Cross-Industry Product Diversification and Contagion in Risk and Return: The Case of Bank-Insurance and Insurance-Bank Takeovers

We investigate the impact of domestic/international bancassurance deals on the risk-return profiles of announcing and non-announcing banks and insurers within a GARCH model. Bank-insurance deals produce intra- and inter-industry contagion in both risk and return, with larger deals producing greater contagion. Bidder banks and peers experience positive abnormal returns, with the effects on insurer peers being stronger than those on bank peers. Insurance-bank deals produce insignificant excess returns for bidder and peer insurers and positive valuations for peer banks. Following the deal, the bank bidders’ idiosyncratic (systematic) risk falls (increases), while insurance bidders exhibit a lower systematic risk and maintain their idiosyncratic risk.

Paper industry in Kerala: An evaluation of labour absorption,capacity utilisation, and environmental pollution

Paper industry is one of the oldest and largest industries in Kerala. Despite the developments in the industry in terms of growth in output , value added and employment generation, many of the units face grave problems. Irrespective of the size of the plant, the problems of the industry are general in nature. The problems are galore in the supply, not the demand side. Amomg the problems, the important ones are: raw material scarcity, energy deficiency and obsolete technology. Further, the industry is subject to many controls by the Government — price control, product control and raw materials control — which result in the dwindling of profits and investments. Equally important are the reservations against the industry for polluting the environment byeffluent disposal on the one hand and affecting ecological balance by depleting the existing forest on the other. Apart from the large, medium and small pulp and paper mills, there are about 30 hand made paper units in Kerala which can be categorised as village and cottage industry. Almost all of these units began at the initiative and support of Khadi and Village Industries Commission. The primary purpose of these units is employment generation, and not profit making. Currently many of these units are in the red and many others are on the verge of closure. Therefore, a separate analysis of the growth performance, and problems and prospects of the hand made paper industry has also been attempted. It is analysed separately because of the very small size of the hand made paper units

Fermentation Of Rice And Related Products By Bacillus Sp.

Recently’ recognition cnf immobilization ‘technology for the rapid conversion of several substrates into metabolites and repeated reuse of the biocatalysts have drawn the attention of the fermentation scientists and technologists to try these new technologies for the rapid production of pnxkmt and enhancement of the efficiencies of the systems Hence in the present study rice was selected,as a substrate since it is a rich source of starch, available and cultivated throughout the year almost in all part of our country. Rice although known for its use as a staple food in many forms as rice, idli, dosai etc., has not been used in industry extensively. However, it ii; a potential resource for’ the production of alcohol, high protein food anui for sugar and sugar syrups as it is evidenced by the few reports mentioned in the review of literature. Of the several microorganisms available, Bacillus sp, is a known candidate for the production of amylases. Hence in the present study Bacillus sp, was desired for its known efficiencies in starch conversion

Dirty tariffication revisited: The EU and sugar

It is widely believed that a number of countries, including the EU, engaged in dirty tariffication during the Uruguay Round of trade talks. This article examines the EU’s record on sugar and finds little evidence to substantiate the claim. However, world prices increased between the base period (1986-88) and the date of implementation (1995), and so tariffication resulted in an increase in the tax that would have been charged on sugar imports into the EU. As well, the Special Safeguard provisions meant that a substantial additional levy could be charged.

Evidence for the complex relationship between free amino acid and sugar concentrations and acrylamide-forming potential in potato

Free amino acids and reducing sugars participate in the Maillard reaction during high-temperature cooking and processing. This results not only in the formation of colour, aroma and flavour compounds, but also undesirable contaminants, including acrylamide, which forms when the amino acid that participates in the reaction is asparagine. In this study, tubers of 13 varieties of potato (Solanum tuberosum), which had been produced in a field trial in 2010 and sampled immediately after harvest or after storage for 6 months, were analysed to show the relationship between the concentrations of free asparagine, other free amino acids, sugars and acrylamide-forming potential. The varieties comprised five that are normally used for crisping, seven that are used for French fry production and one that is used for boiling. Acrylamide formation was measured in heated flour, and correlated with glucose and fructose concentration. In French fry varieties, which contain higher concentrations of sugars, acrylamide formation also correlated with free asparagine concentration, demonstrating the complex relationship between precursor concentration and acrylamide-forming potential in potato. Storage of the potatoes for 6 months at 9°C had a significant, variety-dependent impact on sugar and amino acid concentrations and acrylamide-forming potential.

