Hidden impacts of ocean acidification to live and dead coral framework

Cold-water corals, such as Lophelia pertusa, are key habitat-forming organisms found throughout the world's oceans to 3000 m deep. The complex three-dimensional framework made by these vulnerable marine ecosystems support high biodiversity and commercially important species. Given their importance, a key question is how both the living and the dead framework will fare under projected climate change. Here, we demonstrate that over 12 months L. pertusa can physiologically acclimate to increased CO2, showing sustained net calcification. However, their new skeletal structure changes and exhibits decreased crystallographic and molecular-scale bonding organization. Although physiological acclimatization was evident, we also demonstrate that there is a negative correlation between increasing CO2 levels and breaking strength of exposed framework (approx. 20-30% weaker after 12 months), meaning the exposed bases of reefs will be less effective 'load-bearers', and will become more susceptible to bioerosion and mechanical damage by 2100.

The causal relationships in mean and variance between stock returns and foreign institutional investment in India

This paper examines the causalities in mean and variance between stock returns and Foreign Institutional Investment (FII) in India. The analysis in this paper applies the Cross Correlation Function approach from Cheung and Ng (1996), and uses daily data for the timeframe of January 1999 to March 2008 divided into two periods before and after May 2003. Empirical results showed that there are uni-directional causalities in mean and variance from stock returns to FII flows irrelevant of the sample periods, while the reverse causalities in mean and variance are only found in the period beginning with 2003. These results point to FII flows having exerted an impact on the movement of Indian stock prices during the more recent period.

Metro de Madrid rolling stock models and comparative studies relating to comfort

This paper presents the work carried out by Metro de Madrid and the Railway Technology Research Centre (Polytechnic University of Madrid), aimed at setting up rolling stock simulation models with a high level of detail. To do this, the features of the SIMPACK simulation tool used to create models have been briefly outlined, explaining the main features of models in two of the series modelled: 7000 and 8000. Finally, the results obtained from comparing comfort in the 7000 and 8000 series are presented.

International for-profit investiments in microfinance institutions equity

In recent years international investors are increasing the focus on the social consequences of their investments along with its financial returns. The microfinance sector, considered as an asset class is a relatively young concept but the microfinance industry is experiencing a tremendous growth and has a high potential for the future. Today most social responsible investments in microfinance are performed through loans or fixed income structured finance vehicles. The possibilities to invest in the equity tranche of the industry are still scarce since the number of listed microfinance institutions is reduced and the private equity investments are limited and difficult to reach for the majority of investors. In this document we present a study on the characteristics of the MFIs and we try to shed some light on this subsector of the equity assets universe that may become important in the coming future. Keywords: Microfinance institutions, Micro-credits, Financial Institutions, Equity; Stock Exchange

International For-Profit Investments in Microfinance Institutions Equity

Purpose: The purpose of this document is to review the funding options for Microfinance Institutions (MFIs), define the size of the holdings of international investors in MFI equity and in particular the MFIs listed in stock exchanges, analyze the characteristics of these subset of the financial world and study the stock exchange evolution of some listed MFIs amid the financial crisis. Design/methodology/approach: Since academic literature on listed MFI equity is virtually inexistent, most of the information has been obtained from the World Bank, annual accounts of the listed MFIs, stock exchanges and from equity research documents. Findings and Originality/value: Microfinance Institutions share several common characteristics that make them a resilient business and the few MFIs that are listed in stock exchanges seem to have performed better in the financial crisis. Microfinance can be considered as one of the new frontiers of the expansion of the global banking industry. Practical implications: Presently, international for-profit investors have very few ways of investing in microfinance equity. Most of the equity of the MFI equity is funded locally or thanks to the local public sector. The stock exchange listing of the MFIs should drive MFIs towards a more professional management, more transparency and better governance. Social implications: Microfinance Institutions provide credit to microenterprises in poor countries that have no other alternative sources of external capital to expand its activity. If global investors could easily invest in the listed equity of the MFIs these institutions would expand its lending books and would improve its governance, part of the population living in poor areas or with lower income could ameliorate its standard of living. Originality/value: The number of Microfinance Institutions that are professionally run like commercial banks is still scarce and even more scarce are the MFI listed in public stock exchanges. Therefore the published literature on the characteristics and performance of the listed equity of the Microfinance Institutions is extremely reduced. But microfinance assets are rapidly growing and MFIs will need to list their equity in stock exchanges to sustain this expansion.

