The Influence of Domestic and International Interest Rates on the ISEQ

We investigate the influence of international and domestic monetary policy shocks on the Irish stock market. Specifically, we analyse the impact of (un)expected changes in domestic, US, UK and German / euro area policy rates on the ISEQ between 1988 to 2002 in an event type study. Our decomposition of (un)expected changes in policy rates are based on futures markets and is akin to Kuttner (2001). In the absence of an Irish interest rate futures market, we use a more indirect method by appealing to the expectations theory of the term structure of interest rates. Overall, our results suggest that, with the exception of the US, unanticipated changes in domestic and international interest rates appear to have little significant influence on the Irish stock market.

International Policy Rate Changes and Dublin Interbank Offer Rates

We investigate the influence of international interest rate changes on the Dublin inter bank money market rates (Dibor). Specifically, we analyse the impact of (un)expected changes in German (Euro) area and US policy rates on various Dibor rates between 1991 to 2002 in an event type study. Our decomposition of (un)expected changes of policy rates are based on future markets and is akin to Kuttner (2000). Overall, our results suggest that Dibor rates respond positively and significantly to unanticipated Euro and US policy rate changes while expected changes have an insignificant impact

US Monetary Announcements and Irish Stockmarket Volatility

We investigate the influence of foreign monetary policy decisions on the volatility of the Irish stock market. Specifically, we examine the influence of US monetary policy announcements on the ISEQ. We find evidence of the so called calm before the storm i.e. there appears to be a decline in volatility on the day prior to an FOMC meeting and a subsequent increase in volatility after the results of such meetings are made known. We also find evidence to suggest that ISEQ volatility is influenced by surprise changes in US monetary policy. Moreover, US monetary surprises appear to affect Irish stock return volatility asymmetrically. In particular, higher than expected US federal funds, tend to increase Irish stock return volatility. This paper represents an important step in addressing the issues of spillover identification between the US and the Irish stock market.

Bioaugmentation mitigates the impact of estrogen on coliform-grazing protozoa in slow sand filters

Exposure to endocrine-disrupting chemicals (EDCs), such as estrogens, is a growing issue for human and animal health as they have been shown to cause reproductive and developmental abnormalities in wildlife and plants and have been linked to male infertility disorders in humans. Intensive farming and weather events, such as storms, flash flooding, and landslides, contribute estrogen to waterways used to supply drinking water. This paper explores the impact of estrogen exposure on the performance of slow sand filters (SSFs) used for water treatment. The feasibility and efficacy of SSF bioaugmentation with estrogen-degrading bacteria was also investigated, to determine whether removal of natural estrogens (estrone, estradiol, and estriol) and overall SSF performance for drinking water treatment could be improved. Strains for SSF augmentation were isolated from full-scale, municipal SSFs so as to optimize survival in the laboratory-scale SSFs used. Concentrations of the natural estrogens, determined by gas chromatography coupled with mass spectrometry (GC-MS), revealed augmented SSFs reduced the overall estrogenic potency of the supplied water by 25% on average and removed significantly more estrone and estradiol than nonaugmented filters. A negative correlation was found between coliform removal and estrogen concentration in nonaugmented filters. This was due to the toxic inhibition of protozoa, indicating that high estrogen concentrations can have functional implications for SSFs (such as impairing coliform removal). Consequently, we suggest that high estrogen concentrations could impact significantly on water quality production and, in particular, on pathogen removal in biological water filters

