Search results for: abnormal returns
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 763

Search results for: abnormal returns

313 Analysis of Ionosphere Anomaly Before Great Earthquake in Java on 2009 Using GPS Tec Data

Authors: Aldilla Damayanti Purnama Ratri, Hendri Subakti, Buldan Muslim

Abstract:

Ionosphere’s anomalies as an effect of earthquake activity is a phenomenon that is now being studied in seismo-ionospheric coupling. Generally, variation in the ionosphere caused by earthquake activity is weaker than the interference generated by different source, such as geomagnetic storms. However, disturbances of geomagnetic storms show a more global behavior, while the seismo-ionospheric anomalies occur only locally in the area which is largely determined by magnitude of the earthquake. It show that the earthquake activity is unique and because of its uniqueness it has been much research done thus expected to give clues as early warning before earthquake. One of the research that has been developed at this time is the approach of seismo-ionospheric-coupling. This study related the state in the lithosphere-atmosphere and ionosphere before and when earthquake occur. This paper choose the total electron content in a vertical (VTEC) in the ionosphere as a parameter. Total Electron Content (TEC) is defined as the amount of electron in vertical column (cylinder) with cross-section of 1m2 along GPS signal trajectory in ionosphere at around 350 km of height. Based on the analysis of data obtained from the LAPAN agency to identify abnormal signals by statistical methods, obtained that there are an anomaly in the ionosphere is characterized by decreasing of electron content of the ionosphere at 1 TECU before the earthquake occurred. Decreasing of VTEC is not associated with magnetic storm that is indicated as an earthquake precursor. This is supported by the Dst index showed no magnetic interference.

Keywords: earthquake, DST Index, ionosphere, seismoionospheric coupling, VTEC

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312 Performance Comparison of Resource Allocation without Feedback in Wireless Body Area Networks by Various Pseudo Orthogonal Sequences

Authors: Ojin Kwon, Yong-Jin Yoon, Liu Xin, Zhang Hongbao

Abstract:

Wireless Body Area Network (WBAN) is a short-range wireless communication around human body for various applications such as wearable devices, entertainment, military, and especially medical devices. WBAN attracts the attention of continuous health monitoring system including diagnostic procedure, early detection of abnormal conditions, and prevention of emergency situations. Compared to cellular network, WBAN system is more difficult to control inter- and inner-cell interference due to the limited power, limited calculation capability, mobility of patient, and non-cooperation among WBANs. In this paper, we compare the performance of resource allocation scheme based on several Pseudo Orthogonal Codewords (POCs) to mitigate inter-WBAN interference. Previously, the POCs are widely exploited for a protocol sequence and optical orthogonal code. Each POCs have different properties of auto- and cross-correlation and spectral efficiency according to its construction of POCs. To identify different WBANs, several different pseudo orthogonal patterns based on POCs exploits for resource allocation of WBANs. By simulating these pseudo orthogonal resource allocations of WBANs on MATLAB, we obtain the performance of WBANs according to different POCs and can analyze and evaluate the suitability of POCs for the resource allocation in the WBANs system.

Keywords: wireless body area network, body sensor network, resource allocation without feedback, interference mitigation, pseudo orthogonal pattern

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311 Functional Profiling of a Circular RNA from the Huntingtin (HTT) Gene

Authors: Laura Gantley, Vanessa M. Conn, Stuart Webb, Kirsty Kirk, Marta Gabryelska, Duncan Holds, Brett W. Stringer, Simon J. Conn

Abstract:

Trinucleotide repeat disorders comprise ~20 severe, inherited human neuromuscular and neurodegenerative disorders, which are a result of an abnormal expansion of repetitive sequences in the DNA. The most common of these, Huntington’s disease, results from the expansion of the CAG repeat region in exon 1 of the HTT gene via an unknown mechanism. Non-coding RNAs have been implicated in the initiation and progression of many diseases; thus, we focus on one circular RNA (circRNA) molecule arising from non-canonical splicing (back splicing) of HTT pre-mRNA. This circRNA and its mouse orthologue were transgenically overexpressed in human cells (SHSY-5Y and HEK293T) and mouse cells (Mb1), respectively. High-content imaging and flow cytometry demonstrated the overexpression of this circRNA reduces cell proliferation, reduces nuclear size independent of cellular size, and alters cell cycle progression. Analysis of protein by western blot and immunofluorescence demonstrated no change to HTT protein levels but altered nuclear-cytoplasmic distribution without impacting the expansion of the HTT repeat region. As these phenotypic and genotypic changes are found in Huntington’s disease patients, these results may suggest that this circRNA may play a functional role in the progression of Huntington’s disease.

Keywords: cell biology, circular RNAs, Huntington’s disease, molecular biology, neurodegenerative disorders

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310 Improved Water Productivity by Deficit Irrigation: Implications for Water Saving in Orange, Olive and Vineyard Orchards in Arid Conditions of Tunisia

Authors: K. Nagaz, F. El Mokh, M. Masmoudi, N. Ben Mechlia, M. O. Baba Sy, G. Ghiglieri

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Field experiments on deficit irrigation (DI) were performed in Médenine, Tunisia on drip-irrigated olive, orange and grapevine orchards during 2013 and 2014. Four irrigation treatments were compared: full irrigation (FI), which was irrigated at 100% of ETc for the whole season; two deficit irrigation (DI) strategies -DI75 and DI50- which received, respectively, 25 and 50% less water than FI; and traditional farming management (FM) - with water input much less than actually needed. The traditional farming (FM) applied 11, 18, 30 and 33% less water than the FI treatment, respectively, in orange, grapevine and table and oil olive orchards, indicating that the farmers practices represent a form of unintended deficit irrigation. Yield was reduced when deficit irrigation was applied and there were significant differences between DI75, DI50 and FM treatments. Significant differences were not observed between DI50 and FM treatments even though numerically smaller yield was observed in the former (DI50) as compared to the latter (FM). The irrigation water productivity (IWP) was significantly affected by irrigation treatments. The smallest IWP was recorded under the FI treatment, while the largest IWP was obtained under the deficit irrigation treatment (DI50). The DI50 and FM treatments reduced the economic return compared to the full treatment (FI), while the DI75 treatment resulted in a better economic return in respect to DI50 and FM. Full irrigation (FI) could be recommended for olive, orange and grapevine irrigation under the arid climate of Tunisia. Nevertheless, the treatment DI75 can be applied as a strategy under water scarcity conditions in commercial olive, orange and grapevine orchards allowing water savings up to 25% but with some reduction in yield and net return. The results would be helpful in adopting deficit irrigation in ways that enhance net financial returns.

