What Determines Stock Option Contract Design?

This paper analyzes factors driving the design of stock option plans for Finnish firms. We examine determinants of the scope of plans, exercise price, target group, and dividend protection. The scope is found to be negatively related to Tobin’s Q and positively related to proxies for monitoring costs. The scope is also greater in broad-based plans, and in plans with dividend protection. Prior stock return is found to be negatively related to the size of the premium (out-of-the-moneyness), whereas dividend protection increases the premium. The results also suggest that investment intensity, cash flow, and monitoring costs are associated with the likelihood of granting premium (out-of-the-money) stock options. Furthermore, the likelihood of granting broad-based plans is increasing in institutional ownership and cash flow constraints, and decreasing in firm size. Broad-based plans are also more likely among firms in growth industries. We find support that the likelihood of dividend protection is decreasing in foreign ownership. In addition, firms paying zero-dividends are less likely to include dividend protection, whereas higher unsystematic risk is associated with a greater likelihood of including dividend protection.

Synthetic peptide models for the redox-active disulfide loop of glutaredoxin. Conformational studies

Two cyclic peptide disulfides Boc-Cys-Pro-X-Cys-NHMe (X = L-Tyr or L-Phe) have been synthesized as models for the 14-membered redox-active disulfide loop of glutaredoxin. 'H NMR studies at 270 MHz in chloroform solutions establish a type I 0-turn conformation for the Pro-X segment in both peptides, stabilized by a 4-1 hydrogen bond between the Cys(1) CO and Cys(4) NH groups. Nuclear Overhauser effects establish that the aromatic ring in the X = Phe peptide is oriented over the central peptide unit. In dimethyl sulfoxide solutions two conformational species are observed in slow exchange on the NMR time scale, for both peptides. These are assigned to type I and type I1 p-turn structures with -Pro-Tyr(Phe)-as the corner residues. The structural assignments are based on correlation of NMR parameters with model 14-membered cyclic cystine peptides with Pro-X spacers. Circular dichroism studies based on the -S-Sn- u* transition suggest a structural change in the disulfide bridge with changing solvent polarity, establishing conformational coupling between the peptide backbone and the disulfide linkage in these systems.

Transfer of F- in the reaction of SF6- with SOF4: Implications for SOF4 production in corona discharges

The temperature (T) and electric field-to-gas pressure (E/P) dependences of the rate coefficientk for the reaction SF 6 � +SOF4rarrSOF 5 � +SF5 have been measured. ForT<270>k approaches a constant of 2.1×10�9 cm3/s, and for 433>T>270 K,k decreases withT according tok (cm3/s)=0.124 exp [�3.3 lnT(K)]. ForE/Pk has a constant value of about 2.5×10�10 cm3/s, and for 130 V/cm·torr>E/P>60 V/cm·torr, the rate is approximately given byk (cm3/s)sim7.0×10�10 exp (�0.022E/P). The measured rate coefficient is used to estimate the influence of this reaction on SOF4 production from negative, point-plane, glow-type corona discharges in gas mixtures containing SF6 and at least trace amounts of O2 and H2O. A chemical kinetics model of the ion-drift region in the discharge gap is used to fit experimental data on SOF4 yields assuming that the SF 6 � +SOF4 reaction is the predominant SOF4 loss mechanism. It is found that the contribution of this reaction to SOF4 destruction falls considerably below the estimated maximum effect assuming that SF 6 � is the predominant charge carrier which reacts only with SOF4. The results of this analysis suggest that SF 6 � is efficiently deactivated by other reactions, and the influence of SF 6 � +SOF4 on SOF4 production is not necessarily more significant than that of other slower secondary processes such as gas-phase hydrolysis

Synthetic and conformational studies on dehydrophenylalanine containing model peptides

Four model dipeptides containing a Z-dehydrophenylalanine residue (ΔZPhe) at the C-terminal, Boc-X-ΔZ Phe-NHMe (X = Ala (1), Gly (2), Pro (3), and Val (4)), have been synthesised and their solution conformations investigated by 270 MHz 1H n.m.r. and i.r. spectroscopy. N.m.r. studies on these peptides clearly show the presence of intramolecularly hydrogen bonded structures in CHCl3 solutions while such structures appear to be absent in the corresponding saturated peptides. This conclusion is also supported by i.r. studies. Studies of the nuclear Overhauser effect provided evidence for the occurrence of a significant population of β-turn structures in solvents like CDCl3 and (CD3)2SO. The observed NOES are consistent with a major contribution from Type II β-turn structure in CDCl3, while in (CD3)2SO solutions there is evidence of a partially extended structure also.

