Historical Exchange Rate Risk Premiums In Currency Futures Markets

This paper examines the historical predictive power of future spot spread in estimating currency changes.  Currency futures and spot rates over the last two decades are examined.   Results show that as forecast horizon of currency depreciation increases, the slope coefficients become less positive, first losing their significance, and eventually for 1-month regressions, becoming negative for the British pound, Swiss franc and Japanese yen (significantly negative for the yen) indicating risk premiums differ with forecast horizon.  On the other hand, expectations hypothesis is validated when the forecast horizon is 1 day.  These results hold for each decade separately, as well as the total sample.  Comparison of early (1980s) and recent (1990s) periods reveals expectations hypothesis is validated in the recent period.  This indicates the trend towards a more efficient market.  This should not be very surprising with the introduction of round the clock electronic trading medium and reduction of transaction fees in futures markets.  This also implies that the absolute value of the risk premium has decreased over the last two decades.  The extreme case of forward premium puzzle in one-month forecasts diminishes in the 1990s.  The results are robust to partitioning the sample period into four sub samples and separating the data based on maturity of futures contracts

Impact Of Country Financial Development On The Firm: International Evidence

The impact of financial development of a country on the earnings, capital spending, and stock returns of the firms of that country is the subject of this study. There are two different financial development indices which are utilized. The first is based on Love (2003), and the second is based on Khurana (2006). Using 40 different countries, the causality relationships and cumulative impacts of the lags of earnings and lags of capital spending on subsequent earnings, capital spending, and returns are examined for the financially developed countries and financially non-developed countries. Earnings and capital spending Granger-cause stock returns in financially developed countries. There is also evidence of efficiency in financially developed countries

Clonal relation of nasal MRSA carrier status among hospital personnel, hospitalized patients and community

Objectives: Nasal colonization of methicillin-resistant Staphylococcus aureus (MRSA) among the healthcare workers(HCWs), hospitalized patients, and healthy individuals was investigated by pulsed field gel electrophoresis (PFGE) for definingof clonally distribution of them.Methods: Totally 403 healthcare personnel, 744 patients, and 204 healthy individuals from the population were enrolled.Microbiological procedures were performed in the Bacteriological Laboratory at the Clinical Microbiology and InfectiousDiseases Department of Firat University, and PFGE procedures were performed in the Microbiology Department of InonuUniversity.Results: Staphylococcus aureus was isolated in 296 (21.9%) of 1351 nasal swabs, and 69 out of 296 (23.3%) were defined asMRSA. Nasal S. aureus carrier state was identical between the patients and HCWs carrier state (p=0.14). It was significantlylower in healthy subjects than the other groups (p=0.02). Seventeen (25.8%) of 66 MRSA strains were defined to be in thecluster. These strains were in 7 different clusters. Among the typed strains, 21 had close relationship, 2 had possible relationship,and 26 had no relation. PFGE pattern was defined in 33 (50%) out of 66 strains and it was inconclusive in 3 strains.Conclusions: MRSA strains can be transferred commonly in the same hospital, among the hospitals located in the sameregion and the population. The results might be the indicators of increasing frequencies in population based MRSA infections.Multi-center studies are required to define clonally distribution of MRSA and the explanation of epidemiology maybe helpful for preventing and controlling of MRSA related infections. J Microbiol Infect Dis 2013; 3(2): 49-55Key words: MRSA, nasal carrier, PFGE

DeepNVM++: Cross-Layer Modeling and Optimization Framework of Non-Volatile Memories for Deep Learning

Non-volatile memory (NVM) technologies such as spin-transfer torque magnetic random access memory (STT-MRAM) and spin-orbit torque magnetic random access memory (SOT-MRAM) have significant advantages compared to conventional SRAM due to their non-volatility, higher cell density, and scalability features. While previous work has investigated several architectural implications of NVM for generic applications, in this work we present DeepNVM++, a framework to characterize, model, and analyze NVM-based caches in GPU architectures for deep learning (DL) applications by combining technology-specific circuit-level models and the actual memory behavior of various DL workloads. We present both iso-capacity and iso-area performance and energy analysis for systems whose last-level caches rely on conventional SRAM and emerging STT-MRAM and SOT-MRAM technologies. In the iso-capacity case, STT-MRAM and SOT-MRAM provide up to 3.8x and 4.7x energy-delay product (EDP) reduction and 2.4x and 2.8x area reduction compared to conventional SRAM, respectively. Under iso-area assumptions, STT-MRAM and SOT-MRAM provide up to 2x and 2.3x EDP reduction and accommodate 2.3x and 3.3x cache capacity when compared to SRAM, respectively. We also perform a scalability analysis and show that STT-MRAM and SOT-MRAM achieve orders of magnitude EDP reduction when compared to SRAM for large cache capacities. Our comprehensive cross-layer framework is demonstrated on STT-/SOT-MRAM technologies and can be used for the characterization, modeling, and analysis of any NVM technology for last-level caches in GPUs for DL applications.Comment: 12 pages, 10 figure

