917 resultados para Earnings and dividend announcements, high frequency data, information asymmetry


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The EU Water Framework Directive (WFD) requires that the ecological and chemical status of water bodies in Europe should be assessed, and action taken where possible to ensure that at least "good" quality is attained in each case by 2015. This paper is concerned with the accuracy and precision with which chemical status in rivers can be measured given certain sampling strategies, and how this can be improved. High-frequency (hourly) chemical data from four rivers in southern England were subsampled to simulate different sampling strategies for four parameters used for WFD classification: dissolved phosphorus, dissolved oxygen, pH and water temperature. These data sub-sets were then used to calculate the WFD classification for each site. Monthly sampling was less precise than weekly sampling, but the effect on WFD classification depended on the closeness of the range of concentrations to the class boundaries. In some cases, monthly sampling for a year could result in the same water body being assigned to three or four of the WFD classes with 95% confidence, due to random sampling effects, whereas with weekly sampling this was one or two classes for the same cases. In the most extreme case, the same water body could have been assigned to any of the five WFD quality classes. Weekly sampling considerably reduces the uncertainties compared to monthly sampling. The width of the weekly sampled confidence intervals was about 33% that of the monthly for P species and pH, about 50% for dissolved oxygen, and about 67% for water temperature. For water temperature, which is assessed as the 98th percentile in the UK, monthly sampling biases the mean downwards by about 1 °C compared to the true value, due to problems of assessing high percentiles with limited data. Low-frequency measurements will generally be unsuitable for assessing standards expressed as high percentiles. Confining sampling to the working week compared to all 7 days made little difference, but a modest improvement in precision could be obtained by sampling at the same time of day within a 3 h time window, and this is recommended. For parameters with a strong diel variation, such as dissolved oxygen, the value obtained, and thus possibly the WFD classification, can depend markedly on when in the cycle the sample was taken. Specifying this in the sampling regime would be a straightforward way to improve precision, but there needs to be agreement about how best to characterise risk in different types of river. These results suggest that in some cases it will be difficult to assign accurate WFD chemical classes or to detect likely trends using current sampling regimes, even for these largely groundwater-fed rivers. A more critical approach to sampling is needed to ensure that management actions are appropriate and supported by data.

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Introduction Antigen-presenting cells, like dendritic cells (DCs) and macrophages, play a significant role in the induction of an immune response and an imbalance in the proportion of macrophages, immature and mature DCs within the tumor could affect significantly the immune response to cancer. DCs and macrophages can differentiate from monocytes, depending on the milieu, where cytokines, like interleukin (IL)-4 and granulocyte-macrophage colony-stimulating factor (GM-CSF) induce DC differentiation and tumor necrosis factor (TNF)-alpha induce DC maturation. Thus, the aim of this work was to analyze by immunohistochemistry the presence of DCs (S100+ or CD1a+), macrophages (CD68+), IL-4 and TNF-alpha within the microenvironment of primary lung carcinomas. Results Higher frequencies of both immature DCs and macrophages were detected in the tumor-affected lung, when compared to the non-affected lung. Also, TNF-alpha-positive cells were more frequent, while IL-4-positive cells were less frequent in neoplastic tissues. This decreased frequency of mature DCs within the tumor was further confirmed by the lower frequency of CD14-CD80+ cells in cell suspensions obtained from the same lung tissues analyzed by flow cytometry. Conclusion These data are discussed and interpreted as the result of an environment that does not oppose monocyte differentiation into DCs, but that could impair DC maturation, thus affecting the induction of effective immune responses against the tumor.

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O Mercado Acionário Americano evoluiu rapidamente na última década. Este tornou-se uma arquitetura aberta em que participantes com tecnologia inovadora podem competir de forma eficaz. Várias mudanças regulatórias e inovações tecnológicas permitiram mudanças profundas na estrutura do mercado. Essas mudanças, junto com o desenvolvimento tecnológico de redes de alta velocidade, agiu como um catalisador, dando origem a uma nova forma de negociação, denominada Negociação em Alta Frequência (HFT). As empresas de HFT surgiram e se apropriaram em larga escala do negócio de formação de mercado, no fornecimento de liquidez. Embora HFT tem crescido massivamente, ao longo dos últimos quatro anos, HFT perdeu rentabilidade significativamente, uma vez que mais empresas aderiram ao setor reduzindo as margens. Portanto, diante deste contexto, esta tese buscou apresentar uma breve revisão sobre a atividade de HFT, seguida de uma análise dos limites deste setor, bem como, das características do macroambiente do HFT. Para tanto, a tese realizou uma extensa revisão do histórico literário, documentos públicos qualitativos, tais como, jornais, atas de reunião e relatórios oficiais. A tese empregou um ferramental de análise, Barreiras de Entrada e Mobilidade (Porter, 1980); Modelos de Evolução Setorial (McGahan, 2004); Estrutura do Setor de Informação Intensiva (Sampler, 1998), para analisar os limites do setor de HFT. Adicionalmente, empregou as ferramentas de análise, Modelos de Evolução Setorial (McGahan, 2004) e PESTEL (JOHNSON, SCHOLES, and WHITTINGTON, 2011), para analisar o setor e o contexto que envolve o negócio de HFT. A análise concluiu que as empresas que empregam HFT para atuar e competir no mercado acionário, compoem um setor independente.

