How does ownership structure affect capital structure and firm value?:Recent evidence from East Asia

The present paper examines the effects of ownership structures on capital structure and firm valuation. It argues that the effects of separation of control from cash flow rights on capital structure and firm value also depend on the separation of control from management as well as on legal rules and enforcement defining investors' protection. We obtain firm-level panel data (three stage least squares, 3SLS) estimates from four of the East Asian countries worst affected by the last crisis. There is evidence that the general wisdom that higher control than cash flow rights may lower firm value may be reversed among owner-managed family firms in the sample countries. © 2007 The Authors Journal compilation © 2007 The European Bank for Reconstruction and Development.

Downdraft gasification of biomass

The objectives of this research were to investigate the parameters affecting the gasification process within downdraft gasifiers using biomass feedstocks. In addition to investigations with an open-core gasifier, a novel open-topped throated gasifier was designed and used. A sampling system was designed and installed to determine the water, tar and particular content of the raw product gas. This permitted evaluation of the effects of process parameters and reactor design on tar and particular production, although a large variation was found for the particulate measurements due to the capture of large particles. For both gasifiers, the gasification process was studied in order to identify and compare the mechanisms controlling the position and shape of the reaction zones. The stability of the reaction zone was found to be governed by the superficial gas velocity within the reactor. A superficial gas velocity below 0.2 Nms-1 resulted in a rising reaction zone in both gasifiers. Turndown is achieved when the rate of char production by flaming pyrolysis equals the rate of char gasification over a range of throughputs. A turndown ratio of 2:1 was achieved for the hybrid-throated gasifier, compared to 1.3:1 for the open-core. It is hypothesized that pyrolysis is a surface area phenomenon, and that in the hybrid gasifier the pyrolysis front can expand to form a dome-shape. The rate of char gasification is believed to increase as the depth of the gasification zone increases. Vibration of the open-core reactor bed decreased the bed pressure drop, reduced the voidage, aided solids flow and gave a minor improvement in the product gas energy content. Insulation improved the performance of both reactors by reducing heat losses resulting in a reduced air to feed ratio requirement. The hybrid gasifier gave a higher energy conversion efficiency, a higher product gas heating value, and a lower tar content than the open-core gasifier due to efficient gas mixing in a high temperature tar cracking region below the throat and reduced heat losses.

Catalytic pyrolysis of agricultural residues for bio-oil production

Agricultural residues from Thailand, namely stalk and rhizome of cassava plants, were employed as raw materials for bio-oil production via fast pyrolysis technology. There were two main objectives of this project. The first one was to determine the optimum pyrolysis temperature for maximising the organics yield and to investigate the properties of the bio-oils produced. To achieve this objective, pyrolysis experiments were conducted using a bench-scale (150 g/h) reactor system, followed by bio-oil analysis. It was found that the reactor bed temperature that could give the highest organics yield for both materials was 490±15ºC. At all temperatures studied, the rhizome gave about 2-4% higher organics yields than the stalk. The bio-oil derived from the rhizome had lower oxygen content, higher calorific value and better stability, thus indicating better quality than that produced from the stalk. The second objective was to improve the bio-oil properties in terms of heating value, viscosity and storage stability by the incorporation of catalyst into the pyrolysis process. Catalytic pyrolysis was initially performed in a micro-scale reactor to screen a large number of catalysts. Subsequently, seven catalysts were selected for experiments with larger-scale (150 g/h) pyrolysis unit. The catalysts were zeolite and related materials (ZSM-5, Al-MCM-41 and Al-MSU-F), commercial catalysts (Criterion-534 and MI-575), copper chromite and ash. Additionally, the combination of two catalysts in series was investigated. These were Criterion-534/ZSM-5 and Al-MSU-F/ZSM-5. The results showed that all catalysts could improve the bio-oils properties as they enhanced cracking and deoxygenation reactions and in some cases such as ZSM-5, Criterion-534 and Criterion-534/ZSM-5, valuable chemicals like hydrocarbons and light phenols were produced. The highest concentration of these compounds was obtained with Criterion-534/ZSM-5.

