Empirical study about the effects of the application of IAS 32 in Cooperatives

Objecte: L'aplicació de la NIC 32 en les cooperatives ha generat una important controvèrsia en els últims anys. Fins al moment, s'han realitzat diversos treballs que intenten preveure els possibles efectes de la seva aplicació. Aquest treball pretén analitzar l'impacte de la primera aplicació de la NIC 32 en el sector cooperatiu. Disseny/metodologia/enfocament: S'ha seleccionat una mostra de 98 cooperatives, i s'ha realitzat una anàlisi comparativa de la seva informació financera presentada abans i després de l'aplicació de la NIC 32, per a determinar les diferències existents. S’ha utilitzat la prova de la suma de rangs de Wilcoxon per comprovar si aquestes diferències són significatives. També s’ha utilitzat la prova de la U de Mann Whitney per comprovar si existeixen diferències significatives en l’impacte relatiu de l’aplicació de la NIC 32 entre diversos grups de cooperatives. Finalment, s'ha realitzat una anàlisi dels efectes de l'aplicació de la NIC 32 en la situació patrimonial i econòmica de les cooperatives, i en l'evolució dels seus actius intangibles, mitjançant l’ús de tècniques d’anàlisi econòmico-financera. Aportacions i resultats: Els resultats obtinguts confirmen que l'aplicació de la NIC 32 provoca diferències significatives en algunes partides del balanç de situació i el compte de pèrdues i guanys, així com en les ràtios analitzades. Les principals diferències es concreten en una reducció del nivell de capitalització i un augment de l'endeutament de les cooperatives, així com un empitjorament general dels ràtios de solvència i autonomia financera. Limitacions: Cal tenir en compte que el treball s'ha realitzat amb una mostra de cooperatives que estan obligades a auditar els seus comptes anuals. Per tant, els resultats obtinguts han d'interpretar-se en un context de cooperatives de tamany elevat. També cal tenir en compte que hem realitzat una anàlisi comparativa dels comptes anuals de 2011 i 2010. Això ens ha permès conèixer les diferències en la informació financera de les cooperatives abans i després d'aplicar la NIC 32. Encara que algunes d’aquestes diferències també podrien estar causades per altres factors com la situació econòmica, els canvis en l'aplicació de les normes comptables, etc. Originalitat/valor afegit: Creiem que és el moment idoni per a realitzar aquest treball d'investigació, ja que des de 2011 totes les cooperatives espanyoles han d'aplicar les normes comptables adaptades a la NIC 32. A més, fins on coneixem, no existeixen altres treballs similars realitzats amb comptes anuals de cooperatives que ja han aplicat les normes comptables adaptades a la NIC 32 . Creiem que els resultats d'aquest treball d'investigació poden ser útils per a diferents grups d'interès. En primer lloc, perquè els organismes emissors de normes comptables puguin conèixer l'abast de la NIC 32 en les cooperatives i, puguin plantejar millores en el contingut de la norma. En segon lloc, perquè les pròpies cooperatives, federacions, confederacions i altres organismes cooperatius disposin d'informació sobre l'impacte econòmic de la primera aplicació de la NIC 32, i puguin realitzar les valoracions que creguin convenients. I en tercer lloc, perquè les entitats financeres, auditors i assessors de cooperatives i altres grups d'interès disposin d'informació sobre els canvis en els comptes anuals de les cooperatives, i puguin tenir-los en compte a l'hora de prendre decisions. Paraules clau: Cooperatives, patrimoni net, capital social, NIC 32, solvència, efectes de la normativa comptable, informació financera, ràtios.

Timing of Capacity Change: Models for Capital Intensive Industry

The suitable timing of capacity investments is a remarkable issue especially in capital intensive industries. Despite its importance, fairly few studies have been published on the topic. In the present study models for the timing of capacity change in capital intensive industry are developed. The study considers mainly the optimal timing of single capacity changes. The review of earlier research describes connections between cost, capacity and timing literature, and empirical examples are used to describe the starting point of the study and to test the developed models. The study includes four models, which describe the timing question from different perspectives. The first model, which minimizes unit costs, has been built for capacity expansion and replacement situations. It is shown that the optimal timing of an investment can be presented with the capacity and cost advantage ratios. After the unit cost minimization model the view is extended to the direction of profit maximization. The second model states that early investments are preferable if the change of fixed costs is small compared to the change of the contribution margin. The third model is a numerical discounted cash flow model, which emphasizes the roles of start-up time, capacity utilization rate and value of waiting as drivers of the profitable timing of a project. The last model expands the view from project level to company level and connects the flexibility of assets and cost structures to the timing problem. The main results of the research are the solutions of the models and analysis or simulations done with the models. The relevance and applicability of the results are verified by evaluating the logic of the models and by numerical cases.

