Leverage instability and persistence: Evidence from the United States and Europe

We find that leverage behavior both in level and time-series variation is very similar between the United States and Europe throughout the 1990-2013 period. Leverage regimes are simultaneously unstable and persistent for both regions. We define instability as the extent to which firms largely deviate from their long-term leverage mean, while persistence as the extent to which today’s leverage influences its future levels. We then show that this simultaneous evidence imply a mean-reversion behavior of leverage and discuss some of its implications for future research on this field.

Which communication strategy should a male luxury (fashion) brand – associated with a luxury car brand – develop, in order to increase its awareness in Europe

This work project explores how a male luxury (fashion) brand (subsidiary) that is associated with a luxury car brand (parent company) should develop its communication strategy in order to increase awareness in Europe. For this purpose a quantitative research was conducted. The aim was to find out whether the company in question had low brand awareness among European luxury consumers. Hereafter, a qualitative research revealed important insights in regard to luxury communication among male luxury consumers. Both the results of the research and the recommendations of luxury experts laid the foundation for the development of a solution-oriented communication strategy. The result of the analysis crystallizes the importance of the shared heritage and the synergistic effects, of which the subsidiary should make vast use when communicating.

Arshile Gorky: An Armenian in New York

Born in Armenia, the oldest Christian country in the world but nevertheless one of the youngest reinstated republics (1991) after the collapse of the Soviet Union, Arshile Gorky flew to the United States in 1920, where he chose to reinvent himself in the struggle to become an artist. This reinvention meant the creation of a persona with, or behind, which Gorky kept alive the artistic flame inside himself. Gorky became one of the most learned voices lecturing on contemporary European modernist artists and movements of the late nineteenth and early twentieth centuries in the United States (New York) without ever visiting Europe. Moreover, he was able to survive the traumatic events he underwent during the Armenian Genocide (1915-1919) to adapt to his new country and identity, to live through the years of the Depression and, eventually, to become the protagonistof a major artistic breakthrough. This paper proposes an insight into the experience of life and frame of work of this Armenian-American artist, whose simultaneously rich, traumatic, dislocated and reenacted life and work established one of the most fertile links between his middle‑eastern origins, his dreamed of Europe and the particular transit of his American artistic creation.

The relationship between liquidity and profitability in the food & beverage industry evidence from Europe and United States

This Work Project clarifies the relationship between liquidity and profitability based on a sample in the Food & Beverage (F&B) industry, and comparing the largest European and United States companies. The research concludes that liquidity, proxied by current ratio or quick ratio, correlates with return on assets taken as the measure of profitability, and so does the cash conversion cycle and its components. Moreover, company size correlates with liquidity, and indirectly affects ROA. This research contributes and addresses to managers in the F&B industry and recommends how they should act in order to improve profitability in the industry.

Interdisciplinary knowledge transfer and technological applications for assessment, strengthening and monitoring of timber structures in Europe

COST (European Co-operation in the field of scientific and technical research) is the longest running framework for research co-operation iri Europe, having been established in 1971 by a Ministerial Conference attended by Ministers for Science and Technology from 19 countries. Today COST is used by the scientific communities of 35 European countries to cooperate in exchanging knowledge and technology developed within research projects supported by national or European funds. The main objective of COST is to contribute to the realization of the European Research Área (ERA) anticipating and complementing the activities of the' Framework Programmes, constituting a "bridge" towards the scientific communities of emerging countries, increasing the mobility of researchers across Europe and fostering the establishment of "Networks of Excelience". Another essential objective is the knowledge transfer between the scientific soc'iety and industry. It is widely acknowledged that European scientific performance in relation to investment in science is excellent but technological and commercial performance has steadily worsened. The present paper discusses how the COST Action's instruments, from training schools to short scientific missions and workshops have been used within The COST ACTION FP11O1 Assessment, Reinforcement and Monitoring of Timber Structures to achieve such objectives.

Assessment of national parks affected by naturbanization processes in Southern Europe

This paper assesses land-use changes related to naturbanization processes on three biosphere reserves in Southern Europe. A comparative analysis has been done on the National Parks in Peneda-Ger^es in North Portugal, C_evennes in South France and Sierra Nevada in South Spain, using Corine Land Cover data from 1990 until 2006. Results indicate that the process of land-use intensification is taking place in the frame of naturbanization dynamics that could jeopardize the role of Protected Areas. Focusing on the trends faced by National Parks and their surrounding territories, the analysis demonstrates, both in quantitative and spatial terms, the intensification processes of land-use changes and how it is important to know them for coping with increasing threats. The article concludes that in the current context of increasing stresses, a broader focus on nature protection, encompassing the wider countryside, is needed if the initiatives for biodiversity protection are to be effective.

