Insiders´ views as a predictor of stock performance : can insider trading be used to predict stock performance on the United States stock market?

This thesis studies the possibility of using information on insiders’ transactions to forecast future stock returns after the implementation of Sarbanes Oxley Act in July 2003. Insider transactions between July 2003 and August 2009 are analysed with regression tests to identify the relationships between insiders’ transactions and future stock returns. This analysis is complemented with rudimentary bootstrapping procedures to verify the robustness of the findings. The underlying assumption of the thesis is that insiders constantly receive pieces of information that indicate future performance of the company. They may not be allowed to trade on large and tangible pieces of information but they can trade on accumulation of smaller, intangible pieces of information. Based on the analysis in the thesis insiders’ profits were found not to differ from the returns from broad stock index. However, their individual transactions were found to be linked to future stock returns. The initial model was found to be unstable but some of the predictive power could be sacrificed to achieve greater stability. Even after sacrificing some predictive power the relationship was significant enough to allow external investors to achieve abnormal profits after transaction costs and taxes. The thesis does not go into great detail about timing of transactions. Delay in publishing insiders’ transactions is not taken into account in the calculations and the closed windows are not studied in detail. The potential effects of these phenomena are looked into and they do not cause great changes in the findings. Additionally the remuneration policy of an insider or a company is not taken into account even though it most likely affects the trading patterns of insiders. Even with the limitations the findings offer promising opportunities for investors to improve their investment processes by incorporating additional information from insiders’ transaction into their decisions. The findings also raise questions on how insider trading should be regulated. Insiders achieve greater returns than other investors based on superior information. On the other hand, more efficient information transfer could warrant more lenient regulation. The fact that insiders’ returns are dominated by the large investment stake they maintain all the time in their own companies also speaks for more leniency. As Sarbanes Oxley Act considerably modified the insider trading landscape, this analysis provides information that has not been available before. The thesis also constitutes a thorough analysis of insider trading phenomenon which has previously been somewhat separated into several studies.

A routine electrocardiogram cannot be used to determine the size of myocardial infarction in the rat

Nine lead electrocardiograms of non-infarcted (N = 61) and infarcted (N = 71) female Wistar rats (200-250 g) were analyzed in order to distinguish left ventricle myocardial infarction (MI) larger than 40% (LMI) from MI smaller than 40% (SMI). MI larger than 40% clearly caused a deviation of ÂQRS and ÂT from normal values of 270-360 degrees to 90-270 degrees. Infarcted rats showed Q wave in D1 larger than 1 mm with 94% sensitivity and 100% specificity. The sum of QRS positivity in V1, V2 and V6 lower than 10 mm identified MI with 82% sensitivity and 100% specificity. The data showed that MI can be easily and reliably diagnosed by electrocardiogram in the rat. However, contradicting what is frequently believed, when specificity and sensitivity were analyzed focusing on MI size, none of these current electrocardiographic indices of MI size adequately discriminates LMI from SMI.

Techniques used to identify the Brazilian variant of HIV-1 subtype B

The purpose of the present study was to compare the sensitivity and specificity of V3 enzyme immunoassay (solid phase EIA and EIA inhibition) and restriction fragment length polymorphism (RFLP) with the DNA sequencing "gold standard" to identify the Brazilian HIV-1 variants of subtype B and B"-GWGR. Peripheral blood mononuclear cells were collected from 61 HIV-1-infected individuals attending a clinic in São Paulo. Proviral DNA was amplified and sequentially cleaved with the Fok I restriction enzyme. Plasma samples were submitted to a V3-loop biotinylated synthetic peptide EIA. Direct partial DNA sequencing of the env gene was performed on all samples. Based on EIA results, the sensitivity for detecting B-GPGR was 70%, compared to 64% for the Brazilian variant B"-GWGR while, the specificity of B-GPGR detection was 85%, compared to 88% for GWGR. The assessment of RFLP revealed 68% sensitivity and 94% specificity for the B-GPGR strain compared to 84 and 90% for the B"-GWGR variant. Moreover, direct DNA sequencing was able to detect different base sequences corresponding to amino acid sequences at the tip of the V3 loop in 22 patients. These results show a similar performance of V3 serology and RLFP in identifying the Brazilian variant GWGR. However, V3 peptide serology may give indeterminate results. Therefore, we suggest that V3 serology be used instead of DNA sequencing where resources are limited. Samples giving indeterminate results by V3 peptide serology should be analyzed by direct DNA sequencing to distinguish between B-GPGR and the Brazilian variant B"-GWGR.

