Economic Capital Allocation under Coherent Market Liquidity Constraints

( Mazin A. M. Al Janabi ) 한양대학교 경제연구소 2011 JOURNAL OF ECONOMIC RESEARCH Vol.16 No.2

Asset liquidity trading risk arises from the failure to recognize or address changes in market conditions that a.ect the ability to liquidate trading assets quickly and with minimal loss in value. Yet despite this universal recognition of the phenomena, there exist no precise mathematical definition of liquidity risk and traditional Value at Risk (VaR) models fail to recognize the impact of liquidity trading risk. In this work we do not o.er a definitive one either, but we develop measures of certain kinds of liquidity trading risk that is useful for completing the definition of market risk and for predicting liquidity-adjusted VaR (L-VaR) under illiquid market conditions and within a multivariate context. We argue that asset liquidity risk associated with the uncertainty of liquidating multiple-assets over a given holding period, particularly for thinly traded or emerging markets securities under adverse market conditions, is a key factor in formalizing and measuring overall trading risk and is therefore an important component to model. This paper proposes a practical framework for the quantification of asset liquidity risk, and its impact on economic capital allocations, for multiple assets` portfolios. We present a method whereby the holding periods are adjusted according to the particular needs of each trading portfolio; and this can be attained for the entire portfolio or for specific assets within the trading portfolio. This paper extends previous approaches by explicitly modeling the liquidation of trading portfolios, over the holding period, with the aid of an appropriate scaling of the multiple-assets` L-VaR matrix along with GARCH-M technique to forecast conditional volatility and expected return. The key methodological contribution is a different and a less conservative liquidity scaling factor than the conventional root-t multiplier. The proposed liquidity multiplier is a function of a predetermined liquidity threshold, de.ned as the maximum position which can be unwound without disturbing market prices during one trading day, and is quite straightforward to implement even by very large financial institutions and institutional portfolio managers. Using more than six years of daily return data of emerging Gulf Cooperation Council (GCC) stock markets, we analyze different trading portfolios (of both long and short-sales trading positions) and determine asset liquidity risk exposure and coherent annual economic capital allocations under different illiquid and adverse market conditions and under the notion of different correlation factors and unwinding periods.

Current status of long-term antibiotic prophylaxis for urinary tract infections in children: An antibiotic stewardship challenge

Sarah S. Alsubaie,Mazin A. Barry 대한신장학회 2019 Kidney Research and Clinical Practice Vol.38 No.4

Recurrent urinary tract infections (UTIs) in children are associated with development of pyelonephritis and renal scarring. Traditionally, continuous antibiotic prophylaxis (CAP) has been used to prevent recurrent UTI. Recent studies have challenged the efficacy of CAP for preventing renal scarring and have raised concerns about inducing bacterial resistance. This review focuses on studies published between January 2000 and April 2019 and evaluates the use of CAP in children for avoiding recurrent UTIs and renal scarring. A systematic literature search was carried out using the following search terms and related medical subject headings in the MEDLINE electronic database: ‘urinary tract infection’, ‘antimicrobial/antibiotic prophylaxis’, and ‘children/pediatrics’. Randomized clinical trials (RCTs), original research articles, guidelines, systematic reviews, and meta-analyses describing antibiotic prophylaxis for UTIs were included. A total of 34 RCTs, 9 systematic reviews, and 3 guidelines describing antibiotic prophylaxis were included in this review. The efficacy of CAP for preventing recurrent UTI remains unclear due to non-generalizability of results obtained from suboptimally designed clinical trials. CAP has not been proven as beneficial for preventing new renal scarring in children. Additionally, CAP is associated with increased risk of multidrug resistant infections in children. No conclusive evidence can be drawn from the available clinical data to support routine use of CAP for prevention of renal scarring. Accumulation of evidence from additional well designed studies may result in different conclusions in the future. It is important to identify specific risks for recurrent UTI and ensuing renal injury to ensure more judicious use of CAP.

