Timing and economic value of mergers and acquisitions

Doctor of Philosophy in the Faculty of Business Administration

Economic value for the trait tick count in Brangus cattle.

Profitability of a beef cattle system may be significantly reduced by the effects of tick (Rhipicephalus (Boophilus) microplus).

Skeletal maturity and socio-economic status in portuguese children and youths: the Madeira growth study

Skeletal maturity is used to evaluate biological maturity status. Information about the association between socio-economic status (SES) and skeletal maturity is limited in Portugal. Aims: The aim of this study is to document the skeletal maturity of youths in Madeira and to evaluate variation in maturity associated with SES. Subjects and methods: The study involved 507 subjects (256 boys and 251 girls) from the Madeira Growth Study, a mixed-longitudinal study of five cohorts (8, 10, 12, 14 and 16 years of age) followed at yearly intervals over 3 years (1996–1998). A total of 1493 observations were made. Skeletal age was estimated from radiographs of the hand and wrist using the Tanner–Whitehouse 2 method (TW2). Social class rankings were based on Graffar’s (1956) method. Five social rankings were subsequently grouped into three SES categories: high, average and low. Results: Median for the radius, ulna and short finger bones (RUS scores) in the total sample of boys and girls increased curvilinearly across age whereas median for the 7 (without pisiform) carpal bones (Carpal scores) increased almost linearly. The 20-bone maturity scores demonstrated distinctive trends by gender: the medians for boys increased almost linearly while the medians for girls increased curvilinearly. SES differences were minimal. Only among children aged 10–11 years were high SES boys and girls advanced in skeletal maturity. Madeira adolescents were advanced in skeletal maturity compared with Belgian reference values. Conclusion: The data suggests population variation in TW2 estimates of skeletal maturation. Skeletal maturity was not related to SES in youths from Madeira.

Socio-economic status, growth, physical activity and fitness: the Madeira growth study

Within a country social conditions change over time and these conditions vary from country to country. The associations between these conditions, somatic growth, physical activity and fitness reflect these changes. Aim: The study documented variation in somatic growth, physical activity and fitness associated with socio-economic status (SES). Subjects and methods: The study involved 507 subjects (256 boys and 251 girls) from the Madeira Growth Study, a mixed longitudinal study of five cohorts (8, 10, 12, 14 and 16 years of age) followed at yearly intervals over 3 years (1996–1998). A total of 1493 observations were made. Anthropometric measurements included lengths, body mass, skeletal breadths, girths and skinfolds. Physical activity and SES were collected via questionnaire and interview. Physical fitness was assessed using the Eurofit test battery. Variation in somatic growth, physical activity and physical fitness by SES (high, average and low) was tested with analysis of variance. Results: Significant differences between SES groups were observed for height, body mass and skinfolds. Boys and girls from high SES groups were taller, heavier and fatter (subscapular and triceps skinfolds) than their peers from average and low SES groups. At some age intervals, the high SES group had larger skeletal breadths (girls) and girths (boys and girls) than low SES. Small SES differences were observed for physical activity (sport and leisure-time indices). SES was significantly associated with physical fitness. At some age levels, boys from the low SES group performed better for muscular and aerobic endurance whereas girls from the high SES group performed better for power. Conclusion: Considerable variation in somatic growth and physical fitness in association with SES has been demonstrated, but little association was found for physical activity.

Skeletal maturity and socio-economic status in portuguese children and youths: the Madeira growth study

Skeletal maturity is used to evaluate biological maturity status. Information about the association between socio-economic status (SES) and skeletal maturity is limited in Portugal. Aims: The aim of this study is to document the skeletal maturity of youths in Madeira and to evaluate variation in maturity associated with SES. Subjects and methods: The study involved 507 subjects (256 boys and 251 girls) from the Madeira Growth Study, a mixed-longitudinal study of five cohorts (8, 10, 12, 14 and 16 years of age) followed at yearly intervals over 3 years (1996–1998). A total of 1493 observations were made. Skeletal age was estimated from radiographs of the hand and wrist using the Tanner–Whitehouse 2 method (TW2). Social class rankings were based on Graffar’s (1956) method. Five social rankings were subsequently grouped into three SES categories: high, average and low. Results: Median for the radius, ulna and short finger bones (RUS scores) in the total sample of boys and girls increased curvilinearly across age whereas median for the 7 (without pisiform) carpal bones (Carpal scores) increased almost linearly. The 20-bone maturity scores demonstrated distinctive trends by gender: the medians for boys increased almost linearly while the medians for girls increased curvilinearly. SES differences were minimal. Only among children aged 10–11 years were high SES boys and girls advanced in skeletal maturity. Madeira adolescents were advanced in skeletal maturity compared with Belgian reference values. Conclusion: The data suggests population variation in TW2 estimates of skeletal maturation. Skeletal maturity was not related to SES in youths from Madeira.