Inter-operator reliability of live football match statistics from OPTA Sportsdata

The aim of the study was to evaluate the inter-operator reliability of OPTA Client System which is used to collect live football match statistics by OPTA Sportsdata Company. Two groups of experienced operators were required to analyze a Spanish league match independently. Results showed that team events coded by independent operators reached a very good agreement (kappa values were 0.92 and 0.94) and average difference of event time was 0.06±0.04 s. The reliability of goalkeeper actions was also at high level, kappa values were 0.92 and 0.86. The high intra-class correlation coefficients (ranged from 0.88 to 1.00) and low standardized typical errors (varied from 0.00 to 0.37) of different match actions and indicators of individual outfield players showed a high level of inter-operator reliability as well. These results suggest that the OPTA Client System is reliable to be used to collect live football match statistics by well trained operators.

Return of Equity Issues in the Spanish Stock Market from the Investor’s Perspective, during the 1997-2012 Period

Is it profitable for an investor, from a risk-return perspective, to acquire a stake in a quoted company when a capital increase is announced? This paper analyses the return obtained from the investment in equity issues with cash contribution and pre-emptive rights, aimed at funding corporate activities: acquisitions, investments in new facilities and/or strengthening the balance sheet of the companies undertaking the equity issue. During the 16 years covered by the study, the results show a negative average excess risk-adjusted return of almost 5%, from the moment that the equity offer is announced until the completion of the preferential subscription period. To obtain this excess return, the difference between the nominal Internal Rate of Return (IRR) and the expected return, using the CAPM, is computed for each equity issue. The intention behind this method is to eliminate the effects of time and any other possible effect on the stock price during the period of the analysis.The results from this article are consistent with the Pecking Order theory for the Spanish Stock Market also six months after the preferential subscription period. However, there is a positive return after three months.

Explanation of changes in real estate stock market

The aim of this study is to explain the changes in the real estate prices as well as in the real estate stock market prices, using some macro-economic explanatory variables, such as the gross domestic product (GDP), the real interest rate and the unemployment rate. Several regressions have been carried out in order to express some types of incremental and absolute deflated real estate lock market indexes in terms of the macro-economic variables. The analyses are applied to the Swedish economy. The period under study is 1984-1994. Time series on monthly data are used. i.e. the number of data-points is 132. If time leads/lags are introduced in the e regressions, significant improvements in the already high correlations are achieved. The signs of the coefficients for IR, UE and GDP are all what one would expect to see from an economic point of view: those for GDP are all positive, those for both IR and UE are negative. All the regressions have high R2 values. Both markets anticipate change in the unemployment rate by 6 to 9 months, which seems reasonable because such change can be forecast quite reliably. But, on the contrary, there is no reason why they should anticipate by 3-6 months changes in the interest rate that can hardly be reliably forecast so far in advance.

ESPÍRITOS DO UNIVERSO RESPONSÁVEIS PELO DESTINO: ESTUDO EXEGÉTICO EM COLOSSENSES 2.8-3.4

Esta dissertação de mestrado analisará a expressão grega ta. stoicei/a tou/ ko,smou, “os elementos do mundo”, que ocorre na carta de Colossenses nos versículos 8 e 20 do segundo capítulo. Será feito um estudo exegético na perícope bíblica 2.8-3.4 da referida carta, bem como uma análise histórica especificamente do termo stoicei/a. O estudo desta expressão é importante para poder se compreender a filosofia colossense mencionada em Cl 2.8. A igreja cristã na cidade de Colossos estava inserida em um contexto social religioso sincrético. Esse sincretismo é percebido claramente em textos de magia como os Papiros Mágicos Gregos, muito comuns na região da Ásia Menor, a mesma onde a igreja colossense estava situada. O sincretismo religioso, envolvendo crenças judaicas e pagãs, reflete as bases dessa filosofia. O autor da carta aos Colossenses refuta a crença nos “elementos do mundo”, bem como a subserviência aos mesmos. Dentre outras crenças, acreditava-se que esses “elementos” poderiam influenciar os acontecimentos sobre a terra e o destino das pessoas. Questões que envolvem práticas acéticas, adoração a anjos e observância de calendário litúrgico, dão os contornos dessa filosofia. O autor da carta enfatiza o senhorio de Cristo, bem como as obras dele em favor dos cristãos colossenses, que proporcionavam a eles, segurança quanto a terem um bom destino. E, além disso, é assegurada uma liberdade aos cristãos colossenses que não podia lhes ser cerceada por quaisquer outras crenças religiosas. Então, as obras de Cristo, bem como o seu senhorio, são os principais argumentos utilizados pelo autor da carta, a fim de afirmar aos cristãos em Colossos que eles não precisam mais temer o destino e nem se submeter aos “elementos do mundo”.

