Tender offers in South America: Are abnormal returns really high?

Diferentes estudios realizados en mercados de capital desarrollados han revelado tasas de retorno positivas inusuales de por lo menos 15% durante la fecha de anuncio de la oferta pública de adquisición de acciones. Aunque casi no se han llevado a cabo estudios sobre los mercados bursátiles en Sudamérica, algunos estudios han reportado tasas de retorno positivas inusuales en un rango del 25% al 50%, las cuales están relacionadas con el anuncio de la primera oferta de adquisición. En el presente estudio, se argumenta que las tasas de retorno positivas inusuales estimadas en los mercados emergentes son altas porque los estudios se han basado en un mercado de capitales totalmente segmentado aplicando el modelo de mercado y utilizando un índice del mercado bursátil local. Al considerar la integración parcial entre los cinco mercados emergentes en Sudamérica, se demuestra que efectivamente existen tasas de retorno positivas inusuales antes, durante y después de la fecha de anuncio de la primera oferta de adquisición. Sin embargo, el retorno positivo inusual asociado a la fecha del anuncio se encuentra en el orden del 8%. Utilizando un modelo de mercado que considere la integración parcial y el riesgo a la baja, se obtiene una tasa de retorno inusual ligeramente mayor. Estos resultados señalan una menor tasa de retorno positiva inusual en la muestra de las empresas sudamericanas incluidas en el estudio.

Imaging of activated complement using ultrasmall superparamagnetic iron oxide particles (USPIO) - conjugated vectors: an in vivo in utero non-invasive method to predict placental insufficiency and abnormal fetal brain development.

In the current study, we have developed a magnetic resonance imaging-based method for non-invasive detection of complement activation in placenta and foetal brain in vivo in utero. Using this method, we found that anti-complement C3-targeted ultrasmall superparamagnetic iron oxide (USPIO) nanoparticles bind within the inflamed placenta and foetal brain cortical tissue, causing a shortening of the T2* relaxation time. We used two mouse models of pregnancy complications: a mouse model of obstetrics antiphospholipid syndrome (APS) and a mouse model of preterm birth (PTB). We found that detection of C3 deposition in the placenta in the APS model was associated with placental insufficiency characterised by increased oxidative stress, decreased vascular endothelial growth factor and placental growth factor levels and intrauterine growth restriction. We also found that foetal brain C3 deposition was associated with cortical axonal cytoarchitecture disruption and increased neurodegeneration in the mouse model of APS and in the PTB model. In the APS model, foetuses that showed increased C3 in their brains additionally expressed anxiety-related behaviour after birth. Importantly, USPIO did not affect pregnancy outcomes and liver function in the mother and the offspring, suggesting that this method may be useful for detecting complement activation in vivo in utero and predicting placental insufficiency and abnormal foetal neurodevelopment that leads to neuropsychiatric disorders.

Credible Commitments and Post-Conflict Refugee Return: A Statistical and Network Analysis

I examine determinants of refugee return after conflicts. I argue that institutional constraints placed on the executive provide a credible commitment that signals to refugees that the conditions required for durable return will be created. This results in increased return flows for refugees. Further, when credible commitments are stronger in the country of origin than in the country of asylum, the level of return increases. Finally, I find that specific commitments made to refugees in the peace agreement do not lead to increased return because they are not credible without institutional constraints. Using data on returnees that has only recently been made available, along with network analysis and an original coding of the provisions in refugee agreements, statistical results are found to support this theory. An examination of cases in Djibouti, Sierra Leone, and Liberia provides additional support for this argument.

