Sustainability and consumer responses: The effect of bad industry reputation and fit

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics

O provérbio: um género marginal(izado)?!

Enquanto o provérbio, numa cultura de tradição oral, representa tipicamente o tesouro do conhecimento e a colecção das regras sociais ou jurídicas, na transição para a cultura escrita e na formulação científica dos saberes, esse género da Literatura Tradicional perde a sua autoridade nos círculos dominantes da sociedade. Ressalve-se, porém, o facto de, ao longo desse processo, haver ciclos.

Managing marginal capital requirements in solvency II: Analysis of a real insurance portfolio

This thesis provides a complete analysis of the Standard Capital Requirements given by Solvency II for a real insurance portfolio. We analyze the investment portfolio of BPI Vida e Pensões, an insurance company affiliated with a Portuguese bank BPI, both at security, sub-portfolio and asset class levels. By using the Standard Formula from EIOPA, Total SCR amounts to 239M€. This value is mostly explained by Market and Default Risk whereas the former is driven by Spread and Concentration Risks. Following the methodology of Leblanc (2011), we examine the Marginal Contribution of an asset to the SCR which allows for the evaluation of the risks of each security given its characteristics and interactions in the portfolio. The top contributors to the SCR are Corporate Bonds and Term Deposits. By exploring further the composition of the portfolio, our results show that slight changes in allocation of Term and Cash Deposits have severe impacts on the total Concentration and Default Risks, respectively. Also, diversification effects are very relevant by representing savings of 122M€. Finally, Solvency II represents an opportunity for the portfolio optimization. By constructing efficient frontiers, we find that as the target expected return increases, a shift from Term Deposits/ Commercial Papers to Eurozone/Peripheral and finally Equities occurs.

Persistence of the embryonic lateral marginal vein: report of two cases

PURPOSE: Congenital venous malformations of the lower limbs represent a particular challenge for the vascular surgeon. Persistence of fetal veins is a rare malformation, and the most common is the persistence of the lateral marginal vein usually observed in patients with Klippel-Trenaunnay Syndrome. The persistence of this embryonic vein as an isolated venous malformation without the other characteristics of the Klippel-Trenaunnay Syndrome has not yet been reported. This paper describes two cases. METHODS: Two patients, a 17-year-old male patient and a 16-year-old female, have had since their birth a large venous trunk in the lateral aspect of the right leg and thigh. The limbs underwent duplex scanning and phlebography. The surgical removal of the lateral marginal vein was performed. RESULTS: Surgical treatment resulted in very good functional and aesthetic results. Follow-up at 26 months showed no evidence of varicose vein recurrence. CONCLUSIONS: To achieve good results, surgical intervention may be indicated in cases of orthopedic deformity, hemorrhage, symptomatic, and unaesthetic lesions.

Creaciones fitogenéticas en Maíz con respuesta adaptativa a la zona marginal

La creación de una población mejorada de maíz, requiere al menos tres etapas: a) La conformación de una "población original" con variabilidad genética, b) La selección preliminar de plantas y/o progenies, y c) La "evaluación" en condiciones de campo de las mejores descendencias integradas en poblaciones experimentales. Precisamente, este proyecto está dirigido a la creación de variedades con estabilidad de rendimientos en las condiciones ambientales de la zona centro-norte de la Provincia de Córdoba, en donde el maíz es el único cereal que se cosecha y una de las mejores posibilidades como forrajera estival. Se ha inscripto el cv. "MPB-FCA 856", un maíz colorado duro creado para la producción de granos, que en marcado déficit hídrico produce rendimientos superiores a otros cultivares. Actualmente se dispone de una variedad sintética, próxima a ser inscripta como una nueva creación. Con orientación al desarrollo de otros cultivares, se plantean las líneas de trabajo que se enumeran seguidamente: Tema 1. Maíz Colorado Duro: Obtención de una variedad sintética. Se iniciará la caracterización varietal a fin de inscribir en el Instituto Nacional de Semillas el nuevo cv. sintético formado por 10 líneas S1, que presenta altos rendimientos de granos. Tema 2. Maíz Forrajero: Desarrollo de un cultivar con aptitud para ser utilizado como forraje en planta. En la zona marginal el pastoreo de lotes de maíz es común tanto en años con pocas precipitaciones pluviales como en ciclos favorables, por cuanto es una muy buena alternativa de forraje estival tanto en verdeo, silo o diferido. Se dispone de líneas propias con características de alto macollamiento y capacidad de rebrote; se plantea su mejoramiento por caracteres que hacen a la calidad forrajera, tales como porcentaje de materia seca, palatabilidad, fibra bruta, etc. Tema 3. Mejora en la eficiencia de selección para tolerancia a estrés hídrico en maíz ( Zea mays L.). Aportar evidencia experimental que mejore la eficiencia de la selección, cuando los genotipos se dispersarán en una gama de ambientes contrastantes por su disponibilidad hídrica. Se comenzará un esquema de selección recurrente en ambientes con diferente disponibilidad hídrica, empleando características que permitan identificar genotipos tolerantes. Paralelamente se implementarán metodologías de evaluación del germoplasma disponible mediante pruebas de laboratorio y campo, a fin de detectar fuentes de genes para tolerancia al estrés hídrico.

