Contradiction between the average age of retirement at the time of death and the average pension time for men and women in public employment in Portugal

The short article attempts to make some very brief reflections on the effects a lack of public policies positively discriminatory in terms of public employment retirement. In particular, the observation of the absurd contradiction between the average age of retirement at the time of death (for men and women) and the average pension time for men and women in public employment in Portugal.

Synthesis of the Piacenzian onshore record between the Aveiro and Setubal parallels (Western portuguese margin)

Onshore, the Piacenzianof the Mondego and Lower Tagus Tertiary basins comprises siliciclastic sediments deposited in shallow marine to continental environments. The outcrops of the deposits are relatively widespread in the Aveiro and Seuibal region. A lithostratigraphic synthesis based on the correlation of geological sections, is presented for the two basins. In general, the Piacenzian sediments display a regressive sucession. The Late Tortonian-Zanclean (?) confined drainage pattern changed at the beginning of Piazencian, to fluvial systems draining to the Atlantic, and capturing the drainage of the inner parts of the Hesperic Meseta. The Piacenzian sedimentary sequence post-dates one of the uprising phases during Neogene compression, recorded by a strong regional unconformity. Some local active faulting - as in Lousa, Rio Maior and Senibal- Pinhal Novo - allowed the local thickening of the sedimentary record. Later compressive tectonism continues to generate reverse faulting and diapiric reactivation, affecting those sediments. Currently, the Piacenzian deposits culminates the marginal piedmonts, widely eroded by the Quaternary fluvial dissection.

The simple economics of risk-sharing agreements between the NHS and the pharmaceutical industry

The Janssen-Cilag proposal for a risk-sharing agreement regarding bortezomib received a welcome signal from NICE. The Office of Fair Trading report included risk-sharing agreements as an available tool for the National Health Service. Nonetheless, recent discussions have somewhat neglected the economic fundamentals underlying risk-sharing agreements. We argue here that risk-sharing agreements, although attractive due to the principle of paying by results, also entail risks. Too many patients may be put under treatment even with a low success probability. Prices are likely to be adjusted upward, in anticipation of future risk-sharing agreements between the pharmaceutical company and the third-party payer. An available instrument is a verification cost per patient treated, which allows obtaining the first-best allocation of patients to the new treatment, under the risk sharing agreement. Overall, the welfare effects of risk-sharing agreements are ambiguous, and care must be taken with their use.

Empirical evidence on the difference between the effective and the statutory tax rates for listed groups in Germany

The difference between the statutory and effective tax rate for listed groups is a complex variable influenced by a variety of factors. This paper aims to analyze whether this difference exists for listed groups in the German market and tests which factors have an impact on it. Thus the sample consists of 130 corporations listed in the three major German stock indices. The findings suggest that the companies that pay less than the statutory rate clearly outweigh the ones that pay more, and that the income earned from associated companies has a significant impact on this difference.

Trading the differences in expectations between the CDS and bond markets

This paper uses the framework developed by Vrugt (2010) to extract the recovery rate and term-structure of risk-neutral default probabilities implied in the cross-section of Portuguese sovereign bonds outstanding between March and August 2011. During this period the expectations on the recovery rate remain firmly anchored around 50 percent while the instantaneous default probability increases steadily from 6 to above 30 percent. These parameters are then used to calculate the fair-value of a 5-year and 10- year CDS contract. A credit-risk-neutral strategy is developed from the difference between the market price of a CDS of the same tenors and the fair-value calculated, yielding a sharpe ratio of 3.2

Reallocation of resources between the tradable and non-tradable sector in Portugal: Assessing the degree of structural transformation in the Portuguese economy

Portugal implemented a large number of structural reforms in the recent years, which are expected to enhance the allocation of resources in the economy, namely from the non-tradable to tradable sector. We argue that the methodology to identify the tradable sector used by some international institutions is outdated and may hamper an accurate assessment of the progress achieved so far. Based on an enhanced methodology to identify the tradable sector, we are able to provide a more accurate, clearer picture of the recent structural developments of the Portuguese economy.

