Agency, Financial Flexibility, and Firm Value: Evidence from REITs

We show empirically that the use of unsecured debt, whose standard covenants commit management to the preservation of debt capacity, leads to lower and more stable leverage. We then show that firm value is sensitive to leverage levels and leverage stability, decreasing in the former and increasing in the latter. Our results support a liquidity-centric version of Jensen's (1986) free cash flow argument. In this version, self-serving managerial tendencies are reigned in without raising leverage indiscriminately, so that financial flexibility is preserved.

Sediment Budget for Cane Land on the Lower Herbert River Floodplain, North Queensland, Australia

Land use in the river catchments of tropical North Queensland appears to have increased the export of sediment and nutrients to the coast. Although evidence of harmful effect of sediment on coastal and riverine ecosystems is limited, there is a growing concern about its possible negative impacts. Sugarcane cultivation on the floodplains of the tropical North Queensland river catchments is thought to be an important source of excess sediment in the river drainage systems. Minimum-tillage, trash blanket harvesting has been shown to reduce erosion from sloping sugarcane fields, but in the strongly modified floodplain landscape other elements (e.g. drains, water furrows and headlands) could still be important sediment sources. The main objectives of this thesis are to quantify the amount of sediment coming from low-lying cane land and identify the important sediment sources in the landscape. The results of this thesis enable sugarcane farmers to take targeted measures for further reduction of the export of sediment and nutrients. Sediment budgets provide a useful approach to identify and quantify potential sediment sources. For this study a sediment budget is calculated for a part of the Ripple Creek catchment, which is a sub-catchment of the Lower Herbert River. The input of sediment from all potential sources in cane land and the storage of sediment within the catchment have been quantified and compared with the output of sediment from the catchment. Input from, and storage on headlands, main drains, minor drains and water furrows, was estimated from erosion pin and surface profile measurements. Input from forested upland, input from fields and the output at the outlet of the catchment was estimated with discharge data from gauged streams and flumes. Data for the sediment budget were collected during two ‘wet’-seasons: 1999-2000 and 2000-2001. The results of the sediment budget indicate that this tropical floodplain area is a net source of sediment. Plant cane fields, which do not have a protective trash cover, were the largest net source of sediment during the 1999-2000 season. Sediment input from water furrows was higher, but there was also considerable storage of sediment in this landscape element. Headlands tend to act as sinks. The source or sink function of drains is less clear, but seems to depend on their shape and vegetation cover. An important problem in this study is the high uncertainty in the estimates of the sediment budget components and is, for example, likely to be the cause of the imbalance in the sediment budget. High uncertainties have particularly affected the results from the 20002001 season. The main source of uncertainty is spatial variation in the erosion and deposition processes. Uncertainty has to be taken into consideration when interpreting the budget results. The observation of a floodplain as sediment source contradicts the general understanding that floodplains are areas of sediment storage within river catchments. A second objective of this thesis was therefore to provide an answer to the question: how can floodplains in the tropical North Queensland catchments can be a source of sediment? In geomorphic literature various factors have been pointed out, that could control floodplain erosion processes. However, their importance is not 'uniquely identified'. Among the most apparent factors are the stream power of the floodwater and the resistance of the floodplain surface both through its sedimentary composition and the vegetation cover. If the cultivated floodplains of the North Queensland catchments are considered in the light of these factors, there is a justified reason to expect them to be a sediment source. Cultivation has lowered the resistance of their surface; increased drainage has increased the drainage velocity and flood control structures have altered flooding patterns. For the Ripple Creek floodplain four qualitative scenarios have been developed that describe erosion and deposition under different flow conditions. Two of these scenarios were experienced during the budget study, involving runoff from local hillslopes and heavy rainfall, which caused floodplain erosion. In the longer term larger flood events, involving floodwater from the Herbert River, may lead to different erosion and deposition processes. The present study has shown that the tropical floodplain of the Herbert River catchment can be a source of sediment under particular flow conditions. It has also shown which elements in the sugarcane landscape are the most important sediment sources under these conditions. This understanding will enable sugarcane farmers to further reduce sediment export from cane land and prevent the negative impact this may have on the North Queensland coastal ecosystems.

