The event study

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BAR, Braz. Adm. Rev.  vol.10 número4

BAR, Braz. Adm. Rev. vol.10 número4

The central proposition of this paper is to assess the performance of cross-border acquisitions made by Multilatinas. Applying the event study method to a sample of 607 announcements of acquisitions during the period 1989-2011 by 182 Multilatinas from Argentina, Brazil, Chile, Colombia, Mexico, Peru and Venezuela, we conclude that: (a) on average, these announcements have a neutral impact on the short-term returns to acquiring companies’ shareholders; (b) cross-sectional analysis reveals that relative size of the deals have a negative and significant effect on investors’ reactions and; (c) unlike the institutional distance between home and host countries, cultural distance matters, since it has a negative and significant effect on the perceptions that investors have regarding the expected economic impact of acquirers’ cross-border merger and acquisition (M&A) decisions. Inasmuch as the market rationality assumption that underlies the event study method has been questioned, future research lines are proposed in order to search for alternative long-term performance constructs concerning M&A processes in general that can: (a) shed light on the reality of value creation (and destruction) from cross-border acquisitions made by Multilatinas; and (b) contribute to strategy, international business and M&A theories and practice.
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The influence of the tag-along rights in the value of companies: an event study of the effects on the market and service companies

The influence of the tag-along rights in the value of companies: an event study of the effects on the market and service companies

Ribeiro Neto and Famá (2001) studied the impact of the New Corporation Law (emending Law 6404/76) approved by the House of representatives on March 28, 2001. This emending law altered some clauses of the Law that was in force at the time, such as the proportion between common and preferred stock, which went from a maximum of 2/3rds preferred to 50%. The article that dealt with the valuation of stocks in case a stockholder withdrawing from the company or the company going private was also altered, in favor of an economic valuation of the stock. Also, and principally, a tag-along right of 80% of the value paid for the controlling block of stock in the case of the disposal of the company is included in the emending law. Using the Event Study methodology on the difference in price between the ordinary and preference stock of 35 companies and presuming that the new legislation is of benefit to ordinary stockholders, the authors conclude that;
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Effect of European Sovereign Debt Crisis on Banks’ Stock Market Performances

Effect of European Sovereign Debt Crisis on Banks’ Stock Market Performances

Regarding the key results obtained with the event study they are essentially four-folded. Firstly, I find evidence that sovereign ratings are more important to banks’ stock market performances than the actual bank level ratings. This finding may be associated with the fact that during this period, changes in banks’ credit ratings have been reflecting changes in sovereign creditworthiness rather than any idiosyncratic factors of bank’s solvency. Secondly, there is evidence that S&P is the predominant agency, seemingly because it generally anticipates its counter-parties in announcing analogous credit opinions. Thirdly, I find evidence that the market is not efficient in respect to this type of announcements. Finally, there are indications of anticipation to several announcements.
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The neural basis of event simulation: an FMRI study.

The neural basis of event simulation: an FMRI study.

daily life. When ‘‘implicit’’, the aforementioned process is not assumed to be unconscious. Instead, it is characterized by its spontaneous activation via bottom-up input from the environ- ment, regardless of explicit intentions to do so. Another example of the importance of the implicit aspect of ES is the fact that social phenomena such as stereotypes or prejudices are problematic due to their implicit nature [27–29]. Because these phenomena depend on ES-based trait inference, clarifying the neural mechanisms underlying the implicit aspects of ES would contribute to understanding these social phenomena. In fact, implicit aspects of various cognitive processes and their neural substrates have attracted immense attention in recent years [27,29–33]. However, previous studies have not differentiated the neural basis of implicit ES from that of explicit ES. Of the above-mentioned studies that directly assessed the ES core, that by Bar et al. employed only an implicit task [21]. Other studies employed only explicit tasks [22– 26]. So, there is an urgent need to differentiate the neural basis of implicit and explicit ES by conducting a comparison in a unified experimental framework. In the present study, we differentiated between the neural substrates of implicit and explicit ES by assuming that two cognitive processes underpin implicit and explicit ES. The first process is recruited by implicit ES (implicit ES process) and is also recruited when ES is conducted explicitly, thus providing a common ground for implicit and explicit ES. The second process is recruited together with the implicit ES process in the explicit ES (explicit ES process). We differentiated brain regions specific to those processes using the following paradigm. In one condition, subjects were shown a picture set of contextually irrelevant objects and performed an object-name-matching task. Unknown to the subjects, contextually related objects, indicating a situation, were occasionally inserted to induce implicit ES. Brain regions that increased their activity in response to this insertion were assumed to be the neural basis of the implicit ES process. In the second condition, subjects were explicitly instructed to infer the situation indicated by objects to demonstrate explicit ES. Brain activation induced in the explicit condition was compared with that induced in the implicit condition to clarify the neural basis of the explicit ES process. Based on previous findings noted above, it was expected that ES as a whole would recruit the MPFC, RSC, IPL, DLPFC/VLPFC, PHC, MTG, and TP. More importantly, it was expected that implicit and explicit ES processes would recruit different subsets of these brain regions.
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Clinics  vol.63 número6

