Influência da temperatura na solubilidade de beta-caroteno em solventes orgânicos à pressão ambiente

O presente trabalho reporta dados experimentais de solubilidade em pressão ambiente de beta-caroteno em solventes orgânicos puros (etanol, acetona, acetato de etila e diclorometano) e em misturas de tais solventes no intervalo de temperatura de 10 a 60 °C. Para este fim, adotou-se o método gravimétrico para a determinação da solubilidade, utilizando células encamisadas de equilíbrio. Os resultados mostraram que valores mais elevados de solubilidade são obtidos quando foram empregados solventes com parâmetros de solubilidade mais próximos daquele do soluto. Verificou-se que o aumento da temperatura, tanto para solventes puros, como para as misturas de solventes, acarretou num aumento da solubilidade do beta-caroteno para todas as condições experimentais. Observou-se ainda, que nas condições experimentais investigadas, não houve sinergismo significativo para as misturas de solventes quando comparadas aos valores de solubilidade obtidos para os solventes puros. O modelo UNIFAC se mostrou útil na previsão qualitativa dos resultados de solubilidade.

Testes sensoriais de aceitação da beterraba vermelha (Beta vulgaris ssp. vulgaris L.), cv. Early Wonder, minimamente processada e irradiada

A beterraba vermelha (variedade hortícola, cultivar Early Wonder) foi cultivada na área experimental do Departamento de Fitotecnia do Instituto de Agronomia da Universidade Federal Rural do Rio de Janeiro. Após a colheita, as raízes foram minimamente processadas, embaladas e submetidas a diferentes doses de radiação gama (0; 0,5; 1,0; e 1,5 kGy), sendo em seguida armazenadas, por 20 dias, a 8 ºC. Durante o período de armazenamento, aos: 1, 9, 13 e 20 dias, foram realizados testes sensoriais, nos quais 12 avaliadores julgaram a aparência e o aroma segundo uma escala hedônica. Os resultados indicaram que as amostras irradiadas com doses de 1,0 e 1,5 kGy mantiveram-se dentro dos padrões de aceitabilidade por 20 dias. Alem disso, foi também observado que a avaliação do aroma permitiu uma melhor discriminação, dos efeitos das diferentes doses de radiação sobre a aceitação do produto.

Effect of processing on antioxidant potential and total phenolics content in beet (Beta vulgaris L.)

The antioxidant capacity of beet is associated with non-nutritive constituents, such as phenolic compounds. The purpose of this research was to evaluate the effect of two different heat-processing techniques (drying and canned) on the antioxidant potential (ABTS) and phenolics content of beets. A forced air circulation dehydrator was used for the drying. Drying at high temperatures (100 + 90 °C/5.6 hours; 90 °C/6 hours) increased the antioxidant potential of the processed products while mild drying conditions decreased it (80 °C/6 hours; 100 + 70 °C/6 hours) or had no effect on it (70 °C/7 hours; 100 + 80 °C/6 hours). For the canned products, the antioxidant potential did not differ according to the pH (4.2 to 3.8) for any of the four acids tested. Some processing methods influenced the antioxidant potential of the processed products, and this was also dependent on changes in the total phenolics content.

In-house method validation and occurrence of alpha-, beta-endosulfan, endosulfan sulphate, lambda-cyhalothrin, procymidone and trifluralin residues in strawberry

A method for determination of organohalogen pesticides in strawberry by gas chromatography with electron capture detection was validated and applied in a monitoring program. Linearity, matrix effects, and day effect were evaluated for the analytes alpha-endosulfan, beta-endosulfan, endosulfan sulphate, lambda-cyhalothrin, procymidone, and trifluralin. The linear range varied according to the chromatographic response of the analyte. Significant matrix effects were observed. The mean recoveries ranged from 74.6 to 115.4%, with repeatability standard deviations between 1.6 and 21.0% and intermediate precision between 5.9 and 21.0%. Detection, quantification and decision limit, and detection capacity ranged from 0.003 to 0.007 mg/kg, 0.005 to 0.013 mg/kg; 0.003 to 3.128 mg/kg; and 0.005 to 3.266 mg/kg, respectively. The method was fit for the purpose of monitoring organohalogen residues in strawberries. Residues of these pesticides were detected in 124 of the 186 samples analyzed between 2009 and 2011 in the state of Minas Gerais. Nine of them did not comply with the current legislation requirements; among them, seven (3.8%) had residues of unauthorized pesticide for the culture of strawberry, one (0.5%) had residues above the maximum residue limit, and another one (0.5%) exhibited both non-conformities.

