994 resultados para Return period


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In this paper, I explore the motif of time travel in science fictional French comics until the eighties. Time travel incorporates a fascinating potential for narrative representation, since moving back in time may multiply timelines, according to the well-known paradox of the grandfather. This virtuality has become very popular in novels and in movies, since In his Bootstraps (Heinlein, 1941) and La Jetée (Marker, 1962) until the recent Looper (Johnson, 2012) but it has been rarely represented in French comics before the eighties and the apparition of time paradoxes in series like "Yoko Tsuno" and, mostly, "Valérian agent spatio-temporel". Firstly, many modalities of time travel do not engender time paradoxes, like exploration of prehistoric sanctuaries, imaginary travel, or cryogenic sleep followed by an awakening if a future world with no hope to return in the past. Secondly, time travel has been mostly interpreted as a mere extension of the classic motif of the "extraordinary journey", as exemplified for centuries in fictions by Verne, Mercier, Swift, or Stevenson. Thus, the graphic potential of time travel for the representation of spectacular exotic worlds has predominated in French comic tradition, and this tendency has been encouraged by the dominant mode of publication until the end of the sixties. Indeed, complex scriptwriting involving multiple timelines would not fit the form of a weekly feuilleton addressed to a young audience, because it would be too demanding cognitively speaking. It illustrates also the dominance of graphic concerns over a taste for complex scriptwriting in many comics of this period. Still, the development of time paradoxes in Pierre Christin scriptwriting underlines the potential of the media when it is published in series of albums or in graphic novels. At the same time, Jean-Claude Mézières drawings-featuring spectacular representations of foreign worlds-show that the visual interest of spectacular time travels remains a central issue for this popular graphic medium. Cette étude porte sur le motif du voyage temporel dans la bande dessinée franco-belge de science- fiction jusque dans les années quatre-vingt. Le voyage temporel intègre un potentiel fascinant pour la représentation narrative, étant donné que le retour dans le passé est susceptible d'engendrer des lignes temporelles multiples, selon le paradoxe bien connu du « grand-père ». Cette virtualité est devenue très populaire dans les romans et dans les films, depuis In his Bootstraps (Heinlein, 1941) et La Jetée (Marker, 1962) jusqu'au récent Looper (Johnson, 2012), mais elle a rarement été représentée dans la bande dessinée franco-belge avant les années quatre-vingt et l'apparition de paradoxes temporels dans des séries comme « Yoko Tsuno » et, surtout, « Valérian agent spatio-temporel ». Tout d'abord, de nombreuses modalités du voyage dans le temps n'engendrent aucun paradoxe, par exemple l'exploration de sanctuaires préhistoriques, le voyage illusoire ou le sommeil cryogénique suivi d'un réveil dans le futur, sans espoir de revenir dans le passé. Deuxièmement, le voyage dans le temps a été plus souvent interprété comme une simple extension du motif classique du « voyage extraordinaire », tel qu'on le retrouve, depuis le XVIIIe siècle, les fictions de Verne, Mercier, Swift ou Stevenson. Ainsi, le potentiel graphique du voyage dans le temps pour la représentation de mondes exotiques spectaculaires a prédominé dans la tradition franco-belge et cette tendance a été encouragée par le mode de publication dominant jusqu'à la fin des années soixante. En effet, l'écriture de scénarios complexes impliquant de multiples lignes temporelles ne semble pas adaptée à la forme d'un feuilleton hebdomadaire destiné à un jeune public, parce qu'il aurait été trop exigeant, cognitivement parlant. Cela illustre également la prédominance de préoccupations graphiques sur l'écriture de scénarios complexes dans de nombreuses bandes dessinées de cette période. Pourtant, le développement de paradoxes temporels dans les scénarios de Pierre Christin souligne le potentiel du média quand il est publié en série d'albums ou dans des romans graphiques. Parallèlement, les dessins de Jean-Claude Mézières, qui proposent des représentations spectaculaires de mondes étrangers, montre que l'intérêt visuel du voyage dans le temps demeure une question centrale pour ce média populaire.