Socio-economic status, growth, physical activity and fitness: the Madeira growth study

Within a country social conditions change over time and these conditions vary from country to country. The associations between these conditions, somatic growth, physical activity and fitness reflect these changes. Aim: The study documented variation in somatic growth, physical activity and fitness associated with socio-economic status (SES). Subjects and methods: The study involved 507 subjects (256 boys and 251 girls) from the Madeira Growth Study, a mixed longitudinal study of five cohorts (8, 10, 12, 14 and 16 years of age) followed at yearly intervals over 3 years (1996–1998). A total of 1493 observations were made. Anthropometric measurements included lengths, body mass, skeletal breadths, girths and skinfolds. Physical activity and SES were collected via questionnaire and interview. Physical fitness was assessed using the Eurofit test battery. Variation in somatic growth, physical activity and physical fitness by SES (high, average and low) was tested with analysis of variance. Results: Significant differences between SES groups were observed for height, body mass and skinfolds. Boys and girls from high SES groups were taller, heavier and fatter (subscapular and triceps skinfolds) than their peers from average and low SES groups. At some age intervals, the high SES group had larger skeletal breadths (girls) and girths (boys and girls) than low SES. Small SES differences were observed for physical activity (sport and leisure-time indices). SES was significantly associated with physical fitness. At some age levels, boys from the low SES group performed better for muscular and aerobic endurance whereas girls from the high SES group performed better for power. Conclusion: Considerable variation in somatic growth and physical fitness in association with SES has been demonstrated, but little association was found for physical activity.

Feasibility study on multifunctional artificial reefs for the Azores

Tese de Doutoramento, Geografia (Ordenamento do Território), 25 de Novembro de 2013, Universidade dos Açores.

Surface Elevation Change Processes in the Snohomish River Estuary, Washington

Estuaries provide crucial ecosystem functions and contain significant socio-economic value. Within Washington State, estuaries supply rearing habitat for juvenile salmon during their transition period from freshwater to open sea. In order to properly manage wetland resources and restore salmon habitat, the mechanisms through which estuaries evolve and adapt to pressures from climate change, most notably eustatic sea level rise, must be understood. Estuaries maintain elevation relative to sea level rise through vertical accretion of sediment. This report investigates the processes that contribute to local surface elevation change in the Snohomish Estuary, conveys preliminary surface elevation change results from RTK GPS monitoring, and describes how surface elevation change will be monitored with a network of RSET-MH’s. Part of the tidal wetlands within the Snohomish River Estuary were converted for agricultural and industrial purposes in the 1800’s, which resulted in subsidence of organic soils and loss of habitat. The Tulalip Tribes, the National Oceanic and Atmospheric Administration (NOAA), Northwest Indian Fisheries Commission (NWIFC), and the Environmental Protection Agency (EPA) are conducting a large-scale restoration project to improve ecosystem health and restore juvenile salmon habitat. A study by Crooks et al. (2014) used 210Pb and carbon densities within sediment cores to estimate wetland re-building capacities, sediment accretion rates, and carbon sequestration potential within the Snohomish Estuary. This report uses the aforementioned study in combination with research on crustal movement, tidal patterns, sediment supply, and sea level rise predictions in the Puget Sound to project how surface elevation will change in the Snohomish Estuary with respect to sea level rise. Anthropogenic modification of the floodplain has reduced the quantity of vegetation and functional connectivity within the Snohomish Estuary. There have been losses up to 99% in vegetation coverage from historic extents within the estuary in both freshwater and mesohaline environments. Hydrographic monitoring conducted by NOAA and the Tulalip Tribe shows that 85% of the historic wetland area is not connected to the main stem of the Snohomish (Jason Hall 2014, unpublished data, NOAA). As vegetation colonization and functional connectivity of the floodplains of the Snohomish estuary is re-established through passive and active restoration, sediment transport and accretion is expected to increase. Under the Intergovernmental Panel on Climate Change (IPCC) “medium- probability” scenario sea level is projected to rise at a rate of 4.28 mm/year in the Puget Sound. Sea level rise in the Snohomish Estuary will be exacerbated from crustal deformation from subsidence and post-glacial rebound, which are measured to be -1.4 mm/year and -0.02 mm/year, respectively. Sediment accretion rates calculated by Crooks et al. (2014) and RTK GPS monitoring of surface elevation change of the Marysville Mitigation site from 2011-2014 measured vertical accretion rates that range from -48-19 mm/year and have high spatial variability. Sediment supply is estimated at 490 thousand tons/year, which may be an under-estimate because of the exclusion of tidal transport in this value. The higher rates of sediment accretion measured in the Snohomish Estuary suggest that the Snohomish will likely match or exceed the pace of sea level rise under “medium-probability” projections. The network of RSET-MH instruments will track surface elevation change within the estuary, and provide a more robust dataset on rates of surface elevation change to quantify how vertical accretion and subsidence are contributing to surface elevation change on a landscape scale.

