The Term Structure of Capital Values: An accounting-based framework for measuring economic profitability

This paper shows how the outputs of the accounting measurement process can be translated into terms that can be used in economic decisions. We introduce the notion of Term Structure of Capital Values (TSCV), uniquely associated to a Term Structure of Interest Rates (TSIR). We show that the state of temporary disequilibrium created by an asset (project, firm, etc.) introduced in a market can be described in terms of a pair of internal TSCV and TSIR. Any internal TSCV determines a specific depreciation schedule for the asset and the corresponding TSIR determines an economic rate of return obtained as a capital-weighted average of the Return On Assets collected in the TSIR. The difference between this economic rate of return and the overall equilibrium rate (itself an average of the equilibrium forward rates) correctly captures value creation. The determination of a specific (internal) TSCV depends on the way the market sweeps away arbitrage opportunities and restores the equilibrium. As each possible accounting system can be viewed as being associated with a corresponding disequilibrium-to-equilibrium process and therefore with a corresponding economic rate of return, the paper shows that the determination of an economic rate of return is both a matter of accounting (in terms of a specific internal TSCV) and a matter of finance (in terms of a specific disequilibrium-to-equilibrium process). This evidently calls for a theory of capital valuation capable of associating the proper TSCV with each asset so that the intrinsic underdetermination of the economic rate of return can be solve

Is demagnetization an efficient optimization method?

Demagnetization, commonly employed to study ferromagnets, has been proposed as the basis for an optimization tool, a method to find the ground state of a disordered system. Here we present a detailed comparison between the ground state and the demagnetized state in the random field Ising model, combing exact results in $d=1$ and numerical solutions in $d=3$. We show that there are important differences between the two states that persist in the thermodynamic limit and thus conclude that AC demagnetization is not an efficient optimization method.Comment: 2 pages, 1 figur

The Effect of Magma Poor and Magma Rich Rifted Margins on Continental Collision Dynamics

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Autoerotic accidental death by Self-inflicted asphyxia by Body-wrapping in a plastic curtain

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Removal of metallic elements from real wastewater using zebra mussel bio-filtration process

The metallic element pollution is a serious environmental problem but still unsolved since these contaminants are released mainly by human activity, reaching all the environmental compartments. Traditional wastewater treatment plants are very efficient in removing metallic elements only when their concentration is in the order of mg/L, but are not able to remove them until \u3bcg/L, as it would be needed to cope with the water quality standards in low flow receptors. Therefore, the aim of our study was to evaluate the potential removal of some recalcitrant metallic elements to the classical treatments, by the natural process of bio-filtration performed by the invasive zebra mussel (Dreissena polymorpha). For this purpose we built a pilot-plant at the Milano-Nosedo wastewater treatment plant, where we placed about 40,000 D. polymorpha specimens appointed to the wastewater bio-filtration. The metallic element removal due to zebra mussel activity was evaluated in the treated wastewater with a plasma optical emission spectrometry (ICP-OES). Data obtained in these experiments showed an encouraging metallic element removal due to D. polymorpha activity; in particular, the total abatement (100%) of Cr after one day of bio-filtration exposure is remarkable. Therefore, this study encourages further research related with the use of bivalves as a new tool for the wastewater depuration process; in this regard, the contaminated mollusks used in the bio-filtration could be incinerated or stored in special landfills, as is also the case of traditional sewage sludge

Life Products of Stars

We attempt to document complete energetic transactions of stars in their life. We calculate photon and neutrino energies that are produced from stars in their each phase of evolution from 1 to 8 M_sun, using the state-of-the-art stellar evolution code, tracing the evolution continuously from pre-main sequence gravitational contraction to white dwarfs. We also catalogue gravitational and thermal energies and helium, and heavier elements that are stored in stars and those ejected into interstellar space in each evolutionary phase.Comment: 26 pages, including 8 figures and 3 tables. Submitted to ApJ

The effects of reiterated cell photo-stimulation with an azobenzene

Optical stimulation of living cells is an innovative and success- ful tool, having a significant impact on neuroscience. A recently synthesized am- phiphilic azobenzene, named Ziapin2, has been developed exploiting a non-covalent approach for targeting the membrane and achieving cell photostimulation. Here, we investigate, using both experimental data and mathematical modelling, the effect of repetitive light stimulation on the cell response. We discuss some possible explana- tions for the drop in the stimulation efficiency in reiterated stimulation processes

Prevalence of comorbidities according to predominant phenotype and severity of chronic obstructive pulmonary disease

BACKGROUND: In addition to lung involvement, several other diseases and syndromes coexist in patients with chronic obstructive pulmonary disease (COPD). Our purpose was to investigate the prevalence of idiopathic arterial hypertension (IAH), ischemic heart disease, heart failure, peripheral vascular disease (PVD), diabetes, osteoporosis, and anxious depressive syndrome in a clinical setting of COPD outpatients whose phenotypes (predominant airway disease and predominant emphysema) and severity (mild and severe diseases) were determined by clinical and functional parameters. METHODS: A total of 412 outpatients with COPD were assigned either a predominant airway disease or a predominant emphysema phenotype of mild or severe degree according to predictive models based on pulmonary functions (forced expiratory volume in 1 second/vital capacity; total lung capacity %; functional residual capacity %; and diffusing capacity of lung for carbon monoxide %) and sputum characteristics. Comorbidities were assessed by objective medical records. RESULTS: Eighty-four percent of patients suffered from at least one comorbidity and 75% from at least one cardiovascular comorbidity, with IAH and PVD being the most prevalent ones (62% and 28%, respectively). IAH prevailed significantly in predominant airway disease, osteoporosis prevailed significantly in predominant emphysema, and ischemic heart disease and PVD prevailed in mild COPD. All cardiovascular comorbidities prevailed significantly in predominant airway phenotype of COPD and mild COPD severity. CONCLUSION: Specific comorbidities prevail in different phenotypes of COPD; this fact may be relevant to identify patients at risk for specific, phenotype-related comorbidities. The highest prevalence of comorbidities in patients with mild disease indicates that these patients should be investigated for coexisting diseases or syndromes even in the less severe, pauci-symptomatic stages of COPD. The simple method employed to phenotype and score COPD allows these results to be translated easily into daily clinical practice

Defining the Characteristics of Story Production of Autistic Children: A Multilevel Analysis

Several studies suggest that a valuable tool to examine linguistic skills in communication disorders is offered by procedures of narrative discourse assessment. Following this line of research, we present an exploratory study aimed to investigate storytelling abilities of autistic children to better define the characteristics of their story production. Participants included 41 autistic children and 41 children with typical development aged between 7.02 and 11.03 years matched on age, gender, level of formal education, intelligence quotient, working memory, attention skills, theory of mind, and phonological short-term memory. Narrative production was assessed by analysing the language samples obtained through the “Nest Story” description task. A multilevel analysis including micro- and macro-linguistic variables was adopted for narrative assessment. Group differences emerged on both micro- and macro-linguistic dimensions: autistic children produced narratives with more phonological errors and semantic paraphasias (microlinguistic variables) as well as more errors of global coherence and a fewer number of visible events and inferred events (macrolinguistic variables) than the control group.This study shows that even autistic children with adequate cognitive skills display several limitations in their narrative competence and that such weaknesses affect both micro- and macrolinguistic aspects of story production