International evidence on the payout ratio, earnings, dividends and returns

ap Gwilym, Owain, et al., 'International evidence on the payout ratio, earnings, dividends and returns', Financial Analysts Journal (2006) 62(1) pp.36-53 RAE2008

The Impact of Sunspots on the Interpretation of Coronal Observations of the O VI Doublet

Morgan, Huw; Habbal, S. R., 'The impact of sunspots on the interpretation of coronal observations of the OVI doublet', The Astrophysical Journal (2005) 630(2) pp.L189-L192 RAE2008

On the Emergence of Highly Variable Distributions in the Autonomous System Topology

Recent studies have noted that vertex degree in the autonomous system (AS) graph exhibits a highly variable distribution [15, 22]. The most prominent explanatory model for this phenomenon is the Barabási-Albert (B-A) model [5, 2]. A central feature of the B-A model is preferential connectivity—meaning that the likelihood a new node in a growing graph will connect to an existing node is proportional to the existing node’s degree. In this paper we ask whether a more general explanation than the B-A model, and absent the assumption of preferential connectivity, is consistent with empirical data. We are motivated by two observations: first, AS degree and AS size are highly correlated [11]; and second, highly variable AS size can arise simply through exponential growth. We construct a model incorporating exponential growth in the size of the Internet, and in the number of ASes. We then show via analysis that such a model yields a size distribution exhibiting a power-law tail. In such a model, if an AS’s link formation is roughly proportional to its size, then AS degree will also show high variability. We instantiate such a model with empirically derived estimates of growth rates and show that the resulting degree distribution is in good agreement with that of real AS graphs.

On the Efficiency and Fairness of Transmission Control Loops: A Case for Exogenous Losses

We postulate that exogenous losses-which are typically regarded as introducing undesirable "noise" that needs to be filtered out or hidden from end points-can be surprisingly beneficial. In this paper we evaluate the effects of exogenous losses on transmission control loops, focusing primarily on efficiency and convergence to fairness properties. By analytically capturing the effects of exogenous losses, we are able to characterize the transient behavior of TCP. Our numerical results suggest that "noise" resulting from exogenous losses should not be filtered out blindly, and that a careful examination of the parameter space leads to better strategies regarding the treatment of exogenous losses inside the network. Specifically, we show that while low levels of exogenous losses do help connections converge to their fair share, higher levels of losses lead to inefficient network utilization. We draw the line between these two cases by determining whether or not it is advantageous to hide, or more interestingly introduce, exogenous losses. Our proposed approach is based on classifying the effects of exogenous losses into long-term and short-term effects. Such classification informs the extent to which we control exogenous losses, so as to operate in an efficient and fair region. We validate our results through simulations.

On the Impact of Low-Rate Attacks

Recent research have exposed new breeds of attacks that are capable of denying service or inflicting significant damage to TCP flows, without sustaining the attack traffic. Such attacks are often referred to as "low-rate" attacks and they stand in sharp contrast against traditional Denial of Service (DoS) attacks that can completely shut off TCP flows by flooding an Internet link. In this paper, we study the impact of these new breeds of attacks and the extent to which defense mechanisms are capable of mitigating the attack's impact. Through adopting a simple discrete-time model with a single TCP flow and a nonoblivious adversary, we were able to expose new variants of these low-rate attacks that could potentially have high attack potency per attack burst. Our analysis is focused towards worst-case scenarios, thus our results should be regarded as upper bounds on the impact of low-rate attacks rather than a real assessment under a specific attack scenario.

The financial storms in Vietnam's transition economy: a reasoning on the 1991-2008 period

This study focuses on those substantial changes that characterize the shift of Vietnam’s macroeconomic structures and evolution of micro-structural interaction over an important period of 1991-2008. The results show that these events are completely distinct in terms of (i) Economic nature; (ii) Scale and depth of changes; (iii) Start and end results; and, (iv) Requirement for macroeconomic decisions. The study rejected a suspicion of similarity between the contagion of the Asian financial crisis in 1997-98 and economic chaos in the first half of 2008 (starting from late 2007). The depth, economic settings of, and interconnection between macro choices and micro decisions have all grown up significantly, partly due to a much deeper level of integration of Vietnam into the world’s economy. On the one hand, this phenomenon gives rise to efficiency of macro level policies because the consideration of micro-structural factors within the framework has definitely become increasingly critical. On the other and, this is a unique opportunity for the macroeconomic mechanism of Vietnam to improve vastly, given the context in which the national economy entered an everchanging period under pressures of globalization and re-integration. The authors hope to also open up paths for further empirical verifications and to stress on the fact that macro policies will have, from now on, to be decided in line with changing micro-settings, which specify a market economy and decide the degree of success of any macroeconomic choices.

Promising results with exemestane in the first-line treatment of metastatic breast cancer: a randomized phase II EORTC trial with a tamoxifen control.

