Trading the changes of stock market index composition: Evidence from European markets

This paper studies the changes in European stock market indexes composition from 1995 to 2015. It was found that there are mixed price effects producing abnormal returns around the effective replacement of added and deleted stocks. The price pressure hypothesis seems to hold for added stocks in some indexes but not for deleted stocks as there is not a clear inversion of behaviour after the replacement. Finally, the building and back testing of a trading strategy aiming to capture some of those abnormal returns shows it yields a Sharpe Ratio of 1.4 and generates an annualised alpha of 11%.

The impact of the Board of Director's composition on companies performance

The impact of the Board of Directors’ composition on companies’ performance This paper studies the impact that the board of directors’ composition has on companies’ performance in the Italian market. The research has been carried out by using a sample of 10 Italian companies, across different market sectors, over a period of 10 years (2005-2014). The characteristics of the BoD taken into consideration are the following: board size, board diversity (% of female directors), board independence and CEO duality. Results from the sample data collected concluded that these factors have a statistically significant impact on the performance of the companies that have been analysed.

Observations of air composition in Brazil between the Equator and 20°s during the dry season.

Field measurement programs in Brazil during the dry season months of August and September in 1979 and 1980 have demonstrated the great importance of the continental tropics in global air chemistry. Especially in the mixed layer, the air composition over land is much different from that over the ocean and the land areas are clearly longe scale sources of many inportant trace gases. During the dry season much biomass, burning takes place especially in the cerrado regions leading to substantial emission of air pollutants, such as CO, NOx, N2O, CH4 and other hydrocarbons. Ozone concentrations are alsoenhanced due to photochemical reactions. Biogenic organic emissions from tropical forests play likewise an important role in the photochemistry of the atmosphere. Carbon monoxide was found to be present in high concentrations in the boundary layer of the tropical forest, but ozone concentrations were much lower than in the cerrado.

On the isotopic composition of precipitation in tropical stations (*).

Some of the trends and characteristics of the isotopic composition oh precipitation in tropical stations are discussed. Stations in small Pacific islands show a variation with latitude, with lower 8-values between 15°N and 1S°S and higher values at higher. Inland stations are depleted in heavy isotopes with respect to coastal stations but sometimes this continental effect is rather complex, as f,or instance in África. Mean monthly 8-values show a remarkable correlation with the amount of precipitation, but the slope variations do not show a clear dependence on the mean long term 8-value,as should be expected theoretically. In Southern American stations the seasonal variations of the meanmonthly 5-values are correlated and they are greater in inland stations due to con-tinentaly. The possible effects of recycling of water vapour by evapotranspiration are also discussed.

The interception process in tropical rain forests: a literature review and critique (*).

A review of the literature on measurements of rain water interception processes by forests is made. Information on Africa, Central and South America, and Asia is given. A general analysis is made and the need to further the measurements under field conditions is stressed.

Audit quality: does gender composition of audit firms matter?

Using a sample of Portuguese audit firms and their client companies, this study examines the association between gender composition of the partnership structure oaudit firms and audit quality. Audit quality is measured through the earnings quality of audit clients. We find that gender diversity in the partnership structure of audit firms, per se, has no association with audit quality. In turn, we find significant evidence that a predominant presence of female Certified Public Accountants (CPAs) in partner positions in audit firms is associated with higher audit quality. In particular, the results indicate that audit firms with female-dominated partnership structures are negatively related with aggressive accounting practices in audit clients.

Floristic composition and diversity of Amazonian rainforest bryophytes in the state of Acre, Brazil

Bryophyte diversity in Amazonian Brazil is high, presently recorded at 514 species distributed among 36 families and 89 genera. Comparisions of species richness among the Amazonian states of Brazil suggests that the bryoflora of Acre is still underestimated, presently recorded at 106 species distributed among 33 families and 63 genera. After two field trips, the diversity increased 50% showing that the bryoflora is still poorly known. Collection data and comments on morphology, ecology and distribution are given for sixty-two species of bryophytes collected in the state of Acre, Brazil, which are new (fifty-two species) or interesting floristic records (ten species). Microlejeunea crenulifolia (Gottsche) Steph. and Stictolejeunea balfourdii Mitt. are new records for Brazil and fifty species are new records for Acre.

