272 resultados para OMXH Small Cap
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Regular stair climbing has well-documented health dividends, such as increased fitness and strength, weight loss and reduced body fat, improved lipid profiles and reduced risk of osteoporosis. The general absence of barriers to participation makes stair climbing an ideal physical activity (PA) for health promotion. Studies in the US and the UK have consistently shown that interventions to increase the accumulation of lifestyle PA by climbing stairs rather than using the escalators are effective. However, there are no previous in Catalonia. This project tested one message for their ability to prompt travelers on the Montjuïc site to choose the stairs rather than the escalator when climbing up the Monjuïc hill. One standard message, " Take the stairs! 7 minutes of stair climbing a day protects your heart" provided a comparison with previous research done in the UK. Translated into Catalan and Spanish, it was presented on a poster positioned at the point of choice between the stairs and the escalator. The study used a quasi-experimental, interrupted time series design. Travelers, during several and specific hours on two days of the week, were coded for stair or escalator use, gender, age, ethnic status, presence of accompanying children or bags by one observer. Overall, the intervention resulted in a 81% increase in stair climbing. In the follow-up period without messages, stair climbing dropped out to baseline levels. This preliminary study showed a significant effect on stair use. However, caution is needed since results are based on a small sample and, only a low percentage of the sample took the stairs at baseline or the intervention phase . Future research on stair use in Catalonia should focus on using bigger samples, different sites (metro stations, airports, shopping centers, etc) , different messages and techniques to promote stair climbing.
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This paper studies price determination in pharmaceutical markets using data for 25 countries, six years and a comprehensive list of products from the MIDAS IMS database. We show that market power and the quality of the product has a significantly positive impact of prices. The nationality of the producer appears to have a small and often insignificant impact on prices, which suggests that countries which regulates prices have relatively little power to do it in a way that advances narrow national interest. We produce a theoretical explanation for this phenomenon based on the fact that low negotiated prices in a country would have a knock-on effect in other markets, and is thus strongly resisted by producers. Another key finding is that the U.S. has prices that are not significantly higher than those of countries with similar income levels. This, together with the former observation on the effect of the nationality of producers casts doubt on the ability of countries to purs
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We investigate different models that are intended to describe the small mean free path regime of a kinetic equation, a particular attention being paid to the moment closure by entropy minimization. We introduce a specific asymptotic-induced numerical strategy which is able to treat the stiff terms of the asymptotic diffusive regime. We evaluate on numerics the performances of the method and the abilities of the reduced models to capture the main features of the full kinetic equation.
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Estudi elaborat a partir d’una estada a la Universitat Nacional de Yokohama des de maig fins a mitjans de juny del 2006. S'ha estudiat el comportament fàssic i la preparació de sílica mesoporosa pels nous tensioactius fluorats d'estructura C8F17SO2(C3H7)N(C2H4O)nH (abreujat C8F17(EO)n. El tensioactiu C8F17(EO)n forma micel•les allargades i cristalls líquids en aigua, i per tant pot ser adequat per a la preparació de materials mesoporosos. Sílica mesoestructurada es va preparar pel mètode de precipitació per autoagregació cooperativa. Un estudi sistemàtic es va realitzar, investigant la influència de les concentracions de tensioactiu i precursor (TEOS), l’efecte del pH i de la longitud de cadena de poliòxid d’etilè. Els materials es van caracteritzar per raigs X a angle petit (SAXS), sorció de nitrògen i TEM. Els materials obtinguts presenten diàmetres de por petits i parets de por gruixudes. A més, aquests materials posseeixen altes superfícies específiques, que s’han obtingut emprant concentracions de tensioactiu petites, produint parets de por robustes sense microporositat significativa. La superfície específica es manté durant el procés de calcinació, malgrat un petit encongiment degut a l’entrecreuament de la sílica. Els materials de sílica obtinguts han mostrat ser significativament més robustos que altres materials similars descrits a la bibliografia, com la sílica MCM-41.
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We prove that, under suitable assumptions on a category C, the existence of supercompact cardinals implies that every absolute epireflective class of objects of C is a small-orthogonality class. More precisely, if L is a localization functor on an accessible category C such that the unit morphism X→LX is an extremal epimorphism for all X, and the class of L-local objects is defined by an absolute formula with parameters, then the existence of a supercompact cardinal above the cardinalities of the parameters implies that L is a localization with respect to some set of morphisms.
