Financial Crises and International Portfolio Dynamics

This paper analyzes the behavior of international capital flows by foreigners and domestic agents, especially during financial crises. We show that gross capital flows by foreigners and domestic agents are very large and volatile, especially relative to net capital flows. This is because when foreigners invest in a country domestic agents tend to invest abroad and vice versa. Gross capital flows are also pro-cyclical. During expansions, foreigners tend to bring in more capital and domestic agents tend to invest more abroad. During crises, there is retrenchment, i.e. a reduction in capital inflows by foreigners and an increase in capital inflows by domestic agents. This is especially true during severe crises and during systemic crises. The evidence can shed light on the nature of shocks driving international capital flows. It seems to favor shocks that affect foreigners and domestic agents asymmetrically -e.g. sovereign risk and asymmetric information- over productivity shocks.

A influência dos líderes no processo de mudança organizacional: um estudo de caso

Esta dissertação tem por objectivo avaliar a eficácia do processo de mudança organizacional, através das acções dos líderes, da empresa que lidera o mercado de telecomunicações em Cabo Verde, que foi objecto de um processo de reestruturação, que consistiu essencialmente na implementação de um Sistema de Gestão da Qualidade (SGQ). A implementação do referido sistema é entendida, nesta dissertação, como um modelo de mudança organizacional. Para atingir os objectivos preconizados, foi realizado um estudo de caso que contempla uma análise qualitativa dos documentos da empresa e de dados recolhidos através de entrevistas realizadas no período compreendido entre Fevereiro e Agosto de 2010. O estudo procurou compreender o contributo das práticas de liderança para a eficácia da gestão da qualidade. Nesta perspectiva, importa salientar que o tipo de liderança identificado neste estudo de caso é a liderança transformacional, que tecnicamente é o adequado quando se pretende implementar mudanças profundas e que implicam uma redefinição da missão, visão e valores da organização. Importa referir ainda que vários estudos empíricos têm demonstrado de forma consistente, uma relação positiva entre a liderança transformacional e os indicadores de eficiência no trabalho. Procurou-se entender ainda se os líderes na condução do processo de mudança organizacional da empresa estudada, seguiram o modelo proposto por John P. Kotter para a implementação eficaz de mudanças nas organizações, comparando os oito passos propostos pelo autor com os ocorridos na empresa. A avaliação deste estudo de caso permitiu concluir que a essência do modelo foi aplicado. This paper intended to assess the effectiveness of the process of organizational change, through the actions of the leaders of the company that leads the telecommunications market in Cape Verde, which was involved in a restructuration process, covering mainly the implementation of a Quality Management System (QMS). The implementation of this system is understood in this case, as a model of organizational change. To achieve the proposed goals, we performed a case study based on a qualitative analysis of corporate documents and data collected through interviews conducted between February 2010 and August 2010. This study tried to understand the role of leadership practices for the effectiveness of the quality management. In this perspective, it should be noted that the type of leadership identified in this case study is the transformational one, which, technically, is the appropriate when trying to implement significant change, which imply a redefinition of the mission, vision and values of the organization. It should be noted also that several empirical studies have consistently demonstrated a positive relationship between transformational leadership and the performance indicators in the workplace. We also tried to understand if the leaders, in driving the process of organizational change in the company studied, followed the model proposed by John P. Kotter for implementing effective change in organizations, by comparing the eight steps proposed by the author with those verified in the company. The assessment of this case study allowed us to conclude that the essence of the model is applicable to this case.

Evaluation of Virtual Reality Snowplow Simulator Training: A Literature Review, September 2006

Each winter, the Iowa Department of Transportation (Iowa DOT) maintenance operators are primarily responsible for plowing snow off federal and state roads. Drivers typically work long shifts under treacherous conditions. In addition to properly navigating the vehicle, drivers are required to operate several plowing mechanisms simultaneously, such as plow controls and salt sprayers. However, operators have few opportunities during the year to practice and refine their skills. An ideal training program would provide operators with the opportunity to practice these skills under realistic yet safe conditions, as well as provide basic training to novice or less-experienced operators. Recent technological advancements have made driving simulators a desirable training and research tool. This literature review discusses much of the recent research establishing simulator fidelity and espousing its applicability. Additionally, this report provides a summary of behavioral and eye tracking research involving driving simulators. Other research topics include comparisons between novice and expert drivers’ behavioral patterns, methods for avoiding cybersickness in virtual environments, and a synopsis of current personality measures with respect to job performance and driving performance. This literature review coincides with a study designed to examine the effectiveness of virtual reality snowplow simulator training for current maintenance operators, using the TranSim VS III truck and snowplow simulator recently purchased by the Iowa DOT.