How Servant Leaders Psychologically Empower Their Followers: The Case of Five Star Hotels

This study aims to examine any possible effects of servant leadership (SL) on psychological empowerment (PE) in terms of sub dimensionality. Implementing convenience sampling, 356 questionnaires were collected from five-star hotel employees in Antalya. The overall relationships were tested by conducting Pearson\u27s correlation analysis, and all constructs were subjected to the exploratory factor analysis (EFA). Later on, confirmatory factor analysis (CFA) was conducted in terms of providing support for dimensionality and confirmed convergent and discriminant validity via Amos. To test the hypothesized model, structural equation modeling was employed. The model showed that Agapao love has a substantial significant positive effect on the meaning sub-dimension of the PE, and the same effect was observed in the competence and impact sub-dimensions of the PE. Along with Agapao love, trust was also significant and had positive effects on PE sub-dimensions. Referring to our discussion in this paper, leaders should support their followers in terms of psychological empowerment and preferably closely interact with their subordinates as an expected leadership behavior in service enterprises. Besides, trustworthiness is a crucial cue for kitchen employees in terms of motivation, inspiration, and competence

Desain Pit Penambangan Batubara Blok C pada PT. Intibuana Indah Selaras Kabupaten Nunukan Provinsi Kalimantan Utara

Desain pit adalah suatu kegiatan dalam merencanakan kegiatan produksi pada tambang dengan metode yang digunakan adalah tambang terbuka. Tujuan dari penelitian ini, untuk mendapatkandesain pit yang ideal, dengan mengunakan metode penampang sayatan, penyebaran batubara, cadangan overburden, cadangan batubara, geometri bench dan stripping ratio. Metode penelitian yang digunakan untuk pembuatan desain pit adalah program autocad 2012 . Adapun data – data yang yang diperhatikan dalam pembuatan desain pit meliputi kestabilan lereng ( lebar bench, tinggi bench, kemiringan lereng dan endapan batubara). Dari hasil pengolahan data, maka didapatkan luas bukaan pit 75,8763 Ha, dengan nilai stripping ratio 11 : 1 dan desain pit penambangan batubara dengan geometri bench tinggi yaitu 7 meter, lebar bench 3 – 4 meter dan kemiringan 65 o. Dimana desain pit penambangan sampai pada kedalam 2 m di permukaan laut

Comparison of ultrasound, mammography and histopathology findings of the cases with gynecomastia

Background: Gynecomastia is the development of a fibroepithelial structure in the male breast as a result of many benign and malignant effects. In this study, after the confirmation of gynecomastia diagnosis in the male cases with swelling, mass and tenderness in the breast using ultrasound and mammography examinations, its etiology was clarified by laboratory tests. In case of suspicion, the diagnosis was confirmed using Fine-Needle Aspiration Biopsy (FNAB). The adequacy of ultrasound and mammography was discussed with the obtained information and the information in the literature, and the etiological and radiological classification was done.Methods: Ultrasound and mammography examinations were performed on 74 male patients with growth, palpable masses or pain in the breast. Biochemistry and hormone analysis were performed with imaging methods in the cases of possible gynecomastia. Biopsy was performed on the cases with the suspicion.Results: Gynecomastia were divided into three types in ultrasonic and mammographic examination. The most frequent gynecomastia was observed as Type 3 (51.43%) in ultrasonic examination and as diffuse type (61.42%) in mammographic examination. Pain and tenderness accompanied with swelling at the breast were present in 37.84% of the cases. 31.42% had pubertal gynecomastia, 25.71% had gynecomastia secondary to drug use, and 15% had idiopathic gynecomastia.Conclusions: Combined use of ultrasound and mammography in the diagnosis and classification of gynecomastia is highly sufficient and biopsy should be performed if malignancy is suspected.

