Impact of IFRS adoption on stock performance and financial indicators: a comparative study between Germany and the UK

The compulsory adoption of International Financial Reporting Standards (IFRSs) in Europe has been one of the most important developments in the accounting and finance literature in the last couple of years. IFRSs have promised to provide more accurate and transparent financial statements, and hence to be more value-relevant to investors than local GAAP. Because there are broadly two different accounting systems in force in Europe: the accounting system adopted in common-law countries and the accounting system adopted in code-law countries and because the nature and concept of each accounting system is entirely different, researchers believe that the compulsory adoption of IFRSs in Europe will have different impacts on European countries that fall under each category. The objective of this thesis is to explore the impact of the movement to IFRSs in Europe on share prices, trading volume of shares and financial ratios of listed companies in Germany, as a case study of code-law countries, and the UK, as a case study of common-law countries. Using 8 years of data, which cover the period from 2000 to 2007 and incorporate time periods pre and post IFRSs adoption in Europe, this thesis empirically investigates three main issues. First, it examines whether the adoption of IFRSs has an impact on share prices in the two different environments of accounting systems. Second, the thesis evaluates the impact of IFRSs adoption on financial indicators in the two different environments. Third, the thesis evaluates the impact of the movement towards IFRSs in Europe on the trading volume of shares in the two different environments. For the first issue, several multiple regression models were employed based on Ohlson and modified Ohlson models. The results from the analysis indicate that the adoption of I FRSs was value-relevant in both Germany and the UK, with a greater relative impact in the UK. For the second issue, both univariate and multivariate techniques based on ANOVA tests and different logistic regression models were adopted. Generally speaking, the results from this analysis demonstrate that IFRSs adoption had an impact on some financial indicators and that the impact is higher in Germany than in the UK. As for the third issue, logistic regression was employed to study the pattern of trading volume of stock before and after IFRSs adoption in both Germany and the UK. The results of this analysis showed a great impact of IFRSs adoption on trading volume of shares in both Germany and the UK, with a significantly higher impact in Germany. As such, the thesis makes an important contribution to the value-relevance literature pertaining to the impact of the recent movement to I FRSs in Europe on commonlaw/ UK and code-law/Germany environments in terms of stock performance and financial indicators. A caveat to the finding of this thesis is that the impact of the movement to IFRSs in Europe might need a longer period to be effectively evaluated and that more common-law and code-law countries must be considered to truly reflect the difference in I FRSs impact on both sets of accounting environments

Analysis of paternal plastid inheritance in Arabidopsis thaliana and its impact on biosafety of gene-modified plants

Genetically modified plants for the use of transgene containment are a central concern. Nuclear gene flow is one of the most discussed topics in our days; therefore, plastid genetic engineering is a promising tool to reduce the risk of transgene flow, because in most angiosperm species plastids are inherited maternally. In addition, plastid transformation has the advantage that the site of gene insertion can be controlled, high rates of transgene expression and protein accumulation can be achieved and epigenetic effects are absent. In Arabidopsis pollen, plastids are inherited also maternally and not created de novo, but arise from pre-existing plastids by fission. The aim of this study was to assess the frequency of plastid transfer from atrazin-resistant ElyF3BC4 Arabidopsis thaliana plants bearing a point mutation in the plastid psbA gene to male sterile N75 plants by spontaneous crossing under field conditions. Also the plastid transfer from atrazin-resistant, EMS-mutagenized M2ElyF3BC4 plants to wild-type A. thaliana plants by manual crossings under green house conditions was estimated. It was found that plastid-encoded atrazin resistance could not be transmitted via pollen, neither by manual pollination among 65,000 hybrid seeds nor by spontaneous pollination among 2,444,465 hybrid seeds in A. thaliana. Although various random nuclear mutations were screened for their potential to allow the transfer of paternal plastids into the egg-cells of the recipient plant, a corresponding mutant line could not be isolated. Explanation for this could be duplication or redundancy of nuclear genes mediating maternal inheritance and suppressing paternal leakage in Arabidopsis in such a way that the defect in one gene is compensated for by the function of its homologue. Therefore, a double mutant of two genes, atg4a and atg4b, which are involved in autophagy, were studied to test this hypothesis. However, the frequency of paternal plastid transfer was not increased. Taken together, in this study paternal leakage of Arabidopsis plastids could not be induced by mutations. To be able to follow plastid fate in developing pollen tubes, the colorless plastids in Arabidopsis pollen were visualized by the expression of a GFP fusion protein under the control of a pollen specific promoter. However, the affiliation of the GFP labeled plastids to either the vegetative or the generative cells was not clear. Placing particular emphasis on plastid behavior during specification of sperm cells in pollen of Arabidopsis might shed some light on this very strict process of maternal inheritance in the future work

