Market institutions and judicial rulemaking

Assuming that the degree of discretion granted to judges was the main distinguishing feature between common and civil law until the 19th century, we argue that constraining judicial discretion was instrumental in protecting freedom of contract and developing the market order in civil law. We test this hypothesis by analyzing the history of Western law. In England, a unique institutional balance between the Crown and the Parliament guaranteed private property and prompted the gradual evolution towards a legal framework that facilitated market relationships, a process that was supported by the English judiciary. On the Continent, however, legal constraints on the market were suppressed in a top-down fashion by the founders of the liberal state, often against the will of the incumbent judiciary. Constraining judicial discretion there was essential for enforcing freedom of contract and establishing the legal order of the market economy. In line with this evidence, our selection hypothesis casts doubts on the normative interpretation of empirical results that proclaim the superiority of one legal system over another, disregarding the local conditions and institutional interdependencies on which each legal system was grounded.

Pension plan funding and stock market efficiency

The paper argues that the market signifficantly overvalues firms with severely underfunded pension plans. These companies earn lower stock returns than firms with healthier pension plans for at least five years after the first emergence of the underfunding. The low returns are not explained by risk, price momentum, earnings momentum, or accruals. Further, the evidence suggests that investors do not anticipate the impact of the pension liability on future earnings, and they are surprised when the negative implications of underfunding ultimately materialize. Finally, underfunded firms have poor operating performance, and they earn low returns, although they are value companies.

New findings regarding return autocorrelation anomalies and the importance of non-trading periods

In this paper, differences in return autocorrelation across weekdays havebeen investigated. Our research provides strong evidence of the importanceon non-trading periods, not only weekends and holidays but also overnightclosings, to explain return autocorrelation anomalies. While stock returnsare highly autocorrelated, specially on Mondays, when daily returns arecomputed on a open-to-close basis, they do not exhibit any significantlevel of autocorrelation. Our results are compatible with theinformation processing hypotheses as an explanation of the weekendeffect.

Which inflation to target? A small open economy with sticky wages indexed to past inflation

In a closed economy context there is common agreement on price inflation stabilization being one of the objects of monetary policy. Moving to an open economy context gives rise to the coexistence of two measures of inflation: domestic inflation (DI) and consumer price inflation (CPI). Which one of the two measures should be the target variable? This is the question addressed in this paper. In particular, I use a small open economy model to show that once sticky wages indexed to past CPI inflation are introduced, a complete inward looking monetary policy is no more optimal. I first, derive a loss function from a secondorder approximation of the utility function and then, I compute the fully optimalmonetary policy under commitment. Then, I use the optimal monetary policy as a benchmark to compare the performance of different monetary policy rules. The main result is that once a positive degree of indexation is introduced in the model the rule performing better (among the Taylor type rules considered) is the one targeting wage inflation and CPI inflation. Moreover this rule delivers results very close to the one obtained under the fully optimal monetary policy with commitment.

What is the importance of open habitat in a predominantly closed forest area to the dung beetle (Coleoptera, Scarabaeinae) assemblage?

What is the importance of open habitat in a predominantly closed forest to the dung beetle assemblage? The Atlantic Forest in Brazil is one of the most highly disturbed ecosystems and is mainly represented by fragmented areas. However, in places where human disturbances have ceased, certain areas are showing a natural regeneration pattern. The aim of the present study was to determine how the dung beetle assemblage responds to distinct habitat structures in a fragment of Atlantic Forest. For such, open and closed forest areas were sampled in a fragment of the Atlantic Forest in the northeastern region of Brazil. Pitfall traps baited with excrement and carrion were used to collect the beetles. A total of 7,267 individuals belonging to 35 species were captured. Canthon chalybaeus and C. mutabilis were restricted to open areas. Nearly 90% of the individuals of C. aff. simulans and Deltochilum aff. irroratum were identified in these areas. A higher percentage (> 50%) of Canthon staigi, Dichotomius aff. depressicolis and D. aff. sericeus occurred in closed areas. Abundance differed between areas, with higher values in closed areas. Richness was not influenced by the habitat structure. NMDS ordination exhibited the segregation of areas and ANOSIM confirmed that this variable explained the assemblage of dung beetle species. The findings of the present study validate that open areas are associated to more restrictive conditions, limiting a higher abundance of dung beetle. Although situated near preserved fragments, the studied open areas increase the heterogeneity of the general landscape.

