Capital structure of Finnish firms – Estimating the effects of firm characteristics on capital structure

One of the most disputable matters in the theory of finance has been the theory of capital structure. The seminal contributions of Modigliani and Miller (1958, 1963) gave rise to a multitude of studies and debates. Since the initial spark, the financial literature has offered two competing theories of financing decision: the trade-off theory and the pecking order theory. The trade-off theory suggests that firms have an optimal capital structure balancing the benefits and costs of debt. The pecking order theory approaches the firm capital structure from information asymmetry perspective and assumes a hierarchy of financing, with firms using first internal funds, followed by debt and as a last resort equity. This thesis analyses the trade-off and pecking order theories and their predictions on a panel data consisting 78 Finnish firms listed on the OMX Helsinki stock exchange. Estimations are performed for the period 2003–2012. The data is collected from Datastream system and consists of financial statement data. A number of capital structure characteristics are identified: firm size, profitability, firm growth opportunities, risk, asset tangibility and taxes, speed of adjustment and financial deficit. A regression analysis is used to examine the effects of the firm characteristics on capitals structure. The regression models were formed based on the relevant theories. The general capital structure model is estimated with fixed effects estimator. Additionally, dynamic models play an important role in several areas of corporate finance, but with the combination of fixed effects and lagged dependent variables the model estimation is more complicated. A dynamic partial adjustment model is estimated using Arellano and Bond (1991) first-differencing generalized method of moments, the ordinary least squares and fixed effects estimators. The results for Finnish listed firms show support for the predictions of profitability, firm size and non-debt tax shields. However, no conclusive support for the pecking-order theory is found. However, the effect of pecking order cannot be fully ignored and it is concluded that instead of being substitutes the trade-off and pecking order theory appear to complement each other. For the partial adjustment model the results show that Finnish listed firms adjust towards their target capital structure with a speed of 29% a year using book debt ratio.

WONCA Rural Medical Education Guidebook

We are very excited to launch the WONCA Rural Medical Education Guidebook at the 12th WONCA World Rural Health Conference, Gramado, Brazil. The roots for the Guidebook go back to 1992 when a very important meeting was held on the sidelines of the WONCA Global Family Doctor conference in Vancouver, Canada. At this meeting an interested group of rural practitioners saw the need for WONCA to develop a specific focus on rural doctors. As a result, the WONCA Working Party on Rural Practice (WWPRP) was formed. The group set about producing a visionary roadmap for rural medical education in the form of a seminal document, the WONCA policy on Training for Rural Practice 1995. This was followed four years later by further recommendations made in a companion document, the WONCA policy on Rural Health and Rural Practice 1999, which was revised in 2001.

Sistematic, population genetics, propagation and conservation of Prunus azorica (Rosaceae)

Tese de Doutoramento, Biologia (Ecologia Vegetal), 25 de Junho de 2013, Universidade dos Açores.

Sistematics, population genetics, propagation and conservation of Picconia azorica (Tutin) Knobl. (Oleaceae)

Tese de Doutoramento, Biologia (Ecologia Vegetal), 24 de Junho de 2013, Universidade dos Açores.

La colecistectomía laparoscópica en el Hospital Vicente Corral Moscoso de Cuenca, 1994-2008

Antecedentes. La colecistectomía laparoscópica (CL, Cole-Lap) es el tratamiento de elección en la patología biliar benigna, la que presenta una elevada incidencia en nuestra ciudad y país. En el hospital Vicente Corral, cirujanos en formación y docentes, han participado en el desarrollo de esta técnica desde su inicio. Objetivo. Describir y compartir la experiencia de 14 años de colecistectomía laparoscópica en el Hospital Vicente Corral M. Métodos. Se presenta la casuística descriptiva y retrospectiva de 2.200 pacientes intervenidos por colecistectomía laparoscópica desde mayo de 1994 hasta enero 2008. Resultados. De 2.200 CL, el 79% son de sexo femenino, con promedio de edad de 43 años, con diagnóstico intraoperatorio de colecistitis crónica litiásica en el 82%. Se presentaron complicaciones entre mayores y menores en el 38%, las perforaciones de vesícula con salida de la bilis y las hemorragias provenientes de la arteria cística fueron las más frecuentes. La lesión de la vía biliar principal se registró en el 0.12%. En las 100 primeras cirugías se presentaron 25 complicaciones, mientras que en las 100 últimas fueron 34. El tiempo operatorio promedio fue de 35 minutos en el 2008. Discusión. La colecistectomía laparoscópica demuestra, en nuestro estudio, ser un procedimiento seguro y efectivo en pacientes con colecistitis calculosa aguda o crónica.