Adaptation of Rhizobium leguminosarum to pea, alfalfa and sugar beet rhizospheres investigated by comparative transcriptomics

Background The rhizosphere is the microbe-rich zone around plant roots and is a key determinant of the biosphere's productivity. Comparative transcriptomics was used to investigate general and plant-specific adaptations during rhizosphere colonization. Rhizobium leguminosarum biovar viciae was grown in the rhizospheres of pea (its legume nodulation host), alfalfa (a non-host legume) and sugar beet (non-legume). Gene expression data were compared to metabolic and transportome maps to understand adaptation to the rhizosphere. Results Carbon metabolism was dominated by organic acids, with a strong bias towards aromatic amino acids, C1 and C2 compounds. This was confirmed by induction of the glyoxylate cycle required for C2 metabolism and gluconeogenesis in all rhizospheres. Gluconeogenesis is repressed in R. leguminosarum by sugars, suggesting that although numerous sugar and putative complex carbohydrate transport systems are induced in the rhizosphere, they are less important carbon sources than organic acids. A common core of rhizosphere-induced genes was identified, of which 66% are of unknown function. Many genes were induced in the rhizosphere of the legumes, but not sugar beet, and several were plant specific. The plasmid pRL8 can be considered pea rhizosphere specific, enabling adaptation of R. leguminosarum to its host. Mutation of many of the up-regulated genes reduced competitiveness for pea rhizosphere colonization, while two genes specifically up-regulated in the pea rhizosphere reduced colonization of the pea but not alfalfa rhizosphere. Conclusions Comparative transcriptome analysis has enabled differentiation between factors conserved across plants for rhizosphere colonization as well as identification of exquisite specific adaptation to host plants.

The perception of accessibility in Web development by academy, industry and government: a survey of the Brazilian scenario

Accessibility has become a serious issue to be considered by various sectors of the society. However, what are the differences between the perception of accessibility by academy, government and industry? In this paper, we present an analysis of this issue based on a large survey carried out with 613 participants involved with Web development, from all of the 27 Brazilian states. The paper presents results from the data analysis for each sector, along with statistical tests regarding the main different issues related to each of the sectors, such as: government and law, industry and techniques, academy and education. The concern about accessibility law is poor even amongst people from government sector. The analyses have also pointed out that the academy has not been addressing accessibility training accordingly. The knowledge about proper techniques to produce accessible contents is better than other sectors`, but still limited in industry. Stronger investments in training and in the promotion of consciousness about the law may be pointed as the most important tools to help a more effective policy on Web accessibility in Brazil.

Characterization and spectroscopic analysis of phenol-ethanol hydrogen bonded clusters

Different hydrogen bonded clusters involving phenol and ethanol are studied theoretically using MP2/aug-cc-pVDZ. Nine different 1: 1 clusters are obtained and analyzed according to their stability and spectroscopic properties. Different isomeric forms of ethanol are considered. Attention is also devoted to the spectral shift of the characteristic pi -> pi* transition of phenol. Using TDHF, CIS, CIS(D) and TDB3LYP in aug-cc-pVDZ basis set, all results agree that a red shift is obtained when phenol is the hydrogen donor and a blue shift is obtained in the opposite case. These results are used to rationalize the red shift observed for phenol in liquid ethanol. (C) 2010 Elsevier B.V. All rights reserved.

Produção de acetato de etila em biorrefinaria: uma análise de viabilidade

O estudo aqui apresentado tem como objetivo mostrar que a competitividade da indústria química brasileira pode ser revista por meio do desenvolvimento da área química a partir dos recursos naturais renováveis e de alto desempenho de produtividade, aqui representado pela cana-de-açúcar. A base deste estudo analisa a competitividade econômica da produção do acetato de etila, utilizando o etanol como única matéria-prima, sendo o Brasil um grande exportador e, ao mesmo tempo, detentor de um mercado interno forte quando comparado a outros países desenvolvidos. O acetato de etila exportado representou 52% da capacidade nominal instalada no Brasil no ano de 2008. No Brasil existem três ofertantes, mas apenas um produtor é exportador. Todos usam a esterificação como tecnologia de produção, via reação do ácido acético e etanol, sendo o ácido acético largamente importado. O estudo tem como premissa que a competitividade do acetato de etila no Brasil seja dada pelo etanol, que aqui é produzido pela fermentação do caldo de cana-de-açúcar. Já a tecnologia de esterificação é conhecida e de domínio público mundial, e o ácido acético é uma commodity petroquímica com preço referenciado globalmente. Argumenta-se neste trabalho que a competitividade do acetato de etila decorre da linkage com a produção de etanol de cana-de-açúcar, o que coloca o Brasil como grande potencial exportador desse produto. Utilizando a tecnologia de desidrogenação do etanol, pode-se obter acetato de etila utilizando-se apenas o etanol como matéria-prima, reduzindo-se assim a necessidade de importação de ácido acético, que representaria redução anual do déficit da balança comercial petroquímica brasileira em aproximadamente meio bilhão de dólares e, ademais, permitindo que o acetato de etila produzido no Brasil seja ainda mais competitivo. A partir deste estudo é possível avaliar, por analogia, a competitividade de outros produtos químicos produzidos a partir da matriz cana-de-açúcar, tais como eteno, lubrificantes, plásticos etc. Tal caminho permite criar um novo marco para a indústria química brasileira, com consequente redução da dependência de petróleo e gás natural.

