Direct and indirect effects of cash dividend policies on firms' capital accumulation in selected developed markets

The effects of cash dividend policies on the capital accumulation of non-bank firms operating in The United States (S&P 500), The United Kingdom (FTSE 100), Japan (Nikkei 225), and France (CAC 40) have been investigated in this study. The dataset used in the study consists of annual observations between 2010 and 2015. Also, the data were retrieved from the Thomson Reuters database. The system in GMM is employed in the econometric estimations in this paper. “Total effect” of cash dividend policies on capital accumulation has been bisected as “direct” and “indirect” effects. In this study, we call the effect of the cash dividend policies on investments via financial and liquidity constraints as “direct effect” and the effect of the policies on the accumulation via market value and business reputation as “indirect effect”. Obtained results show that the indirect effect is positive, whereas the direct effect is negative. However , the magnitude of the direct effect is larger than that of the indirect. Therefore , the total effect of cash dividend policies on the accumulation of capital and investments is negative. The fact that movements in stock prices of firms have an effect on the capital accumulation has shown that the financial markets could affect real economic variables. Also, the results that the cash dividend policies positively affect the market value of firms are mounting evidence to the validity of Signalling and Information Content Approach and Bird in Hand Theory.

A Spider in the Spider’s View: Behçet’s Disease-related Giant Coronary Aneurysm

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Hybrid Synaptic Structure for Spiking Neural Network Realization

Neural networks and neuromorphic computing play pivotal roles in deep learning and machine vision. Due to their dissipative nature and inherent limitations, traditional semiconductor-based circuits face challenges in realizing ultra-fast and low-power neural networks. However, the spiking behavior characteristic of single flux quantum (SFQ) circuits positions them as promising candidates for spiking neural networks (SNNs). Our previous work showcased a JJ-Soma design capable of operating at tens of gigahertz while consuming only a fraction of the power compared to traditional circuits, as documented in [1]. This paper introduces a compact SFQ-based synapse design that applies positive and negative weighted inputs to the JJ-Soma. Using an RSFQ synapse empowers us to replicate the functionality of a biological neuron, a crucial step in realizing a complete SNN. The JJ-Synapse can operate at ultra-high frequencies, exhibits orders of magnitude lower power consumption than CMOS counterparts, and can be conveniently fabricated using commercial Nb processes. Furthermore, the network's flexibility enables modifications by incorporating cryo-CMOS circuits for weight value adjustments. In our endeavor, we have successfully designed, fabricated, and partially tested the JJ-Synapse within our cryocooler system. Integration with the JJ-Soma further facilitates the realization of a high-speed inference SNN.Comment: 7 pages, 10 figure

