The effect of Solvency II adoption by EU/EEA insurance firms on sell-side analysts’ research practices and information environment

This thesis focuses on the effect of Solvency II adoption by EU/EEA insurance firms on sell-side analysts’ research practices and information environment. Solvency II framework was initiated, designed and finally implemented in 2016 to safeguard insurers’ financial soundness (Erdelyi, 2016), as a response to the deficiencies of the previous regulatory regimes (the latest being Solvency I). Prescribing mandatory public disclosures as part of its 3-Pillar structure, called Solvency and Financial Condition Report (SFCR), regulators aimed to enhance transparency and market discipline. Prior to Solvency II implementation, insurance undertakings disclosed risk-relevant and solvency related information to regulators. Thus, Pillar 3 disclosures aim to provide risk-relevant information to other stakeholders, addressing analysts and investors as the main recipients of this information (EIOPA, 2017). From a regulatory perspective, analysts are considered as the cornerstone of the market discipline since they can serve both as “direct” and “indirect” market discipline actors by influencing stakeholders’ investment decision (“indirect” monitoring) while, also, scrutinize management decision (“direct” monitoring) (Eling, 2012; EIOPA, 2017). Their interest on risk-related disclosures is established as insurers’ ability to conduct business and generate premiums is linked with the level of regulatory capital and solvency metrics (Nissim, 2013a). However, it is largely unexplored whether analysts incorporate such information (and of what type) in their equity research report in terms of Solvency II. From a broad perspective, the uniform adoption of a regulation might reduce information acquisition and processing costs (e.g. in the case of the mandatory implementation of International Financial Reporting Standards (IFRS) in the EU; Tan, Wang, and Welker 2011; Houqe, Easton, and van Zijl 2014). This could result in beneficial effects of Solvency II adoption. Evidence in relation to the period before the framework implementation indicates divergence in practices of insurance firms regarding the quantity, quality and perceived usefulness of risk disclosures (Malafronte, Porzio and Starita 2016, 2018). Contrary, the use of boilerplate language in the SFCR (Gatzert and Heidinger 2020; Insurance Europe 2021a, 2021b) and divergent audit practices on the report content (Accountancy Europe 2020) might impair the reliability and quality of disclosures. Deriving also from evidence in the banking sector, there is ambiguity whether additional disclosures can be properly used by analysts (Baumann and Nier 2004) and the potential of firms “compliance in form” rather than substance (Bischof et al. 2022). Against this backdrop, the three empirical chapters in this thesis are mostly focused on sell-side analysts. Sell-side analysts rely primarily on publicly available information, their valuation process is addressed to investors and has a pivotal role in financial markets’ operation (Ljungqvist et al., 2007; Chen, Cheng and Lo, 2010; Bowers et al., 2014). Evidence on the perceived usefulness of Solvency II information in the analyst context is rather limited. This mainly focuses on a short review of insurers’ disclosure practices and some very scarce evidence on analysts’ questions in earnings calls on Solvency II disclosures (Honour, 2016) as well as some preliminary evidence on analysts’ interest on organic capital generation (Mercer/Guy Carpenter, 2017), though before the publication of the first SFCR. UK regulators published some feedback from analysts’ and investors’ during roundtable discussions organised by them, in terms of FY2016 disclosures (see PRA, 2017), though it was mainly feedback to regulators on how to improve reporting rather than analysts’ use of information. Academic evidence on Solvency II disclosures is limited on equity markets as a whole (see Gatzert and Heidinger 2020; Mukhtarov, Schoute and Wielhouwer, 2021). However, it is not known whether, or to what extent, analysts regard SFCR and Solvency II information as important, how they mobilise this information in their decision-making and production of research, and what determines their usage of this information. The first empirical chapter is an exploratory study of analysts’ use of SFCR and Solvency II information. Using semi-structured interviews with five sell-side and four credit analysts, this chapter unveils how analysts acquire and process the relevant information and how they incorporate it into their research reports. This study contributes to knowledge on analysts’ information processing while it also provides some policy relevant insights on the perceived usefulness of Pillar 3 disclosures. Further, this chapter paves the way for the next two empirical chapters. The second empirical chapter focuses on sell-side analysts’ equity research reports. Specifically, it investigates the extent of presence and thus analysts’ use of Solvency II information in analysts’ published research reports, using computerised textual analysis on a sample of 11,743 analyst reports. The period covered is 2013 to 2018. Further, it explores firm and country-specific determinants of analysts’ levels of discussion of Solvency II information. This study provides insights over the types of Solvency II information that analysts tend to focus on. The third empirical chapter examines the effect of Solvency II implementation on the EU/EEA analysts’ information environment and analysts’ informational properties. Using a sample of 1-year ahead EPS forecasts and consensus metrics for the period from 2013 to 2018, this study explores the effect of Solvency II adoption on in earnings forecast errors, forecast dispersion and analyst following. Overall, this research, first, contributes specifically to the recent literature on the impact of Solvency II disclosures, as this strand of the existing literature has mainly focused on market wide effects. Second, this research extends the financial and risk-based reporting literature more broadly (e.g. Jorion 2002; Linsley and Shrives 2006; Kravet and Muslu 2013; Abraham and Shrives 2014; Elshandidy, Fraser, and Hussainey 2015) and with reference to the insurance industry in particular (e.g. Höring and Gründl 2011; Malafronte et al 2016; Malafronte et al 2018), by providing evidence on the perceived usefulness and beneficial effects of risk disclosures. Third, this study extends the analyst literature specifically with a focus on insurance (Nissim 2013a, 2013b) and banking (Fosu et al., 2017) by providing evidence on analysts’ use and perceptions of risk-based information. Fourth, since analysts are one of the cornerstone groups for market discipline, the study informs the relevant literature in terms of analysts’ influence on corporate disclosure practice as well as how the relevant information is used by them as part of insurers’ financial condition assessment (Flannery, 2001; Eling, 2012; Bryce et al., 2016; Flannery et al., 2004, 2019). Also, it adds to the wider literature on the usefulness of accounting information by analysts (e.g. Georgiou 2018, Georgiou et al 2021, Mazzi et al 2022). Finally, this study has policy implications in that it complements the findings from the recent 2020 Solvency II review conducted by European Insurance and Occupational Pensions Authority (EIOPA) (EIOPA 2020a, 2020b, 2020c) as well as the relevant amendments made in Solvency II regulation (EU 2021) and provides additional insights that can help improve regulators’ understanding of stakeholders’ needs

