Valuing emerging markets companies : new approaches to determine the effective exposure to country risk

The aim of this paper is to propose new methods to measure the effective exposure to country risk of emerging-market companies. Starting from Damodaran (2003), we propose seven new approaches and a revised CAPM for emerging markets companies. The “Prospective Lambda” represents the effective exposure according to analysts’ estimates of growth. The “Relative Lambda” relies on the firm value estimated through a relative valuation. The “Retrospective Lambda” represents the ex-post effective exposure to country risk. The “Company Effective Risk Premium” is a generalization of the Retrospective Lambda, and expresses the premium effectively requested by investors to invest in that specific company in the past year. “The Actual Lambda” and the “Company Actual Risk Premium” represent, respectively, the actual exposure to country risk of a company and the actual premium requested by investors to invest in that specific company. The “Industry Lambda” reflects the median exposure to country risk of the industry in which the company belongs. We tested our new measures of exposure to country risk on the Latin American emerging markets companies according to the classification of the MSCI Emerging Markets Latin America Index. The results confirm that the new approaches can be effectively applied by financial analysts to stable-growth companies that operate in emerging markets and to mature markets companies that operate in emerging markets, providing with a more reliable estimate of both the premium effectively requested by investors in the past and the actual premium. Applying the new approaches, the cost of equity reflects the effective exposure of a company to country risk without being over- or underestimated, as is the case with other existing approaches.

Efficacy of linear and convex transducers for ultrasound-guided transvaginal follicle aspiration

A new device was developed to hold linear transducers for transvaginal follicle aspiration. Efficacy of follicle aspiration was compared using a linear 6 MHz and a convex 5 MHz transducer. Fifty-five cows were submitted to follicle aspiration at random days of the estrous cycle. Aspirations were conducted with linear (n = 28) and convex (n = 38) transducers with 18 G needles at a negative pressure corresponding to 13 ml H2O/min. A greater number of follicles were aspirated using convex than to linear probe (12.4 versus 7.8, respectively, P < 0.05). Mean number of oocytes and recovery rates were similar for convex (5.4 and 48.6%) and linear (4.6 and 59.3%) transducers. Limited space between the linear transducer and needle guide restricted access to some portions of the ovary, reducing the number of follicles aspirated using a linear transducer. The newly developed adaptor allowed greater stability, holding the ovaries firmly against the linear transducer. This diminished mobility permitted a similar number of oocytes to be recovered with both transducers. In conclusion, this new adaptor provided a low cost alternative for routine follicle aspiration and oocyte recovery in cattle. (C) 2002 Elsevier B.V. All rights reserved.

Thermochronology of the South American platform in the state of São Paulo, Brazil, through apatite fission tracks

The fission-track method (FTM) in apatite was applied to 45 samples collected in the Serra da Mantiqueira (Mantiqueira mountain range), the Serra do Mar (Mar mountain range), regions next to these mountain ranges and the coastal region between Ubatuba and Santos in the State of São Paulo, Brazil, to study the thermochronology of the South American Platform in southeast Brazil and its influence on Santos and Campos basins. The data presented in this work complement the previously presented data on the same region (Tello Saenz et al., 2003. J. S. Am. Earth Sci. 15, 765-774) with 31 new samples analyzed. The weighted mean of the corrected ages from high Mantiqueira (around 1000 m), (121 +/- 6) Ma, coincides with the South Atlantic opening. The fact that its thermal history starts at a relatively low temperature (similar to 80 degrees C) suggests that the age of similar to 120 Ma would be the formation age of Serra da Mantiqueira due to a rapid pulse, in which tracks had no time to be retained at the closure temperature, that is similar to 120 degrees C. The Serra do Mar presents a more complicated thermal history, with several reactivations indicated by the changes in the slope of its cooling curve. The thermal histories obtained in the regions next to these mountain ranges are compatible with the results mentioned above. The Santos Basin has unconformities that agree with changes in the slope thermal histories of the studied region. (c) 2005 Elsevier Ltd. All rights reserved.