Combining molecular evolution and environmental genomics to unravel adaptive processes of MHC class IIB diversity in European minnows (Phoxinus phoxinus)

Host-pathogen interactions are a major evolutionary force promoting local adaptation. Genes of the major histocompatibility complex (MHC) represent unique candidates to investigate evolutionary processes driving local adaptation to parasite communities. The present study aimed at identifying the relative roles of neutral and adaptive processes driving the evolution of MHC class IIB (MHCIIB) genes in natural populations of European minnows (Phoxinus phoxinus). To this end, we isolated and genotyped exon 2 of two MHCIIB gene duplicates (DAB1 and DAB3) and 1665 amplified fragment length polymorphism (AFLP) markers in nine populations, and characterized local bacterial communities by 16S rDNA barcoding using 454 amplicon sequencing. Both MHCIIB loci exhibited signs of historical balancing selection. Whereas genetic differentiation exceeded that of neutral markers at both loci, the populations' genetic diversities were positively correlated with local pathogen diversities only at DAB3. Overall, our results suggest pathogen-mediated local adaptation in European minnows at both MHCIIB loci. While at DAB1 selection appears to favor different alleles among populations, this is only partially the case in DAB3, which appears to be locally adapted to pathogen communities in terms of genetic diversity. These results provide new insights into the importance of host-pathogen interactions in driving local adaptation in the European minnow, and highlight that the importance of adaptive processes driving MHCIIB gene evolution may differ among duplicates within species, presumably as a consequence of alternative selective regimes or different genomic context.

Prevalence of alcohol-impaired drivers based on random breath tests in a roadside survey

Sobriety checkpoints are not usually randomly located by traffic authorities. As such, information provided by non-random alcohol tests cannot be used to infer the characteristics of the general driving population. In this paper a case study is presented in which the prevalence of alcohol-impaired driving is estimated for the general population of drivers. A stratified probabilistic sample was designed to represent vehicles circulating in non-urban areas of Catalonia (Spain), a region characterized by its complex transportation network and dense traffic around the metropolis of Barcelona. Random breath alcohol concentration tests were performed during spring 2012 on 7,596 drivers. The estimated prevalence of alcohol-impaired drivers was 1.29%, which is roughly a third of the rate obtained in non-random tests. Higher rates were found on weekends (1.90% on Saturdays, 4.29% on Sundays) and especially at night. The rate is higher for men (1.45%) than for women (0.64%) and the percentage of positive outcomes shows an increasing pattern with age. In vehicles with two occupants, the proportion of alcohol-impaired drivers is estimated at 2.62%, but when the driver was alone the rate drops to 0.84%, which might reflect the socialization of drinking habits. The results are compared with outcomes in previous surveys, showing a decreasing trend in the prevalence of alcohol-impaired drivers over time.

Independent Living Program, Winter 2006

LENORE'S STORY Lenore Barnes began losing vision in her early eighties due to macular degeneration. In her mid-eighties she quit driving and purchased a CCTV. Her vision continued to decrease, and while the CCTV remained helpful it was of diminishing benefit.

Role of T-cell-mediated inflammation in psoriasis: pathogenesis and targeted therapy

Psoriasis is one of the most common chronic, inflammatory, T-cell-mediated autoimmune diseases. Over the past decade, increased knowledge of disease pathogenesis has fundamentally changed psoriasis treatment, with the introduction of biologics, and this has led to a multitude of improved selective targets providing potential therapeutic options. Indeed, numerous pathogenesis-based treatments are currently in development, as psoriasis has also become increasingly relevant for proof-of-concept studies. The purpose of this review was to summarize current knowledge of psoriasis immunopathogenesis, focusing on the T-cell-mediated immune response and its initiation. The authors describe recent advances in psoriasis treatment and discuss pathogenesis-based therapies that are currently in development or which could be envisioned for the future. Although current biologics are well tolerated, several issues such as long-term efficacy, long-term safety, and high costs keep driving the search for new and better therapies. With further advances in understanding disease pathogenesis, more genomic data from psoriasis patients becoming available, and potentially the identification of autoantigens in psoriasis, current research should lead to the development of a growing arsenal of improved targeted treatments and to further breakthrough immunotherapies.

Lake Darling: A Snapshot of Success, 2006

Before improvements were made, a number of factors were hurting the water quality in Lake Darling and driving people toward other lakes.

