Capital structure and its determinants in the United Kingdom – a decompositional analysis

Prior research on capital structure by Rajan and Zingales (1995) suggests that the level of gearing in UK companies is positively related to size and tangibility, and negatively correlated with profitability and the level of growth opportunities. However, as argued by Harris and Raviv (1991), 'The interpretation of results must be tempered by an awareness of the difficulties involved in measuring both leverage and the explanatory variables of interest'. In this study the focus is on the difficulties of measuring gearing, and the sensitivity of Rajan and Zingales' results to variations in gearing measures are tested. Based on an analysis of the capital structure of 822 UK companies, Rajan and Zingales' results are found to be highly definitional-dependent. The determinants of gearing appear to vary significantly, depending upon which component of debt is being analysed. In particular, significant differences are found in the determinants of long- and short-term forms of debt. Given that trade credit and equivalent, on average, accounts for more than 62% of total debt, the results are particularly sensitive to whether such debt is included in the gearing measure. It is argued, therefore, that analysis of capital structure is incomplete without a detailed examination of all forms of corporate debt

Doses, modos de aplicação de calcário e índices de acidez do solo para produção de soja e milho na Região da Zona da mata de Rondônia: respostas das plantas às doses e modos de aplicação de calcário em solo cultivado no sistema plantio direto.

O objetivo do trabalho foi de avaliar a resposta de soja e milho a diferentes doses de calcário, correlacionando-as com a saturação por bases (V%) e com o modo de incorporação (sistema mínimo, sistema tradicional e sem preparo), afim de estabelecer os melhores níveis de pH, dose e modo de aplicação do calcário para a região e sua influencia na disponibilidade dos nutrientes. O experimento foi instalado na área experimental do Campus de Agronomia em um Latossolo Vermelho-Amarelo distrófico típico, que foi cultivado com soja e milho (Safra 10/11). O modo de aplicação de calcário e a dose não resultaram em diferença na produtividade de milho. Para a soja a aplicação superficial de calcário proporcionou maior rendimento em relação ao sistema tradicional. A calagem proporcionou aumento nos níveis de V%, pH e Ca+Mg, demonstrando também eficiência na neutralização do alumínio

Produção de grãos de milho e soja submetidos a diferentes doses e modos de incorporação de calcário.

Os solos de Rondônia caracterizam-se por apresentar baixo pH, baixos teores de matéria orgânica, Ca e Mg trocáveis, baixo índice de saturação de bases, e relativamente elevados teores de alumínio trocáveis, o que diminui consideravelmente o potencial de rendimento das culturas. Este trabalho teve por objetivo avaliar a eficiência da calagem aplicada com diferentes doses e modos de incorporação ou mantido em superfície no solo. O experimento foi instalado em janeiro de 2009 em um Latossolo, em esquema fatorial 3 x 3 com 3 repetições, sendo, com doses de calcário (zero de calcário e doses para elevar a saturação de bases a 50 e 70%) mantido em superfície e incorporado em sistema convencional e mínimo de cultivo; foi cultivado soja e milho na safra 2010/11.A adubação e os demais tratos culturais foram feitos conforme recomendações específicas; após as avaliações de rendimento os dados foram submetidos a análise de variância. Não se verificou diferença nos efeitos isolados ou da interação dos tratamentos de doses e modos de incorporação nos rendimentos de grãos

Investigating situated cultural practices through cross-sectoral digital collaborations: policies, processes, insights

The (Belfast) Good Friday Agreement represents a major milestone in Northern Ireland's recent political history, with complex conditions allowing for formation of a ‘cross-community’ system of government enabling power sharing between parties representing Protestant/loyalist and Catholic/nationalist constituencies. This article examines the apparent flourishing of community-focused digital practices over the subsequent ‘post-conflict’ decade, galvanised by Northern Irish and EU policy initiatives armed with consolidating the peace process. Numerous digital heritage and storytelling projects have been catalysed within programmes aiming to foster social processes, community cohesion and cross-community exchange. The article outlines two projects—‘digital memory boxes’ and ‘interactive galleon’—developed during 2007–2008 within practice-led PhD enquiry conducted in collaboration with the Nerve Centre, a third-sector media education organisation. The article goes on to critically examine the processes involved in practically realising, and creatively and theoretically reconciling, community-engaged digital production in a particular socio-political context of academic-community collaboration