Influence of HLA-C expression level on HIV control.

A variant upstream of human leukocyte antigen C (HLA-C) shows the most significant genome-wide effect on HIV control in European Americans and is also associated with the level of HLA-C expression. We characterized the differential cell surface expression levels of all common HLA-C allotypes and tested directly for effects of HLA-C expression on outcomes of HIV infection in 5243 individuals. Increasing HLA-C expression was associated with protection against multiple outcomes independently of individual HLA allelic effects in both African and European Americans, regardless of their distinct HLA-C frequencies and linkage relationships with HLA-B and HLA-A. Higher HLA-C expression was correlated with increased likelihood of cytotoxic T lymphocyte responses and frequency of viral escape mutation. In contrast, high HLA-C expression had a deleterious effect in Crohn's disease, suggesting a broader influence of HLA expression levels in human disease.

Three-Dimensional (3D) Microarchitecture Correlations with 2D Projection Image Gray-Level Variations Assessed by Trabecular Bone Score Using High-Resolution Computed Tomographic Acquisitions: Effects of Resolution and Noise.

The aim of the present study is to determine the level of correlation between the 3-dimensional (3D) characteristics of trabecular bone microarchitecture, as evaluated using microcomputed tomography (μCT) reconstruction, and trabecular bone score (TBS), as evaluated using 2D projection images directly derived from 3D μCT reconstruction (TBSμCT). Moreover, we have evaluated the effects of image degradation (resolution and noise) and X-ray energy of projection on these correlations. Thirty human cadaveric vertebrae were acquired on a microscanner at an isotropic resolution of 93μm. The 3D microarchitecture parameters were obtained using MicroView (GE Healthcare, Wauwatosa, MI). The 2D projections of these 3D models were generated using the Beer-Lambert law at different X-ray energies. Degradation of image resolution was simulated (from 93 to 1488μm). Relationships between 3D microarchitecture parameters and TBSμCT at different resolutions were evaluated using linear regression analysis. Significant correlations were observed between TBSμCT and 3D microarchitecture parameters, regardless of the resolution. Correlations were detected that were strongly to intermediately positive for connectivity density (0.711≤r(2)≤0.752) and trabecular number (0.584≤r(2)≤0.648) and negative for trabecular space (-0.407 ≤r(2)≤-0.491), up to a pixel size of 1023μm. In addition, TBSμCT values were strongly correlated between each other (0.77≤r(2)≤0.96). Study results show that the correlations between TBSμCT at 93μm and 3D microarchitecture parameters are weakly impacted by the degradation of image resolution and the presence of noise.

More Money, Fewer Problems? Cross-Level Effects of Economic Deprivation on Political Representation

While equal political representation of all citizens is a fundamental democratic goal, it is hampered empirically in a multitude of ways. This study examines how the societal level of economic inequality affects the representation of relatively poor citizens by parties and governments. Using CSES survey data for citizens' policy preferences and expert placements of political parties, empirical evidence is found that in economically more unequal societies, the party system represents the preferences of relatively poor citizens worse than in more equal societies. This moderating effect of economic equality is also found for policy congruence between citizens and governments, albeit slightly less clear-cut.

