On April 20, 2010 a tragic explosion aboard the Deepwater Horizon (DWH) drilling rig marked the beginning of one of the worst environmental disasters in history. For 87 days oil and gas were released into the Gulf of Mexico. In August 2010, anomalous phytoplankton activity was identified in the Northeastern Gulf of Mexico, using the Fluorescence Line Height (FLH) ocean color product. The FLH anomaly was bound by approximately 30-28 degrees North and 90 and 86 degrees West and there was a suggestion that this anomaly may have occurred due to the presence of oil. This study was designed to examine alternative explanations and to determine what influence the Mississippi River and the freshwater diversions, employed in the response efforts, may have had on the development of the FLH anomaly. The combination of the anomalously high flow rate in the Mississippi River observed in June-August 2010, the use of freshwater diversions, and three severe storms increased the flow of water through the adjoining marshes. We propose that these conditions reduced the residence time of water and nutrients on the wetlands, and likely mobilized nutrients leading to increased fresh water and nutrients being discharge to the coasts around the Mississippi Delta. Salinity contour maps created from data collected by ships operating in the Northeastern Gulf of Mexico showed that the 31 isohaline was upwards of 250km east of the Mississippi River Birds Foot Delta in August 2010. The American Seas (AmSeas) numerical circulation model was used to examine the dispersal and distribution of water parcels from the Mississippi River and freshwater diversions. Two virtual particle seeding locations were used to trace particles to obtain a measure of the percentage of particles entering a Region of Interest (ROI) located in the center of the FLH anomaly, i.e. 150 km east of the Mississippi Delta. All environmental data examined suggest that the eastward dispersal of the Mississippi River water including that derived from freshwater diversions and storm activity contributed to the development of FLH anomaly in August 2010. Chapter two examines the spectral characteristics of water and oil collected by the Airborne Visible/Infrared Imaging Spectrometer (AVIRIS). Several peaks in the spectral features of the total radiance of surface oil between 1907nm and 2400nm appear to be absent for water. An algorithm (Spectral Line Height) was created to measure the height of the peak at 2142nm relative to a baseline between 2013nm and 2390nm. A normalized difference technique developed by the USGS was used as a validation tool. Preliminary results of the SLH technique appear to compare favorably with the results derived using the USGS technique. The SLH technique worked in areas that did not show sunglint or shallow bottom features. Sunglint areas would require additional correction to remove the effect of specular reflection. The SLH technique shows promise but will require validation to develop into an operational remote sensing method.

In this thesis, I explore the topic of chief executive officer (CEO) compensation in UK publicly traded firms. My objective is threefold. First of all, I investigate debt-holders‟ reaction to CEO compensation in terms of the cost of debt financing. Secondly, I examine the possible link between CEO compensation and expectation management. Thirdly, I examine whether and how the interactive relation between CEO career horizon and compensation package affects a firm‟s research and development spending. Multiple regression is employed in this thesis to investigate the causal relationship between these above mentioned aspects I‟m interested (the cost of debt, expectation management and research and development spending) and CEO compensation. I consider all major compensation components for a typical CEO in UK publicly traded firms: defined benefit pension, bonus, restricted shares, traditional stock options and performance-vested stock options. The accumulated equity incentives, such as ownership, are also examined. My major findings are as follows. First of all, I find that an increase in defined benefit pension and bonus in CEO compensation are associated with a lower bond yield spread, while an increase in stock options and ownership intensifies it. Secondly, I document that CEO equity incentives that will be vested in the following year are positively associated with the probability of employing expectation management to meet or beat financial analysts‟ forecasts about a firm‟s reporting earnings. Thirdly, I demonstrate that older CEOs will not spend less in research and development expenditures in general. However, older CEOs with more defined benefit pensions and ownership are reluctant to engage in such an investment. iii My results generate several implications for CEO compensation research. First of all, I show that debt-holders rationally incorporate the information of CEO compensation about risk-taking and risk-avoiding incentives when pricing a firm‟s publicly traded debts. Secondly, I provide the evidence that CEO compensation motivates top managers to manipulate information disclosure by employing expectation management for personal gains. Thirdly, the joint influence of CEO career horizon and compensation package on a firm‟s research and development spending is highlighted. CEO compensation motivates a short-sighed and risk-averse investment policy when top managers have a short career horizon. The first novel contribution in this thesis is the coverage of CEO pension, which is overlooked by the most of previous literature on compensation studies. Secondly, I provide the evidence that the popularity of expectation management in the UK, which is well documented in the literature, can be partly explained by CEO compensation. Finally, the interactive relation between CEO compensation and career horizon on a firm‟s investment policy is re-examined. It provides further material in the debate of career horizon problem, which has no consensus in the previous literature. Overall, this thesis generates some empirical evidence about the influence of CEO compensation on managerial behaviour. Some adverse effects of CEO compensation highlighted in this thesis may help remuneration committee to design a better pay package for top managers in the future.

