The sources of spinoff equity gains: takeover premiums or operating gains

Although the existence of spinoff equity gains is well documented, their source remains controversial. Arnong many potential causes, the literature suggests that spinoff equity gains could arise from expected tax benefits, expected takeover premia, operating performance improvement or from refocusing benefits. This paper investigates the link between spinoff announcement and post completion equity gains and post spinoff operating performance changes, takeover activity and refocusing benefits. The results indicate that spinoff announcement retums reflect anticipated takeover premiums as well as expected operating performance gains and refocusing benefits unrelated to operating performance. However, only the parent's operating performance gains are anticipated at the spinoff announcement. We find that post spinoff equity gains are driven mostly by operating performance changes for both parents and spun off subsidiaries. Takeover activity and unrelatedness of business lines between parent and subsidiary expIain littIe of post spinoff equity gains. OveralI, the data suggests that spinoffs equity gains mostly reflect anticipated real economic gains in terms of improved operating performance, and to a lesser extent takeover premium and refocusing benefit.

Investigation of flat spectrum radio sources by the interplanetary scintillation method at 111 MHz

Abstract. Interplanetary scintillation observations of 48 of the 55 Augusto et al. (1998) flat spectrum radio sources were carried out at 111 MHz using the interplanetary scintillation method on the Large Phased Array (LPA) in Russia. Due to the large size of the LPA beam (1◦ × 0.5◦) a careful inspection of all possible confusion sources was made using extant large radio surveys: 37 of the 48 sources are not confused. We were able to estimate the scintillating flux densities of 13 sources, getting upper limits for the remaining 35. Gathering more or improving extant VLBI data on these sources might significantly improve our results. This proof-of-concept project tells us that compact (<1 ) flat spectrum radio sources show strong enough scintillations at 111 MHz to establish/constrain their spectra (low-frequency end). Key words. galaxies: general – galaxies: active – galaxies: quasars: general

A situation awareness interface for a bi-wheeled industrial hovercraft: design, development and evaluation

The intention of this thesis is to develop a prototype interface that enables an operator to control a bi-wheeled industrial hovercraft that will work within a fusion power plant if the automation system fails. This fusion power plant is part of the ITER project a conjoint effort of various industrialized countries to develop cleaner sources of energy. The development of the interface prototype will be based on situation awareness concepts, which provide a means to understand how human operators perceive the world around, then process that information and make decisions based on the knowledge that they already have and the projected knowledge of the reactions that will occur in the world in response to the actions the operator makes. Two major situation awareness methods will be used, GDTA as a means to discover the requirements the interface needs to solve, and SAGAT to conduct the evaluation on the three interfaces. This technique can isolate the differences an operator has in situation awareness when presented with relevant information given by each of the three interfaces that were built for this thesis. Where the first interface presents the information within the operator’s focal point of view in a pictorial style, the second interface shows the same information within the same point of view has the first interface but only shows it in a textual manner. While the third interface shows the relevant information in the operator’s peripheral field of view. Also SAGAT can provide insight on the question to know if providing the operator with feed-forward information about the stoppage distances of the bi-wheeled industrial hovercraft has any effect on the operator’s decision making.

Ilustração e interpretação textual: a arte como estratégia de ensino-aprendizagem na área de linguagens e códigos

Investiguei a arte como estratégia de ensino/aprendizagem e como esta prática estabelece quebra de paradigmas e incentivo à autonomia discente. Para tanto fiz uma breve descrição histórica acerca do panorama teórico correlacionado com o percurso das inovações educacionais desde o final da Idade Média até a contemporaneidade, buscando identificar de que forma o acúmulo teórico-metodológico gerado por este itinerário influenciou na disciplina Arte/Educação e no seu potencial inovador. Observei ainda como a ilustração textual, produzida pelos educandos, funciona como veículo de reelaboração crítica de suas realidades mediata e imediata. Esta investigação teve como sujeitos alunos do nono ano do Ensino Fundamental II, no decorrer de 2011, na escola autogestionária Waldorf Micael, em Fortaleza, Ceará, Brasil. Ao longo das observações, procurei responder às seguintes questões: De que maneira a ilustração textual se configura na qualidade de mediadora de processos interpretativos no contexto de ensino/aprendizagem em arte e literatura? De que forma, ela, no contexto da sistemática pedagógica, se revela como ferramenta de inovação pedagógica? Qual a sua importância no desenvolvimento do senso crítico do educando, e como tal fato se configura inovador? Como interfere na apreensão da realidade do educando, no seu aspecto estético, político e social? Os dados da investigação foram obtidos por meio de entrevistas, análise documental e observação participante; dessa forma esta pesquisa configurou-se como qualitativa, do tipo etnográfica e de base hermenêutica.

Use of Bioscreen C for growth of Mucor hiemalis in different carbon and nitrogen sources

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

Effects of different dietary lipid sources on the survival, growth, and fatty acid composition of South American catfish, Pseudoplatystoma fasciatum, Surubim, juveniles

The present study examines the effect of four semi-purified diets (casein-gelatin based) where the source of fatty acids was free (esterified) oleic acid and linoleic acid (LA) (LOA diet), linseed and olive oil (predominantly LA and linolenic acid) (LO diet), cod liver oil (rich in highly unsaturated fatty acids) (CLO diet), and soybean lecithin (phospholipids; mostly LA) (LE diet) on the growth of juvenile South American catfish (surubim, Pseudoplatystoma fasciatum, Pimelodidae) (0.98 +/- 0.04 g individual weight). Fish were fed at a restricted-readjusted feeding rate for 8 wk. At the end of the experiment, LE-diet-fed fish grew significantly larger than those of the other three groups (P < 0.05). Considerable cannibalism was observed in all the treatments. It is suggested that the quantitative growth performance may possibly change under other conditions, with less or no cannibalism. Survival did not differ significantly among the fish fed four different diets. Muscle and liver lipid contents did not vary among dietary treatments (P > 0.05), but whole-body lipid concentrations were affected by dietary treatments. Fish fed LE diet contained significantly lower lipid level than those fed three other diets (P < 0.05). Muscle and liver fatty acid profiles reflected dietary fatty acid composition. Arachidonic acid level was significantly higher in muscle and liver of fish fed LOA and LE diets than in those fed LO and CLO diets. The results suggest that the efficiency of elongation and desaturation of 18C fatty acids depends on the dietary lipid source, and South American catfish has considerable capacity to transform linoleate to arachidonate.

Solubilization of CaHPO4 and AlPO4 by Aspergillus niger in culture media with different carbon and nitrogen sources

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