Macroeconomic announcements, price discovery, and order flow efects in the stock market: evidence from incomplete data and multiple financial markets

This paper investigates heterogeneity in the market assessment of public macro- economic announcements by exploring (jointly) two main mechanisms through which macroeconomic news might enter stock prices: instantaneous fundamental news im- pacts consistent with the asset pricing view of symmetric information, and permanent order ow e¤ects consistent with a microstructure view of asymmetric information related to heterogeneous interpretation of public news. Theoretical motivation and empirical evidence for the operation of both mechanisms are presented. Signi cant in- stantaneous news impacts are detected for news related to real activity (including em- ployment), investment, in ation, and monetary policy; however, signi cant order ow e¤ects are also observed on employment announcement days. A multi-market analysis suggests that these asymmetric information e¤ects come from uncertainty about long term interest rates due to heterogeneous assessments of future Fed responses to em- ployment shocks.

The transformation between exploration and exploitation applied to inventors of packaging innovations

While the inventor is often the driver of an invention in the early stages, he/she needs to move between different social networks for knowledge in order to create and capture value. The main objective of this research is to propose a literature-based framework based on innovation network theory and complemented with C-K theory, in order to analyze the invention/innovation process of inventors and the product concepts in a packaging industry context. Empirical input from three case studies of packaging inventions and their inventors is used to elaborate the suggested framework.The article identifies important gaps in the literature of innovation networks. This is addressed through a theoretical framework based on network theories, complemented with C-K theory for the product design level. The strength-of-ties dimension of the theoretical framework suggests, in agreement with the mainstream literature and the cases presented, that weak ties are required to access the knowledge related to exploration networks and strong ties are required to utilize the knowledge in the exploitation network. The transformation network is an intermediate step acting as a bridge where entrepreneurs can find required knowledge. The transformation network is also an intermediate step where entrepreneurs find financing and companies interested in commercializing inventions. (C) 2010 Elsevier Ltd. All rights reserved.

SMEs in the environmental goods and services market: identifying areas of opportunity, policies and instruments: case studies: Argentina, Chile, Colombia and Mexico

Includes bibliography

Reproduction, food dynamics and exploitation level of Oreochromis niloticus (Perciformes: Cichlidae) from artisanal fisheries in Barra Bonita Reservoir, Brazil

Nile tilapia (Oreochromis niloticus), which is exotic to South America, is the most common species caught in artisanal fisheries at the Barra Bonita Reservoir, Southeastern Brazil. This species is of great socioeconomic importance for the region and keeps active a population of about 500 fishers. In the present study we assess reproduction, food dynamics and level of exploitation of O. niloticus, caught by artisanal fisheries in the Barra Bonita Reservoir. Specimens were collected monthly, from July 2004-June 2005, and a total of 1 715 specimens were analyzed. Each specimen was examined to obtain biological and biometric data: standard length (cm), total weight (g), reproductive data (sex and stage of maturation), and stomach contents (empty, partly full, and full). We also estimated the sex ratio (by macroscopic observation of gonads), reproductive period (by ovarian development and seasonal average of gonadosomatic index in females), and feeding habits (by stomach contents). The possible relationship between abiotic factors and the reproductive period was statistically verified using Spearman's Rank Correlation. The FiSAT (ELEFAN I) package was used to assess growth parameters, mortality rates and to infer exploitation rate from standard length frequencies. The O. niloticus population had a sex ratio of 1.3:1 (M:F). Results indicated that ripe females were captured throughout the year, with a higher frequency during the winter-2004 (with a frequency of 59%, at a mean temperature of 20.5°C), and in spring-2004 (with a frequency of 60.5% at a mean temperature of 21.18°C). The GSI mean values obtained by season were: winter-2004: 1.71; spring-2004: 1.72; summer-2005: 0.80, and autumn-2005: 1.19. The Spearman correlation indicated positive values with respect to pH, dissolved oxygen, electric conductivity, transparency and chlorophyll a, and negative values with respect to temperature, accumulated rainfall and altimetric benchmark. The main food items were phytoplankton and periphytic algae, observed in 99.6% of the analyzed stomachs. The estimated growth and mortality parameters were: L∞=33.60cm, k=0.63/year, longevity= 4.76years, Z=2.81/ year, M=1.20/year and F=1.61/year. The weight-length relationship was Ln Wt=-2.8532+2.8835 Ln Lp. The estimated yield per recruit values were as follows: E=0.570, Emax=0.776, E0.1=0.604 and E0.5=0.349. These results indicate that a well established population of O. niloticus is present at Barra Bonita Reservoir; with an active reproduction throughout the year, more intense during winter and spring, and that O. niloticus is a phytoplanktophagus species. There were no indications that this species is being overfished, we therefore recommend that, due to its exotic condition, no restrictions need to be taken on its fishing activities.

