Project description:This study examines the spillover effect between financial technology (Fintech) stocks and other financial assets (gold, Bitcoin, a global equity index, crude oil, and the US Dollar) during the COVID-19 crisis. Employing daily data from June 2019 to August 2020, our empirical analysis shows that the outbreak of COVID-19 exacerbated volatility transmission across asset classes, while subsequent decreases in new confirmed cases globally reduced the intensity of these spillovers. The evidence for the USD and gold supports their safe haven properties during catastrophic events, while innovative technology products as represented by a financial technology index (KFTX) and Bitcoin were highly susceptible to external shocks. These results show that when push comes to shove, the buck stops with the USD and gold and that the exorbitant privilege enjoyed by the USD prevailed during the COVID-19 pandemic.
Project description:We present evidence from a repeated survey on risky asset holdings carried out on a representative sample of the German population six times between April and June 2020. Given the size of the Covid-19 shock, we find little evidence of portfolio rebalancing in April 2020. In May, however, individual investors started buying heavily, parallel to market recovery. The cross-section shows large differences as young, educated, high income, and risk tolerant investors are net buyers throughout and, thus, benefit from the stock market recovery. Older individuals, parents of young children, and individuals affected by adverse liquidity shocks from Covid-19 are net sellers. Given the high risk of illness, older people are hit by dual blows to both health and finances.
Project description:The concentration of gases in the atmosphere is a topic of growing concern due to its effects on health, ecosystems etc. Its monitoring is commonly carried out through ground stations which offer high precision and temporal resolution. However, in countries with few stations, such as Ecuador, these data fail to adequately describe the spatial variability of pollutant concentrations. Remote sensing data have great potential to solve this complication. This study evaluates the spatiotemporal distribution of nitrogen dioxide (NO2) and ozone (O3) concentrations in Quito and Cuenca, using data obtained from ground-based and Sentinel-5 Precursor mission sources during the years 2019 and 2020. Moreover, a Linear Regression Model (LRM) was employed to analyze the correlation between ground-based and satellite datasets, revealing positive associations for O3 (R2 = 0.83, RMSE = 0.18) and NO2 (R2 = 0.83, RMSE = 0.25) in Quito; and O3 (R2 = 0.74, RMSE = 0.23) and NO2, (R2 = 0.73, RMSE = 0.23) for Cuenca. The agreement between ground-based and satellite datasets was analyzed by employing the intra-class correlation coefficient (ICC), reflecting good agreement between them (ICC ≥0.57); and using Bland and Altman coefficients, which showed low bias and that more than 95% of the differences are within the limits of agreement. Furthermore, the study investigated the impact of COVID-19 pandemic-related restrictions, such as social distancing and isolation, on atmospheric conditions. This was categorized into three periods for 2019 and 2020: before (from January 1st to March 15th), during (from March 16th to May 17th), and after (from March 18th to December 31st). A 51% decrease in NO2 concentrations was recorded for Cuenca, while Quito experienced a 14.7% decrease. The tropospheric column decreased by 27.3% in Cuenca and 15.1% in Quito. O3 showed an increasing trend, with tropospheric concentrations rising by 0.42% and 0.11% for Cuenca and Quito respectively, while the concentration in Cuenca decreased by 14.4%. Quito experienced an increase of 10.5%. Finally, the reduction of chemical species in the atmosphere as a consequence of mobility restrictions is highlighted. This study compared satellite and ground station data for NO2 and O3 concentrations. Despite differing units preventing data validation, it verified the Sentinel-5P satellite's effectiveness in anomaly detection. Our research's value lies in its applicability to developing countries, which may lack extensive monitoring networks, demonstrating the potential use of satellite technology in urban planning.