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CONTEXTO: Mães relatam início precoce de constipação em crianças atendidas em clínicas de gastroenterologia. OBJETIVOS: Estudar o hábito intestinal em crianças de baixa idade na comunidade, para avaliar se início precoce da constipação é confirmado neste contexto e se há concordância entre o hábito intestinal relatado e o registrado prospectivamente. MÃTODOS: Obtiveram-se dados sobre evacuações de 57 crianças com idade 6.0-40.7 meses, mediante relato materno (questionário sobre características fecais predominantes) e, a seguir, foram registradas 1.934 evacuações em casa e na creche. O hábito intestinal foi classificado como adequado, constipação, diarréia funcional, outro hábito intestinal, conforme frequência evacuatória e proporção das características fecais (macias, duras e/ou que escorrem). Usaram-se dois critérios para classificar o hábito intestinal registrado, devido indefinição no ponto de corte para fezes duras na identificação de constipação em crianças: critério predominante e critério adulto, respectivamente com >50% e >25% de evacuações com consistência alterada. Usou-se estatística não-paramétrica e, para concordância entre hábito intestinal relatado e registrado, o índice Kappa. RESULTADOS: Constipação ocorreu em 17.5%, 10.5%, 19.3% das crianças, respectivamente pelo relato e pelo registro segundo critérios predominante e adulto. Constipação foi o hábito intestinal mais frequentemente relatado, versus 12.3% outro hábito intestinal. Só uma criança se classificou como tendo diarréia funcional (pelo critério adulto). Concordância entre o hábito intestinal relatado e o registrado foi razoável (fair) para constipação, pelos critérios predominante e adulto (K=0.28 e 0.24, respectivamente), mas apenas leve (slight) para os demais hábito intestinal (K <0.16). Entretanto, dados individuais indicaram melhor relação entre relato de constipação com o critério adulto do que com o critério predominante. CONCLUSÃES: Confirmou-se que constipação é frequente e de início precoce. Concordância razoável entre o hábito intestinal relatado e o registrado segundo os dois critérios indica que o relato materno é razoavelmente confiável para detectar constipação.

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Bone mass was only previously studied in juvenile dermatomyositis/polymyositis (DM/PM) patients. Therefore, the objective this study was to evaluate the prevalence of osteoporosis and fractures in adult DM/PM. Forty female DM/PM and 78 age-, gender-, and BMI-matched healthy controls were studied. Medical charts and clinical interviews of all patients were evaluated for demographic and clinical data, including disease activity, cumulative doses of glucocorticoid, menarche and menopause age, and fractures. Bone mineral density (BMD) using dual X-ray absorptiometry (DXA) were measured at lumbar spine (L1-L4) and hip. A decreased BMD in lumbar spine [0.902 (0.136) vs. 0.965 (0.141) g/cm(2), P = 0.022] and femoral neck [0.729 (0.12) vs. 0.784 (0.127) g/cm(2), P = 0.027] was observed in patients compared to controls. In addition, osteoporosis was more frequent in patients than in controls in both lumbar spine (20 vs. 3.8%, P = 0.007) and the femoral neck (27.5 vs. 10.3%, P = 0.016). Moreover, a high prevalence of fractures was found in patients in comparison to healthy subjects (17.9 vs. 5.1%, P = 0.040; OR = 3.92; CI 95%: 1.07-14.33). Comparing DM/PM patients with (n = 17) and without (n = 23) osteoporosis/fractures, significant differences were observed regarding age [56.8 (11.9) vs. 48.3 (13.2) years, P = 0.042], weight [62.05 (13.56) vs. 71.51 (11.46) kg, P = 0.022] and frequency of post menopausal women (94.1 vs. 65.2%, P = 0.0002). No differences were observed concerning height, lean mass, total fat mass, disease activity, mean value of creatine kinase, cumulative glucocorticoid dose, or bisphosphonate use. Logistic regression analysis revealed a negative association between the presence of osteoporosis/fractures and weight (OR: 0.92, 95% CI: 0.85-0.98; P = 0.016). This is the first study that analyzed bone mass in adult DM/PM patients and it demonstrated that about one quarter of these patients have osteoporosis/fracture.

