The us subprime crisis and stock market integration: evidence from the BRICS

The aim of this study is to examine the level of stock market co-movement in the BRICS countries and three major industrialized countries (Japan, UK and USA). While analyzing the interdependence and integration of markets, two subsets are examined: before (2000 – 2007) and during the global financial crisis (2007-2011). Generally, interdependence across markets is likely to increase during a highly volatile period. This is problematic because if it were true, the main benefit of international diversification would be reduced at times when it is most needed. The results reveal the dominant role of the US financial markets over the examined time period. Empirical studies of this research paper indicate that cross-market linkages have become slightly stronger during the ongoing subprime crisis than before crisis. However, results also show that an investor may obtain some international diversification benefits by investing especially in the BRICS countries despite the fact of unstable economic condition and growing globalization.

Occurrence of parasitism by Dioctophyma renale in ring-tailed coatis (Nasua nasua) of the Tiete Ecological Park, São Paulo, Brazil

Dioctophymosis is a worldwide renal parasitosis caused by the Dioctophyma renale nematode, which results in progressive destruction of renal tissue. Aquatics annelids are considered the main intermediate hosts and the literature refers as permanent hosts of dogs, wild mammals and even humans. During procedures for population control of coatis (Nasua nasua) in the Ecological Park of Tietê (PET), was noticed the presence of parasitosis by D. renale. From 68 animals, males and females, young and adults, submitted to exploratory laparotomy, 51 were positive for the presence of worms, 9 were found only in the right kidney. In 10 cases, in addition to right kidney parasitism, worms were also observed in the abdominal cavity. In 24 cases D. renale was found only in the abdominal cavity and in 8 animals the right kidney was reduced to a small rigid structure. The study showed that the preferred site for parasitism of the worm, considered erratic, was the abdominal cavity in 66.66% of the cases.

Exchange rate volatility and the use of foreign currency derivatives: Impact of 2008 global financial crisis

This thesis examines the impact of foreign exchange rate volatility to the extent of use of foreign currency derivatives. Especially the focus is on the impacts of 2008 global financial crisis. The crisis increased risk level in the capital markets greatly. The change in the currency derivatives use is analyzed by comparing means between different periods and in addition, by linear regression that enables to analyze the explanatory power of the model. The research data consists of financial statements figures from fiscal years 2006-2011 published by firms operating in traditional Finnish industrial sectors. Volatilities of the chosen three currency pairs is calculated from the daily fixing rates of ECB. Based on the volatility the sample period is divided into three sub-periods. The results suggest that increased FX market volatility did not increase the use foreign currency derivatives. Furthermore, the increased foreign exchange rate volatility did not increase the power of linear regression model to estimate the use foreign currency derivatives compared to previous studies.

Frequency of Toxoplasma gondii antibodies in tufted capuchin monkeys (Cebus apella nigritus) from an ecological station in the State of São Paulo, Brazil

Toxoplasmosis is a worldwide zoonosis caused by Toxoplasma gondii, an obligate intracellular parasite protozoan. A large percentage of animals presents specific antibodies caused by a previous exposition, resulting in a chronic infection. Felides are the definitive hosts and the other warm-blooded animals, including primates, are the intermediate hosts. This study was aimed to determine the prevalence of T. gondii infection in free-living tufted capuchin monkeys (Cebus apella nigritus) from an ecological station located on Mata de Santa Teresa, Ribeirão Preto, SP, Brazil. T. gondii antibodies were analyzed by modified agglutination test (MAT) in serum samples of 36 tufted capuchin monkeys, considering eight as cut-off titer. From the studied animals, 3/36 (8.33%; CI95% 3.0-21.9%) presented T. gondii antibodies, all with titer 32. No significative difference was observed relating to the sex (1/3 male and 2/3 female), and to the age (1/3 young and 2/3 adult) (P>0.05). Thus, these results demonstrate the presence of T. gondii antibodies in primates from São Paulo state.