Open Door Newsletter of the Library, Winter 2007

The Open Door newsletter is produced by the Iowa Commission for the Blind. It is published twice a year with information about the library programs and what is going on.

Open Door Newsletter of the Library, Spring 2008

The Open Door newsletter is produced by the Iowa Commission for the Blind. It is published twice a year with information about the library programs and what is going on.

Open Door Newsletter of the Library, Winter 2009

The Open Door newsletter is produced by the Iowa Commission for the Blind. It is published twice a year with information about the library programs and what is going on.

Major Home Appliances,2008

If you haven’t been in the market for new appliances during the past several years, you’re going to be surprised at how innovative and energy-efficient appliances have become. You’ll find energy-smart appliance choices in almost all price ranges. Before heading to the local appliance retailer or “big-box” store, measure the space the new appliance will occupy to make sure it will fit—and that there’s enough room to fully open the door (or lid), as well as adequate clearances for ventilation, plumbing connections and other hookups. Then go to the appliance manufacturers’ Web sites to look at product information, and make a list of questions and “must-have” and “nice-to-have-but-not-essential” features.

Panitumumab plus radiotherapy versus chemoradiotherapy in patients with unresected, locally advanced squamous-cell carcinoma of the head and neck (CONCERT-2): a randomised, controlled, open-label phase 2 trial.

BACKGROUND: We aimed to compare panitumumab, a fully human monoclonal antibody against EGFR, plus radiotherapy with chemoradiotherapy in patients with unresected, locally advanced squamous-cell carcinoma of the head and neck. METHODS: In this international, open-label, randomised, controlled, phase 2 trial, we recruited patients with locally advanced squamous-cell carcinoma of the head and neck from 22 sites in eight countries worldwide. Patients aged 18 years and older with stage III, IVa, or IVb, previously untreated, measurable (≥10 mm for at least one dimension), locally advanced squamous-cell carcinoma of the head and neck (non-nasopharygeal) and an Eastern Cooperative Oncology Group performance status of 0-1 were randomly assigned (2:3) by an independent vendor to open-label chemoradiotherapy (two cycles of cisplatin 100 mg/m(2) during radiotherapy) or to radiotherapy plus panitumumab (three cycles of panitumumab 9 mg/kg every 3 weeks administered with radiotherapy) using a stratified randomisation with a block size of five. All patients received 70-72 Gy to gross tumour and 54 Gy to areas of subclinical disease with accelerated fractionation radiotherapy. The primary endpoint was local-regional control at 2 years, analysed in all randomly assigned patients who received at least one dose of their assigned protocol-specific treatment (chemotherapy, radiation, or panitumumab). The trial is closed and this is the final analysis. This study is registered with ClinicalTrials.gov, number NCT00547157. FINDINGS: Between Nov 30, 2007, and Nov 16, 2009, 152 patients were enrolled, and 151 received treatment (61 in the chemoradiotherapy group and 90 in the radiotherapy plus panitumumab group). Local-regional control at 2 years was 61% (95% CI 47-72) in the chemoradiotherapy group and 51% (40-62) in the radiotherapy plus panitumumab group. The most frequent grade 3-4 adverse events were mucosal inflammation (25 [40%] of 62 patients in the chemoradiotherapy group vs 37 [42%] of 89 patients in the radiotherapy plus panitumumab group), dysphagia (20 [32%] vs 36 [40%]), and radiation skin injury (seven [11%] vs 21 [24%]). Serious adverse events were reported in 25 (40%) of 62 patients in the chemoradiotherapy group and in 30 (34%) of 89 patients in the radiotherapy plus panitumumab group. INTERPRETATION: Panitumumab cannot replace cisplatin in the combined treatment with radiotherapy for unresected stage III-IVb squamous-cell carcinoma of the head and neck, and the role of EGFR inhibition in locally advanced squamous-cell carcinoma of the head and neck needs to be reassessed. FUNDING: Amgen.