Optimised wheat root architecture for increased yield and yield stability in the face of a changing climate.

This project provided information, selection techniques and strategies to facilitate the development of high-yielding, stay-green wheat varieties for Australian growers through: a) Improved understanding of the relationships between seminal root traits and other root- and shoot-related traits in determining high-yielding, stay-green phenotypes. b). Molecular markers and rapid phenotypic screening methods that allow selection in breeding programs and identification of genetic regions controlling favourable traits. c). Identification of traits leading to high-yielding, stay-green phenotypes for particular target populations of environments using computer simulation studies.

Perfil epidemiológico de la colelitiasis aguda en pacientes de 0 a 18 años en el Hospital Nacional de Niños Benjamín Bloom durante el período de Enero 2010 a Diciembre 2014

La Colelitiasis biliar se define como la presencia de material sólido, cálculos o lodo, en el tracto biliar, generalmente en la vesícula biliar. El concepto de enfermedad vesicular indica cambios funcionales y/o morfológicos (inflamación o fibrosis) en la vía biliar, secundarios al desarrollo de bilis con capacidad para formar cálculos o asociados a la litiasis vesicular. En el caso de nuestro estudio, definimos como cuadro agudo, el cuadro que se acompaña de dolor de inicio súbito, vómito, diarrea, y / o síntomas dispépticos, así como ictericia, que obligan a consultar de forma inmediata en un centro asistencial. El interés del pediatra por determinar la causa específica del dolor abdominal en niños, ha obligado a ampliar los conocimientos teóricos, a mejorar la sospecha clínica, a la identificación temprana de factores de riesgo, y la mejora en los manejos para la mayor supervivencia de niños con patología que predisponen a la colelitiasis biliar. Con el avance en las exploraciones ultrasonográficas, se ha descrito con mayor frecuencia casos de colelitiasis biliar en la edad pediátrica, con una incidencia mayor a la esperada hasta hace algunos años, para los diferentes grupos poblacionales.

Análise da eficiência de contratos de serviços de elevada especificidade terceirizados pela petrobras

The definition of the boundaries of the firms is subject that has occupied the organizational theorists long ago, being the seminal work of Coase (1937) indicated as the trigger for one theoretical evolution, with emphasis on governance structures, which led to a modern theory of incomplete contracts. The Transaction Cost Economics (TCE) and Agency Theory arise within this evolution, being widely used in studies related to the theme. Empirically, data envelopment analysis (DEA) has established itself as a suitable tool for analysis of efficiency. Although TCE argues that specific assets must be internalized, recent studies outside the mainstream of theory show that, often, firms may decide, for various reasons, hire them on the market. Researches on transaction costs face with the unavailability of information and methodological difficulties in measuring their critical variables. There`s still the need for further methodological deepening. The theoretical framework includes classic works of TCE and Agency Theory, but also more recent works, outside the mainstream of TCE, which warn about the existence of strategies in use of specific assets that aren`t necessarily aligned with the classical ideas of TCE. The Brazilian oil industry is the focus of this thesis, that aimed to evaluate the efficiency of contracts involving high specificity service outsourced by Petrobras. In order to this, we made the categorization of outsourced services in terms of specificity, as well the description of services with higher specificity. Then, we verified the existence of relationship between the specificity of services and a number of variables, being found divergent results than those that are preached by the mainstream of TCE. Then, we designed a DEA model to analyze the efficiency in the use of onshore drilling rigs, identified among the services of highest specificity. The next step was the application of the model to evaluate the performance of drilling rigs contracts. Finally, we verified the existence of relationship between the efficiency of contracts and a number of variables, being found, again, results not consistent with the theory mainstream. Regarding to analyze of efficiency of drilling rigs contracts, the model developed is compatible with what is found in academic productions in efficiency of drilling rigs. The results on efficiency show a wide range of scores, with efficiencies ranging from 31.79% to 100%, being low the sample efficiency average. There is consonance between the model results and the practices adopted by Petrobras. The results strengthen the DEA as an important tool in studies of efficiency with possibility to use for analysis other types of contracts. In terms of theoretical findings, the results reinforce the arguments that there are situations in which the strategies of the organizations, in terms of use of assets and services of high specificity, do not necessarily follow what is recommended by the mainstream of TCE

