Abnormal Returns of Dividend Announcements during a Boom and a Recession. Empirical Evidence from U.S. from the years of 2000 - 2002 and 2005 - 2007, including Finnish Extra Dividends

This study examines the short time price effect of dividend announcements during a boom and a recession. The data being used here is gathered from the years of 2000 - 2002 when it was a recession after the techno bubble burst and from the years 2005 - 2007 when investors experienced large capital gains all around the world. The data consists of dividend increases and intact observations. The aim is to find out differences in abnormal returns between a boom and a recession. Second, the study examines differences between different dividend yield brackets. Third, Finnish extra dividends, mainly being delivered to shareholders in 2004 are included to the empirical test. Generally stated, the aim is to find out do investors respect dividends more during a recession than a boom and can this be proved by using dividend yield brackets. The empirical results from U.S shows that the abnormal returns of dividend increase announcements during the recession in the beginning of this decade were larger than during the boom. Thus, investors seem to respect dividend increases more when stock prices are falling. Substantial abnormal returns of dividend increases during the time period of 2005 - 2007 could not be found. The results from the overall samples state that the abnormal returns during the recession were positively slightly higher than during the boom. No clear and strong evidence was found between different dividend yield brackets. In Finland, there were substantial abnormal returns on the announcement day of the extra dividends. Thus, indicating that investors saw the extra dividends as a good thing for shareholders' value. This paper is mostly in line with the theory that investors respect dividends more during bad times than good times.

Abnormal Return of Dividend Announcements during a Boom and a Recession. Empirical evidence from the years of 2002 - 2002 and 2005 - 2007, including the Finnish extra dividends

Tutkimuksen tavoitteena on tutkia epänormaalien tuottojen esiintymistä nousu- ja laskusuhdanteen aikana osingonilmoituspäivän ympärillä. Osinkoilmoitukset ovat kerätty Yhdysvaltojen markkinalta (NYSE) ajanjaksoilta 2000 - 2002, jolloin pörssit laskivat teknokuplan jälkeen ja 2005 - 2007, jolloin sijoittajat kokivat suuria kurssivoittoja. Osinkoilmoitushavainnot koostuvat yhtiöistä, jotka nostivat tai pitivät osinko per osake paikallaan. Tavoitteena on tutkia eroja epänormaaleissa tuotoissa näiden kahden ajanjakson välillä. Toiseksi, tavoitteena on tutkia miten epänormaalit tuotot poikkeavat toisistaan eri osinkotuottoluokissa. Kolmanneksi, tavoitteena on tutkia esiintyikö markkinoilla epänormaaleja tuottoja kun suomalaiset yritykset ilmoittivat ylimääräisistä osingoista, pääasiassa vuonna 2004. Yksinkertaisesti ja lyhyesti sanottuna tavoitteena on tutkia arvostavatko sijoittajat osinkoja enemmän laskukauden vai nousukauden aikana. Rahoitusteorian mukaan sijoittajien tulisi arvostaa laskukauden aikana enemmän yhtiöitä, jotka pystyvät maksamaan huonosta taloustilanteesta huolimatta hyvää osinkoa. Empiiriset testit Yhdysvalloista osoittavat, että osingon nostamisesta johtuvat epänormaalit tuotot olivat suuremmat laskusuhdanteen aikana kuin noususuhdanteen aikana. Tämä on linjassa teorian kanssa. Osingon-nostot aiheuttivat nousukauden aikana vähäisiä epänormaaleja tuottoja. Selviä eroja eri osingontuottoluokkien välillä ei pystytty havaitsemaan. Tulokset yhdistetystä aineistosta osoittavat, että sijoittajat kokivat vähäisiä positiivisia epänormaaleja tuottoja laskukauden aikana. Nousukautena tuotot olivat lähellä nollaa. Suomen markkinoilla havaittiin selvä epänormaalituotto osingonilmoituspäivänä. Tulokset ovat pääpiirteittäin linjassa teorian kanssa. Sijoittajat arvostavat osinkoja hieman enemmän lasku- kuin noususuhdanteen aikana.

Comparação entre os volumes pulmonares irradiados com técnica bidimensional e tridimensional conformada na radioterapia de pacientes com tumores de pulmão localmente avançados

