The persistence of return on assets: differences between industries and differences between firms

This study offers a statistical analysis of the persistence of annual profits across a sample of firms from different European Union (EU) countries. To this end, a Bayesian dynamic model has been used which enables the annual behaviour of those profits to be broken down into a permanent structural component on the one hand and a transitory component on the other, while also distinguishing between general effects affecting the industry as a whole to which each firm belongs and specific effects affecting each firm in particular. This break down enables the relative importance of those fundamental components to be evaluated. The data analysed come from a sample of 23,293 firms in EU countries selected from the AMADEUS data-base. The period analysed ran from 1999 to 2007 and 21 sectors were analysed, chosen in such a way that there was a sufficiently large number of firms in each country*sector combination for the industry effects to be estimated accurately enough for meaningful comparisons to be made by sector and country. The analysis has been conducted by sector and by country from a Bayesian perspective, thus making the study more flexible and realistic since the estimates obtained do not depend on asymptotic results. In general terms, the study finds that, although the industry effects are significant, more important are the specific effects. That importance varies depending on the sector or the country in which the firm carries out its activity. The influence of firm effects accounts for more than 90% of total variation and display a significantly lower degree of persistence, with adjustment speeds oscillating around 51.1%. However, this pattern is not homogeneous but depends on the sector and country analysed. Industry effects have a more marginal importance, being significantly more persistent, with adjustment speeds oscillating around 10% with this degree of persistence being more homogeneous at both country and sector levels.

Effects of a post-weaning cafeteria diet in young rats: metabolic syndrome, reduced activity and low anxiety-like behaviour.

Among adolescents, overweight, obesity and metabolic syndrome are rapidly increasing in recent years as a consequence of unhealthy palatable diets. Animal models of diet-induced obesity have been developed, but little is known about the behavioural patterns produced by the consumption of such diets. The aim of the present study was to determine the behavioural and biochemical effects of a cafeteria diet fed to juvenile male and female rats, as well as to evaluate the possible recovery from these effects by administering standard feeding during the last week of the study. Two groups of male and female rats were fed with either a standard chow diet (ST) or a cafeteria (CAF) diet from weaning and for 8 weeks. A third group of males (CAF withdrawal) was fed with the CAF diet for 7 weeks and the ST in the 8th week. Both males and females developed metabolic syndrome as a consequence of the CAF feeding, showing overweight, higher adiposity and liver weight, increased plasma levels of glucose, insulin and triglycerides, as well as insulin resistance, in comparison with their respective controls. The CAF diet reduced motor activity in all behavioural tests, enhanced exploration, reduced anxiety-like behaviour and increased social interaction; this last effect was more pronounced in females than in males. When compared to animals only fed with a CAF diet, CAF withdrawal increased anxiety in the open field, slightly decreased body weight, and completely recovered the liver weight, insulin sensitivity and the standard levels of glucose, insulin and triglycerides in plasma. In conclusion, a CAF diet fed to young animals for 8 weeks induced obesity and metabolic syndrome, and produced robust behavioural changes in young adult rats, whereas CAF withdrawal in the last week modestly increased anxiety, reversed the metabolic alterations and partially reduced overweight.

Geofluid behaviour in successive extensional and compressional events: a case study from the southwestern end of the Vallès-Penedès Fault (Catalan Coastal Ranges, NE Spain)

The structural position of the Upper Jurassic-Lower Cretaceous carbonates located in the central part of the Catalan Coastal Ranges corresponds to the southwestern end of the Vallès-Penedès Fault. This fault was reactivated at different times during successive extensional and compressional events and several generations of fractures and cementations were formed.

Activity patterns and foraging behaviour of Audouin's gulls at the Ebro Delta, NW Mediterranean.

