Equity valuation using accounting numbers on Internet and IT Service Firms

The development of the new economy and establishment of Internet-based companies created an industry of fast growing corporations with much interest to investors. The valuation of these firms has drifted away from estimates provided by traditional valuation models, which tend to undervalue Internet stocks consistently. Additionally, financial information has shown to be of little use when assessing the value of dot.com stocks (Trueman et al., 2001) The objective of this paper is to shed some light on the usefulness of accounting-based valuation models when valuing Internet stocks. It attempts to provide users with a guide to the relative performance of models when valuing Internet companies and demonstrate how the assessment of these companies is compared to the valuation of firms in other industries. Empirical results show that Internet and IT Service companies are harder to value, compared to other firms, using traditional valuation methods. The valuation model that provides the best estimates for these enterprises is the forward P/E calculated using a harmonic mean when compared to the RIVM and AEGM. Results also show that analysts prefer stock-based valuation models to flow-based models.O desenvolvimento da nova economia e das empresas cujo negócio é realizado através da Internet deu aso à criação de uma industria de empresas com um crescimento extremamente acelerado de grande interesse para possíveis investidores. A avaliação de empresas ligadas á Internet afastou-se das estimativas que eram geradas usando os modelos tradicionais de avaliação de empresas, que a maioria das vezes subvalorizava consideravelmente as acções destas firmas. Adicionalmente, a informação financeira divulgada mostrou ser pouco útil para a avaliação das acções dot.com (Trueman et al., 2001). O objective principal desta tese é identificar a utilidade dos modelos de avaliação baseados em relatórios financeiros na avaliação de empresas online. O intuito é facultar aos analistas um guia sobre a capacidade de estimação de alguns modelos na avaliação de empresas tecnológicas e comparar a precisão das estimativas para estas empresas com as estimativas do valor de outras empresas de diferentes indústrias. Os resultados desta análise demonstram que as empresas tecnológicas são mais difíceis de estimar usando os modelos estudados. O P/E é identificado como o modelo que produz as melhores avaliações para estas empresas em comparação com o RIVM e o AEGM. Os restados também mostram que os analistas preferem modelos que utilização informação relativa a empresas concorrentes versus os modelos que utilização as demonstrações de resultados das empresas