On higher order shear deformation theory of laminated composite panels

In this paper we examine the suitability of higher order shear deformation theory based on cubic inplane displacements and parabolic normal displacements, for stress analysis of laminated composite plates including the interlaminar stresses. An exact solution of a symmetrical four layered infinite strip under static loading has been worked out and the results obtained by the present theory are compared with the exact solution. The present theory provides very good estimates of the deflections, and the inplane stresses and strains. Nevertheless, direct estimates of strains and stresses do not display the required interlaminar stress continuity and strain discontinuity across the interlaminar surface. On the other hand, ‘statically equivalent stresses and strains’ do display the required interlaminar stress continuity and strain discontinuity and agree very closely with the exact solution.

High-temperature dielectric response in pulsed laser deposited Bi1.5Zn1.0Nb1.5O7 thin films

Cubic pyrochlore Bi1.5Zn1.0Nb1.5O7 thin films were deposited by pulsed laser ablation on Pt(200)/SiO2/Si at 500, 550, 600, and 650 degrees C. The thin films with (222) preferred orientation were found to grow at 650 degrees C with better crystallinity which was established by the lowest full-width half maxima of similar to 0.38. The dielectric response of the thin films grown at 650 degrees C have been characterized within a temperature range of 270-650 K and a frequency window of 0.1-100 kHz. The dielectric dispersion in the thin films shows a Maxwell-Wagner type relaxation with two different kinds of response confirmed by temperature dependent Nyquist plots. The ac conduction of the films showed a varied behavior in two different frequency regions. The power law exponent values of more than 1 at high frequency are explained by a jump-relaxation-model. The possibility of grain boundary related large polaronic hopping, due to two different power law exponents and transformation of double to single response in Nyquist plots at high temperature, has been excluded. The ``attempt jump frequency'' obtained from temperature dependent tangent loss and real part of dielectric constants, has been found to lie in the range of their lattice vibronic frequencies (10(12)-10(13) Hz). The activation energy arising from a large polaronic hopping due to trapped charge at low frequency region has been calculated from the ac conduction behavior. The range of activation energies (0.26-0.59. eV) suggests that the polaronic hopping at low frequency is mostly due to oxygen vacancies. (C) 2010 American Institute of Physics. doi:10.106311.3457335]

Conformations of the amino terminal tetrapeptide of emerimicins and antiamoebin in solution and in the solid state

The conformations of Boc-l-Phe-(AiB)3-OH (1) and Boc-l-Phe-(Aib)3-OMe (2) which correspond to the amino terminal sequence of the emerimicins and antiamoebins have been studied in solution using 270 MHz 1H n.m.r. In dimethyl sulphoxide solution both peptides show the presence of two strongly solvent shielded Aib NH groups, consistent with a consecutive β-turn conformation, involving the Aib(3) and Aib(4) NH groups in intramolecular 4 → I hydrogen bonds. This folded conformation is maintained for 2 in chloroform solution. Nuclear Overhauser effect studies provide evidence for a Type II Phe-Aib β-turn. An X-ray diffraction study of Boc-(d,l)-Phe-(Aib)3-OH establishes a single type III(III′) β-turn conformation with Aib(2)-Aib(3) as the corner residues. A single intramolecular 4 → I hydrogen bond between Phe(I) CO and Aib(4) NH groups is observed in the crystal. The solution conformation may incorporate a consecutive type II-III′ structure for the Phe(1)-Aib(2)-Aib(3) segment, with the initial type II β-turn being destabilized by intermolecular interactions in the solid state.

Conformations of dehydrophenylalanine containing peptides. NMR studies on three tripeptides with a central dehydrophenylalanyl residue.