Comprehensive characterization of Napier grass as a feedstock for thermochemical conversion

Study on Napier grass leaf (NGL), stem (NGS) and leaf and stem (NGT) was carried out. Proximate, ultimate and structural analyses were evaluated. Functional groups and crystalline components in the biomass were examined. Pyrolysis study was conducted in a thermogravimetric analyzer under nitrogen atmosphere of 20 mL/min at constant heating rate of 10 K/min. The results reveal that Napier grass biomass has high volatile matter, higher heating value, high carbon content and lower ash, nitrogen and sulfur contents. Structural analysis shows that the biomass has considerable cellulose and lignin contents which are good candidates for good quality bio-oil production. From the pyrolysis study, degradation of extractives, hemicellulose, cellulose and lignin occurred at temperature around 478, 543, 600 and above 600 K, respectively. Kinetics of the process was evaluated using reaction order model. New equations that described the process were developed using the kinetic parameters and data compared with experimental data. The results of the models fit well to the experimental data. The proposed models may be a reliable means for describing thermal decomposition of lignocellulosic biomass under nitrogen atmosphere at constant heating rate.

Experimental investigation of the fuel properties of glidfuel, palm oil mill effluent biodiesel and blends

Biofuels derived from industry waste have potential to substitute fossil fuels (Diesel and Gasoline) in internal combustion (IC) engines. Use of waste streams as fuels would help to reduce considerably life-cycle greenhouse gas emissions and minimise waste processing costs. In this study an investigation into the fuel properties of two waste derived biofuels were carried out, they are: (i) Glidfuel (GF) biofuel - a waste stream from paper industry, and (ii) Palm Oil Mill Effluent (POME) biodiesel - biodiesel produced from palm oil industry effluent through various treatment and transesterification process. GF and POME was mixed together at various proportions and separately with fossil diesel (FD) to assess the miscibility and various physical and chemical properties of the blends. Fuel properties such as kinematic viscosity, higher heating value, water content, acid number, density, flash point temperature, CHNO content, sulphur content, ash content, oxidation stability, cetane number and copper corrosion ratings of all the fuels were measured. The properties of GF, POME and various blends were compared with the corresponding properties of the standard FD. Significance of the fuel properties and their expected effects on combustion and exhaust emission characteristics of the IC engine were discussed. Results showed that most properties of both GF and POME biodiesel were comparable to FD. Both GF and POME were miscible with each other, and also separately with the FD. Flash point temperatures of GF and POME biodiesel were 40.7°C and 158.7°C respectively. The flash point temperature of GF was about 36% lower than corresponding FD. The water content in GF and FD were 0.74 (% wt) and 0.01 (% wt) respectively. Acidity values and corrosion ratings of both GF and POME biodiesel were low compared to corresponding value for FD. The study concluded that optimum GF-POME biofuel blends can substitute fossil diesel use in IC engines.

Relações entre aptidão fisica, sexo, idade, nivel de atividade fisica e supervisão dos exercicios em individuos fisicamente ativos de 50 a 79 anos de idade

Universidade Estadual de Campinas . Faculdade de Educação Física

A critical analysis of Doppler velocimetry in the differential diagnosis of malignant and benign ovarian masses

Objectives: To evaluate the intratumoral reliability of color Doppler parameters and the contribution of Doppler sonography to the gray-scale differential diagnosis of ovarian masses. Methods: An observational study was performed including 67 patients, 15 (22.4%) with malignant ovarian neoplasm and 52 (77.6%) with benign ovarian diseases. We performed the Doppler evaluation in two distinct vessels selected after decreasing the Doppler gain to sample only vessels with higher velocity flow. Doppler measurements were obtained from each identified vessel, and resistive index (RI), pulsatility index (PI), peak systolic velocity (PSV), and end-diastolic velocity (EDV) were measured. Intraclass coefficient of correlation (ICC), sensitivity, specificity, and potential improvement in gray-scale ultrasound performance were calculated. Results: The general ICC were 0.60 (95% CI 0.42- 0.73) for RI, 0.65 (95% CI 0.49- 0.77) for PI, 0.07 (95% CI- 0.17-0.30) for PSV, and 0.19 (95% CI -0.05-0.41) for EDV. The sensitivity and specificity were respectively 84.6% and 86.7% for RI, 69.2% and 93.3% for PI, 80.0% and 65.4% for gray-scale sonography, and 93.3% and 65.4% for gray-scale plus RI (p = 0.013). Conclusions: Gynecologists must be careful in interpreting results from Doppler evaluation of ovarian masses because PSV and EDV present poor intratumoral reliability. The lower RI value, evaluated in at least two distinct sites of the tumor, was able to improve the performance of gray-scale ultrasound in differential diagnosis of ovarian masses.