The relationship between the education level of successor's and the firm performance in German publicly listed family firms- an empirical analysis

The purpose of this thesis is to investigate how far the education level of the second or third generation of publicly traded German family firms affects the post-succession firm performance. By conducting a correlational and regression design, the aim is to examine how several variables influence the performance of family firms. Performance measures, for example ROA and Tobin’s q and variables, like Education level and succession periods, examine analytically that a positive succession trend will occur. However, with the used model, only a less rigid model shows empirical evidence.

Evolutionary and Functional Analyses of the Interaction between the Myeloid Restriction Factor SAMHD1 and the Lentiviral Vpx Protein.

SAMHD1 has recently been identified as an HIV-1 restriction factor operating in myeloid cells. As a countermeasure, the Vpx accessory protein from HIV-2 and certain lineages of SIV have evolved to antagonize SAMHD1 by inducing its ubiquitin-proteasome-dependent degradation. Here, we show that SAMHD1 experienced strong positive selection episodes during primate evolution that occurred in the Catarrhini ancestral branch prior to the separation between hominoids (gibbons and great apes) and Old World monkeys. The identification of SAMHD1 residues under positive selection led to mapping the Vpx-interaction domain of SAMHD1 to its C-terminal region. Importantly, we found that while SAMHD1 restriction activity toward HIV-1 is evolutionarily maintained, antagonism of SAMHD1 by Vpx is species-specific. The distinct evolutionary signature of SAMHD1 sheds light on the development of its antiviral specificity.

Viability interactions between the left and right arms of the second chromosome of Drosophila melanogaster

Inter and intrachromosomal viability interactions have been detected in a few experimental studies. Computer simulations and analytical models have led to postulation of nonadditivity of gene action. This study reports evidence of strong nonadditive interactions between the arms of the metacentric second chromosome of Drosophila melanogaster. Mean viability for 40 homozygous lines of the second chromosomes was 0.720+0.265 • Mean viability for 40 half homozygous second chromosomes was 0.928!O.)10 • Significant heterogeneity among and within lines was found in both groups of chromosomes, as well as a highly significant viability difference between the two groups. Comparison of observed viabilities with the expected values, according to the theories of additive and multi - plicative gene action. was made for both groups. Highly significant departures from the expected values were found for over 90% of the lines in both groups of chromosomes, for both additive and multiplicative models of gene action.

The Canada Southern Railway, extending from Detroit and Toledo to Buffalo and Niagara Falls, forms the quickest and most attractive route between the west and the east.

Includes routes and rates: p.33-64.

A tour from the City of New-York, to Detroit, in the Michigan Territory, made between the 2d of May and the 22d of September, 1818 : the tour extends from New-York, by Albany, Schenectady, and Utica to Sacket's Harbor, and thence throught Lake Ontario, to St. Lawrence river, and down that stream to Hamilton village. Thence along both banks of the St. Lawrence, from Hamilton to the Thousand Islands; thence to Sacket's Harbor by water; from that place by the route of great Sodus, Geneva, Cananaigua and Batavia, to Buffalo; and from thence to Black Rock, Fort Erie, the Falls of Niagara, Queenston, Lewiston, and the memorable fields of Bridgewater and Chippewa after viewing the interesting place of Niagara, the author traversed the south shore of Lake Erie to the City of Detroit, and visited in the latter range, Dunkirk, Erie, Cleveland, Sandusky, and other places of less note. The tour is accompanied with a map upon which the route will be designated; a particular map of the Falls andRiver of Niagara, and the environs of the City of Detroit /

Errata slip inserted.

Correspondence between the American and British Plentipotentiaries relative to the commercial convention concluded on the 3rd of July, 1815.--

January 16, 1816.

Message from the President of the United States, transmitting copies of a convention concluded at St. Petersburg, the 12th day of July, 1822, under the mediation of the Emperor of all the Russias, between the United States of America and His Britannic Majesty. --

United States. 18th Congress, 1st session, 1823-1824. House. Doc. no. 30.