Macro-economic and financial determinants of comovement across global real estate security markets

This paper models the determinants of integration in the context of global real estate security markets. Using both local and U.S. Dollar denominated returns, we model conditional correlations across listed real estate sectors and also with the global stock market. The empirical results find that financial factors, such as the relationship with the respective equity market, volatility, the relative size of the real estate sector and trading turnover all play an important role in the degree of integration present. Furthermore, the results highlight the importance of macro-economic variables in the degree of integration present. All four of the macro-economic variables modeled provide at least one significant result across the specifications estimated. Factors such as financial and trade openness, monetary independence and the stability of a country’s currency all contribute to the degree of integration reported.

Bank loan terms and conditions: is there a macro effect?

We examine whether macroeconomic factors contain significant information for bank loan contracting terms and conditions (T&Cs), over and above that of standard firm-specific or country-level institutional factors. Our estimation is based on a seemingly unrelated mixed-processes methodology that accommodates two salient data properties: (i) the fact that loan contract terms are determined jointly as a single lending contract, and (ii) the fact that the elements of loan T&Cs are generated by different distributional formats. Our findings indicate that cross-country variation accounts for a significant portion of observed variation in loan T&Cs. In addition, macroeconomic fundamentals significantly explain the “package” of loan T&Cs offered to corporate borrowers, with this effect being distinct from any influence that T&Cs receive from firm-specific factors, and also from country-specific institutional factors.

Estimation of genetic variance for macro- and micro-environmental sensitivity using double hierarchical generalized linear models

Background: Genetic variation for environmental sensitivity indicates that animals are genetically different in their response to environmental factors. Environmental factors are either identifiable (e.g. temperature) and called macro-environmental or unknown and called micro-environmental. The objectives of this study were to develop a statistical method to estimate genetic parameters for macro- and micro-environmental sensitivities simultaneously, to investigate bias and precision of resulting estimates of genetic parameters and to develop and evaluate use of Akaike’s information criterion using h-likelihood to select the best fitting model. Methods: We assumed that genetic variation in macro- and micro-environmental sensitivities is expressed as genetic variance in the slope of a linear reaction norm and environmental variance, respectively. A reaction norm model to estimate genetic variance for macro-environmental sensitivity was combined with a structural model for residual variance to estimate genetic variance for micro-environmental sensitivity using a double hierarchical generalized linear model in ASReml. Akaike’s information criterion was constructed as model selection criterion using approximated h-likelihood. Populations of sires with large half-sib offspring groups were simulated to investigate bias and precision of estimated genetic parameters. Results: Designs with 100 sires, each with at least 100 offspring, are required to have standard deviations of estimated variances lower than 50% of the true value. When the number of offspring increased, standard deviations of estimates across replicates decreased substantially, especially for genetic variances of macro- and micro-environmental sensitivities. Standard deviations of estimated genetic correlations across replicates were quite large (between 0.1 and 0.4), especially when sires had few offspring. Practically, no bias was observed for estimates of any of the parameters. Using Akaike’s information criterion the true genetic model was selected as the best statistical model in at least 90% of 100 replicates when the number of offspring per sire was 100. Application of the model to lactation milk yield in dairy cattle showed that genetic variance for micro- and macro-environmental sensitivities existed. Conclusion: The algorithm and model selection criterion presented here can contribute to better understand genetic control of macro- and micro-environmental sensitivities. Designs or datasets should have at least 100 sires each with 100 offspring.