Three tripeptides containing a central Z-dehydrophenylalanine residue (Δz-Phe), Boc-L-Phe-Δz-Phe-X-OMe (X = L-Val 1, L-Leu 2 and X = L-Ala 3) have been synthesized and their solution conformations investigated by 270 MHz 1H NMR spectroscopy. In all three peptides, conformations involving the X residue NH in an intramolecular hydrogen bond were favoured in CDCl3 solutions. Studies of the nuclear Overhauser effect (NOE) provided support for a Type II β turn conformation in these peptides with Phe and Δz-Phe occupying the i + 1 and i + 2 positions, respectively. Significantly different conformations lacking any intramolecular hydrogen bonds were observed for peptide 1 in (CD3)2SO. NOE results were consistent with a significant population of molecules having semi-extended conformations (ø > 100°) at the Δz-Phe residue.

Toksoplasman esiintyvyys suomalaisissa kissoissa

Toxoplasma gondii on kokkideihin kuuluva alkueläinloinen. Sen pääisäntiä ovat kissaeläimet, joissa tapahtuvan suvullisen lisääntymisen tuloksena tuotetaan ympäristöön ookystia. Väli-isäntiä voivat olla kaikki tasalämpöiset eläimet. Toksoplasma muodostaa isäntien kudoksiin infektiivisiä kudoskystia. Ihminen voi saada tartunnan syömällä kudoskystia tai ookystia, tai sikiö voi infektoitua jo kohdussa istukan kautta. Toxoplasma gondii voi aiheuttaa isäntänsä vakavan sairastumisen ja on siksi maailmanlaajuisesti merkittävä zoonoottinen loinen. Toksoplasman torjunnassa on oleellista tuntea alueen kissojen toksoplasmaseroprevalenssi ja arvioida ympäristön ookystakuormitusta: seropositiivisten kissojen voidaan olettaa joskus erittäneen ookystia. Tässä tutkimuksessa selvitettiin toksoplasman esiintymistä suomalaisissa kissoissa: suoralla agglutinaatiotestillä (ToxoScreen-DA) määritettiin IgG-vasta-aineiden esiintymistä seerumissa sekä vasta-ainetasoja (tiitteri). Flotac® - flotaatiomenetelmällä tutkittiin ookystien esiintymistä ulostenäytteissä. Tutkimuksessa selvitettiin kissojen toksoplasma-vasta-aineiden esiintymiseen vaikuttavia tekijöitä: serologisessa tutkimuksessa oli mukana sekä löytöettä rotukissoja, ja lisäksi tutkittiin kissojen sukupuolen, iän, sekä rotukissoilla lihansyönnin vaikutusta vastaaineiden esiintymiseen seerumissa. Serologisessa tutkimuksessa 398 kissan aineistossa seroprevalenssiksi saatiin 48,2 %. Tutkituista 369 rotukissasta 49,9 % oli seropositiivisia, kun taas 27 tutkitusta löytökissasta seropositiivisia oli 25,9 % (P<0,05). Sukupuolella ei todettu olevan merkitystä kissan seropositiivisuuteen. Aikuiset kissat olivat nuoria kissoja useammin seropositiivisia (53,7 % vs. 23,5 %) (P<0,001), koska kerran tartunnan saaneen kissan seerumista voidaan todeta vasta-aineita, ja vanhemmat kissat ovat nuoria todennäköisemmin ehtineet törmätä loiseen elämänsä aikana ja saada tartunnan. Ruokavalio oli tiedossa 347 rotukissalta, ja näistä 270 (77,8 %) oli joskus saanut raakaa lihaa. Raakaa lihaa saaneista kissoista 151 (55,9 %) oli seropositiivisia; 77 kissasta, jotka eivät olleet saaneet raakaa lihaa sitä vastoin ainoastaan 26 (33,8 %) oli seropositiivisia (P<0,001). Ulostenäytteistä 131 kissan aineistosta 1,5 % eritti toksoplasman kaltaisia ookystia ulosteessaan tutkimushetkellä. Suomessa kissojen ravinnon ja toksoplasmaseropositiivisuuden välistä yhteyttä ei ole aikaisemmin tutkittu. Näiden uusien tulosten valossa olisi toksoplasman torjunnassa erityisen tärkeää kiinnittää huomiota loisen tartuntareitteihin kissan osalta. Kissoja ei tulisi ruokkia raa’alla lihalla: kissalle annettava liha olisi hyvä kuumentaa yli 67ºC:een tai pakastaa alle -12ºC:n lämpötilassa toksoplasmatartunnan ehkäisemiseksi.