Education in occupational health psychology: Where have we been, where are we now and where are we going?

At the first full conference of the European Academy of Occupational Health Psychology (Lund, 1999), the decision was ratified to organise activities around three fora. These together represented the pillars on which the European Academy had been founded that same year: education, research and professional practice. Each forum was convened by a chair person and a small group of full members; it was agreed that a forum meeting would take place at each full conference and working groups would be established to move developments forward between conferences. The forum system has proven an effective means by which to channel the energies of individual members, and the institutions that they represent, towards advancements in all three areas of activity in occupational health psychology (OHP) in Europe. During the meeting of the education forum at the third full European Academy conference (Barcelona, 2001), the proposal was made for the establishment of a working party that would be tasked with the production of a strategy document on The Promotion of Education in Occupational Health Psychology in Europe. The proposal was ratified at the subsequent annual business meeting held during the same conference. The draft outline of the strategy document was published for consultation in the European Academy’s e-newsletter (Vol. 3.1, 2002) and the final document presented to the meeting of the education forum at the fourth full conference (Vienna, 2002). The strategy document constituted a seminal piece of literature in so far as it provided a foundation and structure capable of guiding pan-European developments in education in OHP – developments that would ensure the sustained growth of the discipline and assure it of a long-standing embedded place in both the scholarly and professional domains. To these ends, the strategy document presented six objectives as important for the sustained expansion and the promotion of education in the discipline in Europe. Namely, the development of: [1] A core syllabus for education in occupational health psychology [2] A mechanism for identifying, recognising and listing undergraduate and postgraduate modules and courses (programmes) in occupational health psychology [3] Structures to support the extension of the current provision of education in occupational health psychology [4] Ways of enhancing convergence of the current provision of education in occupational health psychology [5] Ways of encouraging regional cooperation between education providers across the regions of Europe [6] Ways of ensuring consistency with North American developments in education and promoting world wide co-operation in education Five years has elapsed since the presentation of these laudable objectives to the meeting of the education forum in Vienna in December 2002. In that time OHP has undergone considerable growth, particularly in Europe and North America. Expansion has been reflected in the evolution of existing, and emergence of new, representative bodies for the discipline on both sides of the Atlantic Ocean. As such, it might be considered timely to pause to reflect on what has been achieved in respect of each of the objectives set out in the strategy document. The current chapter examines progress on the six objectives and considers what remains to be done. This exercise is entered into not merely in order to congratulate achievements in some areas and lament slow progress in others. Rather, on the one hand it serves to highlight areas where real progress has been made with a view to the presentation of these areas as ripe for further capitalisation. On the other hand it serves to direct the attention of stakeholders (all those with a vested interest in OHP) to those key parts of the jigsaw puzzle that is the development of a self-sustaining pan-European education framework which remain to be satisfactorily addressed.

