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Selected AbstractsCorporate Investment Incentives and Accounting-Based Debt Covenants,CONTEMPORARY ACCOUNTING RESEARCH, Issue 4 2003Alan V. S. Douglas Abstract This paper studies the conditions under which accounting-based debt covenants increase firm value in a setting that incorporates the conflicting incentives of shareholders, bondholders, and managers. We construct a model in which debt is needed to discipline managerial investment decisions despite endogenous compensation contracts. We show that accounting covenants increase value when (1) debt serves as a credible commitment to penalize poor investment decisions; (2) the firm faces other (exogenous) sources of uncertainty that can make debt risky despite good investment decisions; and (3) accounting information serves as a contractible proxy for firm's economic performance. In these circumstances, accounting covenants ensure that shareholders do not offer compensation schemes that would encourage bondholder wealth expropriation when the debt becomes risky. A covenant specifying a required level of accounting performance provides additional bondholder power when performance is low. An accounting-based dividend covenant allows a disbursement to maintain investment incentives when performance is high without allowing dividend-based expropriation. The optimal covenants depend on the reliability of accounting information, and the interaction between accounting performance and the different incentive conflicts provides new insight into the empirical literature on accounting-based covenants. [source] Numerical determination of 3D temperature fields in steel jointsFIRE AND MATERIALS, Issue 2-4 2004Jean-Marc Franssen Abstract A numerical study was undertaken to investigate the temperature field in steel joints and to compare the temperatures in the joints with the temperatures of the adjacent steel members on the hypothesis that the thermal protection is the same on the joint and in the members. Very brief information is given on the numerical model, supplemented with parametric studies made in order to determine the required level of discretization in the time and in the space domain. A simplified assumption for representing the thermal insulation is also discussed and validated. Different numerical analyses are performed, with a variation of the following parameters: (i) type of joints, from very simple to more complex configurations, with welds and/or bolts, all of them representing joints between elements located in the same plane; (ii) unprotected joints or protected by one sprayed material; (iii) ISO, hydrocarbon or one natural fire scenario. The fact that the thermal attack from the fire might be less severe because the joints are usually located in the corner of the compartment is not taken into account. Copyright © 2004 John Wiley & Sons, Ltd. [source] Blending of NR/BR/EPDM by reactive processing for tire sidewall applications.JOURNAL OF APPLIED POLYMER SCIENCE, Issue 4 2007Abstract The NR/BR blend compound formulations for tire sidewall applications contain a set of stabilizers added to prevent degradation mainly due to oxygen, ozone, and heat. 6PPD is the most effective and widely used antiozonant in tire compounds, but is a highly staining material causing a surface discoloration of the tire sidewall. Incorporation of 30 phr EPDM into blends of NR/BR improves the ozone resistance to the required level, without the need of 6PPD. The first two parts of this series have described a reactive processing technique applied to enhance the covulcanization and blend homogeneity, together with their characterization. In the present article, the properties of the NR/BR/EPDM blends prepared by both reactive and straight mixing are tested in comparison with those of equivalent conventional NR/BR compounds. The reactive NR/BR/EPDM blend vulcanizates show excellent tensile strength, elongation at break, tear strength, fatigue-to-failure, and ozone resistance in both static and dynamic conditions. The properties are equivalent or even superior to those of the conventional NR/BR tire sidewall compounds. The simple straight mixed NR/BR/EPDM blend vulcanizates distinctively possess inferior mechanical properties compared to those of the reactive mix. © 2006 Wiley Periodicals, Inc. J Appl Polym Sci 103: 2555,2563, 2007 [source] Mitochondria and Ca2+ signalingJOURNAL OF CELLULAR AND MOLECULAR MEDICINE, Issue 3 2000Emil C. Toescu Abstract Mitochondria play a central role in cell homeostasis. Amongst others, one of the important functions of mitochondria is to integrate its metabolic response with one of the major signaling pathways - the Ca2+ signaling. Mitochondria are capable to sense the levels of cytosolic Ca2+ and generate mitochondrial Ca2+ responses. Specific mechanisms for both Ca2+ uptake and Ca2+ release exist in the mitochondrial membranes. In turn, the mitochondrial Ca2+ signals are able to produce changes in the mitochondrial function and metabolism, which provide the required level of functional integration. This essay reviews briefly the current available information regarding the mitochondrial Ca2+ transport systems and some of the functional consequences of mitochondrial Ca2+ uptake [source] A new evidence-based model for weight management in primary care: the Counterweight ProgrammeJOURNAL OF HUMAN NUTRITION & DIETETICS, Issue 3 2004The Counterweight Project Team Abstract Background/Aims Obesity has become a global epidemic, and a major preventable cause of morbidity and mortality. Management strategies and treatment protocols are however poorly developed and evaluated. The aim of the Counterweight Programme is to develop an evidence-based model for the management of obesity in primary care. Methods The Counterweight Programme is based on the theoretical model of Evidence-Based Quality Assessment