Is debt replacing equity in regulated privatized infrastructure in developing countries?

The main purpose of this paper is to describe the evolution of the financing structure of regulated privatized utilities and transport companies. To do so, the authors rely on a sample of 121 utilities distributed over 16 countries, and 23 transport infrastructure operators and 23 transport services operators distributed over 23 countries. They show that leverage rates vary significantly across sectors, with the highest rates observed in transport and the lowest in water. Moreover, the authors also show that the 1997 Asia crisis led operators to adjust their financial structure differently in different regions. Overall, the evidence they present shows that debt is replacing equity in financing the investment needs of utilities and transport services in developing countries. These results raise some questions as to whether the regulator's mandate should be expanded to monitor the financial structure of companies and as to whether the international community should make a stronger commitment to more transparent regulatory accounting systems.International Terrorism&Counterterrorism,Banks&Banking Reform,Payment Systems&Infrastructure,Public Sector Economics&Finance,Municipal Financial Management,Banks&Banking Reform,Public Sector Economics&Finance,Rural Finance,Municipal Financial Management,Environmental Economics&Policies

Hypertonic Saline for Peri-operative Fluid Management

BACKGROUND: Fluid excess may place patients undergoing surgery at risk for various complications. Hypertonic saline (HS) maintains intravascular volume with less intravenous fluid than isotonic salt (IS) solutions, but may increase serum sodium. OBJECTIVES: To determine the benefits and harms of HS versus IS solutions administered to patients undergoing surgery. SEARCH STRATEGY: We searched the Cochrane Central Register of Controlled Trials (CENTRAL), (The Cochrane Library) Issue 1, 2009; MEDLINE (1966 to 2009); EMBASE (1980 to 2009); LILACS (to August 2009) and CINAHL (1982 to 2009) without language restrictions. SELECTION CRITERIA: We included randomized clinical trials where HS was compared to IS in patients undergoing surgery, irrespective of blinding, language, and publication status. DATA COLLECTION AND ANALYSIS: We assessed the impact of HS administration on mortality, organ failure, fluid balance, serum sodium, serum osmolarity, diuresis and physiologic measures of cardiovascular function. We pooled data using odds ratio or mean difference (MD) for binary and continuous outcomes, respectively, using random-effects models. MAIN RESULTS: We included 15 studies with 614 participants. One death in each group and no other serious adverse events were reported. While all patients were in a positive fluid balance postoperatively, the excess was significantly less in HS patients (standardized mean difference (SMD) -1.43L, 95% confidence interval (CI) 0.8 to 2.1 L less; P \u3c 0.00001). Patients treated with HS received significantly less fluid than IS-treated patients (MD -2.4L 95% (CI) 1.5 to 3.2 L less; P \u3c 0.00001) without differences in diuresis between the groups. Maximum intraoperative cardiac index was significantly increased with HS (SMD 0.6 L/min/M2 higher, 95% CI 0.1 to 1.0, P = 0.02) but Intraoperative pulmonary artery wedge pressure remained unchanged. While the maximum serum sodium and the serum sodium at the end of the study were significantly higher in HS patients, the level remained within normal limits (136 to 146 meq/L). AUTHORS\u27 CONCLUSIONS: HS reduces the volume of intravenous fluid required to maintain patients undergoing surgery but transiently increases serum sodium. It is not known if HS effects patient survival and morbidity but it should be tested in randomized clinical trials that are designed and powered to test these outcomes

