Share Price Reactions to Sporty Performances of Soccer Clubs listed on the London Stock Exchange and the AIM

This paper investigates whether or not the share prices of soccer clubs listed on the London Stock Exchange and the Alternative Investment Market are influenced by the soccer teams' weekly sporty performances. Event studies corrected for thin trading and with Baysian updating reveal that at the first day of trading after a game, positive abnormal returns almost 1% were realised expected following a soccer victory. In contrast, defeats or draws are penalised, respectively, by negative abnormal returns of 1.4% and 0.6%. Cumulatively over the week, defeats and draws trigger abnormal losses of 2.5% and 1.7%. These findings are consistent across the English and Scottish, national Cup and European competitions. Much larger abnormal returns are generated subsequent to promotion and relegation games as the Premier League and European games guarantee substantially higher (future) income in terms of television broadcasting rights and sponsoring income. Whereas victories seem to be more rewarded by share price increases for those clubs listed on the LSE in comparison to those listed on the AIM, defeats lead to larger price reductions for AIM listed clubs. In spite of the sporty performance sensitivity of listed soccer clubs and the excellent share price performance of certain clubs like Manchester United, Sunderland and Celtic, Jensen's alpha and the Sharpe ratio of an equally weighted investment in listed soccer clubs since 1996 points out that such an investment has substantially underperformed the market index.Soccer club valuation;Event studies;Share price reactions

Share Price Reactions to Sporty Performances of Soccer Clubs listed on the London Stock Exchange and the AIM

This paper investigates whether or not the share prices of soccer clubs listed on the London Stock Exchange and the Alternative Investment Market are influenced by the soccer teams' weekly sporty performances. Event studies corrected for thin trading and with Baysian updating reveal that at the first day of trading after a game, positive abnormal returns almost 1% were realised expected following a soccer victory. In contrast, defeats or draws are penalised, respectively, by negative abnormal returns of 1.4% and 0.6%. Cumulatively over the week, defeats and draws trigger abnormal losses of 2.5% and 1.7%. These findings are consistent across the English and Scottish, national Cup and European competitions. Much larger abnormal returns are generated subsequent to promotion and relegation games as the Premier League and European games guarantee substantially higher (future) income in terms of television broadcasting rights and sponsoring income. Whereas victories seem to be more rewarded by share price increases for those clubs listed on the LSE in comparison to those listed on the AIM, defeats lead to larger price reductions for AIM listed clubs. In spite of the sporty performance sensitivity of listed soccer clubs and the excellent share price performance of certain clubs like Manchester United, Sunderland and Celtic, Jensen's alpha and the Sharpe ratio of an equally weighted investment in listed soccer clubs since 1996 points out that such an investment has substantially underperformed the market index.

Combination of plasma amyloid beta(1-42/1-40) and glial fibrillary acidic protein strongly associates with cerebral amyloid pathology

BACKGROUND: Blood-based biomarkers for Alzheimer's disease (AD) might facilitate identification of participants for clinical trials targeting amyloid beta (Abeta) accumulation, and aid in AD diagnostics. We examined the potential of plasma markers Abeta(1-42/1-40), glial fibrillary acidic protein (GFAP) and neurofilament light (NfL) to identify cerebral amyloidosis and/or disease severity. METHODS: We included individuals with a positive (n = 176: 63 ± 7 years, 87 (49%) females) or negative (n = 76: 61 ± 9 years, 27 (36%) females) amyloid PET status, with syndrome diagnosis subjective cognitive decline (18 PET+, 25 PET-), mild cognitive impairment (26 PET+, 24 PET-), or AD-dementia (132 PET+). Plasma Abeta(1-42/1-40), GFAP, and NfL were measured by Simoa. We applied two-way ANOVA adjusted for age and sex to investigate the associations of the plasma markers with amyloid PET status and syndrome diagnosis; logistic regression analysis with Wald's backward selection to identify an optimal panel that identifies amyloid PET positivity; age, sex, and education-adjusted linear regression analysis to investigate associations between the plasma markers and neuropsychological test performance; and Spearman's correlation analysis to investigate associations between the plasma markers and medial temporal lobe atrophy (MTA). RESULTS: Abeta(1-42/1-40) and GFAP independently associated with amyloid PET status (p = 0.009 and p  0.33, p < 0.001). Abeta(1-42/1-40) showed a moderate negative correlation with MTA (Spearman's rho = - 0.24, p = 0.001). DISCUSSION AND CONCLUSIONS: Combination of plasma Abeta(1-42/1-40) and GFAP provides a valuable tool for the identification of amyloid PET status. Furthermore, plasma GFAP and NfL associate with various disease severity measures suggesting potential for disease monitoring

Prevalence of pulmonary embolism among patients hospitalized for syncope

BACKGROUNDThe prevalence of pulmonary embolism among patients hospitalized for syncope is not well documented, and current guidelines pay little attention to a diagnostic workup for pulmonary embolism in these patients.METHODSWe performed a systematic workup for pulmonary embolism in patients admitted to 11 hospitals in Italy for a first episode of syncope, regardless of whether there were alternative explanations for the syncope. The diagnosis of pulmonary embolism was ruled out in patients who had a low pretest clinical probability, which was defined according to the Wells score, in combination with a negative D-dimer assay. In all other patients, computed tomographic pulmonary angiography or ventilation-perfusion lung scanning was performed.RESULTSA total of 560 patients (mean age, 76 years) were included in the study. A diagnosis of pulmonary embolism was ruled out in 330 of the 560 patients (58.9%) on the basis of the combination of a low pretest clinical probability of pulmonary embolism and negative D- dimer assay. Among the remaining 230 patients, pulmonary embolism was identified in 97 (42.2%). In the entire cohort, the prevalence of pulmonary embolism was 17.3% (95% confidence interval, 14.2 to 20.5). Evidence of an embolus in a main pulmonary or lobar artery or evidence of perfusion defects larger than 25% of the total area of both lungs was found in 61 patients. Pulmonary embolism was identified in 45 of the 355 patients (12.7%) who had an alternative explanation for syncope and in 52 of the 205 patients (25.4%) who did not.CONCLUSIONSPulmonary embolism was identified in nearly one of every six patients hospitalized for a first episode of syncope

Schrijven bij diverse schoolvakken. Voorbeelden en analyses.

Contains fulltext : 115266.pdf (publisher's version ) (Open Access)8 p

Schrijven bij diverse schoolvakken: een verkenning.

Contains fulltext : 115221.pdf (publisher's version ) (Open Access)8 p

Ruble convertibility, external and internal equilibrium, and perestroyka

Summary in GermanSIGLEAvailable from Bibliothek des Instituts fuer Weltwirtschaft, ZBW, Duesternbrook Weg 120, D-24105 Kiel W 127 (1992.6) / FIZ - Fachinformationszzentrum Karlsruhe / TIB - Technische InformationsbibliothekDEGerman