POTENTIAL DIVIDENDS AND ACTUAL CASH FLOW. A REGIONAL LATIN AMERICAN ANALYSIS

We examine the value market assigns to components of the cash flow to equity including potential dividends. We study non financial publicly traded firms from five Latin American countries. The model includes four variables: market value of equity, dividends paid, change in equity investment and change in liquid assets (potential dividends) and are regressed with actual equity value as dependent variable. Tests applied give robust results. The main conclusions: Market assigns less than one dollar to a future dollar for any of the variables studied. Potential dividends destroy value. A dollar invested in liquid assets has a negative Net Present Value and it is not zero NPV investments. We confirm the agency costs of keeping undistributed cash flows.Cash flow to equity, potential dividends, equity value.

Recycling of WEEE plastics waste in mortar: The effects on mechanical properties

This work focused on the recycling of WEEE plastic waste as a partial substitute for aggregate in light mortars. The plastic mix, provided by the IREN group, was used as a replacement of aggregate in 15, 30, 45, 60, 75, and 90%vol in mortars. Worsening of the mechanical performance of around 50% was detected already at only 15%vol of mineral aggregate substituted with plastic waste. The explanation of this phenomenon was found in both the scarce mechanical properties of the used plastic and in the poor adhesion between matrix and plastics that resulted in extra-porosity formation, as also demonstrated by comparing the results with several models in the literature. However, the use of plastic waste as a partial replacement of natural aggregate contributes to the preservation of natural resources and, in any case, does not limit the application of these materials in non-structural applications

Mechanical properties of mortar containing recycled Acanthocardia tuberculata seashells as aggregate partial replacement

Waste management is a most current topic, and as such, numerous articles in literature discuss over the recycling and re-use of waste materials from various fields. A common solution is the to use these materials as partial substituent of the inert fraction in concretes and mortars. This work focuses on the possibility of using Acanthocardia tuberculata seashells, which constitute a food waste destined to landfilling, as partial substituents of inert in mortars. The results obtained evidenced that the reduction in mechanical properties (in terms of toughness and flexural stress) is mainly due to the water absorption properties of seashells aggregates, which affect the hydration of the cement. However, as experimentally demonstrated, such decrease in mechanical properties in any case does not compromise the performance of the material when used for civil applications

Transport Barriers in Magnetized Plasmas -- General Theory with Dynamical Constraints

A fundamental dynamical constraint -- that fluctuation induced charge-weighted particle flux must vanish -- can prevent instabilities from accessing the free energy in the strong gradients characteristic of Transport Barriers (TBs). Density gradients, when larger than a certain threshold, lead to a violation of the constraint and emerge as a stabilizing force. This mechanism, then, broadens the class of configurations (in magnetized plasmas) where these high confinement states can be formed and sustained. The need for velocity shear, the conventional agent for TB formation, is obviated. The most important ramifications of the constraint is to permit a charting out of the domains conducive to TB formation and hence to optimally confined fusion worthy states; the detailed investigation is conducted through new analytic methods and extensive gyrokinetic simulations

Reconsolidation and extinction are dissociable and mutually exclusive processes: behavioral and molecular evidence.

Memory persistence is critically influenced by retrieval. In rats, a single presentation of a conditioned fear stimulus induces memory reconsolidation and fear memory persistence, while repeated fear cue presentations result in loss of fear through extinction. These two opposite behavioral outcomes are operationally linked by the number of cue presentations at memory retrieval. However, the behavioral properties and mechanistic determinants of the transition have not yet been explored; in particular, whether reconsolidation and extinction processes coexist or are mutually exclusive, depending on the exposure to non-reinforced retrieval events. We characterized both behaviorally and molecularly the transition from reconsolidation to extinction of conditioned fear and showed that an increase in calcineurin (CaN) in the basolateral amygdala (BLA) supports the shift from fear maintenance to fear inhibition. Gradually increasing the extent of retrieval induces a gradual decrease in freezing responses to the conditioned stimulus and a gradual increase in amygdala CaN level. This newly synthesized CaN is required for the extinction, but not the reconsolidation, of conditioned fear. During the transition from reconsolidation to extinction, we have revealed an insensitive state of the fear memory where NMDA-type glutamate receptor agonist and antagonist drugs are unable either to modulate CaN levels in the BLA or alter the reconsolidation or extinction processes. Together, our data indicate both that reconsolidation and extinction are mutually exclusive processes and also reveal the presence of a transitional, or "limbo," state of the original memory between these two alternative outcomes of fear memory retrieval, when neither process is engaged.This research was supported by aUK Medical Research Council Programme Grant (no. 9536855) to B.J.E., and was conducted in the Department of Psychology and the Medical Research Council/Wellcome Trust Behavioural and Clinical Neuroscience Institute. E.M. was supported by a Royal Society Newton International Fellowship. A.L.M. was partly supported by the Ferreras-Willetts Fellowship in Neuroscience at Downing College, Cambridge University.This is the final version of the article. It first appeared from Society for Neuroscience via http://dx.doi.org/10.1523/JNEUROSCI.4001-13.2014

