German open ended funds: was there a valuation problem?

In late 2005, a number of German open ended funds suffered significant withdrawals by unit holders. The crisis was precipitated by a long term bear market in German property investment and the fact that these funds offered short term liquidity to unit holders but had low levels of liquidity in the fund. A more controversial suggestion was that the crisis was exacerbated by a perception that the valuations of the fund were too infrequent and inaccurate. As units are priced by reference to these valuations with no secondary market, the valuation process is central to the process. There is no direct evidence that these funds were over-valued but there is circumstantial evidence and this paper examines the indirect evidence of the process to see whether the hypothesis that valuation is an issue for the German funds holds any credibility. It also discusses whether there is a wider issue for other funds of this nature or whether it is a parochial problem confined to Germany. The conclusions are that there is reason to believe that German valuation processes make over-valuation in a recession more likely than in other countries and that more direct research into the German valuation system is required to identify the issues which need to be addressed to make the valuation system more trusted.

Energy at work: a measurement validation and linkage to unit effectiveness

We introduce the notion that the energy of individuals can manifest as a higher-level, collective construct. To this end, we conducted four independent studies to investigate the viability and importance of the collective energy construct as assessed by a new survey instrument—the productive energy measure (PEM). Study 1 (n = 2208) included exploratory and confirmatory factor analyses to explore the underlying factor structure of PEM. Study 2 (n = 660) cross-validated the same factor structure in an independent sample. In study 3, we administered the PEM to more than 5000 employees from 145 departments located in five countries. Results from measurement invariance, statistical aggregation, convergent, and discriminant-validity assessments offered additional support for the construct validity of PEM. In terms of predictive and incremental validity, the PEM was positively associated with three collective attitudes—units' commitment to goals, the organization, and overall satisfaction. In study 4, we explored the relationship between the productive energy of firms and their overall performance. Using data from 92 firms (n = 5939employees), we found a positive relationship between the PEM (aggregated to the firm level) and the performance of those firms. Copyright © 2011 John Wiley & Sons, Ltd.

Evaluation of a boundary integral representation for the conformal mapping of the unit disk onto a simply-connected domain

A representation of the conformal mapping g of the interior or exterior of the unit circle onto a simply-connected domain Ω as a boundary integral in terms ofƒ|∂Ω is obtained, whereƒ :=g -l. A product integration scheme for the approximation of the boundary integral is described and analysed. An ill-conditioning problem related to the domain geometry is discussed. Numerical examples confirm the conclusions of this discussion and support the analysis of the quadrature scheme.

Linear vs. log-linear unit-root specification: an application of mis-specification encompassing

The objective of this paper is to apply the mis-specification (M-S) encompassing perspective to the problem of choosing between linear and log-linear unit-root models. A simple M-S encompassing test, based on an auxiliary regression stemming from the conditional second moment, is proposed and its empirical size and power are investigated using Monte Carlo simulations. It is shown that by focusing on the conditional process the sampling distributions of the relevant statistics are well behaved under both the null and alternative hypotheses. The proposed M-S encompassing test is illustrated using US total disposable income quarterly data.

Analyses of cataract surgery performed by the Unified Health System in Brazil, 2006-2007

Objective. Estimate cataract surgical rates (CSR) for Brazil and each federal unit in 2006 and 2007 based on the number of surgeries performed by the Unified Health System to help plan a comprehensive ophthalmology network in order to eliminate cataract blindness in compliance with the target set by the World Health Organization (WHO) of 3 000 cataract surgeries per million inhabitants per year. Methods. This descriptive study calculates CSR by using the number of cataract surgeries carried out by the Brazilian Unified Health System for each federal unit and estimates the need for cataract surgery in Brazil for 2006-2007, with official population data provided by the Brazilian Institute of Geography and Statistics. The number of cataract surgeries was compared with the WHO target. Results. To reach the WHO goal for eliminating age-related cataract blindness in Brazil, 560 312 cataract surgeries in 2006 and 568 006 surgeries in 2007 needed to be done. In 2006, 179 121 cataract surgeries were done by the Unified Health System, corresponding to a CSR of 959 per million population; in 2007, 223 317 were performed, with a CSR of 1 179. With the Brazilian Council of Ophthalmology estimation of 165 000 surgeries each year by the non-public services, the CSR for Brazil would be 1 842 for 2006 and 2 051 for 2007. The proportions needed to achieve the proposed target were 38.6% in 2006 and 31.6% in 2007. Conclusions. Human resources, technical expertise, and equipment are crucial to reach the WHO goal. Brazil has enough ophthalmologists but needs improved planning and infrastructure in order to eliminate the problem, aspects that require greater financial investment and stronger political commitment.