Mesenchymal stromal cell crosstalk with the immune system

Cell therapy is a promising treatment for several diseases. One of the most commonly used cell types are mesenchymal stromal cells (MSCs). MSCs are found in most connective tissues but for clinical use they are commonly harvested from bone marrow, adipose tissue and umbilical cord. MSCs have the ability to differentiate into connective tissues, such as adipocytes, chondrocytes and osteoblasts. Furthermore, they are known for their antiinflammatory, immunosuppressive and regenerative properties. They release a large number of immunomodulatory factors, such as indoleamine-pyrrole 2,3-dioxygenase and prostaglandin E2, as part of their mechanisms of action. MSCs are safe to transplant and allogenic cells can be used without adverse reactions. Clinically, MSCs have been used to treat numerous diseases, including graft-versus-host disease (GvHD), type 1 diabetes (T1D) and multiple sclerosis. A goal of this thesis was to study the interaction of MSCs with the blood compartment in an attempt to recapitulate the fate of the cells after intravenous infusion. By exploring MSC interactions with active plasma, containing complement proteins and immune cells, such as monocytes, we aimed to gain new insights into the mechanisms of action involved in MSCmediated immunosuppression. We also studied whether MSC function was compromised in autoimmune diseases, using T1D as an example. Finally, to further decipher tissue microenvironment characteristics permissive for MSC responsiveness, we compared the immune profile in intestinal biopsies from patients receiving MSC transplantations to treat acute (a)GvHD. In paper I, we investigated MSC interactions with components of peripheral blood. Using in vitro assays we demonstrated that proteins of the complement system (C3b/iC3b) bind to the cell surface of MSCs. We reported that MSCs survive complement binding and retain certain functional characteristics. Binding of complement proteins to the MSCs triggered enhanced phagocytosis by classical and intermediate subsets of monocytes. Monocyte-MSC interactions have been previously demonstrated to play a key role in MSC-mediated immunomodulation. These findings suggested that the therapeutic effects observed after intravenous delivery of MSCs may be mediated by interactions with the complement system. The subsequent skewing of monocytes, via phagocytosis, may also partly explain previous reports by our group regarding the fate of infused MSCs and their lack of tissue engraftment. In paper II, we compared the genotypic and phenotypic profiles of MSCs isolated from T1D and healthy donors. Evaluation of bone marrow mononuclear counts, colony forming unitfibroblasts and growth kinetics discerned no significant differences between the groups. Transcriptional comparisons, using microarray, indicated a number of differences between healthy and T1D donors, with respect to their expression of cytokines, immunomodulation and wound healing potential. However, these differences in gene expression did not reflect functional changes when tested in in vitro systems. We concluded that expanded MSCs from T1D donors were suitable for autologous therapy, thereby reducing risks associated with allogeneic treatments. In paper III, we highlighted the importance of the gut mucosa immune cell profile of aGvHD patients, in the responsiveness to MSC treatment. Gut mucosal biopsies, obtained for aGvHD diagnoses were profiled using immunohistochemistry with a panel of innate and adaptive immune cell markers. Distinct baseline immune cell milieus were seen between patients who later responded to MSC therapy compared to those who did not respond. The responder group presented with increased levels of CD8+ T cells and mast cells but decreased levels of CD4, CD56 and CD68. We concluded from this small pilot study that a pro-inflammatory profile within the gut at the point of MSC therapy may limit patient responsiveness. These findings need to be confirmed in larger patient cohorts but indicate that the patient’s immunological milieu should be considered when evaluating potential responsiveness to MSC therapy. In conclusion, this thesis ties together three major considerations for the development and efficacy of intravenous MSC therapy. Using a combination of basic science and clinical investigations we have demonstrated the importance of MSC interactions with the innate immune compartment, including both the complement system and peripheral monocytes. We further, report that MSCs from patients with immunological disorders, such as T1D, retain their therapeutic potential, as assessed in vitro, confirming that autologous therapies are an option for these patient cohorts. Finally, we evaluate how the patient’s immune milieu may contribute to efficacy of MSC therapy and the need for further investigation of both the MSC biology in determining mode of therapeutic action, as well as, how the patient’s status itself may impede or promote MSC responsiveness. We conclude that MSCs represent a cell source with strong therapeutic potential in a broad number of diseases. With further investigation in the highlighted areas, we hope to improve efficacy and to fully understand how these cells contribute to healing and tissue regeneration

New Zealand Agribusiness Success: An Approach to exploring the role of strategy, structure and conduct on firm performance

This paper presents a framework to explore agribusiness success in New Zealand. The framework provides the basis for historical analysis. It draws on existing theory based on the structure-conduct-performance paradigm but expanded to take account of firm strategy and the analysis of value chains.Agribusiness, structure, conduct, performance, history, Agribusiness,

Do industrial incidents in the chemical sector create equity market contagion?

Purpose: This paper examines a number of US chemical industry incidents and their effect on equity prices of the incident company. Furthermore, this paper then examines the contagion effect of this incident on direct competitors. Findings: This paper finds that the incident company experiences deeper negative abnormal returns as the number of injuries and fatalities as a result of the incident increases. The equity value of the competitor companies suffer substantial losses stemming from contagion effects when disasters occur causing ten or more injuries and fatalities, but benefit from the incident through increasing equity value when the level of injury and fatality is minor. Practical implications: This research can be used as a resource to promote and justify the cost of safety mechanisms within the chemical industry, as incidents have been shown to negatively affect the equity value of the not just the incident company, but also their direct competitor

The State of the Sub-discipline : Mapping Parliamentary and Legislative Studies Using a Survey and Bibliometric Analysis of Three of Its Journals

We map the current state of parliamentary and legislative studies through a survey of 218 scholars and a bibliometric analysis of 25 years of publications in three prominent sub-field journals. We identify two groupings of researchers, a quantitative methods, rational choice-favouring grouping and a qualitative methods, interpretivism-favouring grouping with a UK focus. Upon closer examination, these groupings share similar views about the challenges and future of the sub-discipline. While the sub-discipline is becoming more diverse and international, US-focused literature remains dominant and distinct from UK-focused literature, although there are emerging sub-literatures which are well placed to link them together.Peer reviewe

Adjunctive lurasidone suppresses food intake and weight gain associated with olanzapine administration in rats

Objective: Lurasidone is an antipsychotic drug that shows a relative lack of weight gain common to many antipsychotics. Aripiprazole and ziprasidone also show little weight gain and can reduce olanzapine-induced food intake and weight gain in animals, paralleling some clinical findings. We hypothesized that lurasidone would have similar actions. Methods: Female Lister-hooded rats received i.p either 2x vehicle (saline), lurasidone (3mg/kg) and vehicle, olanzapine (1mg/kg) and vehicle, or olanzapine and lurasidone. Following drug administration food intake was measured for 60min. A further series of rats underwent a seven-day regime of once-daily administration of the above doses and free access to food and water. Weight gain over the course of the study was monitored. Results: Olanzapine induced a significant increase in food intake while lurasidone showed no significant effect. Co-administration of lurasidone with olanzapine suppressed the increase in food intake. Repeated dosing showed an increase in body weight after seven days with olanzapine, and no significant effect observed with lurasidone, while repeated administration of lurasidone with olanzapine reduced the effect of olanzapine on the increase in body weight. Conclusion: These findings support our hypotheses in that lurasidone, in addition to a lack of effect on acute food intake and short term weight gain, can reduce olanzapine-induced food intake and weight gain in rats. This indicates the drug to have an active anti-hyperphagic mechanism, rather than solely the absence of a drug-induced weight gain that is such a severe limitation of drugs such as olanzapine