Share Repurchases, Dividends, and Executive Options

This paper reports empirical results on the determinants of the authorization decision for share repurchases and dividends in Finland. We use a data set with precise data on share repurchases as well as characteristics for the option programs. Contrary to the U.S., we use a data set where 41% of the options are dividend protected, which allows us to separate between the "option funding" and "substitution / managerial wealth" hypothesis for the choice of the distribution method. We find that foreign ownership is the main determinant for share repurchases in Finland and attribute this relationship to tax factors. We also find evidence in support of both the signaling and agency cost hypotheses for cash distributions, especially in the case of share repurchases. Finally, we find a significant difference between companies with and without dividend protected options. When options are dividend protected, the relationship between dividend distributions and the scope of the options program turns to a significantly positive one instead of the negative one documented on U.S. data. This gives some support for the substitution / managerial wealth hypothesis as a determinant for the choice of the distribution method.

Parallelization of an unstructured data based cell centre finite volume code, HIFUN-3D

This work describes the parallelization of High Resolution flow solver on unstructured meshes, HIFUN-3D, an unstructured data based finite volume solver for 3-D Euler equations. For mesh partitioning, we use METIS, a software based on multilevel graph partitioning. The unstructured graph used for partitioning is associated with weights both on its vertices and edges. The data residing on every processor is split into four layers. Such a novel procedure of handling data helps in maintaining the effectiveness of the serial code. The communication of data across the processors is achieved by explicit message passing using the standard blocking mode feature of Message Passing Interface (MPI). The parallel code is tested on PACE++128 available in CFD Center

Photocytotoxicity and near-IR light DNA cleavage activity of oxovanadium(IV) Schiff base complexes having phenanthroline bases

Oxovanadium(IV) complexes VO(L)(B)] (1-3), where H2L is a Schiff base ligand 2-(2-hydroxybenzylideneamino) phenol and B is 1,10-phenanthroline (phen for 1), dipyrido3,2-d:2',3'-f]quinoxaline (dpq for 2) or dipyrido3,2-a:2',3'-c]phenazine (dppz for 3), have been prepared, characterized and their DNA binding property and photo-induced DNA cleavage activity studied. Complex 3 which is structurally characterized by X-ray crystallography shows the presence of an oxovanadium(IV) moiety in a six coordinate VO3N3 coordination geometry. The complexes show a d-d band within 800-850 nm in DMF. The complexes display an oxidative response near 0.7 V versus SCE for V(V)-V(IV) and a reductive response within -1.1 to -1.3 V due to V(IV)-V(III) couple in DMF-0.1 M TBAP. The complexes are avid binders to calf thymus DNA giving binding constant values of 4.2 x 10(4) to 1.2 x 10(5) M (1). The complexes do not show any ``chemical nuclease'' activity in dark. The dpq and dppz complexes are photocleavers of plasmid DNA in UV-A light of 365 nm via O-1(2) pathway and in near-IR light (752.5 to 799.3 nm IR optics) by HO* pathway. Complex 3 exhibits significant photocytotoxicity in visible light in HeLa cells giving IC50 value of 13 mu M, while it is less toxic in dark (IC50 = 97 mu M). (C) 2010 Elsevier B.V. All rights reserved.

Factor V Leiden as risk factor for pregnancy complications : Epidemiological study of Finnish women