Keywords: water productivity, deficit irrigation, drip irrigation, orchards

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309 Marketing of Non Timber Forest Products and Forest Management in Kaffa Biosphere Reserve, Ethiopia

Authors: Amleset Haile

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Non-timber forest products (NTFPs) are harvested for both subsistence and commercial use and play a key role in the livelihoods of millions of rural people. Non-timber forest products (NTFPs) are important in rural southwest Ethiopia, Kaffa as a source of household income. market players at various levels in marketing chains are interviewed to getther information on elements of marketing system–products, product differentiation, value addition, pricing, promotion, distribution, and marketing chains. The study, therefore, was conducted in Kaffa Biosphere reserve of southwest Ethiopia with the main objective of assessing and analyzing the contribution of NTFPs to rural livelihood and to the conservation of the biosphere reserve and to identify factors influencing in the marketing of the NTFP. Five villages were selected based on their proximity gradient from Bonga town and availability of NTFP. Formal survey was carried out on rural households selected using stratified random sampling. The results indicate that Local people practice diverse livelihood activities mainly crops cultivation (cereals and cash crops) and livestock husbandry, gather forest products and off-farm/off-forest activities for surviva. NTFP trade is not a common phenomenon in southwest Ethiopia. The greatest opportunity exists for local level marketing of spices and other non timber forest products. Very little local value addition takes place within the region,and as a result local market players have little control. Policy interventions arc required to enhance the returns to local collectors, which will also contribute to sustainable management of forest resources in Kaffa biosphere reserve.

Keywords: forest management, biosphere reserve, marketing, local people

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308 Correlation between Clinical Measurements of Static Foot Posture in Young Adults

Authors: Phornchanok Motantasut, Torkamol Hunsawong, Lugkana Mato, Wanida Donpunha

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Identifying abnormal foot posture is important for prescribing appropriate management in patients with lower limb disorders and chronic non-specific low back pain. The normalized navicular height truncated (NNHt) and the foot posture index-6 (FPI-6) have been recommended as the common, simple, valid, and reliable static measures for clinical application. The NNHt is a single plane measure while the FPI-6 is a triple plane measure. At present, there is inadequate information about the correlation between the NNHt and the FPI-6 for categorizing foot posture that leads to a difficulty of choosing the appropriate assessment. Therefore, the present study aimed to determine the correlation between the NNHt and the FPI-6 measures in adult participants with asymptomatic feet. Methods: A cross-sectional descriptive study was conducted in 47 asymptomatic individuals (23 males and 24 females) aged 28.89 ± 7.67 years with body mass index 21.73 ± 1.76 kg/m². The right foot was measured twice by the experienced rater using the NNHt and the FPI-6. A sequence of the measures was randomly arranged for each participant with a 10-minute rest between the tests. The Pearson’s correlation coefficient (r) was used to determine the relationship between the measures. Results: The mean NNHt score was 0.23 ± 0.04 (ranged from 0.15 to 0.36) and the mean FPI-6 score was 4.42 ± 4.36 (ranged from -6 to +11). The Pearson’s correlation coefficient among the NNHt score and the FPI-6 score was -0.872 (p < 0.01). Conclusion: The present finding demonstrates the strong correlation between the NNHt and FPI-6 in adult feet and implies that both measures could be substituted for each other in identifying foot posture.

Keywords: foot posture index, foot type, measurement of foot posture, navicular height

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307 The Efficacy of Clobazam for Landau-Kleffner Syndrome

Authors: Nino Gogatishvili, Davit Kvernadze, Giorgi Japharidze

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Background and aims: Landau Kleffner syndrome (LKS) is a rare disorder with epileptic seizures and acquired aphasia. It usually starts in initially healthy children. The first symptoms are language regression and behavioral disturbances, and the sleep EEG reveals abnormal epileptiform activity. The aim was to discuss the efficacy of Clobazam for Landau Kleffner syndrome. Case report: We report a case of an 11-year-old boy with an uneventful pregnancy and delivery. He began to walk at 11 months and speak with simple phrases at the age of 2,5 years. At the age of 18 months, he had febrile convulsions; at the age of 5 years, the parents noticed language regression, stuttering, and serious behavioral dysfunction, including hyperactivity, temper outbursts. The epileptic seizure was not noticed. MRI was without any abnormality. Neuropsychological testing revealed verbal auditory agnosia. Sleep EEG showed abundant left fronto-temporal spikes, reaching over 85% during non-rapid eye movement sleep (non-REM sleep). Treatment was started with Clobazam. After ten weeks, EEG was improved. Stuttering and behavior also improved. Results: Since the start of Clobazam treatment, stuttering and behavior improved. Now, he is 11 years old, without antiseizure medication. Sleep EEG shows fronto-temporal spikes on the left side, over 10-49 % of non-REM sleep, bioccipital spikes, and slow-wave discharges and spike-waves. Conclusions: This case provides further support for the efficacy of Clobazam in patients with LKS.

Keywords: Landau-Kleffner syndrome, antiseizure medication, stuttering, aphasia

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306 Grain Growth Behavior of High Carbon Microalloyed Steels Containing Very Low Amounts of Niobium

Authors: Huseyin Zengin, Muhammet Emre Turan, Yunus Turen, Hayrettin Ahlatci, Yavuz Sun

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This study aimed for understanding the effects of dilute Nb additions on the austenite microstructure of microalloyed steels at five different reheating temperatures from 950 °C to 1300 °C. Four microalloyed high-carbon steels having 0.8 %wt C were examined in which three of them had varying Nb concentrations from 0.005 wt% to 0.02 wt% and one of them had no Nb concentration. The quantitative metallographic techniques were used to measure the average prior austenite grain size in order to compare the grain growth pinning effects of Nb precipitates as a function of reheating temperature. Due to the higher stability of the precipitates with increasing Nb concentrations, the grain coarsening temperature that resulted in inefficient grain growth impediment and a bimodal grain distribution in the microstructure, showed an increase with increasing Nb concentration. The respective grain coarsening temperatures (T_GC) in an ascending order for the steels having 0.005 wt% Nb, 0.01 wt% Nb and 0.02 wt% Nb were 950 °C, 1050 °C and 1150 °C. According to these observed grain coarsening temperatures, an approximation was made considering the complete dissolution temperature (T_DISS) of second phase particles as T_GC=T_DISS-300. On the other hand, the plain carbon steel did not show abnormal grain growth behaviour due to the absence of second phase particles. It was also observed that the higher the Nb concentration, the smaller the average prior austenite grain size although the small increments in Nb concenration did not change the average grain size considerably.