Clinics vol.63 número6

psychological and social alterations into two general categories in the context of quality of life: (1) emotional factors, which include affective disorders such as clinical depression and anxiety disorders, as well as hostile behavior and rage; (2) chronic stressors, which include factors such as low social support and socioeconomic level, workplace stress, stress in marriage, and the stress of providing assistance to sick family members. The authors showed that patients with myocardial infarction and depressive symptoms presented significantly higher mortality within five years than patients without symptoms of depression. In the same study, depressive mood was associated with a 49% increase in the risk of coronary atherosclerotic disease.
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Lula´s disease: stating the corporeality of the event :: Brapci ::

Lula´s disease: stating the corporeality of the event :: Brapci ::

O câncer que acomete o ex-presidente Lula eclode numa complexa ambiência de midiatização através de discursos que são produzidos em pelo menos quatro âmbitos de [r]

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Dirty bomb radiological simulations: two explosion scenarios using the Rio 2016 Olympic games Athletes’ Village as a model

Dirty bomb radiological simulations: two explosion scenarios using the Rio 2016 Olympic games Athletes’ Village as a model

A procedure calculation combined two realistic potential scenarios in the case of a terrorist attack, involving the explosion of a dirty bomb in the Olympic Village during the Rio 2016 Olympic Games. Two representative radionuclides were considered, 137 Cs and 241 Am, using the US NARAC HotSpot code and data obtained from ICRP 60, showing the maximum effective dose distance of 10 m from the explosion spot, and the maximum E of 8,900 mSv for 241 Am. Inversely, it was observed that 137 Cs, as a salt, had a ground deposition for an area greater than that of 241 Am. These results will assist the radiological first responders, as a precious working tool, in how to prepare, make decisions, inform the public, and act together with other institutions such as the civil defense, policemen, fire brigade, health physics team, and local authorities. Although these results are related to 137 Cs and 241 Am, other radionuclide in further research could be suggested for simulations of dirty bomb explosions at any big event.
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On the progress of the 2015–2016 El Niño event

On the progress of the 2015–2016 El Niño event

by Provost and Fawcett (1998, 2001). In this scheme, a line of constant slope m (see the blue line in Fig. 2) is selected on the basis of the relative cost of false positive predictions over the cost of false negative predictions multiplied by the rela- tive frequency of negatives over positives, i.e., see Eq. (1) of Fawcett (2006). As a typical selection we chose m = 1. We fitted ROC points with the red curve (having a simple analyt- ical form a + b √ x + cx d ) and determined the point at which the slope was unity. This leads to the ROC point indicated by an arrow in Fig. 2 and corresponds to 1S thres = 0.0035
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Discrete-Event Simulation

Discrete-Event Simulation

Computer Network Simulation: simulate new protocols for different network traffic scenarios before deployment. Business Process Simulation: agent-based modeling and simulation of store performance for personalized pricing, modeling and simulation of a telephone call center, human fatigue risk simulations in continuous operations. Hospital Applications: modeling front office and patient care in ambulatory health care practices, estimating maximum capacity in an emergency room, reducing the length of stay in an emergency department. Design Implementation: to overcome implementation problems occurring in typical program evaluations like attrition problems, data coding errors, floor and ceiling effects on measures etc. that degrade the theoretical quality of these designs. Vehicle Manufacturing: to study the outcome of various factors which affect the production process like absence of labor force, undermined manufacturing times, equipment failures, lack of work or blockage etc., provide animation possibility suitable for layout design. Transportation Modes and Traffic: simulating aircraft-delay absorption, runaway schedule determination by simulation optimization, simulation of freeway merging and diverging behavior etc.
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STUDY OF PULMONARY FUNCTION TESTS IN INDIVIDUALS EN GAGED IN TRADITIONAL INDIAN EXERCISES IN AKHADA