New records of Fredius denticulatus (H. Milne-Edwards, 1853) and F. reflexifrons (Ortmann, 1897), and the eastern limits of the distribution of pseudothelphusid crabs (Crustacea: Decapoda) in Brazil

The occurence of Fredius reflexifrons (Ortmann, 1897), a pseudothelphusid crab widely distributed in the Amazon region and the Atlantic Guianas, is recorded from the state of Ceará, northeastern Brazil. Other records of this species and Fredius denticulatus (H. Milne-Edwards, 1853) from the Amazon region are also presented. A discussion is made on the eastern limits of the distribution of the family Pseudothelphusidae in Brazil.

Biomass equations for forest regrowth in the eastern Amazon using randomized branch sampling

Forest regrowth occupies an extensive and increasing area in the Amazon basin, but accurate assessment of the impact of regrowth on carbon and nutrient cycles has been hampered by a paucity of available allometric equations. We develop pooled and species-specific equations for total aboveground biomass for a study site in the eastern Amazon that had been abandoned for 15 years. Field work was conducted using randomized branch sampling, a rapid technique that has seen little use in tropical forests. High consistency of sample paths in randomized branch sampling, as measured by the standard error of individual paths (14%), suggests the method may provide substantial efficiencies when compared to traditional procedures. The best fitting equations in this study used the traditional form Y=a×DBHb, where Y is biomass, DBH is diameter at breast height, and a and b are both species-specific parameters. Species-specific equations of the form Y=a(BA×H), where Y is biomass, BA is tree basal area, H is tree height, and a is a species-specific parameter, fit almost as well. Comparison with previously published equations indicated errors from -33% to +29% would have occurred using off-site relationships. We also present equations for stemwood, twigs, and foliage as biomass components.

Ethnoveterinary knowledge of the inhabitants of Marajó Island, Eastern Amazonia, Brazil

There have been ethnoveterinary reports from around the world investigating plant usage in therapeutic protocols; however, there is no information regarding the ethnoveterinary practices in Brazilian Amazonia. The objective of this work was to register and document the ethnoveterinary knowledge of the inhabitants of the Island of Marajó, eastern Amazonia, Brazil. In the study, interviews were conducted with 50 individuals, with the application of semi-structured questionnaires that were quantitatively analyzed using descriptive statistic methods of frequency distribution. Use-value was calculated to determine the most important species. Samples of plants that were reported to have medicinal value were collected and identified by botanical classification. Fifty plants, distributed among 48 genera and 34 families, were indicated for 21 different medicinal uses. The family Asteraceae had the largest number of reported species; Carapa guianensis Aubl., Copaifera martii Hayne, Crescentia cujete L., Caesalpinia ferrea Mart., Chenopodium ambrosioides L., Jatropha curcas L. and Momordica charantia L. were species with highest use- value. The plant parts that were more commonly utilized for the preparation of ethnoveterinary medicines were the leaves (56%), bark (18%), roots (14%), seeds (14%) and fruit (8%). With regard to usage, tea was reported as a usage method by 56% of the informants; most preparations (90.9%) utilized only a single plant. In addition to medicinal plants, informants reported using products of animal and mineral origin. The present study contributed to the construction of an inventory of Marajó Island's ethnoveterinary plants, which might be the basis for future scientific validation studies.

Contribution to Early Holocene vegetation and climate history of Eastern Orinoco Llanos, Venezuela, from a paleoecological record of a Mauritia L.f. swamp

A palynological analysis of an organic paleosol found at 150-125 cm depth in a Mauritia swamp from the Eastern Orinoco Llanos is presented. The 25 cm pollen record summarizes the vegetation history during the Early Holocene, from 10,225 to 7,800 calendar yr BP. The vegetation was characterized by a Poaceae marsh, where Asteraceae, Melastomataceae, Schefflera-type and Phyllanthus were the most abundant shrubs and trees. Pollen-types richness was lower than that recorded today in similar environments, and Mauritia pollen was absent. Results suggest that climate was as humid as present during the beginning of the Holocene, with a decreasing trend in humidity from around 8,000-7,000 yr BP, in coincidence with the beginning of the "Early-Mid-Holocene Dryness" that affected deeply the Amazon Basin and neighboring areas. Dry climatic conditions could have existed in the study site until the Mid-Late Holocene when a Mauritia swamp developed, and humid conditions similar to present established. Main climate phases inferred in our study site fit well with regional trends recorded in other places located north Amazon Basin. However, conclusions are still limited by the lack of additional Quaternary records in the Orinoco Llanos area, avoiding regional correlations.

