Global Engagement and Returns Volatility

This paper finds that a greater reliance on foreign market sales increases the volatility of firms’ stock returns, using high-frequency data for publicly listed Japanese manufacturing firms over the period 2000–10. The two margins of global engagement we consider, namely, exports and sales via foreign affiliates (horizontal foreign direct investment), have both a positive and economically significant effect on firm-level volatility. We find, however, that increasing the intensity of sales through foreign affiliates has a stronger effect on volatility than a similar change in export intensity. We also uncover evidence consistent with the notion that firms’ need to use external finance to cover the substantial costs involved in reaching foreign consumers can be an important channel through which firms’ participation in international markets increases their exposure to economic uncertainty

Corporate Acquisitions and Firm-level Uncertainty: Domestic versus Cross-Border Deals

This paper studies the impact of corporate acquisitions on the uncertainty faced by acquiring firms. We use data for UK public companies from 2004 to 2017 and employ a matching estimator combined with difference-in-differences to control for the endogenous selection of firms into acquiring status. Acquisitions exert a large and persistent effect on the volatility of stock returns of acquirers and is characterized by a pecking order: domestic takeovers lead to a reduction in the uncertainty faced by the acquirer, while cross-border acquisitions|particularly those involving target firms in emerging markets|engender a positive response in acquirers' volatility

Special Economic Zones, Global Value Chains, and the Degree of Economic Linkages in the Dominican Republic

The Dominican Republic is often considered an example of the successful implementation of Special Economic Zones (henceforth SEZs) in the Western hemisphere. The zones fueled economic growth during the 1980s and 1990s and, while they experienced a sharp decline in employment due in part to the expiry of the end of the Multi-Fiber Agreement and stronger international competition in the textile and apparel industry in 2005, signs of recovery have been observed since 2009. Surgical equipment, chemicals and plastics, and footwear have recently emerged as the new drivers of export dynamism in the zones (World Bank, 2015). The objective of this report is to inform the policy discussion around the developmental impact of SEZs in the Dominican Republic by empirically assessing i) the implications of regulatory reforms aimed at complying with WTO disciplines regarding the elimination of incentives conditioned on export performance for SEZs firms, ii) the extent to which SEZs participate in Global Value Chains, and iii) their linkages with domestic suppliers. The report is organized as follows: The second section presents the historical importance of SEZ as an engine of economic growth in the country. The third section depicts the structural shift in terms of production in SEZs and evaluates the degree of value addition taking place in the Dominican Republic. The fourth section evaluates the degree and evolution of linkages between SEZs and local firms. The fifth section shows the impact of the regulatory changes in the SEZ regimen undertaken to comply with WTO disciplines. Finally, some conclusions and policy recommendations are presented in section six

Direct analysis of metal ions in solutions with high salt concentrations by total reflection x-ray fluorescence

Total reflection X-ray fluorescence (TXRF) is becoming more and more popular for elemental analysis in academia and industry. However, simplification of the procedures for analyzing samples with complex compositions and residual matrix effects is still needed. In this work, the effect of an inorganic (CaCl2) and an organic (tetraalkylphosphonium chloride) matrix on metals quantification by TXRF was investigated for liquid samples. The samples were spiked with up to 20 metals at concentrations ranging from 3 to 50 mg L^–1 per element, including elements with spectral peaks near the peaks of the matrix elements or near the Raleigh and Compton scattering peaks of the X-ray source (molybdenum anode). The recovery rate (RR) and the relative standard deviation (RSD) were calculated to express the accuracy and the precision of the measured element concentrations. In samples with no matrix effects, good RRs are obtained regardless of the internal standard selected. However, in samples with moderate matrix content, the use of an optimum internal standard (OIS) at a concentration close to that of the analyte significantly improved the quantitative analysis. In samples with high concentrations of inorganic ions, using a Triton X-100 aqueous solution to dilute the sample during the internal standardization resulted in better RRs and lower RSDs compared to using only water. In samples with a high concentration of organic material, pure ethanol gave slightly better results than when a Triton X-100–ethanol solution was used for dilution. Compared to previous methods reported in the literature, the new sample-preparation method gave better accuracy, precision, and sensitivity for the elements tested. Sample dilution with an OIS and the surfactant Triton X-100 (inorganic media) or ethanol (organic media) is recommended for fast routine elemental determination in matrix containing samples, as it does not require special equipment, experimentally derived case-dependent mathematical corrections, or physicochemical removal of interfering elements

Sequencing of Vellozia Spp. genomes to understand drought tolerance and phosphorus acquisition in angiosperms.

PE1164. PAG 2019

Valorization of brewer’s spent grain by furfural recovery/removal from subcritical water hydrolysates by pervaporation

This work is focused on the development of a sustainable process for the valorisation of the main by-product generated in the brewing industry, the brewer’s spent grain (BSG). A two-step process combining subcritical water treatment and pervaporation (PV) was proposed to hydrolyse the hemicelluloses fraction of this lignocellulosic biomass and further removal/recovery of some of the degradation products of sugars by using two different organophilic membranes, polydimethylsiloxane (PDMS) and polyoctilmethylsiloxane (POMS) membranes. Specifically, furfural is the dehydration product of pentoses and it is one of the top biomass-based chemicals being an important platform chemical. For synthetic binary mixtures, lower total permeation flux but higher enrichment factors for furfural were determined for POMS. When dealing with subW hydrolysates, POMS membranes yielded the highest furfural recovery, 94.1 %, with permeate concentrations as high as 40 g⋅L1 . Furthermore, it was assessed that PV is a suitable detoxification method that yielded a retentate nearly free of furfural allowing its use as growth media in the opposite to the subW hydrolysate with inhibitory furfural concentrations for microbial bioprocesses.publishe

