Do Analysts Add Value When They Most Can? Evidence From Corporate Spin-Offs

This article investigates how securities analysts help investors understand the value of diversification. By studying the research that analysts produce about companies that have announced corporate spin-offs, we gain unique insights into how analysts portray diversified firms to the investment community. We find that while analysts\u27 research about these companies is associated with improved forecast accuracy, the value of their research about the spun-off subsidiaries is more limited. For both diversified firms and their spun-off subsidiaries, analysts\u27 research is more valuable when information asymmetry between the management of these entities and investors is higher. These findings contribute to the corporate strategy literature by shedding light on the roots of the diversification discount and by showing how analysts\u27 research enables investors to overcome asymmetric information

Using semantic transformers to enable interoperability between media devices in a ubiquitous computing environment

One of the aims of ubiquitous computing is to enable \serendipitous interoperability"; i.e., to make devices that were not necessarily designed to work together interoperate with one another. It also promises to make technologies disappear, by weaving themselves into the fabric of everyday life until they are indistinguishable from it. In order to reach this goal, self-con??guration of the various devices and technologies in ubicomp environments is essential. Whether automated and initiated by context-aware entities, or initiated by users by creating semantic connections between devices, the actual con??guration of the various components (based on their capabilities) should be performed automatically by the system. In this paper we introduce semantic transformers that can be employed to enable interoperability through self-con??guration mechanisms

BIOTIC AND ABIOTIC EVENTS IN A SHALLOW CARBONATE PLATFORM (UPPER CRETACEOUS, SOUTH PYRENEAN MARGIN)

Πραγματοποιήθηκε μία λεπτoμεpής ιζηματολογική και παλαιοντολογική μελέτη των αποθέσεων ανθρακικής πλατφόρμας της περιοχής Serres Marginals (νότιο περιθώριο της Λεκάνης των Πυρρηναίων) και αναγνωρίσθηκαν τρεις ακολουθίες ρηχών ανθρακικών αποθέσεων (Cl, C2 και C3). Εντός των αποθέσεων ρηχής πλατφόρμας περιγράφονται ενδιάμεσης ενέργειας υποπαλιρροιακές έως ενδοπαλιρροιακές φάσεις, αβαθείς άμμοι υψηλής ενέργειας καθώς και λιμνοθαλάσσια έως λιμναία περιβάλλοντα.A detailed sedimentological and paleontological study of the Late Santonian-Late Campanian carbonate platform deposits of the Serres Marginals area (South margin of the Pyrenean Basin) has been performed. Three depositional shallow carbonate sequences have been distinguished (CI, C2 and C3). Within the shallow platform sequences moderate energy subtidal to intertidal, high energy sand-shoal, protected lagoon and restricted lagoon to lacustrine fades have been identified

Effectiveness and cost-effectiveness of a lifestyle modification programme in the prevention and treatment of subclinical, mild and moderate depression in primary care: A randomised clinical trial protocol

Introduction Major depression is a highly prevalent pathology that is currently the second most common cause of disease-induced disability in our society. The onset and continuation of depression may be related to a wide variety of biological and psychosocial factors, many of which are linked to different lifestyle aspects. Therefore, health systems must design and implement health promotion and lifestyle modification programmes (LMPs), taking into account personal factors and facilitators. The main objective of this protocol is to analyse the clinical effectiveness, cost-effectiveness and cost utility of an LMP and an LMP with information and communication technologies (ICTs) as adjunctive treatment for depression in primary care patients. The secondary objectives are to analyse the clinical effectiveness in the subgroup that presents comorbidity and to analyse the correlation between personal factors on health behaviour and lifestyle patterns. Methods and analysis A randomised, multicenter pragmatic clinical trial with three parallel groups consisting of primary healthcare patients suffering from subclinical, mild or moderate depression. The following interventions will be used: (1) Usual antidepressant treatment with psychological advice and/or psychotropic drugs prescribed by the general practitioner (treatment as usual (TAU)). (2) TAU+LMP. A programme to be imparted in six weekly 90-minute group sessions, intended to improve the following aspects: behavioural activation+daily physical activity+adherence to the Mediterranean diet pattern+sleep hygiene+careful exposure to sunlight. (3) TAU+LMP+ICTs: healthy lifestyle recommendations (TAU+LMP)+monitoring using ICTs (a wearable smartwatch). The primary outcome will be the depressive symptomatology and the secondary outcomes will be the quality of life, the use of health and social resources, personal factors on health behaviour, social support, lifestyle patterns and chronic comorbid pathology. Data will be collected before and after the intervention, with 6-month and 12-month follow-ups. Ethics and dissemination This study has been approved by the Clinical Research Ethics Committee of Aragón (approval number: C.P.-C.I. PI18/286) and the Research Ethics Committee of the Balearic Islands (IB3950/19 PI). Data distribution will be anonymous. Results will be disseminated via conferences and papers published in peer-reviewed, open-access journals. Trial registration number ClinicalTrials.gov Registry (NCT03951350)