Twenty Audouin´s gulls, Larus audouinii, breeding in the Ebro Delta (NW Mediterranean) were radio-tracked in 1998 to study their foraging behaviour and activity patterns. Some detrimental effects of tagging on the breeding success of the birds were detected, especially when both members of the pair were tagged. The results were actually constrained by the low number of locations due to natural breeding failure and failure in tag emission, as well as the adverse effect of tagging. However, through a combination of aircraft surveys at sea and a fixed station for automatic tracking of the presence of the birds at the colony, novel individual-based information of home ranges and activity patterns was obtained. Trawler fishing activity seemed to influence both the foraging range and habitat use: while trawlers operated, gulls overlapped their fishing grounds with vessels, probably to scavenge on discards. Very few locations were obtained during a trawling moratorium period, although they were all recorded in coastal bays and terrestrial habitats. During the trawling activity period, gulls ranged over a minimum convex polygon area of 2900 km2. Gulls were tracked up to 40 km from the colony, but some individuals were observed beyond 150 km while still breeding. Arrivals and departures from the colony were in accordance with the trawling timetable. However, most birds also showed some nocturnal foraging activity, probably linked to active fishing of clupeoids (following diel migrations) or to the exploitation of purse-seine fishing activity. Foraging trips lasted on average 15 hours: males performed significantly shorter trips than females, which spent more time outside the colony. The proportion of nocturnal time involved in the foraging trips was the same for males and females, but whilst all males initiated their trips both during the day and at night, some females only initiated their trips during the day. Hatching success was found to be related to foraging effort by males. Gulls spent on average ca. 38% of their time budget outside the nesting territory, representing the time devoted mainly to flying, foraging and other activities.

Effect of radar rainfall time resolution on the predictive capability of a distributed hydrologic model

The performance of a hydrologic model depends on the rainfall input data, both spatially and temporally. As the spatial distribution of rainfall exerts a great influence on both runoff volumes and peak flows, the use of a distributed hydrologic model can improve the results in the case of convective rainfall in a basin where the storm area is smaller than the basin area. The aim of this study was to perform a sensitivity analysis of the rainfall time resolution on the results of a distributed hydrologic model in a flash-flood prone basin. Within such a catchment, floods are produced by heavy rainfall events with a large convective component. A second objective of the current paper is the proposal of a methodology that improves the radar rainfall estimation at a higher spatial and temporal resolution. Composite radar data from a network of three C-band radars with 6-min temporal and 2 × 2 km2 spatial resolution were used to feed the RIBS distributed hydrological model. A modification of the Window Probability Matching Method (gauge-adjustment method) was applied to four cases of heavy rainfall to improve the observed rainfall sub-estimation by computing new Z/R relationships for both convective and stratiform reflectivities. An advection correction technique based on the cross-correlation between two consecutive images was introduced to obtain several time resolutions from 1 min to 30 min. The RIBS hydrologic model was calibrated using a probabilistic approach based on a multiobjective methodology for each time resolution. A sensitivity analysis of rainfall time resolution was conducted to find the resolution that best represents the hydrological basin behaviour.

Quantum Hall Phases of two-component bosons

The recent production of synthetic magnetic fields acting on electroneutral particles, such as atoms or photons, has boosted interest in the quantum Hall physics of bosons. Adding pseudospin 1/2 to the bosons greatly enriches the scenario, as it allows them to form an interacting integer quantum Hall (IQH) phase with no fermionic counterpart. Here we show that, for a small two-component Bose gas on a disk, the complete strongly correlated regime, extending from the integer phase at filling factor ν = 2 to the Halperin phase at filling factor ν = 2 / 3, is well described by composite fermionization of the bosons. Moreover we study the edge excitations of the IQH state, which, in agreement with expectations from topological field theory, are found to consist of forward-moving charge excitations and backward-moving spin excitations. Finally, we demonstrate how pair-correlation functions allow one to experimentally distinguish the IQH state from competing states, such as non-Abelian spin singlet (NASS) states.

Flocking behaviour: Agent-based simulation and hierarchical leadership.

