Dividends, trust, and firm value

We find evidence that investors value dividends differently depending on their level of trust. Our tests indicate that investor demand for dividend-paying stocks increases as trust decreases, and that this relationship affects market values. We begin with survey evidence showing that people think accounting fraud is less likely among dividend payers and that people with low trust are more likely to hold dividend-paying stocks. We then empirically exploit accounting fraud discoveries within a mutual fund’s portfolio as a shock to trust. In response to these shocks, we show that mutual funds tilt their portfolios toward dividend-paying stocks. This result is not explained by a shift in risk preferences, indicating that these institutional investors are seeking dividends in particular rather than stable firms that just happen to pay dividends. Finally, we provide evidence that dividend payers experience a premium in their market values relative to non-payers when their investor base becomes less trusting

Integrating invasion and disease in the risk assessment of live bird trade.

AimInternational trade in plants and animals generates significant economic benefits. It also leads to substantial unintended impacts when introduced species become invasive, causing environmental disturbance or transmitting diseases that affect people, livestock, other wildlife or the environment. Policy responses are usually only implemented after these species become established and damages are already incurred. International agreements to control trade are likewise usually based on selection of species with known impacts. We aim to further develop quantitative invasive species risk assessment for bird imports and extend the tool to explicitly address disease threats.LocationUnited States of America.MethodsWe use a two-step approach for rapid risk assessment based on the expected biological risks due to both the environmental and health impact of a potentially invasive wildlife species in trade. We assess establishment probability based on a model informed by historical observations and then construct a model of emerging infectious disease threat based on economic and ecological characteristics of the exporting country.ResultsWe illustrate how our rapid assessment tool can be used to identify high-priority species for regulation based on a combination of the threat they pose for becoming established and vectoring emerging infectious diseases.Main conclusionsOur approach can be executed for a species in a matter of days and is nested in an economic decision-making framework for determining whether the biological risk is justified by trade benefits

Prediction and prevention of the next pandemic zoonosis.

Most pandemics--eg, HIV/AIDS, severe acute respiratory syndrome, pandemic influenza--originate in animals, are caused by viruses, and are driven to emerge by ecological, behavioural, or socioeconomic changes. Despite their substantial effects on global public health and growing understanding of the process by which they emerge, no pandemic has been predicted before infecting human beings. We review what is known about the pathogens that emerge, the hosts that they originate in, and the factors that drive their emergence. We discuss challenges to their control and new efforts to predict pandemics, target surveillance to the most crucial interfaces, and identify prevention strategies. New mathematical modelling, diagnostic, communications, and informatics technologies can identify and report hitherto unknown microbes in other species, and thus new risk assessment approaches are needed to identify microbes most likely to cause human disease. We lay out a series of research and surveillance opportunities and goals that could help to overcome these challenges and move the global pandemic strategy from response to pre-emption

Evaluation of prevalence of Haller cells and their relationship with maxilofacial changes

Introdução: As células de Haller são descritas como células etmoidais aeradas, localizadas na margem inferior da órbita, próximas aos óstios dos seios maxilares. A tomografia computadorizada de feixe cônico (TCFC) tem amplo uso na odontologia, permitindo aquisição de imagens da região craniofacial. Objetivo: Identificar, em exames de TCFC, a relação da célula de Haller com as seguintes condições: sinusopatia, desvio de septo nasal ósseo, tratamento endodôntico e lesões periapicais. Materiais e métodos: Foram utilizados 99 exames de TCFC, sendo 51 incluídos nos critérios da pesquisa. As imagens foram analisadas no software Xelis Dental®, de maneira a identificar a presença ou não da célula de Haller, bem como sua relação com as condições citadas. Resultados: Dentre os 51 exames de TCFC avaliados, 35,3% apresentaram célula de Haller do lado direito e 23,5% no lado esquerdo. Levando-se em conta a relação das células de Haller com uma ou mais alterações aqui citadas, no lado direito a tivemos em 72% dos casos, enquanto no lado esquerdo tal relação se fez presente em 75% dos casos. Conclusão: Exames de TCFC que apresentam a margem infraorbital permitem verificar a presença ou ausência da célula de Haller. Nessa amostra, verificamos maior presença de casos de endodontia, desvio de septo e sinusopatia nos indivíduos que apresentaram células de Haller.Introduction: The Haller Cells are described as aerated ethmoidal cells, located in the inferior margin of the orbit, near the ostia of the maxillary sinuses. The Cone Beam Computed Tomography (CBCT) is widely used in dentistry, allowing acquisition of images of the craniofacial region. Objective: to identify in CBCT exams the Haller´s cell relationship with the following conditions: sinus disease, bony nasal septum deviation, endodontic treatment and periapical lesions. Materials and methods: 99 CBCT exams were used, from which 51 were included in the research criteria. The images were analyzed in the Xelis Dental® software to identify the presence or absence of the Haller Cell, as well as the relationship with the mentioned conditions. Results: Among the 51 CFCT exams evaluated, 35.3% presented Haller´s Cell on the right side and 23.5% on the left side. Whereas the relationship of the Haller Cells with one or more alterations mentioned here, on the right side we had it in 72% of the cases, while on the left side such relationship was present in 75% of the cases. Conclusion: CBCT exams that present the infraorbital margin allow to verify the presence or absence of the Haller Cell. In this sample, we verified a greater presence of endodontic cases, bony nasal septum deviation and sinus disease cases in individuals who presented Haller Cells