Attraktivt arbete ur enhetschefers perspektiv : En kvalitativ studie genomförd i Falu kommun

Sedan 1990- talet har de offentliga organisationerna genomgått flera stora förändringar som medfört att enhetschefer inom den kommunala verksamheten fått ökat ansvar och befogenheter, vilket gör enhetschefsrollen mer komplext. Rapporter visar på svårigheter att rekrytera och behålla chefer, därför är viktigt att undersöka hur enhetschefens arbete ska kunna utvecklas till ett mer attraktivt arbete. Ett attraktivt arbete skapas genom att ge medarbetarna bra förutsättningar inom arbetsinnehåll, arbetstillfredsställelse, samt arbetsförhållanden. I chefsyrket ingår tre roller varav en är medarbetarrollen som enligt teorin inte är speciellt prioriterad eller synliggjord. Studiens syfte är att identifiera vad som gör enhetschefyrket till ett attraktivt arbete samt hur det kan utvecklas. I studien har en kvalitativ forskningsmetod används för att uppnå en djupare förståelse kring enhetschefernas arbetssituation. Detta har bidragit till att ett hermeneutiska synsätt valts, då vi strävar efter att få en ökad förståelse. Studien genomfördes på Falu kommun, där sex enhetschefer inom omvårdnadsförvaltningen intervjuades. Resultatet visar att enhetscheferna är tillfredsställda med sin arbetssituation och upplever arbetet som attraktivt. Faktorer som varierande, handlingsfrihet, problemlösning, sociala kontakter och delar av erkänsla hör till attraktivitetsfaktorer i yrket. Enhetscheferna beskriver tre utvecklingsområden för att öka attraktiviteten. Det första innefattar ledarskapet i organisationen där brister förekommer inom kommunikation och planering. Andra utvecklingsområdet handlar om arbetstakten genom att individanpassa arbetsgruppernas storlek samt tid för reflektion och återhämtning. Tredje utvecklingsområdet enhetscheferna belyser är bristen på erkänsla från organisationen. Utöver enhetschefernas brister har vi identifierat ytterligare ett utvecklingsområde för att öka attraktiviteten. Under intervjuerna har det framkommit att det råder stor avsaknad av kollegor att "bolla idéer" med vilket i sin tur medför att arbetet upplevs som ensamt. För att motverka ensamheten är chefsgruppshandledning ett alternativ, där reflektion och feedback ingår. Forskningen visar att detta även leder till ökad självkänsla, engagemang.

Unit roots and the welfare gains of cycle smoothing

li consumption is log-Normal and is decomposed into a linear deterministic trend and a stationary cycle, a surprising result in business-cycle research is that the welfare gains of eliminating uncertainty are relatively small. A possible problem with such calculations is the dichotomy between the trend and the cyclical components of consumption. In this paper, we abandon this dichotomy in two ways. First, we decompose consumption into a deterministic trend, a stochastic trend, and a stationary cyclical component, calculating the welfare gains of cycle smoothing. Calculations are carried forward only after a careful discussion of the limitations of macroeconomic policy. Second, still under the stochastic-trend model, we incorporate a variable slope for consumption depending negatively on the overall volatility in the economy. Results are obtained for a variety of preference parameterizations, parameter values, and different macroeconomic-policy goals. They show that, once the dichotomy in the decomposition in consumption is abandoned, the welfare gains of cycle smoothing may be substantial, especially due to the volatility effect.

Outbreak of fungemia caused by Candida parapsilosis in a neonatal intensive care unit: Molecular investigation through microsatellite analysis

Background: Opportunistic infections are an increasingly common problem in hospitals, and the yeast Candida parapsilosis has emerged as an important nosocomial pathogen, especially in neonatal intensive care units (NICUs) where it has been responsible for outbreak cases. Risk factors for C. parapsilosis infection in neonates include prematurity, very low birth weight, prolonged hospitalization, indwelling central venous catheters, hyperalimentation, intravenous fatty emulsions and broad spectrum antibiotic therapy. Molecular methods are widely used to elucidate these hospital outbreaks, establishing genetic variations among strains of yeast. Aims: The aim of this study was to detect an outbreak of C. parapsilosis in an NICU at the Hospital das Clinicas , Faculty of Medicine of Botucatu, a tertiary hospital located in São Paulo, Brazil, using the molecular genotyping by the microsatellite markers analysis. Methods: A total of 11 cases of fungemia caused by C. parapsilosis were identified during a period of 43 days in the NICU. To confirm the outbreak all strains were molecularly typed using the technique of microsatellites. Results: Out of the 11 yeast samples studied, nine showed the same genotypic profile using the technique of microsatellites. Conclusions: Our study shows that the technique of microsatellites can be useful for these purposes. In conclusion, we detected the presence of an outbreak of C. parapsilosis in the NICU of the hospital analyzed, emphasizing the importance of using molecular tools, for the early detection of hospital outbreaks, and for the introduction of effective preventive measures, especially in NICUs. © 2012 Revista Iberoamericana de Micología.

