The diversification discount and takeovers : some Australian evidence

Purpose – The purpose of this paper is to examine the existence of a diversification discount in the Australian takeover market. A sample of 446 Australian publicly-listed firms involved in the market for corporate control was observed between 2000 and 2007. The authors examined two pre-announcement and four post-announcement periods, predominantly around the immediate event date, but also examined activity out to one year following the announcement.
Design/methodology/approach – An event study, in this case, is used to examine abnormal returns around the announcement of a merger or acquisition. The timeframe this study intends to focus on is the period from announcement date to a time one year down the track which, although some studies may deem it “long-term”, is still a relatively short-term measure of performance.While many variables in acquisitions have been looked at in depth over the years, such as outcome, nature, payment method and size of deal, one area which has had considerably less attention is the area of specialisation and diversification. That is, do focus increasing (or non-diversification) deals have different return patterns relative to focus decreasing (or diversification) deals?
Findings – The overall findings of this paper are fairly mixed, barring a few exceptions, and there does not appear to be a great deal of variation in return patterns based purely on whether the announced acquisition is non-diversifying or diversifying in nature.
Originality/value – The paper is of particular value in Australia. Most of the research of diversification to date has taken place in the USA. Australia is similar to the USA in that it has a well-developed economy based on common law principles and an active equity market, however, the existence of institutional and regulatory differences suggests that US results may not hold in Australia.

TOBY play-pad application to teach children with ASD – a pilot trial

 Purpose: To investigate use patterns and learning outcomes associated with the use of Therapy Outcomes By You (TOBY. Playpad, an early intervention iPad application. Methods: Participants were 33 families with a child with an autism spectrum disorder (ASD) aged 16 years or less, and with a diagnosis of autism or pervasive developmental disorder - not otherwise specified, and no secondary diagnoses. Families were provided with TOBY and asked to use it for 4-6 weeks, without further prompting or coaching. Dependent variables included participant use patterns and initial indicators of child progress. Results: Twenty-three participants engaged extensively with TOBY, being exposed to at least 100 complete learn units and completing between 17% and 100% of the curriculum. Conclusions: TOBY may make a useful contribution to early intervention programming for children with ASD delivering high rates of appropriate learning opportunities. Further research evaluating the efficacy of TOBY in relation to independent indicators of functioning is warranted.

Seasonal stress physiology and body condition differ among co-occurring tropical finch species.

Seasonal changes in avian hormonal stress responses and condition are well known for common species found at temperate and arctic latitudes, but declining and tropical species are poorly studied. This study compares stress and condition measures of co-occurring declining and non-declining tropical grass finch species in Australia. We monitored declining Gouldian finches (Erythrura gouldiae) and non-declining long-tailed and masked finches (Poepila acuticauda and P. personata) during two seasons that are potentially stressful: peak breeding (early dry season when food is plentiful) and moult (late dry to early wet season when food may be scarce). We measured body condition (muscle and fat), haematocrit, and stress response to capture using plasma corticosterone and binding globulin concentrations. All species had higher muscle and lower fat indices during breeding than moult. Haematocrit did not consistently differ between seasons. Long-tailed finches had higher stress responses during breeding than moult, similar to other passerines studied. Masked finches showed no seasonal changes in stress response. Gouldian finches had stress response patterns opposite to those of long-tailed finches, with higher stress responses during moult. However, seasonal trends in Gouldian and long-tailed finch stress responses sometimes differed between years or sites. The differences in stress response patterns between species suggest that the declining Gouldian finch is more sensitive to recent environmental changes which are thought to further reduce grass seed food resources during the late dry to early wet season. Retention of stress responsiveness during a protracted moult could increase the survival potential of Gouldian finches. This study highlights the utility of stress and condition indices to determine the sensitivity of co-occurring species to environmental conditions.

Investigating the efficacy of an intelligent operation planning and support tool for acute healthcare contexts

Nurses are the largest group of healthcare professionals in hospitals providing 24-hour care to patients. Hence, nurses are pivotal in coordinating and communicating patient care information in the complex network of healthcare professionals, services and other care processes. Yet, despite nurses' central role in health care delivery, intelligent systems have historically rarely been designed around nurses' operational needs. This could explain the poor integration of technologies into nursing work processes and consequent rejection by nursing professionals. The complex nature of acute care delivery in hospitals and the frequently interrupted patterns of nursing work suggest that nurses require flexible intelligent systems that can support and adapt to their variable workflow patterns. This study is designed to explore nurses' initial reactions to a new intelligent operational planning and support tool (IOPST) for acute healthcare. The following reports on the first stage of a longitudinal project to use an innovative approach involving nurses in the development of the IOPST; from conceptualization to implementation.

