THE U.S. and European M&A cycles: A Markov switching and state space approach

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

Cross-sectoral variation in the volatility of plant-level idiosyncratic shocks

We estimate the volatility of plant–level idiosyncratic shocks in the U.S. manufacturing sector. Our measure of volatility is the variation in Revenue Total Factor Productivity which is not explained by either industry– or economy–wide factors, or by establishments’ characteristics. Consistent with previous studies, we find that idiosyncratic shocks are much larger than aggregate random disturbances, accounting for about 80% of the overall uncertainty faced by plants. The extent of cross–sectoral variation in the volatility of shocks is remarkable. Plants in the most volatile sector are subject to about six times as much idiosyncratic uncertainty as plants in the least volatile. We provide evidence suggesting that idiosyncratic risk is higher in industries where the extent of creative destruction is likely to be greater.

Attenuating mutations in the influenza virus genome which may increase the safety of vaccine production

Influenza virus epidemics occur on an annual basis and cause severe disease in the very young and old. The vaccine administered to high-risk groups is generated by amplifying reassortant viruses, with chronologically relevant viral surface antigens, in eggs. Every 20 years or so, influenza pandemics occur causing widespread fatality in all age groups. These viruses display novel viral surface antigens acquired from a zoonotic source, and vaccination against them poses new issues since production of large amounts of a respiratory virus containing novel surface antigens could be dangerous for those involved in manufacture. To minimise risks, it is advisable to use a virus whose genetic backbone is highly attenuated in man. Traditionally, the A/PR/8/34 strain of virus is used, however, the genetic basis of its attenuation is unclear. Cold-adapted (CA) strains of the influenza virus are all based on the H2N2 subtype, itself a virus with pandemic potential, and again the genetic basis of temperature sensitivity is not yet established. Reverse genetics technology allows us to engineer designer influenza viruses to order. Using this technology, we have been investigating mutations in several different gene segments to effectively attenuate potential vaccine strains allowing the safe production of vaccine to protect against the next pandemic. (C) 2003 Elsevier B.V. All rights reserved.

The impact of E-commerce on retail real estate in the UK

This article summarizes the main research findings from the first of a series of annual surveys conducted for the British Council of Shopping Centres. The study examines the changing pattern of retailing in the United Kingdom and provides an overview of key research from previous studies in both the U.K. and the United States. The main findings are then presented, including an examination of the impact of e-commerce on sales and rental values and on the future space and ownership / leasing requirements of U.K. retailers for 2000-2005. The impact on a shopping center in a case study town in the U.K. is also considered. The difficulties of isolating the impact of e-commerce from other forces for change in retailing are highlighted. In contrast to other viewpoints, the results show that e-commerce will not mean the death of conventional store-based U.K. retailing, although further benchmark research is needed.

Atmospheric circulation patterns associated with extreme cold winters in the UK

This study examines the atmospheric circulation patterns and surface features associated with the seven coldest winters in the U.K. since 1870, using the 20th Century Reanalysis. Six of these winters are outside the scope of previous reanalysis datasets; we examine them here for the first time. All winters show a marked lack of the climatological southwesterly flow over the UK, displaying easterly and northeasterly anomalies. Six of the seven winters (all except 1890) were associated with a negative phase of the North Atlantic Oscillation; 1890 was characterised by a blocking anticyclone over and northeast of the UK.

Are sulfurous soil amendments (S0, Fe(II)SO4, Fe(III)SO4) an effective tool in the restoration of heathland and acidic grassland after four decades of rock phosphate Fertilization?