Calcium Channel Blockers and Esophageal Sclerosis: Should We Expect Exacerbation of Interstitial Lung Disease?

Esophageal sclerosis is the most common visceral manifestation of systemic sclerosis, resulting in impaired esophageal clearance and retention of ingested food; in addition, co-existence of lung fibrosis with esophageal scleroderma is not uncommon. Both the progression of generalized connective tissue disorders and the damaging effect of chronic aspiration due to esophageal dysmotility appear to be involved in this procedure of interstitial fibrosis. Nifedipine is a widely prescribed calcium antagonist in a significant percentage of rheumatologic patients suffering from Raynaud syndrome, in order to inhibit peripheral vasospasm. Nevertheless, blocking calcium channels has proven to contribute to exacerbation of gastroesophageal reflux, which consequently can lead to chronic aspiration. We describe the case of severe exacerbation of interstitial lung disease in a 76-year-old female with esophageal sclerosis who was treated with oral nifedipine for Raynaud syndrome

Design of Polymer Extrusion Dies Using Finite Element Analysis

A computational fluid dynamics (CFD) model has been developed to compute the pressure, temperature, velocity, viscosity and viscous dissipation in the high-density polyethylene (HDPE) extrusion process. The numerical approach agrees fairly well with the experimental data recorded during the extrusion process of the material. The extrusion spider die was designed to produce high-density polyethylene pipes of 32 mm inner nominal diameter and 2.4 mm thickness. In order to investigate if the spider legs are able to perform under the pressure occurred using the maximum flow rate provided by the single screw extruder of this study, a stress analysis was conducted on a single spider leg. This fluid-structure interaction (FSI) problem was solved using the COMSOL Multiphysics software. Finally, the results obtained from the FE analysis were applied in the design and fabrication of the spider die, selecting IMPAX (tool steel) as fabrication material

Υδρογόνωση Ανανεώσιμης Φουρφουράλης προς Φουρφουρόλη με Καταλυτικά Σύμπλοκα του Λευκόχρυσου σε Υδατικό Περιβάλλον