Economy of the island of eco-tourism: the role of shark-diving and shark harvesting

Beyond its importance in maintaining ecosystems, sharks provide services that play important socioeconomic roles. The rise in their exploitation as a tourism resource in recent years has highlighted economic potential of non-destructive uses of sharks and the extent of economic losses associated to declines in their population. In this work, we present estimates for use value of sharks in Fernando de Noronha Island - the only ecotouristic site offering shark diving experience in the Atlantic coast of South America. Through the Travel Cost Method we estimate the total touristic use value aggregated to Noronha Island by the travel cost was up to USD 312 million annually, of which USD 91.1 million are transferred to the local economy. Interviewing people from five different economic sectors, we show shark-diving contribute with USD 2.5 million per year to Noronha’s economy, representing 19% of the island’s GDP. Shark-diving provides USD 128.5 thousand of income to employed islanders, USD 72.6 thousand to government in taxes and USD 5.3 thousand to fishers due to the increase in fish consumption demanded by shark divers. We discover, though, that fishers who actually are still involved in shark fishing earn more by catching sharks than selling other fish for consumption by shark divers. We conclude, however, that the non-consumptive use of sharks is most likely to benefit large number of people by generating and money flow if compared to the shark fishing, providing economic arguments to promote the conservation of these species.

Economic , Educational and Conservation Benefits of Sea Turtle Based Ecotourism: A Study Focused on Mon Repos

The study examines the economic, educational and conservation values of sea turtle-based ecotourism in Australia. The centre-piece of this research is a case study undertaken at the Mon Repos Conservation Park located near the town of Bundaberg, Queensland. Each year from mid-November to end of March, thousands of visitors visit Mon Repos Conservation Park to view sea turtles either nesting on the one km stretch of beach or to see hatchlings emerge from their nests and march on to the sea or both. As a result of this activity there are considerable economic benefits to the Bundaberg region during the sea turtle season. The study examines the economic impact of sea turtle viewing at Mon Repos to the region. The study assesses the recreational value of sea turtle viewing. Furthermore, sea turtle-based ecotourism also provides educational and conservation benefits that are important for the protection and conservation of sea turtles, especially in Australia. The study specifies the extent of the educational impact and conservation appreciation of sea turtle viewing at Mon Repos Conservation Park. As a background to the study, Mon Repos visitors’ profile and socio-economic data of visitors are provided. In order to conduct this study, 1,200 survey forms were distributed, out of which 519 usable responses were obtained.

Use and non-use values of wild Asian elephants: A total economic valuation approach

The contingent valuation method is often used for valuing environmental goods possessing use as well as non-use values. This paper investigates the relative importance of these values in relation to the existence of the wild Asian elephant. It does so by analysing results from a contingent valuation survey of a sample of urban residents living in three selected housing schemes in Colombo. We find that the major proportion of the respondents’ willingness to pay (WTP) for conservation of wild elephants is attributable to the non-use values of the elephant. However, differences in the relative importance of these values exist between those who visit national parks and those who do not. Differences in respondents’ WTP for conservation of elephants are found to be largely influenced by attitudinal and behavioural factors rather than socio-economic ones. We conclude that policymakers must recognise and take account of the importance of non-use values of the Asian elephant, if this endangered species is to survive in the long run. Nevertheless, the non-consumptive use value of elephants in Sri Lanka is also found to be substantial.

Screening primary-care patients forgoing health care for economic reasons.