The rolling ball problem on the plane revisited

By a sequence of rollings without slipping or twisting along segments of a straight line of the plane, a spherical ball of unit radius has to be transferred from an initial state to an arbitrary final state taking into account the orientation of the ball. We provide a new proof that with at most 3 moves, we can go from a given initial state to an arbitrary final state. The first proof of this result is due to Hammersley ( 1983). His proof is more algebraic than ours which is more geometric. We also showed that generically no one of the three moves, in any elimination of the spin discrepancy, may have length equal to an integral multiple of 2 pi.

Accessibility and demand at an Emergency Care Unit: the user's perspective

AIM: To analyze the search for Emergency Care (EC) in the Western Health District of Ribeirão Preto (São Paulo), in order to identify the reasons why users turn to these services in situations that are not characterized as urgencies and emergencies. METHODS: A qualitative and descriptive study was undertaken. A guiding script was applied to 23 EC users, addressing questions related to health service accessibility and welcoming, problem solving, reason to visit the EC and care comprehensiveness. RESULTS: The subjects reported that, at the Primary Health Care services, receiving care and scheduling consultations took a long time and that the opening hours of these services coincide with their work hours. At the EC service, access to technologies and medicines was easier. CONCLUSION: Primary health care services have been unable to turn into the entry door to the health system, being replaced by emergency services, putting a significant strain on these services' capacity.

Alla ricerca della sostenibilità: lo sviluppo dell'agricoltura dall'Unità d'Italia alla Green Economy

L’elaborato finale presentato per la tesi di Dottorato analizza e riconduce a unitarietà, per quanto possibile, alcune delle attività di ricerca da me svolte durante questi tre anni, il cui filo conduttore è l'impatto ambientale delle attività umane e la promozione dello sviluppo sostenibile. Il mio filone di ricerca è stato improntato, dal punto di vista di politica economica, sull'analisi storica dello sviluppo del settore agricolo dall'Unità d'Italia ai giorni nostri e dei cambiamenti avvenuti in contemporanea nel contesto socio-economico e territoriale nazionale, facendo particolare riferimento alle tematiche legate ai consumi e alla dipendenza energetica ed all'impatto ambientale. Parte della mia ricerca è stata, infatti, incentrata sull'analisi dello sviluppo della Green Economy, in particolare per quanto riguarda il settore agroalimentare e la produzione di fonti di energia rinnovabile. Enfasi viene posta sia sulle politiche implementate a livello comunitario e nazionale, sia sul cambiamento dei consumi, in particolare per quanto riguarda gli acquisti di prodotti biologici. La Green Economy è vista come fattore di sviluppo e opportunità per uscire dall'attuale contesto di crisi economico-finanziaria. Crisi, che è strutturale e di carattere duraturo, affiancata da una crescente problematica ambientale dovuta all'attuale modello produttivo, fortemente dipendente dai combustibili fossili. Difatti la necessità di cambiare paradigma produttivo promuovendo la sostenibilità è visto anche in ottica di mitigazione del cambiamento climatico e dei suoi impatti socio-economici particolare dal punto di vista dei disastri ambientali. Questo punto è analizzato anche in termini di sicurezza internazionale e di emergenza umanitaria, con riferimento al possibile utilizzo da parte delle organizzazioni di intervento nei contesti di emergenza di tecnologie alimentate da energia rinnovabile. Dando così una risposta Green ad una problematica esacerbata dall'impatto dello sviluppo delle attività umane.

