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Objective To analyze the duration of gonadotropin hyperstimulation's impacts on oocyte quality and clinical outcomes in aged in vitro fertilization (IVF) patients. Materials and methods This retrospective study was carried out using IVF records of the Chang Gung Memorial Hospital IVF center from January 2017 to December 2019. A total of 308 IVF cycles with patients aged 40–44 years were included. Clinical characteristics of patients who received a short controlled ovarian hyperstimulation (COH) (i.e., 6–7 days; s-COH group) or a long COH treatment (i.e., 9–10 days; l-COH group) were compared. In addition, analysis was conducted using data within two age subgroups: 40–42 years and 42–44 years subgroups. Results The s-COH group received significantly lower total doses of gonadotropin and had smaller leading follicles at the time of ovulation trigger when compared to the l-COH group. The s-COH group also produced a significantly lower number of oocytes, mature metaphase II (MII) oocytes, and 2 PN zygotes compared to the l-COH group. However, there was no significant difference in the number of transferable and good-quality embryos between the two treatment groups. Likewise, the pregnancy rate and live birth rate were comparable in the s-COH and l-COH groups. Similar results were obtained when the analysis was limited to select age subgroups (i.e., 40–42 and 42–44 years subgroups). Conclusion While a long COH generates more oocytes per cycle, a 6–7 days COH treatment, which is at the lower end of the recommended window of stimulation, could achieve a pregnancy outcome comparable to that applied 9–10 days of COH in aged patients.

Objective To evaluate the value of using both HMG and recombinant FSH (r-FSH) in the GnRH antagonist protocol for women with high AMH. Materials and methods This retrospective, single-center cohort study was conducted from January 2013 to December 2018. Of 277 GnRH antagonist IVF/ICSI cycles in women with anti-Mullerian hormone (AMH) ≥5 μg/L, 170 cycles receiving the combination of r-FSH and HMG (77 with HMG added at the beginning of the GnRH antagonist cycle and 93 with HMG added after GnRH antagonist administration) and 107 cycles receiving r-FSH alone were analyzed. The dynamic hormone profiles and embryonic and clinical outcomes of the patients were evaluated. Results We observed significantly lower serum LH levels in the r-FSH + HMG groups during ovarian stimulation. The serum estradiol and progesterone levels were lower in the r-FSH + HMG groups on the trigger day. Nevertheless, there were no significant differences with respect to the number of oocytes retrieved, maturation, fertilization, blastocyst formation rate or ovarian hyperstimulation syndrome (OHSS). The implantation and live birth rates were increased in the r-FSH + HMG groups compared with the r-FSH alone group, with no statistical significance. Conclusions HMG for LH supplementation in the GnRH antagonist protocol for patients with high AMH is not significantly superior to r-FSH alone in terms of ovarian response and pregnancy outcome. Nevertheless, HMG supplementation might be appropriate for women with an initially inadequate response to r-FSH or intracycle LH deficiency.

Fluctuations in the numbers of visitors directly affect the rates of return on tourism business activities. Therefore, maintaining a firm grasp of the relationship between the changes in the numbers of Chinese tourists and international travellers visiting Taiwan is conducive to the formulation of an effective and practical tourism strategy. Although the topic of international visitors to Taiwan is important, existing research has discussed the issue of the travel demand between Chinese tourists and international travellers visiting Taiwan. This paper is the first to examine the spillover effects between the rate of change in the numbers of Chinese tourist arrivals and the rate of change in the numbers of international traveller arrivals. Using daily data for Chinese tourists and international travellers visiting Taiwan over the period from 1 January 2014 to 31 October 2016, together with the Diagonal BEKK model, the paper analyses the co-volatility spillover effects between the rate of change in the numbers of international travellers and the rate of change in the numbers of Chinese tourists visiting Taiwan. The empirical results show that there is no dependency relationship between the rate of change in the numbers of Chinese tourists and the rate of change in the numbers of international travellers visiting Taiwan. However, there is a significant negative co-volatility spillover effect between the rate of change in the numbers of Chinese tourists and the rate of change in the numbers of international travellers. The empirical findings suggest that Taiwan should abandon its development strategy of focusing only on a single market, namely China, and to be pro-active in encouraging visits by international travellers to Taiwan for sightseeing purposes, thereby increasing the willingness of international travellers to visit Taiwan. Moreover, with the reduction in the numbers of Chinese tour groups visiting Taiwan, and increases in the numbers of individual travellers, the Taiwan Government should change its previous travel policies of mainly attracting Chinese tour group travellers and actively promoting in-depth tourism among international tourists, by developing tourism that focuses on the special characteristics of different localities. In this way, the government can enhance the quality of Taiwan’s tourism, and also attract travellers with high spending power.

Subjective wellbeing maximization is a possible goal of government or public policies, and it is often considered the goal of individual life. This paper proposes an estimation using the Wellbeing Valuation Approach (WVA) to estimate the monetized effect of trust in government. Using a cross-country panel data set for 97 countries in the period from 2011 to 2019, we arrive at three main findings. First, there is a positive relationship between trust in national government and average life satisfaction. Second, trust in the national government has a global median value of Intl$ 5649 per person a year in foregone income. Third, trust affects life satisfaction directly as well as indirectly through per capita GDP. This indirect effect is considered relatively small compared to the direct effect, being approximately six times smaller. This study contributes to the policy evaluation literature by providing an evaluation of trust in government to be used as a proxy to plan future investment or policy assessment.

Objective: Despite the great advance of assisted reproductive technology (ART) in recent decades, many IVF patients failed to achieve a pregnancy even after multiple IVF-ET attempts. These patients are considered to have repeated implantation failure (RIF). While exhausting efforts have been devoted to the improvement of pregnancy rate in RIF patients, it is not clear whether RIF patients have aberrant obstetric or perinatal outcomes after they eventually achieved a pregnancy. Materials and methods: Taking advantage of a relatively large database of IVF-ET cycles at the Chang Gung Memorial Hospital, we compared obstetric and perinatal outcomes of RIF patients who have a successful pregnancy after IVF-ET treatment(s) to those of control IVF-ET patients. Results: Because multiple pregnancies are associated with a high risk of obstetric complications, we restricted the analysis to patients who had singleton pregnancies. Analysis of a total of 596 control and 46 RIF cases showed the rates of almost all obstetric and perinatal outcomes investigated are not different between the two groups. However, the rate of placental abruption in the RIF group (4.35%) appeared to be significantly higher than that of controls (0.50%; OR = 8.99). This difference is still statistically significant after adjustment with the age (adjusted OR = 8.2). Conclusion: While the rates of a spectrum of obstetric and perinatal outcomes are normal in RIF patients, these patients could have an enhanced risk of placental abruption. However, investigations with a large sample size are needed to substantiate this inference. Keywords: RIF, Repeated implantation failure, Placental abruption, IVF, Embryo transfer

