A Reappraisal of the Allocation Puzzle through the Portfolio Approach

Paradoxically, high-growth, high-investment developing countries tend to experience capital outflows. This paper shows that this allocation puzzle can be explained simply by introducing uninsurable idiosyncratic investment risk in the neoclassical growth model with international trade in bonds, and by taking into account not only TFP catch-up, but also the capital wedge, that is, the distortions on the return to capital. The model fits the two following facts, documented on a sample of 67 countries between 1980 and 2003: (i) TFP growth is positively correlated with capital outflows in a sample including creditor countries; (ii) the long-run level of capital per efficient unit of labor is positively correlated with capital outflows. Consistently, we show that the capital flows predicted by the model are positively correlated with the actual ones in this sample once the capital wedge is accounted for. The fact that Asia dominates global imbalances can be explained by its relatively low capital wedge.

An enantioselective synthetic route to cis-2,4-disubstituted and 2,4-bridged piperidines

A synthetic route to enantiopure cis-2,4-disubstituted and 2,4-bridged piperidines is reported, the key step being a stereoselective conjugate addition of an organocuprate to a phenylglycinol-derived unsaturated lactam bearing a substituent at the 8a-position.

Impact of unbalanced minor route versus major route karyotypes at diagnosis on prognosis of CML.

Major route additional cytogenetic aberrations (ACA) at diagnosis of chronic myeloid leukaemia (CML) indicate an increased risk of progression and shorter survival. Since major route ACA are almost always unbalanced, it is unclear whether other unbalanced ACA at diagnosis also confer an unfavourable prognosis. On the basis of 1348 Philadelphia chromosome-positive chronic phase patients of the randomized CML study IV, we examined the impact of unbalanced minor route ACA at diagnosis versus major route ACA on prognosis. At diagnosis, 1175 patients (87.2 %) had a translocation t(9;22)(q34;q11) and 74 (5.5 %) a variant translocation t(v;22) only, while a loss of the Y chromosome (-Y) was present in addition in 44 (3.3 %), balanced or unbalanced minor route ACA each in 17 (1.3 %) and major route ACA in 21 (1.6 %) cases. Patients with unbalanced minor route ACA had no significantly different cumulative incidences of complete cytogenetic remission or major molecular remission and no significantly different progression-free survival (PFS) or overall survival (OS) than patients with t(9;22), t(v;22), -Y and balanced minor route karyotypes. In contrast, patients with major route ACA had a shorter OS and PFS than all other groups (all pairwise comparisons to each of the other groups: p ≤ 0.015). Five-year survival probabilities were for t(9;22) 91.4 % (95 % CI 89.5-93.1), t(v; 22) 87 % (77.2-94.3), -Y 89.0 % (76.7-97.0), balanced 100 %, unbalanced minor route 92.3 % (72.4-100) and major route 52.2 % (28.2-75.5). We conclude that only major route, but not balanced or unbalanced minor route ACA at diagnosis, has a negative impact on prognosis of CML.

Arylation of β,γ-unsaturated lactones by a Heck-Matsuda reaction: an unexpected route to aryldiazene butenolides and pyridazinones

The palladium catalysed coupling of aryldiazonium salts with β-γ-unsaturated lactones under basic conditions has been investigated. Both (3H)-furanone and α-angelicalactone were evaluated as substrates in the Heck Matsuda reaction but both failed to afford the desired arylated butenolides. Under basic conditions, β-γ-unsaturated lactones generate highly nucleophilic enolates that preferentially undergo azo coupling reactions with arenediazonium salts to afford aryldiazene butenolides. The electronic and steric effect of the substituents on the aryldiazonium salt in the azo coupling reaction is described. Aryldiazene-lactone derivatives were obtained in good yields from a highly facile and straightforward procedure. An aminoisomaleimide was formed from (3H)-furanone and cyclised to the corresponding pyridazinones in modest yield.

