Additional utility of insiders with imperfect dynamical information

In this paper we consider an insider with privileged information thatis affected by an independent noise vanishing as the revelation timeapproaches. At this time, information is available to every trader. Ourfinancial markets are based on Wiener space. In probabilistic terms weobtain an infinite dimensional extension of Jacod s theorem to covercases of progressive enlargement of filtrations. The application ofthis result gives the semimartingale decomposition of the originalWiener process under the progressively enlarged filtration. As anapplication we prove that if the rate at which the additional noise inthe insider s information vanishes is slow enough then there is noarbitrage and the additional utility of the insider is finite.

The persistence of abnormal returns at industry and firm levels

The present paper proposes a model for the persistence of abnormal returnsboth at firm and industry levels, when longitudinal data for the profitsof firms classiffied as industries are available. The model produces a two-way variance decomposition of abnormal returns: (a) at firm versus industrylevels, and (b) for permanent versus transitory components. This variancedecomposition supplies information on the relative importance of thefundamental components of abnormal returns that have been discussed in theliterature. The model is applied to a Spanish sample of firms, obtainingresults such as: (a) there are significant and permanent differences betweenprofit rates both at industry and firm levels; (b) variation of abnormal returnsat firm level is greater than at industry level; and (c) firm and industry levelsdo not differ significantly regarding rates of convergence of abnormal returns.

Insects of forensic importance from Rio Grande do Sul state in southern Brazil

The experiment was conducted throughout the year 2005, at the Universidade Federal de Pelotas campus. The objectives of the study were to analyze the decomposition of rabbit (Oryctolagus cunniculus L.) with mean weight 2.67 Kg carcass and describe the interaction of insects acting on it, as well as the insect's potential use in legal medicine. We collected 5.239 insect specimens; 1.827 of them were obtained from larvae collected from carcasses and reared. The specimens were identified and 20 species were of forensic importance. The species Lucilia eximia (Wiedemann, 1819) and Chrysomya albiceps (Wiedemann, 1819) (Diptera, Calliphoridae) were better indicators of post-mortem interval (PMI) because they occurred in all seasons and were the first to reach the carcass. Hemilucilia semidiaphana (Rondani, 1850), H. segmentaria (Fabricius, 1805) (Diptera, Calliphoridae), Muscina stabulans (Fallén, 1817) and Synthesiomyia nudiseta (Wulp, 1883) (Diptera, Muscidae) can disclose death time because they occur only in certain months of the year. Oxyletrum discicolle (Brullé, 1840) (Coleoptera, Silphidae) and Dermestes maculates De Geer, 1774 (Coleoptera, Desmestidae) were found in advanced stages of decomposition.

Biplots of fuzzy coded data

A biplot, which is the multivariate generalization of the two-variable scatterplot, can be used to visualize the results of many multivariate techniques, especially those that are based on the singular value decomposition. We consider data sets consisting of continuous-scale measurements, their fuzzy coding and the biplots that visualize them, using a fuzzy version of multiple correspondence analysis. Of special interest is the way quality of fit of the biplot is measured, since it is well-known that regular (i.e., crisp) multiple correspondence analysis seriously under-estimates this measure. We show how the results of fuzzy multiple correspondence analysis can be defuzzified to obtain estimated values of the original data, and prove that this implies an orthogonal decomposition of variance. This permits a measure of fit to be calculated in the familiar form of a percentage of explained variance, which is directly comparable to the corresponding fit measure used in principal component analysis of the original data. The approach is motivated initially by its application to a simulated data set, showing how the fuzzy approach can lead to diagnosing nonlinear relationships, and finally it is applied to a real set of meteorological data.

Biomass and abundance of termites in three remnant areas of Atlantic Forest in northeastern Brazil

Termite biomass and abundance were estimated in three remnant areas of Atlantic Forest in northeastern Brazil: Reserva Biológica de Pedra Talhada-RBPT (Alagoas State), Parque Estadual Dois Irmãos-PEDI (Pernambuco State), and Área de Proteção Ambiental Mata do Buraquinho-APMB (Paraíba State). A quantitative sampling of the termite assemblages present on trunks and leaf litter, in nests, and in the soil was undertaken during the months of June and July (rainy season) and November and December (dry season) of 2000. Thirty seven species of termites were encountered and quantified in the three remnant forest areas. The termite biomass varied from 10.09 to 11.30 g (fresh weight)/m² and abundance varied from 4911 to 5663 individuals/m². The subfamily Nasutitermitinae was dominant in terms of the number of species, biomass, and abundance. The soil-feeders were the most abundant at the three sites, while wood-feeders had the largest biomass at least at the PEDI and APMB sites. Among the microhabitats quantified, termites were most frequently encountered in the soil, being most heavily concentrated at depths of 0-20 cm. Two species stood out in terms of their biomass and abundance: Embiratermes parvirostris Constantino, on the soil, and Nasutitermes corniger (Motschulsky), on decomposing trunks and in nests. Estimates of biomass and abundance suggest that termites play an important role in the decomposition of the plant necromass in remnant forest areas of the Atlantic Forest in northeastern Brazil.