Entrepreneurial orientation in small and medium-sized enterprises during economic crisis

The economic importance of small and medium-sized enterprises (SMEs) and entrepreneurship has increased significantly in recent decades and entrepreneurial activity and SMEs are deemed vital to economic progress. Therefore, it is justifiable to study how small firms and entrepreneurs can enhance their performance and emergence in the turbulent economic environment. The concept of entrepreneurial orientation (EO) has recently attracted considerable attention in the field of entrepreneurship research. EO generally refers to a firm’s propensity to be innovative, to be proactive and to take risks. A majority of EO studies so far have found that adopting EO associated entrepreneurial behaviors will help firms to create or sustain a high level of performance. This dissertation explores the main drivers and performance implications of EO for SMEs in time of economic crisis. Hence the first objective of this dissertation is to examine the performance implications of EO and to test the role of EO on how firms are treated by the crisis at operative level. The second objective is to expand the prevailing understanding of determinants of EO by exploring the relationship between owner's work related values, attitudes, demographic characteristics, firm’s financial resources and EO. EO was found to be a significant and positive factor behind a firm’s long run growth. Hence it can be said that EO has positive implications for firm performance. But on the other hand, during a time of economic crisis the different dimensions of EO had both positive and negative effects on performance of SMEs. The performance implications varied across different stages of the crisis and were also dependent on what measure was used for measuring the performance. The main drivers of EO in SMEs were the personal work related values of the entrepreneur and his/her prior experience as an entrepreneur. The intrinsic work values related to interest, responsibility, challenge, self-development or intellectual stimulation and values related to status, power, achievement and recognition had a positive effect on the level of EO. On the other hand, extrinsic values related to high income, material possessions, benefits such as generous holidays, job security, and comfort through good working conditions decreased the level of EO

Violations of children's rights in armed conflicts : international treaties, observations by peacekeepers and crisis management training in Finland

Ninety-nine Finnish peacekeepers, who had been serving in 15 different operations around the world, participated in the study (8 women, 27-52 years old, m = 37.4, SD = 8.9; and 91 men, 21-69 years old, m = 41.4, SD = 10.2). Three military crisis management trainers from the Finnish Defence Forces International Centre also participated in the study. The data was collected with two webbased questionnaires. In addition two interviews were made with specialists of civilian crisis management in Finland. The study also provides an overview of international treaties concerning children’s rights in armed conflict. The results show that 48.7 % of dangers for children in conflicts reported by the peacekeepers were related to physical injury (e.g. landmines and traffic), and 27.4 % were related to social problems (e.g. poverty, child soldiers, and trafficking). 24.1 % of the peacekeepers had made observations of children’s rights violations either often or very often during peacekeeping operations. 49.6 % of the observations were related to social problems (e.g. child labour or being forced to beg), and 33.0 % were related to physical injury (e.g. assault). Frequency of observation of children’s rights violations was not associated with either sex or military degree of the peacekeepers; instead it was significantly correlated with the peacekeepers’ degree of knowledge of EU’s child protection guidelines. On the basis of the results, it is recommended that knowledge about children’s rights and protection should be included in the training of Finnish crisis management personnel to a much higher degree than at the present.

Influence of seed size and ecological factors on the germination and emergence of field bindweed (Convolvulus arvensis)

