Insider Trading, Traded Volume and Returns

Several models predict that both market liquidity and trading volume generated by less informed traders do not increase when there is insider trading. Available empirical evidence is mixed and still relatively small, because of the inherent di¢ culty to identify insider trading events. Our econometric work, based on 19 suspect insider trading events drawn from the non-public ?file of the Italian supervisory authority, provides further insight on these key implications of stock market models. The second purpose of this paper is to assess whether insider trading changes the distribution of volume and returns in a way that can be used by supervisory authorities in order to detect its presence through statistical methods.asymmetric information, insider trading, abnormal returns, traded volume

Recomendação sobre o uso do ultra-som na medida da espessura de toucinho em suínos vivos.

bitstream/CNPDIA/5062/1/CT02_96.pd

Giant optical anisotropy in a single InAs quantum dot in a very dilute quantum-dot ensemble

We present the experimental evidence of giant optical anisotropy in single InAs quantum dots. Polarization-resolved photoluminescence spectroscopy reveals a linear polarization ratio with huge fluctuations, from one quantum dot to another, in sign and in magnitude with absolute values up to 82%. Systematic measurements on hundreds of quantum dots coming from two different laboratories demonstrate that the giant optical anisotropy is an intrinsic feature of dilute quantum-dot arrays.Comment: submitted to Applied Physics Letter

Online financial and demographic education for workers: experimental evidence from an Italian pension fund

This study experimentally tests a low-cost, Internet-based, online literacy intervention program implemented with the largest employer-based pension fund in Italy. This program, called Financial Education and Planning for a Long Life included: 1) an online instructional video on financial, and demographic, (survival) literacy; 2) an experimental design to evaluate the impact of the online videoprogram on financial and demographic literacy, as well as and on short-term behavioral changes in behavior; and 3) a follow-up to assess the impact of the intervention program on subsequent choices of available investment lines in the Italian pension fund. Finlife was designed as a low-cost and, scalable approach aimed at increasing financial and demographic survival literacy, which is consistent with a ‘nudge’ philosophy. Based on the findings, Finlife significantly increased the financial and demographic survival literacy of the participants, and “nudged” them to actively pursue more information and becoming more active in financial decisions

Efeito de diferentes temperaturas na sobrevivência e no crescimento de mudas de guanandi (Calophyllum brasiliense Cambess.).

São muitas as necessidades e as justificativas para o reflorestamento utilizando essências florestais nativas, especialmente com árvores de uso múltiplo em monocultivo ou em sistemas agroflorestais, visando, entre outros, à produção de madeiras nobres. O guanandi, uma espécie nativa, que fornece madeira de boa qualidade e ótimo valor econômico, tem sido muito utilizado neste sentido e, por muitas vezes, cultivado em condições climáticas desfavoráveis e/ou prejudiciais ao desenvolvimento da espécie. Neste trabalho objetivou-se avaliar as conseqüências de diferentes temperaturas na sobrevivência e no crescimento de mudas de guanandi (Calophyllum brasiliense Cambess.). O experimento foi conduzido no laboratório de Fisiologia Vegetal da Embrapa Gado de Corte, em Campo Grande, MS, de março até maio de 2009. Utilizaram-se mudas de guanandi, com seis meses de idade, que foram transplantadas para recipientes plásticos de 500 mL, contendo substrato comercial e solução nutritiva completa. Após aclimatação em temperatura constante de 27ºC, as mudas foram submetidas a três regimes de temperatura: 27/17ºC, 17/10ºC e 10/6ºC, durante 50 dias, em câmara climática do tipo B.O.D., com fotoperíodo de 12 horas. O delineamento experimental foi de blocos casualizados, com quatro tratamentos e cinco repetições, sendo que cada repetição foi constituída de cinco plantas. Avaliou-se a sobrevivência das plantas (%), a altura (cm) e o diâmetro do colo (mm), as taxas de fotossíntese (μmol/m²/s) e a condutância estomática (μmol/m²/s). Os melhores resultados, para todas as variáveis mensuradas, foram obtidos para as plantas submetidas à temperatura entre 27/17ºC. Para as plantas submetidas às temperaturas 27/17ºC e 17/10ºC obteve-se 100% de sobrevivência. Pode-se concluir que a temperatura afeta a sobrevivência e o crescimento do guanandi, porque a espécie se mostrou intolerante ao regime de temperatura 10/6ºC, de modo que ao final do experimento houve morte das plantas