Postcolonial co-ordinary literature and the Web 2.0/3.0: "Thinking Back" within transmediatic knowledge

Pedro Andrade destaca o papel que as literacias híbridas preenchem numa redefinição pós-colonial da Europa. Em sua opinião, as literacias híbridas constituem uma condição necessária para a desconstrução do discurso colonial e a posterior reconstrução de literacias e literaturas pós-coloniais. Como parte deste processo, o autor argumenta a necessidade de vários tipos de competências que enfatizem a leitura e escrita não apenas dentro de sua própria cultura, mas também nas culturas dos outros. A literacia digital desempenha um papel particularmente importante neste processo, o que nos permite enfatizar as multivocalidades desta alteridade, igualmente na interação entre diferentes tradições de literacia: Ocidental e Oriental, nacional e transnacional, verbal e mediática. Andrade exemplifica o conceito de literatura transmediática com uma série de projetos em que esteve envolvido, por exemplo a Web 3.0 Novel enquanto modalidade daquilo que ele nomeia "GeoNeoLogic Novel". Este género de novel experimental mistura a narrativa com a teoria e a recolha de dados no campo empírico, promovendo uma abordagem que se apresenta simultaneamente regional e global. Em suma, o autor sugere diversos conceitos em primeira mão que classifica de ‘origem Lusófona’, e que representam diversas estratégias pós-coloniais globais também visíveis na área social, política e cultural da Lusofonia: o ‘pensamento-réplica’ (thinking back); o 'conhecimento transmediático' (transmediatic knowledge); a ‘sociedade da escrita comum’ (common writing society); as ‘redes comuns de conflito/significado’ (common webs of conflict and meaning); a literatura co-ordinária (co-ordinary literature).

Fine-root production in two secondary forest sites with distinct ages in Eastern Amazon

The objective of this work was to assess the fine-root (≤ 2 mm diameter) production dynamics of two forest regrowths at different ages. Fine-root production was monitored by the ingrowth core method in one 18-year-old site (2 ha) and one 10-year-old site (0.5 ha), both localized in the Apeú region, Northern Pará State, Brazil. The sites were abandoned after successive shifting cultivation, beginning in 1940. Monthly production of live fine-root was similar between sites and was influenced by rainfall seasonality, with higher production during the dry season than the wet season for mass and length. However, mortality in terms of mass was higher in the 10-year-old site than in the 18-year-old site. The seasonality influenced mortality only in the 18-year old site following the pattern observed for live fine-root. The influence seasonal on mortality in terms of length was different between sites, with higher mortality during the wet season in the 10-year-old site and higher mortality during the dry season in the 18-year-old site. Specific root length was higher during the wet season and at the 10-year-old site. Fine-root production was not influenced by the chronosequence of the sites studied, probably fine-root production may have already stabilized in the sites or it depended more on climate and soil conditions. The production of fine-roots mass and length were indicators that generally showed the same pattern.

Cohesion policy in the European Union: a brief critical review

Over the past four decades the EU cohesion policy’s focus, objectives and content have experienced significant changes as a result of successive reforms aiming at adapting it to a Union in constant evolution. In the early stages, cohesion policy had eminently redistributive goals and it assumed an explicit spatial dimension. In the late nineties, the possibility of an extension towards Eastern European countries and the limited willingness of net contributors to increase funding led to a turning point in cohesion policy. The increased importance of economic growth and job creation in the 2000’s, within the cohesion policy’s context, has led to a misrepresentation of its essence and motivations. Cohesion was losing importance towards competitiveness and regional equity towards national efficiency. Today, cohesion policy is for many EU countries the main mean for mobilising investment in a context of budgetary constraints and credit rationing. In light of the available evidence, it is likely that the overall design and priorities of the current cohesion policy have a limited impact in terms of convergence in many EU regions, especially in the less developed regions. This paper’s main objectives are to analyse the evolution of European cohesion policy throughout its history, to present a picture of cohesion policy in the 2014-2020 programming period and to discuss the main problems associated with its design, priorities and programming model.

Nesting and neonates of the yellow-spotted river turtle (Podocnemis unifilis, Podocnemididae) in the Araguari River basin, eastern Amazon, Brazil

Predation and alteration of microhabitats may represent high risk for nesting of Amazonian turtles. This study aimed at investigating the nesting and body parameters of neonates of Podocnemis unifilis in the Araguari River basin, State of Amapá, Brazil. The spawning sites of this turtle were monitored along the Falsino River (a region with two reserves) and in the urban area of the Porto Grande city along the Araguari River, from August to December 2011. A total of 180 nests were found and the nesting occurred from September to November, with prevalence in October. Eggs hatching occurred in December. The mean incubation period was 63.5 ± 5.2 days and the eggs hatching success was 25%. However, approximately 80% of the nests had suffered predation mainly by humans, which occurred in both the protected areas of the reserves and the urban area. The pattern of nesting site choice was discussed. Egg size was larger than that previously described for the same turtle species in the other regions. The body condition index of neonates indicated a good use of vitelline reserves. The results indicate the urgent need for strategic actions to conserve and maintain the natural stocks of this relatively vulnerable turtle in the region.