Cross-Border Valuation: The International Cost of Equity Capital

How does a firm in one country evaluate an investment in a firm in another country, or how does it evaluate a foreign project that the firm itself is undertaking? The firm must estimate future free cash flows just as in a domestic project, but choosing an appropriate discount rate is a particular challenge. This study examines the determinants of the discount rate for an international acquisition or project by examining the sources of risk in an international setting. These risks include stock-market price risk measured with various versions of the capital asset pricing model, as well as exchange rate risk and political risk. To measure stock market risk, both segmented and integrated models of the world equity markets are considered. The emphasis of the study is on some of the practical aspects of estimation, particular for markets where no comparable investments exist on which to base estimates of risk premiums. To show how each of these risks might be measured, the study reports estimates for a representative French firm, Thals. The estimates range widely depending on whether or not the equity market is globally integrated.

1300+ Students Must Complete Our Interactive Library Tutorial (WebCT)

Three departments collaborated to conceptualize, design and implement an interactive library tutorial using Macromedia Flash, housed in WebCT for security purposes. In fall 2007, each of the 1300+ freshmen English Composition (ENL111) students reviewed one of six tracks using replicas of live screens from the College’s Library catalog, ProQuest and Google, took the embedded quiz, and completed an independent assignment. The developers also created a statistical reporting structure to generate data about the quiz by the librarian who taught the 50-75 minute class, by ENL111 faculty member, by semester, by student’s name, by grade received, by section number, and so on. Further, to help assess the responses to quiz questions, a report can be generated depicting how many total students answered a question correctly and can list results per track as wel

Depression Following a Traumatic Brain Injury: Uncovering Cytokine Dysregulation as a Pathogenic Mechanism

A substantial number of individuals have long-lasting adverse effects from a traumatic brain injury (TBI). Depression is one of these long-term complications that influences many aspects of life. Depression can limit the ability to return to work, and even worsen cognitive function and contribute to dementia. The mechanistic cause for the increased depression risk associated with a TBI remains to be defined. As TBI results in chronic neuroinflammation, and priming of glia to a secondary challenge, the inflammatory theory of depression provides a promising framework for investigating the cause of depression following a TBI. Increases in cytokines similar to those seen in depression in the general population are also increased following a TBI. Biomarker levels of cytokines peak within hours-to-days after the injury, yet pro-inflammatory cytokines may still be elevated above physiological levels months-to-years following TBI, which is the time frame in which post-TBI depression can persist. As tumor necrosis factor α and interleukin 1 can signal directly at the neuronal synapse, pathophysiological levels of these cytokines can detrimentally alter neuronal synaptic physiology. The purpose of this review is to outline the current evidence for the inflammatory hypothesis of depression specifically as it relates to depression following a TBI. Moreover, we will illustrate the potential synaptic mechanisms by which tumor necrosis factor α and interleukin 1 could contribute to depression. The association of inflammation with the development of depression is compelling; however, in the context of post-TBI depression, the role of inflammation is understudied. This review attempts to highlight the need to understand and treat the psychological complications of a TBI, potentially by neuroimmune modulation, as the neuropsychiatric disabilities can have a great impact on the rehabilitation from the injury, and overall quality of life

Youth entrepreneursh1p: definitions, challenges and prospects of development

The article deals with the definition of «youth entrepreneurship», age stages and psychological types of young entrepreneurs. The authors highlighted the barriers of youth entrepreneurs hip and ways of overcoming them.В статье рассматриваются определение понятия «молодежное предпринимательство», возрастные стадии и психологические типы молодых предпринимателей. Выделены барьеры предпринимательской деятельности молодежи и пути их преодоления

