The impact of constructive operating lease capitalisation on key accounting ratios

Current UK lease accounting regulation does not require operating leases to be capitalised in the accounts of lessees, although this is likely to change with the publication of FRS 5. This study conducts a prospective analysis of the effects of such a change. The potential magnitude of the impact of lease capitalisation upon individual users' decisions, market valuations, company cash flows, and managers' behaviour can be indicated by the effect on key accounting ratios, which are employed in decision-making and in financial contracts. The capitalised value of operating leases is estimated using a method similar to that suggested by Imhoff, Lipe and Wright (1991), adapted for the UK accounting and tax environment, and developed to incorporate company-specific assumptions. Results for 1994 for a random sample of 300 listed UK companies show that, on average, the unrecorded long-term liability represented 39% of reported long-term debt, while the unrecorded asset represented 6% of total assets. Capitalisation had a significant impact (at the 1% level) on six of the nine selected ratios (profit margin, return on assets, asset turnover, and three measures of gearing). Moreover, the Spearman rank correlation between each ratio before and after capitalisation revealed that the ranking of companies changed markedly for gearing measures in particular. There were significant inter-industry variations, with the services sector experiencing the greatest impact. An analysis of the impact of capitalisation over the five-year period from 1990 to 1994 showed that capitalisation had the greatest impact during the trough of the recession. Results were shown to be robust with respect to key assumptions of the capitalisation method. These findings contribute to the assessment of the economic consequences of a policy change requiring operating lease capitalisation. Significant changes in the magnitude of key accounting ratios and a major shift in company performance rankings suggest that interested parties' decisions and company cash flows are likely to be affected

Ultraviolet and Multiwavelength Variability of the Blazar 3C 279: Evidence for Thermal Emission

The gamma-ray blazar 3C 279 was monitored on a nearly daily basis with IUE, ROSAT and EGRET for three weeks between December 1992 and January 1993. During this period, the blazar was at a historical minimum at all wavelengths. Here we present the UV data obtained during the above multiwavelength campaign. A maximum UV variation of ~50% is detected, while during the same period the X-ray flux varied by no more than 13%. At the lowest UV flux level the average spectrum in the 1230-2700 A interval is unusually flat for this object (~1). The flattening could represent the lowest energy tail of the inverse Compton component responsible for the X-ray emission, or could be due to the presence of a thermal component at ~20000 K possibly associated with an accretion disk. The presence of an accretion disk in this blazar object, likely observable only in very low states and otherwise hidden by the beamed, variable synchrotron component, would be consistent with the scenario in which the seed photons for the inverse Compton mechanism producing the gamma-rays are external to the relativistic jet. We further discuss the long term correlation of the UV flux with the X-ray and gamma-ray fluxes obtained at various epochs. All UV archival data are included in the analysis. Both the X- and gamma-ray fluxes are generally well correlated with the UV flux, approximately with square root and quadratic dependences, respectively.Comment: 22 pages, Latex, 7 PostScript figures, to appear in The Astrophysical Journa

Thioalkalicoccus limnaeus gen. nov., sp. nov., a new alkaliphilic purple sulfur bacterium with bacteriochlorophyll b

