A fundamentális transzformáció és a referenciapont szerepe a hiányos szerződések elméletében (The role of basic transformation and reference point in the theory of incomplete contracts)

A cikk Oliver Hart és szerzőtársai modelljeinek következtetéseit hasonlítja össze Williamson tranzakciós költségekre vonatkozó nézeteivel. Megmutatja, hogy a két irányzat a vállalat vagy piac kérdéskörében más eszközöket használ, de hasonlóan érvel. Megismerkedhetünk Williamson Harttal szemben megfogalmazott azon kritikájával, hogy Hart modelljeiben az alkunak nincsenek tranzakciós költségei, illetve a kritika kritikájával is. Hart elképzeléseit támasztja alá a tulajdonjogi irányzaton belül nemrégiben kialakult referenciapont-elmélet, amely kísérleti lehetőségeket is nyújt a különböző feltételezések igazolására. ____ The article compares the conclusions from the models of Oliver Hart et al. with the views of Williamson on transaction costs. It shows that the two schools use different means on the question of the firm or the market, but similar reasoning. The author covers Williamson's criticism of Hart that there are no transaction costs in his models, and also the criticism of that criticism. Hart's notions are supported by the recently developed theory of reference point within the property-right trend, which offers chances of experimental proof of the various assumptions.

A válság mint negatív információ és bizonytalansági tényező. A válság hatása az egy részvényre jutó nyereség-előrejelzésekre (The financial crisis as negative information and a factor of uncertainty. Analysing the EPS forecasting error in Hungary and Austria)

A szerző a 2008-ban kezdődött gazdasági világválság hatását vizsgálja az egy részvényre jutó nyereség előrejelzésének hibájára. Számos publikáció bizonyította, hogy az elemzők a tényértékeknél szisztematikusan kedvezőbb tervértéket adnak meg az egy részvényre jutó előrejelzéseikben. Más vizsgálatok azt igazolták, hogy az egy részvényre jutó előrejelzési hiba bizonytalan környezetben növekszik, míg arra is számos bizonyítékot lehet találni, hogy a negatív hírek hatását az elemzők alulsúlyozzák. A gazdasági világválság miatt az elemzőknek számtalan negatív hírt kellett figyelembe venniük az előrejelzések készítésekor, továbbá a válság az egész gazdaságban jelentősen növelte a bizonytalanságot. A szerző azt vizsgálja, hogy miként hatott a gazdasági világválság az egy részvényre jutó nyereség- előrejelzés hibájára, megkülönböztetve azt az időszakot, amíg a válság negatív hír volt, attól, amikor már hatásaként jelentősen megnőtt a bizonytalanság. _____ The author investigated the impact of the financial crisis that started in 2008 on the forecasting error for earnings per share. There is plentiful evidence from the 1980s that analysts give systematically more favourable values in their earnings per share (EPS) forecasts than reality, i.e. they are generally optimistic. Other investigations have supported the idea that the EPS forecasting error is greater under uncertain environmental circumstances, while other researchers prove that the analysts under-react to the negative information in their forecasts. The financial crisis brought a myriad of negative information for analysts to consider in such forecasts, while also increasing the level of uncertainty for the entire economy. The article investigates the impact of the financial crisis on the EPS forecasting error, distinguishing the period when the crisis gave merely negative information, from the one when its effect of uncertainty was significantly increased over the entire economy.

Computational modeling of intermediate temperature proton exchange membrane (PEM) fuel cells

A two-phase three-dimensional computational model of an intermediate temperature (120--190°C) proton exchange membrane (PEM) fuel cell is presented. This represents the first attempt to model PEM fuel cells employing intermediate temperature membranes, in this case, phosphoric acid doped polybenzimidazole (PBI). To date, mathematical modeling of PEM fuel cells has been restricted to low temperature operation, especially to those employing Nafion ® membranes; while research on PBI as an intermediate temperature membrane has been solely at the experimental level. This work is an advancement in the state of the art of both these fields of research. With a growing trend toward higher temperature operation of PEM fuel cells, mathematical modeling of such systems is necessary to help hasten the development of the technology and highlight areas where research should be focused.^ This mathematical model accounted for all the major transport and polarization processes occurring inside the fuel cell, including the two phase phenomenon of gas dissolution in the polymer electrolyte. Results were presented for polarization performance, flux distributions, concentration variations in both the gaseous and aqueous phases, and temperature variations for various heat management strategies. The model predictions matched well with published experimental data, and were self-consistent.^ The major finding of this research was that, due to the transport limitations imposed by the use of phosphoric acid as a doping agent, namely low solubility and diffusivity of dissolved gases and anion adsorption onto catalyst sites, the catalyst utilization is very low (∼1--2%). Significant cost savings were predicted with the use of advanced catalyst deposition techniques that would greatly reduce the eventual thickness of the catalyst layer, and subsequently improve catalyst utilization. The model also predicted that an increase in power output in the order of 50% is expected if alternative doping agents to phosphoric acid can be found, which afford better transport properties of dissolved gases, reduced anion adsorption onto catalyst sites, and which maintain stability and conductive properties at elevated temperatures.^

Impact of Employee Management on Hospitality Innovation Success

The author report on a survey of 185 hospitality manager to examine which employee management practices are associated with success in hospitality innovations. The result suggest that successful new hospitality projects are guided by a strategic human resource management approach, have higher level of training, implement behavior- bared evaluation of their front-line staff and empower their employees.

