The valuation of European financial firms

We extend the recent literature concerning accounting based valuation models to investigate financial firms from six European countries with substantial financial sectors: France, Germany, Italy, Netherlands, Switzerland and the UK. Not only are these crucial industries worthy of study in their own right, but unusual accounting practices, and inter-country differences in those accounting practices, provide valuable insights into the accounting-value relationship. Our sample consists of 7,714 financial firm/years observations from 1,140 companies drawn from 1989-2000. Sub-samples include 1,309 firm/years for banks, 650 for insurance companies, 1,705 for real estate firms, and 3,239 for investment companies. In most countries we find that the valuation models work as well or better in explaining cross-sectional variations in the market-to-book ratio for financial firms as they do for industrial and commercial firms in the same countries, although Switzerland is an exception to this generalization. As expected, the results are sensitive to industrial differences, accounting regulation and accounting practices. In particular, marking assets to market value reduces the relevance of earnings figures and increases that of equity

Triggered Star Formation in a Massive Galaxy at z=3.8: 4C41.17

Spectropolarimetric observations obtained with the W. M. Keck Telescope of the z=3.8 radio galaxy 4C41.17 show that the UV continuum emission from this galaxy, which is aligned with the radio axis, is unpolarized (P[2sigma] < 2.4%). This implies that scattered AGN light, which is generally the dominant contributor to the rest-frame UV emission in z~1 radio galaxies, is unlikely to be a major component of the UV flux from 4C41.17. The spectrum shows absorption lines that are similar to those detected in the spectra of the recently discovered population of star forming galaxies at z~2-3. A galaxian outflow may contribute partially to the low ionization absorption lines; however, the high velocity wings of the high ionization lines are unlikely to be dominated by a galaxian wind since the implied outflow mass is very large. The detection of stellar absorption lines, the shape of the SiIV profile, the unpolarized continuum, the inability of any AGN-related processes to account for the UV flux, and the similarity of the UV continuum spectra of 4C41.17 and the nearby starburst region NGC 1741B1 suggest that the UV light in 4C41.17 is dominated by young stars. If so, the implied star-formation rate is roughly 140-1100Msun/yr. We discuss the possibility that star formation in 4C41.17 was triggered by the radio source. Our data are consistent with the hypothesis that 4C41.17 is undergoing its major epoch of star formation at z~4, and that by z~1 it will have evolved to have spectral and morphological properties similar to those observed in known z~1 powerful radio galaxies.Comment: 28 pages (Latex text + figures); Accepted for publication in The Astrophysical Journal (Dec 1, 1997 issue

BATSE Observations of Gamma-Ray Burst Spectra. IV. Time-Resolved High-Energy Spectroscopy

We report on the temporal behavior of the high-energy power law continuum component of gamma-ray burst spectra with data obtained by the Burst and Transient Source Experiment. We have selected 126 high fluence and high flux bursts from the beginning of the mission up until the present. Much of the data were obtained with the Large Area Detectors, which have nearly all-sky coverage, excellent sensitivity over two decades of energy and moderate energy resolution, ideal for continuum spectra studies of a large sample of bursts at high time resolution. At least 8 spectra from each burst were fitted with a spectral form that consisted of a low-energy power law, a spectral break at middle energies and a high-energy continuum. In most bursts (122), the high-energy continuum was consistent with a power law. The evolution of the fitted high-energy power-law index over the selected spectra for each burst is inconsistent with a constant for 34% of the total sample. The sample distribution of the average value for the index from each burst is fairly narrow, centered on -2.12. A linear trend in time is ruled out for only 20% of the bursts, with hard-to-soft evolution dominating the sample (100 events). The distribution for the total change in the power-law index over the duration of a burst peaks at the value -0.37, and is characterized by a median absolute deviation of 0.39, arguing that a single physical process is involved. We present analyses of the correlation of the power-law index with time, burst intensity and low-energy time evolution. In general, we confirm the general hard-to-soft spectral evolution observed in the low-energy component of the continuum, while presenting evidence that this evolution is different in nature from that of the rest of the continuum.Comment: 30 pages, with 2 tables and 9 figures To appear in The Astrophysical Journal, April 1, 199

Self-Generated Magnetic Fields in Galactic Cooling Flows

Interstellar magnetic fields in elliptical galaxies are assumed to have their origin in stellar fields that accompany normal mass loss from an evolving population of old stars. The seed fields are amplified by interstellar turbulence driven by stellar mass loss and supernova events. These disordered fields are further amplified by time-dependent compression in the inward moving galactic cooling flow and are expected to dominate near the galactic core. Under favorable circumstances, fields similar in strength to those observed $B \sim 1-10~(r/10~kpc)^{-1.2}\mu$G can be generated solely from these natural galactic processes. In general the interstellar field throughout elliptical galaxies is determined by the outermost regions in the interstellar gas where the turbulent dynamo process can occur. Because of the long hydrodynamic flow times in galactic cooling flows, currently observed magnetic fields may result from periods of intense turbulent field amplification that occurred in the outer galaxy in the distant past. Particularly strong fields in ellipticals may result from ancient galactic mergers or shear turbulence introduced at the boundary between the interstellar gas and ambient cluster gas.Comment: 21 pages in AASTEX LaTeX with 2 figures; accepted by Astrophysical Journa