An understanding of seed germination ecology of weeds can assist in predicting their potential distribution and developing effective management strategies. Influence of environmental factors and seed size on germination and seedling emergence of Convolvulus arvensis (field bindweed) was studied in laboratory and greenhouse conditions. Germination occurred over a wide range of constant temperatures, between 15 and 40 ºC, with optimum germination between 20 and 25 ºC. Time to start germination, time to 50% germination and mean germination time increased while germination percentage and germination index decreased with an increase in temperature from 20 ºC, salinity and osmotic stress. However, germination was tolerant to low salt (25 mM) or osmotic stress (0.2 MPa), but as salinity and osmotic stress increased, germination percentage and germination index decreased. Seeds of C. arvensis placed at soil surface showed maximum emergence and decreased as seeding depth increased. Seeds of C. arvensis germinated over a wide range of pH (4 to 9) but optimum germination occurred at pH 6 to 8. Under highly alkaline and acidic pH, time to start germination, time to 50% germination and mean germination time increased while germination percentage and germination index decreased. Increase in field capacity caused decreased time to start germination, time to 50% germination and mean germination time but increased germination percentage and germination index. Bigger seeds had low time to start germination, time to 50% germination and mean germination time but high germination percentage and germination index. Smaller seeds were more sensitive to environmental factors as compared to larger or medium seeds. It can be concluded that except for pH, all environmental factors and seed sizes adversely affect C. arvensis as regards seed germination or emergence and germination or emergence traits, and larger seeds result in improved stand establishment and faster germination than small seeds, regardless of moisture stress or deeper seeding depth.

Effect of ecological factors on germination of horse purslane (Trianthema portulacastrum)

Trianthema portulacastrum is a very problematic summer crop weed and a complete crop failure has been observed because of this weed at high density. The effect of different ecological factors on germination of T. portulacastrum seeds collected in two different years (2009 and 2005) was studied in laboratory experiments. An increase in temperature from 25 to 35 ºC increased germination percentage of T. portulacastrum from 65 to 85%, after which germination started to decrease, reducing to 71.25% at 45 ºC. Trianthema portulacastrum had maximum germination with distilled water compared with different salt solutions and drought stress levels. Germination was significantly minimum at salinity and drought stress level of 250 mM and -0.8 MPa, respectively. Emergence of T. portulacastrum was maximum (86.25%) at 100% field capacity level but decreased sharply as field capacity decreased thereafter, and minimum emergence (30%) was recorded at field capacity level of 25%. Germination of T. portulacastrum was lowest at pH 5 and any increase in pH resulted in increased germination. A pH range of 8 to 10 had statistically similar germination. Sowing depth of 6 cm reduced the emergence of T. portulacastrum to zero. Reduction in emergence was recorded with depth increase from zero to 5 cm. Maximum emergence was recorded from soil surface (0 cm). An increase in temperature, salinity, drought, sowing depth (up to 4 cm) and a decrease in field capacity increased time to start germination/emergence, time to 50% germination/emergence and mean germination/emergence time but decreased germination/emergence index. Seeds collected during 2009 gave higher germination than old seeds collected in 2005. This information might contribute to development of effective control of T. portulacastrum.

STUDY OF AUTUMN-WINTER WEEDS IN PORTUGAL AND ITS ECOLOGICAL PREFERENCES

ABSTRACTThe conclusion of the dam project located in Alqueva, in Southern Portugal, has resulted in a significant increase of new irrigated areas, since 2006. This has meant that, in recent years, there have been progressive flora changes in farming systems traditionally implemented in the Alentejo region. The present work has analyzed the weed flora in an early stage of these changes, and the impact of environmental factors on the distribution of natural vegetation under Mediterranean climate conditions in the influence area of Alqueva. In 2007, 105 floristic surveys were carried out in autumn-winter crop plots or other soil use, and 264 species were identified. Families with higher expression were: Asteraceae, Poaceae, and Fabaceae. Only three species have been identified in more than half of farms, Avena sterilis, Phalaris minor and Lolium rigidum and they were part of the 15 species that revealed high and very high infestation degrees. Soil texture and extractable phosphorus have been determined as active ecological factors, according to the method of ecological profiles and Mutual Information. Therefore, these factores were those with the greatest influence on the species distribution. L.rigidum distribution showed to be associated with medium soil texture and A.sterilis distribution also showed to be associated with medium and fine soil texture soils, without showing ecological preference by extractable phosphorus. The distribution of P.minorwas not related to the soil texture but showed preference for soils with medium phosphorus content.