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This study examines the short time price effect of dividend announcements during a boom and a recession. The data being used here is gathered from the years of 2000 - 2002 when it was a recession after the techno bubble burst and from the years 2005 - 2007 when investors experienced large capital gains all around the world. The data consists of dividend increases and intact observations. The aim is to find out differences in abnormal returns between a boom and a recession. Second, the study examines differences between different dividend yield brackets. Third, Finnish extra dividends, mainly being delivered to shareholders in 2004 are included to the empirical test. Generally stated, the aim is to find out do investors respect dividends more during a recession than a boom and can this be proved by using dividend yield brackets. The empirical results from U.S shows that the abnormal returns of dividend increase announcements during the recession in the beginning of this decade were larger than during the boom. Thus, investors seem to respect dividend increases more when stock prices are falling. Substantial abnormal returns of dividend increases during the time period of 2005 - 2007 could not be found. The results from the overall samples state that the abnormal returns during the recession were positively slightly higher than during the boom. No clear and strong evidence was found between different dividend yield brackets. In Finland, there were substantial abnormal returns on the announcement day of the extra dividends. Thus, indicating that investors saw the extra dividends as a good thing for shareholders' value. This paper is mostly in line with the theory that investors respect dividends more during bad times than good times.

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INTRODUCTION: Time to fitness for work (TFW) was measured as the number of days that were paid as compensation for work disability during the 4 years after discharge from the rehabilitation clinic in a population of patients hospitalised for rehabilitation after orthopaedic trauma. The aim of this study was to test whether some psychological variables can be used as potential early prognostic factors of TFW. MATERIAL AND METHODS: A Cox proportional hazards model was used to estimate the associations between predictive variables and TFW. Predictors were global health, pain at hospitalisation and pain decrease during the stay (all continuous and standardised by subtracting the mean and dividing by two standard deviations), perceived severity of the trauma and expectation of a positive evolution (both binary variables). RESULTS: Full data were available for 807 inpatients (660 men, 147 women). TFW was positively associated with better perceived health (hazard ratio [HR] 1.16, 95% confidence interval [CI] 1.13-1.19), pain decrease (HR 1.46, 95% CI 1.30-1.64) and expectation of a positive evolution (HR 1.50, 95% CI 1.32-1.70) and negatively associated with pain at hospitalisation (HR 0.67, 95% CI 0.59-0.76) and high perceived severity (HR 0.72, 95% CI 0.61-0.85). DISCUSSION: The present results provide some evidence that work disability during a four-year period after rehabilitation may be predicted by prerehabilitation perceptions of general health, pain, injury severity, as well as positive expectation of evolution.

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[spa] El presente artículo ofrece una aproximación al complejo fenómeno del exilio provocado por la Guerra Civil española desde un punto de vista poco analizado hasta este momento: el estudio a través de los epistolarios existentes de los sentimientos personales que hizo aflorar este abandono forzado del país (miedos, deseos, esperanzas, incertidumbres, preocupaciones e inquietudes, ánimos, etc.). Para conseguir esta visión más personal hemos basado nuestra investigación en el análisis de unas fuentes que consideramos poco trabajadas hasta el momento como son los epistolarios. El estudio de éstos, ya sean fuentes primarias depositadas en fondos de archivos diversos de Catalunya como los epistolarios editados, nos ha permitido obtener un testimonio personal y de primera mano de un fenómeno, el del exilio, tratado principalmente hasta ahora desde un punto de vista colectivo. El análisis, centrado básicamente en personajes catalanes y en el periodo comprendido entre 1939 y 1946 (cuando se desvanece definitivamente la esperanza que la victoria aliada provoque el fin del régimen) pone de manifiesto una voluntad común: el ansia del retorno.

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AIM: The prediction of return of spontaneous circulation (ROSC) during resuscitation of patients suffering of cardiac arrest (CA) is particularly challenging. Regional cerebral oxygen saturation (rSO2) monitoring through near-infrared spectrometry is feasible during CA and could provide guidance during resuscitation. METHODS: We conducted a systematic review and meta-analysis on the value of rSO2 in predicting ROSC both after in-hospital (IH) or out-of-hospital (OH) CA. Our search included MEDLINE (PubMed) and EMBASE, from inception until April 4th, 2015. We included studies reporting values of rSO2 at the beginning of and/or during resuscitation, according to the achievement of ROSC. RESULTS: A total of nine studies with 315 patients (119 achieving ROSC, 37.7%) were included in the meta-analysis. The majority of those patients had an OHCA (n=225, 71.5%; IHCA: n=90, 28.5%). There was a significant association between higher values of rSO2 and ROSC, both in the overall calculation (standardized mean difference, SMD -1.03; 95%CI -1.39,-0.67; p<0.001), and in the subgroups analyses (rSO2 at the beginning of resuscitation: SMD -0.79; 95%CI -1.29,-0.30; p=0.002; averaged rSO2 value during resuscitation: SMD -1.28; 95%CI -1.74,-0.83; p<0.001). CONCLUSIONS: Higher initial and average regional cerebral oxygen saturation values are both associated with greater chances of achieving ROSC in patients suffering of CA. A note of caution should be made in interpreting these results due to the small number of patients and the heterogeneity in study design: larger studies are needed to clinically validate cut-offs for guiding cardiopulmonary resuscitation.

