Improving capital budgeting decisions with real options

In this article we provide accounting practitioners with a primer on how to supplement traditional discounted cash flow (DCF) analysis with real options. We use an example of a rental car company that is considering the purchase of a new car for its rental fleet. Management is trying to decide whether to buy a conventional gasoline-engine automobile or a hybrid vehicle. Within this decision context we illustrate the embedded options the company should consider given uncertainty of a new energy bill offering income-tax credits for the purchase of commercially operated hybrid vehicles. Our step-by-step approach shows how to incorporate these real options formally into the capital budgeting process

Coral of Opportunity Survivorship and the Use of Coral Nurseries in Coral Reef Restoration

Coral reef damage is unfortunately becoming a common occurrence off southeast Florida, U.S.A. Reattachment of the dislodged scleractinian corals usually initiates damage site restoration. Because mortality of dislodged colonies is typically high and natural recovery in southeast Florida is typically slow, transplantation of additional scleractinian corals into a damaged area has been used to accelerate reef recovery. Donor colonies available for transplantation have been grown in situ, grown in laboratories, and taken from nondamaged reef areas. An alternative source of donor colonies for transplantation into damaged sites is “corals of opportunity,” which we define as scleractinian corals that have been detached from the reef through natural processes or unknown events. This paper describes a project, initiated in 2001 in Broward County, Florida, that was developed to collect these dislodged colonies and transplant them to a coral nursery. Coral nurseries are interim locations that function as storage sites for corals of opportunity where they can be cached, stabilized, and allowed to grow, until needed as donor colonies for future restoration activities. This project is a partnership between a local university, county government, and a volunteer dive group. Two hundred and fifty corals of opportunity were collected, transplanted to the coral nurseries, and monitored for survival. Transplanted colony survival was similar to that of naturally attached control colonies and significantly greater than that of corals of opportunity left unattached. Results provide resource managers with information on the utility of using corals of opportunity as a source of transplant donor colonies, and the value of using coral nurseries to create a reserve of corals of opportunity for use in future coral reef restoration activities

Congenital Adrenal Hyperplasia: Classification of Studies Employing Psychological Endpoints

Psychological outcomes in persons with congenital adrenal hyperplasia (CAH) have received substantial attention. The objectives of this paper were to (1) catalog psychological endpoints assessed in CAH outcome studies and (2) classify the conceptual/theoretical model shaping the research design and interpretation of CAH-related psychological effects. A total of 98 original research studies, published between 1955 and 2009, were categorized based on psychological endpoints examined as well as the research design and conceptual model guiding analysis and interpretation of data. The majority of studies (68%) investigated endpoints related to psychosexual differentiation. The preponderance of studies (76%) examined a direct relationship (i.e., inferring causality) between prenatal androgen exposure and psychological outcomes. Findings are discussed in relation to the observed imbalance between theoretical interest in the role of prenatal androgens in shaping psychosexual differentiation and a broader conceptual model that examines the role of other potential factors in mediating or moderating the influence of CAH pathophysiology on psychological outcomes in both affected females and males. The latter approach offers to identify factors amenable to clinical intervention that enhance both health and quality of life outcomes in CAH as well as other disorders of sex development

Florida Coral Reef Damage from Nuclear Submarine Grounding and Proposed Restoration

The United States submarine Memphis grounded in approximately 10 m water depth on a tropical coral reef ofT southeast Florida in February, 1993. The grounding caused extensive physical and biological damage to the reef substrate and to the coral community. As part of a claim by the State of Florida against the United States, the impact of the grounding was assessed, and the area of damage was determined through field and photographic studies. A recovery rate for the reef was assigned from literature estimates. The NOAA Habitat Equivalency Model (HEM) was used to calculate the reef area needed to be replaced in order to compensate for damages. A plan devised to restore the reef included: removal of loose rubble generated from the grounding; stabilization of reef faces in danger of collapse: emplacement of six different types of artificial reefs; transplantation of reef-building corals (15% of the number damaged) to bare damaged substrate and to the artificial reefs; and a 20 year monitoring period to assess restoration plan efficacy. Settlement of the claim in April, 1997 resulted in an award of $750,000 to the Ecosystem Management Trust Fund of the State of Florida. Utilization of this fund necessitates a revised plan to restore the damaged reef within economic constraints. This plan will involve rubble removal/stabilization, artificial reef emplacement, stony coral transplantation, and monitoring

