Effects Of Comprehensive Income On ROE In A Context Of Crisis: Empirical Evidence For IBEX-35 Listed Companies (2004-2008)

Comprehensive income is becoming increasingly important as an indicator of corporate performance at an international level [SFAS 130 by the FASB (1997) and NIC 1 by the IASB, revised in 2007, among others]. Given this importance, this paper intends to assess its impact on the Return on Equity (ROE), as opposed to the more traditional net income, for the period 2004-2008 for the select group of the Spanish IBEX-35 listed companies. Moreover, working on this period will also allow us to verify the incidence of comprehensive income on the ROE within a context of economic crisis, especially for the year 2008, with a large recession and steep drops in the stock markets. For this empirical study, we took as reference the pertinent information disclosed in the Consolidated Annual Reports of these listed companies, formulated pursuant to the IFRS by the IASB, especially pursuant to IAS 1.The non-parametric Wilcoxon Signed-Rank Test was used to perform the corresponding statistic comparisons, as the variables in certain years did not conform to normalcy. The results of our paper show a statistically significant impact of the ROE calculated pursuant to comprehensive income as opposed to the ROE determined pursuant to the net income. This was evidenced for three of the five years that were studied, especially for 2008, when there was a spectacular decline in the ROE calculated pursuant to the comprehensive income as opposed to that calculated pursuant to the net income. We consider this could be a contribution to the international debate regarding the need to include other measurements of corporate performance that are broader than the traditional net income in certain ratios of the fundamental analysis. This could represent the basis for adopting financial decisions that are much more in tune with the reality of the market

Click Chemistry with Polymers, Dendrimers, and Hydrogels for Drug Delivery

This is a post-peer-review, pre-copyedit version of an article published in Pharmaceutical Research. The final authenticated version is available online at: https://doi.org/10.1007/s11095-012-0683-yDuring the last decades, great efforts have been devoted to design polymers for reducing the toxicity, increasing the absorption, and improving the release profile of drugs. Advantage has been also taken from the inherent multivalency of polymers and dendrimers for the incorporation of diverse functional molecules of interest in targeting and diagnosis. In addition, polymeric hydrogels with the ability to encapsulate drugs and cells have been developed for drug delivery and tissue engineering applications. In the long road to this successful story, pharmaceutical sciences have been accompanied by parallel advances in synthetic methodologies allowing the preparation of precise polymeric materials with enhanced properties. In this context, the introduction of the click concept by Sharpless and coworkers in 2001 focusing the attention on modularity and orthogonality has greatly benefited polymer synthesis, an area where reaction efficiency and product purity are significantly challenged. The purpose of this Expert Review is to discuss the impact of click chemistry in the preparation and functionalization of polymers, dendrimers, and hydrogels of interest in drug deliveryThis work was financially supported by the Spanish Ministry of Science and Innovation (CTQ2009-10963 and CTQ2009-14146-C02-02) and the Xunta de Galicia (10CSA209021PR and CN2011/037)S

Effect of State Feedback Coupling and System Delays on the Transient Performance of Stand-Alone VSI with LC Output Filter

The influence of state feedback coupling in the dynamics performance of power converters for stand-alone microgrids is investigated. Computation and PWM delays are the main factors that limit the achievable bandwidth of current regulators in digital implementations. In particular, the performance of state feedback decoupling is degraded because of these delays. Two decoupling techniques to improve the transient response of the system are investigated, named non-ideal and ideal capacitor voltage decoupling respectively. In particular, the latter solution consists in leading the capacitor voltage on the state feedback decoupling path in order to compensate for system delays. Practical implementation issues are discussed with reference to both the decoupling techniques. A design methodology for the voltage loop, that considers the closed loop transfer functions developed for the inner loop, is also provided. A proportional resonant voltage controller is designed according to Nyquist criterion taking into account application requirements. For this purpose, a mathematical expression based on root locus analysis is proposed to find the minimum value of the fundamental resonant gain. Experimental tests performed in accordance to UPS standards verify the theoretical analysis

Discrete-Time Domain Modelling of Voltage Source Inverters in Standalone Applications:Enhancement of Regulators Performance by Means of Smith Predictor

The decoupling of the capacitor voltage and inductor current has been shown to improve significantly the dynamic performance of voltage source inverters in standalone applications. However, the computation and pulse width modulation delays still limit the achievable bandwidth. In this paper, a discrete-time domain modeling of an LC plant with consideration of delay and sample-and-hold effects on the state feedback cross-coupling decoupling is derived. From this plant formulation, current controllers with wide bandwidth and good relative stability properties are developed. Two controllers based on lead compensation and Smith predictor design, respectively, are obtained. Subsequently, the voltage regulator is also designed for a wide bandwidth, which permits the inclusion of resonant filters for the steady-state mitigation of odd harmonics at nonlinear unbalance load terminals. Discrete-time domain implementation issues of an antiwind up scheme are discussed as well, highlighting the limitations of some discretization methods. Extensive experimental results, including a short-circuit test, verify the theoretical analysis

A second update on mapping the human genetic architecture of COVID-19

S

Current control loop design and analysis based on resonant regulators for microgrid applications

Voltage and current control loops play an important role in the performance of microgrids employing power electronics voltage source inverters. Correct design of feedback loops is essential for the proper operation of these systems. This paper analyzes the influence of state feedback cross-coupling in the design of resonant regulators for inner current loops in power converters operating in standalone microgrids. It is also demonstrated that the effect of state feedback cross-coupling degrades the performance of the control loops by increasing the steady-state error. Different resonant regulators structures are analyzed and compared, performing experimental tests to validate the results of the theoretical analysis

Hidden supersymmetry in quantum bosonic systems

We show that some simple well studied quantum mechanical systems without fermion (spin) degrees of freedom display, surprisingly, a hidden supersymmetry. The list includes the bound state Aharonov-Bohm, the Dirac delta and the Poschl-Teller potential problems, in which the unbroken and broken N=2 supersymmetry of linear and nonlinear (polynomial) forms is revealed.Comment: 4 pages; refs and comments added, to appear in Ann. Phy

Portugal e Brasil no primeiro quartel de Oitocentos

PTDC/COM-JOR/28144/201publishersversionpublishe