Equity offerings, stock price crash risk, and the impact of securities regulation: international evidence

We examine whether earnings manipulation around seasoned equity offerings (SEOs) is associated with an increase in the likelihood of a stock price crash post-issue and test whether the enactment of securities regulations attenuate the relation between SEOs and crash risk. Empirical evidence documents that managerial tendency to conceal bad news increases the likelihood of a stock price crash (Jin and Myers, 2006; Hutton, Marcus, and Tehranian, 2009). We test this hypothesis using a sample of firms from 29 EU countries that enacted the Market Abuse Directive (MAD). Consistent with our hypothesis, we find that equity issuers that engage in earnings management experience a significant increase in crash risk post-SEO relative to control groups of non-issuers; this effect is stronger for equity issuers with poor information environments. In addition, our findings show a significant decline in crash risk post-issue after the enactment of MAD that is stronger for firms that actively manage earnings. This decline in post-issue crash risk is more effective in countries with high ex-ante institutional quality and enforcement. These results suggest that the implementation of MAD helps to mitigate managers’ ability to manipulate earnings around SEOs.

Evidence of Wγγ production in pp collisions at s√=8 TeV and limits on anomalous quartic gauge couplings with the ATLAS detector

This Letter reports evidence of triple gauge boson production pp→W(ℓν)γγ+X, which is accessible for the first time with the 8 TeV LHC data set. The fiducial cross section for this process is measured in a data sample corresponding to an integrated luminosity of 20.3 fb−1, collected by the ATLAS detector in 2012. Events are selected using the W boson decay to eν or μν as well as requiring two isolated photons. The measured cross section is used to set limits on anomalous quartic gauge couplings in the high diphoton mass region.

Da prova: na atuação policial e no âmbito da infração tributária

Relatório de atividade profissional de mestrado em Direito Judiciário

Evidence for inter- and intra-species biofilm formation variability among a small group of coagulase-negative staphylococci

Coagulase-negative staphylococci (CoNS) are common bacterial colonisers of the human skin. They are often involved in nosocomial infections due to biofilm formation in indwelling medical devices. While biofilm formation has been extensively studied in Staphylococcus epidermidis, little is known regarding other CoNS species. Here, biofilms from six different CoNS species were characterised in terms of biofilm composition and architecture. Interestingly, the ability to form a thick biofilm was not associated with any particular species, and high variability on biofilm accumulation was found within the same species. Cell viability assays also revealed different proportions of live and dead cells within biofilms formed by different species, although this parameter was particularly similar at the intra-species level. On the other hand, biofilm disruption assays demonstrated important inter- and intra-species differences regarding extracellular matrix composition. Lastly, confocal laser scanning microscopy (CLSM) experiments confirmed this variability, highlighting important differences and common features of CoNS biofilms. We hypothesised that the biofilm formation heterogeneity observed was rather associated with biofilm matrix composition than with cells themselves. Additionally, our results indicate that polysaccharides, DNA and proteins are fundamental pieces in the process of CoNS biofilm formation.

Satisfaction with Life Scale among adolescents and young adults in Portugal: extending evidence of construct validity

The paper presents three empirical studies designed to extend the test of the construct validity of the Satisfaction With Life Scale (SWLS) among Portuguese students. In the first study, the responses of 461 elementary and secondary education students were submitted to a principal component analysis. A solution of one single factor was chosen, accounting for 55.7 % of the total variance, with Cronbach alpha coefficient and inter-item correlation above .70 and .20, respectively. The second study used a sample of 317 undergraduate students and registered a similar factor solution for SWLS (/pq = 0.99), which accounted for 65.6 % of the total variance (Cronbach alpha .89 and inter-item correlation above .20). A test–retest analysis registered coefficients of .70 (T2) and .77 (T3) and no significant statistically differences between T2, T3 and T1. The third study used a sample of 107 foster care youths from elementary and secondary education. Confirmatory factor analysis results indicate adequate fit indexes for the one-factor solution (v2/df = 2.70, GFI = .96, CFI = .96), which showed convergent validity, reliability and homogeneity. In conclusion, there is psychometric evidence for the one-factor structure of the SWLS in Portugal.