OBJETIVO: Comparar e quantificar os volumes pulmonares irradiados utilizando planejamentos bidimensional (2D) e tridimensional (3D) conformado na radioterapia de tumores de pulmão. MATERIAIS E MÉTODOS: Em 27 pacientes portadores de câncer de pulmão foi feito planejamento 3D e outro correspondente em 2D. As doses prescritas variaram de 45 a 66 Gy. Foram avaliadas as doses no volume alvo planejado (PTV), volume tumoral macroscópico (GTV) e pulmões (volume de pulmão que recebe 20 Gy ou 30 Gy - V20 e V30, respectivamente, e dose média). Os órgãos de risco adjacentes (medula espinhal, esôfago e coração) receberam doses abaixo dos limites de tolerância. RESULTADOS: O GTV variou de 10,5 a 1.290,0 cm³ (média de 189,65 cm³). Nos planejamentos 2D foi utilizado, em média, um total de 59,33 campos, e nos planejamentos 3D, 75,65 campos. Em todas as situações analisadas houve significante (p < 0,05) preservação dos volumes pulmonares com o planejamento 3D, com diminuição de cerca de 15% dos volumes irradiados. O pulmão sem tumor foi mais beneficiado. CONCLUSÃO: A radioterapia 3D permitiu maior preservação dos pulmões, tanto para tumores iniciais quanto avançados. A radioterapia 3D deve ser utilizada nos pacientes com tumores de pulmão, mesmo que volumosos.

Post-partum persistence of abnormal circadian pattern of blood pressure after preeclampsia [109-POS]

OBJECTIVES: Blunted nocturnal dip of blood pressure (BP) and reversed circadian rhythm have been described in preeclampsia (PE). Non-dipper status and preeclampsia are both associated with an increased risk of cardiovascular disease later in life. Complete recovery of BP in PE is reported to occur over a variable period of time. Twenty-four hours-ambulatory blood pressure measurement (ABPM) in the post-partum follow-up after a PE has not been described. The aim of this study was to assess 24h-ambulatory blood pressure pattern after a PE and to determine the prevalence of non-dipper status, nocturnal hypertension, white coat hypertension and masked hypertension. METHODS: This is an observational, prospective study on women who suffered from a preeclampsia. A 24h-ABPM was done 6 weeks post-partum at the Hypertension Unit of the University Hospitals of Geneva, concomitantly with a clinical and biological evaluation. RESULTS: Forty-five women were included in a preliminary analysis. Mean age was 33±6years, 57.3% were Caucasian, mean BMI before pregnancy was 24±5kg/m(2). Office and ambulatory BP are shown in Table 1. Prevalence of nocturnal hypertension was high and half of the women had no nocturnal dipping. The diagnosis of hypertension based on office BP was discordant with the diagnosis based on ABPM in 25% of women. CONCLUSIONS: The prevalence of increased nighttime BP and abnormal BP pattern is high at 6weeks post-partum in preeclamptic women. Early assessment of BP with ABPM after preeclampsia allows an early identification of women with persistent circadian abnormalities who might be at increased risk. It also provides a more accurate assessment than office BP. DISCLOSURES: A. Ditisheim: None. B. Ponte: None. G. Wuerzner: None. M. Burnier: None. M. Boulvain: None. A. Pechère-Bertschi: None.

Radiological findings of uterine arteriovenous malformation: a case report of an unusual and life-threatening cause of abnormal vaginal bleeding

Uterine arteriovenous malformations may cause life-threatening abnormal genital bleeding in women at childbearing age. Transvaginal Doppler ultrasonography is a widely available, noninvasive and excellent diagnostic method. The authors report the case of a patient with history of gestational trophoblastic disease and multiple curettage procedures who developed uterine arteriovenous malformations, with remission of the lesions after treatment with methotrexate.

Threshold Selection Criteria for Quantification of Lumbosacral Cerebrospinal Fluid and Root Volumes from MRI

BACKGROUND AND PURPOSE: The high variability of CSF volumes partly explains the inconsistency of anesthetic effects, but may also be due to image analysis itself. In this study, criteria for threshold selection are anatomically defined. METHODS: T2 MR images (n = 7 cases) were analyzed using 3-dimentional software. Maximal-minimal thresholds were selected in standardized blocks of 50 slices of the dural sac ending caudally at the L5-S1 intervertebral space (caudal blocks) and middle L3 (rostral blocks). Maximal CSF thresholds: threshold value was increased until at least one voxel in a CSF area appeared unlabeled and decreased until that voxel was labeled again: this final threshold was selected. Minimal root thresholds: thresholds values that selected cauda equina root area but not adjacent gray voxels in the CSF-root interface were chosen. RESULTS: Significant differences were found between caudal and rostral thresholds. No significant differences were found between expert and nonexpert observers. Average max/min thresholds were around 1.30 but max/min CSF volumes were around 1.15. Great interindividual CSF volume variability was detected (max/min volumes 1.6-2.7). CONCLUSIONS: The estimation of a close range of CSF volumes which probably contains the real CSF volume value can be standardized and calculated prior to certain intrathecal procedures