Cancer and fertility preservation: International recommendations from an expert meeting

In the last years, thanks to the improvement in the prognosis of cancer patients, a growing attention has been given to the fertility issues. International guidelines on fertility preservation in cancer patients recommend that physicians discuss, as early as possible, with all patients of reproductive age their risk of infertility from the disease and/or treatment and their interest in having children after cancer, and help with informed fertility preservation decisions. As recommended by the American Society of Clinical Oncology and the European Society for Medical Oncology, sperm cryopreservation and embryo/oocyte cryopreservation are standard strategies for fertility preservations in male and female patients, respectively; other strategies (e.g. pharmacological protection of the gonads and gonadal tissue cryopreservation) are considered experimental techniques. However, since then, new data have become available, and several issues in this field are still controversial and should be addressed by both patients and their treating physicians. In April 2015, physicians with expertise in the field of fertility preservation in cancer patients from several European countries were invited in Genova (Italy) to participate in a workshop on the topic of "cancer and fertility preservation". A total of ten controversial issues were discussed at the conference. Experts were asked to present an up-to-date review of the literature published on these topics and the presentation of own unpublished data was encouraged. On the basis of the data presented, as well as the expertise of the invited speakers, a total of ten recommendations were discussed and prepared with the aim to help physicians in counseling their young patients interested in fertility preservation. Although there is a great interest in this field, due to the lack of large prospective cohort studies and randomized trials on these topics, the level of evidence is not higher than 3 for most of the recommendations highlighting the need of further research efforts in many areas of this field. The participation to the ongoing registries and prospective studies is crucial to acquire more robust information in order to provide evidence-based recommendations.

Phocid seal leptin: tertiary structure and hydrophobic receptor binding site preservation during distinct leptin gene evolution

The cytokine hormone leptin is a key signalling molecule in many pathways that control physiological functions. Although leptin demonstrates structural conservation in mammals, there is evidence of positive selection in primates, lagomorphs and chiropterans. We previously reported that the leptin genes of the grey and harbour seals (phocids) have significantly diverged from other mammals. Therefore we further investigated the diversification of leptin in phocids, other marine mammals and terrestrial taxa by sequencing the leptin genes of representative species. Phylogenetic reconstruction revealed that leptin diversification was pronounced within the phocid seals with a high dN/dS ratio of 2.8, indicating positive selection. We found significant evidence of positive selection along the branch leading to the phocids, within the phocid clade, but not over the dataset as a whole. Structural predictions indicate that the individual residues under selection are away from the leptin receptor (LEPR) binding site. Predictions of the surface electrostatic potential indicate that phocid seal leptin is notably different to other mammalian leptins, including the otariids. Cloning the grey seal leptin binding domain of LEPR confirmed that this was structurally conserved. These data, viewed in toto, support a hypothesis that phocid leptin divergence is unlikely to have arisen by random mutation. Based upon these phylogenetic and structural assessments, and considering the comparative physiology and varying life histories among species, we postulate that the unique phocid diving behaviour has produced this selection pressure. The Phocidae includes some of the deepest diving species, yet have the least modified lung structure to cope with pressure and volume changes experienced at depth. Therefore, greater surfactant production is required to facilitate rapid lung re-inflation upon surfacing, while maintaining patent airways. We suggest that this additional surfactant requirement is met by the leptin pulmonary surfactant production pathway which normally appears only to function in the mammalian foetus.

Evidence for different QTL underlying the immune and hypersensitive responses of Eucalyptus globulus to the rust pathogen Puccinia psidii

The rust Puccinia psidii infects many species in the family Myrtaceae. Native to South America, the pathogen has recently entered Australia which has a rich Myrtaceous flora, including trees of the ecologically and economically important genus Eucalyptus. We studied the genetic basis of variation in rust resistance in Eucalyptus globulus, the main plantation eucalypt in Australia. Quantitative trait loci (QTL) analysis was undertaken using 218 genotypes of an outcross F2 mapping family, phenotyped by controlled inoculation of their open pollinated progeny with the strain of P. psidii found in Australia. QTL analyses were conducted using a binary classification of individuals with no symptoms (immune) versus those with disease symptoms, and in a separate analysis dividing plants with disease symptoms into those exhibiting the hypersensitive response versus those with more severe symptoms. Four QTL were identified, two influencing whether a plant exhibited symptoms (Ppr2 and Ppr3), and two influencing the presence or absence of a hypersensitive reaction (Ppr4 and Ppr5). These QTL mapped to four different linkage groups, none of which overlap with Ppr1, the major QTL previously identified for rust resistance in Eucalyptus grandis. Candidate genes within the QTL regions are presented and possible mechanisms discussed. Together with past findings, our results suggest that P. psidii resistance in eucalypts is quantitative in nature and influenced by the complex interaction of multiple loci of variable effect.