Σε αυτήν τη διατριβή μελετούμε την υδρογόνωση της ανανεώσιμης φουρφουράλης παρουσία καταλυτικών συστημάτων λευκοχρύσου στο υδατικό περιβάλλον με σκοπό τον εκλεκτικό μετασχηματισμό της σε φουρφουρόλη. Αρχικά, εξετάζεται μία σειρά 21 in situ σχηματισθέντων καταλυτών λευκοχρύσου από το πρόδρομο σύστημα Na2PtCl6•6H2O τροποποιημένο με φωσφίνες, μονοσχιδείς και πολυσχιδείς αζωτούχους όπως και ΡᴖΝ και ΝᴖΟ χηλικούς υποκαταστάτες υπό ουδέτερες συνθήκες (pH 7, ρυθμιστικό διάλυμα NaH2PO4/NaOH) στο νερό. Τα βέλτιστα αποτελέσματα, με κριτήρια την καταλυτική δραστικότητα, το ποσοστό εκλεκτικότητας και την σταθερότητα του καταλύτη, καταγράφονται από τον καταλύτη Pt τροποποιημένο με το μετά νατρίου άλας της τρισουλφουρωμένης τριφαινυλοφωσφίνης (TPPTS). Στην συνέχεια, διερευνάται η επίδραση των μοριακών λόγων NaH2PO4/Pt και TPPTS/Pt και του χρόνου αντίδρασης. Επιχειρείται η αναγνώριση της φύσεως του καταλυτικού συστήματος Na2PtCl6•6H2O/ TPPTS, προτείνεται μία εξήγηση σχετικά με την επίδραση των υποκαταστατών και συζητούνται πιθανές πορείες για τον σχηματισμό των προϊόντων. Μετά εξετάζεται η επίδραση της φύσεως ενός ευρέος φάσματος πρόδρομων καταλυτών και επιλέγεται το PtCl2 έναντι του Na2PtCl6•6H2O. Παρουσία του καταλυτικού συστήματος PtCl2/TPPTS γίνεται μελέτη των παραμέτρων του μοριακού λόγου TPPTS/Pt και φουρφουράλης/Pt, της θερμοκρασίας, της πίεσης, του όγκου της υδατικής φάσης και της ποσότητας του πρόδρομου καταλύτη. Ο πρόδρομος καταλύτης PtCl2 τροποποιημένος με TPPTS σε ένα μοριακό λόγο TPPTS/Pt = 3, θερμοκρασία 130 οC, 40 bar υδρογόνου, μοριακό λόγο φουρφουράλης/Pt = 2000, παρουσία 20 ml υδατικού διαλύτη, χαμηλή συγκέντρωση λευκοχρύσου 44 ppm, σε pH 7.0 και χρόνο αντίδρασης 30 min παρουσίασε την υψηλότερη δραστικότητα ίση με 20090 TOFs ανά ώρα με υψηλή εκλεκτικότητα σε φουρφουρόλη 98.1 mol% και χαμηλές εκλεκτικότητες σε παραπροϊόντα, τετραϋδροφουρφουρόλη και 1-πεντανόλη, της τάξεως 0.3 mol% και 1.6 mol% αντίστοιχα.In this thesis we study the hydrogenation of renewable furfural selectively into furfuryl alcohol in the presence of platinum catalytic systems in aqueous medium. First, a series of 21 in situ synthesized platinum catalysts from the precursor Na2PtCl6•6H2O modified with phosphines, monodentate and polydentate nitrogen-containing and PᴖN or PᴖO chelating ligands has been investigated under neutral conditions (pH 7, buffer NaH2PO4/NaOH) in water. The best results in terms of catalytic activity, selectivity and catalyst stability have been obtained with the platinum catalyst modified with triphenylphosphinetrisulfonic acid trisodium salt (TPPTS). Next, the effects of molar ratios of NaH2PO4/Pt and TPPTS/Pt and reaction time have been examined. Identification of catalyst’s nature is attempted, rationalization of ligand effect is suggested and possible routes of products formation are discussed. Furthermore, the effect of a broad spectrum of catalyst precursors has been disclosed and PtCl2 is selected instead of Na2PtCl6•6H2O. Moreover, in the presence of PtCl2/TPPTS catalyst the parameters of the molar ratios of TPPTS/Pt and furfural/Pt, temperature, pressure, volume of aqueous solvent and catalyst loading have been determined. The PtCl2 catalyst precursor modified with TPPTS at a molar ratio of TPPTS/Pt = 3, temperature 130 oC, 40 bar hydrogen, molar ratio of furfural/Pt = 2000 with addition of 20 ml aqueous solvent at a low concentration of platinum of 44 ppm, a pH value of 7.0 and reaction duration of 30 minutes exhibited the highest activity of 20090 TOFs per hour with high selectivity towards furfuryl alcohol of 98.1 mol% and low selectivities to the byproducts, tetrahydrofurfuryl alcohol and 1-pentanol in the range of 0.3 mol% and 1.6 mol%, respectively