Because tamoxifen (TAM), a nonsteroidal antiestrogen, is routinely used in the adjuvant setting, other hormone therapies are needed as alternatives for first-line treatment of metastatic breast cancer (MBC). Currently, exemestane (EXE) and other antiaromatase agents are indicated for use in patients who experience failure of TAM. In this multicenter, randomized, open-label, TAM-controlled (20 mg/day), phase II trial, we examined the activity and tolerability of EXE 25 mg/day for the first-line treatment of MBC in postmenopausal women. Exemestane was well tolerated and demonstrated substantial first-line antitumor activity based on intent-to-treat analysis of peer-reviewed responses. In the EXE arm, values for complete, partial, and objective response, clinical benefit, and time to tumor progression (TTP) exceeded those reported for TAM although no statistical comparison was made. Based on these encouraging results, a phase III trial will compare EXE and TAM.

Getting to the Real Story: What Vietnamese business people wish foreigners understood about doing business in emerging and transition countries like Vietnam – BEFORE they start

Knowledge sharing typically examines organizational transfer of knowledge, often from headquarters to subsidiaries, from developed country sites to emerging country sites, or from host to local employees. Yes, recent research, such as Prahalad’s Bottom of the Pyramid, raises the question of reverse transfer of knowledge, or whether knowledge could and should be transferred from local sites to home country sites within an organization. As several emerging economies build their capabilities in knowledge, research and development, marketing, and the like, it only makes sense to consider what type of knowledge and how to transfer it in reverse or bi-directional manners. This paper takes one step back in the process. Rather than focusing on what knowledge transfer may make sense within an organization, we consider what types of knowledge are important for foreigners to know at the initial stages of engagement abroad as they consider whether to do business in an emerging country.

Effects of Aging and Moderate Calorie Restriction on the Reproductive Axis of the Male Rhesus Macaque (Macaca mulatta)

Calorie restriction (CR) has been established as the only non-genetic method of altering longevity and attenuating biological changes associated with aging. This nutritional paradigm has been effective in nematodes, flies, rodents, dogs and possibly non-human primates. Its long history notwithstanding, little is known regarding the exact mechanism(s) of CR action or its potential impact on the hypothalamic-pituitary-gonadal (HPG) axis. The objectives of this project were to: 1) analyze neuroendocrine changes to the HPG axis that occur with aging and 2) evaluate the effects of moderate CR on reproductive function in male rhesus macaques. Pituitary gene expression profiling, semi-quantitative RT-PCR (sqRT-PCR) and immunohistochemistry showed circadian clock mechanism components present in three age categories of macaques, demonstrated age differences in expression for Per2, indicated differential expression of Per2 and Bmal1 at opposing time points and revealed daily rhythmic expression of REV-ERBα protein. These data indicate the ability of the macaque pituitary to express core-clock genes, their protein products, and to do so in a 24-hour rhythm. Young Adult CON and CR pituitary gene expression profiles detected potential differential expression in <150 probesets. A decline in>TSHR and CGA was detected in CR macaques as measured by sqRT-PCR. Other genes investigated showed no diet-induced changes. Young Adult CON and CR testicular gene expression profiles detected potential differential expression in <300 probesets although mRNA expression was not altered based on sqRT-PCR and real-time RT-PCR. Age-related>and/or diet-induced changes in HSD17β3, INSL3, CSNK1E and CGA were observed in a separate experiment with CGA in Old Adult CR subjects returning to youthful levels. Semen samples were collected from Young Adult CON and CR macaques. Normal spermiogram measures, ZP-binding, AR assay and SCSA^® were conducted and indicated no differences between CON and CR-treated animals. Both groups exhibited similar daily testosterone profiles with no differences in mean or maximum levels; however, daily minimum testosterone levels were lower in CON animals. It appears that moderate CR had limited impact on neuroendocrine or reproductive function in male rhesus macaques based on our selected endpoints. Thus, advantageous CR health benefits can be achieved without obvious negative consequences to the HPG axis.

Modeling the Effects of Habitat Fragmentation on the Movements of the Mongolian Gazelle in the Eastern Mongolian Steppe

The Mongolian gazelle, Procapra gutturosa, resides in the immense and dynamic ecosystem of the Eastern Mongolian Steppe. The Mongolian Steppe ecosystem dynamics, including vegetation availability, change rapidly and dramatically due to unpredictable precipitation patterns. The Mongolian gazelle has adapted to this unpredictable vegetation availability by making long range nomadic movements. However, predicting these movements is challenging and requires a complex model. An accurate model of gazelle movements is needed, as rampant habitat fragmentation due to human development projects - which inhibit gazelles from obtaining essential resources - increasingly threaten this nomadic species. We created a novel model using an Individual-based Neural Network Genetic Algorithm (ING) to predict how habitat fragmentation affects animal movement, using the Mongolian Steppe as a model ecosystem. We used Global Positioning System (GPS) collar data from real gazelles to “train” our model to emulate characteristic patterns of Mongolian gazelle movement behavior. These patterns are: preferred vegetation resources (NDVI), displacement over certain time lags, and proximity to human areas. With this trained model, we then explored how potential scenarios of habitat fragmentation may affect gazelle movement. This model can be used to predict how fragmentation of the Mongolian Steppe may affect the Mongolian gazelle. In addition, this model is novel in that it can be applied to other ecological scenarios, since we designed it in modules that are easily interchanged.