The purpose of the paper is to establish national carbon emissions prices for the People's Republic of China, which is one of the world's largest producers of carbon emissions. Several measures have been undertaken to address climate change in China, including the establishment of a carbon trading system. Since 2013, eight regional carbon emissions markets have been established, namely Beijing, Shanghai, Guangdong, Shenzhen, Tianjin, Chongqing, Hubei and Fujian. The Central Government announced a national carbon emissions market, with power generation as the first industry to be considered. However, as carbon emissions prices in the eight regional markets are very different, for a variety of administrative reasons, it is essential to create a procedure for establishing a national carbon emissions price. The regional markets are pioneers, and their experience will play important roles in establishing a national carbon emissions market, with national prices based on regional prices, turnovers and volumes. The paper considers two sources of regional data for China's carbon allowances, which are based on primary and secondary data sources, and compares their relative strengths and weaknesses. The paper establishes national carbon emissions prices based on the primary and secondary regional prices, for the first time, and compares both national prices and regional prices against each other. The carbon emission prices in Hubei, Guangdong, Shenzhen and Tianjin are highly correlated with the national prices based on the primary and secondary sources. Establishing national carbon emissions prices should be very helpful for the national carbon emissions market that is under construction in China, as well as for other regions and countries worldwide. For purposes of establishing a single indicative price for carbon emissions in China, the empirical results suggest that the Arithmetic Mean of the National Primary and Secondary prices leads to the optimal prices for carbon emissions in China.

Polycystic ovary syndrome (PCOS) is a disorder characterized by hyperandrogenism, oligo- or anovulation, and/or polycystic ovary. It frequently presents with dyslipidemia and insulin resistance. Recent studies have shown that the white adipose tissue-derived asprosin is elevated in humans with insulin resistance. Because many PCOS patients have a propensity to develop dyslipidemia and/or insulin resistance, asprosin metabolism could be dysregulated in PCOS patients. Accordingly, we investigated serum levels of asprosin, irisin, GIP, androgens, LH, glucose, insulin, and lipids as well as HOMA-IR, QUICKI and ISI Matsuda in a cohort of 444 PCOS patients and 156 controls. Patients were stratified based on metabolic syndrome risk factors (ATPIII [+] and [−] groups), or BMI (overweight and lean groups). The irisin level was significantly correlated with body weight, SBP, DBP, Ferriman–Gallwey score, and levels of TSH, triglycerides, glucose and insulin in the overall population, and was elevated in ATPIII(+) and overweight PCOS patients compared to corresponding controls. By contrast, asprosin levels in PCOS, ATPIII(+), or overweight patients were similar to those of corresponding controls. This finding indicated that the regulation of irisin, but not asprosin, metabolism is abnormal in PCOS patients, and this metabolic characteristic is distinctly different from that of diabetes patients.

This paper attempts to find the factors that affect the number of cases and deaths of coronavirus disease 2019 (COVID-19) patients a year after the first outbreak in Wuhan, China. There were 141 countries affected with COVID-19 involved in the study. Countries were grouped based on population. Using ordinary least squares regression, it was found that the total number of cases and deaths were significantly related with the levels of population of the different countries. On the overall, median age of the country, and average temperature are positively related with the number of deaths from the virus. On the other hand, population density is positively related with the deaths due to COVID for low populated countries. The result of this preliminary study can be used as a benchmark for authorities in the formulation of policies with regards to treating COVID-19 related issues.

This paper presents new evidence linking community characteristics and generalized trust, based on the most up to date national-level data from the Quality of Life Under the Sufficiency Economy Survey 2018 conducted by the National Statistical Office of Thailand. We measure generalized trust using the expectation approach based on the difference hypothesis situation questions, including whether a lost wallet or other possessions are likely to be returned, and whether items will be stolen if people leave their house's door unlocked. Our results suggest that the level of trust depends on how close people in communities feel towards each other and whether a member of family takes part in civic engagement. Also, we find that participation in knowledge sharing ideas activity such as community meetings or any type of sharing ideas activity can positively impact trust.

The SARS-CoV-2 virus that causes the COVID-19 disease is now fully entrenched in the international community, and has devastated society in what might seem to be a parallel universe. The long-term medical, physical, psychological, economic and financial consequences for continents, countries, regions, states, provinces, prefectures, cities, and individuals is not yet known, but the short-term effects do not seem promising or encouraging. One of the most heavily affected industries by COVID-19 is the international travel, tourism demand and hospitality industry, which was one of the world’s largest sources of full-time and casual employment in the pre-COVID-19 era. The future of tourism in the COVID-19 era is presently unknown, but substantial research is required to evaluate how the industry might recover and survive in a new-normal COVID-19 world. The paper presents a discussion of the future of tourism, travel, and hospitality in the time of COVID-19 as a contribution to the industry. The paper presents a discussion of the future of tourism, travel, and hospitality industry. Public and private policy considerations include significant contingent planning to accommodate travel plans and restrictions, personal protection equipment, medical and healthcare requirements, major events, short, medium and long haul domestic and international travel by air and sea, public versus private transportation, hotel accommodation, alternative forms of payment and pre-payment, changes in the tourism and transport industries, changes in tourist behaviour, and potential structural changes.

This Editorial evaluates 14 invaluable and interesting articles in the Special Issue “Applied Econometrics” for the Journal of Risk and Financial Management (JRFM). The topics covered include recovering historical inflation data from postage stamps prices, FHA loans in foreclosure proceedings through distinguishing sources of interdependence in competing risks, information in earnings forecasts, nonlinear time series modeling, a systemic approach to management control through determining factors, economic freedom and FDI versus economic growth, efficient cash use of the Taiwan dollar, financial health prediction in companies from post-Communist countries, influence of misery index on U.S. Presidential political elections, multivariate student versus Gaussian regression models in finance, financial derivatives markets and economic development, income inequality and economic growth in middle-income countries, abnormal returns, mis-measured risk, network effects, and risk spillovers in stock returns.

It is generally accepted in the scientific community that carbon dioxide (CO2) emissions, which lead to global warming, arise from using fossil fuels, namely coal, oil and gas, as energy sources. Consequently, alleviating the effects of global warming and climate change necessitates substantial reductions in the use of fossil fuel energy. This paper uses a financial market-based approach to investigate whether positive stock returns cause changes in CO2 emissions, or vice-versa, based on the Granger causality test to determine cause and effect, or leader and follower. If Granger causality can be determined in any direction, this will enable a clear directional statement regarding temporal predictability between stock returns and CO2 emissions. The empirical data include annual CO2 emissions from fuel combustion of the three main fossil energy sources, namely coal, oil and gas, based on 18 countries with sophisticated financial markets that are in the Morgan Stanley Capital International (MSCI) World Index from 1971 to 2017. The empirical results show clearly that all the statistically significant causality findings are unidirectional from the stock market returns to CO2 emissions from coal, oil and gas, but not the reverse. More importantly, the regression results suggest that when stock returns rise by 1%, CO2 emissions from coal combustion decrease by 9% among the countries that are included in MSCI World Index. Furthermore, when stock returns rise 1%, CO2 emissions from oil combustion increase by 2%, but stock returns have no significant effect on CO2 emissions from gas combustion.

The SARS-CoV-2 virus that causes the COVID-19 disease is highly infectious and contagious. The long-term consequences for individuals are as yet unknown, while the long-term effects on the international community will be dramatic. COVID-19 has changed the world forever in every imaginable respect and has impacted heavily on the international travel, tourism demand, and hospitality industry, which is one of the world’s largest employers and is highly sensitive to significant shocks like the COVID-19 pandemic. It is essential to investigate how the industry will recover after COVID-19 and how the industry can be made sustainable in a dramatically changed world. This paper presents a charter for tourism, travel, and hospitality after COVID-19 as a contribution to the industry.

