What determines the use of capital budgeting methods? : Evidence from Swedish listed companies

Purpose: This paper aims to extend and contribute to prior research on the association between company characteristics and choice of capital budgeting methods (CBMs). Design/methodology/approach: A multivariate regression analysis on questionnaire data from 2005 and 2008 is used to study which factors determine the choice of CBMs in Swedish listed companies. Findings: Our results supported hypotheses that Swedish listed companies have become more sophisticated over the years (or at least less unsophisticated) which indicates a closing of the theory-practice gap; that companies with greater leverage used payback more often; and that companies with stricter debt targets and less management ownership employed accounting rate of return more frequent. Moreover, larger companies used CBMs more often. Originality/value: The paper contributes to prior research within this field by being the first Swedish study to examine the association between use of CBMs and as many as twelve independent variables, including changes over time, by using multivariate regression analysis. The results are compared to a US and a continental European study.

What is the role of bookbuilding in bond allocation ? : evidence from Brazil

A dissertação tem como objetivo analisar dois aspectos do processo de bookbuilding nas emissões de debêntures no mercado brasileiro. O primeiro aspecto é verificar se o underwriter utiliza, a exemplo do que ocorre no Initial Public Offering (IPO) de ações, o poder discricionário nas alocações das debêntures entre os investidores. O segundo consiste em encontrar as características, tanto do emissor quanto do investidor, que influenciam na eficiência do bidder no processo de bookbuilding. Para realizar os testes empíricos foi utilizada uma base de dados composta por 40 books1 (totalizando 727 bids) fornecidos por um banco de investimento.Verifica-se que o underwriter não beneficia nenhum investidor na alocação final das debêntures. Essa afirmação fica evidenciada quando se calcula a diferença entre alocação final (efetivamente recebida pelo investidor) e alocação teórica (estimada com base no método pro-rata) para os 27 books (totalizando 557 bids) que apresentam demanda superior a oferta. A diferença é nula para 96.6% da amostra, sendo que das 19 observações não nulas, 15 possuem diferença absoluta de uma debênture entre a alocação teórica e a final, resultado explicado em função do arredondamento das alocações.Contrariando a teoria de leilão de titulos públicos, onde autores, como Scott and Wolf (1979), defendem que os investidores devem utilizar o step bid como estratégia ótima de bid, este trabalho verificou que no caso de bookbuilding de debêntures no mercado brasileiro, os investidores usuários de step bid posssuem menos chances de ter seu bid atendido plenamente pelo underwriter. Quando o investidor é um gestor de recursos de terceiros (asset management), aumenta-se a possibilidade de ter sua demanda atendida. O maior sucesso do asset management no bookbuilding deve-se às peculiaridades do mercado brasileiro: (i) somente investidores locais participam dos bookbuilding, já que investidores estrangeiros possuem preferência e incentivos por títulos públicos; (ii) gestores de recursos de terceiros representam 75% da demanda por debêntures; (iii) o mercado de gestão de recursos é concentrado: os 5 maiores gestores concentram 60% da indústria. Com isso os gestores de recursos podem desenvolver uma expertise própria, já que são os principais demandadores e frequentemente participam dos bookbuilding. As características do emissor também influenciam no desempenho dos bidders: as debêntures de baixo e médio risco aumentam a possibilidade do bidder ter seu pedido atendido na íntegra. Além disso, como era esperado, quanto maior for a demanda do título, mais dificil é para o investor conseguir a quantidade desejável.

Mathematical tests about the existence and applications of PPS-wavelets in function approximation problems

Neural networks and wavelet transform have been recently seen as attractive tools for developing eficient solutions for many real world problems in function approximation. Function approximation is a very important task in environments where computation has to be based on extracting information from data samples in real world processes. So, mathematical model is a very important tool to guarantee the development of the neural network area. In this article we will introduce one series of mathematical demonstrations that guarantee the wavelets properties for the PPS functions. As application, we will show the use of PPS-wavelets in pattern recognition problems of handwritten digit through function approximation techniques.

What is the role of lipopolysaccharide on the tribocorrosive behavior of titanium?