STUDY OF PULMONARY FUNCTION TESTS IN INDIVIDUALS EN GAGED IN TRADITIONAL INDIAN EXERCISES IN AKHADA

When we compared FEV1 as percentage of FVC we found that physically active persons (akhada pahalwan) have less value than the control group. Similar findings have been obtained by Shapairo and Paterson [28] in their studies on U.S. naval divers during rigorous physical training programme designed to build endurance. Ekblom and Hermansen [29] have also measured lung volumes in eight top athletes belonging to the Swedish National teams and have found lower values. The reason for this is that the training of muscles of shoulder girdle leads to an increase in the vital capacity by reason of the increased strength of the accessory muscles of inspiration. The change is not accompanied by a corresponding increase in the forced expiratory volume, so the proportion of the forced vital capacity, which these subjects can expire in first second, tends to be relatively low [30].
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CORRELATION BETWEEN EBV CO-INFECTION AND HPV16 GENOME INTEGRITY IN TUNISIAN CERVICAL CANCER PATIENTS Saloua Kahla1 , Sarra Oueslati1 , Mongia Achour

CORRELATION BETWEEN EBV CO-INFECTION AND HPV16 GENOME INTEGRITY IN TUNISIAN CERVICAL CANCER PATIENTS Saloua Kahla1 , Sarra Oueslati1 , Mongia Achour

Nagao et al., (27), who showed an increase of integrated forms of HPV16 in parallel with the disease progression. The HPV E2 protein plays a crucial role in the viral life cycle as a transcription and a replication factor. E2 was also shown to be able to shuttle from the nucleus, to the cytoplasm where it activates caspase 8, thus inducing apoptosis (5, 36, 37). The HPV16 E2 protein has also been shown to be expressed at relatively high levels in benign lesions compared to cancers (45). Consequently, the detection of HR-HPV E2 transcripts might serve as an additional biomarker of cervical diseases. Results from the current study also indicate that the transcriptional activity of HPV16 E2 is a more sensitive indicator of the genomic disruption than analyses of the genomic DNA. When cervical carcinomas coinfected by HPV16 and HPV18 were investigated we could show that HPV18 coinfection was more likely linked to HPV16 integrated forms. It was previously established that HPV16 is present exclusively in episomal forms in 30-70% of cervical cancer (3, 43), whereas HPV18 has been reported to be mainly integrated (3), which indicates that these HPV types might have different biological characteristics. Meanwhile, some data have indicated that patients infected with HPV18 showed a rapid progression through precancerous stages (44). In contrast, HPV33 was found substantially more frequently associated with HPV16 episomal forms, in comparison with HPV18. It is in good agreement with the observation that cancers associated with HPV16 and HPV18 tend to be more aggressive, and that the detection of HPV types other than 16 and 18 is an independent predictor of better survival in patients with cervical carcinoma (19). Portraying the presence of intact E2 genes in almost 37.5% of HPV16 positive cervical cancer cases, have subsequently paved the way for new paradigms of cervical carcinogenesis.
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Cad. Saúde Pública  vol.26 número9

Cad. Saúde Pública vol.26 número9

This study was based on secondary data, and was thus limited to the variables on the forensic reports, excluding some key information such as: victim’s and aggressor’s income and schooling, aggressor’s age, victim’s overall health status (in- cluding the degree of dependency), and whether victim and aggressor lived under the same roof. Thus, studies are needed with broader samples and which capture the violence regardless of whether it comes to the attention of the forensic examiner, police station, stop-violence hotline, or health service, in order to overcome the barrier of underreporting and thus reveal the real mag- nitude of elder abuse. As part of this process, it is essential to collect primary data in order to in- clude the above-mentioned variables and other potentially important risk factors.
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Drummond e o acontecimento ontológico / Drummond and the Ontological Event

