth of ERMS both in vitro and in vivo. These effect were associated with an upregulation of active β-catenin and related target genes, and with inhibition of non-canonical WNT signaling pathways. WNT5A OE shows opposite effects. Conclusion: Our results suggest that WNT5A has tumor suppressor effect in RMS by activating the non-canonical WNT pathway and inhibiting the canonical WNT pathway which indicates that WNT5A could be a promising diagnostic and therapeutic target

Sukuk: Does it minimize risk?

Recently, there has been a rapid growth of a booming multibillion-dollar market in Shariah-compliant sovereignand corporate Islamic structured financial instruments known as Sukuk. As shari&rsquo;ah considers money to be ameasuring tool for value &amp; not an asset to itself, it requires that one should not be able to receive income frommoney alone. The generation of money from money (interest) is riba, &amp; is forbidden. Sukuk are asset-backed, stableincome, tradable and Shariah-compatible trust certificates. In addition, the globalization of financial markets andincreased convergence of Islamic finance and conventional markets, indirect interest rate effects and other financialrisks will necessitate the development of Islamic financial risk management techniques. This paper aims to analyzethe risk of the Sukuk compared to other financial instruments. Also, it aims to assess the impact of Sukuk on the costand risk structure of investment portfolios

Nitric Oxide is a Potential Diagnostic Marker for Hepatocellular Carcinoma

Hepatocellular carcinoma (HCC) is the fifth most common cancer in men and the seventh most common in women. This cancer varies widely in incidence throughout the world, with rising incidence in Egypt. HCC is considered the second most frequent cause of cancer incidence and mortality among men in Egypt. This study aimed to estimate the serum levels of nitric oxide (NO) and glutathione reductase in order to evaluate their role as oxidative status markers in HCC development and progression. For this purpose, serum levels of these parameters were assessed in 50 HCC patients, and 30 cirrhotic patients in addition to 15 healthy subjects as a control group. In the present study, glutathione reductase activity showed a significant increase in HCC as compared to the control group (P= 0.019). On the other hand, no significant difference was observed between the cirrhotic and HCC patients (P= 0.492). Serum NO was significantly higher in patients with HCC than in cirrhotic patients (P= 0.001) or the control group (P= 0.001), with a sensitivity of (74%) and specificity of (88.89%) at a cut-off level of 614.1 μmol/l. While AFP, alpha-fetoprotein, at a cutoff level of 200 ng/ml had a sensitivity of (52%), the specificity was (100%). Indeed, nitric oxide was high in 62.5% of AFP-negative HCC patients. In conclusion, glutathione reductase has no role in HCC diagnosis. However, nitric oxide is a potential diagnostic marker for HCC. The simultaneous determination of serum nitric oxide and AFP gave significant improvement in the detection of HCC patients compared to that of AFP alone

<i>Oncogenic NRAS</i> Accelerates Rhabdomyosarcoma Formation When Occurring within a Specific Time Frame during Tumor Development in Mice

In the Ptch+/- mouse model for embryonal rhabdomyosarcoma (ERMS), we recently showed that oncogenic (onc) H-, K- or NRAS mutations do not influence tumor growth when induced at the advanced, full-blown tumor stage. However, when induced at the invisible ERMS precursor stage at 4 weeks of age, tumor development was enforced upon oncHRAS and oncKRAS but not by oncNRAS, which instead initiated tumor differentiation. These data indicate that oncRAS-associated processes differ from each other in dependency on the isoform and their occurrence during tumor development. Here, we investigated the outcome of oncNRAS induction at an earlier ERMS precursor stage at 2 weeks of age. In this setting, oncNRAS accelerates tumor growth because it significantly shortens the ERMS-free survival and increases the ERMS incidence. However, it does not seem to alter the differentiation of the tumors. It is also not involved in tumor initiation. Together, these data show that oncNRAS mutations can accelerate tumor growth when targeting immature ERMS precursors within a specific time window, in which the precursors are permissive to the mutation and show that oncNRAS-associated processes differ from each other in dependency on their occurrence during tumor development