Four strains of purple sulfur bacteria containing bacteriochlorophyll b were isolated from cyanobacterial mats of soda lakes in the steppe of south-east Siberia, Russia. Cells of all strains were cocci without gas vesicles. Eventually, cells with flagella were seen in the electron microscope, but motile cells were observed very rarely in cultures. Internal photosynthetic membranes were of the tubular type. Photosynthetic pigments were bacteriochlorophyll b and carotenoids with spectral characteristics similar to 3,4,3',4'-tetrahydrospirilloxanthin. The bacteria were obligately phototrophic and strictly anaerobic. Hydrogen sulfide and elemental sulfur were used as photosynthetic electron donors. Thiosulfate was not used. During growth on sulfide, sulfur globules were formed as intermediate oxidation products, deposited inside the cells and centrally located. In the presence of sulfide and sodium bicarbonate, acetate, malate, propionate, pyruvate, succinate, fumarate and yeast extract were photoassimilated. Growth factors were not required. The new bacterium is an obligate alkaliphile growing at pH 8-10 with an optimum at pH 9. It showed good growth up to 6.0% sodium chloride and up to 8.5% sodium carbonates. Phenotypically, it is similar to Thiococcus pfennigii, but different by virtue of its alkaliphily and salt tolerance. The DNA G+C content was 63.6-64.8 mol %, compared to 69.4-69.9 mol % for Thiococcus pfennigii. The 16S rDNA sequence of strain A26T was approximately 92% similar to that of Thiococcus pfennigii DSM 226 and therefore a new genus and species name, Thioalkalicoccus limnaeus gen. nov. and sp. nov., are proposed for the new bacteriu

Revisiting (some of) the Lasting Impacts of the Liberty Ships Via A Metallurgical Analysis of Rivets from the SS John W. Brown

During World War II, 2710 Liberty ships were built in the United States across 18 ship yards. The rate of production of these ships was at a scale not previously witnessed, reflecting a strategic marshaling of national assets critical to the war effort. For the metallurgist, metallurgical engineer, or materials scientist, these ships also struck commanding images regarding their catastrophic failures. The study of these failures led to increased understanding of brittle fracture, fracture mechanics, and ductile-to-brittle transition temperatures. The post-mortem studies of Liberty ships highlighted the importance of composition and microstructure in controlling the properties of steel in fracture-critical applications. This study examines a rivet from the SS “John W. Brown”, which was assembled in Baltimore, Maryland, and launched in September 1942, The “John W. Brown” was restored between 1988 and 1991. Classical metallurgical analysis of a rivet from the original 1942 vessel is compared with modern rivets used during its restoration. The rivets provide an analogue to the plate material used in these ships. A comparison of these materials is presented along with a discussion of the importance of composition–microstructure–property relationships that concomitantly evolved

Genomic Comparison, Phylogeny and Taxonomic Reevaluation of the Ectothiorhodospiraceae and Description of Halorhodospiraceae fam. nov. and Halochlorospira gen. nov.

The Ectothiorhodospiraceae family represents purple sulfur bacteria of the Gammaproteobacteria found primarily in alkaline soda lakes of moderate to extremely high salinity. The main microscopi-cally visible characteristic separating them from the Chromatiaceae is the excretion of the intermediate elemental sulfur formed during oxidation of sulfide prior to complete oxidation to sulfate rather than storing it in the periplasm. We present a comparative study of 38 genomes of all species of phototrophic Ectothiorhodospiraceae. We also include a comparison with those chemotrophic bacteria that have been assigned to the family previously and critically reevaluate this assignment. The data demonstrate the separation of Halorhodospira species in a major phylogenetic branch distant from other Ectothiorhodospiraceae and support their separation into a new family, for which the name Halorho-dospiraceae fam. nov. is proposed. In addition, the green-colored, bacteriochlorophyll-containing species Halorhodospira halochloris and Halorhodospira abdelmalekii were transferred to the new genus Halochlorospira gen. nov. of this family. The data also enable classification of several so far unclassified isolates and support the separation of Ectothiorhodospira shaposhnikovii and Ect. vacuolata as well as Ect. mobilis and Ect. marismortui as distinct species

Bright is the New Black - Multi-Year Performance of Generic High-Albedo Roofs in an Urban Climate