Pharmacological Evaluation and Preliminary Pharmacokinetics Studies of a New Diclofenac Prodrug without Gastric Ulceration Effect

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

Digital radiography using digital detector arrays fulfills critical applications for offshore pipelines

Digital radiography in the inspection of welded pipes to be installed under deep water offshore gas and oil pipelines, like a presalt in Brazil, in the paper has been investigated. The aim is to use digital radiography for nondestructive testing of welds as it is already in use in the medical, aerospace, security, automotive, and petrochemical sectors. Among the current options, the DDA (Digital Detector Array) is considered as one of the best solutions to replace industrial films, as well as to increase the sensitivity to reduce the inspection cycle time. This paper shows the results of this new technique, comparing it to radiography with industrial films systems. In this paper, 20 test specimens of longitudinal welded pipe joints, specially prepared with artificial defects like cracks, lack of fusion, lack of penetration, and porosities and slag inclusions with varying dimensions and in 06 different base metal wall thicknesses, were tested and a comparison of the techniques was made. These experiments verified the purposed rules for parameter definitions and selections to control the required digital radiographic image quality as described in the draft international standard ISO/DIS 10893-7. This draft is first standard establishing the parameters for digital radiography on weld seam of welded steel pipes for pressure purposes to be used on gas and oil pipelines.

Multiplane ultrasound approach to quantify pleural effusion at the bedside

To assess the accuracy of a multiplane ultrasound approach to measure pleural effusion volume (PEV), considering pleural effusion (PE) extension along the cephalocaudal axis and PE area.Prospective study performed on 58 critically ill patients with 102 PEs. Thoracic drainage was performed in 46 patients (59 PEs) and lung computed tomography (CT) in 24 patients (43 PEs). PE was assessed using bedside lung ultrasound. Adjacent paravertebral intercostal spaces were examined, and ultrasound PEV was calculated by multiplying the paravertebral PE length by its area, measured at half the distance between the apical and caudal limits of the PE.Ultrasound PEV was compared to either the volume of the drained PE (59 PE) or PEV assessed on lung CT (43 PE). In patients with lung CT, the accuracy of this new method was compared to the accuracy of previous methods proposed for PEV measurement. Ultrasound PEV was tightly correlated with drained PEV (r = 0.84, p < 0.001) and with CT PEV (r = 0.90, p < 0.001). The mean biases between ultrasound and actual volumes of PE were -33 ml when compared to drainage (limits of agreement -292 to +227 ml) and -53 ml when compared to CT (limits of agreement -303 to +198 ml). This new method was more accurate than previous methods to measure PEV.Using a multiplane approach increases the accuracy of lung ultrasound to measure the volume of large to small pleural effusions in critically ill patients.

Molecular detection of in-vivo microbial contamination of metallic orthodontic brackets by checkerboard DNA-DNA hybridization

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

A new species of Amazophrynella (Anura: Bufonidae) from southern Amazonia

A new species of the genus Amazophrynella is described from southern Amazonia, Brazil. The new species is characterized by its medium size for the genus (15.2-19.3 mm SVL in males, 20.2-25.7 mm SVL in females), snout rounded in dorsal view, acute in lateral view, presence of subrostral crest not converging anteriorly, finger I shorter than finger II, and by dorsal and ventral coloration. The reproductive behavior of the new species is similar to other Amazophrynella with pigmented and numerous eggs that are probably laid in temporary ponds.