Automatização de processo de negócio usando ferramentas de BPM Open Source Automatização do processo Segunda Via

Este trabalho foi realizado no âmbito dos regulamentos dos cursos de graduação para a obtenção do grau de licenciatura na universidade Jean Piaget de Cabo Verde. Nele abordamos os conceitos de Bussines Process Management (BPM), Bussines Process Automation (BPA) e Open Source, cujo seu principal objectivo é dar a conhecer o estudo e implementação de automatização de processo de negócio usando ferramentas de BPM Open Source e o seu impacto depois da implementação. No presente trabalho fez-se uma investigação sobre algumas ferramentas Open Source usadas na automatização de processos de negócio, e implementado um processo BPM no framework Activiti para automatização do processo de negócio segunda via dos números dos clientes da Unitel T+. Para a automatização do processo Segunda Via foi integrado os frameworks Activiti e o Liferay, visto que dado a realidade de uma operadora de telecomunicação existe uma plataforma de gestão dos dados dos clientes implementado no Liferay, e havia necessidade de integrar estes dois frameworks distintos. Um dos maiores desafios na integração dos dois frameworks foi a autenticação. Para dar resposta a este problema, obter maior nível de segurança e sincronizar os frameworks foi utilizado o Hook que permite uma única autenticação e balanceamento (sincronização) dos dados no Activiti e no Liferay.

Utilização de Plataformas Open Source Caso de estudo Empresas de Base Tecnológica e Instituições de Ensino Superior da Cidade da Praia

Este é o meu trabalho do fim de curso de Engenharia de Sistemas e Informática, no grau de licenciatura que tem como tema “Utilização de Plataformas Open Source” onde vou abordar a utilização de plataformas Open Sources na área de TI mas concretamente no desenvolvimento do software em geral o que engloba todas as fazes de desenvolvimento do software. De um modo geral está memória visa fazer uma pequena publicitação dos softwares Open Sources, sabendo que é muito comum encontramos grandes softwares Open Source mais pouco utilizado em relação a um outro software do mesmo tipo mas que é proprietário, como no caso de Windows e Linux. Pretende-se analisar as principais características de softwares Open Source que dificultam a sua utilização por parte dos profissionais de empresas de base tecnológica e chefe de laboratórios informático das instituições de ensino superior da Cidade da Praia, também pretende saber o porque da dominação dos softwares proprietários em países em desenvolvimento em geral.Entretanto vamos apresentar as principais melhorias que empresas de desenvolvimento de softwares Open Source devem fazer para aumentar a utilização dos seus softwares em comparação com o software proprietário.

Disseny d’un sistema d’entrenament per l’escalada

El projecte proposa un sistema d’entrenament per l’escalada, donant noves solucions adaptades a les noves tendències socials i de mercat. La millora en la comunicació usuari-producte i el seguiment del progrés en l’entrenament són les bases d’aquest projecte, entorn a les quals giren totes les solucions plantejades. Donat l’increment exponencial dels usuaris de sales d’entrenament i aficionats a l’escalada en els últims deu anys, on m’incloc, aquest projecte pretén donar una nova visió més real de l’entrenament, plantejant un producte versàtil i canviant, el qual s’adequa a les necessitats concretes de cada usuari, a l’hora que proposa diferents muntatges segons les possibilitats de l’espai d’instal·lació. L’interès personal per l’escalada i l’experiència durants els últims anys en sales d’entrenament m’han fet plantejar-me la funció de diferents elements dins d’aquests espais. L’ús de noves tecnologies i de sistemes de programació específics donen a l’usuari l’oportunitat d’endinsar-se en tota una experiència diferent d’entrenament, on pot dissenyar el seu propi pla, tenir un seguiment estadístic de la seva evolució i ser partícip d’una xarxa social de contactes, recomanacions, actualitzacions d’exercicis i plantejament de nous reptes. Naixent les sales d’entrenament a la dècada dels seixanta, avui dia són més de 40 les empreses dedicades a la producció i fabricació de material per elles. Només un 11% inverteixen en innovació i disseny i, tot i així, els resultats, en la majoria dels casos, no es desmarquen gaire d’allò que ja existeix. Amb aquest projecte es vol obrir un nou paradigma en el sector, donar la volta a allò existent i mostrar que fent un bon estudi de necessitats es poden plantejar solucions molt més reals, adaptables i personalitzables.