Given the volume of research and discussion on the health, medical, economic, financial, political, and travel advisory aspects of the SARS-CoV-2 virus that causes the COVID-19 disease, it is essential to enquire if an outbreak of the epidemic might have been anticipated, given the well-documented history of SARS and MERS, among other infectious diseases. If various issues directly related to health security risks could have been predicted accurately, public health and medical contingency plans might have been prepared and activated in advance of an epidemic such as COVID-19. This paper evaluates an important source of health security, the Global Health Security Index (2019), which provided data before the discovery of COVID-19 in December 2019. Therefore, it is possible to evaluate how countries might have been prepared for a global epidemic, or pandemic, and acted accordingly in an effective and timely manner. The GHS index numerical scores are calculated as the arithmetic (AM), geometric (GM), and harmonic (HM) means of six categories, where AM uses equal weights for each category. The GHS Index scores are regressed on the numerical score rankings of the six categories to check if the use of equal weights of 0.167 in the calculation of the GHS Index using AM is justified, with GM and HM providing a check of the robustness of the arithmetic mean. The highest weights are determined to be around 0.244&ndash, 0.246, while the lowest weights are around 0.186&ndash, 0.187 for AM. The ordinal GHS Index is regressed on the ordinal rankings of the six categories to check for the optimal weights in the calculation of the ordinal Global Health Security (GHS) Index, where the highest weight is 0.368, while the lowest is 0.142, so the estimated results are wider apart than for the numerical score rankings. Overall, Rapid Response and Detection and Reporting have the largest impacts on the GHS Index score, whereas Risk Environment and Prevention have the smallest effects. The quantitative and qualitative results are different when GM and HM are used.

The SARS-CoV-2 coronavirus that causes the COVID-19 disease led to the most significant change in the world order over the past century, destabilizing the global economy and financial stock markets, the world’s economy, social development, business, risk, financial management and financial markets, among others. COVID-19 has generated great uncertainty, and dramatically affected tourism, travel, hospitality, supply chains, consumption, production, operations, valuations, security, financial stress and the prices of all products, including fossil fuel and renewable energy sources. This Editorial introduces a Special Issue of the Journal of Risk and Financial Management (JRFM) on the “Risk and Financial Management of COVID-19 in Business, Economics and Finance”. This Special Issue will attract practical, state-of-the-art applications of mathematics, probability and statistical techniques on the topic, including empirical applications. This paper investigates important issues that have been discussed in tourism, global health security and risk management in business as well as the social and medical sciences.

The paper explores the trade competitiveness of seven major shrimp-exporting countries, namely Vietnam, China, Thailand, Ecuador, India, Indonesia and Mexico, to the United States. Specifically, we investigate whether the US antidumping petitions have an impact on the bilateral revealed comparative advantage (RCA) indexes for each of the seven shrimp-exporting countries with the United States. Monthly data from January 2003 to December 2014 and a panel data model are used to examine the determinants of the RCA for the shrimp-exporting countries. The empirical results show the shrimp-exporting countries have superior competitiveness against the shrimp market in the United States. Moreover, the RCA indexes are significantly negatively influenced by shrimp prices, and are positively affected by US income per capita. However, the EMS (Early Mortality Syndrome) shrimp disease, domestic US shrimp quantity, exchange rates and US antidumping laws are found to have no significant impacts on the RCA indexes. In terms of policy implications, the United States should try to reduce production costs of shrimp in the US market instead of imposing antidumping petitions. Moreover, the shrimp-exporting countries should try to maintain their comparative advantage and diversify into new markets.

The number of homebound and bedridden elderly has been increasing in Thailand, as the aging population rapidly grows and rates of chronic diseases increase. However, decreasing family size may reflect a decline in the ability of families to provide care. Society, as a result, enhances the need for long-term care (LTC) policy to provide home care and social support for the homebound and bedridden elderly. This paper examines how care-receipt satisfaction in LTC impacts the homebound and bedridden elderly's overall happiness, using a two-year panel of 279 individuals from the Thai Health Promotion Foundation dataset. We use the pooled two-stage least square (Pooled-2SLS) model and random effect two-stage least square (RE-2SLS) model to control the endogeneity problem. The empirical results show that care-receipt satisfaction on LTC service can generate a positive impact on the overall happiness of the homebound and bedridden elderly.

Objective Although major advances have greatly improved the outcomes of assisted reproductive technology in the last two cascades, there remains significant difficulty in achieving pregnancy for many patients even after repeated attempts of IVF. Interestingly, recent studies have shown that transcutaneous electrical acupoint stimulation (TEAS) can improve the reproductive outcomes of select IVF patients. To determine the utility of TEAS in improving IVF outcomes in patients with a history of implantation failure, we conducted a retrospective study of clinical outcomes of women, who had a prior history of unsuccessful pregnancy outcome after IVF-embryo transfer (IVF-ET), following TEAS treatment. Materials and methods A total of 25 patients, who had failed to conceive after multiple IVF cycles in which good embryos were transferred, received noninvasive low frequency TEAS treatment prior to and during an IVF-ET cycle. The clinical outcomes, including biochemical pregnancy rate, clinical pregnancy rate and implantation rate, were compared to those of prior cycles which received only standard IVF treatment. Results Analysis of reproductive outcomes showed that implantation rate and clinical pregnancy rate increased significantly in IVF cycles that included the TEAS treatment when compared to prior cycles that received only the standard IVF treatment in this cohort of patients. Conclusions This surprising finding indicated that TEAS treatment is a promising technique to improve reproductive outcomes in difficult cases of IVF-ET. Because TEAS treatment is noninvasive and has high reproducibility, and can be applied with limited training, further refinement of this procedure would not only substantiate the beneficial effects of TEAS, but also allow the technique to be more effective and reproducible.

Alzheimer’s disease (AD) is one of the most prevalent severe neurological disorders afflicting our aged population. The study was to determine neuroprotective effects of the Terminalia chebula extracts and ellagic acid by using beta-amyloid25-35 (Ab25-35)-induced cell cytotoxicity in undifferentiated rat pheochromocytoma (PC12) cellular model. The methanolic and water extracts of T. chebula and ellagic acid exhibited the strongest neuroprotective activity against Ab25-35-induced undifferentiated PC12 cell deaths at 0.5–5.0 ug/ml. The ellagic acid also exhibited the partial neuroprotective activity against H2O2-induced undifferentiated PC12 cell deaths at 0.5–5.0 ug/ml. The methanolic and water extracts of T. chebula and ellagic acid protected undifferentiated PC12 cells from the damaging effects of Ab25-35 in several ways: (1) by securing cell viability; (2) by suppressing reactive oxygen species production; and (3) by eliminating calcium ion influx. The T. chebula extracts maybe represent a promising plant-source for medicine in the application of the treatment of AD. Further investigation of the ellagic acid is necessary to verify the neuroprotective efficacy and mechanisms in vivo.