Real-World Clinical Efficacy and Tolerability of Direct-Acting Antivirals in Hepatitis C Monoinfection Compared to Hepatitis C/Human Immunodeficiency Virus Coinfection in a Community Care Setting

( Vijay Gayam ),( Muhammad Rajib Hossain ),( Mazin Khalid ),( Sandipan Chakaraborty ),( Osama Mukhtar ),( Sumit Dahal ),( Amrendra Kumar Mandal ),( Arshpal Gill ),( Pavani Garlapati ),( Sreedevi Ramak 대한소화기학회 2018 Gut and Liver Vol.12 No.6

Background/Aims: Limited data exist comparing the safety and efficacy of direct-acting antivirals (DAAs) in hepatitis C virus (HCV) monoinfected and HCV/human immunodeficiency virus (HIV) coinfected patients in the real-world clinic practice setting. Methods: All HCV monoinfected and HCV/HIV coinfected patients treated with DAAs between January 2014 and October 2017 in community clinic settings were retrospectively analyzed. Pretreatment baseline patient characteristics, treatment efficacy, factors affecting sustained virologic response at 12 weeks (SVR12) after treatment, and adverse reactions were compared between the groups. Results: A total of 327 patients were included in the study, of which 253 were HCV monoinfected, and 74 were HCV/HIV coinfected. There was a statistically significant difference observed in SVR12 when comparing HCV monoinfection and HCV/HIV coinfection (94% and 84%, respectively, p=0.005). However, there were no significant factors identified as a predictor of a reduced response. The most common adverse effect was fatigue (27%). No significant drug interaction was observed between DAA and antiretroviral therapy. None of the patients discontinued the treatment due to adverse events. Conclusions: In a real-world setting, DAA regimens have lower SVR12 in HCV/HIV coinfection than in HCV monoinfection. Further studies involving a higher number of HCV/HIV coinfected patients are needed to identify real predictors of a reduced response. (Gut Liver 2018;12:694-703)

Origin of the static order in uniaxially strained Sr2RuO4

Bongjae Kim,Sergii Khmelevskyi,Cesare Franchini,Igor I. Mazin 한국자기학회 2022 한국자기학회 학술연구발표회 논문개요집 Vol.32 No.2

Illegal trade in wildlife vertebrate species in the West Bank, Palestine

Elias N. Handal,Zuhair S. Amr,Walid S. Basha,Mazin B. Qumsiyeh 국립중앙과학관 2021 Journal of Asia-Pacific Biodiversity Vol.14 No.4

A total of 79 species of local vertebrates (birds, mammals, and reptiles) are found to be in illegal trade intheWest Bank, Palestine, during 2013e2020. Data were collected from visits to the animal markets in themain cities of the West Bank (Bethlehem, Hebron, Jenin, Jericho, Nablus, Ramallah, and Salfit) and fromadvertisements in social media. Birds were the most traded animals represented in 59 species (74.7%),followed by 12 species of reptiles (15.2%) and eight species of mammals (10.1%). Nineteen species arelisted under CITES appendices (17 birds and 2 mammals under appendixes II and III, respectively). As forthe conservation status according to the IUCN Red List, two bird species (Streptopelia turtur and Serinussyriacus) and one reptile (Testudo graeca) are listed as VU, while two mammals (Hyaena hyaena andGazella gazella) are listed as NT and EN, respectively. Based on the local status, three species of bird areconsidered critically endangered (Coturnix coturnix, Asio flammeus, and Aquila chrysaetos), one bird isendangered (Falco subbuteo), and two mammals (Hyaena hyaena and Gazella gazella) are consideredendangered and vulnerable respectively. This study reveals the urgent need to control animal trade in thePalestinian Territories.

Dual character of magnetism inEuFe2As2: Optical spectroscopic and density-functional calculation study

Moon, S. J.,Shin, J. H.,Parker, D.,Choi, W. S.,Mazin, I. I.,Lee, Y. S.,Kim, J. Y.,Sung, N. H.,Cho, B. K.,Khim, S. H.,Kim, J. S.,Kim, K. H.,Noh, T. W. American Physical Society 2010 Physical review. B, Condensed matter and materials Vol.81 No.20

Vision-Based Corridor Path Search of a Mobile Robot

Yeoun-Jae Kim,Joon-Yong Lee,Majed S. Aldosari,Mazin S. Altokhais,Ju-Jang Lee 제어로봇시스템학회 2011 제어로봇시스템학회 국제학술대회 논문집 Vol.2011 No.10

In this paper, We made an algorithm for a mobile robot to determine direction normal to the wall with two cameras in an indoor environment without any direction-notification marks. Furthermore, with this direction determination ability, made a method with which a mobile robot can navigate and search through an indoor corridor path without any predefined map information is made. the direction determination scheme uses Hough transform and horizontal line search. While the path search algorithm uses SIFT(Scale-Invariant Feature Transformation), 3D reconstruction and binary search tree algorithm. In the direction determination stage, the mobile robot detects lines in the image and detects horizontal lines to determine the normal to the wall direction. After the direction determination stage is completed, the robot determines the corridor path range through SIFT, RANSAC algorithm, and 3D reconstruction, and finally navigates through its pathway. The direction determination and navigation stage constitutes the binary search tree algorithm. After searching through all its pathway in the indoor environment, the robot returns to its original position with various corridor position information.