Optimising the design and manufacture of a customised, prescription fit, Maxillo-facial prosthesis

This thesis is a continuation of the Enterprise-Ireland Research Innovation Fund (RIF) Project entitled’ "Design and Manufacturing of Customised Maxillo-Facial Prostheses" The primary objective of this Internal Research Development Program (IRDP) project was to investigate two fundamental design changes 1 To incorporate the over-denture abutments directly into the implant. 2 To remove the restraining wings by the addition of screws, which affix the. implant to the dense material of the jawbone. The prosthetic was redesigned using the ANSYS Finite Element Analysis software program and analysed to* • Reduce the internal von Mises stress distribution The new prosthetic had a -63.63 % lower von Mises stress distribution when compared with the original prosthetic. • Examine the screw preload effects. A maximum relative displacement of 22 6 * lO^mm between the bone and screw was determined, which is well below the critical threshold of micromotion which prevents osseointegration • Investigate the prosthetic-bone contact interface. Three models of the screw, prosthesis, and bone, were studied. (Axisymmetnc, quarter volume, and full volume), a recommended preload torque of 0 32 Nm was applied to the prosthetic and a maximum von Mises stress of 1.988 MPa was predicted • Study the overdenture removal forces. This analysis could not be completed because the correct plastic multilinear properties of the denture material could not be established The redesigned prosthetic was successfully manufactured on a 3-axis milling machine with an indexing system The prosthetic was examined for dimensional quality and strength The research established the feasibility of the new design and associated manufacturing method.

Subsidizing extra jobs : the economics of marginal employment subsidies

Employment subsidies, wage subsidies, unemployment, displacement

Diet of the ichthyofauna associated with marginal vegetation of a mangrove forest in southeastern Brazil

The objective of this study was to analyze the diet of fish species that use the mangrove vegetation for shelter and feeding in a river southeastern Brazil. The fieldwork, including collecting and underwater observations, was carried out in the dry (July and August 2004) and in the rainy season (February and March 2005) in order to assess the existence of seasonal variation in the diets. Seven kinds of food items were consumed, two of plant origin and five of animal origin. Crustaceans predominated in the diet of most species, either in the form of unidentified fragments or discriminated in eight groups. The predominance of species using mainly a single food source (crustaceans, principally Ostracoda and Tanaidacea) and the existence of seasonal variation in the diets of some species became very evident in the analysis food niche breadth, with a predominance of dietary specialists. In the Rio da Fazenda mangrove, the submersed marginal vegetation was used by the ichthyofauna as a locale for foraging, and principally as cover by bottom-feeding species. These species may be using the vegetation for protection from aerial and aquatic predators, or even from the pull of the current during the turn of the tide. In the study area, the great diversity of crustaceans constitutes an important food source for most fish species which adjusted their diet according to seasonal changes in food availability and to interactions with other species.

Morphological and functional study of the marginal sphincter of the sea anemones Phymactis clematis and Aulactinia marplatensis from intertidal of Mar del Plata, Argentina

It was made the characterization of marginal sphincter to the species Phymactis clematis (Drayton in Dana, 1849) and Aulactinia marplatensis (Zamponi, 1977), from intertidal ecosystem through their morphogical and functional study. The species P. clematis has a circumscript sphincter of palmate type. This muscle is constituted by a mesogloeal axis and several mesogloeal subaxes. Axis as well as subaxes give a support to the endoderm which border is smooth. Aulactinia marplatensis has a circunscript sphincter pinnate type. The axis has a truncated cone shape while in P. clematis the shape is cylindrical on its origin and it is bifurcated at the end. Both species experiments were carried out using the isolated muscles. They were stimulated at increasing KCl concentrations ranging from 20 to 200 mM. The results were analysed in the form of dose-response curves expressed in tension in grams force vs concentration. Contractil force increases in a sigmoid form to increasing KCl concentrations. The correlation between morphology and function and the differences shown in both species would be related to their intertidal distribution.

