Credit Rating Agencies, Financial Regulations and the Capital Markets

This thesis studies the role of credit rating agencies (CRAs) in capital markets, and the effects of two important regulatory decisions that are taken to improve the quality of information available to the capital markets. In particular, this thesis examines a) the importance of credit ratings to the debt markets and the level of trust investors place on CRAs b) whether the adoption of International Financial Reporting Standards (IFRS) improves the quality of accounting information in European Union, and c) whether implementation of Market Abuse Directive (MAD) has been successful in deterring the market manipulation activities, improving the quality and flow of information to the capital markets, and reducing selective disclosure of private information. Chapter 2 of this thesis shows that the extent of investors’ reliance on the credit ratings depends on whether or not these ratings correspond to the ratings that are expected based on publically available information. Chapter 3 demonstrates that the reporting under IFRS is associated with higher credit ratings and a lower probability and level of rating disagreements between CRAs. The results in Chapter 4 reveal a decrease in the level of market manipulation activities and the provision of selective disclosures subsequent to the implementation of MAD. Chapter 4 also provides evidence of more timely and accurate information flowing to the security markets after implementation of MAD. Overall the findings in this thesis show that the participants in the capital markets prefer credit ratings that have strong association with the publically available information and that financial regulations introduced during the last decade enhanced the quantity and quality of information available to the capital markets

An argument for developing waste-to-energy technologies in Saudi Arabia

Municipal Solid Waste (MSW) management is a chronic environmental problem in most of the developing countries, including the Kingdom of Saudi Arabia (KSA). The concept of Waste-to-Energy (WTE) is known as one of the several technologies capable of benefiting a society, which desires to reduce fossil-fuel addiction. Currently, there is no WTE facility existing in the KSA. The MSW is collected and disposed in landfills untreated. A substantial increase in the population by 3.4 %/y over the last 35 y coupled with urbanization and raised living standards have resulted in high generation rate of MSW. In 2014, about 15.3 Mt of MSW was generated in KSA. The food and plastic waste are the two main waste streams, which covers 70 % of the total MSW. The waste is highly organic (up to 72 %) in nature and food waste covers 50.6 % of it. An estimated electricity potential of 2.99 TWh can be generated annually, if all of the food waste is utilized in anaerobic digestion (AD) facilities. Similarly, 1.03 and 1.55 TWh electricity can be produced annually if all of the plastics and other mixed waste are processed in the pyrolysis and refuse derived fuel (RDF) technologies respectively. The aim of this paper is to review the prospective WTE technologies in Saudi Arabia. However, the real selection of the conversion technologies will be done in conjunction with the fieldwork on waste characterization and laboratory examination of selected technologies and further socio-economic and environmental evaluations

Comparison of Whole Blood and Peripheral Blood Mononuclear Cell Gene Expression for Evaluation of the Perioperative Inflammatory Response in Patients with Advanced Heart Failure

Background: Heart failure (HF) prevalence is increasing in the United States. Mechanical Circulatory Support (MCS) therapy is an option for Advanced HF (AdHF) patients. Perioperatively, multiorgan dysfunction (MOD) is linked to the effects of device implantation, augmented by preexisting HF. Early recognition of MOD allows for better diagnosis, treatment, and risk prediction. Gene expression profiling (GEP) was used to evaluate clinical phenotypes of peripheral blood mononuclear cells (PBMC) transcriptomes obtained from patients’ blood samples. Whole blood (WB) samples are clinically more feasible, but their performance in comparison to PBMC samples has not been determined. Methods: We collected blood samples from 31 HF patients (57¡15 years old) undergoing cardiothoracic surgery and 7 healthy age-matched controls, between 2010 and 2011, at a single institution. WB and PBMC samples were collected at a single timepoint postoperatively (median day 8 postoperatively) (25–75% IQR 7–14 days) and subjected to Illumina single color Human BeadChip HT12 v4 whole genome expression array analysis. The Sequential Organ Failure Assessment (SOFA) score was used to characterize the severity of MOD into low (# 4 points), intermediate (5–11), and high ($ 12) risk categories correlating with GEP. Results: Results indicate that the direction of change in GEP of individuals with MOD as compared to controls is similar when determined from PBMC versus WB. The main enriched terms by Gene Ontology (GO) analysis included those involved in the inflammatory response, apoptosis, and other stress response related pathways. The data revealed 35 significant GO categories and 26 pathways overlapping between PBMC and WB. Additionally, class prediction using machine learning tools demonstrated that the subset of significant genes shared by PBMC and WB are sufficient to train as a predictor separating the SOFA groups. Conclusion: GEP analysis of WB has the potential to become a clinical tool for immune-monitoring in patients with MO

