Comparative Histopathological Analysis of Human Pulps after Class I Cavity Preparation with a High-Speed Air-Turbine Handpiece or Er:YAG Laser

The purpose of this study was to comparatively evaluate the response of human pulps after cavity preparation with different devices. Deep class I cavities were prepared in sound mandibular premolars using either a high-speed air-turbine handpiece (Group 1) or an Er: YAG laser (Group 2). Following total acid etching and the application of an adhesive system, all cavities were restored with composite resin. Fifteen days after the clinical procedure, the teeth were extracted and processed for analysis under optical microscopy. In Group 1 in which the average for the remaining dentin thickness (RDT) between the cavity floor and the coronal pulp was 909.5 mu m, a discrete inflammatory response occurred in only one specimen with an RDT of 214 mu m. However, tissue disorganization occurred in most specimens. In Group 2 (average RDT = 935.2 mu m), the discrete inflammatory pulp response was observed in only one specimen (average RDT = 413 mu m). It may be concluded that the high-speed air-turbine handpiece caused greater structural alterations in the pulp, although without inducing inflammatory processes.

Modeling and simulation of the anode in direct ethanol fuels cells

Mathematical modeling has been extensively applied to the study and development of fuel cells. In this work, the objective is to characterize a mechanistic model for the anode of a direct ethanol fuel cell and perform appropriate simulations. The software Comsol Multiphysics (R) (and the Chemical Engineering Module) was used in this work. The software Comsol Multiphysics (R) is an interactive environment for modeling scientific and engineering applications using partial differential equations (PDEs). Based on the finite element method, it provides speed and accuracy for several applications. The mechanistic model developed here can supply details of the physical system, such as the concentration profiles of the components within the anode and the coverage of the adsorbed species on the electrode surface. Also, the anode overpotential-current relationship can be obtained. To validate the anode model presented in this paper, experimental data obtained with a single fuel cell operating with an ethanol solution at the anode were used. (C) 2008 Elsevier B.V. All rights reserved.

Road Design for Future Maintenance : Life-cycle Cost Analyses for Road Barriers

The cost of a road construction over its service life is a function of design, quality of construction as well as maintenance strategies and operations. An optimal life-cycle cost for a road requires evaluations of the above mentioned components. Unfortunately, road designers often neglect a very important aspect, namely, the possibility to perform future maintenance activities. Focus is mainly directed towards other aspects such as investment costs, traffic safety, aesthetic appearance, regional development and environmental effects. This doctoral thesis presents the results of a research project aimed to increase consideration of road maintenance aspects in the planning and design process. The following subgoals were established: Identify the obstacles that prevent adequate consideration of future maintenance during the road planning and design process; and Examine optimisation of life-cycle costs as an approach towards increased efficiency during the road planning and design process. The research project started with a literature review aimed at evaluating the extent to which maintenance aspects are considered during road planning and design as an improvement potential for maintenance efficiency. Efforts made by road authorities to increase efficiency, especially maintenance efficiency, were evaluated. The results indicated that all the evaluated efforts had one thing in common, namely ignorance of the interrelationship between geometrical road design and maintenance as an effective tool to increase maintenance efficiency. Focus has mainly been on improving operating practises and maintenance procedures. This fact might also explain why some efforts to increase maintenance efficiency have been less successful. An investigation was conducted to identify the problems and difficulties, which obstruct due consideration of maintainability during the road planning and design process. A method called “Change Analysis” was used to analyse data collected during interviews with experts in road design and maintenance. The study indicated a complex combination of problems which result in inadequate consideration of maintenance aspects when planning and designing roads. The identified problems were classified into six categories: insufficient consulting, insufficient knowledge, regulations and specifications without consideration of maintenance aspects, insufficient planning and design activities, inadequate organisation and demands from other authorities. Several urgent needs for changes to eliminate these problems were identified. One of the problems identified in the above mentioned study as an obstacle for due consideration of maintenance aspects during road design was the absence of a model for calculating life-cycle costs for roads. Because of this lack of knowledge, the research project focused on implementing a new approach for calculating and analysing life-cycle costs for roads with emphasis on the relationship between road design and road maintainability. Road barriers were chosen as an example. The ambition is to develop this approach to cover other road components at a later stage. A study was conducted to quantify repair rates for barriers and associated repair costs as one of the major maintenance costs for road barriers. A method called “Case Study Research Method” was used to analyse the effect of several factors on barrier repairs costs, such as barrier type, road type, posted speed and seasonal effect. The analyses were based on documented data associated with 1625 repairs conducted in four different geographical regions in Sweden during 2006. A model for calculation of average repair costs per vehicle kilometres was created. Significant differences in the barrier repair costs were found between the studied barrier types. In another study, the injuries associated with road barrier collisions and the corresponding influencing factors were analysed. The analyses in this study were based on documented data from actual barrier collisions between 2005 and 2008 in Sweden. The result was used to calculate the cost for injuries associated with barrier collisions as a part of the socio-economic cost for road barriers. The results showed significant differences in the number of injuries associated with collisions with different barrier types. To calculate and analyse life-cycle costs for road barriers a new approach was developed based on a method called “Activity-based Life-cycle Costing”. By modelling uncertainties, the presented approach gives a possibility to identify and analyse factors crucial for optimising life-cycle costs. The study showed a great potential to increase road maintenance efficiency through road design. It also showed that road components with low investment costs might not be the best choice when including maintenance and socio-economic aspects. The difficulties and problems faced during the collection of data for calculating life-cycle costs for road barriers indicated a great need for improving current data collecting and archiving procedures. The research focused on Swedish road planning and design. However, the conclusions can be applied to other Nordic countries, where weather conditions and road design practices are similar. The general methodological approaches used in this research project may be applied also to other studies.

