Carry trade : en studie av hvordan carry trade ble påvirket av kollapsen i verdensøkonomien høsten 2008

Utredningen forsøker å belyse hvordan carry trade reagerte på det kraftige fallet i verdensøkonomien høsten 2008, samt hvordan strategien har utviklet seg i etterkant. For å gjøre dette har jeg analysert valuta-­‐ og renteserier for Japan, Sveits, Australia, New Zealand, Norge, Storbritannia, Europa og USA. Jeg fant at carry trade-­‐strategien for de fleste valutapar gav en særdeles god avkastning i perioden som ledet inn i finanskrisen. Derimot blir tilnærmet hele denne avkastningen borte i løpet av 4. kvartal 2008 som følge av kollapsen i pengemarkedene. Det ble gjennomført en massiv reversering av carry trade-­‐posisjoner og mange ble tvunget til å ta på seg store tap. Jeg har også funnet at VIX-­‐indeksen (fryktindeksen) og TED-­‐spreaden (kredittrisiko) gir gode indikasjoner på hvordan carry trade beveger seg, og de kan hjelpe oss å forstå hvordan carry trade avhenger av faktorer utenfor valutamarkedet. Det viste seg å være et inverst forhold mellom avkastningen på carry trade og VIX/TED, hvilket forteller oss at når frykten og kredittrisikoen i markedet stiger kraftig, ser vi en tilbaketrekning for carry trade. Videre fant jeg at de tradisjonelt gode carry trade-­‐posisjonene har hentet seg godt inn igjen etter finanskrisen. Spesielt gjelder dette for de som er finansiert med japanske yen. De som er finansiert med sveitsiske franc har ikke hatt den samme solide opphentingen

Carry trade : en studie av hvordan carry trade ble påvirket av kollapsen i verdensøkonomien høsten 2008

Utredningen forsøker å belyse hvordan carry trade reagerte på det kraftige fallet i verdensøkonomien høsten 2008, samt hvordan strategien har utviklet seg i etterkant. For å gjøre dette har jeg analysert valuta-­‐ og renteserier for Japan, Sveits, Australia, New Zealand, Norge, Storbritannia, Europa og USA. Jeg fant at carry trade-­‐strategien for de fleste valutapar gav en særdeles god avkastning i perioden som ledet inn i finanskrisen. Derimot blir tilnærmet hele denne avkastningen borte i løpet av 4. kvartal 2008 som følge av kollapsen i pengemarkedene. Det ble gjennomført en massiv reversering av carry trade-­‐posisjoner og mange ble tvunget til å ta på seg store tap. Jeg har også funnet at VIX-­‐indeksen (fryktindeksen) og TED-­‐spreaden (kredittrisiko) gir gode indikasjoner på hvordan carry trade beveger seg, og de kan hjelpe oss å forstå hvordan carry trade avhenger av faktorer utenfor valutamarkedet. Det viste seg å være et inverst forhold mellom avkastningen på carry trade og VIX/TED, hvilket forteller oss at når frykten og kredittrisikoen i markedet stiger kraftig, ser vi en tilbaketrekning for carry trade. Videre fant jeg at de tradisjonelt gode carry trade-­‐posisjonene har hentet seg godt inn igjen etter finanskrisen. Spesielt gjelder dette for de som er finansiert med japanske yen. De som er finansiert med sveitsiske franc har ikke hatt den samme solide opphentingen

Gender differences in hearts subjected to decreased NO-production and elevated blood pressure