The Epipelagic Fish Community of Beaufort Sea Coastal Waters, Alaska

A three-year study of epipelagic fishes inhabiting Beaufort Sea coastal waters in Alaska documented spatial and temporal patterns in fish distribution and abundance and examined their relationships to thermohaline features during summer. Significant interannual, seasonal, and geographical differences in surface water temperatures and salinities were observed. In 1990, sea ice was absent and marine conditions prevailed, whereas in 1988 and 1991, heavy pack ice was present and the dissolution of the brackish water mass along the coast proceeded more slowly. Arctic cod, capelin, and liparids were the most abundant marine fishes in the catches, while arctic cisco was the only abundant diadromous freshwater species. Age-0 arctic cod were exceptionally abundant and large in 1990, while age-0 capelin dominated in the other years. The alternating numerical dominances of arctic cod and age-0 capelin may represent differing species' responses to wind-driven oceanographic processes affecting growth and survival. The only captures of age-0 arctic cisco occurred during 1990. Catch patterns indicate they use a broad coastal migratory corridor and tolerate high salinities. As in the oceanographic data, geographical and temporal patterns were apparent in the fish catch data, but in most cases these patterns were not statistically testable because of excessive zero catches. The negative binomial distribution appeared to be a suitable statistical descriptor of the aggregated catch patterns for the more common species.Une étude de trois ans portant sur les poissons épipélagiques habitant les eaux côtières de la mer de Beaufort en Alaska décrit les schémas spatiaux et temporaux de la distribution et de l'abondance des poissons et examine leurs rapports avec les caractéristiques thermohalines durant l'été. On a observé d'importantes différences interannuelles, saisonnières et géographiques dans la température et la salinité de l'eau de surface. En 1990, la glace de mer était absente et des conditions marines régnaient, tandis qu'en 1988 et 1991, la glace de mer était épaisse et la dissolution de l'eau saumâtre le long du littoral s'est réalisée plus lentement. La morue polaire, le capelan et les liparis étaient les poissons marins qu'on retrouvait en plus grandes quantités dans les prises, tandis que le cisco arctique était la seule espèce d'eau douce diadrome qu'on retrouvait en abondance. En 1990, la morue polaire âgée de moins d'un an était particulièrement abondante et de taille importante, tandis que le capelan âgé de moins d'un an prédominait durant les autres années. L'alternance de la dominance numérique de la morue polaire et du capelan de moins d'un an pourrait signaler une réaction différente des espèces à des phénomènes océanographiques dus au vent, affectant la croissance et la survie. Les seules captures de cisco arctique de moins d'un an se sont produites en 1990. Les schémas de prises indiquent que les poissons utilisent un vaste corridor migratoire le long du littoral et tolèrent un taux élevé de salinité. Comme pour les données océanographiques, des schémas géographiques et temporaires étaient apparents pour les données des prises de poissons, mais, dans la plupart des cas, ces schémas ne pouvaient être testés sur le plan statistique en raison du trop grand nombre de prises nulles. La distribution binomiale négative semblait être un descripteur statistique approprié des schémas de prises cumulatifs pour les espèces plus courantes.

The Relationship Between Market And Accounting Determined Risk Measures: Reviewing And Updating The Beaver, Kettler, Scholes (1970) Study

The association between market-determined risk measures and accounting-determined risk measures was originally explored in the 1970s by Beaver, Kettler, and Scholes (BKS). The results of the BKS (1970) study suggest that accounting information is usefulness in assessing firm specific risk. Since BKS, there have been few studies conducted to determine if these results still hold today.  This cross-sectional study re-examines the relationship between market and accounting-determined risk measures. A total of 222 randomly selected publicly traded companies were examined to determine if there is a relationship between the accounting risk measures of dividend payout ratio, leverage, and earnings variability and the market risk measure of beta.  The relationship is further analyzed by classifying the results based on the company’s size (market capitalization).  Our study suggests that the original BKS (1970) results hold true in today’s market with some exceptions. These findings reiterate the importance of accounting policy choice and full disclosure in the financial statements, as accounting information proves to be a possible alternative to market risk information. This demonstrates that full disclosure is important to help capital markets determine a company’s risk profile

Patches in a side-by-side configuration: a description of the flow and deposition fields