The body language: The spontaneous influence of congruent bodily arousal on the awareness of emotional words

Nowadays, the idea of a reciprocal influence of physiological and psychological processes seems to be widely accepted. For instance, current theories of embodied emotion suggest that knowledge about an emotion concept involves simulations of bodily experienced emotional states relevant to the concept. In line with this framework, the present study investigated whether actual levels of physiological arousal interact with the processing of emotional words. Participants performed 2 blocks of an attentional blink task, once after a cycling session (increased arousal) and once after a relaxation session (reduced arousal). Concretely, participants were instructed to detect and report 2 target words (T1 and T2) presented among a series of nonword distractors. T1 and T2 were either neutral, high arousal, or low arousal words. Results revealed that increased physiological arousal led to improved reports of high arousal T2 words, whereas reduced physiological arousal led to improved reports of low arousal T2 words. Neutral T2 remained unaffected by the arousing conditions. These findings emphasize that actual levels of physiological arousal modulate the cognitive access to arousal (in-)congruent emotional concepts and suggest a direct grounding of emotion knowledge in our bodily systems of arousal.

On the continuum modelling of segregation of granular mixtures during hopper emptying in core flow mode

In this paper, the application of a continuum model is presented, which deals with the discharge of multi-component granular mixtures in core flow mode. The full model description is given (including the constitutive models for the segregation mechanism) and the interactions between particles at the microscopic level are parametrised in order to predict the development of stagnant zone boundaries during core flow discharges. Finally, the model is applied to a real industrial problem and predictions are made for the segregation patterns developed during mixture discharge in core flow mode.

Effects of thermal cycling profiles on the performance of chip-on-flex assembly using anisotropic conductive films

Anisotropic conductive films (ACFs) are widely used in the electronic packaging industries because of their fine pitch potential and the assembly process is simpler compared to the soldering process. However, there are still unsolved issues in the volume productions using ACFs. The main reason is that the effects of many factors on the interconnects are not well understood. This work focuses on the performance of ACF-bonded chip-on-flex assemblies subjected to a range of thermal cycling test conditions. Both experimental and three-dimensional finite element computer modelling methods are used. It has been revealed that greater temperature ranges and longer dwell-times give rise to higher stresses in the ACF interconnects. Higher stresses are concentrated along the edges of the chip-ACF interfaces. In the experiments, the results show that higher temperature ranges and prolonged dwell times increase contact resistance values. Close examination of the microstructures along the bond-line through the scanning electron microscope (SEM) indicates that cyclic thermal loads disjoint the conductive particles from the bump of the chip and/or pad of the substrate and this is thought to be related to the increase of the contact resistance value and the failure of the ACF joints.

Recommendations on the nature of the passenger response time distribution to be used in the MSC 1033 assembly time analysis based on data derived from sea trials

The passenger response time distributions adopted by the International Maritime Organisation (IMO)in their assessment of the assembly time for passanger ships involves two key assumptions. The first is that the response time distribution assumes the form of a uniform random distribution and the second concerns the actual response times. These two assumptions are core to the validity of the IMO analysis but are not based on real data, being the recommendations of an IMO committee. In this paper, response time data collected from assembly trials conducted at sea on a real passanger vessel using actual passangers are presented and discussed. Unlike the IMO specified response time distributions, the data collected from these trials displays a log-normal distribution, similar to that found in land based environments. Based on this data, response time distributions for use in the IMO assesmbly for the day and night scenarios are suggested

Synthesis and enzymatic evaluation of the guanosine analogue 2-amino-6-mercapto-7-methylpurine ribonucleoside (MESG): insights into the phosphorolysis reaction mechanism based on the blueprint transition state: SN1 or SN2?

A modified experimental procedure for the synthesis of MESG (2-amino-6-mercapto-7-methylpurine ribonucleoside) 1 has been successfully performed and its full characterization is presented. High resolution ESI(+)-MSMS indicates both the nucleoside bond cleavage as the main fragmentation in the gas phase and a possible SN1 mechanism. Ab initio transition state calculations based on the blue print transition state support this mechanistic rationale and discard an alternative SN2 mechanism. Assays using purine nucleoside phosphorylase (PNP) enzyme (human and M. tuberculosis sources) indicate its efficiency in the phosphorolysis of MESG and allow the quantitative determination of inorganic phosphate in real time assay.