Relative accuracy and predictive ability of direct valuation methods, price to aggregate earnings method and a hybrid approach

In this paper, we assess the relative performance of the direct valuation method and industry multiplier models using 41 435 firm-quarter Value Line observations over an 11 year (1990–2000) period. Results from both pricingerror and return-prediction analyses indicate that direct valuation yields lower percentage pricing errors and greater return prediction ability than the forward price to aggregated forecasted earnings multiplier model. However, a simple hybrid combination of these two methods leads to more accurate intrinsic value estimates, compared to either method used in isolation. It would appear that fundamental analysis could benefit from using one approach as a check on the other.

Genetic assignment methods for the direct, real-time estimation of migration rate: a simulation-based exploration of accuracy and power

Genetic assignment methods use genotype likelihoods to draw inference about where individuals were or were not born, potentially allowing direct, real-time estimates of dispersal. We used simulated data sets to test the power and accuracy of Monte Carlo resampling methods in generating statistical thresholds for identifying F-0 immigrants in populations with ongoing gene flow, and hence for providing direct, real-time estimates of migration rates. The identification of accurate critical values required that resampling methods preserved the linkage disequilibrium deriving from recent generations of immigrants and reflected the sampling variance present in the data set being analysed. A novel Monte Carlo resampling method taking into account these aspects was proposed and its efficiency was evaluated. Power and error were relatively insensitive to the frequency assumed for missing alleles. Power to identify F-0 immigrants was improved by using large sample size (up to about 50 individuals) and by sampling all populations from which migrants may have originated. A combination of plotting genotype likelihoods and calculating mean genotype likelihood ratios (D-LR) appeared to be an effective way to predict whether F-0 immigrants could be identified for a particular pair of populations using a given set of markers.

Direct observation of covalent adducts with Cys34 of human serum albumin using mass spectrometry

The interactions of the unpaired thiol residue (Cys34) of human serum albumin (HSA) with low-molecular-weight thiols and an Au(I)-based antiarthritic drug have been examined using electrospray ionization mass spectrometry. Early measurements of the amount of HSA containing Cys34 as the free thiol suggested that up to 30% of circulating HSA bound cysteine as a mixed disulfide. It has also been suggested that reaction of HSA with cysteine, occurs only on handling and storage of plasma. In our experiments, there were three components of HSA in freshly collected plasma from normal volunteers, HSA, HSA + cysteine, and HSA + glucose in the ratio similar to50:25:25. We addressed this controversy by using iodoacetamide to block the free thiol of HSA in fresh plasma, preventing its reaction with plasma cysteine. When iodoacetamide was injected into a vacutaner tube as blood was collected, the HSA was modified by iodoacetamide, with 20-30% present as the mixed disulfide with cysteine (HSA + cys). These data provide strong evidence that 20-30% of HSA in normal plasma contains one bound cysteine. Reaction of HSA with [Au(S2O3)(2)](3-) resulted in formation of the adducts HSA + Au(S2O3) and HSA + Au. Reaction of HSA with iodoacetamide prior to treatment with [Au(S2O3)(2)](3-) blocked the formation of gold adducts. (C) 2003 Elsevier Inc. All rights reserved.

SeqDoC: rapid SNP and mutation detection by direct comparison of DNA sequence chromatograms

Background: This paper describes SeqDoC, a simple, web-based tool to carry out direct comparison of ABI sequence chromatograms. This allows the rapid identification of single nucleotide polymorphisms (SNPs) and point mutations without the need to install or learn more complicated analysis software. Results: SeqDoC produces a subtracted trace showing differences between a reference and test chromatogram, and is optimised to emphasise those characteristic of single base changes. It automatically aligns sequences, and produces straightforward graphical output. The use of direct comparison of the sequence chromatograms means that artefacts introduced by automatic base-calling software are avoided. Homozygous and heterozygous substitutions and insertion/deletion events are all readily identified. SeqDoC successfully highlights nucleotide changes missed by the Staden package 'tracediff' program. Conclusion: SeqDoC is ideal for small-scale SNP identification, for identification of changes in random mutagenesis screens, and for verification of PCR amplification fidelity. Differences are highlighted, not interpreted, allowing the investigator to make the ultimate decision on the nature of the change.

Eradicating feral cats to protect Galapagos Land Iguanas: methods and strategies

A three-year programme to eradicate Feral Cats Felis catus from the island of Baltra in the Galapagos archipelago achieved good results by Initially poisoning with sodium monofluoroacetate (compound 1080) then trapping or shooting the remaining cats. The poisoning campaign removed 90% of the cats, its success being attributable to pre-baiting with unpolsoned baits to accustom cats to eating baits and placing enough baits to ensure that all cats encountered several baits within their home range. This, together with the use of metaclopromide (Pileran) as an anti-emetic, overcame a problem associated with poor retention of 1080 in thawed fish baits that limited the dose available to 1 mg 1080lbait, a quality Insufficient to kill large cats. Removal of the remaining cats was delayed by a weather-Induced irruption of Black Rats Rattus rattus and House Mice Mus musculus that enabled recruitment of kittens in 2002, but made cats more susceptible to trapping and shooting in 2003 when rodent populations collapsed. Since July 2003 no sign of a cat has been detected on Baltra despite extensive searching and monitoring throughout 2004. As cat abundance has decreased there have been more locally-bred Juvenile iguanas (Conolophus subcristatus) seen during annual censuses. However, such recruitment may reflect the increasing maturity and higher fecundity of iguanas repatriated from 1991 onwards rather than being a direct result of reduced cat predation alone. More time is necessary to determine the benefits of reduced cat predation on the Iguana population.

