The sources of spinoff equity gains: takeover premiums or operating gains

Although the existence of spinoff equity gains is well documented, their source remains controversial. Arnong many potential causes, the literature suggests that spinoff equity gains could arise from expected tax benefits, expected takeover premia, operating performance improvement or from refocusing benefits. This paper investigates the link between spinoff announcement and post completion equity gains and post spinoff operating performance changes, takeover activity and refocusing benefits. The results indicate that spinoff announcement retums reflect anticipated takeover premiums as well as expected operating performance gains and refocusing benefits unrelated to operating performance. However, only the parent's operating performance gains are anticipated at the spinoff announcement. We find that post spinoff equity gains are driven mostly by operating performance changes for both parents and spun off subsidiaries. Takeover activity and unrelatedness of business lines between parent and subsidiary expIain littIe of post spinoff equity gains. OveralI, the data suggests that spinoffs equity gains mostly reflect anticipated real economic gains in terms of improved operating performance, and to a lesser extent takeover premium and refocusing benefit.

Investigation of flat spectrum radio sources by the interplanetary scintillation method at 111 MHz

Abstract. Interplanetary scintillation observations of 48 of the 55 Augusto et al. (1998) flat spectrum radio sources were carried out at 111 MHz using the interplanetary scintillation method on the Large Phased Array (LPA) in Russia. Due to the large size of the LPA beam (1◦ × 0.5◦) a careful inspection of all possible confusion sources was made using extant large radio surveys: 37 of the 48 sources are not confused. We were able to estimate the scintillating flux densities of 13 sources, getting upper limits for the remaining 35. Gathering more or improving extant VLBI data on these sources might significantly improve our results. This proof-of-concept project tells us that compact (<1 ) flat spectrum radio sources show strong enough scintillations at 111 MHz to establish/constrain their spectra (low-frequency end). Key words. galaxies: general – galaxies: active – galaxies: quasars: general

Use of Bioscreen C for growth of Mucor hiemalis in different carbon and nitrogen sources

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

Effects of different dietary lipid sources on the survival, growth, and fatty acid composition of South American catfish, Pseudoplatystoma fasciatum, Surubim, juveniles

The present study examines the effect of four semi-purified diets (casein-gelatin based) where the source of fatty acids was free (esterified) oleic acid and linoleic acid (LA) (LOA diet), linseed and olive oil (predominantly LA and linolenic acid) (LO diet), cod liver oil (rich in highly unsaturated fatty acids) (CLO diet), and soybean lecithin (phospholipids; mostly LA) (LE diet) on the growth of juvenile South American catfish (surubim, Pseudoplatystoma fasciatum, Pimelodidae) (0.98 +/- 0.04 g individual weight). Fish were fed at a restricted-readjusted feeding rate for 8 wk. At the end of the experiment, LE-diet-fed fish grew significantly larger than those of the other three groups (P < 0.05). Considerable cannibalism was observed in all the treatments. It is suggested that the quantitative growth performance may possibly change under other conditions, with less or no cannibalism. Survival did not differ significantly among the fish fed four different diets. Muscle and liver lipid contents did not vary among dietary treatments (P > 0.05), but whole-body lipid concentrations were affected by dietary treatments. Fish fed LE diet contained significantly lower lipid level than those fed three other diets (P < 0.05). Muscle and liver fatty acid profiles reflected dietary fatty acid composition. Arachidonic acid level was significantly higher in muscle and liver of fish fed LOA and LE diets than in those fed LO and CLO diets. The results suggest that the efficiency of elongation and desaturation of 18C fatty acids depends on the dietary lipid source, and South American catfish has considerable capacity to transform linoleate to arachidonate.

Solubilization of CaHPO4 and AlPO4 by Aspergillus niger in culture media with different carbon and nitrogen sources

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

Comparison of micronized whole soybeans to common protein sources in dry dog and cat diets

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

Digestibility and metabolizable energy of some carbohydrate sources for dogs

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

Effects of six carbohydrate sources on dog diet digestibility and post-prandial glucose and insulin response

The effects of six extruded diets with different starch sources (cassava flour, brewer's rice, corn, sorghum, peas or lentils) on dog total tract apparent digestibility and glycemic and insulinemic response were investigated. The experiment was carried out on thirty-six dogs with six dogs per diet in a completely randomized design. The diets containing brewer's rice and cassava flour presented the greatest digestibility of dry matter, organic matter and gross energy (p < 0.05), followed by corn and sorghum; pea and lentil diets had the lowest. Starch digestibility was greater than 98% in all diets and was greater for brewer's rice and cassava flour than for lentils and peas diets (p < 0.05). Dogs' immediate post-prandial glucose and insulin responses (AUC <= 30 min) were greater for brewer's rice, corn, and cassava flour diets (p < 0.05), and later meal responses (AUC >= 30 min) were greater for sorghum, lentil and pea diets (p < 0.05). Variations in diet digestibility and post-prandial response can be explained by differences in chemical composition of each starch source including fibre content and starch granule structure. The nutritional particularities of each starch ingredient can be explored through diet formulations designed to modulate glycemic response. However, more studies are required to support these.