Gd2O3: Eu3+/PPO/POPOP/PS composites for digital imaging radiation detectors

Polymer based scintillator composites have been produced by combining polystyrene (PS) and Gd2O3:Eu3+ scintillator nanoparticles. Polystyrene has been used since it is a flexible and stable binder matrix, resistant to thermal and light deterioration and with suitable optical properties. Gd2O3:Eu3+ has been selected as scintillator material due to its wide band gap, high density and visible light yield. The optical, thermal and electrical characteristics of the composites were studied as a function of filler content, together with their performance as scintillator material. Additionally 1wt.% of 2,5 dipheniloxazol (PPO) and 0.01wt.% of (1,4-bis(2-(5-phenioxazolil))-benzol (POPOP) were introduced in the polymer matrix in order to strongly improve light yield, i.e. the measured intensity of the output visible radiation, under X-ray irradiation. Whereas increasing scintillator filler concentration (from 0.25wt.% to 7.5wt.%) increases scintillator light yield, decreases the optical transparency of the composite. The addition of PPO and POPOP, strongly increased the overall 2 transduction performance of the composite due to specific absorption and re-emission processes. It is thus shown that Gd2O3:Eu3+/PPO/POPOP/PS composites in 0.25 wt.% of scintillator content with fluorescence molecules is suitable for the development of innovate large area X-ray radiation detectors with huge demand from the industries.

Effect of the acoustic impedance in ultrasonic emitter transducers using digital modulations

In an underwater environment it is difficult to implement solutions for wireless communications. The existing technologies using electromagnetic waves or lasers are not very efficient due to the large attenuation in the aquatic environment. Ultrasound reveals a lower attenuation, and thus has been used in underwater long-distance communications. The much slower speed of acoustic propagation in water (about 1500 m/s) compared with that of electromagnetic and optical waves, is another limiting factor for efficient communication and networking. For high data-rates and real-time applications it is necessary to use frequencies in the MHz range, allowing communication distances of hundreds of meters with a delay of milliseconds. To achieve this goal, it is necessary to develop ultrasound transducers able to work at high frequencies and wideband, with suitable responses to digital modulations. This work shows how the acoustic impedance influences the performance of an ultrasonic emitter transducer when digital modulations are used and operating at frequencies between 100 kHz and 1 MHz. The study includes a Finite Element Method (FEM) and a MATLAB/Simulink simulation with an experimental validation to evaluate two types of piezoelectric materials: one based on ceramics (high acoustic impedance) with a resonance design and the other based in polymer (low acoustic impedance) designed to optimize the performance when digital modulations are used. The transducers performance for Binary Amplitude Shift Keying (BASK), On-Off Keying (OOK), Binary Phase Shift Keying (BPSK) and Binary Frequency Shift Keying (BFSK) modulations with a 1 MHz carrier at 125 kbps baud rate are compared.

Evidence for the Higgs-boson Yukawa coupling to tau leptons with the ATLAS detector

Results of a search for H→ττ decays are presented, based on the full set of proton--proton collision data recorded by the ATLAS experiment at the LHC during 2011 and 2012. The data correspond to integrated luminosities of 4.5 fb−1 and 20.3 fb−1 at centre-of-mass energies of s√ = 7 TeV and s√ = 8 TeV respectively. All combinations of leptonic (τ→ℓνν¯ with ℓ=e,μ) and hadronic (τ→hadrons ν) tau decays are considered. An excess of events over the expected background from other Standard Model processes is found with an observed (expected) significance of 4.5 (3.4) standard deviations. This excess provides evidence for the direct coupling of the recently discovered Higgs boson to fermions. The measured signal strength, normalised to the Standard Model expectation, of μ=1.43+0.43−0.37 is consistent with the predicted Yukawa coupling strength in the Standard Model.

Digital manipulatives as scaffolds for preschoolers’ language development

The study reported here aims at contributing to a deeper understanding of the educational possibilities offered by digital manipulatives in preschool contexts. It presents a study carried with a digital manipulative to enhance the development of lexical knowledge and language awareness, which are relevant language abilities for formal literacy learning. The study took place in a Portuguese preschool, with a class of 20 five-year-olds in collaboration with the teacher. The digital manipulative supported the construction of multiple fictional worlds, motivating children's verbal interactions, and the playing of words and sound games, thus contextualizing the learning of an extensive collection of vocabulary and language awareness abilities. The degree of engagement and involvement that the manipulative provided in supporting children’s imaginative play as well as the imitation, in their own play, of the playful pedagogical interventions that the teacher had designed, shows the importance of well- designed materials that support a child-centered learning model. As such, it sustains a discussion on the potential of digital manipulatives to enhance fundamental language development in the preschool years. Further, the study highlights the importance of multidisciplinary teams in the creation of innovative pedagogical materials.