Análise do impacto das políticas de intervenção no setor do agronegócio sobre a cadeia de carne bovina na Venezuela

O objetivo deste trabalho foi analisar o desempenho da cadeia de carne bovina na Venezuela sob o efeito de políticas de intervenção estatal principalmente nas últimas décadas. Para tanto, foi empregada a abordagem teórica do enfoque sistêmico em conjunto com metodologia que se apoiou em um modelo econométrico para explicar o efeito de variáveis tecnológicas e macroeconômicas no agronegócio vis a vis a resultante da produção doméstica de carne bovina nas últimas décadas. Os resultados mostram que, no marco de mudanças institucionais estabelecidas desde a década de 1980 e especialmente as intervenções governamentais vigentes a partir do ano de 2003, a cadeia de carne bovina da Venezuela apresenta um desempenho negocial preocupante e não sustentável. Na última década, a Venezuela decresceu seu inventário bovino a uma taxa média anual de 2,56% entre 2003 e 2014. O número de cabeças/habitante diminuiu a uma taxa anual de 1,30% entre 1960 e 2014, ficando em 0,38 cabeças/habitante. O número de cabeças abatidas sobre o total do rebanho (taxa de desfrute geral do rebanho) foi de 10,82% para o ano de 2014, inferior à média de países vizinhos como Colômbia e Brasil que ficaram em 20,85% e 19,42% respectivamente. A produção doméstica de carne bovina decresceu a uma taxa anual de 2,22% entre 1997 e 2014 (mesmo considerando o abate de bovinos importados). A quantidade de carne oriunda de animais importados cresceu até alcançar um máximo de 58,51% do abate nacional, em 2013. Isto significou um decréscimo real da produção endógena de 71,55% entre os anos de 1997 e 2013. Neste contexto, a produção nacional percapita diminuiu de 18,31 kg/habitante (em 1997) para um mínimo de 3,97 kg/habitante (em 2013). Para o atendimento da demanda doméstica passou-se a contar, crescentemente, com importações de carne in natura que cresceram em volume inicial de 0,59 mil toneladas (t) de equivalente carcaça (em 1997) para um máximo de 307,57 mil t em 2008. A taxa de penetração das importações de carne bovina equivalente (carne e bovinos em pé) resultou em 79,54% do atendimento da demanda doméstica em 2013 (cerca de 15,45 kg/habitante/ano). Neste contexto, as intervenções mais relevantes têm sido a Lei de Terras que propiciou um ambiente de insegurança jurídica; os controles de preços e a política cambial que criaram distorções no mercado; e, a crescente influência nas redes de distribuição de alimentos, com forte dependência do comércio exterior, alavancado com os incrementos no preço internacional do petróleo entre 2003 e 2014. Tudo isto tem resultado em um cenário de desmonte da produção interna da carne bovina, que pode ser visualizado em episódios crescentes de escassez deste produto no mercado interno. Ao final, são sugeridas algumas práticas de políticas pública e setoriais para a reversão desse quadro insustentável para esta importante cadeia de negócios da Venezuela.

Building from building waste: The development of an instrument to determine the circularity of materials from the existing building stock in order to maximise high quality reuse

On a global level the population growth and increase of the middle class lead to a growing demand on material resources. The built environment has an enormous impact on this scarcity. In addition, a surplus of construction and demolition waste is a common problem. The construction industry claims to recycle 95% of this waste but this is in fact mainly downcycling. Towards the circular economy, the quality of reuse becomes of increasing importance. Buildings are material warehouses that can contribute to this high quality reuse. However, several aspects to achieve this are unknown and a need for more insight into the potential for high quality reuse of building materials exists. Therefore an instrument has been developed that determines the circularity of construction waste in order to maximise high quality reuse. The instrument is based on three principles: ‘product and material flows in the end of life phase’, ‘future value of secondary materials and products’ and ‘the success of repetition in a new life cycle’. These principles are further divided into a number of criteria to which values and weighting factors are assigned. A degree of circularity can then be determined as a percentage. A case study for a typical 70s building is carried out. For concrete, the circularity is increased from 25% to 50% by mapping out the potential for high quality reuse. During the development of the instrument it was clarified that some criteria are difficult to measure. Accurate and reliable data are limited and assumptions had to be made. To increase the reliability of the instrument, experts have reviewed the instrument several times. In the long-term, the instrument can be used as a tool for quantitative research to reduce the amount of construction and demolition waste and contribute to the reduction of raw material scarcity.