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Spatial pattern detection modeling of thrips (Thrips tabaci) on onion fields

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

On the Origin of Cattle: How Aurochs Became Cattle and Colonized the World

Since their domestication in the Neolithic, cattle have belonged to our cultural heritage. The reconstruction of their history is an active field of research 1 that contributes to our understanding of human history. Archeological data are now supplemented by analyses of modern and ancient samples of cattle with DNA markers of maternal, paternal, or autosomal inheritance. The most recent genetic data suggest that maternal lineages of taurine cattle originated in the Fertile Crescent with a possible contribution of South-European wild cattle populations, while zebu cattle originate from the Indus Valley. Subsequently, cattle accompanied human migrations, which led to the dispersal of domestic cattle of taurine, indicine, or mixed origin over Asia, Africa, Europe, and the New World. This has resulted in their adaptation to different environments and considerable variation in appearance and performance. More recently, rational management of breeding led to international movements of sires, which again changed the global patterns of genetic diversity.

Optimization of neural classifiers based on bayesian decision boundaries and idle neurons pruning

In this article we describe a feature extraction algorithm for pattern classification based on Bayesian Decision Boundaries and Pruning techniques. The proposed method is capable of optimizing MLP neural classifiers by retaining those neurons in the hidden layer that realy contribute to correct classification. Also in this article we proposed a method which defines a plausible number of neurons in the hidden layer based on the stem-and-leaf graphics of training samples. Experimental investigation reveals the efficiency of the proposed method. © 2002 IEEE.

What's the signification of nuclear vacuoles in human sperm?

The aim of this study was to determine the extent of DNA fragmentation and the presence of single/denatured or double stranded of DNA in sperm with large nuclear vacuoles (LNV) selected by high-magnification. A total of 30 patients had fresh semen samples prepared by discontinuous concentration gradient. Sperm with normal nucleus (NN) and LNV were selected at 8400x magnification and placed in different slides. DNA fragmentation was determined by TUNEL assay. Denatured and double stranded DNA was identified by acridine orange fluorescence method. The percentage of DNA fragmentation in LNV sperm (29%) was significantly higher (P<0.001) than NN sperm (15.8%). Therefore, cleavage of genomic DNA in low molecular weight DNA fragments (mono and oligonucleosomes), and single strand breaks (nicks) in high molecular weight DNA occur more frequently in LNV. Identically, the percentage denatured stranded DNA in sperm with LNV (67.9%) was significantly higher (P <0.0001) than NN sperm (33%). The high level of denatured DNA in sperm with LNV suggests precocious decondensation and disaggregation of sperm chromatin fibers. Our results support an association between LNV sperm and DNA damage, and the routine selection and injection of morphological motile sperm at high magnification for ICSI. The adverse effect (DNA fragmentation or denaturation) leads to concern particularly about the possibility of iatrogenic transmission of genetic abnormalities. Copyright - SBRA - Sociedade Brasileira de Reprodução Assistida.

What is the importance of selecting features for non-technical losses identification?

Although non-technical losses automatic identification has been massively studied, the problem of selecting the most representative features in order to boost the identification accuracy has not attracted much attention in this context. In this paper, we focus on this problem applying a novel feature selection algorithm based on Particle Swarm Optimization and Optimum-Path Forest. The results demonstrated that this method can improve the classification accuracy of possible frauds up to 49% in some datasets composed by industrial and commercial profiles. © 2011 IEEE.

Guided implant surgery: What is the influence of this new technique on bone cell viability?

Purpose: To evaluate the effect of implant osteotomy on immediate bone cell viability, comparing guided surgery for implant placement with the classic drilling procedure. Materials and Methods: For this study, 20 rabbits were used. The animals were divided into a guided surgery group (GG) and a control group (CG) and were then divided into 4 subgroups - subgroups 1, 2, 3, and 4 - corresponding to drills used 10, 20, 30, and 40 times, respectively. All animals received 5 osteotomies in each tibia, by use of the classic drilling procedure in one tibia and guided surgery in the other tibia. The osteotomized areas were removed and processed immunohistochemically for detection of osteocalcin, receptor activator of nuclear factor κB ligand (RANKL), osteoprotegerin (OPG), and caspase 3. Results: Immunohistochemical analysis showed that osteocalcin expression was initially higher in the CG and remained constant after drill reutilization. Although the expressions of RANKL and OPG were not statistically different for the GG and CG, the RANKL/OPG ratio tended to be higher for the GG. Moreover, caspase 3 expression was elevated in the GG, proportionally to the number of osteotomies, indicating an increase in the apoptosis index in the GG. Conclusions: The classic drilling procedure is more favorable to cell viability than guided surgery.© 2013 American Association of Oral and Maxillofacial Surgeons.