Συστηματική ανάλυση διακλάσεων σε ψαμμιτικούς ορίζοντες στην ευρύτερη περιοχή της Ρουπακιάς Αχαΐας. Επίδραση καλύμματος Τριπόλεως Γαββρόβου σε συνδυασμό με την Ιόνια επώθηση και την κίνηση της ζώνης Πίνδου προς Δυσμάς. Φλυσχικά τεμάχη διατέμνονται από μικρο και μακρο ρωγματώσεις οφειλόμενες σε πεδία τάσεων εφελκυσμού / Systematic analysis of discontinuities in sandstone horizons in Greater Roupakias Achaia. Effect cover Tripoli Gavvrovou combined with Ionian overthrust and bustle of Pindos zone to the west. Flysch pieces dissected from micro and macro cracks due to tensile stress fields.

Magistro darbo tyrimo objektas – Sigito Parulskio, Gintaro Beresnevičiaus, Giedros Radvilavičiūtės, Regimanto Tamošaičio eseistika, kuri analizuojama kaip asmeninė esė. Nagrinėjami šie minėtų autorių esė rinkiniai: „Nuogi drabužiai“ (2002), „Miegas ir kitos moterys“ (2005), „Vilkų saulutė“ (2003), „Suplanuotos akimirkos“ (2004), „Vitaminų pardavėjas“ (2007). Darbo tikslas – analizuoti Parulskio, Beresnevičiaus, Radvilavičiūtės, Tamošaičio eseistiką kaip asmeninę esė, atskleidžiant šios esė estetikos ir poetikos ypatybes, eseistų individualumą. Uždaviniai: 1) Pateikti asmeninės esė teorines apibrėžtis, nurodant jų ribas ir problemas; 2) Identifikuoti asmeninės esė autoriaus mąstymo bei raiškos ypatybes; 3) Nagrinėti lietuvių autorių esė būdingas poetines priemones ir estetines pozicijas; 4) Palyginti skirtingų autorių eseistikos savybes, jų panašumus ir skirtumus; 5) Nustatyti asmeninės esė skaitytojo tipus, jų sąryšį su autoriaus institucija ir tekstu; 7) Atskleisti adresato „lūkesčių horizontą“ ir jo reikšmę skaitomų tekstų suvokimui ir interpretavimui. Tyrimo metodologija – komparatyvistikos teorija, Billo Roorbacho „asmeninės esė“, Umberto Eco „atviro kūrinio“ bei „pavyzdinio skaitytojo“ ir „empirinio skaitytojo“, Hanso Roberto Jausso „lūkesčių horizonto“ koncepcijos. Kadangi asmeninė esė dar nėra kanonizuota, pasitelkiamos ir Phillipo Lopate’o bei Michailo Epsteino įžvalgos apie asmeninės esė meną. Tyrimas atskleidė, kad tarp asmeninės esė ir „atviro“... [toliau žr. visą tekstą] / The object of the Master’s degree work is essays of Sigitas Parulskis, Gintaras Beresnevičius, Giedra Radvilavičiūtė, Regimantas Tamošaitis, which are analysed as personal essays. The following collections of the mentioned authors are analysed: „Nuogi drabužiai“ (2002), „Miegas ir kitos moterys“ (2005), „Vilkų saulutė“ (2003), „Suplanuotos akimirkos“ (2004), „Vitaminų pardavėjas“ (2007). The aim of the Work is to analyse essays of Parulskis, Beresnevičius, Radvilavičiūtė, Tamošaitis as personal essays, revealing peculiarities of these essays and poetry, individuality of essayists. Tasks: 1) to present theoretical concepts of the personal essay, by defining their limits and problems; 2) to identify peculiarities of thinking and expression of the personal essay author; 3) to analyse poetic aids and aesthetical positions, characteristic to essays of Lithuanian authors; 4) to compare peculiarities of essays of different authors, their similarities and differences; 5) to define types of personal essay readers, their links with institution of the author and the text; 7) to reveal the “horizon of expectation” of the addressee and its effect on perception and interpretation of the read texts. Methodology of the Research – theory of comparativistics, conceptions of “personal essay” by Bill Roorbach, “open creation” and “the model reader” by Umberto Eco, “horizon of expectations” by Hans Robert Jauss. As far as the personal essay has not been canonised, insights about art of personal... [to full text]

