Fractional Integration of the Price-Dividend Ratio in a Present-Value Model of Stock Prices

We re-examine the dynamics of returns and dividend growth within the present-value framework of stock prices. We find that the finite sample order of integration of returns is approximately equal to the order of integration of the first-differenced price-dividend ratio. As such, the traditional return forecasting regressions based on the price-dividend ratio are invalid. Moreover, the nonstationary long memory behaviour of the price-dividend ratio induces antipersistence in returns. This suggests that expected returns should be modelled as an AFIRMA process and we show this improves the forecast ability of the present-value model in-sample and out-of-sample.

The spatio-temporal brain dynamics of processing and integrating sound localization cues in humans.

Interaural intensity and time differences (IID and ITD) are two binaural auditory cues for localizing sounds in space. This study investigated the spatio-temporal brain mechanisms for processing and integrating IID and ITD cues in humans. Auditory-evoked potentials were recorded, while subjects passively listened to noise bursts lateralized with IID, ITD or both cues simultaneously, as well as a more frequent centrally presented noise. In a separate psychophysical experiment, subjects actively discriminated lateralized from centrally presented stimuli. IID and ITD cues elicited different electric field topographies starting at approximately 75 ms post-stimulus onset, indicative of the engagement of distinct cortical networks. By contrast, no performance differences were observed between IID and ITD cues during the psychophysical experiment. Subjects did, however, respond significantly faster and more accurately when both cues were presented simultaneously. This performance facilitation exceeded predictions from probability summation, suggestive of interactions in neural processing of IID and ITD cues. Supra-additive neural response interactions as well as topographic modulations were indeed observed approximately 200 ms post-stimulus for the comparison of responses to the simultaneous presentation of both cues with the mean of those to separate IID and ITD cues. Source estimations revealed differential processing of IID and ITD cues initially within superior temporal cortices and also at later stages within temporo-parietal and inferior frontal cortices. Differences were principally in terms of hemispheric lateralization. The collective psychophysical and electrophysiological results support the hypothesis that IID and ITD cues are processed by distinct, but interacting, cortical networks that can in turn facilitate auditory localization.

IPH response to Seanad Consultation Committee on 'Changes in lifestyle can prevent approximately one third of cancers. How does Government and Society respond to this challenge?'

IPH responded to the Seanad Consultation Committee on the consultation topic ‘Changes in lifestyle can prevent approximately one third of cancers.  How does Government and Society respond to this challenge?’. Between 2010 and 2020 the total number of cancers in Ireland is projected to increase by 40% for women and by just over 50% for men (National Cancer Registry).  A focus is needed on developing social, economical and built environments that support healthy choices. IPH presented recommendations based on the international evidence-base as well as national cancer data and research.

Vectorial competence of Aedes aegypti (Linnaeus 1762) Rio de Janeiro Strain, to Dirofilaria immitis (Leidy 1856)

Dirofilaria immitis (Leidy 1856), a nematode parasite, is the etiologic agent of canine heartworm disease and mosquitoes are essential intermediate hosts. Mosquito susceptibility to the worms differ with species, strains and also among individuals of the same strain. To evaluate the degree of susceptibility of Rio de Janeiro laboratory raised strain of Aedes aegypti, we fed mosquitoes on canine blood with different densities of microfilariae (mf). There was no significant difference in the rate of development among the three different densities of mf. Infective larvae were found in the head and proboscis of all mosquitoes provided bloodmeals with different densities of mf after the 11th day post-infection. The infection rate of mosquitoes after ingestion of blood containing 3,000 mf/ml, 5,000 mf/ml and 7,000 mf/ml were 55.3%, 66.7% and 100%, respectively. The vector efficiency indices ranged from 1.6 to 9.3. The finding of L3 stage larvae, high infection rates and vector efficiency indices suggest that Ae. aegypti, Rio de Janeiro laboratory strain, is a potential vector of D. immitis, although of low efficiency.

Cambios en los niveles de hormonas sexuales en el varón que envejece y su relación con el Síndrome Adam

En los últimos años está tomando un importante protagonismo el síndrome de ADAM (“Androgen Deficiency in Aging Males”), consecuencia del aumento de la expectativa de vida en los varones. Con la realización de este estudio pretendemos establecer la prevalencia de este síndrome en la población y establecer una relación entre los niveles androgénicos y el diagnóstico del síndrome de ADAM. Para ello escogeremos la muestra de la población de varones entre cincuenta y ochenta años del departamento 4 de Salud de la CCVV. La obtención de los datos se realizará mediante la realización de test clínicos fundamentalmente el cuestionario de ADAM.

Le mythe de la chute de Satan et la question du milieu d'origine de la Vie d'Adam et Ève

(Résumé de l'ouvrage) This collection of studies in honor of François Bovon highlights the rich diversity found within early expressions of Christianity as evidenced in ancient texts, traditions, symbols, and motifs. Old labels like 'apocrypha' or 'heresy' that for centuries have suppressed much of this evidence are removed, previous assumptions are questioned, and the old data are examined afresh along with the latest discoveries. The studies fall into six areas: ancient gospels, acts, early Christian movements, ancient interpretations, art, and manuscripts. Contributors include James Robinson, Helmut Koester, Harold Attridge, Karen King, and Jean-Daniel Kaestli.

Evaluation of the impact of Bacillus thuringiensis serovar israelensis and Temephos, used for the control of Simulium (Chirostilbia) pertinax Kollar, 1832 (Diptera, Simuliidae) on the associated entomofauna, Paraty, state of Rio de Janeiro, Brazil

The study was set up to evaluate the impact of two commercial larvicide formulations, Bacillus thuringiensis serovar israelensis base (Bti) at 15 ppm/1 min and temephos at 0.03 ppm of active ingredient, used to control Simulium pertinax populations, on associated non-target entomofauna occupying the same breeding sites. The experiments were carried out on the Pedra Branca and Muricana rivers, on the slopes of Serra do Mar massif, municipality of Paraty, state of Rio de Janeiro, Brazil. Bti was applied to the river Pedra Branca and temephosto theriver Muricana. On both rivers, treatment and control sections were labeled as such, each one with two observation posts: slow moving water and fast water regions respectively. Artificial substrata was used to evaluate the abundance of associated entomofauna. Attached immature stages of arthropods were removed from both of its surfaces fortnightly. Were collected, from the two rivers, 28 477 specimens of the entomofauna associated with S. pertinax. The families Hydropsychidae, Chironomidae, Bactidae, Simuliidae, Blephariceridae and Megapodagrionidae were represented. These was an impact of temephos on the entomofauna associated with S. pertinax only in Simuliidae and Chironomidae, and to Bti only in Simuliidae. However, the reduction in their numbers was not statistically significant.

Réclamations pour le Sr Charles-Marie-Canalès-Oglou,... seul et unique héritier de feu Sr Jean-Marie-Alix de Boullon-Morange,... demandeur, contre dame Marie-Elisabeth-Emilie Aubourg, veuve du sieur Léonard Robin, décédé commissaire du gouvernement près le Tribunal civil... de la Seine, et membre du Tribunat, et encore contre le sieur Louis-Léonard Robin, se prétendant fils et unique héritier dudit sieur Léonard Robin... défendeurs, adressées à S. M. Napoléon-le-Grand,... / [Signé : Canalès-Oglou, 12 août 1806. - Consultation pour le sieur Canalès-Oglou contre les héritiers Robin. Signé : Adam, ancien avocat ; Bonhomme, avocat, 16 août 1806.]

[Factum. Boullon-Morange, Mehemet-Aly, dit Jean-Marie-Alix deSuccession). 1806?]