Realized Volatility and Asymmetries in the A.S.E. Returns

Using a newly developed dataset of daily, value-weighted market returns we construct and analyze the monthly realized volatility of the Athens Stock Exchange (A.S.E.) from 1985 to 2003. Our analysis focuses on the distributional and time series properties of the realized volatility series and on assessing the connection between realized volatility and returns. In particular, we find strong evidence on the existence of a volatility feedback effect and the leverage effect, and on the existence of asymmetries between lagged returns and volatility. Furthermore, we examine the cross-sectional distribution of unconditional loadings on the realized risk factor(s) for different sets of characteristics-sorted common stock portfolios. We find that realized risk is a significantly priced factor in A.S.E. and its high explanatory power for the cross- section of portfolio average returns is independent of any return variation related to the market (CAPM) or size and book-to-market (Fama- French) factors. We discuss our findings in the context of the recent literature on realized volatility and feedback effects, as well as the literature on the pricing power of realized risk.realized volatility, leverage effect, volatility feedback effect, asset pricing, A.S.E.

Ahlfors regularity, extensions by Schatten ideals and a geometric fundamental class of Smale space C*-algebras using dynamical partitions of unity

In this thesis we study the Ahlfors regularity of Bowen's measure on Smale spaces and analyse Smale space C*-algebras in the framework of Connes' noncommutative geometry using smooth extensions by Schatten ideals and summable Fredholm modules. Bowen's construction of Markov partitions implies that Smale spaces are factors of topological Markov chains. The latter are equipped with Parry's measure which is Ahlfors regular. By extending Bowen's construction we create a tool for transferring, up to topological conjugacy, the Ahlfors regularity of the Parry measure down to the Bowen measure of the Smale space. An essential part of our method uses a refined notion of approximation graphs over compact metric spaces. Moreover, we obtain new estimates for the Hausdorff, box-counting and Assouad dimensions of a large class of Smale spaces. In the noncommutative setting, given a Smale space, our generalised Markov partitions yield dynamical partitions of unity which produce explicit θ-summable Fredholm modules that represent a fundamental K-homology class for the Spanier-Whitehead duality of the stable and unstable Ruelle algebras of the Smale space. Therefore, we obtain an exhaustive description of the K-homology classes of Ruelle algebras in terms of Fredholm modules constructed by Markov partitions. Our method involves the construction of dynamical metrics on Smale space groupoids that give rise to smooth (holomorphically stable and dense) *-subalgebras of Smale space C*-algebras. In particular, for every such smooth subalgebra of a Ruelle algebra, we show that every extension class in the BDF-theory group of the Ruelle algebra can be represented by an extension that on the smooth subalgebra reduces to an algebraic extension by a Schatten p-ideal. The value p is related to the dimension of the underlying Smale space. This provides a new approach to the noncommutative dimension theory of Smale spaces

Wildfire monitoring using satellite images, ontologies and linked geospatial data

Advances in remote sensing technologies have allowed us to send an ever-increasing number of satellites in orbit around Earth. As a result, Earth Observation data archives have been constantly increasing in size in the last few years, and have become a valuable source of data for many scientific and application domains. When Earth Observation data is coupled with other data sources many pioneering applications can be developed. In this paper we show how Earth Observation data, ontologies, and linked geospatial data can be combined for the development of a wildfire monitoring service that goes beyond applications currently deployed in various Earth Observation data centers. The service has been developed in the context of European project TELEIOS that faces the challenges of extracting knowledge from Earth Observation data head-on, capturing this knowledge by semantic annotation encoded using Earth Observation ontologies, and combining these annotations with linked geospatial data to allow the development of interesting applications

Managing big, linked, and open earth-observation data: Using the TELEIOS/LEO software stack

Big Earth-observation (EO) data that are made freely available by space agencies come from various archives. Therefore, users trying to develop an application need to search within these archives, discover the needed data, and integrate them into their application. In this article, we argue that if EO data are published using the linked data paradigm, then the data discovery, data integration, and development of applications becomes easier. We present the life cycle of big, linked, and open EO data and show how to support their various stages using the software stack developed by the European Union (EU) research projects TELEIOS and the Linked Open EO Data for Precision Farming (LEO). We also show how this stack of tools can be used to implement an operational wildfire-monitoring service

Wildfire monitoring via the integration of remote sensing with innovative information technologies