Keywords: microalloyed steels, prior austenite grains, second phase particles, grain coarsening temperature

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305 Neural Changes Associated with Successful Antidepressant Treatment in Adolescents with Major Depressive Disorder

Authors: Dung V. H. Pham, Kathryn Cullen

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Introduction: 40% of adolescents with major depression (MDD) are unresponsive to 1st line antidepressant treatment. The neural mechanism underlying treatment-responsive and treatment-resistant depression in adolescent are unclear. Amygdala is important for emotion processing and has been implicated in mood disorders. Past research has shown abnormal amygdala connectivity in adolescents with MDD. This research study changes in amygdala resting-state functional connectivity to find neural correlates of successful antidepressant treatment. Methods: Thirteen adolescents aged 12-19 underwent rfMRI before and after 8-week antidepressant treatment and completed BDI-II at each scan. A whole-brain approach, using anatomically defined amygdala ROIs (1) identified brain regions that are highly synchronous with the amygdala, (2) correlated neural changes with changes in overall depression and specific symptom clusters within depression. Results: Some neural correlates were common across domains: (1) decreased amygdala RSFC with the default mode network (posterior cingulate, precuneus) is associated with improvement in overall depression and many symptom clusters, (2) increased amygdala RSFC with fusiform gyrus is associated with symptom improvement across many symptom clusters. We also found unique neural changes associated with symptom improvement in each symptom cluster. Conclusion: This is the first preliminary study that looks at neural correlates of antidepressant treatment response to overall depression as well as different clusters of symptoms of depression. The finding suggests both overlapping and distinct neural mechanisms underlying improvement in each symptom clusters within depression. Some brain regions found are also implicated in MDD among adults in previous literature.

Keywords: depression, adolescents, fMRI, antidepressants

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304 Effect of Rapid Thermal Annealing on the Optical Properties of InAs Quantum Dots Grown on (100) and (311)B GaAs Substrates by Molecular Beam Epitaxy

Authors: Amjad Almunyif, Amra Alhassni, Sultan Alhassan, Maryam Al Huwayz, Saud Alotaibi, Abdulaziz Almalki, Mohamed Henini

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The effect of rapid thermal annealing (RTA) on the optical properties of InAs quantum dots (QDs) grown at an As overpressure of 2x 10⁻⁶ Torr by molecular beam epitaxy (MBE) on (100) and (311)B GaAs substrates was investigated using photoluminescence (PL) technique. PL results showed that for the as-grown samples, the QDs grown on the high index plane (311)B have lower PL intensity and lower full width at half maximum (FWHM) than those grown on the conventional (100) plane. The latter demonstrates that the (311)B QDs have better size uniformity than (100) QDs. Compared with as-grown samples, a blue-shift was observed for all samples with increasing annealing temperature from 600°C to 700°C. For (100) samples, a narrowing of the FWHM was observed with increasing annealing temperature from 600°C to 700°C. However, in (311)B samples, the FWHM showed a different behaviour; it slightly increased when the samples were annealed at 600°C and then decreased when the annealing temperature increased to 700°C. As expected, the PL peak intensity for all samples increased when the laser excitation power increased. The PL peak energy temperature dependence showed a strong redshift when the temperature was increased from 10 K to 120 K. The PL peak energy exhibited an abnormal S-shape behaviour as a function of temperature for all samples. Most samples exhibited a significant enhancement in their activation energies when annealed at 600°C and 700°C, suggesting that annealing annihilated defects created during sample growth.

Keywords: RTA, QDs, InAs, MBE

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303 Decline in Melon Yield and Its Contribution to Young Farmers' Diversification into Watermelon Farming in Oyo State, Nigeria

Authors: Oyediran Wasiu Oyeleke

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Melon is a popular economic cucurbit in Southwest, Nigeria. In recent time, many young farmers are shifting from melon to watermelon farming due to poor yield and low monetary returns. Hence, this study was carried out to assess the decline in melon yield and its contribution to young farmers’ diversification into watermelon farming in Oyo state, Nigeria. Purposive sampling technique was used in selecting 75 respondents from five villages in Ibarapa block of the Oyo State Agricultural Development Project (ADP). Data collected were analyzed using descriptive statistics and Pearson Product Moment Correlation (PPMC). Results show that majority of the respondents (77.3%) were between 31-40 years of age and 46.70% had secondary school education. Most of the respondents (80%) cultivated more than 3 ha of land for watermelon. Majority of the respondents (74.7%) intercropped melon with other crops while watermelon was cultivated as a sole crop. None of the respondents either grew improved melon seeds (certified seeds) or applied fertilizers but all respondents cultivated treated watermelon seeds, applied fertilizers, and agro-chemicals. The average yields of melon fell from 376.53kg/ha in 2009 to 280.70kg/ha in 2011. However, the respondents were shifting into watermelon production because of available quality seeds and its early maturity, easy harvest, and high sales. There was a significant relationship between melon output and young farmers’ diversification to watermelon in the study area at p < 0.05. The study concluded that decline in the melon yield discouraged youth to continue melon farming in the study area. It is hereby recommended that certified melon seeds should be made available while extension service providers should provide training support for the young farmers in order to reposition and boost melon production in the study area.

Keywords: decline, melon yield, contribution, watermelon, diversification, young farmers

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302 Signs and Symbols of a Modern Sufi Ceremony in Istanbul

Authors: Antonio De Lisa

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The aim of this contribution is to describe a Sufi ceremony personally observed and recorded in Istanbul. It is part of research on the semiotics of religion that has been going on for some time. Over the centuries, Sufism has produced remarkable literature, elaborated mainly in the context of Arabic literature and Persian literature, but has also found expression in many other languages (Turkish, Indian, Malayo-Indonesian, etc.). Among the genres cultivated are: devotional books (prayers, meditation, spiritual exercises, etc.); the hagiographic texts, containing the biographies and sentences of the best-known Sufis; the texts that illustrate the abodes or stations of the spiritual path; finally, the theoretical treatises on various topics, often of an apologetic nature. Another typical expression of Sufism is in the literature in verse, which includes first-rate poets of both Arabic (Ibn al-Farid, Ibn 'Arabi) and Persian (Farid al-Din al-Attar, Rumi, Hafez, Gohar Shahi) expression. To observe an authentic Sufi ceremony, we contacted the Silivrikapı Mevlana Cultural Center in Istanbul. The ceremony we will talk about is a characteristic of the brotherhood called Mevleviyye (Mawlawiyya), so called from Mawlānā ('our lord', in Turkish: Mevlānā) Jalāl al-Dīn Muḥammad Rūmī (13th century) better known as the brotherhood of the Whirling Dervishes, founded in Konya. The characteristic of the order is to pray about one's love for Allah with music and dance in a ritual that has the name of Semà. The dance is a swirling movement in a group, representing a mystical journey of the spiritual ascent of man through the mind and love for the 'perfect'. Turning towards the truth, the follower of the group ascends towards love, passing beyond the World and Nothingness. After asceticism, he returns to the common world to communicate his own experience.

