Capital structure choice of foreign subsidiaries: evidence from multinationals in Brazil

Is the capital structure choice of a foreign subsidiary different from the choice of a comparable company controlled by nationals? If so, what are the differences? In this paper we shed some light on these questions by looking at a sample of foreign subsidiaries in Brazil over the period 1985 to 1994. We find that the foreign subsidiaries in our sample are more levered than their Brazilian counterparts. This difference, however, has declined over time. The evidence is consistent with the hypothesis that foreign subsidiaries increase leverage as a hedge against an expropriation of assets in a nationalization process.

Purchasing power parity: the choice of price index

Looking closely at the PPP argument, it states that the currencies purchasing power should not change when comparing the same basket goods across countries, and these goods should all be tradable. Hence, if PPP is valid at all, it should be captured by the relative price indices that best Öts these two features. We ran a horse race among six di§erent price indices available from the IMF database to see which one would yield higher PPP evidence, and, therefore, better Öt the two features. We used RER proxies measured as the ratio of export unit values, wholesale prices, value added deáators, unit labor costs, normalized unit labor costs and consumer prices, for a sample of 16 industrial countries, with quarterly data from 1975 to 2002. PPP was tested using both the ADF and the DFGLS unit root test of the RER series. The RER measured as WPI ratios was the one for which PPP evidence was found for the larger number of countries: six out of sixteen when we use DF-GLS test with demeaned series. The worst measure of all was the RER based on the ratio of foreign CPIs and domestic WPI. No evidence of PPP at all was found for this measure.

Does the Choice of the Halogenated Anesthetic Influence Renal Function during Hemorrhagic Shock and Resuscitation?

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Repeated unrewarded scent exposure influences the food choice of stingless bee foragers, Melipona scutellaris

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Hung Out to Dry: Choice of Priority Ecoregions for Conserving Threatened Neotropical Anurans Depends on Life-History Traits

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Choice of tracers for the evaluation of spray deposits

As substâncias traçadoras são usadas para avaliar a eficácia de pulverizações mas, normalmente, elas modificam a tensão superficial de soluções aquosas. O trabalho objetivou definir um método para avaliar a distribuição e a quantidade de produto depositada em pulverizações, utilizando-se substâncias traçadoras, com a possibilidade de ajustar a tensão superficial da calda. Foram testados os produtos Azul Brilhante a 0,15%, Saturn Yellow a 0,15% suspenso em lignosulfonato Vixilperse a 0,015% e a Fluoresceína Sódica a 0,005%, e as misturas de Azul Brilhante mais Saturn Yellow e Azul Brilhante mais Fluoresceína, nas mesmas concentrações. Para avaliar a degradação as soluções com os produtos foram depositados sobre folhas de citros e avaliados as quantidades através da leitura de unidade de fluorescência e densidade óptica, das soluções sem secar, secas no escuro, exposta ao sol por 2, 4 e 8 horas e comparadas com as leituras obtidas com os depósitos direto em água. A tensão superficial da solução traçadora foi determinada pela passagem de gotas formadas no período entre 20 e 40 segundos. A mistura do Azul Brilhante mais o Saturn Yellow a 0,15%, não apresentou degradação em todas as condições de avaliação, não foi absorvida pelas folhas e manteve a solução na mesma tensão superficial da água, possibilitando ajustá-la aos mesmos níveis das concentrações dos produtos fitossanitários. Isto proporcionou o estabelecimento de um método qualitativo pela avaliação visual sobre luz ultravioleta da distribuição do pigmento e quantitativo com a determinação da quantidade depositada do corante numa mesma solução, em diferentes tensões superficiais na calda de pulverização.

Selección de información para la toma de decisiones en el sector transporte = The choice of information for decision making in the transport sector

Incluye Bibliografía

Economic considerations governing the choice of voltage for power supply systems

Includes bibliography

The choice of anesthesia influences oxidative energy metabolism and tissue survival in critically ischemic murine skin

In surgical animal studies anesthesia is used regularly. Several reports in the literature demonstrate respiratory and cardiovascular side effects of anesthesiologic agents. The aim of this study was to compare two frequently used anesthesia cocktails (ketamine/xylazine [KX] versus medetomidine/climazolam/fentanyl [MCF]) in skin flap mouse models. Systemic blood values, local metabolic parameters, and surgical outcome should be analyzed in critical ischemic skin flap models. Systemic hypoxia was found in the animals undergoing KX anesthesia compared with normoxia in the MCF group (sO(2): 89.2% +/- 2.4% versus 98.5% +/- 1.2%, P < 0.01). Analysis of tissue metabolism revealed impaired anaerobic oxygen metabolism and increased cellular damage in critical ischemic flap tissue under KX anesthesia (lactate/pyruvate ratio: KX 349.86 +/- 282.38 versus MCF 64.53 +/- 18.63; P < 0.01 and glycerol: KX 333.50 +/- 83.91 micromol/L versus MCF 195.83 +/- 29.49 micromol/L; P < 0.01). After 6 d, different rates of flap tissue necrosis could be detected (MCF 57% +/- 6% versus KX 68% +/- 6%, P < 0.01). In summary we want to point out that the type of anesthesia, the animal model and the goal of the study have to be well correlated. Comparing the effects of KX and MCF anesthesia in mice on surgical outcome was a novel aspect of our study.

Lesion characteristics of patients with chronic critical limb ischemia that determine choice of treatment modality

This paper will review the literature in order to define lesion characteristics that determine decision for surgical or endovascular therapy in patients with chronic critical limb ischemia (CLI). The typical pattern of disease is multilevel, infrainguinal disease. The great majority of patients with CLI can be treated by endovascular means, and the pathoanatomical pattern of disease dictates the choice of treatment modality. Long iliac artery occlusions, in particular, if associated with common femoral artery pathology and long superficial femoral artery occlusions crossing the knee joint so far remain a domain of surgery. However, there is an ongoing shift from surgery to endovascular treatment.