Drivers of teaching effectiveness: Views from accounting educator exemplars in Australia

This paper summarizes the views, obtained via a survey instrument created by the authors and reported in studies by Stout and Wygal, of 22 accounting educator teaching exemplars from Australia. Each of these individuals has been cited for teaching excellence through receipt of one or more formal teaching awards. The paper responds to calls in Australia for increased attention to the dimensions of teaching effectiveness and to initiatives in the United States calling for a broader sharing of information among members of the academy regarding the characteristics of teaching effectiveness. Little direct evidence from the field of accounting education is available to date regarding such characteristics or antecedents of teaching effectiveness in the student learning environment. Our research therefore extends in a fundamental way the work of Stice and Stocks and Stout and Wygal. Specifically, perceptions from a sample of award-winning non-US faculties regarding the \u27drivers of teaching effectiveness\u27 in accounting education are recorded and analyzed. In decreasing order of perceived importance, drivers of teaching effectiveness are: having a student focus; commitment to teaching (as a profession); high levels of preparation/organization; the ability to link subject matter to the practice environment; and, instructor skills and attributes. This paper adds to our understanding of the drivers of teaching effectiveness and begins the process of creating a worldwide knowledge base in accounting education. The paper should be of interest to accounting faculty members interested in improving their teaching effectiveness and/or mentoring junior faculty members. © 2014 © 2014 Taylor & Francis

Crystal structure of an FIV/HIV chimeric protease complexed with the broad-based inhibitor, TL-3

We have obtained the 1.7 Å crystal structure of FIV protease (PR) in which 12 critical residues around the active site have been substituted with the structurally equivalent residues of HIV PR (12X FIV PR). The chimeric PR was crystallized in complex with the broad-based inhibitor TL-3, which inhibits wild type FIV and HIV PRs, as well as 12X FIV PR and several drug-resistant HIV mutants [1-4]. Biochemical analyses have demonstrated that TL-3 inhibits these PRs in the order HIV PR > 12X FIV PR > FIV PR, with K(i )values of 1.5 nM, 10 nM, and 41 nM, respectively [2-4]. Comparison of the crystal structures of the TL-3 complexes of 12X FIV and wild-typeFIV PR revealed theformation of additinal van der Waals interactions between the enzyme inhibitor in the mutant PR. The 12X FIV PR retained the hydrogen bonding interactions between residues in the flap regions and active site involving the enzyme and the TL-3 inhibitor in comparison to both FIV PR and HIV PR. However, the flap regions of the 12X FIV PR more closely resemble those of HIV PR, having gained several stabilizing intra-flap interactions not present in wild type FIV PR. These findings offer a structural explanation for the observed inhibitor/substrate binding properties of the chimeric PR

Real-Time Coral Stress Observations Before, During, and After Beach Nourishment Dredging Offshore SE Florida

Beach nourishment in Southeast Florida involves dredging sand source borrow areas located between offshore reefs. From May 2005 to February 2006 Broward County, FL. nourished 10.9 km of beach with 1.5 ×106 m3 of sand. As part of a program to monitor potential reef community impacts, a visual stress index was developed from laboratory experiments and histological analyses for three stony coral species (Montastrea cavernosa, Solenastrea bournoni, and Siderastrea siderea). Scoring involved healthy = 0; moderately stressed = 1 (polyp swelling, increased mucus); markedly stressed = 2 (coloration changes, increased mucus secretion, tissue thinning); and severely stressed = 3 (severe swelling/thinning tissue erosion/necrosis). Colonies were scored weekly at sites adjacent to borrow areas and control sites pre-, during, and post-dredging. Permit conditions were established which would suspend dredging based on mean stress index values above 1.5 at 50% of monitored sites adjacent to borrow areas. This condition was never met. However, three hurricanes, passing the region during dredging, contributed to an elevated mean stress level above 1.0. Post-dredging observations documented recovery to pre-dredging stress levels. This program was effectively used to monitor stress on a sensitive marine habitat adjacent to sediment dredging activities