Análise morfofuncional de espermatozoides suínos e sua relação com a fertilidade in vivo

O espermatozoide é um dos constituintes seminal, sendo essencial para a fertilidade dos indivíduos, uma vez que nele está contido o material genético do progenitor masculino, o qual é transportado através do trato reprodutivo feminino até o encontro com o oócito. No que tange a célula espermática suína, existem poucos relatos acerca de suas as particularidades morfofuncionais, principalmente elencando os fatores relacionados e capazes de interferir na fertilidade desses animais. Devido à crescente relevância da espécie como modelo biológico e sua importância na produção comercial, torna-se necessário compreender a célula espermática, no que diz respeito às características estruturais e funcionais, relacionadas ao processo de fertilização. Assim, o presente trabalho avaliou a morfofisiologia da célula espermática, no que tange a motilidade espermática, integridade e fluidez de membrana plasmática, funcionalidade de mitocôndria, reação acrossomal, espécies reativas de oxigênio, peroxidação lipídica, oxidação de proteínas carbonil, integridade de DNA, capacidade antioxidante total, balanço iônico intracelular e teste de penetração em oócitos homólogos e relacionou essas características com a fertilidade in vivo (taxa de parição). Foi encontrada um diferença significativa na fertilização in vivo, podendo distinguir os animais em animais de alta fertilidade (fertilidade ≥ 70%) e animais de baixa fertilidade (fertilidade < 70%). Animais de alta fertilidade apresentam uma maior funcionalidade mitocondrial (p<0,05), menor fluidez de membrana plasmática (p<0,01) e maior capacidade antioxidante total (p<0,01). Sendo essas últimas correlacionadas de forma positiva à fertilidade in vivo, r= 0,77; p= 0,0003 e r= 0,63; p= 0,0049, respectivamente. Dentre as demais características não foi encontrada nenhuma diferença entre os grupos. Desta forma, este trabalho mostrou algumas características da célula espermática suína e fatores capazes de interferir na fertilidade dos animais. Possivelmente animais de alta fertilidade possuem um maior metabolismo celular, devido a um maior funcionalidade de mitocôndria, sendo capazes de balancear a produção excessiva de espécies reativas de oxigênio devido a uma maior capacidade antioxidante, além disso, 5 essas células, provavelmente também possuam uma metabolismo celular mais estável e compatível com os eventos reprodutivos, o que é indicado pela menor fluidez de membrana plasmática. Assim, avaliações como a fluidez de membrana plasmática, capacidade antioxidante total e funcionalidade mitocondrial das células espermáticas destacam-se como marcadores bioquímicos promissores para predizer a fertilidade in vivo em suínos.

Étude des mécanismes d’extraction lipidique par le peptide mélittine et la protéine BSP1

