Assessing the assignation of public subsidies: Do the experts choose the most efficient R&D projects?

The implementation of public programs to support business R&D projects requires the establishment of a selection process. This selection process faces various difficulties, which include the measurement of the impact of the R&D projects as well as selection process optimization among projects with multiple, and sometimes incomparable, performance indicators. To this end, public agencies generally use the peer review method, which, while presenting some advantages, also demonstrates significant drawbacks. Private firms, on the other hand, tend toward more quantitative methods, such as Data Envelopment Analysis (DEA), in their pursuit of R&D investment optimization. In this paper, the performance of a public agency peer review method of project selection is compared with an alternative DEA method.

In vitro engineering of human stratified urothelium: analysis of its morphology and function.

PURPOSE: Gastric or intestinal patches, commonly used for reconstructive cystoplasty, may induce severe metabolic complications. The use of bladder tissues reconstructed in vitro could avoid these complications. We compared cellular differentiation and permeability characteristics of human native with in vitro cultured stratified urothelium. MATERIALS AND METHODS: Human stratified urothelium was induced in vitro. Morphology was studied with light and electron microscopy and expression of key cellular proteins was assessed using immunohistochemistry. Permeability coefficients were determined by measuring water, urea, ammonia and proton fluxes across the urothelium. RESULTS: As in native urothelium the stratified urothelial construct consisted of basal membrane and basal, intermediate and superficial cell layers. The apical membrane of superficial cells formed villi and glycocalices, and tight junctions and desmosomes were developed. Immunohistochemistry showed similarities and differences in the expression of cytokeratins, integrin and cellular adhesion proteins. In the cultured urothelium cytokeratin 20 and integrin subunits alpha6 and beta4 were absent, and symplekin was expressed diffusely in all layers. Uroplakins were clearly expressed in the superficial umbrella cells of the urothelial constructs, however, they were also present in intermediate and basal cells. Symplekin and uroplakins were expressed only in the superficial cells of native bladder tissue. The urothelial constructs showed excellent viability, and functionally their permeabilities for water, urea and ammonia were no different from those measured in native human urothelium. Proton permeability was even lower in the constructs compared to that of native urothelium. CONCLUSIONS: Although the in vitro cultured human stratified urothelium did not show complete terminal differentiation of its superficial cells, it retained the same barrier characteristics against the principal urine components. These results indicate that such in vitro cultured urothelium, after being grown on a compliant degradable support or in coculture with smooth muscle cells, is suitable for reconstructive cystoplasty.

Stock market integration between new EU member states and the Euro-zone

This paper measures the degree in stock market integration between five Eastern European countries and the Euro-zone. A potentially gradual transition in correlations is accommodated by smooth transition conditional correlation models. We find that the correlation between stock markets has increased from 2001 to 2007. In particular, the Czech and Polish markets show a higher correlation to the Euro-zone. However, this is not a broad-based phenomenon across Eastern Europe. We also find that the increase in correlations is not a reflection of a world-wide phenomenon of financial integration but appears to be specific to the European market. JEL classifications: C32; C51; F36; G15 Keywords: Multivariate GARCH; Smooth Transition Conditional Correlation; Stock Return Comovement; New EU Members.

Progress Towards to Equity Market Integration in Eastern Europe

The advent of the European Union has decreased the diversification benefits available from country based equity market indices in the region. This paper measures the increase in stock integration between the three largest new EU members (Hungary, the Czech Republic and Poland who joined in May 2004) and the Euro-zone. A potentially gradual transition in correlations is accommodated in a single VAR model by embedding smooth transition conditional correlation models with fat tails, spillovers, volatility clustering, and asymmetric volatility effects. At the country market index level all three Eastern European markets show a considerable increase in correlations in 2006. At the industry level the dates and transition periods for the correlations differ, and the correlations are lower although also increasing. The results show that sectoral indices in Eastern European markets may provide larger diversification opportunities than the aggregate market. JEL classifications: C32; C51; F36; G15 Keywords: Multivariate GARCH; Smooth Transition Conditional Correlation; Stock Return Comovement; Sectoral correlations; New EU Members

Autofluorescence Findings Of A Novel Maculopathy In Patient With Spinocerebellar Ataxia Type 1 And Of A Cone - Rod Type Retinal Dysfunction In Three Generation Family With Spinocerebellar Ataxia Type 7

