Economic effects of IFRS adoption in Brazil: An empirical analysis of stock price synchronicity

This study aims to identify the impact of IFRS adoption in stock price synchronicity of Brazilian capital market through its influence on how much and in which way firm-specific information is incorporated by stock prices. There are divergences in the literature about how IFRS adoption (specially the mandatory adoption) affects synchronicity in countries with poorer institutions. Our results indicate that IFRS adoption in Brazil has reduced stock price synchronicity and, consequently, increased the efficiency of resource allocation and potential portfolio diversification. These findings support the view that IFRS adoption facilitates firm-specific information flows into the market, improving the informational environment. This findings show that investment conditions in Brazil have improved, opening better opportunities for foreign investments on the country, contributing to financial globalization and market integration.info:eu-repo/semantics/submittedVersio

Functional Progression after Dose Suspension or Discontinuation of Nintedanib in Idiopathic Pulmonary Fibrosis: A Real-Life Multicentre Study

Background: Idiopathic pulmonary fibrosis (IPF) is a chronic interstitial lung disease with rapidly progressive evolution and an unfavorable outcome. Nintedanib (NTD) is an antifibrotic drug that has been shown to be effective in slowing down the progression of the disease. The aim of our study was to examine the efficacy, especially in terms of the functional decline, and the safety profile of NTD in patients treated with the recommended dose and subjects who reduced or suspended the therapy due to the occurrence of adverse reactions. Methods: We conducted a real-life retrospective study based on the experience of NTD use in two centers between 2015 and 2022. Clinical data were evaluated at baseline, at 6 and 12 months after the NTD introduction in the whole population and in subgroups of patients who continued the full-dose treatment, at a reduced dosage, and at the discontinuation of treatment. The following data were recorded: the demographic features, IPF clinical features, NTD therapeutic dosage, tolerability and adverse events, pulmonary function tests (PFTs), the duration of treatment upon discontinuation, and the causes of interruption. Results: There were 54 IPF patients who were included (29.6% females, with a median (IQR) age at baseline of 75 (69.0-79.0) years). Twelve months after the introduction of the NTD therapy, 20 (37%) patients were still taking the full dose, 11 (20.4%) had reduced it to 200 mg daily, and 15 (27.8%) had stopped treatment. Gastrointestinal intolerance predominantly led to the dose reduction (13.0%) and treatment cessation (20.4%). There were two deaths within the initial 6 months (3.7%) and seven (13.0%) within 12 months. Compared to the baseline, the results of the PFTs remained stable at 6 and 12 months for the entire NTD-treated population, except for a significant decline in the DLCO (% predicted value) at both 6 (38.0 ± 17.8 vs. 43.0 ± 26.0; p = 0.041) and 12 months (41.5 ± 15.3 vs. 44.0 ± 26.8; p = 0.048). The patients who continued treatment at the full dose or a reduced dosage showed no significant differences in the FVC and the DLCO at 12 months. Conversely, those discontinuing the NTD exhibited a statistically significant decline in the FVC (% predicted value) at 12 months compared to the baseline (55.0 ± 13.5 vs. 70.0 ± 23.0; p = 0.035). Conclusions: This study highlights the functional decline of the FVC at 12 months after the NTD initiation among patients discontinuing therapy but not among those reducing their dosage