Compounds used to produce cloned animals are genotoxic and mutagenic in mammalian assays in vitro and in vivo

The compounds 6-dimethylaminopurine and cycloheximide promote the successful production of cloned mammals and have been used in the development of embryos produced by somatic cell nuclear transfer. This study investigated the effects of 6-dimethylaminopurine and cycloheximide in vitro, using the thiazolyl blue tetrazolium bromide colorimetric assay to assess cytotoxicity, the trypan blue exclusion assay to assess cell viability, the comet assay to assess genotoxicity, and the micronucleus test with cytokinesis block to test mutagenicity. In addition, the comet assay and the micronucleus test were also performed on peripheral blood cells of 54 male Swiss mice, 35 g each, to assess the effects of the compounds in vivo. The results indicated that both 6-dimethylaminopurine and cycloheximide, at the concentrations and doses tested, were cytotoxic in vitro and genotoxic and mutagenic in vitro and in vivo, altered the nuclear division index in vitro, but did not diminish cell viability in vitro. Considering that alterations in DNA play important roles in mutagenesis, carcinogenesis, and morphofunctional teratogenesis and reduce embryonic viability, this study indicated that 6-dimethylaminopurine and cycloheximide utilized in the process of mammalian cloning may be responsible for the low embryo viability commonly seen in nuclear transfer after implantation in utero.

Stability of astaxanthin in yogurt used to simulate apricot color, under refrigeration

The aim of this study was to incorporate astaxanthin to yogurts with different fat content to match apricot (Prunus armeniaca L.) color. The samples containing astaxanthin were stored at 5 ± 3 °C, and color stability and astaxanthin content were determined by colorimetry and high performance liquid chromatography (HPLC), respectively. Yogurt samples were analyzed in triplicate every 24 hours for one week and subsequently every week for 3 more weeks There were no significant differences (p < 0.05) between astaxanthin concentration values at 0 and 28 days for both samples; therefore, it can be said that the fat content in the yogurt had not effect on the stability of pigment. The low dispersion of the data showed uniformity in the three chromaticity coordinates L*, a*, b* throughout the storage period for both types of yogurt. Values of ∆E ≥ 5.0 were not obtained at any time during storage, indicating high stability of the pigment.

An examination of the mediation process as it is used to resolve sexual harassment complaints in Canadian universities /

The ways in which the process of mediation affected those involved in the resolution of sexual harassment complaints in Canadian universities were explored. Questionnaires were sent to forty- six Canadian universities and interviews were conducted with fifteen advisors. An analysis of the twenty- two questionnaires returned indicated that mediation was utilized in 11% of the sexual harassment complaints and effected a successful resolution in 67% of these. Both complainants and those con^lained against were reported to have spoken more favourably than unfavourably about the process and outcome of mediation. Questionnaire respondents in general found mediation a slightly less than satisfactory method of complaint resolution. Those respondents who had successfully used mediation; however, describe its usefulness within a university context.

Major Sport Event Operational Planning Issues and Strategies: A Multi-Case Delphi Study

This study examined the operational planning, implementation and execution issues of major sport events, as well as the mitigation and management strategies used to address these issues, with the aim of determining best practices in sport event operational planning. The three Research Questions were: 1) What can previous major sport events provide to guide the operational management of future events? 2) What are the operational issues that arise in the planning and execution of a major sport event, how are they mitigated and what are the strategies used to deal with these issues? 3) What are the best practices for sport event operational planning and how can these practices aid future events? Data collection involved a modified Delphi technique that consisted of one round of in-depth interviews followed by two rounds of questionnaires. Both data collection and analysis were guided by an adaptation of the work of Parent, Rouillard & Leopkey (2011) with a focus on previously established issue and strategy categories. The results provided a list of Top 26 Prominent Issues and Top 17 Prominent Strategies with additional issue-strategy links that can be used to aid event managers producing future major sport events. The following issue categories emerged as having had the highest impact on previous major sport events that participants had managed: timing, funding and knowledge management. In addition, participants used strategies from the following categories most frequently: other, formalized agreements and communication.

