Market Arbitrage of Cash Dividends and Franking Credits

Since 1986 dividend imputation has influenced the ex-dividend day behaviour of Australian share prices. Between 1 April 1986 and 30 May 2004 the Government of the day introduced six major legislative amendments intent on improving the efficiency of the dividend imputation system. This paper explores the impact of dividend imputation, in its various forms, on ex-dividend share price adjustments. We find that only the most recent tax change, which provided full income rebates for unused franking credits, appears to have caused the market to put a statistically significant value on franking credits.Dividend imputation, cash dividends, franking credits, drop-off ratio, tax legislation, structural breaks.

An Analysis of Transformational, Transactional and Laissez-Faire Leadership Styles Between Professional and Student Leaders in Collegiate Outdoor Programs

This thesis is a quantitative research project that investigates the leadership styles of collegiate outdoor program leaders. The purpose of this study was to gain knowledge of the leadership style(s) of collegiate outdoor program leaders, particularly between student and professional leaders. A purposive sampling method was used to select outdoor programs as well as to solicit participation using an email listserv maintained by the Association for Outdoor Recreation and Education (AORE). A total of n=113 leaders responded., resulting in 80 complete sets of data. The Multifactor Leadership Questionnaire Short (MLQ5x) was used to determine leadership styles. A repeated measures ANOVA shows that collegiate outdoor student and professional leaders share the same leadership styles

A rule-based kinetic model of RNA polymerase II C-terminal domain phosphorylation

The complexity ofmany RNA processing pathways is such that a conventional systemsmodelling approach is inadequate to represent all themolecular species involved. We demonstrate that rule-based modelling permits a detailed model of a complex RNA signalling pathway to be defined. Phosphorylation of the RNApolymerase II (RNAPII)C-terminal domain (CTD; a flexible tail-like extension of the largest subunit) couples pre-messenger RNA capping, splicing and 30 end maturation to transcriptional elongation and termination, and plays a central role in integrating these processes. The phosphorylation states of the serine residues of many heptapeptide repeats of the CTD alter along the coding region of genes as a function of distance from the promoter. From a mechanistic perspective, both the changes in phosphorylation and the location atwhich they take place on the genes are a function of the time spent byRNAPII in elongation as this interval provides the opportunity for the kinases and phosphatases to interactwith theCTD.On this basis,we synthesize the available data to create a kinetic model of the action of the known kinases and phosphatases to resolve the phosphorylation pathways and their kinetics.</p

Non-Geometric Fluxes, Quasi-Hopf Twist Deformations and Nonassociative Quantum Mechanics

We analyse the symmetries underlying nonassociative deformations of geometry in non-geometric R-flux compactifications which arise via T-duality from closed strings with constant geometric fluxes. Starting from the non-abelian Lie algebra of translations and Bopp shifts in phase space, together with a suitable cochain twist, we construct the quasi-Hopf algebra of symmetries that deforms the algebra of functions and the exterior differential calculus in the phase space description of nonassociative R-space. In this setting nonassociativity is characterised by the associator 3-cocycle which controls non-coassociativity of the quasi-Hopf algebra. We use abelian 2-cocycle twists to construct maps between the dynamical nonassociative star product and a family of associative star products parametrized by constant momentum surfaces in phase space. We define a suitable integration on these nonassociative spaces and find that the usual cyclicity of associative noncommutative deformations is replaced by weaker notions of 2-cyclicity and 3-cyclicity. Using this star product quantization on phase space together with 3-cyclicity, we formulate a consistent version of nonassociative quantum mechanics, in which we calculate the expectation values of area and volume operators, and find coarse-graining of the string background due to the R-flux.Comment: 38 pages; v2: typos corrected, reference added; v3: typos corrected, comments about cyclicity added in section 4.2, references updated; Final version to be published in Journal of Mathematical Physic

The Genomics of Colorectal Cancer: State of the Art

The concept of the adenoma-carcinoma sequence, as first espoused by Morson et al. whereby the development of colorectal cancer is dependent on a stepwise progression from adenomatous polyp to carcinoma is well documented