Purpose: To report a novel maculopathy in a patient with SCA1. To describe autofluorescence findings in family with SCA7 and associated cone-rod retinal dysfunction.Methods: 4 affected patients from two families were assessed to investigate a progressive loss of visual acuity (VA). Examinations included fundus photography, autofluorescence (AF) fundus fluorescein angiogragraphy (FFA) and optical coherence tomography. Electroretinogram (full-field) was performed in 2 affected patients. All patients had color vision testing using Ishihara pseudoisochromatic plates. Molecular analysis was performed in family 2.Results: The patient with known diagnosis of SCA1 had a visual acuity of 20/200 bilaterally and dyschromatopsia. He had saccadic pursuit. Fundus examination showed mild retinal pigment epithelium (RPE) changes at the macula. OCT showed bilateral macular serous detachment, which was not obvious at the FFA and explained his VA. AF imaging showed a central hyperfluorescence. The 45 year old proband from family 2 had a visual acuity of 200/20 and dyschromatopsia. ERG testing showed cone type dysfunction of photoreceptors. Her daughter affected at a younger age had the same ERGs findings. Fundus examination showed mild RPE changes in proband, normal findings in her daughter. AF imaging of both patients showed a ring of high density AF around the fovea. The ring was also obvious on near infrared AF. Later onset of gait imbalance led to the diagnosis of SCA7Conclusions: Within the group of spinocerebellar ataxias, only the type 7 is associated with retinal dysfunction. We present the first report of maculopathy associated with SCA1 causing severe vision loss. The ring of high density AF in SCA7 confirmed an early retinal photoreceptor dysfunction in patient with normal fundus.

Entrepreneurial Orientation, Intangible Assets and Firm Growth: the impact of ‘Spirit and Material’ on the growth of Chinese private firms

This paper has three contributions. First, it shows how field work within small firms in PR Chinese has provided new evidence which enables us to measure and calibrate Entrepreneurial Orientation (EO), as ‘spirit’, and Intangible Assets (IA), as ‘material’, for use in models of small firm growth. Second, it uses inter-item correlation analysis and both exploratory and confirmatory factor analysis to provide new measures of EO and IA, in index and in vector form, for use in econometric models of firm growth. Third, it estimates two new econometric models of small firm employment growth in PR China, under the null hypothesis of Gibrat’s Law, using our two new index-based and vector-based measures of EO and IA. Estimation is by OLS with adjustment for heteroscedasticity, and for sample selectivity. Broadly, it finds that EO attributes have had little significant impact on small firm growth, and indeed innovativeness and pro-activity paradoxically may even dampen growth. However, IA attributes have had a positive and significant impact on growth, with networking, and technological knowledge being of prime importance, and intellectual property and human capital being of lesser but still significant importance. In the light of these results, Gibrat’s Law is generalized, and Jovanovic’s learning theory is extended, to emphasise the importance of IA to growth. These findings cast new empirical light on the oft-quoted national slogan in PR China of “spirit and material”. So far as small firms are concerned, this paper suggests that their contribution to PR China’s remarkable economic growth is not so much attributable to the ‘spirit’ of enterprise (as suggested by propaganda) as, more prosaically, to the pursuit of the ‘material’.

Equilibrium Exchange Rate Determination and Multiple Structural Changes

The large appreciation and depreciation of the US dollar in the 1980s stimulated an important debate on the usefulness of unit root tests in the presence of structural breaks. In this paper, we propose a simple model to describe the evolution of the real exchange rate. We then propose a more general smooth transition (STR) function than has hitherto been employed, which is able to capture structural changes along the (long-run) equilibrium path, and show that this is consistent with our economic model. Our framework allows for a gradual adjustment between regimes and allows for under- and/or over-valued exchange rate adjustments. Using monthly and quarterly data for up to twenty OECD countries, we apply our methodology to investigate the univariate time series properties of CPI-based real exchange rates with both the U.S. dollar and German mark as the numeraire currencies. The empirical results show that, for more than half of the quarterly series, the evidence in favour of the stationarity of the real exchange rate was clearer in the sub-sample period post-1980.

Periodic Sequences of Arbitrage: A Tale of Four Currencies

This paper investigates arbitrage chains involving four currencies and four foreign exchange trader-arbitrageurs. In contrast with the three-currency case, we fi nd that arbitrage operations when four currencies are present may appear periodic in nature, and not involve smooth convergence to a \balanced" ensemble of exchange rates in which the law of one price holds. The goal of this article is to understand some interesting features of sequences of arbitrage operations, features which might well be relevant in other contexts in finance and economics.

