Managerial turnover and leverage under a takeover threat

How do shareholders perceive managers who lever up under a takeover threat? Increasing leverage conveys good news if it reflects management's ability to enhance value. It conveys bad news, though, if inefficient managers are more pressured to lever up. This paper demonstrates that negative (positive) updating prevails when takeover costs are small (large). Managers who leve r up to end a takeover threat thus may commit to an increase in the firm's value and yet increase their chances of being replaced by their shareholders. The model predicts that intraindustry leverage is less dispersed when takeover costs are low.

Técnicas de inteligência artificial para a geração dinâmica de set points para uma coluna de destilação

Artificial Intelligence techniques are applied to improve performance of a simulated oil distillation system. The chosen system was a debutanizer column. At this process, the feed, which comes to the column, is segmented by heating. The lightest components become steams, by forming the LPG (Liquefied Petroleum Gas). The others components, C5+, continue liquid. In the composition of the LPG, ideally, we have only propane and butanes, but, in practice, there are contaminants, for example, pentanes. The objective of this work is to control pentane amount in LPG, by means of intelligent set points (SP s) determination for PID controllers that are present in original instrumentation (regulatory control) of the column. A fuzzy system will be responsible for adjusting the SP's, driven by the comparison between the molar fraction of the pentane present in the output of the plant (LPG) and the desired amount. However, the molar fraction of pentane is difficult to measure on-line, due to constraints such as: long intervals of measurement, high reliability and low cost. Therefore, an inference system was used, based on a multilayer neural network, to infer the pentane molar fraction through secondary variables of the column. Finally, the results shown that the proposed control system were able to control the value of pentane molar fraction under different operational situations

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

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

Design of a Takagi-Sugeno Fuzzy Regulator for a Set of Operation Points

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Critical points in logistic growth curves and treatment comparisons

Several biological phenomena have a behavior over time mathematically characterized by a strong increasing function in the early stages of development, then by a less pronounced growth, sometimes showing stability. The separation between these phases is very important to the researcher, since the maintenance of a less productive phase results in uneconomical activity. In this report we present methods of determining critical points in logistic functions that separate the early stages of growth from the asymptotic phase, with the aim of establishing a stopping critical point in the growth and on this basis determine differences in treatments. The logistic growth model is fitted to experimental data of imbibition of arariba seeds (Centrolobium tomentosum). To determine stopping critical points the following methods were used: i) accelerating growth function, ii) tangent at the inflection point, iii) segmented regression; iv) modified segmented regression; v) non-significant difference; and vi) non-significant difference by simulation. The analysis of variance of the abscissas and ordinates of the breakpoints was performed with the objective of comparing treatments and methods used to determine the critical points. The methods of segmented regression and of the tangent at the inflection point lead to early stopping points, in comparison with other methods, with proportions ordinate/asymptote lower than 0.90. The non-significant difference method by simulation had higher values of abscissas for stopping point, with an average proportion ordinate/asymptote equal to 0.986. An intermediate proportion of 0.908 was observed for the acceleration function method.

A comparison between overweight cutoff points for detection of high blood pressure in adolescents

Objectives: To evaluate the accuracy of three different cutoff points for the detection of high blood pressure in adolescents, given the strong relationship between overweight and high blood pressure levels.Methods: A total of 1,021 adolescents of both sexes were enrolled in the study, selected at random from public and private schools in Londrina, Brazil. Their body weight was measured using a digital balance, and their height with a portable stadiometer with a maximum extension of 2 meters. Arterial blood pressure was measured using an automatic apparatus. The capacity of body mass index to detect high blood pressure was gauged using ROC curves and their parameters (sensitivity, specificity, and area under the curve).Results: The cutoff points proposed in a Brazilian standard exhibited greater accuracy (males: 0.636 +/- 0.038; females: 0.585 +/- 0.043) than the cutoff points proposed in an international (males: 0.594 +/- 0.040; females: 0.570 +/- 0.044) and a North-American standard (males: 0.612 +/- 0.039; females: 0.578 +/- 0.044).Conclusions: The Brazilian proposal offered greatest accuracy for indicating high blood pressure levels.

Distances between critical points and midpoints of zeros of hyperbolic polynomials

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

Families of special Weierstrass points

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

Dynamics of a spacecraft and normalization around Lagrangian points in the Neptune-Triton system

The problem of a spacecraft orbiting the Neptune-Triton system is presented. The new ingredients in this restricted three body problem are the Neptune oblateness and the high inclined and retrograde motion of Triton. First we present some interesting simulations showing the role played by the oblateness on a Neptune's satellite, disturbed by Triton. We also give an extensive numerical exploration in the case when the spacecraft orbits Triton, considering Sun, Neptune and its planetary oblateness as disturbers. In the plane a x I (a = semi-major axis, I = inclination), we give a plot of the stable regions where the massless body can survive for thousand of years. Retrograde and direct orbits were considered and as usual, the region of stability is much more significant for the case of direct orbit of the spacecraft (Triton's orbit is retrograde). Next we explore the dynamics in a vicinity of the Lagrangian points. The Birkhoff normalization is constructed around L-2, followed by its reduction to the center manifold. In this reduced dynamics, a convenient Poincare section shows the interplay of the Lyapunov and halo periodic orbits, Lissajous and quasi-halo tori as well as the stable and unstable manifolds of the planar Lyapunov orbit. To show the effect of the oblateness, the planar Lyapunov family emanating from the Lagrangian points and three-dimensional halo orbits are obtained by the numerical continuation method. Published by Elsevier Ltd. on behalf of COSPAR.

Fixed points on torus fiber bundles over the circle

The main purpose of this work is to study fixed points of fiber-preserving maps over the circle S-1 for spaces which axe fibrations over S-1 and the fiber is the torus T. For the case where the fiber is a surface with nonpositive Euler characteristic, we establish general algebraic conditions, in terms of the fundamental group and the induced homomorphism, for the existence of a deformation of a map over S-1 to a fixed point, free map. For the case where the fiber is a torus, we classify all maps over S-1 which can be deformed fiberwise to a fixed point free map.

Coincidence points of fiber maps on S-n-bundles

In this note we study coincidence of pairs of fiber-preserving maps f, g : E-1 -> E-2 where E-1, E-2 are S-n-bundles over a space B. We will show that for each homotopy class vertical bar f vertical bar of fiber-preserving maps over B, there is only one homotopy class vertical bar g vertical bar such that the pair (f, g), where vertical bar g vertical bar = vertical bar tau circle f vertical bar can be deformed to a coincidence free pair. Here tau : E-2 -> E-2 is a fiber-preserving map which is fixed point free. In the case where the base is S-1 we classify the bundles, the homotopy classes of maps over S-1 and the pairs which can be deformed to coincidence free. At the end we discuss the self-coincidence problem. (C) 2010 Elsevier B.V. All rights reserved.

Abelianized obstruction for fixed points of fiber-preserving maps of surface bundles

Let f: M -> M be a fiber-preserving map where S -> M -> B is a bundle and S is a closed surface. We study the abelianized obstruction, which is a cohomology class in dimension 2, to deform f to a fixed point free map by a fiber-preserving homotopy. The vanishing of this obstruction is only a necessary condition in order to have such deformation, but in some cases it is sufficient. We describe this obstruction and we prove that the vanishing of this class is equivalent to the existence of solution of a system of equations over a certain group ring with coefficients given by Fox derivatives.