Giant Intradural Mucocele in a Patient with Adult Onset Seizures

A rare case of mucopyocele in a patient who presented with epileptic seizures is reported. The computed tomography scan (CT) and the magnetic resonance (MR) imaging revealed an intradural extension of a giant fronto-ethmoidal mucopyocele, eroding the cribriform plate and compressing both frontal lobes. The lesion was removed by craniotomy with elimination of the mass effect and reconstruction of the anterior skull base. An intracranial-intradural mucopyocele is an extremely rare cause of generalized convulsion as a presenting symptom, with only 6 cases reported in the literature. The total removal of the lesion associated with anterior fossa reconstruction is the treatment of choice

Μελέτη της χειρουργικής ανατομίας του κοιλιακού τοιχώματος σε σχέση με αποκατάσταση πολύπλοκων κηλών

Οι κήλες αποτελούν ένα ολοένα και συχνότερο πρόβλημα στη χειρουργική επιστήμη. Η νεώτερη ταξινόμηση των κηλών του πρόσθιου κοιλιακού τοιχώματος δίνει έμφαση στο μέγεθος του ελλείμματος του χάσματος καθώς και στο εάν πρόκειται για μετεγχειρητική κοιλιοκήλη. Στην δεύτερη κατηγορία κατατάσσονται οι πολύπλοκες κήλες, οι κήλες δηλαδή που δεν μπορούν να αντιμετωπισθούν με απλές χειρουργικές τεχνικές. Η λεπτομερέστερη γνώση της ανατομίας και της λειτουργικής ανατομίας του κοιλιακού τοιχώματος ανέδειξε ως έναν κύριο παθοφυσιολογικό μηχανισμό την έλξη των πλάγιων κοιλιακών μυών προς τα εκτός που τείνουν να μεγαλώσουν συνεχώς το χάσμα, και ευθύνονται πολλές φορές για αποτυχημένη επιδιόρθωση μιας κήλης. Η επίτευξη πρωτογενούς σύγκλεισης της περιτονίας για την επαναδημιουργία μιας μέσης γραμμής αναδεικνύεται ως προτεραιότητα. Αυτό μπορεί να επιτευχθεί με ανατομικές παρασκευές όπισθεν της θήξης του ορθού κοιλιακού μυός ή με τις πιο σύνθετες τεχνικές του πρόσθιου και του οπίσθιου διαχωρισμού των στοιχείων. Μια ανατομική επιδιόρθωση ενισχύεται συνήθως με την τοποθέτηση πλέγματος. Νέωτερες τεχνικές, όπως η χρήση της τοξίνης της αλλαντίασης για την προσωρινή παράλυση των πλάγιων μυών του κοιλιακού τοιχώματος , που αποκαλείται χημικός διαχωρισμός των στοιχείων, αναδεικνύονται ως νέα εργαλεία στις απακαταστάσεις με έμφαση στην αποκατάσταση της ανατομικής τάξης. Συμπερασματικά, η λεπτομερής γνώση της ανατομίας συνδέεται με τα καλύτερα αποτελέσματα και ως προς την υποτροπή της κήλης και ως προς τις μετεγχειρητικές επιπλοκές, επιτρέποντας την επιτυχή αντιμετώπιση ολοένα και πιο μεγάλων ελλειμμάτων.Hernias comprise a growing problem in surgical science. The most recent classification scheme for hernias emphasises on the size of defect as well as on whether it is an incisional hernia. The latter group includes complex hernias, namely hernias that can not be managed with simple surgical techniques. This can be accomplished with retromuscular repairs or the more complex anterior and posterior component separation techniques. An anatomic repair is usually reinforced with interposition of mesh. Newest techniques, such as the use of botulinum toxin to induce temporary paralysis of the lateral abdominal wall musculature, referred to as chemical component separation, now present new tools in the restoration of anatomy- based repairs. To conclude with, detailed knowledge of anatomy is associated with better outcomes regarding hernia recurrence as well as postoperative complications, allowing for a successful management of defects that evermore increase in size

Ο ρόλος των αιμοπεταλίων και των όγκων του ανευρυσματικού θρόμβου στην παθογένεση του Συνδρόμου Μετά από Εμφύτεση Μοσχεύματος: Αναδρομική μελέτη και ανασκόπηση της βιβλιογραφίας.