We have studied how leaders emerge in a group as a consequence of interactions among its members. We propose that leaders can emerge as a consequence of a self-organized process based on local rules of dyadic interactions among individuals. Flocks are an example of self-organized behaviour in a group and properties similar to those observed in flocks might also explain some of the dynamics and organization of human groups. We developed an agent-based model that generated flocks in a virtual world and implemented it in a multi-agent simulation computer program that computed indices at each time step of the simulation to quantify the degree to which a group moved in a coordinated way (index of flocking behaviour) and the degree to which specific individuals led the group (index of hierarchical leadership). We ran several series of simulations in order to test our model and determine how these indices behaved under specific agent and world conditions. We identified the agent, world property, and model parameters that made stable, compact flocks emerge, and explored possible environmental properties that predicted the probability of becoming a leader.

On the longitudinal component of paraxial fields

The analysis of paraxial Gaussian beams features in most undergraduate courses in laser physics, advanced optics and photonics. These beams provide a simple model of the field generated in the resonant cavities of lasers, thus constituting a basic element for understanding laser theory. Usually, uniformly polarized beams are considered in the analytical calculations, with the electric field vibrating at normal planes to the propagation direction. However, such paraxial fields do not verify the Maxwell equations. In this paper we discuss how to overcome this apparent contradiction and evaluate the longitudinal component that any paraxial Gaussian beam should exhibit. Despite the fact that the assumption of a purely transverse paraxial field is useful and accurate, the inclusion of the above issue in the program helps students to clarify the importance of the electromagnetic nature of light, thus providing a more complete understanding of the paraxial approach.

Les relacions de suport i el component emocional com a aspectes clau per al desenvolupament del procés resilient i el benestar dels infants al sistema de protecció

La present comunicació mostra el potencial que pot tenir l’establiment de certes relacionsque ofereixen suport i recolzament emocional als infants i joves tutelats, en la promociódel benestar emocional i del procés resilient. La recerca es contextualitza al sistema de proteccióa la infància, centrant-nos en adolescents que a causa de la seva situació de desproteccióhan hagut d’abandonar el seu nucli familiar i entrar al sistema de protecció a la infància.L’afrontament d’aquesta situació afegit a l’entorn advers del qual provenen, comporta que elsadolescents hagin de lidiar amb unes necessitats específiques de l’àrea emocional i relacional.Certs tipus de relacions interpersonals poden ajudar i mediar en aquest impacte emocional,promocionant un desenvolupament del procés resilient, així com millorant el seu benestarpersonal i social. Els resultats de la recerca que es presenta, permeten identificar elements característicsd’aquest tipus de relacions i els beneficis que els adolescents perceben, essent elsaspectes emocionals els que sustenten aquestes relacions...

Smoking behaviour, involuntary smoking, attitudes towards smoke-free legislations, and tobacco control activities in the European Union

The six most important cost-effective policies on tobacco control can be measured by the Tobacco Control Scale (TCS). The objective of our study was to describe the correlation between the TCS and smoking prevalence, self-reported exposure to secondhand smoke (SHS) and attitudes towards smoking restrictions in the 27 countries of the European Union (EU27).

The state's response to the Catalan question : an emerging ethnic component in contemporary Spanish nationalism?

Peer-reviewed

The state's response to the Catalan question : an emerging ethnic component in contemporary Spanish nationalism?

Peer-reviewed

Experimental implementation of tightly focused beams with unpolarized transversal component at any plane

The aim of this paper is to provide a formal framework for designing highly focused fields with specific transversal features when the incoming beam is partially polarized. More specifically, we develop a field with a transversal component that remains unpolarized in the focal area. Moreover, its longitudinal component exhibits non-zero values on axis. Special attention is paid to the design of the input beam and the development of the experiment. The implementation of such fields is possible by using an interferometric setup combined with the use of digital holography techniques. Experimental results are compared with those obtained numerically.