Evaluation of beetroot (Beta vulgaris L.) leaves during its developmental stages: a chemical composition study

Beetroot leaves (Beta vulgaris L.) are commonly cut off and discarded before using its bulb due to lack of knowledge of how to use them. Aiming at using these leaves, in the present study, in natura and dehydrated beetroot leaves were chemically characterized in terms of fatty acid composition, proximate composition, minerals, total phenolic compounds (TPC), and antioxidant activity by DPPH• in different stages (60, 80, and 100 days) of development. The beetroot leaves showed significant levels of protein and lipids in all developmental stages, and all proximate composition nutrients decreased during these maturation stages; the highest content was observed at 60 days. The Fe content decreased during the developmental stages (from 342.75 to 246.30 mg.kg-1), while the content of K increased (from 13,367.64 to 20,784.90 mg.kg-1). With regard to to fatty acid composition, linolenic acid was present in the greatest quantity, and it increase up to 2.58 mg.g-1 (in natura) and 40.11 mg.g-1 (dehydrated) at 100 days of development. The n-6/n-3 ratios were low in all stages. The TPC and antioxidant activity by DPPH• changed during the developmental stages. The TPC was highest in the 100-day dehydrated leaves (15.27±0.12 mg GAE.g-1 FW), and the 50% inhibition of DPPH• (IC50 89.52 µg.mL-1) were better in the 60-day in natura leaves. This study shows that all developmental stages produced satisfactory results, and therefore, these leaves can be reused as food. The antioxidant activity and the chemical constituents, mainly the ω-3fatty acid, increased during the stages of development.

Qualidade fisiológica de sementes de beterraba (Beta vulgaris L.) sob condicionamento osmótico e tratamentos fungicidas

O condicionamento osmótico e o tratamento de sementes com fungicidas têm apresentado bons resultados na melhoria do vigor e proteção das plântulas contra patógenos associados às sementes e de solo, garantindo assim bom estabelecimento do estande. Objetivou-se com este trabalho, avaliar o efeito do condicionamento osmótico e do tratamento com fungicidas sobre a qualidade fisiológica de sementes de beterraba (Beta vulgaris L.). As sementes foram condicionadas em água, KNO³ (0,34 M) e PEG 6000 (-0,8 MPa). Os tratamentos com fungicidas foram: testemunha (sementes tratadas pela empresa produtora de sementes com Thiran a 0,15%), metalaxil (0,004%), procimidone (0,1%) e metalaxil + procimidone (0,004 + 0,1%). Avaliaram-se as seguintes características: primeira contagem, contagem no oitavo dia e final pelo teste de germinação; emergência, velocidade de emergência e índice de velocidade de emergência em substrato comercial e em solo. Adotou-se o delineamento inteiramente casualizado, esquema fatorial (condicionamento x tratamento com fungicidas), com quatro repetições, realizando-se a comparação de médias pelo teste Duncan a 5% de probabilidade. O condicionamento das sementes em água por 16h, associado com o tratamento com o fungicida Metalaxil (0,004%), proporciona melhores resultados no teste de germinação e no estabelecimento de plântulas em solo.

The Impact of Acquisitions on Share Pricing and Long Term Performance – Empirical Evidence from the Global Automotive Industry

Automotive industry has faced intense consolidation pressure, which has lead to increasing number of M&As. However, empirical evidence has given controversial results suggesting that most of M&As are value destructive for acquiring companies and for acquiring companies’ shareholders. The objective of this master’s thesis is to examine how acquiring companies’ shareholders react to acquisition announcement and is the reaction in line with the long-term performance. This study uses empirical evidence from automotive industry, which has been characterized as an industry that holds large amount of vertical and horizontal synergies. Transaction data consists of 65 acquisitions made by publicly listed companies between 2008-2010. The short-term impact is tested by applying event study methodology while the long term operative performance is examined with accounting study methodology. The event study results indicate that during the three days after acquisition (t= 0-2), the acquiring firms’ stocks generate an abnormal return of 1.22% on average across all acquisitions. When long term performance is studied it is evident that acquiring companies perform better than the industry median pre- and post-transaction but there is no statistically significant evidence that the performance has increased. The only performance ratio indicating statistically significant decrease is Return on Equity (ROE). On long-term horizontal acquisitions seem to outperform conglomerate ones but otherwise deal characteristics do not have any statistically significant impact.

