Wall material properties of yeast cells. Part II. Analysis

In the preceding paper (Part I) force-deformation data were measured with the compression experiment in conjunction with the initial radial stretch ratio and the initial wall-thickness to cell-radius ratio for baker's yeast (Saccharomyces cerevisiae). In this paper, these data have been analysed with the mechanical model of Smith et al. (Smith, Moxham & Middelberg (1998) Chemical Engineering Science, 53, 3913-3922) with the wall constitutive behaviour defined a priori as incompressible and linear-elastic. This analysis determined the mean Young's modulus ((E) over bar), mean maximum von Mises stress-at-failure (<(sigma)over bar>(VM,f)) and mean maximum von Mises strain-at failure (<(epsilon)over bar>(VM,f)) to be (E) over bar = 150 +/- 15 MPa, <(sigma)over bar>(VM,f) = 70 +/- 4 MPa and <(epsilon)over bar>(VM,f) = 0.75 +/- 0.08, respectively. The mean Young's modulus was not dependent (P greater than or equal to 0.05) on external osmotic pressure (0-0.8 MPa) nor compression rate (1.03-7.68 mu m/s) suggesting the incompressible linear-elastic relationship is representative of the actual cell-wall constitutive behaviour. Hydraulic conductivities were also determined and were comparable to other similar cell types (0-2.5 mu m/MPa s). The hydraulic conductivity distribution was not dependent on external osmotic pressure (0-0.8 MPa) nor compression rate (1.03-7.68 mu m/s) suggesting inclusion of cell-wall permeability in the mechanical model is justified. <(epsilon)over bar>(VM,f) was independent of cell diameter and to a first-approximation unaffected (P greater than or equal to 0.01) by external osmotic pressure and compression rate, thus providing a reasonable failure criterion. This criterion states that the cell-wall material will break when the strain exceeds <(epsilon)over bar>(VM,f) = 0.75 +/- 0.08. Variability in overall cell strength during compression was shown to be primarily due to biological variability in the maximum von Mises strain-at-failure. These data represent the first estimates of cell-wall material properties for yeast and the first fundamental analysis of cell-compression data. They are essential for describing cell-disruption at the fundamental level of fluid-cell interactions in general bioprocesses. They also provide valuable new measurements for yeast-cell physiologists. (C) 2000 Elsevier Science Ltd. All rights reserved.

Avaliação de empresas: análise fundamental

Mestrado em Contabilidade

The Use of Data Envelopment Analysis as Equity Portfolio Selection Criterion in the Finnish Stock Market

This thesis examines the application of data envelopment analysis as an equity portfolio selection criterion in the Finnish stock market during period 2001-2011. A sample of publicly traded firms in the Helsinki Stock Exchange is examined in this thesis. The sample covers the majority of the publicly traded firms in the Helsinki Stock Exchange. Data envelopment analysis is used to determine the efficiency of firms using a set of input and output financial parameters. The set of financial parameters consist of asset utilization, liquidity, capital structure, growth, valuation and profitability measures. The firms are divided into artificial industry categories, because of the industry-specific nature of the input and output parameters. Comparable portfolios are formed inside the industry category according to the efficiency scores given by the DEA and the performance of the portfolios is evaluated with several measures. The empirical evidence of this thesis suggests that with certain limitations, data envelopment analysis can successfully be used as portfolio selection criterion in the Finnish stock market when the portfolios are rebalanced at annual frequency according to the efficiency scores given by the data envelopment analysis. However, when the portfolios were rebalanced every two or three years, the results are mixed and inconclusive.

