Capital Structure and Small Growth Firms

Capital structure choices and preferences in small, rapidly growing corporations are examined. As much of capital structure theory involves variables not easily or practically quantified (e.g., preferences, motivations, agency costs, information asymmetries) a survey was designed in an attempt to gauge the relevance of several theories of capital structure. The survey was sent to 405 firms, taken from lists of successful high growth corporations; 27.2% returned usable responses. Analysis of the responses indicates that tax factors and management preferences have major impacts on capital structure. Implications arising from agency cost, information asymmetry, and signaling theory apparently have little impact on capital structure choice and financing strategies of the responding firms

Venture Capitalist Attributes and Investment Vehicles: An Exploratory Analysis

Though some casual empirical evidence exists, few empirical studies have examined venture capitalist attributes, diversification, and investment strategy. This paper provides an initial empirical examination of investment structure and how it relates to venture capitalist organizational form, size, level o f diversification, and financing stage preference

Value of simplified lung lesions scoring systems to inform future codes for routine meat inspection in pigs

peer-reviewedBackground Across the European Union (EU), efforts are being made to achieve modernisation and harmonisation of meat inspection (MI) code systems. Lung lesions were prioritised as important animal based measures at slaughter, but existing standardized protocols are difficult to implement for routine MI. This study aimed to compare the informative value and feasibility of simplified lung lesion scoring systems to inform future codes for routine post mortem MI. Results Data on lung lesions in finisher pigs were collected at slaughter targeting 83 Irish pig farms, with 201 batches assessed, comprising 31,655 pairs of lungs. Lungs were scored for cranioventral pulmonary consolidations (CVPC) and pleurisy lesions using detailed scoring systems, which were considered the gold standard. Using the data collected, scenarios for possible simplified scoring systems to record CVPC (n = 4) and pleurisy (n = 4) lesions were defined. The measurable outcomes were the prevalence and (if possible) severity scoring at batch level for CVPC and pleurisy. An arbitrary threshold was set to the upper quartile (i.e., the top 25% of batches with high prevalence/severity of CVPC or pleurisy, n = 50). Each pair of measurable outcomes was compared by calculating Spearman rank correlations and assessing if batches above the threshold for one measurable outcome were also above it for their pairwise comparison. All scenarios showed perfect agreement (k = 1) when compared among themselves and the gold standard for the prevalence of CVPC. The agreement among severity outcomes and the gold standard showed moderate to perfect agreement (k = [0.66, 1]). The changes in ranking were negligible for all measurable outcomes of pleurisy for scenarios 1, 2 and 3 when compared with the gold standard (rs ≥ 0.98), but these changes amounted to 50% for scenario 4. Conclusions The best simplified CVPC scoring system is to simply count the number of lung lobes affected excluding the intermediate lobe, which provides the best trade-off between value of information and feasibility, by incorporating information on CVPC prevalence and severity. While for pleurisy evaluation, scenario 3 is recommended. This simplified scoring system provides information on the prevalence of cranial and moderate and severe dorsocaudal pleurisy. Further validation of the scoring systems at slaughter and by private veterinarians and farmers is needed

Environmental Risk Factors Influence the Frequency of Coughing and Sneezing Episodes in Finisher Pigs on a Farm Free of Respiratory Disease

Inappropriate environmental conditions in pig buildings are detrimental for both pig and farm-staff health and welfare. With ongoing technological developments, a variety of sensor technology is available and can be used to measure environmental conditions such as air temperature, relative humidity, and ammonia and dust concentrations in real time. Moreover, a tool was recently developed to give farmers an objective assessment of pigs' respiratory health by continuously measuring coughing in finisher pigs. This study assessed baseline levels of coughing on a farm free of respiratory disease, and aimed to identify relationships between environmental conditions and coughing frequency in pigs. Six replicates were conducted. Coughing levels in healthy pigs were overall low, and coughing frequency can be predicted by environmental conditions such as high ammonia concentrations and high ventilation rates. Results of this study can be used as guidelines to determine normal coughing levels in healthy pigs, and to calibrate the alarm systems of tools that measure coughing frequency, such as the cough monitor used in this study. The collection and amalgamation of data from a variety of sources related to health, welfare, and performance are important in order to improve the efficiency and sustainability of the pig industry. This study aimed to assess baseline levels of coughing on a farm free of respiratory disease, and to identify relationships between environmental conditions and coughing frequency in finisher pigs. Six replicates were conducted (690 pigs in total). A cross-correlation analysis was performed and lags of the predictor variables were carried forward for multivariable regression analysis when significant and showing r > 0.25. Results show that coughing frequency was overall low. In the first replicate, coughing was best predicted by exposure to higher ammonia concentrations that occurred with a lag of 1, 7, and 15 days (p = 0.003, p = 0.001, and p −0.70). In conclusion, guidelines on coughing levels in healthy pigs and calibration of the alarm systems of tools that measure coughing frequency can be extrapolated from this study. Environmental risk factors are associated with the respiratory health of finisher pigs

