Seasonal growth of the crustose lichen Rhizocarpon geographicum (L.) DC. in South Gwynedd, Wales

Seasonal growth was studied in the slow-growing crustose lichen Rhizocarpon geographicum (L.) DC. in an area of South Gwynedd, Wales. Radial growth rate (RGR) of a sample of 20 thalli was measured in situ at three-month intervals over 51 months on a southeast-facing rock surface. There were five periods of significant growth: July-September of 1993, 1994 and 1995, in January-March of 1996, and in April-June of 1997. In four of these periods, growth coincided with a mean temperature maximum (Tmax) over a three-month period exceeding 15°C and three of the maxima with greater than 450 sunshine hours. Two of the growth maxima coincided with periods of total rainfall exceeding 300 mm and one with greater than 50 rain days in a three-month period. There were no significant linear correlations between RGR and the climatic variables measured. However, there were significant non-linear relationships between RGR and Tmax, the mean temperature minimum (Tmin), the total number of air and ground frosts and the number of rain days in a growth period, the relationship with Tmax being the most significant. Hence, in south Gwynedd, maximum growth of R. geographicum occurs in any season although the period July-September appears to be the most favourable. Relationships between growth and climatic variables were non-linear, temperature having the most significant influence on seasonal growth. ©2006 Balaban.

The effects of quantitative easing on the volatility of the gilt-edged market

We model the effects of quantitative easing on the volatility of returns to individual gilts, examining both the effects of QE overall and of the specific days of asset purchases. The action of QE successfully neutralized the six fold increase in volatility that had been experienced by gilts since the start of the financial crisis. The volatility of longer term bonds reduced more quickly than the volatility of short to medium term bonds. The reversion of the volatility of shorter term bonds to pre-crisis levels was found to be more sensitive to the specific operational actions of QE, particularly where they experienced relatively greater purchase activity.

Social and seasonal plasticity of the electric fish, Brachyhypopomus gauderio

The South American electric knifefish, Brachyhypopomus gauderio, uses weakly electric fields to see and communicate in the dark. Only one study to date has investigated natural behavior in this species during the breeding season; this study proposed that B. guarerio has an exploded lek polygyny breeding system. To test this hypothesis, artificial marshes simulating the native vegetation, temperature, and water conductivities of the South American subtropics were created to study seasonal variation in associative behavior of B. gauderio during the breeding and non-breeding seasons. Mark/recapture methods were used to keep track of individual fish and their dispersion inside the experimental designs. The experimental design proved to be extremely successful at eliciting reproduction. Differences were found in seasonal variations of social behaviors between adult and juvenile populations. Although no apparent sex. differences in movement patterns were found during the breeding season; a trend for male-male aversion was found, suggesting male-male avoidance as a possible strategy guiding aspects of social behaviors in this species. Further, movement may be a tactic for mate seeking as the individuals who moved the most during the breeding season obtained the most opposite sex interactions. These findings support the exploded lek polygyny model. Social interactions are subject to complex regulation by social, physiologic and ecological factors; the extent to which these associations are repeatable may provide novel insights on the evolution of sociality as it has been shaped by natural selection.

An empirical analysis of the global audit market: International Financial Reporting Standards-related changes and differences within the Big 4 global networks

Ongoing debates within the professional and academic communities have raised a number of questions specific to the international audit market. This dissertation consists of three related essays that address such issues. First, I examine whether the propensity to switch between auditors of different sizes (i.e., Big 4 versus non-Big 4) changes as adoption of International Financial Reporting Standards (IFRS) becomes a more common phenomenon, arguing that smaller auditors have an opportunity to invest in necessary skills and training needed to enter this market. Findings suggest that clients are relatively less (more) likely to switch to (away from) a Big 4 auditor if the client's adoption of IFRS occurs in more recent years. ^ In the second essay, I draw on these inferences and test whether the change in audit fees in the year of IFRS adoption changes over time. As the market becomes less concentrated, larger auditors becomes less able to demand a premium for their services. Consistent with my arguments, results suggest that the change in audit service fees declines over time, although this effect seems concentrated among the Big 4. I also find that this effect is partially attributable to a differential effect of the auditors' experience in pricing audit services related to IFRS based on the period in which adoption occurs. The results of these two essays offer important implications to policy debates on the costs and benefits of IFRS adoption. ^ In the third essay, I differentiate Big 4 auditors into three classifications—Parent firms, Brand Name affiliates, and Local affiliates—and test for differences in audit fee premiums (relative to non-Big 4 auditors) and audit quality. Results suggest that there is significant heterogeneity between the three classifications based on both of these characteristics, which is an important consideration for future research. Overall, this dissertation provides additional insights into a variety of aspects of the global audit market.^