Empirical and fundamental mechanical tests in the evaluation of dough and bread rheological properties

Bread dough and particularly wheat dough, due to its viscoelastic behaviour, is probably the most dynamic and complicated rheological system and its characteristics are very important since they highly affect final products’ textural and sensorial properties. The study of dough rheology has been a very challenging task for many researchers since it can provide numerous information about dough formulation, structure and processing. This explains why dough rheology has been a matter of investigation for several decades. In this research rheological assessment of doughs and breads was performed by using empirical and fundamental methods at both small and large deformation, in order to characterize different types of doughs and final products such as bread. In order to study the structural aspects of food products, image analysis techniques was used for the integration of the information coming from empirical and fundamental rheological measurements. Evaluation of dough properties was carried out by texture profile analysis (TPA), dough stickiness (Chen and Hoseney cell) and uniaxial extensibility determination (Kieffer test) by using a Texture Analyser; small deformation rheological measurements, were performed on a controlled stress–strain rheometer; moreover the structure of different doughs was observed by using the image analysis; while bread characteristics were studied by using texture profile analysis (TPA) and image analysis. The objective of this research was to understand if the different rheological measurements were able to characterize and differentiate the different samples analysed. This in order to investigate the effect of different formulation and processing conditions on dough and final product from a structural point of view. For this aim the following different materials were performed and analysed: - frozen dough realized without yeast; - frozen dough and bread made with frozen dough; - doughs obtained by using different fermentation method; - doughs made by Kamut® flour; - dough and bread realized with the addition of ginger powder; - final products coming from different bakeries. The influence of sub-zero storage time on non-fermented and fermented dough viscoelastic performance and on final product (bread) was evaluated by using small deformation and large deformation methods. In general, the longer the sub-zero storage time the lower the positive viscoelastic attributes. The effect of fermentation time and of different type of fermentation (straight-dough method; sponge-and-dough procedure and poolish method) on rheological properties of doughs were investigated using empirical and fundamental analysis and image analysis was used to integrate this information throughout the evaluation of the dough’s structure. The results of fundamental rheological test showed that the incorporation of sourdough (poolish method) provoked changes that were different from those seen in the others type of fermentation. The affirmative action of some ingredients (extra-virgin olive oil and a liposomic lecithin emulsifier) to improve rheological characteristics of Kamut® dough has been confirmed also when subjected to low temperatures (24 hours and 48 hours at 4°C). Small deformation oscillatory measurements and large deformation mechanical tests performed provided useful information on the rheological properties of samples realized by using different amounts of ginger powder, showing that the sample with the highest amount of ginger powder (6%) had worse rheological characteristics compared to the other samples. Moisture content, specific volume, texture and crumb grain characteristics are the major quality attributes of bread products. The different sample analyzed, “Coppia Ferrarese”, “Pane Comune Romagnolo” and “Filone Terra di San Marino”, showed a decrease of crumb moisture and an increase in hardness over the storage time. Parameters such as cohesiveness and springiness, evaluated by TPA that are indicator of quality of fresh bread, decreased during the storage. By using empirical rheological tests we found several differences among the samples, due to the different ingredients used in formulation and the different process adopted to prepare the sample, but since these products are handmade, the differences could be account as a surplus value. In conclusion small deformation (in fundamental units) and large deformation methods showed a significant role in monitoring the influence of different ingredients used in formulation, different processing and storage conditions on dough viscoelastic performance and on final product. Finally the knowledge of formulation, processing and storage conditions together with the evaluation of structural and rheological characteristics is fundamental for the study of complex matrices like bakery products, where numerous variable can influence their final quality (e.g. raw material, bread-making procedure, time and temperature of the fermentation and baking).

Desempenho empresarial e o valor da empresa no mercado de capitais: evidência empírica para o mercado de capitais português

The main objective of this paper is to analyse the effect of firms’ performance indicators in explaining the price of stocks in the Portuguese capital market, using a fundamental analysis. In the empirical setting, firms’ performance indicators are gathered into two groups: (1) economic and financial indicators and (2) stock market indicators. Using a sample of 38 firms quoted at Euronext Lisbon, estimates are obtained trough an Ordinary Least Squares (OLS) model and report to December, 31 2007. Results suggest that performance indicators are able to explain the firms’ stock market price. There is a significant positive impact of sales growth and of payout ratio, while we find a statistically significant negative effect of the firm’s financial autonomy on the stock market price for the majority of firms quoted at Euronext Lisbon.

