173 research outputs found

    Ultimobranchial body of freshwater catfish Heteropneustes fossilis

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    0 presente estudo refere-se aos detalhes do corpo utimobranquial de Heteropneustes fossilis. A glândula está localizada no intersepto entre as cavidades pericárdicas e abdominais. A glândula geralmente consiste de um parênquimasólido o qual é composto de cordões celulares. Algumas vezes, foram vistos também folículos

    Banking relationships and sell-side research

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    This paper examines disclosures by sell-side analysts when their institution has a lending relationship with the firms being covered. Lending-affiliated analysts’ earnings forecasts are found to be more accurate relative to forecasts by other analysts but this differential accuracy manifests itself only after the advent of the loan. Despite this increased earnings forecast accuracy, lending-affiliated analysts exhibit undue optimism in their brokerage recommendations and forecasts of long term growth. The optimism exists both before and after the lending commences. The evidence suggests that any insights into the covered firm via thelending relationship are employed by bank analysts in a selective manner. They appear unwilling to compromise on disclosures where expost accuracy is clearly revealed, possibly to preserve their own personal reputation. However, they are overly optimistic on other disclosures where resolution is less readily verifiable, possibly to promote their lending client’s financial standing.Forecasting ; Investment banking

    Bank seasoned equity offers: do voluntary and involuntary offers differ?

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    Recent research has shown that for industrial and utilities’ seasoned equity offers (SEOs) the offer price discount is informative and has significant price effects. We examine whether the offer price discount for SEOs made by undercapitalized banks is different from those made by banks that were already overcapitalized prior to issue announcement. The former are labeled "involuntary" issues, and the latter "voluntary." Voluntary issues are likely made by opportunistic managers at times when their stock is overvalued. Prior research has argued and provided evidence suggesting that for involuntary issues, such timing discretion may be limited. However, we find no significant differences in the issue-date discount, and in issue-date abnormal returns between the two types of issues. We find that trading volume increases dramatically at the offer date, stays at abnormally high levels over a 60-day post–issue period, and is accompanied by a positive abnormal return in the post-offer period for both types of issues.Bank stocks

    Analysts’ Advice on IPOs and Regulations: An Analysis of United States and European Markets

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    Using recommendations and target prices on initial public offerings (IPOs), we examine the impact of regulations in the United States (US) and European Union (EU) markets that were aimed at curbing conflicts of interest in sell-side research. Conflicted analysts, proxied by whether their brokerage houses (henceforth brokers) acted as lead or co-managers in the IPO process, issued more optimistic recommendations in the US and EU markets in the pre-regulatory period. However, this extra optimism is absent after the adoption of regulations. A similar pattern emerges when examining the returns implied from US IPO target prices. Investors seem to capture the pattern, as they discount optimistic recommendations from conflicted analysts before, but not after, the new regulations. Using the staggered implementation of the new regulations—whereby US regulations take place strictly before any changes in the EU markets—we show that US brokers take the new modus operandi to Europe. In the time between the passage of US and EU regulations, US brokers in the lead role acted similarly in Europe to how they acted in the US. The EU brokers continued with their optimistic projections until the implementation of the local regulations

    Offer-price discount of bank seasoned equity offers: do voluntary and involuntary offers convey different information?

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    Seasoned equity offers made by undercapitalized banks (labeled involuntary offers) could be different from other seasoned equity offers because the issuer is presumably under regulatory duress to make up the shortfall in required capital. For this reason, involuntary offers may exhibit limited managerial opportunism. When a firm issues seasoned equity, investment bankers gather information about the issuer in the period between the registration of the offer and its issue date. The information gathered during the book-building process gets reflected in the offer price discount on the issue date. We find that the offer price discount appears to convey more information to investors on the issue date for the voluntary issuers. However, we find that both types of issues show signs of market timing, and that investors react negatively to both types of issuance announcements. Our results are robust to several checks.Bank stocks

    Controlling the size distribution of nanoparticles through the use of physical boundaries during laser ablation in liquids