Co-evolução dos componentes do marco institucional e das trajetórias de acumulação de capacidades tecnológicas no setor de agro-energia (etanol) no Brasil (1970-2009)

Esta dissertação centra-se no exame da evolução dos componentes do marco institucional em associação com as trajetórias de acumulação de capacidades tecnológicas de produção e inovação em setores à base de recursos naturais em economias emergentes. Esse relacionamento é examinado no setor de etanol brasileiro, no período entre 1970 e 2009. O marco institucional é operacionalizado à base das macro-instituições (os regimes complexos constituídos por políticas públicas), meso-instituições (as relações políticas e estruturas burocráticas) e as instituições baseadas em conhecimento (os institutos de pesquisa e as universidades). As trajetórias de acumulação de capacidades tecnológicas são examinadas à base de níveis de inovação. A dissertação baseia-se em um estudo de caso em nível setorial. Além disso, o estudo baseia-se em evidências obtidas a partir de fontes diversas, em nível de indústria, em documentos governamentais e também em evidências secundárias em nível de empresa. Os principais resultados desta dissertação são os seguintes: (1) O setor de etanol atingiu níveis inovadores de capacidade tecnológica nas duas funções analisadas. Numa escala de 1 a 5, o setor adquiriu, durante o 1º período (1970-1989), capacidades tecnológicas industriais (produto e processo) no Nível 3 e, durante o 2º período (1990-2009), o setor de etanol acumulou capacidades tecnológicas industriais no Nível 5. No tocante à acumulação de capacidades tecnológicas na área agrícola (matéria-prima), durante o 1º período, o setor adquiriu capacidades tecnológicas no Nível 4 e apenas no período seguinte atingiu o Nível 5. (2) As instituições desempenharam um papel relevante sobre as trajetórias de acumulação de capacidades tecnológicas no setor de etanol brasileiro. Entre elas destaca-se às atividades de P&D desenvolvidas em instituições baseadas em conhecimento, que acumularam capacidades tecnológicas de produção e inovação, compartilhadas com as empresas. (3) Entretanto, o estudo aponta para algumas vulnerabilidades do setor de etanol brasileiro no que se refere a sua capacidade de sustentar o seu desempenho inovador. Entre elas destaca-se: (1) grande parte das atividades inovadoras em nível de P&D é realizada a base de arranjos externos, com pouco esforço de atividades realizadas a partir das empresas; (2) apesar do enorme esforço governamental para desenvolver o setor, esse está direcionado (locked-in) à trajetória de acumulação de capacidades tecnológicas de etanol de 1ª geração; (3) os componentes do marco institucional incentivaram as atividades de pesquisa em universidades e institutos de pesquisa, em nível de bancada, que resultaram em invenções e projetos experimentais; (4) as condições favoráveis de mercado, a grande disponibilidade de cana-de-açúcar e a flexibilidade de produção de etanol/álcool contribuíram para a acomodação do setor de etanol, ou seja, parece haver uma zona de conforto no setor. Desta forma, as evidências alertam sobre a necessidade de investimentos em atividades inovadoras de P&D dentro das empresas (foco em inovações, riqueza e na diversificação para outros setores). Portanto, os resultados desta dissertação permitem apontar sugestões para gestores governamentais. As novas políticas públicas podem: (1) redirecionar as estratégias de acumulação de capacidades tecnológicas inovadoras, fortemente focadas na sustentação das trajetórias de acumulação de capacidades tecnológicas para produzir etanol de 1ª geração; (2) impulsionar a acumulação de capacidades tecnológicas de produção e inovação na trajetória emergente para produzir etanol de 2ª geração, atualmente em nível experimental e largamente desenvolvida dentro das instituições baseadas em conhecimento, e para diversificar os produtos para novos setores e linhas de negócio. Os resultados desta dissertação também sugerem aos gestores de empresas no setor brasileiro de etanol: (1) reformular as estratégias empresariais com a finalidade de expandir as atividades inovadoras dentro das empresas do setor de etanol, que poderão resultar na criação de inovações em escala industrial; (2) as empresas do setor de etanol deveriam assumir um comportamento proativo com a finalidade de coordenar os esforços de P&D em direção aos problemas e desafios futuros a serem enfrentados pelo setor brasileiro de etanol.

