Factors on Stock Market Development in SAARC Region

Factors on Stock Market Development in SAARC Region The Impact of Institutional and Macroeconomic Factors on Stock Market Development in SAARC region Fayaz Ahmed Soomro Problem Statement There are many researches concerned about the relationship between the Macroeconomic variables and the stock market performances[1]. Researchers have analyzed many different factors of Macroeconomic variables like GDP, Savings, Credit facilities, Shares traded, interest rates, remittances from abroad, trade deficit, consumer banking, production of industrial goods, liquidity and more macroeconomic factors having significant impact and are the major contributors in stock market development[2]. Researches also claim that there is one way relationship between stock market development and macroeconomic variables[3]. Researchers have also concentrated on the impact of quality of institutions on the development of equity market in developing countries specially[4]. However there is has been not much interested directed towards institutional quality having impact on stock market development in SAARC region. This research is focused on testing the theory and adding empirical evidence from in terms of impact of quality of institutions on the development of equity market. This research might help the respective countries of SAARC in understanding better the factors contributing in the development of stock market in the SAARC territory and May helps the policy makers to devise better and effective policies for the whole region. Objective To determine the impact of the quality of institutions with macroeconomic factors are having on the development of stock markets in SAARC region. Research Question What is the impact of quality of institutions with macroeconomic factors on the performance of the stock markets? Literature Review Development of the Stock markets and the growth of the economy There has been found that stock market development and economic prosperity are highly correlated Levine and Zervos (1996). The study adopted positivist approach and correlational in nature and based on 41 countries in the period 1976- 1993, the quantitative method was adopted. It was deduced based on the hypothesis taking sample population of 41 countries in the period 1976- 1993 that there exist a high correlation among stock market and growth of economy. Unidirectional effect of Macroeconomic Variables Macroeconomic factors affects the stock prices in the unidirectional way that is stock prices does not affects the Macroeconomic variables to change Hussain and Mehmood (2001). The approach adopted is quantitative in nature and falls in the domain of positivist research paradigm. The deduction was based on sample population of Pakistan by considering the period of 1959-60 to 1998-99. Stock Market and Economic Prosperity Evidence from India Economic prosperity is highly related with the stock market performance in the economy Deb and Mukherjee (2008). He analysed by the quantitative research methods and hence within positivism research paradigm that in India economic prosperity leads to the better stock market performances. He deduced that there is a relationship between economic prosperity and the stock market development in India by taking sample population of India from the period of ten years. It was also found that there exists a bidirectional causal relation among the said variables. Development in the Stock Market of Pakistan Liquidity and the prices of the stocks do not have any relation in any direction Ali et al. (2010). This research falls into the Post Positivism research paradigm because it is refuting the generalization made in the literature that money supply and stocks prices have no relation at all in any direction. This was tested by using Granger-causality test, Augmented Dickey Fuller, Unit Root Test and the test of co-integration (Johansen) have been applied. He also found that there is no causality effect among the liquidity and stock prices, industrial production , exchange proportion, rising prices, balance of trade and prices of the shares in Pakistan. Foreign Direct Investment is highly related to stock market development Raza et al. (2012) this research adopted quantitative and hence followed the positivism research paradigm that is, it tested the theory in consistent with the literature. The factors like savings, rising prices and money exchange rates were also considered and were found significant. Savings were in line with stock market however inflation and money exchange rate were found to have a negative impact. The research found that 70 percent of the increase in development of stock market is caused by the one percent change in FDI inflow. This is a huge impact so the government of Pakistan should be looking forward to protect the foreign investors and facilitate them as much as possible. There should be framework under which the foreign investors can take the easily their part and keep on investing in order to promote the stock market activities in the region. Stock Market development in Bangladesh The stock market of the Bangladesh is not mature yet and it’s not up to the standards of international markets, however this research identified many factors affecting the stock market development in Bangladesh Rrahman and Rahaman (2011). The research adopted quantitative and followed Positivist approach. Data was collected from the period 2001 to 2008 and was collected from various reliable sources of Bangladesh. Many different statistical techniques were used like descriptive analyses, correlation analyses were applied. All the variables were found to have significant impact. It was also suggested that Bangladesh stock market is highly volatile and there has much to improve in order to make it up to international standards. Stock Markets and the Institutional Quality Insitutional quality plays important role in the development of various sectors of the economy. Its implication has been tested and proved significant in the non banking financial sector in the Middle East and African regions Creane et al. (2004). The proxies that were used are Banking Industry, Money Supply, yearly monetary and fiscal policies, industrial regulations, financial corruption and the quality of institutions. Recommendation made in this report is about to increase the quality of institutions. Yartey (2008) Institutional factors including the political stablity, quality in bureaucracy, stability of democracy, corruptions, general regulations and laws with other macro economic factors were found to have a significant effect on the stock market activities because it usually increases financial facility to the general public and they tend to invest in the equity market. The data was collected from the period 1990 until 2004 that is total 14 years of 42 emerging economies. The data was analyzed through regression analysis. However risk in the political stability was suggested a major contributing in the stock exchange market enhancement. In other Burhop et al. (2011) tried to find the regulatory body as the important components of the stock exchange market. In his studies he considered London equity market and the stock market of berlin and quantified as in the form of IPO- initial Public Offerings. However he could not conclude whether regulatory body plays an important role in the stock market activities but he found that long term profits and survival in the competition as the important factor in the successful market. Research Methodology Epistemology This research tries to identify