Hedging Disclosure and its impact on firm’s value

Previous empirical research has developed many theoretical frameworks to explain the motives behind risk management and provide evidence that hedging does add value to the firm. However, the effect of disclosure on firm value has often been researched separately and the effect of hedging disclosure on the hedging premium is still largely untested today. This provides us with an opportunity to bring these two areas together, adding on to prior research undertaken within these fields. This paper aims to bridge the theoretical gap between the risk management and transparency research by testing if risk management disclosure has an effect on the hedging premium. We use foreign exchange risk as a proxy for risk management in line with previous research. Our sample consists of 193 non-financial Swedish firms listed on the Stockholm Stock Exchange in 2009 from which 115 were classified as Hedger and assessed for their disclosure according to IFRS criteria as well as additional criteria defined to identify good disclosure company

The rehabilitation of the “nation variable”: links between corporate communications and the cultural context in five countries

Purpose – Despite an impressive body of international research, there is a lack of empirical evidence describing the ways in which organisational environments influence the practices of corporate communications (CC). A cross-cultural survey in five countries contributes to closing this research gap. The paper aims to discuss this issue. Design/methodology/approach – What makes the research design innovative is that the questionnaire incorporates both practitioners’ perceptions of the cultural context and the relevance of CC practices. The sample comprises 418 practitioners from the most senior positions in CC in the biggest companies in Australia, Austria, Germany, Indonesia, and Switzerland. By choosing a systematic access to the field the authors circumvent shortcomings of “snowball” sampling techniques. Findings – While cultural perceptions and CC priorities vary to a certain degree, there are hardly any significant correlations between the two. Meanwhile, the “nation variable”, and the institutional settings associated with it, are more instructive when explaining differences in CC. Research limitations/implications – A large cross-cultural survey needs to take a “birds eye view” and, as such, is able to identify only general tendencies when describing relations between perceptions of culture and CC practices. Future case studies and qualitative research could explore more subtle ways in which CC is influenced not only by the cultural context, but also – and probably even more – by institutional environments. Originality/value – This is the first cross-cultural survey to systematically describe on the level of primary data, the links between CC practices and perceptions of the organisational environment. Since the results indicate only a limited impact of culture, the authors would recommend the rehabilitation of the “nation variable”. Provided it is understood and differentiated as a representation of specific institutional contexts, the nation variable is likely to prove highly instructive when accounting for the diversity of CC observed around the world

Estimativa do potencial hidroelétrico para micro e minigeração na bacia hidrográfica do rio Tubarão, SC

