Repurchasing Shares on a Second Trading Line

This paper studies a unique buyback method allowing firms to reacquire their own shares on a separate trading line where only the firm is allowed to buy shares. This temporary trading platform is opened concurrently with the original trading line on the stock exchange. This share repurchase method is called the Second Trading Line and has been extensively used by Swiss companies since 1997. This type of repurchase is unique for two reasons. First, unlike open market programs, the repurchasing company does not trade under the cover of anonymity. Second, all transactions made by the repurchasing firm are publicly available in real time to every market participant. This is a case of instantaneous disclosure which contrasts sharply with other markets characterized by delayed or no disclosure. Using actual repurchase data from all buybacks implemented through second trading lines, we find that managers exhibit timing ability for the majority of programs. We also document that the daily repurchase decision is statistically associated with short-term price changes. However, we reject the opportunistic repurchase hypothesis and find no evidence that managers exploit their information advantage when reacquiring shares. We also find that repurchases on the second trading line have a beneficial impact on the liquidity of repurchasing firms (i.e., higher trading volumes, smaller bid-ask spreads, and thicker total depths). Exchanges and regulators may consider the second trading line an attractive share reacquisition mechanism because of its transparency and positive liquidity effects.Share Repurchases;Disclosure Environment;Information Asymmetry;Liquidity

Sediment wave-induced channel evolution following the 2006 avulsion of the Suncook River in Epsom, New Hampshire

Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Earth, Atmospheric, and Planetary Sciences, 2008.Includes bibliographical references (p. 83-91).Large volumes of sediment can be released into a river when an avulsion carves a new channel in the landscape. Gilbert (1917) described the evolution of a similar pulse of material from mining along the Sacramento River, California as a sediment wave. Sediment waves are transient accumulations of sand and gravel that locally increase the elevation of the bed and reduce the transport capacity of the channel, and diffuse and translate down the channel over time. The Suncook River in Epsom, New Hampshire, avulsed in May 2006. This event created a new channel and mobilized approximately 100,000 m3 of sand into the river in a period of 12 to 24 hours (Perignon, 2007; Wittkop et al., 2007). In April 2007, a new channel formed through a meander bend downstream of the site of the first avulsion, where sediments mobilized the year before had increased the bed elevation by one meter. We propose that the material released in 2006 is traveling down the channel as a sediment wave, increasing the elevation of the bed and driving avulsions. The purpose of this study is to model the evolution of a sediment wave in the Suncook River in order to understand how it can increase the risk of floods and avulsions in the system over time. We developed a mathematical model using the equations of Lisle et al. (1997, 2001) to observe the evolution of the sediment wave under bankfull conditions. We found that the wave evolved mostly through diffusion and showed minimal translation downstream. These findings suggest that the risk of avulsions will be contained near the center of mass of the sediment wave, which we place near the site of the 2007 meander cutoff. Likewise, the diffusive nature of the wave implies that the river could reach a new equilibrium profile with no restoration work and without significantly affecting populated areas downstream.by Mariela C. Perignon.S.M

Etude géologique du massif cristallin du Grand-Chatelard ( Savoie) - Alpes françaises

139 p + 2 cartes géologiquesCe travail aborde la petrographie et la tectonique du Massif du grand Chatelard ( vallée de l'Arc) . Il appartient à l'ensemble de la zone externe des Alpes Françaises entre St Avre-La - Chambre et St Jean de Maurienne

Вплив різних видів анестезіологічного забезпечення на неспецифічну ланку імунітету вагітних під час кесарева розтину

Компоненты хирургической операции – операционная травма, стресс, общая анестезия, кровопотеря, антибактериальная – терапия приводят к снижению защиты иммунной системы и развитию вторичной иммунной недостаточности. В результате операционно-анестезиологического стресса в организме больного возникает состояние иммунодепрессии, которое необходимо нивелировать путем выбора анестетиков, минимально угнетающих иммунные реакции. Такой подход дает возможность разработать и внедрить в клиническую практику оптимальные методы анестезии у беременных. Проведенное исследование показало, что операционный стресс негативно влияет на неспецифический иммунитет беременных. В зависимости от вида анестезии проявления негативного влияния будет различным. Установлено, что спинальная анестезия сопровождается минимальным влиянием на фагоцитарную активность лейкоцитов, а общая анестезия имеет депрессивное влияние, которое сопровождается более пяти дней.Components surgery . surgical trauma, stress, general anesthesia, blood loss, antibiotic . therapy leads to a decrease in defense of the immune system and the development of secondary immune deficiency. As a result of operational and anesthetic stress in the patient.s body a state of immunosuppression, which is necessary to level by selecting the anesthetic minimally depressing the immune response. This approach provides an opportunity to develop and introduce into clinical practice the best methods of anesthesia in pregnant women. The study showed that operational stress affects the nonspecific immunity of pregnant women. Depending on the type of anesthesia, manifestations of the negative impact will be different. Established that spinal anesthesia with a minimum influence on the phagocytic activity of leukocytes and general anesthesia has a depressive effect which is accompanied by more than five days