Methods of detecting fouling caused by heating of milk

Fouling is the deposition of milk solids on heat transfer sur aces, particularly heat exchangers. It is a major industrial problem, which causes a decrease in heat transfer efficiency and shortens run times. The resultant effect is a decrease in process efficiency and economy. For studying and monitoring deposit formation, suitable fouling detectors or methods of measuring the deposit are required. This can be achieved through direct means, whereby the deposit is analyzed after a certain time, or indirectly through instrumentation for monitoring parameters such as temperature, pressure, flow rate, overall heat transfer coefficient, heat flux, and other physical properties. This article reviews the various reported fouling detection methods.

Preparation and anode property of Pt-CeO2 electrodes supported on carbon black for direct methanol fuel cell applications

A platinum (Pt) on pure ceria (CeO2) supported by carbon black (CB) anode was synthesized using a combined process of precipitation and coimpregnation methods. The electrochemical activity of methanol oxidation reaction on synthesized Pt-CeO2/CB anodes was investigated by cyclic voltammetry and chronoamperometry experimentation. To improve the anode property on Pt-CeO2/CB, the influence of particle morphology and particle size on anode properties was examined. The morphology and particle size of the pure CeO2 particles could be controlled by changing the preparation conditions. The anode properties (i.e., peak current density and onset potential for methanol oxidation) were improved by using nanosize CeO2 particles. This indicates that a larger surface area and higher activity on the surface of CeO2 improve the anode properties. The influence of particle morphology of CeO2 on anode properties was not very large. The onset potential for methanol oxidation reaction on Pt-CeO2/CB, which consisted of CeO2 with a high surface area, was shifted to a lower potential compared with that on the anodes, which consisted of CeO2 with a low surface area. The onset potential on Pt-CeO2/CB at 60 degrees C became similar to that on the commercially available Pt-Ru/carbon anode. We suggest that the rate-determining steps of the methanol oxidation reaction on Pt-CeO2/CB and commercially available Pt-Ru/carbon anodes are different, which accounts for the difference in performance. In the reaction mechanism on Pt-CeO2/CB, we conclude that the released oxygen species from the surface of CeO2 particles contribute to oxidation of adsorbed CO species on the Pt surface. This suggests that the anode performance of the Pt-CeO2/CB anode would lead to improvements in the operation of direct methanol fuel cells at 80 degrees C by the enhancement of diffusion of oxygen species created from the surface of nanosized CeO2 particles. Therefore, we conclude that fabrication of nanosized CeO2 with a high surface area is a key factor for development of a high-quality Pt-CeO2/CB anode in direct methanol fuel cells.

Direct mesh: A multiresolution approach to terrain visualization

Terrain can be approximated by a triangular mesh consisting millions of 3D points. Multiresolution triangular mesh (MTM) structures are designed to support applications that use terrain data at variable levels of detail (LOD). Typically, an MTM adopts a tree structure where a parent node represents a lower-resolution approximation of its descendants. Given a region of interest (ROI) and a LOD, the process of retrieving the required terrain data from the database is to traverse the MTM tree from the root to reach all the nodes satisfying the ROI and LOD conditions. This process, while being commonly used for multiresolution terrain visualization, is inefficient as either a large number of sequential I/O operations or fetching a large amount of extraneous data is incurred. Various spatial indexes have been proposed in the past to address this problem, however level-by-level tree traversal remains a common practice in order to obtain topological information among the retrieved terrain data. A new MTM data structure called direct mesh is proposed. We demonstrate that with direct mesh the amount of data retrieval can be substantially reduced. Comparing with existing MTM indexing methods, a significant performance improvement has been observed for real-life terrain data.

Grain yield of direct seeded and transplanted rice in rainfed lowlands of South East Asia

The mean grain yield of 81 direct seeded (DS) and 91 transplanted (TP) environments that were conducted as part of 3 ACIAR projects over 11 years, from 1992-2002, in Laos, Thailand and Cambodia were examined. The average yield of TP rice was 6% greater than DS rice. A subset of 27 pairs of DS and TP environments was examined and results indicated a significant positive correlation between the DS and TP establishment methods for mean grain yield with only a 3% difference in overall performance. The performance of 3 genotypes in 3 locations in Laos in 1996 was also examined. Results indicated a highly significant positive correlation between the performance of genotypes in DS and TP experiments in which TP rice had a 30% yield advantage over DS rice. This particular experiment highlights the need for good management practices when DS establishment methods are utilised. Results of this paper indicate that DS and TP rice will produce a similar yield for a given environment provided that they are grown utilising good management practices.