Speak english, little chats a help to learn conversational english,drawn up after the new method of teaching

UANL

Teaching ethics to employees of a state public utilities company in a developing country: A case study

Cette étude de cas est issue d’un module final de formation pour les employés du service public d’une agence de l’eau. Nous explorons les résultats de plusieurs stratégies utilisées pour souligner le besoin de changement dans les comportements individuels et institutionnels en vue d’améliorer les services aux clients. En particulier, nous explorons certaines manières d’ouvrir la discussion sur les pratiques de corruption de manière non-triviale sans offenser les sensibilités ou provoquer l’indifférence. Comme point de départ, il est demandé aux participants de relever les problèmes institutionnels qu’ils caractérisent comme éthiques, même si d’autres problèmes appartiennent à d’autres catégories identifiées plus tard. Pour éviter une approche purement théorique des devoirs et obligations envers les clients, ils sont dérivés de la mission de l’agence telle que définit par la loi qui l’a créée.

New grafted PLA-g-PEG polymeric nanoparticles used to improve bioavailability of oral drugs.

Les nanoparticules (NPs) de polymère ont montré des résultats prometteurs pour leur utilisation comme système de transport de médicaments pour une libération contrôlée du médicament, ainsi que pour du ciblage. La biodisponibilité des médicaments administrés oralement pourrait être limitée par un processus de sécrétion intestinale, qui pourrait par la suite être concilié par la glycoprotéine P (P-gp). La dispersion de la Famotidine (modèle de médicament) à l’intérieur des nanoparticules (NPs) pegylées a été évaluée afin d’augmenter la biodisponibilité avec du polyéthylène glycol (PEG), qui est connu comme un inhibiteur de P-gp. L’hypothèse de cette étude est que l’encapsulation de la Famotidine (un substrat de P-gp) à l’intérieur des NPs préparées à partir de PEG-g-PLA pourrait inhiber la fonction P-gp. La première partie de cette étude avait pour but de synthétiser quatre copolymères de PEG greffés sur un acide polylactide (PLA) et sur un squelette de polymère (PLA-g-PEG), avec des ratios de 1% et 5% (ratio molaire de PEG vs acide lactique monomère) de soit 750, soit 2000 Da de masse moléculaire. Ces polymères ont été employés afin de préparer des NPs chargés de Famotidine qui possède une faible perméabilité et une solubilité aqueuse relativement basse. Les NPs préparées ont été analysées pour leur principaux paramètres physicochimiques tels que la taille et la distribution de la taille, la charge de surface (Potentiel Zeta), la morphologie, l’efficacité d’encapsulation, le pourcentage résiduel en alcool polyvinylique (PVA) adsorbé à la surface des NPs, les propriétés thermiques, la structure cristalline et la libération du médicament. De même, les formules de NPs ont été testées in vitro sur des cellules CaCo-2 afin dʼévaluer la perméabilité bidirectionnelle de la Famotidine. Généralement, les NPs préparées à partir de polymères greffés PLA-g-5%PEG ont montré une augmentation de la perméabilité du médicament, ce par l’inhibition de l’efflux de P-gp de la Famotidine dans le modèle CaCo-2 in vitro. Les résultats ont montré une baisse significative de la sécrétion de la Famotidine de la membrane basolatéral à apical lorsque la Famotidine était encapsulée dans des NPs préparées à partir de greffes de 5% PEG de 750 ou 2000 Da, de même que pour d’autres combinaisons de mélanges physiques contenant du PEG5%. La deuxième partie de cette étude est à propos de ces NPs chargées qui démontrent des résultats prometteurs en termes de perméabilité et d’inhibition d’efflux de P-gp, et qui ont été choises pour développer une forme orale solide. La granulation sèche a été employée pour densifier les NPs, afin de développer des comprimés des deux formules sélectionnées de NPs. Les comprimés à base de NPs ont démontré un temps de désintégration rapide (moins d’une minute) et une libération similaire à la Famotidine trouvée sur le marché. Les résultats de l’étude du transport de comprimés à base de NPs étaient cohérents avec les résultats des formules de NPs en termes d’inhibition de P-gp, ce qui explique pourquoi le processus de fabrication du comprimé n’a pas eu d’effet sur les NPs. Mis ensemble, ces résultats montrent que l’encapsulation dans une NP de polymère pegylé pourrait être une stratégie prometteuse pour l’amélioration de la biodisponibilité des substrats de P-gp.