Hypertension is one of the most important risk factors for heart failure in the general population. Hypertensive heart failure is associated with heart failure with preserved ejection fraction (HFpEF). Women have an increase proportion of HFpEF compared to men. Endothelial dysfunction thereby reduced NO production is proposed to play an important role in the pathophysiology of HFpEF. A suggested aetiology is related to cGMP´s important roles in myocardial cells. Females normally have higher constitutively activity of NOS and thereby NO production, an important stimulator of sGC and thereby cGMP. PKG1 is a cGMP-regulated protein that has cardio protective effects in rodents. In this experimental study we wanted to investigate gender differences when NOS was blocked. Adult rats, males, females and ovariectomized females were treated with L-NAME in drinking water for 4 weeks. Blood pressure was measured, and hearts investigated by echocardiography, histology and gene expression analysis at endpoint. MAP increased in all treatment groups; the increase was significantly larger in Males and Females Ovariectomized (OVX) compared to Females. Histological analysis of collagen showed no increase in interstitial or perivascular collagen. Gene expression analysis showed an increase in fibrosis genes, ANF and BNP, most pronounced in Females OVX and intact Females. There was also an isoform shift of MHC, more pronounced in Females OVX. Echocardiography showed a higher relative increase in LV mass in intact Females than Males. There was an increase in LV mass in all treatment groups, but no changes in diastolic or systolic diameter, suggesting concentric remodeling. There were no clinical signs of heart failure in treatment groups and cardiac output was maintained.This study confirm that with loss of NO production females developed more hypertrophy than males independent of blood pressure. Females also tended to have more extreme changes in expression of genes related to heart failure compared to males

Cardiac adaptation to hypertension in adult female Dahl salt-sensitive rats is dependent on ovarian function, but loss of ovarian function does not predict early maladaptation

Aim of study was to examine experimentally the adult female hypertensive heart in order to determine the role of ovary function in the response of the heart to salt-dependent hypertension. Dahl salt-sensitive rats, age 12 weeks, with/without ovariectomy were fed a standard (0.3% NaCl) or high-salt diet (8%) for 16 weeks. Mean arterial blood pressure monitored noninvasively in conscious state increased significantly by high salt. Echocardiography was performed at baseline and endpoint. Heart function and molecular changes were evaluated at endpoint by left ventricle catheterization, by sirius red staining for collagen and by gene expression using quantitative RT-PCR for selected genes. At endpoint, significant concentric hypertrophy was present with high salt. Increase in relative wall thickening with high salt compared to normal diet was more pronounced with intact ovaries (0.33 0.02 and 0.57 0.04 vs. 0.29 0.00 and 0.46 0.03) as was the reduction in midwall fractional shortening (20 0.6 and 14 2 vs. 19 0.9 and 18 1). Ovariectomy increased stroke volume and decreased the ratio of mitral peak velocity of early filling (E) to early diastolic mitral annular velocity (E0 ) (E/E’ ratio) when compared to hearts from intact rats. High salt increased expression of collagen I and III genes and perivascular collagen in the heart slightly, but % interstitial collagen by sirius red staining remained unchanged in intact rats and decreased significantly by ovariectomy. Added volume load but not deterioration of function or structure characterized the nonfailing hypertensive heart of salt-sensitive females ovariectomized at mature age when compared to corresponding intact females

Evoked potentials in the Atlantic cod following putatively innocuous and putatively noxious electrical stimulation: a minimally invasive approach

Aspects of peripheral and central nociception have previously been studied through recording of somatosensory evoked potentials (SEPs) to putative noxious stimuli in specific brain regions in a few freshwater fish species. In the present study, we describe a novel, minimally invasive method for recording SEPs from the central nervous system of the Atlantic cod (Gadus morhua). Cutaneous electric stimulation of the tail in 15 fish elicited SEPs at all stimulus intensities (2, 5, 10 and 20 mA) with quantitative properties corresponding to stimulus intensity. In contrast to previous fish studies, the methodological approach used in Atlantic cod in the current study uncovered a number of additional responses that could originate from multiple brain regions. Several of these responses were specific to stimulation at the highest stimulus intensities, possibly representing qualitative differences in central processing between somatosensory and nociceptive stimuli