Keywords: semiotics of religion, sufi, rumi, islamic philosophy

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301 Economics of Fish-Plantain Integrated Farm Enterprise in Southern Nigeria

Authors: S. O. Obasa, J. A. Soaga, O. I. Afolabi, N. A. Bamidele, O. E. Babalola

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Attempt to improve the income of the rural population is a welcome development in Nigeria. Integrated fish-crop farming has been suggested as a means of raising farm income, reducing wastage and mitigating the risk component in production through the complementarity gain. A feeding trial was carried out to investigate the replacement of maize with fermented unripe plantain (Musa paradisiaca) peel meal in the diet of Nile tilapia, Oreochromis niloticus. The economics of the integrated enterprise was assessed using budgetary analysis techniques. The analysis incorporated the material and labour costs as well as the returns from sale of matured fish and plantain. A total of 60 fingerlings of Nile tilapia (1.70±0.1 g) were stocked at 10 per plastic tank. Two iso-nitrogenous diets containing 35% crude protein in which maize meal was replaced by fermented unripe plantain peel meal at 0% (FUP0/Control diet), and 100% (FUP100) were formulated and prepared. The fingerlings were fed at 5% body weight per day for 56 days. Lowest feed conversion ratio of 1.39 in fish fed diet FUP100 was not significantly different (P > 0.05) from the highest 1.42 of fish fed the Control diet. The highest percentage profit of 88.85% in fish fed diet FUP100 was significantly higher than 66.68% in fish fed diet FUP0, while the profit index of 1.89 in fish fed diet FUP100 was significantly different from 1.67 in fish fed diet FUP0. Therefore, fermented unripe plantain peel meal can completely replace maize in the diet of O. niloticus fingerlings. Profitability assessment shows that the net income from the integration was ₦ 463,000 per hectare and the integration resulted to an increase of ₦ 87,750.00 representing a 12.2% increase than in separate production.

Keywords: fish-crop, income, Nile tilapia, waste management

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300 The Correlation between Governance Mechanism and Changing Trends in the Ownership of Mongolian Companies

Authors: Ernest Nweke

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This paper examines the changing trend in ownership of Mongolian companies and how this trend has influenced corporate governance mechanisms in Mongolian companies. A study of this magnitude is essential as it x-rays the systematic transformation of Mongolia’s corporate world from the public to private ownership and the tremendous impact it has had on firm governance mechanisms. Owing to Mongolia’s Soviet past, much of the companies in Mongolia were state-owned, state-directed and state-controlled resulting in serious inefficiencies in these companies. This scenario is antithetical to the economic growth and development of any nation as it is grossly at variance with the fundamental principles of good corporate governance that drive prosperity. Consequently, the Mongolian government has in the past decades fine-tuned government policy to prioritize private ownership, establishing various frameworks that will strengthen corporate governance structures in Mongolia. These efforts have paid off and gone a long way in changing the trend in the ownership of companies in Mongolia reversing the old order. The expectation locally and internationally is that companies in post-socialist Mongolia will be more closely aligned to generally accepted corporate governance mechanisms, generally improving company performance and ultimately returns to shareholders. To achieve the research objectives, the survey research method was employed utilizing a sample of seventy randomly selected listed companies representing 22% of Mongolian Stock Exchange listings. Research hypotheses formulated to guide the conduct of the study were tested using Chi-Square analysis, and results show that ownership trend has drastically changed in the post-socialist Mongolia leading to better corporate governance practices in Mongolian companies. This result has important policy implications.

Keywords: corporate disclosure, free market, private ownership, Mongolia

Procedia PDF Downloads 121
299 Haematological Responses on Amateur Cycling Stages Race

Authors: Renato André S. Silva, Nana L. F. Sampaio, Carlos J. G. Cruz, Bruno Vianna, Flávio O. Pires

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multiple stage bicycle races require high physiological loads from professional cyclists. Such demands can lead to immunosuppression and health problems. However, in this type of competition, little is known about its physiological effects on amateur athletes, who generally receive less medical support. Thus, this study analyzes the hematological effects of a multiple stage bicycle race on amateur cyclists. Seven Brazilian national amateur cyclists (34 ± 4.21 years) underwent a laboratory test to evaluate VO2Max (69.89 ± 7.43 ml⋅kg-1⋅min-1). Six days later, these volunteers raced in the Tour of Goiás, participating in five races in four days (435 km) of competition. Arterial blood samples were collected one day before and one day after the competition. The Kolmogorov-Smirnov tests were used to evaluate the data distribution and Wilcoxon to compare the two moments (p <0.05) of data collection. The results show: Red cells ↓ 7.8% (5.1 ± 0.28 vs 4.7 ± 0.37 106 / mm 3, p = 0.01); Hemoglobin ↓ 7.9% (15.1 ± 0.31 vs 13.9 ± 0.27 g / dL, p = 0.01); Leukocytes ↑ 9.5% (4946 ± 553 versus 5416 ± 1075 / mm 3, p = 0.17); Platelets ↓ 7.0% (200.2 ± 51.5 vs 186.1 ± 39.5 / mm 3, p = 0.01); LDH ↑ 11% (164.4 ± 28.5 vs 182.5 ± 20.5 U / L, p = 0.17); CK ↑ 13.5% (290.7 ± 206.1 vs 330.1 ± 90.5 U / L, p = 0.39); CK-MB ↑ 2% (15.7 ± 3.9 vs. 20.1 ± 2.9 U / L, p = 0.06); Cortizol ↓ 13.5% (12.1 ± 2.4 vs 9.9 ± 1.9 μg / dL, p = 0.01); Total testosterone ↓ 7% (453.6 ± 120.1 vs 421.7 ± 74.3 ng / dL, p = 0.12); IGF-1 ↓ 15.1% (213.8 ± 18.8 vs 181.5 ± 34.7 ng / mL, p = 0.04). This means that there was significant reductions in O2 allocation / transport capacities, vascular injury disruption, and a fortuitous reduction of muscle skeletal anabolism along with maintenance and / or slight elevation of immune function, glucose and lipid energy and myocardial damage. Therefore, the results suggest that no abnormal health effect was identified among the athletes after participating in the Tour de Goiás.