DC Motor Speed Control via Fuzzy / Pole Placement / PI Controller

This report presents a new way of control engineering. Dc motor speed controlled by three controllers PID, pole placement and Fuzzy controller and discusses the advantages and disadvantages of each controller for different conditions under loaded and unloaded scenarios using software Matlab. The brushless series wound Dc motor is very popular in industrial application and control systems because of the high torque density, high efficiency and small size. First suitable equations are developed for DC motor. PID controller is developed and tuned in order to get faster step response. The simulation results of PID controller provide very good results and the controller is further tuned in order to decrease its overshoot error which is common in PID controllers. Further it is purposed that in industrial environment these controllers are better than others controllers as PID controllers are easy to tuned and cheap. Pole placement controller is the best example of control engineering. An addition of integrator reduced the noise disturbances in pole placement controller and this makes it a good choice for industrial applications. The fuzzy controller is introduce with a DC chopper to make the DC motor speed control smooth and almost no steady state error is observed. Another advantage is achieved in fuzzy controller that the simulations of three different controllers are compared and concluded from the results that Fuzzy controller outperforms to PID controller in terms of steady state error and smooth step response. While Pole placement controller have no comparison in terms of controls because designer can change the step response according to nature of control systems, so this controller provide wide range of control over a system. Poles location change the step response in a sense that if poles are near to origin then step response of motor is fast. Finally a GUI of these three controllers are developed which allow the user to select any controller and change its parameters according to the situation.

Does speed matter? : the impact of the EU membership incentive on rule adoption in minority language rights protection

Denna avhandling tar sin utgångspunkt i ett ifrågasättande av effektiviteten i EU:s konditionalitetspolitik avseende minoritetsrättigheter. Baserat på den rationalistiska teoretiska modellen, External Incentives Model of Governance, syftar denna hypotesprövande avhandling till att förklara om tidsavståndet på det potentiella EU medlemskapet påverkar lagstiftningsnivån avseende minoritetsspråksrättigheter. Mätningen av nivån på lagstiftningen avseende minoritetsspråksrättigheter begränsas till att omfatta icke-diskriminering, användning av minoritetsspråk i officiella sammanhang samt minoriteters språkliga rättigheter i utbildningen. Metodologiskt används ett jämförande angreppssätt både avseende tidsramen för studien, som sträcker sig mellan 2003 och 2010, men även avseende urvalet av stater. På basis av det \"mest lika systemet\" kategoriseras staterna i tre grupper efter deras olika tidsavstånd från det potentiella EU medlemskapet. Hypotesen som prövas är följande: ju kortare tidsavstånd till det potentiella EU medlemskapet desto större sannolikhet att staternas lagstiftningsnivå inom de tre områden som studeras har utvecklats till en hög nivå. Studien visar att hypotesen endast bekräftas delvis. Resultaten avseende icke-diskriminering visar att sambandet mellan tidsavståndet och nivån på lagstiftningen har ökat markant under den undersökta tidsperioden. Detta samband har endast stärkts mellan kategorin av stater som ligger tidsmässigt längst bort ett potentiellt EU medlemskap och de två kategorier som ligger närmare respektive närmast ett potentiellt EU medlemskap. Resultaten avseende användning av minoritetsspråk i officiella sammanhang och minoriteters språkliga rättigheter i utbildningen visar inget respektive nästan inget samband mellan tidsavståndet och utvecklingen på lagstiftningen mellan 2003 och 2010.