Project description:The ongoing SARS-CoV-2 pandemic has resulted in over 6.3 million deaths and 560 million COVID-19 cases worldwide. Clinical management of hospitalised patients is complex due to the heterogeneous course of COVID-19. Low-dose radiotherapy (LD-RT) is known to dampen localised chronic inflammation, and has been suggested to be used to reduce lung inflammation in COVID-19 patients. However, it is unknown whether SARS-CoV-2 alters the radiation response and associated radiation exposure related risk. We generated gene expression profiles from circulating leukocytes of hospitalised COVID-19 patients and healthy donors. The p53 signalling pathway was found to be dysregulated, with mRNA levels of p53, ATM and CHK2 being lower in COVID-19 patients. Several key p53 target genes involved in cell cycle arrest, apoptosis and p53 feedback inhibition were up-regulated in COVID-19 patients, while other p53 target genes were downregulated. This dysregulation has functional consequences as the transcription of p53-dependant genes (CCNG1, GADD45A, DDB2, SESN1, FDXR, APOBEC) was reduced 24 h after X-ray exposure ex-vivo to both low (100 mGy) or high (2 Gy) doses. In conclusion, SARS-CoV-2 infection affects a DNA damage response that may modify radiation-induced health risks in exposed COVID-19 patients.
Project description:We investigate entropy as a financial risk measure. Entropy explains the equity premium of securities and portfolios in a simpler way and, at the same time, with higher explanatory power than the beta parameter of the capital asset pricing model. For asset pricing we define the continuous entropy as an alternative measure of risk. Our results show that entropy decreases in the function of the number of securities involved in a portfolio in a similar way to the standard deviation, and that efficient portfolios are situated on a hyperbola in the expected return-entropy system. For empirical investigation we use daily returns of 150 randomly selected securities for a period of 27 years. Our regression results show that entropy has a higher explanatory power for the expected return than the capital asset pricing model beta. Furthermore we show the time varying behavior of the beta along with entropy.
Project description:BackgroundDuring the COVID-19 pandemic, distinct population subsets, including pregnant women, have been differentially affected. While over 90% of COVID-19-infected pregnant women experience a benign course, a subset demonstrates marked clinical exacerbation. Symptomatic pregnant individuals, in particular, present a heightened risk of severe disease in comparison to their non-pregnant counterparts.ObjectiveThe objective of this study is to systematically evaluate the epidemiological characteristics of COVID-19 in pregnant women, assess related maternal mortalities, ascertain the case fatality rate, and delineate associated risk factors.DesignThis is a comprehensive population-based ecological study.MethodologyA population-based study was conducted to investigate the epidemiological patterns of COVID-19-associated morbidity and mortality in pregnant women in Ecuador from 27 February 2020 to 14 May 2021.ResultsA total of 3274 positive COVID-19 cases were identified among pregnant women, with 22 official fatalities, yielding a case fatality rate of 0.67%. The majority of cases were of Mestizo ethnicity (92.66%); however, the highest case fatality rate was noted among indigenous pregnant women (case fatality rate = 1.25%), those aged between 40 and 44 years (case fatality rate = 2.68%), and those with a history of comorbidities (2.08%). Pregnant women residing at lower altitudes (<2500 m) exhibited a higher incidence rate (0.20/100,000) compared to those at higher altitudes (>2500 m), which stood at 0.17/100,000.ConclusionThe COVID-19 pandemic has profoundly impacted pregnant women in Ecuador during the first 14 months, particularly those with comorbidities, older age, and of indigenous ethnicity. These factors have heightened their vulnerability and susceptibility to severe COVID-19 infection and subsequent mortality. This underscores the urgency for comprehensive protective measures, including prioritization for vaccination. Further studies are needed to inform tailored prevention strategies and therapeutic interventions for these high-risk groups.
Project description:Although most SARS-CoV-2-infected individuals experience mild COVID-19, some patients suffer from severe COVID-19, which is accompanied by acute respiratory distress syndrome and systemic inflammation. To identify factors driving severe progression of COVID-19, we performed single-cell RNA-seq using peripheral blood mononuclear cells (PBMCs) obtained from healthy donors, patients with mild or severe COVID-19, and patients with severe influenza. Patients with COVID-19 exhibited hyper-inflammatory signatures across all types of cells among PBMCs, particularly upregulation of the TNF/IL-1beta-driven inflammatory response as compared to severe influenza. In classical monocytes from patients with severe COVID-19, type I IFN response co-existed with the TNF/IL-1beta-driven inflammation, and this was not seen in patients with milder COVID-19 infection. Based on this, we propose that the type I IFN response exacerbates inflammation in patients with severe COVID-19 infection.