PRACTICAL DESIGN EXAMPLES FOR HUMAN HABITATS IN SPACE, OFF-GRID, AND IN LOW-IMPACT COMMUNITIES

All human habitat problems fall into three major categories- the environment, the habitat itself, and the occupants. By breaking these problems down into common themes and addressing them directly, we can build a common knowledge base for all three challenges faced by humanity. A crew living in space has the new problems of coping with radiation, microgravity, and vacuum. All the while, they are dealing the usual issues of eating, sleeping, and getting along with the rest of the occupants. By isolating the differences between space and earth habitats, we can create common architectural styles for each human habitat challenge where commonality is appropriate. We can then examine the differences, then isolate and modularize the secondary systems where possible. This simplifies experimentation and testing of the physical and psychological design of a structure on Earth prior to attempting use in space. It also allows spin-off architectures for extreme environments, off-grid settlements, research bases, and low impact communities on Earth. By isolating and testing each attribute of the system in parallel with control groups, we can scientifically refine the systems for human shelter regardless of environment. This paper will show numerous examples of architectures designed for space or space analog research bases. These designs can be both de-scoped to off-grid sustainable architecture, and scoped up for space habitat applications. Concepts such as internal greenhouses, enclosed permaculture, thermal protection, energy management, and radiation shielding are included for both minimal habitats and large bases. These systems can then be applied for disaster first responders, research bases in extreme environments, o-grid homes, and low-impact communities

Multiwavelength observations of 3C 454.3. I. The AGILE 2007 November campaign on the "Crazy Diamond"

[Abridged] We report on a multiwavelength observation of the blazar 3C 454.3 (which we dubbed "crazy diamond") carried out on November 2007 by means of the astrophysical satellites AGILE, INTEGRAL, Swift, the WEBT Consortium, and the optical-NIR telescope REM. 3C 454.3 is detected at a $\sim 19-\sigma$ level during the 3-week observing period, with an average flux above 100 MeV of $F_{\rm E>100MeV} = (170 \pm 13) \times 10^{-8}$ \phcmsec. The gamma-ray spectrum can be fit with a single power-law with photon index $\Gamma_{\rm GRID} = 1.73 \pm 0.16$ between 100 MeV and 1 GeV. We detect significant day-by-day variability of the gamma-ray emission during our observations, and we can exclude that the fluxes are constant at the 99.6% ($\sim 2.9 \sigma$) level. The source was detected typically around 40 degrees off-axis, and it was substantially off--axis in the field of view of the AGILE hard X-ray imager. However, a 5-day long ToO observation by INTEGRAL detected 3C 454.3 at an average flux of about $F_{\rm 20-200 keV} = 1.49 \times 10^{-3}$ \phcmsec with an average photon index of $\Gamma_{\rm IBIS} = 1.75 \pm 0.24$ between 20--200 keV. Swift also detected 3C 454.3 with a flux in the 0.3--10 keV energy band in the range $(1.23-1.40) \times 10^{-2}$ \phcmsec{} and a photon index in the range $\Gamma_{\rm XRT} = 1.56-1.73$. In the optical band, both WEBT and REM show an extremely variable behavior in the $R$ band. A correlation analysis based on the entire data set is consistent with no time-lags between the gamma-ray and the optical flux variations. Our simultaneous multifrequency observations strongly indicate that the dominant emission mechanism between 30 MeV and 30 GeV is dominated by inverse Compton scattering of relativistic electrons in the jet on the external photons from the broad line region.Comment: Accepted for publication in ApJ. Abridged Abstract. 37 pages, 14 Figures, 3 Table

AGILE detection of delayed gamma-ray emission from GRB 080514B

GRB 080514B is the first gamma ray burst (GRB), since the time of EGRET, for which individual photons of energy above several tens of MeV have been detected with a pair-conversion tracker telescope. This burst was discovered with the Italian AGILE gamma-ray satellite. The GRB was localized with a cooperation by AGILE and the interplanetary network (IPN). The gamma-ray imager (GRID) estimate of the position, obtained before the SuperAGILE-IPN localization, is found to be consistent with the burst position. The hard X-ray emission observed by SuperAGILE lasted about 7 s, while there is evidence that the emission above 30 MeV extends for a longer duration (at least ~13 s). Similar behavior was seen in the past from a few other GRBs observed with EGRET. However, the latter measurements were affected, during the brightest phases, by instrumental dead time effects, resulting in only lower limits to the burst intensity. Thanks to the small dead time of the AGILE/GRID we could assess that in the case of GRB 080514B the gamma-ray to X-ray flux ratio changes significantly between the prompt and extended emission phase.Comment: A&A letters, in pres