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A sample of about 70 young bulls of each of ten beef cattle breeds reared in their typical production systems has been studied regarding growth and carcass quality traits. Breeds included were Asturiana de los Valles (AV), Asturiana de la Montaña (AM), Avileña-Negra Ibérica (A-NI), Bruna dels Pirineus (BP), Morucha (Mo), Pirenaica (Pi) and Retinta (Re) from Spain, and Aubrac (Au), Gasconne (Ga) and Salers (Sal) from France. There existed large differences between breeds and also within breeds. AV and Pi were the breeds with more muscle and less fat, whereas A-NI, Mo and Re were in the opposite side. BP and AM occupied an intermediate position. This allows to classify the Spanish breeds in three groups: AV and Pi would belong to the group of late maturity, A-NI, Mo and Re, would be early maturing breeds, whereas BP and AM, despite the small size of the last, will be of intermediate maturity. In the French populations, Au was the breed with the highest carcass weight and Ga exhibited the lowest. Sal occupied an intermediate position, showing the longer and thinner thigh. In a wide range of carcass weight, the general relationships among carcass traits have been confirmed. Animals with the better conformation were also the leaner and longer carcasses tended to be lowly associated with a poorer conformation and fatter carcasses. Bone content was clearly opposed to carcass conformation and muscle content and was associated with longer carcasses
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A sample of about 70 young bulls of each of ten beef cattle breeds reared in their typical production systems has been characterised with respect to meat quality traits. Breeds included were Asturiana de los Valles, Asturiana de la Montaña, Avileña-Negra Ibérica, Bruna dels Pirineus, Morucha, Pirenaica and Retinta from Spain, and Aubrac, Gasconne and Salers from France. As was previously showed regarding carcass traits, there exist large differences both between and within breed – systems. In general, rustic breeds tended to present darker and redder meats with higher haematin contents, whereas less precocious and more specialised breeds showed brighter meats with bigger water losses. Protein content was similar, whereas intramuscular fat presented the larger variations both between and within breeds. ICDH content was higher in the more rustic breeds, showing the predominantly oxidative character of their fibres. Texture measurements showed in general large within breed-system variations, the differences between breeds being less evident. Within breed-system, daily gain weight was positively associated with brighter and tender meats. In the range studied, increasing slaughter weight within breed did not have influence on meat quality. Conformation was related to lower water holding capacity and less dry matter and intramuscular fat, as well as to a lower haematin content giving brighter meats. The increase in fatness scores was related to an augment of toughness in meat specialised breeds, although in Avileña-Negra Ibérica breed fatness carcasses were related to more tender meats. Redness parameter a* was positively related to fatter animals and opposed to conformation, the opposite being true for the L* (lightness) parameter. There was a small trend of fatter carcasses to be related to oxidative fibres, whereas the muscular fibres of the more conformed carcasses were more glycolytic. Texture measurements maximum load, maximum stress and toughness were very closely related. Shear force was opposed to tenderness. Losses at cooking were opposed to juiciness, but only in the Spanish breeds. No consistent trends regarding relationships between carcass characteristics and tenderness could be observed. Overall acceptability was primarily related with tenderness and flavour, and later on juiciness.
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En aquest projecte s’ha realitzat una diagnosi socioambiental de la ramaderia en el municipi d’Esterri de Cardós, situat a la comarca del Pallars Sobirà, i que es troba dins dels límits del Parc Natural de l’Alt Pirineu. Dins del seu àmbit és un municipi peculiar degut a la quantitat de ramaders, set, i a la mitjana d’edat, que és força jove. La situació actual del sector és complicada atès el poc benefici que generen les explotacions, ja que els costos de manteniment són cada vegada més grans i els ingressos no augmenten en la mateixa proporció. És per això que des de fa uns anys els ajuts econòmics han esdevingut un factor clau per mantenir el sector. La seva continuïtat depèn de, entre altres coses, la dedicació en el sector de les generacions futures i ara per ara sembla que aquestes es decanten cada vegada més per altres tipus d’ocupacions. És per això que han de treballar totes les parts conjuntament per poder solucionar aquesta situació i que no esdevingui un problema insalvable en els pròxims anys.
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L’efecte de la freqüència d’incendis sobre la dinàmica de les comunitats vegetals mediterrànies ha estat estudiada a la península del cap de Creus. S’han realitzat observacions en 24 parcel·les per percebre canvis en l’estructura i composició de les comunitats vegetals en funció de la freqüència de foc (de 1 a 5 incendis en una mateixa parcel·la) i de les estratègies regeneratives postincendi que presenten les espècies (rebrotació i germinació). Una elevada freqüència d’incendis va associada a una disminució de l’abundància de les espècies llenyoses rebrotadores obligades i de les espècies llenyoses germinadores obligades. D’aquestes últimes, les espècies del gènere Cistus acaben desapareixent a freqüències altes de foc. Les espècies rebrotadores facultatives es mantenen indiferents a la freqüència d’incendis, fet que els permet ser les dominants als estrats arbustius de les comunitats a freqüències elevades de foc. S’observa una tendència a l’increment d’espècies herbàcies, incloses les gramínies, a major números de focs. Brachypodium retusum és dominant en totes les àrees, demostrant una gran capacitat de colonització i regeneració postincendi. Aquests resultats suggereixen una transformació de les comunitats vegetals dominades per espècies arbustives llenyoses a estructures més simplificades dominades per herbàcies, establint-se un mecanisme de retroalimentació entre aquestes i el foc.
