Suomalaisten julkisesti listattujen senttiosakkeiden suoriutuminen verrattuna OMX Helsinki Small Cap -indeksin muihin osakkeisiin

Senttiosakkeista tehtyjä tutkimuksia on olemassa hyvin rajoitetusti, ja ne ovat keskittyneet lähinnä senttiosakelistautumisiin. Tässä tutkielmassa tarkastellaan suomalaisia julkisesti noteerattuja senttiosakkeita ja niiden suoriutumista kymmenen vuoden ajanjaksolla vuosina 2006–2015. Tavoitteena oli selvittää, onko suomalaisiin julkisesti noteerattuihin senttiosakkeisiin sijoittaminen kannattavaa toimintaa ja minkälaisia tuottoja on odotettavissa senttiosakkeisiin sijoittamalla. Tutkimusaineisto koostui tutkielmassa tehdyn määritelmän mukaisista senttiosakkeista ja muista Small Cap -indeksin osakkeista, joita kutsuttiin puolestaan ei-senttiosakkeiksi. Tuotot laskettiin osakkeiden päivittäisistä tuottoindekseistä. Tuottoja verrattiin lyhyellä, keskipitkällä ja pitkällä aikavälillä. Tuottojen tarkastelun tueksi senttiosakkeille ja ei-senttiosakkeille laskettiin seuraavat menestysmittarit: Sharpen luku, Treynorin indeksi ja Jensenin alfa. Lopuksi verrattiin vielä seuraavia tunnuslukuja: ROE (%), E/P-luku, P/B-luku, osinkotuotto-% ja velan suhde omaan pääomaan (%). Saatujen tulosten perusteella suomalaiset julkisesti noteeratut senttiosakkeet ovat lyhyellä aikavälillä kannattavia sijoituskohteita, mutta mitä pidemmäksi tarkasteluperiodi kasvoi, sitä huonommin ne suoriutuivat. Lisäksi senttiosakkeet hävisivät kaikilla tarkasteluperiodeilla ei-senttiosakkeille. Suurimmat positiiviset tuotot olivat kuitenkin yksittäisillä senttiosakkeilla. Senttiosakkeisiin havaittiin liittyvän paljon riskejä, kuten suuri volatiliteetti, suuret negatiiviset tuotot ja konkurssin mahdollisuus. Myös kaikki menestysmittarit ja tunnusluvut indikoivat senttiosakkeiden olevan ei-senttiosakkeita huonompia sijoituskohteita. Sijoittajien on oltava erityisen tarkkoja senttiosakkeiden kanssa, sillä niihin sijoittaminen on pitkälti verrattavissa uhkapelaamiseen.

Long-term changes of the phytoplankton community and biomass in the subtropical shallow Patos Lagoon Estuary, Brazil

Seasonal and interannual changes (1993e2012) of water temperature and transparency, river discharge, salinity, water quality properties, chlorophyll a (chl-a) and the carbon biomass of the main taxonomical phytoplankton groups were evaluated at a shallow station (~2 m) in the subtropical Patos Lagoon Estuary (PLE), Brazil. Large variations in salinity (0e35), due to a complex balance between Patos Lagoon outflow and oceanic inflows, affected significantly other water quality variables and phytoplankton dynamics, masking seasonal and interannual variability. Therefore, salinity effect was filtered out by means of a Generalized Additive Model (GAM). River discharge and salinity had a significant negative relation, with river discharge being highest and salinity lowest during July to October. Diatoms comprised the dominant phytoplankton group, contributing substantially to the seasonal cycle of chl-a showing higher values in austral spring/summer (September to April) and lowest in autumn/winter (May to August). PLE is a nutrient-rich estuary and the phytoplankton seasonal cycle was largely driven by light availability, with few exceptions in winter. Most variables exhibited large interannual variability. When varying salinity effect was accounted for, chl-a concentration and diatom biomass showed less irregularity over time, and significant increasing trends emerged for dinoflagellates and cyanobacteria. Long-term changes in phytoplankton and water quality were strongly related to variations in salinity, largely driven by freshwater discharge influenced by climatic variability, most pronounced for ENSO events. However, the significant increasing trend of the N:P ratio indicates that important environmental changes related to anthropogenic effects are undergoing, in addition to the hydrology in the PLE.