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Background: The control of gastric residual volume (GRV) is a common nursing intervention in intensive care; however the literature shows a wide variation in clinical practice regarding the management of GRV, potentially affecting patients" clinical outcomes. The aim of this study is to determine the effect of returning or discarding GRV, on gastric emptying delays and feeding, electrolyte and comfort outcomes in critically ill patients. Method: A randomised, prospective, clinical trial design was used to study 125 critically ill patients, assigned to the return or the discard group. Main outcome measure was delayed gastric emptying. Feeding outcomes were determined measuring intolerance indicators, feeding delays and feeding potential complications. Fluid and electrolyte measures included serum potassium, glycaemia control and fluid balance. Discomfort was identified by significant changes in vital signs. Results: Patients in both groups presented similar mean GRV with no significant differences found (p=0.111), but participants in the intervention arm showed a lower incidence and severity of delayed gastric emptying episodes (p=0.001). No significant differences were found for the rest of outcome measurements, except for hyperglycaemia. Conclusions: The results of this study support the recommendation to reintroduce gastric content aspirated to improve GRV management without increasing the risk for potential complications.

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Declining agricultural productivity, land clearance and climate change are compounding the vulnerability of already marginal rural populations in West Africa. 'Farmer-Managed Natural Regeneration' (FMNR) is an approach to arable land restoration and reforestation that seeks to reconcile sustained food production, conservation of soils and protection of biodiversity. It involves selecting and protecting the most vigorous stems regrowing from live stumps of felled trees, pruning off all other stems, and pollarding the chosen stems to grow into straight trunks. Despite widespread enthusiasm and application of FMNR by environmental management and development projects, to date, no research has provided a measure of the aggregate livelihood impact of community adoption of FMNR. This paper places FMNR in the context of other agroforestry initiatives, then seeks to quantify the value of livelihood outcomes of FMNR. We review published and unpublished evidence about the impacts of FMNR, and present a new case study that addresses gaps in the evidence base. The case study focuses on a FMNR project in the district of Talensi in the semi-arid Upper East Region in Ghana. The case study employs a Social Return on Investment (SROI) analysis, which identifies proxy financial values for non-economic as well as economic benefits. The results demonstrate income and agricultural benefits, but also show that asset creation, increased consumption of wild resources, health improvements and psycho-social benefits created more value in FMNR-adopting households during the period of the study than increases in income and agricultural yields.

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Odontoid fractures are the most common cervical fractures in the adult population. They represent 9 to 18 % of all cervical fractures and the type II is the most common. The incidence of neurologic deficits (ND) in odontoid fractures varies between 3 to 25%. A recent study showed that patients with ND had a mortality rate increased by 4.72 times and a complication rate higher of 1.18 times. The most common complication in patients with ND was respiratory distress8. Surprisingly, although type II odontoid fractures are frequent cervical fractures, their natural history has been poorly described. Surgery for odontoid fractures is well described. However, there are so far guidelines based on class II and class III evidence only regarding indications for surgery and regarding surgical techniques. The class II guidelines recommend to consider surgical stabilization and fusion for type II odontoid in patients over 50 years of age. The class III recommendations are to first manage non-displaced odontoid type II fracture with external immobilization and that translation of 5mm or more is associated with a high rate of non- union with the conservative treatment and should be treated surgically.