Les peptides et protéines extracteurs de lipides (PEL) se lient aux membranes lipidiques puis en extraient des lipides en formant de plus petits auto-assemblages, un phénomène qui peut aller jusqu'à la fragmentation des membranes. Dans la nature, cette extraction se produit sur une gamme de cellules et entraîne des conséquences variées, comme la modification de la composition de la membrane et la mort de la cellule. Cette thèse se penche sur l’extraction lipidique, ou fragmentation, induite par le peptide mélittine et la protéine Binder-of-SPerm 1 (BSP1) sur des membranes lipidiques modèles. Pour ce faire, des liposomes de différentes compositions sont préparés et incubés avec la mélittine ou la BSP1. L'association aux membranes est déterminée par la fluorescence intrinsèque des PEL, tandis que l'extraction est caractérisée par une plateforme analytique combinant des tests colorimétriques et des analyses en chromatographie en phase liquide et spectrométrie de masse (LCMS). La mélittine fait partie des peptides antimicrobiens cationiques, un groupe de PEL très répandu chez les organismes vivants. Ces peptides sont intéressants du point du vue médical étant donné leur mode d’action qui vise directement les lipides des membranes. Plusieurs de ceux-ci agissent sur les membranes des bactéries selon le mécanisme dit « en tapis », par lequel ils s’adsorbent à leur surface, forment des pores et ultimement causent leur fragmentation. Dans cette thèse, la mélittine est utilisée comme peptide modèle afin d’étudier le mécanisme par lequel les peptides antimicrobiens cationiques fragmentent les membranes. Les résultats montrent que la fragmentation des membranes de phosphatidylcholines (PC) est réduite par une déméthylation graduelle de leur groupement ammonium. L'analyse du matériel fragmenté révèle que les PC sont préférentiellement extraites des membranes, dû à un enrichissement local en PC autour de la mélittine à l'intérieur de la membrane. De plus, un analogue de la mélittine, dont la majorité des résidus cationiques sont neutralisés, est utilisé pour évaluer le rôle du caractère cationique de la mélittine native. La neutralisation augmente l'affinité du peptide pour les membranes neutres et anioniques, réduit la fragmentation des membranes neutres et augmente la fragmentation des membranes anioniques. Malgré les interactions électrostatiques entre le peptide cationique et les lipides anioniques, aucune spécificité lipidique n'est observée dans l'extraction. La BSP1 est la protéine la plus abondante du liquide séminal bovin et constitue un autre exemple de PEL naturel important. Elle se mélange aux spermatozoïdes lors de l’éjaculation et extrait des lipides de leur membrane, notamment le cholestérol et les phosphatidylcholines. Cette étape cruciale modifie la composition lipidique de la membrane du spermatozoïde, ce qui faciliterait par la suite la fécondation de l’ovule. Cependant, le contact prolongé de la protéine avec les spermatozoïdes endommagerait la semence. Cette thèse cherche donc à approfondir notre compréhension de ce délicat phénomène en étudiant le mécanisme moléculaire par lequel la protéine fragmente les membranes lipidiques. Les résultats des présents travaux permettent de proposer un mécanisme d’extraction lipidique en 3 étapes : 1) L'association à l’interface des membranes; 2) La relocalisation de l’interface vers le cœur lipidique; 3) La fragmentation des membranes. La BSP1 se lie directement à deux PC à l'interface; une quantité suffisante de PC dans les membranes est nécessaire pour permettre l'association et la fragmentation. Cette liaison spécifique ne mène généralement pas à une extraction lipidique sélective. L'impact des insaturations des chaînes lipidiques, de la présence de lysophosphatidylcholines, de phosphatidyléthanolamine, de cholestérol et de lipides anioniques est également évalué. Les présentes observations soulignent la complexe relation entre l'affinité d'un PEL pour une membrane et le niveau de fragmentation qu'il induit. L'importance de la relocalisation des PEL de l'interface vers le cœur hydrophobe des membranes pour permettre leur fragmentation est réitérée. Cette fragmentation semble s'accompagner d'une extraction lipidique préférentielle seulement lorsqu'une séparation de phase est induite au niveau de la membrane, nonobstant les interactions spécifiques PEL-lipide. Les prévalences des structures amphiphiles chez certains PEL, ainsi que de la fragmentation en auto-assemblages discoïdaux sont discutées. Finalement, le rôle des interactions électrostatiques entre les peptides antimicrobiens cationiques et les membranes bactériennes anioniques est nuancé : les résidus chargés diminueraient l'association des peptides aux membranes neutres suite à l'augmentation de leur énergie de solvatation.