'Abnormal vertical growth' : A disorder threatening the viability of the Australian macadamia industry

'Abnormal vertical growth' (AVG) was recognised in Australia as a dysfunction of macadamia (Macadamia spp.) in the mid-1990s. Affected trees displayed unusually erect branching, and poor flowering and yield. Since 2002, the commercial significance of AVG, its cause, and strategies to alleviate its affects, has been studied. The cause is still unknown, and AVG remains a serious threat to orchard viability. AVG affects both commercial and urban macadamia. It occurs predominantly in the warmer-drier production regions of Queensland and New South Wales. An estimated 100,000 orchard trees are affected, equating to an annual loss of $ 10.5 M. In orchards, AVG occurs as aggregations of affected trees, affected tree number can increase by 4.5% per year, and yield reduction can exceed 30%. The more upright cultivars 'HAES 344' and '741' are highly susceptible, while the more spreading cultivars 'A4', 'A16' and 'A268' show tolerance. Incidence is higher (p<0.05) in soils of high permeability and good drainage. No soil chemical anomaly has been found. Fine root dry weight of AVG trees (0-15 cm depth) was found lower (p<0.05) than non-AVG. Next generation sequencing has led to the discovery of a new Bacillus sp. and a bipartite Geminivirus, which may have a role in the disease. Trunk cinctures will increase (p<0.05) yield of moderately affected trees. Further research is needed to clarify whether a pathogen is the cause, the role of soil moisture in AVG, and develop a varietal solution.

Expected rates of return to education / BEBR No. 832

Bibliography: p. 23-25.

Chronic low back pain among French healthcare workers and prognostic factors of return to work (RTW): a non-randomized controlled trial

International audience

The Return of Institutions. On the Latest Change in the Research on Social and Economic Development

The paper describes the latest change in the research on social and economic development of states. This change is characterized mainly by a strong emphasis put on the role of institutions as key instruments of reducing the development gap between countries. It is argued that in the years after 1989 institutions have disappeared from mainstream academia and major intellectual debates because of: (1) the widespread belief in global convergence of capitalism and (2) the modernization theory which prevailed in the social science in the 1990s. The article indicates that institutions were once again brought into focus as a result of (1) a wider debate about the institutional sources of growth and development sparked by Acemoglu and Robinson’s Why Nations Fail, (2) the beginning of the global economic crisis of 2008 triggered by the fall of American investment bank Lehman Brothers (3) diversified consequences of the economic crisis seen all over Europe and the USA which illustrate (4) the institutional varieties of capitalism.

Ratios and indicators that determine return on equity

This study aims to investigate factors that may affect return on equity (ROE). The ROE is a gauge of profit generating efficiency and a strong measure of how well the management of a firm creates value for its shareholders. Firms with higher ROE typically have competitive advantages over their competitors which translates into superior returns for investors. Therefore, seems imperative to study the drivers of ROE, particularly ratios and indicators that may have considerable impact. The analysis is done on a sample of 90 largest non-financial companies which are components of NASDAQ-100 index and also on industry sector samples. The ordinary least squares method is used to find the most impactful drivers of ROE. The extended DuPont model’s components are considered as the primary factors affecting ROE. In addition, other ratios and indicators such as price to earnings, price to book and current are also incorporated. Consequently, the study uses eight ratios that are believed to have impact on ROE. According to our findings, the most relevant ratios that determine ROE are tax burden, interest burden, operating margin, asset turnover and financial leverage (extended DuPont components) regardless of industry sectors.

Searching for return: How Google search engine query data can beat the market

Throughout the last years technologic improvements have enabled internet users to analyze and retrieve data regarding Internet searches. In several fields of study this data has been used. Some authors have been using search engine query data to forecast economic variables, to detect influenza areas or to demonstrate that it is possible to capture some patterns in stock markets indexes. In this paper one investment strategy is presented using Google Trends’ weekly query data from major global stock market indexes’ constituents. The results suggest that it is indeed possible to achieve higher Info Sharpe ratios, especially for the major European stock market indexes in comparison to those provided by a buy-and-hold strategy for the period considered.

Macroeconomic rates of return of public and private investment : crowding-in and crowding-out effects

Using annual data from 14 European Union countries, plus Canada, Japan and the United States, we evaluate the macroeconomic effects of public and private investment through VAR analysis. From impulse response functions, we are able to assess the extent of crowding-in or crowding-out of both components of investment. We also compute the associated macroeconomic rates of return of public and private investment for each country. The results point mostly to the existence of positive effects of public investment and private investment on output. On the other hand, the crowding-in effects of public investment on private investment vary across countries, while the crowding-in effect of private investment on public investment is more generalised.