Structure and composition of the ground-herb community in a terra-firme Central Amazonian forest

The herb community of tropical forests is very little known, with few studies addressing its structure quantitatively. Even with this scarce body of information, it is clear that the ground herbs are a rich group, comprising 14 to 40% of the species found in total species counts in tropical forests. The present study had the objective of increasing the knowledge about the structure and composition of the ground-herb community and to compare the sites for which there are similar studies. The study was conducted in a tropical non-inundated and evergreen forest 90 km north of Manaus, AM. Ground herbs were surveyed in 22 transects of 40 m², distributed in five plots of 4 ha. The inventoried community was composed of 35 species, distributed in 24 genera and 18 families. Angiosperms were represented by 8 families and Pteridophytes by 10 families. Marantaceae (12 sp) and Cyperaceae (4 sp) were the richest families. Marantaceae and Poaceae were the families with greatest abundance and cover. Marantaceae, Poaceae, Heliconiaceae and Pteridophytes summed 96% of total herb cover, and therefore were responsible for almost all the cover of the community. The 10 most important species had 83.7% of the individuals. In general, the most abundant species were also the most frequent. Richness per transect varied from 7 to 19 species, and abundance varied from 30 to 114 individuals. The community structure was quite similar to 3 other sites in South America and one site in Asia.

Growth rate of a terra firme rain forest in Brazilian Amazonia over an eight-year period in response to logging

This paper deals with growth rates of trees > 5cm dbh over an eight-year period from 257 species at the Tapajós National Forest. The discussion is centred on the behaviour of the forest after logging. Permanent sample plots were established in 1981 and measured at the first time. The area was logged in 1982. Measurements after logging occurred in 1983, 1987 and 1989. Considering all species together, diameter increment was similar for both intensities of logging until five years after logging. Light-demanding species showed significantly higher growth rates than shade-tolerant species in the logged forest, with greater increment in the heavier treatment intensity. Commercial species also had higher growth rates in the heavier logged area, although those were significantly different only in the period from one to five years after logging. In the undisturbed forest, growth rates increased with increasing dbh size. At species level, growth rate varied between and within treatments, as well as between trees within species, depending mainly on degree of canopy opening. The logging favoured the growth of commercial species, chiefly the light-demanders. Therefore, if the same growth conditions continue being given, for example by silvicultural treatments, to those species of commercial interest, the forest would reach a stock available for harvesting around year 30 after logging. However, the high variation in increment rates indicates that an eight-year period is not sufficient to allow predictions on cutting cycles or polycyclic management systems for the study forest.

Dispersal of seeds of Hymenaea courbaril (Fabaceae) in a logged rain forest in the Peruvian Amazonian

Seed dispersal of Hymenaea courbaril was studied by following the fate of 585 seeds embedded with small magnets and set in displays in and near a logged strip in rain forest in the Peruvian Amazonian. Mammals took fruits from all displays, which were located in the forest, edge, and cleared strip. Overall removal rates were low - a median of 8.1 fruits / month from displays maintained with 8-10 fruits - but were higher in August than in earlier months. Most fruits were dropped near the display or had their seeds eaten, but > 13% were successfully dispersed. Most of the dispersed seeds were buried, which increases probability of germination. Maximum dispersal distance of live seeds was 12.1 m (median 3.1 m), but other magnets were transported up to 34 m, indicating seeds were dispersed further, but then eaten. Acouchies (most likely Myoprocta pratti) and agoutis (Dasyprocta fuliginosa) were apparently the main dispersal agents. Dispersal of seeds from the forest into the logged strip was rare, suggesting that although rodents disperse H. courbaril, they cannot be relied on for the reseeding this and similar species in recent clearings.