On waiting for something to happen

This paper seeks to examine two particular and peculiar practices in which the mediation of apparently direct encounters is made explicit and is systematically theorized: that of the psychoanalytic dialogue with its inward focus and private secluded setting, and that of theatre and live performance, with its public focus. Both these practices are concerned with ways in which “live encounters” impact on their participants, and hence with the conditions under which, and the processes whereby, the coming-together of human subjects results in recognizable personal or social change. Through the rudimentary analysis of two anecdotes, we aim to think these encounters together in a way that explores what each borrows from the other, the psychoanalytic in the theatrical, the theatrical in the psychoanalytic, figuring each practice as differently committed to what we call the “publication of liveness”. We argue that these “redundant” forms of human contact continue to provide respite from group acceptance of narcissistic failure in the post-democratic era through their offer of a practice of waiting

A model for two-proton emission induced by electron scattering

A model to study two-proton emission processes induced by electron scattering is developed. The process is induced by one-body electromagnetic operators acting together with short-range correlations, and by two-body $\Delta$ currents. The model includes all the diagrams containing a single correlation function. A test of the sensitivity of the model to the various theoretical inputs is done. An investigation of the relevance of the $\Delta$ currents is done by changing the final state angular momentum, excitation energy and momentum transfer. The sensitivity of the cross section to the details of the correlation function is studied by using realistic and schematic correlations. Results for $^{12}$C, $^{16}$O and $^{40}$Ca nuclei are presented.Comment: 30 pages, 18 figures, 3 table

Bodily relations and reciprocity in the art of Sonia Khurana

This article explores the significance of the ‘somatic’ and ‘ontological turn’ in locating the radical politics articulated in the contemporary performance, installation, video and digital art practices of New Delhi-based artist, Sonia Khurana (b. 1968). Since the late 1990s Khurana has fashioned a range of artworks that require new sorts of reciprocal and embodied relations with their viewers. While this line of art practice suggests the need for a primarily philosophical mode of inquiry into an art of the body, such affective relations need to be historicised also in relation to a discursive field of ‘difference’ and public expectations about the artist’s ethnic, gendered and national identity. Thus, this intimate, visceral and emotional field of inter- and intra-action is a novel contribution to recent transdisciplinary perspectives on the gendered, social and sentient body, that in turn prompts a wider debate on the ethics of cultural commentary and art historiography

Деформационное упрочнение начально-изотропных металлов при деформировании по траекториям малой кривизны

На примере стали мартенситного класса исследованы закономерности деформационного упрочнения при нагружении по траекториям, имеющим вид двухзвенных ломаных, которым соответствуют траектории деформирования малой кривизны. Показано, что поверхность нагружения, разделяющая области упругого и упругопластического деформирования, смещается в направлении вектора, который соединяет центр поверхности нагружения и изображающую точку на траектории нагружения, при этом не изменяется форма ее фронтальной части. Зависимость величины смещения центра поверхности нагружения от интенсивности накопленных пластических деформаций описывается кривой, инвариантной к виду траектории нагружения.На прикладі сталі мартенситного класу досліджено закономірності деформаційного зміцнення при навантаженні по траєкторіях, що мають вигляд дволанкових ламаних, яким відповідають траєкторії деформування малої кривини. Показано, що поверхня навантаження, яка розділяє області пружного та пружнопластичного деформування, зміщується у напрямку вектора, який з ’єднує центр поверхні навантаження та відображуючу точку на траєкторії навантаження, при цьому форма фронтальної частини не змінюється. Залежність величини зміщення центра поверхні навантаження від інтенсивності накопичених пластичних деформацій описується кривою, яка є інваріантною відносно траєкторії навантаження.By the example of martensitic steel we study regularities of strain hardening under loading along two-section broken lines corresponding to slightly curved strain paths. It is shown that the loading surface separating domains of elastic and elastoplastic strains (yield surface) is displaced in the direction of a vector connecting the surface center with the loading trajectory image point, while the shape of its frontal part remains unchanged. The yield surface center displacement versus the intensity of accumulated plastic strains is described by a curve invariant to the loading trajectory