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This dissertation investigates corporate governance and dividend policy in banking. This topic has recently attracted the attention of numerous scholars all over the world and currently remains one of the most discussed topics in Banking. The core of the dissertation is constituted by three papers. The first paper generalizes the main achievements in the field of relevant study using the approach of meta-analysis. The second paper provides an empirical analysis of the effect of banking corporate governance on dividend payout. Finally, the third paper investigates empirically the effect of government bailout during 2007-2010 on corporate governance and dividend policy of banks. The dissertation uses a new hand-collected data set with information on corporate governance, ownership structure and compensation structure for a sample of listed banks from 15 European countries for the period 2005-2010. The empirical papers employ such econometric approaches as Within-Group model, difference-in-difference technique, and propensity score matching method based on the Nearest Neighbor Matching estimator. The main empirical results may be summarized as follows. First, we provide evidence that CEO power and connection to government are associated with lower dividend payout ratios. This result supports the view that banking regulators are prevalently concerned about the safety of the bank, and powerful bank CEOs can afford to distribute low payout ratios, at the expense of minority shareholders. Next, we find that government bailout during 2007-2010 changes the banksâ ownership structure and helps to keep lending by bailed bank at the pre-crisis level. Finally, we provide robust evidence for increased control over the banks that receive government money. These findings show the important role of government when overcoming the consequences of the banking crisis, and high quality of governance of public bailouts in European countries.

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Power transformers are key components of the power grid and are also one of the most subjected to a variety of power system transients. The failure of a large transformer can cause severe monetary losses to a utility, thus adequate protection schemes are of great importance to avoid transformer damage and maximize the continuity of service. Computer modeling can be used as an efficient tool to improve the reliability of a transformer protective relay application. Unfortunately, transformer models presently available in commercial software lack completeness in the representation of several aspects such as internal winding faults, which is a common cause of transformer failure. It is also important to adequately represent the transformer at frequencies higher than the power frequency for a more accurate simulation of switching transients since these are a well known cause for the unwanted tripping of protective relays. This work develops new capabilities for the Hybrid Transformer Model (XFMR) implemented in ATPDraw to allow the representation of internal winding faults and slow-front transients up to 10 kHz. The new model can be developed using any of two sources of information: 1) test report data and 2) design data. When only test-report data is available, a higher-order leakage inductance matrix is created from standard measurements. If design information is available, a Finite Element Model is created to calculate the leakage parameters for the higher-order model. An analytical model is also implemented as an alternative to FEM modeling. Measurements on 15-kVA 240?/208Y V and 500-kVA 11430Y/235Y V distribution transformers were performed to validate the model. A transformer model that is valid for simulations for frequencies above the power frequency was developed after continuing the division of windings into multiple sections and including a higher-order capacitance matrix. Frequency-scan laboratory measurements were used to benchmark the simulations. Finally, a stability analysis of the higher-order model was made by analyzing the trapezoidal rule for numerical integration as used in ATP. Numerical damping was also added to suppress oscillations locally when discontinuities occurred in the solution. A maximum error magnitude of 7.84% was encountered in the simulated currents for different turn-to-ground and turn-to-turn faults. The FEM approach provided the most accurate means to determine the leakage parameters for the ATP model. The higher-order model was found to reproduce the short-circuit impedance acceptably up to about 10 kHz and the behavior at the first anti-resonant frequency was better matched with the measurements.

