Company financial performance: Does board size matter? Case of the EUROSTOXX50 index

[EN] This study analyzes the relationship between board size and economic-financial performance in a sample of European firms that constitute the EUROSTOXX50 Index. Based on previous literature, resource dependency and agency theories, and considering regulation developed by the OECD and European Union on the normative of corporate governance for each country in the sample, the authors propose the hypotheses of both positive linear and quadratic relationships between the researched parameters. Using ROA as a benchmark of financial performance and the number of members of the board as measurement of the board size, two OLS estimations are performed. To confirm the robustness of the results the empirical study is tested with two other similar financial ratios, ROE and Tobin s Q. Due to the absence of significant results, an additional factor, firm size, is employed in order to check if it affects firm performance. Delving further into the nature of this relationship, it is revealed that there exists a strong and negative relation between firm size and financial performance. Consequently, it can be asseverated that the generic recommendation one size fits all cannot be applied in this case; which conforms to the Recommendations of the European Union that dissuade using generic models for all countries.

The tunable negative refractive index in granular composite

The effective refractive index of a kind of granular composite, which consists of granular metallic and magnetic inclusions with different radius embedded in a host medium, is theoretically investigated. Results show that for certain volume fractions of these two inclusions, the negative permittivity peak shifts to low frequency and the peak value increases with increasing radius ratio of the radius of magnetic granulae to that of metallic granulae. Simultaneously, peak value of permeability decreases with the radius ratio, and value peak shifts to high frequency with increasing volume fraction of magnetic inclusion. Therefore, the radius ratio can affect the effective refractive index considerably, and it is found that by adjusting the radius ratio, the refractive index may change between negative and positive values for certain volume fractions of the two inclusions. (c) 2005 Elsevier B.V. All rights reserved.

Self-assembly of metallated TPP porphyrin by external dipyridyl ligands

Póster presentado en: XXII International Congress and General Assembly of the International Union of Crystallography (UICr), 22–30 Agosto 2011. Madrid, España

Donati Artis Grammaticae Index et Concordantia

615 p.

Line-width reduction of a laser diode array using an external cavity with two feedback mirrors

A novel Littman-Metcalf external cavity laser diode array with two feedback mirrors is introduced. The line-width broadening effect caused by smile can be reduced by the novel external cavity. At the drive current of 16A, the line-width is narrowed to 0.1nm from free-running width of 1.6nm with output efficiency of 84%.

Beam quality improvement of laser diode array by using off-axis external cavity

A novel off-axis external cavity is designed for laser diode array to improve the beam quality. In this external cavity, a circle aperture with variable size is used as a spatial filter. The diameter of aperture is optimized to 1.2mm and the off-axis angle of external cavity is optimized at 2.6 deg. In the optimal case, the beam parameter product (BPP) of laser diode array is reduced to 121 mm. mrad from 1050 mm. mrad with external cavity optical efficiency of 81%. (C) 2007 Optical Society of America.

Beam collimation of high-power laser diode array with graded-index fiber lens array

Graded-index (GRIN) fiber lens arrays are fabricated from commercial GRIN fibers to collimate a high-power laser diode array. The beam divergence angles are reduced to 4.2 and 14.7 mrad in the fast and slow axes, respectively. The influences of smile and fluctuation in fiber length are discussed. Using an aspherical focal lens system, about 74% power can be launched into a fiber with a numerical aperture (NA) of 0.22 and a core diameter of 400 mu m. (c) 2008 Society of Photo-Optical Instrumentation Engineers.

Os indicadores de desempenho instituídos pelo TCU para as Instituições Federais de Ensino Superior: análise empírica do período de 2008 a 2010,

A Gestão Pública tem incorporado boas práticas de administração mediante foco no resultado eficiente e na transparência. A utilização de indicadores de desempenho exerce um papel fundamental para espelhar a real situação do órgão e suas possibilidades de melhoria. No caso específico das universidades federais, o Tribunal de Contas da União (TCU) estabeleceu um conjunto de nove indicadores a serem medidos por essas unidades e divulgados através de seus relatórios de gestão. A dificuldade interpretativa advinda de visualizar, simultaneamente, esses critérios avaliativos contidos nesse conjunto e suas interdependências, fomentou a elaboração desta pesquisa. O estudo objetiva analisar e sintetizar o conjunto de indicadores de desempenho, atinentes a 53 universidades federais, referentes aos anos de 2008 a 2010, a fim de identificar um modelo de simplificação para auxiliar os controles interno e externo. A metodologia utilizada é a da Análise Fatorial, uma técnica estatística multivariada de interdependência, e pouco explorada em pesquisas anteriores nessa temática, além de testes de regressão linear e da Análise Envoltória de Dados (DEA), esta já amplamente utilizada na literatura, a fim de possibilitar ratificar as associações e interpretações dos resultados. Os testes mostraram uma aderência satisfatória da técnica aos dados coletados, permitindo identificar dois fatores que pudessem explicar 61,8% do conjunto informacional original. Com ratificação da DEA, esses fatores foram associados ao desempenho e ao custo, e a relação entre os dois foi interpretada como um índice de eficiência. O fator atrelado ao desempenho foi intitulado o indicador sumarizado de todo o conjunto estabelecido pelo TCU, tendo sido encontrado correlação alta e significativa com o Ranking Universitário Folha, mostrando que eles possuem semelhantes poderes discriminantes, mesmo tendo sido oriundos de bases de cálculo distintas. Ademais, destacam-se os seguintes resultados complementares: 1) Embora o custo influencie para o desempenho das universidades federais, ele não é preponderante, mas os indicadores de envolvimento com a pós-graduação e qualificação do corpo docente são os mais relevantes; 2) Os indicadores de resultado não sofrem muita influência do custo, sobretudo o de recursos humanos (funcionários), mostrando que de uma maneira geral há ineficiência na gestão de pessoal das universidades; 3) A utilização da DEA mostrou que a escolha das variáveis realmente pode redundar em resultados distintos e não correlatos significativamente, apresentando uma limitação quanto à certificação dos escores de eficiência obtidos.

High Er3+ concentration low refractive index fluorophosphate glass for evanescent wave optical amplifiers

This is about the first reported laser glass with very low no, high Er3+ concentration and no quenching. In this work, a series of high Er3+ concentration (10.6-12.2 x 10(20) ions/cm(3)), low refractive index (n(1550) < 1.47) and relatively high fluorescence lifetime (6.8-12.6 ms) fluorophosphate glasses were made. A cw-pumping evanescent wave optical amplifier experiment was performed with it, and a relative gain of around 2dB at 1550 nm wavelength was achieved while the noise level was almost unchanged. To our knowledge, this is the first successful relative gain in evanescent wave optical amplifiers (EWOA) demonstrated with cw pumping. It is a valuable study of specially designed fluorophosphate glass suitable for EWOA communication experiment. (C) 2008 Elsevier B.V. All rights reserved.

Valence state change and refractive index change induced by femtosecond laser irradiation in Sm3+ doped fluoroaluminate glass

We report femtosecond laser induced valence state and refractive index change in transparent Sin(3+)-doped fluoroaluminate glass. The effect of annealing on the induced changes was studied and the thermal stability of these changes was discussed. The results show that the femtosecond laser induced valence state change is more stable than the induced refractive index change. The observed phenomenon could be applied to design the thermally erasable or stable storage medium. (c) 2007 Elsevier B.V. All rights reserved.