In the last few decades, a lot of research attention has been paid to flow-vegetation interactions. Starting with the description of the flow field around uniform macrophyte stands, research has evolved more recently to the description of flow fields around individual, distinct patches. However, in the field, vegetation patches almost never occur in isolation. As such, patches will influence each other during their development and interacting, complex flow fields can be expected. In this study, two emergent patches of the same diameter (D = 22 cm) and a solid volume fraction of 10% were placed in a side-by-side configuration in a lab flume. The patches were built as an array of wooden cylinders, and the distance between the patches (gap width Delta) was varied between Delta = 0 and 14 cm. Flow measurements were performed by a 3D Vectrino Velocimeter (Nortek AS) at mid-depth of the flow. Deposition experiments of suspended solids were performed for selected gap widths. Directly behind each patch, the wake evolved in a manner identical to that of a single, isolated patch. On the centerline between the patches, the maximum velocity U-max was found to be independent of the gap width Delta. However, the length over which this maximum velocity persists, the potential core L-j, increased linearly as the gap width increased. After the merging of the wakes, the centerline velocity reaches a minimum value U-min. The minimum centerline velocity decreased in magnitude as the gap width decreased. The velocity pattern within the wake is reflected in the deposition patterns. An erosion zone occurs on the centerline between the patches, where the velocity is elevated. Deposition occurs in the low velocity zones directly behind each patch and also downstream of the patches, along the centerline between the patches at the point of local velocity minimum. This downstream deposition zone, a result of the interaction of neighbouring patch wakes, may facilitate the establishment of new vegetation, which may eventually inhibit flow between the upstream patches and facilitate patch merger

Intragroup Emotions : Physiological Linkage and Social Presence

We investigated how technologically mediating two different components of emotion communicative expression and physiological state to group members affects physiological linkage and self-reported feelings in a small group during video viewing. In different conditions the availability of second screen text chat (communicative expression) and visualization of group level physiological heart rates and their dyadic linkage (physiology) was varied. Within this four person group two participants formed a physically co-located dyad and the other two were individually situated in two separate rooms. We found that text chat always increased heart rate synchrony but HR visualization only with non-co-located dyads. We also found that physiological linkage was strongly connected to self-reported social presence. The results encourage further exploration of the possibilities of sharing group member's physiological components of emotion by technological means to enhance mediated communication and strengthen social presence.Peer reviewe

Assessment of endometrial and ovarian characteristics using three dimensional power Doppler ultrasound to predict response in frozen embryo transfer cycles

<p>Abstract</p> <p>Objective</p> <p>To evaluate whether endometrial or ovarian parameters as measured using 3D power Doppler ultrasound would predict the outcome in frozen embryo transfer (FET) cycles.</p> <p>Methods</p> <p>Thirty women with no known gynecological pathology undergoing FET were recruited. The FET was carried out in the natural menstrual cycle 3-4 days after the first positive LH test result. Blood samples for hormonal analysis were collected, and three-dimensional (3D) ultrasonographic examination was performed on the day of the FET and repeated with analysis of the total hCG one week later.</p> <p>Results</p> <p>The demographic, clinical, and embryological characteristics were similar between the pregnant (15/30) and nonpregnant groups (15/30). There were no differences between the groups in endometrial/subendometrial thickness, volume, or vascularization index (VI). The endometrial triple-line pattern was more often present in the pregnant group on the day of the FET (93.3% vs. 40.0%, 95% CI 25.5-81.2%). No differences in the ovaries were observed on the day of the FET. At the second visit, the triple-line pattern was still more often present in those patients who had conceived (91.7% vs. 42.9%, 95% CI 18.5-79.1%), and their corpus luteum was more active as judged by the rise in 17-hydroxyprogesterone and estradiol levels. No differences were observed in the dominant ovarian vasculature.</p> <p>Conclusions</p> <p>According to our results, measurement of power Doppler indices using 3D ultrasound on the day of the FET does not provide any additional information concerning the outcome of the cycle. The existence of the triple-line pattern on the day of the FET seems to be a prognostic sign of a prosperous outcome after FET. The dominant ovary in the pregnant group seems to be already activated one week after the FET.</p