the Institutional factors and other macroeconomic factors that lead to the development of stock market, this knowledge already exist and justified in the region of Middle East in the International Monetary Fund’s working paper of Billmeier and Massa (2007). Nature of Knowledge This research tries to test already existing knowledge in the literature Billmeier and Massa (2007) which was specifically applied in the regions of Middle East and Central Asia. The theory has been tested quantitatively that exist in literature and adopted Positivism approach. This research adds the empirical proof from the SAARC region. Methodology- Positivism This research is also quantitative in nature and follows the positivism approach because it’s in consistent with the existing literature and follows the systematic scientific approach to find its applicability in the SAARC region. The gap in the empirical evidence was identified and in order to fill the gap same propositions were developed but in different context of its application Validity The method, approach, statistical technique and the measurement of the variables are in consistent with the International Monetary Fund’s working paper. That means theory already exist but it has been applied in the different context that is in SAARC region. Institutional quality has been measured as a index of Economic freedom by Heritage Index of Economic Freedom and other macroeconomic variables has been measured and reported by the World Bank and the data has been collected from their published reports. The detailed measurement is as follows Market Capitalization: This is has been measured as total value of the shares outstanding in the stock markets which is the total sum of shares prices multiplied by the no of outstanding securities. For this research it has been taken as the percentage of GDP. IQ: Institutional Quality: Institutions are the formal governing bodies in any country which look after the overall governing structure of the economy. These institutions guide the economy about political activities, social activities and the economic activities. Quality of institutions is enhanced with efficient and effective working of institutions. Quality is measured by Heritage Foundation as score from 0 to 100, the lowest value being the poorest form of quality and higher the score the higher the quality. INC: Income: It is represented as the total value of production within the country and has been measured at constant base of year 2000 US $ in Billions. INV: Investment: It is represented by the addition in the aggregate value of fixed assets with any inventories. This has been taken in this research as capital formation percentage of the GDP SVT: Stock value traded: It is represented by the shares total value in the specific period. This has been also taken as percentage traded over GDP DC: Domestic credit: It is represented by the total value of lending to the customers in the private sectors. This has also been taken as percentage of GDP. Reliability This theory has been applied in the region of SAARC region from the period 1996 to 2012. It is suggested the this theory will produce more or less the same results if carried out in the different period of time in the SAARC region Generalizability This same theory was applied and proved in the region of Middle East. This research also proved and produced the same results in the SAARC region hence It can be concluded that this theory is applicable to the regions with similar conditions of economy like in Middle East and Central Asia. Synthetic a posteriori proposition The proposition in this research says that Institutional Quality and macroeconomic factors have significant and positive impact on the stock market development in the SAARC region. This proposition is a synthetic a posteriori and subject to empirical verification from the above region. Deduction Reasoning General statements 1: Quality of institutions affects significantly on the development of stock market. 2: GDP affects significantly on the development of stock market. 3: Domestic credit affects significantly on the development of stock market. 4: Stock traded value affects significantly on the development of stock market. 5: Gross capital formation affects significantly on the development of stock market. Hypotheses Ho1: Quality of the institutions affects insignificantly on the development of stock market. Ha1: Quality of the institutions affects significantly on the development of stock market. Ho2: GDP affects significantly on the development of stock market. Ha2: GDP affects insignificantly on the development of stock market. Ho3: Domestic credit affects significantly on the development of stock market. Ha3: Domestic credit affects significantly on the development of stock market. Ho4: Stock traded value affects significantly on the development of stock market. Ha4: Stock traded value affects significantly on the development of stock market. Ho4: Gross capital formation affects significantly on the development of stock market. Ha4: Gross capital formation affects significantly on the development of stock market. Conclusion 1: Institutional quality does impact significantly on the development of stock market 2: GDP does impact significantly on the development of stock market 3: Domestic credit does impact significantly on the development of stock market 4: Stock traded value does impact significantly on the development of stock market 5: Gross capital formation does impact significantly on the development of stock market Falsification As this research is in consistent with the existing theory and has been only tested without amendments hence it is not refuting any theory of knowledge but adds empirical evidence in the literature from untested region that is South Asian Association of Regional Cooperation (SAARC) countries. Data Collection and Source In this research secondary data has been used. Data of institutional quality collected from the Index of Economic Freedom of Heritage Foundation. Data of macroeconomic variables collected from the World Bank. Target Population The research focuses on the regions of SAARC economies in particular countries Pakistan, Bangladesh, India, Nepal and Srilanka. Sample Size The dataset of 5 economies has been considered. The year 1995 to 2010 that is for 15 years of 5 countries of the SAARC region making it a total observations of 75 has been taken as the sample size. Statistical Technique The sample data of dependent variable and independent variables will be analyzed by ordinary least square method of multiple regression analyses technique. Research Model MCP = ÃŽ ± + ÃŽ ²1 IQ + ÃŽ ²2 INC + ÃŽ ²3 INV + ÃŽ ²4 SVT + ÃŽ ²5 DC + e Where MCP:Market Capitalization IQ: Institutional Quality INC: Income INV: Investment SVT: Stock value traded DC: Domestic credit 1 [1] Deb and Mukherjee (2008) Mustafa and Cagatay (2012) [2] Ali et al (2010), Raza et al (2012) [3] Hussain and Mehmood (2001) [4] Billmeier and Massa (2007), Lombardo and Pagano (2000), Yartey (2008), Burhop et al (2011)

Diabetes in Developing Countries