Exposition universelle d'Anvers, Antwerp, Belgium, 1885 (Raster Image)

This layer is a georeferenced raster image of the historic paper map entitled: Plan instantané de la ville d'Anvers : indiquant l'Exposition Universelle et tous les principaux monuments en relief, le tracé des tramways, les nouveaux quais hangars, etc., etc., dressé par E.V.D.H. It was published by Richd. Huybrechts & Cie in 1885. Scale [ca. 1:11,000]. Covers Antwerp, Belgium. Map in French. The image inside the map neatline is georeferenced to the surface of the earth and fit to the Belgian Lambert 1972 coordinate system. All map collar and inset information is also available as part of the raster image, including any inset maps, profiles, statistical tables, directories, text, illustrations, index maps, legends, or other information associated with the principal map. This map shows features such as roads, railroads, drainage, built-up areas and selected buildings, ground cover, fortifications, canals, docks, and more. Relief shown pictorially. Shows buildings and points of interest related to the Exposition universelle d'Anvers.This layer is part of a selection of digitally scanned and georeferenced historic maps from the Harvard Map Collection. These maps typically portray both natural and manmade features. The selection represents a range of originators, ground condition dates, scales, and map purposes.

Centennial International Exhibition Grounds, Philadelphia, Pennsylvania, 1876 (Raster Image)

This layer is a georeferenced raster image of the historic paper map entitled: Pictorial map of the International Exhibition Grounds, presented by the Philadelphia, Wilmington and Baltimore Railroad. It was published by Van Ingen & Snyder & Gillett in 1876. Scale not given. The image inside the map neatline is georeferenced to the surface of the earth and fit to the Pennsylvania South State Plane Coordinate System NAD83 (in Feet) (Fipszone 3702). All map collar and inset information is also available as part of the raster image, including any inset maps, profiles, statistical tables, directories, text, illustrations, index maps, legends, or other information associated with the principal map. This image pictorially shows the grounds of the Philadelphia Centennial Exhibition, 1876. It includes features such as roads, railroads, drainage, buildings with uses, and more. Includes inset engraving: Birds-eye Centennial International Exhibition from Sawyer's Observatory. Copyright 1875 by Theo. Leonhardt & Son and lists of United States Centennial Commissions officers. This layer is part of a selection of digitally scanned and georeferenced historic maps from The Harvard Map Collection as part of the Imaging the Urban Environment project. Maps selected for this project represent major urban areas and cities of the world, at various time periods. These maps typically portray both natural and manmade features at a large scale. The selection represents a range of regions, originators, ground condition dates, scales, and purposes.

Chicago and vicinity, Illinois, 1893 (Raster Image)

This layer is a georeferenced raster image of the historic paper map entitled: Rand McNally and Co.'s standard map of Chicago, Rand, McNally & Co., engravers. It was published by Rand McNally & Co. in 1893. Scale [ca. 1:20,000]. The image inside the map neatline is georeferenced to the surface of the earth and fit to the Illinois East State Plane Coordinate System NAD83 (in Feet) (Fipszone 1201). All map collar and inset information is also available as part of the raster image, including any inset maps, profiles, statistical tables, directories, text, illustrations, index maps, legends, or other information associated with the principal map. This map shows features such as roads, railroads (steam and elevated), depots, cable and horse car lines, drainage, boulevards and parks, ward boundaries, selected public buildings, and more. Includes index to streets, avenues, and parks and list of railroads and their depots. This layer is part of a selection of digitally scanned and georeferenced historic maps from The Harvard Map Collection as part of the Imaging the Urban Environment project. Maps selected for this project represent major urban areas and cities of the world, at various time periods. These maps typically portray both natural and manmade features at a large scale. The selection represents a range of regions, originators, ground condition dates, scales, and purposes.

Chicago, Illinois, and vicinity, 1910 (Raster Image)

This layer is a georeferenced raster image of the historic paper map entitled: Blanchard's map of Chicago and suburbs. It was published by Rufus Blanchard in 1910. Scale [ca. 1:49,600]. The image inside the map neatline is georeferenced to the surface of the earth and fit to the Illinois East State Plane Coordinate System NAD83 (in Feet) (Fipszone 1201). All map collar and inset information is also available as part of the raster image, including any inset maps, profiles, statistical tables, directories, text, illustrations, index maps, legends, or other information associated with the principal map. This map shows features such as roads, elevated roads, railroads, railroad stations, street car lines, drainage, selected industry locations, parks and boulevards, city limits and ward boundaries, and more. Includes insets: Lake shore north of Chicago -- Cook, Dupage, and Will counties, also parts of Kane County, Ill., and Lake County, Ind.. This layer is part of a selection of digitally scanned and georeferenced historic maps from The Harvard Map Collection as part of the Imaging the Urban Environment project. Maps selected for this project represent major urban areas and cities of the world, at various time periods. These maps typically portray both natural and manmade features at a large scale. The selection represents a range of regions, originators, ground condition dates, scales, and purposes.