Profit repatriation of a Polish subsidiary from tax planning point of view of an international corporation

The main purpose of this study was to examine and compare the possibilities of profit repatriation from the point of view of tax planning of an international corporation, in such a case that a Finnish parent company has a subsidiary in Poland. The main research problem was divided into two sub research problems: 1) to examine concepts and principles of international taxation and tax planning from the point of view of international corporations and 2) to discuss the main features of Polish Companies-, Accounting- and Tax Act from the point of view a Finnish parent company. The research method of this study is mainly decision making, comparative analysis. In this study have been discussed the possibilities of international profit repatriation for supporting the decision making of the management of a Finnish parent company. In addition different repatriation possibilities have been compared. In this study has been noticed that a Finnish parent company can repatriate profit of its Polish subsidiary either directly as dividends or by using indirect methods such as interests, royalties, management fees and transfer pricing of goods. The total tax burden of dividends is heavier than the tax burden of indirect methods. It was also concluded that during the last years the Polish legislation has been renewed in order to prevent hidden dividend distribution. This has been done by implementing new rules of transfer pricing and thin capitalization.

Continuous quantification of HER2 expression by microfluidic precision immunofluorescence estimates HER2 gene amplification in breast cancer.

Chromogenic immunohistochemistry (IHC) is omnipresent in cancer diagnosis, but has also been criticized for its technical limit in quantifying the level of protein expression on tissue sections, thus potentially masking clinically relevant data. Shifting from qualitative to quantitative, immunofluorescence (IF) has recently gained attention, yet the question of how precisely IF can quantify antigen expression remains unanswered, regarding in particular its technical limitations and applicability to multiple markers. Here we introduce microfluidic precision IF, which accurately quantifies the target expression level in a continuous scale based on microfluidic IF staining of standard tissue sections and low-complexity automated image analysis. We show that the level of HER2 protein expression, as continuously quantified using microfluidic precision IF in 25 breast cancer cases, including several cases with equivocal IHC result, can predict the number of HER2 gene copies as assessed by fluorescence in situ hybridization (FISH). Finally, we demonstrate that the working principle of this technology is not restricted to HER2 but can be extended to other biomarkers. We anticipate that our method has the potential of providing automated, fast and high-quality quantitative in situ biomarker data using low-cost immunofluorescence assays, as increasingly required in the era of individually tailored cancer therapy.

Online and Offline Participation at the Local level: A Quantitative Analysis of the Catalan Municipalities

This article presents an analysis on local participatory experiences in Catalonia,both online and in-person. The analysis is based on a database set up by theauthors. The article carries out an explanatory analysis of local participatoryinitiatives (on- and offline) taking into account political variables (not usually con-sidered in this kind of analysis) and also classical socio-economic variables thatcharacterize municipalities. Hence, we add a quantitative analysis to the numerouscase studies on local e-participation experiences. We have chosen Catalonia becauseit is one of the European regions with more initiatives and a considerable localgovernment support for citizen participation initiatives since the 1980s. Thearticle offers a characterization of these experiences and an explanatory analysis,considering: (i) the institutional context in which these experiences are embedded,(ii) the citizen participation processes and mechanisms online and (iii) a set ofexplanatory variables composed of the population size and the province to whichthe municipality belongs, the political tendency of the mayor, the electoral absten-tion rate, age, income, level of education, broadband connection and users of theInternet in the municipality. The model that we present is explanatory for munici-palities with more than 20,000 inhabitants but it is not for fewer than 20,000inhabitants. Actually, the majority of these latter municipalities have not developedany participatory activities. Among all the variables, population size is the mostinfluential variable and affects the influence of other variables, such as the politicalparty of the mayor, the local abstention rate and the province.

Ancillary services market and potential profit for generators in Russia

Reformation of electricity markets has initiated creation of ancillary services markets all over the world. The Russian electricity market reform is in transition period, that is why the problem of ancillary services market has just arisen. Since the model of market rules was created, ancillary services market became a topical question for generating companies. This master’s thesis is focused on the describing the possible ancillary services around the world and in Russia specifically. Moreover, the physical interpretation of ancillary services is defined. In addition, possibility of generation company to participate in the ancillary services market was considered. Calculations were made for primary frequency regulation service, where necessary level of price bids and payback period were evaluated.