Evaluating Greek primary school textbooks used to teach students with learning disabilities

Evaluaci??n de los libros de texto de Educaci??n Primaria griegos utilizados en la ense??anza de los estudiantes con dificultades de aprendizaje. La evaluaci??n de los libros de texto en cuanto a su cumplimiento de las normas basadas en la evidencia de dise??o instruccional, y en cuanto a su idoneidad para acomodar las diversas necesidades educativas de los diversos grupos de la poblaci??n escolar, se considera un medio importante de mejorar la calidad de los servicios educativos incluyendo a estudiantes con discapacidades de aprendizaje. En el presente trabajo, se explican los resultados de las evaluaciones de los libros de texto de Lengua y Matem??ticas que se utilizan en los tres primeros grados de la escuela griega primaria para ense??ar a los estudiantes con y sin dificultades de aprendizaje. La evaluaci??n se bas?? en los siguientes criterios: claridad de objetivos de instrucci??n, el examen de conocimientos previos, explicitaci??n de las explicaciones de instrucci??n, la suficiencia de los ejemplos de ense??anza, la introducci??n de conceptos adicionales y capacidades, la adecuaci??n de la pr??ctica guiada, la eficacia de la pr??ctica independiente, y la adecuaci??n de los conocimientos. Seg??n los resultados, los libros de texto no cumplen en cuatro de los ocho criterios revisados, en concreto los criterios de la claridad de los objetivos de instrucci??n, la explicitud de las explicaciones de instrucci??n, la introducci??n de conceptos adicionales y habilidades, y la conveniencia de revisar los conocimientos. Bas??ndose en estos resultados, el punto de vista puede considerarse que los libros de texto evaluados presentan considerables deficiencias e insuficiencias, lo que exige la aplicaci??n de modificaciones sustanciales en varios par??metros de dise??o de la instrucci??n cuando se utilizan para ense??ar a los estudiantes con dificultades de aprendizaje. Se discuten los efectos de estas deficiencias.

Enhancing adult motivation to learn : a comprehensive guide for teaching all adults.

Este recurso, que recoge la investigación educativa y biológica más actual, se centra en la profundización de la motivación del alumno y en ayudar a los adultos que quieren aprender. Ofrece sesenta estrategias prácticas, basadas en la investigación que están diseñadas para provocar y fomentar la motivación del alumno, además de ejercicios prácticos, directrices para la planificación de la instrucción y vanguardistas ideas para la evaluación y transmisión del aprendizaje.

Time to learn english : un programa de inmersión lingüística.

Experiencia realizada en el Colegio San José Obrero de Palma de Mallorca, donde se lleva a cabo un programa de enseñanza aprendizaje de idiomas partiendo de la sugerencia propuesta en 'El libro blanco. Enseñanza y aprendizaje. Hacia una sociedad del aprendizaje' aprobado por la Comisión Europea en 1995, estableciéndose como objetivo prioritario del currículum el dominio de tres lenguas comunitarias. TTLE supone cambios organizativos estructurales y metodológicos, y se fundamenta pedagógicamente en cuatro bases: el aprendizaje significativo natural y contextualizado, la interactividad constante a través del aprendizaje cooperativo, el vivo interés en aprender y su eficacia absoluto..

Different possibilities to learn from the same task

Resumen basado en el de la publicaci??n