Factor V Leiden (FV Leiden) is the most common inherited thrombophilia in Caucasians increasing the risk for venous thrombosis. Its prevalence in Finland is 2-3%. FV Leiden has also been associated with several pregnancy complications. However, the importance of FV Leiden as their risk factor is unclear. The aim of the study was to assess FV Leiden as a risk factor for pregnancy complications in which prothrombotic mechanisms may play a part. Specifically, the study aimed to assess the magnitude of the risk, if any, associated with FV Leiden for pregnancy-associated venous thrombosis, pre-eclampsia, unexplained stillbirth, and preterm birth. The study was conducted as a nested case-control study within a fixed cohort of 100,000 consecutive pregnant women in Finland. The study was approved by the ethics committee of the Finnish Red Cross Blood Service and by the Ministry of Social Affairs and Health. All participants gave written informed consent. Cases and controls were identified by using national registers. The diagnoses of the 100,000 women identified from the National Register of Blood Group and Blood Group Antibodies of Pregnant Women were obtained from the National Hospital Discharge Register. Participants gave blood samples for DNA tests and filled in questionnaires. The medical records of the participants were reviewed in 49 maternity hospitals in Finland. Genotyping was performed in the Finnish Genome Center. When evaluating pregnancy-associated venous thrombosis (34 cases, 641 controls), FV Leiden was associated with 11-fold risk (OR 11.6, 95% CI 3.6-33.6). When only analyzing women with first venous thrombosis, the risk was 6-fold (OR 5.8, 95% CI 1.6-21.8). The risk was increased by common risk factors, the risk being highest in women with FV Leiden and pre-pregnancy BMI over 30 kg/m2 (75-fold), and in women with FV Leiden and age over 35 years (60-fold). When evaluating pre-eclampsia (248 cases, 679 controls), FV Leiden was associated with a trend of increased risk (OR 1.7, 95% CI 0.8-3.9), but the association was not statistically significant. When evaluating unexplained stillbirth (44 cases, 776 controls), FV Leiden was associated with over 3-fold risk (OR 3.8, 95% CI 1.2-11.6). When evaluating preterm birth (324 cases, 752 controls), FV Leiden was associated with over 2-fold risk (OR 2.4, 95% CI 1.3-4.6). FV Leiden was especially associated with late preterm birth (32-36 weeks of gestation), but not with early preterm birth (< 32 weeks of gestation). The results of this large population-based study can be generalized to Finnish women with pregnancies continuing beyond first trimester, and may be applied to Caucasian women in populations with similar prevalence of FV Leiden and high standard prenatal care.

Categorical Meteorological Products: Evaluation and Analysis

In meteorology, observations and forecasts of a wide range of phenomena for example, snow, clouds, hail, fog, and tornados can be categorical, that is, they can only have discrete values (e.g., "snow" and "no snow"). Concentrating on satellite-based snow and cloud analyses, this thesis explores methods that have been developed for evaluation of categorical products and analyses. Different algorithms for satellite products generate different results; sometimes the differences are subtle, sometimes all too visible. In addition to differences between algorithms, the satellite products are influenced by physical processes and conditions, such as diurnal and seasonal variation in solar radiation, topography, and land use. The analysis of satellite-based snow cover analyses from NOAA, NASA, and EUMETSAT, and snow analyses for numerical weather prediction models from FMI and ECMWF was complicated by the fact that we did not have the true knowledge of snow extent, and we were forced simply to measure the agreement between different products. The Sammon mapping, a multidimensional scaling method, was then used to visualize the differences between different products. The trustworthiness of the results for cloud analyses [EUMETSAT Meteorological Products Extraction Facility cloud mask (MPEF), together with the Nowcasting Satellite Application Facility (SAFNWC) cloud masks provided by Météo-France (SAFNWC/MSG) and the Swedish Meteorological and Hydrological Institute (SAFNWC/PPS)] compared with ceilometers of the Helsinki Testbed was estimated by constructing confidence intervals (CIs). Bootstrapping, a statistical resampling method, was used to construct CIs, especially in the presence of spatial and temporal correlation. The reference data for validation are constantly in short supply. In general, the needs of a particular project drive the requirements for evaluation, for example, for the accuracy and the timeliness of the particular data and methods. In this vein, we discuss tentatively how data provided by general public, e.g., photos shared on the Internet photo-sharing service Flickr, can be used as a new source for validation. Results show that they are of reasonable quality and their use for case studies can be warmly recommended. Last, the use of cluster analysis on meteorological in-situ measurements was explored. The Autoclass algorithm was used to construct compact representations of synoptic conditions of fog at Finnish airports.

