Investor Sentiment and Fund Market Anomalies: Evidence from Closed-end Fund, Exchange-traded Fund and Real Estate Investment Trust

The investor sentiment hypothesis has become a promising avenue by way of a behavioural approach to complementing conventional explanations of financial market anomalies. In response to the problems exhibited in the existing theories, the investor sentiment hypothesis has been widely tested and the results of which turn out to be able to successfully explain the market anomalies to a great extent. The thesis applies the investor sentiment theory to analysing the fund anomalies in both the UK and US markets. The test results and their interpretations may help promote a better understanding of the investor sentiment and its impacts including their geographical differences. We contribute to the literature by focusing on the sentiment measures, among others. Since the investor sentiment reflects the investors’ behaviour and psychology, it is hard to be properly captured. We have constructed the proxies for the sentiment factor in both direct and indirect forms. The first fund anomaly we analysed is the “closed-end fund puzzle”. The puzzle is so-called because at IPO, the fund is issued at a premium to the net asset value (NAV); however, thispremium disappears in the next few months. The fund then trades at a discount. This discount is not fixed, varying substantially during the closure period. When the closed-end fund is either converted into an open-end fund or liquidated, the discount shrinks and the share price will rise. We construct an out-of-sample test by using the two-factor and five-factor models. The results show that the investor sentiment can contribute to explaining closed-end fund discounts in the UK market and it is more prevalent in smaller size portfolios. We also find the evidence to support investor sentiment as an important factor to represent systematic risk in the return generating process. Next, we examine the price deviations of Exchange Traded Funds (ETFs). Unlike closed end funds whose prices also deviate from the NAV, ETFs, through a mechanism known as redemption in-kind, allow institutional investors to potentially earn a profit by arbitraging away these price deviations through creating and deleting outstanding shares of the ETF. Hence, we are motivated to identify the factors that may impact on the determination of these premiums and discounts to the NAV. We first construct a sentiment proxy from the derivative market variables such as the option put–call trading volume ratio and the open interest ratio. Then we develop a sentiment proxy based on the consumer confidence index, obtained from the mainstream consumer surveys and this proxy is taken to the individual fund level. The results provide evidence that this sentiment proxy has explanatory power for most individual ETF mispricing. We take the whole industry into account and find that the sentiment factor has incremental explanatory power and is positively related to the fund premium. The evidence also shows that more sentiment-sensitive ETFs are those that have smaller, younger and volatile stocks with low dividend yields. Finally, the thesis considers the fund anomaly in the form of the REIT price momentum. In order to investigate the momentum profitability, we classify the formation period into two sentiment states, i.e. the optimistic and pessimistic periods. Evidence indicates that when sentiment is high, the REIT momentum profitability is substantial and significant; however, when the sentiment is low, the profits from the REIT momentum are much lower and not significant. We also examine the interplay between REIT liquidity and momentum profitability. We find that high REIT liquidity portfolios generate higher momentum returns, but this is only significant when the sentiment is optimistic. Furthermore, consistent with our previous findings, our evidence that momentum is generally larger for smaller companies confirms that the size effect is still available in the REIT industry. This is because the smaller companies are often difficult to value, as they are more prone to subjective evaluations. The sentiment thus could be more significant in small size companies

Localized primary gastrointestinal diffuse large B cell lymphoma received a surgical approach: an analysis of prognostic factors and comparison of staging systems in 101 patients from a single institution

Clinical characteristics and survival rate of patients with localized PG-DLBCL. It shows the clinical characteristics and Rituximab treatment between localized PG-DLBCL patients with surgery and those with chemotherapy alone. (PDF 276 kb

Effects of Perioperative Psychological Intervention on Rehabilitation Process of Patients with Total Knee Arthroplasty

Background: This study focuses on evaluating the effects of perioperative psychological intervention on rehabilitation process of patients with total knee arthroplasty (TKA). Method: We selected 40 patients randomly which all need to receive total knee arthroplasty in Nanjing Drum Tower Hospital during the period from January 2022 to March 2022. The patients were randomly assigned to two Groups (20 in each group): an intervention group (Psychological intervention combined with routine nursing, drug and rehabilitation therapy) and a control group (routine nursing, drug rehabilitation therapy). During each patients’ perioperative TKA surgeries, three scales (including VAS, ROM and ADL) are used to assess two groups. Result: After one week of psychological intervention, the pain score of the intervention group was lower than that of control group, the knee motion was greater than that of control group, and the ADL score was higher than that of control group. There was a significant difference in the treatment recovery between the two groups (P<0.05) Conclusions: Perioperative psychological intervention can promote the rehabilitation process of TKA patients, It can significantly improve pain, joint activity limitation, disuse muscle atrophy and other problems in a short period of time after surgery. Besides, it will effectively help patients to overcome the fear of movement, anxiety and improve patients' confidence, rehabilitation cooperation and prevention of complications, make patients adapt to the later rehabilitation life

Isoliquiritigenin inhibits the survival of diffuse large B-cell lymphoma cells by regulating Akt/mTOR signaling pathway

Purpose: To investigate the effect of isoliquiritigenin (ISL) on diffuse large B-cell lymphoma (DLBCL) cells and its underlying mechanism of action.Methods: The DLBCL cell line OCI-Ly19 was used in this study. Cell proliferation was measured by MTT assay. Apoptosis was evaluated using flow cytometry. Phosphorylation of Akt and mTOR was assessed using Western blotting.Results: DLBCL cell proliferation was suppressed by ISL in a concentration-dependent manner. The number of apoptotic cells increased following ISL treatment in a concentration-dependent manner (p < 0.05). ISL treatment also stopped the cell cycle at the G1 phase in a concentration-dependent manner. Western blot analysis indicated that there was no significant Akt and mTOR expression in cells treated with 10, 20, or 50 μM ISL (p < 0.05). However, Akt and mTOR phosphorylation was upregulated following treatment with 10, 20, or 50 μM ISL in a concentration-dependent manner (p < 0.05).Conclusion: The results demonstrate that ISL inhibits DLBCL cell proliferation and promotes cell apoptosis by blocking the cell cycle transition from the G1 to S phase, which is mediated by the inactivation of the Akt/mTOR signaling pathway. Keywords: Isoliquiritigenin, Cell survival, Diffuse large B-cell lymphoma, Akt/mTOR signaling pathwa

Three-dimensional Fermi surface and small effective masses in Mo8Ga41

We report Fermi surface characteristics of Mo8Ga41, a two-gap superconductor with critical temperature Tc = 10 K, obtained from quantum oscillation measurements. Four major frequencies have been observed with relatively small quasiparticle masses. Angular dependence of major frequencies indicates three-dimensional Fermi surface sheets. This argues for a relatively isotropic superconducting state and, given its relatively high Tc, shows that a search for materials in this class could be of interest for superconducting wire applications.Comment: 4 pages, 3 figure