Ecological distribution of Cyanophyceae in lotic ecosystems of São Paulo State

A hundred seventy two stream reaches from six distinct natural regions (parts of biomes or geological areas) in São Paulo State (Atlantic Rainforest, Cerrado, Hard Water regions, Northwest region, Subtropical Rainforest, and Tropical Rainforest) were searched for the most representative macroscopic Cyanophyceae of phytobenthic communities. Selected ecological parameters were analyzed in each stream segment: conductance, current velocity, oxygen saturation, pH, turbidity, and water temperature. Algal abundance was evaluated as percentage cover. Thirthy four cyanophyte taxa were identified and Phormidium retzii was the most widespread species throughout the State, occurring in all studied regions, except in hard water areas, and was negatively correlated to conductance. The subtropical Rainforest region presented the highest mean species richness per site, whereas the tropical Rainforest region had the highest abundance (percentage cover) of blue-green algae. Correlation tests revealed that conductance was significantly and negatively related to variations in abundance and richness of cyanophyte in streams of São Paulo State. This relationship probably reflects the ability of blue-green algae to grow at medium to low ion content and to take advantage under nutrient stress conditions.

The effect of celebrity CEO’s crisis communication to crisis outcome

The purpose of this this study is to examine the effects that a celebrity CEO’s crisis communication has on the crisis outcome and further on the quick decision response, resource mobilization and information flow during a crisis. The research was conducted using a multiple embedded case method, with four cases that represent different kinds of crisis that have all involved a celebrity CEO. The cases have been collected from various secondary data sources. The results of the study indicate that in crisis situations the celebrity CEO is expected to take responsibility of the crisis communication. The CEO needs to understand how and what to communicate in these situations and they need to make quick decisions even with limited information available. Crisis outcome is highly dependent on the golden hour crisis communication and there the performance of the celebrity CEO is crucial.

Ecological distribution of stream macroalgae in different spatial scales using taxonomic and morphological groups

We examined the ecological distribution of macroalgal communities in streams using species groups (taxonomic units = algal phyla, and morphological = morphological types) with similar structures and functions instead of the species themselves. The study was conducted from June to July/2007 in two drainage basins located in mid-southern region of Paraná State , Brazil. Evaluations of macroalgal communities took into consideration the following spatial scales: the drainage basin (the Pedras river and Marrecas river basins), shading regime (open and shaded stream segments), mesohabitats (riffles and pools), and microhabitats (sampling units of 0.05m2). A total of 29 taxa (23 subgeneric, one generic, and five vegetative groups) were identified. On these, 12 taxa belong to Chlorophyta, 11 to Cyanobacteria, four to Heterokontophyta, and two to Rhodophyta. The proportions of morphological types were: 24% free filaments, 17.25% mats, tufts, gelatinous colonies, and gelatinous filaments, 7% crusts. In terms of spatial scales, we observed a predominance of Chlorophyta in open stream segments and Cyanobacteria in shaded stream segments, reflecting the loss of competitive advantage of green algae in sites with low energy availability. In the mesohabitats, the morphological types recorded in pools were predominantly poorly adapted to fast currents (free filaments), while those found in riffles (mats, tufts and gelatinous filaments) were highly resistant to fast water flows. As such, the use of species groupings based on algal taxonomy associated with morphological characteristics proved to be useful to understanding the distributions of these organisms in lotic environments.

Vahinkoeläinsodasta psykologiseen omistajuuteen. Petokonfliktien historiallinen tausta ja nykypäivän hallinta

