An Alternative View of the US Price-Dividend Ratio Dynamics

As a necessary condition for the validity of the present value model, the price-dividend ratio must be stationary. However, significant market episodes seem to provide evidence of prices significantly drifting apart from dividends while other episodes show prices anchoring back to dividends. This paper investigates the stationarity of this ratio in the context of a Markov- switching model à la Hamilton (1989) where an asymmetric speed of adjustment towards a unique attractor is introduced. A three-regime model displays the best regime identification and reveals that the first part of the 90’s boom (1985-1995) and the post-war period are characterized by a stationary state featuring a slow reverting process to a relatively high attractor. Interestingly, the latter part of the 90’s boom (1996-2000), characterized by a growing price-dividend ratio, is entirely attributed to a stationary regime featuring a highly reverting process to the attractor. Finally, the post-Lehman Brothers episode of the subprime crisis can be classified into a temporary nonstationary regime.

Inter-stage line ratio of He- and Li-like Ti emissions for the electron temperature measurement

Under coronal conditions, the steady state rate-equations are used to calculate the inter-stage line ratios between Li-like Is(2)2p(P-2(3/2))-> 1s(2)2s -> ((2) S-1/2) and He-like 1s2p (P-1(1))-> 1s(2) (S-1(0)) transitions for Ti in the electronic temperature ranges from 0.1 keV to 20 keV. The results show that the. temperature sensitivities are higher at the electronic temperature less than 5000 eV and the temperature sensitivities will decrease with the increase of electronic temperature.

Magnetic alignment of high-aspect ratio microwires into vertical arrays

Fundamental studies of magnetic alignment of highly anisotropic mesostructures can enable the clean-room-free fabrication of flexible, array-based solar and electronic devices, in which preferential orientation of nano- or microwire-type objects is desired. In this study, ensembles of 100 micron long Si microwires with ferromagnetic Ni and Co coatings are oriented vertically in the presence of magnetic fields. The degree of vertical alignment and threshold field strength depend on geometric factors, such as microwire length and ferromagnetic coating thickness, as well as interfacial interactions, which are modulated by varying solvent and substrate surface chemistry. Microwire ensembles with vertical alignment over 97% within 10 degrees of normal, as measured by X-ray diffraction, are achieved over square cm scale areas and set into flexible polymer films. A force balance model has been developed as a predictive tool for magnetic alignment, incorporating magnetic torque and empirically derived surface adhesion parameters. As supported by these calculations, microwires are shown to detach from the surface and align vertically in the presence of magnetic fields on the order of 100 gauss. Microwires aligned in this manner are set into a polydimethylsiloxane film where they retain their vertical alignment after the field has been removed and can subsequently be used as a flexible solar absorber layer. Finally, these microwires arrays can be protected for use in electrochemical cells by the conformal deposition of a graphene layer.

Efeitos cardiovasculares da transferência adotiva de linfócitos T reguladores em camundongos submetidos à infusão crônica de angiotensina II e de aldosterona