Finite element analysis and fracture resistance testing of a new intraradicular post

Objectives: The objective of the present study was to evaluate a prefabricated intraradicular threaded pure titanium post, designed and developed at the Sao Jose dos Campos School of Dentistry - UNESP, Brazil. This new post was designed to minimize stresses observed with prefabricated post systems and to improve cost-benefits. Materials and and methods: Fracture resistance testing of the post/core/root complex, fracture analysis by microscopy and stress analysis by the finite element method were used for post evaluation. The following four prefabricated metal post systems were analyzed: group 1, experimental post; group 2, modification of the experimental post; group 3, Flexi Post, and group 4, Para Post. For the analysis of fracture resistance, 40 bovine teeth were randomly assigned to the four groups (n=10) and used for the fabrication of test specimens simulating the situation in the mouth. The test specimens were subjected to compressive strength testing until fracture in an EMIC universal testing machine. After fracture of the test specimens, their roots were sectioned and analyzed by microscopy. For the finite element method, specimens of the fracture resistance test were simulated by computer modeling to determine the stress distribution pattern in the post systems studied. Results: The fracture test presented the following averages and standard deviation: G1 (45.63 +/- 8.77), G2 (49.98 +/- 7.08), G3 (43.84 +/- 5.52), G4 (47.61 +/- 7.23). Stress was homogenously distributed along the body of the intraradicular post in group 1, whereas high stress concentrations in certain regions were observed in the other groups. These stress concentrations in the body of the post induced the same stress concentration in root dentin. Conclusions: The experimental post (original and modified versions) presented similar fracture resistance and better results in the stress analysis when compared with the commercial post systems tested (08/2008PA/CEP).

Inclusive search for squarks and gluinos in pp collisions at root s=7 TeV

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Search for electroweak production of charginos and neutralinos using leptonic final states in pp collisions at root s=7 TeV

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Thermal performance of multipass parallel and counter-cross-flow heat exchangers

A thorough study of the thermal performance of multipass parallel cross-flow and counter-cross-flow heat exchangers has been carried out by applying a new numerical procedure. According to this procedure, the heat exchanger is discretized into small elements following the tube-side fluid circuits. Each element is itself a one-pass mixed-unmixed cross-flow heat exchanger. Simulated results have been validated through comparisons to results from analytical solutions for one- to four-pass, parallel cross-flow and counter-cross-flow arrangements. Very accurate results have been obtained over wide ranges of NTU (number of transfer units) and C* (heat capacity rate ratio) values. New effectiveness data for the aforementioned configurations and a higher number of tube passes is presented along with data for a complex flow configuration proposed elsewhere. The proposed procedure constitutes a useful research tool both for theoretical and experimental studies of cross-flow heat exchangers thermal performance.

Gene expression modulation by chalcopyrite and bornite in Acidithiobacillus ferrooxidans

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Robust state-derivative feedback LMI-based designs for multivariable linear systems

In some practical problems, for instance in the control systems for the suppression of vibration in mechanical systems, the state-derivative signals are easier to obtain than the state signals. New necessary and sufficient linear matrix inequalities (LMI) conditions for the design of state-derivative feedback for multi-input (MI) linear systems are proposed. For multi-input/multi-output (MIMO) linear time-invariant or time-varying plants, with or without uncertainties in their parameters, the proposed methods can include in the LMI-based control designs the specifications of the decay rate, bounds on the output peak, and bounds on the state-derivative feedback matrix K. These design procedures allow new specifications and also, they consider a broader class of plants than the related results available in the literature. The LMIs, when feasible, can be efficiently solved using convex programming techniques. Practical applications illustrate the efficiency of the proposed methods.

A new procedure to derive transmission-line parameters: Applications and restrictions

The objective of this paper is to show an alternative methodology to calculate transmission-line parameters per unit length. With this methodology, the transmission-line parameters can be obtained starting from impedances measured in one terminal of the line. First, the article shows the classical methodology to calculate frequency-dependent transmission-line parameters by using Carson's and Pollaczeck's equations for representing the ground effect and Bessel's functions to represent the skin effect. After that, a new procedure is shown to calculate frequency-dependent transmission-line parameters directly from currents and voltages of an existing line. Then, this procedure is applied in a two-phase and a three-phase transmission line whose parameters have been previously calculated by using the classical methodology. Finally, the results obtained by using the new procedure and by using the classical methodology are compared. The article shows simulations results for a typical frequency spectrum of switching transients (10 Hz to 10 kHz).