Diabetes in developing countries Deaths from diabetes, which has two primary forms including type1 and type2 diabetes, have become a significant problem in the world. Nowadays, diabetes is still a disease not having precise method to cure. As a result of surplus blood sugar, it has a negative effect on the human body and leads to several complications, such as vision problems, kidney damage, nerve damage and heart and circulation problems (Pollock, 2006). Consequently, the increased risk of these diseases makes it become one of the major causes of deaths.For example, according to the WHO (2011), more than 346 million people were diagnosed with it worldwide and between 50% and 80% of them died from CVD. With the development of health care, the mortality in developed countries was decrease, while the situation in developing countries is so serious that 80% of diabetes deaths exist in low and middle income countries (WHO, 2011). For instance, such countries in The Middle East, Pacific I slands and Southeast Asia had 115million diabetic patients in 2000 and the WHO (2011) predicts that the number will double between 2005 and 2030.To mitigate the effects of diabetes, the causes of it need to be detected. Type 1 diabetes, which is known by lacking insulin production, results from several causes and possible factors. First, genes attribute mainly to it. More than 18 genetic locations related to it have been discovered by researchers and they have found that people with an especially HLA complex which means human leukocyte antigen, are more likely to develop it. A good illustration of it is other autoimmune disorders may caused by such complexes, such as rheumatoid arthritis, ankylosing spondylitis, or juvenile rheumatoid arthritis (Smith, 2010).The second factor is a viral infection which may affects the disease by attacking immune system. For instance, Kamiah (2010) states that a series of diseases from gastrointestinal problems to myocarditis can created by the coxsa ckie B virus. In addition, there are some special conditions which may attribute to it. For example, certain drugs including corticosteroids, beta blockers, and phenytoin, rare genetic disorders such as Klinefelter syndrome and Wolfram syndrome, and hormonal disorders such as acromegaly and hyperthyroidism all raise the possibility of it (Simon, 2009).It has been one of the most increased diseases worldwide, however, type 2 diabetes is more common. Unlike type 1 diabetes, causes of type 2 diabetes, which results from the ineffective use of insulin (WHO,2011), usually are multifactorial. First, being overweight or obese is a primary reason for it. The increased risk of it may bring several complications including heart disease, stroke and some cancers. A good illustration of this is 82% of people with it are caused by overweight or obese and such complications (Vann,2009).The second is genetic factors which have been found more than 10 genic material associated with it. For example, there are more possibilities for people to get it if they have close relatives having it, such as parents and siblings. Thirdly, ethnic origin also plays a part in it. For instance, NHS (2010) points out that people with it from South Asian, African, and Middle Eastern are six times likely than people in the UK. In addition, incorrect living styles such as poor eating habits, too much TV time and physical inactivity also have a negative effect on it.It is often not a single factor but two or more causes above combined to lead to it. According to the CDC (2010), such combinations give rise to approximately 95% of it in the U. S. As can be seen from data, diabetes in developing countries has become a huge problem and the mortality from it has a continued increase worldwide. Not only government, but people should change their attitudes and aware the importance in order to prevent it.

The Role of Intra-party Opposition in National Liberation...

The Role of Intra-party Opposition in National Liberation Movements By and large, in the latter half of the twentieth century a regime change has meant the victory of a leftist national liberation movement over an oppressive power; whether the new regime makes good on its stated purpose of delivering justice to its people has not evidenced such a standard pattern, however. While liberation movements such as the African National Congress (ANC) in South Africa were able successfully to convert their role as revolutionary â€Å"freedom fighters† into democratic participation in the state (Connell, 9), movements such as Castro’s Cuban Revolution, while accomplishing regime change, failed to deliver a successful state. This paper suggests that†¦show more content†¦Radical Islamic Palestinian nationalist groups, the most prominent of which is Hamas, adamantly resist any concessions to the state of Israel and maintain that the PA should not be negotiating with the I sraeli government. While there is little question that Hamas and similar organizations have had both the intent and the effect of erecting impediments on the road to a peace in the Middle East, this paper aims to dispel the notion that Palestinian opposition groups have completely derailed the peace process. Instead, I will argue that the presence of such vehement dissent is a necessary part to a lasting peace accord and to a stable two-state solution, as this intra-party opposition is often the most difficult hurdle to surmount for a national liberation movement that is attempting to rise to state power. To be clear, I argue that a critical first step to running a peaceful democratic state, before territory or infrastructure, is to pacify radical parties in a non-dictatorial fashion; a process by which a new political regime proves itself capable of state governance by tying together the moderate with the extreme. 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Daspletosaurus - Facts and Figures

Name: Daspletosaurus (Greek for frightful lizard); pronounced dah-SPLEE-toe-SORE-us Habitat: Swamps of North America Historical Period: Late Cretaceous (75-70 million years ago) Size and Weight: About 30 feet long and three tons Diet: Herbivorous dinosaurs Distinguishing Characteristics: Massive head with numerous teeth; stunted arms About Daspletosaurus Daspletosaurus is one of those dinosaur names that sounds better in English translation than in the original Greek--frightening lizard is both scarier and more pronounceable! Other than its position near the top of the late Cretaceous food chain, theres not much to say about this tyrannosaur: like its close relative, Tyrannosaurus Rex, Daspletosaurus combined a massive head, a muscular body, and many, many sharp, pointy teeth with a ravenous appetite and puny, comical-looking arms. Its likely that this genus included a number of similar-looking species, not all of which have been discovered and/or described. Daspletosaurus has a complicated taxonomic history. When the type fossil of this dinosaur was discovered in Canadas Alberta Province in 1921, it was assigned as a species of another tyrannosaur genus, Gorgosaurus. There it languished for almost 50 years, until another paleontologist took a closer look and promoted Daspletosaurus to genus status. A few decades later, a second putative Daspletosaurus specimen wound up being assigned to yet a third tyrannosaur genus, Albertosaurus. And while all this was going on, the maverick fossil-hunter Jack Horner suggested that a third Daspletosaurus fossil was actually a transitional form between Daspletosaurus and T. Rex! Dale Russell, the paleontologist who assigned Daspletosaurus to its own genus, had an interesting theory: he proposed that this dinosaur coexisted with Gorgosaurus in the plains and woodlands of late Cretaceous North America, Gorgosaurus preying on duck-billed dinosaurs and Daspletosaurus preying on ceratopsians, or horned, frilled dinosaurs. Unfortunately, it now seems that the territory of these two tyrannosaurs did not overlap to the extent Russell believed, Gorgosaurus being largely restricted to northern regions and Daspletosaurus inhabiting southern regions.