A Importância do Empreendedorismo na Actividade Turística

Na actualidade, o empreendedorismo vem impulsionando o desenvolvimento de negócios em diferentes sectores com ênfase na qualidade dos serviços, tendo em vista não só a satisfação mas também a difícil tarefa de conquistar a lealdade dos clientes a médio e longo prazo. No mercado turístico, a satisfação do cliente é importante para que a actividade possa manter-se competitiva, uma vez que os clientes tornam-se mais exigentes à medida que vão-se tornando experientes. Neste contexto, o empreendedorismo aparece como forma de desenvolvimento do turismo, sendo que os resultados que se esperam das acções empreendedoras são a entrada em novos negócios, inovação, agregação de valor aos produtos/serviços e maior qualidade dos produtos/serviços. O objectivo central do trabalho é demonstrar a importância do empreendedorismo na actividade turística e como o mesmo contribui para agregação de valor e geração de resultados económicos. Para melhor compreensão do assunto da pesquisa, dividimos o enquadramento teórico em três momentos. No primeiro, abordamos o empreendedorismo, no segundo o turismo e, por fim, o empreendedorismo no turismo. O enquadramento teórico permitiu responder à questão: será que o empreendedorismo contribui para agregar valor e gerar resultados económicos na actividade turística? Os resultados do questionário aplicado aos proprietários das empresas turísticas evidenciaram que estes possuem características geralmente patentes nos empreendedores. No entanto, os resultados não são conclusivos quanto ao seu potencial empreendedor. In the present, time the entrepreneurship is driving the businesses development in different sector with emphasis on services quality in order not only satisfaction but also the difficult task of winning the costumers loyalty in the medium and long term. In the tourist market, the costumer’s satisfaction is important in order to remain the activity competitive, because the costumers become more demanding while they become experienced. In this context, the entrepreneurship shows up like a way to develop the tourism, because the expected results of entrepreneurial activities are entry in new businesses, innovation, the aggregation of value and more quality of the products/services. The central objective of this work is to demonstrate the importance of the entrepreneurship in to the tourism and how it contributes for adding value and generating economics results. To better understand the research’s subject, we divided the theoretical framework in three moments. At first one we approached entrepreneurship, then the tourism, and finally, we approached entrepreneurship in the tourism. The theoretical framework to allowed answer to the question: will the entrepreneurship contributes to add value and generate economics results in the tourism? The results of the questionnaire applied to the owners of tourists’ enterprises evidence that they possess the characteristics usually presented by the entrepreneurs. However, the results are not conclusive relatively to their potential entrepreneur.

Equilibrium asset prices and savings of heterogeneous agents in the presence of incomplete markets and portfolio constraints

We study the quantitative properties of a dynamic general equilibrium model in which agents face both idiosyncratic and aggregate income risk, state-dependent borrowing constraints that bind in some but not all periods and markets are incomplete. Optimal individual consumption-savings plans and equilibrium asset prices are computed under various assumptions about income uncertainty. Then we investigate whether our general equilibrium model with incomplete markets replicates two empirical observations: the high correlation between individual consumption and individual income, and the equity premium puzzle. We find that, when the driving processes are calibrated according to the data from wage income in different sectors of the US economy, the results move in the direction of explaining these observations, but the model falls short of explaining the observed correlations quantitatively. If the incomes of agents are assumed independent of each other, the observations can be explained quantitatively.

Predation drives interpopulation differences in parental care expression.

Expressing parental care after oviposition or parturition is usually an obligate (evolved) trait within a species, despite evolutionary theory predicting that widespread species should vary in whether or not they express parental care according to local selection pressures. The lizard Eutropis longicaudata expresses maternal care only in a single population throughout its large geographical range, but why this pattern occurs is unknown. We used reciprocal translocation and predator exclusion experiments to test whether this intraspecific variation is a fixed trait within populations and whether predator abundance explains this perplexing pattern. Wild-caught female lizards that were reciprocally translocated consistently guarded or abandoned eggs in line with their population of origin. By contrast, most lizards raised in a common garden environment and subsequently released as adults adopted the maternal care strategy of the recipient population, even when the parents originated from a population lacking maternal care. Egg predation represents a significant fitness cost in the populations where females display egg-guarding behaviour, but guarding eggs outweighs this potential cost by increasing hatching success. These results imply that predators can be a driving force in the expression of parental care in instances where it is normally absent and that local selection pressure is sufficient to cause behavioural divergence in whether or not parental care is expressed.