Social defeat stress in rats: escalation of cocaine and speedball binge self-administration, but not heroin

Exposure to intermittent episodes of social defeat stress can increase drug seeking and leads to intense drug taking in rats.This study investigated the consequences of repeated, intermittent social defeat stress on patterns of drug self-administration in rats with access to heroin, cocaine, or a heroin-cocaine combination (speedball).Male Long-Evans rats were either handled (controls) or subjected to 25-min social defeat stress episodes on days 1, 4, 7, and 10 during confrontations with an aggressive resident. Ten days following the last defeat, rats were assessed for locomotor cross-sensitization in response to heroin or cocaine. Animals were then prepared with intrajugular catheters for drug self-administration. Separate groups of controls and defeated rats were examined for self-administration of heroin (experiment 1), a heroin-cocaine combination (experiment 2), or cocaine (experiment 3). Drug self-administration patterns were evaluated using fixed or progressive ratio schedules of reinforcement during limited access sessions or a 24-h unlimited access binge.Rats with a history of intermittent social defeat stress showed sensitized locomotor behavior when challenged with heroin or cocaine relative to controls. During the 24-h binge session, defeated rats escalated cocaine-taking behavior (ca. 110 mg/kg vs. 66 mg/kg in controls), persisted in self-administering cocaine or the heroin-cocaine mixture for more hours, and showed a tendency for increased heroin-cocaine intake, but no effects on heroin taking.A history of social defeat stress seems to preferentially promote escalated intake of cocaine but not heroin, unless a heroin-cocaine combination is available.

DFA e análise de agrupamento aplicadas a perfis de porosidade neutrônico em poços de petróleo

Peng was the first to work with the Technical DFA (Detrended Fluctuation Analysis), a tool capable of detecting auto-long-range correlation in time series with non-stationary. In this study, the technique of DFA is used to obtain the Hurst exponent (H) profile of the electric neutron porosity of the 52 oil wells in Namorado Field, located in the Campos Basin -Brazil. The purpose is to know if the Hurst exponent can be used to characterize spatial distribution of wells. Thus, we verify that the wells that have close values of H are spatially close together. In this work we used the method of hierarchical clustering and non-hierarchical clustering method (the k-mean method). Then compare the two methods to see which of the two provides the best result. From this, was the parameter � (index neighborhood) which checks whether a data set generated by the k- average method, or at random, so in fact spatial patterns. High values of � indicate that the data are aggregated, while low values of � indicate that the data are scattered (no spatial correlation). Using the Monte Carlo method showed that combined data show a random distribution of � below the empirical value. So the empirical evidence of H obtained from 52 wells are grouped geographically. By passing the data of standard curves with the results obtained by the k-mean, confirming that it is effective to correlate well in spatial distribution

Contribuição para o estudo da proção cervical da veia facial de fetos, recém-nascidos e crianças.

In the study of cervical posterior of the facial vein of the foetus, newborns and children we injected in the veins of the head and neck of 15 corpses, rubber material (Xantopren and or Neoprene Latex). The results showed than the retromandibular and or the facial vein form a venous trunk in 83.3%, what finish always in the intern jugular vein or join the retromandibular vein and casually also with a posterior auricular vein originating the extern jugular vein (16.7%).

Análise de similaridades e diferenças no uso de marcadores de reformulação e padrões lexicais em Family ties, The apple in the dark e Soulstorm, de Clarice Lispector, e The red house, de Lya Luft

Pós-graduação em Estudos Linguísticos - IBILCE

Dinâmica locacional das indústrias e a produção do espaço urbano em Poços de Caldas (MG)

Pós-graduação em Geografia - IGCE

Geologia, petrografia e geoquímica dos granitóides arqueanos de Sapucaia - Província Carajás-PA