ToCo: An ontology for representing hybrid telecommunication networks

The TOUCAN project proposed an ontology for telecommunication networks with hybrid technologies – the TOUCAN Ontology (ToCo), available at http://purl.org/toco/, as well as a knowledge design pattern Device-Interface-Link (DIL) pattern. The core classes and relationships forming the ontology are discussed in detail. The ToCo ontology can describe the physical infrastructure, quality of channel, services and users in heterogeneous telecommunication networks which span multiple technology domains. The DIL pattern is observed and summarised when modelling networks with various technology domains. Examples and use cases of ToCo are presented for demonstration

Using Semantic Transformers to Enable Interoperability between Media Devices in a Ubiquitous Computing Environment

One of the aims of ubiquitous computing is to enable "serendipitous interoperability"; i.e., to make devices that were not necessarily designed to work together interoperate with one another. It also promises to make technologies disappear, by weaving themselves into the fabric of everyday life until they are indistinguishable from it. In order to reach this goal, self-configuration of the various devices and technologies in ubicomp environments is essential. Whether automated and initiated by context-aware entities, or initiated by users by creating semantic connections between devices, the actual configuration of the various components (based on their capabilities) should be performed automatically by the system. In this paper we introduce semantic transformers that can be employed to enable interoperability through self-configuration mechanisms

Synthetic and computational studies on the tricarboxylate core of 6,7-dideoxysqualestatin H5 involving a carbonyl ylide cycloaddition–rearrangement

Reaction of diazodiketoesters 17 and 28 with methyl glyoxylate in the presence of catalytic rhodium(II) acetate generates predominantly the 6,8-dioxabicyclo[3.2.1]octanes 29 and 30, respectively. Acid-catalysed rearrangement of the corresponding alcohol 31 favours, at equilibrium, the 2,8-dioxabicyclo[3.2.1]octane skeleton 33 of the squalestatins–zaragozic acids. Force field calculations on the position of the equilibrium gave misleading results. DFT calculations were correct in suggesting that the energy difference between 31 and 33 should be small, but did not always suggest the right major product. Calculation of the NMR spectra of the similar structures could be used to assign the isomers with a high level of confidence

OSL-dating of the Pleistocene-Holocene climatic transition in loess from China, Europe and North America, and evidence for accretionary pedogenesis

Loess deposits intercalated by paleosols are detailed terrestrial archives of Quaternary climate variability providing information on the global dust cycle and landscape dynamics. Their paleoclimatic significance is often explored by quantifying their mineral magnetic properties due to their sensitivity to local/regional hydroclimate variability. Detailed chronological assessment of such regional proxy records around the climatic transitions allow a better understanding of how regional records react to major global climatic transitions such as the Pleistocene-Holocene climatic transition. Logs of high-resolution magnetic susceptibility and its frequency dependence were used as paleoclimatic proxies to define the environmental transition from the last glacial loess to the current interglacial soil as reflected in nine loess-paleosol sequences across the northern hemisphere, from the Chinese Loess Plateau, the southeastern European loess belt and the central Great Plains, USA. The onset of increase in magnetic susceptibility above typical loess values was used to assess the onset of, and developments during, the Pleistocene-Holocene climatic transition. High-resolution luminescence dating was applied on multiple grain-sizes (4–11 μm, 63–90 μm, 90–125 μm) of quartz extracts from the same sample in order to investigate the timing of Pleistocene-Holocene climatic transition in the investigated sites. The magnetic susceptibility signal shows a smooth and gradual increase for the majority of the sites from the typical low loess values to the interglacial ones. The initiation of this increase, interpreted as recording the initiation of the Pleistocene-Holocene climatic transition at each site, was dated to 14–17.5 ka or even earlier. Our chronological results highlight the need of combining paleoclimatic proxies (magnetic susceptibility) with absolute dating when investigating the Pleistocene-Holocene climatic transition as reflected by the evolution of this proxy in order to avoid chronostratigraphic misinterpretations in loess-paleosol records caused by simple pattern correlation. The detailed luminescence chronologies evidence the continuity of eolian mineral dust accumulation regardless of glacial or interglacial global climatic regimes. Coupled with magnetic susceptibility records this indicates that dust sedimentation and pedogenesis act simultaneously and result in a non-negligible accretional component in the formation of Holocene soils in loess regions across the Northern Hemisphere. The luminescence ages allowed the modeling of accumulation rates for the Holocene soil which are similar for European, Chinese and U.S.A. loess sites investigated and vary from 2 cm ka−1 to 9 cm ka−1. While accretional pedogenesis has often been implicitly or explicitly assumed in paleoclimatic interpretation of loess-paleosol sequences, especially in the Chinese Loess Plateau, our luminescence data add direct evidence for ongoing sedimentation as interglacial soils formed