In the Institute for Space Applications and Remote Sensing of the National Observatory of Athens (ISARS/NOA) volumes of Earth Observation images of different spectral and spatial resolutions are being processed on a systematic basis to derive thematic products that cover a wide spectrum of applications during and after wildfire crisis, from fire detection and fire-front propagation monitoring, to damage assessment in the inflicted areas. The processed satellite imagery is combined with auxiliary geo-information layers, including land use/land cover, administrative boundaries, road and rail network, points of interest, and meteorological data to generate and validate added-value fire-related products. The service portfolio has become available to institutional End Users with a mandate to act on natural disasters and that have activated Emergency Support Services at a European level in the framework of the operational GMES projects SAFER and LinkER. Towards the goal of delivering integrated services for fire monitoring and management, ISARS/NOA employs observational capacities which include the operation of MSG/SEVIRI and NOAA/AVHRR receiving stations, NOA's in-situ monitoring networks for capturing meteorological parameters to generate weather forecasts, and datasets originating from the European Space Agency and third party satellite operators. The qualified operational activity of ISARS/NOA in the domain of wildfires management is highly enhanced by the integration of state-of-the-art Information Technologies that have become available in the framework of the TELEIOS (EC/ICT) project. TELEIOS aims at the development of fully automatic processing chains reliant on a) the effective storing and management of the large amount of EO and GIS data, b) the post-processing refinement of the fire products using semantics, and c) the creation of thematic maps and added-value services. The first objective is achieved with the use of advanced Array Database technologies, such as MonetDB, to enable efficiency in accessing large archives of image data and metadata in a fully transparent way, without worrying for their format, size, and location, as well as efficiency in processing such data using state-of-the-art implementations of image processing algorithms expressed in a high-level Scientific Query Language (SciQL). The product refinement is realized through the application of update operations that incorporate human evidence and human logic, with semantic content extracted from thematic information coming from auxiliary geo-information layers and sources, for reducing considerably the number of false alarms in fire detection, and improving the credibility of the burnt area assessment. The third objective is approached via the combination of the derived fire-products with Linked Geospatial Data, structured accordingly and freely available in the web, using Semantic Web technologies. These technologies are built on top of a robust and modular computational environment, to facilitate several wildfire applications to run efficiently, such as real-time fire detection, fire-front propagation monitoring, rapid burnt area mapping, after crisis detailed burnt scar mapping, and time series analysis of burnt areas. The approach adopted allows ISARS/NOA to routinely serve requests from the end-user community, irrespective of the area of interest and its extent, the observation time period, or the data volume involved, granting the opportunity to combine innovative IT solutions with remote sensing techniques and

Pneumomediastinum in the COVID-19 era: to drain or not to drain?

Pneumomediastinum (PNM) is a rare clinical finding, usually with a benign course, which is managed conservatively in the majority of cases. However, during the COVID-19 pandemic, an increased incidence of PNM has been observed. Several reports of PNM cases in COVID-19 have been reported in the literature and were managed either conservatively or surgically. In this study, we present our institutional experience of COVID-19 associated PNM, propose a management algorithm, and review the current literature. In total, 43 Case Series were identified, including a total of 747 patients, of whom 374/747 (50.1%) were intubated at the time of diagnosis, 168/747 (22.5%) underwent surgical drain insertion at admission, 562/747 (75.2%) received conservative treatment (observation or mechanical ventilation. Inpatient mortality was 51.8% (387/747), while 45.1% of the population recovered and/or was discharged (337/747). In conclusion, with increased incidence of PNM in COVID-19 patients reported in the literature, it is still difficult to assign a true causal relationship between PNM and mortality. We can, however, see that PMN plays an important role in disease prognosis.  Due to increased complexity, high mortality, and associated complications, conservative management may not be sufficient, and a surgical approach is needed

Operational Wildfire Monitoring and Disaster Management Support Using State-of-the-art EO and Information Technologies

Fires have been one of the main driving forces in the evolution of plants and ecosystems, determining the current structure and composition of the Landscapes. However, significant alterations in the fire regime have occurred in the recent decades, primarily as a result of socioeconomic changes, increasing dramatically the catastrophic impacts of wildfires as it is reflected in the increase during the 20th century of both, number of fires and the annual area burnt. Therefore, the establishment of a permanent robust fire monitoring system is of paramount importance to implement an effective environmental management policy. Such an integrated system has been developed in the Institute for Space Applications and Remote Sensing of the National Observatory of Athens (ISARS/NOA). Volumes of Earth Observation images of different spectral and spatial resolutions are being processed on a systematic basis to derive thematic products that cover a wide spectrum of applications during and after wildfire crisis, from fire detection and fire-front propagation monitoring, to damage assessment in the inflicted areas. The processed satellite imagery is combined with auxiliary geo-information layers and meteorological data to generate and validate added-value fire-related products. The service portfolio has become available to institutional End Users with a mandate to act on natural disasters in the framework of the operational GMES projects SAFER and LinkER addressing fire emergency response and emergency support needs for the entire European Union. Towards the goal of delivering integrated services for fire monitoring and management, ISARS/NOA employs observational capacities which include the operation of MSG/SEVIRI and NOAA/AVHRR receiving stations, NOA’s in-situ monitoring networks for capturing meteorological parameters to generate weather forecasts, and datasets originating from the European Space Agency and third party satellite operators. The qualified operational activity of ISARS/NOA in the domain of wildfires management is highly enhanced by the integra