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Dissolved organic matter (DOM) dynamics during storm events has received considerable attention in forested watersheds, but the extent to which storms impart rapid changes in DOM concentration and composition in highly disturbed agricultural watersheds remains poorly understood. In this study, we used identical in situ optical sensors for DOM fluorescence (FDOM) with and without filtration to continuously evaluate surface water DOM dynamics in a 415 km(2) agricultural watershed over a 4 week period containing a short-duration rainfall event. Peak turbidity preceded peak discharge by 4 h and increased by over 2 orders of magnitude, while the peak filtered FDOM lagged behind peak turbidity by 15 h. FDOM values reported using the filtered in situ fluorometer increased nearly fourfold and were highly correlated with dissolved organic carbon (DOC) concentrations (r(2) = 0.97), providing a highly resolved proxy for DOC throughout the study period. Discrete optical properties including specific UV absorbance (SUVA(254)), spectral slope (S(290-350)), and fluorescence index (FI) were also strongly correlated with in situ FDOM and indicate a shift toward aromatic, high molecular weight DOM from terrestrially derived sources during the storm. The lag of the peak in FDOM behind peak discharge presumably reflects the draining of watershed soils from natural and agricultural landscapes. Field and experimental evidence showed that unfiltered FDOM measurements underestimated filtered FDOM concentrations by up to similar to 60% at particle concentrations typical of many riverine systems during hydrologic events. Together, laboratory and in situ data provide insights into the timing and magnitude of changes in DOM quantity and quality during storm events in an agricultural watershed, and indicate the need for sample filtration in systems with moderate to high suspended sediment loads.

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Durante los últimos años el flujo de datos en la transmisión que tiene lugar en los sistemas de comunicación ha aumentado considerablemente de forma que día a día se requieren más aplicaciones trabajando en un rango de frecuencias muy alto (3-30 GHz). Muchos de estos sistemas de comunicación incluyen dispositivos de onda acústica superficial (SAW) y por tanto se hace necesario el aumento de frecuencia a la que éstos trabajan. Pero este incremento de frecuencia de los dispositivos SAW no sólo es utilizado en los sistemas de comunicación, varios tipos de sensores, por ejemplo, aumentan su sensibilidad cuando la frecuencia a la que trabajan también lo hace. Tradicionalmente los dispositivos SAW se han fabricado sobre cuarzo, LiNbO3 y LiTaO3 principalmente. Sin embargo la principal limitación de estos materiales es su velocidad SAW. Además, debido a la alta temperatura a la que se depositan no pueden ser integrados en la tecnología de fabricación CMOS. El uso de la tecnología de capa delgada, en la que un material piezoeléctrico es depositado sobre un substrato, se está utilizando en las últimas décadas para incrementar la velocidad SAW de la estructura y poder obtener dispositivos trabajando en el rango de frecuencias requerido en la actualidad. Por otra parte, esta tecnología podría ser integrada en el proceso de fabricación CMOS. Durante esta tesis nos hemos centrado en la fabricación de dispositivos SAW trabajando a muy alta frecuencia. Para ello, utilizando la tecnología de capa delgada, hemos utilizado la estructura nitruro de aluminio (AlN) sobre diamante que permite conseguir velocidades SAW del sustrato que no se pueden alcanzar con otros materiales. El depósito de AlN se realizó mediante sputtering reactivo. Durante esta tesis se han realizado diferentes experimentos para optimizar dicho depósito de forma que se han obtenido los parámetros óptimos para los cuales se pueden obtener capas de AlN de alta calidad sobre cualquier tipo de sustrato. Además todo el proceso se realizó a baja temperatura para que el procesado de estos dispositivos pueda ser compatible con la tecnología CMOS. Una vez optimizada la estructura AlN/diamante, mediante litografía por haz de electrones se fabricaron resonadores SAW de tamaño nanométrico que sumado a la alta velocidad resultante de la combinación AlN/diamante nos ha permitido obtener dispositivos trabajando en el rango de 10-28 GHz con un alto factor de calidad y rechazo fuera de la banda. Estás frecuencias y prestaciones no han sido alcanzadas por el momento en resonadores de este tipo. Por otra parte, se han utilizado estos dispositivos para fabricar sensores de presión de alta sensibilidad. Estos dispositivos son afectados altamente por los cambios de temperatura. Se realizó también un exhaustivo estudio de cómo se comportan en temperatura estos resonadores, entre -250ºC y 250ºC (rango de temperaturas no estudiado hasta el momento) diferenciándose dos regiones una a muy baja temperatura en la que el dispositivo muestra un coeficiente de retraso en frecuencia (TCF) relativamente bajo y otra a partir de los -100ºC en la que el TCF es similar al observado en la bibliografía. Por tanto, durante esta tesis se ha optimizado el depósito de AlN sobre diamante para que sea compatible con la tecnología CMOS y permita el procesado de dispositivos trabajando a muy alta frecuencia con altas prestaciones para comunicaciones y sensores. ABSTRACT The increasing volume of information in data transmission systems results in a growing demand of applications working in the super-high-frequency band (3â30 GHz). Most of these systems work with surface acoustic wave (SAW) devices and thus there is a necessity of increasing their resonance frequency. Moreover, sensor application includes this kind of devices. The sensitivity of them is proportional with its frequency. Traditionally, quartz, LiNbO3 and LiTaO3 have been used in the fabrication of SAW devices. These materials suffer from a variety of limitations and in particular they have low SAW velocity as well as being incompatible with the CMOS technology. In order to overcome these problems, thin film technology, where a piezoelectric material is deposited on top of a substrate, has been used during the last decades. The piezoelectric/substrate structure allows to reach the frequencies required nowadays and could be compatible with the mass electronic production CMOS technology. This thesis work focuses on the fabrication of SAW devices working in the super-high-frequency range. Thin film technology has been used in order to get it, especially aluminum nitride (AlN) deposited by reactive sputtering on diamond has been used to increase the SAW velocity. Different experiments were carried out to optimize the parameters for the deposit of high quality AlN on any kind of substrates. In addition, the system was optimized under low temperature and thus this process is CMOS compatible. Once the AlN/diamond was optimized, thanks to the used e-beam lithography, nanometric SAW resonators were fabricated. The combination of the structure and the size of the devices allow the fabrication of devices working in the range of 10-28 GHz with a high quality factor and out of band rejection. These high performances and frequencies have not been reached so far for this kind of devices. Moreover, these devices have been used as high sensitivity pressure sensors. They are affected by temperature changes and thus a wide temperature range (-250ºC to 250ºC) study was done. From this study two regions were observed. At very low temperature, the temperature coefficient of frequency (TCF) is low. From -100ºC upwards the TCF is similar to the one appearing in the literature. Therefore, during this thesis work, the sputtering of AlN on diamond substrates was optimized for the CMOS compatible fabrication of high frequency and high performance SAW devices for communication and sensor application.