BACKGROUND: Growing social inequities have made it important for general practitioners to verify if patients can afford treatment and procedures. Incorporating social conditions into clinical decision-making allows general practitioners to address mismatches between patients' health-care needs and financial resources. OBJECTIVES: Identify a screening question to, indirectly, rule out patients' social risk of forgoing health care for economic reasons, and estimate prevalence of forgoing health care and the influence of physicians' attitudes toward deprivation. DESIGN: Multicenter cross-sectional survey. PARTICIPANTS: Forty-seven general practitioners working in the French-speaking part of Switzerland enrolled a random sample of patients attending their private practices. MAIN MEASURES: Patients who had forgone health care were defined as those reporting a household member (including themselves) having forgone treatment for economic reasons during the previous 12 months, through a self-administered questionnaire. Patients were also asked about education and income levels, self-perceived social position, and deprivation levels. KEY RESULTS: Overall, 2,026 patients were included in the analysis; 10.7% (CI95% 9.4-12.1) reported a member of their household to have forgone health care during the 12 previous months. The question "Did you have difficulties paying your household bills during the last 12 months" performed better in identifying patients at risk of forgoing health care than a combination of four objective measures of socio-economic status (gender, age, education level, and income) (R(2) = 0.184 vs. 0.083). This question effectively ruled out that patients had forgone health care, with a negative predictive value of 96%. Furthermore, for physicians who felt powerless in the face of deprivation, we observed an increase in the odds of patients forgoing health care of 1.5 times. CONCLUSION: General practitioners should systematically evaluate the socio-economic status of their patients. Asking patients whether they experience any difficulties in paying their bills is an effective means of identifying patients who might forgo health care.

Estimating Gross Value Added (GVA) across multiple scales: theoretical approach and empirical validation

This paper presents an application of the Multi-Scale Integrated Analysis of Societal and Ecosystem Metabolism (MuSIASEM) approach to the estimation of quantities of Gross Value Added (GVA) referring to economic entities defined at different scales of study. The method first estimates benchmark values of the pace of GVA generation per hour of labour across economic sectors. These values are estimated as intensive variables –e.g. €/hour– by dividing the various sectorial GVA of the country (expressed in € per year) by the hours of paid work in that same sector per year. This assessment is obtained using data referring to national statistics (top down information referring to the national level). Then, the approach uses bottom-up information (the number of hours of paid work in the various economic sectors of an economic entity –e.g. a city or a province– operating within the country) to estimate the amount of GVA produced by that entity. This estimate is obtained by multiplying the number of hours of work in each sector in the economic entity by the benchmark value of GVA generation per hour of work of that particular sector (national average). This method is applied and tested on two different socio-economic systems: (i) Catalonia (considered level n) and Barcelona (considered level n-1); and (ii) the region of Lima (considered level n) and Lima Metropolitan Area (considered level n-1). In both cases, the GVA per year of the local economic entity –Barcelona and Lima Metropolitan Area – is estimated and the resulting value is compared with GVA data provided by statistical offices. The empirical analysis seems to validate the approach, even though the case of Lima Metropolitan Area indicates a need for additional care when dealing with the estimate of GVA in primary sectors (agriculture and mining).

Relation entre statut socio-économique et incidence du cancer du poumon dans le contexte d’une étude cas-témoins montréalaise

Des études ont observé que le statut socio-économique (SSE) est inversement associé avec le risque de cancer du poumon. Cette thèse approfondit différents aspects de la relation entre le SSE et le risque de cancer du poumon afin de contribuer à la compréhension des facteurs influençant le risque de cette maladie. Son objectif général consiste à étudier les associations entre le SSE et le risque de cancer du poumon en fonction à la fois : 1) de l’indicateur du SSE ; 2) des types d’ajustement pour le tabagisme, et ; 3) des facteurs de risque intermédiares potentiels de l’association entre le SSE et le cancer du poumon. Les données d’une vaste étude cas-témoins menée à Montréal entre 1996 et 2002 et portant sur l’identification de facteurs environnementaux impliqués dans l’étiologie du cancer du poumon ont été utilisées. L’échantillon analysé était constitué de 1203 cas (738 hommes et 465 femmes) diagnostiqués en 1996-1997 dans les 18 principaux hôpitaux du Grand Montréal et 1513 témoins (899 hommes et 614 femmes). Les témoins, recrutés au hasard à partir de la liste électorale, ont été appariés aux cas selon l’âge, le sexe et le district électoral. Les sujets ont été interviewés afin de colliger de l’information entre autres sur les caractéristiques sociodémographiques et économiques, les habitudes de tabagisme, l‘histoire professionnelle et l’alimentation. Une collecte de données additionnelle a été effectuée spécifiquement pour la présente thèse. En effet, l’évaluation foncière de la résidence correspondant à l’adresse de chacun des sujets à l’entrevue a été obtenue à partir des bases de données publiques de la ville de Montréal. Le premier article portait sur la comparaison de différents indices de disponibilité financière chacun en 5 catégories: un indice de valeur résidentielle, le revenu médian issu des données du recensement et le revenu familial auto-rapporté. En comparant au revenu familial auto-rapporté, une très bonne concordance a été obtenue pour 73% et 64% des individus respectivement pour l’indice de valeur résidentielle et le revenu du recensement. Le Kappa pondéré était plus élevé pour la comparaison du revenu familial auto-rapporté avec l’indice de valeur résidentielle (Kappap=0.36, IC 95%: 0.31-0.40) qu’avec le revenu médian issu du recensement (Kappap=0.22, IC 95%: 0.17-0.27). Le choix d’un indice dépend toutefois des objectifs et de la faisabilité de son utilisation dans la population étudiée. Le deuxième article présentait les associations entre les trois indices de disponibilité financière et le risque de cancer du poumon. Les fortes associations observées initialement sont disparues après un ajustement pour plusieurs dimensions du tabagisme. Ce dernier jouait un rôle de grande importance dans la relation entre le SSE et le risque de cancer du poumon. Finalement, les facteurs de risque intermédiares des associations entre trois différentes dimensions du SSE – éducation, revenu, classe professionnelle – ont été étudiés. Les résultats ont suggéré que les 3 facteurs de risque intermédiares potentiels étudiés: tabagisme, consommation de fruits et légumes riches en caroténoïdes, expositions professionnelles avaient un effet médiateur indépendant dans la relation entre le SSE et le cancer du poumon. Le plus important médiateur était le tabagisme, suivi de l’alimentation et à un degré moindre, les expositions professionnelles. Il nous paraît particulièrement pertinent d‘évaluer différents indicateurs du SSE lorsque possible, et d’effectuer un ajustement détaillé pour le tabagisme lorsque la relation entre le SSE et le risque de cancer du poumon est étudiée. Une bonne connaissance et la prise en compte des facteurs de risque intermédiares sont essentielles à la formulation des mesures de prévention du cancer du poumon.