Cargo Traffic on the Helsinki-Tallinn Route

The twin-city model has found to increase economical activity and well-being. The similar economical, social and cultural background of Finland and Estonia as well as the EU integration give good preconditions to create a twin-city of Helsinki and Tallinn. The relatively long distance between Helsinki and Tallinn is challenging. Therefore, good transport infrastructure and functioning connections are required to form a twin-city of Helsinki and Tallinn. The connections between these cities can be considered also in broader perspective than only from the viewpoint of the twin-city concept. New markets areas have been emerged in Europe due to collapse of planned economy and integration of Europe. Also the transport routes to the markets are changing. The Hel-sinki-Tallinn sea route can be considered as a fast route to the new markets in the Cen-tral and Eastern Europe. The Helsinki-Tallinn sea route is also a potential route to the Western European markets. This study provides an analysis of transport and cargo flows between Finland and Esto-nia for regional and local planners. The main purpose of the study is to clarify the pre-sent situation of the seaborne cargo flows on the Helsinki-Tallinn route and how the cargo flows will develop in the future. The study focuses on the following thematic enti-ties: the Finnish and Estonian seaborne transport system and cargo flows, the structure and volume of the cargo flows on the Helsinki-Tallinn route, the hinterland cargo flows on the Helsinki-Tallinn route and the transport methods used on the Helsinki-Tallinn route. The study was carried out as a desk research, a statistical analysis and an inter-view study during the spring–autumn 2011. The study reveals that during the period 2002–2010 the volume of the seaborne cargo traffic between Finland and Estonia has increased significantly while the trend of the trade volume between Finland and Estonia has remained nearly constant. This indicates that the route via Estonia is increasingly used in the Finnish foreign trade. Because the ports of Helsinki and Tallinn are the main ports in the cargo traffic between Finland and Estonia, the role of the Helsinki-Tallinn route as a sea leg in the hinterland connections of Finland has increased. The growth of the cargo volume on the Helsinki-Tallinn route was estimated to continue on the annual level of 10 % during the next couple of years. In the long run the growth of the cargo volumes depends on the economical and indus-trial development of the former Eastern European countries. If the IMO’s sulphur regu-lations will come in force, the Helsinki-Tallinn route will become one of the main routes also to the Western European markets, besides of the route via Sweden. The study also shows that the fast and reliable connections year round on the Helsinki-Tallinn route have made it possible for service and logistics companies to reconsider their logistics strategies in a new way in the both side of the Gulf of Finland. Anyway, the ropax concept is seen as the only economical profitable solution on the Helsinki-Tallinn route because cargo and passenger traffic are supporting each other. The trucks (vehicle combinations) will remain the main mode of transport on the Helsinki-Tallinn route because general cargo is the main commodity on the route. IMO’s sulphur regula-tions and the changes in the structure of the Finnish industry may create prerequisites for rail road transport in the hinterland connections of Finland. The twin-city model has found to increase economical activity and well-being. The similar economical, social and cultural background of Finland and Estonia as well as the EU integration give good preconditions to create a twin-city of Helsinki and Tallinn. The relatively long distance between Helsinki and Tallinn is challenging. Therefore, good transport infrastructure and functioning connections are required to form a twin-city of Helsinki and Tallinn. The connections between these cities can be considered also in broader perspective than only from the viewpoint of the twin-city concept. New markets areas have been emerged in Europe due to collapse of planned economy and integration of Europe. Also the transport routes to the markets are changing. The Hel-sinki-Tallinn sea route can be considered as a fast route to the new markets in the Cen-tral and Eastern Europe. The Helsinki-Tallinn sea route is also a potential route to the Western European markets. This study provides an analysis of transport and cargo flows between Finland and Esto-nia for regional and local planners. The main purpose of the study is to clarify the pre-sent situation of the seaborne cargo flows on the Helsinki-Tallinn route and how the cargo flows will develop in the future. The study focuses on the following thematic enti-ties: the Finnish and Estonian seaborne transport system and cargo flows, the structure and volume of the cargo flows on the Helsinki-Tallinn route, the hinterland cargo flows on the Helsinki-Tallinn route and the transport methods used on the Helsinki-Tallinn route. The study was carried out as a desk research, a statistical analysis and an inter-view study during the spring–autumn 2011. The study reveals that during the period 2002–2010 the volume of the seaborne cargo traffic between Finland and Estonia has increased significantly while the trend of the trade volume between Finland and Estonia has remained nearly constant. This indicates that the route via Estonia is increasingly used in the Finnish foreign trade. Because the ports of Helsinki and Tallinn are the main ports in the cargo traffic between Finland and Estonia, the role of the Helsinki-Tallinn route as a sea leg in the hinterland connections of Finland has increased. The growth of the cargo volume on the Helsinki-Tallinn route was estimated to continue on the annual level of 10 % during the next couple of years. In the long run the growth of the cargo volumes depends on the economical and indus-trial development of the former Eastern European countries. If the IMO’s sulphur regu-lations will come in force, the Helsinki-Tallinn route will become one of the main routes also to the Western European markets, besides of the route via Sweden. The study also shows that the fast and reliable connections year round on the Helsinki-Tallinn route have made it possible for service and logistics companies to reconsider their logistics strategies in a new way in the both side of the Gulf of Finland. Anyway, the ropax concept is seen as the only economical profitable solution on the Helsinki-Tallinn route because cargo and passenger traffic are supporting each other. The trucks (vehicle combinations) will remain the main mode of transport on the Helsinki-Tallinn route because general cargo is the main commodity on the route. IMO’s sulphur regula-tions and the changes in the structure of the Finnish industry may create prerequisites for rail road transport in the hinterland connections of Finland.