Antenatal inflammation and brain pathology in preterm infants

Chorioamnionitis is known to be an important risk factor underlying preterm delivery, and it has also been suggested to associate with brain lesions and deviant neurological development in both preterm and term infants. Cytokines are believed to be the link causing the deleterious effects of inflammation to the nervous system. Their genetic regulation has also been suggested to play a role, as interleukin (IL)-6 -174 and -572 genotypes, which partly regulate IL-6 synthesis responses, have been connected with deviant neurological development in preterm infants. We evaluated the association of histological chorioamnionitis with brain lesions, regional brain volumes, and the functioning of the auditory pathway in very low birth weight/very low gestational age (VLBW/VLGA) infants. In addition, we investigated the association between IL-6 -174 and -572 genotypes and histological chorioamnionitis, neonatal infections, and brain lesions and regional brain volumes in VLBW/VLGA infants. This study is a part of a larger multidisciplinary project PIPARI (Development and Functioning of Very Low Birth Weight Infants from Infancy to School Age), in which the survivors of a 6-year cohort of VLBW/VLGA infants (n=274) are being followed until school age in Turku University Central Hospital, Finland. Placental samples were collected in the delivery room, and were analyzed for histological inflammatory findings. Blood samples from the infants were collected and DNA was genotyped for IL-6-174 and -572 polymorphisms (GG/GC/CC). Brain ultrasound examinations were performed repeatedly in the neonatal intensive care unit and at term age, and were analysed for structural brain lesions. Brain magnetic resonance imaging was performed at term age, and was analysed for regional brain volumes. In addition, diffusion tensor imaging was performed at term, and was used to analyse fractional anisotrophy and the apparent diffusion coefficient of inferior colliculus. The brainstem auditory evoked potential recordings were carried out according to the routine clinical procedure at median age of 30 days after term age. In our study, we found that histological chorioamnionitis was not an independent risk factor for brain lesions, reduced regional brain volumes or abnormal functioning of the auditory pathway in VLBW/VLGA infants. In addition, we found that IL-6 -174 GG and -572 GC genotypes were associated with a higher incidence of histological chorioamnionitis, and that -174 CC genotype associated with higher incidence of septicaemia. The analysed IL-6 genotypes were not associated with other brain lesions, but a reduced volume of basal ganglia and thalami was associated with IL-6 -174 CC and -572 GG genotypes. In conclusion, our findings suggest that histological chorioamnionitis is not an independent risk factor for the brain development of VLBW/VLGA infants, or that the risk caused by inflammation does not exceed the risks attributed to other underlying pathologies behind preterm deliveries. In addition, our findings give reason to propose that IL-6 promoter genotypes have a role in the defence against serious infections and in the brain development of VLBW/VLGA infants.

Prognosis of after spot volumes at the Scandinavian electricity market

The Thesis is dedicated to development of an operative tool to support decision making in after spot trading on the Nordic electricity market. The basics of the Nordic electricity market, trading mechanisms on the spot and after spot markets are presented in the Thesis. Mathematical equations that describe electricity balance condition in the power system are offered. The main driving factors that impact deviation of actual electricity balance from the scheduled one (object) in the power system have been explored and mathematically defined. The behavioral model of the object and principal trends in change of state of the object under an impact of the driving factors are determined with the help of regression analysis made in Microsoft Office Excel. The behavioral model gives an indication for the total regulation volume (Elbas trades volume, volume of regulation market, balance power) for a certain hour that serves as the base input in estimating prices on the after spot markets. Proposals for development of methodologies of forecasting the after spot electricity prices are offered.

Avaliação de diferentes pontas e volumes de pulverização na aplicação de fungicida na cultura do milho

A tecnologia de aplicação é um dos principais fatores para o sucesso das lavouras, pois dela depende a aplicação correta dos defensivos químicos. O experimento foi realizado na Fazenda Mandaguari (Indianópolis-MG). O delineamento experimental foi de blocos casualizados com 13 tratamentos e 4 repetições. Os tratamentos utilizados foram 4 pontas (TT, AD/D, ADIA/D, Cone Vazio) e 3 volumes de calda (100, 150 e 200 L ha-1) além da testemunha. O objetivo do trabalho foi desenvolver o estudo de pontas de aplicação e volume adequado para o controle racional das doenças na cultura do milho. Avaliou-se a severidade das doenças, gotas cm-2, %área verde, massa de 1000 grãos e produtividade, sendo realizada nesta uma análise econômica. Em relação à Mancha de estenocarpela, todos os tratamentos se mostraram superior à testemunha. A ponta ADIA obteve a menor quantidade de gotas cm-2 no baixeiro da planta. Todos os tratamentos foram superiores à testemunha em relação à %área verde. Todos os tratamentos proporcionaram um aumento no peso de 1000 grãos em relação à área não tratada, mostrando a relação direta no controle das doenças com o enchimento de grãos. A maior produtividade obtida ocorreu quando foi utilizado o volume de 100 L ha-1 em todas as pontas avaliadas. A análise econômica demonstrou a viabilidade de uma aplicação de fungicida para garantia da sustentabilidade na produção de milho.

