Financial distress as a collapse of incentive scheme

This paper explaina why workers lack motivation near bankruptcy, why they tend to leave companies in financiai distreas, and why thoae who remam require higher compensation. Theae indirect costa of financiai diatresa adie becauae the optimal combination of debt and incentive achem.ea, deaigned to minimize agency costa, ends up underpaying managers when there ia a bankruptcy threat. The paper a1so providea new empirica1 implications on the intera.ction between financiai reatructuring and changea in managerial compensation. Theae predictions are supported by the findings of Gilson and Vetsuypens (1992).

Speed of adjustment of capital structure: empirical study

We analyze the impact of firm-specific characteristics as well as economic factors on the speed of adjustment to the target debt ratio. Using different methods, we document speeds of adjustment ranging from 14.4% to 37%. The results indicate that the speed of adjustment is affected by business-cycle variables: The interaction term related to term spread reveals, as expected, faster adjustment in booms than in recessions and a negative relationship between short term spread and adjustment speed. We also show that the speed of adjustment becomes stationary when the increasing fractions of zero-debt firms are considered.

The certification role of venture capitalists, top underwriters and big-n auditors in ipos

Esta tese avalia o impacto dos principais atores recorrentes durante o processo de IPO, em particular, o venture capitalist, o underwriter, e o auditor, sobre as condições de comercialização das ações da empresa, capturado pelo bid-ask spread, a fração de investidores institucionais que investem na empresa, a dispersão de capital, entre outros. Além disso, este estudo também analisa alguns benefícios que os fundos de Venture Capital (VCs) fornecem às empresas que eles investem. Ele investiga o papel dos VCs em dificultar o gerenciamento de resultados em IPOs e quantifica o papel desempenhado por eles no desempenho operacional das empresas após sua oferta inicial de ações. No primeiro capítulo, os resultados indicam que as empresas inflam seus resultados principalmente nos períodos pré-IPO e do IPO. Quando nós controlamos para os quatro períodos diferentes do IPO, observamos que IPOs de empresas investidas por VCs apresentam significativamente menos gerenciamento de resultados no IPO e em períodos seguintes à orfeta inicial das ações, exatamente quando as empresas tendem a inflar mais seus lucros. Este resultado é robusto a diferentes métodos estatísticos e diferentes metodologias usadas para avaliar o gerenciamento de resultados. Além disso, ao dividir a amostra entre IPOs de empresas investidas e não investidas por VCs, observa-se que ambos os grupos apresentam gerenciamento de resultados. Ambas as subamostras apresentam níveis de gerenciamento de resultados de forma mais intensa em diferentes fases ao redor do IPO. Finalmente, observamos também que top underwriters apresentam menores níveis de gerenciamento de resultados na subamostra das empresas investidas por VCs. No segundo capítulo, verificou-se que a escolha do auditor, dos VCs, e underwriter pode indicar escolhas de longo prazo da empresa. Nós apresentamos evidências que as características do underwriter, auditor, e VC têm um impacto sobre as características das empresas e seu desempenho no mercado. Além disso, estes efeitos são persistentes por quase uma década. As empresas que têm um top underwriter e um auditor big-N no momento do IPO têm características de mercado que permanecem ao longo dos próximos 8 anos. Essas características são representadas por um número maior de analistas seguindo a empresa, uma grande dispersão da propriedade através de investidores institucionais, e maior liquidez através um bid-ask spread menor. Elas também são menos propensas a saírem do mercado, bem como mais propensas à emissão de uma orferta secundária. Finalmente, empresas investidas por VCs são positivamente afetadas, quando consideramos todas as medidas de liquidez de mercado, desde a abertura de capital até quase uma década depois. Tais efeitos não são devido ao viés de sobrevivência. Estes resultados não dependem da bolha dot-com, ou seja, os nossos resultados são qualitativamente similares, uma vez que excluímos o período da bolha de 1999-2000. No último capítulo foi evidenciado que empresas investidas por VCs incorrem em um nível mais elevado de saldo em tesouraria do que as empresas não investidas. Este efeito é persistente por pelo menos 8 anos após o IPO. Mostramos também que empresas investidas por VCs estão associadas a um nível menor de alavancagem e cobertura de juros ao longo dos primeiros oito anos após o IPO. Finalmente, não temos evidências estatisticamente significantes entre VCs e a razão dividendo lucro. Estes resultados também são robustos a diversos métodos estatísticos e diferentes metodologias.