Insects associated with the composting process of solid urban waste separated at the source

Sarcosaprophagous macroinvertebrates (earthworms, termites and a number of Diptera larvae) enhance changes in the physical and chemical properties of organic matter during degradation and stabilization processes in composting, causing a decrease in the molecular weights of compounds. This activity makes these organisms excellent recyclers of organic matter. This article evaluates the succession of insects associated with the decomposition of solid urban waste separated at the source. The study was carried out in the city of Medellin, Colombia. A total of 11,732 individuals were determined, belonging to the classes Insecta and Arachnida. Species of three orders of Insecta were identified, Diptera, Coleoptera and Hymenoptera. Diptera corresponding to 98.5% of the total, was the most abundant and diverse group, with 16 families (Calliphoridae, Drosophilidae, Psychodidae, Fanniidae, Muscidae, Milichiidae, Ulidiidae, Scatopsidae, Sepsidae, Sphaeroceridae, Heleomyzidae, Stratiomyidae, Syrphidae, Phoridae, Tephritidae and Curtonotidae) followed by Coleoptera with five families (Carabidae, Staphylinidae, Ptiliidae, Hydrophilidae and Phalacaridae). Three stages were observed during the composting process, allowing species associated with each stage to be identified. Other species were also present throughout the whole process. In terms of number of species, Diptera was the most important group observed, particularly Ornidia obesa, considered a highly invasive species, and Hermetia illuscens, both reported as beneficial for decomposition of organic matter.

Triiodothyronine stimulation of oligodendroglial differentiation and myelination. A developmental study.

The biochemical development of rotation-mediated aggregating brain cell cultures was studied in a serum-free chemically defined medium in the presence (complete medium) or the absence of triiodothyronine (T3). The expression of 2',3'-cyclic nucleotide 3'-phosphodiesterase (CNP) and myelin basic protein (MBP), two myelin components, was temporally dissociated in brain cell aggregating cultures grown in a complete medium. CNP increased from day 8 and reached a plateau around day 25. MBP accumulated rapidly from the third until the fourth week in culture. The total protein content increased gradually until day 25. The activity of ornithine decarboxylase (ODC) used as an index of cell growth and differentiation, showed two well-defined peaks of activity. The first peak reached a maximum at day 6 and correlated with both the highest DNA content and the peak of [3H]-thymidine incorporation. The second peak of ODC activity (from day 19 to 35) coincided with the differentiation of oligodendrocytes. These results confirm that aggregating fetal rat brain cells cultured in a serum-free chemically defined medium undergo extensive differentiation. Addition of T3 to the culture medium doubled the CNP activity by day 16. In contrast, MBP was only slightly increased by day 16, reaching at 25 and 35 days 8 to 10-fold higher values than the untreated cultures. When T3 was removed between day 16 and 25, CNP decreased almost to control values and MBP failed to accumulate. Moreover, when T3 was reintroduced into the medium (between day 25 and 35), CNP activity was restored and MBP content was partially corrected. T3 treatment produced a concentration-dependent increase in ODC activity which was observed only around day 19. The first peak of ODC activity observed at culture day 6 was independent of the presence of T3. These results obtained in brain cell cultures emphasize the direct effect of T3 on myelination.

Characterization of magmatic sulfur in the Aegean island arc by means of the δ34S values of fumarolic H2S, elemental S, and hydrothermal gypsum from Nisyros and Milos islands

A delta(34)S value of +6.3 +/- 1.5% was estimated for the rhyodacitic degassing magma present underneath the hydrothermal system of Nisyros, based on the S isotope ratios of H2S in fumarolic vapors. This value was estimated by modeling the irreversible water-rock mass transfers occurring during the generation of the hydrothermal liquid which separates these fumarolic vapors. The S isotope ratio of the rhyodacitic degassing magma of Nisyros is consistent with fractional crystallization of a parent basaltic magma with an initial delta(34)S value of +4% (+/-at least 1.5%). This positive value could be explained by mantle contamination due to by either transference of fluids derived from subducted materials or involvement of altered oceanic crust, whereas contribution of biogenic sulfides from sediments seems to be negligible or nil. This conclusion agrees with the lack of N-2 and CO2 from thermal decomposition of organic matter contained in subducted sediments, which is a characteristic of the whole Aegean arc system. Since hydrothermal S at Milos and Santorini has isotope ratios similar to those determined at Nisyros, it seems likely that common controlling processes are active throughout the Aegean island arc. (C) 2002 Elsevier, Science B.V. All rights reserved.