Drummond e o acontecimento ontológico / Drummond and the Ontological Event

Palavras-chave: acontecimento ontológico; forma esquizofrênica; poesia; Drummond. Abstract: This philosophical essay intends to analyze the poem “Being”, by Carlos Drummond de Andrade, in the light of some ontological propositions. We will not start from the literary analysis, but we will try to arrive at it by following the stream of the philosophical reflection itself. Our supposition is ignited by a question very close to Heidegger’s second style, but without concern for the Heideggerian orthodoxy. Furthermore, our questioning is only complete with meditation on Drummond’s work, whose poem offers not only the opportunity to think about the question of being; perceived in the boundaries of a certain conception of temporality; but also “Being” as a possible form of reflections on the limit between being and time. For this, more than a simple reference to Freudian’s work, the notion of death drive seems to appear as a strong necessity.
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Rev. bras. linguist. apl.  vol.15 número2

Rev. bras. linguist. apl. vol.15 número2

negative result for both sides. War changes the world and leads to people’s deaths. If one thinks that to live is the best outcome for animals, including human beings, and to be killed or to die is the worst, war can be seen as a negative evaluative event. History is composed of wars. People who would beneit from the same things lock together, but people who would beneit from different things, or who are oppressed or in a position of surrender, will seek the chance to better their position. Conlicts are therefore created, since there are opposing views. As wars generally have a win/lose result, the end of a war tends to have a negative meaning for some people and a positive one for others, even though the nature of war itself is negative. In Japan, many people are taught to call the day August 15, 1945, as shuusen no hi, which literally means “the day of the end of the war.” There are some people who claim that we should name it haisen no hi, which literally means “the day of losing the war.” On the other hand, in Korea, they call the same day gwangbokjeol, which literally means “return of the light.” This represents is Korea’s day of independence from Japan. The question above is insightful, since it makes us consider what negative events are and whether they are truly negative or not. The answer is that people can evaluate historical events according to their backgrounds and where they belong, but the nature of war and conlict is basically negative evaluative, since it can directly lead to the death of human beings, which is the worst outcome for all animals, including human beings. Some synchronic factors exist as well. In 2014, in Japan, murders were committed in Kobe and Sasebo. There was intense media coverage in the news, so people could automatically infer the meaning of “the case in Kobe” or “the case in Sasebo” as murderous acts that had recently happened. In these cases, Kobe would not indicate the terrible earthquake that attacked Kobe and the Hanshin area in 1995. Therefore, the interpretation of metonymic expressions of this kind is highly context based.
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Online modelling of water distribution systems: a UK case study

Online modelling of water distribution systems: a UK case study

A conventional network simulation model calculates a hy- draulic solution under a set of constraints which correspond to an estimated distribution of demand for an idealized 24 h period. Calibration of such models is usually to averaged pressure data from a relatively short period and with limited coverage. It is possible for idealised 24 h models to provide apparently sensible, but not wholly accurate, solutions for non-representative model constraints. For an on-line simu- lation, with numerous hydraulic flow and pressure bound- ary conditions imposed, these constraints are relaxed, lead- ing to the requirement for a higher degree of accuracy both in the model calibration procedure and the on-line flow and pressure measurements. Hence, the first requirement for an on-line model is for an accurate representation of the net- work and a well calibrated conventional hydraulic model. For the work reported here the calibrated conventional off- line model was built by consultants on behalf of the water company. Once a suitable conventional hydraulic model has been produced, it is necessary to connect it for on-line op- eration. This is achieved by a SCADA system to provide the flow and pressure data for simulation of boundary condi- tions, and a data management system that checks data status and pre-processes it in preparation for use in the model.
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Morphofunctional changes of phytoplankton community during pluvial anomaly in a tropical reservoir

Morphofunctional changes of phytoplankton community during pluvial anomaly in a tropical reservoir

The dominance of filamentous cyanobacterial species (MBFG III) along with frequent bloom events in colonial species (MBFG VII) was reported previously (Chellappa et al., 2009 ). A similar result was found in the present study during the FHIP and SHIP. Thus the transition is marked by diverse changes in reservoir environment with qualitative and quantitative response in the phytoplankton community. The neutral to alkaline pH, lower electrical conductance and high concentration of ammoniacal nitrogen stimulated the cyanobacteria of MBFG VII. Although the principal component analysis did not associate the period of hydrodynamic stability to any environmental factor, it could be observed that during this period the water temperature was higher, which could have favored the dominance of MBFG III.
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Global Longitudinal Strain Accuracy for Cardiotoxicity Prediction in a Cohort of Breast Cancer Patients During Anthracycline andor Trastuzumab Treatment

Global Longitudinal Strain Accuracy for Cardiotoxicity Prediction in a Cohort of Breast Cancer Patients During Anthracycline andor Trastuzumab Treatment