AGILE observation of a gamma-ray flare from the blazar 3C 279

Context. We report the detection by the AGILE satellite of an intense gamma-ray flare from the gamma-ray source 3EG J1255-0549, associated to the Flat Spectrum Radio Quasar 3C 279, during the AGILE pointings towards the Virgo Region on 2007 July 9-13. Aims. The simultaneous optical, X-ray and gamma-ray covering allows us to study the spectral energy distribution (SED) and the theoretical models relative to the flaring episode of mid-July. Methods. AGILE observed the source during its Science Performance Verification Phase with its two co-aligned imagers: the Gamma- Ray Imaging Detector (GRID) and the hard X-ray imager (Super-AGILE) sensitive in the 30 MeV - 50 GeV and 18 - 60 keV respectively. During the AGILE observation the source was monitored simultaneously in optical band by the REM telescope and in the X-ray band by the Swift satellite through 4 ToO observations. Results. During 2007 July 9-13 July 2007, AGILE-GRID detected gamma-ray emission from 3C 279, with the source at ~2 deg from the center of the Field of View, with an average flux of (210+-38) 10^-8 ph cm^-2 s^-1 for energy above 100 MeV. No emission was detected by Super-AGILE, with a 3-sigma upper limit of 10 mCrab. During the observation lasted about 4 days no significative gamma-ray flux variation was observed. Conclusions. The Spectral Energy Distribution is modelled with a homogeneous one-zone Synchrotron Self Compton emission plus the contributions by external Compton scattering of direct disk radiation and, to a lesser extent, by external Compton scattering of photons from the Broad Line Region.Comment: Accepted for publication in Astronomy and Astrophysic

First AGILE Catalog of High Confidence Gamma-Ray Sources

We present the first catalog of high-confidence gamma-ray sources detected by the AGILE satellite during observations performed from July 9, 2007 to June 30, 2008. Catalogued sources are detected by merging all the available data over the entire time period. AGILE, launched in April 2007, is an ASI mission devoted to gamma-ray observations in the 30 MeV - 50 GeV energy range, with simultaneous X-ray imaging capability in the 18-60 keV band. This catalog is based on Gamma-Ray Imaging Detector (GRID) data for energies greater than 100 MeV. For the first AGILE catalog we adopted a conservative analysis, with a high-quality event filter optimized to select gamma-ray events within the central zone of the instrument Field of View (radius of 40 degrees). This is a significance-limited (4 sigma) catalog, and it is not a complete flux-limited sample due to the non-uniform first year AGILE sky coverage. The catalog includes 47 sources, 21 of which are associated with confirmed or candidate pulsars, 13 with Blazars (7 FSRQ, 4 BL Lacs, 2 unknown type), 2 with HMXRBs, 2 with SNRs, 1 with a colliding-wind binary system, 8 with unidentified sources.Comment: Revised version, 15 pages, 3 figures, 3 tables. To be published in Astronomy and Astrophysics. Text improved and clarified. Refined analysis of complex regions of the Galactic plane yields a new list of high-confidence sources including 47 sources (compared with the 40 sources appearing in the first version

Determining Factors of the Level of Disclosure of Information on Business Combinations with the Entry into Force of the Accounting Standard CPC 15

This paper aimed to investigate information disclosure on business combination transactions that took place in Brazil in 2010, when the Accounting Standard CPC 15 entered into force, and evaluate which were the determining factors of the level of disclosure of information related to it. To evaluate the disclosure level, a disclosure index of business combinations (INDCOMB) was prepared, having the disclosure index developed by Shalev (2009) as a basis. We evaluated, in the light of the literature on disclosure and business combinations, whether the following factors influenced on the disclosure level: acquiring company size, recognized percentage of overprice for expected future profitability in relation to the transaction value, dispersion of capital of the acquiring company, audit firm size, and participation of the acquiring company in American Depositary Receipts (ADRs) programs. The control variables used were listing of the acquiring company in the various segments of BM&FBOVESPA, operation sector, origin (state, private company with national capital or private company with foreign capital), and relative acquired company size in relation to the acquiring company. We analyzed business combination transactions that took place in 2010, reported by 40 open capital companies involved in 76 transactions. We conclude that the audit firm size and the relative acquired company size were factors that influenced on the level of disclosure of information regarding business combinations in 2010. The other factors showed no conclusive results

