Purchasing power parity in G-7 countries: Further evidence based on ADL test for threshold cointegration

This study applies a newly-developed Autoregressive Distributed Lag (ADL) test for threshold cointegration, proposed by Li and Lee (2010) to test the validity of long-run purchasing power parity (PPP) for G-7 countries over the January 1994 to April 2010. The empirical results indicate that PPP only holds true for Canada and France two countries. Our results have important policy implications for the G-7 countries under study.Purchasing Power Parity; G-7 Countries; ADL Test; Threshold Cointegration

Assessing IT-business alignment in service-oriented Enterprises

Nowadays, more and more businesses transform into service-oriented enterprises in order to sustain their competitive advantage. To ensure that the underlying information technology (IT) can best support the transformation, we aim to develop an IT-business alignment framework to assess the quality of alignment in the context of service-oriented enterprises. Based upon the existing literature, we propose three components of IT-business alignment: strategic alignment, operational alignment, and social alignment. We study their various contributions to the performance of service-oriented IT projects, together with the interactions with service integration level.Our data were collected from Web questionnaires. The total dataset is derived from 300 selected companies in an on-line technology management forum. Among the returned questionnaires, 104 were found to be complete and usable; this represented a response rate of 34 percent.A Partial Least Squares (PLS) analysis is conducted and derives the following three research findings: (1) IT-business alignment plays a significant role in improving the performance of service-oriented IT; (2) the service integration level is an important performance moderator for strategic and operational alignment; (3) the service integration level is an important contributor to social alignment. Available at: https://aisel.aisnet.org/pajais/vol3/iss1/3

Testing Price Pressure, Information, Feedback Trading, and Smoothing Effects for Energy Exchange Traded Funds

This paper examines the relationships between flows and returns for five Exchange Traded Funds (ETF) in the U.S. energy sector. Four alternative hypotheses are tested, including the price pressure hypothesis, information (or price release) hypothesis, feedback trading hypothesis, and smoothing hypothesis. The five ETF are the Energy Select Sector SPDR Fund (XLE), iShares U.S. Energy ETF (IYE), iShares Global Energy ETF (IXC), Vanguard Energy ETF (VDE), and PowerShares Dynamic Energy Exploration & Production Portfolio (PXE). A Vector Autoregressive (VAR) model is used to analyze the relationships between energy flows and returns. The empirical results show that energy returns and subsequent energy ETF flows have a negative relationship, thereby supporting the smoothing hypothesis. Moreover, the smoothing effect exists for XLE and IYE during the global financial crisis. Regardless of whether the whole sample period or the sub-samples before, during and after the global financial crisis are used, no evidence is found in support of the price pressure hypothesis, information hypothesis, or feedback trading hypothesis

Testing Price Pressure, Information, Feedback Trading, and Smoothing Effects for Energy Exchange Traded Funds

This paper examines the relationships between flows and returns for five Exchange Traded Funds (ETF) in the U.S. energy sector. Four alternative hypotheses are tested, including the price pressure hypothesis, information (or price release) hypothesis, feedback trading hypothesis, and smoothing hypothesis. The five ETF are the Energy Select Sector SPDR Fund (XLE), iShares U.S. Energy ETF (IYE), iShares Global Energy ETF (IXC), Vanguard Energy ETF (VDE), and PowerShares Dynamic Energy Exploration & Production Portfolio (PXE). A Vector Autoregressive (VAR) model is used to analyze the relationships between energy flows and returns. The empirical results show that energy returns and subsequent energy ETF flows have a negative relationship, thereby supporting the smoothing hypothesis. Moreover, the smoothing effect exists for XLE and IYE during the global financial crisis. Regardless of whether the whole sample period or the sub-samples before, during and after the global financial crisis are used, no evidence is found in support of the price pressure hypothesis, information hypothesis, or feedback trading hypothesis

Kappa-Opioid Receptors in the Caudal Nucleus Tractus Solitarius Mediate 100 Hz Electroacupuncture-Induced Sleep Activities in Rats