Signal integration enhances the dynamic range in neuronal systems

The dynamic range measures the capacity of a system to discriminate the intensity of an external stimulus. Such an ability is fundamental for living beings to survive: to leverage resources and to avoid danger. Consequently, the larger is the dynamic range, the greater is the probability of survival. We investigate how the integration of different input signals affects the dynamic range, and in general the collective behavior of a network of excitable units. By means of numerical simulations and a mean-field approach, we explore the nonequilibrium phase transition in the presence of integration. We show that the firing rate in random and scale-free networks undergoes a discontinuous phase transition depending on both the integration time and the density of integrator units. Moreover, in the presence of external stimuli, we find that a system of excitable integrator units operating in a bistable regime largely enhances its dynamic range.Comment: 5 pages, 4 figure

Insulation bonding test system

A method and a system for testing the bonding of foam insulation attached to metal is described. The system involves the use of an impacter which has a calibrated load cell mounted on a plunger and a hammer head mounted on the end of the plunger. When the impacter strikes the insulation at a point to be tested, the load cell measures the force of the impact and the precise time interval during which the hammer head is in contact with the insulation. This information is transmitted as an electrical signal to a load cell amplifier where the signal is conditioned and then transmitted to a fast Fourier transform (FFT) analyzer. The FFT analyzer produces energy spectral density curves which are displayed on a video screen. The termination frequency of the energy spectral density curve may be compared with a predetermined empirical scale to determine whether a igh quality bond, good bond, or debond is present at the point of impact

Carbon fiber plume sampling for large scale fire tests at Dugway Proving Ground

Carbon fiber sampling instruments were developed: passive collectors made of sticky bridal veil mesh, and active instruments using a light emitting diode (LED) source. These instruments measured the number or number rate of carbon fibers released from carbon/graphite composite material when the material was burned in a 10.7 m (35 ft) dia JP-4 pool fire for approximately 20 minutes. The instruments were placed in an array suspended from a 305 m by 305 m (1000 ft by 1000 ft) Jacob's Ladder net held vertically aloft by balloons and oriented crosswind approximately 140 meters downwind of the pool fire. Three tests were conducted during which released carbon fiber data were acquired. These data were reduced and analyzed to obtain the characteristics of the released fibers including their spatial and size distributions and estimates of the number and total mass of fibers released. The results of the data analyses showed that 2.5 to 3.5 x 10 to the 8th power single carbon fibers were released during the 20 minute burn of 30 to 50 kg mass of initial, unburned carbon fiber material. The mass released as single carbon fibers was estimated to be between 0.1 and 0.2% of the initial, unburned fiber mass

Interaction of yeast eIF4G with spliceosome components Implications in pre-mRNA processing events

International audienceAs evidenced from mammalian cells the eukaryotic translation initiation factor eIF4G has a putative role in nuclear RNA metabolism. Here we investigate whether this role is conserved in the yeast Saccharomyces cerevisiae. Using a combination of in vitro and in vivo methods, we show that, similar to mammalian eIF4G, yeast eIF4G homologues, Tif4631p and Tif4632p, are present both in the nucleus and the cytoplasm. We show that both eIF4G proteins interact efficiently in vitro with UsnRNP components of the splicing machinery. More specifically, Tif4631p and Tif4632p interact efficiently with U1 snRNA in vitro. In addition, Tif4631p and Tif4632p associate with protein components of the splicing machinery, namely Snu71p and Prp11p. To further delineate these interactions, we map the regions of Tif4631p and Tif4632p that are important for the interaction with Prp11p and Snu71p and we show that addition of these regions to splicing reactions in vitro has a dominant inhibitory effect. The observed interactions implicate eIF4G in aspects of pre-mRNA processing. In support of this hypothesis, deletion of one of the eIF4G isoforms results in accumulation of un-spliced precursors for a number of endogenous genes, in vivo. In conclusion these observations are suggestive of the involvement of yeast eIF4G in pre-mRNA metabolism