Company investment announcements and the market value of the firm

This paper examines the stock market reaction to 402 company investment announcements made by UK companies during the 1991-1996 period. The market-adjusted abnormal returns are generally positive but small. Investment announcements are classified according to functional categories, and we find the level of abnormal returns to vary according to the type of capital investment being announced. In particular, we find the market to react more favourably to investments that 'create' future investment opportunities, than to investments which can be categorized as 'exercising' investment opportunities. The market reaction also varies with firm size, with large companies tending to experience smaller responses to announcements than do smaller firms. Chung et al. (1998) reported that the quality of a company's investment opportunities is the primary determinant of market reactions to capital expenditure decisions. The findings presented here lend some support to a role for investment opportunities in market valuations. Project size is also found to have a significant positive impact on the level of abnormal returns

A neural network based spatial light scattering instrument for hazardous airborne fiber detection

This paper was published in Applied Optics and is made available as an electronic reprint with the permission of OSA. One print or electronic copy may be made for personal use only. Systematic or multiple reproduction, distribution to multiple locations via electronic or other means, duplication of any material in this paper for a fee or for commercial purposes, or modification of the content of the paper are prohibited. Copyright OSA (www.osa.org/pubs/osajournals.org)A laser light scattering instrument has been designed to facilitate the real-time detection of potentially hazardous respirable fibers, such as asbestos, within an ambient environment. The instrument captures data relating to the spatial distribution of light scattered by individual particles in flow using a dedicated multi-element photodiode detector array. These data are subsequently processed using an artificial neural network which has previously been trained to recognise those features or patterns within the light scattering distribution which may be characteristic of the specific particle types being sought, such as for example, crocidolite or chrysotile asbestos fibers. Each particle is thus classified into one of a limited set of classes based upon its light scattering properties, and from the accumulated data a particle concentration figure for each class may be produced and updated at regular intervals. Particle analysis rates in excess of 103 per second within a sample volume flow-rate of 1 litre per minute are achievable, offering the possibility of detecting fiber concentrations at the recommended maximum exposure limit of 0.1 fibers/ml within a sampling period of a few seconds.Peer reviewe

A light scattering instrument for investigating cloud ice microcrystal morphology

We describe an optical scattering instrument designed to assess the shapes and sizes of microscopic atmospheric cloud particles, especially the smallest ice crystals that can profoundly affect cloud processes and radiative properties yet cannot be seen clearly using in situ cloud particle imaging probes. The new instrument captures high-resolution spatial light scattering patterns from individual particles down to ~1 μm in size passing through a laser beam. Its significance lies in the ability of these patterns to provide morphological data for particle sizes well below the optical resolution limits of current probes

Developing sexual competence? Exploring strategies for the provision of effective sexualities and relationships education

School-based sexualities and relationships education (SRE) offers one of the most promising means of improving young people's sexual health through developing 'sexual competence'. In the absence of evidence on whether the term holds the same meanings for young people and adults (e.g. teachers, researchers, policy-makers), the paper explores 'adult' notions of sexual competence as construed in research data and alluded to in UK Government guidance on SRE, then draws on empirical research with young people on factors that affect the contexts, motivations and outcomes of sexual encounters, and therefore have implications for sexual competence. These data from young people also challenge more traditional approaches to sexualities education in highlighting disjunctions between the content of school-based input and their reported sexual experience. The paper concludes by considering the implications of these insights for developing a shared notion of what SRE is trying to achieve and suggestions for recognition in the content and approaches to SRE.</p

Magnetic anisotropy of asbestos fibres

Original article can be found at : http://jap.aip.org/jap/ Copyright American Institute of PhysicsThe anisotropy of magnetic susceptibility of single asbestos fibers is measured. The alignment of both chrysotile and crocidolite fibers in magnetic fields is found to be due to the anisotropy. The average measured anisotropy of volume susceptibility is 0.40×10−6 for chrysotile and 83×10−6 for crocidolite. Fiber shape effects are estimated to contribute, on average, about 10% and 6%, respectively, to the total anisotropy of the two types of fiber. There is no evidence of significant permanent magnetic moments. The magnitude of the observed alignment makes the effect potentially useful in real-time detection of airborne asbestos fibers. The experimental technique developed in the study can be used for measuring the anisotropy of small particles of well-defined shape. High sensitivity of the technique permits the measurement of torques lower than 10−21 Nm on particles down to picogram mass.Peer reviewe

Bulletin No. 210 - The Mineral Content of Grains

It is generally recognized that shrunken, frosted, or smutty grain is inferior to sound, clean, plump grain. Much has been done on the protein content of grain, and the best millers today purchase grain for its protein content. Few give any consideration to its minerals. Yet do two bushels of sound, plump, clean grain of known protein content grown under the same or different conditions, have the same mineral content? If not, it is of importance to both the producer and consumer: to the consumer because it governs the nutritive value of the product; to the producer because it represents the fertility which is being taken from his soil. Consequently, the value of grain produced on an acre of soil should be measured by the quality as well as the quantity

Bulletin No. 274 - Influence of Rotation and Manure on the Nitrogen, Phosphorus, and Carbon of the Soil

All agricultural plants require carbon, hydrogen, oxygen, nitrogen, calcium, potassium, magnesium, sulfur, phosphorus, iron, and probably traces of other elements for their normal growth and fruition. The growth of farm crops is dependent upon an available supply of these elements, and the extent of growth is governed by the one present and available in least quantity in proportion to the plant\u27s needs. Of the essential elements, all plants secure two (carbon and oxygen) from the air, one (hydrogen) from the water, and the others from the soil. Most soils contain sufficient plant nutrients for normal plant production, with the exception of nitrogen, phosphorus, and potassium. These elements are used by the plants from the soil in the largest quantities and are generally the plant nutrients governing the productivity of a soil. In addition, the organic matter of the soil is of prime importance, for it is the matrix which holds the nitrogen and governs the structure and water-holding capacity of the soil. Probably most Utah soils contain sufficient potassium; consequently, the problem of Utah soil fertility resolves itself into maintaining an optimum concentration of nitrogen, phosphorus, and organic material in the soil. Therefore, this work represents a study of the influence of manure and crop rotation on the nitrogen, phosphorus, and carbon in the soil