Mimicking superconductivity of Sr₂RuO₄ using SrRuO₃-SrTiO₃ superlattice

Bongjae Kim,Sergii Khmelevskyi,Cesare Franchini,Igor I. Mazin,Kyoo Kim 한국자기학회 2020 한국자기학회 학술연구발표회 논문개요집 Vol.30 No.1

Epidemiology of Breast Cancer among Females in Basrah

Habib, Omran S,Hameed, Lamis A,Ajeel, Narjis A,Al-Hawaz, Mazin H,Al-Faddagh, Zaki A,Nasr, Ghalib N,Al-Sodani, Ali H,Khalaf, Asaad A,Hasson, Hasson M,Abdul-Samad, Aida A Asian Pacific Journal of Cancer Prevention 2016 Asian Pacific journal of cancer prevention Vol.17 No.no.sup3

Breast cancer is the most frequent cancer in females. Its incidence is higher in developed countries than in developing ones partly due to variation in risk exposure and partly due to better detection methods. Scattered evidence in Basrah, Iraq, suggests that breast cancer has been increasing at a significant pace in recent years. This study aimed to measure the current level of risk of breast cancer among females in Basrah and to describe the time trend over almost a decade of years. Data on breast cancer cases from all sources of cancer registration in Basrah governorate were compiled for the years 2005-2012. The data for each year were first checked separately for duplicate reporting of cases among various sources. Then the eight files were pooled together and checked again for any duplicate cases among years of registration. The final set of data contained 2,284 cases of breast cancer (2,213 female cases and 71 male cases). All patients were inhabitants of Basrah governorate at the time of diagnosis. Figures on the Basrah population were obtained from various sources including the Ministry of Health, Ministry of Planning and Developmental Collaboration and local household surveys. It was possible to have total population estimates for each year and by age and sex. The data were imported into SPSS (version 17) software. Age specific and year specific incidence rates were calculated. The age standardized incidence rate was also calculated using world population as the standard population to be 34.9 per 100,000 females. Age-wise, no case was reported among children aged less than 15 years and the incidence increased with advancing age reaching a peak of 123.8/100,000 females at the age range of 50-54 years. The time trend of the crude incidence rate showed only modest increased risk with passage of years and no age shift could be documented in this study. Breast cancer in females in Basrah is a significant health problem. The current incidence rate (crude, 23.7/100,000, age-standardized, 34.9/100,000) is high and justifies intensive efforts to improve early detection of cases, provide better treatment amenities and introduce long term preventive measures. Using the age standardized incidence rate as reported in this paper, it is possible to put the risk in Basrah within a regional and international context.

Semi-Optimal Path Generation using Intelligent Optimization

Kyung Woon Kwak,Yoon Keun Kwak,Soohyun Kim,Mazin S. Altokhais,Majed S. Aldosari 제어로봇시스템학회 2011 제어로봇시스템학회 국제학술대회 논문집 Vol.2011 No.10

A semi-optimal path generation method of UGV (Unmanned Ground Vehicle) on real-time environment is proposed and demonstrated through MATLAB simulations and tested by using tri-wheeled mobile robot. A narrow corridor like environment is considered as a simulation. For each step of UGV movement, two objectives are considered: First is to minimize the distance to the target and second to drive the UGV keeping away from the obstacles. A weighted objective function is used in the optimization problem. Equality and inequality constraints are taken to secure the UGV"s dynamics and safety. The weighting factors are controlled by a fuzzy controller which is constructed by a fuzzy rule set and membership functions. Simulations are performed for messy environment and narrow corridor like case. The results are satisfactory for realistic situations considered and also simple indoor experiments are performed. The proposed semi-optimal path generation method with the fuzzy controller is expected to be well applicable to real environment.