Associations between energetic expenditure, physical activity and body composition: exploratory study with industrial workers

This study, which involved a target population comprised by 292 workers of different industrial areas (metalmechanics, foundry, chemical, wood, food), aimed to verify the association between energy expenditure-EE, physical activity level-PAL and body composition (Body Mass Index-BMI, Waist-Hip Ratio-WHR and Waist To Height Ratio, WTHR) of participants. The work was completed with the description of the variables relating to the gender of the individuals (male and female) and the activities carried out in the two sectors of industrial work (administrative sector and productive sector). In this research, the statistical technique of principal components analysis (PCA) and the hierarchical analysis of clusters (HCA) were used. Sociodemographic and anthropometric data were collected as well as the level of physical activity and energy expenditure were assessed. The vast majority of individuals who spend greater energy expenditure and has more intense physical activity were male. Most of these workers are in the production sector. We can confirm that that both, gender and labor activity, are factors that have influence on the EE and the PAL.

Essential oil composition of leaf and fine stem of Aniba canelilla (Kunth) Mez from Manaus, Brazil

The essential oil of the leaves and fine stems of Aniba canelilla (Kunth) Mez collected in the city of Manaus, AM, Brazil, were obtained by hydrodistillation and analyzed by GC/MS. Forty-two components were identified, of which 1-nitro-2-phenylethane, as expected, was the major (71.2%-68.2%).

Chemical composition and acaricidal activity of the leaf and fruit essential oils of Protium heptaphyllum (Aubl.) Marchand (Burseraceae)

Essential oils from leaves and fruits of Protiumheptaphyllum collected in Tamandaré beach Pernambuco/Brazil were analysed by GC/MS and tested for toxicity and repellent effect against the two spotted spider mite (Tetranychus urticae). The major constituent identified in the fruits was alpha-terpinene (47.6 %) whereas oil from leaf contained mainly sesquiterpenes such as 9-epi-caryophyllene (21.4 %), trans-isolongifolanone (10.7 %) and 14-hydroxi-9-epi-caryophyllene (16.7 %). The fruit oil was found to be more effective against the mite when compared to the leaf oil. Both showed mortality properties and oviposition deterrence in higher concentration (10 µl.l-1 air), but only the essential oil from fruits induced repellence on T. urticae.

The effects of solvent composition on the affinity of a peptide towards hair keratin: experimental and molecular dynamics data

The study of the interaction between hair filaments and formulations or peptides is of utmost importance in fields like cosmetic research. Keratin intermediate filaments structure is not fully described, limiting the molecular dynamics (MD) studies in this field although its high potential to improve the area. We developed a computational model of a truncated protofibril, simulated its behavior in alcoholic based formulations and with one peptide. The simulations showed a strong interaction between the benzyl alcohol molecules of the formulations and the model, leading to the disorganization of the keratin chains, which regress with the removal of the alcohol molecules. This behavior can explain the increase of peptide uptake in hair shafts evidenced in fluorescence microscopy pictures. The model developed is valid to computationally reproduce the interaction between hair and alcoholic formulations and provide a robust base for new MD studies about hair properties. It is shown that the MD simulations can improve hair cosmetic research, improving the uptake of a compound of interest.

Chemical composition of the essential oils from two subspecies of Protium heptaphyllum

Qualitative and quantitative analyses of the volatile constituents from resin of Protium heptaphyllum (Aubl.) Marchand subsp. ulei (Swat) Daly (PHU), and Protium heptaphyllum (Aubl.) Marchand subsp. heptaphyllum (PHH), Burseraceae were performed using GC-MS and GC-FID. The resins were collected around the city of Cruzeiro do Sul, state of Acre, Brazil. Essential oils from the two subspecies were extracted by hydrodistillation with a yield of 8.6% (PHU) and 11.3% (PHH); the main components were terpinolene (42.31%) and p-cymene (39.93%) for subspecies ulei (PHU) and heptaphyllum (PHH), respectively.