Prevalence and determinants of asthma in adult male leather tannery workers in Karachi, Pakistan: A cross sectional study

BACKGROUND: This study aimed to estimate the prevalence and to identify some risk factors of adult asthma in male leather tannery workers in Karachi, Pakistan. METHODS: A cross sectional study was conducted from August 2003 to March 2004 on leather tannery workers of Karachi, Pakistan. Data were collected from 641 workers engaged in 95 different tanneries in Korangi industrial area selected as sample of convenience. Face to face interviews were performed using a structured pre-tested questionnaire by trained data collectors. RESULTS: Prevalence of adult asthma was 10.8% (69/641) in this study population. The prevalence of perceived work-related asthma was 5.3% (34/641). Multivariable logistic regression model showed that after taking into account the age effect, the leather tannery worker were more likely to be asthmatic, if they were illiterate (adjusted OR = 2.13, 95% CI: 1.17–3.88), of Pathan ethnicity (adjusted OR = 2.69; 95% CI: 1.35–5.36), ever-smoked (adjusted OR = 2.22, 95% CI: 1.16–4.26), reportedly never used gloves during different tanning tasks (OR = 3.28; 95% CI : 1.72–6.26). Also, the final model showed a significant interaction between perceived allergy and duration of work. Those who perceived to have allergy were more likely to have asthma if their duration of work was 8 years (adjusted OR = 2.26; 95% CI: 1.19 – 4.29) and this relationship was even stronger if duration was 13 years (adjusted OR = 3.67; 95% CI: 1.98–6.79). CONCLUSION: Prevalence of asthma in leather tannery workers appears to be high and is associated with educational status, ethnicity, smoking, glove use, perceived to have allergy and duration of work

Pyrolytic liquid fuel: a source of renewable electricity generation in Makkah

Millions of Muslims from all over the world visit the Holy Cities of Saudi Arabia: Makkah and Madinah every year to worship in form of Pilgrimage (Hajj) and Umrah. The rapid growth in local population, urbanization, and living standards in Makkah city along with continually increasing number of visitors result in huge municipal solid waste generation every year. Most of this waste is disposed to landfills or dumpsites without material or energy recovery, thus posing substantial environmental and health risks. The municipal plastic waste is the second largest waste stream (up to 23% of total municipal waste) that is comprised of plastic bottles, water cups, food plates, and shopping bags. The sustainable disposal of plastic waste is challenging task due to its clogging effects, very slow biodegradation rates, and presence of toxic additives and dyes. Pyrolysis is one of the promising waste-to-energy technology for converting municipal plastic waste into energy (liquid fuel) and value-added products like char. The produced liquid fuel has the potential to be used in several energy-related applications such as electricity generation, transportation fuel, and heating purposes. It has been estimated that the plastic waste in Makkah city in 2016 can produce around 87.91 MW of electricity. This is projected to increase up to around 172.80 MW of electricity by 2040. A global warming potential of 199.7 thousand Mt.CO2 eq. will be achieved with savings of 7.9 thousand tons emission of CH4, if pyrolysis technology is developed in Makkah city. Furthermore, a total savings of 297.52 million SAR from landfill diversion, electricity generation, and carbon credits would be possible to achieve in 2016 from pyrolysis. These economic benefits will increase every year and will reach up to 584.83 million SAR in 2040

Algorithm for Treatment of Advanced Heart Failure

Heart failure is a growing epidemic worldwide that confers a substantial medical and economic burden on our society. With the aging population and the improved treatment strategies made available over the last several decades including neurohormonal blockade, cardiac resynchronization, and multidisciplinary psychosocial interventions, the prevalence of advanced heart failure is increasing as patients with heart failure are living longer with parallel progression of their disease state. Judicious risk stratification and cautious patient selection are paramount in guiding appropriate therapies. It is imperative to understand the underlying pathophysiology, decision-making strategies, pharmacologic therapies, and comprehensive options in managing advanced heart failure. For patients who exhaust the widely available medical and surgical therapies, then additional algorithms and multidisciplinary decision teams must be in place for consideration of cardiac transplant or mechanical circulatory support device in this subcohort of advanced, end-stage heart failure