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PURPOSE: Adenoma is the main parathyroid disorder leading to primary hyperparathyroidism (PHP). Minimally invasive parathyroidectomy (MIP) is recognized as a valid procedure for adenoma-related PHP. It requires precise preoperative localization combining Tc-99m-MIBI (methoxy-isobutyl-isonitrile) scintigraphy and single-photon emission computed tomography (SPECT) with x-ray computed tomography (CT) and intraoperative confirmation of successful excision by change in intact parathormone (iPTH) levels. The study aim was to assess the surgery success in relation to these two parameters. METHODS: All patients operated on for PHP from 2005 to mid-2014 at our institution were retrospectively reviewed. MIP was performed in case of precise preoperative adenoma localization on scintigraphy, absence of past cervical surgery, and absence of concomitant thyroid resection necessity. In these patients, iPTH levels were monitored intraoperatively. Confirmation criteria for iPTH values were a return to normal level or a decrease >50 % of basal iPTH level. RESULTS: There were 197 PHP operations during the study period: 118 MIP and 79 bilateral neck explorations (BNEs). The MIP success rate was 95 % (112/118) with a preoperative MIBI scan ± CT accurate in 94 % (111/118) of the patients and with correct iPTH in 90 % (106/118) of the cases. Among the 12 iPTH levels that did not meet the confirmation criteria, 10 returned to normal range by postoperative day 2. Treatment failure appeared in three patients (one BNE, two MIPs). CONCLUSIONS: Tc-99m-MIBI dual-phase scintigraphy with SPECT/CT is the key examination for functional and morphological parathyroid adenoma localization. If preoperative scintigraphy is obvious and intraoperative assessment is clear, one could possibly safely omit iPTH, as it may lead to unnecessary BNE in primary PHP.

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This thesis investigates performance persistence among the equity funds investing in Russia during 2003-2007. Fund performance is measured using several methods including the Jensen alpha, the Fama-French 3- factor alpha, the Sharpe ratio and two of its variations. Moreover, we apply the Bayesian shrinkage estimation in performance measurement and evaluate its usefulness compared with the OLS 3-factor alphas. The pattern of performance persistence is analyzed using the Spearman rank correlation test, cross-sectional regression analysis and stacked return time series. Empirical results indicate that the Bayesian shrinkage estimates may provide better and more accurate estimates of fund performance compared with the OLS 3-factor alphas. Secondly, based on the results it seems that the degree of performance persistence is strongly related to length of the observation period. For the full sample period the results show strong signs of performance reversal whereas for the subperiod analysis the results indicate performance persistence during the most recent years.

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The aim of the thesis was to examine socially responsible investing, its background, development, and performance relative to conventional investing. Finance theory was exploited in the study in order to find possible weaknesses of socially responsible investing. A number of U.S.-based studies about the same subject were analyzed as well. According to the majority of the studies, socially responsible investing performs equally well with conventional investing. Return differences during May 2000 through November 2008 were measured by conducting an empirical study about the Calvert Social Index, the broad-based S&P 500 index, and the technology-based Nasdaq index. Return differences were observed by using measures of simple return and risk-return ratios. Based on this empirical research we state that socially responsible investing underperforms conventional investing, which differs from the majority of the earlier study results. We also state that the time period used in this study is exceptional compared to that of the earlier studies, however, any factors causing the underperformance were not identified.

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This paper adopts dynamic factor models with macro-finance predictors to test the intertemporal risk-return relation for 13 European stock markets. We identify country specific, euro area, and global macro-finance factors to determine the conditional risk and return. Empirically, the risk- return trade-off is generally negative. However, a Markov switching model documents that there is time-variation in this trade-off that is linked to the state of the economy. Keywords: Risk-return trade-off; Dynamic factor model; Macro-finance predictors; European stock markets; Markov switching model JEL Classifications: C22; G11; G12; G17

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In the assessment of social impact caused by meteorological events, factors of different natures need to be considered. Not only does hazard itself determine the impact that a severe weather event has on society, but also other features related to vulnerability and exposure. The requests of data related to insurance claims received in meteorological services proved to be a good indicator of the social impact that a weather event causes, according to studies carried out by the Social Impact Research Group, created within the framework of the MEDEX project. Taking these requests as proxy data, diverse aspects connected to the impact of heavy rain events have been studied. The rainfall intensity, in conjunction with the population density, has established itself as one of the key factors in social impact studies. One of the conclusions we obtained is that various thresholds of rainfall should be applied for areas of varying populations. In this study, the role of rainfall intensity has been analysed for a highly populated urban area like Barcelona. A period without significant population changes has been selected for the study to minimise the effects linked to vulnerability and exposure modifications. First, correlations between rainfall recorded in different time intervals and requests were carried out. Afterwards, a method to include the intensity factor in the social impact index was suggested based on return periods given by intensity duration frequency (IDF) curves.

