Capital Structure and Dividend Irrelevance with Asymmetric Information

The Modigliani and Miller propositions on the irrelevancy of capital structure and dividends are shown to be valid in a large class of models with asymmetric information. The main assumption is that managerial compensation is chosen optimally. This differs from most recent papers on this topic, which impose by fiat a suboptimal contract. Even when imperfections internal to the firm preclude optimal investment, there is a separation between incentives and financing. We also show that making prices reflect idiosyncratic information more accurately does not make investors better off, thus negating the motivation of many of the signalling models

Conceptual spatial representations for indoor mobile robots

We present an approach for creating conceptual representations of human-made indoor environments using mobile robots. The concepts refer to spatial and functional properties of typical indoor environments. Following findings in cognitive psychology, our model is composed of layers representing maps at different levels of abstraction. The complete system is integrated in a mobile robot endowed with laser and vision sensors for place and object recognition. The system also incorporates a linguistic framework that actively supports the map acquisition process, and which is used for situated dialogue. Finally, we discuss the capabilities of the integrated system

Compressive properties and column efficiency of metals reinforced on the surface with bonded filaments

Compressive properties and weight saving of metals reinforced on surface with resin bonded fiber

The SWAP EUV Imaging Telescope Part I: Instrument Overview and Pre-Flight Testing

The Sun Watcher with Active Pixels and Image Processing (SWAP) is an EUV solar telescope on board ESA's Project for Onboard Autonomy 2 (PROBA2) mission launched on 2 November 2009. SWAP has a spectral bandpass centered on 17.4 nm and provides images of the low solar corona over a 54x54 arcmin field-of-view with 3.2 arcsec pixels and an imaging cadence of about two minutes. SWAP is designed to monitor all space-weather-relevant events and features in the low solar corona. Given the limited resources of the PROBA2 microsatellite, the SWAP telescope is designed with various innovative technologies, including an off-axis optical design and a CMOS-APS detector. This article provides reference documentation for users of the SWAP image data.Comment: 26 pages, 9 figures, 1 movi

Influence of Biopsy Technique on Molecular Genetic Tumor Characterization in Non-Small Cell Lung Cancer—The Prospective, Randomized, Single-Blinded, Multicenter PROFILER Study Protocol

The detection of molecular alterations is crucial for the individualized treatment of advanced non-small cell lung cancer (NSCLC). Missing targetable alterations may have a major impact on patient’s progression free and overall survival. Although laboratory testing for molecular alterations has continued to improve; little is known about how biopsy technique affects the detection rate of different mutations. In the retrospective study detection rate of epidermal growth factor (EGFR) mutations in tissue extracted by bronchoscopic cryobiopsy (CB was significantly higher compared to other standard biopsy techniques. This prospective, randomized, multicenter, single blinded study evaluates the accuracy of molecular genetic characterization of NSCLC for different cell sampling techniques. Key inclusion criteria are suspected lung cancer or the suspected relapse of known NSCLC that is bronchoscopically visible. Patients will be randomized, either to have a CB or a bronchoscopic forceps biopsy (FB). If indicated, a transbronchial needle aspiration (TBNA) of suspect lymph nodes will be performed. Blood liquid biopsy will be taken before tissue biopsy. The primary endpoint is the detection rate of molecular genetic alterations in NSCLC, using CB and FB. Secondary endpoints are differences in the combined detection of molecular genetic alterations between FB and CB, TBNA and liquid biopsy. This trial plans to recruit 540 patients, with 178 evaluable patients per study cohort. A histopathological and molecular genetic evaluation will be performed by the affiliated pathology departments of the national network for genomic medicine in lung cancer (nNGM), Germany. We will compare the diagnostic value of solid tumor tissue, lymph node cells and liquid biopsy for the molecular genetic characterization of NSCLC. This reflects a real world clinical setting, with potential direct impact on both treatment and survival

