Dividend Guidance to Manage Analyst Dividend Expectations

Using a sample of dividend payers from 12 European countries, we document that managers guide analyst dividend expectations to avoid reporting dividends below the consensus forecast. Specifically, we show that dividend guidance predicts (1) a substantial reduction in analyst dividend forecast optimism over the course of the fiscal year and (2) that a firm will meet or beat the consensus dividend forecast by a small margin. Managers guide analyst dividend expectations to avoid negative price reactions when reporting negative dividend surprises. Our results, which are robust to endogeneity and self-selection concerns and control for contemporaneous earnings guidance, highlight the important role dividend guidance plays in managing analyst dividend expectations

Obesogens in the aquatic environment: an evolutionary and toxicological perspective

The rise of obesity in humans is a major health concern of our times, affecting an increasing proportion of the population worldwide. It is now evident that this phenomenon is not only associated with the lack of exercise and a balanced diet, but also due to environmental factors, such as exposure to environmental chemicals that interfere with lipid homeostasis. These chemicals, also known as obesogens, are present in a wide range of products of our daily life, such as cosmetics, paints, plastics, food cans and pesticide-treated food, among others. A growing body of evidences indicates that their action is not limited to mammals. Obesogens also end up in the aquatic environment, potentially affecting its ecosystems. In fact, reports show that some environmental chemicals are able to alter lipid homeostasis, impacting weight, lipid profile, signaling pathways and/or protein activity, of several taxa of aquatic animals. Such perturbations may give rise to physiological disorders and disease. Although largely unexplored from a comparative perspective, the key molecular components implicated in lipid homeostasis have likely appeared early in animal evolution. Therefore, it is not surprising that the obesogen effects are found in other animal groups beyond mammals. Collectively, data indicates that suspected obesogens impact lipid metabolism across phyla that have diverged over 600 million years ago. Thus, a consistent link between environmental chemical exposure and the obesity epidemic has emerged. This review aims to summarize the available information on the effects of putative obesogens in aquatic organisms, considering the similarities and differences of lipid homeostasis pathways among metazoans, thus contributing to a better understanding of the etiology of obesity in human populations. Finally, we identify the knowledge gaps in this field and we set future research priorities. © 2017 ElsevierThis work was supported by Norte2020 and FEDER (Coral?Sustainable Ocean Exploitation?Norte-01-0145-FEDER-000036). Ana Capit?o was supported by the Funda??o para a Ci?ncia e a Tecnologia [SFRH/BD/90664/2012]

An investigation on different mechanisms of endocrine disruption in fish and molluscs

Tesis del Institut de Ciència i Tecnologia Naturals de la Universitat Autònoma de Barcelona.-- Fecha de defensa 27-02-2010Peer reviewe

Triphenyltin alters lipid homeostasis in females of the ramshorn snail Marisa cornuarietis

29 p., 3 tablas, 2 figuras y bibliografíaMolluscs are sensitive species to the toxic effects of organotin compounds, particularly to masculinization, and both, tributyltin (TBT) and triphenyltin (TPT) have been recently shown to bind to molluscs RXR. Being RXR is involved in lipid homeostasis, exposure to TPT would have an immediate effect on lipid homeostasis. To test this hypothesis, the ramshorn snail Marisa cornuarietis was exposed to environmentally relevant concentrations of TPT (30, 125, 500 ng/L as Sn) in a semi-static water regime for 7-days. Percentage of lipids and total fatty acid content decreased significantly in TPT-exposed females while the activity of peroxisomal acyl-CoA oxidase, involved in fatty acid catabolism, increased. In addition, fatty acid profiles (carbon chain length and unsaturation degree) were significantly altered in exposed females but not in males. This work highlights the ability of TPT to disrupt lipid metabolism in M. cornuarietis at environmentally realistic concentrations and the higher susceptibility of females in comparison to males.This study was supported by the European Union (COMPRENDO-Project, EVK1-CT-2002-00129) and the Spanish National Plan for Research (Project Ref CGL2005-02846)

Comparative study on the metabolism of the androgen precursor androstenedione in two gastropod species: In vitro alterations by TBT and TPT

5 pages, 2 figures, 3 tablesA comparative study was performed to assess the metabolism of the androgen precursor androstenedione (AD) in two gastropod species from the Muricidae family: Bolinus brandaris and Hexaplex trunculus. AD was mainly converted to 5α-dihydrotestosterone by microsomal fractions isolated from Bolinus brandaris, whereas it was primarily metabolized to testosterone by Hexaplex trunculus. Sex differences in the metabolism of AD were only detected in Bolinus brandaris and attributed to higher 5α-reductase activity in males. Thereafter, the effect of the organotin compounds, tributyltin (TBT) and triphenyltin (TPT), on the metabolism of AD was investigated. A significant interference was only detected in females, and differences between the modes of action of the two compounds were observed: TPT was a strong inhibitor of 5α-reductase activity in B. brandaris at a concentration as low as 100 nM whereas only TBT (10 μM) altered the metabolism of AD in H. trunculus by increasing the activity 17β-hydroxysteroid dehydrogenase (17β-HSD). Thus, this work shows that the metabolism of the androgen precursor AD strongly differs among gastropod species, both in terms of activity and metabolic profile, and further demonstrates the ability of TBT and TPT to interfere with key enzymatic pathways involved in androgen synthesis. © 2008 Elsevier Inc. All rights reservedThis study was supported by the Spanish National Plan for Research (Project Ref CGL2005-02846). Angeliki Lyssimachou is a PhD student at the Universitat Autònoma de BarcelonaPeer Reviewe

Comparative study on the metabolism of the androgen precursor androstenedione in two gastropod species: in vitro alterations by TBT and TPT

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Subconjunctival zoonotic Onchocerca in an Albanian man

A case of subconjunctival infection with a zoonotic species of Onchocerca is described, in a 16-year-old Albanian man who had immigrated to Greece. This is the first report of human infection with Onchocerca in this tissue location and only the eighth report of zoonotic Onchocerca in man

An Investigation on different mechanisms of endocrine disruption in fish and molluscs

Descripció del recurs: el 02 de novembre de 2010Vegeu alresum1de1.pd

Achieving a High Level of Protection from Pesticides in Europe:Problems with the Current Risk Assessment Procedure and Solutions

The regulation of pesticides in the European Union (EU) relies on a network of hard law (legislation and implementing acts) and soft law (non-legally binding guidance documents and administrative and scientific practices). Both hard and soft laws govern how risk assessments are conducted, but a significant role is left to the latter. Europe’s pesticide regulation is one of the most stringent in the world. Its stated objectives are to ensure an independent, objective and transparent assessment of pesticides and achieve a high level of protection for health and environment. However, a growing body of evidence shows that pesticides that have passed through this process and are authorised for use may harm humans, animals and the environment. The authors of the current paper – experts in toxicology, law and policy – identified shortcomings in the authorisation process, focusing on the EU assessment of the pesticide active substance glyphosate. The shortcomings mostly consist of failures to implement the hard or soft laws. But in some instances the law itself is responsible, as some provisions can only fail to achieve its objectives. Ways to improve the system are proposed, requiring changes in hard and soft laws as well as in administrative and scientific practices