Climate change and global warming are significantly affected by carbon emissions that arise from the burning of fossil fuels, specifically coal, oil, and gas. Accurate prices are essential for the purposes of measuring, capturing, storing, and trading in carbon emissions at regional, national, and international levels, especially as carbon emissions can be taxed appropriately when the price is known and widely accepted. This paper uses a novel Capital (K), Labor (L), Energy (E) and Materials (M) (or KLEM) production function approach to calculate the latent carbon emission prices, where carbon emission is the output and capital (K), labor (L), energy (E) (or electricity), and materials (M) are the inputs for the production process. The variables K, L, and M are essentially fixed on a daily or monthly basis, whereas E can be changed more frequently, such as daily or monthly, so that changes in carbon emissions depend on changes in E. If prices are assumed to depend on the average cost pricing, the prices of carbon emissions and energy may be approximated by an energy production model with a constant factor of proportionality, so that carbon emission prices are a function of energy prices. Using this novel modeling approach, this paper estimates the carbon emission prices for Japan using seasonally adjusted and unadjusted monthly data on the volumes of carbon emissions and energy, as well as energy prices, from December 2008 to April 2018. The econometric models show that, as sources of electricity, the logarithms of coal and oil, though not Liquefied Natural Gas (LNG,) are statistically significant in explaining the logarithm of carbon emissions, with oil being more significant than coal. The models generally displayed a high power in predicting the latent prices of carbon emissions. The usefulness of the empirical findings suggest that the methodology can also be applied for other countries where carbon emission prices are latent.

The agricultural and energy industries are closely related, both biologically and financially. The paper discusses the relationship and the interactions on price and volatility, and on the covolatility spillover effects for these two industries. The interaction and covolatility spillovers, or the delayed effect of a returns shock in one asset on the subsequent volatility or covolatility in another asset, between the energy and agricultural industries is the primary emphasis of the paper. Although there has already been significant research on biofuel and biofuel-related crops, only a few published papers have been concerned with volatility spillovers. It must be emphasized that there have been numerous technical errors in the theoretical and empirical research, which need to be addressed. The paper considers futures prices as a widely-used hedging instrument, and also considers an interesting new hedging instrument, ETF, which is regarded as index futures when investors manage their portfolios. In the empirical analysis, multivariate conditional volatility diagonal BEKK models are estimated for comparing patterns of covolatility spillovers. The paper provides a new way of analyzing and describing the patterns of covolatility spillovers, which should be useful for the future empirical analysis of estimating and testing covolatility spillover effects.

The main purpose of the paper is to analyze the conditional correlations, conditional covariances, and co-volatility spillovers between international crude oil and associated financial markets. The prices of oil and its interactions with financial markets make it possible to determine the associated prices of financial derivatives, such as carbon emission prices. The approach taken in the paper is different from others in the literature; the purpose is to examine the usefulness of modeling and testing volatility spillovers in the oil and financial markets. The paper investigates co-volatility spillovers (namely, the delayed effect of a returns shock in one physical or financial asset on the subsequent volatility or co-volatility in another physical or financial asset) between the oil and financial markets. The oil industry has four major regions, namely North Sea, the USA, Middle East, and South-East Asia. Associated with these regions are two major financial centers, namely the UK and the USA. For these reasons, the data to be used are the returns on alternative crude oil markets, returns on crude oil derivatives, specifically futures, and stock index returns in the UK and the USA. Given the importance of the Chinese financial and economic systems, the paper also analyzes Chinese financial markets, where the data are more recent. The USA and China are the world's two largest economies and the UK is the world's sixth largest economy (and second in the existing EU) behind the USA, China, Japan, Germany, and India. Moreover, the USA and the UK are associated with WTI and Brent oil, respectively. One of the purposes of the paper is to examine how China might be different from the USA and the UK, which seems to be borne out in the empirical analysis. Based on the conditional covariances to test the co-volatility spillovers, dynamic hedging strategies will be suggested to analyze market fluctuations in crude oil prices and associated financial markets.

Background Three-dimensional joint kinematics during canine locomotion are commonly measured using skin marker-based stereophotogrammetry technologies. However, marker-related errors caused by the displacement of the skin surface relative to the underlying bones (i.e., soft tissue artifacts, STA) may affect the accuracy of the measurements and obscure clinically relevant information. Few studies have assessed STA in canine limbs during kinematic analysis. The magnitudes and patterns of the STA and their influence on kinematic analysis remain unclear. Therefore, the current study aims to quantify the in vivo STA of skin markers on the canine thigh and crus during passive joint motion. The stifle joints of ten dogs were passively extended while the skin markers were measured using a motion capture system, and skeletal kinematics were determined using a CT-to-fluoroscopic image registration method. Results The skin markers exhibited considerable STA relative to the underlying bones, with a peak amplitude of 27.4 mm for thigh markers and 28.7 mm for crus markers; however, the amplitudes and displacement directions at different attachment sites were inconsistent. The markers on the cranial thigh and lateral crus closer to the stifle joint had greater STA amplitudes in comparison to those of other markers. Most markers had STA with linear and quadratic patterns against the stifle flexion angles. These STA resulted in underestimated flexion angles but overestimated adduction and internal rotation when the stifle was flexed to greater than 90°. Conclusions Marker displacements relative to the underlying bones were prominent in the cranial aspect of the thigh and the proximal-lateral aspect of the crus. The calculated stifle kinematic variables were also affected by the STA. These findings can provide a reference for marker selection in canine motion analysis for similar motion tasks and clarify the relationship between STA patterns and stifle kinematics; the results may therefore contribute to the development of STA models and compensation techniques for canine motion analysis. Electronic supplementary material The online version of this article (10.1186/s12917-018-1714-7) contains supplementary material, which is available to authorized users.

Environmental change created worldwide interest in investing in renewable energy. Less reliance on fossil fuels would have a substantial influence on investors for alternative energy, especially renewable energy. The literature has concentrated on empirical studies of herding behaviour in finance, but not in renewable energy. This paper fills the gap by investigating herding in renewable energy, using daily closing prices in renewable and fossil fuel energy stock returns in the USA, Europe, and Asia, for March 24, 2000–May 29, 2020, which covers the Global Financial Crisis (GFC) (2007–2009), the coronavirus crises of SARS (2003). And the ongoing COVID-19 (2019–2020) pandemic. The paper shows that: (1) for low extreme oil returns, investors are more likely to display herding in the stock market; (2) for SARS and COVID-19, herding is more likely during extremely high oil returns after the GFC; and (3) herding is more likely during periods of extremely low oil returns during the coronavirus crises. These results suggest that after the GFC, investors are more sensitive to asset losses, so they will be more likely to display herding in the stock market. However, during SARS and COVID-19, investors panic so they may unwisely sell their assets. There are strong cross-sector herding spillover effects from US fossil fuel energy to renewable energy, especially before the GFC, while the US fossil fuel energy market has a significant influence on the Europe and Asia renewable energy returns during COVID-19. During SARS, which was not a pandemic, US fossil fuels only had an impact on US renewable energy returns., Highlights • Environmental change has led to investing in renewable energy as an alternative to fossil fuels. • The literature has concentrated on herding behaviour in finance, but not in renewable energy, so this paper investigates herding in renewable energy for the USA, Europe, and Asia, for the period March 24, 2000–May 29, 2020 that covers the GFC, SARS, and COVID-19. • For (1) low extreme oil returns, herding is more likely in the stock market; (2) SARS and COVID-19, herding is more likely during extremely high oil returns after the GFC; and (3) extremely low oil returns during SARS and COVID-19, herding is more likely. • After the GFC, investors are more likely to display herding in the stock market but, during SARS and COVID-19, investors may unwisely sell their assets. • There are strong cross-sector herding spillover effects from US fossil fuel energy to renewable energy, especially before the GFC.