The twentieth century jazz piano trio: the rise of an iconic jazz paradigm

Considerando a gravação de 1947 The Bud Powell Trio como a gravação referência de trio de piano de jazz moderno, esta tese centra-se no surgimento e evolução do trio de jazz moderno cujo líder é pianista. Começando por apresentar, uma resenha dos estilos e técnicas para piano de da época pre-Powell, esta tese investiga a génese dos trios de piano jazz e examina três dos mais influeciais pianostas de jazz e lideres dos mais legendários trios de piano jazz modernos: Bud Powell, Bill Evans e Keith Jarrett. Esta tese também abordará o paradoxo inerente a um sistema democrático - a expressão própria do individuo, em justaposição com a responsabilidade para com o todo – e a sua inequivoca analogia com o gestalt do trio de piano de jazz moderno. Desde a primeira gravação de um trio de jazz com pianista como líder em 1935, o trio de jazz moderno, evoluiu tornando-se um exemplo de democracia – um contexto de igualdade em que as funções rítmicas, harmónicas, e melódicas estão igualmente distribuídas entre os três instrumentistas, que são ao mesmo tempo solistas e acompanhadores. Esta tese sublinha a eficácia do trio de jazz moderno – o seu início, e porque subsiste – baseado na sua força e beleza estética; ABSTRACT: THE TWENTIETH CENTURY JAZZ PIANO TRIO – The Rise of an Iconic Jazz Paradigm by Susan Muscarella Designating Bud Powell’s 1947 recording, The Bud Powell Trio, as the modern jazz piano trio benchmark, here, this thesis traces the emergence and evolution of the pianistled, piano-bass-drums-comprised modern jazz piano trio. Beginning with a general overview of pre-Powell jazz piano styles and techniques, this thesis investigates the earliest, most salient pre-Powell jazz piano trios, and examines three seminal modern jazz pianists and leaders of legendary modern jazz piano trios, Bud Powell, Bill Evans and Keith Jarrett. This thesis also brings to the fore the paradox inherent in a democratic system – individual self-expression juxtaposed with responsibility to the whole – and its unequivocal analogy to the modern jazz piano trio gestalt. From the earliest recording of a primarily piano-dominated piano-bass-drums-comprised jazz piano trio in 1935, the modern jazz piano trio has evolved to become a paragon of democracy – an egalitarian playing field in which rhythmic, harmonic and melodic roles are evenly distributed among all three instrumentalists who have come to serve as both soloists and accompanists.

Identificación bacteriana en pacientes con colecistitis aguda del servicio de cirugía Hospital Vicente Corral Moscoso, Cuenca 2001

Se realizó un estudio de tipo prospectivo descriptivo, con el objeto de identificar la presencia o no de gérmenes en la bilis de pacientes que presentaron colicistitis aguda, que acudieron al servicio de emergencia y consulta externa de Hospital Vicente Corral Moscoso. Durante el período de Enero a Mayo del 2001. Determinándose que esta patología al ser de inicio súbito, fue tratada en su mayoría antes de las 72 horas, siendo más frecuente en el sexo femenino, y con mayor incidencia entre la tercera y quinta década de la vida, de quienes se obtuvo bilis mediante punción de la vesícula biliar durante la colecistectomía. Luego se procedió a realizar Tinción de Gram y cultivos, los gérmenes encontrados en la tinción en fresco, fueron en su gran mayoría Gram negativos. Siendo además la E. Coli el gérmen más frecuente en medio de cultivo

Preservación de espermatozoides de la cola del epidídimo bovino en condiciones de campo

La cola del epidídimo constituye un reservorio de espermatozoides que han alcanzado la madurez biológica a través de su trayecto por el largo conducto del epidídimo (Robaire y Hinton, 2014). Los espermatozoides de esta reserva epididimaria pueden obtenerse postmortem o a través de biopsias y utilizarse con fines reproductivos (Albers y Barrios, 2011). El presente trabajo tiene como objetivo principal probar algunas condiciones iniciales de manejo de espermatozoides de la cola del epidídimo de bovinos y su incidencia en parámetros específicos del análisis seminal.

Efecto de la jerarquía social sobre la calidad y la congelabilidad del semen de carnero

Las majadas de ovinos funcionan socialmente dentro de un orden jerárquico que se encuentra formado por individuos dominantes (alfa) y subordinados (omega). El macho dominante es el encargado de la reproducción (Ungerfeld & Núñez, 2011). El animal más agresivo es el que ocupa la posición más alta y no está sujeto a las mismas presiones experimentadas por el resto de los miembros. La sexualidad y el comportamiento agresivo cambian en relación al ciclo reproductivo y al fotoperiodo. Así, los animales menos afectados por el fotoperiodo permanecen más agresivos y con mayor incremento en la libido, mientras que la actividad sexual de los animales de baja jerarquía es generalmente suprimida en presencia de los dominantes (Aguirre, 2004). Cuando se insemina artificialmente se busca calidad y congelabilidad seminal que será proporcionada por un buen carnero independientemente de su ranking social en el grupo. (Guerrero et al., 2009). El objetivo de este trabajo fue evaluar el efecto de la jerarquía social sobre la calidad seminal y la congelabilidad del eyaculado de carneros alfa y omega.