Keywords: cycling, health effects, cycling stages races, haematology

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298 Dynamics and Advection in a Vortex Parquet on the Plane

Authors: Filimonova Alexanra

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Inviscid incompressible fluid flows are considered. The object of the study is a vortex parquet – a structure consisting of distributed vortex spots of different directions, occupying the entire plane. The main attention is paid to the study of advection processes of passive particles in the corresponding velocity field. The dynamics of the vortex structures is considered in a rectangular region under the assumption that periodic boundary conditions are imposed on the stream function. Numerical algorithms are based on the solution of the initial-boundary value problem for nonstationary Euler equations in terms of vorticity and stream function. For this, the spectral-vortex meshless method is used. It is based on the approximation of the stream function by the Fourier series cut and the approximation of the vorticity field by the least-squares method from its values in marker particles. A vortex configuration, consisting of four vortex patches is investigated. Results of a numerical study of the dynamics and interaction of the structure are presented. The influence of the patch radius and the relative position of positively and negatively directed patches on the processes of interaction and mixing is studied. The obtained results correspond to the following possible scenarios: the initial configuration does not change over time; the initial configuration forms a new structure, which is maintained for longer times; the initial configuration returns to its initial state after a certain period of time. The processes of mass transfer of vorticity by liquid particles on a plane were calculated and analyzed. The results of a numerical analysis of the particles dynamics and trajectories on the entire plane and the field of local Lyapunov exponents are presented.

Keywords: ideal fluid, meshless methods, vortex structures in liquids, vortex parquet.

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297 Antitumor Activity of Gold Nanorods against Mammary Gland and Skin Carcinoma in Dogs and Cats

Authors: Abdoon A.S., El Ashkar E.A., Kandil O.M., Wael H. Eisa, Shaban A.M., Khaled H.M., El Ashkar M.R., El Shaer M., Hussein H., Shaalan A.H., El Sayed M.

Abstract:

Cancer is a major obstacle to human health and development worldwide. Conventional strategies for cancer intervention include surgery, chemotherapy, and radiation therapy. Recently, plasmon photothermal therapy (PPTT) was introduced as a promising treatment for the management of cancer and several non-cancerous diseases that are generally characterized by overgrowth of abnormal cells. The present work was conducted to evaluate the cytotoxic efficacy and toxicity of gold nanorods (AuNRs) in dogs and cats suffering from spontaneous mammary gland. AuNRs was injected intratumoral (IT, n=10, dose of 75 p.p.m/kg body weight) or by using spray method after surgical removal of cancer tissue (n=2) in dogs and cats. Then exposed to laser light after 60 min. Treated animals were observed every 2 days and the morphological changes in tumor size and shape were recorded. Blood samples were collected before and after treatment for checking CBC, liver and kidney functions. Results revealed that AuNRs successfully treat mammary gland tumor in dogs and cats (adenocarcinoma type 1 to IV). AuNRs induced sloughing of carcinogenic tissue within 5 to 15 days. AuNRs have no toxic effect on blood profile and the toxicity studies still under evaluation. Conclusion, AuNRs can be used for treatment of mammary gland carcinoma in dogs and cats.

Keywords: pet animals, mammary gland tumor, AuNRs, photothermal therapy, toxicity studies

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296 Design of RF Generator and Its Testing in Heating of Nickel Ferrite Nanoparticles

Authors: D. Suman, M. Venkateshwara Rao

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Cancer is a disease caused by an uncontrolled division of abnormal cells in a part of the body, which is affecting millions of people leading to death. Even though there have been tremendous developments taken place over the last few decades the effective therapy for cancer is still not a reality. The existing techniques of cancer therapy are chemotherapy and radio therapy which are having their limitations in terms of the side effects, patient discomfort, radiation hazards and the localization of treatment. This paper describes a novel method for cancer therapy by using RF-hyperthermia application of nanoparticles. We have synthesized ferromagnetic nanoparticles and characterized by using XRD and TEM. These nanoparticles after the biocompatibility studies will be injected in to the body with a suitable tracer element having affinity to the specific tumor site. When RF energy is applied to the nanoparticles at the tumor site it produces heat of excess room temperature and nearly 41-45°C is sufficient to kill the tumor cells. We have designed a RF source generator provided with a temperature feedback controller to control the radiation induced temperature of the tumor site. The temperature control is achieved through a negative feedback mechanism of the thermocouple and a relay connected to the power source of the RF generator. This method has advantages in terms of its effect like localized therapy, less radiation, and no side effects. It has several challenges in designing the RF source provided with coils suitable for the tumour site, biocompatibility of the nanomaterials, cooling system design for the RF coil. If we can overcome these challenges this method will be a huge benefit for the society.

Keywords: hyperthermia, cancer therapy, RF source generator, nanoparticles

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295 Epidemiological and Clinical Profile of Patients with Chorioamnionitis

Authors: Isabel Cristina Ortiz Trujillo, Lina Maria Martinez Sanchez, Felipe Hernández Restrepo, Daniel Gallego Gonzalez, Natalia Vargas Grisales, Camilo Andrés Agudelo Vélez

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Chorioamnionitis, is a pregnancy infection, causes different fetal and maternal symptoms. Streptococcus agalactiae present in the normal vaginal microflora of some women, favouring its abnormal multiplication during pregnancy, causing perinatal morbidity and mortality. Objective. Describe the clinical and epidemiological profile of the patients with diagnosis of clinical chorioanmionitis. Methodology. Descriptive, cross-sectional study. The population was patients with diagnosis of clinical chorioanmionitis. The information was taken from the medical records. The research was approved by the Ethics Committee. We used the program SPSS ® version 17.0 (SPSS Inc; Chicago, Illinois, USA) for the information analysis, descriptive statistics were used. Results. 78 patients in total with clinical chorioamnionitis, with a mean age of 26.3 ±5, 8 years old, the 69.2% primigravid women. 2.6% of women had positive culture for Streptococcus agalactiae in urine sample during current pregnancy and 30.7% had received some kind of antibiotics during current pregnancy. The 57.7% had 37 to 40 weeks of gestation in the current pregnancy it was calculated more frequently by ultrasound (66.7% in first quarter, 11.5% in the second and 1.9% in the third). In a 60.3% way of termination of pregnancy was vaginal and a 35.9 percent were caesarean section. Among the women in the study, a 30.8% had premature rupture of membranes. Conclusion. The chorioamnionitis continues to be an important cause of antibiotic use during pregnancy or labour and the decision to do a caesarean, with highest percentage in pregnancies-preterm and preterm premature rupture of membranes.

