Estimating Exchange Rate Exposures: Some "Weighty" Issues

From a sample of 910 U.S. firms over the period 1977 1996, we find that structure of the empirical model has significant impacts on resulting estimates of exchange rate exposures from equity returns. While lengthening the return horizon has minimal impact on exposure estimates, the inclusion of a market portfolio in the specification results in significant changes to the exposure estimates. We further demonstrate that different definitions of the market portfolio result in important differences in the overall distribution of exposure estimates and the interpretations of the sign, size, and significance of many firms' exposures. The source of the exposure differences across market portfolios is due to a strong size-exposure relation for U.S. firms. Surprisingly, this size-exposure relation does not appear to be driven by an underlying correlation between size and foreign cash flow position of the firms. An alternative model specification using matched CRSP capital-based size portfolios as controls for market movements in the exposure model produces firm-level exposures with a stronger relation to foreign cash flows and less of a correlation with firm size.

Reduction of manifolds with semi-negative holomorphic sectional curvature

In this note, we continue the investigation of a projective K\"ahler manifold $M$ of semi-negative holomorphic sectional curvature $H$. We introduce a new differential geometric numerical rank invariant which measures the number of linearly independent {\it truly flat} directions of $H$ in the tangent spaces. We prove that this invariant is bounded above by the nef dimension and bounded below by the numerical Kodaira dimension of $M$. We also prove a splitting theorem for $M$ in terms of the nef dimension and, under some additional hypotheses, in terms of the new rank invariant

Reciprocity and Priority Allocation System for Organ Transplant: An Ethical Analysis

How to increase the supply of organs donations for transplant is a critical issue in healthcare. Although recently xenotransplantation has received much publicity, it may be years before this becomes clinically viable. The Reciprocity and Priority Allocation (RPA) System currently used in Israel and a few other countries may be a reasonable approach to increase organ donation in the foreseeable future. For this approach to be accepted by the public, a robust analysis on its ethical implications is needed. This paper applies two formal ethics frameworks to analyze the implication of the RPA system

Flexion reminder device to discourage recurrent posterior dislocation of a total hip replacement: a case report

<p>Abstract</p> <p>Introduction</p> <p>Recurrent dislocation of a total hip replacement prosthesis is a frustrating complication for both the surgeon and the patient. For positional dislocations with no indications for revision surgery, the current best treatment is physiotherapy, the use of abduction braces and avoidance of unsafe hip positions. Abduction braces can be cumbersome and have poor compliance. We report the successful use of a new lightweight flexion reminder device that can be used to treat people with this condition.</p> <p>Case presentation</p> <p>A 64-year-old British woman experienced recurrent positional posterior dislocation after primary hip replacement, particularly when involved in activities involving unsafe flexion of the operated hip. She disliked using an abduction brace and hence was given a simple 'flexion reminder device' that could be strapped to the thigh. Beyond the safe flexion limit, the padded top end of the device hitched against the groin crease and reminded her not to flex further, to avoid dislocation. She experienced no discomfort in wearing the device continuously throughout the day and was very satisfied. She has had no further dislocations in the 2 years since she began using it.</p> <p>Conclusion</p> <p>In cases of arthroplasty dislocation caused mainly by an unsafe hip position, and with no indication for revision surgery, this new lightweight and easily worn flexion reminder device may be a good option for avoiding such positional dislocations, particularly those caused by unsafe flexion.</p

An integrated capacitance bridge for high-resolution, wide temperature range quantum capacitance measurements

We have developed a highly-sensitive integrated capacitance bridge for quantum capacitance measurements. Our bridge, based on a GaAs HEMT amplifier, delivers attofarad (aF) resolution using a small AC excitation at or below kT over a broad temperature range (4K-300K). We have achieved a resolution at room temperature of 10aF per root Hz for a 10mV AC excitation at 17.5 kHz, with improved resolution at cryogenic temperatures, for the same excitation amplitude. We demonstrate the performance of our capacitance bridge by measuring the quantum capacitance of top-gated graphene devices and comparing against results obtained with the highest resolution commercially-available capacitance measurement bridge. Under identical test conditions, our bridge exceeds the resolution of the commercial tool by up to several orders of magnitude.Comment: (1)AH and JAS contributed equally to this work. 6 pages, 5 figure

Generating health technology assessment evidence for rare diseases

Objectives: Rare diseases are often heterogeneous in their progression and response to treatment, with only a small population for study. This provides challenges for evidence generation to support HTA, so novel research methods are required. Methods: Discussion with an expert panel was augmented with references and case studies to explore robust approaches for HTA evidence generation for rare disease treatments. Results: Traditional RCTs can be modified using sequential, three-stage or adaptive designs to gain more power from a small patient population or to focus trial design. However, such designs need to maintain important design aspects such as randomization and blinding and be analyzed to take account of the multiple analyses performed. N-of-1 trials use within-patient randomization to test repeat periods of treatment and control until a response is clear. Such trials could be particularly valuable for rare diseases and when prospectively planned across several patients and analyzed using Bayesian techniques, a population effect can be estimated that might be of value to HTA. When the optimal outcome is unclear in a rare disease, disease specific patient reported outcomes can elucidate impacts on patients’ functioning and wellbeing. Likewise, qualitative research can be used to elicit patients’ perspectives, with just a small number of patients. Conclusions: International consensus is needed on ways to improve evidence collection and assessment of technologies for rare diseases, which recognize the value of novel study designs and analyses in a setting where the outcomes and effects of importance are yet to be agreed.</p

Application of Clay and Wood Ash in Glaze Production for Ceramic Surface

Ash glaze is not used in Sabah as a commercial glaze. Local ceramics, especially in Kota Belud and Semporna, do not know in processing and lack knowledge in the use of the formula needed in producing glaze. The purpose of this study is to identify, documentation and analyze natural materials that can produce a glaze. The method used by the researcher is a qualitative method and conducting workshop experimental activities at ceramic workshops, University Malaysia Sabah. The formula used in this research is a line blend formula by Michael Cerv (2016). This line blend formula is a combination of one and two materials to get a satin and matt effect. The researcher produced six samples using one technique in this study. The researcher found that through this study, the six samples showed shiny and flat surface. This study can provide an easy way especially the ceramic entrepreneurs in Kota Belud and Semporna to produce more quality ceramic crafts