In situ melanoma of the nail unit in children: report of two cases in fair-skinned Caucasian children

Nail melanoma in children is rarely reported in the literature, and all of the published cases were diagnosed in dark-skinned phototypes or in Asians. We report two cases of in situ nail matrix melanoma presenting as longitudinal melanonychia (LM) in fair-skinned children of Italian origin. Nail plate dermatoscopy revealed a brown background with lines of irregular color, spacing, and thickness in both cases. Histopathology of the excised lesions showed melanoma in situ. Clinical, dermatoscopic, and pathological criteria that permit clear differentiation of benign melanocytic activation or proliferation from nail matrix melanoma are not established for children. The presence of a pigmented band of a single nail in a child usually represents a problem for clinicians, because the clinical and dermatoscopic features that are considered possible indicators of nail unit melanoma in adults are frequently observed in benign melanocytic hyperplasia and nevi in children. There is therefore the need to find parameters useful for clinical and dermatoscopic diagnosis in childhood nail pigmentation and to reach a consensus on management of children with a band of LM.

Test Blueprints - Exposing Side Effects in Execution Traces to Support Writing Unit Tests

Writing unit tests for legacy systems is a key maintenance task. When writing tests for object-oriented programs, objects need to be set up and the expected effects of executing the unit under test need to be verified. If developers lack internal knowledge of a system, the task of writing tests is non-trivial. To address this problem, we propose an approach that exposes side effects detected in example runs of the system and uses these side effects to guide the developer when writing tests. We introduce a visualization called Test Blueprint, through which we identify what the required fixture is and what assertions are needed to verify the correct behavior of a unit under test. The dynamic analysis technique that underlies our approach is based on both tracing method executions and on tracking the flow of objects at runtime. To demonstrate the usefulness of our approach we present results from two case studies.

Does the (structural) context matter? Analysing individual and structural factors of members’ commitment to sports clubs

Introduction: Over the last decades, Swiss sports clubs have lost their "monopoly" in the market for sports-related services and increasingly are in competition with other sports providers. For many sport clubs long-term membership cannot be seen as a matter of course. Current research on sports clubs in Switzerland – as well as for other European countries – confirms the increasing difficulties in achieving long-term member commitment. Looking at recent findings of the Swiss sport clubs report (Lamprecht, Fischer & Stamm, 2012), it can be noted, that a decrease in memberships does not equally affect all clubs. There are sports clubs – because of their specific situational and structural conditions – that have few problems with member fluctuation, while other clubs show considerable declines in membership. Therefore, a clear understanding of individual and structural factors that trigger and sustain member commitment would help sports clubs to tackle this problem more effectively. This situation poses the question: What are the individual and structural determinants that influence the tendency to continue or to quit the membership? Methods: Existing research has extensively investigated the drivers of members’ commitment at an individual level. As commitment of members usually occurs within an organizational context, the characteristics of the organisation should be also considered. However, this context has been largely neglected in current research. This presentation addresses both the individual characteristics of members and the corresponding structural conditions of sports clubs resulting in a multi-level framework for the investigation of the factors of members’ commitment in sports clubs. The multilevel analysis grant a adequate handling of hierarchically structured data (e.g., Hox, 2002). The influences of both the individual and context level on the stability of memberships are estimated in multi-level models based on a sample of n = 1,434 sport club members from 36 sports clubs. Results: Results of these multi-level analyses indicate that commitment of members is not just an outcome of individual characteristics, such as strong identification with the club, positively perceived communication and cooperation, satisfaction with sports clubs’ offers, or voluntary engagement. It is also influenced by club-specific structural conditions: stable memberships are more probable in rural sports clubs, and in clubs that explicitly support sociability, whereas sporting-success oriented goals in clubs have a destabilizing effect. Discussion/Conclusion: The proposed multi-level framework and the multi-level analysis can open new perspectives for research concerning commitment of members to sports clubs and other topics and problems of sport organisation research, especially in assisting to understand individual behavior within organizational contexts. References: Hox, J. J. (2002). Multilevel analysis: Techniques and applications. Mahwah: Lawrence Erlbaum. Lamprecht, M., Fischer, A., & Stamm, H.-P. (2012). Die Schweizer Sportvereine – Strukturen, Leistungen, Herausforderungen. Zurich: Seismo.

The Problem with Utility: Towards a Non-Consequentialist / Utility Theory Synthesis

I develop the argument that our current decision-making framework, utility theory, when used by itself, is 1) descriptively incomplete, 2) theoretically flawed, and 2) ethically questionable. In response, I offer an exploratory framework that incorporates both consequentialist and non-consequentialist motivations. Adding a commitment function provides a synthesis which remedies the problems associated with the sole use of utility theory. Finally, I show how philosophers Immanuel Kant, W.D. Ross, and Martin Buber provide an ethical basis for the framework.