This paper deals with the complex issue of reversing long-term improvements of fertility in soils derived from heathlands and acidic grasslands using sulfur-based amendments. The experiment was conducted on a former heathland and acid grassland in the U.K. that was heavily fertilized and limed with rock phosphate, chalk, and marl. The experimental work had three aims. First, to determine whether sulfurous soil amendments are able to lower pH to a level suitable for heathland and acidic grassland re-creation (approximately 3 pH units). Second, to determine what effect the soil amendments have on the available pool of some basic cations and some potentially toxic acidic cations that may affect the plant community. Third, to determine whether the addition of Fe to the soil system would sequester PO4− ions that might be liberated from rock phosphate by the experimental treatments. The application of S0 and Fe(II)SO4− to the soil was able to reduce pH. However, only the highest S0 treatment (2,000 kg/ha S) lowered pH sufficiently for heathland restoration purposes but effectively so. Where pH was lowered, basic cations were lost from the exchangeable pool and replaced by acidic cations. Where Fe was added to the soil, there was no evidence of PO4− sequestration from soil test data (Olsen P), but sequestration was apparent because of lower foliar P in the grass sward. The ability of the forb Rumex acetosella to apparently detoxify Al3+, prevalent in acidified soils, appeared to give it a competitive advantage over other less tolerant species. We would anticipate further changes in plant community structure through time, driven by Al3+ toxicity, leading to the competitive exclusion of less tolerant species. This, we suggest, is a key abiotic driver in the restoration of biotic (acidic plant) communities.

Re-examining the U.K.'s greatest tornado outbreak: forecasting the limited extent of tornadoes along a cold front

On 23 November 1981, a strong cold front swept across the U.K., producing tornadoes from the west to the east coasts. An extensive campaign to collect tornado reports by the Tornado and Storm Research Organisation (TORRO) resulted in 104 reports, the largest U.K. outbreak. The front was simulated with a convection-permitting numerical model down to 200-m horizontal grid spacing to better understand its evolution and meteorological environment. The event was typical of tornadoes in the U.K., with convective available potential energy (CAPE) less than 150 J kg-1, 0-1-km wind shear of 10-20 m s-1, and a narrow cold-frontal rainband forming precipitation cores and gaps. A line of cyclonic absolute vorticity existed along the front, with maxima as large as 0.04 s-1. Some hook-shaped misovortices bore kinematic similarity to supercells. The narrow swath along which the line was tornadic was bounded on the equatorward side by weak vorticity along the line and on the poleward side by zero CAPE, enclosing a region where the environment was otherwise favorable for tornadogenesis. To determine if the 104 tornado reports were plausible, first possible duplicate reports were eliminated, resulting in as few as 58 tornadoes to as many as 90. Second, the number of possible parent misovortices that may have spawned tornadoes is estimated from model output. The number of plausible tornado reports in the 200-m grid-spacing domain was 22 and as many as 44, whereas the model simulation was used to estimate 30 possible parent misovortices within this domain. These results suggest that 90 reports was plausible.

The welfare cost of macroeconomic uncertainty in the post-war period

Lucas (1987) has shown the surprising result that the welfare cost of business cycles is quite small. Using standard assumptions on preferences and a fully-áedged econometric model we computed the welfare costs of macroeconomic uncertainty for the post-WWII era using the multivariate Beveridge-Nelson decomposition for trends and cycles, which considers not only business-cycle uncertainty but also uncertainty from the stochastic trend in consumption. The post-WWII period is relatively quiet, with the welfare costs of uncertainty being about 0:9% of per-capita consumption. Although changing the decomposition method changed substantially initial results, the welfare cost of uncertainty is qualitatively small in the post-WWII era - about $175.00 a year per-capita in the U.S. We also computed the marginal welfare cost of macroeconomic uncertainty using this same technique. It is about twice as large as the welfare cost ñ$350.00 a year per-capita.

