The Determinants of Leverage. Differences between Quoted and Non Quoted Firms

The design of capital structure in quoted companies has received much attention in the academic literature. Using panel data from quoted as well as non quoted Belgian companies, this paper investigates not only the determinants of capital structure, but also the influence of a stock listing on the relationship between these determinants and leverage. Overall our empirical results are in line with previous studies and support mainly the Pecking Order theory. Also in line with the predictions of the Pecking Order theory, quoted companies are less levered, even when controlling for other determinants of capital structure. Furthermore we find that the determinants of capital structure differ to some extend between quoted and non quoted companies.

Informationele efficiëntie van de Belgische Optiemarkt.

Grote prijsveranderingen en volumes gaan dikwijls samen. Dit artikel gaat na of er een wisselwerking bestaat tussen optieverhandeling op individuele aandelen op Belfox en volumes in de termijnmarkt. Het omvat een updating alsook een verfijning van vroegere resultaten. In het bijzonder wordt nagegaan of er een verschillend verband bestaat tussen activiteit op Belfox enerzijds en activiteit in de termijnmarkt anderzijds, naargelang er zich in de onderliggende waarde al dan niet belangrijke bewegingen voordoen. Het zou immers kunnen dat marktdeelnemers de optiemarkt voornamelijk gebruiken bij de instroom van informatie die voldoende grote prijsschommelingen kan teweeg brengen en minder voor door-de-weekse gebeurtenissen. De analyse duidt aan dat in drie deelmarkten van Belfox (Petrofina, Delhaize en Union Minière) nieuwe informatie aanleiding geeft tot significant verhoogde optievolumes. Dit geldt zowel voor door-de-weekse dagen als voor dagen met belangrijke prijsschommelingen in de onderliggende waarde. De andere aandelenoptiemarkten blijken te klein te zijn om snel op nieuwe informatie te reageren.

COD and colour removal from molasses spent wash using activated carbon produced from bagasse fly ash of Matahara sugar factory, Oromiya region, Ethiopia

The aim of this study was to investigate the removal of chemical oxygen demand (COD) and colour from a melanoidin solution using activated carbon produced from bagasse fly ash (BFA). Melanoidins are heterogeneous polymers and major contributors to the dark brown colour of molasses spent wash, which is an extensive cause of environment pollution. The surface area of the BFA was determined as 160.9 +/- 2.8m(2)/g with 90% of particle less than 156.8 mu m in size. Characterization of the BFA by Fourier transform infrared spectroscopy (FTIR) showed the presence of hydroxyl and carbonyl functional groups, whereas X-ray diffraction analysis indicated its amorphous nature. Moreover, scanning electron microscopy analysis showed a heterogeneous and irregular shape of pores. Among the adsorption isotherm models analysed, the Freundlich model fitted best to the experimental data, indicating a maximum adsorptive capacity of 124.80 mg/g. The removal of COD and colour from a melanoidin solution with this activated carbon was carried out using an experimental design taking 4 factors into account. These were adsorbent dose, contact time, pH and initial COD concentration, with removal of COD and colour as response variables. COD reduction was influenced by initial COD concentration whereas colour removal was dominated by contact time, which was in line with the findings of principal component analysis. The maximum COD removal recorded was 61.6% at the optimum condition of adsorbent dose of 4 g in 100 mL, contact time of 4 h, pH 8 and initial COD concentration 6 000 mg/L, whereas the decolourization of melanoidin solution was 64% at adsorbent dose of 4 g, contact time 4 h, pH 3 and initial COD concentration 6 000 mg/L. Hence, activated BFA is a promising option for simultaneous removal of COD and colour from molasses spent wash under the stated conditions

State-of-the-art of design and operation of power systems with large amounts of wind power, summary of IEA Wind collaboration

An international forum for exchange of knowledge of power system impacts of wind power has been formed under the IEA Implementing Agreement on Wind Energy. The task “Design and Operation of Power Systems with Large Amounts of Wind Power” is analysing existing case studies from different power systems.There are a multitude of studies made and ongoing related to cost of wind integration. However, the results are not easy to compare. This paper summarises the results from 15 case studies