Produção de carboidratos a partir do efluente de laticínios tratado por cianobactéria

Nesta tese foi demonstrado o potencial de produção de carboidratos por Aphanothece microscopica Nägeli cultivada no efluente oriundo de uma indústria de laticínios. Para tanto, o trabalho é composto de quatro artigos que objetivaram avaliar a produção de carboidratos em função da temperatura, inóculo e razões C/N e N/P do elfluente, bem como a possibilidade de reúso da água residuária. Foram utilizadas temperaturas de (10, 20 e 30ºC) e inóculo (100, 200 e 300 mg.L-1). A melhor condição indicada foi quando utilizou-se a temperatura de 30°C e 200 mg.L-1 de inóculo. Na sequência, considerando a temperatura e a concentração celular selecionada, foi estudada a influência das razões C/N e N/P na produção de carboidratos. Para tal, C/N (20, 40 e 60) e N/P (5, 10 e 15) na produção de carboidratos extracelulares foram avaliadas em cultivos a 30°C, tendo como inóculo 200 mg.L-1. Os melhores resultados obtidos, foram quando foi utilizado C/N 60 e N/P 10. Uma vez definidas as melhores condições de produção de carboidratos, foi estudado o processo de separação de biomassa do meio de cultivo, a partir dos coagulantes FeCl3, Al2(SO4)3 e tanino. O efeito dos coagulantes na separação da biomassa foram estudados, quanto ao pH (6,0, 7,0 e 8,0) e concentração de coagulantes (50, 300 e 550 mg.L-1), utilizando como parâmetro de medida, a eficiência de remoção de DQO, turbidez e sólidos suspensos (SS). Os resultados demonstraram que as concentrações de coagulantes influenciaram significativamente ao nível de significância de 5 %, na separação da biomassa, com eficiência significativa na remoção da DQO, turbidez e SS. A melhor condição avaliada foi a que utilizou tanino na concentração de 300 mg.L-1 e pH 7,0, o que resultou em uma água residuária com remoção média de 96 % da turbidez, com potencial de ser reutilizada. Por fim, foi realizada a identificação de carboidratos gerados por Aphanothece microscopica Nägeli. Os resultados evidenciaram uma biomassa com até 33,5 % de carboidratos totais, perfazendo uma fração de carboidratos extracelulares, na fase estacionária de crescimento celular, de aproximadamente 25 % e 8 % os carboidratos da parede celular. Ficou demonstrado ainda que a composição dos carboidratos extracelulares do microorganismo em estudo é constituído por mono e dissacarídeos perfazendo concentrações na ordem de 12,88 % de glicose, 3,54 % de rafinose, 3,43 % sacarose, 2,13 % de frutose e 2,45 % de ribose. Ficou demonstrado o potencial de produção de carboidratos por Aphanothece microscopica Nägeli quando cultivada no efluente da indústria de laticínios.

Design of Polyamine-Grafted Starches for Nucleotide Analogue Delivery: In Vitro Evaluation of the Anticancer Activity

International audience

Perdas fermentativas e composição bromatológica da entrecasca de palmito pupunha ensilada com aditivos químicos

Objetivou-se avaliar o efeito da inclusão de aditivos químicos na ensilagem de resíduos (entrecasca) da produção de palmito pupunha (Bactris gasipaes, Kunth). Utilizaram-se silos experimentais (baldes de 20 litros) providos de aparatos para determinação gravimétrica de perdas por gases e efluentes. Os tratamentos aplicados foram: controle (sem aditivos); ureia (1% da MV) e cal virgem (1% da MV). Decorridos 70 dias de armazenagem, os silos foram pesados, abertos e amostrados. As perdas por efluentes e gases aumentaram com a aplicação de cal virgem na ensilagem. As perdas totais de MS foram de 15,1; 14,4 e 26,6% nas silagens controle, ureia e cal, respectivamente. em todas as silagens, houve redução no teor de FDN e elevação da fração FDA, o que indica desaparecimento da fração hemicelulose. A relação cálcio:fósforo aumentou substancialmente com a adição de cal virgem, de 4,1:1 na silagem controle para 15,6:1 na silagem com cal. O resíduo da extração do palmito pupunha pode ser classificado como alimento de média qualidade e alto teor de umidade. Os aditivos aplicados na ensilagem não são efetivos em reduzir as perdas fermentativas no processo de conservação.