Una estimación del coste marginal en bienestar del sistema impositivo en España

Actual tax systems do not follow the normative recommendations of yhe theory of optimal taxation. There are two reasons for this. Firstly, the informational difficulties of knowing or estimating all relevant elasticities and parameters. Secondly, the political complexities that would arise if a new tax implementation would depart too much from current systems that are perceived as somewhat egalitarians. Hence an ex-novo overhaul of the tax system might just be non-viable. In contrast, a small marginal tax reform could be politically more palatable to accept and economically more simple to implement. The goal of this paper is to evaluate, as a step previous to any tax reform, the marginal welfare cost of the current tax system in Spain. We do this by using a computational general equilibrium model calibrated to a point-in-time micro database. The simulations results show that the Spanish tax system gives rise to a considerable marginal excess burden. Its order of magnitude is of about 0.50 money units for each additional money unit collected through taxes.

Are one factor logarithmic volatility models useful to fit the features of financial data? An application to microsoft data.

This paper provides empirical evidence that continuous time models with one factor of volatility, in some conditions, are able to fit the main characteristics of financial data. It also reports the importance of the feedback factor in capturing the strong volatility clustering of data, caused by a possible change in the pattern of volatility in the last part of the sample. We use the Efficient Method of Moments (EMM) by Gallant and Tauchen (1996) to estimate logarithmic models with one and two stochastic volatility factors (with and without feedback) and to select among them.

Y-90-Ibritumomab Tiuxetan (Zevalin (R)) Consolidation of First Remission In Advanced-Stage Follicular Non-Hodgkin's Lymphoma: Updated Results After a Median Follow-up of 66.2 Months From the International, Randomized, Phase III First-Line Indolent Trial (FIT) In 414 Patients

The FIT trial was conducted to evaluate the safety and efficacy of 90Y-ibritumomab tiuxetan (0.4 mCi/kg; maximum dose 32 mCi) when used as consolidation of first complete or partial remission in patients with previously untreated, advanced-stage follicular lymphoma (FL). Patients were randomly assigned to either 90Y-ibritumomab treatment (n = 207) or observation (n = 202) within 3 months (mo) of completing initial induction therapy (chemotherapy only: 86%; rituximab in combination with chemotherapy: 14%). Response status prior to randomization did not differ between the groups: 52% complete response (CR)/CR unconfirmed (CRu) to induction therapy and 48% partial response (PR) in the 90Y-ibritumomab arm vs 53% CR/CRu and 44% PR in the control arm. The primary endpoint was progression-free survival (PFS) of the intent-to-treat (ITT) population. Results from the first extended follow-up after a median of 3.5 years revealed a significant improvement in PFS from the time of randomization with 90Y-ibritumomab consolidation compared with control (36.5 vs 13.3 mo, respectively; P < 0.0001; Morschhauser et al. JCO. 2008; 26:5156-5164). Here we report a median follow-up of 66.2 mo (5.5 years). Five-year PFS was 47% in the 90Y-ibritumomab group and 29% in the control group (hazard ratio (HR) = 0.51, 95% CI 0.39-0.65; P < 0.0001). Median PFS in the 90Y-ibritumomab group was 49 mo vs 14 mo in the control group. In patients achieving a CR/CRu after induction, 5-year PFS was 57% in the 90Y-ibritumomab group, and the median had not yet been reached at 92 months, compared with a 43% 5-year PFS in the control group and a median of 31 mo (HR = 0.61, 95% CI 0.42-0.89). For patients in PR after induction, the 5-year PFS was 38% in the 90Y-ibritumomab group with a median PFS of 30 mo vs 14% in the control group with a median PFS of 6 mo (HR = 0.38, 95% CI 0.27-0.53). Patients who had received rituximab as part of induction treatment had a 5-year PFS of 64% in the 90Y-ibritumomab group and 48% in the control group (HR = 0.66, 95% CI 0.30-1.47). For all patients, time to next treatment (as calculated from the date of randomization) differed significantly between both groups; median not reached at 99 mo in the 90Y-ibritumomab group vs 35 mo in the control group (P < 0.0001). The majority of patients received rituximab-containing regimens when treated after progression (63/82 [77%] in the 90Y-ibritumomab group and 102/122 [84%] in the control group). Overall response rate to second-line treatment was 79% in the 90Y-ibritumomab group (57% CR/CRu and 22% PR) vs 78% in the control arm (59% CR/CRu, 19% PR). Five-year overall survival was not significantly different between the groups; 93% and 89% in the 90Y-ibritumomab and control groups, respectively (P = 0.561). To date, 40 patients have died; 18 in the 90Y-ibritumomab group and 22 in the control group. Secondary malignancies were diagnosed in 16 patients in the 90Y-ibritumomab arm vs 9 patients in the control arm (P = 0.19). There were 6 (3%) cases of myelodysplastic syndrome (MDS)/acute myelogenous leukemia (AML) in the 90Y-ibritumomab arm vs 1 MDS in the control arm (P = 0.063). In conclusion, this extended follow-up of the FIT trial confirms the benefit of 90Y-ibritumomab consolidation with a nearly 3 year advantage in median PFS. A significant 5-year PFS improvement was confirmed for patients with a CR/CRu or a PR after induction. Effective rescue treatment with rituximab-containing regimens may explain the observed no difference in overall survival between both patient groups who were - for the greater part - rituximab-naïve.