Effects of six carbohydrate sources on diet digestibility and postprandial glucose and insulin responses in cats

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

Effect of oils sources on blood lipid parameters of commercial laying hens

The experiment was carried out to verify if total cholesterol, HDL-cholesterol and triacylglicerol plasma levels are affected when laying hens are fed rations containing different dietary oil sources. One hundred sixty 50 week-old hens, assigned to four treatments with five replicates using 8 hens per replicate were used. The experimental period was of 84 days divided in 3 cycles of 28 days each. In the last day of each cycle, blood samples of 2 hens per replicate were randomly choose and blood samples were collected. on the other hand, blood was also collected at 7 am, 11 am and 3 pm aiming to study the daily changes of these lipids. Blood lipid parameters were not affected by different dietary oil sources (p > 0.05); however, HDL-cholesterol did change during the day, giving evidence that this lipid is indeed involved in the egg yolk formation.

Sources of human non-typhoid salmonellosis: a review

Salmonellosis is a worldwide disease caused by bacteria of the genus Salmonella. Currently, there are over 2,500 identified serovars of Salmonella. A reduced number of these serovars, about eighty, are implicated in most animals and human diseases. Most cases of salmonellosis in humans are associated with the consumption of contaminated food products such as beef, pork, poultry meat, eggs, vegetables, juices and other kind of foods. It may also be associated with the contact between humans and infected pet animals. Therefore, the chain of human salmonellosis is very complex and in most cases the origin of the infection is difficult to establish. The use of antimicrobial agents to treat and to prevent bacterial infections in humans and animals, as well as as growth promoters in animal production, has favoured the selection and transference of resistance genes between different bacteria, including Salmonella serovars. Many studies have confirmed the role of foods of animal origin as a source of multi drugresistant Salmonella serovars. For this reason, continuous surveillance of these pathogens along the food chain together with the responsible use of antimicrobial agents is necessary.

Organic and inorganic sources of zinc, copper and selenium in diets for dairy cows: intake, blood metabolic profile, milk yield and composition

The present study was carried out with the objective of evaluating the effects of feeding dairy cows with organic or inorganic sources of zinc (Zn), copper (Cu) and selenium (Se) on blood concentrations of these minerals, blood metabolic profiles, nutrient intake and milk yield and composition. Nineteen Holstein cows were selected and randomly assigned to two groups for receiving organic (n = 9) or inorganic (n = 10) sources of Zn, Cu and Se from 60 days before the expected date of calving to 80 days of lactation. Samples of feed, orts and milk were collected for analysis. Body condition score (BCS) was determined and blood samples were collected for analysis of Zn, Cu and Se concentrations, as well as for metabolic profile. Supplying organic or inorganic sources of Zn, Cu, and Se did not affect dry matter and nutrient intake, blood metabolic profile, milk yield and composition, plasma concentration of these minerals, and BCS or change the BCS in cows from 60 days before the expected date of calving to 80 days of lactation. An effect of time was observed on all feed intake variables, plasma concentrations of Zn and Se, milk yield, milk protein content, BCS and change in BCS.

Influence of different fat sources on the performance, egg quality, and lipid profile of egg yolks of commercial layers in the second laying cycle

This study was designed to evaluate the effects of different fat sources on the performance, egg quality, and lipid profile of the egg yolks of layers in their second production cycle. The fat sources were cottonseed oil, soybean oil, lard, sunflower oil, or canola oil. Experimental diets were fed to postmolt ISA Brown layers at 70 wk of age and the experimental period was 74 to 86 wk of age. The different fat sources did not influence performance or eggshell quality, but lipid profile of the egg yolk changed as a function of dietary fat sources. In general, the best changes, such as lower level of saturated fatty acids, higher levels of alpha-linolenic acid and DHA, and lower linoleic acid levels, were promoted by the addition of canola oil, but it did not promote enrichment of the eggs with polyunsaturated fatty acids.

Intake and performance of confined crossbred heifers fed different lipid sources

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