Extra̧ão de Macro e Micronutrientes Pela Parte Aérea de Erva-Doce EM Fuņão de Calagem e Aduba̧ão com Esterco de Cama de Frango

A greenhouse experiment was conducted in the Soil Science Department of the Botucatu College of Agricultural Sciences (UNESP), Brazil, using a Dark Red Latosol in 25 L pots. The soil was limed to 50 and 70% of base saturation; and doses 0, 10, 20, 30 and 40 t ha-1 of chicken manure were applied, in December of 1999. The experimental design was completely randomized blocks with a factorial arrangement 5x2, 10 treatments and three replications. This work was carried to evaluate leaf number, height plants, fresh and dry weight by aerial part of sweet fennel, and macronutrients and micronutrients removal. The organic fertilization affected the accumulation of N, P, K, S, B and Mn; liming affected the nutrient uptake, except for the Ca, Mg, S and Fe; the interaction of factors affected K, Mg and Mn.

Teores foliares de macro e micronutrientes em milho tolerante ao glyphosate submetido à herbicidas

A serial of factors related to development of glyphosate-tolerant corn should be approached and best studied. This work was developed to evaluate foliar levels of N, P, K, Ca, Mg, S, B, Cu, Fe, Mn and Zn, besides the grain yield of glyphosate-tolerant corn (DKB390 RR hybrid). An experiment was carried out under field conditions, during the crop year of 2010/2011. A randomized complete block design with four repetitions was used to distribute the treatments in the field. Twelve herbicide treatments were studied: glyphosate (720, 1200 and sequential application of 960 plus 720 g ha(-1) of the acid glyphosate equivalent), atrazine (2500 g ha(-1)), nicosulfuron (60 g ha(-1)), mesotrione (192 g ha(-1)), tembotrione (100,8 g ha(-1)), atrazine plus glyphosate (1000 + 960 g ha(-1)), atrazine plus nicosulfuron (1000 + 20 g ha(-1)), atrazine plus mesotrione (1000 + 144 g ha(-1)) and atrazine plus tembotrione (1000 + 75,6 g ha(-1)) and one control treatment without herbicide. The glyphosate and mesotrione alone did not cause no visible injury to corn. The other herbicides caused intoxication symptoms classified as light (<5%). The treatments studied did not affect foliar levels of N, P, K, Ca, Mg, S, B, Mn and Zn in the corn plants. But, the plants treated with atrazine plus nicosulfuron had more leaf Fe content, and the plants sprayed with glyphosate (in the three doses) and atrazine, more accumulation of Cu in the leaf. The Grain yield of corn was reduced with application single of glyphosate (1200 g ha(-1)), nicosulfuron, tembotrione and with the mixture atrazine plus nicosulfuron.

Does water level affect benthic macro-invertebrates of a marginal lake in a tropical river-reservoir transition zone?

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

The effects of professional factors on the quality of life of family health team nurses

The objective of this study was to identify the professional factors affecting the quality of life of nurses working in the family health teams in the Macro Health Region, referred to as the South Triangle, in the State of Minas Gerais. This is a descriptive, cross-sectional study. The participants were 90 nurses, who answered a questionnaire containing the professional variables and the Quality of Life assessment instrument - WHOQOL-100. The results showed a negative impact regarding the number of jobs, unstable jobs, excessive workload and job dissatisfaction in the nurses' Quality of Life domains. There is a need to (re)define the public policies that control the working conditions of these professionals. Actions that contribute towards improving nurses' Quality of Life are important, considering their strong influence on the quality of the healthcare that is delivered.

Prevalence and risk factors of Hepatitis C virus infection in Brazil, 2005 through 2009: a cross-sectional study