Analysis of the Volumes of the Posterior Cranial Fossa, Cerebellum, and Herniated Tonsils Using the Stereological Methods in Patients with Chiari Type I Malformation

Objective. The aim of this study was to determine the posterior cranial fossa volume, cerebellar volume, and herniated tonsillar volume in patients with chiari type I malformation and control subjects using stereological methods. Material and Methods. These volumes were estimated retrospectively using the Cavalieri principle as a point-counting technique. We used magnetic resonance images taken from 25 control subjects and 30 patients with chiari type I malformation. Results. The posterior cranial fossa volume in patients with chiari type I malformation was significantly smaller than the volume in the control subjects (P < 0.05). In the chiari type I malformation group, the cerebellar volume was smaller than the control group, but this difference was not statistically significant (P > 0.05). In the chiari type I malformation group, the ratio of cerebellar volume to posterior cranial fossa volume was higher than in the control group. We also found a positive correlation between the posterior cranial fossa volume and cerebellar volume for each of the groups (r = 0.865, P < 0.001). The mean (±SD) herniated tonsillar volume and length were 0.89 ± 0.50 cm3 and 9.63 ± 3.37 mm in the chiari type I malformation group, respectively. Conclusion. This study has shown that posterior cranial fossa and cerebellum volumes can be measured by stereological methods, and the ratio of these measurements can contribute to the evaluation of chiari type I malformation cases

Çevreci Tüketim Davranışı: Etkili Faktörler ve Teorik Açıklamalar

Tüketim ve tüketim ile şekillenen üretim süreçlerinin çevre üzerindeki yıkıcı etkilerinin anlaşılmaya başladığı 1970li yıllardan günümüze bireysel tüketicilerin sürdürülebilir kalkınma sürecindeki rolleri açıkça ortaya konulmuş, çevreye duyarlı bir tüketim ve yaşam tarzının benimsenmesinin gerekliliği vurgulanmıştır. Doğaya olumlu veya daha az olumsuz etkileri olan tüketim davranışlarının motive edilmesi için çevreci tüketim davranışlarının temel dinamiklerinin anlaşılması gerekmiş ve bu bağlamda birçok araştırma yapılmıştır. Bu çalışma mevcut literatürde çevreci tüketimi etkilediği raporlanan faktörlere ve çevreci tüketim davranışını açıklamada kullanan farklı teorik yaklaşımlara ilişkin bir derleme sunmaktadır. Bu doğrultuda, etkili faktörler, bireysel, sosyal ve demografik olarak sınıflandırılarak incelenmiştir. Ayrıca çevreci tüketimi açıklamada sıklıkla kullanılan rasyonellik, ahlakçılık, durumsallık gibi farklı yaklaşımların öne çıktığı yedi farklı teorik çerçeve hakkında bilgi verilmiş böylece konuya ilişkin gelecek araştırmalara katkı sağlamak hedeflenmiştir

A retrospective analysis of amniocenteses performed for advanced maternal age and various other indications in Turkish women

Objective: Prenatal cytogenetic diagnostic methods for the diagnosis of fetal chromosomal anomalies have been used reliably over the last 40 years. Advanced maternal age has become a basic indication for amniocentesis. Methods: We examined the results of the chromosome analyses of 3485 women that had amniocentesis for any reason during their antenatal care in our perinatology clinic in 2007–2009. Amniocentesis was performed for advanced maternal age in 1456 women (41.8%) and for other reasons in the remaining 2029 women (58.2%). Chromosomal anomalies were examined numerically and structurally. Results: When the amniocentesis results of the patients were reviewed as numerically normal or abnormal; 40 (2.7%) of 1456 amniocentesis procedures performed for advanced maternal age, 5 (0.9%) of 531 procedures performed for an increased double-test risk and 14 (1.3%) of 1095 procedures performed for an increased triple test risk were found to have chromosomal aneuploidy. Conclusions: Maternal age is still the most prevalent indication for genetic amniocentesis other than positive prenatal screening tests. Among women with advanced maternal age, prenatal ultrasonography for soft markers of chromosomal aneuploidy accompanied with maternal serum biochemical screening tests should be evaluated during the decision making process of genetic amniocentesis