Valuing voluntary disclosure using a real options approach

This paper outlines a real options approach to valuing those announcements which are made by firms outside of their legal requirements. From the firm's perspective, information is disclosed only if the manager of the firm is sufficiently certain that the market response to the announcement will have a positive impact on the value of the firm. When debt financing is possible we find that the manager adopts a more transparent disclosure policy, thus violating the Modigliani-Miller theorem on irrelevance of capital structure

Image effects in transport at metal-molecule interfaces

We present a method for incorporating image-charge effects into the description of charge transport through molecular devices. A simple model allows us to calculate the adjustment of the transport levels, due to the polarization of the electrodes as charge is added to and removed from the molecule. For this, we use the charge distributions of the molecule between two metal electrodes in several charge states, rather than in gas phase, as obtained from a density-functional theory-based transport code. This enables us to efficiently model level shifts and gap renormalization caused by image-charge effects, which are essential for understanding molecular transport experiments. We apply the method to benzene di-amine molecules and compare our results with the standard approach based on gas phase charges. Finally, we give a detailed account of the application of our approach to porphyrin-derivative devices recently studied experimentally by Perrin et al. [Nat. Nanotechnol. 8, 282 (2013)], which demonstrates the importance of accounting for image-charge effects when modeling transport through molecular junctions

Biodesulphurized subbituminous coal by different fungi and bacteria studied by reductive pyrolysis. Part 1: Initial coal

One of the perspective methods for clean solid fuels production is biodesulphurization. In order to increase the effect of this approach it is necessary to apply the advantages of more informative analytical techniques. Atmospheric pressure temperature programming reduction (AP-TPR) coupled with different detection systems gave us ground to attain more satisfactory explanation of the effects of biodesulphurization on the treated solid products. Subbituminous high sulphur coal from ‘‘Pirin” basin (Bulgaria) was selected as a high sulphur containing sample. Different types of microorganisms were chosen and maximal desulphurization of 26% was registered. Biodesulphurization treatments were performed with three types of fungi: ‘‘Trametes Versicolor” – ATCC No. 200801, ‘‘Phanerochaeta Chrysosporium” – ME446, Pleurotus Sajor-Caju and one Mixed Culture of bacteria – ATCC No. 39327. A high degree of inorganic sulphur removal (79%) with Mixed Culture of bacteria and consecutive reduction by 13% for organic sulphur (Sorg) decrease with ‘‘Phanerochaeta Chrysosporium” and ‘‘Trametes Versicolor” were achieved. To follow the Sorg changes a set of different detection systems i.e. AP-TPR coupled ‘‘on-line” with mass spectrometry (AP-TPR/MS), on-line with potentiometry (AP-TPR/pot) and by the ‘‘off-line” AP-TPR/GC/MS analysis was used. The need of applying different atmospheres in pyrolysis experiments was proved and their effects were discussed. In order to reach more precise total sulphur balance, oxygen bomb combustion followed by ion chromatography was used

Uterine NK cells are critical in shaping DC immunogenic functions compatible with pregnancy progression.

Dendritic cell (DC) and natural killer (NK) cell interactions are important for the regulation of innate and adaptive immunity, but their relevance during early pregnancy remains elusive. Using two different strategies to manipulate the frequency of NK cells and DC during gestation, we investigated their relative impact on the decidualization process and on angiogenic responses that characterize murine implantation. Manipulation of the frequency of NK cells, DC or both lead to a defective decidual response characterized by decreased proliferation and differentiation of stromal cells. Whereas no detrimental effects were evident upon expansion of DC, NK cell ablation in such expanded DC mice severely compromised decidual development and led to early pregnancy loss. Pregnancy failure in these mice was associated with an unbalanced production of anti-angiogenic signals and most notably, with increased expression of genes related to inflammation and immunogenic activation of DC. Thus, NK cells appear to play an important role counteracting potential anomalies raised by DC expansion and overactivity in the decidua, becoming critical for normal pregnancy progression

Conditional phase shift from a quantum dot in a pillar microcavity

Large conditional phase shifts from coupled atom-cavity systems are a key requirement for building a spin photon interface. This in turn would allow the realisation of hybrid quantum information schemes using spin and photonic qubits. Here we perform high resolution reflection spectroscopy of a quantum dot resonantly coupled to a pillar microcavity. We show both the change in reflectivity as the quantum dot is tuned through the cavity resonance, and measure the conditional phase shift induced by the quantum dot using an ultra stable interferometer. These techniques could be extended to the study of charged quantum dots, where it would be possible to realise a spin photon interface

Radicalization processes and transitional phases in female and male detainees residing in Dutch terrorism wings.

Background: Radicalization, violent extremism, and terrorism are risks to societal security. Although research on terrorism-related behaviors is increasing, thorough empirical studies are rare. Methods: This study investigates radicalization processes and transitions in a matched sample of female and male terrorist suspects and convicts (N = 26) residing in Dutch penitentiary terrorism wings. Results:Results show that both men and women often experienced discrimination. A subgroup of women grew up in a stressful family environment and lacked emotional support from their family, whereas the other women did not experience such circumstances. The majority of the study sample was susceptible to connecting with radicalized friends or family members. Interestingly, factors that initially led to radicalization (e.g., a utopian image of the Islamic State) could later turn out to be factors associated with abandoning extremism. Conclusions: In this study, differences in radicalization processes and transitional phases between women and men emerged. Men more often had police contact prior to a terrorism-related offense. Making an effort to right old mistakes seemed important in the radicalization processes of men, whereas women had a stronger desire for emotional support and were more driven by experienced trauma and feelings of loneliness. This study provides input for gender-specific prevention and disengagement interventions

Altered core and skin temperature responses to endurance exercise in heart failure patients and healthy controls.

BACKGROUND: Exercise training represents a central aspect of rehabilitation of heart failure patients. Previous work on passive heating suggests impaired thermoregulatory responses in heart failure patients. However, no previous study directly examined thermoregulatory responses to an exercise bout, that is, active heating, as typically applied in rehabilitation settings in heart failure. DESIGN: Cross-sectional observational study to compare changes in core body temperature (Tcore) and skin temperature (Tskin) during exercise between heart failure patients and controls. METHODS: Fourteen heart failure subjects (65 ± 7 years, 13:1 male:female) and 14 healthy controls (61 ± 5 years, 12:2 male:female) were included. Tcore (telemetric temperature pill) and Tskin (skin thermistors) were measured continuously during a 45-min cycle exercise at comparable relative exercise intensity. RESULTS: Tcore increased to a similar extent in both groups (controls 1.1 ± 0.4℃, heart failure patients 0.9 ± 0.3℃, 'time*group': p = 0.15). Tskin decreased during the initial phase of exercise in both groups, followed by an increase in Tskin in controls (1.2 ± 1.0℃), whilst Tskin remained low in HF patients (-0.3 ± 1.4℃) ('time*group': p  0.05). CONCLUSION: Heart failure patients and controls show comparable exercise-induced increase in Tcore, whilst heart failure patients demonstrate altered Tskin responses to exercise and attenuated elevation in Tskin per increase in Tcore. These impaired thermoregulatory responses to exercise are, at least partly, explained by the lower absolute workload and lower physical fitness level in heart failure patients