The persistence of return on assets: differences between industries and differences between firms

This study offers a statistical analysis of the persistence of annual profits across a sample of firms from different European Union (EU) countries. To this end, a Bayesian dynamic model has been used which enables the annual behaviour of those profits to be broken down into a permanent structural component on the one hand and a transitory component on the other, while also distinguishing between general effects affecting the industry as a whole to which each firm belongs and specific effects affecting each firm in particular. This break down enables the relative importance of those fundamental components to be evaluated. The data analysed come from a sample of 23,293 firms in EU countries selected from the AMADEUS data-base. The period analysed ran from 1999 to 2007 and 21 sectors were analysed, chosen in such a way that there was a sufficiently large number of firms in each country*sector combination for the industry effects to be estimated accurately enough for meaningful comparisons to be made by sector and country. The analysis has been conducted by sector and by country from a Bayesian perspective, thus making the study more flexible and realistic since the estimates obtained do not depend on asymptotic results. In general terms, the study finds that, although the industry effects are significant, more important are the specific effects. That importance varies depending on the sector or the country in which the firm carries out its activity. The influence of firm effects accounts for more than 90% of total variation and display a significantly lower degree of persistence, with adjustment speeds oscillating around 51.1%. However, this pattern is not homogeneous but depends on the sector and country analysed. Industry effects have a more marginal importance, being significantly more persistent, with adjustment speeds oscillating around 10% with this degree of persistence being more homogeneous at both country and sector levels.

México its trade, industries and resources

UANL

Labour, industries and the politics of immigration

Cette thèse par articles examine les causes et conséquences économiques des politiques d'immigration du point de vue des pays receveurs. Je soutiens que les politiques d'immigration affectent la composition industrielle, et que l'immigration non-qualifiée a ralenti le développement des secteurs haute-technologie dans les pays de l'OCDE au cours des dernières décennies. Néanmoins, les gouvernements élus ont des incitatifs à accroître les niveaux d'immigration et à admettre des immigrants non-qualifiés, afin de conserver l'appui du secteur privé, et de façon à éviter les réactions négatives qui résulteraient de l'affaiblissement des industries traditionnelles. Le premier article s'appuie sur un modèle de progrès technologique endogène et soutient que les activités de recherche des entreprises croissent avec l'offre relative en travail qualifié, et se contractent avec l'offre relative en travail non-qualifié. À l'aide de données panel sur les pays de l'OCDE entre 1971 et 2003, j'estime l'élasticité des dépenses en R&D par rapport à l'offre relative de facteurs au moyen d'un modèle OLS dynamique (DOLS). Les résultats sont conséquents avec les propositions théoriques, et je démontre que l'immigration non-qualifiée a ralenti l'intensité des investissements privés en R&D. Le deuxième article examine la réponse des gouvernements fédéraux canadiens au lobbying des entreprises sur l'enjeu de l'immigration, à l'aide de données trimestrielles entre 1996 et 2011. J'argue que les gouvernements ont des incitatifs électoraux à accroître les niveaux d'immigration malgré les préférences restrictives du public sur cet enjeu, afin de s'assurer de l'appui des groupes d'intérêt corporatifs. Je teste cet argument à l'aide d'un modèle vectoriel autorégressif. Un résultat clé est la réponse positive des influx de travailleurs temporaires à l'intensité du lobbying des entreprises. Le troisième article soutient que les gouvernements ont des incitatifs à gérer la sélection des immigrants de façon à préserver la composition industrielle régionale. Je teste cet argument avec des données panel sur les provinces canadiennes entre 2001 et 2010, et un devis de recherche basé sur l'approche des doubles moindres carrés (two-stage least squares). Les résultats tendent à appuyer l'argument principal : les provinces dont l'économie repose davantage sur des industries traditionnelles sont susceptibles de recevoir une plus grande proportion d'immigrants non-qualifiés, ce qui contribue à renforcer cette spécialisation.

Characterization of Wastes from Natural Rubber and Rubber Wood Processing Industries and Their Utilization for Biomethanation

The research work which was carried out to characterization of wastes from natural rubber and rubber wood processing industries and their utilization for biomethanation. Environmental contamination is an inevitable consequence of human activity. The liquid and solid wastes from natural rubber based industries were: characterized and their use for the production of biogas investigated with a view to conserve conventional energy, and to mitigate environmental degradation.Rubber tree (flevea brasiliensis Muell. Arg.), is the most important commercial source of natural rubber and in india. Recently, pollution from the rubber processing factories has become very serious due to the introduction of modern methods and centralized group processing practices.The possibility of the use of spent slurry as organic manure is discussed.l0 percent level of PSD, the activity of cellulolytic, acid producing,proteolytic, lipolytic and methanogenic bacteria were more in the middle stage of methanogenesis.the liquid wastes from rubber processing used as diluents in combination with PSD, SPE promoted more biogas production with high methane content in the gas.The factors that favour methane production like TS, VS, cellulose and hemicellulose degradation were favoured in this treatment which led to higher methane biogenesis.The results further highlight ways and means to use agricultural wastes as alternative sources of energy.

Ethics and Graphic Arts

Discussion of ethical issues pertaining to communication design

Modernisme : arquitectura i arts decoratives = Modernismo : arquitectura y artes decorativas = Modernisme : architecture and decorative arts = Le Modernisme : architecture et arts décoratifs.

Guía para la visita de las salas diez y trece del Museo de Arte Moderno de Cataluña. Estas salas tratan contenidos sobre el Modernismo, concretamente sobre la arquitectura y las artes decorativas. Mediante un mapa, esta guía orienta al visitante por los distintos espacios de las salas.

Education and training governance through learning outcomes : possibilities and constraints in Italy

Resumen tomado de la publicaci??n.

Pre-Raphaelitism, science and the arts in 'The Germ'

This article demonstrates for the first time how dense the references to science are within the Pre-Raphaelite periodical 'The Germ' (1850). By reading the essays from this magazine together, as they were first published, it is possible to see how thoroughly the Pre-Raphaelites theorised their artistic project in terms of a particular mid-Victorian ideal of science. At the same time, the magazine became a forum in which the question of how far the arts ought to take account of science could be debated. In this debate, the competing visions of Pre-Raphaelitism discussed in Holman Hunt’s later accounts of the movement can be seen emerging at a very early stage in its history.

Analysis and risk estimates to workers of Brazilian granitic industries and sandblasters exposed to respirable crystalline silica and natural radionuclides

Occupational exposure to respirable crystalline silica and to radiation emitted by natural radionuclides present both in rocks and sands was studied in the Brazilian extractive process and granite product manufacture. Respirable airborne dust samples were collected in working environments, where workers perform different tasks with distinct commercial granites types, and also in places where sandblasters work with sands from different origins. The free crystalline silica contents were determined using X-ray diffraction of the respirable particulate fraction of each sample. Dust samples from granite cutting and sandblasting ambient had the natural radionuclides concentrations measured by gamma spectrometry. Dust concentrations in the workplaces were quite variable, reaching values up to 10 times higher than the respirable particle mass threshold limit value (TLV) set by the American Conference for Governmental Industrial Hygienists of 3 mg m(-3). Also the free crystalline silica concentrations were high. reaching values up to 48 times the TLV of 0.025 mg m(-3). Additionally, our results suggest that the risk of radiation-induced cancer in the granite or marble industries is negligible. However, the combined exposure to dust, gamma radiation, and radon daughter products could result in the enhancement of lung cancer risks associated to sandblasting activities. (C) 2010 Elsevier Ltd. All rights reserved.