An adiabatic calorimeter for use at superambient temperatures. The heat capacity of synthetic sapphire ([alpha]-Al2O3) from 300 to 550 K

We report the construction of a superambient temperature adiabatic heat-capacity calorimeter which has been successfully operated from 300 to 550 K. We detail results on the heat capacity of a portion of the Calorimetry Conference sample for [alpha]-Al2O3. These results are compared with those of other investigators.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/22771/1/0000326.pd

Adding value to food chain information: using data on pig welfare and antimicrobial use on-farm to predict meat inspection outcomes

peer-reviewedBackground Using Food Chain Information data to objectively identify high-risk animals entering abattoirs can represent an important step forward towards improving on-farm animal welfare. We aimed to develop and evaluate the performance of classification models, using Gradient Boosting Machine algorithms that utilise accurate longitudinal on-farm data on pig health and welfare to predict condemnations, pluck lesions and low cold carcass weight at slaughter. Results The accuracy of the models was assessed using the area under the receiver operating characteristics (ROC) curve (AUC). The AUC for the prediction models for pneumonia, dorsocaudal pleurisy, cranial pleurisy, pericarditis, partial and total condemnations, and low cold carcass weight varied from 0.54 for pneumonia and 0.67 for low cold carcass weight. For dorsocaudal pleurisy, ear lesions assessed on pigs aged 12 weeks and antimicrobial treatments (AMT) were the most important prediction variables. Similarly, the most important variable for the prediction of cranial pleurisy was the number of AMT. In the case of pericarditis, ear lesions assessed both at week 12 and 14 were the most important variables and accounted for 33% of the Bernoulli loss reduction. For predicting partial and total condemnations, the presence of hernias on week 18 and lameness on week 12 accounted for 27% and 14% of the Bernoulli loss reduction, respectively. Finally, AMT (37%) and ear lesions assessed on week 12 (15%) were the most important variables for predicting pigs with low cold carcass weight. Conclusions The findings from our study show that on farm assessments of animal-based welfare outcomes and information on antimicrobial treatments have a modest predictive power in relation to the different meat inspection outcomes assessed. New research following the same group of pigs longitudinally from a larger number of farms supplying different slaughterhouses is required to confirm that on farm assessments can add value to Food Chain Information reports

Functional diversity of mesograzers in an eelgrass-epiphyte system

Historically, small invertebrate grazers in marine plant communities have been considered to be a relatively homogeneous group in their impact on ecosystem processes. However, recent studies propose that species composition is an important agent in determining grazer effects. We used four mesocosm experiments to test the biomass-specific and density-dependent effects of common mesograzers in temperate regions (Littorina littorea, Rissoa membranacea, Idotea baltica and Gammarus oceanicus) on epiphyte and eelgrass biomass and productivity. Mesograzer species identity strongly influenced epiphyte accumulation and eelgrass growth, where Rissoa was the most efficient mesograzer (per biomass) and Gammarus had the weakest impact. Density-dependent effects varied considerably among species. Both gastropod species reduced epiphyte accumulation in direct proportion to their density, and Littorina had the strongest negative effect on epiphyte biomass. The impact of Idotea seemed to level off to a threshold value and Gammarus had no density-dependent effect on epiphyte accumulation at all. Rissoa and Idotea increased eelgrass productivity in accordance with their effect on epiphyte accumulation, whereas Littorina showed a less positive effect than could be expected by its strong impact on epiphyte biomass. Gammarus had no significant impact on eelgrass growth. Our results show that the different functional traits of superficially similar mesograzers can have important consequences for ecosystem processes in macrophyte systems