Purpose – Both journal self-citations and exchanged citations have the effect of increasing a journal’s impact factor, which may be deceptive. The purpose of this paper is to analyse academic journal quality and research impact using quality-weighted citations vs total citations, based on the widely used Thomson Reuters ISI Web of Science citations database (ISI). A new Index of Citations Quality (ICQ) is presented, based on quality-weighted citations. Design/methodology/approach – The new index is used to analyse the leading 500 journals in both the sciences and social sciences, as well as finance and accounting, using quantifiable Research Assessment Measures (RAMs) that are based on alternative transformations of citations. Findings – It is shown that ICQ is a useful additional measure to 2-year impact factor (2YIF) and other well-known RAMs for the purpose of evaluating the impact and quality, as well as ranking, of journals as it contains information that has very low correlations with the information contained in the well-known RAMs for both the sciences and social sciences, and finance and accounting. Practical implications – Journals can, and do, inflate the number of citations through self-citation practices, which may be coercive. Another method for distorting journal impact is through a set of journals agreeing to cite each other, that is, by exchanging citations. This may be less coercive than self-citations, but is nonetheless unprofessional and distortionary. Social implications – The premise underlying the use of citations data is that higher quality journals generally have a higher number of citations. The impact of citations can be distorted in a number of ways, both consciously and unconsciously. Originality/value – Regardless of whether self-citations arise through collusive practices, the increase in citations will affect both 2YIF and 5-year impact factor (5YIF), though not Eigenfactor and Article Influence. This leads to an ICQ, where a higher ICQ would generally be preferred to lower. Unlike 5YIF, which is increased by journal self-citations and exchanged citations, and Eigenfactor and Article Influence, both of which are affected by quality-weighted exchanged citations, ICQ will be less affected by exchanged citations. In the absence of any empirical evidence to the contrary, 5YIF and AI are assumed to be affected similarly by exchanged citations.

Osteoarthritis (OA) is a common and disabling joint disease mainly characterized by cartilage degradation, with the knees most commonly affected. No effective treatment for the cartilage degradation of OA exists. Preliminary studies have revealed the protective and osteogenic effects of osthole, a natural coumarin first isolated from Cnidium monnieri (Fructus Cnidii); however, no evidence of osthole in an OA-related model has been published to date. This study further explored the effects of osthole in a monoiodoacetate (MIA)-induced OA-related animal model and focused on the molecular mechanism(s) behind the anti-inflammatory and cartilage protective effects of osthole. This study revealed that the cartilage protective effect of osthole in a MIA-induced osteoarthritis (OA) murine model can be explained by downregulation of COX-2 and RUNX2 by inhibition of NF-κB and HIF-2α up-regulated by OA induction, resulting in downregulation of MMP-13, Syndecan IV and ADAMTS-5. In addition, osthole might have anti-inflammatory and analgesic effects due to COX-2 inhibition. Osthole can be considered as a potential component of the treatment of OA, for it possesses a cartilage protective effect, as well as anti-inflammation, analgesic, and movement improving effects. Further preclinical and human clinical studies are needed to examine the efficacy and safety profile of long-term therapy.

This paper is the first to investigate the effect of industrial penetration (geographic concentration of industries) and internet intensity (the proportion of enterprises that uses the internet) for Taiwan manufacturing firms, and analyses whether the relationships are substitutes or complements. The sample observations are based on a unique set of data, namely 153,081 manufacturing plants, and covers 26 two-digit industry categories and 358 geographical townships in Taiwan. The Heckman sample selection model is used to accommodate sample selectivity for unobservable data for firms that use the internet. The empirical results from Heckman’s two-stage estimation show that: (1) a higher degree of industrial penetration will not affect the probability that firms will use the internet, but it will affect the total expenditure on internet intensity; (2) for two-digit SIC (Standard Industrial Classification) industries, industrial penetration generally decreases the total expenditure on internet intensity; and, (3) industrial penetration and internet intensity are substitutes.

This paper provides a review of some connecting literature in Decision Sciences, Economics, Finance, Business, Computing, and Big Data. We then discuss some research that is related to the six cognate disciplines. Academics could develop theoretical models and subsequent econometric and statistical models to estimate the parameters in the associated models. Moreover, they could then conduct simulations to examine whether the estimators or statistics in the new theories on estimation and hypothesis have small size and high power. Thereafter, academics and practitioners could then apply their theories to analyze interesting problems and issues in the six disciplines and other cognate areas.

The paper provides a review of the literature that connects Big Data, Computational Science, Economics, Finance, Marketing, Management, and Psychology, and discusses research issues that are related to the various disciplines. Academics could develop theoretical models and subsequent econometric and statistical models to estimate the parameters in the associated models, as well as conduct simulation to examine whether the estimators in their theories on estimation and hypothesis testing have good size and high power. Thereafter, academics and practitioners could apply theory to analyse some interesting issues in the seven disciplines and cognate areas.

The purpose of the paper is to provide a clear mechanism for determining carbon emissions pricing in China as a guide to how carbon emissions might be mitigated to reduce fossil fuel pollution. The Chinese Government has promoted the development of clean energy, including hydroelectric power, wind power, and solar energy generation. In order to involve companies in carbon emissions control, a series of regional and provincial carbon markets have been established since 2013. Since China’s carbon market was established in 2013 and mainly run domestically, and not necessarily using market principles, there has been almost no research on China’s carbon price and volatility. This paper provides an introduction to China’s regional and provincial carbon markets, proposes how to establish a national market for pricing carbon emissions, discusses how and when these markets might be established, how they might perform, and the subsequent prices for China’s regional and national carbon markets. Power generation in manufacturing consumes more than other industries, with more than 40% of total coal consumption. Apart from manufacturing, the northern China heating system also relies on fossil fuels, mainly coal, which causes serious pollution. In order to understand the regional markets well, it is necessary to analyze the energy structure in these regions. Coal is the primary energy source in China, so that provinces that rely heavily on coal receive a greater number of carbon emissions permits from the Chinese Government. In order to establish a national carbon market for China, a detailed analysis of eight important regional markets will be presented. The four largest energy markets, namely Guangdong, Shanghai, Shenzhen and Hubei, traded around 82% of the total volume and 85% of the total value of the seven markets in 2017, as the industry structure of the western area is different from that of the eastern area. The China National Development and Reform Commission has proposed a national carbon market, which can attract investors and companies to participate in carbon emissions trading. This important issue will be investigated in the paper.