Keywords: chorioamnionitis, Streptococcus agalactiae, pregnancy complications, infectious

Procedia PDF Downloads 401
294 Decision-Making Under Uncertainty in Obsessive-Compulsive Disorder

Authors: Helen Pushkarskaya, David Tolin, Lital Ruderman, Ariel Kirshenbaum, J. MacLaren Kelly, Christopher Pittenger, Ifat Levy

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Obsessive-Compulsive Disorder (OCD) produces profound morbidity. Difficulties with decision making and intolerance of uncertainty are prominent clinical features of OCD. The nature and etiology of these deficits are poorly understood. We used a well-validated choice task, grounded in behavioral economic theory, to investigate differences in valuation and value-based choice during decision making under uncertainty in 20 unmedicated participants with OCD and 20 matched healthy controls. Participants’ choices were used to assess individual decision-making characteristics. Compared to controls, individuals with OCD were less consistent in their choices and less able to identify options that were unambiguously preferable. These differences correlated with symptom severity. OCD participants did not differ from controls in how they valued uncertain options when outcome probabilities were known (risk) but were more likely than controls to avoid uncertain options when these probabilities were imprecisely specified (ambiguity). These results suggest that the underlying neural mechanisms of valuation and value-based choices during decision-making are abnormal in OCD. Individuals with OCD show elevated intolerance of uncertainty, but only when outcome probabilities are themselves uncertain. Future research focused on the neural valuation network, which is implicated in value-based computations, may provide new neurocognitive insights into the pathophysiology of OCD. Deficits in decision-making processes may represent a target for therapeutic intervention.

Keywords: obsessive compulsive disorder, decision-making, uncertainty intolerance, risk aversion, ambiguity aversion, valuation

Procedia PDF Downloads 596
293 Design of Demand Pacemaker Using an Embedded Controller

Authors: C. Bala Prashanth Reddy, B. Abhinay, C. Sreekar, D. V. Shobhana Priscilla

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The project aims in designing an emergency pacemaker which is capable of giving shocks to a human heart which has stopped working suddenly. A pacemaker is a machine commonly used by cardiologists. This machine is used in order to shock a human’s heart back into usage. The way the heart works is that there are small cells called pacemakers sending electrical pulses to cardiac muscles that tell the heart when to pump blood. When these electrical pulses stop, the heart stops beating. When this happens, a pacemaker is used to shock the heart muscles and the pacemakers back into action. The way this is achieved is by rubbing the two panels of the pacemaker together to create an adequate electrical current, and then the heart gets back to the normal state. The project aims in designing a system which is capable of continuously displaying the heart beat and blood pressure of a person on LCD. The concerned doctor gets the heart beat and also the blood pressure details continuously through the GSM Modem in the form of SMS alerts. In case of abnormal condition, the doctor sends message format regarding the amount of electric shock needed. Automatically the microcontroller gives the input to the pacemaker which in turn gives the shock to the patient. Heart beat monitor and display system is a portable and a best replacement for the old model stethoscope which is less efficient. The heart beat rate is calculated manually using stethoscope where the probability of error is high because the heart beat rate lies in the range of 70 to 90 per minute whose occurrence is less than 1 sec, so this device can be considered as a very good alternative instead of a stethoscope.

Keywords: missing R wave, PWM, demand pacemaker, heart

Procedia PDF Downloads 452
292 Functionalized Titanium Dioxide Nanoparticles for Targeting and Disrupting Amyloid Fibrils

Authors: Elad Arad, Raz Jelinek, Hanna Rapaport

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Amyloidoses are a family of diseases characterized by abnormal protein folding that leads to aggregation. They accumulate to form fibrillar plaques which are implicated in the pathogenesis of Alzheimer, prion, diabetes type II and other diseases. To the best of our knowledge, despite extensive research efforts devoted to plaque aggregates inhibition, there is yet no cure for this phenomenon. Titanium and its alloys are found in growing interest for biomedical applications. Variety of surface modifications enable porous, adhesive, bioactive coatings for its surface. Titanium oxides (titania) are also being developed for photothermal and photodynamic treatments. Inspired by this, we set to explore the effect of functionalized titania nanoparticles in combination with external stimuli, as potential photothermal ablating agents against amyloids. Titania nanoparticles were coated with bi-functional catechol derivatives (dihydroxy-phenylalanine propanoic acid, noted DPA) to gain targeting properties. In conjunction with UV-radiation, these nanoparticles may selectively destroy the vicinity of their target. Titania modified 5 nm nanoparticles coated with DPA were further conjugated to the amyloid-targeting Congo Red (CR). These Titania-DPA-CR nanoparticles were found to target mature amyloid fibril of both amyloid-β (Aβ 1-42 a.a). Moreover, irradiation of the peptides in presence of the modified nanoparticles decreased the aggregate content and oligomer fraction. This work provides insights into the use of modified titania nanoparticles for amyloid plaque targeting and photothermal destruction. It may shed light on future modifications and functionalization of titania nanoparticles for different applications.

Keywords: titanium dioxide, amyloids, photothermal treatment, catechol, Congo-red

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291 The Relevance of Family Involvement in the Journey of Dementia Patients

Authors: Akankunda Veronicah Karuhanga

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Dementia is an age mental disorder that makes victims lose normal functionality that needs delicate attention. It has been technically defined as a clinical syndrome that presents a number of difficulties in speech and other cognitive functions that change someone’s behaviors and can also cause impairments in activities of daily living, not forgetting a range of neurological disorders that bring memory loss and cognitive impairment. Family members are the primary healthcare givers and therefore, the way how they handle the situation in its early stages determines future deterioration syndromes like total memory loss. Unfortunately, most family members are ignorant about this condition and in most cases, the patients are brought to our facilities when their condition was already mismanaged by family members and we thus cannot do much. For example, incontinence can be managed at early stages through potty training or toilet scheduling before resorting to 24/7 diapers which are also not good. Professional Elderly care should be understood and practiced as an extension of homes, not a dumping place for people considered “abnormal” on account of ignorance. Immediate relatives should therefore be sensitized concerning the normalcy of dementia in the context of old age so that they can be understanding and supportive of dementia patients rather than discriminating against them as present-day lepers. There is a need to skill home-based caregivers on how to handle dementia in its early stages. Unless this is done, many of our elderly homes shall be filled with patients who should have been treated and supported from their homes. This skilling of home-based caregivers is a vital intervention because until elderly care is appreciated as a human moral obligation, many transactional rehabilitation centers will crop up and this shall be one of the worst moral decadences of our times.