Liver-Specific Polygenic Risk Score Is Associated with Alzheimer's Disease Diagnosis

BACKGROUND: Our understanding of the pathophysiology underlying Alzheimer's disease (AD) has benefited from genomic analyses, including those that leverage polygenic risk score (PRS) models of disease. The use of functional annotation has been able to improve the power of genomic models. OBJECTIVE: We sought to leverage genomic functional annotations to build tissue-specific AD PRS models and study their relationship with AD and its biomarkers. METHODS: We built 13 tissue-specific AD PRS and studied the scores' relationships with AD diagnosis, cerebrospinal fluid (CSF) amyloid, CSF tau, and other CSF biomarkers in two longitudinal cohort studies of AD. RESULTS: The AD PRS model that was most predictive of AD diagnosis (even without APOE) was the liver AD PRS: n = 1,115; odds ratio = 2.15 (1.67-2.78), p = 3.62×10-9. The liver AD PRS was also statistically significantly associated with cerebrospinal fluid biomarker evidence of amyloid-β (Aβ 42:Aβ 40 ratio, p = 3.53×10-6) and the phosphorylated tau:amyloid-β ratio (p = 1.45×10-5). CONCLUSION: These findings provide further evidence of the role of the liver-functional genome in AD and the benefits of incorporating functional annotation into genomic research

The PRO-RCC study:a long-term PROspective Renal Cell Carcinoma cohort in the Netherlands, providing an infrastructure for ‘Trial within Cohorts’ study designs

BACKGROUND: Ongoing research in the field of both localized, locally advanced and metastatic renal cell carcinoma has resulted in the availability of multiple treatment options. Hence, many questions are still unanswered and await further research. A nationwide collaborative registry allows to collect corresponding data. For this purpose, the Dutch PROspective Renal Cell Carcinoma cohort (PRO-RCC) has been founded, for the prospective collection of long-term clinical data, patient reported outcome measures (PROMs) and patient reported experience measures (PREMs).METHODS: PRO-RCC is designed as a multicenter cohort for all Dutch patients with renal cell carcinoma (RCC). Recruitment will start in the Netherlands in 2023. Importantly, participants may also consent to participation in a 'Trial within cohorts' studies (TwiCs). The TwiCs design provides a method to perform (randomized) interventional studies within the registry. The clinical data collection is embedded in the Netherlands Cancer Registry (NCR). Next to the standardly available data on RCC, additional clinical data will be collected. PROMS entail Health-Related Quality of Life (HRQoL), symptom monitoring with optional ecological momentary assessment (EMA) of pain and fatigue, and optional return to work- and/or nutrition questionnaires. PREMS entail satisfaction with care. Both PROMS and PREMS are collected through the PROFILES registry and are accessible for the patient and the treating physician.TRIAL REGISTRATION: Ethical board approval has been obtained (2021_218) and the study has been registered at ClinicalTrials.gov (NCT05326620).DISCUSSION: PRO-RCC is a nationwide long-term cohort for the collection of real-world clinical data, PROMS and PREMS. By facilitating an infrastructure for the collection of prospective data on RCC, PRO-RCC will contribute to observational research in a real-world study population and prove effectiveness in daily clinical practice. The infrastructure of this cohort also enables that interventional studies can be conducted with the TwiCs design, without the disadvantages of classic RCTs such as slow patient accrual and risk of dropping out after randomization.</p

For a Migrant Art: Samuel Beckett and Cultural Nationalism

This essay charts Samuel Beckett’s linguistic migration from English to French at the end of the Second World War, locating this within the context of other twentieth-century literary migrations. It then proceeds to identify some of the principal ways in which Beckett seeks to resist forms of cultural nationalism (Irish, French and German). The distance that Beckett takes from these European forms of cultural nationalism is reflected not only in the migrant status of his characters, but also in the way in which he deploys national-cultural references. The essay argues that Beckett’s aim in this respect bears comparison with that of the ‘good European’ as defined by Nietzsche. An important difference, however, is that in Beckett’s case the emphasis falls not upon cosmopolitanism but rather upon a perpetual migrancy that is captured above all in his movement between languages