Liquidity Risk in the Finnish Stock Market

This study explores the pricing of liquidity risk and its effect on stock returns in the Finnish stock market. In addition to that, it investigates whether there is a trend in liquidity risk. Finally, it analyzes whether the two chosen liquidity measures provide different results. The data consists of all the common shares listed in the Finnish stock market during the period of 1/1997–7/2015. To examine whether liquidity risk affects stock returns in the Finnish stock market, this study utilizes a conditional version of liquidity-adjusted capital asset pricing model (LCAPM) by Acharya and Pedersen (2005). Two recently proposed illiquidity measures – PQS and AdjILLIQ – are used in the empirical estimation to see whether there are differences in the results between the measures. The time-varying conditional liquidity risks are estimated by using a multivariate DCC-GARCH model, while the pricing of the liquidity risk is conducted by applying fixed effect panel regression. The results imply that investors in the Finnish stock market are willing to pay a premium to hedge from wealth shocks and having liquid assets during the declined market liquidity. However, investors are not willing to pay a premium for stocks with higher returns during illiquid markets. The total annualized illiquidity premiums found in the Finnish stock market are 1.77% and 1.04%, based on the PQS and AdjILLIQ measures, respectively. The study also shows that liquidity risk does not exhibit decreasing trend, and investors should consider liquidity risk in their portfolio diversification in the Finnish stock market.

Carbon pricing and its effect on company profitability

In order to reach the 2°C climate target, the carbon price should rise significantly in order for it to be financially rewarding for companies to reduce their emissions. This research aims to find how a significant increase in the carbon price would affect the profitability of companies. Prior research has not found consensus on how regulatory policies affect companies. This research looks at profitability factors of carbon pricing through a mix of related issues such as the carbon risk, carbon pricing mechanisms and cost pass-through of additional costs. The research is quantitative and examines financial data and emissions data regarding scope 1 and scope 2 emissions on 328 European companies. The data analysis method utilised is a sensitivity analysis conducted as a scenario analysis. Different price increases and cost pass-through rates are tested to see how company profitability is affected. As the companies are distributed between 9 sectors and 53 industries, the results vary. The industries that are found to be affected by an increase in carbon pricing show drastic negative changes in profitability. The results complement prior research identifying the most carbon-intensive industries, but also provide some new insights on industries that may be affected by carbon pricing. Industries related to manufacturing, electricity and energy are partly significantly impacted, but also industries related to tourism and food show potential signs of impact when an increased carbon price is introduced.

Pricing of Liquidity Risks in London Stock Exchange

This thesis aims to investigate pricing of liquidity risks in London Stock Exchange. Liquidity Adjusted Capital Asset Pricing Model i.e. LCAPM developed by Acharya and Pedersen (2005) is being applied to test the influence of various liquidity risks on stock returns in London Stock Exchange. The Liquidity Adjusted Capital Asset Pricing model provides a unified framework for the testing of liquidity risks. All the common stocks listed and delisted for the period of 2000 to 2014 are included in the data sample. The study has incorporated three different measures of liquidity – Percent Quoted Spread, Amihud (2002) and Turnover. The reason behind the application of three different liquidity measures is the multi-dimensional nature of liquidity. Firm fixed effects panel regression is applied for the estimation of LCAPM. However, the results are robust according to Fama-Macbeth regressions. The results of the study indicates that liquidity risks in the form of (i) level of liquidity, (ii) commonality in liquidity (iii) flight to liquidity, (iv) depressed wealth effect and market return as well as aggregate liquidity risk are priced at London Stock Exchange. However, the results are sensitive to the choice of liquidity measures.

The Pricing of Customized Industrial Products

The main objective of this study was to examine the pricing of customized industrial products in international markets, and to understand what pricing decision making consists of. Another purpose of the study was to identify the main factors that affect the pricing decisions of industrial companies, as well as the different pricing strategies industrial companies may choose when pricing customized products. The research was conducted as a qualitative single case study, and a Finnish industrial company specializing in indoor environment solutions, Halton Marine Oy, was used as the case company in the study. The primary data was collected through semi-structured theme interviews with the key management personnel of the company, and the results were discussed and analyzed in the light of the existing literature. The results of this study indicate that the pricing of customized industrial products consists of several dimensions, and is influenced by a large variety of factors that are both internal and external to the firm. In addition, it was found that the choice of a pricing strategy is largely dependent on the chosen segment, the product category, and the stage in the product life cycle. The results also suggest that customizing companies should consider using the value-based pricing orientation, since customization is closely linked to customer value.