The role of angular momentum in the construction of electromagnetic multipolar fields

Multipolar solutions of Maxwell's equations are used in many practical applications and are essential for the understanding of light-matter interactions at the fundamental level. Unlike the set of plane wave solutions of electromagnetic fields, the multipolar solutions do not share a standard derivation or notation. As a result, expressions originating from different derivations can be difficult to compare. Some of the derivations of the multipolar solutions do not explicitly show their relation to the angular momentum operators, thus hiding important properties of these solutions. In this article, the relation between two of the most common derivations of this set of solutions is explicitly shown and their relation to the angular momentum operators is exposed.Comment: 13 pages, 2 figure

Bio-Assisted Tailored Synthesis of Plasmonic Silver Nanorings and Site-Selective Deposition on Graphene Arrays

The spontaneous interaction between noble metals and biological scaffolds enables simple and cost-effective synthesis of nanomaterials with unique features. Here, plasmonic silver nanorings are synthesized on a ring-like protein, i.e., a peroxiredoxin (PRX), and used to assemble large arrays of functional nanostructures. The PRX drives the seeding growth of metal silver under wet reducing conditions, yielding nanorings with outer and inner diameters down to 28 and 3 nm, respectively. The obtained hybrid nanostructures are selectively deposited onto a solid-state 2D membrane made of graphene in order to prepare plasmonic nanopores. In particular, the interaction between the graphene and the PRX allows for the simple preparation of ordered arrays of plasmonic nanorings on a 2D-material membrane. This fabrication process can be finalized by drilling a nanometer scale pore in the middle of the ring. Fluorescence spectroscopic measurements in combination with numerical simulations demonstrate the plasmonic effects induced in the metallic nanoring cavity. The prepared nanopores represent one of the first examples of hybrid plasmonic nanopore structures integrated on a 2D-material membrane. The diameter of the nanopore and the atomically thick substrate make this proof-of-concept approach particularly interesting for nanopore-based technologies and applications such as next-generation sequencing and single-molecule detection

On Rationality

Rationality is an enduring topic of interest across the disciplines and has become even more so, given the current crises that are unfolding in our society. The four books reviewed here, which are written by academics working in economics, political science, political theory and philosophy, provide an interdisciplinary engagement with the idea of rationality and the way it has shaped the institutional frameworks and global political economy of our time. Rational choice theory has certainly proved to be a useful analytic tool in certain contexts, and instrumental reason has been a key tenet of human progress in several periods of history, including the industrial revolution and the modernity that emerged in the nineteenth century. Given the complexity of our current challenges, however, is it time to ask whether this paradigm might be better complemented by more holistic and heterodox approaches? Hindmoor A and Taylor TY (2015) Rational Choice (Political Analysis), 2nd edn. London; New York: Palgrave Macmillan. Massumi (2015) The Power at the End of the Economy. Durham: Duke University Press. Brown (2015) Undoing the Demos: Neoliberalism’s Stealth Revolution. New York: Zone Books. Ludovisi SG (ed.) (2015) Critical Theory and the Challenge of Praxis: Beyond Reification. Farnham; Burlington, VT: Ashgate

Comparison of breast and bowel cancer screening uptake patterns in a common cohort of South Asian women in England