Effect of magnesium sulphate and L-tryptophan and genotype on the feed intake, behaviour and meat quality of pigs

Sixty-nine entire male pigs with different halothane genotype (homozygous halothanepositive – nn-, n=36; and homozygous halothane negative – NN-, n=33) were fed with a supplementation of magnesium sulphate (Mg) and/or L-tryptophan (Trp) in the diet for 5days before slaughter. Animals were housed individually and were submitted to stressful ante mortem conditions (mixed in the lorry according to treatments and transported 1h on rough roads). Individual feed intake was recorded during the 5-day treatment. At the abattoir, pig behaviour was assessed in the raceway to the stunning system and during the stunning period by exposure to CO2. Muscle pH, colour, water holding capacity, texture and cathepsin activities were determined to assess meat quality. The number of pigs with an individual feed intake lower than 2kg/day was significantly different among diets (P<0.05; Control: 8.7%; Mg&Trp: 43.5%; Trp:17.4%) and they were considered to have inadequate supplement intake. During the antemortem period, 15.2% of pigs included in the experiment died, and this percentagedecreased to 8.7% in those pigs with a feed intake > 2kg/day, all of them from thestress-sensitive pigs (nn). In general, no differences were observed in the behaviour ofpigs along the corridor leading to the stunning system and inside the CO2 stunningsystem. During the stunning procedure, Trp diet showed shorter periods of muscularexcitation than control and Mg&Trp diets. The combination of a stressful ante mortemtreatment and Mg&Trp supplementation led to carcasses with high incidence of severeskin lesions. Different meat quality results were found when considering all pigs orconsidering only those with adequate supplement intake. In this later case, Trp increased pH45 (6.15) vs Control diet (5.96) in the Longissimus thoracis (LT) muscle (P<0.05) and pH at 24h (Trp: 5.59 vs C: 5.47) led to a higher incidence of dark, firm and dry (DFD) traits in SM muscle (P<0.05). Genotype affected negatively all the meat quality traits. Seventy-five percent of LT and 60.0% of the SM muscles from nn pigs wereclassified as pale, soft and exudative (PSE), while none of the NN pigs showed these traits (P<0.0001). No significant differences were found between genotypes on the incidence of DFD meat. Due to the negative effects observed in the Mg&Trp group in feed intake and carcass quality, the utilization of a mixture of magnesium sulphate and tryptophan is not recommended

The natural hallucinogen 5-MeO-DMT, component of Ayahuasca, disrupts cortical function in rats: reversal by antipsychotic drugs

5-Methoxy-N,N-dimethyltryptamine (5-MeO-DMT) is a natural hallucinogen component of Ayahuasca, an Amazonian beverage traditionally used for ritual, religious and healing purposes that is being increasingly used for recreational purposes in US and Europe. 5MeO-DMT is of potential interest for schizophrenia research owing to its hallucinogenic properties. Two other psychotomimetic agents, phencyclidine and 2,5-dimethoxy-4-iodo-phenylisopropylamine (DOI), markedly disrupt neuronal activity and reduce the power of low frequency cortical oscillations (<4 Hz, LFCO) in rodent medial prefrontal cortex (mPFC). Here we examined the effect of 5-MeO-DMT on cortical function and its potential reversal by antipsychotic drugs. Moreover, regional brain activity was assessed by blood-oxygen level dependent (BOLD) functional magnetic resonance imaging (fMRI). 5-MeO-DMT disrupted mPFC activity, increasing and decreasing the discharge of 51 and 35% of the recorded pyramidal neurons, and reducing (−31%) the power of LFCO. The latter effect depended on 5-HT1A and 5-HT2A receptor activation and was reversed by haloperidol, clozapine, risperidone, and the mGlu2/3 agonist LY379268. Likewise, 5-MeO-DMT decreased BOLD responses in visual cortex (V1) and mPFC. The disruption of cortical activity induced by 5-MeO-DMT resembles that produced by phencyclidine and DOI. This, together with the reversal by antipsychotic drugs, suggests that the observed cortical alterations are related to the psychotomimetic action of 5-MeO-DMT. Overall, the present model may help to understand the neurobiological basis of hallucinations and to identify new targets in antipsychotic drug development.