Neuronal hypoxia tolerance in diving endotherms

The thesis “Neuronal hypoxia tolerance in diving endotherms” sheds light on mechanisms giving diving animals, such as the hooded seal, impressive dive capabilities of 1 hr duration down to 1000 m depth. In spite of enhanced capacity to store oxygen in their body and an ability to reduce their oxygen-consumption, these animals can resurface with blood oxygen values so low that a human being in the same situation would loose consciousness within seconds. This implies that the brain of diving animals tolerate lack of oxygen much better than the brain of non-diving animals. In the thesis it is demonstrated for the first time that this is actually the case. Electrophysiological recordings of isolated brain slices were used to investigate how neuronal activity changed in response to hypoxia in brain tissue from hooded seals (Cystophora cristata) (Folkow et al., 2008) and eider ducks (Somateria mollissima) (Ludvigsen & Folkow, 2009). Results showed a significant higher survival of brain tissue from the diving species relative to non-diving controls. Follow-up experiments were performed in order to investigate whether ATP-sensitive potassium channels (KATP-channels), that previously have been demonstrated to offer short-term protection against oxygen- and energy deprivation in other species, play a role in the neuronal hypoxia tolerance of the diving animals. The KATP-channels were pharmacologically blocked in hypoxic tissue, and comparison of responses to that of un-manipulated tissue indicated that the ion-channels offer some protection, but that they are not solely responsible for the high hypoxia tolerance in brain tissue from the divers. Investigating capillary density in the hooded seal brain, it was found that the hooded seal has a higher, or similar, capillary density compared to much smaller mammals. This is not expected from capillary density scaling laws, and may indicate that the hooded seal benefits from a higher capillary density than more similar sized mammals that may contribute to the hypoxia-tolerance of hooded seals. The electrophysiological investigations also gave new information on how coordinated network activity may arise in the mammalian brain. Earlier investigations have indicated that such rhythms are dependent upon neural connections between different brain regions and therefore can be studied only in the intact brain. Working with thick, isolated brain slices from hooded seals it was discovered that rhythmical activity may also arise within smaller neocortical areas, which may contribute to understanding how intrinsic brain activity is regulated

Numerical study of curved-mesh tailoring of free-surface shear profile

Krummede nettinger blir ofte brukt til å endre hastighetsprofilet i testområdet i eksperimentelle anlegg. De eksisterende uttrykkene som kan brukes til å bestemme formen på nettingen, gitt strømningsforholdene opp- og nedstrøms av testområdet, er dessverre kun gyldig for små endringer i hastighetsprofilet over nettingen. Mye tid kan derfor ende opp med og brukes på å bestemme formen på nettingen som produserer det ønskede hastighetsprofilet med tilstrekkelig nøyaktighet. Målet for denne masteroppgaven er derfor å lage en CFDmodell som kan simulere strømning over krummede nettinger med tilstrekkelig nøyaktighet innen rimelig tid. Denne modellen vil videre brukes til å undersøke hvordan hastighetsprofilet nedstrøms for nettingen endrer seg ved å endre formen på nettingen, innløpshastigheten og vanndybden ved bruk av CFD programmet ANSYS Fluent 19.2. Å løse opp alle strømningsstrukturene som oppstår i en strømning over en netting viste seg å være en svært tidkrevende beregningsoppgave. Det ble derfor bestemt å modellere strømningsmotstanden som introduseres av en netting ved bruk av porøst medium modellen (PMM) i ANSYS Fluent, hvor nettingen byttes ut med et porøst område. Empiriske sammenhenger for trykktapet over en netting ble brukt til å tilnærme tapsleddene som må spesifiseres i PMM. En modell for strømning i lukket kanal ble brukt til å verifisere at PMM modellerte strømningsmotstanden til en fysisk netting nøyaktig. Modellen ble verifisert ved å sammenligne hastighetsprofilet fra CFD-simuleringene med hastighetsprofilet predikert av en teoretisk sammenheng. Denne sammenligningen viste en nesten perfekt sammenheng mellom hastighetsprofilene. Doktorgradsstudenten Benjamin Smeltzer bidro med eksperimentelle data som ble brukt til å validere CFD-modellen for strømning i åpen kanal over en krummet netting. Hastighetsprofilet fra CFD-modellen viste seg å predikere hastighetsprofilet fra de eksperimentelle dataene med tilstrekkelig nøyaktighet. Etter å ha verifisert og validert CFD-modellen nøye, ble det undersøkt hvordan enkelte endringer påvirket hastighetsprofilet nedstrøms for nettingen. Simuleringene viste at: * Å gjøre en netting mer konveks, sett av strømningen, resulterer i et mer konkavt hastighetsprofil og reduserer styrken på skjærprofilet nær den frie overflaten. * Å gjøre en netting mer konkav, sett av strømningen, resulterer i et mer konvekst hastighetsprofil og øker styrken på skjærprofilet nær den frie overflaten. * For rette nettinger vil en økning i vinkelen mellom normal vektoren til nettingen og strømningsretningen resultere i en større endring i hastighetsprofilet over nettingen. * En økning i innløpshastigheten vil redusere endringen i hastighetsprofilet over nettingen. * Å endre vanndybden, uten å endre andre parametre, viste seg å ikke ha noen effekt på det normaliserte hastighetsprofilet. Dette resultatet er dog ikke antatt å være generelt