Keywords: dementia, family, Alzheimers, relevancy

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290 Acute Severe Hyponatremia in Patient with Psychogenic Polydipsia, Learning Disability and Epilepsy

Authors: Anisa Suraya Ab Razak, Izza Hayat

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Introduction: The diagnosis and management of severe hyponatremia in neuropsychiatric patients present a significant challenge to physicians. Several factors contribute, including diagnostic shadowing and attributing abnormal behavior to intellectual disability or psychiatric conditions. Hyponatraemia is the commonest electrolyte abnormality in the inpatient population, ranging from mild/asymptomatic, moderate to severe levels with life-threatening symptoms such as seizures, coma and death. There are several documented fatal case reports in the literature of severe hyponatremia secondary to psychogenic polydipsia, often diagnosed only in autopsy. This paper presents a case study of acute severe hyponatremia in a neuropsychiatric patient with early diagnosis and admission to intensive care. Case study: A 21-year old Caucasian male with known epilepsy and learning disability was admitted from residential living with generalized tonic-clonic self-terminating seizures after refusing medications for several weeks. Evidence of superficial head injury was detected on physical examination. His laboratory data demonstrated mild hyponatremia (125 mmol/L). Computed tomography imaging of his brain demonstrated no acute bleed or space-occupying lesion. He exhibited abnormal behavior - restlessness, drinking water from bathroom taps, inability to engage, paranoia, and hypersexuality. No collateral history was available to establish his baseline behavior. He was loaded with intravenous sodium valproate and leveritircaetam. Three hours later, he developed vomiting and a generalized tonic-clonic seizure lasting forty seconds. He remained drowsy for several hours and regained minimal recovery of consciousness. A repeat set of blood tests demonstrated profound hyponatremia (117 mmol/L). Outcomes: He was referred to intensive care for peripheral intravenous infusion of 2.7% sodium chloride solution with two-hourly laboratory monitoring of sodium concentration. Laboratory monitoring identified dangerously rapid correction of serum sodium concentration, and hypertonic saline was switched to a 5% dextrose solution to reduce the risk of acute large-volume fluid shifts from the cerebral intracellular compartment to the extracellular compartment. He underwent urethral catheterization and produced 8 liters of urine over 24 hours. Serum sodium concentration remained stable after 24 hours of correction fluids. His GCS recovered to baseline after 48 hours with improvement in behavior -he engaged with healthcare professionals, understood the importance of taking medications, admitted to illicit drug use and drinking massive amounts of water. He was transferred from high-dependency care to ward level and was initiated on multiple trials of anti-epileptics before achieving seizure-free days two weeks after resolution of acute hyponatremia. Conclusion: Psychogenic polydipsia is often found in young patients with intellectual disability or psychiatric disorders. Patients drink large volumes of water daily ranging from ten to forty liters, resulting in acute severe hyponatremia with mortality rates as high as 20%. Poor outcomes are due to challenges faced by physicians in making an early diagnosis and treating acute hyponatremia safely. A low index of suspicion of water intoxication is required in this population, including patients with known epilepsy. Monitoring urine output proved to be clinically effective in aiding diagnosis. Early referral and admission to intensive care should be considered for safe correction of sodium concentration while minimizing risk of fatal complications e.g. central pontine myelinolysis.

Keywords: epilepsy, psychogenic polydipsia, seizure, severe hyponatremia

Procedia PDF Downloads 109
289 Response of Different Mulch Materials on Cowpea (Vigna unguiculata ) Growth and Yield in Tolon District

Authors: Adu Micheal Kwaku, Lamptey Shirley

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Cowpea (Vigna unguiculata (L.) Walpis) is a major food grain legume in Ghana and plays a significant role in consumer diets. Drought in rain-fed crop production is known to cause substantial crop yield reduction due to their negative impacts on plant growth, physiology, and reproduction. There are various ways of reducing the effect of drought or addressing the problem of drought stress, including irrigation, breeding, and mulching. Among these three ways of reducing the effect of drought stress, the cheapest and quickest method is mulching. The broad objective of this project is to determine the influence of mulching on the performance of cowpea. The experiment was conducted at Planting for future garden located at Nyankpala Campus of the University for Development Studies (UDS), comprising five treatments (black plastic, rice hull, groundnut hull, dry grass mulch, and control). The treatments were evaluated in a Randomized Complete Block Design (RCBD) with three replications. The result shows that black plastic mulch increased soil moisture by 1, 8, 15, and 24% compared to rice hull, groundnut hull, dry grass, and control, respectively. Increased soil moisture translated into black plastic mulch increasing grain yield by 8, 25, 39, and 46% compared to groundnut hull, rice hull, dry grass and control, respectively. However, black plastic mulch increased the cost of production, resulting in decreased net returns compared to the other treatment. This study recommends the use of rice and groundnut hull as mulching material to improve soil moisture, grain yield, and profit of smallholder cowpea farmers and also because they are almost free and available.

Keywords: mulch, plastic mulch, cowpea, growth response

Procedia PDF Downloads 69
288 Preparing a Library of Abnormal Masses for Designing a Long-Lasting Anatomical Breast Phantom for Ultrasonography Training

Authors: Nasibullina A., Leonov D.

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The ultrasonography method is actively used for the early diagnosis of various le-sions in the human body, including the mammary gland. The incidence of breast cancer has increased by more than 20%, and mortality by 14% since 2008. The correctness of the diagnosis often directly depends on the qualifications and expe-rience of a diagnostic medical sonographer. That is why special attention should be paid to the practical training of future specialists. Anatomical phantoms are ex-cellent teaching tools because they accurately imitate the characteristics of real hu-man tissues and organs. The purpose of this work is to create a breast phantom for practicing ultrasound diagnostic skills in grayscale and elastography imaging, as well as ultrasound-guided biopsy sampling. We used silicone-like compounds ranging from 3 to 17 on the Shore scale hardness units to simulate soft tissue and lesions. Impurities with experimentally selected concentrations were added to give the phantom the necessary attenuation and reflection parameters. We used 3D modeling programs and 3D printing with PLA plastic to create the casting mold. We developed a breast phantom with inclusions of varying shape, elasticity and echogenicity. After testing the created phantom in B-mode and elastography mode, we performed a survey asking 19 participants how realistic the sonograms of the phantom were. The results showed that the closest to real was the model of the cyst with 9.5 on the 0-10 similarity scale. Thus, the developed breast phantom can be used for ultrasonography, elastography, and ultrasound-guided biopsy training.