Death with Dignity (Euthanasia) Essay - 1515 Words

What is the value of life exactly? Who decides whether or not someone’s life is valuable? These and many other questions are asked when the controversial topic of euthanasia is discussed. Certain groups and different politicians disapprove of the legalization of euthanasia, arguing that it is immoral and unethical. Doctors use modern medicine and expanding technology to â€Å"extend† one’s life. However, court mandates and/or politicians should not decide our rights. Especially when it involves our own bodies. When we feel as though we should end the pain and suffering from a terminal illness, then I believe it’s our autonomy. The individual and/or the individual’s family should make the final decision. A patient of a fatal disease such as†¦show more content†¦The first society established in the United States came soon after, in 1938 (Finsterbusch 246). It was called the Hemlock Society, and it now consists of more than 67,000 members (Fin sterbusch 190). This group gained so much support advocating legalization that the issue became a large debate splitting the country in half. The purpose of this society is to support your decision to die. Also it offers support when you are ready to die. As generations passed, it became more and more requested from relatives that their loved ones die peacefully. It became less possible to watch a loved one hooked up to machines that carry out daily tasks as simple as breathing until the end approached abruptly. Euthanasia is a way to spend the last moments of life with family and friends, not with machines, procedures, and most definitely not pain. Many individuals who have lost the capability to make their own decisions have what is called a â€Å"surrogate† make health-care decisions for them (Jussim). Living wills are a major part in the legal aspects of euthanasia. A living will can express a patient’s thoughts towards his or her future medical treatment (Jussim). Living wills are legal in forty states (Jussim). They permit anyone capable of making decisions to tell the doctor beforehand that they do not wish to be put on life support (Jussim). If the patient is unconscious or in a state where he or she isn’t capable of makingShow MoreRelatedEssay about Euthanasia Allows Death with Dignity1347 Words   |  6 Pagesout of control doctors who take it upon themselves to decide who lives, who dies, and when. Physician-assisted suicide has been practiced in the Netherlands for many years and â€Å"there are a substantial number of cases of non-voluntary euthanasia, that is, euthanasia undertaken without th e explicit permission of the person being killed† (Lee, 2003). Physicians’ being able to euthanize patients without permission is a terrifying thought, but what these people against the legalization of physician-assistedRead MoreEuthanasia Essays : Euthanasia And Euthanasia1432 Words   |  6 PagesDoes euthanasia assists patients to die with dignity? From fresh to dying, is the humanity multiplies the development natural law. Along with medicine progress and life enhancement, the people besides pay attention to eugenics, simultaneous starts to pay attention to the euthanasia. Since this century 50 ages, regarding euthanasia, many countries’ medical arenas, educational world, and ethical groups have been arguing about the euthanasia argument for many years, although many person of ideas haveRead MoreEuthanasia: Not Morally Acceptable Essay1646 Words   |  7 Pagesfollowing essay, I argue that euthanasia is not morally acceptable because it always involves killing, and undermines intrinsic value of human being. The moral basis on which euthanasia defends its position is contradictory and arbitrary in that its moral values represented in such terms as ‘mercy killing’, ‘dying with dignity’, ‘good death’ and ‘right for self-determination’ fail to justify taking one’s life. 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In order to enable terminally ill patients the ability to relieve their pain and lift the financial burden on those ill and their loved ones. Terminally ill individuals experiencing agonizing illnesses, with a predicted lifespan of six months or less, have little or no control over their lives and deaths. Opposed to the patients who enter a state of vegetation whereRead MoreShould Euthanasia Be Legal?1635 Words   |  7 Pagesover our deaths. We claim to be free people but someone else’s morals and standards could possibly govern the way we die. Medicine today makes it possible for patients who are living with unbearable pain to choose to die peacefully and with dignity. Physician-assisted suicide or active, voluntary euthanasia for an adult who is in a rational state of mind and whose suffering happens to be unbearable despite the strongest medical efforts, is an idea that should to be put into action. Euthanasia oughtRead MorePhi 208 Essay733 Words   |  3 PagesApplying an Ethical Theory PHI208 Kristy Villone March 30, 2014 Should assisted death, or euthanasia be an option for the terminally ill? In 1994, the Oregon Death With Dignity Act was formed, making Oregon the first state to legalize physician assisted deaths with restrictions. As of today, Washington, Vermont, New Mexico, along with Oregon are all legalized in euthanasia. The individuals wanting to end their life must be at least 18 years of age with a terminal illness, be a state resident

The Military in Art Free Essays

The word propaganda has come to have sinister overtones though this was not always the case. Propaganda today evokes images of sinister lies and obfuscations told by enemies of the state to sway the minds of the citizens. Yet in a larger sense all art is propaganda to some degree and military art is propaganda on a grand scale. We will write a custom essay sample on The Military in Art or any similar topic only for you Order Now Art is designed to cause an emotional response in the viewer. Throughout history artists have served the state, willingly or not so willingly, in an effort to further the aims of the government, be it republic or clan of elders.   