Vacantes en línea y su papel en el desempeño del mercado laboral

Este documento presenta evidencia de que el aumento de vacantes publicadas a través de internet en Colombia ha incrementado la eficiencia del mercado laboral, esto al facilitar que las empresas encuentren trabajadores para cubrir sus posiciones laborales abiertas. En este estudio estimamos curvas de Beveridge, la relación entre desempleo y vacantes; a través de este desarrollo teórico establecido desde los modelos de búsqueda, se concluye que las políticas que aumentan la publicación de vacantes en línea mejoran la eficiencia del mercado. Implementamos un diseño de diferencias en diferencias para aprovechar una regulación, que exige que todos los proveedores de vacantes en línea autorizados reporten cualquier vacante en línea al Servicio Público de Empleo en Colombia. Encontramos que los sub-segmentos del mercado laboral con una fracción significativa de sus vacantes publicadas a través de internet presentaban en promedio una tasa de vacantes casi un 15% menor, para una tasa de desempleo determinada. En el contexto de los modelos de búsqueda, lo anterior implica que en los sub-segmentos afectados por la política, la curva de Beveridge se desplazó hacia adentro. Lo anterior implica una mejora en la eficiencia, dado que para una tasa de desempleo fija, las vacantes se llenaron con más facilidad. Nuestros hallazgos respaldan las políticas de búsqueda activa para reducir las barreras de información, las cuales reducen las probabilidades de que las empresas y los trabajadores se encuentren en el mercado laboral.This paper assesses whether the expansion of online job vacancies leads to a more efficient labor market. We provide compelling evidence that the increase in online job vacancy penetration in Colombia has had an enhancing effect on the labor market's efficiency by making it easier for firms to find workers to fill their job openings. An estimation of the Beveridge Curve (unemployment to vacancies relationship), a well-established theoretical development from search models, concludes that policies that increase online vacancy posting enhance efficiency. We implement a differences in differences design to take advantage of a regulation, which mandates that all authorized online vacancy providers report any online vacancy to the Public Employment Service in Colombia. We find that sub-segments of the labor market with a relevant fraction of their vacancies posted online, presented on average nearly 15% lower vacancy rate for a given unemployment rate. Therefore, for these sub-segments, the Beveridge curve shifted inwards due to efficiency enhancements. These findings support active search policies to reduce information barriers, which reduce the odds of firms and workers finding one other in the labor market. Policies as those implemented by the Public Employment Service in Colombia seem to be beneficial.Vacantes en línea y su papel en el desempeño del mercado laboral Enfoque En la última década, se han implementado en Colombia un conjunto variado de políticas para combatir el desempleo que van desde reducir los impuestos a la nómina hasta crear una agencia pública de intermediación laboral. En lo que concierne a esta última política, Colombia es un caso de estudio único en el mundo, porque es uno de los pocos países en los que por ley las firmas están obligadas a reportar sus vacantes de forma centralizada. El Gobierno, a través de la ley 1636 de 2013, reglamentó el proceso de intermediación laboral y decretó la obligación de reportar puestos de trabajo abiertos a través de una red de operadores públicos y privados. Toda la información es centralizada, administrada y reportada a través de la Unidad Especial del Servicio Público de Empleo. Esta política es un paso importante en el camino de la implementación de tecnologías digitales en la intermediación laboral. En este trabajo se muestra que, aunque la penetración de los canales digitales en la promoción de vacantes es todavía baja, ha aumentado y tomado fuerza en el último quinquenio. En general, estas políticas de búsqueda activa pretenden reducir fricciones de información que se generan en los mercados laborales, dado que se puede reducir el desempleo al aumentar la eficiencia en la búsqueda por empleos y por empleados. En este trabajo se evalúa si la mayor prevalencia de las vacantes promocionadas por medios digitales, en relación con el total de vacantes de la economía, ejerce un efecto favorable sobre la eficiencia del mercado laboral. Contribución Aunque la intermediación digital en mercados de bienes y servicios ha aumentado exponencialmente en la última década, son muy pocos los estudios sobre el impacto de ésta en el funcionamiento de los mercados. En el caso particular del efecto de la intermediación laboral, solo encontramos un estudio a nivel mundial. En este trabajo, se provee evidencia robusta de que el mayor avance que tuvieron las bolsas de empleo online en Colombia en el último quinquenio incrementó la eficiencia del mercado. La mayor penetración de las tecnologías digitales en la promoción de vacantes facilitó a las firmas la búsqueda de trabajadores y el llenado de las posiciones de trabajo abiertas. En el trabajo se realiza una estimación de la relación desempleados a vacantes, a nivel de segmentos del mercado laboral. La estimación de esta relación permite saber si para una tasa de desempleo fija, dicha política de intermediación laboral es exitosa en reducir la tasa de vacantes. Lo anterior se interpreta como un incremento en la eficiencia del proceso de emparejamiento de empleados y empleos. Resultados Encontramos que los subsegmentos del mercado laboral con una fracción relevante de sus vacantes publicadas a través de internet, presentaban en promedio una tasa de vacantes casi un 15% menor, después de la implementación y puesta en funcionamiento de la Unidad Especial del Servicio Público de Empleo. En los segmentos más afectados por la política, la relación vacantes-a-desempleados es menor para cada nivel de desempleo. Lo anterior implica una mejora en la eficiencia, dado que para una tasa de desempleo fija, las vacantes se llenaron con mayor rapidez. Nuestros hallazgos soportan la eficacia de políticas de búsqueda activa en el mercado de trabajo, políticas que tengan por objetivo reducir las barreras de información que incrementan las fricciones en el proceso de emparejamiento de trabajadores y trabajos. Frase destacada La mayor penetración de las tecnologías digitales en la promoción de vacantes facilitó a las firmas la búsqueda de trabajadores y el llenado de las posiciones de trabajo abiertas

Neuron numbers increase in the human amygdala from birth to adulthood, but not in autism.

