The benefits and pitfalls of participating in a corporate inversion: a case study of two companies on two different paths

Even though the term corporate inversion has been heard globally for decades, it has only become more prevalent in the United States during the past two years. This case study examines two United States companies that recently had very high profile and public corporate inversion experiences. Complicated tax laws and high tax rales have long eroded the ability of United States companies to remain competitive on a global scale. During the past two years, tax reform has been elevated to the Presidential and Congressional levei. Because these reform efforts have stalled, however, and in the constant search for ways to become more competitive and profitable, United States dorniciled companies have begun to more aggressively explore corporate inversion. This case study of Walgreens Alliance Boots and Mylan N.V., is undertaken because while the reasons to pursue a corporate inversion for both companies were very similar and done during the same time period, the internai process and final outcome were dramatically different. The other dynamic studied is the role both internai and externai politics had on these two cornpanies and how they influenced the decisions made by the executives. Lastly, the Obama Administration continues to threaten so called "corporate America" to remain in the country through regulatory pressure, but this has not stopped companies frorn pursing corporate inversions. Legislatively, attempts at corporate tax reform, another way to encourage Untied States companies to remain, have also failed. I will not try to determine i f a corporate inversion is the right path for a company to take. I am examining how the rise o f the practice o f corporate inversions has been elevated in boardroorns, on Wall Street, in Congress and at the White House during the past two years.

How the full opening of the capital account to highly liquid financial markets led Latin America to two and a half cycles of ‘mania, panic and crash’

Latin America has recently experienced three cycles of capital inflows, the first two ending in major financial crises. The first took place between 1973 and the 1982 ‘debt-crisis’. The second took place between the 1989 ‘Brady bonds’ agreement (and the beginning of the economic reforms and financial liberalisation that followed) and the Argentinian 2001/2002 crisis, and ended up with four major crises (as well as the 1997 one in East Asia) — Mexico (1994), Brazil (1999), and two in Argentina (1995 and 2001/2). Finally, the third inflow-cycle began in 2003 as soon as international financial markets felt reassured by the surprisingly neo-liberal orientation of President Lula’s government; this cycle intensified in 2004 with the beginning of a (purely speculative) commodity price-boom, and actually strengthened after a brief interlude following the 2008 global financial crash — and at the time of writing (mid-2011) this cycle is still unfolding, although already showing considerable signs of distress. The main aim of this paper is to analyse the financial crises resulting from this second cycle (both in LA and in East Asia) from the perspective of Keynesian/ Minskyian/ Kindlebergian financial economics. I will attempt to show that no matter how diversely these newly financially liberalised Developing Countries tried to deal with the absorption problem created by the subsequent surges of inflow (and they did follow different routes), they invariably ended up in a major crisis. As a result (and despite the insistence of mainstream analysis), these financial crises took place mostly due to factors that were intrinsic (or inherent) to the workings of over-liquid and under-regulated financial markets — and as such, they were both fully deserved and fairly predictable. Furthermore, these crises point not just to major market failures, but to a systemic market failure: evidence suggests that these crises were the spontaneous outcome of actions by utility-maximising agents, freely operating in friendly (‘light-touch’) regulated, over-liquid financial markets. That is, these crises are clear examples that financial markets can be driven by buyers who take little notice of underlying values — i.e., by investors who have incentives to interpret information in a biased fashion in a systematic way. Thus, ‘fat tails’ also occurred because under these circumstances there is a high likelihood of self-made disastrous events. In other words, markets are not always right — indeed, in the case of financial markets they can be seriously wrong as a whole. Also, as the recent collapse of ‘MF Global’ indicates, the capacity of ‘utility-maximising’ agents operating in (excessively) ‘friendly-regulated’ and over-liquid financial market to learn from previous mistakes seems rather limited.