ІННОВАЦІЙНІ МЕТОДИ НАВЧАННЯ В МЕДИЧНИХ ВУЗАХ ПОЛЬЩІ

Ukraine’s accession to the Bologna Process is a systematic integration process of higher education into the European and world educational and scientific space. The current processes of globalization, which make the hard work of adapting the main trends of the Bologna process, still cause controversy among educators and young people. To fulfill these obligations, it would be reasonable and sensible to study and learn from the experience of European countries that have previously embarked on this journey. Poland is one such country. With a long history of higher education, Poland has a good reputation in Europe and the world. More and more foreign entrants are paying attention to it. After graduation, the graduate of the Faculty of Medicine is able to diagnose and identify the indications for medical procedures, to recognize life-threatening complications that require urgent medical assistance, to determine the plan of diagnostics and interpretation of their results, to implement proper and safe treatment and to predict its consequences. The prudence and pragmatism in the implementation of the main points of the Bologna Process indicate that Poland is going the right way, and that Ukraine might have something to borrow from it. Based on the analysis of scientific sources, it can be argued that the difficulties that Poland had in the path of integration into the European educational and scientific space were almost overcome. The exchange of experience would help Ukraine to painlessly and quickly approach the level of European countries.Приєднання України до Болонського процесу – це планомірний інтеграційний процес вищої школи до європейського і світового освітнього та наукового простору. Сучасні процеси глобалізації, що зумовлюють кропітку роботу з адаптації основних тенденцій Болонського процесу, викликають і досі суперечки серед працівників освіти та молоді. Для виконання цих зобов’язань досить розумно та доречно було б вивчити та перейняти досвід європейських країн, які вже раніше стали на цей шлях. Саме такою країною є Польща. Маючи довгу історію розвитку вищої освіти, Польща має гарну репутацію в Європі та світі. Усе більше іноземних абітурієнтів звертають на неї увагу. Випускник медичного факультету після завершення університету вміє встановити діагноз та визначити показання до медичних процедур, розпізнати небезпечні для життя ускладнення, що вимагають невідкладної медичної допомоги, визначити план діагностики та інтерпретації їх результатів, впровадити належне і безпечне лікування і спрогнозувати його наслідок. Зваженість та прагматизм в імплементації основних положень Болонського процесу свідчать про те, що Польща йде правильним шляхом, і Україна могла б дещо в неї запозичити. Виходячи з аналізу наукових джерел, можна стверджувати, що складнощі, які Польща мала на шляху інтеграції до європейського освітнього та науко­вого простору, майже подолані. Обмін досвідом допоміг би Україні безболісно і швидко наблизитися до рівня європейських країн

A Closed-Form Solution of the Multi-Period Portfolio Choice Problem for a Quadratic Utility Function

In the present paper, we derive a closed-form solution of the multi-period portfolio choice problem for a quadratic utility function with and without a riskless asset. All results are derived under weak conditions on the asset returns. No assumption on the correlation structure between different time points is needed and no assumption on the distribution is imposed. All expressions are presented in terms of the conditional mean vectors and the conditional covariance matrices. If the multivariate process of the asset returns is independent it is shown that in the case without a riskless asset the solution is presented as a sequence of optimal portfolio weights obtained by solving the single-period Markowitz optimization problem. The process dynamics are included only in the shape parameter of the utility function. If a riskless asset is present then the multi-period optimal portfolio weights are proportional to the single-period solutions multiplied by time-varying constants which are depending on the process dynamics. Remarkably, in the case of a portfolio selection with the tangency portfolio the multi-period solution coincides with the sequence of the simple-period solutions. Finally, we compare the suggested strategies with existing multi-period portfolio allocation methods for real data.Comment: 38 pages, 9 figures, 3 tables, changes: VAR(1)-CCC-GARCH(1,1) process dynamics and the analysis of increasing horizon are included in the simulation study, under revision in Annals of Operations Researc

Хірургічне лікування пацієнта з критичною ішемією нижніх кінцівок на фоні цукрового діабету: клінічний випадок

The publication presents a clinical case of surgical treatment of a patient with critical lower extremity ischemia on the background of diabetes. Critical ischemia of the lower extremities remains a major indication for reconstruction of the arteries, because restoration of the main blood supply will prevent amputation and improve the quality of life of the patient.В публикации приведен клинический случай хирургического лечения пациента с критической ишемией нижних конечностей на фоне сахарного диабета. Критическая ишемия нижних конечностей остается главным показанием к реконструкции артерий, потому что восстановление магистрального кровотока предупредит ампутацию и улучшит качество жизни пациента.У роботі наведено клінічний випадок хірургічного лікування пацієнта з критичною ішемією нижніх кінцівок на фоні цукрового діабету. Критична ішемія нижніх кінцівок залишається головним показанням до реконструкції артеріального русла, тому що відновлення магістрального кровотоку попередить ампутацію та покращить якість життя пацієнта