TCC (graduação) - Universidade Federal de Santa Catarina, Campus Araranguá, Engenharia de Energia.O acesso à eletricidade desempenha um papel fundamental no desenvolvimento socioeconômico de uma nação. O Brasil possui um dos maiores potenciais hidroenergéticos do mundo, devido à sua extensa rede de rios e recursos hídricos abundantes. As Centrais Geradoras Hidrelétricas (CGHs), desempenham um papel importante, podendo ser implantadas em rios de menor porte, com vazões reduzidas, aproveitando os recursos hídricos disponíveis na região, sem a obrigatoriedade de contar com grandes reservatórios. limitando o impacto nas comunidades e nos ecossistemas locais. O estado de Santa Catarina, possui potencial de aproveitamento hidrelétrico devido aos inúmeros cursos d’água que cortam o seu território e ao regime de chuvas abundante. Este estudo investigou o potencial de geração de energia hidrelétrica na bacia hidrográfica do rio Tubarão, focado em rios de quarta, quinta e sexta ordem, segundo classificação de Strahler, os quais apresentassem estações fluviométricas próximas e que não estivessem inventariados. O objetivo foi buscar locais com potencial para aproveitamento por Centrais Geradoras Hidrelétricas (CGHs) de Micro e Minigeração, utilizando vazão diária de referência para Santa Catarina com permanência no tempo de 98% do tempo, Q98, e queda líquida resultante da declividade natural do terreno. O que resultou em aproveitamentos com uma extensa variedade de potências, desde microgerações até projetos superiores a 1000 kW, oferecendo oportunidades para diferentes investidores e podendo influenciar na redução dos custos de produção para comunidades locais. Notavelmente, o rio Capivari se mostrou como ponto-chave, exibindo sete aproveitamentos com potências acima da média para empreendimento desse tipo na mesma área de estudo. Ao todo foram analisados 97 aproveitamentos, dos quais 50 mostram capacidade de geração acima de 100 kW de potência, e 7 deles apresentaram capacidade para geração acima de 500 kW. Os resultados indicam que a bacia hidrográfica do rio Tubarão não é apenas um ecossistema rico, mas também promissora para o desenvolvimento de Centrais Hidrelétricas de Micro e Minigeração.Access to electricity plays a fundamental role in the socio-economic development of a nation. Brazil has one of the greatest hydroelectric potentials in the world, due to its extensive network of rivers and abundant water resources. Hydroelectric Generating Plants (CGHs) play an important role and can be implemented on smaller rivers, with reduced flows, taking advantage of the water resources available in the region, without having to rely on large reservoirs, limiting the impact on local communities and ecosystems. The state of Santa Catarina has hydroelectric potential due to the numerous watercourses that cut through its territory and the abundant rainfall. This study investigated the potential for generating hydroelectric power in the Tubarão river basin, focusing on fourth, fifth and sixth order rivers, according to Strahler's classification, which had fluviometric stations nearby and which had not been inventoried. The aim was to search for sites with potential for Micro and Mini-Generation Hydroelectric Generating Plants (CGHs), using a daily reference flow for Santa Catarina with a permanence in time of 98% of the time, Q98, and a net drop resulting from the natural slope of the terrain. This has resulted in plants with a wide range of power outputs, from micro-generations to projects over 1000 kW, offering opportunities for different investors and potentially influencing the reduction of production costs for local communities. Notably, the Capivari River proved to be a key point, boasting seven projects with power outputs above the average for a project of this type in the same study area. A total of 97 projects were analyzed, 50 of which had a generating capacity of over 100 kW, and 7 of which had a generating capacity of over 500 kW. The results indicate that the Tubarão river basin is not only a rich ecosystem, but also promising for the development of Micro and Mini-generation Hydroelectric Power Plants

Contextual influences on physical activity and eating habits -options for action on the community level

Background: This conceptual paper aims to illustrate the ways in which communities are able to advance health improvements on a population level. Outcome measures may include increased physical activity and healthier eating habits in particular, as well as an improved health-related quality of life and social cohesion as more generic outcomes. Main body: The paper begins by asking initial questions: Why did previous health-specific interventions only show moderate effects on an individual level and mixed effects on a population level? What is the added value of a community-based public health perspective compared to the traditional biomedical perspective when it comes to prevention? Why are we living the way we are living? Why do we eat what we eat? Why do we move the way we move? Subsequently, we illustrate the broad spectrum of contextual interventions available to communities. These can have geographical and technological as well as economic, political, normative and attitude-specific dimensions. It is shown that communities have a strong influence on health-related contexts and decision-making of adults, adolescents and children. In addition contextual characteristics, effects, mediators, moderators and consequences relevant for health can differ greatly between age groups. Both small-scale settings and overarching sectors possess physical, economic, political and sociocultural characteristics that can be proactively influenced by community decision-makers in the sense of a “health in all policies”-strategy. Short conclusion: After presenting various interdisciplinary approaches to community-based health interventions, the manuscript closes with the following core message: Successful community-based health promotion strategies consist of multilevel – multicomponent interventions on the micro, meso and macro-level-environments

Histogram Analysis of Diffusion Weighted Imaging in Low-Grade Gliomas: in vivo Characterization of Tumor Architecture and Corresponding Neuropathology

Background: Low-grade gliomas (LGG) in adults are usually slow growing and frequently asymptomatic brain tumors, originating from glial cells of the central nervous system (CNS). Although regarded formally as “benign” neoplasms, they harbor the potential of malignant transformation associated with high morbidity and mortality. Their complex and unpredictable tumor biology requires a reliable and conclusive presurgical magnetic resonance imaging (MRI). A promising and emerging MRI approach in this context is histogram based apparent diffusion coefficient (ADC) profiling, which recently proofed to be capable of providing prognostic relevant information in different tumor entities. Therefore, our study investigated whether histogram profiling of ADC distinguishes grade I from grade II glioma, reflects the proliferation index Ki-67, as well as the IDH (isocitrate dehydrogenase) mutation and MGMT (methylguanine-DNA methyl-transferase) promotor methylation status. Material and Methods: Pre-treatment ADC volumes of 26 LGG patients were used for histogram-profiling. WHO-grade, Ki-67 expression, IDH mutation, and MGMT promotor methylation status were evaluated. Comparative and correlative statistics investigating the association between histogram-profiling and neuropathology were performed. Results: Almost the entire ADC profile (p25, p75, p90, mean, median) was significantly lower in grade II vs. grade I gliomas. Entropy, as second order histogram parameter of ADC volumes, was significantly higher in grade II gliomas compared with grade I gliomas. Mean, maximum value (ADCmax) and the percentiles p10, p75, and p90 of ADC histogram were significantly correlated with Ki-67 expression. Furthermore, minimum ADC value (ADCmin) was significantly associated with MGMT promotor methylation status as well as ADC entropy with IDH-1 mutation status. Conclusions: ADC histogram-profiling is a valuable radiomic approach, which helps differentiating tumor grade, estimating growth kinetics and probably prognostic relevant genetic as well as epigenetic alterations in LGG