ALLOMETRIC MODELS FOR ESTIMATING ABOVEGROUND BIOMASS AND BIOMASS ALLOCATION OF CAPIXINGUI TREES (Croton floribundus Spreng.) IN AN AGRISILVICULTURAL SYSTEM

ABSTRACT The objective of this study was to select allometric models to estimate total and pooled aboveground biomass of 4.5-year-old capixingui trees established in an agrisilvicultural system. Aboveground biomass distribution of capixingui was also evaluated. Single- (diameter at breast height [DBH] or crown diameter or stem diameter as the independent variable) and double-entry (DBH or crown diameter or stem diameter and total height as independent variables) models were studied. The estimated total biomass was 17.3 t.ha-1, corresponding to 86.6 kg per tree. All models showed a good fit to the data (R2ad > 0.85) for bole, branches, and total biomass. DBH-based models presented the best residual distribution. Model lnW = b0 + b1* lnDBH can be recommended for aboveground biomass estimation. Lower coefficients were obtained for leaves (R2ad > 82%). Biomass distribution followed the order: bole>branches>leaves. Bole biomass percentage decreased with increasing DBH of the trees, whereas branch biomass increased.

CLASSIFICATION OF FOREST ROADS AND DETERMINATION OF ROUTE USING GEOGRAPHIC INFORMATION SYSTEM

ABSTRACT Geographic Information System (GIS) is an indispensable software tool in forest planning. In forestry transportation, GIS can manage the data on the road network and solve some problems in transportation, such as route planning. Therefore, the aim of this study was to determine the pattern of the road network and define transport routes using GIS technology. The present research was conducted in a forestry company in the state of Minas Gerais, Brazil. The criteria used to classify the pattern of forest roads were horizontal and vertical geometry, and pavement type. In order to determine transport routes, a data Analysis Model Network was created in ArcGIS using an Extension Network Analyst, allowing finding a route shorter in distance and faster. The results showed a predominance of horizontal geometry classes average (3) and bad (4), indicating presence of winding roads. In the case of vertical geometry criterion, the class of highly mountainous relief (4) possessed the greatest extent of roads. Regarding the type of pavement, the occurrence of secondary coating was higher (75%), followed by primary coating (20%) and asphalt pavement (5%). The best route was the one that allowed the transport vehicle travel in a higher specific speed as a function of road pattern found in the study.

Biomass allocation and water use efficiency in fertigated sweet pepper

The use of productivity information and efficiency of water use is important for the economic analysis of production and irrigation management, and also helps the economy of water use, which is essential to plant life. The objective of this study was to evaluate the biomass allocation, the water use efficiency and water content in fruits of sweet pepper cropped under the influence of irrigation blades and potassium doses. The statistic design was a completely randomized factorial scheme (5 x 2) and four replications, with five irrigation blades (80; 90; 100; 110 and 120% of crop evapotranspiration) and two levels of potassium (80 and 120 kg K2O ha-1 ), applied according to phenological phase, through a system of drip irrigation with self-compensated drippers, installed in a battery of 40 drainage lysimeters cultivated with sweet pepper (Maximos F1), at Federal Rural University of Pernambuco (UFRPE), Recife, state of Pernambuco, Brazil. The dry biomass production of sweet pepper was influenced by fertigation regimes; when it was set the lowest dose, estimates of the efficiency of water use and moisture in the fruit occurred with the use of irrigation depth of 97 and 95% of ETc, respectively.

A short description of the route Kajana—Waala—Uleåborg

kuv., 14 x 22 cm

Growth, biomass allocation and photosynthesis of Rolandra fruticosa (asteraceae) in response to shade

The effects of shade on growth, biomass allocation patterns and photosynthetic response was examined for Rolandra fruticosa (L.) Kuntze, a common perennial weed shrub in cultivated pastures and agricultural areas of Brazilian Amazonia, for plants grown in full sunlight and those shaded to 30 % of full sunlight over a 34-d period. Specific leaf area and leaf area ratio were higher for shade plants during all the experimental period. Shade plants allocated significantly less biomass to root tissue than sun plants and relative growth rate was higher in sun plants. Sun leaves had significantly higher dark respiration and light saturated rates of photosynthesis than shade leaves. The apparent quantum efficiency was higher for shade leaves, while light compensation point was higher for sun leaves. These results are discussed in relation to their ecological and weed management implications.