Microbial culture collections as pillars for promoting fungal diversity, conservation and exploitation

Fungi are a diverse group of organisms with an overall global number of 1.5 M up to 3.3 M species on Earth. Besides their ecological roles as decomposers, fungi are important in several aspects of applied research. Here, we review how culture collections may promote the knowledge on diversity, conservation and biotechnological exploitation of fungi. The impact of fungi diversity on biotechnological studies is discussed. We point out the major roles of microbial repositories, including fungal preservation, prospecting, identification, authentication and supply. A survey on the World Data Center for Microorganisms (WDCM) powered by the World Federation for Culture Collections and on the Genetic Heritage Management Council (CGEN) database revealed that 46 Brazilian culture collections registered in these databases are dedicate to preserving fungi. Most of these culture collections are located in the Southeast of Brazil. This scenario also demonstrates that Brazil has many collections focused on fungal strains, but the lack of up-to-date information in WDCM as well as of a solid national platform for culture collections registration do not allow accurate assessment of fungal preservation. © 2013 Elsevier Inc. All rights reserved.

Reproduction, food dynamics and exploitation level of Oreochromis niloticus (Perciformes: Cichlidae) from artisanal fisheries in Barra Bonita Reservoir, Brazil

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Balancing Exploration and Exploitation: A New Algorithm for Active Machine Learning

Active machine learning algorithms are used when large numbers of unlabeled examples are available and getting labels for them is costly (e.g. requiring consulting a human expert). Many conventional active learning algorithms focus on refining the decision boundary, at the expense of exploring new regions that the current hypothesis misclassifies. We propose a new active learning algorithm that balances such exploration with refining of the decision boundary by dynamically adjusting the probability to explore at each step. Our experimental results demonstrate improved performance on data sets that require extensive exploration while remaining competitive on data sets that do not. Our algorithm also shows significant tolerance of noise.

Discovery and redescription of type material of Nausithoe simplex (Kirkpatrick, 1890), comb. nov (Cnidaria: Scyphozoa: Coronatae: Nausithoidae) from the North Atlantic

With discovery and examination of type specimens in the Natural History Museum, London, UK, we reassign Stephanoscyphistoma simplex (Kirkpatrick, 1890) to the genus Nausithoe Kolliker, 1853, as Nausithoe simplex, comb. nov., and designate a lectotype for the species. Use of morphometric measurements is considered important in coronate systematics, but key features also include the unique whorl of internal cusps and the shape of these cusps. All previous records of N. simplex must be re-evaluated, taking into consideration the morphology of these internal cusps.

Discovery and cross-section measurement of neutron-rich isotopes in the element range from neodymium to platinum with the FRS

Using the high-resolution performance of the fragment separator FRS at GSI we have discovered 60 new neutron-rich isotopes in the atomic number range of 60 <= Z <= 78. The new isotopes were unambiguously identified in reactions with a U-238 beam impinging on a Be target at 1 GeV/nucleon. The production cross-section for the new isotopes have been measured down to the pico-barn level and compared with predictions of different model calculations. For elements above hafnium fragmentation is the dominant reaction mechanism which creates the new isotopes, whereas fission plays a dominant role for the production of the new isotopes up to thulium. (C) 2012 Elsevier B.V. All rights reserved.

Entrepreneurial opportunities, capability development and the performance of new firms

This study aims at providing a theoretical framework encompassing the two approaches towards entrepreneurial opportunity (opportunity discovery and opportunity creation) by outlining a trajectory from firm creation to capability development, to firm performance in the short term (firm survival) and the medium/long term (growth rate). A set of empirically testable hypotheses is proposed and tested by performing qualitative analyses on interviews on a small sample of entrepreneurs and event history analysis on a large sample of firms founded in the United States in 2004.

Bioanalytical applications of multicolour bioluminescence imaging: new tools for drug discovery and development

The subject of this thesis is multicolour bioluminescence analysis and how it can provide new tools for drug discovery and development.The mechanism of color tuning in bioluminescent reactions is not fully understood yet but it is object of intense research and several hypothesis have been generated. In the past decade key residues of the active site of the enzyme or in the surface surrounding the active site have been identified as responsible of different color emission. Anyway since bioluminescence reaction is strictly dependent from the interaction between the enzyme and its substrate D-luciferin, modification of the substrate can lead to a different emission spectrum too. In the recent years firefly luciferase and other luciferases underwent mutagenesis in order to obtain mutants with different emission characteristics. Thanks to these new discoveries in the bioluminescence field multicolour luciferases can be nowadays employed in bioanalysis for assay developments and imaging purposes. The use of multicolor bioluminescent enzymes expanded the potential of a range of application in vitro and in vivo. Multiple analysis and more information can be obtained from the same analytical session saving cost and time. This thesis focuses on several application of multicolour bioluminescence for high-throughput screening and in vivo imaging. Multicolor luciferases can be employed as new tools for drug discovery and developments and some examples are provided in the different chapters. New red codon optimized luciferase have been demonstrated to be improved tools for bioluminescence imaging in small animal and the possibility to combine red and green luciferases for BLI has been achieved even if some aspects of the methodology remain challenging and need further improvement. In vivo Bioluminescence imaging has known a rapid progress since its first application no more than 15 years ago. It is becoming an indispensable tool in pharmacological research. At the same time the development of more sensitive and implemented microscopes and low-light imager for a better visualization and quantification of multicolor signals would boost the research and the discoveries in life sciences in general and in drug discovery and development in particular.