Avian influenza in Australia: a summary of 5 years of wild bird surveillance

BackgroundAvian influenza viruses (AIVs) are found worldwide in numerous bird species, causing significant disease in gallinaceous poultry and occasionally other species. Surveillance of wild bird reservoirs provides an opportunity to add to the understanding of the epidemiology of AIVs. MethodsThis study examined key findings from the National Avian Influenza Wild Bird Surveillance Program over a 5-year period (July 2007-June 2012), the main source of information on AIVs circulating in Australia. ResultsThe overall proportion of birds that tested positive for influenza A via PCR was 1.90.1%, with evidence of widespread exposure of Australian wild birds to most low pathogenic avian influenza (LPAI) subtypes (H1-13, H16). LPAI H5 subtypes were found to be dominant and widespread during this 5-year period. ConclusionGiven Australia's isolation, both geographically and ecologically, it is important for Australia not to assume that the epidemiology of AIV from other geographic regions applies here. Despite all previous highly pathogenic avian influenza outbreaks in Australian poultry being attributed to H7 subtypes, widespread detection of H5 subtypes in wild birds may represent an ongoing risk to the Australian poultry industry.

First complete genome sequence of a capsicum chlorosis tospovirus isolate from Australia with an unusually large S RNA intergenic region

The first complete genome sequence of capsicum chlorosis virus (CaCV) from Australia was determined using a combination of Illumina HiSeq RNA and Sanger sequencing technologies. Australian CaCV had a tripartite genome structure like other CaCV isolates. The large (L) RNA was 8913 nucleotides (nt) in length and contained a single open reading frame (ORF) of 8634 nt encoding a predicted RNA-dependent RNA polymerase (RdRp) in the viral-complementary (vc) sense. The medium (M) and small (S) RNA segments were 4846 and 3944 nt in length, respectively, each containing two non-overlapping ORFs in ambisense orientation, separated by intergenic regions (IGR). The M segment contained ORFs encoding the predicted non-structural movement protein (NSm; 927 nt) and precursor of glycoproteins (GP; 3366 nt) in the viral sense (v) and vc strand, respectively, separated by a 449-nt IGR. The S segment coded for the predicted nucleocapsid (N) protein (828 nt) and non-structural suppressor of silencing protein (NSs; 1320 nt) in the vc and v strand, respectively. The S RNA contained an IGR of 1663 nt, being the largest IGR of all CaCV isolates sequenced so far. Comparison of the Australian CaCV genome with complete CaCV genome sequences from other geographic regions showed highest sequence identity with a Taiwanese isolate. Genome sequence comparisons and phylogeny of all available CaCV isolates provided evidence for at least two highly diverged groups of CaCV isolates that may warrant re-classification of AIT-Thailand and CP-China isolates as unique tospoviruses, separate from CaCV.

Built heritage-making and socioeconomic renewal in declining rural areas : evidence from Portugal

This article focuses on the connections between built heritage-making and socioeconomic renewal in declining rural areas. Drawing on fieldwork in twelve rural villages in eastern Portugal, it sheds light on the outcomes of a State-led programme, the objectives of which were to renovate the historic built fabric and generate tourism revenue for a region with declining population levels. Overall, the programme was successful in terms of preservation / conservation of monuments and the built fabric, but failed to stimulate the anticipated social and economic development. The conclusion is that the making of heritage spaces is not the remedy for the economic and demographic ills of rural areas, notwithstanding the positive effect that such measures may have in certain cases.

Expenditure pattern analysis of cultural tourists at World Heritage Sites: an empirical evidence based on CHAID analysis

Nowadays, World Heritage Sites (WHS) have been facing new challenges, partially due to a different tourism consumption patterns. As it is highlighted in a considerable amount of studies, visits to these sites are almost justified by this prestigious classification and motivations are closely associated with their cultural aspects and quality of the overall environment (among others, Marujo et al, 2012). However, a diversity of tourists’ profiles have been underlined in the literature. Starting from the results obtained in a previous study about cultural tourists’ profile, conducted during the year 2009 in the city of Évora, Portugal, it is our intend to compare the results with a recent survey applied to the visitors of the same city. Recognition of Évora by UNESCO in 1986 as “World Heritage” has fostered not only the preservation of heritage but also the tourist promotion of the town. This study compares and examined tourists’ profile, regarding from the tourists’ expenditure patterns in Évora. A total of 450 surveys were distributed in 2009, and recently, in 2015, the same numbers of surveys were collected. Chi-squared Automatic Interaction Detection (CHAID) was applied to model consumer patterns of domestic and international visitors, based on socio demographic, trip characteristics, length of stay and the degree of satisfaction of pull factors. CHAID allowed find a population classification in groups that able to describe the dependent variable, average daily tourist expenditure. Results revealed different patterns of daily average expenditure amongst the years, 2009 and 2015, even if primarily results not revealed significant variations in socio-demographic and trip characteristics among the visitors’ core profile. Local authorities should be aware of this changing expensive behavior of cultural visitors and should formulate strategies accordingly. Policy and managerial recommendations are discussed.