Abstract Background Hepatitis C chronic liver disease is a major cause of liver transplant in developed countries. This article reports the first nationwide population-based survey conducted to estimate the seroprevalence of HCV antibodies and associated risk factors in the urban population of Brazil. Methods The cross sectional study was conducted in all Brazilian macro-regions from 2005 to 2009, as a stratified multistage cluster sample of 19,503 inhabitants aged between 10 and 69 years, representing individuals living in all 26 State capitals and the Federal District. Hepatitis C antibodies were detected by a third-generation enzyme immunoassay. Seropositive individuals were retested by Polymerase Chain Reaction and genotyped. Adjusted prevalence was estimated by macro-regions. Potential risk factors associated with HCV infection were assessed by calculating the crude and adjusted odds ratios, 95% confidence intervals (95% CI) and p values. Population attributable risk was estimated for multiple factors using a case–control approach. Results The overall weighted prevalence of hepatitis C antibodies was 1.38% (95% CI: 1.12%–1.64%). Prevalence of infection increased in older groups but was similar for both sexes. The multivariate model showed the following to be predictors of HCV infection: age, injected drug use (OR = 6.65), sniffed drug use (OR = 2.59), hospitalization (OR = 1.90), groups socially deprived by the lack of sewage disposal (OR = 2.53), and injection with glass syringe (OR = 1.52, with a borderline p value). The genotypes 1 (subtypes 1a, 1b), 2b and 3a were identified. The estimated population attributable risk for the ensemble of risk factors was 40%. Approximately 1.3 million individuals would be expected to be anti-HCV-positive in the country. Conclusions The large estimated absolute numbers of infected individuals reveals the burden of the disease in the near future, giving rise to costs for the health care system and society at large. The known risk factors explain less than 50% of the infected cases, limiting the prevention strategies. Our findings regarding risk behaviors associated with HCV infection showed that there is still room for improving strategies for reducing transmission among drug users and nosocomial infection, as well as a need for specific prevention and control strategies targeting individuals living in poverty.

Caracterização macro e micromorfológica do solo para compreensão de processos erosivos lineares, topossequência Manacá, São Carlos - SP

A presente pesquisa tem como objetivo compreender a dinâmica de comportamento do solo sob escala macro e micromorfológica visualizados em topossequência, no que concerne aos agentes morfológicos que condicionam e contribuem para deflagração de processos erosivos. A área de estudo está inserida na sub-bacia hidrográfica do Laranja Azeda localizada na região centro-leste do estado de São Paulo, no município de São Carlos/SP, e têm fundamental importância por pertencer à bacia hidrográfica do Ribeirão Feijão, importante manancial urbano para a cidade. O planejamento de uso e ocupação adequados aos fatores físicos que compõe a dinâmica desta paisagem são essenciais visando a conservação e preservação dos recursos hídricos ali existentes, onde a expressiva ocorrência de processos erosivos são objetos de preocupação, já que estes podem causar assoreamento de rios e reservatórios. Utilizando uma metodologia multiescalar para seleção da área de pesquisa em detalhe e compreensão da organização e dinâmica da cobertura pedológica, foram utilizados os procedimentos propostos pela Análise Estrutural da Cobertura Pedológica e conceitos e técnicas da micromorfologia de solos. Verifica-se que a distribuição dos solos na Topossequência Manacá está estritamente correlacionada à transformação vertical do materialde origem em solo, em cuja vertente existe uma diferenciação litológica que condiciona a morfologia diferenciada, tanto em escala macromorfológica quanto micromorfológica. O terço superior e médio da vertente está associado à depósitos colúvio-eluvionaresda Formação Itaqueri, onde desenvolve-se um Latossolo Vermelho Amarelo. Já o terço inferior da vertente corresponde a um solo formado a partir dos arenitos da Formação Botucatu, sendo enquadrado enquanto Neossolo Quartzarênico. Com o auxílio técnicas de análise bidimensional de imagens retiradas das lâminas delgadas de solo, foi possível visualizar e quantificar a macroposidade ao longo da vertente, importante atributo morfológico que controla os fluxos de água e são agentes condicionantes para o desenvolvimento de processos erosivos. Conclui-se que a ocorrência de voçorocas no terço médio inferior da vertente é a materialização em forma de processos erosivos deste comportamento diferencial da massa do solo, onde portanto, na Topossequência Manacá a busca de equilíbrio dinâmico na vertente é induzida pela dinâmica genética evolutiva das formações geológicas que sustentam a paisagem, desencadeada em processos erosivos que tendem a progredir em desequilíbrio, a depender do manejo estabelecido para o local.