Interactions between nutrients in the maternal diet and the implications for the long-term health of the offspring

Work in the author’s laboratory was supported by The Scottish Government Strategic Research ProgrammePeer reviewedPublisher PD

The Roles of PPARs in the Fetal Origins of Metabolic Health and Disease

Beyond the short-term effects on fertility, there is increasing evidence that obesity or the consumption of an inappropriate diet by the mother during pregnancy adversely affects the long-term health of her offspring. PPAR and RXR isotypes are widely expressed in reproductive tissues and in the developing fetus. Through their interactions with fatty acids, they may mediate adaptive responses to the changes in the maternal diet. In the maturing follicle, PPAR-γ has an important role in the granulosa cells that surround the maturing oocyte. After fertilisation, PPAR-γ and PPAR-β/δ are essential regulators of placentation and the subsequent development of key metabolic tissues such as skeletal muscle and adipose cells. Activation of PPAR-γ and PPAR-β/δ during fetal development has the potential to modify the growth and development of these tissues. PPAR-α is expressed at low levels in the fetal liver, however, this expression may be important, as changes in the methylation of DNA in its promoter region are reported to take place during this period of development. This epigenetic modification then programmes subsequent expression. These findings suggest that two separate PPAR-dependent mechanisms may be involved in the fetal adaptations to the maternal diet, one, mediated by PPAR-γ and PPAR-β/δ, regulating cell growth and differentiation; and another adapting long-term lipid metabolism via epigenetic changes in PPAR-α to optimise postnatal survival

New hyperekplexia mutations provide insight into glycine receptor assembly, trafficking, and activation mechanisms

Background: Hyperekplexia mutations have provided much information about glycine receptor structure and function. Results: Weidentified and characterized nine new mutations. Dominant mutations resulted in spontaneous activation, whereas recessive mutations precluded surface expression. Conclusion: These data provide insight into glycine receptor activation mechanisms and surface expression determinants. Significance: The results enhance our understanding of hyperekplexia pathology and glycine receptor structure-function. © 2013 by The American Society for Biochemistry and Molecular Biology, Inc. Published in the U.S.A

Macros That Work

9 pagesThis paper describes a modified form of Kohlbecker's algorithm for reliably hygienic (capture-free) macro expansion in block-structured languages, where macros are source-tos-ource transformations specified using a high-level pattern language. Unlike previous algorithms, the modified algorithm runs in linear instead of quadratic time, copies few constants, does not assume that syntactic keywords ( e.g. if) are reserved words, and allows local (scoped) macros to refer to lexical variables in a referentially transparent manner. Syntactic closures have been advanced as an alternative to hygienic macro expansion. The problem with syntactic closures is that they are inherently low-level and therefore difficult to use correctly, especially when syntactic keywords are not reserved. It is impossible to construct a pattern-based, automatically hygienic macro system on top of syntactic closures because the pattern interpreter must be able to determine the syntactic role of an identifier (in order to close it in the correct syntactic environment) before macro expansion has made that role apparent. may be viewed as a book-keeping technique for deferring such decisions until macro expansion is locally complete. Building on that insight, this paper unifies and extends the competing paradigms of hygienic macro expansion and syntactic closures to obtain an algorithm that combines the benefits of both . Several prototypes of a complete macro system for Scheme have been based on the algorithm presented here

Revised 3.99 Report on the Algorithmic Language Scheme

46 pagesThe report gives a defining description of the programming language Scheme. Scheme is a statically scoped and properly tail-recursive dialect of the Lisp programming language invented by Guy Lewis Steele Jr. and Gerald Jay Sussman. It was designed to have an exceptionally clear and simple semantics and few different ways to form · expressions. A wide variety of programming paradigms, including imperative, functional, and message passing styles, find convenient expression in Scheme. The introduction offers a brief history of the language and of the report. The first three chapters present the fundamental ideas of the language and describe the notational conventions used for describing the language· and for writing programs in the language. Chapters 4 and 5 describe the syntax and semantics of expressions, programs, and definitions. Chapter 6 describes Scheme's built-in procedures, which include all of the language's data manipulation and input/ output primitives. Chapter 7 provides a formal syntax for Scheme written in extended BNF, along with a formal denotational semantics. The report concludes with an example of the use of the language and an alphabetic index

Bridging the Divide between Manual Gating and Bioinformatics with the Bioconductor Package flowFlowJo

In flow cytometry, different cell types are usually selected or “gated” by a series of 1- or 2-dimensional geometric subsets of the measurements made on each cell. This is easily accomplished in commercial flow cytometry packages but it is difficult to work computationally with the results of this process. The ability to retrieve the results and work with both them and the raw data is critical; our experience points to the importance of bioinformatics tools that will allow us to examine gating robustness, combine manual and automated gating, and perform exploratory data analysis. To provide this capability, we have developed a Bioconductor package called flowFlowJo that can import gates defined by the commercial package FlowJo and work with them in a manner consistent with the other flow packages in Bioconductor. We present this package and illustrate some of the ways in which it can be used