Corporate financing decisions: UK survey evidence

Despite theoretical developments in recent years, our understanding of corporate capital structure remains incomplete. Prior empirical research has been dominated by archival regression studies which are limited in their ability to fully reflect the diversity found in practice. The present paper reports on a comprehensive survey of corporate financing decision-making in UK listed companies. A key finding is that firms are heterogeneous in their capital structure policies. About half of the firms seek to maintain a target debt level, consistent with trade-off theory, but 60 per cent claim to follow a financing hierarchy, consistent with pecking order theory. These two theories are not viewed by respondents as either mutually exclusive or exhaustive. Many of the theoretical determinants of debt levels are widely accepted by respondents, in particular the importance of interest tax shield, financial distress, agency costs and also, at least implicitly, information asymmetry. Results also indicate that cross-country institutional differences have a significant impact on financial decisions

Using a combination of quantitative culture, molecular, and infrastructure data to rank potential sources of fecal contamination in Town Creek Estuary, North Carolina

Estuarine water quality is declining worldwide due to increased tourism, coastal development, and a changing climate. Although well-established methods are in place to monitor water quality, municipalities struggle to use the data to prioritize infrastructure for monitoring and repair and to determine sources of contamination when they occur. The objective of this study was to assess water quality and prioritize sources of contamination within Town Creek Estuary (TCE), Beaufort, North Carolina, by combining culture, molecular, and geographic information systems (GIS) data into a novel contamination source ranking system. Water samples were collected from TCE at ten locations on eight sampling dates in Fall 2021 (n = 80). Microbiological water quality was assessed using US Environmental Protection Agency (U.S. EPA) approved culture-based methods for fecal indicator bacteria (FIB), including analysis of total coliforms (TC), Escherichia coli (EC), and Enterococcus spp. (ENT). The quantitative microbial source tracking (qMST) human-associated fecal marker, HF183, was quantified using droplet digital PCR (ddPCR). This information was combined with environmental data and GIS information detailing proximal sewer, septic, and stormwater infrastructure to determine potential sources of fecal contamination in the estuary. Results indicated FIB concentrations were significantly and positively correlated with precipitation and increased throughout the estuary following rainfall events (p < 0.01). Sampling sites with FIB concentrations above the U.S. EPA threshold also had the highest percentages of aged, less durable piping materials. Using a novel ranking system combining concentrations of FIB, HF183, and sewer infrastructure data at each site, we found that the two sites nearest the most aged sewage infrastructure and stormwater outflows were found to have the highest levels of measurable fecal contamination. This case study supports the inclusion of both traditional water quality measurements and local infrastructure data to support the current need for municipalities to identify, prioritize, and remediate failing infrastructure

Longitudinal effects of environmental enrichment on behaviour and physiology of pigs reared on an intensive-stock farm

The aim of this paper was to provide a longitudinal evaluation of the effects of physical enrichments on the behaviour and physiology of intensive stock-farming pigs. Twenty-eight crossbred pigs of both sexes, were exposed to four types of enrichments (hemp ropes, steel chains, plastic balls, rubber hoses) over a period of eleven weeks. This investigation was based on specific abnormal behaviours and physiological indicators, including hematologic parameters. For behavioural score, focal sampling was used with recording of abnormal behaviours (body-, tail- and ear-biting), belly nosing, running, and interaction with objects (for Enriched pigs). The presence of skin injuries was also recorded. In general, the frequency of abnormal behaviours was significantly reduced in the Enriched group. A timerelated profile appeared in the use of the enrichments. Males showed higher occurrence of skin injuries than females. Physiological measurements, such as levels of complement system, white blood cells and neutrophils, were lower in pigs from the Enriched group. Enriched pigs, as a whole, presented much lower levels of serum DHEA-S concentration over two weeks. The findings of this study show the successful provision of appropriate enrichments to encourage behaviours which may result in satisfactory animal oral interaction with the enriching objects, preventing them biting pen-mates. In this respect, the objects proposed were strongly effective in producing changes in behaviour which could mitigate inadequate conditions, such as the relationship between animal body weight and the available space allowance

Qualitative theory testing as mixed-method research

While the concept of mixed-methods research is more usually associated with combining quantitative and qualitative approaches, this paper outlines a study that mixed methods by undertaking qualitative theory testing and derivation when examining the relationship between health promotion theory and hospital nursing practice. Thus, it is concerned with relating the metatheoretical aspects of the debate and not with the pragmatic aspects of the research and concomitant methods. A deductive–inductive–deductive design, based on the theory–research–theory strategy of Meleis (1985), tested, revised and developed for nursing established health promotion theory using theory-testing criteria. To complement the methodological mix, the study also used the theory (i.e. a health-promotion taxonomy) as a framework to contextualise the findings rather than generate theory in the way associated with interpretative inquiry. While inconsistent with the traditional view linking theory testing with quantitative, objective epistemology, the process enabled a theoretically robust health-promotion taxonomy to be synthesised and advanced for use in nursing in relation to a paradigm of social thought