Scenic Byways of Iowa, 2004

This brochure identifies each scenic byway route and the approximate mileage in terms of hard-surfaced and gravel roadways. Estimated driving time ranges from one and one-half hour to three and one-half hours, depending on your speed and the number of stops. These routes are offered for those of you who want to relax and stop often to enjoy the sights.

Safety Impacts of Pavement Edge Drop-offs, 2006

A vehicle may leave its travel lane for a number of reasons, such as driver error, poor surface conditions, or avoidance of a collision with another vehicle in the travel lane. When a vehicle leaves the travel lane, pavement edge drop-off poses a potential safety hazard because significant vertical differences between surfaces can affect vehicle stability and reduce a driver’s ability to handle the vehicle. Numerous controlled studies have tested driver response to encountering drop-offs under various conditions, including different speeds, vehicle types, drop-off height and shape, and tire scrubbing versus non-scrubbing conditions. The studies evaluated the drivers’ ability to return to and recover within their own travel lane after leaving the roadway and encountering a drop-off. Many of these studies, however, have used professional drivers as test subjects, so results may not always apply to the population of average drivers. Furthermore, test subjects are always briefed on what generally is to be expected and how to respond; thus, the sense of surprise that a truly naïve driver may experience upon realizing that one or two of his or her tires have just dropped off the edge of the pavement, is very likely diminished. Additionally, the studies were carried out under controlled conditions. The actual impact of pavement edge drop-off on drivers’ ability to recover safely once they leave the roadway, however, is not well understood under actual driving conditions. Additionally, little information is available that quantifies the number or severity of crashes that occur where pavement edge drop-off may have been a contributing factor. Without sufficient information about the frequency of edge drop-off-related crashes, agencies are not fully able to measure the economic benefits of investment decisions, evaluate the effectiveness of different treatments to mitigate edge drop-off, or focus maintenance resources. To address these issues, this report details research to quantify the contribution of pavement edge drop-off to crash frequency and severity. Additionally, the study evaluated federal and state guidance in sampling and addressing pavement edge drop-off and quantified the extent of pavement edge drop-off in two states. This study focused on rural two-lane paved roadways with unpaved shoulders, since they are often high speed facilities (55+ mph), have varying levels of maintenance, and are likely to be characterized by adverse roadway conditions such as narrow lanes or no shoulders.

Biological markers of alcohol consumption in alcoholised drivers: Comparison of capillary electrophoresis (CZE CDT) and a direct immunoassay (N Latex CDT) with the traditional method of anion-exchange chromatography-immunoturbidimetry (%CDT TIA).

Objectives: The aim of this study was to compare specificity and sensitivity of different biological markers that can be used in a forensic field to identify potentially dangerous drivers because of their alcohol habits. Methods: We studied 280 Swiss drivers after driving while under the alcohol influence. 33 were excluded for not having CDT N results, 247 were included (218 men (88%) and 29 women (12%). Mean age was 42,4 (SD:12, min: 20 max: 76). The evaluation of the alcohol consumption concerned the month before the CDT test and was considered as such after the interview: Heavy drinkers (>3 drinks per day): 60 (32.7%), < 3 drinks per day and moderate: 127 (51.4%) 114 (46.5%), abstinent: 60 (24.3%) 51 (21%). Alcohol intake was monitored by structured interviews, self-reported drinking habits and the C-Audit questionnaire as well as information provided by their family and general practitioner. Consumption was quantified in terms of standard drinks, which contain approximately 10 grams of pure alcohol (Ref. WHO). Results: comparison between moderate (less or equal to 3 drinks per day) and excessive drinkers (more than 3 drinks) Marker ROC area 95% CI cut-off sensitivity specificity CDT TIA 0.852 0.786-0917 2.6* 0.93 LR+1.43 0.35 LR-0.192 CDT N latex 0.875 0.821-0.930 2.5* 0.66 LR+ 6.93 0.90 LR- 0.369 Asialo+disialo-tf 0.881 0.826-0.936 1.2* 0.78 LR+4.07 0.80 LR-0.268 1.7° 0.66 LR+8.9 0.93 LR-0.360 GGT 0.659 0.580-0.737 85* 0.37 LR+2.14 0.83 LR-0.764 * cut-off point suggested by the manufacturer ° cut-off point suggested by our laboratory Conclusion: With the cut-off point established by the manufacturer, CDT TIA performed poorly in term of specificity. N latex CDT and CZE CDT were better, especially if a 1.7 cut-off is used with CZE