Análise da sobre-reação e sub-reação nos ativos de primeira e segunda linha do mercado acionário brasileiro

The Behavioral Finance develop as it is perceived anomalies in these markets efficient. This fields of study can be grouped into three major groups: heuristic bias, tying the shape and inefficient markets. The present study focuses on issues concerning the heuristics of representativeness and anchoring. This study aimed to identify the then under-reaction and over-reaction, as well as the existence of symmetry in the active first and second line of the Brazilian stock market. For this, it will be use the Fuzzy Logic and the indicators that classify groups studied from the Discriminant Analysis. The highest present, indicator in the period studied, was the Liabilities / Equity, demonstrating the importance of the moment to discriminate the assets to be considered "winners" and "losers." Note that in the MLCX biases over-reaction is concentrated in the period of financial crisis, and in the remaining periods of statistically significant biases, are obtained by sub-reactions. The latter would be in times of moderate levels of uncertainty. In the Small Caps the behavioral responses in 2005 and 2007 occur in reverse to those observed in the Mid-Large Cap. Now in times of crisis would have a marked conservatism while near the end of trading on the Bovespa speaker, accompanied by an increase of negotiations, there is an overreaction by investors. The other heuristics in SMLL occurred at the end of the period studied, this being a under-reaction and the other a over-reaction and the second occurring in a period of financial-economic more positive than the first. As regards the under / over-reactivity in both types, there is detected a predominance of either, which probably be different in the context in MLCX without crisis. For the period in which such phenomena occur in a statistically significant to note that, in most cases, such phenomena occur during the periods for MLCX while in SMLL not only biases are less present as there is no concentration of these at any time . Given the above, it is believed that while detecting the presence of bias behavior at certain times, these do not tend to appear to a specific type or heuristics and while there were some indications of a seasonal pattern in Mid- Large Caps, the same behavior does not seem to be repeated in Small Caps. The tests would then suggest that momentary failures in the Efficient Market Hypothesis when tested in semistrong form as stated by Behavioral Finance. This result confirms the theory by stating that not only rationality, but also human irrationality, is limited because it would act rationally in many circumstances

Análise da sobre-reação e sub-reação nos ativos de primeira e segunda linha do mercado acionário brasileiro

The Behavioral Finance develop as it is perceived anomalies in these markets efficient. This fields of study can be grouped into three major groups: heuristic bias, tying the shape and inefficient markets. The present study focuses on issues concerning the heuristics of representativeness and anchoring. This study aimed to identify the then under-reaction and over-reaction, as well as the existence of symmetry in the active first and second line of the Brazilian stock market. For this, it will be use the Fuzzy Logic and the indicators that classify groups studied from the Discriminant Analysis. The highest present, indicator in the period studied, was the Liabilities / Equity, demonstrating the importance of the moment to discriminate the assets to be considered "winners" and "losers." Note that in the MLCX biases over-reaction is concentrated in the period of financial crisis, and in the remaining periods of statistically significant biases, are obtained by sub-reactions. The latter would be in times of moderate levels of uncertainty. In the Small Caps the behavioral responses in 2005 and 2007 occur in reverse to those observed in the Mid-Large Cap. Now in times of crisis would have a marked conservatism while near the end of trading on the Bovespa speaker, accompanied by an increase of negotiations, there is an overreaction by investors. The other heuristics in SMLL occurred at the end of the period studied, this being a under-reaction and the other a over-reaction and the second occurring in a period of financial-economic more positive than the first. As regards the under / over-reactivity in both types, there is detected a predominance of either, which probably be different in the context in MLCX without crisis. For the period in which such phenomena occur in a statistically significant to note that, in most cases, such phenomena occur during the periods for MLCX while in SMLL not only biases are less present as there is no concentration of these at any time . Given the above, it is believed that while detecting the presence of bias behavior at certain times, these do not tend to appear to a specific type or heuristics and while there were some indications of a seasonal pattern in Mid- Large Caps, the same behavior does not seem to be repeated in Small Caps. The tests would then suggest that momentary failures in the Efficient Market Hypothesis when tested in semistrong form as stated by Behavioral Finance. This result confirms the theory by stating that not only rationality, but also human irrationality, is limited because it would act rationally in many circumstances