Computerized identification of motor complications in Parkinson's disease

Objective: To investigate whether spirography-based objective measures are able to effectively characterize the severity of unwanted symptom states (Off and dyskinesia) and discriminate them from motor state of healthy elderly subjects. Background: Sixty-five patients with advanced Parkinson’s disease (PD) and 10 healthy elderly (HE) subjects performed repeated assessments of spirography, using a touch screen telemetry device in their home environments. On inclusion, the patients were either treated with levodopa-carbidopa intestinal gel or were candidates for switching to this treatment. On each test occasion, the subjects were asked trace a pre-drawn Archimedes spiral shown on the screen, using an ergonomic pen stylus. The test was repeated three times and was performed using dominant hand. A clinician used a web interface which animated the spiral drawings, allowing him to observe different kinematic features, like accelerations and spatial changes, during the drawing process and to rate different motor impairments. Initially, the motor impairments of drawing speed, irregularity and hesitation were rated on a 0 (normal) to 4 (extremely severe) scales followed by marking the momentary motor state of the patient into 2 categories that is Off and Dyskinesia. A sample of spirals drawn by HE subjects was randomly selected and used in subsequent analysis. Methods: The raw spiral data, consisting of stylus position and timestamp, were processed using time series analysis techniques like discrete wavelet transform, approximate entropy and dynamic time warping in order to extract 13 quantitative measures for representing meaningful motor impairment information. A principal component analysis (PCA) was used to reduce the dimensions of the quantitative measures into 4 principal components (PC). In order to classify the motor states into 3 categories that is Off, HE and dyskinesia, a logistic regression model was used as a classifier to map the 4 PCs to the corresponding clinically assigned motor state categories. A stratified 10-fold cross-validation (also known as rotation estimation) was applied to assess the generalization ability of the logistic regression classifier to future independent data sets. To investigate mean differences of the 4 PCs across the three categories, a one-way ANOVA test followed by Tukey multiple comparisons was used. Results: The agreements between computed and clinician ratings were very good with a weighted area under the receiver operating characteristic curve (AUC) coefficient of 0.91. The mean PC scores were different across the three motor state categories, only at different levels. The first 2 PCs were good at discriminating between the motor states whereas the PC3 was good at discriminating between HE subjects and PD patients. The mean scores of PC4 showed a trend across the three states but without significant differences. The Spearman’s rank correlations between the first 2 PCs and clinically assessed motor impairments were as follows: drawing speed (PC1, 0.34; PC2, 0.83), irregularity (PC1, 0.17; PC2, 0.17), and hesitation (PC1, 0.27; PC2, 0.77). Conclusions: These findings suggest that spirography-based objective measures are valid measures of spatial- and time-dependent deficits and can be used to distinguish drug-related motor dysfunctions between Off and dyskinesia in PD. These measures can be potentially useful during clinical evaluation of individualized drug-related complications such as over- and under-medications thus maximizing the amount of time the patients spend in the On state.

The Optimal trigger speed of vehicle activated signs

The thesis aims to elaborate on the optimum trigger speed for Vehicle Activated Signs (VAS) and to study the effectiveness of VAS trigger speed on drivers’ behaviour. Vehicle activated signs (VAS) are speed warning signs that are activated by individual vehicle when the driver exceeds a speed threshold. The threshold, which triggers the VAS, is commonly based on a driver speed, and accordingly, is called a trigger speed. At present, the trigger speed activating the VAS is usually set to a constant value and does not consider the fact that an optimal trigger speed might exist. The optimal trigger speed significantly impacts driver behaviour. In order to be able to fulfil the aims of this thesis, systematic vehicle speed data were collected from field experiments that utilized Doppler radar. Further calibration methods for the radar used in the experiment have been developed and evaluated to provide accurate data for the experiment. The calibration method was bidirectional; consisting of data cleaning and data reconstruction. The data cleaning calibration had a superior performance than the calibration based on the reconstructed data. To study the effectiveness of trigger speed on driver behaviour, the collected data were analysed by both descriptive and inferential statistics. Both descriptive and inferential statistics showed that the change in trigger speed had an effect on vehicle mean speed and on vehicle standard deviation of the mean speed. When the trigger speed was set near the speed limit, the standard deviation was high. Therefore, the choice of trigger speed cannot be based solely on the speed limit at the proposed VAS location. The optimal trigger speeds for VAS were not considered in previous studies. As well, the relationship between the trigger value and its consequences under different conditions were not clearly stated. The finding from this thesis is that the optimal trigger speed should be primarily based on lowering the standard deviation rather than lowering the mean speed of vehicles. Furthermore, the optimal trigger speed should be set near the 85th percentile speed, with the goal of lowering the standard deviation.