Representation of thermodynamic properties of ternary systems and its application to the system silver-gold-copper at 1350 K

The article presents a generalized analytical expression for description of the integral excess Gibbs free energy of mixing of a ternary system. Twelve constants of the equation are assessed by the least mean squares regressional analysis of the experimental integral excess data of the constituent binaries; three ternary parameters are evaluated by a regressional analysis based on the partial experimental data of a component of the ternary system. The assessed values of the ternary parameters describe the nature of the ternary interaction in the system. Activities and isoactivities of the components in the Ag-Au-Cu system at 1350 K are calculated and found to be in good agreement with the experimental data. This analytical treatment is particularly useful to ternary systems where the thermodynamic data are available from different sources.

Roughness generated in surface grinding of metals

When a metal is surface ground the roughness generated is the summation of a function of the wheel roughness and the roughness due to wheel attrition and damage to the workpiece. We identify this function here as a maximum em,elope profile, which is fractal within certain cut off wavelengths determined by the dressing conditions of the wheel. Estimating the global displacement of the binder-grit-workpiece system from the maximum envelope power spectra, we determine the plastic indentation of the workpiece at characteristic length scales using simple contact-mechanical calculation. The estimated roughness corresponds well with that recorded experimentally for hard steel, copper; titanium and aluminium.

Ecological Assessment of Lentic Water Bodies of Bangalore

The restoration, conservation and management of water resources require a thorough understanding of what constitutes a healthy ecosystem. Monitoring and assessment provides the basic information on the condition of our waterbodies. The present work details the study carried out at two waterbodies, namely, the Chamarajasagar reservoir and the Madiwala Lake. The waterbodies were selected on the basis of their current use and locations. Chamarajasagar reservoir serves the purpose of supplying drinking water to Bangalore city and is located on the outskirts of the city surrounded by agricultural and forest land. On the other hand, Madiwala lake is situated in the heart of Bangalore city receiving an influx of pollutants from domestic and industrial sewage. Comparative assessment of the surface water quality of both were carried out by instituting the various physico–chemical and biological parameters. The physico-chemical analyses included temperature, transparency, pH, electrical conductivity, dissolved oxygen, alkalinity, total hardness, calcium hardness, magnesium hardness, nitrates, phosphates, sodium, potassium and COD measurements of the given waterbody. The analysis was done based on the standard methods prescribed (or recommended) by (APHA) and NEERI. The biological parameter included phytoplankton analysis. The detailed investigations of the parameters, which are well within the tolerance limits in Chamarajasagar reservoir, indicate that it is fairly unpolluted, except for the pH values, which indicate greater alkalinity. This may be attributed to the natural causes and the agricultural runoff from the catchment. On the contrary, the limnology of Madiwala lake is greatly influenced by the inflow of sewage that contributes significantly to the dissolved solids of the lake water, total hardness, alkalinity and a low DO level. Although, the two study areas differ in age, physiography, chemistry and type of inflows, they still maintain a phytoplankton distribution overwhelmingly dominated by Cyanophyceae members,specifically Microcystis aeruginosa. These blue green algae apparently enter the waterbodies from soil, which are known to harbour a rich diversity of blue green flora with several species common to limnoplankton, a feature reported to be unique to the south Indian lakes.Chamarajasagar water samples revealed five classes of phytoplankton, of which Cyanophyceae (92.15 percent) that dominated other algal forms comprised of one single species of Microcystis aeruginosa. The next major class of algae was Chlorophyceae (3.752 percent) followed by Dinophyceae (3.51 percent), Bacillariophyceae (0.47 percent) and a sparsely available and unidentified class (0.12 percent).Madiwala Lake phytoplankton, in addition to Cyanophyceae (26.20 percent), revealed a high density of Chlorophyceae members (73.44 percent) dominated by Scenedesmus sp.,Pediastrum sp., and Euglena sp.,which are considered to be indicators of organic pollution. The domestic and industrial sewage, which finds its way into the lake, is a factor causing organic pollution. As compared to the other classes, Euglenophyceae and Bacillariophyceae members were the lowest in number. Thus, the analysis of various parameters indicates that Chamarajasagar reservoir is relatively unpolluted except for the high percentage of Microcystis aeruginosa, and a slightly alkaline nature of water. Madiwala lake samples revealed eutrophication and high levels of pollution, which is clarified by the physico–chemical analysis, whose values are way above the tolerance limits. Also, the phytoplankton analysis in Madiwala lake reveals the dominance of Chlorophyceae members, which indicate organic pollution (sewage being the causative factor).