Activation and early parthenogenesis of bovine oocytes treated with ethanol and strontium

Efficient artificial activation is indispensable for the success of cloning programs. Strontium has been shown to effectively activate mouse oocytes for nuclear transfer procedures, however, there is limited information on its use for bovine oocytes. The present study had as objectives: (1) to assess the ability of strontium to induce activation and parthenogenetic development in bovine oocytes of different maturational ages in comparison with ethanol; and (2) to verify whether the combination of both treatments improves activation and parthenogenetic development rates. Bovine oocytes were in vitro matured for 24, 26, 28, and 30 h, and treated with ethanol (E, 7% for 5 min) or strontium chloride (S, 10 mM SrCl2 for 5 h) alone or in combination: ethanol + strontium (ES) and strontium + ethanol (SE). Activated oocytes were cultured in vitro in synthetic oviductal fluid (SOF) medium and assessed for pronuclear formation (15-16 h), cleavage (46-48 h) and development to the blastocyst stage (M). Treatment with ethanol and strontium promoted similar results regarding pronuclear formation (E, 20-66.7%; S, 26.7-53.3%; P > 0.05) and cleavage (E, 12.8-40.6%; S, 16.1-41.9%; P > 0.05), regardless of oocyte age. The actions of both strontium and ethanol were influenced by oocyte age: ethanol induced greater activation rates after 28 and 30 h of maturation (48.4 and 66.7% versus 20.0 and 23.3% for 24 and 26 It, respectively; P < 0.05) and strontium after 30 It (53.3%) was superior to 24 and 26h (26.7% for both). Blastocyst development rates were minimal in all treatments (0.0-6.3%; P > 0.05), however, when the mean (+/-S.D.) cell number in blastocysts at the same maturational period was compared, strontium treatment was superior to ethanol for activation rates (82 +/- 5.7 and 89.5 +/- 7.8 versus 54 and 61, at 28 and 30 h, respectively). Improved results were obtained by combined treatments. The combination of ethanol and strontium resulted in similar pronuclear formation (ES, 36.7-83.9%; SE, 53.1-90.3%) and cleavage rates (ES, 31.3-81.3%; SE, 65.6-80.7%). Regarding embryo development, there was no difference (P > 0.05) between treatments, and blastocysts were only obtained in treatment SE at 24 and 26 h (6.5% for both). It is concluded that, SrCl2 induces activation and parthenogenetic development in bovine oocytes. (C) 2003 Elsevier B.V. All rights reserved.

Environmental management in ethanol and sugarcane plants in Brazil

There has been much discussion on the importance of Brazilian ethanol in promoting a more sustainable society. However, there is a lack of analysis of whether sugarcane plants/factories that produce this ethanol are environmentally suitable. Thus, the objective of this study was to analyse stages of environmental management at four Brazilian ethanol-producing plants, examining the management practices adopted and the factors behind this adoption. The results indicate that (1) only one of the four plants is in the environmentally proactive stage; (2) all plants are adopting operational and organisational environmental management practices; (3) all plants have problems in communicating environmental management practices; and (4) the plant with the most advanced environmental management makes intense use of communication practices and is strongly oriented towards a more environmentally aware international market. This paper is an attempt to explain the complex relationship between the evolution of environmental management, environmental practices and motivation using a framework. The implications for society, plant directors and scholars are described, as well as the study's limitations.

Production and characterization of glucoamylase from fungus Aspergillus awamori expressed in yeast Saccharomyces cerevisiae using different carbon sources

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

Osmotic dehydration of apples in sugar/salt solutions: Concentration profiles and effective diffusion coefficients

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

Altered patterns of maltose and glucose fermentation by brewing and wine yeasts influenced by the complexity of nitrogen source

Maltose and glucose fermentations by industrial brewing and wine yeasts strains were strongly affected by the structural complexity of the nitrogen source. In this study, four Saccharomyces cerevisiae strains, two brewing and two wine yeasts, were grown in a medium containing maltose or glucose supplemented with a nitrogen source varying from a single ammonium salt (ammonium sulfate) to free amino acids (casamino acids) and peptides (peptone). Diauxie was observed at low sugar concentration for brewing and wine strains, independent of nitrogen supplementation, and the type of sugar. At high sugar concentrations altered patterns of sugar fermentation were observed, and biomass accumulation and ethanol production depended on the nature of the nitrogen source and were different for brewing and wine strains. In maltose, high biomass production was observed under peptone and casamino acids for the brewing and wine strains, however efficient maltose utilization and high ethanol production was only observed in the presence of casamino acids for one brewing and one wine strain studied. Conversely, peptone and casamino acids induced higher biomass and ethanol production for the two other brewing and wine strains studied. With glucose, in general, peptone induced higher fermentation performance for all strains, and one brewing and wine strain produced the same amount of ethanol with peptone and casamino acids supplementation. Ammonium salts always induced poor yeast performance. The results described in this paper suggest that the complex nitrogen composition of the cultivation medium may create conditions resembling those responsible for inducing sluggish/stuck fermentation, and indicate that the kind and concentration of sugar, the complexity of nitrogen source and the yeast genetic background influence optimal industrial yeast fermentation performance.