High-albedo white and cool roofing membranes are recognized as a fundamental strategy that dense urban areas can deploy on a large scale, at low cost, to mitigate the urban heat island effect. We are monitoring three generic white membranes within New York City that represent a cross-section of the dominant white membrane options for U.S. flat roofs: (1) an ethylene propylene diene monomer (EPDM) rubber membrane; (2) a thermoplastic polyolefin (TPO) membrane and; (3) an asphaltic multi-ply built-up membrane coated with white elastomeric acrylic paint. The paint product is being used by New York City s government for the first major urban albedo enhancement program in its history. We report on the temperature and related albedo performance of these three membranes at three different sites over a multi-year period. The results indicate that the professionally installed white membranes are maintaining their temperature control effectively and are meeting the Energy Star Cool Roofing performance standards requiring a three-year aged albedo above 0.50. The EPDM membrane however shows evidence of low emissivity. The painted asphaltic surface shows high emissivity but lost about half of its initial albedo within two years after installation. Given that the acrylic approach is an important "do-it-yourself," low-cost, retrofit technique, and, as such, offers the most rapid technique for increasing urban albedo, further product performance research is recommended to identify conditions that optimize its long-term albedo control. Even so, its current multi-year performance still represents a significant albedo enhancement for urban heat island mitigation

Ectothiorhodospira variabilis, sp. nov., an alkaliphilic and halophilic purple sulfur bacterium from soda lakes

During studies of moderately halophilic strains of Ectothiorhodospira from steppe soda lakes, we found a novel group of bacteria related to Ectothiorhodospira haloalkaliphila with salt optima at 50–80 g NaCl l”1. Phylogenetic analysis using 16S rRNA gene sequences of strains from soda lakes in Mongolia, Egypt and Siberia revealed separation of the group of new isolates from other Ectothiorhodospira species, including the closely related Ect. haloalkaliphila. DNA–DNA hybridization studies demonstrated that the new isolates form a homogeneous group at the species level, but at the same time are distinct from related species such as Ect. haloalkaliphila, Ect. vacuolata, Ect. shaposhnikovii and Ect. marina. The new isolates are considered to be strains of a novel species, for which the name Ectothiorhodospira variabilis sp. nov. is proposed, with the type strain WN22T (5VKM B-2479T 5DSM 21381T). Photosynthetic pigments of the novel species are bacteriochlorophyll a and carotenoids of the spirilloxanthin series with spirilloxanthin and derivatives thereof, together with small amounts of lycopene and rhodopin. Gas vesicles are formed by most of the strains, particularly in media containing yeast extract (0.5 g l”1) and acetate (0.5–2.0 g l”1). Sequence analysis of nifH (nitrogenase) and cbbL (RuBisCO) confirmed the assignment of the strains to the genus Ectothiorhodospira and in particular the close relationship to Ect. haloalkaliphila. The novel species Ect. variabilis is found in soda lakes separated by great geographical distances and is an alkaliphilic and halophilic bacterium that tolerates salt concentrations up to 150–200 g NaCl l”1

Comparative Genome Analysis of the Photosynthetic Betaproteobacteria of the Genus Rhodocyclus: Heterogeneity within Strains Assigned to Rhodocyclus tenuis and Description of Rhodocyclus gracilis sp. nov. as a New Species

The genome sequences for Rhodocyclus purpureus DSM 168T and four strains assigned to Rhodocyclus tenuis (DSM 110, DSM 111, DSM 112, and IM 230) have been determined. One of the strains studied (IM 230) has an average nucleotide identity (ANI) of 97% to the recently reported genome of the type strain DSM 109 of Rcy. tenuis and is regarded as virtually identical at the species level. The ANI of 80% for three other strains (DSM 110, DSM 111, DSM 112) to the type strain of Rcy. tenuis points to a differentiation of these at the species level. Rcy. purpureus is equidistant from Rcy. tenuis and the new species, based on both ANI (78–80%) and complete proteome comparisons (70% AAI). Strains DSM 110, DSM 111, and DSM 112 are very closely related to each other based on ANI, whole genome, and proteome comparisons but clearly distinct from the Rcy. tenuis type strain DSM 109. In addition to the whole genome differentiation, these three strains also contain unique genetic differences in cytochrome genes and contain genes for an anaerobic cobalamin synthesis pathway that is lacking from both Rcy. tenuis and Rcy. purpureus. Based on genomic and genetic differences, these three strains should be considered to represent a new species, which is distinctly different from both Rcy. purpureus and Rcy. tenuis, for which the new name Rhodocyclus gracilis sp. nov. is proposed