Hydrothermal synthesis and characterization of bis(4,4 `-bipyridinium) dodecatungstosilicate dihydrate

Hydrothermal synthesis and structural characterization of a new organic polyoxometalate, namely, bis(4,4'-bipyridinium) dodecatungstosilicate dihydrate, 4,4'-bipyH(2)](2)SiW12O40]center dot 2H(2)O (1) is reported. The crystal structure of (1) consists of a SiW12O40](4-) Keggin anion situated on a two-fold axis, two unique 4,4'-bipyridinium cations, one of which is situated on a two-fold axis, and two independent lattice water molecules. The cations and anions are linked by H-bonding.

Fabrication and characterization of sub 100 nm period polymer gratings for photonics applications

We report on the fabrication of polymethylmethacrylate (PMMA) nanogratings on silicon (Si) and glass substrates using electron beam lithography technique. Various aspects of proximity corrections using Monte Carlo simulation have been discussed. The fabrication process parameters such as proximity gap of exposure, exposure dosage and developing conditions have been optimized for high-density PMMA nanogratings structure on Si and glass substrates. Electron beam exposure is adjusted in such a way that PMMA acts as a negative tone resist and at the same time resolution loss due to proximity effect is minimum. Both reflection and transmission-type, nanometre period gratings have been fabricated and their diffraction characteristics are evaluated.

GRMHD formulation of highly super-Chandrasekhar rotating magnetized white dwarfs: stable configurations of non-spherical white dwarfs

Here we extend the exploration of significantly super-Chandrasekhar magnetized white dwarfs by numerically computing axisymmetric stationary equilibria of differentially rotating magnetized polytropic compact stars in general relativity (GR), within the ideal magnetohydrodynamic regime. We use a general relativistic magnetohydrodynamic (GRMHD) framework that describes rotating and magnetized axisymmetric white dwarfs, choosing appropriate rotation laws and magnetic field profiles (toroidal and poloidal). The numerical procedure for finding solutions in this framework uses the 3 + 1 formalism of numerical relativity, implemented in the open source XNS code. We construct equilibrium sequences by varying different physical quantities in turn, and highlight the plausible existence of super-Chandrasekhar white dwarfs, with masses in the range of 2-3 solar mass, with central (deep interior) magnetic fields of the order of 10(14) G and differential rotation with surface time periods of about 1-10 s. We note that such white dwarfs are candidates for the progenitors of peculiar, overluminous Type Ia supernovae, to which observational evidence ascribes mass in the range 2.1-2.8 solar mass. We also present some interesting results related to the structure of such white dwarfs, especially the existence of polar hollows in special cases.

Stalagmite growth perturbations from the Kumaun Himalaya as potential earthquake recorders