Primer Informe de Bacterias Endofíticas Aisladas de Senecio glaucus L., Egipto

Microorganisms are naturally associated with plants in several ways. The study was conducted to isolate bacteria endophytes from the internal cells of roots, stems, leaves, and capitula of Senecio glaucus collected from 2 diverse (coastal and desert) habitats in Egypt. A total of 10 endophytic bacteria were obtained from the isolation; the highest diversity of bacterial endophytes was observed in desert samples roots and leaves. The isolates were recognized based on morphology, biochemical and 16S rRNA sequence genes. All isolates indicated the ability for enzyme production as amylase, cellulase, lipase, catalase, and protease in their biochemical descriptions; analyses also gave a significant indication of their potential to produce plant growth hormones, as their ability to dissolve Phosphate. In the world and Egypt, we are the first to report bacterial endophytes isolated from Senecio glaucus. This study could aid in determining the role of endophytic bacteria in severe habitats, as well as their potential applications in medicine, bioremediation, agriculture, and industry.Los microorganismos están naturalmente asociados con las plantas. El presente experimento se llevó a cabo para aislar bacterias endófitas de las células internas de raíces, tallos, hojas y Tejido capitulear de Senecio glaucus recolectadas en 2 hábitats diversos (costeros y desérticos) de Egipto. Del aislamiento se obtuvieron un total de 10 bacterias endófitas; la mayor diversidad de endófitos bacterianos se observó en raíces y hojas de muestras del desierto. Los aislamientos se reconocieron con base en la morfología, la bioquímica y los genes de la secuencia del ARNr 16S. Todos estos aislados indican la capacidad de producir enzimas como amilasa, celulasa, lipasa, catalasa y proteasa en sus descripciones bioquímicas; los análisis también mostraron una indicación significativa de su potencial para producir hormonas de crecimiento vegetal; como su capacidad para disolver el fosfato. En el mundo y en Egipto, somos los primeros en reportar endófitos bacterianos aislados de Senecio glaucus. Este estudio podría ayudar a determinar el papel de las bacterias endófitas en hábitats severos, así como sus posibles aplicaciones en medicina, biorremediación, agricultura e industria

Tissue Residues, Hematological and Biochemical Effects of Tilmicosin in Broiler Chicken

The aim of this study was to determine the blood and tissue concentrations profile and effect of tilmicosin on some hematological and biochemical parameters in broiler chicken. Fifty clinically healthy Hubbard chickens were orally administered 25 mg/kg BW of tilmicosin once daily for 5 consecutive days. Tissue residues of tilmicosin in slaughtered healthy chicken could not be detected by microbiological assay in all tested tissues except in lung (at 96 hours) and liver and kidneys (at 72 hours) after last administration. Tilmicosin caused temporary decrease in the RBCs and WBCs counts and has no effect on hemoglobin (Hb) and packed cell volume concentration (PCV). Also, the effect of tilmicosin on some biochemical parameters was as follows: the concentrations of creatinine, uric acid, electrolytes (sodium, potassium, and calcium), glucose, AST, ALT, ALP, and HDL-cholesterol in the serum of treated chicken did not change in response to the repeated oral administration of tilmicosin. There were only a temporary significant decrease in total protein and albumin concentrations and a significant increase in cholesterol and triglycerides concentrations. Chicken must not be slaughtered before 4 days from the stopping of tilmicosin administration. Tilmicosin makes temporary changes on hematological and biochemical parameters in broiler chicken

