Arbitrage Pricing Model; Determining the Number of Factors and Their Consistency Across Markets

Purpose - The discovery of a true financial equilibrium model that could explain the prices of stocks has long been a sought after challenge and a vital area of research in modern financial theory. The concept is based on the fact that the price of the stock is affected by the present value of the future cash flows from the stock, and anything that will affect the discount rate of these future cash flows. Many brokerage firms, financial institutions and financial consulting firms use multi-index models to aid in the investment process Thus the APT model is becoming increasingly popular and has been a subject of several empirical studies. These models have been tested on both developed and developing markets. The purpose of this research is to analyze the Arbitrage Pricing Theory (APT) introduced by Ross (1976), which is a more simplified, multifactor model, with fewer relative assumptions to other models, across different representative markets, giving particular attention to the number of factors. Design/methodology/approach – The research is quantitative in nature and principal component analysis will be used to determine the ideal number of factors that should be included in the model, as well as the identity of these factors. Findings - Results indicate that the ideal number of factors vary from four to five factors across markets, with their identity differing across markets. Findings provide valuable insights for professionals in the market as well as academics who want to gain further knowledge on the number of factors. Research limitations/implications –The application of Principal Component Analysis (PCA) is based only on a sample of stocks and not on the whole population in the stock market, and thus there remains a question of how accurate these approximations actually are. Practical implications –The APT is a popular multi-index model that should be used by financial analysts to allow risk to be more tightly controlled and allow investors to protect against specific type of risk to which he or she is particularly sensitive or to make specific bets on certain types of risks. Originality/value – No research has yet been carried out across different markets for the same time period as will be carried out in this research, and thus the empirical study in this research aims to add knowledge on whether the number of factors will be consistent across borders or will change from market to market. Keywords Arbitrage Pricing Theory, Number of factors, Emerging markets Paper type Research Pape

Anticancer effects of punicalagin and 5-fluorouracil on laryngeal squamous cell carcinoma: an <i>in vitro</i> study

The purpose of this study was to assess the apoptotic effects of punicalagin alone and in combination with 5-fluorouracil (5-FU) on laryngeal squamous cell carcinoma (Hep-2) cell line. Hep-2 cells were cultured and divided into four groups: Group 1 received no therapy and served as control, Group 2 received 5-FU only, Group 3 received punicalagin only, and Group 4 received a combination of 5-FU and punicalagin. After 48 hours of incubation, cellular changes were examined under an inverted microscope. The methyl thiazolyl tetrazolium assay, caspase-3 gene level, and vascular endothelial growth factor (VEGF) level were assessed. The control group showed the highest mean value of cancer cell proliferation rate (1.595±0.58), followed by the punicalagin group (1.263±0.447), then the 5-FU group (0.827±0.256), while the combination group showed the lowest proliferation rate (0.253±0.111). The combination group showed the highest mean value of caspase-3 concentration (3.177±0.736), followed by the 5-FU group (1.830±0.646), and punicalagin group (0.741±0.302), while the control group showed the lowest mean value (0.359±0.117). Regarding VEGF levels, the control group had a statistically significant higher mean value, followed by the punicalagin and 5-FU groups, and finally, the combination group which showed the lowest value. Punicalagin exerts an anticancer effect through anti-proliferative action and induction of apoptosis on Hep-2 cell line. Combining punicalagin with 5-FU potentiates its anti-proliferative, apoptotic, and anti-angiogenic actions. It, further, helps in mitigating the putative side effects of 5-FU by reducing the dose required for its therapeutic effects

Effect of grilled meat supplemented with cinnamon, green coffee and cardamom on serum liver function of obese rats

Obesity has become a global epidemic, and it is a major risk factor for other metabolic disorders such as type 2 diabetes and cardiometabolic disease. Dietary protein is effective for body-weight management. This study aimed to &nbsp;&nbsp;investigate the effect of grilled meat supplemented with cinnamon, green coffee and cardamom on serum liver function of obese rats. Fourty-two adult male rats weighing approximately (150 ± 5 g.) fed on basal diet for one week for adaptation. After this week rats divided into two main groups; the first main group (6 rats) fed on basal diet (as a control negative group), The second main group (36 rat) fed on high fat diet for four weeks then divided as follows: Subgroup (1) fed on high fat diet (as a control positive group). Subgroups (2) fed on high fat diet containing half amount of protein from grilled meat without any supplementation. Subgroups (3) fed on high fat diet containing half amount of protein from grilled meat supplemented with 5% cinnamon. Subgroups (4) fed on high fat diet containing half amount of protein from grilled meat with 5% green coffee.&nbsp

Effective Applications of Trichoderma spp. as Biofertilizers and Biocontrol Agents Mitigate Tomato Fusarium Wilt Disease

Eco-friendly and sustainable plant disease management employing Trichoderma spp. as bioagents is an economically feasible and ecologically sustainable approach. Therefore, their use in agriculture should be encouraged. The two main goals of the present study were to evaluate the abilities of two Trichoderma isolates to prevent Fusarium wilt disease, which is caused by Fusarium solani, in vitro and under greenhouse conditions, as well as their potential as biofertilizers to enhance cherry tomato growth and development. The results of a dual culture test revealed that T. viride and T. harzianum are antagonistic against the F. solani pathogen. The antagonism mechanisms include competition for nutrients and space, mycoparasitism, and antibiosis, according to scanning electron microscopy (SEM) findings. Additionally, T. harzianum reduced the mycelial growth of F. solani by 78.0%, whereas T. viride inhibited the growth by 61.2%, 10 days post-inoculation. In a greenhouse experiment, cherry tomato plants treated with each of these antagonistic Trichoderma isolates separately or in combination significantly suppressed Fusarium wilt disease, improved plant growth parameters, increased macro- and micronutrients uptake, and increased the content of photosynthetic pigments and total phenols. In conclusion, effective applications of Trichoderma isolates have the potential to mitigate Fusarium wilt disease, which is caused by F. solani in cherry tomato plants, while simultaneously promoting the growth and development of cherry tomatoes