Hybrid investment strategy active portfolio management – US stock market

This thesis aims to develop an alternative active managed portfolio strategy based on companies‟ Fundamental and Technical Analysis and analyze its finals results. There is a big distinction between the two approaches and the main objective is to understand if it is possible to take advantage of both. With this in mind a Hybrid investment strategy for the US stock market, due to its dimension and liquidity, which was able to outperform the S&P 500 index, the benchmark, during both Bear and Bull Markets between 2000 and 2015.

Summary of Real Estate Assessment, 2009

The most important aspect of property taxation is the concept that all property should be valued for tax purposes on a uniform basis so that the actual property tax burden can be distributed equitably among individual property owners. One of the most widely used and accepted methods of determining relative levels and uniformity of assessments is the assessment/sales ratio study. Such a study, in its most fundamental analysis, is the comparison of the assessed value of an individual property to its sale price. For example, a property assessed at $12,000 which sold for $26,000 would have an assessment/sales ratio of 46% ($12,000 ÷ $26,000). The purpose of this study is to provide assessment/sales ratio information that may be utilized by property tax administrators, local assessing officials, and interested taxpayers in examining the relative levels and uniformity of assessments throughout the State of Iowa. After further refinement, the study is one factor considered by the Director of Revenue in the biennial equalization of assessments.

Summary of Real Estate Assessment, 2008

The most important aspect of property taxation is the concept that all property should be valued for tax purposes on a uniform basis so that the actual property tax burden can be distributed equitably among individual property owners. One of the most widely used and accepted methods of determining relative levels and uniformity of assessments is the assessment/sales ratio study. Such a study, in its most fundamental analysis, is the comparison of the assessed value of an individual property to its sale price. For example, a property assessed at $12,000 which sold for $26,000 would have an assessment/sales ratio of 46% ($12,000 ÷ $26,000). The purpose of this study is to provide assessment/sales ratio information that may be utilized by property tax administrators, local assessing officials, and interested taxpayers in examining the relative levels and uniformity of assessments throughout the State of Iowa. After further refinement, the study is one factor considered by the Director of Revenue in the biennial equalization of assessments.

Grado de predicción del valor de las acciones ante nuevas emisiones en el sector de extracción de petróleo crudo y gas natural en Colombia, mediante modelos de caos y análisis recurrente

El presente trabajo se enfoca en el análisis de las acciones de Ecopetrol, empresa representativa del mercado de Extracción de Petróleo y Gas natural en Colombia (SP&G), durante el periodo, del 22 de mayo de 2012 al 30 de agosto de 2013. Durante este espacio de tiempo la acción sufrió una serie de variaciones en su precio las cuales se relacionaban a la nueva emisión de acciones que realizo la Compañía. Debido a este cambio en el comportamiento del activo se generaron una serie de interrogantes sobre, (i) la reacción del mercado ante diferentes sucesos ocurridos dentro de las firmas y en su entorno (ii) la capacidad de los modelos financieros de predecir y entender las posibles reacciones observadas de los activos (entendidos como deuda). Durante el desarrollo del presente trabajo se estudiará la pertinencia del mismo, en línea con los objetivos y desarrollos de la Escuela de Administración de la Universidad del Rosario. Puntualmente en temas de Perdurabilidad direccionados a la línea de Gerencia. Donde el entendimiento de la deuda como parte del funcionamiento actual y como variable determinante para el comportamiento futuro de las organizaciones tiene especial importancia. Una vez se clarifica la relación entre el presente trabajo y la Universidad, se desarrollan diferentes conceptos y teorías financieras que han permitido conocer y estudiar de manera más específica el mercado, con el objetivo de reducir los riesgos de las inversiones realizadas. Éste análisis se desarrolla en dos partes: (i) modelos de tiempo discreto y (ii) modelos de tiempo continúo. Una vez se tiene mayor claridad sobre los modelos estudiados hasta el momento se realiza el respectivo análisis de los datos mediante modelos de caos y análisis recurrente los cuales nos permiten entender que las acciones se comportan de manera caótica pero que establecen ciertas relaciones entre los precios actuales y los históricos, desarrollando comportamientos definidos entre los precios, las cantidades, el entorno macroeconómico y la organización. De otra parte, se realiza una descripción del mercado de petróleo en Colombia y se estudia a Ecopetrol como empresa y eje principal del mercado descrito en el país. La compañía Ecopetrol es representativa debido a que es uno de los mayores aportantes fiscales del país, pues sus ingresos se desprenden de bienes que se encuentran en el subsuelo por lo que la renta petrolera incluye impuestos a la producción transformación y consumo (Ecopetrol, 2003). Por último, se presentan los resultados del trabajo, así como el análisis que da lugar para presentar ciertas recomendaciones a partir de lo observado.