Can Policy Make Us Happier? Individual characteristics socioeconomic factors, and life satisfaction in Central and Eastern Europe. Bruges European Economic Research (BEER) Papers 22/November 2011

In the last decade, Central and Eastern European (CEE) countries have witnessed a rapid economic convergence vis-à-vis Western Europe. However, this rapid growth has not been matched by a similarly rapid increase in life satisfaction, which has remained low in the European context. This paper sets out to address this conundrum, by looking at the individual and macro-level determinants of individual life satisfaction in ten CEE countries. The results highlight that while Central and Eastern Europeans share the same individual determinants of happiness as people in the West (despite some significant cross-country variation), macroeconomic and institutional differences are the key factors behind the lack of convergence in life satisfaction. On the macroeconomic side, GDP growth is still a source of increasing well-being, but the happiness bonus associated with it is becoming smaller. The different levels of individual happiness in CEE are therefore mostly determined by institutional factors such as corruption, government spending and decentralisation, making policies aimed at enhancing institutional quality capable of bringing about substantial improvements in the overall life satisfaction of the people in the region.

Macro-level change and micro-level effects:a twenty year perspective on changing grocery shopping behaviour in Britain

In this paper we summarise key elements of retail change in Britain over a twenty-year period. The time period is that covered by a funded study into long-term change in grocery shopping habits in Portsmouth, England. The major empirical findings—to which we briefly allude—are reported elsewhere: the present task is to assess the wider context underlying that change. For example, it has frequently been stated that retailing in the UK is not as competitive as in other leading economies. As a result, the issue of consumer choice has become increasingly important politically. Concerns over concentration in the industry, new format development and market definition have been expressed by local planners, competition regulators and consumer groups. Macro level changes over time have also created market inequality in consumer opportunities at a local level—hence our decision to attempt a local-level study. Situational factors affecting consumer experiences over time at the local level involve the changing store choice sets available to particular consumers. Using actual consumer experiences thus becomes a yardstick for assessing the practical effectiveness of policy making. The paper demonstrates that choice at local level is driven by store use and that different levels of provision reflect real choice at the local level. Macro-level policy and ‘one size fits all’ approaches to regulation, it is argued, do not reflect the changing reality of grocery shopping. Accordingly, arguments for a more local and regional approach to regulation are made.

Szimulációk és érzékenységvizsgálatok a magyar gazdaság egy középméretű makromodelljével = Simulations and sensitivity analyses with a medium-sized macro model of the Hungarian economy

A tanulmányban a Pénzügyminisztérium gazdaságpolitikai főosztálya és az MTA Közgazdaságtudományi Intézete által kifejlesztett középméretű negyedéves makrogazdasági modell segítségével elemezzük a magyar gazdaság legfontosabb mechanizmusait. A modellezés során követett alapelvek és a modell blokkjainak bemutatása után egy forgatókönyv-elemzés keretében vizsgáljuk a makrogazdasági és költségvetési folyamatokat befolyásoló főbb faktorok hatásait. A - tágan értelmezett - "bizonytalansági tényezőket" három csoportba soroljuk: megkülönböztetjük a külső környezet (például árfolyam) változását, a gazdasági szereplők viselkedésében rejlő bizonytalanságokat (például a bérigazodás sebességének vagy a fogyasztássimítás mértékének bizonytalanságát), valamint a gazdaságpolitikai lépéseket (például állami bérek emelését). Megmutatjuk, hogy e kockázatok makrokövetkezményei nem függetlenek egymástól, például egy árfolyamváltozás hatását befolyásolja a bérigazodás sebessége. ______ This paper analyses the most important mechanisms of the Hungarian economy using a medium-sized quarterly macroeconomic model developed jointly by the Economic Policy Department of the Ministry of Finance and the Institute of Economics of the Hungarian Academy of Sciences. After introducing the fundamental principles of modelling and the building blocks of the model investigated, within a scenario analysis, the authors present the effects of the main factors behind the macroeconomic and budgetary processes. The sources of uncertainty - defined in a broad sense - are categorized in three groups: change in the external environment (e.g. the exchange rate), uncertainties in the behav-iour of economic agents (e.g. in speed of wage adjustment or extent of consumption smoothing), and economic policy decisions (e.g. the increase in public sector wages). The macroeconomic consequences of these uncertainties are shown not to be independent of each other. For instance, the effects of an exchange rate shock are influenced by the speed of wage adjustment.