Impact of multi-micronutrient fortified rice on hemoglobin, iron and vitamin A status of Cambodian schoolchildren : a double-blind cluster-randomized controlled trial

In Cambodia, micronutrient deficiencies remain a critical public health problem. Our objective was to evaluate the impact of multi-micronutrient fortified rice (MMFR) formulations, distributed through a World Food Program school-meals program (WFP-SMP), on the hemoglobin concentrations and iron and vitamin A (VA) status of Cambodian schoolchildren. The FORISCA-UltraRice+NutriRice study was a double-blind, cluster-randomized, placebo-controlled trial. Sixteen schools participating in WFP-SMP were randomly assigned to receive extrusion-fortified rice (UltraRice Original, UltraRice New (URN), or NutriRice) or unfortified rice (placebo) six days a week for six months. Four additional schools not participating in WFP-SMP were randomly selected as controls. A total of 2440 schoolchildren (6-16 years old) participated in the biochemical study. Hemoglobin, iron status, estimated using inflammation-adjusted ferritin and transferrin receptors concentrations, and VA status, assessed using inflammation-adjusted retinol-binding protein concentration, were measured at the baseline, as well as at three and six months. Baseline prevalence of anemia, depleted iron stores, tissue iron deficiency, marginal VA status and VA deficiency were 15.6%, 1.4%, 51.0%, 7.9%, and 0.7%, respectively. The strongest risk factors for anemia were hemoglobinopathy, VA deficiency, and depleted iron stores (all p < 0.01). After six months, children receiving NutriRice and URN had 4 and 5 times less risk of low VA status, respectively, in comparison to the placebo group. Hemoglobin significantly increased (+0.8 g/L) after three months for the URN group in comparison to the placebo group; however, this difference was no longer significant after six months, except for children without inflammation. MMFR containing VA effectively improved the VA status of schoolchildren. The impact on hemoglobin and iron status was limited, partly by sub-clinical inflammation. MMFR combined with non-nutritional approaches addressing anemia and inflammation should be further investigated

Current MUAC cut-offs to screen for acute malnutrition need to be adapted to gender and age : the example of Cambodia

Background Early identification of children 5 yrs. Therefore, this study aimed at defining gender and age-specific cut-offs to improve sensitivity of MUAC as an indicator of acute malnutrition. Methods To establish new age and gender-specific MUAC cut-offs, pooled data was obtained for 14,173 children from 5 surveys in Cambodia (2011-2013). Sensitivity, false positive rates, and areas under receiver-operator characteristic curves (AUC) were calculated using wasting for children = 5yrs as gold standards. Among the highest values of AUC, the cut-off with the highest sensitivity and a false positive rate 80% with the new cut-offs in comparison with the current WHO cut-offs. Conclusion Gender and age specific MUAC cut-offs drastically increased sensitivity to identify children with WHZ-score <-2 z-scores. International reference of MUAC cut-offs by age group and gender should be established to screen for acute malnutrition at the community level

Динамика почвенных процессов при орошении агроландшафтов в равнинном Крыму

Изложены результаты многолетних исследований водно-солевого режима почв орошаемых территорий в равнинном Крыму. Рассмотрено влияние орошения на мелиоративную обстановку в ландшафтных ярусах этого региона.Динаміка грунтових процесів що до зрошування агроландшафтів у рівнинному Криму. Викладені результаті богаторічних досліджень водно-сольового режиму грунтів зротуваних територій у рівнинному Криму. Розглянуто вплив зрошення що до меліоративного стану у ландшафтних ярусах цього регіону.The results of many years researches of water-salt regime of soils of irrigated territories in Plain Crimea are given. The influence of irrigation to the land reclamation situation in the landscape layers this region is considered

Rapport technique de la constitution du corpus OrthoCorpus

Le corpus OrthoCorpus regroupe les articles parus depuis 1997 dans la revue Rééducation Orthophonique, revue de référence fondée en 1962 par Suzanne Borel-Maisonny et éditée par Ortho-Edition. Ces articles ont été écrits par des orthophonistes, des linguistes et par d'autres professionnels de santé ou de l'éducation (psychologues, médecins, kinésithérapeutes...), ou par d'autres parties prenantes (représentants d'associations, parents…). Cette ressource a été constituée dans le cadre du projet du même nom OrthoCorpus (2015-2017), qui vise l'exploitation de corpus de spécialité en orthophonie, dans une perspective d'analyse terminologique. Ce projet a été réalisé avec le concour