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In the literature on risk, one generally assume that uncertainty is uniformly distributed over the entire working horizon, when the absolute risk-aversion index is negative and constant. From this perspective, the risk is totally exogenous, and thus independent of endogenous risks. The classic procedure is "myopic" with regard to potential changes in the future behavior of the agent due to inherent random fluctuations of the system. The agent's attitude to risk is rigid. Although often criticized, the most widely used hypothesis for the analysis of economic behavior is risk-neutrality. This borderline case must be envisaged with prudence in a dynamic stochastic context. The traditional measures of risk-aversion are generally too weak for making comparisons between risky situations, given the dynamic �complexity of the environment. This can be highlighted in concrete problems in finance and insurance, context for which the Arrow-Pratt measures (in the small) give ambiguous.
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Assuming the role of debt management is to provide hedging against fiscal shocks we consider three questions: i) what indicators can be used to assess the performance of debt management? ii) how well have historical debt management policies performed? and iii) how is that performance affected by variations in debt issuance? We consider these questions using OECD data on the market value of government debt between 1970 and 2000. Motivated by both the optimal taxation literature and broad considerations of debt stability we propose a range of performance indicators for debt management. We evaluate these using Monte Carlo analysis and find that those based on the relative persistence of debt perform best. Calculating these measures for OECD data provides only limited evidence that debt management has helped insulate policy against unexpected fiscal shocks. We also find that the degree of fiscal insurance achieved is not well connected to cross country variations in debt issuance patterns. Given the limited volatility observed in the yield curve the relatively small dispersion of debt management practices across countries makes little difference to the realised degree of fiscal insurance.
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Introducing bounded rationality in a standard consumption-based asset pricing model with time separable preferences strongly improves empirical performance. Learning causes momentum and mean reversion of returns and thereby excess volatility, persistence of price-dividend ratios, long-horizon return predictability and a risk premium, as in the habit model of Campbell and Cochrane (1999), but for lower risk aversion. This is obtained, even though our learning scheme introduces just one free parameter and we only consider learning schemes that imply small deviations from full rationality. The findings are robust to the learning rule used and other model features. What is key is that agents forecast future stock prices using past information on prices.
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Els debats recents sobre l'accés obert (OA) han tendit a tractar les revistes d'OA i l'auto-arxiu com dues rutes diferents. Alguns partidaris de l'auto-arxiu fins i tot han suggerit que per si sol aquest pot conduir a l'accés obert complet de la literatura científica mundial. En aquest article es discuteix que, de fet, cada camí correspon a una fase del moviment cap a l'accés obert; que amb el simple fet de l’auto-arxiu no n'hi ha prou, i que cal que els dipòsits proporcionin alguna capacitat de crear marques. De totes maneres, fer això desembocaria, finalment, en la creació d'overlay journals (o bases de dades). Per tant, els dos camins es fusionarien per crear un paisatge d'OA madur.
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Counting labelled planar graphs, and typical properties of random labelled planar graphs, have received much attention recently. We start the process here of extending these investigations to graphs embeddable on any fixed surface S. In particular we show that the labelled graphs embeddable on S have the same growth constant as for planar graphs, and the same holds for unlabelled graphs. Also, if we pick a graph uniformly at random from the graphs embeddable on S which have vertex set {1, . . . , n}, then with probability tending to 1 as n → ∞, this random graph either is connected or consists of one giant component together with a few nodes in small planar components.
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One of the main implications of the efficient market hypothesis (EMH) is that expected future returns on financial assets are not predictable if investors are risk neutral. In this paper we argue that financial time series offer more information than that this hypothesis seems to supply. In particular we postulate that runs of very large returns can be predictable for small time periods. In order to prove this we propose a TAR(3,1)-GARCH(1,1) model that is able to describe two different types of extreme events: a first type generated by large uncertainty regimes where runs of extremes are not predictable and a second type where extremes come from isolated dread/joy events. This model is new in the literature in nonlinear processes. Its novelty resides on two features of the model that make it different from previous TAR methodologies. The regimes are motivated by the occurrence of extreme values and the threshold variable is defined by the shock affecting the process in the preceding period. In this way this model is able to uncover dependence and clustering of extremes in high as well as in low volatility periods. This model is tested with data from General Motors stocks prices corresponding to two crises that had a substantial impact in financial markets worldwide; the Black Monday of October 1987 and September 11th, 2001. By analyzing the periods around these crises we find evidence of statistical significance of our model and thereby of predictability of extremes for September 11th but not for Black Monday. These findings support the hypotheses of a big negative event producing runs of negative returns in the first case, and of the burst of a worldwide stock market bubble in the second example. JEL classification: C12; C15; C22; C51 Keywords and Phrases: asymmetries, crises, extreme values, hypothesis testing, leverage effect, nonlinearities, threshold models