Those works of art that are most effective are those that hit the viewer viscerally and cause a response that is near equal to the actual event being depicted in the art work. The works mentioned here are like that. I served in the United States Air Force for six years as a military policeman. I have traveled to Saudi Arabia, Kuwait and Korea. I have seen artwork that has evoked emotion in me and I have seen art that was truly representational of the events I have seen. James Dietz’ work, I Shall Defeat Them on the Battlefield, can be found as a limited edition print from the online gallery of the artist. The image size is 36† x 21.5 â€Å". It depicts the United States Army 75th Ranger Unit on the ground. This unit remains the Army’s premier special operations force capable of conducting a full spectrum of operations to include direct action raids and forced entry operations (JamesDietz.com). Dietz depicts an action scene in a dim setting. In the background is the skyline of a city that was ancient in the days when Christ walked the lands of the Middle East. The modern warriors, carrying firearms and dressed in body armor seem incongruent beneath the palms and the domed edifices creating the negative space in the lower portion of the sky. An automobile is in the streets where camels would seem more at home, juxtaposed in contrast to the ancient city and the modern warriors, signifying a delivery system of enemy fire. First Boots on the Ground, by William Phillips, is now available as a limited edition print, measuring 31† x 19 â€Å". It is a classic scene from the Viet Nam era, featuring a sky filled with helicopters and reminiscent of Apocalypse Now. The work depicts the 1965 battle of La Drang Valley, famous for its intensity.   â€Å"At 10:48 the helicopter touches down, and Lt. Col. Moore, Sgt. Major Plumley, Capt. Metsker, Bob Ovellette, Al Bosse and Vietnamese translator Mr. Nik become the first boots on the ground at La Drang† (OzarkAirFieldsArtworks 2005). This art is compelling and personal to me for it depicts the ultimate in warfare, that time when the soldier commits and becomes a weapon aimed at the heart of the enemy. He has left the relative safety of the helicopter. He no longer is behind the line depending on artillery or mortar fire, but rather advances, putting his life on the line as he moves inexorably toward the opposing warrior. Charlene Cooper’s moving artwork, titled with the acronym B.O.M.B., signifying Blood of My Brothers, is a drawing in graphite and colored pencil. The intense blue of the flag is complimented by the red of the tear streaming down the face of the warrior. It appeals to me for reasons that would be clear to most combat veterans, as it shows the side of a soldier seldom seen or discussed openly. The man holds a folded American Flag as that single tear, executed in the red of blood, is seen to escape his eye. He shows the pent up emotion which soldiers rarely display and gives the viewer the understanding that he is a flesh and blood creature, endowed with all the sentiment and feeling of any other man. He is proud of the job he has done, but keenly aware of the price that was ultimately paid by so many of his friends and compatriots. I find Cooper’s work the most compelling of these three, for it appeals to a side of me that is most often hidden from the view of others. It touches me in a place where I am alone with my feelings and appeals to me on a spiritual level. Even her choice of title is compelling, bringing to the piece a thought-provoking message that transcends the art and gives the viewer ideas that there is more to the piece than what appears on the surface, making it multi-leveled and multi-dimensional. Works Cited Artwanted.com  Ã‚  Ã‚   2007 B.O.M.B. (Blood of My Brothers) Retrieved 10-8-2007 From: http://www.artwanted.com/imageview.cfm?id=458010  Ã‚  Ã‚   JamesDietz.com 2007 I Shall Defeat Them on the Battlefield Retrieved 10-8-2007 OzarkAirFieldArtworks.com  Ã‚   2005   First Boots on the Ground Retrieved 10-8- 2007 from: http://www.ozarkairfieldartworks.com/firstbootsontheground.html                      . How to cite The Military in Art, Essay examples

Nanoparticle free essay sample

Abstract The encapsulation of enzymes in microenvironments and especially in liposomes, has proven to greatly improve enzyme stabilization against unfolding, denaturation and dilution effects. Combining this stabilization effect, with the fact that liposomes are optically translucent, we have designed nano-sized spherical biosensors. In this work liposome-based biosensors are prepared by encapsulating the enzyme acetylcholinesterase (AChE) in L-a phosphatidylcholine liposomes resulting in spherical optical biosensors with an average diameter of 300  ± 4 nm. Porins are embedded into the lipid membrane, allowing for the free substrate transport, but not that of the enzyme due to size limitations. The enzyme activity within the liposome is monitored using pyranine, a ? uorescent pH indicator. The response of the liposome biosensor to the substrate acetylthiocholine chloride is relatively fast and reproducible, while the system is stable as has been shown by immobilization within sol–gel.  © 2004 Elsevier B. V. All rights reserved. Keywords: Encapsulation; Liposomes; Fluorescent probe; Biosensor; Acetylcholinesterase 1. Introduction Liposomes are nanoscale spherical shells composed of lipid bilayers that enclose an aqueous phase. They are easily produced and stable in solution for a long period of time, with no signi? cant changes in size or structure (Woodle, 1995). In addition the biocompatible microenvironment of the liposomes, along with the ability to control their physicochemical properties, make them very appealing for a wide range of applications (Walde and Ichikawa, 2001). The most widespread application of liposomes is as carriers of functional substances and drugs. Controlled release of these substances is achieved under speci? c chemical or physical conditions. However due to their unique physical and chemical properties, liposomes can be used in a variety of other applications. For example, it has been observed that enzymes ? Corresponding author. Tel. : +30 2810 393 618; fax: +30 2810 393 601. E-mail address: [emailprotected] uoc. gr (N. A. Chaniotakis). are considerably stabilized within the nano-environment of liposomes, since they are protected from unfolding and proteolysis. Liposomes can effectively protect enzymes from the aggression of external agents such as proteases (Winterhalter et al. , 2001). In addition, enzymes entrapped in liposomes are stabilized against unfolding forces due to hydrophobic interactions between the enzyme and the liposome membrane (Han et al. , 1998). One other important characteristic is that enzymes encapsulated inside liposomes retain their activity even at very low concentrations (Nasseau et al. , 2001). At the same time liposomes are optically translucent, and can thus be used as optical sensor elements (Kulin et al. 2003; Singh et al. , 2000). Combining these characteristics one can envision that under speci? c experimental conditions they can be used for the development of nano-sized optical biosensors. Despite the fact that liposomes seem to be very promising nanomaterials in biosensor design only few reports dealing with this issue exist in literature. Initial attempts to develop liposome-based electrochemical biosen sors have been per- 0956-5663/$ – see front matter  © 2004 Elsevier B. V. All rights reserved. doi:10. 