Histone Acetylation-Mediated Regulation of the Hippo Pathway

The Hippo pathway is a signaling cascade recently found to play a key role in tumorigenesis therefore understanding the mechanisms that regulate it should open new opportunities for cancer treatment. Available data indicate that this pathway is controlled by signals from cell-cell junctions however the potential role of nuclear regulation has not yet been described. Here we set out to verify this possibility and define putative mechanism(s) by which it might occur. By using a luciferase reporter of the Hippo pathway, we measured the effects of different nuclear targeting drugs and found that chromatin-modifying agents, and to a lesser extent certain DNA damaging drugs, strongly induced activity of the reporter. This effect was not mediated by upstream core components (i.e. Mst, Lats) of the Hippo pathway, but through enhanced levels of the Hippo transducer TAZ. Investigation of the underlying mechanism led to the finding that cancer cell exposure to histone deacetylase inhibitors induced secretion of growth factors and cytokines, which in turn activate Akt and inhibit the GSK3 beta associated protein degradation complex in drug-affected as well as in their neighboring cells. Consequently, expression of EMT genes, cell migration and resistance to therapy were induced. These processes were suppressed by using pyrvinium, a recently described small molecule activator of the GSK 3 beta associated degradation complex. Overall, these findings shed light on a previously unrecognized phenomenon by which certain anti-cancer agents may paradoxically promote tumor progression by facilitating stabilization of the Hippo transducer TAZ and inducing cancer cell migration and resistance to therapy. Pharmacological targeting of the GSK3 beta associated degradation complex may thus represent a unique approach to treat cancer. © 2013 Basu et al

Perfil Bioquímico Sanguíneo Hepático del Cocodrilo de Tumbes (Crocodylus acutus) Criado en Cautiverio

The liver blood chemical profile of the American crocodile (Crocodylus acutus) raised in captivity in the northern region of Peru was determined. Sixty crocodiles were sampled from a population of 255 animals belonging to the Zoocriadero del Centro de Acuicultura La Tuna Carranza, part of the National Fisheries Development Fund (FONDEPES) located in the region of Tumbes, Peru. The animals were classified as young (n=24), subadults (n=27) and adults (n=9). A blood sample (6 ml) was taken from each animal by puncturing the post-occipital venous sinus while animals were under physical restraint. Serum was separated by centrifugation and concentration of each enzyme was measured by spectrophotometry. Variables studied were alanine aminotransferase (ALT), aspartate amino transferase (AST), alkaline phosphatase (ALP), total bilirubin, direct bilirubin, indirect bilirubin, total protein and albumin. Statistical difference (p<0.05) was found between age groups in ALT, FA, direct bilirubin, and total protein. All values with the exception of albumin showed high biological differences with those reported by the International Species Information System.Se determinó el perfil bioquímico hepático del cocodrilo de Tumbes (Crocodylus acutus) criado en cautiverio en el norte del Perú. Se trabajó con 60 cocodrilos de una población de 255 animales del Zoocriadero del Centro de Acuicultura La Tuna Carranza, del Fondo Nacional de Desarrollo Pesquero (FONDEPES), ubicado en la región de Tumbes, Perú. De estos, 24 eran juveniles, 27 subadultos y 9 adultos. Se extrajo 6 ml de sangre entera sin anticoagulante por punción del seno venoso post-occipital manipulando al animal mediante contención física. Se separó el suero mediante centrifugación y las enzimas se analizaron mediante espectrofotometría. Las variables en estudio fueron alanina aminotransferasa (ALT), aspartato amino transferasa (AST), fosfatasa alcalina (FA), bilirrubina total, bilirrubina directa, bilirrubina indirecta, proteínas totales y albúmina. Se encontró diferencia estadística (p<0.05) en relación a los grupos etarios con respecto a la ALT, FA, bilirrubina directa y proteínas totales. Todos los valores con excepción de la albúmina tuvieron marcadas diferencias biológicas con respecto a valores publicados por el International Species Information System