Rola krążącego sTWEAK w patogenezie choroby Hashimoto — badanie pilotażowe

  Introduction: We aimed to investigate the role of sTWEAK in the pathogenesis of Hashimoto’s thyroiditis, which is a chronic inflammatory autoimmune disease. Material and methods: A total of 80 patients were included in the study, 60 of whom were newly diagnosed with Hashimoto’s thyroiditis (20 patients in each of the euthyroid, subclinical hypothyroid, and overt hypothyroid subgroups), and 20 of whom were healthy volunteers. Thyroid function tests and autoantibodies were measured using the electro-chemiluminescence immunoassay method, and sTWEAK, IL-17A, IL-12, and TGF-beta1 were measured using enzyme-linked immunosorbent assay method. Results: The Hashimoto’s Thyroiditis group had lower levels of sTWEAK and TGF-beta1, but had higher levels of IL-12 and IL-17A as compared to the control group. Of these, only the difference between IL-17A levels reached statistical significance (2.1 pg/mL vs. 1.8 pg/mL, respectively; p < 0.001). While the levels of sTWEAK were similar in the control, euthyroid, and subclinical groups, the overt hypothyroidism group had lower level of sTWEAK than that of subclinical hypothyroidism (687.6 ± 153.3 pg/mL vs. 888.2 ± 374.4 pg/mL, respectively; p = 0.03). A negative correlation was determined between sTWEAK level and anti-TPO (r = –0.533, p = 0.028) and IL-17A (r = –0.600, p = 0.005) levels in the overt hypothyroidism group. Conclusions: The reduced levels of sTWEAK with progression of Hashimoto’s Thyroiditis and the significant correlation between the sTWEAK levels and anti-TPO found in this study suggest that sTWEAK plays an active role in chronic inflammation in the pathogenesis of Hashimoto’s Thyroiditis and in the progression of autoimmunity. (Endokrynol Pol 2016; 67 (6): 562–566)    Wstęp: Badanie przeprowadzono w celu ustalenia roli sTWEAK w patogenezie zapalenia tarczycy Hashimoto, przewlekłej zapalnej choroby autoimmunologicznej. Materiał i metody: Do badania włączono łącznie 80 chorych, w tym 60 osób z nowo rozpoznaną chorobą Hashimoto (po 20 chorych w podgrupach z eutyreozą, subkliniczną niedoczynnością tarczycy i jawną niedoczynnością tarczycy) i 20 zdrowych ochotników. Badania czynności tarczycy oraz oznaczenia stężenia autoprzeciwciał przeprowadzono przy użyciu metod elektrochemiluminescencji, a stężenia sTWEAK, IL-17A, IL-12 i TGF-beta1 oznaczono za pomocą testów enzymatycznych. Wyniki: W grupie osób z chorobą Hashimoto stężenia sTWEAK i TGF-beta1 były niższe, a stężenia IL-12 i IL-17A wyższe niż w grupie kontrolnej. Jednak tylko różnice między stężeniami IL-17A osiągnęły poziom istotności statystycznej (odpowiednio 2,1 pg/ml vs. 1,8 pg/ml; p < 0,001). Podczas gdy stężenia sTWEAK były podobne w grupach kontrolnej, z eutyreozą i z subkliniczną niedoczynnością tarczycy, stężenia sTWEAK w grupie z jawną niedoczynnością tarczycy były niższe niż u osób z subkliniczną niedoczynnością tarczycy (odpowiednio 687,6 ± 153,3 pg/ml vs. 888,2 ± 374,4 pg/ml; p = 0,03). Stwierdzono ujemną korelację między stężeniem sTWEAK a stężeniami przeciwciał przeciw TPO (r = –0,533; p = 0,028) oraz IL-17A (r = –0,600; p = 0.005) w grupie z jawną niedoczynnością tarczycy. Wnioski: Obniżanie się stężenia sTWEAK z progresją choroby Hashimoto oraz istotna korelacja między stężeniem sTWEAK a stężeniem przeciwciał przeciw TPO stwierdzone w tym badaniu wskazują, że sTWEAK odgrywa aktywną rolę w przewlekłym zapaleniu w patogenezie choroby Hashimoto, a także w progresji autoagresji. (Endokrynol Pol 2016; 67 (6): 562–566)

Influence of pore density on thermal development in open-cell metal foam

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Superconductor Logic Implementation with All-JJ Inductor-Free Cell Library

Single flux quantum (SFQ) technology has garnered significant attention due to its low switching power and high operational speed. Researchers have been actively pursuing more advanced devices and technologies to further reduce the reliance on inductors, bias, and dynamic power. Recently, innovative magnetic Josephson junction devices have emerged, enhancing the field of superconductor electronics (SCE) logic. This paper introduces a novel cell library design that relies entirely on Josephson junctions (JJs), showing promising potential for eliminating the need for inductors in conventional SFQ cells. This results in a 55% reduction in cell size and an 80% decrease in both static and dynamic power consumption. The proposed library implements a half flux quantum (HFQ) logic, where each pulse duration is half that of a single flux quantum pulse. The paper presents the schematics of the basic cells, emphasizing critical circuit parameters and their margins. Additionally, it examines layout blueprints, showcasing the advantageous area-saving characteristics of the proposed design.Comment: 9 pages, 28 figures, 13 table

Successful Management of Peripartum Cardiomyopathy in a Young Female Patient

DergiPark: 1020979tmsjAims: Peripartum cardiomyopathy is a rarely seen pregnancy-related myocardial disorder. The diagnosis is usually challenging and is made by exclusion. We aimed to present the recovery of a patient with peripartum cardiomyopathy as a result of a successful treatment plan. Case Report: A 26-year-old female patient with type-2 diabetes mellitus presented to the cardiology department of Trakya University School of Medicine. The patient experienced dyspnea and edema after delivery at 37 weeks of gestation. After the results of the blood tests, further cardiac examinations were deemed necessary. The echocardiogram revealed a low ejection fraction, indicating heart failure. The patient was recommended to halt breastfeeding and bromocriptine treatment was started. The patient was discharged one week later and kept under follow-up. Conclusion: Peripartum cardiomyopathy is a rare disease and therefore not easy to diagnose, but with appropriate treatment plans and frequent follow-ups, patients have high chances of full recovery