How the full opening of the capital account to highly liquid financial markets led Latin America to two and a half cycles of ‘mania, panic and crash’

Latin America has recently experienced three cycles of capital inflows, the first two ending in major financial crises. The first took place between 1973 and the 1982 ‘debt-crisis’. The second took place between the 1989 ‘Brady bonds’ agreement (and the beginning of the economic reforms and financial liberalisation that followed) and the Argentinian 2001/2002 crisis, and ended up with four major crises (as well as the 1997 one in East Asia) — Mexico (1994), Brazil (1999), and two in Argentina (1995 and 2001/2). Finally, the third inflow-cycle began in 2003 as soon as international financial markets felt reassured by the surprisingly neo-liberal orientation of President Lula’s government; this cycle intensified in 2004 with the beginning of a (purely speculative) commodity price-boom, and actually strengthened after a brief interlude following the 2008 global financial crash — and at the time of writing (mid-2011) this cycle is still unfolding, although already showing considerable signs of distress. The main aim of this paper is to analyse the financial crises resulting from this second cycle (both in LA and in East Asia) from the perspective of Keynesian/ Minskyian/ Kindlebergian financial economics. I will attempt to show that no matter how diversely these newly financially liberalised Developing Countries tried to deal with the absorption problem created by the subsequent surges of inflow (and they did follow different routes), they invariably ended up in a major crisis. As a result (and despite the insistence of mainstream analysis), these financial crises took place mostly due to factors that were intrinsic (or inherent) to the workings of over-liquid and under-regulated financial markets — and as such, they were both fully deserved and fairly predictable. Furthermore, these crises point not just to major market failures, but to a systemic market failure: evidence suggests that these crises were the spontaneous outcome of actions by utility-maximising agents, freely operating in friendly (light-touched) regulated, over-liquid financial markets. That is, these crises are clear examples that financial markets can be driven by buyers who take little notice of underlying values — investors have incentives to interpret information in a biased fashion in a systematic way. ‘Fat tails’ also occurred because under these circumstances there is a high likelihood of self-made disastrous events. In other words, markets are not always right — indeed, in the case of financial markets they can be seriously wrong as a whole. Also, as the recent collapse of ‘MF Global’ indicates, the capacity of ‘utility-maximising’ agents operating in unregulated and over-liquid financial market to learn from previous mistakes seems rather limited.

Graphical constraints: a graphical user interface for constraint problems

A constraint satisfaction problem is a classical artificial intelligence paradigm characterized by a set of variables (each variable with an associated domain of possible values), and a set of constraints that specify relations among subsets of these variables. Solutions are assignments of values to all variables that satisfy all the constraints. Many real world problems may be modelled by means of constraints. The range of problems that can use this representation is very diverse and embraces areas like resource allocation, scheduling, timetabling or vehicle routing. Constraint programming is a form of declarative programming in the sense that instead of specifying a sequence of steps to execute, it relies on properties of the solutions to be found, which are explicitly defined by constraints. The idea of constraint programming is to solve problems by stating constraints which must be satisfied by the solutions. Constraint programming is based on specialized constraint solvers that take advantage of constraints to search for solutions. The success and popularity of complex problem solving tools can be greatly enhanced by the availability of friendly user interfaces. User interfaces cover two fundamental areas: receiving information from the user and communicating it to the system; and getting information from the system and deliver it to the user. Despite its potential impact, adequate user interfaces are uncommon in constraint programming in general. The main goal of this project is to develop a graphical user interface that allows to, intuitively, represent constraint satisfaction problems. The idea is to visually represent the variables of the problem, their domains and the problem constraints and enable the user to interact with an adequate constraint solver to process the constraints and compute the solutions. Moreover, the graphical interface should be capable of configure the solver’s parameters and present solutions in an appealing interactive way. As a proof of concept, the developed application – GraphicalConstraints – focus on continuous constraint programming, which deals with real valued variables and numerical constraints (equations and inequalities). RealPaver, a state-of-the-art solver in continuous domains, was used in the application. The graphical interface supports all stages of constraint processing, from the design of the constraint network to the presentation of the end feasible space solutions as 2D or 3D boxes.

As ciências da educação e a prática: sentidos atribuídos por estudantes do curso de Pedagogia