Determination of nutritional and toxic elements in pasteurized bovine milk from Vale do Paraiba region (Brazil)

Throughout the year of 2004, 54 samples (I L each) were collected from commercial sources in the Vale do Paraiba region (eastern portion of Sao Paulo State, Brazil). The concentrations of (Ca, Cr, Cu, Fe, Mg, Mn, Ni, Se, Zn, Cd and Pb) in these samples were analyzed by two atomic-absorption spectroscopy (AAS) methods. Ca, Cu, Fe, Mg and Zn were determined by flame atomic-absorption spectroscopy (FAAS) and (Cd, Cr, Mn, Ni, Pb and Se) were determined by electrothermal atomic-absorption spectroscopy (ETAAS). Tests to determine and quantify essential, nonessential and toxic elements present in bovine milk are rare in Brazil, especially so for Vale do Paraiba region. Tests were performed on standard NIST-certified milk-powder to validate the reliability of subsequently collected analytical data. Ca presented a lower recovery value (85.3%). The finding for Ca macro-nutrient was found to be below recommended international standards (1300 mg/L) for all samples possibly due to milk heterogeneity and losses in the pasteurization process. Significant results for Pb were found in all milk samples with average values at 0.230 mg/L from a minimum of 0.062 mg/L and maximum of 0.476 mg/L (C) 2009 Elsevier Ltd. All rights reserved.

Meat quality of broilers from different rearing systems

Color, pH, shear force, water-holding capacity, chemical composition, cholesterol content, and fatty acid profile from conventional, free-range and alternative broiler breast meat were determined in order to evaluate differences in the quality of broiler meat produced under different systems. Broilers reared in a conventional system had the highest lipid content (1.3%) but lower proportions of polyunsaturated (17.3%) and omega-3 fatty acids (0.3%) (p<0.05) compared to free-range and alternative broilers. On the other hand, free-range broilers had a lower cholesterol content (48.6 mg center dot 100 g(-1)) and lower pH (5.7 1) while broilers raised in an alternative system had a higher shear force (2.33 kgf) and lower yellowness value (b* value = 3.15) when compared to the other rearing systems (p<0.05).

Influence of ankle functional instability on the ankle electromyography during landing after volleyball blocking

The purpose of this study was to describe, interpret and compare the EMG activation patterns of ankle muscles - tibialis anterior (TA), peroneus longus (PL) and gastrocnemius lateralis (GL) - in volleyball players with and without ankle functional instability (FI) during landing after the blocking movement. Twenty-one players with FI (IG) and 19 controls (CG) were studied. The cycle of movement analyzed was the time period between 200 ms before and 200 ms after the time of impact determined by ground reaction forces. The variables were analyzed for two different phases: pre-landing (200 ms before impact) and post-landing (200 ms after impact). The RMS values and the timing of onset activity were calculated for the three studied muscles, in both periods and for both groups. The co-activation index for TA and PL, TA and GL were also calculated. Individuals with FI presented a lower RMS value pre-landing for PL (CG = 43.0 perpendicular to 22.0; IG = 26.2 perpendicular to 8.4, p < 0.05) and higher RMS value post-landing (CG = 47.5 perpendicular to 13.3; IG = 55.8 perpendicular to 21.6, p < 0.10). Besides that, in control group PL and GL activated first and simultaneously, and TA presented a later activation, while in subjects with FI all the three muscles activated simultaneously. There were no significant differences between groups for co-activation index. Thus, the rate of contraction between agonist and antagonist muscles is similar for subjects with and without FI but the activation individually was different. Volleyball players with functional instability of the ankle showed altered patterns of the muscles that play an important role in the stabilization of the foot-ankle complex during the performance of the blocking movement, to the detriment of the ligament complex, and this fact could explain the usual complaints in these subjects. (C) 2007 Elsevier Ltd. All rights reserved.