Abnormal eating behaviors among medical students at a university in southern Santa Catarina, Brazil

OBJECTIVES: Disturbances in eating behavior significantly affect young adults. This study aimed to estimate the prevalence of abnormal eating behaviors, according to the Eating Attitudes Test - 26 (EAT-26) in medical students at a university in southern Santa Catarina State, Brazil. METHODS: Self-reported questionnaire, based on the EAT-26 scale, was administered to medical students. Additional questions about age, gender, study period of the course, weight and height were asked. A total of 391 medical students were assessed, amounting to 93.3 percent of the 419 students enrolled. RESULTS: Ten percent of the surveyed subjects had positive EAT-26 scores. This outcome measure was positive associated with females (PR 6.5), body mass index (BMI) ≤ 25 kg/m² (PR 4.5), age ≤ 20 years (PR 1.3) and being student from 1st to 5th semester of the course (PR 1.7). A higher proportion of women gave positive responses to behaviors related to control of food intake or weight loss than men. CONCLUSION: The significant prevalence of behaviors related to eating disorders, predominantly among women, suggests the implementation of preventive measures targeting this population.

Travels through Sweden, Finland, and Lapland, to the North Cape, in the years 1798 and 1799 : by Joseph Acerbi. In two volumes. Illustrated with seventeen elegant engravings. Vol. I[-II].

Vol. I: Portrait of Joseph Acerbi. Painted by P. Violet, engr. by P. W. Tomkins.

Travels through Sweden, Finland, and Lapland, to the North Cape, in the years 1798 and 1799 : by Joseph Acerbi. In two volumes. Illustrated with seventeen elegant engravings. Vol. I[-II].

Vol. I: Portrait of Joseph Acerbi. Painted by P. Violet, engr. by P. W. Tomkins.

Dessecação da aveia-preta (Avena strigosa Schreb) com herbicida de contato, em presença ou não de assistência de ar junto à barra do pulverizador, em diferentes volumes de calda

A tecnologia de aplicação dos produtos fitossanitários na agricultura pode ser aprimorada mediante a redução dos desperdícios. Com o objetivo de contribuir com tal avanço tecnológico, avaliou-se a eficácia de um herbicida com ação de contato, aplicado em pós-emergência com pulverizadores sem e com assistência de ar junto à barra, em diferentes volumes de calda. O experimento foi instalado no município de Ponta Grossa - PR, com a dessecação de aveia-preta (Avena strigosa Schreb) implantada em sistema de plantio direto sob a palha. Empregou-se a mistura herbicida formulada (SC) de dicloreto de paraquate (400 g ha-1) + diuron (200 g ha-1). O delineamento experimental utilizado foi o de blocos casualizados (DBC), em esquema fatorial 2 (pulverizador sem e com assistência de ar) x 5 (volumes de calda: 0; 100; 200; 300 e 400 L ha-1), com quatro repetições. A avaliação do efeito da dessecação se deu por meio da escala proposta pela Asociación Latinoamericana de Malezas (ALAM). A interação entre os fatores foi significativa, obtendo-se suficiência na dessecação a partir de 200 e 100 L ha-1, sem e com assistência de ar na barra, respectivamente.

Fungicidas, doses e volumes de calda no controle químico da ferrugem da folha da aveia (Puccinia coronata f. sp. avenae)

A ferrugem da folha (Puccinia coronata f. sp. avenae) é a doença mais destrutiva da aveia, e aplicações de fungicidas com volumes baixos de calda podem reduzir a eficácia do controle químico. O objetivo do trabalho foi avaliar a eficiência técnica e econômica de fungicidas, doses e volumes de calda no controle da ferrugem da folha da aveia. O experimento foi conduzido no ano de 2003, na área experimental da FAMV/UPF, com a cultivar de aveia UPFA-20. Os tratamentos foram compostos pelas combinações entre dois fungicidas (tebuconazole, Folicur, 0,75 L ha-1 e epoxiconazole + piraclostrobim, Opera, 0,5 L ha-1), quatro doses (40; 60; 80 e 100% da dose recomendada) e dois volumes de calda (100 e 200 L ha-1). O delineamento experimental foi o de blocos casualizados, com esquema fatorial (2x4x2) e quatro repetições. Avaliaram-se a severidade, o controle da ferrugem, a massa do hectolitro, a massa de mil grãos e o rendimento de grãos, realizando-se análise econômica. O volume de calda de 200 L ha-1 proporcionou maiores níveis de controle da doença. As aplicações dos fungicidas com volume de 200 L ha-1 e meia dose ou com 100 L ha-1 e dose cheia proporcionam níveis de controle da ferrugem equivalentes. O resultado econômico difere entre fungicidas e independe do volume de calda. Os efeitos de doses dependem do fungicida.