High-resolution land use and land cover dataset for regional climate modelling: Historical and future changes in Europe

Anthropogenic land-use and land cover change (LULCC) is a major driver of environmental changes. The biophysical impacts of these changes on the regional climate in Europe are currently extensively investigated within the WCRP CORDEX Flagship Pilot Study (FPS) LUCAS - "Land Use and Climate Across Scales" using an ensemble of different Regional Climate Models (RCMs) coupled with diverse Land Surface Models (LSMs). In order to investigate the impact of realistic LULCC on past and future climates, high-resolution datasets with observed LULCC and projected future LULCC scenarios are required as input for the RCM-LSM simulations. To account for these needs, we generated the LUCAS LUC dataset Version 1.1 at 0.1&deg; resolution for Europe with annual LULC maps from 1950&ndash;2100 (Hoffmann et al., 2022b, a), which is tailored towards the use in state-of-the-art RCMs. The plant functional type distribution (PFT) for the year 2015 (i.e., LANDMATE PFT dataset) is derived from the European Space Agency Climate Change Initiative Land Cover (ESA-CCI LC) dataset. Details about the conversion method, cross-walking procedure and the evaluation of the LANDMATE PFT dataset are given in the companion paper by &nbsp;Reinhart et al. (2022b). Subsequently, we applied the land-use change information from the Land-Use Harmonization 2 (LUH2) dataset, provided at 0.25&deg; resolution as input for CMIP6 experiments, to derive LULC distribution at high spatial resolution and at annual timesteps from 1950 to 2100. In order to convert land use and land management change information from LUH2 into changes in the PFT distribution, we developed a Land Use Translator (LUT) specific to the needs of RCMs. The annual PFT maps for Europe for the period 1950 to 2015 are derived from the historical LUH2 dataset by applying the LUT backward from 2015 to 1950. Historical changes in the forest type changes are considered using an additional European forest species dataset. The historical changes in the PFT distribution of LUCAS LUC follow closely the land use changes given by LUH2 but differ in some regions compared to other annual LULCC datasets. From 2016 onward, annual PFT maps for future land use change scenarios based on LUH2 are derived for different Shared Socioeconomic Pathways (SSPs) and Representative Concentration Pathways (RCPs) combinations used in the framework of the Coupled Modelling Intercomparison Project Phase 6 (CMIP6). The resulting LULCC maps can be applied as land use forcing to the new generation of RCM simulations for downscaling of CMIP6 results. The newly developed LUT is transferable to other CORDEX regions world-wide.</p

Comorbidity and long‐term clinical outcome of laryngotracheal clefts types III and IV: Systematic analysis of new cases

Background Long segment laryngotracheoesophageal clefts (LTECs) are very rare large‐airway malformations. Over the last 40 years mortality rates declined substantially due to improved intensive care and surgical procedures. Nevertheless, long‐term morbidity, comorbidity, and clinical outcomes have rarely been assessed systematically. Methods In this retrospective case series, the clinical presentation, comorbidities, treatment, and clinical outcomes of all children with long‐segment LTEC that were seen at our department in the last 15 years were collected and analyzed systematically. Results Nine children were diagnosed with long segment LTEC (four children with LTEC type III and five patients with LTEC type IV). All children had additional tracheobronchial, gastrointestinal, or cardiac malformations. Tracheostomy for long‐time ventilation and jejunostomy for adequate nutrition was necessary in all cases. During follow‐up one child died from multiorgan failure due to sepsis at the age of 43 days. The clinical course of the other eight children (median follow‐up time 5.2 years) was stable. Relapses of the cleft, recurrent aspirations, and respiratory tract infections led to repeated hospital admissions. Conclusions Long‐segment LTECs are consistently associated with additional malformations, which substantially influence long‐term morbidity. For optimal management, a multidisciplinary approach is essential