Short Term Outcome of Neonates Born With Abnormal Umbilical Cord Arterial Blood Gases

Background: Umbilical arterial blood gas (UABG) analysis is more objective than other methods for predicting neonatal outcome. Acidemic neonates may be at risk for unfavorable outcome after birth, but all neonates with abnormal arterial blood gas (ABG) analysis do not always have poor outcome. Objectives: This study was carried out to determine the short term outcome of the neonates born with an abnormal ABG. Patients and Methods: In a cohort prospective study 120 high risk mother-neonate pairs were enrolled and UABG was taken immediately after birth. All neonates with an umbilical cord pH less than 7.2 were considered as case group and more than 7.2 as controls. Outcomes like need to resuscitation, admission to newborn services and/or NICU), seizure occurrence, hypoxic ischemic encephalopathy (HIE), delayed initiation of oral feeding and length of hospital stay were recorded and compared between the two groups. P value less than 0.05 was considered as being significant. Results: Comparison of short term outcomes between normal and abnormal ABG groups were as the fallowing: need for advanced resuscitation 4 vs. 0 (P = 0.001), NICU admission 16 vs. 4 (P = 0.001), convulsion 2 vs. 0 (P = 0.496), HIE 17 vs. 4 (P = 0.002), delay to start oral feeding 16 vs. 4 (P = 0.001), mean hospital stay 4 vs. 3 days (P = 0.001). None of the neonates died in study groups. Conclusions: An umbilical cord PH less than 7.2 immediately after birth can be used as a prognostic factor for unfavorable short term outcome in newborns.

Antisubjectivism and the (spectral) return of consciousness in landscape research

This paper analyses the changing conceptions of consciousness within landscape research over a critical period from the late 20th century to the present. The 1980s and 1990s mark a radical shift in the framing of consciousness away from psychological, perceptual, or experiential perspectives towards an ontology of consciousness as signifier, cultural artifact, and ideology. In cultural geography and the visual arts, these reframings can be characterised as anti subjectivist in that they do not attempt to problematize human consciousness so much as deactivate it and disqualify it from discussion. I draw out the theoretical and critical foundations of these antisubjectivist approaches as well as the subsequent opening out of the notion of landscape in more recent discussion. This ‘opening out’ implicates a more complex reengagement with minds, bodies, and landscapes and with the contested distinctions between subject and object. At the same time however, consciousness is seldom formulated explicitly within the literature and hence consciousness often occupies a spectral presence in the landscape of landscape research. I use one of my own paintings, Dalek in Landscape, to presage the discussion and attempt to highlight the tensions between these ideological, cultural and biological dimensions of consciousness at play within the landscape idea. Given the broader adoption of these anti-subjectivist developments within the academy, the example of landscape serves as a potentially useful case study for thinking upon the changing conceptions of consciousness in cognate creative and academic disciplines.

Something normal in a very, very abnormal environment – Nursing work to honour the life of dying infants and children in neonatal and paediatric intensive care in Australia

The majority of deaths of children and infants occur in paediatric and neonatal intensive care settings. For nurses, managing an infant/child's deterioration and death can be very challenging. Nurses play a vital role in how the death occurs, how families are supported leading up to and after the infant/child's death. This paper describes the nurses' endeavours to create normality amidst the sadness and grief of the death of a child in paediatric and neonatal ICU. Focus groups and individual interviews with registered nurses from NICU and PICU settings gathered data on how neonatal and paediatric intensive care nurses care for families when a child dies and how they perceived their ability and preparedness to provide family care. Four themes emerged from thematic analysis: (1) respecting the child as a person; (2) creating opportunities for family involvement/connection; (3) collecting mementos; and (4) planning for death. Many of the activities described in this study empowered parents to participate in the care of their child as death approached. Further work is required to ensure these principles are translated into practice.