Efficiency of distinct data mining algorithms for classifying stress level in piglets from their vocalization

Among the challenges of pig farming in today's competitive market, there is factor of the product traceability that ensures, among many points, animal welfare. Vocalization is a valuable tool to identify situations of stress in pigs, and it can be used in welfare records for traceability. The objective of this work was to identify stress in piglets using vocalization, calling this stress on three levels: no stress, moderate stress, and acute stress. An experiment was conducted on a commercial farm in the municipality of Holambra, São Paulo State , where vocalizations of twenty piglets were recorded during the castration procedure, and separated into two groups: without anesthesia and local anesthesia with lidocaine base. For the recording of acoustic signals, a unidirectional microphone was connected to a digital recorder, in which signals were digitized at a frequency of 44,100 Hz. For evaluation of sound signals, Praat® software was used, and different data mining algorithms were applied using Weka® software. The selection of attributes improved model accuracy, and the best attribute selection was used by applying Wrapper method, while the best classification algorithms were the k-NN and Naive Bayes. According to the results, it was possible to classify the level of stress in pigs through their vocalization.

Technological level and epidemiological aspects of sheep husbandry in Minas Gerais, southeastern Brazil

Epidemiological and health aspects of sheep husbandry were assessed on 213 sheep flocks in 142 municipalities from the state of Minas Gerais, southeastern Brazil. An updated questionnaire was filled out for each flock, requesting data on the farm, the flock and the farmer by the veterinarians of the State Government Agency for Animal Health (Instituto Mineiro de Agropecuária). Thirteen important variables were selected and scored to determine the technological level of the 117 farms; 0.9% of them was classified as high technological level, 45.3% as medium technological level and 53.0% as low technological level. Lamb production was the main objective of the farms and the main features were low-frequencies of individual identification of animals (16.9%), technical assistance (31.9%), use of quarantine for newly acquired animals (0.9%) the separation of animals by age group (3.7%) and requeste the sanitary certificate at purchasing of animals (11.7%). The main health problems reported were abortion (23.9%), keratoconjunctivitis (17.9%), contagious ecthyma (13.6%), pneumonia (10.3%), diarrhea (9.3%) and caseous lymphadenitis (6.1%). Information of the epidemiological situation and the mainly health measures used in the sheep farms are important to improve the productivity and quality of the lamb.

Complementarity of radioautographic and immunohistochemical techniques for localizing neuroreceptors at the light and electron microscopy level

To assess relationships between neuropeptide-binding sites and receptor proteins in rat brain, the distribution of radioautographically labeled somatostatin and neurotensin-binding sites was compared to that of immunolabeled sst2A and NTRH receptor subtypes, respectively. By light microscopy, immunoreactive sst2A receptors were either confined to neuronal perikarya and dendrites or diffusely distributed in tissue. By electron microscopy, areas expressing somatodendritic sst2A receptors displayed only low proportions of membrane-associated, as compared to intracellular, receptors. Conversely, regions displaying diffuse sst2A labeling exhibited higher proportions of membrane-associated than intracellular receptors. Furthermore, the former showed only low levels of radioautographically labeled somatostatin-binding sites whereas the latter contained high densities of somatostatin-binding suggesting that membrane-associated receptors are preferentially recognized by the radioligand. In the case of NTRH receptors, there was a close correspondence between the light microscopic distribution of NTRH immunoreactivity and that of labeled neurotensin-binding sites. Within the substantia nigra, the bulk of immuno- and autoradiographically labeled receptors were associated with the cell bodies and dendrites of presumptive DA neurons. By electron microscopy, both markers were detected inside as well as on the surface of labeled neurons. At the level of the plasma membrane, their distribution was highly correlated and characterized by a lack of enrichment at the level of synaptic junctions and by a homogeneous distribution along the remaining neuronal surface, in conformity with the hypothesis of an extra-synaptic action of this neuropeptide. Inside labeled dendrites, there was a proportionally higher content of immunoreactive than radiolabeled receptors. Some of the immunolabeled receptors not recognized by the radioligand were found in endosome-like organelles suggesting that, as in the case of sst2A receptors, they may have undergone endocytosis subsequent to binding to the endogenous peptide

Competitive Effects of Non-Controlling Minority Acquisitions – Sufficient to merit further EU merger regulation?