Influence of pH on slow crack growth of dental porcelains

Objectives. To evaluate the effect of pH of storage medium on slow crack growth (SCG) parameters of dental porcelains. Methods. Two porcelains were selected: with (UD) and without (VM7) leucite particles, in order to assess if the microstructure would affect the response of the material to the pH variation. Disc specimens were produced following manufacturers` instructions. Specimens were stored in artificial saliva in pHs 3.5, 7.0 or 10.0 for 10 days and after that the fatigue parameters (n: SCG susceptibility coefficient and sigma(0): scaling parameter) were obtained by the dynamic fatigue test using the same pH of storage. Microstructural analysis of the materials was also performed. Results. For VM7, the values of n obtained in the different pHs were similar and varied from 29.9 to 31.2. The sigma(0) value obtained in pH 7.0 for VM7 was higher than that obtained in the other pHs, which were similar. For porcelain UD, n values obtained in pHs 7.0 and 10.0 were similar (40.8 and 39.6, respectively), and higher than that obtained in pH 3.5 (26.5). With respect to sigma(0), the value obtained for porcelain UD in pH 10.0 was lower than those obtained in pHs 3.5 and 7.0, which were similar. Significance. The effect of pH on the stress corrosion susceptibility (n) depended on the porcelain studied. While the n value of VM7 was not affected by the pH, UD presented lower n value in acid pH. For both porcelains, storage in acid or basic pH resulted in strength degradation. (C) 2007 Academy of Dental Materials. Published by Elsevier Ltd. All rights reserved.

Techniques to determine ignition, flame stability and burnout of blended coals in p.f. power station boilers

The blending of coals has become popular to improve the performance of coals, to meet specifications of power plants and, to reduce the cost of coals, This article reviews the results and provides new information on ignition, flame stability, and carbon burnout studies of blended coals. The reviewed studies were conducted in laboratory-, pilot-, and full-scale facilities. The new information was taken in pilot-scale studies. The results generally show that blending a high-volatile coal with a low-volatile coal or anthracite can improve the ignition, flame stability and burnout of the blends. This paper discusses two general methods to predict the performance of blended coals: (1) experiment; and (2) indices. Laboratory- and pilot-scale tests, at least, provide a relative ranking of the combustion performance of coal/blends in power station boilers. Several indices, volatile matter content, heating value and a maceral index, can be used to predict the relative ranking of ignitability and flame stability of coals and blends. The maceral index, fuel ratio, and vitrinite reflectance can also be used to predict the absolute carbon burnout of coal and blends within limits. (C) 2000 Elsevier Science Ltd. All rights reserved.

Effect of fiber alignment in gelled electrospun membranes based on poly(vinylidene fluoride) for battery applications

Battery separators based on electrospun membranes of poly(vinylidene fluoride) (PVDF) have been prepared in order to study the effect of fiber alignment on the performance and characteristics of the membrane. The prepared membranes show an average fiber diameter of 272 nm and a degree of porosity of 87 %. The gel polymer electrolytes are prepared by soaking the membranes in the electrolyte solution. The alignment of the fibers improves the mechanical properties for the electrospun membranes. Further, the microstructure of the membrane also plays an important role in the ionic conductivity, being higher for the random electrospun membrane due to the lower tortuosity value. Independently of the microstructure, both membranes show good electrochemical stability up to 5.0 V versus Li/Li+. These results show that electrospun membranes based on PVDF are appropriate for battery separators in lithium-ion battery applications, the random membranes showing a better overall performance.