Εισαγωγή: Το Σύνδρομο Μετά την Εμφύτευση Μοσχεύματος (ΣΜΕΜ) είναι μια κλινική οντότητα με ασαφή αιτιολογία, που εμφανίζεται σε μερίδα ασθενών με Ανεύρυσμα Κοιλιακής Αορτής (ΑΚΑ) που υποβλήθηκαν σε Ενδαγγειακή Αποκατάσταση (EVAR). Ο στόχος αυτής της μελέτης ήταν να διερευνηθεί η πιθανή επίδραση των αιμοπεταλίων και της ποσότητας του θρόμβου εντός του σάκου του ανευρύσματος στην ανάπτυξη του ΣΜΕΜ. Ασθενείς και μέθοδοι: Πραγματοποιήθηκε αναδρομική μελέτη και ανάλυση των συλλεγόμενων δεδομένων 76 ασθενών που υποβλήθηκαν σε EVAR (2011-2013). Με βάση τα κριτήρια για το SIRS (Σύνδρομο Συστημικής Φλεγμονώδους Απόκρισης), 17 ασθενείς (22%) ανέπτυξαν ΣΜΕΜ (το οποίο θεωρείται ανάλογο του SIRS), ενώ 59 (78%) όχι. Οι δύο ομάδες συγκρίθηκαν σε σχέση με τις ακόλουθες παραμέτρους: προεγχειρητικός αριθμός αιμοπεταλίων, μείωση αριθμού αιμοπεταλίων μετά την επέμβαση, όγκος τοιχωματικού θρόμβου του ανευρύσματος πριν την επέμβαση και όγκος νεοσχηματιζόμενου θρόμβου 1 μήνα μετά την επέμβαση. Οι μετρήσεις των όγκων του θρόμβου υπολογίστηκαν με χρήση του λογισμικού Osirix ™. Αποτελέσματα: Η απόλυτη τιμή των αιμοπεταλίων προεπεμβατικά ήταν μεγαλύτερη στην ομάδα ΣΜΕΜ (239000 ± 17000) έναντι της ομάδας χωρίς ΣΜΕΜ (194000 ± 6900, p = 0,004) και η πτώση του αριθμού των αιμοπεταλίων ήταν επίσης μεγαλύτερη στην ομάδα ΣΜΕΜ (74000 ± 15600 έναντι 45000 ± 5300, p = 0,019). Δεν βρέθηκε στατιστικά σημαντική διαφορά σχετικά με τους όγκους του θρόμβου εντός του σάκου του ανευρύσματος μεταξύ των δύο ομάδων. Συμπέρασμα: Τα αιμοπετάλια, από την άποψη της απόλυτης τιμής της προεπεμβατικά και της μείωσής της μετά την επέμβαση, φαίνεται να είναι ένας σημαντικός παράγοντας για την ανάπτυξη ΣΜΕΜ μετά από EVAR. Απαιτούνται περαιτέρω πιο προσαρμοσμένες μελέτες για τη διευκρίνιση του ρόλου των αιμοπεταλίων και των όγκων του ανευρυσματικού θρόμβου στην ανάπτυξη του ΣΜΕΜ.Introduction: Post implantation syndrome (PIS) is a well-defined entity with unclear etiology, complicating a number of patients with AAAs treated with EVAR. The aim of this study was to assess the platelets’ role and the influence of aneurysmal sac thrombus volume in the development of PIS. Patients and methods: A retrospective analysis of prospectively collected data was performed and 76 patients that were treated by EVAR (2011-2013) were studied. Based on the criteria for SIRS (Systemic Inflammatory Response Syndrome), 17 patients (22%) developed PIS (which is considered a SIRS analogue), while 59 (78%) did not. The two groups were compared in relation to the following parameters: baseline platelet count pre-operatively, decrease of platelet count post-operatively, volume of thrombus of the aneurysmal sac pre-operatively, and volume of newly formed thrombus post-operatively. Volume measurements were calculated by Osirix ™ software preoperatively and in the 1st month postoperatively. Results: Preoperative platelet absolute count was greater in the PIS group (239000 ± 17000) vs. the non-PIS group (194000 ± 6900, p=0.004), and the PLT drop was larger in the PIS group (74000 ± 15600 vs. 45000 ± 5300, p=0.019). No difference was found regarding the aneurysmal sac thrombus volumes between the two groups. Conclusion: Platelets, in terms of their absolute baseline count and their decrease after the procedure, seem to be an important factor in developing PIS after EVAR. Further, more tailored studies are needed to elucidate the role of platelets and aneurysmal thrombus volumes in the development of PIS