aimed at improving the management of obese adults (18,75 years) in primary care. The model consists of four phases: (1) practice audit and needs assessment, (2) practice support and training, (3) practice nurse-led patient intervention, and (4) evaluation. Patient intervention consisted of screening and treatment pathways incorporating evidence-based approaches, including patient-centred goal setting, prescribed eating plans, a group programme, physical activity and behavioural approaches, anti-obesity medication and weight maintenance strategies. Weight Management Advisers who are specialist obesity dietitians facilitated programme implementation. Eighty practices were recruited of which 18 practices were randomized to act as controls and receive deferred intervention 2 years after the initial audit. Results By February 2004, 58 of the 62 (93.5%) intervention practices had been trained to run the intervention programme, 47 (75.8%) practices were active in implementing the model and 1256 patients had been recruited (74% female, 26% male, mean age 50.6 years, SD 14). At baseline, 75% of patients had at one or more co-morbidity, and the mean body mass index (BMI) was 36.9 kg/m2 (SD 5.4). Of the 1256 patients recruited, 91% received one of the core lifestyle interventions in the first 12 months. For all patients followed up at 12 months, 34% achieved a clinical meaningful weight loss of 5% or more. A total of 51% of patients were classed as compliant in that they attended the required level of appointments in 3, 6, and 12 months. For fully compliant patients, weight loss improved with 43% achieving a weight loss of 5% or more at 12 months. Conclusion The Counterweight Programme is an evidence-based weight management model which is feasible to implement in primary care. [source] Radiation dose optimized lateral expansion of the field of view in synchrotron radiation X-ray tomographic microscopyJOURNAL OF SYNCHROTRON RADIATION, Issue 5 2010David Haberthür Volumetric data at micrometer level resolution can be acquired within a few minutes using synchrotron-radiation-based tomographic microscopy. The field of view along the rotation axis of the sample can easily be increased by stacking several tomograms, allowing the investigation of long and thin objects at high resolution. On the contrary, an extension of the field of view in the perpendicular direction is non-trivial. This paper presents an acquisition protocol which increases the field of view of the tomographic dataset perpendicular to its rotation axis. The acquisition protocol can be tuned as a function of the reconstruction quality and scanning time. Since the scanning time is proportional to the radiation dose imparted to the sample, this method can be used to increase the field of view of tomographic microscopy instruments while optimizing the radiation dose for radiation-sensitive samples and keeping the quality of the tomographic dataset on the required level. This approach, dubbed wide-field synchrotron radiation tomographic microscopy, can increase the lateral field of view up to five times. The method has been successfully applied for the three-dimensional imaging of entire rat lung acini with a diameter of 4.1,mm at a voxel size of 1.48,µm. [source] Investigating the simulation of cloud microphysical processes in numerical models using a one-dimensional dynamical frameworkATMOSPHERIC SCIENCE LETTERS, Issue 3 2009Christopher Dearden Abstract This paper describes the method by which the performance of a suite of microphysics schemes of varying levels of complexity can be compared within an idealised framework. The purpose is to establish the level of microphysical sophistication required for the successful simulation of liquid clouds in operational models, paying particular attention to the required level of coupling with aerosols. Initial results from a lagrangian parcel model are able to demonstrate the importance of the treatment of droplet activation in dual moment schemes for predicting droplet number qualitatively. Subsequent testing within a one-dimensional (1D) column model using the existing factorial method (FM) will aim to quantify the importance of microphysical complexity on precipitation and cloud albedo relative to the effects of meteorology. Copyright © 2009 Royal Meteorological Society [source] Application of pure and mixed probiotic lactic acid bacteria and yeast cultures for oat fermentationJOURNAL OF THE SCIENCE OF FOOD AND AGRICULTURE, Issue 12 2005Associate Professor Dr Angel Angelov Abstract Fermentation of a prebiotic containing oat substrate with probiotic lactic acid bacteria and yeast strains is an intriguing approach for the development of new synbiotic functional products. This approach was applied in the present work by using pure and mixed microbial cultures to ferment a heat-treated oat mash. Results show that the strains studied were appropriate for oat fermentation and the process could be completed for 6,10 h depending on the strain. The viable cell counts achieved within this time were above the required levels of 106,107 cfu ml,1 for probiotic products. Both single lactic acid bacteria strains and mixed cultures of the same strains with yeast were found suitable for oat fermentation. However, the pure LAB cultures attributed better flavour and shelf life of the oat drinks. The content of the prebiotic oat component beta-glucan remained within 0.30,0.36% during fermentation and storage of the drinks obtained with each of the strains used. Thus, these products would contribute diet with the valuable functional properties of beta-glucan. Also, the viability of pure and mixed cultures in the oat products was good: levels of cell counts remained above the required numbers for probiotic products throughout the estimated shelf-life period. Copyright © 2005 Society of Chemical Industry [source] | |||||||||||||