Background: Inequalities in uptake of cancer screening by ethnic minority populations are well documented in a number of international studies. However, most studies to date have explored screening uptake for a single cancer only. This paper compares breast and bowel cancer screening uptake for a cohort of South Asian women invited to undertake both, and similarly investigates these women's breast cancer screening behaviour over a period of fifteen years. Methods: Screening data for rounds 1, 2 and 5 (1989-2004) of the NHS breast cancer screening programme and for round 1 of the NHS bowel screening pilot (2000-2002) were obtained for women aged 50-69 resident in the English bowel screening pilot site, Coventry and Warwickshire, who had been invited to undertake breast and bowel cancer screening in the period 2000-2002. Breast and bowel cancer screening uptake levels were calculated and compared using the chi-squared test. Results: 72,566 women were invited to breast and bowel cancer screening after exclusions. Of these, 3,539 were South Asian and 69,027 non-Asian; 18,730 had been invited to mammography over the previous fifteen years (rounds 1 to 5). South Asian women were significantly less likely to undertake both breast and bowel cancer screening; 29.9% (n = 1,057) compared to 59.4% (n = 40,969) for non-Asians (p < 0.001). Women in both groups who consistently chose to undertake breast cancer screening in rounds 1, 2 and 5 were more likely to complete round 1 bowel cancer screening. However, the likelihood of completion of bowel cancer screening was still significantly lower for South Asians; 49.5% vs. 82.3% for non-Asians, p < 0.001. South Asian women who undertook breast cancer screening in only one round were no more likely to complete bowel cancer screening than those who decided against breast cancer screening in all three rounds. In contrast, similar women in the non-Asian population had an increased likelihood of completing the new bowel cancer screening test. The likelihood of continued uptake of mammography after undertaking screening in round 1 differed between South Asian religio-linguistic groups. Noticeably, women in the Muslim population were less likely to continue to participate in mammography than those in other South Asian groups. Conclusions: Culturally appropriate targeted interventions are required to reduce observed disparities in cancer screening uptakes

Prevención del cólera aviar con extractos acuosos de plantas en pollos de engorde.

De octubre a diciembre de 1992, con extractos acuosos de las plantas, se realizaron, anfitoquímicos y pruebas microbiológicas en la bacteria Pasteurella multocida. La etapa de campo se realizó en la Granja Escuela de Capacitación Cooperativa Agropecuaria (GECA) en Chalatenango, El Salvador. Se evaluaron 16 tratamientos: cuatro plantas individuales, sus posibles combinaciones y el testigo. Se sometieron pollos de engorde, de la línea Arbos Acres, a la inoculación de la bacteria, para determinar el resultado preventivo de los tratamientos. Con el modelo de Weibull y la función de supervivencia se obtuvo significancia estadística solamente para los tratamientos con las combinaciones (Quina-Epacina, Palo hediondo-Tempate, Palo hediondo- Epacina y Quina- Tempate - Palo hediondo-Epacina; éste último tratamiento fue el mejor para la prevención del cólera aviar

Taming the pandemic? The importance of homemade plant-based foods and beverages as community responses to COVID-19

Household responses to COVID-19 in different corners of the world represent the primary health care that communities have relied on for preventing and mitigating symptoms. During a very complex and confusing time, in which public health services in multiple countries have been completely overwhelmed, and in some cases even collapsed, these first-line household responses have been quintessential for building physical, mental, and social resilience, and for improving individual and community health. This editorial discusses the outcomes of a rapid-response preliminary survey during the first phase of the pandemic among social and community contacts in five metropolises heavily affected by the COVID-19 health crisis (Wuhan, Milan, Madrid, New York, and Rio de Janeiro), and in twelve rural areas or countries initially less affected by the pandemic (Appalachia, Jamaica, Bolivia, Romania, Belarus, Lithuania, Poland, Georgia, Turkey, Pakistan, Cambodia, and South Africa). We summarized our perspectives as 17 case studies, observing that people have relied primarily on teas and spices (“food-medicines”) and that there exist clear international plant favorites, popularized by various new media. Urban diasporas and rural households seem to have repurposed homemade plant-based remedies that they use in normal times for treating the flu and other respiratory symptoms or that they simply consider healthy foods. The most remarkable shift in many areas has been the increased consumption of ginger and garlic, followed by onion, turmeric, and lemon. Our preliminary inventory of food medicines serves as a baseline for future systematic ethnobotanical studies and aims to inspire in-depth research on how use patterns of plant-based foods and beverages, both “traditional” and “new”, are changing during and after the COVID-19 pandemic. Our reflections in this editorial call attention to the importance of ethnobiology, ethnomedicine, and ethnogastronomy research into domestic health care strategies for improving community health