Evolution of factors affecting mechanical olive harvesting

Harvest efficiency is defined as the percentage of fruits harvested by total production. The percentage of fruits harvested is less than 100% when working with trunk shakers to detach olives. It is important to increase the percentage of fruits harvested in order to increase farmer’s income. This objective can be achieved knowing the evolution of the main factors affecting fruit detachment. Fruit removal force (FRF), fruit weight (P) and the ratio between them are important for harvest efficiency. Field trials took place for two years (2013-2014) in Vilariça Valley, northeast Portugal in an olive orchard with ‘Cobrançosa Transmontana’ cultivar. It was adopted a mechanical harvesting system based on a trunk shaker to detach fruits, and an inverted umbrella to collect fruits. Elementary operation times were measured in seconds to evaluate work rates. FRF and P were measured in the ripening period, to evaluate their evolution. In this paper are presented the preliminary results of the ratio FRF (fruit removal force)/fruit weight evolution during the ripening period (P) and the results of the equipment work rate (trees h-1). The ratio FRF/P has predominantly descendant values in the weeks before harvest, from 140 to 80 as a result of a FRF downward variation from 4.9 to 2.94 N and an upward variation of P from 0.0294 to 0.0637 N. The FRF/P ratio stabilizes the decline in the last week of November just before harvesting, registering in some cases a slight increase in consequence of FRF increase higher than P increase (contrary to the tendency of previous weeks). Equipment work rate showed values between 40 and 57 trees h-1, confirming previous results.

Community metabolism, P/R ratio and photosynthetic efficiency of a brackishwater farm

The productivity level of a brackishwater fish culture farm consisting of 25 ponds, with a water spread area of 2.5 ha, was studied. Gross community photosynthesis of the farm was found to be 46.32 Kcal/m2/day, which is equivalent to the release of 13.23 of O2/m2/day, or the fixing of 4.10 gC/m2/day. Respiratory demand of the farm was estimated to be 44.66 kcal/m2/day, which is equivalent to the uptake of 12.76 g O2/m2/day or the utilization of 3.95 gC/m2/day. Photosynthetic efficiency of the farm was high at 2.26%. The P/R ratio was 1.04, showing eutrophic nature.

Automated P.falciparum detection system for post-treatment malaria diagnosis using modified annular ring ratio method

The gametocytes of the malaria parasite Plasmodium falciparum are highly resistant to antimalarial drugs. Its presence in the blood can be detected even after a successful malaria treatment. This paper explains a modified Annular Ring Ratio method which successfully locates and differentiates gametocytes of P. falciparum species in thin blood film images. The method can be used as an efficient tool for gametocyte detection for post-treatment malaria diagnosis. It also identifies the presence of any White Blood Cells (WBCs) in the image, and discards other artifacts and non infected cells. It utilizes the information based on structure, color and geometry of the cells and does not require any segmentation or non-illumination correction techniques that are commonly used for cell detection.

Sprint interval and moderate-intensity continuous training have equal benefits on aerobic capacity, insulin sensitivity, muscle capillarisation and endothelial eNOS/NAD(P)Hoxidase protein ratio in obese men

Key points: Skeletal muscle capillary density and vasoreactivity are reduced in obesity, due to reduced nitric oxide bioavailability. Sprint interval training (SIT) has been proposed as a time efficient alternative to moderate-intensity continuous training (MICT), but its effect on the skeletal muscle microvasculature has not been studied in obese individuals. We observed that SIT and MICT led to equal increases in capillarisation and endothelial eNOS content, while reducing endothelial NOX2 content in microvessels of young obese men. We conclude that SIT is equally effective at improving skeletal muscle capillarisation and endothelial enzyme balance, while being a time efficient alternative to traditional MICT. Sprint interval training (SIT) has been proposed as a time efficient alternative to moderate-intensity continuous training (MICT), leading to similar improvements in skeletal muscle capillary density and microvascular function in young healthy humans. In this study we made the first comparisons of the muscle microvascular response to SIT and MICT in an obese population. Sixteen young obese men (age 25 ± 1 years, BMI 34.8 ± 0.9 kg m-2) were randomly assigned to 4 weeks of MICT (40-60 min cycling at ∼65% V˙O2 peak , 5 times per week) or constant load SIT (4-7 constant workload intervals of 200% Wmax 3 times per week). Muscle biopsies were taken before and after training from the m. vastus lateralis to measure muscle microvascular endothelial eNOS content, eNOS serine1177 phosphorylation, NOX2 content and capillarisation using quantitative immunofluorescence microscopy. Maximal aerobic capacity (V˙O2 peak ), whole body insulin sensitivity and arterial stiffness were also assessed. SIT and MICT increased skeletal muscle microvascular eNOS content and eNOS ser1177 phosphorylation in terminal arterioles and capillaries (P < 0.05), but the latter effect was eliminated when normalised to eNOS content (P = 0.217). SIT and MICT also reduced microvascular endothelial NOX2 content (P < 0.05) and both increased capillary density and capillary-fibre perimeter exchange index (P < 0.05). In parallel, SIT and MICT increased V˙O2 peak (P < 0.05) and whole body insulin sensitivity (P < 0.05), and reduced central artery stiffness (P < 0.05). As no significant differences were observed between SIT and MICT it is concluded that SIT is a time efficient alternative to MICT to improve aerobic capacity, insulin sensitivity and muscle capillarisation and endothelial eNOS/NAD(P)Hoxidase protein ratio in young obese men.