This study focuses on the initial formation of the pedagogue in college, especially the formation that takes place in the Pedagogy Course. It is bound by the following question: what senses are attributed by the Pedagogy Trainees regarding the relation between the Education Science knowledge and the Pedagogic Practice knowledge developed in the Pedagogy Course of UESB, in order to build up teaching knowledge and practice? Therefore it aims to reflect on the relations between the Education Science framework and the Pedagogic Practice under the supervised classes that belong to the Pedagogy Course. It presents the implications and contextualizations concerning the pedagogue formation as a historic and cultural process, emphasizing the current moment of this formation. It is based on the idea that the senses trainees, future pedagogues, attribute to their own formation process reflect on the learning of theorical and practical knowledge that validates the process of teachers formation, especially the pedagogue formation. Accordingly, it believes that the senses attributed by the students of teachers initial formation courses regarding the Education Science knowledge and Pedagogic Practice knowledge are essential as organizers in the construction of teaching knowledge and practice while the supervised classes take place. The theorical and methodological option is based on the studies of Qualitative Epistemology by Gonzalez Rey. Empiric studies took place at the Pedagogy Course of Universidade Estadual do Sudoeste da Bahia (UESB), located in the city of Vitória da Conquista/Bahia. The students who took part in this research were six graduating ones, enrolled in the last two semesters of the referred course, stage when the supervised classes happen. The procedures used in the organization of collected information consist of analysis of documents such as the mentioned course curricular project and the students reports, besides interactive and provocative talks to the students. The results show the senses students attribute to Educational Science theorical basis to practice to Pedagogic Practice opportunity of feeling as if they were teachers and to the relation between Education Science and Pedagogic Practice opportunity of experiencing the relation between theory and practice. Besides, the theorizations students have about the relation between theory and practice in teachers formation are also presented. Consequently, it is emphasized that the supervised classes are the moments in which the trainees might understand the relations between thought and pedagogic practice, building the senses attributed to the relation between the Education Science knowledge and the ones of Pedagogic Practice as organizers in the teaching knowledge and practice. In this context, the trainees build some knowledge regarding what it means to be a teacher, which is not written or published, due to its subjective dimension, but circumscribed in their pedagogic practice while the supervised classes take place and when professional teaching practice becomes effective

As Ciências da Educação e a prática pedagógica: sentidos atribuídos por estudantes do curso de Pedagogia

This study focuses on the initial formation of the pedagogue in college, especially the formation that takes place in the Pedagogy Course. It is bound by the following question: what senses are attributed by the Pedagogy Trainees regarding the relation between the Education Science knowledge and the Pedagogic Practice knowledge developed in the Pedagogy Course of UESB, in order to build up teaching knowledge and practice? Therefore it aims to reflect on the relations between the Education Science framework and the Pedagogic Practice under the supervised classes that belong to the Pedagogy Course. It presents the implications and contextualizations concerning the pedagogue formation as a historic and cultural process, emphasizing the current moment of this formation. It is based on the idea that the senses trainees, future pedagogues, attribute to their own formation process reflect on the learning of theorical and practical knowledge that validates the process of teachers formation, especially the pedagogue formation. Accordingly, it believes that the senses attributed by the students of teachers initial formation courses regarding the Education Science knowledge and Pedagogic Practice knowledge are essential as organizers in the construction of teaching knowledge and practice while the supervised classes take place. The theorical and methodological option is based on the studies of Qualitative Epistemology by Gonzalez Rey. Empiric studies took place at the Pedagogy Course of Universidade Estadual do Sudoeste da Bahia (UESB), located in the city of Vitória da Conquista/Bahia. The students who took part in this research were six graduating ones, enrolled in the last two semesters of the referred course, stage when the supervised classes happen. The procedures used in the organization of collected information consist of analysis of documents such as the mentioned course curricular project and the students reports, besides interactive and provocative talks to the students. The results show the senses students attribute to Educational Science theorical basis to practice to Pedagogic Practice opportunity of feeling as if they were teachers and to the relation between Education Science and Pedagogic Practice opportunity of experiencing the relation between theory and practice. Besides, the theorizations students have about the relation between theory and practice in teachers formation are also presented. Consequently, it is emphasized that the supervised classes are the moments in which the trainees might understand the relations between thought and pedagogic practice, building the senses attributed to the relation between the Education Science knowledge and the ones of Pedagogic Practice as organizers in the teaching knowledge and practice. In this context, the trainees build some knowledge regarding what it means to be a teacher, which is not written or published, due to its subjective dimension, but circumscribed in their pedagogic practice while the supervised classes take place and when professional teaching practice becomes effective

Winner-take-all circuit using CMOS technology

In this paper is presented an implementation of winner-take-all circuit using CMOS technology. In the proposed configuration the inputs are current and the outputs voltage. The simulation results show that the circuit can be a winner if its input is larger than the other by 2 mu A. The simulation also shows that the response time is 100ns at a 0.2pF load capacitance. To demonstrate the functionality of the proposed circuit, a two-input winner take all circuit was built and tested by using discrete CMOS transistor array (CD40071).