Unsupervised SFQ-Based Spiking Neural Network

Single Flux Quantum (SFQ) technology represents a groundbreaking advancement in computational efficiency and ultra-high-speed neuromorphic processing. The key features of SFQ technology, particularly data representation, transmission, and processing through SFQ pulses, closely mirror fundamental aspects of biological neural structures. Consequently, SFQ-based circuits emerge as an ideal candidate for realizing Spiking Neural Networks (SNNs). This study presents a proof-of-concept demonstration of an SFQ-based SNN architecture, showcasing its capacity for ultra-fast switching at remarkably low energy consumption per output activity. Notably, our work introduces innovative approaches: (i) We introduce a novel spike-timing-dependent plasticity mechanism to update synapses and to trace spike-activity by incorporating a leaky non-destructive readout circuit. (ii) We propose a novel method to dynamically regulate the threshold behavior of leaky integrate and fire superconductor neurons, enhancing the adaptability of our SNN architecture. (iii) Our research incorporates a novel winner-take-all mechanism, aligning with practical strategies for SNN development and enabling effective decision-making processes. The effectiveness of these proposed structural enhancements is evaluated by integrating high-level models into the BindsNET framework. By leveraging BindsNET, we model the online training of an SNN, integrating the novel structures into the learning process. To ensure the robustness and functionality of our circuits, we employ JoSIM for circuit parameter extraction and functional verification through simulation

Poboljšanje otpornosti drva na vremenske utjecaje impregnacijom boratima i premazom od tekućeg stakla

Poor weathering performance of impregnated and coated wood products is an important issue that infl uences their appearance as well as their service life after outdoor or indoor exposure. A novel procedure to improve the weathering performance of Scots pine wood (Pinus sylvestris L.) is proposed in this study. Wood samples were impregnated with ammonium tetrafl uoroborate (ATFB), ammonium pentaborate (APB) and boric acid (BA), and afterward coated with a layer of liquid glass (LG). Surface hardness, color changes, and surface roughness of wood samples were investigated after 250 h and 500 h of exposure to artifi cial weathering. The results revealed that, except for untreated (control), all other treatment groups caused an increase in surface hardness of Scots pine after weathering. A decrease in the CIE L* value corresponds to the darkening of samples after weathering. Borates-impregnated and LG-coated Scots pine samples possessed the highest color stability. However, all treatment combinations resulted in reddish and yellowish tones after weathering. Exposure to weathering increased surface roughness of wood samples. The surface roughness of the untreated (control) group was higher than that of impregnated and coated samples.Slaba otpornost impregniranoga i premazanog drva pri izlaganju vremenskim utjecajima velik je problem koji utječe na izgled i vijek trajanja drva nakon izlaganja u eksterijeru ili interijeru. U ovom je istraživanju predložen novi postupak poboljšanja otpornosti borovine (Pinus sylvestris L.) izložene vremenskim utjecajima. Uzorci drva impregnirani su amonijevim tetrafl uoroboratom (ATFB), amonijevim pentaboratom (APB) i bornom kiselinom (BA), nakon čega su premazani tekućim staklom (LG). Ispitivana je tvrdoća površine, promjena boje i hrapavost površine uzoraka drva nakon 250 i 500 sati umjetnog izlaganja vremenskim utjecajima. Rezultati su pokazali da se na svim površinski obrađenim uzorcima borovine povećala tvrdoća njezine površine nakon izlaganja vremenskim utjecajima. Smanjenje vrijednosti CIE L* upućuje na tamnjenje uzoraka nakon izlaganja vremenskim utjecajima. Najbolju stabilnost boje pokazali su uzorci borovine impregnirani boratima i premazani tekućim staklom. Međutim, sve kombinacije površinske obrade rezultirale su povećanjem crvenoga i žutog tona nakon izlaganja uzoraka vremenskim utjecajima. Izlaganjem vremenskim utjecajima povećala se hrapavost površine uzoraka drva. No hrapavost površine kontrolnih uzoraka (površinski neobrađenih) bila je veća nego hrapavost površine impregniranih i premazanih uzoraka.No sponso