On the morphology of Laevapex vazi n. sp. from Brazil (Mollusca: Pulmonata: Basommatophora: Ancylidae)

A description of Laevapex vazi n. sp. based on 8 specimens collectec in Ourinhos, state of São Paulo, is presented. Shell thin, diaphanous, with a light brown periostracum and moderately elliptical opening. Apex not pointed, smooth, situated on the right posterior region of the shell, inclined to the right often reaching the edge of the shell or extending beyond it. Concentric lines clearly visible; radial striation not visible or when perceptible very thin, here and there. Ratios: shell width/shell lenght = 0,60 - 0,67 (mean = 0,63); shell height/shell length = 0,50 - 0,61 (mean = 0,55); shell height/shell width = 0,33 - 0,40 (mean = 0,35). Body of normal ancylid type; mantle pigmentation concentrated on the left side; three muscles are seen: a round posterior one on the left side, an elliptical muscle on the right anterior side and an almost almond-shaped one on the left anterior side. Tentacles with a medium core of black pigment. Pseudobranch two-lobed and folded, the dorsal lobe smaller than the vetral one. Ovotestis with 20 unbranched diverticula, around a short collecting canal. Ovispermiduct with an enlargement with several round outpocketings constituting the seminal vesicle. Carrefour as a round sac. Albumen gland almost cylindrical with several acinous diverticula. Elongated nidamental gland continous with the galndular wall of the uterus; uterus flattened and thin-walled. Spermathecal body almost rounded. Pear-shaped prostate without diverticula. Penial complex without flagellum but with well-developed ultra-penis and penis. Jaw horseshoe shaped. Radular forma 20.1.20; raquidian tooth quadricuspid, asymmetrical. The genus Laevapex Walker, 1903 is recorded for the first time in Brazil. It is easily distinguished from South American Gundlachia Pfeiffer, 1849 by its penial complex. Laevapex vazi is dedicated to Dr. Jorge Faria Vaz, from SUCEN-SP, who have been sent to me the specimens.

EMU, EU, Market Integration and Consumption Smoothing

We take a new approach to the study of the impact of EMU on consumption smoothing. Rather than relying on inferences based on the behavior of consumption levels or growth, we focus on consumption volatility and therefore on smoothing more directly. Consequently, we find that even though EMU tends to smooth consumption, it is not through cross-country property and claims. Rather it comes through the promotion of the tradability of goods, capital in particular: specifically, the encouragement of price competition, contestable home markets, ability to borrow and buy insurance at home, and the harmonization of regulations. Some of the consumption smoothing may also depend on EU membership rather than EMU as such but EMU adds to it. As a fundamental part of the analysis, the paper uses a new index of currency union which focuses on the ratio of trade with other countries sharing the same currency relative to total foreign trade.

On the Sources of Uncertainty in Exchange Rate Predictability

We analyse the role of time-variation in coefficients and other sources of uncertainty in exchange rate forecasting regressions. Our techniques incorporate the notion that the relevant set of predictors and their corresponding weights, change over time. We find that predictive models which allow for sudden rather than smooth, changes in coefficients significantly beat the random walk benchmark in out-of-sample forecasting exercise. Using innovative variance decomposition scheme, we identify uncertainty in coefficients' estimation and uncertainty about the precise degree of coefficients' variability, as the main factors hindering models' forecasting performance. The uncertainty regarding the choice of the predictor is small.

Hyperplasia of elastic tissue in hepatic schistosomal fibrosis

Elastic tissue hyperplasia, revealed by means of histological, immunocytochemical and ultrastructural methods, appeared as a prominent change in surgical liver biopsies taken from 61 patients with schistosomal periportal and septal fibrosis. Such hyperplasia was absent in ecperimental murine schistosomiasis, including mice with "pipe-stem" fibrosis. Displaced connective tissue cells in periportal areas, such as smooth muscle cells, more frequently observed in human material, could be the site of excessive elastin synthesis, and could explain the differences observed in human and experimental materials. Elastic tissue, sometimes represented by its microfibrillar components, also appeared to be more condensed in areas of matrix (collagen) degradation, suggesting a participation of this tissue in the remodelling of the extracellular matrix. By its rectratile properties elastic tissue hyperplasia in hepatic schistosomiasis can cause vascular narrowing and thus play a role in the pathogenesis of portal hypeertension.