First record of molluscs naturally infected with Angiostrongylus cantonensis (Chen, 1935) (Nematoda: Metastrongylidae) in Brazil

Seeking the identification of Angiostrongylus cantonensis as a potential etiological agent of three clinical cases of eosinophilic meningitis, mollusc specimens were collected in the state of Espírito Santo, Brazil. The snails were identified as Sarasinula marginata (45 specimens), Subulina octona (157), Achatina fulica (45) and Bradybaena similaris (23). Larvae obtained were submitted to polymerase chain reaction and restriction fragment length polymorphism diagnosis. Their genetic profile were corresponded to A. cantonensis. Rattus norvegicus experimentally infected with third-stage larvae, developed menigoencephalitis, and parasites became sexually mature in the lungs. Additionally, larvae obtained from A. fulica snails, from São Vicente, state of São Paulo, also showed genetic profiles of this nematode. This is the first record of Brazilian molluscs infected with this nematode species.

Quality of polyunsaturated fatty acids in Nile tilapias (Oreochromis niloticus) fed with vitamin E supplementation

Freshwater fish are an important source of protein, but they also contain other highly nutritive components such as fats. Polyunsaturated fatty acids (PUFAs) are essential for normal growth, development and reproduction of vertebrates. The antioxidant role of vitamin E in cell membranes prevents fatty acid and cholesterol oxidation, thereby promoting PUFA and subcellular particle stabilization. The effects of vitamin E supplementation on the quality of Nile tilapia (Oreochromis niloticus) carcass were investigated. The experiments were carried out in an experimental laboratory over 106 d. After sex reversal, 400 early juvenile O. niloticus were tested in a completely randomized experiment with 5 treatments (4 repetitions each), consisting of vitamin E monophosphate supplementation at 0, 50, 100, 150 or 200 mg/kg of a base diet. Treatment diets contained equal amounts of protein and energy. Tilapias supplemented with vitamin E contained arachidonic acid (20:4 omega-6; AA) which participates in inflammatory response. Nile tilapia carcasses that received vitamin E at 100 and 150 mg/kg diet had improved carcass quality by increasing the PUFA:SFA ratio and had the highest levels of polyunsaturated fatty acids from the omega-3 (linolenic acid; 18:3 omega-3) and omega-6 (linoleic acid; 18:2 omega-6) series. (C) 2012 Elsevier Ltd. All rights reserved.

Seroprevalence of and risk factors for Toxoplasma gondii in sheep raised in the Jaboticabal microregion, São Paulo State, Brazil

Seroprevalence of and risk factors for toxoplasmosis in sheep from different properties in the Jaboticabal microregion, São Paulo State, Brazil were determined. Antibodies to Toxoplasma gondii were found in sera of 52.0% of 488 sheep tested by indirect fluorescent antibody test (IFAT >= 64). T gondii seropositivity in sheep was significantly associated with gender of the sheep, pasturing system, contact with cats, and the use of mineral supplements and the type of feed. (C) 2009 Elsevier Ltd. All rights reserved.

The feeding preferences of Spodoptera frugiperda (J. E. SMITH) (Lepidoptera: Noctuidae) on cotton plant varieties

Avaliou-se atratividade e não-preferência alimentar de lagartas recém-eclodidas de Spodoptera frugiperda por partes de plantas e plantas de variedades de algodoeiro. Testes foram realizados a 27 ± 1ºC, UR de 70% ± 10% e fotofase de 14h. Folhas, brácteas, botões florais e cascas de maçãs da variedade BRS Itamarati-90 e folhas de Fibermax-966, Fibermax-977, DeltaOpal, DeltaPenta, BRS Acala-90, Coodetec-408, Coodetec-409, Coodetec-410, BRS-Cedro, BRS-Ipê, BRS-Aroeira, IPR-96, IPR-120, BRS-Araçá, IAC-24 e BRS Itamarati-90 foram utilizadas nos testes de atratividade e não-preferência para alimentação, com e sem chance de escolha. Utilizaram-se 20 lagartas de S. frugiperda por placa de Petri (sistema de arena) por teste, com 10 repetições. Contaram-se lagartas para avaliar atratividade por 60 min e não-preferência para alimentação por 24 h. Folha foi mais atrativa e preferida para alimentação por lagartas de S. frugiperda. em livre escolha, Coodetec-410 foi mais atrativa e BRS Acala-90, Fibermax-966 e DeltaPenta, as de menor atratividade à S. frugiperda; BRS-Araçá, mais preferida para alimentação e BRS-Cedro, BRS Itamarati 90, DeltaPenta, Coodetec-408 e BRS-Aroeira, menos preferidas. Considera-se 46 min., tempo mais adequado para avaliar atratividade de algodoeiro a lagartas de S. frugiperda.

Description of the female and new records of Triatoma baratai Carcavallo & Jurberg, 2000 (Hemiptera: Heteroptera: Reduviidae: Triatominae) from Mato Grosso do Sul, Brazil, with a key to the species of the Triatoma matogrossensis subcomplex

Triatoma baratai Carcavallo & Jurberg, 2000, a species similar to Triatoma williami Galvao, Souza & Lima, 1967 and belonging to the T. matogrossensis subcomplex, was described based on a male specimen collected in a sylvatic environment, near a cave, in Bonito county, Bodoquena mountain range, state of Mato Grosso do Sul, Brazil. In the present work we describe the female of T. baratai, captured in a chicken house, in Nioaque county, state of Mato Grosso do Sul, Brazil. Furthermore, we recorded the occurrence of T. baratai in domiciles and peridomestic environment in another four municipalities (Bodoquena, Bela Vista, Corumba, and Miranda), extending its geographical distribution. Finally, we present a key to the species of the Triatoma matogrossensis subcomplex.