A thermogravimetric study of the oxidative growth of Al2O3/Al alloy composites

The oxidation of liquid Al–Mg–Si alloys at 900–1400 °C was studied by thermogravimetric analysis (TGA). The development of a semi-protective surface layer of MgO/MgAl2O4 allows the continuous formation of an Al2O3-matrix composite containing an interpenetrating network of metal microchannels at 1000–1350 °C. An initial incubation period precedes bulk oxidation, wherein Al2O3 grows from a near-surface alloy layer by reaction of oxygen supplied by the dissolution of the surface oxides and Al supplied from a bulk alloy reservoir through the microchannel network. The typical oxidation rate during bulk growth displays an initial acceleration followed by a parabolic deceleration in a regime apparently limited by Al transport to the near-surface layer. Both regimes may be influenced by the Si content in this layer, which rises due to preferential Al and Mg oxidation. The growth rates increase with temperature to a maximum at ~1300 °C, with a nominal activation energy of 270 kJ/mole for an Al-2.85 wt. % Mg-5.4 wt. % Si alloy in O2 at furnace temperatures of 1000–1300 °C. An oscillatory rate regime observed at 1000–1075 °C resulted in a banded structure of varying Al2O3-to-metal volume fraction.

Potentiometric determination of activities in the two-phase fields of the system Na2O---(α)Al2O3

Three compounds have been found to be stable in the pseudobinary system Na2O---(α)Al2O3 between 825 and 1400 K; two nonstoichiometric phases, β-alumina and β″-alumina, and NaAlO2. The homogeneity of β-alumina ranges from 9.5 to 11 mol% Na2O, while that of β″-alumina from 13.3 to 15.9 mol% Na2O at 1173 K. The activity of Na2O in the two-phase fields has been determined by a solid-state potentiometric technique. Since both β- and β″-alumina are fast sodium ion conductors, biphasic solid electrolyte tubes were used in these electrochemical measurements. The open circuit emf of the following cells were measured from 790 to 980 K: [GRAPHICS] The partial molar Gibbs' energy of Na2O relative to gamma-Na2O in the two-phase regions can be represented as: DELTA-GBAR(Na2O)(alpha- + beta-alumina) = -270,900 + 24.03 T, DELTA-GBAR(Na2O)(beta- + beta"-alumina) = -232,700 + 56.19 T, and DELTA-GBAR(Na2O)(beta"-alumina + NaAlO2) = -13,100 - 4.51 T J mol-1. Similar galvanic cells using a Au-Na alloy and a mixture of Co + CoAl(2+2x)O4+3x + (alpha)Al2O3 as electrodes were used at 1400 K. Thermodynamic data obtained in these studies are used to evaluate phase relations and partial pressure of sodium in the Na2O-(alpha) Al2O3 system as a function of oxygen partial pressure, composition and temperature.

The changing role of legislation related to forest conservation and forest resources development.

XVIII IUFRO World Congress, Ljubljana 1986.

Differentiation of embryoids and plantlets from shoot callus of sandalwood

Callus cultures of sandalwood (Santalum album L.) were established from shoot segments and shoot tips of trees over 20 years old. Shoots were induced directly from shoot tip callus, while in shoot segments embryoids developed from the callus within 4 weeks after subculturing on to a medium supplemented with gibberellic acid (GA). Embryoids of 4–5 mm were transferred to basal medium or basal medium supplemented with low concentrations of auxin showed plantlet development.

Differential reproductive success in Cassia fistula in different habitants-A case of pollinator limitations?

Differences in flower success patterns in two habitat types that differed drastically with respect to rainfall, tree density and species composition were studied at Mudumalai wildlife sanctuary, India. Observations on phenological patterns of two species, Cassia fistula and Gmelina arborea, were made from April 1988 through June 1990. Quantitative data on flower-fruit ratio, insect visitation rates, pollen grain per stigma and the number of fruits per tree were recorded. Data were also collected on the number of pollen deposited on the stigma after different types of bees visited the flower. The data suggested that only carpenter bees (Xylocopa spp) effect pollination in C. fistula. The differences in fruit-flower ratios were attributed to the differences in insect visitation rates to inflorescences between sites. The low pollen number per stigma and the resultant reduction in reproductive success in C. fistula are attributed to the competing species G. arborea receiving more visitations from pollinators in the wetter site. These results suggest that pollinator limitation is another constraint in reproductive success of plants.