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High switching frequencies (several MHz) allow the integration of low power DC/DC converters. Although, in theory, a high switching frequency would make possible to implement a conventional Voltage Mode control (VMC) or Peak Current Mode control (PCMC) with very high bandwidth, in practice, parasitic effects and robustness limits the applicability of these control techniques. This paper compares VMC and CMC techniques with the V2IC control. This control is based on two loops. The fast internal loop has information of the output capacitor current and the error voltage, providing fast dynamic response under load and voltage reference steps, while the slow external voltage loop provides accurate steady state regulation. This paper shows the fast dynamic response of the V2IC control under load and output voltage reference steps and its robustness operating with additional output capacitors added by the customer.

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Single-phase Ba(Cd1/3Ta2/3)O-3 powder was produced using conventional solid state reaction methods. Ba(Cd1/3Ta2/3)O-3 ceramics with 2 wt % ZnO as sintering additive sintered at 1550 degreesC exhibited a dielectric constant of similar to32 and loss tangent of 5x10(-5) at 2 GHz. X-ray diffraction and thermogravimetric measurements were used to characterize the structural and thermodynamic properties of the material. Ab initio electronic structure calculations were used to give insight into the unusual properties of Ba(Cd1/3Ta2/3)O-3, as well as a similar and more widely used material Ba(Zn1/3Ta2/3)O-3. While both compounds have a hexagonal Bravais lattice, the P321 space group of Ba(Cd1/3Ta2/3)O-3 is reduced from P (3) under bar m1 of Ba(Zn1/3Ta2/3)O-3 as a result of a distortion of oxygen away from the symmetric position between the Ta and Cd ions. Both of the compounds have a conduction band minimum and valence band maximum composed of mostly weakly itinerant Ta 5d and Zn 3d/Cd 4d levels, respectively. The covalent nature of the directional d-electron bonding in these high-Z oxides plays an important role in producing a more rigid lattice with higher melting points and enhanced phonon energies, and is suggested to play an important role in producing materials with a high dielectric constant and low microwave loss. (C) 2005 American Institute of Physics.

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Functional electrical impedance tomography (EIT) measures relative impedance change that occurs in the chest during a distinct observation period and an EIT image describing regional relative impedance change is generated. Analysis of such an EIT image may be erroneous because it is based on an impedance signal that has several components. Most of the change in relative impedance in the chest is caused by air movement but other physiological events such as cardiac activity change in end expiratory level or pressure swings originating from a ventilator circuit can influence the impedance signal. We obtained EIT images and signals in spontaneously breathing healthy adults, in extremely prematurely born infants on continuous positive airway pressure and in ventilated sheep on conventional mechanical or high frequency oscillatory ventilation (HFOV). Data were analyzed in the frequency domain and results presented after band pass filtering within the frequency range of the physiological event of interest. Band pass filtering of EIT data is necessary in premature infants and on HFOV to differentiate and eliminate relative impedance changes caused by physiological events other than the one of interest.