Can We Predict The Clinical Outcomes Of Genitourinary Trauma Patients And Offer Them An Evidence-based Support? The Case For Telemedicine Network.

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Micromorphology Of The Dental Pulp Is Highly Preserved In Cancer Patients Who Underwent Head And Neck Radiotherapy.

Teeth are often included in the radiation field during head and neck radiotherapy, and recent clinical evidence suggests that dental pulp is negatively affected by the direct effects of radiation, leading to impaired sensitivity of the dental pulp. Therefore, this study aimed to investigate the direct effects of radiation on the microvasculature, innervation, and extracellular matrix of the dental pulp of patients who have undergone head and neck radiotherapy. Twenty-three samples of dental pulp from patients who finished head and neck radiotherapy were analyzed. Samples were histologically processed and stained with hematoxylin-eosin for morphologic evaluation of the microvasculature, innervation, and extracellular matrix. Subsequently, immunohistochemical analysis of proteins related to vascularization (CD34 and smooth muscle actin), innervation (S-100, NCAM/CD56, and neurofilament), and extracellular matrix (vimentin) of the dental pulp was performed. The morphologic study identified preservation of the microvasculature, nerve bundles, and components of the extracellular matrix in all studied samples. The immunohistochemical analysis confirmed the morphologic findings and showed a normal pattern of expression for the studied proteins in all samples. Direct effects of radiotherapy are not able to generate morphologic changes in the microvasculature, innervation, and extracellular matrix components of the dental pulp in head and neck cancer patients.

Triboelectricity In Insulating Polymers: Evidence For A Mechanochemical Mechanism.

Transfer of reaction products formed on the surfaces of two mutually rubbed dielectric solids makes an important if not dominating contribution to triboelectricity. New evidence in support of this statement is presented in this report, based on analytical electron microscopy coupled to electrostatic potential mapping techniques. Mechanical action on contacting surface asperities transforms them into hot-spots for free-radical formation, followed by electron transfer producing cationic and anionic polymer fragments, according to their electronegativity. Polymer ions accumulate creating domains with excess charge because they are formed at fracture surfaces of pulled-out asperities. Another factor for charge segregation is the low polymer mixing entropy, following Flory and Huggins. The formation of fractal charge patterns that was previously described is thus the result of polymer fragment fractal scatter on both contacting surfaces. The present results contribute to the explanation of the centuries-old difficulties for understanding the triboelectric series and triboelectricity in general, as well as the dissipative nature of friction, and they may lead to better control of friction and its consequences.

Hearing Preservation And Cochlear Implants According To Inner Ear Approach: Multicentric Evaluation.

Electroacoustic stimulation is an excellent option for people with residual hearing in the low frequencies, who obtain insufficient benefit with hearing aids. To be effective, the subject's residual hearing should be preserved during cochlear implant surgery. To evaluate the hearing preservation in patients that underwent implant placement and to compare the results in accordance with the approach to the inner ear. 19 subjects underwent a soft surgical technique, and the electrode MED-EL FLEX™ EAS, designed to be atraumatic, was used. We evaluated pre- and postoperative tonal audiometric tests with an average of 18.4 months after implantation, to measure the rate of hearing preservation. 17 patients had total or partial preservation of residual hearing; 5 had total hearing preservation and two individuals had no preservation of hearing. The insertion of the electrode occurred through a cochleostomy in 3 patients, and in 2 of these there was no hearing preservation; the other 16 patients experienced electrode insertion through a round window approach. All patients benefited from the cochlear implant, even those who are only using electrical stimulation. The hearing preservation occurred in 89.4% of cases. There was no significant difference between the forms of inner ear approach.

Rhinosinusitis: Evidence And Experience. A Summary.

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