Suurpetojen kannanhoitoon, ja etenkin suden kannanhoitoon liittyvä monitahoinen konfl ikti esiintyy jännitteinä paikallisyhteisöjen ja keskushallinnon, maaseudun ja kaupunkien sekä maallikoiden ja tutkijoiden välillä. Suurpetopolitiikan legitimiteettikriisi näkyy kansallisen kannanhoidon tavoitteiden ja toimenpiteiden kiistämisenä passiivisin ja aktiivisin toimin. Tällä ajankohtaisella ongelmalla on mittavat historialliset juuret. Luonnon ja ihmisen välinen suhde on ollut jatkuvaa tasapainottelua konfl iktien ja niiden hallinnan kanssa, ja suurpedot ovat väistämättä olleet konfl iktin keskiössä lajityypillisten piirteidensä vuoksi. Tämän tutkimuksen tavoitteena on osoittaa ympäristöhistoriallisen tutkimusotteen kautta suomalaisen vahinkoeläinhistorian keskeiset toimet ja toimijat, sekä ymmärtää vahinkoeläinten kannanhoidon tavoite- ja toimenpideasettelun vaikutukset eläinpopulaatioihin historiallisessa ja ekologisessa kontekstissa. Tutkimuksen toinen tavoite on tuottaa synteesi nykypäivän suurpetojen kannanhoidon tavoite- ja toimenpiteiden tarkoituksenmukaisuudesta ja vaikuttavuudesta historiallisessa kontekstissa ja esittää uudenlainen lähestymismalli sosiaalisesti kestävämmälle suurpetopolitiikalle. Vahinkoeläinhistoriaa käsitellään deduktiivisella ja rekonstruktiivisella tutkimusotteella käyttäen aineistona lakitekstejä, maksettuja tapporahoja, sanomalehtikirjoituksia, sidosryhmien kirjoituksia sekä eläintieteellisiä julkaisuja. Etenkin laeissa ja asetuksissa eri eläimistä asetetut tapporahat ja toisaalta saalistilastojen perusteella maksetut palkkiot on nostettu tässä tutkimuksessa merkittävään rooliin asenteiden tulkinnan välineenä. Tarkastelu ulotetaan nisäkkäiden lisäksi myös lintuihin, jotka ovat edellä mainitun aineiston valossa olleet merkittävä vainottu eläinryhmä. Nykypäivän petokonfl iktin tarkastelussa keskiöön nostetaan suurpetoasenteet, niiden muodostuminen ja vaikutus suurpetopolitiikan tavoitteiden ja toimenpiteiden kiistämisessä. Suurpetopolitiikan legitimiteettikriisiä tarkastellaan paikallisten uhmakkuutena hallintoa kohtaan ja tulkinta keinoista puuttua sosiopoliittiseen rikokseen rakennetaan tätä ajatusta vasten. Suurpetojen salakaatajat toimivat yhteisönsä puolesta ja saavat tukensa toimilleen yhteisöltään. Sosiopoliittinen rikos ei siten ole ainoastaan salakaatajien vaan sen sijaan yhteisön yhteinen. Salakaatajat ja paikallisyhteisö pyrkivät häivyttämään yhteiskunnassa viranomaisten ja sidosryhmien taholta toimintaan liittämää stigmaa ja siten oikeuttamaan tekonsa vallitsevissa olosuhteissa. Arvoristiriitoihin perustuvat konfl iktit ovat haasteellisia hallita ja lähtökohtana on oltava ymmärrys siitä, että etenkin suteen liittyvät jännitteet ja ristiriidat ihmisten välisissä suhteissa ovat väistämättömiä. Tunnistamalla historiallisen aineiston merkittävyys nykypäivän ongelmakeskeisen kannanhoidon ratkaisun tietopohjana on mahdollista rakentaa sosiaalisesti kestävämpää suurpetojen kannanhoitoa. Tässä väitöskirjatyössä painotetaan suurpetoihin liittyen ajatusta, jonka mukaan paikallisilta suurpetoalueilla eläviltä ihmisiltä tai sidosryhmien edustajilta ei edellytetä arvomaailman muuttumista, vaan hyväksytään heidän käsityksensä suurpetojen roolista vahingontekijöinä. Sen sijaan vahvistetaan suurpetojen välineellistä roolia paikallisyhteisöjen resurssina ja oleellisten sidosryhmien roolia yhteisön toimijoina psykologisen omistajuuden rakentamisen kautta. Suurpetojen kestävä kannanhoito vaatii siten riistahallinnon toimintakulttuurin muutosta ja uudenlaista suhdetta yhteiskunnan eri toimijoihin.