Diversity and nutritional properties of Pakistani dates: implications for sustainable value chain and decent living perspectives of rural households

Date palm (Phoenix dactylifera L.) occupies almost three percent of the total worldwide cultivated area, with an annual production of seven million tonnes (t). Pakistan is an ideal place for the cultivation of date palm due to its sandy loam soil and semi-arid climate. In 2012, Pakistan produced 600,000 t of dates, on an area of 95,000 ha. Baluchistan province is the country’s top date producer, followed by Sindh, Punjab and Khyber Pakhtunkhwa (KPK) provinces. More than 300 date varieties are known to exist in Pakistan and some commercially important cultivars are: Karbalaen, Aseel, Muzawati, Fasli, Begum Jhangi, Hillawi, Dashtiari, Sabzo, Koharaba, Jaan Swore, Rabai and Dhakki. Six districts from the four provinces of Pakistan (Jhang, Muzaffargarh and Bahawalpur (Punjab), Dera Ismail Khan (KPK), Khairpur (Sindh) and Panjgur (Baluchistan)) with largest area under date palm cultivation were selected to conduct socio-economic surveys including the income sources of date palm growers. A structured questionnaire with open-ended and closed questions was used for face-to-face interviews of 170 date palm growers. At each location after selection of a first farmer through a local guide, the former was requested to provide names and addresses of three other date growers in his area. From these three names, one was randomly selected for the next sampling. Additionally, date palm fronds and fruits of all available cultivars were collected for morphological and nutritional analyses. Soil samples were collected from the groves for subsequent chemical and physical analyses. Almost all farmers used dates as a food item for their families and some were using low quality dates as a feed for their livestock. Apart from dates, other date palm components (trunk, spadix, frond, inflorescence and seed) were used by date palm growers as a raw material for making many by-products for their families. Date palm had a major contribution in the income of households, 24% received 91-100% of their income from date palms. More than half of the surveyed farmers had date palm groves, but scattered plantations, home gardens and intercropping systems with cereal and other fruits were also present. Dhakki, Muzawati, Aseel, and Karbalaen were the most important commercial cultivars grown in the provinces of KPK, Baluchistan, and Sindh. Aseel, Karoch, Haleni, Karbalaen, and Muzawati cultivars had the most firm fruit and good total soluble sugar, calcium and magnesium contents. The amount of magnesium found in dates of studied cultivars ranged from 0.143 to 0.876 mg g-1. A great variation in frond morphology was recorded among the cultivars. Fruit length and fruit weight was highest in Dhakki date, making it visually more attractive for customers in addition to its good nutritional properties. The seed weight of the studied cultivars ranged from 0.7-2.0 g, while Desi dates had largest seed, making them less attractive for marketing. However, in terms of nutritional value and fruit size, most of the investigated varieties can compete with globally important commercial dates.