Mineralogical, K-Ar, stable and Sr isotope systematics of K-white micas during very low-grade metamorphism of limestones (Helvetic nappes, Western Switzerland)

Mineralogical, K-Ar, Rb-Sr and stable isotope analyses have been carried out on K-white micas from Helvetic Malm limestones in order to examine their evolution during very low- to low-grade Alpine metamorphism, associated with intense ductile deformation. Metamorphic temperatures were estimated al approximately 300-degrees-C from stable isotopes (quartz-calcite thermometry), occurrence of chloritoid, and `'epizonal'' illite crystallinity index. K-white micas consist of variable mixtures of 2M, phengite and muscovite, as revealed by detailed X-ray diffraction analyses using peak decomposition of the (060, 331) spectra. K-Ar apparent ages display a strong grain-size dependence in which mainly fine-grained size fractions (< 2 mum) record Alpine ages (37-15 Ma). However, these ages provide a relative rather than an absolute chronology of the diachronous Alpine metamorphic evolution of the Helvetic nappes. The resetting of the K-Ar isotopic system of K-white micas to Alpine metamorphic conditions reflects an apparent combination of crystallization/recrystallization and radiogenic Ar-40 diffusion loss. The oxygen isotope compositions of micas (+ 15 to + 22 parts per thousand) are intermediate between detrital and O-18-enriched values expected for micas neoformed within an abundant marine carbonate matrix. No isotopic equilibrium has been reached between calcite and micas. The variable depletion of hydrogen isotope compositions (- 126 to - 82 parts per thousand) is influenced by the interaction with organic matter under closed-system conditions. Organic matter, if not removed, may also represent a serious source of error in K-Ar age determination, by introducing radiogenic Ar-40 contamination. Sr-87/Sr-86 isotope ratios of micas range from 0.70879 to 0.70902 with one outlier at 0.71794. The low values reflect Sr exchange with calcite occurring during crystallization/recrystallization of micas under closed-system conditions.

The effect of substrate on high-temperature annealing of GaN epilayers: Si versus sapphire

We have studied the effects of rapid thermal annealing at 1300¿°C on GaN epilayers grown on AlN buffered Si(111) and on sapphire substrates. After annealing, the epilayers grown on Si display visible alterations with craterlike morphology scattered over the surface. The annealed GaN/Si layers were characterized by a range of experimental techniques: scanning electron microscopy, optical confocal imaging, energy dispersive x-ray microanalysis, Raman scattering, and cathodoluminescence. A substantial Si migration to the GaN epilayer was observed in the crater regions, where decomposition of GaN and formation of Si3N4 crystallites as well as metallic Ga droplets and Si nanocrystals have occurred. The average diameter of the Si nanocrystals was estimated from Raman scattering to be around 3¿nm. Such annealing effects, which are not observed in GaN grown on sapphire, are a significant issue for applications of GaN grown on Si(111) substrates when subsequent high-temperature processing is required.

Von Neumann-Morgenstern solution and convex descompositions of TU games

We study under which conditions the core of a game involved in a convex decomposition of another game turns out to be a stable set of the decomposed game. Some applications and numerical examples, including the remarkable Lucas¿ five player game with a unique stable set different from the core, are reckoning and analyzed.

Pedological and isotopic relations of a highland tropical peatland, Mountain Range of the Espinhaço Meridional (Brazil)