Effect of fiber orientation in gelled poly (vinylience fluoride) electrospun membranes for Li-ion battery applications

Battery separators based on electrospun membranes of poly(vinylidene fluoride) (PVDF) have been prepared in order to study the effect of fiber alignment on the performance and characteristics of the membrane. The prepared membranes show an average fiber diameter of ~272 nm and a degree of porosity of ~87 %. The gel polymer electrolytes are prepared by soaking the membranes in the electrolyte solution. The alignment of the fibers improves the mechanical properties for the electrospun membranes. Further, the microstructure of the membrane also plays an important role in the ionic conductivity, being higher for the random electrospun membrane due to the lower tortuosity value. Independently of the microstructure, both membranes show good electrochemical stability up to 5.0 V versus Li/Li+. These results show that electrospun membranes based on PVDF are appropriate for battery separators in lithium-ion battery applications, the random membranes showing a better overall performance.

Utilização de co-solventes na produção de biodiesel a partir de óleo residual e etanol por catálise enzimática

A constante e sistemática subida de preço dos combustíveis fósseis e as contínuas preocupações com o meio ambiente determinaram a procura de soluções ambientalmente sustentáveis. O biodiesel surge, então, como uma alternativa para essa problemática, bem como uma solução para resíduos líquidos e gordurosos produzidos pelo ser humano. A produção de biodiesel tem sido alvo de extensa atenção nos últimos anos, pois trata-se de um combustível biodegradável e não poluente. A produção de biodiesel pelo processo de transesterificação usando álcoois de cadeia curta e catalisadores químicos, nomeadamente alcalinos, tem sido aceite industrialmente devido à sua elevada conversão. Recentemente, a transesterificação enzimática tem ganho adeptos. No entanto, o custo da enzima permanece uma barreira para a sua aplicação em grande escala. O presente trabalho visa a produção de biodiesel por transesterificação enzimática a partir de óleo residual de origem vegetal. O álcool usado foi o etanol, em substituição do metanol usado convencionalmente na catálise homogénea, pois a atividade da enzima é inibida pela presença deste último. As maiores dificuldades apresentadas na etanólise residem na separação das fases (Glicerol e Biodiesel) após a reação bem como na menor velocidade de reação. Para ajudar a colmatar esta desvantagem foi estudada a influência de dois cosolventes: o hexano e o hexanol, na proporção de 20% (v/v). Após a escolha do co-solvente que permite obter melhor rendimento (o hexano), foi elaborado um planeamento fatorial no qual se estudou a influência de três variáveis na produção de biodiesel por catálise enzimática com etanol e co-solventes: a razão molar óleo/álcool (1:8, 1:6 e 1:4), a quantidade de co-solvente adicionado (30, 20 e 10%, v/v) e o tempo de reação (48, 36 e 24h). A avaliação do processo foi inicialmente seguida pelo rendimento da reação, a fim de identificar as melhores condições, sendo substituída posteriormente pela quantificação do teor de ésteres por cromatografia em fase gasosa. O biodiesel com teor de ésteres mais elevado foi produzido nas condições correspondentes a uma razão molar óleo:álcool de 1:4, com 5g de Lipozyme TL IM como catalisador, 10% co-solvente (hexano, v/v), à temperatura de 35 ºC durante 24h. O rendimento do biodiesel produzido sob estas condições foi de 73,3%, traduzido em 64,7% de teor de ésteres etílicos. Contudo o rendimento mais elevado que se obteve foi de 99,7%, para uma razão óleo/álcool de 1:8, 30% de co-solvente (hexano, v/v), reação durante 48h a 35 ºC, obtendo-se apenas 46,1% de ésteres. Por fim, a qualidade do biodiesel foi ainda avaliada, de acordo com as especificações da norma EN 14214, através das determinações de densidade, viscosidade, ponto de inflamação, teor de água, corrosão ao cobre, índice de acidez, índice de iodo, teor de sódio (Na+) e potássio (K+), CFPP e poder calorífico. Na Europa, os ésteres etílicos não têm, neste momento, norma que os regule quanto à classificação da qualidade de biodiesel. Contudo, o biodiesel produzido foi analisado de acordo com a norma europeia EN14214, norma esta que regula a qualidade dos ésteres metílicos, sendo possível concluir que nenhum dos parâmetros avaliados se encontra em conformidade com a mesma.