Benzotrithiophenes vs. Benzo/Naptha-dithiophenes: The Effect of Star-Shaped versus Linear Conjugation on Their Electronic Structures

Star-shaped complexes of π-conjugated chromophores are currently of great interest for use in optoelectronic devices.1 Recently, different planar central cores involving three thiophene rings fused to a benzenic ring (BTTs) have been described. In these systems, the coplanarity and extended π-conjugation of the BTT skeleton should promote intermolecular π-stacking, which would induce strong aggregation and enhanced packing in the solid state of BTT-containing molecules. We propose here the study of a BTT conjugated system with DPPT fragments, in which three DPP2T units are linked to a central rigid trithienobenzene core. Comparison with homologous linear systems, based on the benzodithiophene (BDT) unit and the naphtodithiophene (NDT) unit,2 will be carried out in order to elucidate the effect of star-shaped configuration versus linear conformation on the optical and electrical properties.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

Gendering international student migration: an Indian case-study

Despite the mainstreaming of gender perspectives into migration research, very few attempts have been made to gender international student migration. This paper poses three questions about Indian students who study abroad. Are there gender differences in their motivations? How do they negotiate their gendered everyday lives when abroad? Is the return to India shaped by gender relations? An online survey of Indian study-abroad students (n = 157), and in-depth interviews with Indian students in Toronto (n = 22), returned students in New Delhi (n = 21), and with parents of students abroad (n = 22) help to provide answers. Conceptually, the paper draws on a ‘gendered geographies of power’ framework and on student migration as an embodied process subject to ‘matrices of (un)intelligibility’. We find minimal gender-related differences in motivations to study abroad, except that male students are drawn from a wider social background. However, whilst abroad, both male and female Indian students face challenges in performing their gendered identities. The Indian patrifocal family puts greater pressure on males to return; females face greater challenges upon return

Folic Acid Supplementation during Pregnancy and Its Association with Telomere Length in Children at Four Years: Results from the INMA Birth Cohort Study

This study examined the association between folic acid supplements (FAs) during different periods of pregnancy and offspring telomere length (TL) at age four in 666 children from the INMA study. FAs were self-reported using food-structured questionnaires during three periods of pregnancy (the first three months of pregnancy, from month fourth onward, and the whole pregnancy). For each period, the average daily dosage of FAs was categorised into (i) <400 μg/d, (ii) ≥400 to 999 μg/d, (iii) ≥1000 to 4999 μg/d, and (iv) ≥5000 μg/d. Leucocyte TL at age four was measured using quantitative PCR methods. Multiple robust linear log-level regression models were used to report the % difference among FA categories. During the first period, and compared with children whose mothers were classified in the reference group (<400 μg/d), children whose mothers took higher dosages of FAs showed shorter TL at age four (≥5000 μg/d). When the first and the second periods were mutually adjusted, children whose mothers self-reported ≥5000 μg/d during the first period of pregnancy had a statistically significant shorter TL than their counterparts (% difference: −7.28% [95% CI: −14.42 to −0.13]). Similar trends were observed for the whole period of pregnancy. When the analysis was stratified by sex, the association was more evident in boys (% difference: −13.5% [95% CI: −23.0 to −4.04]), whereas no association was observed in girls. This study suggests that high dosages of FAs in the first pregnancy period may be associated with a shorter TL in children at age four, particularly among boys. Further studies should confirm these results.This research was funded by Instituto de Salud Carlos III/Agencia Estatal de Investigación, grant number PI18/00825 Project: “Dieta y actividad física en embarazo y tras el nacimiento y longitud del telómero en niños y adolescentes: Proyecto TeloDiPA” and Unión Europea (FEDER) “Una manera de hacer Europa”; PI07/0314, PI11/01007 incl. FEDER funds; Generalitat Valenciana (GVA/2021/191); Dries Martens holds a postdoctoral grant by the Flemish Scientific Fund (FWO grant 12X9620N). In Sabadell was funded by grants from Instituto de Salud Carlos III (Red INMA G03/176; CB06/02/0041; PI041436; PI081151 incl. FEDER funds; PI12/01890 incl. FEDER funds; CP13/00054 incl. FEDER funds, PI15/00118 incl. FEDER funds, CPII18/00018), CIBERESP, Generalitat de Catalunya-CIRIT 1999SGR 00241, Generalitat de Catalunya-AGAUR (2009 SGR 501, 2014 SGR 822), Fundació La marató de TV3 (090430), Spanish Ministry of Economy and Competitiveness (SAF2012-32991 incl. FEDER funds), Agence Nationale de Securite Sanitaire de l’Alimentation de l’Environnement et du Travail (1262C0010), EU Commission (261357, 308333, 603794 and 634453). We acknowledge support from the Spanish Ministry of Science and Innovation and the State Research Agency through the “Centro de Excelencia Severo Ochoa 2019–2023” Program (CEX2018-000806-S), and support from the Generalitat de Catalunya through the CERCA Program. In Asturias was funded by ISCIII: PI04/2018, PI09/02311, PI13/02429, PI18/00909 co-funded by FEDER, “A way to make Europe”/“Investing in your future”, Obra Social Cajastur/Fundación Liberbank, and Universidad de Oviedo. This study was funded by grants from Instituto de Salud Carlos III (FIS-PI06/0867 and FIS-PI09/00090), CIBERESP, Department of Health of the Basque Government (2005111093, 2009111069 and 2013111089), and the Provincial Government of Gipuzkoa (DFG06/002 and DFG08/001) and annual agreements with the municipalities of the study area (Zumarraga, Urretxu, Legazpi, Azkoitia y Azpeitia y Beasain). Jordi Julvez holds the Miguel Servet-II contract (CPII19/00015) awarded by the Instituto de Salud Carlos III (co-funded by the European Social Fund “Investing in your future”)