Spatial distribution of triatomines in domiciles of an urban area of the Brazilian Southeast Region

Reports of triatomine infestation in urban areas have increased. We analysed the spatial distribution of infestation by triatomines in the urban area of Diamantina, in the state of Minas Gerais, Brazil. Triatomines were obtained by community-based entomological surveillance. Spatial patterns of infestation were analysed by Ripley’s K function and Kernel density estimator. Normalised difference vegetation index (NDVI) and land cover derived from satellite imagery were compared between infested and uninfested areas. A total of 140 adults of four species were captured (100 Triatoma vitticeps, 25 Panstrongylus geniculatus, 8 Panstrongylus megistus, and 7 Triatoma arthurneivai specimens). In total, 87.9% were captured within domiciles. Infection by trypanosomes was observed in 19.6% of 107 examined insects. The spatial distributions of T. vitticeps, P. geniculatus, T. arthurneivai, and trypanosome-positive triatomines were clustered, occurring mainly in peripheral areas. NDVI values were statistically higher in areas infested by T. vitticeps and P. geniculatus. Buildings infested by these species were located closer to open fields, whereas infestations of P. megistus and T. arthurneivai were closer to bare soil. Human occupation and modification of natural areas may be involved in triatomine invasion, exposing the population to these vectors.

Agroforestry systems and food security among smallholder farmers of the Brazilian Amazon: A strategy for environmental global crisis.

2008

Teoria e prática na proteção aos acionistas minoritários: um olhar sobre o direito de retirada nas reorganizações societárias

This paper analyzes the evolution of the protection to the minority stockholders of the stock market, through their right to withdrawal when the society is reorganized. Thus, a triple study was done: In the first place, it analyzes the evolution of legal protection for the minority stockholders with relation to possible abuses that can be committed by the majority stockholders of public traded corporations when there is a Public Offering for Stocks Acquisition (POSAs). In the second place, it studies opinions about this legal protection of portfolio managers and lawyers who deal with corporate law. Finally, it verified the POSAs which occurred in recent periods, comparing the values used by the majority stockholders to reimburse the stocks from minority shareholders in those POSAs. Comparing the results of these three above studies, we conclude that: A) The current legislation does not protect adequately the minority stockholders; B) There is a great dispersion of opinions among the two categories of professionals, concerning their approval or not of important details of the current legislation, and also of the old legislation; C) A great dispersion also exists about the suggestions concerning what should be modified in the legislation to improve it; D) The Brazilian Securities Commission (Comissão de Valores Mobiliários ¿ CVM) did not prevent the distortions observed in the POSAs studied; E) The legislation is not always well known by these professionals, and this suggests that the knowledge of small investors must be precarious. This insecurity and ignorance of the legal protection become obstacles for nonspecialized persons to invest in stocks, resulting in an important limitation for the development and popularization of the Brazilian stock market.

Empirical Evidence of Conditional Heteroskedasticity in Vietnam’s Stock Returns Time Series

This paper confirms presence of GARCH(1,1) effect on stock return time series of Vietnam’s newborn stock market. We performed tests on four different time series, namely market returns (VN-Index), and return series of the first four individual stocks listed on the Vietnamese exchange (the Ho Chi Minh City Securities Trading Center) since August 2000. The results have been quite relevant to previously reported empirical studies on different markets.