Mobilidade da rádio na era digital: interatividade, participação e partilha de conteúdos nas emissoras ibéricas

No quadro da investigação científica sobre rádio, os últimos anos têm dado a conhecer inúmeras abordagens sobre o significado de uma post-radio (Oliveira & Portela, 2011), isto é, a definição de um conjunto de questões que se colocam à inclusão da rádio contemporânea em ambientes digitais e online. Esta migração digital tem vindo a proporcionar o desenvolvimento das aplicações móveis das rádios, como o alargamento das potencialidades comunicativas (Aguado, Feijoo & Martínez, 2013), de audiências, de convergência de conteúdos interativos entre ouvintes-utilizadores. Conscientes desta oportunidade, as principais emissoras da Espanha e Portugal alargaram o universo da radiofonia à plataforma móvel, com especial atenção aos telefones inteligentes, através do desenvolvimento de aplicações móveis (apps) (Cerezo, 2010). Os smartphones, como símbolo de uma cultura em permanente mutação, sugerem não apenas uma maior facilidade no acesso e interação, mas acrescentam grandes possibilidades para a difusão de conteúdos entre audiências, o que estudos têm designado por user distributed content (Villi, 2012). O presente artigo apresenta uma análise exploratória sobre as políticas atuais das principais rádios espanholas e portuguesas nas aplicações móveis, avaliando o grau de interação e participação mobilizado nessas plataformas. Durante a observação, conclui-se, entre outros dados, que a plataforma móvel representa um canal suplementar para a rádio tradicional FM, mais que um novo meio com linguagem e expressividade próprios.

Radio mobility in the digital era: interactivity, participation and content share possibilities in Iberian broadcasters

In the context of the scientific research into radio, recent years have encouraged many theories about the meaning of a post-radio (Oliveira & Portela, 2011), thus enlisting several parameters regarding the inclusion of contemporary radio in the digital and online environments. This digital migration has led to the development of mobile applications for radio, broadening the communicative potential of audiences (Aguado, Feijoo & Martínez, 2013), as well as promoting convergence of interactive content among listeners-users. Aware of this opportunity, the main broadcasters in Spain and Portugal have broadened their radiophonic scope to the mobile platform, especially geared towards smartphones through the development of mobile applications, commonly known as apps (Cerezo, 2010). As a symbol of a culture in permanent changing, smartphones not only provide greater easiness in terms of access and interaction, but also afford larger opportunities for disseminating content among audiences, a phenomenon that some studies have labelled as user distributed content (Villi, 2012). This article presents an exploratory analysis of the current policies of the main Spanish and Portuguese radio broadcasters regarding mobile applications, evaluating the different levels of interaction and participation in these platforms. This observation led to the conclusion, among other findings, that the mobile platform represents a supplementary channel for traditional FM radio, rather than a new medium with its own language and expression.

Tecnologia e configurações do humano na era digital: Contribuições para uma nova sociologia da técnica

(Excerto) Com a expansão das novas tecnologias digitais da infor­mação e da comunicação e as biotecnologias, o mundo social e técnico está a transformar-se de uma forma acelerada nas últimas décadas. Uma alteração que tem dois efeitos impor­tantes: em primeiro lugar, uma mudança na relação entre o humano e a tecnologia; em segundo, uma crise da forma tra­dicional das ciências sociais pensarem a questão da técnica.

Consumption, wealth, stock and housing returns: evidence from emerging markets

We test the predictive ability of the transitory deviations of consumption from its common trend with aggregate wealth and labour income, cay, for both future equity and housing risk premia in emerging market economies. Using quarterly data for 31 markets, our country-level evidence shows that forecasting power of cay vis-à-vis stock returns is high for Brazil, China, Colombia, Israel, Korea, Latvia and Malaysia. As for housing returns, the empirical evidence suggests that financial and housing assets are perceived as complements in the case of Chile, Russia, South Africa and Thailand, and as substitutes in Argentina, Brazil, Hong Kong, Indonesia, Korea, Malaysia, Mexico and Taiwan. Using a panel econometric framework, we find that the cross-country heterogeneity observed in asset return predictability does not accrue to regional location, but can be attributed to differences in the degree of equity market development and in the level of income.

Experimental evidence that quorum rules discourage turnout and promote election boycotts

Many democratic decision making institutions involve quorum rules. Such rules are commonly motivated by concerns about the “legitimacy” or “representativeness” of decisions reached when only a subset of eligible voters participates. A prominent example of this can be found in the context of direct democracy mechanisms, such as referenda and initiatives. We conduct a laboratory experiment to investigate the consequences of the two most common types of quorum rules: a participation quorum and an approval quorum. We find that both types of quora lead to lower participation rates, dramatically increasing the likelihood of full-fledged electoral boycotts on the part of those who endorse the Status Quo. This discouraging effect is significantly larger under a participation quorum than under an approval quorum.

Economia da cibercultura: A exclusão digital (Digital Divide)

Exclusão Digital (Digital Divide): Estatísticas da desigualdade; The Global Digital Divide; The Exploding Internet 2008; Uso da Internet em 2013. Nuvem semântica dos Media Sociais. Natureza qualitativa da exclusão. Exclusão de poder. Economia política da cibercultura. Classes e ciberpoder. Conetados e não-conetados.