Iowa Unemployment Rates by County, December 2014

Iowa Unemployment Rates by County map produced by the Iowa Workforce Development.

Essays in equilibrium asset pricing

Introduction This dissertation consists of three essays in equilibrium asset pricing. The first chapter studies the asset pricing implications of a general equilibrium model in which real investment is reversible at a cost. Firms face higher costs in contracting than in expanding their capital stock and decide to invest when their productive capital is scarce relative to the overall capital of the economy. Positive shocks to the capital of the firm increase the size of the firm and reduce the value of growth options. As a result, the firm is burdened with more unproductive capital and its value lowers with respect to the accumulated capital. The optimal consumption policy alters the optimal allocation of resources and affects firm's value, generating mean-reverting dynamics for the M/B ratios. The model (1) captures convergence of price-to-book ratios -negative for growth stocks and positive for value stocks - (firm migration), (2) generates deviations from the classic CAPM in line with the cross-sectional variation in expected stock returns and (3) generates a non-monotone relationship between Tobin's q and conditional volatility consistent with the empirical evidence. The second chapter proposes a standard portfolio-choice problem with transaction costs and mean reversion in expected returns. In the presence of transactions costs, no matter how small, arbitrage activity does not necessarily render equal all riskless rates of return. When two such rates follow stochastic processes, it is not optimal immediately to arbitrage out any discrepancy that arises between them. The reason is that immediate arbitrage would induce a definite expenditure of transactions costs whereas, without arbitrage intervention, there exists some, perhaps sufficient, probability that these two interest rates will come back together without any costs having been incurred. Hence, one can surmise that at equilibrium the financial market will permit the coexistence of two riskless rates that are not equal to each other. For analogous reasons, randomly fluctuating expected rates of return on risky assets will be allowed to differ even after correction for risk, leading to important violations of the Capital Asset Pricing Model. The combination of randomness in expected rates of return and proportional transactions costs is a serious blow to existing frictionless pricing models. Finally, in the last chapter I propose a two-countries two-goods general equilibrium economy with uncertainty about the fundamentals' growth rates to study the joint behavior of equity volatilities and correlation at the business cycle frequency. I assume that dividend growth rates jump from one state to other, while countries' switches are possibly correlated. The model is solved in closed-form and the analytical expressions for stock prices are reported. When calibrated to the empirical data of United States and United Kingdom, the results show that, given the existing degree of synchronization across these business cycles, the model captures quite well the historical patterns of stock return volatilities. Moreover, I can explain the time behavior of the correlation, but exclusively under the assumption of a global business cycle.

Ecophysiological response of Sorghum halepense populations to reduced rates of nicosulfuron

The control and regrowth after nicosulfuron reduced rate treatment of Johnsongrass (Sorghum halepense L. Pers.) populations, from seven Argentinean locations, were evaluated in pot experiments to assess if differential performance could limit the design and implementation of integrated weed management programs. Populations from humid regions registered a higher sensibility to reduced rates of nicosulfuron than populations from subhumid regions. This effect was visualised in the values of regression coefficient of the non-linear models (relating fresh weight to nicosulfuron rate), and in the time needed to obtain a 50% reduction of photosynthesis rate and stomatal conductance. The least leaf CO2 exchange of subhumid populations could result in a lower foliar absorption and translocation of nicosulfuron, thus producing less control and increasing their ability to sprout and produce new aerial biomass. The three populations from subhumid regions, with less sensibility to nicosulfuron rates, presented substantial difference in fresh weight, total rhizome length and number of rhizome nodes, when they were evaluated 20 week after treatment. In consequence, a substantial Johnsongrass re-infestation could occur, if rates below one-half of nicosulfuron labeled rate were used to control Johnsongrass in subhumid regions.

Iowa Unemployment Rates by County, January 2015

Iowa Unemployment Rates by County map produced by the Iowa Workforce Development.

Iowa Unemployment Rates by County, February 2015

Iowa Unemployment Rates by County map produced by the Iowa Workforce Development.