On the selection of AGN neutrino source candidates for a source stacking analysis with neutrino telescopes

The sensitivity of a search for sources of TeV neutrinos can be improved by grouping potential sources together into generic classes in a procedure that is known as source stacking. In this paper, we define catalogs of Active Galactic Nuclei (AGN) and use them to perform a source stacking analysis. The grouping of AGN into classes is done in two steps: first, AGN classes are defined, then, sources to be stacked are selected assuming that a potential neutrino flux is linearly correlated with the photon luminosity in a certain energy band (radio, IR, optical, keV, GeV, TeV). Lacking any secure detailed knowledge on neutrino production in AGN, this correlation is motivated by hadronic AGN models, as briefly reviewed in this paper. The source stacking search for neutrinos from generic AGN classes is illustrated using the data collected by the AMANDA-II high energy neutrino detector during the year 2000. No significant excess for any of the suggested groups was found.Comment: 43 pages, 12 figures, accepted by Astroparticle Physic

Extreme differences in 87Sr/86Sr between Samoan lavas and the magmatic olivines they host: Evidence for highly heterogeneous 87Sr/86Sr in the magmatic plumbing system sourcing a single lava

.Investigations of mantle heterogeneity in ocean island basalts (OIB) frequently compare heavy radiogenic isotopes (i.e. 87Sr/86Sr), often measured in whole rock powders, with 3He/4He and δ18O, commonly measured in olivines. However, the 87Sr/86Sr in the olivines, which is dominated by Sr in melt inclusions, may not be in equilibrium with the 87Sr/86Sr in the whole rock. Here we present new 87Sr/86Sr measurements made on Samoan magmatic olivines, where multiple olivine crystals are aggregated for a single isotopic measurement. The olivines host abundant melt inclusions, and yielded relatively large quantities of Sr (13.0 to 100.6 ng) in 19 to 185 mg aliquots of fresh olivine, yielding high Srsample/Srblank ratios (≥ 427). These new data on olivines show that samples can exhibit significant 87Sr/86Sr disequilibrium: in one extreme sample, where the basaltic whole rock 87Sr/86Sr (0.708901) is higher than several different aliquots of aggregate magmatic olivines (0.707385 to 0.707773), the whole rock-olivine 87Sr/86Sr disequilibrium is > 1590 ppm. The 87Sr/86Sr disequilibrium observed between whole rocks and bulk olivines relates to the isotopic disequilibrium between whole rocks and the average 87Sr/86Sr of the population of melt inclusions hosted in the olivines. Therefore, a population of olivines in a Samoan lava must have crystallized from (and trapped melts of) a different 87Sr/86Sr composition than the final erupted lava hosting the olivines. A primary question is how melts with different 87Sr/86Sr can exist in the same magmatic plumbing system and contribute heterogeneous 87Sr/86Sr to a lava and the magmatic olivines it hosts. We explore potential mechanisms for generating heterogeneous melts in magma chambers. The reliance, in part, of chemical geodynamic models of the relationships between isotopic systems measured in whole rocks (87Sr/86Sr) and systems measured in olivines (3He/4He and δ18O) means that whole rock-olivine Sr-isotopic disequilibrium will be important for evaluating relationship among these key isotopic tracer systems. Moving forward, it will be important to evaluate whether whole rock-olivine Sr-isotopic disequilibrium is a pervasive issue in OIB globally

Postoperative complications after procedure for prolapsed hemorrhoids (PPH) and stapled transanal rectal resection (STARR) procedures

Procedure for prolapsing hemorrhoids (PPH) and stapled transanal rectal resection for obstructed defecation (STARR) carry low postoperative pain, but may be followed by unusual and severe postoperative complications. This review deals with the pathogenesis, prevention and treatment of adverse events that may occasionally be life threatening. PPH and STARR carry the expected morbidity following anorectal surgery, such as bleeding, strictures and fecal incontinence. Complications that are particular to these stapled procedures are rectovaginal fistula, chronic proctalgia, total rectal obliteration, rectal wall hematoma and perforation with pelvic sepsis often requiring a diverting stoma. A higher complication rate and worse results are expected after PPH for fourth-degree piles. Enterocele and anismus are contraindications to PPH and STARR and both operations should be used with caution in patients with weak sphincters. In conclusion, complications after PPH and STARR are not infrequent and may be difficult to manage. However, if performed in selected cases by skilled specialists aware of the risks and associated diseases, some complications may be prevented