A stochastic dynamic programming approach for pricing options on stock-index futures

The aim of this thesis is to price options on equity index futures with an application to standard options on S&P 500 futures traded on the Chicago Mercantile Exchange. Our methodology is based on stochastic dynamic programming, which can accommodate European as well as American options. The model accommodates dividends from the underlying asset. It also captures the optimal exercise strategy and the fair value of the option. This approach is an alternative to available numerical pricing methods such as binomial trees, finite differences, and ad-hoc numerical approximation techniques. Our numerical and empirical investigations demonstrate convergence, robustness, and efficiency. We use this methodology to value exchange-listed options. The European option premiums thus obtained are compared to Black's closed-form formula. They are accurate to four digits. The American option premiums also have a similar level of accuracy compared to premiums obtained using finite differences and binomial trees with a large number of time steps. The proposed model accounts for deterministic, seasonally varying dividend yield. In pricing futures options, we discover that what matters is the sum of the dividend yields over the life of the futures contract and not their distribution.

Alternative splicing of DNA polymerase beta in vertebrates

Alternative splicing (AS) is the predominant mechanism responsible for increasing eukaryotic transcriptome and proteome complexity. In this phenomenon, numerous mRNA transcripts are produced from a single pre-mRNA sequence. AS is reported to occur in 95% of human multi-exon genes; one specific gene that undergoes AS is DNA polymerase beta (POLB). POLB is the main DNA repair gene which performs short patch base excision repair (BER). In primate untransformed primary fibroblast cell lines, it was determined that the splice variant (SV) frequency of POLB correlates positively with species lifespan. To date, AS patterns of POLB have only been examined in mammals primarily through the use of cell lines. However, little attention has been devoted to investigating if such a relationship exists in non-mammals and whether cell lines reflect what is observed in vertebrate tissues. This idea was explored through cloning and characterization of 1,214 POLB transcripts from four non-mammalian species (Gallus gallus domesticus, Larus glaucescens, Xenopus laevis, and Pogona vitticeps) and two mammalian species (Sylvilagus floridanus and Homo sapiens) in two tissue types, liver and brain. POLB SV frequency occurred at low frequencies, < 3.2%, in non-mammalian tissues relative to mammalian (>20%). The highest POLB SV frequency was found in H. sapiens liver and brain tissues, occurring at 65.4% and 91.7%, respectively. Tissue specific AS of POLB was observed in L. glaucescens, P. vitticeps, and H. sapiens, but not G. gallus domesticus, X. laevis and S. floridanus.The AS patterns of a second gene, transient receptor potential cation channel subfamily V member 1 (TRPV1), were compared to those of POLB in liver and brain tissues of G. gallus domesticus, X. laevis and H. sapiens. This comparison was performed to investigate if any changes (either increase or decrease) observed in the AS of POLB were gene specific or if they were tissue specific, in which case similar changes in AS would be seen in POLB and TRPV1. Analysis did not reveal an increase or decrease in both the AS of POLB and TRPV1 in either the liver or brain tissues of G. gallus domesticus and H. sapiens. This result suggested that the AS patterns of POLB were not influenced by tissue specific rates of AS. Interestingly, an increase in the AS of both genes was only observed in X. laevis brain tissue. This result suggests that AS in general may be increased in the X. laevis brain as compared to liver tissue. No positive correlation between POLB SV frequency and species lifespan was found in non-mammalian tissues. The AS patterns of POLB in human primary untransformed fibroblast cell lines were representative of those seen in human liver tissue but not in brain tissue. Altogether, the AS patterns of POLB from vertebrate tissues and primate cell lines revealed a positive correlation between POLB SV frequency and lifespan in mammals, but not in non-mammals. It appears that this positive correlation does not exist in vertebrate species as a whole.

Implementación de un método para detección de beta exotoxina en cepas de Bacillus thuringiensis

Tesis (Maestría en Ciencias, Especialidad en Microbiología)U.A.N.L.