A Computer Vision Framework For Finger-Tapping Evaluation In Parkinson's Disease

Objective: To define and evaluate a Computer-Vision (CV) method for scoring Paced Finger-Tapping (PFT) in Parkinson's disease (PD) using quantitative motion analysis of index-fingers and to compare the obtained scores to the UPDRS (Unified Parkinson's Disease Rating Scale) finger-taps (FT). Background: The naked-eye evaluation of PFT in clinical practice results in coarse resolution to determine PD status. Besides, sensor mechanisms for PFT evaluation may cause patients discomfort. In order to avoid cost and effort of applying wearable sensors, a CV system for non-invasive PFT evaluation is introduced. Methods: A database of 221 PFT videos from 6 PD patients was processed. The subjects were instructed to position their hands above their shoulders besides the face and tap the index-finger against the thumb consistently with speed. They were facing towards a pivoted camera during recording. The videos were rated by two clinicians between symptom levels 0-to-3 using UPDRS-FT. The CV method incorporates a motion analyzer and a face detector. The method detects the face of testee in each video-frame. The frame is split into two images from face-rectangle center. Two regions of interest are located in each image to detect index-finger motion of left and right hands respectively. The tracking of opening and closing phases of dominant hand index-finger produces a tapping time-series. This time-series is normalized by the face height. The normalization calibrates the amplitude in tapping signal which is affected by the varying distance between camera and subject (farther the camera, lesser the amplitude). A total of 15 features were classified using K-nearest neighbor (KNN) classifier to characterize the symptoms levels in UPDRS-FT. The target ratings provided by the raters were averaged. Results: A 10-fold cross validation in KNN classified 221 videos between 3 symptom levels with 75% accuracy. An area under the receiver operating characteristic curves of 82.6% supports feasibility of the obtained features to replicate clinical assessments. Conclusions: The system is able to track index-finger motion to estimate tapping symptoms in PD. It has certain advantages compared to other technologies (e.g. magnetic sensors, accelerometers etc.) for PFT evaluation to improve and automate the ratings

Extended local labor markets due to high speed trains : Visualization of estimations in the Swedish national travel demand forecasting tool, SAMPERS

Wider economic benefits resulting from extended geographical mobility is one argument for investments in high-speed rail. More specifically, the argument for high-speed trains in Sweden has been that they can help to further spatially extend labor market regions which in turn has a positive effect on growth and development. In this paper the aim is to cartographically visualize the potential size of the labor markets in areas that could be affected by possible future high-speed trains. The visualization is based on the forecasts of labor mobility with public transport made by the Swedish national mobility transport forecasting tool, SAMPERS, for two alternative high-speed rail scenarios. The analysis, not surprisingly, suggests that the largest impact of high-speed trains results in the area where the future high speed rail tracks are planned to be built. This expected effect on local labor market regions of high-speed trains could mean that possible regional economic development effects also are to be expected in this area. However, the results, in general, from the SAMPERS forecasts indicaterelatively small increases in local labor market potentials.