The politics of responsibility: States, rights and dialogue in mining governance

This PhD thesis examines the boundaries of deliberation and how rights and responsibilities are divided between corporations, nation states, and civil society. As globalisation has integrated economies, and accelerated information exchange, it has also arguably restructured the division of responsibilities between state, market and society. In this world of continuously negotiated public and private interests, and multi-layered governance, how are hegemonies built, maintained or contested? Natural resource governance in general and mining conflicts in particular offer a fruitful context in which to explore governance and conflict dynamics in management research as they link the often overlooked role of the state within the discussion on corporate–civil society relations. Drawing from political theory and political ecology literatures this research contributes to our understanding of governance gaps and the political role of corporations. It describes the political complexities that underlie state – corporate interactions, and the possibilities and shortcomings of private governance in replacing public forms of governance. The research unearths how different historico-political trajectories influence governance regimes, and how governance mechanisms emerge in different spheres of statehood – namely political, administrative and judicial. Furthermore, the research contributes to deliberative management literature by discussing the challenges in securing the basic tenets of participation and equality, and allowing for contestation, dissensus and conflict as part of the process. The research is based on a qualitative case study approach, and data include semi-structured in-depth interviews, participant observation, and textual materials. The two case countries, Finland and Chile, represent polar types in mining governance, which enables theory building based on their similarities and differences. The three articles of the PhD thesis examine different aspects of the governance interactions between public and private actors. The first paper investigates the differences of civil society actors as rightsholders and stakeholders in public and private governance, and how those roles, in turn, influence governance outcomes. The second paper discusses the various roles of statehood in multi-stakeholder governance, and how governments deploy these new governance regimes for their political purposes. Advancing prior research on layered governance and public–private interactions, this paper demonstrates how the expectations and roles of the state transfer into multi-stakeholder initiatives. Thus, it is not only the government that steer the initiatives directly or indirectly, but the embeddedness of administrative and judicial spheres in MSIs that impact these governance constellations. The third paper examines the case of Anglo American’s mining project Sakatti in northern Finland through an ethnographic approach. It takes a micro-level perspective and examines the power of place and place-based identities in corporate–community dialogue. Local values, meanings and knowledge are connected to persuasion and control through dialogue, and place is actively mobilised as a resource by both the company, and those who are opposed to the mining project. Place-basedness becomes an important frame for managing dissensus, contesting hegemony and silencing resistance. Together all these articles contribute to the theorisation of the business–society interface and the broader discussion on the role of the state in assigning and sharing corporate responsibilities

Screening of variants for lactase persistence/non-persistence in populations from South Africa and Ghana

<p>Abstract</p> <p>Background</p> <p>Lactase non-persistence is a condition where lactase activity is decreased in the intestinal wall after weaning. In European derived populations a single nucleotide polymorphism (SNP) C/T_-13910residing 13.9 kb upstream from the lactase gene has been shown to define lactase activity, and several other single nucleotide polymorphisms (G/C_-14010T/G_-13915, C/G_-13907and T/C_-13913) in the same region have been identified in African and Middle East populations.</p> <p>Results</p> <p>The T_-13910allele most common in European populations was present in 21.8% mixed ancestry (N = 62) individuals and it was absent in the Xhosa (N = 109) and Ghana (N = 196) subjects. Five other substitutions were also found in the region covering the previously reported variants in African and Middle East populations. These included the G/C_-14010variant common in Kenyan and Tanzanian populations, which was present in 12.8% of Xhosa population and in 8.1% of mixed ancestry subjects. Two novel substitutions (C/T_-14091and A/C_-14176) and one previously reported substitution G/A_-13937(rs4988234) were less common and present only in the Xhosa population. One novel substitution G/A_-14107was present in the Xhosa and Ghanaian populations. None of the other previously reported variants were identified.</p> <p>Conclusion</p> <p>Identification of the G/C_-14010variant in the Xhosa population, further confirms their genetic relatedness to other nomadic populations members that belong to the Bantu linguistic group in Tanzania and Kenya. Further studies are needed to confirm the possible relationship of the novel substitutions to the lactase persistence trait.</p