Adherence in Rheumatoid Arthritis patients assessed with a validated Italian version of the 5-item compliance questionnaire for rheumatology

OBJECTIVES: The 5-item Compliance Questionnaire for Rheumatology (CQR5) proved reliability and validity in respect of identification of patients likely to be high adherers (HAs) to anti-rheumatic treatment, or low adherers (LAs), i.e. taking<80% of their medications correctly. The objective of the study was to validate an Italian version of CQR5 (I-CQR5) in rheumatoid arthritis (RA) patients and to investigate factors associated with high adherence. METHODS: RA patients, undergoing treatment with ≥1 self-administered conventional synthetic disease-modifying anti-rheumatic drug (csDMARD) or biological DMARD (bDMARD), were enrolled. The cross-cultural adaptation and validation of I-CQR5 followed standardised guidelines. I-CQR5 was completed by patients on one occasion. Data were subjected to factor analysis and Partial Credit model Parametrisation (PCM) to assess construct validity of I-CQR5. Analysis of factors associated with high adherence included demographic, social, clinical and treatment information. Factors achieving a p<0.10 in univariate analysis were included in multivariable analysis. RESULTS: Among 604 RA patients, 274 patients were included in the validation and 328 in the analysis of factors associated with adherence. Factor analysis and PCM confirmed the construct validity and consistency of I-CQR5. HAs were found to be 109 (35.2%) of the patients. bDMARD treatment and employment were found to be independently associated with high adherence: OR 2.88 (1.36-6.1), p=0.006 and OR 2.36 (1.21-4.62), p=0.012, respectively. CONCLUSIONS: Only one-third of RA patients were HAs according to I-CQR5. bDMARDs and employment status increased by almost 3-fold the likelihood of being highly adherent to the anti-rheumatic treatment.Peer reviewe

EU public debt management and eurobonds

A common Eurobond making each participating issuer liable only for its own share could be agreed upon by the Member States with the lowest credit risk premia: Finland, France and Germany. However, the efficiency gains from this weak form of cooperation in terms of market integration and liquidity would be limited if not offset by the higher costs of an inflexible debt management. To reap the liquidity benefits of a unified market, the Eurobonds should be issued by all euro-area Member States or by an EU Institution. But only a common bond jointly guaranteed by all euro-area Member States could reach the \u201csafehaven\u201d status and the size needed to compete with the US Treasury market. The mutualisation of credit risks faces however strong political opposition, because of fears of relaxed fiscal discipline and inequitable sharing of its benefits and costs. Although solutions to these problems can be found, more evidence is needed on the benefits and costs of a common Eurobond to convince potential issuers. This paper makes a first step in this directio

Biotechnological potential of endophytic and rhizospheric bacteria for plant growth promotion in Paspalum species.

Paspalum is a large grass genus of the Poaceae family, comprising several important forage species which occur in the Tropics and warm temperate regions, mainly in the American continent, especially abundant in Brazil.June 10-13, 2019

Decoration of nanovesicles with pH (low) insertion peptide (pHLIP) for targeted delivery

Acidity at surface of cancer cells is a hallmark of tumor microenvironments, which does not depend on tumor perfusion, thus it may serve as a general biomarker for targeting tumor cells. We used the pH (low) insertion peptide (pHLIP) for decoration of liposomes and niosomes. pHLIP senses pH at the surface of cancer cells and inserts into the membrane of targeted cells, and brings nanomaterial to close proximity of cellular membrane. DMPC liposomes and Tween 20 or Span 20 niosomes with and without pHLIP in their coating were fully characterized in order to obtain fundamental understanding on nanocarrier features and facilitate the rational design of acidity sensitive nanovectors. The samples stability over time and in presence of serum was demonstrated. The size, ζ-potential, and morphology of nanovectors, as well as their ability to entrap a hydrophilic probe and modulate its release were investigated. pHLIP decorated vesicles could be useful to obtain a prolonged (modified) release of biological active substances for targeting tumors and other acidic diseased tissues