Discovery and Pharmacological Characterization of a Novel Small Molecule Antagonist of Integrin α4β1: Focus on Antiallergic Activity

Allergy is a common hypersensitivity disorder that affects 15% to 20% of the population and its prevalence is increasing worldwide. Its severity correlates with the degree of eosinophil infiltration into the conjunctiva, which is mediated by chemokines that stimulate the production of adhesion molecules like intercellular adhesion molecule-1 (ICAM-1) and vascular cell adhesion molecule-1 (VCAM-1) on the endothelial cell surface. The α4β1 and α4β7 integrins are expressed in eosinophils and contribute to their activation and infiltration in AC through the binding to VCAM-1 or fibronectin, expressed on vascular endothelial cells. Blockade of α4 integrins might be a therapeutical achievement in allergic eye diseases. DS 70, that show an IC50 in the nanomolar range against α4β1 integrin in Jurkat cells and in the eosinophilic cell line EOL-1. This compound was able to prevent cell adhesion to VCAM-1 and FN in vitro. In a scintillation proximity assay DS70 displaced 125I-FN binding to human α4β1 integrin and, in flow cytometry analysis, it antagonized the binding of a primary antibody to α4β1 integrin expressed on the Jurkat cells surface as well. Furthermore, we analysed also its effects on integrin α4β1 signalling. In an vivo model of allergic conjunctivitis, topical DS70 reduced the clinical aspects of EPR (early phase reaction) and LPR (late phase reaction), by reducing clinical score, eosinophil accumulation, mRNA levels of cytochines and chemochines pro-inflammatory and the conjunctival expression of α4 integrin. In conclusion, DS70 seems a novel antiallergic ocular agent that has significant effects on both early and late phases of ocular allergy.

DTN discovery and routing: from space applications to terrestrial networks.

L'argomento di questa tesi è l'architettura di rete Delay-/Disruption-Tolerant Networking (DTN), progettata per operare nelle reti “challenged”, dove la suite di protocolli TCP/IP risulta inefficace a causa di lunghi ritardi di propagazione del segnale, interruzioni e disturbi di canale, ecc. Esempi di reti “challenged” variano dalle reti interplanetarie alle Mobile Ad-Hoc Networks (MANETs). Le principali implementazioni dell'architettura DTN sono DTN2, implementazione di riferimento, e ION, sviluppata da NASA JPL per applicazioni spaziali. Una grande differenza tra reti spaziali e terrestri è che nello spazio i movimenti dei nodi sono deterministici, mentre non lo sono per i nodi mobili terrestri, i quali generalmente non conoscono la topologia della rete. Questo ha portato allo sviluppo di diversi algoritmi di routing: deterministici per le reti spaziali e opportunistici per quelle terrestri. NASA JPL ha recentemente deciso di estendere l'ambito di applicazione di ION per supportare anche scenari non deterministici. Durante la tesi, svolta presso NASA JPL, mi sono occupato di argomenti diversi, tutti finalizzati a questo obiettivo. Inizialmente ho testato la nuova implementazione dell'algoritmo IP Neighbor Discovery (IPND) di ION, corretti i bug e prodotta la documentazione ufficiale. Quindi ho contribuito ad integrare il Contact Graph Routing (CGR) di ION nel simulatore DTN “ONE” utilizzando la Java Native Interface (JNI) come ponte tra il codice Java di ONE e il codice C di ION. In particolare ho adattato tutte le librerie di ION necessarie per far funzionare CGR all'interno dell'ambiente di ONE. Infine, dopo aver analizzato un dataset di tracce reali di nodi mobili, ho contribuito a progettare e a sviluppare OCGR, estensione opportunistica del CGR, quindi ne ho curato l'integrazione in ONE. I risultati preliminari sembrano confermare la validità di OCGR che, una volta messo a punto, può diventare un valido concorrente ai più rinomati algoritmi opportunistici.

Scalable and Seamless Discovery and Selection of Services in Mobile Cloud Computing

Mobile devices are now capable of supporting a wide range of applications, many of which demand an ever increasing computational power. To this end, mobile cloud computing (MCC) has been proposed to address the limited computation power, memory, storage, and energy of such devices. An important challenge in MCC is to guarantee seamless discovery of services. To this end, this thesis proposes an architecture that provides user-transparent and low-latency service discovery, as well as automated service selection. Experimental results on a real cloud computing testbed demonstrated that the proposed work outperforms state of-the-art approaches by achieving extremely low discovery delay.