Relatório de Jogos de Marketing - Evolutec-Computer

A Evolutec-Computer é uma empresa especializada em engenharia eletrônica, que recebeu um financiamento de uma firma internacional de acionistas, que decidiu entrar no mercado de produção de microcomputador. Por conseguinte, foi criada uma nova divisão de PC Marketing para prosseguir nesta oportunidade de negócio. A fim de iniciar essa divisão, a Cooporate Headquarters forneceu o capital inicial (dinheiro do investimento). O montante concedido seria usado para abrir escritórios de vendas, design das marcas e realizar atividades de pesquisas R&D para as novas tecnologias. A nossa empresa recebeu 500.000 USD nos primeiros quatro semestres e 5.000.000 USD no quinto semestre, somando um total de 7.000.000 USD. A Evolutec-Computer terá o controlo da divisão de PC para os próximos dois anos (8 semestres/períodos de decisão). Dentro desse prazo, a Coorporate Headquarters espera ver a criação de uma divisão autossuficiente. A equipa criada pela Evolutec terá que ser capaz de gerar proveito das operações e contribuir para o lucro da corporação como um todo. Dentro dos 8 semestres, espera-se obter lucro suficiente para cobrir os investimentos iniciais...The Evolutec-Computer is a company specialized in electronic engineering, which has received funding from an international firm shareholder, who decided to enter the PC production market. Therefore, a new PC Marketing Division was created to pursue this business opportunity. In order to start this division, the Corporate Headquarters provided the initial capital (investment money). The sum would be used to open sales offices, design brands and carry out R & D research activities for new technologies. Our company received $ 500,000 in the first four semesters and $ 5,000,000 in the fifth semester, for a total of $ 7,000,000. The Evolutec-Computer will control the PC division for the next two years (eight semesters/decision periods). Within that period, the Coorporate Headquarters hopes to see the creation of a selfsufficient division. The team set up by Evolutec will have to be able to generate profit from operations and contribute to the profit of the corporation as a whole. Within 8 semesters, is expected to make enough profit to cover the initial investment. The performance of our company will be measured by Headquarter through the Balanced Scorecard, which will be based on financial performance, effectiveness of the marketing plan, market performance, investments in the company's future and wealth creation.

Comparative effects of teriparatide and ibandronate on spine bone mineral density (BMD) and microarchitecture (TBS) in postmenopausal women with osteoporosis: a 2-year open-label study.

Treatment effects over 2 years of teriparatide vs. ibandronate in postmenopausal women with osteoporosis were compared using lumbar spine bone mineral density (BMD) and trabecular bone score (TBS). Teriparatide induced larger increases in BMD and TBS compared to ibandronate, suggesting a more pronounced effect on bone microarchitecture of the bone anabolic drug. INTRODUCTION: The trabecular bone score (TBS) is an index of bone microarchitecture, independent of bone mineral density (BMD), calculated from anteroposterior spine dual X-ray absorptiometry (DXA) scans. The potential role of TBS for monitoring treatment response with bone-active substances is not established. The aim of this study was to compare the effects of recombinant human 1-34 parathyroid hormone (teriparatide) and the bisphosphonate ibandronate (IBN), on lumbar spine (LS) BMD and TBS in postmenopausal women with osteoporosis. METHODS: Two patient groups with matched age, body mass index (BMI), and baseline LS BMD, treated with either daily subcutaneous teriparatide (N = 65) or quarterly intravenous IBN (N = 122) during 2 years and with available LS BMD measurements at baseline and 2 years after treatment initiation were compared. RESULTS: Baseline characteristics (overall mean ± SD) were similar between groups in terms of age 67.9 ± 7.4 years, body mass index 23.8 ± 3.8 kg/m(2), BMD L1-L4 0.741 ± 0.100 g/cm(2), and TBS 1.208 ± 0.100. Over 24 months, teriparatide induced a significantly larger increase in LS BMD and TBS than IBN (+7.6 % ± 6.3 vs. +2.9 % ± 3.3 and +4.3 % ± 6.6 vs. +0.3 % ± 4.1, respectively; P < 0.0001 for both). LS BMD and TBS were only weakly correlated at baseline (r (2) = 0.04) with no correlation between the changes in BMD and TBS over 24 months. CONCLUSIONS: In postmenopausal women with osteoporosis, a 2-year treatment with teriparatide led to a significantly larger increase in LS BMD and TBS than IBN, suggesting that teriparatide had more pronounced effects on bone microarchitecture than IBN.