A angiotensina (Ang) II e aldosterona induzem hipertensão arterial por mecanismos em parte mediados pela imunidade adaptativa, envolvendo linfócitos T auxiliares respondedores (Tresp). Os linfócitos T reguladores (Treg) são capazes de suprimir os efeitos próinflamatórios do sistema imune. O presente estudo avaliou se a transferência adotiva de Treg é capaz de prevenir a hipertensão e a lesão vascular induzidas pela Ang II ou pela aldosterona, em dois protocolos distintos. No protocolo com Ang II, camundongos machos C57BL/6 sofreram a injeção endovenosa de Treg ou Tresp, sendo depois infundidos com Ang II (1μg/kg/min), ou salina (grupo controle) por 14 dias. No protocolo com aldosterona, um outro conjunto de animais sofreu injeções de Treg ou Tresp, sendo depois infundido com aldosterona (600μg/kg/d) ou salina (grupo controle), pelo mesmo intervalo de tempo. O grupo tratado com aldosterona recebeu salina 1% na água. Tanto o grupo Ang II como aldosterona apresentaram elevação da pressão arterial sistólica (43% e 31% respectivamente), da atividade da NADPH oxidase na aorta (1,5 e 1,9 vezes, respectivamente) e no coração (1,8 e 2,4 vezes, respectivamente) e uma redução da resposta vasodilatadora à acetilcolina (de 70% e 56%, respectivamente), quando comparados com os respectivos controles (P<0,05). Adicionalmente, a administração de Ang II proporcionou um aumento rigidez vascular (P<0,001), na expressão de VCAM-1 nas artérias mesentéricas (P<0,05), na infiltração aórtica de macrófagos e linfócitos T (P<0,001) e nos níveis plasmáticos das citocinas inflamatórias interferon (INF)-γ, interleucina (IL)-6, Tumor necrosis factor (TNF)-α e IL-10 (P<0,05). Ang II causou uma queda de 43% no número de células Foxp3+ no córtex renal, enquanto que a transferência adotiva de Treg aumentou as células Foxp3+ em duas vezes em comparação com o controle. A administração de Treg preveniu o remodelamento vascular induzido pela aldosterona, observado na relação média/lúmen e na área transversal da média das artérias mesentéricas (P<0,05). Todos os parâmetros acima foram prevenidos com a administração de Treg, mas não de Tresp. Estes resultados demonstram que Treg são capazes de impedir a lesão vascular e a hipertensão mediadas por Ang II ou por aldosterona, em parte através de ações antiinflamatórias. Em conclusão, uma abordagem imuno-modulatória pode prevenir o aumento da pressão arterial, o estresse oxidativo vascular, a inflamação e a disfunção endotelial induzidos por Ang II ou aldosterona.

Ratio of natural isotopes of nitrogen. I. Primary results: soils of Dombes [Translation from: Revue d'Ecologie et de Biologie du Sol 14, 279-287, 1977]

Utilization of the heavy isotope of nitrogen as a tracer has found numerous applications in soil biology. It allows better definition of different stages of the nitrogen cycle, in particular the immobilization-mineralization cycle. In this work, the authors report the results of calculations of natural isotope ratios of nitrogen in samples of water, soil and vegetation prevailing in Dombes and discuss the possibilities of errors and coefficients of fractionation.

Effect of microcosmic optical parameters of dopants on the signal-to-noise ratio in doubly doped LiNbO3 crystals

We propose a united theory that describes the two-center recording system by taking scattering noise into account. The temporal evolution of the signal-to-noise ratio in doubly doped photorefractive crystals is described based on jointly solving material equations and coupled-wave equations with the fourth-order Runge-Kutta method. Roles of microcosmic optical parameters of dopants on the signal-to-noise ratio are discussed in detail. The theoretical results can confirm and predict experimental results. (c) 2005 Elsevier GmbH. All rights reserved.

Design of NRAs having higher aperture opening ratio and autocorrelation compression ratio by means of a global optimization method

When noises considerations are made, nonredundant arrays (NRAs) are endowed with many advantages which other arrays e.g., uniformly redundant arrays (URAs) do not possess in applications of coded aperture imaging. However, lower aperture opening ratio limits the applications of NRA in practice. In this paper, we present a computer searching method based on a global optimization algorithm named DIRECT to design NRAs. Compared with the existing NRAs e.g., Golay's NRAs, which are well known and widely used in various applications, NRAs found by our method have higher aperture opening ratio and auto correlation compression ratio. These advantages make our aperture arrays be very useful for practical applications especially for which of aperture size are limited. Here, we also present some aperture arrays we found. These aperture arrays have an interesting property that they belong to both NRA and URA. (C) 2006 Elsevier GmbH. All rights reserved.