Copy number of P elements, KP/full-sized P element ratio and their relationships with environmental factors in Brazilian Drosophila melanogaster populations

The P transposable element copy numbers and the KP/full-sized P element ratios were determined in eight Brazilian strains of Drosophila melanogaster. Strains from tropical regions showed lower overall P element copy numbers than did strains from temperate regions. Variable numbers of full-sized and defective elements were detected, but the full-sized P and KP elements were the predominant classes of elements in all strains. The full-sized P and KP element ratios were calculated and compared with latitude. The northernmost and southernmost Brazilian strains showed fewer full-sized elements than KP elements per genome, and the strains from less extreme latitudes had many more full-sized P than KP elements. However, no clinal variation was observed. Strains from different localities, previously classified as having P cytotype, displayed a higher or a lower proportion of KP elements than of full-sized P elements, as well as an equal number of the two element types, showing that the same phenotype may be produced by different underlying genomic components of the P-M system.

Measurement of the ratio of inclusive cross sections sigma(p(p)over-bar -> Z plus b jet)/sigma(p(p)over-bar -> Z plus jet) at root s=1.96 TeV

Using the data collected with the D0 detector at root s=1.96 TeV, for integrated luminosities of about 180 pb(-1), we have measured the ratio of inclusive cross sections for p(p) over bar -> Z+b jet to p(p) over bar -> Z+jet production. The inclusive Z+b-jet reaction is an important background to searches for the Higgs boson in associated ZH production at the Fermilab Tevatron collider. Our measurement is the first of its kind, and relies on the Z -> e(+)e(-) and Z ->mu(+)mu(-) modes. The combined measurement of the ratio yields 0.021 +/- 0.005 for hadronic jets with transverse momenta p(T)> 20 GeV/c and pseudorapidities vertical bar eta vertical bar < 2.5, consistent with next-to-leading-order predictions of the standard model.

Measurement of the ratio of the p(p)over-bar -> W + c-jet cross section to the inclusive p(p)over-bar -> W + jets cross section

We present a measurement of the fraction of inclusive W +jets events produced with net charm quantum number 11, denoted W + c-jet, in p collisions at root s = 1.96 TeV using approximately 1 fb(-1) of data collected by the do detector at the Fermilab Tevatron Collider. We identify the W +jets events via the leptonic W boson decays. Candidate W + c-jet events are selected by requiring a jet containing a muon in association with a reconstructed W boson and exploiting the charge correlation between this muon and W boson decay lepton to perform a nearly model-independent background subtraction. We measure the fraction of W + c-jet events in the inclusive W +jets sample for jet PT > 20 GeV and pseudorapidity |eta| < 2.5 to be 0.074 +/- 0.019(stat.) +/-(0.012)(0.014) (syst.), in agreement with theoretical predictions. The probability that background fluctuations could produce the observed fraction of W + c-jet events is estimated to be 2.5 x 10(-4), which corresponds to a 3.5 sigma statistical significance. Published by Elsevier B.V.

Measurement of the ratio of inclusive cross sections sigma(p(p)over-bar -> Z plus b-quark jet)/sigma(p(p)over-bar -> Z plus jet) at root s=1.96 TeV

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

D. Johannis Michaelis ... Opera quotquot haberi potuerunt omnia : I. Praxis clinica ad Jo. Jonstoni Ideam comparata. II. Apparatus medicamentarius ad P. Morelli methodum praescribendi formulas remediorum. III. Animadversiones in Joh. Schroederi Pharmacopoeiam. IV. Notationes ad Guerneri Rolfincii Chymiam. V. Officinas pharmaceuticas visitandi ratio. VI. Medicamentorum familiar. Syllabus.

Mode of access: Internet.

Guntheri Christophori Schelhammeri med. doct. & ejusdem facultatis in Academia Julia professor. p. nec non naturæ curiosor. collegæ De auditu liber unus : quo plerorumque omnium doctorum sententiæ examinantur, & auditis ratio nova methodo, ex ipsus naturæ legibus, explicatur.

Last group of four pages is errata.