Constipation-Predominant Irritable Bowel Syndrome Associated to Hyperprolactinemia

Abstract Irritable bowel syndrome (IBS) is considered to be a physical disorder that mainly affects the bowel and is clinically characterized by lower abdominal pain or discomfort, diarrhea, constipation (or alternating diarrhea/constipation), gas, bloating, and nausea. According to recent studies, it appears that there is an association with increased prolactin levels in patients suffering from IBS. We report a rare case of regression of IBS symptoms (constipation type) in a 16-year-old female adolescent after receiving cabergoline for treating hyperprolactinemia due to pituitary macroadenoma. Our hypothesis is that increased prolactin levels, for instance due to a pituitary adenoma, may suppress prolactin-releasing peptide release and lead to a reverse feedback interaction, consequently resulting in oversecretion of cholecystokinin, inducing the development of IBS

The Feasibility of Immunocryosurgery in the Treatment of Non-Superficial, Facial Basal Cell Carcinoma That Relapsed after Standard Surgical Excision: An Experience Report from Two Centers.

In this retrospective, chart review study, we evaluated the feasibility of immunocryosurgery in facial, non-superficial basal cell carcinomas (BCC) that had relapsed after standard surgery. Inclusion criteria were (a) 'biopsy confirmed relapse of facial BCC', (b) known 'calendar year of surgical excision(s)', and (c) 'relapse within 10 years after the last surgical excision'. Tumors treated from 1 January 2011 to 31 December 2020 with a standard 5-week immunocryosurgery cycle (daily imiquimod application for 5 weeks and a cryosurgery session at day 14) were included. Descriptive statistics, Kaplan-Meier method, and Cox proportional hazards model were calculated with significance at p < 0.05. From the n = 27 BCC evaluated, n = 20 (74.1 ± 8.4%) cleared after one immunocryosurgery cycle. Two of the remaining cases cleared completely after a repeat cycle, one patient favored surgery, and four BCC did not clear despite additional immunocryosurgery cycles (feasibility 81.5 ± 7.5%). Of the 22 tumors with clinical outcome 'complete clearance with immunocryosurgery', three BCC relapsed at 9, 28, and 50 months. Overall, the 5-year treatment efficacy rate was 60.2 ± 13.4% (mean follow-up 94.6 ± 15.1 months). In total, 20/27 BCC relapses after surgery (74.1%) were tumor-free at the end of personalized follow-up times (66.7 ± 12.4% tumor free patients at 5-year follow-up). Number of tumor relapses before immunocryosurgery was the single predictor of tumor progression after immunocryosurgery (p = 0.012). Conclusively, immunocryosurgery could be further evaluated as an alternative, definitive treatment of selected facial BCC relapsing after surgery

Multi-parameter analysis of curing cycle for GNPs/glass fabric/ epoxy laminated nanocomposites

In this study, a multi-parameter analysis, using Taguchi method for design of experiments, has been conducted to investigate the optimum curing conditions for GNPs/E-glass fabric/epoxy laminated nanocomposites. The independent variables in the L25 Taguchi orthogonal array were heating rate, curing temperature and curing time, addressing five levels each. Tensile and 3-point bending tests were performed for each experiment number (run number) of the Taguchi L25. The analysis shown that the most significant para­meter for tensile strength is the time and for flexural strength is the tem­pe­ra­ture. Also, it shown that the optimum performance was obtained for tem­pera­ture values greater than the glass transition temperature Tg