The purpose of the paper is to examine latent volatility Granger causality for four renewable energy Exchange Traded Funds (ETFs) and crude oil ETF (USO), namely solar (TAN), wind (FAN), water (PIO), and nuclear (NLR). Data on the renewable energy and crude oil ETFs are from 18 June 2008 to 20 March 2017. From the underlying stochastic process of a vector random coefficient autoregressive (VRCAR) process for the shocks of returns, we derive Latent Volatility Granger causality from the Diagonal BEKK multivariate conditional volatility model. We follow Chang et al. (2015)’s definition of the co-volatility spillovers of shocks, which calculate the delayed effect of a returns shock in one asset on the subsequent volatility or co-volatility in another asset, and extend the effects of the co-volatility spillovers of shocks to the effects of the co-volatility spillovers of squared shocks. The empirical results show there are significant positive latent volatility Granger causality relationships between solar (TAN), wind (FAN), nuclear (NLR), and crude oil (USO) ETFs, specifically significant volatility spillovers of shocks from solar ETF on the subsequent wind ETF co-volatility with solar ETF, and wind ETF on the subsequent solar ETF co-volatility with wind ETF. Interestingly, there are significant volatility spillovers of squared shocks for the renewable energy ETFs, but not with crude oil ETFs.

The purpose of the paper is to establish national carbon emissions prices for the People’s Republic of China, which is one of the world’s largest producers of carbon emissions. Several measures have been undertaken to address climate change in China, including the establishment of a carbon trading system. Since 2013, eight regional carbon emissions markets have been established, namely Beijing, Shanghai, Guangdong, Shenzhen, Tianjin, Chongqing, Hubei and Fujian. The Central Government announced a national carbon emissions market, with power generation as the first industry to be considered. However, as carbon emissions prices in the eight regional markets are very different, for a variety of administrative reasons, it is essential to create a procedure for establishing a national carbon emissions price. The regional markets are pioneers, and their experience will play important roles in establishing a national carbon emissions market, with national prices based on regional prices, turnovers and volumes. The paper considers two sources of regional data for China’s carbon allowances, which are based on primary and secondary data sources, and compares their relative strengths and weaknesses. The paper establishes national carbon emissions prices based on the primary and secondary regional prices, for the first time, and compares both national prices and regional prices against each other. The carbon emission prices in Hubei, Guangdong, Shenzhen and Tianjin are highly correlated with the national prices based on the primary and secondary sources. Establishing national carbon emissions prices should be very helpful for the national carbon emissions market that is under construction in China, as well as for other regions and countries worldwide.

Fluctuations in the numbers of visitors directly affect the rates of return on tourism business activities. Therefore, maintaining a firm grasp of the relationship between the changes in the numbers of Chinese tourists and international travellers visiting Taiwan is conducive to the formulation of an effective and practical tourism strategy. Although the topic of international visitors to Taiwan is important, existing research has discussed the issue of the travel demand between Chinese tourists and international travellers visiting Taiwan. This paper is the first to examine the spillover effects between the rate of change in the numbers of Chinese tourist arrivals and the rate of change in the numbers of international traveller arrivals. Using daily data for Chinese tourists and international travellers visiting Taiwan over the period from 1 January 2014 to 31 October 2016, together with the Diagonal BEKK model, the paper analyses the co-volatility spillover effects between the rate of change in the numbers of international travellers and the rate of change in the numbers of Chinese tourists visiting Taiwan. The empirical results show that there is no dependency relationship between the rate of change in the numbers of Chinese tourists and the rate of change in the numbers of international travellers visiting Taiwan. However, there is a significant negative co-volatility spillover effect between the rate of change in the numbers of Chinese tourists and the rate of change in the numbers of international travellers. The empirical findings suggest that Taiwan should abandon its development strategy of focusing only on a single market, namely China, and to be pro-active in encouraging visits by international travellers to Taiwan for sightseeing purposes, thereby increasing the willingness of international travellers to visit Taiwan. Moreover, with the reduction in the numbers of Chinese tour groups visiting Taiwan, and increases in the numbers of individual travellers, the Taiwan Government should change its previous travel policies of mainly attracting Chinese tour group travellers and actively promoting in-depth tourism among international tourists, by developing tourism that focuses on the special characteristics of different localities. In this way, the government can enhance the quality of Taiwan’s tourism, and also attract travellers with high spending power.

It is well known that that there is an intrinsic link between the financial and energy sectors, which can be analyzed through their spillover effects, which are measures of how the shocks to returns in different assets affect each other’s subsequent volatility in both spot and futures markets. Financial derivatives, which are not only highly representative of the underlying indices, but can also be traded on both the spot and futures markets, include Exchange Traded Funds (ETFs), a tradable spot index whose aim is to replicate the return of an underlying benchmark index. When ETF futures are not available to examine spillover effects, “generated regressors” are useful for constructing both Financial ETF futures and Energy ETF futures. The purpose of the paper is to investigate the co-volatility spillovers within and across the US energy and financial sectors in both spot and futures markets, by using “generated regressors” and a multivariate conditional volatility model, namely Diagonal BEKK. The daily data used are from 1998/12/23 to 2016/4/22. The data set is analyzed in its entirety, and are also subdivided into three distinct subsets. The empirical results show there is a significant relationship between the Financial ETF and Energy ETF in the spot and futures markets. Therefore, financial and energy ETFs are suitable for constructing a financial portfolio from an optimal risk management perspective, and also for dynamic hedging purposes.

Ventilator-associated pneumonia (VAP) still lacks a rapid diagnostic strategy. This study proposes installing a nose-on-a-chip at the proximal end of an expiratory circuit of a ventilator to monitor and to detect metabolite of pneumonia in the early stage. The nose-on-a-chip was designed and fabricated in a 90-nm 1P9M CMOS technology in order to downsize the gas detection system. The chip has eight on-chip sensors, an adaptive interface, a successive approximation analog-to-digital converter (SAR ADC), a learning kernel of continuous restricted Boltzmann machine (CRBM), and a RISC-core with low-voltage SRAM. The functionality of VAP identification was verified using clinical data. In total, 76 samples infected with pneumonia (19 Klebsiella, 25 Pseudomonas aeruginosa, 16 Staphylococcus aureus, and 16 Candida) and 41 uninfected samples were collected as the experimental group and the control group, respectively. The results revealed a very high VAP identification rate at 94.06% for identifying healthy and infected patients. A 100% accuracy to identify the microorganisms of Klebsiella, Pseudomonas aeruginosa, Staphylococcus aureus, and Candida from VAP infected patients was achieved. This chip only consumes 1.27 mW at a 0.5 V supply voltage. This work provides a promising solution for the long-term unresolved rapid VAP diagnostic problem.