Independent and interactive effects of a top and an intermediate fish species on the food web structure of a tropical stream

Two fish species, one top predator (Imparfinis mirini) and one intermediate detritivorous species (Hisonotus depressicauda), were experimentally manipulated to evaluate their relative importance in structuring the periphytic community, as well as their effects on the other trophic levels. An enclosure experiment was conducted in the Potreirinho creek, a second order tributary of Paranapanema River, SE Brazil. Five treatments were used: enclosure of the predator species. enclosure of the detritivorous species, enclosure of both together, exclusion of all fish species (closed control cage), and cage open to all fish community, (open control). Through direct and indirect effects, I. mirini, when alone gave rise to a trophic cascade that resulted in a positive effect on algal resources. Through direct effects, H. depressicauda. when alone, reduced the amount of organic matter, resulting in a positive indirect effect on algae. In addition, when the two species were enclosed together, only the effects determined by the detritivorous species were present. The results indicate the important role of the intermediate detritivorous species in the maintenance of the composition and trophic structure of the analyzed community by reducing the effects caused by the top predator.

Low-energy direct muon transfer from H to Ne10+, S16+ and Ar18+ using the two-state close-coupling approximation to the Faddeev-Hahn-type equation

We perform a three-body calculation of direct muon-transfer rates from thermalized muonic hydrogen isotopes to bare nuclei Ne10+, S16+ and Ar18+ employing integro-differential Faddeev-Hahn-type equations in configuration space with a two-state close-coupling approximation scheme. All Coulomb potentials including the strong final-state Coulomb repulsion are treated exactly. A long-range polarization potential is included in the elastic channel to take into account the high polarizability of the muonic hydrogen. The transfer rates so-calculated are in good agreement with recent experiments. We find that the muon is captured predominantly in the n = 6, 9 and 10 states of muonic Ne10+, S16+ and Ar18+, respectively.

Utilização do brinquedo terapêutico na assistência à criança hospitalizada

This is an exploratory and descriptive study that was jointly carried out by Nursing Care and Occupational Therapy as part of a Research Project that intended to prepare children for elective surgery at the University of São Paulo's Hospital de Reabilitação de Anomalias Craniofaciais. Objective: using toys as a therapeutic resource for relieving the child's real and unconscious tensions concerning hospitalization for surgical treatment at the HRAC - USP. Method: 44 children participated in the study. An observation form was used to collect data and it was applied at two separate times: the first time was the day before the surgery was to take place and the second on the day of the surgery just before the event. Twenty one variables were elaborated by the researchers to categorize behaviors regarding hospitalization. The resources used were: storytelling, dramatization and demonstration of nursing interventions with puppets dressed in surgical garb (gloves, surgical gown, mask and cap) with medical equipment commonly used in hospital. Results: of the 21 variables analyzed, 8 showed statistically significant differences on the McNemar Test (p<0.05). Conclusion: interactive play enables hospitalized children to interact in the hospital environment, so that they can express feelings and emotions and it contributes to humanized hospital assistance.

Brazil and India: two BRICs as a building bloc for South-South cooperation""

Includes Bibliography

Coffee adulteration: more than two decades of research

Abstract Coffee is a ubiquitous food product of considerable economic importance to the countries that produce and export it. The adulteration of roasted coffee is a strategy used to reduce costs. Conventional methods employed to identify adulteration in roasted and ground coffee involve optical and electron microscopy, which require pretreatment of samples and are time-consuming and subjective. Other analytical techniques have been studied that might be more reliable, reproducible, and widely applicable. The present review provides an overview of three analytical approaches (physical, chemical, and biological) to the identification of coffee adulteration. A total of 30 published papers are considered. It is concluded that despite the existence of a number of excellent studies in this area, there still remains a lack of a suitably sensitive and widely applicable methodology able to take into account the various different aspects of adulteration, considering coffee varieties, defective beans, and external agents.

Crise da esquerda comunista: políticas do PCI e do PCP sobre a união europeia

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

O papel das tecnologias digitais em disciplinas de álgebra linear a distância: possibilidades, limites e desafios

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

EC84-406 Take Cover: A Guide to Selecting Furniture Fabrics

There are two general categories of furniture fabrics: those meant for use as slipcovers, and those for use as upholstery. Slipcovers are designed to fit snugly and yet be removable for cleaning. Upholstery fabrics are generally heavier; they are nailed or stapled directly to the furniture's frame or bonded to the padding. They are not removable. This publication is for persons considering an investment in upholstered furniture or upholstery fabric. It covers basic information on fabric components and construction to help the reader make a wise purchase.