Evaluation of a PVT Air Collector

Hybrid Photovoltaic Thermal (PVT) collectors are an emerging technology that combines PV and solar thermal systems in a single solar collector producing heat and electricity simultaneously. The focus of this thesis work is to evaluate the performance of unglazed open loop PVT air system integrated on a garage roof in Borlänge. As it is thought to have a significant potential for preheating ventilation of the building and improving the PV modules electrical efficiency. The performance evaluation is important to optimize the cooling strategy of the collector in order to enhance its electrical efficiency and maximize the production of thermal energy. The evaluation process involves monitoring the electrical and thermal energies for a certain period of time and investigating the cooling effect on the performance through controlling the air mass flow provided by a variable speed fan connected to the collector by an air distribution duct. The distribution duct transfers the heated outlet air from the collector to inside the building. The PVT air collector consists of 34 Solibro CIGS type PV modules (115 Wp for each module) which are roof integrated and have replaced the traditional roof material. The collector is oriented toward the south-west with a tilt of 29 ᵒ. The collector consists of 17 parallel air ducts formed between the PV modules and the insulated roof surface. Each air duct has a depth of 0.05 m, length of 2.38 m and width of 2.38 m. The air ducts are connected to each other through holes. The monitoring system is based on using T-type thermocouples to measure the relevant temperatures, air sensor to measure the air mass flow. These parameters are needed to calculate the thermal energy. The monitoring system contains also voltage dividers to measure the PV modules voltage and shunt resistance to measure the PV current, and AC energy meters which are needed to calculate the produced electrical energy. All signals recorded from the thermocouples, voltage dividers and shunt resistances are connected to data loggers. The strategy of cooling in this work was based on switching the fan on, only when the difference between the air duct temperature (under the middle of top of PV column) and the room temperature becomes higher than 5 °C. This strategy was effective in term of avoiding high electrical consumption by the fan, and it is recommended for further development. The temperature difference of 5 °C is the minimum value to compensate the heat losses in the collecting duct and distribution duct. The PVT air collector has an area of (Ac=32 m2), and air mass flow of 0.002 kg/s m2. The nominal output power of the collector is 4 kWppv (34 CIGS modules with 115 Wppvfor each module). The collector produces thermal output energy of 6.88 kWth/day (0.21 kWth/m2 day) and an electrical output energy of 13.46 kWhel/day (0.42 kWhel/m2 day) with cooling case. The PVT air collector has a daily thermal energy yield of 1.72 kWhth/kWppv, and a daily PV electrical energy yield of 3.36 kWhel /kWppv. The fan energy requirement in this case was 0.18 kWh/day which is very small compared to the electrical energy generated by the PV collector. The obtained thermal efficiency was 8 % which is small compared to the results reported in literature for PVT air collectors. The small thermal efficiency was due to small operating air mass flow. Therefore, the study suggests increasing the air mass flow by a factor of 25. The electrical efficiency was fluctuating around 14 %, which is higher than the theoretical efficiency of the PV modules, and this discrepancy was due to the poor method of recording the solar irradiance in the location. Due to shading effect, it was better to use more than one pyranometer.

Speed prediction for triggering vehicle activated signs

Accurate speed prediction is a crucial step in the development of a dynamic vehcile activated sign (VAS). A previous study showed that the optimal trigger speed of such signs will need to be pre-determined according to the nature of the site and to the traffic conditions. The objective of this paper is to find an accurate predictive model based on historical traffic speed data to derive the optimal trigger speed for such signs. Adaptive neuro fuzzy (ANFIS), classification and regression tree (CART) and random forest (RF) were developed to predict one step ahead speed during all times of the day. The developed models were evaluated and compared to the results obtained from artificial neural network (ANN), multiple linear regression (MLR) and naïve prediction using traffic speed data collected at four sites located in Sweden. The data were aggregated into two periods, a short term period (5-min) and a long term period (1-hour). The results of this study showed that using RF is a promising method for predicting mean speed in the two proposed periods.. It is concluded that in terms of performance and computational complexity, a simplistic input features to the predicitive model gave a marked increase in the response time of the model whilse still delivering a low prediction error.

Swedish translation and psychometric testing of the safety attitudes questionnaire (operating room version)

Background: Tens of millions of patients worldwide suffer from avoidable disabling injuries and death every year. Measuring the safety climate in health care is an important step in improving patient safety. The most commonly used instrument to measure safety climate is the Safety Attitudes Questionnaire (SAQ). The aim of the present study was to establish the validity and reliability of the translated version of the SAQ. Methods: The SAQ was translated and adapted to the Swedish context. The survey was then carried out with 374 respondents in the operating room (OR) setting. Data was received from three hospitals, a total of 237 responses. Cronbach's alpha and confirmatory factor analysis (CFA) was used to evaluate the reliability and validity of the instrument. Results: The Cronbach's alpha values for each of the factors of the SAQ ranged between 0.59 and 0.83. The CFA and its goodness-of-fit indices (SRMR 0.055, RMSEA 0.043, CFI 0.98) showed good model fit. Intercorrelations between the factors safety climate, teamwork climate, job satisfaction, perceptions of management, and working conditions showed moderate to high correlation with each other. The factor stress recognition had no significant correlation with teamwork climate, perception of management, or job satisfaction. Conclusions: Therefore, the Swedish translation and psychometric testing of the SAQ (OR version) has good construct validity. However, the reliability analysis suggested that some of the items need further refinement to establish sound internal consistency. As suggested by previous research, the SAQ is potentially a useful tool for evaluating safety climate. However, further psychometric testing is required with larger samples to establish the psychometric properties of the instrument for use in Sweden.