Previous results demonstrated that 10 Hz electroacupuncture (EA) of Anmian acupoints in rats during the dark period enhances slow wave sleep (SWS), which involves the induction of cholinergic activity in the caudal nucleus tractus solitarius (NTS) and subsequent activation of opioidergic neurons and μ-receptors. Studies have shown that different kinds of endogenous opiate peptides and receptors may mediate the consequences of EA with different frequencies. Herein, we further elucidated that high-frequency (100 Hz)-EA of Anmian enhanced SWS during the dark period but exhibited no direct effect on rapid eye movement (REM) sleep. High-frequency EA-induced SWS enhancement was dose-dependently blocked by microinjection of naloxone or κ-receptor antagonist (nor-binaltorphimine) into the caudal NTS, but was affected neither by μ- (naloxonazine) nor δ-receptor antagonists (natatrindole), suggesting the role of NTS κ-receptors in the high-frequency EA-induced SWS enhancement. Current and previous results depict the opioid mechanisms of EA-induced sleep

Efficacy of Sanfujiu to Treat Allergies: Patient Outcomes at 1 Year after Treatment

Sanfujiu is a treatment method of applying herbal paste onto the acupoints Fengmen and Feishu during the three hottest days of summer to treat patients with allergies. The objectives of this study were to determine the treatment efficacy at 1 year after the Sanfujiu treatment, and examine variations in the perceived efficacy of Sanfujiu among different subgroups, based on the patients' ages, diagnoses and number of reactive symptoms immediately after the treatment. We enrolled 105 patients who completed Sanfujiu treatment at a medical university hospital in Taipei as the subjects. One year after treatment, trained interviewers conducted telephone interviews with the patients. Approximately 60% of them perceived the treatment as being effective at 1 year later, which was higher than that at 1 week after treatment (45.7%). Younger subjects (<19 years of age) and patients with asthma were more likely to report the treatment as being effective. Patients who had more reactive symptoms after the third Sanfujiu treatment were more likely to report the treatment as being effective. The results demonstrated that Sanfujiu was moderately effective, as perceived by patients in Taiwan, in treating their allergic symptoms

Endogenous Opiates in the Nucleus Tractus Solitarius Mediate Electroacupuncture-Induced Sleep Activities in Rats

Electroacupuncture (EA) possesses various therapeutic effects, including alleviation of pain, reduction of inflammation and improvement of sleep disturbance. The mechanisms of EA on sleep improvement, however, remain to be determined. It has been stated in ancient Chinese literature that the Anmian (EX17) acupoint is one of the trigger points that alleviates insomnia. We previously demonstrated that EA stimulation of Anmian acupoints in rats during the dark period enhances non-rapid eye movement (NREM) sleep, which involves the induction of cholinergic activity in the nucleus tractus solitarius (NTS). In addition to cholinergic activation of the NTS, activation of the endogenous opioidergic system may also be a mechanism by which acupuncture affects sleep. Therefore, this study was designed to investigate the involvement of the NTS opioidergic system in EA-induced alterations in sleep. Our present results indicate that EA of Anmian acupoints increased NREM sleep, but not rapid eye movement sleep, during the dark period in rats. This enhancement in NREM sleep was dose-dependently blocked by microinjection of opioid receptor antagonist, naloxone, and the μ-opioid receptor antagonist, naloxonazine, into the NTS; administrations of δ-receptor antagonist, natrindole, and the κ-receptor antagonist, nor-binaltrophimine, however, did not affect EA-induced alterations in sleep. Furthermore, β-endorphin was significantly increased in both the brainstem and hippocampus after the EA stimuli, an effect blocked by administration of the muscarinic antagonist scopolamine into the NTS. Our findings suggest that mechanisms of EA-induced NREM sleep enhancement may be mediated, in part, by cholinergic activation, stimulation of the opiodergic neurons to increase the concentrations of β-endorphin and the involvement of the μ-opioid receptors