Residential mobility during pregnancy in the north of England

<p>Abstract</p> <p>Background</p> <p>Many epidemiological studies assign exposure to an individual's residence at a single time point, such as birth or death. This approach makes no allowance for migration and may result in exposure error, leading to reduced study power and biased risk estimates. Pregnancy outcomes are less susceptible to this bias, however data from North American populations indicate that pregnant women are a highly mobile group. We assessed mobility in pregnant women in the north of England using data from the Northern Congenital Abnormality Survey (NorCAS).</p> <p>Methods</p> <p>Data were extracted from NorCAS for 1985 to 2003. Eligible cases had a gestational age at delivery of ≥ 24 weeks (a viable delivery) (n = 11 559). We assessed mobility between booking appointment (average gestational age 13 weeks) and delivery for pregnancies where the address at booking appointment and delivery were known. The impacts on mobility of maternal age and area-level socio-economic indicators were explored using standard descriptive statistics. A sensitivity analysis and a small validation exercise were undertaken to assess the impact of missing data on the estimate of mobility.</p> <p>Results</p> <p>Out of 7 919 eligible cases for whom addresses at booking and delivery were known, 705 (8.9% (95% CI 8.3 - 9.5)) moved between booking and delivery; the mean and median moving distance was 9.7 and 1.4 km respectively. Movers were significantly younger (25.4 versus 27.3 years, p < 0.01) and lived in more deprived areas (index of multiple deprivation score 38.3 versus 33.7, p < 0.01) than non movers.</p> <p>Conclusion</p> <p>Mobility in the north of England (9%) is considerably lower than that reported in North America and the only other study from the UK (23%). Consistent with other studies, mobility was related to maternal age and socio-economic status, and the majority of moves were over a relatively short distance. Although this population appears relatively stable, the mobility we have observed may still introduce misclassification or error into an exposure assessment relying solely on postcode at delivery, and migration should still therefore be considered a potential source of bias in future studies.</p

The Impact of Boreal Forest Fire on Climate Warming

We report measurements and analysis of a boreal forest fire, integrating the effects of greenhouse gases, aerosols, black carbon deposition on snow and sea ice, and postfire changes in surface albedo. The net effect of all agents was to increase radiative forcing during the first year (34 ± 31 Watts per square meter of burned area), but to decrease radiative forcing when averaged over an 80-year fire cycle (–2.3 ± 2.2 Watts per square meter) because multidecadal increases in surface albedo had a larger impact than fire-emitted greenhouse gases. This result implies that future increases in boreal fire may not accelerate climate warming

BepiColombo-Mission Overview and Science Goals

BepiColombo is a joint mission between the European Space Agency, ESA, and the Japanese Aerospace Exploration Agency, JAXA, to perform a comprehensive exploration of Mercury. Launched on 20th October 2018 from the European spaceport in Kourou, French Guiana, the spacecraft is now en route to Mercury. Two orbiters have been sent to Mercury and will be put into dedicated, polar orbits around the planet to study the planet and its environment. One orbiter, Mio, is provided by JAXA, and one orbiter, MPO, is provided by ESA. The scientific payload of both spacecraft will provide detailed information necessary to understand the origin and evolution of the planet itself and its surrounding environment. Mercury is the planet closest to the Sun, the only terrestrial planet besides Earth with a self-sustained magnetic field, and the smallest planet in our Solar System. It is a key planet for understanding the evolutionary history of our Solar System and therefore also for the question of how the Earth and our Planetary System were formed. The scientific objectives focus on a global characterization ofMercury through the investigation of its interior, surface, exosphere, and magnetosphere. In addition, instrumentation onboard BepiColombo will be used to test Einstein's theory of general relativity. Major effort was put into optimizing the scientific return of the mission by defining a payload such that individual measurements can be interrelated and complement each other.Peer reviewe