The central part of the Himalaya (Kumaun and Garhwal Provinces of India) is noted for its prolonged seismic quiescence, and therefore, developing a longer-term time series of past earthquakes to understand their recurrence pattern in this segment assumes importance. In addition to direct observations of offsets in stratigraphic exposures or other proxies like paleoliquefaction, deformation preserved within stalagmites (speleothems) in karst system can be analyzed to obtain continuous millennial scale time series of earthquakes. The Central Indian Himalaya hosts natural caves between major active thrusts forming potential storehouses for paleoseismological records. Here, we present results from the limestone caves in the Kumaun Himalaya and discuss the implications of growth perturbations identified in the stalagmites as possible earthquake recorders. This article focuses on three stalagmites from the Dharamjali Cave located in the eastern Kumaun Himalaya, although two other caves, one of them located in the foothills, were also examined for their suitability. The growth anomalies in stalagmites include abrupt tilting or rotation of growth axes, growth termination, and breakage followed by regrowth. The U-Th age data from three specimens allow us to constrain the intervals of growth anomalies, and these were dated at 4273 +/- 410 years BP (2673-1853 BC), 2782 +/- 79 years BP (851-693 BC), 2498 +/- 117 years BP (605-371 BC), 1503 +/- 245 years BP (262-752 AD), 1346 +/- 101 years BP (563-765 AD), and 687 +/- 147 years BP (1176-1470 AD). The dates may correspond to the timings of major/great earthquakes in the region and the youngest event (1176-1470 AD) shows chronological correspondence with either one of the great medieval earthquakes (1050-1250 and 1259-1433 AD) evident from trench excavations across the Himalayan Frontal Thrust.

Diagnóstico comparativo de mastitis en leche bovina, por tres pruebas de campo: california mastitis test (CMT), acidez (NaOH), y reductasa, en los municipios de la Concordia, San Rafael del Norte y San Sebastián de Yali, Jinotega

Con el propósito de evaluar tres técnicas para la determinación de Mastitis, (California Mastitis Test (CMT), Hidróxido de Sodio (NaHO) y Azul de Metíleno (AM)), en vacas de doble propósito, en 2000 se efectuó un estudio en los municipios de La Concordia, San Rafael de Norte y San Sebastián de Yalí, del Departamento de Jinotega. Se utilizaron Fincas de Referencia atendidas por el entonces Ministerio de Agricultura y Ganadería (MAG), de las cuales se seleccionaron catorce (14) fincas privadas y dos Cooperativas, para un total de 16 fincas que representaron el 53.3 % del total de fincas. De éstas se muestrearon 398 vacas en producción de diversas razas (Pardo suizo, Brahman y cruces entre Pardo suizo, Criollo y Holstein con Cebú y otros) de diversas lactaciones (número parto}. Las muestras de cada cuarto de la vaca, se tomaron a la hora del ordeño, entre 5:00 y 7:00a.m. Los resultados de CMT e NaHO, (+ ó -), se anotaron en campo al momento de prueba. En la prueba de AM, se hicieron 4 lecturas: 1) al momento de prueba, 2) a los 15 minutos, 3) a una hora y, 4) a tres horas después de la prueba. Se obtuvo un total de 396 datos de 4 cuartos en cada técnica, para un total de 4,752 observaciones. La información se analizó mediante una prueba de Chí Cuadrado, con el Procedimiento CATMOD, del Statistical Análisis System (SAS), Versión para PC 6.03, NC. Las variables de clasificación en el análisis fueron Razas (1-3), Números de Parto (1-6) y Meses de lactación (1-9). De las técnicas, se obtuvo el 46.2, 4.6 y 15.3 % de pruebas positivas con CMT, NaOH y AM, respectivamente; la CMT resultó más efectiva en la determinación de mastitis. De las Razas estudiadas, el Brahmán presentó un 45.2% de afectación por mastitis, mayor que Pardo suizo y cruces indefinidos, con 30.6 y 24.2 %, respectivamente. A partir del tercer parto, se incrementa el nivel de infestación de esta enfermedad, y durante la lactación, en los meses 4, 5,8 y 9.

Probabilistic graphical models for semi-supervised traffic classification

Traffic classification using machine learning continues to be an active research area. The majority of work in this area uses off-the-shelf machine learning tools and treats them as black-box classifiers. This approach turns all the modelling complexity into a feature selection problem. In this paper, we build a problem-specific solution to the traffic classification problem by designing a custom probabilistic graphical model. Graphical models are a modular framework to design classifiers which incorporate domain-specific knowledge. More specifically, our solution introduces semi-supervised learning which means we learn from both labelled and unlabelled traffic flows. We show that our solution performs competitively compared to previous approaches while using less data and simpler features. Copyright © 2010 ACM.