Silica in Protoplanetary Disks

Mid-infrared spectra of a few T Tauri stars (TTS) taken with the Infrared Spectrograph (IRS) on board the Spitzer Space Telescope show prominent narrow emission features indicating silica (crystalline silicon dioxide). Silica is not a major constituent of the interstellar medium; therefore, any silica present in the circumstellar protoplanetary disks of TTS must be largely the result of processing of primitive dust material in the disks surrouding these stars. We model the silica emission features in our spectra using the opacities of various polymorphs of silica and their amorphous versions computed from earth-based laboratory measurements. This modeling indicates that the two polymorphs of silica, tridymite and cristobalite, which form at successively higher temperatures and low pressures, are the dominant forms of silica in the TTS of our sample. These high temperature, low pressure polymorphs of silica present in protoplanetary disks are consistent with a grain composed mostly of tridymite named Ada found in the cometary dust samples collected from the STARDUST mission to Comet 81P/Wild 2. The silica in these protoplanetary disks may arise from incongruent melting of enstatite or from incongruent melting of amorphous pyroxene, the latter being analogous to the former. The high temperatures of 1200K-1300K and rapid cooling required to crystallize tridymite or cristobalite set constraints on the mechanisms that could have formed the silica in these protoplanetary disks, suggestive of processing of these grains during the transient heating events hypothesized to create chondrules.Comment: 47 pages, 9 figures, to appear in the 1 January, 2009 issue of the Astrophysical Journa

How do nutrient conditions and species identity influence the impact of mesograzers in eelgrass-epiphyte systems?

Coastal eutrophication is thought to cause excessive growth of epiphytes in eelgrass beds, threatening the health and survival of these ecologically and economically valuable ecosystems worldwide. Mesograzers, small crustacean and gastropod grazers, have the potential to prevent seagrass loss by grazing preferentially and efficiently on epiphytes. We tested the impact of three mesograzers on epiphyte biomass and eelgrass productivity under threefold enriched nutrient concentrations in experimental indoor mesocosm systems under summer conditions. We compared the results with earlier identical experiments that were performed under ambient nutrient supply. The isopod Idotea baltica, the periwinkle Littorina littorea, and the small gastropod Rissoa membranacea significantly reduced epiphyte load under high nutrient supply with Rissoa being the most efficient grazer, but only high densities of Littorina and Rissoa had a significant positive effect on eelgrass productivity. Although all mesograzers increased epiphyte ingestion with higher nutrient load, most likely as a functional response to the quantitatively and qualitatively better food supply, the promotion of eelgrass growth by Idotea and Rissoa was diminished compared to the study performed under ambient nutrient supply. Littorina maintained the level of its positive impact on eelgrass productivity regardless of nutrient concentrations

Spatiotemporal variation of the epifaunal assemblages associated to Sargassum muticum on the NW Atlantic coast of Morocco

Epifaunal assemblages inhabiting the non-indigenous macroalga Sargassum muticum (Yendo) Fensholt were investigated on two physically distinct intertidal rocky (S1) and sandy (S2) sites along the Atlantic coast of Morocco. The objective of this study was to test whether the habitat-forming marine alga S. muticum invasive in these sites supported different epifaunal assemblages under different environmental conditions and through time. The gastropods Steromphala umbilicalis, S. pennanti, and Rissoa parva and the isopod Dynamene bidentata were the most contributive species to the dissimilarity of epifaunal assemblage structure between both sites throughout seasons. SIMPER analysis showed a dissimilarity of 58.3-78.5% in the associated species composition of S. muticum between study sites with respect to sampling season. Species diversity and total abundance were significantly higher at the rocky site compared to the sandy site. PERMANOVA analyses showed significant differences of associated epifaunal assemblage structure for the season and site interaction. Accordingly, site and season were determinant factors conditioning the role of habitat in structuring epifaunal assemblages.info:eu-repo/semantics/publishedVersio