TEACHNJ: An Evaluation of Two Years Implementation

The Teacher Effectiveness and Accountability for the Children of New Jersey (TEACHNJ) Act was adopted by the New Jersey legislature in August 2012 with the intent to raise student achievement by improving the overall quality of instruction. As a result of this act, new teacher evaluation systems are being introduced in school districts across the state in an effort to more accurately assess teacher performance. The new teacher evaluations will be based on multiple classroom observations as well as the academic achievement of their students as measured on standardized tests. In addition, professional development opportunities are likely to change under this legislation, with schools customizing professional development programs to more effectively meet the needs of their teachers. The overarching question that informs our research is what impact will TEACH NJ have on the overall value of teacher evaluations and the quality of professional development opportunities offered to teachers. Data collected through survey research presents the pre-implementation practices (2011-2012 school year) as well as one year post-implementation practices (2013-2014) taking place in school districts throughout New Jersey. The findings reflect teachers’ perceptions of the value of the current teacher evaluation practices, the quality of the current professional development opportunities and the value the school administration places on teacher evaluations.

The Beacon, February 22, 2010

Vol. 23, Issue 65, 8 pages

Ammonite biostratigraphy, lithofacies variations, and paleoceanographic implications for barremian-aptian sequences of northeastern Mexico

Two Barremian-Aptian sequences studied in Durango and Nuevo Leon States, northeastern Mexico include three lithic units which have been described as the Cupido Formation of Barremian-early Early Aptian age, its lateral equivalent, the Lower Tamaulipas Formation, and the La Pena Formation extending through the early Albian. The present work improves the existing ammonite Aptian biozonation by considering constraints associated with a discontinuous spatial and temporal record of the different taxa within the La Pena Formation. Four ammonite biozones are established: 1) The Dufrenoyia justinae Zone for the late Early Aptian, 2) The Burckhardtites nazasensis/Rhytidoplites robertsi Zone for the middle Aptian, 3) The Cheloniceras inconstans Zone for the early Late Aptian, and 4) The Hypacanthoplites cf. leanzae Zone for the late late Aptian. Also, a detailed sedimentological analysis of the sections shed further light on the possible causes that controlled intermittent occurrences of the ammonites in relation to the prevailing paleoceanographic and paleoecologic conditions in northeastern Mexico during the late Barremian-Aptian. Microfacies analyses show that the upper part of the Cupido facies are represented by biocalcirudite with rudists, biocalcarenites with oolites and algae, and rich benthonic foraminifera assemblages with ostracods. These facies are related to paleoceanographic conditions of sedimentation within a shallow-marine carbonate platform. Its lateral equivalent, deep-water facies extended to the southeast and it is represented by the Lower Tamaulipas Formation, which includes planktonic foraminifera, ostracods, and mollusk and echinoid fragments. The beginning of deposition of the La Pena Formation in the late Early Aptian is characterized by an increase in terrigenous materials and significant decrease in the abundance of benthic fauna. The La Pena Formation is recognized by an alternation of marls and shale limestones containing ammonites, planktonic foraminifera, ostracods, and radiolaria toward the top. Accumulation of the La Pena continued throughout the end of the Aptian and records changes in conditions of sedimentation and productivity in the water column, which abruptly terminated the carbonate deposition in the Cupido Platform. Results of carbon/carbonate content analyses show that changes from the Cupido to the La Pena facies are also characterized by an increase of organic carbon, which indicate the onset of enhanced dysoxic/anoxic conditions in the lower water column.

Global compilation of benthic data sets I

Approaches to quantify the organic carbon accumulation on a global scale generally do not consider the small-scale variability of sedimentary and oceanographic boundary conditions along continental margins. In this study, we present a new approach to regionalize the total organic carbon (TOC) content in surface sediments (<5 cm sediment depth). It is based on a compilation of more than 5500 single measurements from various sources. Global TOC distribution was determined by the application of a combined qualitative and quantitative-geostatistical method. Overall, 33 benthic TOC-based provinces were defined and used to process the global distribution pattern of the TOC content in surface sediments in a 1°x1° grid resolution. Regional dependencies of data points within each single province are expressed by modeled semi-variograms. Measured and estimated TOC values show good correlation, emphasizing the reasonable applicability of the method. The accumulation of organic carbon in marine surface sediments is a key parameter in the control of mineralization processes and the material exchange between the sediment and the ocean water. Our approach will help to improve global budgets of nutrient and carbon cycles.