Os estudos geológicos desenvolvidos na porção leste do Subdomínio de Transição, Província Carajás, a sul da cidade de Canaã dos Carajás e a norte de Sapucaia, permitiram a identificação, individualização e caracterização de uma diversidade de unidades arqueanas, anteriormente englobadas no Complexo Xingu. A unidade mais antiga da área compreende anfibólio tonalitos correlacionados ao Tonalito São Carlos (~2,92 Ga), com foliação orientada segundo NW-SE a E-W, ou, por vezes, aspecto homogêneo. Geoquimicamente, diferem das típicas associações tonalito-trondhjemito-granodiorito (TTG) arqueanas por apresentarem enriquecimento em TiO₂, MgO e CaO, baixos teores de Sr e similares de Rb para amostras com menores teores de sílica, que se refletem em razões Rb/Sr mais elevadas e Sr/Ba mais baixas. Os padrões dos ETR mostram baixo a moderado fracionamento de ETR pesados em relação aos leves, e anomalias negativas de Eu discretas ou moderadas. Seguindo na estratigrafia, e também como a unidade de maior expressão na área, ocorrem rochas de afinidade TTG correspondentes ao Trodhjemito Colorado (~2,87 Ga), intensamente deformadas, com foliações NW-SE a E-W. Intrusivos nesta unidade, ao sul da área, aflora um corpo de aproximadamente 40 km², de rochas de composição leucogranodiorítica porfirítica denominados de Leucogranodiorito Pantanal, e seccionado em sua porção oeste por leucogranitos deformados de composição monzogranítica. O Leucogranodiorito Pantanal têm afinidade cálcio-alcalina peraluminosa, enriquecimento em Ba e Sr, e padrões de ETR sem anomalias expressivas de Eu e com acentuado fracionamento de ETRP, que refletem em altas razões La/Yb semelhante com a Suíte Guarantã (~2,87 Ga) do Domínio Rio Maria. Os leucogranitos revelam assinatura geoquímica de granitos tipo-A reduzidos, possivelmente, originados a partir da fusão desidratada de rochas cálcico-alcalinas peraluminosas durante o Neoarqueano. Além dessas unidades, na porção leste do Leucogranodiorito Pantanal, hornblenda-biotita granito neoarquenos tipo-A oxidados da Suíte Vila Jussara. Ainda correlacionáveis ao magmatismo subalcalino neoarqueano, na porção norte, ocorrem dois stocks graniticos. São tonalitos a granodioritos com assinatura geoquímica de granitos tipo-A oxidados similares a Suíte Vila Jussara, e monzogranitos com assinatura de granitos tipo-A reduzidos que se assemelham a Suíte Planalto. Ao norte da área ocorre uma associação máfico-enderbitica composta de hornblendanoritos, piroxênio-hornblenda-gabros, piroxênio-hornblenda-monzonito, hornblenda-gabros, anfibolitos e enderbitos. Essas rochas estão intensamente deformadas e recristalizadas, provavelmente por retrometamorfismo na presença de água de rochas de série noríticavii charnockítica de origem ígnea associada com outras variedades de rochas não necessariamente cogenéticas. Seu comportamento geoquímico sugere que os hornblendanorito, hornblenda-gabros e anfibolitos são toleíticos subalcalinos, enquanto que os enderbitos, piroxênio-hornblenda-gabro e piroxênio-hornblenda-monzonito têm assinatura cálcico-alcalina. As baixas razões La/Yb das rochas máficas indicam baixo grau de fracionamento, enquanto que as altas razões La/Yb dos enderbitos é indicativo de fracionamento expressivo dos ETR pesados durante a formação ou diferenciação dos seus magmas, e a concavidade no padrão de ETR pesados, indica provável influência de fracionamento de anfibólio durante sua evolução. Na porção central e centro-norte da área ocorrem biotita-monzogranitos peraluminosos, de assinatura cálcio-alcalina, que podem ser desdobrados em dois grupos geoquímicos distindo. Um tem altas razões Sr/Y e (La/Yb)n, mostram possível afinidade com o Granito Bom Jesus da área de Canaã dos Carajás. O outro tem mais baixa razão (La/Yb)n se aproxima mais do Granito Serra Dourada e do Granito Cruzadão também da área de Canaã dos Carajás. Essa comparação deverá ser aprofundada com dados geocronológicos e maior número de amostras.