Remarkably little is known about the postnatal cellular development of the human amygdala. It plays a central role in mediating emotional behavior and has an unusually protracted development well into adulthood, increasing in size by 40% from youth to adulthood. Variation from this typical neurodevelopmental trajectory could have profound implications on normal emotional development. We report the results of a stereological analysis of the number of neurons in amygdala nuclei of 52 human brains ranging from 2 to 48 years of age [24 neurotypical and 28 autism spectrum disorder (ASD)]. In neurotypical development, the number of mature neurons in the basal and accessory basal nuclei increases from childhood to adulthood, coinciding with a decrease of immature neurons within the paralaminar nucleus. Individuals with ASD, in contrast, show an initial excess of amygdala neurons during childhood, followed by a reduction in adulthood across nuclei. We propose that there is a long-term contribution of mature neurons from the paralaminar nucleus to other nuclei of the neurotypical human amygdala and that this growth trajectory may be altered in ASD, potentially underlying the volumetric changes detected in ASD and other neurodevelopmental or neuropsychiatric disorders

White dwarf and subdwarf stars in the Sloan Digital Sky Survey Data Release 14

White dwarfs carry information on the structure and evolution of the Galaxy, especially through their luminosity function and initial-to-final mass relation. Very cool white dwarfs provide insight into the early ages of each population. Examining the spectra of all stars with $3\sigma$ proper motion in the Sloan Digital Sky Survey Data Release 14, we report the classification for 20 088 spectroscopically confirmed white dwarfs, plus 415 hot subdwarfs, and 311 cataclysmic variables. We obtain Teff, log g and mass for hydrogen atmosphere white dwarf stars (DAs), warm helium atmosphere white dwarfs (DBs), hot subdwarfs (sdBs and sdOs), and estimate photometric Teff for white dwarf stars with continuum spectra (DCs). We find 15793 sdAs and 447 dCs between the white dwarf cooling sequence and the main sequence, especially below Teff= 10000 K; most are likely low-mass metal-poor main sequence stars, but some could be the result of interacting binary evolution.Comment: 18 pages, 13 figure

How safe are the new green energy resources for marine wildlife? The case of lithium

Considering the increasing use of Lithium (Li) and the necessity to fulfil this demand, labile Li occurrence in the environment will be enhanced. Thus, additional research is needed regarding the presence of this element in marine environment and its potential toxic impacts towards inhabiting wildlife. The aim of the present study was to evaluate Li toxicity based on the exposure of Mytilus galloprovincialis to this metal, assessing the biochemical changes related with mussels' metabolism, oxidative stress and neurotoxicity. For this, organisms were exposed to different Li concentrations (100, 250, 750 μg/L) for 28 days. The results obtained clearly demonstrated that Li lead to mussels' metabolism depression. The present study also revealed that, especially at the highest concentrations, antioxidant and biotransformation enzymes were not activated, leading to the occurrence of lipid peroxidation and loss of redox homeostasis, with increased content in oxidized glutathione in comparison to the reduced form. Furthermore, after 28 days, higher Li exposure concentrations induced neurotoxic effects in mussels, with a decrease in acetylcholinesterase enzyme activity. The responses observed were closely related with Li concentrations in mussels' tissues, which were more pronounced at higher exposure concentrations. Such results highlight the potential toxic effects of Li to marine species, which may even be higher under predicted climate changes and/or in the presence of other pollutants.publishe

Problematizando Questões de Gênero em um Episódio da Série de Animação “Os Simpsons”