Gender differences in hearts subjected to decreased NO-production and elevated blood pressure

Hypertension is one of the most important risk factors for heart failure in the general population. Hypertensive heart failure is associated with heart failure with preserved ejection fraction (HFpEF). Women have an increase proportion of HFpEF compared to men. Endothelial dysfunction thereby reduced NO production is proposed to play an important role in the pathophysiology of HFpEF. A suggested aetiology is related to cGMP´s important roles in myocardial cells. Females normally have higher constitutively activity of NOS and thereby NO production, an important stimulator of sGC and thereby cGMP. PKG1 is a cGMP-regulated protein that has cardio protective effects in rodents. In this experimental study we wanted to investigate gender differences when NOS was blocked. Adult rats, males, females and ovariectomized females were treated with L-NAME in drinking water for 4 weeks. Blood pressure was measured, and hearts investigated by echocardiography, histology and gene expression analysis at endpoint. MAP increased in all treatment groups; the increase was significantly larger in Males and Females Ovariectomized (OVX) compared to Females. Histological analysis of collagen showed no increase in interstitial or perivascular collagen. Gene expression analysis showed an increase in fibrosis genes, ANF and BNP, most pronounced in Females OVX and intact Females. There was also an isoform shift of MHC, more pronounced in Females OVX. Echocardiography showed a higher relative increase in LV mass in intact Females than Males. There was an increase in LV mass in all treatment groups, but no changes in diastolic or systolic diameter, suggesting concentric remodeling. There were no clinical signs of heart failure in treatment groups and cardiac output was maintained.This study confirm that with loss of NO production females developed more hypertrophy than males independent of blood pressure. Females also tended to have more extreme changes in expression of genes related to heart failure compared to males

Heart Angiotensin-Converting Enzyme and Angiotensin-Converting Enzyme 2 Gene Expression Associated With Male Sex and Salt-Sensitive Hypertension in the Dahl Rat

Angiotensin-converting enzyme 2 (ACE 2) in the heart including its sex dependency in the hypertensive heart, has not been much studied compared to ACE. In the present study, we used the Dahl salt-sensitive rat exposed to fructose and salt to model a hypertensive phenotype in males, females, and ovariectomized females. Blood pressure was measured by the tale-cuff technique in the conscious state. Expression of RAS-related genes ACE, ACE2, angiotensin II receptor type 1, Mas1, and CMA1 in the heart were quantified. The results revealed small but significant differences between male and female groups. The main results indicate the presence of a male preponderance for an increase in ACE and ACE2 gene expression. The results are in accordance with the role of androgens or male chromosomal complement in controlling the expression of the two ACE genes