Recent research shows that the efforts to limit climate change should focus on reducing the emissions of carbon dioxide over other greenhouse gases or air pollutants. Many countries are paying substantial attention to carbon emissions to improve air quality and public health. The largest source of carbon emissions from human activities in some countries in Europe and elsewhere is from burning fossil fuels for electricity, heat, and transportation. The prices of fuel and carbon emissions can influence each other. Owing to the importance of carbon emissions and their connection to fossil fuels, and the possibility of [1] Granger (1980) causality in spot and futures prices, returns, and volatility of carbon emissions, crude oil and coal have recently become very important research topics. For the USA, daily spot and futures prices are available for crude oil and coal, but there are no daily futures prices for carbon emissions. For the European Union (EU), there are no daily spot prices for coal or carbon emissions, but there are daily futures prices for crude oil, coal and carbon emissions. For this reason, daily prices will be used to analyse Granger causality and volatility spillovers in spot and futures prices of carbon emissions, crude oil, and coal. As the estimators are based on quasi-maximum likelihood estimators (QMLE) under the incorrect assumption of a normal distribution, we modify the likelihood ratio (LR) test to a quasi-likelihood ratio test (QLR) to test the multivariate conditional volatility Diagonal BEKK model, which estimates and tests volatility spillovers, and has valid regularity conditions and asymptotic properties, against the alternative Full BEKK model, which also estimates volatility spillovers, but has valid regularity conditions and asymptotic properties only under the null hypothesis of zero off-diagonal elements. Dynamic hedging strategies by using optimal hedge ratios are suggested to analyse market fluctuations in the spot and futures returns and volatility of carbon emissions, crude oil, and coal prices.

Introduction The impact of maternal age on euploidy rate and the outcome of PGT-Aisdemonstrated by many studies. But less understanding of the probability of finding at least one euploidy embryoaccordingto maternal age. In this study, weassess patients of different maternal age group in PGT-A cyclesusing aCGH and NGS: 1. Number of biopsy blastocyst per cycle; 2. Numbers of 2PN needed for aeuploidy embryo; 3. Euploidy rate; 4. The proportion of cycles having at least aeuploidy embryo; 5. Livebirth rate through frozen embryo transfer (FET). Materialand Methods We retrospectively analyzed the PGT-A cycles enrolled from 2012 to 2016. To compare the clinical outcomes, the included data were separated into groups based on maternal age at IVF stimulation start. TE biopsy was performed on Day5 to 7 post-retrieval. All biopsied blastocysts were subjected to vitrification immediately. Biopsied TE cells were analyzed using array-CGH and NGS for all 23 chromosomes. Patients transferred euploidy embryo on progesterone Day6 in FET cycles. Results The age groups for analysis were: 42. The cycles having biopsy were88.0%(22/25), 100%(18/18), 88.5%(23/26), 60%(9/15) and 82.3%(14/17). The number of biopsy blastocyst per cycle were 4.9(108/22), 5.8(105/18), 3.9(90/23), 3.2(29/9) and 1.6(23/14) and the number of 2PN needed for aeuploidy embryo were 6.8(218/32), 4.1(158/39), 7(189/27), 7.8(8/62) and 7.1(50/7). Euploidy rates were 29.6% (32/108), 37.1% (39/105), 30.0% (27/90), 27.6% (8/29), and 30.4% (7/23). The proportion of cycles having at least a euploidy embryo were 68.2%(15/22), 83.3%(15/18), 65.2%(15/23), 66.7%(6/9) and 35.7%(5/14). Pregnancy rate per FET were63.6%(7/11), 77.8%(7/9), 53.3%(8/15), 100%(1/1) and 50%(2/4). Live birth rates per FET were 63.6% (7/11), 77.8% (7/9), 46.7% (7/15), 100%(1/1) and 25% (1/4). Conclusions In the course of PGT-A, the clinical outcomes and live birth rate can be predicted according to maternal age. Maternal age increase does not affect the number of 2PN needed for aeuploidy embryo, but it seems that women aged between 35 and 37are more likelyto benefit from PGT- A (the highestopportunity of having at least a euploidy embryo). The results of this research can assist doctors in patient consultations and help patients set realistic expectations.

The objective of this study was to determine chemiluminescence (CL) antioxidant activities and neuroprotective effects of astaxanthin, beta-carotene (β-carotene), and canthaxanthin on undifferentiated rat pheochromocytoma (PC12) cells. We performed three CL antioxidant assays, and the three carotenoids showed varying degrees of antioxidant activity, with astaxanthin exhibiting the highest antioxidant activity than the other two samples. Results of a pyrogallol–luminol assay revealed β-carotene to have higher antioxidant activity than canthaxanthin, whereas cupric sulfate–Phen–Vc–hydrogen peroxide (H2O2) assay showed canthaxanthin to have higher antioxidant activity than β-carotene. Luminol–H2O2 assay showed the antioxidant activity series as canthaxanthin > β-carotene at 62.5–1000 μg/mL and β-carotene > canthaxanthin at 1000–4000 μg/mL. Astaxanthin exhibited partial neuroprotective activity against H2O2 and the strongest neuroprotective activity against amyloid beta-peptide(25–35) [(Aβ)(25–35)]-induced undifferentiated PC12 cell deaths at 0.5–5.0 μM. Canthaxanthin showed partial neuroprotective activity in Aβ(25–35)-induced undifferentiated PC12 cell deaths at 1.0–5.0 μM. Astaxanthin protected undifferentiated PC12 cells from the damaging effects of H2O2 and Aβ(25–35) by the following ways: (1) scavenging superoxide anion radicals, hydroxyl radicals, and H2O2; (2) securing cell viability; (3) suppressing the production of reactive oxygen species; and (4) eliminating calcium ion influx. Our results conclusively show that astaxanthin has the merit as a potential neuron protectant.

This work describes a bio-potential acquisition system for portable ubiquitous healthcare applications using flexible polydimethylsiloxane dry electrodes (FPDEs) and a low-power recording circuit. This novel FPDE used Au as the skin contact layer, which was made using a CO2 laser and replica method technology. The FPDE was revised from a commercial bio-potential electrode with a conductive snap using dry electrodes rather than wet electrodes that proposed reliable and robust attachment for the purpose of measurement, and attaching velcro made it wearable on the forearm for bio-potential applications. Furthermore, this study proposes a recording device to store bio-potential signal data and provides portability and low-power consumption for the proposed acquisition system. To acquire differential bio-potentials, such as electrocardiogram (ECG) signals, the proposed recording device includes a low-power front-end acquisition chip fabricated using a complementary metal-oxide-semiconductor (CMOS) process, a commercial microcontroller (MSP430F149), and a secure digital (SD) card for portable healthcare applications. The proposed system can obtain ECG signals efficiently and are comfortable to the skin. The power consumption of the system is about 85 mW for continuous working over a 3 day period with two AA batteries. It can also be used as a compact Holter ECG system.

This paper examines, within the context of globalization, the impact of the main channels of international trade on domestic innovation, namely outward direct investment (ODI), inward direct investment (IDI), cross-border mergers and acquisitions (M&A) by foreigners, R&D expenditure, exports, and imports. The number of approved Triadic patents serves as a proxy for innovation. The data set contains 37 countries that are considered to be highly competitive in world markets, covering the period 1994-2005. The empirical results show that increased exports and ODI are able to stimulate an increase in approved patents. In contrast, IDI exhibits a negative correlation with domestic patents. Imports are shown not to have a significant impact on international technology spillovers. The paper shows that the impact of IDI on domestic innovation is characterized by two forces, namely the cross-border M&A by foreigners and remaining IDI, both of which are found to be negative.