Viral suppression rates in salvage treatment with raltegravir improved with the administration of genotypic partially active or inactive nucleoside/tide reverse transcriptase inhibitors.

BACKGROUND: Nucleoside reverse transcriptase inhibitors (NRTIs) are often administered in salvage therapy even if genotypic resistance tests (GRTs) indicate high-level resistance, but little is known about the benefit of these additional NRTIs. METHODS: The effect of <2 compared with 2 NRTIs on viral suppression (HIV-1 RNA < 50 copies/mL) at week 24 was studied in salvage patients receiving raltegravir. Intent-to-treat and per-protocol analyses were performed; last observation carried forward imputation was used to deal with missing information. Logistic regressions were weighted to create a pseudopopulation in which the probability of receiving <2 and 2 NRTIs was unrelated to baseline factors predicting treatment response. RESULTS: One-hundred thirty patients were included, of whom 58.5% (n = 76) received <2 NRTIs. NRTIs were often replaced by other drug classes. Patients with 2 NRTIs received less additional drug classes compared with patients with <2 NRTIs [median (IQR): 1 (1-2) compared with 2 (1-2), P Wilcoxon < 0.001]. The activity of non-NRTI treatment components was lower in the 2 NRTIs group compared with the <2 NRTIs group [median (IQR) genotypic sensitivity score: 2 (1.5-2.5) compared with 2.5 (2-3), P Wilcoxon < 0.001]. The administration of <2 NRTIs was associated with a worse viral suppression rate at week 24. The odds ratios were 0.34 (95% confidence interval: 0.13 to 0.89, P = 0.027) and 0.19 (95% confidence interval: 0.05 to 0.79, P = 0.023) when performing the last observation carried forward and the per-protocol approach, respectively. CONCLUSIONS: Our findings showed that partially active or inactive NRTIs contribute to treatment response, and thus the use of 2 NRTIs in salvage regimens that include raltegravir seems warranted.

Drying rates of Rubi grapes submitted to chemical pretreatments for raisin production

The objective of this work was to determine the most appropriated chemical treatment to be used to dry grapes cv. Rubi for raisin production. Drying curves for convective drying with air at 50ºC, in a tray drier, were obtained for grapes submitted to chemical pretreatments with different concentrations of potassium carbonate and olive oil, and different dipping times, according to factorial designs. Convective drying curves were also obtained for grapes pretreated in aqueous suspensions of soybean lecithin, at varied lecithin concentrations and dipping times. Page model was adjusted to the experimental drying curves, and the calculated drying times showed that the best pretreatment consisted in dipping grapes for 2 minutes in a 5% olive oil and 6% K2CO3 emulsion, at 50ºC, which resulted in a drying time close to that of the pretreatment with 2.5% of olive oil, but with a lower consumption of this substance. In addition, the immersion of grapes in an aqueous suspension of 2% soy lecithin, at 50ºC, for 5 minutes, resulted in a total drying time slightly higher than the most effective pretreatment.

Olivine growth-rates in a tholeiitic basalt - an experimental study of melt inclusions in plagioclase

Basaltic glass inclusions trapped in plagioclase phenocrysts (An84) are remnant of their parent magmatic liquid. They can be used as natural reactors for the experimental investigation of olivine growth rate as a function of temperature. The growth of one olivine nucleus can be observed at constant temperature. Supercooling from 15-degrees to 150-degrees-C have been investigated. Growth habits vary from equant to feather in qualitative agreement with previous studies. Growth rates vary from < 10(-10) m s-1 to 6.10(-7) m s-1; they vary with the direction, the growth process (planar or dendritic) and the degree of supercooling. Chemical analysis of crystal overgrowth and the remaining liquid composition enables a mass-balance calculation which confirms the rates determined optically. The small number of results obtained so far does not permit to draw inferences on the growth mechanisms.