Global factors affecting women's participation in leadership

This dissertation is a multi-level, cross-cultural study of women in leadership conducted with both macro-society data and individual-level data aggregated to the country level. The research questions are, “What macro and micro forces are hindering or advancing women into business or political leadership?” “How do these forces impact the level of women's involvement in business and political leadership in a particular country?” Data was collected from 10 secondary sources, available for 213 countries, and includes about 300 variables for business leadership (N=115) and political leadership (N=181). To date, most women in leadership research has been Western- or US-based, and little rigorous empirical, multi-level research has been done across countries. The importance of cross-cultural studies on women in leadership stems from the potential to better understand why some countries have more women in positions of both business and political leadership; and the factors that affect women's involvement in such positions in different countries. A “Levels of Women's Participation in Leadership” country model is tested using cluster and discriminant analyses. Results indicate that the factors that affect women?s participation in leadership in countries with fewer women leaders are different from the factors that affect women's participation in countries with high levels of participation. This dissertation proposes that initiatives to increase participation of women in leadership need to consider the relevant factors that significantly affect countries at certain Levels of Women's Participation in Leadership. ^

Characterization of the Anti-Quorum Sensing Activity Exhibited by Marine Macro algae of South Florida

Quorum sensing is a communication mechanism employed by many bacteria. The bacteria secrete signal molecules known as acyl homoseriene lactones (AHLs) that cue to population size/density. Bacteria can be alerted of this optimum population by the concentration of these signal molecules. When the concentration of AHLs exceed a threshold valve, they enter the bacterial cell and causes the transcription of genes encoding virulence factors necessary for their colonization and survival. The marine algae Delise a pulchra, found off the coast of Australia is thought to produce compounds that inhibit the activity of the AHLs. The algae employ these compounds, known as furanones, as an anti-fouling agent. We postulated that marine algae of South Florida might contain similar activity; we screened 30 different algal species and found 22 species had the activity. Algal extracts were made from Halimeda incrassata using hexane, chloroform, ethyl acetate and methanol as solvents. The extracts were assayed for anti-quorum sensing activity. The results showed many of the South Florida green algae to possess anti-quorum sensing activity, however extracts of H incrassata did not show quorum sensing inhibition.

Global Factors Affecting Women's Participation in Leadership

This dissertation is a multi-level, cross-cultural study of women in leadership conducted with both macro-society data and individual-level data aggregated to the country level. The research questions are, “What macro and micro forces are hindering or advancing women into business or political leadership?” “How do these forces impact the level of women’s involvement in business and political leadership in a particular country?” Data was collected from 10 secondary sources, available for 213 countries, and includes about 300 variables for business leadership (N=115) and political leadership (N=181). To date, most women in leadership research has been Western- or US- based, and little rigorous empirical, multi-level research has been done across countries. The importance of cross-cultural studies on women in leadership stems from the potential to better understand why some countries have more women in positions of both business and political leadership; and the factors that affect women’s involvement in such positions in different countries. A “Levels of Women’s Participation in Leadership” country model is tested using cluster and discriminant analyses. Results indicate that the factors that affect women’s participation in leadership in countries with fewer women leaders are different from the factors that affect women’s participation in countries with high levels of participation. This dissertation proposes that initiatives to increase participation of women in leadership need to consider the relevant factors that significantly affect countries at certain Levels of Women’s Participation in Leadership.