Wound healing and colon carcinogenesis. Enhancing effects of skin wounding on development of colon tumors induced by 1,2 Dimethylhydrazine in the rat

Este estudo foi desenvolvido com a finalidade de investigar a possível influência do processo de cicatrização sobre o desenvolvimento neoplásico à distância, em um modelo experimental de carcinogênese do colon induzido pela 1,2 dimetil-hidrazina ( DMH). Ratos Wistar machos receberam injeções semanais de DMH ( 20mg/Kg, via subcutânea) ou solução salina, durante oito semanas. Na nona semana, um grupo tratado com DMH e um controle, foram submetidos à intervenção cirúrgica para retirada de um retalho cutâneo de 4cm no flanco direito, que cicatrizou por segunda intenção. Na 12ª semana, logo após o fechamento da ferida cutânea, os animais foram submetidos à eutanásia. O colon foi dividido em segmentos proximal e distal e examinado a nível macroscópico e histológico. Foram analisadas a incidência, distribuição e morfologia das lesões. O número total de tumores na mucosa do colon e o número de tumores por animal foi significantimente maior no grupo submetido à ferida cutânea do que no grupo tratado somente com DMH. O número de carcinomas pouco diferenciados foi significantimente maior no grupo com ferida cutânea do que em seu respectivo controle. Estes resultados sugerem que o processo de reparação de uma ferida cutânea favorece o desenvolvimento neoplásico em um órgão à distância, tal como o colon e que este efeito parece estar relacionado ao tipo histológico da neoplasia.

Hispanics in the United States

Includes bibliography

Barriers to Latin American and Caribbean exports in the US market, 2000-2001

Includes bibliography

Temporal, spatial and spatiotemporal analysis of the occurrence of visceral leishmaniasis in humans in the City of Birigui, State of São Paulo, from 1999 to 2012

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Dogs Gone Wild: Feral Dog Damage in the United States

Feral dogs have been documented in all 50 states and estimates of damage in the U.S. from these animals amount to >$620 million annually. In Texas alone, it is estimated that over $5 million in damage to livestock annually can be attributed to feral dogs. We reviewed national statistics on feral dog damage reported to USDA, APHIS, Wildlife Services for a 10-year period from 1997 through 2006. Damage by feral dogs crossed multiple resource categories (e.g., agriculture, natural resources); some examples of damage include killing and affecting the behavior and habitat use of native wildlife; killing and maiming livestock; and their role as disease vectors to wildlife, domestic animals, and humans. We review the role of dog damage in the U.S., synthesize the amount of damage between resource categories (agriculture, human health and safety, disease, and natural resources), and report trends in dog damage during the 10-year period. Results showed an increase in dog damage across all resource categories indicating the importance of management.

Who Suffers Most when Disease Outbreaks and Food Recalls Happen? The Case of Mad Cow Disease in the United States

It is generally observed that whenever there are cases of disease outbreaks and food recalls, such as the case of the 2003 Mad Cow Disease (Bovine Spongiform Encephalopathy or BSE) outbreak, cattle and beef prices fall. Given these incidents, there is the question of which part of the marketing chain is the most affected. For those who produce live cattle, such as feedlot operators, the question is ‘what effect these events have on price and demand for beef and cattle?’ Similarly, how do the Food Safety Inspection Service (FSIS) recalls and diseases such as Mad Cow Disease outbreaks affect the beef marketing margins at all levels in the U.S. beef marketing chain? Identifying these effects along the marketing chain provides insight into which level along that channel is the most vulnerable to these events. In addition, this information helps to assess the impact of such events on the industry, providing a basis for policy formulation.

A galaxy model from Two Micron All Sky Survey star counts in the whole sky, including the plane

We use the star count model of Ortiz & L´epine to perform an unprecedented exploration of the most important Galactic parameters comparing the predicted counts with the Two Micron All Sky Survey observed star counts in the J, H, and KS bands for a grid of positions covering the whole sky. The comparison is made using a grid of lines of sight given by the HEALPix pixelization scheme. The resulting best-fit values for the parameters are: 2120 ± 200 pc for the radial scale length and 205 ± 40 pc for the scale height of the thin disk, with a central hole of 2070+2000 −800 pc for the same disk, 3050 ± 500 pc for the radial scale length and 640 ± 70 pc for the scale height of the thick disk, 400 ± 100 pc for the central dimension of the spheroid, 0.0082 ± 0.0030 for the spheroid to disk density ratio, and 0.57 ± 0.05 for the oblate spheroid parameter.