It is worth noting that all prognostic models, in addition to predictive accuracy, should have the variables easily obtained. Doppler echocardiography is widely available and easily accessible, involves no radiation, being performed at the bedside. Its use in the follow-up of patients with breast cancer is a criterion of quality in healthcare services, mainly when using GLS, capable of predicting cardiotoxicity in those patients. However, it should be performed by echocardiography professionals trained in the method, with excellent image acquisition, to minimize the intra- and interobserver variabilities, using the same device and software, creating an individualized set for image acquisition and subsequent assessment. In our study, those values were found using the GE software. The different brands of devices have different normality range values. An agreement regarding those values has not been achieved between the manufacturers. Most studies and guidelines use a percentage variation of strain to define the presence of cardiotoxicity. Using the patient’s baseline measures as control, and guaranteeing that all measures are taken with the same equipment and technique, the variations seem more reliable.
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Exploring events and distributed representations of text in multi-document summarization

Exploring events and distributed representations of text in multi-document summarization

In 1989, Ayatollah Khomeini of Iran issued a death sentence on British author Salman Rushdie because his book ”Satanic Verses” insulted Islamic sanctities. Rushdie was born in India, but his book was banned and his application for a visit was denied. British Airways would not permit Rushdie to fly on its airplanes. Reacting to diplomatic pressures by Britian and other European Nations, Iran announced in 1996 that the death sentence was dropped. President Rafsanjani said there was a difference between a fatwa (ruling) and a hokm (command) and that Khomeini did not mean the sentence to be a command. Despite official retraction of the death sentence, Iranian Islamic fundamentalists continue to demand Rushdie’s death. The Khordad Foundation raised the reward for Rushdie’s death to 2.5 million dollars and announced, ”There is nothing more important to the foundation than seeing Imam Khomeini’s decree executed.” In 1998, Grand Ayatollah Lankarani and Grand Ayatolla Hamedani said the fatwa must be enforced and no one can reverse it. More than half of Iran’s parliament signed a letter saying the death sentence against Rushdie still stands. A hard-line student group offered $333K to anyone who kills Salman Rushdie; residents of a village in northern Iran offered land and carpets to anyone who kills him and thousands of Iranian clerics and students pledged a month’s salary toward a bounty. In February 2000, the Islamic Revolutionary Guard said in a radio report that the death sentence was still in force and nothing will change it.
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The Impact of the Expansion of the Bolsa Familia Program on the Time Allocation of Youths And Their Parents Lia Chitolina Miguel Nathan Foguel Naercio Menezes-Filho

The Impact of the Expansion of the Bolsa Familia Program on the Time Allocation of Youths And Their Parents Lia Chitolina Miguel Nathan Foguel Naercio Menezes-Filho

As the multinomial model is non-linear, the marginal effect of the treatment in a DID model is not the marginal impact of the interaction between time and treatment, but the difference of the cross-differences, as described by Puhani (2012). The results of Table 7 (in terms of marginal effects) show that the BVJ has a significant effect on the probability studying and working at the same time, but not on the other outcome variables. The estimated marginal effects mean that the probability of a youngster studying and working increases by 4.2 percentage points with the BVJ, compared with a baseline of 30% in the control group in 2006. The estimated coefficients for the categories ‘studying only’ and ‘working only’ were negative but not statistically significant. It seems, therefore, that treated adolescents do not quit their jobs to study because of the program, but do both activities at the same time. This raises questions about the long run impacts of the program, since the quality of the night classes is notoriously low in Brazil.
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Assessment of large-scale circulation and societal impacts of the hydro-geomorphologic event occurred in Portugal, february 1979

Assessment of large-scale circulation and societal impacts of the hydro-geomorphologic event occurred in Portugal, february 1979

Western Iberia is frequently struck by intense mid-latitude cyclones originated in the North Atlantic basin and often impinging extreme weather conditions over large swaths of the Iberian Peninsula (IP). It has been well known that extreme precipitation events in Portugal occurring during winter months (December-March) are often associated with landslides, flooding in the major river basins ([1] and [2]), and, with flash floods mostly located in small watersheds or urban areas [3], which can produce socio-economic impacts. Thus, there is a clear need for better characterization of extreme phenomena and the nature of their driving mechanisms in order to prevent and manage the associated impacts and risks.
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