1016/j. bios. 2004. 10. 028 V. Vamvakaki et al. Biosensors and Bioelectronics 21 (2005) 384–388 385 formed with glucose oxidase (Taylor et al. , 1997; Kaszuba and Jones, 1999) on screen printed electrodes (Memoli et al. , 2002) as well as on chitosan gel beads (Wang et al. , 2003). In this study, the development of nano-biosensors using a different approach is presented. Our approach is based on the encapsulation of all the active reagents of an optical biosensor within the liposome environment. The analyte transport is achieved using porins which have been incorporated within the lipid bilayers. Based on the stabilizing effect of liposomes, the inherently unstable enzyme acetylcholinesterase from Drosophila melanogaster is encapsulated in the internal aqueous phase of liposomes. In order to have a sensitive transduction method through the walls of the liposome, a pH sensitive ? uorescence probe is used. These nanostructures are stable enough to be evaluated either as stand-alone nano-biosensors, or immobilized into an optimised sol–gel matrix. tometer (UNICAM 8625). Acryl optical cuvettes were obtained from Sarstedt. 2. 2. Liposome biosensor Encapsulation of acetylcholinesterase in egg phosphatidylcholine liposomes was performed following the lipid ? lm’s hydration technique (Chaize et al. , 2003). For the preparation of liposomes 5 mg egg phosphatidylcholine were mixed with 5 L of a 2 mg/mL stock solution of OmpF porin in 1% octyl-POE detergent. Then 100 L phosphate buffer 25 mM, pH = 7. 8 were added slowly to the solution and consequently 100 L of Drosophila AChE (? 500 OD/mL) and 30 L of 7. 6 ? 10? 5 M pyranine solution were introduced. The mixture was subjected to 50 freeze-thaw cycles by successive dipping in a liquid nitrogen bath (? 95 ? C) and a water bath (37 ? C). It has been reported in the literature that encapsulation ef? ciency increases by increasing number of freeze-thaw cycles (Chaize et al. , 2003; Colletier et al. , 2002). Even though the encapsulation ef? ciency is quite high even after only 10 freeze-thaw cycles, 50 cycles were chosen in order to obtain the maximum attainabl e encapsulation of enzyme in the liposomes. Next the sample was diluted to 1 mL with 25 mM phosphate buffer pH = 7. 8. To obtain liposomes of homogenous size the sample was extruded 10 times through polycarbonate ? lters with a pore size of 0. 2 m. The size of the liposome was measured to be 300  ± 4 nm in diameter using dynamic light scattering. The non-encapsulated enzyme was deactivated by adding 5 mg/mL pronase and incubating for 3 h at room temperature. In all cases, AChE activity was measured photometrically at 412 nm according to the sensitive Ellman’s method (Ellman et al. , 1961), in 25 mM phosphate buffer, pH = 7. 0 at 25 ? C. The schematic diagram for the development of the liposome biosensor is shown in Fig. 1. 2. 3. Liposome entrapment in sol–gel A silica sol was prepared by sonication for 20 min of TMOS/deionised water (5/1) in 0. 4 M HCl. The liposomes with the encapsulated enzyme were then mixed with the sol–gel solution at a ratio of 2:1, and the mixture was poured on the side of cuvettes. The immobilized enzyme in each cuvette was 6. 4 pmol. Gelation was occurred within a few minutes, resulting in a transparent ? lm. To avoid the shrinkage, 2. Materials and methods 2. 1. Reagents and ins trumentation Truncated cDNA encoding soluble wild type acetylcholinesterase from D. melanogaster (Dm. AChE), was expressed with the baculovirus system (Chaabihi et al. , 1994). Secreted AChE was puri? ed to homogeneity by af? ity chromatography as previously reported (Estrada-Mondaca and Fournier, 1998). Under these conditions the enzyme is stable for more than 1 week at room temperature. Expression and puri? cation of the outer membrane protein OmpF, from Escherichia coli has recently been described (Saint et al. , 1996). Acetylthiocholine chloride (ATChCl) and L-a phosphatidylcholine from egg yolk and the ? uorescent indicator pyranine (1-hydroxypyrene-3,6,8-trisulfonic acid) were purchased from Sigma. Tetramethoxysilane (TMOS) was obtained from Aldrich. In all experiments nanopure water (? 18 M , EASYpure model D7033, Barnstead) was used. All other reagents used were of analytical grade. Fluorescence spectral data were recorded on an AmincoBowman series 2 luminescence spectrometer equipped with a continuous high power xenon lamp. All samples were analyzed at room temperature. The excitation and emission slits were set at 4 nm band-pass with a scan rate of 3 nm/s. Optical measurements were performed with a UV–vis spectropho- Fig. 1. Schematic representation of the liposome-biosensor design. 386 V. Vamvakaki et al. / Biosensors and Bioelectronics 21 (2005) 384–388 the cuvettes with the sol–gel were stored at 4 ? C in phosphate buffer 25 mM, pH = 7. 8. 2. 4. Measuring procedure All measurements were performed by adding the substrate acetylthiocholine chloride to the cuvettes containing the solution of AChE/liposomes or the immobilized AChE/liposomes in the sol–gel matrix. The porins embedded on the liposome membranes permit the substrate’s entrance in the internal nano-environment of the liposomes where the enzymatic reaction takes place. The latter results in the production of acetic acid and thus pH changes at the local nano-environment of the enzyme. This in turn alters the ? uorescence signal of the pyranine indicator which is subsequently correlated to the substrate concentration. Fig. 2. pH titration curve of pyranine. The change in ? uorescence signal of pyranine at 513 nm is recorded at different pH values. 