Mecanismos de movimentação animal embasados na memória espacial

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

Estrutura das comunidades de macroalgas da bacia de drenagem do rio Cascavel, Estado do Paraná, Brasil

The drainage basin of Cascavel River is almost entirely within the urban perimeter of Guarapuava, Paraná State, Brazil. Seven stream segments were sampled in two seasons (summer and winter). We found 12 taxa of macroalgae with a dominance of Chlorophyta (seven taxa) followed by Cyanophyta (three taxa), Heterokontophyta and Rhodophyta (one taxon each). Richness, diversity, and evenness were higher during the winter while the abundance and dominance were higher in the summer. Among the microenvironmental characteristics, the current velocity was the only one that differed significantly between the periods. The regression analysis revealed that the richness of the substrate was responsible for the variation in richness, diversity, evenness, and dominance during the summer period. During the winter the current velocity was responsible for the variation of species diversity. A cluster analysis of macroalgal communities did not group points in the same temporal period. The Canonical Correspondence Analysis (CCA) showed that the segments were close to each other because of the occurrence of one or a few species in common. The patterns of spatial and temporal distribution of stream macroalgae seem to be strongly influenced by microhabitat characteristics at different scales.However, they aresupported by regional variables.

The role of asymmetries in rock-paper-scissors biodiversity models.

The maintenance of biodiversity is a long standing puzzle in ecology. It is a classical result that if the interactions of the species in an ecosystem are chosen in a random way, then complex ecosystems can't sustain themselves, meaning that the structure of the interactions between the species must be a central component on the preservation of biodiversity and on the stability of ecosystems. The rock-paper-scissors model is one of the paradigmatic models that study how biodiversity is maintained. In this model 3 species dominate each other in a cyclic way (mimicking a trophic cycle), that is, rock dominates scissors, that dominates paper, that dominates rock. In the original version of this model, this dominance obeys a 'Z IND 3' symmetry, in the sense that the strength of dominance is always the same. In this work, we break this symmetry, studying the effects of the addition of an asymmetry parameter. In the usual model, in a two dimensional lattice, the species distribute themselves according to spiral patterns, that can be explained by the complex Landau-Guinzburg equation. With the addition of asymmetry, new spatial patterns appear during the transient and the system either ends in a state with spirals, similar to the ones of the original model, or in a state where unstable spatial patterns dominate or in a state where only one species survives (and biodiversity is lost).

Clinical characteristics and causes of pruritus in cats: a multicentre study on feline hypersensitivity-associated dermatoses

Hypersensitivity dermatitides (HD) are often suspected in cats. Cats with HD are reported to present with one or more of the following patterns: miliary dermatitis, eosinophilic dermatitis, self-induced symmetrical alopecia or head and/or neck excoriations. Previous reports on feline HD included small numbers of animals, took place in geographically restricted areas or did not compare these conditions with other causes of pruritus. The goal of the present study was to analyse 72 parameters covering signalment, clinical, laboratory and treatment characteristics from a large group of pruritic cats from different geographical areas. Of the 502 cats, the following diagnoses were made: flea HD (29% of cases), food HD (12%) nonflea/nonfood HD (20%) and other diseases in which pruritus was a feature (24%). Cats with signs consistent with a HD but which did not complete a food trial were not analysed further (15% of cases). Most cats with nonflea HD exhibited signs compatible with one or more of the four typical lesional patterns, but none of these patterns was found to be pathognomonic for any specific diagnosis. Food HD and nonflea/nonfood HD were found to be clinically undistinguishable. Young adult, purebred and female cats appeared predisposed to nonflea/nonfood HD. As many diagnoses presented with similar lesional patterns, a thorough clinical work-up is required for establishment of a specific diagnosis.

Beyond sexist beliefs: How do people decide to use gender-inclusive language?

When people use generic masculine language instead of more gender-inclusive forms, they communicate gender stereotypes and sometimes exclusion of women from certain social roles. Past research related gender-inclusive language use to sexist beliefs and attitudes. Given that this aspect of language use may be transparent to users, it is unclear whether people explicitly act on these beliefs when using gender-exclusive language forms or whether these are more implicit, habitual patterns. In two studies with German-speaking participants, we showed that spontaneous use of gender-inclusive personal nouns is guided by explicitly favorable intentions as well as habitual processes involving past use of such language. Further indicating the joint influence of deliberate and habitual processes, Study 2 revealed that language-use intentions are embedded in explicit sexist ideologies. As anticipated in our decision-making model, the effects of sexist beliefs on language emerged through deliberate mechanisms involving attitudes and intentions.