Keywords: breast ultrasound, mammary gland, mammography, training phantom, tissue-mimicking materials

Procedia PDF Downloads 64
287 Contractual Risk Transfer in Islamic Home Financing: Analysis in Bank Malaysia

Authors: Ahmad Dahlan Salleh, Nik Abdul Rahim Nik Abdul Ghani, Muhamad Firdaus M. Hatta

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Risk management has implications on pricing, governance arrangements, business practices and strategy. Nowadays, home financing contract offers more in the risk transfer form to increase bank profit. This is parallel with Islamic jurisprudence method al-Kharaj bi al-thaman (gain accompanies liability for loss) and al-ghurm bil ghunm (gain is justified with risk) that determine the matching between risk transfer and returns. Malaysian financing trend is to buy house. Besides, exists transparency lacking risk transfer issues to the clients because of not been informed clearly. Terms and conditions of each financing also do not reflect clearly that the risk has been transferred to the client, justifying a determination price been made. The assumption on risk occurrence is also inaccurate as each risk is different with the type of financing contract. This makes the Islamic Financial Services Act 2013 in providing standards that transparent and consistent can be used by Islamic financial institution less effective. This study examines how far the level of the risk and obligation incurred by bank and client under various Islamic home financing contract. This research is qualitative by using two methods, document analysis, and semi-structured interviews. Document analysis from literature review to identify profile, themes and risk transfer element in home financing from Islamic jurisprudence perspective. This study finds that need to create a risk transfer parameter by banks which are consistent with risk transfer theory according to Islamic jurisprudence. This study has potential to assist the authority in Islamic finance such as The Central Bank of Malaysia (Bank Negara Malaysia) in regulating Islamic banking industry so that the risk transfer valuation in home financing contract based on home financing good practice and determined risk limits.

Keywords: risk transfer, home financing contract, Sharia compliant, Malaysia

Procedia PDF Downloads 402
286 Lexical Based Method for Opinion Detection on Tripadvisor Collection

Authors: Faiza Belbachir, Thibault Schienhinski

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The massive development of online social networks allows users to post and share their opinions on various topics. With this huge volume of opinion, it is interesting to extract and interpret these information for different domains, e.g., product and service benchmarking, politic, system of recommendation. This is why opinion detection is one of the most important research tasks. It consists on differentiating between opinion data and factual data. The difficulty of this task is to determine an approach which returns opinionated document. Generally, there are two approaches used for opinion detection i.e. Lexical based approaches and Machine Learning based approaches. In Lexical based approaches, a dictionary of sentimental words is used, words are associated with weights. The opinion score of document is derived by the occurrence of words from this dictionary. In Machine learning approaches, usually a classifier is trained using a set of annotated document containing sentiment, and features such as n-grams of words, part-of-speech tags, and logical forms. Majority of these works are based on documents text to determine opinion score but dont take into account if these texts are really correct. Thus, it is interesting to exploit other information to improve opinion detection. In our work, we will develop a new way to consider the opinion score. We introduce the notion of trust score. We determine opinionated documents but also if these opinions are really trustable information in relation with topics. For that we use lexical SentiWordNet to calculate opinion and trust scores, we compute different features about users like (numbers of their comments, numbers of their useful comments, Average useful review). After that, we combine opinion score and trust score to obtain a final score. We applied our method to detect trust opinions in TRIPADVISOR collection. Our experimental results report that the combination between opinion score and trust score improves opinion detection.

Keywords: Tripadvisor, opinion detection, SentiWordNet, trust score

Procedia PDF Downloads 175
285 Flying Women in Chinese Folklore – Male Narrator’s Rejection of Gender Role Division in Patriarchal Societies

Authors: Emma H. Zhang

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In Women Who Fly (2018), Serinity Young connects tales and legends of flying women in Greco-Roman, Indo-European, Mesopotamian, and Asian cultures with ancient matriarchal bird goddesses and argues that tales of flying women are reminiscent of the rituals and rites related to the worship of goddesses in pre-patriarchal times and that flying women, including swan maidens, harpies, fairies, and witches are “abnormal women” because they reject patriarchal order, defy, and desert their domestic roles. Tales of flying women in Chinese folklore, exemplified by the story of The Cowherd and the Weaver Girl, replicated in countless tales that depicts the courtship between a mortal man and a divine or magical woman suggest otherwise. In these tales, the divine woman exhibits idealized Confucian femininity and fulfills the needs of the male protagonist by providing him with marriage, children, social status, and financial affluence. This paper argues that the flying women in Chinese folklores are not a symbol of defiance but are exemplars that embodyideal Confucian femininity. These tales are instead a reflection of male rejection of gender division in patriarchal societies. The male protagonists, like the male storytellers, reject the necessity to pursue and provide for women in courtship and marriage. Though these tales show their authors’ and readers’ discontent with gender role division, they do not subvert the patriarchal social order but rather offers an escape through fantasy.

Keywords: bird goddess, folklore, gender role division, patriarchy

Procedia PDF Downloads 145
284 Comparison Study of Capital Protection Risk Management Strategies: Constant Proportion Portfolio Insurance versus Volatility Target Based Investment Strategy with a Guarantee

Authors: Olga Biedova, Victoria Steblovskaya, Kai Wallbaum

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In the current capital market environment, investors constantly face the challenge of finding a successful and stable investment mechanism. Highly volatile equity markets and extremely low bond returns bring about the demand for sophisticated yet reliable risk management strategies. Investors are looking for risk management solutions to efficiently protect their investments. This study compares a classic Constant Proportion Portfolio Insurance (CPPI) strategy to a Volatility Target portfolio insurance (VTPI). VTPI is an extension of the well-known Option Based Portfolio Insurance (OBPI) to the case where an embedded option is linked not to a pure risky asset such as e.g., S&P 500, but to a Volatility Target (VolTarget) portfolio. VolTarget strategy is a recently emerged rule-based dynamic asset allocation mechanism where the portfolio’s volatility is kept under control. As a result, a typical VTPI strategy allows higher participation rates in the market due to reduced embedded option prices. In addition, controlled volatility levels eliminate the volatility spread in option pricing, one of the frequently cited reasons for OBPI strategy fall behind CPPI. The strategies are compared within the framework of the stochastic dominance theory based on numerical simulations, rather than on the restrictive assumption of the Black-Scholes type dynamics of the underlying asset. An extended comparative quantitative analysis of performances of the above investment strategies in various market scenarios and within a range of input parameter values is presented.

Keywords: CPPI, portfolio insurance, stochastic dominance, volatility target

Procedia PDF Downloads 147