Pollutant Removal from Highway Runoff Using Retention/Detention Units

Highway runoff contains total suspended solids, hydrocarbons, oil and greases, chloride, and other contaminants that are transported in solution and particulate forms to adjacent floodplains, roadside swales, and retention/detention ponds. Oil and grit chambers represent a type of retention/detention unit used for removing heavy particulates and adsorbed hydrocarbon particulates. Storage/sediment units also represent a type of retention/detention unit used for controlling peak flow and removing suspended solids. The aim of this study is to evaluate the effect of traffic volume and site characteristics on highway runoff quality. The study also aims to evaluate the performance of retention/detention units that collect runoff from the Prague-Brno and Prague-Plzeň highways, Czech Republic. The results of this study indicate no definitive relationship between average daily traffic and concentration of runoff constituents, though the site characteristics have a strong relation to some constituents. The results also show that retention/detention units are effective in treating organic compounds

Feasibility Assessment of Warm Mix Asphalt in Arkansas

The future of Warm Mix Asphalt (WMA) technologies is promising in the U.S. However, the Arkansas Department of Transportation (ARDOT) does not have any specific guidelines to implement them in the field. This research aims to provide necessary baseline data for WMA as a proof of concept. In this study, three ARDOT approved Performance Grade (PG) binders namely PG 64-22, PG 70-22, and PG 76-22 were investigated. Each of these binders was obtained from two different sources. They were modified by varying doses of four selected additives: Sasobit®, Advera®, Evotherm®, and Rediset®. Additionally, four different types of aggregates (sandstone, limestone, gravel, and dolomite) from different quarries in Arkansas were evaluated for their compatibility with modified binders. Empirical test (Penetration test), Superpave Performance tests such as Rotational Viscometer, Rolling Thin-Film Oven (RTFO), Pressure-Aging Vessel (PAV), Dynamic Shear Rheometer (DSR), and Bending Beam Rheometer), PG Plus tests such as Multiple Stress Creep Recovery and Frequency Sweep, chemical analyses (SARA analysis, FTIR, pH), science-based test (Surface Free Energy), and Texas Boiling Test on loose mixture samples were conducted at different aging conditions. Based on the RV test results, reduced mixing and compaction temperatures have been observed for Sasobit®, Evotherm®, and Rediset® modified samples. The DSR test results suggest that both Sasobit® and Advera® can reduce rut potential. On the other hand, BBR test results indicate that both Evotherm® and Rediset® have the capabilities of improved resistances against fatigue and low-temperature thermal cracking. Binder samples modified by these have also demonstrated minimal stripping in SFE and Texas Boiling Test. Advera® has modified the chemical compositions of the neat binders, which was also observed in the SARA analysis. The findings of this study will help the agency to select the most appropriate WMA additive along with its application rate

Different Methods to Decrease Seroma Formation Post Hernioplasty of Ventral Hernias

Background: Wounds can become infected associated with serous collection in the wound dead space in a condition known as seroma. After abdominal wall hernias correction, a variety of treatments have been tried to decrease seroma formation. Objective: To assess the rule of different modalities used in prevention of seroma formation post abdominal wall hernias repair. Patients and Methods: At Zagazig University Faculty of Medicine's General Surgery Department we carried out a clinical trial investigation. Transverse incisions and suction drains have been inserted in all patients undergoing hernioplasty and onlay mesh repair. The patients were divided into 4 groups: Group A: Classic hernioplasty for ventral hernia. Group B: Applying of histoacryl intraoperative after onlay mesh fixation. Group C: Applying of fibrin glue intraoperative after onlay mesh fixation. Group D: block closure of dead space after onlay mesh fixation. The patients were followed up in inpatients wards for 24 hours then discharged to continue their care and follow up in outpatient clinic at 1, 2, and 4 weeks. Results: When it came to the reduction of seroma production or other postoperative outcomes, there was no statistically significant difference between the groups. Conclusion: Fluid buildup can be avoided with the use of sclerotherapy, a minimally-invasive procedure that eliminates empty space. Chemical agents, tetracyclines, and talc were used satisfactorily with minimal complication rates