AGILE detection of extreme gamma-ray activity from the blazar PKS 1510-089 during March 2009. Multifrequency analysis

We report on the extreme gamma-ray activity from the FSRQ PKS 1510-089 observed by AGILE in March 2009. In the same period a radio-to-optical monitoring of the source was provided by the GASP-WEBT and REM. Moreover, several Swift ToO observations were triggered, adding important information on the source behaviour from optical/UV to hard X-rays. We paid particular attention to the calibration of the Swift/UVOT data to make it suitable to the blazars spectra. Simultaneous observations from radio to gamma rays allowed us to study in detail the correlation among the emission variability at different frequencies and to investigate the mechanisms at work. In the period 9-30 March 2009, AGILE detected an average gamma-ray flux of (311+/-21)x10^-8 ph cm^-2 s^-1 for E>100 MeV, and a peak level of (702+/-131)x10^-8 ph cm^-2 s^-1 on daily integration. The gamma-ray activity occurred during a period of increasing activity from near-IR to UV, with a flaring episode detected on 26-27 March 2009, suggesting that a single mechanism is responsible for the flux enhancement observed from near-IR to UV. By contrast, Swift/XRT observations seem to show no clear correlation of the X-ray fluxes with the optical and gamma-ray ones. However, the X-ray observations show a harder photon index (1.3-1.6) with respect to most FSRQs and a hint of harder-when-brighter behaviour, indicating the possible presence of a second emission component at soft X-ray energies. Moreover, the broad band spectrum from radio-to-UV confirmed the evidence of thermal features in the optical/UV spectrum of PKS 1510-089 also during high gamma-ray state. On the other hand, during 25-26 March 2009 a flat spectrum in the optical/UV energy band was observed, suggesting an important contribution of the synchrotron emission in this part of the spectrum during the brightest gamma-ray flare, therefore a significant shift of the synchrotron peak.Comment: 13 pages, 7 figures, 3 tables. Accepted for publication in Astronomy and Astrophysic

Multiwavelength observations of 3C 454.3. III. Eighteen months of AGILE monitoring of the "Crazy Diamond"

We report on 18 months of multiwavelength observations of the blazar 3C 454.3 (Crazy Diamond) carried out in July 2007-January 2009. We show the results of the AGILE campaigns which took place on May-June 2008, July-August 2008, and October 2008-January 2009. During the May 2008-January 2009 period, the source average flux was highly variable, from an average gamma-ray flux F(E>100MeV) > 200E-8 ph/cm2/s in May-June 2008, to F(E>100MeV)~80E-8 ph/cm2/s in October 2008-January 2009. The average gamma-ray spectrum between 100 MeV and 1 GeV can be fit by a simple power law (Gamma_GRID ~ 2.0 to 2.2). Only 3-sigma upper limits can be derived in the 20-60 keV energy band with Super-AGILE. During July-August 2007 and May-June 2008, RXTE measured a flux of F(3-20 keV)= 8.4E-11 erg/cm2/s, and F(3-20 keV)=4.5E-11 erg/cm2/s, respectively and a constant photon index Gamma_PCA=1.65. Swift/XRT observations were carried out during all AGILE campaigns, obtaining a F(2-10 keV)=(0.9-7.5)E-11 erg/cm2/s and a photon index Gamma_XRT=1.33-2.04. BAT measured an average flux of ~5 mCrab. GASP-WEBT monitored 3C 454.3 during the whole 2007-2008 period from the radio to the optical. A correlation analysis between the optical and the gamma-ray fluxes shows a time lag of tau=-0.4 days. An analysis of 15 GHz and 43 GHz VLBI core radio flux observations shows an increasing trend of the core radio flux, anti- correlated with the higher frequency data. The modeling SEDs, and the behavior of the long-term light curves in different energy bands, allow us to compare the jet properties during different emission states, and to study the geometrical properties of the jet on a time-span longer than one year.Comment: Accepted for publication in ApJ. Adapted Abstract. 17 pages, 19 Figures, 5 Table