Effects of resistance training on classic and specific bioelectrical impedance vector analysis in elderly women

Raw bioelectrical impedance analysis (BIA) data [resistance (R); reactance (Xc)] through bioelectrical impedance vector analysis (BIVA) and phase angle (PhA) have been used to evaluate cellular function and hydration status. The purpose of this investigation was to examine the effects of resistance training (RT) on classic and specific BIVA in elderly women. Twenty women (mean ± SD; age: 71.9 ± 6.9 years; BMI: 24.5 ± 3.0 kg m(-2)) completed a 6-month RT program. Whole-body, single-frequency BIA, body geometry, and leg strength (5RM) measures were completed at baseline (t0), 3 months (t3), and 6 months (t6). The mean impedance vector displacements were compared using Hotelling's T(2) test to evaluate changes in R and Xc relative to height (R/ht; Xc/ht) or body volume (Rsp; Xcsp) estimated from the arms, legs, and trunk. 5RM, PhA, and BIVA variables were compared using ANOVA. PhA improved at t6 (p < 0.01), while 5RM improved at t3 and t6 (p < 0.01). Using classic BIVA, 6 months (T(2) = 31.6; p < 0.01), but not 3 months of RT (T(2) = 4.5; p = 0.20), resulted in significant vector migration. Using specific BIVA, 6 months (T(2) = 24.4; p < 0.01), but not 3 months of RT (T(2) = 5.5; p = 0.10), also resulted in significant vector migration. 5RM was correlated to both PhA (r = 0.48-56) and Xcsp (r = 0.45-53) at all time points. Vector displacements were likely the result of improved cellular integrity (Xcsp) and cellular health (PhA)

Growth cone-specific functions of XMAP215 in restricting microtubule dynamics and promoting axonal outgrowth

Background: Microtubule (MT) regulators play essential roles in multiple aspects of neural development. In vitro reconstitution assays have established that the XMAP215/Dis1/TOG family of MT regulators function as MT ‘plus-end-tracking proteins’ (+TIPs) that act as processive polymerases to drive MT growth in all eukaryotes, but few studies have examined their functions in vivo. In this study, we use quantitative analysis of high-resolution live imaging to examine the function of XMAP215 in embryonic Xenopus laevis neurons. Results: Here, we show that XMAP215 is required for persistent axon outgrowth in vivo and ex vivo by preventing actomyosin-mediated axon retraction. Moreover, we discover that the effect of XMAP215 function on MT behavior depends on cell type and context. While partial knockdown leads to slower MT plus-end velocities in most cell types, it results in a surprising increase in MT plus-end velocities selective to growth cones. We investigate this further by using MT speckle microscopy to determine that differences in overall MT translocation are a major contributor of the velocity change within the growth cone. We also find that growth cone MT trajectories in the XMAP215 knockdown (KD) lack the constrained co-linearity that normally results from MT-F-actin interactions. Conclusions: Collectively, our findings reveal unexpected functions for XMAP215 in axon outgrowth and growth cone MT dynamics. Not only does XMAP215 balance actomyosin-mediated axon retraction, but it also affects growth cone MT translocation rates and MT trajectory colinearity, all of which depend on regulated linkages to F-actin. Thus, our analysis suggests that XMAP215 functions as more than a simple MT polymerase, and that in both axon and growth cone, XMAP215 contributes to the coupling between MTs and F-actin. This indicates that the function and regulation of XMAP215 may be significantly more complicated than previously appreciated, and points to the importance of future investigations of XMAP215 function during MT and F-actin interactions