Genomic, Epigenomic and Transcriptomic Molecular Characterization of Splenic Marginal Zone Lymphoma Reveals Recurrent Abnormalities in miR-182

Splenic marginal zone lymphoma (SMZL) is a low grade B-cell non-Hodgkin's lymphoma. The molecular pathology of this entity remains poorly understood. To characterise this lymphoma at the molecular level, we performed an integrated analysis of 1) genome wide genetic copy number alterations 2) gene expression profiles and 3) epigenetic DNA methylation profiles.We have previously shown that SMZL is characterised by recurrent alterations of chromosomes 7q, 6q, 3q, 9q and 18; however, gene resolution oligonucleotide array comparative genomic hybridisation did not reveal evidence of cryptic amplification or deletion in these regions. The most frequently lost 7q32 region contains a cluster of miRNAs. qRT-PCR revealed that three of these (miR-182/96/183) show underexpression in SMZL, and miR-182 is somatically mutated in >20% of cases of SMZL, as well as in >20% of cases of follicular lymphoma, and between 5-15% of cases of chronic lymphocytic leukaemia, MALT-lymphoma and hairy cell leukaemia. We conclude that miR-182 is a strong candidate novel tumour suppressor miRNA in lymphoma.The overall gene expression signature of SMZL was found to be strongly distinct fromthose of other lymphomas. Functional analysis of gene expression data revealed SMZL to be characterised by abnormalities in B-cell receptor signalling (especially through the CD19/21-PI3K/AKT pathway) and apoptotic pathways. In addition, genes involved in the response to viral infection appeared upregulated. SMZL shows a unique epigenetic profile, but analysis of differentially methylated genes showed few with methylation related transcriptional deregulation, suggesting that DNA methylation abnormalities are not a critical component of the SMZL malignant phenotype.

Technology shocks and aggregate fluctuations in an estimated hybrid RBC model

This paper contributes to the on-going empirical debate regarding the role of the RBC model and in particular of technology shocks in explaining aggregate fluctuations. To this end we estimate the model’s posterior density using Markov-Chain Monte-Carlo (MCMC) methods. Within this framework we extend Ireland’s (2001, 2004) hybrid estimation approach to allow for a vector autoregressive moving average (VARMA) process to describe the movements and co-movements of the model’s errors not explained by the basic RBC model. The results of marginal likelihood ratio tests reveal that the more general model of the errors significantly improves the model’s fit relative to the VAR and AR alternatives. Moreover, despite setting the RBC model a more difficult task under the VARMA specification, our analysis, based on forecast error and spectral decompositions, suggests that the RBC model is still capable of explaining a significant fraction of the observed variation in macroeconomic aggregates in the post-war U.S. economy.

The Marginal Productivity Theory Of The Price Of Capital: An Historical Perspective On The Origins Of The Codswallop

Although it might have been expected that, by this point in time, the unacceptability of the marginal productivity theory of the return on capital would be universally agreed, that is evidently not the case. Popular textbooks still propound the dogma to the innocent. This note is presented in the hope that a succinct indication of the origins of the theory it will contribute to a more general appreciation of the unrealistic and illogical nature of this doctrine.