Pharmacological screening of Ageratum conyzoides L. (mentrasto)

The pharmacological activities of a water extract (WE) of Ageratum conyzoides L, a plant populary known for its analgesic and anti-inflamatory properties, were studied in vivo and in vitro preparations. Oral administration (p.o.) of the water extract (WE, 0.1 to 5 g/Kg) to rats and mice induced quietness and reduced the spontaneous motility. the sleeping time induced by sodium pentobarbital (50 mg/Kg, i.p.) in mice was not altered by previous treatment with We (2 g/Kg, p.o.). The same treatment did not influence the paw edema induced by carrageenan or dextran, nor did it reduce the chronic paw edema induced by complete Freund's adjuvant or formaldehyde in rats. The tail flick response in immersion test and writhings induced by 0.8%acetic acid in mice were not altered by WE either. In isolated guinea-pig ilea WE (0.4 to 4 mg/ml) did not alter the EC50 values of histamine or acetylcholine, but reduced the maximal response to the agonists by 20 to 50%. We (0.01 to 10 mg/ml) produced tonic contractions of the ileal smooth muscle proportional to the doses, reaching a maximum of 75% relatively to the maximum obtained with histamine. Those contractions were blocked by diphenhydramine (10 nM) and reduced by 32% in presence of atropine (10 nM). The results indicated that oral treatment of rodents with A. conyzoides L neither reduced the inflammatory edema nor did it decrease the reaction to pain stimuli. In vitro the extract presented an unexpected histamine-like activity characteristic of a partial agonist. The results did not confirm the popular medicinal indications of the plant.

Hyperesthésie et apaisement: aspects historiques et psychologiques

L'auteur fait une synthèse des contributions, actuelles ou passées, décrivant la tendance chez un individu à exacerber ses sensations (hyperesthésie), agréables ou douloureuses, y compris les éprouvés émotionnels. Il met l'accent sur l'effet antagoniste ou inhibiteur que les sensations peuvent avoir les unes sur les autres. Puisque l'angoisse implique, elle aussi, une dimension sensorielle, il insiste sur le but paradoxal d'apaisement et donc défensif qui peut motiver la recherche de sensations, en se référant à la notion de « procédé autocalmant » développée par l'école psychosomatique de Paris.¦Ce travail se divise en deux parties consacrées respectivement à l'enfant et à l'adulte, elles-mêmes déclinées sur deux versants, l'un « normal » et l'autre pathologique. Il y est question :¦- des comportements de l'enfant susceptibles d'être produits pour les sensations apaisantes qu'ils procurent : succion, ingestion d'aliments, balancement, masturbation, etc.¦- des auto-agressions dans certains troubles du développement de l'enfant et de l'adolescent¦- de l'hypersensibilité ou émotivité dans les typologies du tempérament ou du caractère proposées dans l'histoire; de la passion également, envisagée comme un embrasement lui aussi potentiellement défensif¦- de deux parmi les troubles de l'adulte qui ont le plus été décrits en termes d'hyperesthésie, à savoir l'hystérie et la manie.¦Il s'agit d'un travail théorique, qui intègre des aspects historiques, et qui peut servir de base à des explorations cliniques ou des recherches plus spécifiques.¦The author presents a summary of past and recent publications describing the disposition in the individual to exacerbate sensations (hyperesthesia), whether pleasurable or painful, including emotional experiences. He emphasizes the possible opposing or inhibiting action these sensations can have between them.¦As anxiety also implies a sensory dimension, the author underlines the paradoxically alleviating, and hence defensive purpose driving the pursuit of sensations, by reference to the notion of self-soothing procedures (procédés auto-calmants), conceptualized by the Paris Psychosomatic School.¦This work is divided into two parts focusing on childhood and adulthood respectively, each in its turn concentrating on both the « normal » and pathological aspects. Topics covered include:¦- behaviours that children may engage in for the soothing effects they produce ; sucking, consumption of food, rocking, masturbation, etc.¦- self-harm in some cases of developmental disorders in children and adolescents¦- hypersensibility and emotivity as described in historical temperament and character types ; passion, also regarded as another defensive excitement.¦- two of the most commonly described disorders of hyperesthesia in adults, namely hysteria and mania.¦This thesis constitutes a research of a theoretical nature. It integrates historical aspects, which can be used as a basis for clinical exploration or further more specific research.

Portal-foro para el aprendizaje de lenguas hispano-japonesas

El trabajo descrito en esta memoria es el resultado de un proyecto de colaboración universitaria entre la Universidad Autónoma de Bellaterra, la Universidad Complutense de Madrid y la Keio University Shonan Fujisawa Campus de Japón, cuya finalidad es la de ayudar a estudiantes de lenguas japonesa y española en horas extra escolares a mejorar y practicar sus conocimientos elementales de las lenguas de estudio mediante el empleo de tecnologías Web. Se describe aquí la plataforma seleccionada para el desarrollo de un foro conversacional y otras utilidades que ayudará y reforzará a los estudiantes los conocimientos del idioma japonés suministrados en horarios de clase.