The evolution of organic matter sources in soil is related to climate and vegetation dynamics in the past recorded in paleoenvironmental Quaternary deposits such as peatlands. For this reason, a Histosol of the mineralotrophic peatland from the Pau-de-Fruta Special Protection Area - SPA, Espinhaço Meridional, State of Minas Gerais, was described and characterized to evidence the soil constituent materials and properties as related to changes in environmental conditions, supported by the isotopic and elementary characterization of soil C and N and 14C ages. Samples were collected in a depression at 1,350 m asl, where Histosols are possibly more developed due to the great thickness (505 cm). Nowadays, the area is colonized by vegetation physiognomies of the Cerrado Biome, mainly rocky and wet fields (Campo Rupestre and Campo Úmido), aside from fragments of Semidecidual Seasonal Forest, called Capões forests. The results this study showed that early the genesis of the analyzed soil profile showed a high initial contribution of mostly herbaceous organic matter before 8,090 ± 30 years BP (14C age). In the lower-mid Holocene, between 8,090 ± 30 years AP (14C age) to ± 4,100 years BP (interpolated age), the vegetation gradually became more woody, with forest expansion, possibly due to increased humidity, suggesting the existence of a more woody Cerrado in the past than at present. Drier climate conditions than the current were concluded ± 2,500 years BP (interpolated age) and that after 430 years BP (14C age) the forest gave way to grassland, predominantly. After the dry season, humidity increased to the current conditions. Due to these climate fluctuations during the Holocene, three decomposition stages of organic matter were observed in the Histosols of this study, with prevalence of the most advanced (sapric), typical of a deposit in a highly advanced stage of pedogenetic evolution.

Water retention in a peatland with organic matter in different decomposition stages

Peatlands are ecosystems formed by successive pedogenetic processes, resulting in progressive accumulation of plant remains in the soil column under conditions that inhibit the activity of most microbial decomposers. In Diamantina, state of Minas Gerais, Brazil, a peatland is located at 1366 m asl, in a region with a quartz-rich lithology and characteristic wet grassland vegetation. For this study, the peat area was divided in 12 transects, from which a total of 90 soil samples were collected at a distance of 20 m from each other. The properties rubbed fiber content (RF), bulk density (Bd), mineral material (MM), organic matter (OM), moisture (Moi) and maximum water holding capacity (MWHC) were analyzed in all samples. From three selected profiles of this whole area, samples were collected every 27 cm from the soil surface down to a depth of 216 cm. In these samples, moisture was additionally determined at a pressure of 10 kPa (Moi10) or 1500 kPa (Moi1500), using Richards' extractor and soil organic matter was fractionated by standard procedures. The OM decomposition stage of this peat was found to increase with soil depth. Moi and MWHC were highest in layers with less advanced stages of OM decomposition. The humin levels were highest in layers in earlier stages of OM decomposition and with higher levels of water retention at MWHC and Moi10. Humic acid contents were higher in layers at an intermediate stage of decomposition of organic matter and with lowest levels of water retention at MWHC, Moi10 and Moi1500.

Particulate soil organic carbon and stratification ratio increases in response to crop residue decomposition under no-till

In soils under no-tillage (NT), the continuous crop residue input to the surface layer leads to carbon (C) accumulation. This study evaluated a soil under NT in Ponta Grossa (State of Paraná, Brazil) for: 1) the decomposition of black oat (Avena strigosa Schreb.) residues, 2) relation of the biomass decomposition effect with the soil organic carbon (SOC) content, the particulate organic carbon (POC) content, and the soil carbon stratification ratio (SR) of an Inceptisol. The assessments were based on seven samplings (t0 to t6) in a period of 160 days of three transects with six sampling points each. The oat dry biomass was 5.02 Mg ha-1 at t0, however, after 160 days, only 17.8 % of the initial dry biomass was left on the soil surface. The SOC in the 0-5 cm layer varied from 27.56 (t0) to 30.07 g dm-3 (t6). The SR increased from 1.33 to 1.43 in 160 days. There was also an increase in the POC pool in this period, from 8.1 to 10.7 Mg ha-1. The increase in SOC in the 0-5 cm layer in the 160 days was mainly due to the increase of POC derived from oat residue decomposition. The linear relationship between SOC and POC showed that 21 % of SOC was due to the more labile fraction. The results indicated that the continuous input of residues could be intensified to increase the C pool and sequestration in soils under NT.

Effect of substrate temperature on deposition rate of rf plasma-deposited hydrogenated amorphous silicon thin films

We present a study about the influence of substrate temperature on deposition rate of hydrogenated amorphous silicon thin films prepared by rf glow discharge decomposition of pure silane gas in a capacitively coupled plasma reactor. Two different behaviors are observed depending on deposition pressure conditions. At high pressure (30 Pa) the influence of substrate temperature on deposition rate is mainly through a modification of gas density, in such a way that the substrate temperature of deposition rate is similar to pressure dependence at constant temperature. On the contrary, at low pressure (3 Pa), a gas density effect cannot account for the observed increase of deposition rate as substrate temperature rises above 450 K with an activation energy of 1.1 kcal/mole. In accordance with laser‐induced fluorescence measurements reported in the literature, this rise has been ascribed to an increase of secondary electron emission from the growing film surface as a result of molecular hydrogen desorption.