Alinhamento de expectativas e desempenho organizacional: um estudo sobre os métodos ágeis de gestão.

A adoção dos métodos ágeis de gestão do desenvolvimento de software tem sido uma tendência mundial, considerando-se as empresas do setor de tecnologia. Empresas brasileiras atuando neste mercado não estão apartadas deste quadro, uma vez que o objetivo desses métodos é endereçar um cenário comum a qualquer uma dessas organizações: lidar com a dificuldade de modelar adequadamente os problemas usualmente complexos que são objetivo da construção de um software e com a mudança constante de requisitos que esta situação representa, potencializada ainda mais pela dinâmica frenética da disseminação da informação no século XXI, além de modificar um quadro crônico de fracassos e falhas no setor, visando entregar produtos de qualidade aos seus clientes com o máximo de velocidade. Aspectos internos como o aumento de produtividade e a redução de retrabalho também fazem parte dos objetivos de adoção destas metodologias. O presente estudo visa avaliar os aspectos humanos e culturais envolvidos e identificar a convergência entre as expectativas da empresa e dos empregados quando da adoção de métodos ágeis de gestão, a partir de pesquisa de campo que capturou as reações de um grupo de entrevistados à implantação desses métodos na Módulo Security Solutions, empresa brasileira de tecnologia e serviços, após dois anos de uso interno abrangente. Os resultados apontam para o sucesso da implantação, com reação positiva dos empregados, a despeito da necessidade de endereçamento de aspectos humanos para ajuste do modelo e do impacto negativo da cultura local e organizacional terem sido amplamente percebidos.

Corporate social responsibility and environmental sustainability: classification of the initiatives of the FMCG companies operating in Brazil

Este trabalho tem como objetivo fornecer uma análise detalhada do cenário da sustentabilidade ambiental e iniciativas de responsabilidade social corporativa nas empresas que operam no mercado de bens de consumo brasileiro. Para alcançar este objetivo as dez maiores empresas do mercado-alvo presente no Brasil foram analisadas por meio da classificação das suas iniciativas em três perspectivas amplas. Com esta classificação o cenário do mercado pode ser visto. As perspectivas utilizadas para a elaboração do trabalho são: (1) iniciativa ambiental ou social; (2) o foco interno ou externo e (3) a marca ou o custo como motivador. Depois de classificar todas as iniciativas, foi possível ver que as empresas similares, que operam em mercados semelhantes, têm estratégias que são muito parecidos entre si. Além disso, ficou claro que a estratégia de negócios da empresa influencia as suas políticas ambientais e sociais, em particular os objetivos que estas políticas procuram obter.Embora este trabalho apresente um panorama abrangente do setor de bens de consumo em relação a políticas de comportamento responsável das empresas, ele tem algumas limitações. A limitação mais significativa diz respeito a metodologia. As iniciativas foram avaliadas pela quantidade e a abrangência dos benefícios do impacto positivo não foram avaliados, impossibilitando assim a comparação do tamanho do impacto de cada empresa. Uma vez que pode haver um projeto de uma empresa que tem maior impacto do que vários outros feitos por alguma outra empresa. A metodologia foi baseada em clusters de categorias, no entanto, as iniciativas não são completamente uma coisa ou outra, ou seja, uma iniciativa pode ter diferentes impactos, drivers ou foco, nesses casos, os aspectos mais relevantes foram a escolhidos para classificá-los.

The sources of spinoff equity gains: takeover premiums or operating gains

Although the existence of spinoff equity gains is well documented, their source remains controversial. Arnong many potential causes, the literature suggests that spinoff equity gains could arise from expected tax benefits, expected takeover premia, operating performance improvement or from refocusing benefits. This paper investigates the link between spinoff announcement and post completion equity gains and post spinoff operating performance changes, takeover activity and refocusing benefits. The results indicate that spinoff announcement retums reflect anticipated takeover premiums as well as expected operating performance gains and refocusing benefits unrelated to operating performance. However, only the parent's operating performance gains are anticipated at the spinoff announcement. We find that post spinoff equity gains are driven mostly by operating performance changes for both parents and spun off subsidiaries. Takeover activity and unrelatedness of business lines between parent and subsidiary expIain littIe of post spinoff equity gains. OveralI, the data suggests that spinoffs equity gains mostly reflect anticipated real economic gains in terms of improved operating performance, and to a lesser extent takeover premium and refocusing benefit.