Deep silicon grating as high-extinction-ratio polarizing beam splitter

A deep binary silicon grating as high-extinction-ratio reflective polarizing beam splitter (PBS) at the wavelength of 1550 nm is presented. The design is based on the phenomenon of total internal reflection (TIR) by using the rigorous coupled wave analysis (RCWA). The extinction ratio of the rectangular PBS grating can reach 2.5×105 with the optimum grating period of 397 nm and groove depth of 1.092 μm. The effciencies of TM-polarized wave in the 0th order and TE-polarized wave in the −1st order can both reach unity at the Littrow angle. Holographic recording technology and inductively coupled plasma (ICP) etching could be used to fabricate the silicon PBS grating.

Gipuzkoako udalen finantza kaudimenaren rankinga ratio aipagarrienen analisiaren arabera

[EU]Lan honen helburu nagusia,Gipuzkoako udalen finantza kaudimena aztertzeaz gain, beraien arteko konparaketa bat egin ahal izatea zen. Beste modu batera esanda,egoera hobeagoan dauden udalak nortzuk diren identifikatu ahal izatea. Hasi aurretik bagenekien, ordea, udal baten finantza kaudimena ez dagoela faktore bat edo biren arabera soilik, eta gauza asko subjektiboak direla ere bai. Gainera, eragina duten baldintza guztiak kontuan hartzea ere zaila da. Kasu honetan, 9-10 adierazle aukeratu dira, ondoren udal bakoitzak besteekin konparatuz adierazle horretan lortutako zenbatekoa 1etik 10erako puntuazio batekin baloratu da, eta azkenik, udaletxe guztien ranking bat osatu da. Ondorengo lerroetan ikus daiteke ranking honen testuingurua,erabilitako metodologia eta egindako kalkuluen ondorio nagusiak ere.

Biologie de Penaeus duorarum notialis en Côte d'Ivoire. 4 - Rélations entre la répartition et les conditions du milieu. Étude des variations du sex-ratio

The analysis of the geographic and bathymetric distribution of Penaeus duorarum and, particularly P. d. notialis off Côte d'Ivoire and in its whole distribution area leads to the definition of the adult ecological requirements (temperature, salinity, grain size and sediment composition, organic matter) and the importance of the thermocline in the bathmetric distribution. The population structure study shows: (1) variations of size with depth, (2) variations of sex ratio, with size, depth and seasons.

Gipuzkoako udalen finantza kaudimenaren rankinga ratio aipagarrienen analisiaren arabera

Gipuzkoako udalen finantza kaudimenari buruzko analisi bat burutu ondoren, hauen rankinga burutzea da GrAL honen helburu nagusia.

Estimates of body sizes at maturation and at sex change, and the spawning seasonality and sex ratio of the endemic Hawaiian grouper (Hyporthodus quernus, F. Epinephelidae)

A case study of the reproductive biology of the endemic Hawaiian grouper or hapu’upu’u (Hyporthodus quernus) is presented as a model for comprehensive future studies of economically important epinephelid groupers. Specimens were collected throughout multiple years (1978–81, 1992–93, and 2005–08) from most reefs and banks of the Northwestern Hawaiian Islands. The absence of small males, presence of atretic oocytes and brown bodies in testes of mature males, and both developed ovarian and testicular tissues in the gonads of five transitional fish provided evidence of protogynous hermaphroditism. No small mature males were collected, indicating that Hawaiian grouper are monandrous (all males are sex-changed females). Complementary microscopic criteria also were used to assign reproductive stage and estimate median body sizes (L50) at female sexual maturity and at adult sex change from female to male. The L50 at maturation and at sex change was 580 ±8 (95% confidence interval [CI]) mm total length (TL) and 895 ±20 mm TL, respectively. The adult sex ratio was strongly female biased (6:1). Spawning seasonality was described by using gonadosomatic indices. Females began ripening in the fall and remained ripe through April. A February–June main spawning period that followed peak ripening was deduced from the proportion of females whose ovaries contained hydrated oocytes, postovulatory follicles, or both. Testes weights were not affected by season; average testes weight was only about 0.2% of body weight—an order of magnitude smaller than that for ovaries that peaked at 1–3% of body weight. The species’ reproductive life history is discussed in relation to its management.