Mode and site of action of therapies targeting CGRP signaling

Targeting CGRP has proved to be efficacious, tolerable, and safe to treat migraine; however, many patients with migraine do not benefit from drugs that antagonize the CGRPergic system. Therefore, this review focuses on summarizing the general pharmacology of the different types of treatments currently available, which target directly or indirectly the CGRP receptor or its ligand. Moreover, the latest evidence regarding the selectivity and site of action of CGRP small molecule antagonists (gepants) and monoclonal antibodies is critically discussed. Finally, the reasons behind non-responders to anti-CGRP drugs and rationale for combining and/or switching between these therapies are addressed

Aerosol Chemistry Resolved by Mass Spectrometry: Linking Field Measurements of Cloud Condensation Nuclei Activity to Organic Aerosol Composition

This document is the Accepted Manuscript version of a Published Work that appeared in final form in Environmental Science & Technology, copyright © American Chemical Society after peer review and technical editing by the publisher. To access the final edited and published work see http://pubs.acs.org/doi/abs/10.1021/acs.est.6b01675Aerosol hygroscopic properties were linked to its chemical composition by using complementary online mass spectrometric techniques in a comprehensive chemical characterization study at a rural mountaintop station in central Germany in August 2012. In particular, atmospheric pressure chemical ionization mass spectrometry ((−)APCI-MS) provided measurements of organic acids, organosulfates, and nitrooxy-organosulfates in the particle phase at 1 min time resolution. Offline analysis of filter samples enabled us to determine the molecular composition of signals appearing in the online (−)APCI-MS spectra. Aerosol mass spectrometry (AMS) provided quantitative measurements of total submicrometer organics, nitrate, sulfate, and ammonium. Inorganic sulfate measurements were achieved by semionline ion chromatography and were compared to the AMS total sulfate mass. We found that up to 40% of the total sulfate mass fraction can be covalently bonded to organic molecules. This finding is supported by both on- and offline soft ionization techniques, which confirmed the presence of several organosulfates and nitrooxy-organosulfates in the particle phase. The chemical composition analysis was compared to hygroscopicity measurements derived from a cloud condensation nuclei counter. We observed that the hygroscopicity parameter (κ) that is derived from organic mass fractions determined by AMS measurements may overestimate the observed κ up to 0.2 if a high fraction of sulfate is bonded to organic molecules and little photochemical aging is exhibited

DEGRADAÇÃO DA COR E DO ÁCIDO ASCÓRBICO NA DESIDRATAÇÃO OSMÓTICA DE KIWI*

This work studied color and ascorbic acid degradation on osmotic dehydration of kiwifruit. The fruits, submitted to three kinds of chemical pretreatments (calcium chloride, citric acid and ascorbic acid) were dehydrated with sucrose solution at 50°Brix during 150 minutes in a thermostatic bath at 40°C under agitation of 70 rpm. The parameters degradation reactions a* and total color variation (DE*) presented the best fit on first order kinetic model. The pretreatment with calcium chloride propitiated better maintenance of the green color of kiwifruit slices during the process. Vitamin C values presented average losses of about 40% until the end of dehydration. Citric and ascorbic acid treatments propitiated the highest vitamin C levels maintenance of kiwifruit slices.No presente trabalho estudou-se a degradação da cor e do ácido ascórbico em kiwis processados por desidratação osmótica. Os frutos, submetidos a três pré-tratamentos químicos (cloreto de cálcio, ácido cítrico e ácido ascórbico) foram desidratados em solução de sacarose a 50°Brix por 150 minutos em banho termostático a 40°C sob agitação a 70 rpm. As reações de degradação dos parâmetros a* e da variação total de cor (ΔE*) foram melhor ajustadas ao modelo cinético de primeira ordem. O pré-tratamento com cloreto de cálcio ocasionou melhor manutenção da cor verde das fatias durante o processo. Os teores de vitamina C apresentaram redução média de 40% até o final da desidratação. Os tratamentos com ácido cítrico e ácido ascórbico proporcionaram a manutenção de níveis mais elevados de vitamina C nas fatias de kiwi.