The persistence of lifestyles: rates and correlates of homicide in Western Europe from 1960 to 2010

This article analyses rates and correlates of homicide in 15 West European countries from 1960 to 2010. The results show that the levels of homicide in 2010 and the trends in homicide from 1960 to 2010 are not related to any of the traditional demographic and socioeconomic predictors of crime. Homicide victimization rates show an increase from the mid-1960s until the early 1990s, and a decrease since then. Victims of both genders and all group ages follow the same trend, except in the case of infanticide, which decreased during the whole period. These results do not support the hypothesis of a homicide trend driven by the evolution of victimization of young men in public space. The authors propose an explanation based on a lifestyle approach.

The role of macrophage migration inhibitory factor in mouse islet transplantation.

BACKGROUND: Macrophage migration inhibitory factor (MIF) is a proinflammatory cytokine produced by many tissues including pancreatic beta-cells. METHODS: This study investigates the impact of MIF on islet transplantation using MIF knock-out (MIFko) mice. RESULTS: Early islet function, assessed with a syngeneic marginal islet mass transplant model, was enhanced when using MIFko islets (P<0.05 compared with wild-type [WT] controls). This result was supported by increased in vitro resistance of MIFko islets to apoptosis (terminal deoxynucleotide tranferase-mediated dUTP nick-end labeling assay), and by improved glucose metabolism (lower blood glucose levels, reduced glucose areas under curve and higher insulin release during intraperitoneal glucose challenges, and in vitro in the absence of MIF, P<0.01). The beneficial impact of MIFko islets was insufficient to delay allogeneic islet rejection. However, the rejection of WT islet allografts was marginally delayed in MIFko recipients by 6 days when compared with WT recipient (P<0.05). This effect is supported by the lower activity of MIF-deficient macrophages, assessed in vitro and in vivo by cotransplantation of islet/macrophages. Leukocyte infiltration of the graft and donor-specific lymphocyte activity (mixed lymphocyte reaction, interferon gamma ELISPOT) were similar in both groups. CONCLUSION: These data indicate that targeting MIF has the potential to improve early function after syngeneic islet transplantation, but has only a marginal impact on allogeneic rejection.

Iowa Unemployment Rates by County, March 2015

Iowa Unemployment Rates by County map produced by the Iowa Workforce Development.

Unemployment Rates For Iowa Counties, March 2015

Iowa Unemployment Rates by County map produced by the Iowa Workforce Development.

Fluid migration through thrust faults in the Helvetic nappes (Western Swiss Alps)

The delta(18)O, delta(13)C and Sr-87/Sr-86 values of calcite and organic matter were measured for carbonate mylonites from numerous thrusts in the Helvetic Alps. Carbonate mylonites in most of the thrusts retain essentially unaltered protolith delta(18)O and delta(13)C values, consistent with there having been little to no advection of isotopically distinct fluid through these faults. Only carbonate mylonites from the basal thrusts of the largest nappes have delta(18)O and/or delta(13)C values that differ from those of their protoliths. The zone of isotopic alteration/exchange is confined to c. 10 to 20 meters of these fault contacts. We propose the fluids that migrated through these faults contained variable amounts of organically derived carbon and radiogenic strontium, and were probably derived from dewatering of the sedimentary rocks and prograde metamorphic reactions in the nappes' root zones. Apart from the basal thrusts of the largest nappes that behaved as narrow, laterally extensive conduits for fluids, there is little isotopic evidence that large quantities of fluids passed through most of the carbonate-hosted thrusts in the Helvetic Alps.

Effects of Cement on Moisture Migration in Concrete, Phase A, Laboratory Study of Moisture Migration in Hardened Cement Paste, HR-141, 1972

The Columbus Laboratories of Battelle Memorial Institute is currently conducting a study of the effect of cement on moisture migration in concrete as related to the problem of D-cracking of portland cement concrete pavements. The study began on December 31, 1970, and is planned as a 3-year program. The work plan, approved by the policy committee of the members of the Iowa, Kansas, and Missouri highway departments and the Federal Highway Administration, is composed of four parts. The first phase (A) of the investigation concerned the movement of moisture into and from hardened cement pastes and the dimensional changes accompanying the moisture changes. Small slab specimens of hardened neat cement pastes were prepared from 32 different cements which were prepared at the same water/cement ratio and hydrated to the same maturity factor.