Partial ownership interests are a widespread phenomenon in modern corporate environment. Unless minority shareholding affords the target to exercise control over the target, they do currently not have to be notified to the European Commission under EU merger regime. However, economic research has long suggested that when linking competing or non-horizontally positioned undertakings particularly in industries with few competitors, minority shareholdings even far below the majority of shares or voting rights could lead to higher prices or lower output volumes to the detriment of consumers. The Commission has recognized this issue and proceeded to suggest an extension of the merger regime to catch also certain non-controlling minority acquisitions. Horizontal non-controlling minority shareholdings create a positive correlation between the sales revenues of the partial acquirer and target. Through the equity interest the acquirer will internalise a fraction, proportional to the financial rights attached to the shareholding, of the profit of the target. This will incentivise the acquirer to contribute to increasing the target’s business profits by increasing its own sales price (horizontal unilateral effects). When a minority stake is held in a vertically related or a conglomerate company, the minority acquirer could be allowed to hamper or eliminate the target’s rivals’ access either to inputs (input foreclosure) or customers (customer foreclosure), depending on which level of the supply chain the parties are (vertical unilateral effects). Under certain circumstances minority share acquisitions could also lessen competition because they facilitate collusion between companies active in the market (coordinated effects). Economic theory confirms that non-controlling minority shareholdings may under certain circumstances create anti-competitive effects that are unlikely to be remedies by pro-competitive effects. However, they are likely to be of less significant nature than anticompetitive effects created by full mergers. This derives fore mostly from the fact that a minority share acquirer carries all the costs associated with its unilateral action but will internalise only a fraction of the lost profits. This is likely to limit the acquirer’s incentive to raise price and the profitability of such behavior. Having in mind that the number of potentially problematic cases is expected to be next to negligible, the limited potential competitive effects of non-controlling minority share acquisitions cannot be seen to clearly merit extension of the scope of the EUMR. The system suggested by the Commission is particularly ill-fitted for such purpose given the clear lack of legal certainty and considerable administrative burden associated with it.

The role of organization-level factors on informal learning process

This study discusses the nature of informal learning process in business organizations, and the importance of different organization-level factors in this process. The purpose of this study is to understand the role of organization-level factors on informal learning process with three subquestions: how informal learning process takes place in business organizations, what organization-level factors affects informal learning process, and how informal learning process is affected by organizational-level factors. The theoretical background of this study includes literatures on the concept of informal learning, its process, and organization-level factors that can affect informal learning process. The empirical research has been conducted in this study by face-to-face interviews. The interviews were conducted between June and August 2015 in Dhaka, Bangladesh. Thirteen interviews were made with the employees from different hierarchical levels from four freight forwarding MNCs in Bangladesh. Constant comparative analysis has been used to process the collected data until reaching a level of saturation. The empirical research found that all the phases in an informal learning process are not linear and sequential, and the role of organization-level factors on each phase varies with the degree and nature of each factor. In addition, the results also revealed that all the organization-level factors do not interact with each other while playing their role on informal learning process. The findings of this study considerably extend our understanding of the important role of HRD, manager, colleague, culture, and work structure on informal learning process in the workplace. However, future research in different organizational contexts is required to generalize the findings of this study.

The role of organization-level factors on informal learning process

This study discusses the nature of informal learning process in business organizations, and the importance of different organization-level factors in this process. The purpose of this study is to understand the role of organization-level factors on informal learning process with three subquestions: how informal learning process takes place in business organizations, what organizationlevel factors affects informal learning process, and how informal learning process is affected by organizational-level factors. The theoretical background of this study includes literatures on the concept of informal learning, its process, and organization-level factors that can affect informal learning process. The empirical research has been conducted in this study by face-to-face interviews. The interviews were conducted between June and August 2015 in Dhaka, Bangladesh. Thirteen interviews were made with the employees from different hierarchical levels from four freight forwarding MNCs in Bangladesh. Constant comparative analysis has been used to process the collected data until reaching a level of saturation. The empirical research found that all the phases in an informal learning process are not linear and sequential, and the role of organization-level factors on each phase varies with the degree and nature of each factor. In addition, the results also revealed that all the organization-level factors do not interact with each other while playing their role on informal learning process. The findings of this study considerably extend our understanding of the important role of HRD, manager, colleague, culture, and work structure on informal learning process in the workplace. However, future research in different organizational contexts is required to generalize the findings of this study.