Speed of adjustment of capital structure: empirical study

We analyze the impact of firm-specific characteristics as well as economic factors on the speed of adjustment to the target debt ratio. Using different methods, we document speeds of adjustment ranging from 14.4% to 37%. The results indicate that the speed of adjustment is affected by business-cycle variables: The interaction term related to term spread reveals, as expected, faster adjustment in booms than in recessions and a negative relationship between short term spread and adjustment speed. We also show that the speed of adjustment becomes stationary when the increasing fractions of zero-debt firms are considered.

Fiscal adjustment, conditionality and politics in IMF programs

A common feature in programs of the International Monetary Fund (IMF) is the use of conditionalities, macroeconomic and structural measures that a requesting country should adopt to obtain an assistance package. The objective of this work is to conduct an empirical analysis of the economic and political determinants of such conditionalities. In particular, our main contribution consists in the development of a new measure of conditionality, fiscal adjustment, and its comparison with the most used in the literature, the number of conditions. We choose fiscal adjustment because it is an adequate proxy for program austerity, since its implementation carries economic and political costs. In the empirical exercise, we use data from 184 programs in the period of 1999 and 2012, and estimate how our two measures of conditionalities respond to the economic and political factors. Our results suggest that they are quite different. The main determinant of the number of conditions is the political proximity of the borrowing country to the Fund’s major shareholders, the members of G5. On the other hand, the main determinant of fiscal adjustment is the size of the government fiscal deficit. Finally, we did not find correlation between the size of fiscal adjustment and the number of conditions. These results suggest that the analysis of the content of IMF programs should take into account the different measures of agreed conditionality.

Asymetric price adjustment and loss aversion

Ajuste assimétrico de preço é observado em diversos mercados, notavelmente varejo de gasolina: um aumento de custo é passado para os consumidores mais rápido do que uma redução. Eu desenvolvo um modelo de busca dos consumidores que gera essa predição sob aversão à perda. Uma fração dos consumidores ignora os preços no mercado e pode adquirir informação a um custo, o que permite que as firmas tenham lucro com dispersão de preços. Ajuste assimétrico de preço emerge se os consumidores são aversos a perdas em relação a um preço de referência. Custos mais altos tornam os consumidores mais dispostos a procurar, mas também diminui as chances de encontrar preços baixos, gerando uma relação custo-preço convexa.

Optimization of osmotic dehydration of papaya followed by air-drying

FERNANDES, Fabiano A. N. et al. Optimization of Osmotic Dehydration of Papaya of followed by air-drying. Food Research Internation, v. 39, p. 492-498, 2006.

Intra- and extracellular osmotic regulation in the hololimnetic Caridea and Anomura: a phylogenetic perspective on the conquest of fresh water by the decapod Crustacea

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Effect of lactation length adjustment procedures on genetic parameter estimates for buffalo milk yield

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Influence of osmotic dehydration on ascorbic acid loss in pickled dry peppers (Capsicum chinense)

The objective of this work was (1) to develop a dehydrated pepper with 45% humidity, determining the drying curves for pepper, with and without osmotic pre-treatment and (2) to evaluate the influence of both drying and osmotic treatment on the content ascorbic acid (vitamin C) in fresh pepper and pepper with 45% humidity. The experiments were carried out using the peppers cut in half, with and without osmotic pre-treatment, followed by drying in an oven at 70 ºC. The results showed that the osmotic pretreatment did not influence the retention of ascorbic acid during the drying of pepper. The sensory analysis regarding the color, flavor, and texture attributes revealed that there was no difference in the acceptability.

Bundle Block Adjustment of CBERS-2B HRC Imagery Combining Control Points and Lines

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Clinical correlates of social adjustment in patients with obsessive-compulsive disorder

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Senna occidentalis Link. (Caesalpiniaceae) imbibition curves for NaCl osmotic potential levels up to 0.6 MPa

An investigation is reported on the statistical model of imbibition curves of the seeds of Senna occidentalis Link. (Caesalpiniaceae), up to Phase II (start of root emission) in osmotic potential levels (0; -0.2; -0.4 and -0.6 MPa), induced NaCl or PEG 6000. The statistical model for both solutions was y = a [1 b exp(-cx)] where y is the fresh matter of seed in g, and x the time of evaluation in h. The analysis of variance of the estimated parameters, showed that with the NaCl solution, the -0.4 and -0.6 MPa levels differed significantly from the 0 and -0.2 MPa levels, and that with the PEG solution, the -0.6 MPa differed from the rest. Prolongation of Phase II occurred as the potential decreased, with both solutions. More reduction in water uptake and prolongation of this phase occurred with the PEG treatment.

Red blood cells from the South American rattlesnake (Crotalus durissus terrificus) regulate volume incompletely following osmotic shrinkage and swelling in vitro

The ability of rattlesnake (Crotalus durissus terrificus) red blood cells to volume regulate in vitro has been investigated. Blood was drawn through a catheter inserted in the dorsal aorta and equilibrated to gas mixtures of different composition. Cells shrunken osmotically by increasing the extracellular osmolarity from approximate to 291 mosm l(-1) (n = 3) to approximate to 632 mosm l(-1) (calculated) only partially regulated their volume back towards the original volume either at pH 7.51 +/- 0.05 (mean +/- S.D., n = 5) or pH 7.20 +/- 0.06 (mean +/- S.D., n = 3), There was no improvement of the regulatory volume increase at low haemoglobin oxygen saturation. The limited volume restoration was inhibited by separate additions of amiloride (10(-4) M) or DIDS (10(-4) M) suggesting involvement of the Na+/H+ and Cl-/HCO3- exchangers. Cells that were swollen osmotically by an approximate to 30% dilution of the extracellular medium also exhibited a limited ability to recover their volume. Therefore, these cells show little ability to volume regulate when exposed to in vitro conditions that shrink or swell the cell. (C) 2000 Elsevier B.V. All rights reserved.

Osmotic dehydration process for low temperature blanched pumpkin

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Influência da temperatura e da concentração do cloreto de sódio (NaCl) nas isotermas de sorção da carne de tambaqui (Colossoma macroparum)

As isotermas de sorção da carne de tambaqui desidratada osmoticamente foram determinadas a três temperaturas (5, 17 e 29ºC) e com duas concentrações de solução osmótica (10 e 30% de NaCl), pelo método gravimétrico. Quatro modelos de sorção foram testados para verificar o melhor ajuste; GAB, Oswin, BET e PELEG. Os dados experimentais se ajustaram satisfatoriamente aos modelos. O modelo escolhido para este trabalho foi o de PELEG. Para o ajuste nas curvas de sorção, foi feita a análise de regressão não-linear, usada o programa estatístico ORIGIN 4.0 para estimar as constantes dos modelos. A avaliação do melhor ajuste foi feita pela análise do coeficiente de determinação do ajuste (r²) e teste de Qui-quadrado (x²). Foram analisadas as influências da variação da temperatura e concentração de NaCl na atividade de água da carne do tambaqui. À medida que decresce a temperatura há um decréscimo na atividade de água. Um aumento na concentração do NaCl diminui a atividade de água. A propriedade termodinâmica estudada foi o calor isostérico de sorção. A medida que aumenta a concentração da solução osmótica aumenta o valor do calor isostérico de sorção.

Osmotic dehydration of apples in sugar/salt solutions: Concentration profiles and effective diffusion coefficients

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)