3. Results and discussion The enzymatic reaction of AChE is shown in the following scheme: Acetylthiocholine + H2 O ? Thiocholine + Acetic acid Acetic acid production during the hydrolysis of the substrate acetylthiocholine results in the decrease of the pH value of the immediate aqueous environment surrounding the enzyme. AChE activity inside liposome is usually monitored using the classic photometric Ellman method (Chaize et al. , 2003; Ellman et al. , 1961). In this study a ? uorescence detection scheme is chosen as the transduction method. It is well known that ? uorescence provides higher sensitivity, lower detection limits and wider concentration range. In the proposed biosensor system, the ? uorescence detection of the enzymatic activity is accomplished simply by the introduction of a ? uorescent indicator within the liposome. This one-step procedure provides a simple self-contained stable nano-biosensor, thus avoiding the two steps required by the Ellman’s method for the detection of the enzymatic activity. AChE achieves optimum catalytic ef? iency when placed in neutral pH aqueous solutions. For this reason, and in order to develop a ? uorescent biosensor based on AChE, a pH indicator with pKa value close to pH 7. 0 is required. After a comprehensive literature search it became evident that Pyranine could ful? l these requirements. Pyranine is a pH sensitive ? uorescent indicator whose excitation and emission wavelengths wer e found at 460 and 513 nm, respectively. This indicator has a pKa value of 7. 3, it is highly soluble in water and membrane impermeable (Zignani et al. , 2000). Based on these characteristics, it is expected that this indicator could ful? the requirements set above for the optical AChE-based biosensor. In order to determine the working pH range, titration of the ? uorescent indicator was initially performed. As it can be seen from the resulting titration curve (Fig. 2) there is AChE a linear relationship between the pH value of the solution and the ? uorescence signal of the pyranine for a pH range between 7. 0 and 7. 8. In order to ensure the highest possible sensitivity of ? uorescence changes upon pH changes within the liposome, together with a wide dynamic range, the pH value of 7. 8 is chosen as the starting point. The time required to obtain a signi? cantly high signal for analytical purposes was determined next. To a buffered solution (pH 7. 8) containing the pH indicator pyranine and the enzyme AChE, additions of the substrate acetylthiocholine to different ? nal concentrations were performed. From these data (data not given) it was determined that the ? uorescent signal of the solution changed dramatically within a few minutes after substrate addition, and thus measurements could be made anytime after an initial 5 min waiting period. In the next step, the response of the liposome biosensor to acetylthiocholine was evaluated. The substrate was added to the enzyme loaded liposomes and the ? uorescent signal of pyranine was monitored over time. As shown in Fig. 3a the ? uorescence intensity of the indicator within the liposomes decreases with a rate that is proportional to the substrate concentration in the solution. Increasing the substrate concentration decreases the ? uorescence, with a response time in the order of a few minutes. Fig. 3b shows the calibration curve of the biosensor plotted as the ? uorescence intensity versus substrate concentration for 10 min reaction time. From this graph the substrate sensitivity of the sensor for substrate concentrations between 1. 0 and 13. 3 mM is calculated to be 8. 2 ? 10? 3 Abs min? 1 mM? 1 . In addition the detection limit of the sensor is calculated to be less than 1. 0 mM. Liposomes are very small, and thus dif? cult to handle as biosensors. In order to obtain a stand-alone biosensor device the biosensing element has to be immobilized on a more convenient platform. Such immobilization of the biosensor system can be used continuously and for successive measurements, while it can easily be introduced into other analytical systems, such as micro-devices or ? w injection systems. For this study, a transparent sol–gel matrix is used as the immobi- V. Vamvakaki et al. / Biosensors and Bioelectronics 21 (2005) 384–388 387 Fig. 3. (a) Fluorescence signal of AChE/liposome biosensor over time, for different ATChCl concentrations: 2. 5, 5. 0, 10. 0 and 13. 3 mM. (b) Calibration curve of the AChE/liposome b iosensor. To obtain the calibration curve, the ? uorescence intensity after 10 min reaction time was recorded for each substrate concentration. The immobilized enzyme was 6. 4 pmol and the ? uorescence signal was monitored at 513 nm. ization matrix of the nano-biosensor. The procedure for the formation of the sol–gel was precisely optimized in order to provide well-formed, smooth and reproducible membranes. For this reason, different sol–gel matrices were prepared and the most suitable for the speci? c use was chosen on the basis of ? lm quality (smooth ? lm, crack-free), transparency, and good adhesion to the polymeric optical window of the cuvette. The sol–gel biosensor was evaluated based on the ? uorescence signal of pyranine. The change of the biosensor signal with time at different substrate concentrations is shown in Fig. a, while the corresponding calibration curve obtained 10 min after the introduction of the substrate is shown in Fig. 4b. The biosensor showed a linear range of response that extended from 1. 0 to 15. 0 mM and the observed sensitivity to the substrate was 7. 5 ? 10? 3 Abs min? 1 mM? 1 . The sensorto-sensor reproducibility was very good with a R. S. D. value of less than 1% (N = 3). When the enzyme loaded liposomes are incubated with Triton X-100 the sensitivity of the biosensor increases on account of the lysis of the liposomes. This observation veri? es that the nzyme is encapsulated in the internal microenvironment of the liposome. It is also important to note that even the very small amount of enzyme incorporated in each biosensor system (6. 4 pmol) is suf? cient to obtain a reliable ? uorescence signal. This implies that using this biosensor system, monitoring of inhibitors (e. g. organophosphorus pesticides) can be achieved with high sensitivity and very low detection limit. A comparison between the AChE/liposome biosensor and the AChE/liposome sol–gel biosensor shows that the two systems have similar a nalytical characteristics. In both cases the response time is less than 10 min while the sensitivity of the biosensor remained approximately the same. Enzyme kinetics were also unaffected by the sol–gel immobilization step. It has been calculated that the apparent Km value is close to 5. 