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Last two decades have seen a rapid change in the global economic and financial situation; the economic conditions in many small and large underdeveloped countries started to improve and they became recognized as emerging markets. This led to growth in the amounts of global investments in these countries, partly spurred by expectations of higher returns, favorable risk-return opportunities, and better diversification alternatives to global investors. This process, however, has not been without problems and it has emphasized the need for more information on these markets. In particular, the liberalization of financial markets around the world, globalization of trade and companies, recent formation of economic and regional blocks, and the rapid development of underdeveloped countries during the last two decades have brought a major challenge to the financial world and researchers alike. This doctoral dissertation studies one of the largest emerging markets, namely Russia. The motivation why the Russian equity market is worth investigating includes, among other factors, its sheer size, rapid and robust economic growth since the turn of the millennium, future prospect for international investors, and a number of important major financial reforms implemented since the early 1990s. Another interesting feature of the Russian economy, which gives motivation to study Russian market, is Russia’s 1998 financial crisis, considered as one of the worst crisis in recent times, affecting both developed and developing economies. Therefore, special attention has been paid to Russia’s 1998 financial crisis throughout this dissertation. This thesis covers the period from the birth of the modern Russian financial markets to the present day, Special attention is given to the international linkage and the 1998 financial crisis. This study first identifies the risks associated with Russian market and then deals with their pricing issues. Finally some insights about portfolio construction within Russian market are presented. The first research paper of this dissertation considers the linkage of the Russian equity market to the world equity market by examining the international transmission of the Russia’s 1998 financial crisis utilizing the GARCH-BEKK model proposed by Engle and Kroner. Empirical results shows evidence of direct linkage between the Russian equity market and the world market both in regards of returns and volatility. However, the weakness of the linkage suggests that the Russian equity market was only partially integrated into the world market, even though the contagion can be clearly seen during the time of the crisis period. The second and the third paper, co-authored with Mika Vaihekoski, investigate whether global, local and currency risks are priced in the Russian stock market from a US investors’ point of view. Furthermore, the dynamics of these sources of risk are studied, i.e., whether the prices of the global and local risk factors are constant or time-varying over time. We utilize the multivariate GARCH-M framework of De Santis and Gérard (1998). Similar to them we find price of global market risk to be time-varying. Currency risk also found to be priced and highly time varying in the Russian market. Moreover, our results suggest that the Russian market is partially segmented and local risk is also priced in the market. The model also implies that the biggest impact on the US market risk premium is coming from the world risk component whereas the Russian risk premium is on average caused mostly by the local and currency components. The purpose of the fourth paper is to look at the relationship between the stock and the bond market of Russia. The objective is to examine whether the correlations between two classes of assets are time varying by using multivariate conditional volatility models. The Constant Conditional Correlation model by Bollerslev (1990), the Dynamic Conditional Correlation model by Engle (2002), and an asymmetric version of the Dynamic Conditional Correlation model by Cappiello et al. (2006) are used in the analysis. The empirical results do not support the assumption of constant conditional correlation and there was clear evidence of time varying correlations between the Russian stocks and bond market and both asset markets exhibit positive asymmetries. The implications of the results in this dissertation are useful for both companies and international investors who are interested in investing in Russia. Our results give useful insights to those involved in minimising or managing financial risk exposures, such as, portfolio managers, international investors, risk analysts and financial researchers. When portfolio managers aim to optimize the risk-return relationship, the results indicate that at least in the case of Russia, one should account for the local market as well as currency risk when calculating the key inputs for the optimization. In addition, the pricing of exchange rate risk implies that exchange rate exposure is partly non-diversifiable and investors are compensated for bearing the risk. Likewise, international transmission of stock market volatility can profoundly influence corporate capital budgeting decisions, investors’ investment decisions, and other business cycle variables. Finally, the weak integration of the Russian market and low correlations between Russian stock and bond market offers good opportunities to the international investors to diversify their portfolios.

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Stable carbon and nitrogen isotopes in skin and bone of South American sea lions from Brazil and Uruguay were analysed to test the hypothesis that trophic overlap between the sexes is lower during the pre-breeding season than throughout the rest of the year. The isotopic values of skin and bone were used to infer the trophic relationships between the sexes during the pre-breeding period and year round, respectively. Prey species were also analysed to establish a baseline necessary for interpreting the stable isotope ratios of skin and bone. Standard ellipse areas, estimated using Bayesian inference in the SIBER routine of the SIAR package in R, suggested that males and females used a wide diversity of foraging strategies throughout the year and that no differences existed between the sexes. However, the diversity of foraging strategies was largely reduced during the pre-breeding period, with all the individuals of each sex adopting similar strategies, but with the two sexes differing considerably in stable isotope values and the ellipse areas of males and females not overlapping at all. Nevertheless, the results revealed a general increase in the consumption of pelagic prey by both sexes during the pre-breeding period. The progressive crowding of individuals in the areas surrounding the breeding rookeries during the pre-breeding period could lead to an increase in the local population density, which could explain the above reported changes.