Individualization as driving force of clustering phenomena in humans

One of the most intriguing dynamics in biological systems is the emergence of clustering, the self-organization into separated agglomerations of individuals. Several theories have been developed to explain clustering in, for instance, multi-cellular organisms, ant colonies, bee hives, flocks of birds, schools of fish, and animal herds. A persistent puzzle, however, is clustering of opinions in human populations. The puzzle is particularly pressing if opinions vary continuously, such as the degree to which citizens are in favor of or against a vaccination program. Existing opinion formation models suggest that "monoculture" is unavoidable in the long run, unless subsets of the population are perfectly separated from each other. Yet, social diversity is a robust empirical phenomenon, although perfect separation is hardly possible in an increasingly connected world. Considering randomness did not overcome the theoretical shortcomings so far. Small perturbations of individual opinions trigger social influence cascades that inevitably lead to monoculture, while larger noise disrupts opinion clusters and results in rampant individualism without any social structure. Our solution of the puzzle builds on recent empirical research, combining the integrative tendencies of social influence with the disintegrative effects of individualization. A key element of the new computational model is an adaptive kind of noise. We conduct simulation experiments to demonstrate that with this kind of noise, a third phase besides individualism and monoculture becomes possible, characterized by the formation of metastable clusters with diversity between and consensus within clusters. When clusters are small, individualization tendencies are too weak to prohibit a fusion of clusters. When clusters grow too large, however, individualization increases in strength, which promotes their splitting.Comment: 12 pages, 4 figure

Simulación hidrodinámica para un escenario de cauce lleno en el río Salado (Santa Fe)

El conocimiento de la hidrodinámica es fundamental para la caracterización y comprensión de los procesos de transporte, erosión y deposición de constituyentes en cauces aluviales. El estudio de este fenómeno bajo el supuesto de unidimensionalidad presenta ciertas limitaciones desde el punto de vista práctico, como por ejemplo la presencia de meandros, obras civiles o fuentes puntuales de descargas. En estos casos adquiere particular importancia el conocimiento, por ejemplo, del campo medio de velocidades y su variación en las 3 direcciones (x,y,z) y la modelación de los distintos procesos de transporte. Esto justifica la implementación de modelos tridimensionales o bidimensionales para el cálculo de las condiciones hidrodinámicas. El caso de estudio comprende un tramo de aproximadamente 8.0 km de longitud de la cuenca baja del río Salado (Santa Fe, Argentina), receptor de descargas industriales, pluviales y domiciliarias. El alcance del trabajo comprendió la representación hidrodinámica cuasi tridimensional (cuasi 3D) del tramo, implementando el sistema computacional SisBaHiA (Sistema Base de Hidrodinámica Ambiental) para un escenario de cauce lleno en condiciones estacionarias. La malla que define el dominio de cálculo está compuesta por 1620 elementos, de 9 nodos por elementos y 6859 nodos en total. El ancho medio del cauce (bankfull) es del orden de los 76 m, con profundidades medias de 3.50 m. La calibración y validación del modelo se efectuó en base a mediciones realizadas en mayo de 2015 en situación de cauce lleno. Se realizaron aforos en 3 secciones (202 m3s-1) con perfilador acústico de corriente Doppler (ADCP), se midieron 9 perfiles verticales de velocidad y se tomaron 22 muestras para la determinación de sólidos suspendidos totales (SST). Se logró una representación satisfactoria del campo de velocidades, en el sentido transversal y vertical del escurrimiento y de las tensiones de corte del lecho en las secciones medidas. Se avanzó en el análisis de sensibilidad del parámetro de rugosidad del cauce y del paso de tiempo de simulación.Publicado en: Mecánica Computacional vol. XXXV, no. 16.Facultad de Ingenierí