Abnormalities in apolipoprotein and lipid levels in an HIV-infected Brazilian population under different treatment profiles: the relevance of apolipoprotein E genotypes and immunological status

HIV infection is associated with disturbances in lipid metabolism due to a host's response mechanism and the current antiretroviral therapy. The pathological appearance and progression of atherosclerosis is dependent on the presence of injurious agents in the vascular endothelium and variations in different subsets of candidate genes. Therefore, the Hha I polymorphism in the apolipoprotein E gene was evaluated in addition to triglycerides, total cholesterol, very low-density lipoprotein (VLDL), LDL, high-density lipoprotein (HDL), and apolipoprotein (apo) Al, B and E levels in 86 Brazilian HIV-infected patients and 29 healthy controls. The allele frequency for apoE in the HIV-infected group and controls was in agreement with data on the Brazilian population. Dyslipidemia was observed in the HIV group and verified by increased levels of triglycerides, VLDL and apoE, and decreased levels of HDL and apoAl. The greatest abnormalities in these biochemical variables were shown in the HIV-infected individuals whose immune function was more compromised. The effect of the genetic variation at the APOE gene on biochemical variables was more pronounced in the HIV-infected individuals who carried the apoE2/3 genotype. The highly active antiretroviral therapy (HAART)-receiving group presented increased levels of total cholesterol and apoE. Dyslipidemia was a predictable consequence of HIV infection and the protease inhibitors intensified the increase in apoE values.

Comparative descriptions of eggs from three species of Rhodnius (Hemiptera: Reduviidae: Triatominae)

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Electrically, Chemically, and Photonically Powered Torsional and Tensile Actuation of Hybrid Carbon Nanotube Yarn Muscles

Artificial muscles are of practical interest, but few types have been commercially exploited. Typical problems include slow response, low strain and force generation, short cycle life, use of electrolytes, and low energy efficiency. We have designed guest-filled, twist-spun carbon nanotube yarns as electrolyte-free muscles that provide fast, high-force, large-stroke torsional and tensile actuation. More than a million torsional and tensile actuation cycles are demonstrated, wherein a muscle spins a rotor at an average 11,500 revolutions/minute or delivers 3% tensile contraction at 1200 cycles/minute. Electrical, chemical, or photonic excitation of hybrid yarns changes guest dimensions and generates torsional rotation and contraction of the yarn host. Demonstrations include torsional motors, contractile muscles, and sensors that capture the energy of the sensing process to mechanically actuate.

Dynamical Elastic Moduli of the Ti-13Nb-13Zr biomaterial alloy by mechanical spectroscopy

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

Diffusion of Interstitial Solutes in Nb-46wt% Ti Alloys Measured by Mechanical Spectroscopy

The mechanical properties of metals with a body-centered cubic (bcc) structure, such as Nb, Ta, V, and their alloys, are modified with the introduction of interstitial impurities, such as O, N, C, or H. These metals can dissolve great amounts of O and N, for example, to form solid solutions. The interstitial solute atoms (ISA) in metals with a bcc structure occupy octahedral sites and cause local distortion with tetragonal symmetry. So ISA in these metals forms an elastic dipole that can align along one of the three cubic axis of the crystal. In the present paper, the torsion pendulum technique was employed for the investigation of various interactions among the metallic matrix and different interstitial solutes in the Nb-46wt%Ti alloy. From the relaxation spectra, we obtained the diffusion coefficients, pre-exponential factors, and activation energies for nitrogen in the Nb-46wt%Ti alloy.

Microstructural Characterization of Ti-6Al-7Nb Alloy After Severe Plastic Deformation

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

Microstructural Evolution of Ti-6Al-7Nb Alloy During High Pressure Torsion

Ti-6Al-7Nb alloys are being evaluated for biomedical applications, in substitution of the more conventional Ti-6Al-7V. Both types of alloys present a microstructure containing the alpha and the beta phases, which result in good compromise for mechanical applications. In the present work Ti-6Al-7Nb alloys were processed by High Pressure Torsion (HPT), varying the number of revolutions and thus the total imposed strain. X-Ray Diffraction (XRD) results revealed the formation of different crystallographic textures in samples subjected to HPT. Microhardness distribution, across the diameters of the disks, is rather homogeneous for all samples, with higher values for those subjected to 03 and 05 turns. Transmission electron microscopy (TEM) micrographs have showed that an ultra-fine grained microstructure was obtained in all the samples.