5 mM in both cases. This fact further enhances the ap- Fig. 4. (a) Fluorescence signal of the AChE/liposome sol–gel biosensor with time, for different ATChCl concentrations: 1. 0, 5. 0, 16. 6 and 33. 3 mM. (b) Calibration curve of the AChE/liposome sol–gel biosensor. To obtain the calibration curve, the ? orescence intensity after 10 min reaction time was recorded for each substrate concentration. The immobilized enzyme was 6. 4 pmol and the ? uorescence signal was monitored at 513 nm. 388 V. Vamvakaki et al. / Biosensors and Bioelectronics 21 (2005) 384–388 Acknowledgments This work is being supported by the program â€Å"Iraklitos† of the Greek Ministry of Education and the European Commiss ion Program â€Å"GANANO† (Contract No. STREP 505641-1). We would also like to thank Prof. A. K. Rizos for the Dynamic Light Scattering measurement. References Chaabihi, H. , Fournier, D. , Fedon, Y. , Bossy, J. P. , Ravallec, M. Devauchelle, G. , C? rutti, M. , 1994. Biochemical characterization of e Drosophila melanogaster acetylcholinesterase expressed by recombinant baculoviruses. Biochem. Biophys. Res. Commun. 203, 734–742. Chaize, B. , Winterhalter, M. , Fournier, D. , 2003. Encapsulation of acetylcholinesterase in preformed liposomes. BioTechniques 34, 1158–1162. Colletier, J. P. , Chaize, B. , Winterhalter, M. , Fournier, D. , 2002. Protein encapsulation in liposomes: ef? ciency depends on interactions between protein and phospholipid bilayer. BMC Biotechnol. 2, 9. Ellman, G. L. , Courtney, K. D. , Andres Jr. , V. , Featherstone, R. M. , 1961. A new and rapid colorimetric determination of acetylcholinesterase activity. Biochem. Pharmacol. 7, 88–95. Estrada-Mondaca, S. , Fournier, D. , 1998. Stabilization of recombinant drosophila acetylcholinesterase. Prot. Expr. Purif. 12, 166–172. Han, X. , Li, G. , Li, K. , 1998. FTIR study of the thermal denaturation of a-actinin in its lipid-free and dioleoylphosphatidylglycerol-bound states and the central and N-terminal domains of a-actinin in D2 O. Biochemistry 37, 10730–10737. Kaszuba, M. , Jones, M. N. , 1999. Hydrogen peroxide production from reactive liposomes encapsulating enzymes. Biochimica et Biophysica Acta 1419, 221–228. Kulin, S. , Kishore, R. , Helmerson, K. , Locascio, L. , 2003. Optical manipulation and fusion of liposomes as microreactors. Langmuir 19 (20), 8206–8210. Memoli, A. , Annesini, M. C. , Mascini, M. , Papale, S. , Petralito, S. , 2002. A comparison between different immobilised glucoseoxidase-based electrodes. J. Pharm. Biomed. Anal. 29, 1045–1052. Nasseau, M. , Boublik, Y. , Meier, W. , Winterhalter, M. , Fournier, D. , 2001. Substrate-permeable encapsulation of enzymes maintains effective activity, stabilizes against denaturation, and protects against proteolytic degradation. Biotechnol. Bioeng. 75, 615–618. Saint, N. , Windmer, C. , Luckey, M. , Schirmer, T. , Rosenbuch, J. P. , 1996. Structural and functional characterization of OmpF porin mutants selected for larger pore size. J. Biol. Chem. 271, 20676–20680. Singh, A. K. , Harrison, S. H. , Schoeniger, J. S. , 2000. Gangliosides as receptors for biological toxins: development of sensitive ? uoroimmunoassays using ganglioside-bearing liposomes. Anal. Chem. 72 (24), 6019–6024. Taylor, M. A. , Jones, M. N. , Vadgama, P. M. , Higson, S. P. , 1997. The effect of lipid bilayer manipulation on the response of the glucose oxidaseliposome electrode. Biosens. Bioelectron. 12, 467–477. Walde, P. , Ichikawa, S. , 2001. Enzymes inside lipid vesicles: preparation, reactivity and applications. Biomol. Eng. 18, 143–177. Wang, S. , Yoshimoto, M. , Fukunaga, K. , Nakao, K. , 2003. Optimal covalent immobilization of glucose oxidase-containing liposomes for highly stable biocatalyst in bioreactor. Biotechnol. Bioeng. 83, 444–453. Winterhalter, M. , Hilty, C. , Bezrukov, S. M. , Nardin, C. , Meier, W. , Fournier, D. , 2001. Controlling membrane permeability with bacterial porins: application to encapsulated enzymes. Talanta 55, 965–971. Woodle, M. C. , 995. Sterically stabilized liposome therapeutics. Adv. Drug Deliv. Rev. 16, 249–265. Zignani, M. , Drummond, D. C. , Meyer, O. , Hong, K. , Leroux, J. C. , 2000. In vitro characterization of a novel polymeric-based pH-sensitive liposome system. Biochim. Biophys. Acta 1463, 383–394. Fig. 5. Fluorescence signal of the sol–gel AChE biosensor over time for 16. 6 mM ATChCl: ( ) sol–gel with free AChE, and ( ) sol–gel biosensor with liposome immobilized AChE. The total amount of immobilized enzyme in both cases with and without liposome was 6. 4 pmol and the ? uorescence signal was monitored at 513 nm. licability of the sol–gel immobilized liposome biosensor, since this matrix does not introduce any additional diffusion barriers and thus it does not have any effect on enzyme kinetics. Since the by-products of the sol–gel process can be detrimental to the enzymes, sol–gel biosensors with free AChE and liposome loaded AChE were prepared and evaluated. As it can be seen from Fig. 5 the ? uorescent signal over time for a given substrate concentration of the free AChE sol–gel biosensor shows signi? cant deterioration on the sensitivity over time, compared to the biosensor with liposome immobilized AChE. This reduced response of the free AChE biosensor, versus the liposome based one is attributed to partial deactivation of the AChE in the sol–gel matrix. The stability of the liposome immobilized AChE biosensor indicates that the enzyme is considerably stabilized against denaturation from the methanol produced during the hydrolysis process of the silicate solution. 4. Conclusions In this paper a novel biosensor system was developed using porin embedded AChE loaded liposomes containing pyranine as the optical, ? uorescent indicator. The nano-sized liposomes provide a suitable environment for the effective stabilization of enzymes. The porins allow for the expedient transport of the substrate through the liposome walls, while the enzyme is entrapped due to its physical size. The incorporation of these enzyme loaded liposomes into sol–gel matrices provides an optically active biosensor with good overall analytical characteristics. The proven ability to monitor very low enzymatic activity, the very good sensor-to-sensor reproducibility and the signi? cant stability of the system provide the grounds for the application of the presented nanobiosensors in the detection of organophosphorus pesticides and other toxic AChE inhibitors.