Os artefatos culturais produzem saberes e significados sobre as coisas e as pessoas. Entendemos que a mídia, através desses artefatos, possui sua própria pedagogia que nos ensina maneiras de ser e estar no mundo, operando na constituição de subjetividades e sujeitos na sociedade contemporânea.  Nossos estudos têm como base os Estudos Culturais, na sua vertente pós-estruturalista, destacando o efeito das mídias na produção dos corpos e gêneros. Nesse trabalho, nossa proposta é analisar um episódio da série de animação “Os Simpsons”, que satiriza o estilo de vida, cultura e sociedade norte-americana. O episódio analisado problematiza as representações do gênero feminino e a imagem da mulher em uma sociedade patriarcal

Solid-state fermentation as green technology to improve the use of plant feedstuffs as ingredients in diets for european sea bass (Dicentrarchus labrax) juveniles

This study aimed to evaluate the utilization by juvenile European sea bass of a SSFed PF mixture with Aspergillus niger CECT 2088. A 22-day digestibility and a 50-day growth trial were performed testing four diets, including 20 or 40% of an unfermented or SSFed PF mixture (rapeseed, soybean, rice bran, and sunflower seed meals, 25% each). SSF of the PF added cellulase and β-glucosidase activity to the diets. Mycotoxin contamination was not detected in any of the experimental diets except for residual levels of zearalenone and deoxynivalenol (100 and 600 times lower than that established by the European Commission Recommendation-2006/576/EC). In diets including 20% PF, SSF did not affect growth but increased apparent digestibility coefficients of protein and energy, feed efficiency, and protein efficiency ratio. On the contrary, in diets including 40% PF, SSF decreased growth performance, feed intake, feed and protein efficiency, and diet digestibility. SSF decreased the intestinal amylase activity in the 40% SSFed diet, while total alkaline proteases decreased in the 20% and 40% SSFed diets. Hepatic amino acid catabolic enzyme activity was not modulated by SSF, and plasma total protein, cholesterol, and triglyceride levels were similar among dietary treatments. In conclusion, dietary inclusion of moderate levels of the SSFed PF, up to 20%, improves the overall feed utilization efficiency without negatively impacting European sea bass growth performance. The replacement of PF with the SSFed PF mixture may contribute to reducing the environmental footprint of aquaculture production.Simple Summary: The rapid growth of the world’s population has increased the demand for seafood, leading to the expansion of aquaculture to fulfill these needs and reduce the pressure on wild fish stocks. Plant feedstuffs (PFs) are often used as the main protein source in aquafeeds due to their wide availability and low cost. However, PFs usually contain high levels of non-starch polysaccharides that limit their utilization in aquafeeds, mainly for carnivorous fish. Solid-state fermentation (SSF) is a cost-effective technological process that may reduce anti-nutritional factor levels while improving nutrient digestibility and the production of several bioactive compounds, enhancing feedstuffs’ nutritional value in aquafeeds. Hence, this study evaluated the effects of using a PF mixture (rapeseed, soybean, rice bran, and sunflower seed meals, 25% each) solid-state fermented (SSFed) with Aspergillus niger CECT 2088 at two inclusion levels (20% and 40%) on European sea bass juveniles’ growth performance, feed digestibility, digestive and catabolic enzyme activity, and plasma metabolites. Overall, the SSFed PF mixture improved the overall feed digestibility, and utilization efficiency, when included at balanced level (20%) without negatively impacting fish growth performance, but not at the higher level (40%).Fundação para a Ciência e a Tecnologia | Ref. UIDB/04423/2020Fundação para a Ciência e a Tecnologia | Ref. UIDP/04423/2020Fundação para a Ciência e a Tecnologia | Ref. 2020.05525.BDFundação para a Ciência e a Tecnologia | Ref. SFRH/BD/115870/2016Fundação para a Ciência e a Tecnologia | Ref. SFRH/BD/137919/2018Fundação para a Ciência e a Tecnologia | Ref. SFRH/BD/143614/201