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The Role of Liquidity in ADR Mispricing: Evidence from Latin America
Alma D, Hales People&Global Business Association 2015 Global Business and Finance Review Vol.20 No.1
This paper examines the role of liquidity in explaining mispricing for American Depository Receipt (ADR) issues from four Latin American countries: Argentina, Brazil, Chile, and Mexico. The results developed using panel regression with fixed effects indicate that the severe trading infrequency of some Latin American stocks can significantly influence estimates of liquidity’s impact on price deviations. When accounting for trading infrequency and controlling for holding costs and market uncertainty, the results reveal that liquidity of both the ADR and the underlying stock impact ADR mispricing. Furthermore, the evidence suggests the relationship between liquidity and price deviations is not driven by volatile conditions associated with the global financial crisis of 2008. Finally, this paper finds that the impact of liquidity on price deviations is asymmetric with decreases in liquidity exerting a stronger impact on prices than equivalent increases.
THE PERFORMANCE OF AMERICAN DEPOSITARY RECEIPTS: AN INDUSTRY ANALYSIS
Alma D Hales,Dave O Jackson People&Global Business Association 2008 Global Business and Finance Review Vol.13 No.2
This paper analyzes the industry performance of ADRs over eleven years (1995-2005) and the results show that ADR returns vary by industry grouping A comparison of ADR returns to a matched sample of domestic equity portfolios reveals that although both portfolios have similar average monthly returns. the associated risk varies. Reward-to-risk ratios suggest that an investor should hold hath domestic equity and ADR-industry portfolios to maximize returns. A shorter time frame (2000-2005) is considered in order to include technology-related industries which become more prominent in the 2000s. The results suggest that an investor should hold a portfolio that includes the following domestic industries. senuconductors. electronics. insurance. media, banking. food, electric, beverages. and oil/gas, and ADRs from the software. telecommunications. Internet. automotive. pharmaceuticals. airlines. and mining industries
Bhakkawarat Kulwanich,Sasipa Thanyaratsrisakul,Orathai Jirapongsananuruk,Belinda J. Hales,Wayne R. Thomas,Surapon Piboonpocanun 대한천식알레르기학회 2019 Allergy, Asthma & Immunology Research Vol.11 No.1
Purpose: Hypoallergenic recombinant Der p 2 has been produced by various genetic manipulations, but mutation of a naturally polymorphic amino acid residue known to affect IgE binding has not been studied. This study aimed to determine the effect of a point mutation (S47W) of residue 47 of Der p 2 on its structure and immunoglobulin (Ig) E binding. Its ability to induce pro-inflammatory responses and to induce blocking IgG antibody was also determined. Methods: S47 of recombinant Der p 2.0110, one of the predominant variants in Bangkok, was mutated to W (S47W). S47W secreted from Pichia pastoris was examined for secondary structure and for the formation of a hydrophobic cavity by 8-Anilino-1-naphthalenesulfonic acid (ANS) staining. Monoclonal and human IgE-antibody binding was determined by enzyme-linked immunosorbent assay. Allergen-induced degranulation by human epsilon receptor expressed-rat basophil was determined. Stimulation of the pro-inflammatory cytokine interleukin (IL)-8 release from human bronchial epithelial (BEAS2B) cells and inhibition of IgE binding to the wild type allergen by S47W-induced IgG were determined. Results: S47W reduced secondary structure and failed to bind the hydrophobic ANS ligand as well as a monoclonal antibody known to be dependent on the nature of the side chain of residue 114 in an adjacent loop. It could also not stimulate IL-8 release from BEAS2B cells. IgE from house dust mite (HDM)-allergic Thais bound S47W with 100-fold weaker avidity, whereas IgE of HDM-allergic Australians did not. S47W still induced basophil degranulation, although requiring higher concentrations for some subjects. Anti-S47W antiserum-immunized mice blocked the binding of human IgE to wild type Der p 2. Conclusions: The mutant S47W had altered structure and reduced ability to stimulate pro-inflammatory responses and to bind IgE, but retained its ability to induce blocking antibodies. It thus represents a hypoallergen produced by a single mutation of a non-solvent-accessible amino acid.
Won Il Choi,권건영,김진모,Deborah A. Quinn,Charles A. Hales,Jeong Wook Seo 대한의학회 2008 Journal of Korean medical science Vol.23 No.3
Atelectasis can impair arterial oxygenation and decrease lung compliance. However, the effects of atelectasis on endotoxemic lungs during ventilation have not been well studied. We hypothesized that ventilation at low volumes below functional residual capacity (FRC) would accentuate lung injury in lipopolysaccharide (LPS)-pretreated rats. LPS-pretreated rats were ventilated with room air at 85 breaths/min for 2 hr at a tidal volume of 10 mL/kg with or without thoracotomy. Positive end-expiratory pressure (PEEP) was applied to restore FRC in the thoracotomy group. While LPS or thoracotomy alone did not cause significant injury, the combination of endotoxemia and thoracotomy caused significant hypoxemia and hypercapnia. The injury was observed along with a marked accumulation of inflammatory cells in the interstitium of the lungs, predominantly comprising neutrophils and mononuclear cells. Immunohistochemistry showed increased inducible nitric oxide synthase (iNOS) expression in mononuclear cells accumulated in the interstitium in the injury group. Pretreatment with PEEP or an iNOS inhibitor (1400 W) attenuated hypoxemia, hypercapnia, and the accumulation of inflammatory cells in the lung. In conclusion, the data suggest that atelectasis induced by thoracotomy causes lung injury during mechanical ventilation in endotoxemic rats through iNOS expression.