Estudo sobre orçamento de atividade do Boto Cinza (Sotalia guianensis) no litoral sul do Rio Grande do Norte

A fundamental analysis on Behavioral Ecology is the construction of Activities Budget, which can be defined as the quantification of the time that each animal uses in activities that are important for its survival and reproduction. Initially developed for theoretical studies about Optimal Foraging, the construction of Activities Budgets has recently being used for analyses in Conservation Biology. However, the measurement of behavior through an adequate methodology that allows the comparison between different samples is a challenge for researchers in the area of Ethology. This problem is even bigger for the students of cetaceans behavior due to the difficulty of visualization of these animals. The present work deals with two aspects of the specialized literature on cetaceans: i) it explores possible variations of results in quantification of behavioral states decurrent of the application of different methods of data collection, and ii) it describes the activity budget of a population of Sotalia guianensis that inhabits coastal waters, south Rio Grande do Norte. The results showed that the use different methods of data collection result in significant differences, but of small scale, in the quantification of the behavioral frequency. The activity budget of Sotalia in the area here analyzed was similar to that described for other populations of this species inhabiting typically estuarine habitats. Tide and day-hour did not influence the dolphin s behavior, however, significant differences were found related to the position of the animals within the area. These results are discussed considering the dietary and behavioral flexibility of the species, contributing to the scientific knowledge and offering information that will be useful in comparative studies and for analyses on the determination of areas for species conservation

Rugosidades étnicas e a espacialidade do preconceito racial

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Relative accuracy and predictive ability of direct valuation methods, price to aggregate earnings method and a hybrid approach

In this paper, we assess the relative performance of the direct valuation method and industry multiplier models using 41 435 firm-quarter Value Line observations over an 11 year (1990–2000) period. Results from both pricingerror and return-prediction analyses indicate that direct valuation yields lower percentage pricing errors and greater return prediction ability than the forward price to aggregated forecasted earnings multiplier model. However, a simple hybrid combination of these two methods leads to more accurate intrinsic value estimates, compared to either method used in isolation. It would appear that fundamental analysis could benefit from using one approach as a check on the other.

Some aspects of drill performance

High speed twist drills are probably the most common of all metal cutting tools and also the least efficient. In this study, detailed research was undertaken into aspects of drill performance and ways in which drilling could be improved in short hole depths of up to two diameters. The work included an evaluation of twist drill geometry and grinding parameters. It was established that errors in point grinding lead to increased hole oversize and reduced drill life. A fundamental analysis was made to establish predictive equations for the drill torque and thrust using modified orthogonal cutting equations and empirical data. A good correlation was obtained between actual and predicted results. Two new techniques for extending twist drill life by the use of coolant feeding holes and also the application of titanium nitride coatings were evaluated. Both methods were found to have potential for improving drill performance. A completely new design of carbide tipped drill was designed and developed. The new design was tested and it compared favourably with two commercially available carbide tipped drills. In further work an entirely different type of drill point geometry was developed for the drill screw. A new design was produced which enabled the drilling time to be minimised for the low thrust forces that were likely to be used with hand held power tools.