POTENTIAL DIVIDENDS AND ACTUAL CASH FLOWS. A REGIONAL LATIN AMERICAN ANALYSIS

Dividendos potenciales y flujos de caja: un análisis regional para América Latina Se examina el valor que el mercado asigna a los componentes del flujo de caja del accionista, incluidos los dividendos potenciales. Se estudia empresas transadas de cinco países de América Latina. El modelo incluye cuatro variables: valor de mercado del patrimonio, los dividendos pagados, cambio en la inversión de patrimonio y cambio en activos líquidos (dividendos potenciales) y se regresaron con el valor de mercado del patrimonio como variable dependiente. Las pruebas estadísticas dan resultados sólidos. Conclusiones: El mercado asigna menos de 1 dólar a un dólar futuro para cualquiera de las variables. Los dividendos potenciales destruyen valor.Un dólar invertido en activos líquidos tiene un valor presente neto negativo.Confirmamos los costos de agencia de no distribuir los flujos de caja.Examinámos o valor que o mercado determina para componentes do fluxo de caixa, e para valoração do património, incluindo potenciais dividendos. Estudámos firmas não financeiras de capital aberto de cinco países Latino Americanos. O modelo inclui as quatro variáveis seguintes: valoração de patrimônio no mercado, dividendos pagos, mudança no investimento de patrimônio, e mudança em ativos disponíveis (potenciais dividendos). Foi realizada uma análise de regressão a essas variáveis usando valor de património real como uma variável dependente. Os testes efetuados produziram resultados fortes. As conclusões principais são as seguintes: o mercado determina menos de um dólar para um futuro dólar por qualquer das variáveis em revista. Potenciais dividendos destruem o valor. Um dólar investido em ativos disponíveis tem um Valor Líquido Presente negativo e não é investimento zero VPL. Nós confirmámos os custos da agência por manter fluxos de caixa retidos.We examine the value market assigns to components of the cash flow to equity including potential dividends. We study non financial publicly traded firms from five Latin American countries. The model includes four variables: market value of equity, dividends paid, change in equity investment and change in liquid assets (potential dividends) and are regressed with actual equity value as dependent variable. Tests applied give robust results. The main conclusions: Market assigns less than one dollar to a future dollar for any of the variables studied. Potential dividends destroy value. A dollar invested in liquid assets has a negative Net Present Value and it is not zero NPV investments. We confirm the agency costs of keeping undistributed cash flows

Plasma protein biomarkers for depression and schizophrenia by multi analyte profiling of case-control collections.

Despite significant research efforts aimed at understanding the neurobiological underpinnings of psychiatric disorders, the diagnosis and the evaluation of treatment of these disorders are still based solely on relatively subjective assessment of symptoms. Therefore, biological markers which could improve the current classification of psychiatry disorders, and in perspective stratify patients on a biological basis into more homogeneous clinically distinct subgroups, are highly needed. In order to identify novel candidate biological markers for major depression and schizophrenia, we have applied a focused proteomic approach using plasma samples from a large case-control collection. Patients were diagnosed according to DSM criteria using structured interviews and a number of additional clinical variables and demographic information were assessed. Plasma samples from 245 depressed patients, 229 schizophrenic patients and 254 controls were submitted to multi analyte profiling allowing the evaluation of up to 79 proteins, including a series of cytokines, chemokines and neurotrophins previously suggested to be involved in the pathophysiology of depression and schizophrenia. Univariate data analysis showed more significant p-values than would be expected by chance and highlighted several proteins belonging to pathways or mechanisms previously suspected to be involved in the pathophysiology of major depression or schizophrenia, such as insulin and MMP-9 for depression, and BDNF, EGF and a number of chemokines for schizophrenia. Multivariate analysis was carried out to improve the differentiation of cases from controls and identify the most informative panel of markers. The results illustrate the potential of plasma biomarker profiling for psychiatric disorders, when conducted in large collections. The study highlighted a set of analytes as candidate biomarker signatures for depression and schizophrenia, warranting further investigation in independent collections

A failure to communicate: an experimental investigation of the effects of advice on strategic play

We investigate why two person teams beat the truth wins benchmark in signaling games (Cooper and Kagel, 2005, 2009) by studying an advice treatment where advisees have the benefit of two individuals׳ insight but not bilateral communication. The TW benchmark states that the performance of a team for problems with a demonstrable correct solution should be no worse than the performance of its most able individual. If one individual solves the problem, the team solves it as well. Advisees whose advisors play strategically have significantly higher levels of strategic play, but fall well short of the truth wins benchmark as (i) many advisors who play strategically do not provide advice to this effect, and (ii) many advisees fail to follow sound advice. Effect (i) is largely attributable to female advisors who are far less likely to provide advice than men. Whether or not advice contains a clear explanation for its effectiveness has no effect on the likelihood of advisees’ strategic play, a result at odds with the idea that economic agents regularly consider all the available alternatives

Advanced Patient-Centered Communication for Health Behavior Change: Motivational Interviewing Workshops for Medical Learners

Introduction: Medical settings are critical access points for behavior change counseling, and lifestyle behavior change is considered a key component of chronic disease management. The Association of American Medical Colleges recommends that future physicians be competent in shared decision making and patient-centered behavioral guidance to prevent illness and improve patient self-management of chronic disease. Motivational interviewing (MI) is a patient-centered, directive method of communication to enhance behavior change. Specific teachable strategies underlie the collaborative MI communication style that aims to reduce discord and build motivation for change. Methods: We present our three-session 12-hour MI curriculum as an advanced form of patient-centered communication. Each session includes presession assignment, large-group interactive lecture, and small-group activities for practice. An interdisciplinary team consisting of medical educators and health behavior change research-educators who are also members of the Motivational Interviewing Network of Trainers created the submission. The purpose of this resource is to provide medical educators with a short curriculum that incorporates materials and learning activities to promote skill in MI. Results: In addition to positive feedback from student evaluations including the areas of relevance to training and self-rated skills improvement, preliminary pre- and posttraining scores from the medical students show significant improvement in expression of empathy and the ratio of reflections to questions. Discussion: Implementation of the curriculum allows learners the opportunity to practice evidence-based communication that promotes intrinsic motivation for health behavior change in patients, a key treatment focus in chronic disease management