Plant-mediated ‘apparent effects’ between mycorrhiza and insect herbivores

Peer reviewed

The use of PET-CT in the assessment of patients with colorectal carcinoma.

Colorectal cancer is the third most commonly diagnosed cancer, accounting for 53,219 deaths in 2007 and an estimated 146,970 new cases in the USA during 2009. The combination of FDG PET and CT has proven to be of great benefit for the assessment of colorectal cancer. This is most evident in the detection of occult metastases, particularly intra- or extrahepatic sites of disease, that would preclude a curative procedure or in the detection of local recurrence. FDG PET is generally not used for the diagnosis of colorectal cancer although there are circumstances where PET-CT may make the initial diagnosis, particularly with its more widespread use. In addition, precancerous adenomatous polyps can also be detected incidentally on whole-body images performed for other indications; sensitivity increases with increasing polyp size. False-negative FDG PET findings have been reported with mucinous adenocarcinoma, and false-positive findings have been reported due to inflammatory conditions such as diverticulitis, colitis, and postoperative scarring. Therefore, detailed evaluation of the CT component of a PET/CT exam, including assessment of the entire colon, is essential.

Democracia, deuda, ajuste y pobreza : El caso del Plan Austral

El presente trabajo se refiere a algunos de los efectos socioeconómicos de las presiones exteriores que condicionaron el retorno a la democracia, en Argentina, durante la década del 80, como consecuencia de la necesidad de renegociar los pagos de la deuda externa. En efecto, al asumir Alfonsín, los bancos acreedores se negaron a negociar si las autoridades nacionales, antes no aceptaban implementar una política de ajuste recomendada por el FMI. Este organismo multilateral reclamaba la reducción del déficit, la generación de un saldo favorable en la balanza comercial de US $ 3.500 millones y la transferencia al exterior del 6del PBI en concepto de intereses de la deuda. Por entonces, se pretendió disminuir eldéficit mediante la contracción de las inversiones públicas en un 21y el aumento de la recaudación en un 13,5. Al influir la mayor presión tributaria en la disminución del consumo, se procuró compensar el mismo con una política de promoción de exportaciones. La aplicación del plan de ajuste acordado con el FMI acentuó la recesión, debido al deprimido comportamiento de la demanda, provocando por la caída del salario real y la suba de las tasas de interés. . La ponencia circunscribe el planteo de problema a los años 1984 y 1985, procurando reseñar el tema en cuestión, sobre todo, durante el 85, con el propósito de lograr una mayor comprensión en cuanto a las circunstancias en las que se inició la implementación del Plan Austral: sus fuentes, expectativas y limitaciones. La dependencia con respecto a las decisiones del FMI y la posición de éste con respecto al Grupo de los 24. También la relación entre inversión social, recursos fiscales e inflación

Democracia, deuda, ajuste y pobreza : El caso del Plan Austral

El presente trabajo se refiere a algunos de los efectos socioeconómicos de las presiones exteriores que condicionaron el retorno a la democracia, en Argentina, durante la década del 80, como consecuencia de la necesidad de renegociar los pagos de la deuda externa. En efecto, al asumir Alfonsín, los bancos acreedores se negaron a negociar si las autoridades nacionales, antes no aceptaban implementar una política de ajuste recomendada por el FMI. Este organismo multilateral reclamaba la reducción del déficit, la generación de un saldo favorable en la balanza comercial de US $ 3.500 millones y la transferencia al exterior del 6del PBI en concepto de intereses de la deuda. Por entonces, se pretendió disminuir eldéficit mediante la contracción de las inversiones públicas en un 21y el aumento de la recaudación en un 13,5. Al influir la mayor presión tributaria en la disminución del consumo, se procuró compensar el mismo con una política de promoción de exportaciones. La aplicación del plan de ajuste acordado con el FMI acentuó la recesión, debido al deprimido comportamiento de la demanda, provocando por la caída del salario real y la suba de las tasas de interés. . La ponencia circunscribe el planteo de problema a los años 1984 y 1985, procurando reseñar el tema en cuestión, sobre todo, durante el 85, con el propósito de lograr una mayor comprensión en cuanto a las circunstancias en las que se inició la implementación del Plan Austral: sus fuentes, expectativas y limitaciones. La dependencia con respecto a las decisiones del FMI y la posición de éste con respecto al Grupo de los 24. También la relación entre inversión social, recursos fiscales e inflación