Impact of RTS,S/AS02A and RTS,S/AS01B on Genotypes of P. falciparum in Adults Participating in a Malaria Vaccine Clinical Trial

Objective:RTS,S, a candidate vaccine for malaria, is a recombinant protein expressed in yeast containing part of the circumsporozoite protein (CSP) sequence of 3D7 strain of Plasmodium falciparum linked to the hepatitis B surface antigen in a hybrid protein. The RTS,S antigen is formulated with GSK Biologicals\u27 proprietary Adjuvant Systems AS02A or AS01B. A recent trial of the RTS,S/AS02A and RTS,S/AS01B vaccines evaluated safety, immunogenicity and impact on the development of parasitemia of the two formulations. Parasite isolates from this study were used to determine the molecular impact of RTS,S/AS02A and RTS,S/AS01B on the multiplicity of infection (MOI) and the csp allelic characteristics of subsequent parasitemias.Design:The distribution of csp sequences and the MOI of the infecting strains were examined at baseline and in break-through infections from vaccinated individuals and from those receiving a non-malarial vaccine.Setting:The study was conducted in Kombewa District, western Kenya.Participants:Semi-immune adults from the three study arms provided isolates at baseline and during break-through infections.Outcome:Parasite isolates used for determining MOI and divergence of csp T cell–epitopes were 191 at baseline and 87 from break-through infections.Results:Grouping recipients of RTS,S/AS01A and RTS,S/AS02B together, vaccine recipients identified as parasite-positive by microscopy contained significantly fewer parasite genotypes than recipients of the rabies vaccine comparator (median in pooled RTS,S groups: 3 versus 4 in controls, P = 0.0313). When analyzed separately, parasitaemic individuals in the RTS,S/AS01B group, but not the RTS,S/AS02A group, were found to have significantly fewer genotypes than the comparator group. Two individual amino acids found in the vaccine construct (Q339 in Th2R and D371 in Th3R) were observed to differ in incidence between vaccine and comparator groups but in different directions; parasites harboring Q339 were less common among pooled RTS,S/AS vaccine recipients than among recipients of rabies vaccine, whereas parasites with D371 were more common among the RTS,S/AS groups.Conclusions:It is concluded that both RTS,S/AS vaccines reduce multiplicity of infection. Our results do not support the hypothesis that RTS,S/AS vaccines elicit preferential effects against pfcsp alleles with sequence similarity to the 3D7 pfcsp sequence employed in the vaccine construct

Environmental Factors Affecting Students’ Academic Performance in Public Senior Secondary Schools in Anambra State, Nigeria

Declining academic performance among students has remained a recurring irritant in Nigeria’s educational system, in spite of all efforts of government and major stakeholders to change the narrative in the education sector. Since all teaching and learning activities take place within an environment, it is expected that the outcome of the education process correlates significantly with the teaching-learning environment. Following the method of survey design, this research identifies environmental factors that influence learning outcomes based on a sample of 624 respondents from public secondary schools in Anambra State. Multi-stage sampling technique is used in the sample selection, first to choose two senior secondary schools from each of three senatorial zones of the state. A second sample made up of 522 students and 102 academic instructors was drawn on proportionate basis from the previously selected sample of six senior secondary schools. The study presents robust evidence that students’ family background, proximity of home to school, level of training/professionalism attained by teachers, as well as school structure greatly determine how students perform in these institutions and thereby concludes that environmental factors play significant roles in the promotion of high educational achievement among students at the senior secondary level