Pre-eclampsia is a pregnancy-specific hypertensive disorder that affects 2–8 % of pregnancies. This disorder can lead to seizure, multi-organ failure and maternal death. The best approach to prevent pre-eclampsia-associated adverse outcomes is to be able to prevent pre-eclampsia as early as possible. Unfortunately, current diagnostic methods are ineffective at predicting the risk of pre-eclampsia during early pregnancy. In humans, low levels of a group of placenta-derived Pregnancy Specific Glycoproteins (PSGs) have been associated with intrauterine growth retardation and pre-eclampsia and there is a significant enrichment of cases with deletions in the PSG gene locus in pre-eclampsia patients. Based on these observations, we hypothesize that genomic variations at human PSG locus of maternal and/or fetal genomes may confer increased risks of pre-eclampsia. To test this hypothesis, we have recruited 90 normal control and 30 pre-eclamptic women for the analysis of fetal PSG copy number variations (CNVs).

This paper features an analysis of the cointegration relationships among agricultural commodity, ethanol and Cushing crude oil spot and futures prices. The use of grains for the creation of bio-fuels has sparked fears that these demands are infl ating food prices. We analyse approximately 10 years of daily spot andfutures prices for corn, wheat, sugar ethanol and oil prices from Datastream for the period 19 July 2006 to 2 July 2015. The analysis, featuring EngleGranger pairwise cointegration and Markov-switching VECM and Impulse Response Analysis, confi rms that these markets have signi ficant linkages whichvary according to whether they are in low or high volatility regimes.

This paper examines the long- and short-run asymmetric adjustments and pairs trades for nine pairs of spot and futures prices, itemized as three own pairs for three different bio-fuel ethanol types, three own pairs for three related agricultural products, namely corn, soybeans and sugar, and three cross pairs that included hybrids of the spot price of each of the agricultural products and an ethanol futures price. Most of the spreads’ asymmetric adjustments generally occur during narrowing. The three ethanol pairs that contain the eCBOT futures with each of Chicago spot, New York Harbor spot and Western European (Rotterdam) spot show different long-run adjustments, arbitrage profitable opportunities and price risk hedging capabilities. The asymmetric spread adjustments for the three grains are also different, with corn spread showing the strongest long-run widening adjustment, and sugar showing the weakest narrowing adjustment. Among others, the empirical analysis indicates the importance of potentially hedging the spot prices of agricultural commodities with ethanol futures contracts, which sends an important message that the ethanol futures market is capable of hedging price risk in agricultural commodity markets. The short-run asymmetric adjustments for individual prices in the nine pairs, with the exception of the corn own pair, underscore the importance of futures prices in the price discovery and hedging potential, particularly for ethanol futures.

The objective of this study was to determine phytochemical characteristics, chemiluminescence antioxidant capacities, and neuroprotective effects on PC12 cells for methanol extracts ofSpatholobus suberectus, Uncaria rhynchophylla, Alpinia officinarum, Drynaria fortunei,andCrataegus pinnatifida. TheC. pinnatifidaextract (CPE) afforded the greatest yield and total phenolic content. TheS. suberectusextract (SSE) yielded the greatest total flavonoid content. TheU. rhynchophyllaextract (URE) produced the greatest total tannin content, and theA. officinarumextract (AOE) produced the greatest total triterpenoid content. TheD. fortuneiextract, assayed using horseradish peroxidase-luminol-hydrogen peroxide (H2O2), and AOE using pyrogallol-luminol assay each exhibited better antioxidant activity than the L-ascorbic acid and 6-hydroxy-2,5,7,8-tetramethylchroman-2-carboxylic acid did. The CPE, SSE, and URE presented neurogrowth effects and neuroprotective activities on H2O2-induced PC12 cell death at 0.5–5.0 μg/mL. The CPE represents a promising medicinal plant source for the treatment of H2O2-induced neurodegenerative disease, because of its useful phytochemical characteristics.

The paper examines the effectiveness of the price stabilization mechanism for the broiler and poultry industry in Taiwan during the period 1999 to 2008. After presenting some background information on the domestic marketing system and price stabilization mechanisms for the broiler and pork industry in Taiwan, the paper discusses the smooth transition autoregressive (STAR) methodology. Monthly hog and broiler price data from 1999 to 2008 at farm, import and retail levels are analyzed using the nonlinear, non-asymmetric logistic STAR model in order to determine price transmission structure. A price threshold parameter is used so that price transmission levels can vary, thereby allowing an examination of the efficacy with which the hog and broiler price stabilization mechanisms take effect.

PurposeThe Basel II Accord requires that banks and other authorized deposit‐taking institutions (ADIs) communicate their daily risk forecasts to the appropriate monetary authorities at the beginning of each trading day, using one or more risk models to measure value‐at‐risk (VaR). The risk estimates of these models are used to determine capital requirements and associated capital costs of ADIs, depending in part on the number of previous violations, whereby realized losses exceed the estimated VaR. The purpose of this paper is to address the question of risk management of risk, namely VaR of VIX futures prices.Design/methodology/approachThe authors examine how different risk management strategies performed before, during and after the 2008‐2009 global financial crisis (GFC).FindingsThe authors find that an aggressive strategy of choosing the supremum of the univariate model forecasts is preferred to the other alternatives, and is robust during the GFC.Originality/valueThe paper examines how different risk management strategies performed before, during and after the 2008‐2009 GFC, and finds that an aggressive strategy of choosing the supremum of the univariate model forecasts is preferred to the other alternatives, and is robust during the GFC.

A novel antenna design that effectively covers three bands (the medical implant communications service (MICS) band at 402 MHz, and the industrial, scientific, and medical (ISM) band at 433 MHz and 2.45 GHz) using a π-shaped radiator with a stacked and spiral structure is described. The antenna has compact size of 254 mm 3 (10 mm by 10 mm by 2.54 mm). The proposed design is effective for triple-band biotelemetry with data telemetry (402 MHz), wireless powering transmission (433 MHz), and wake-up controller (2.45 GHz). An experimental prototype of the compact stacked rectenna was fabricated on a Roger 3210 substrate. This antenna was used in a rectenna (rectifying antenna) for 433 MHz wireless powering transmission, and provided a conversion efficiency of 86% when 11 dBm microwave power was received at 433 MHz with a 5 kΩ load. The optimal antenna was fabricated and tested in a minced front leg of pork. The simulated and measured bandwidths were 86 MHz and 113 MHz in the MICS band, and 60 MHz and 70 MHz in the ISM band, respectively.

International and domestic tourism are leading economic activities in today's world. Tourism has been known to generate goods and services directly and indirectly, attract foreign currency, stimulate employment and provide opportunities for investment. It has also been recognized as an important means of achieving economic development. Substantial research has been conducted to evaluate the role of international tourism, and its associated volatility, within and across various economies. This paper applies several recently developed models of multivariate conditional volatility to investigate the interdependence of international tourism demand, as measured by international tourist arrivals, and its associated volatility in the four leading destinations in ASEAN, namely Indonesia, Malaysia, Singapore and Thailand. Each of these countries has attractive tourism characteristics, such as significant cultural and natural resources. Shocks to international tourism demand volatility could affect, positively or negatively, the volatility in the tourism demand of neighbouring countries. The empirical results should encourage regional cooperation in tourism development among ASEAN member countries and also mobilize international and regional organizations to provide appropriate policy actions.