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    A simple, yet effective method of controlling the size and size distributions of nanoparticles produced as a result of laser ablation of target material is presented. The method employs the presence of physical boundaries on either sides of the ablation site. In order to demonstrate the potential of the method, experiments have been conducted with copper and titanium as the target materials that are placed in two different liquid media (water and isopropyl alcohol). The ablation of the target material immersed in the liquid medium has been carried out using an Nd:YAG laser. Significant differences in the size and size distributions are observed in the cases of nanoparticles produced with and without confining boundaries. It is seen that for any given liquid medium and the target material, the mean size of the nanoparticles obtained with the boundary-fitted target surface is consistently higher than that achieved in the case of open (flat) targets. The observed trend has been attributed to the plausible role(s) of the confining boundaries in prolonging the thermalisation time of the plasma plume. In order to ascertain that the observed differences in sizes of the nanoparticles produced with and without the presence of the physical barriers are predominantly because of the prolonged thermalisation of the plasma plume and not due to the possible formation of oxide layer, select experiments with gold as the target material in water have also been performed. The experiments also show that, irrespective of the liquid medium, the increase in the mean size of the copper-based nanoparticles due to the presence of physical boundaries is relatively higher than that observed in the case of titanium target material under similar experimental conditions.Comment: 24 pages, 9 figures, a part of this work has been published in Photonics Prague 2017, (Proc. SPIE 10603, Photonics, Devices, and Systems VII, 1060304) titled "A novel method for fabrication of size-controlled metallic nanoparticles

    Clinical features and predictors of in hospital mortality in patients with intra cerebral haemorrhage

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    Background: Intracerebral haemorrhage (ICH) accounts for 15-20% of all strokes and is associated with significant morbidity and mortality. The present study was done to assess the risk factors for ICH and determine the factors responsible for poor outcome in ICH.Methods: Consecutive patients of ICH were assessed for modifiable and non-modifiable risk factors, followed by detailed examination with emphasis on ICH score and CT scan findings.Results: There were 200 patients with ICH; 108 males and 92 females. The prevalence of ICH was maximum in the age group of 61-70 years (34%). Hypertension was present in 68% of the patients and was the single most important modifiable risk factor. The most common presenting symptom was altered sensorium present in 58% patients. The mean hematoma volume in our study was 44+/-45 cm3. 45 patients with a GCS <5 and both the patients with ICH score 5 expired. On multivariate analysis, there was a significant correlation of mortality with GCS and hematoma volume.Conclusions: Hypertension is the commonest risk factor for ICH. Patients with a low GCS score, large hematoma volume and a higher ICH score have a poor prognosis and higher probability of mortality.

    Artery of percheron infarction: case reports and literature review

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    The artery of Percheron is a rare anatomic variant supplying the thalamus and the rostral midbrain. Infarct in this territory results in a wide array of neurological signs and symptoms causing diagnostic dilemma and management issues. We describe the clinical presentations in three cases admitted and evaluated for neurological symptoms and diagnosed as artery of percheron infarct after brain imaging. In one patient, the etiology turned out to be infective while the other two patients had cerebrovascular accident secondary to dilated cardiomyopathy and hyper homcystinimea respectively. Artery of percheron infarction is a rare entity and should be considered in patients with altered sensorium and behavioral manifestations with associated eye abnormalities. MRI brain is the investigation of choice to detect this rare variant of thalamic circulation.

    Early PNF exercises functional outcome and quality in patients with stroke of urban and rural area in Uttar Pradesh: a prospective community based study

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    Background: Early rehabilitation plays a very important role in stroke outcome. In India people from rural areas get primary treatment from district hospitals, where the rehabilitation facilities are not available, and then referred to the tertiary care hospital (after 2-3weeks) hence the rehabilitation process is delayed. It may delay the improvement in functional outcome and quality of life. These factors should be evaluated. To evaluate effects of PNF intervention in urban and rural population in Uttar Pradesh.Methods: Total 90 patients were recruited in this study and divided into rural (coming from rural areas of Uttar Pradesh) and urban (coming from urban areas) groups. Patients were given rehabilitation for 4weeks and improvement in functional activities was assessed by Barthel's-Index (BI), Quality of Life was assessed by Stroke Specific Quality of Life Scale (SSQOL) and sensory motor improvement was assessed by Fugl- Meyer Assessment before and after the intervention. Patients were again assessed at 6months.Results: 41 patients in experimental and 49 patients in control group completed the 6 months follow up and were available for analysis. On analysis urban group showed better (<0.05) improvement in functional activities, sensory motor improvement (FMA) and quality of life (SSQOL) as well. People who directly admitted to our multispecialty and tertiary care hospital and received early rehabilitation showed better improvement than the patients who received late rehabilitation.Conclusions: Early rehabilitation leads to early improvement in functional activities. PNF exercises are very effective in improving motor function and should be given from the first day after stroke
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