Real-Time Wildfire Monitoring Using Scientific Database and Linked Data Technologies

We present a real-time wildfire monitoring service that exploits satellite images and linked geospatial data to detect hotspots and monitor the evolution of fire fronts. The service makes heavy use of scientific database technologies (array databases, SciQL, data vaults) and linked data technologies (ontologies, linked geospatial data, stSPARQL) and is implemented on top of MonetDB and Strabon. The service is now operational at the National Observatory of Athens and has been used during the previous summer by emergency managers monitoring wildfires in Greece

Building Virtual Earth Observatories using Ontologies and Linked Geospatial Data

TELEIOS is a European project that addresses the need for scalable access to petabytes of Earth Observation data and the discovery of knowledge that can be used in applications. To achieve this, TELEIOS builds on scientific database technologies (array databases, SciQL, data vaults), Semantic Web technologies (stRDF and stSPARQL) and linked geospatial data. In this technical communication we outline the TELEIOS advancements to the state of the art and give an overview of its technical contributions up to today

Antimicrobial resistance among migrants in Europe: a systematic review and meta-analysis

BACKGROUND: Rates of antimicrobial resistance (AMR) are rising globally and there is concern that increased migration is contributing to the burden of antibiotic resistance in Europe. However, the effect of migration on the burden of AMR in Europe has not yet been comprehensively examined. Therefore, we did a systematic review and meta-analysis to identify and synthesise data for AMR carriage or infection in migrants to Europe to examine differences in patterns of AMR across migrant groups and in different settings. METHODS: For this systematic review and meta-analysis, we searched MEDLINE, Embase, PubMed, and Scopus with no language restrictions from Jan 1, 2000, to Jan 18, 2017, for primary data from observational studies reporting antibacterial resistance in common bacterial pathogens among migrants to 21 European Union-15 and European Economic Area countries. To be eligible for inclusion, studies had to report data on carriage or infection with laboratory-confirmed antibiotic-resistant organisms in migrant populations. We extracted data from eligible studies and assessed quality using piloted, standardised forms. We did not examine drug resistance in tuberculosis and excluded articles solely reporting on this parameter. We also excluded articles in which migrant status was determined by ethnicity, country of birth of participants' parents, or was not defined, and articles in which data were not disaggregated by migrant status. Outcomes were carriage of or infection with antibiotic-resistant organisms. We used random-effects models to calculate the pooled prevalence of each outcome. The study protocol is registered with PROSPERO, number CRD42016043681. FINDINGS: We identified 2274 articles, of which 23 observational studies reporting on antibiotic resistance in 2319 migrants were included. The pooled prevalence of any AMR carriage or AMR infection in migrants was 25·4% (95% CI 19·1-31·8; I2 =98%), including meticillin-resistant Staphylococcus aureus (7·8%, 4·8-10·7; I2 =92%) and antibiotic-resistant Gram-negative bacteria (27·2%, 17·6-36·8; I2 =94%). The pooled prevalence of any AMR carriage or infection was higher in refugees and asylum seekers (33·0%, 18·3-47·6; I2 =98%) than in other migrant groups (6·6%, 1·8-11·3; I2 =92%). The pooled prevalence of antibiotic-resistant organisms was slightly higher in high-migrant community settings (33·1%, 11·1-55·1; I2 =96%) than in migrants in hospitals (24·3%, 16·1-32·6; I2 =98%). We did not find evidence of high rates of transmission of AMR from migrant to host populations. INTERPRETATION: Migrants are exposed to conditions favouring the emergence of drug resistance during transit and in host countries in Europe. Increased antibiotic resistance among refugees and asylum seekers and in high-migrant community settings (such as refugee camps and detention facilities) highlights the need for improved living conditions, access to health care, and initiatives to facilitate detection of and appropriate high-quality treatment for antibiotic-resistant infections during transit and in host countries. Protocols for the prevention and control of infection and for antibiotic surveillance need to be integrated in all aspects of health care, which should be accessible for all migrant groups, and should target determinants of AMR before, during, and after migration. FUNDING: UK National Institute for Health Research Imperial Biomedical Research Centre, Imperial College Healthcare Charity, the Wellcome Trust, and UK National Institute for Health Research Health Protection Research Unit in Healthcare-associated Infections and Antimictobial Resistance at Imperial College London