In this paper we will be studying and backtesting a particular investment strategy by buying and holding dividend stocks. We think dividend stock is an important type of investment to investors and portfolio managers because of its cash implications, especially in a high volatility equity market. Furthermore, we think that consistency in a company’s ability and willingness in distributing dividends to its shareholders is a strong indicator of its financial strength and operational success. How portfolio managers should pick the best performing dividend stocks would then become an important issue. In this paper, we will be testing the historical performance of a portfolio of dividend stocks that we construct and adjust based on a list of parameters associated with companies’ operational performance, cash position, and dividend yield. Hence, the main way we select stocks in the portfolio is based on fundamental analysis. Our research is conducted relying exclusively on the Wharton Research Data Services database (WRDS). In addition to evaluating the investment attractiveness of our portfolio, the strategy may also have implications regarding several other topics including the semi-strong form market efficiency and active portfolio management. Therefore, this paper covers also potential benefits to be gained from the strategy other than its investment payoff.

Made available in DSpace on 2014-06-11T19:26:52Z (GMT). No. of bitstreams: 0 Previous issue date: 2009-12-21Bitstream added on 2014-06-13T19:34:47Z : No. of bitstreams: 1 ferreira_eagr_dr_assis.pdf: 2031874 bytes, checksum: 15332841c37e6b6646de44d6ac7ece9d (MD5) / O trabalho é resultado de uma pesquisa, desenvolvida durante três anos, direcionada para o ensino de literatura e para a formação do leitor no âmbito escolar. Como objetivo geral, buscouse refletir sobre como se forma o leitor e como vão se articulando escolhas e preferências por determinados autores e determinadas obras. A partir do desenvolvimento dessa pesquisa, pôde-se realizar um levantamento do repertório de obras lidas, no período de 1998 a 2000, por alunos de 5ª, 6ª e 7ª séries, em três modalidades de leitura – opcional, proposta pela professora, e opcional entre uma série de obra(s) de autor(es) indicado(s) pela professora –, bem como diagnosticar quais são as consideradas por eles como atraentes. Entre as consideradas mais atraentes, analisou-se nesta tese a obra Harry Potter e a pedra filosofal, de J. K. Rowling, que obteve o maior índice de aceitação entre as obras pertencentes à modalidade de leitura proposta pela professora. A análise, pautada pela estética da recepção, objetivou detectar o horizonte de expectativa dos alunos, por meio da recepção da obra. Concomitante às obras eleitas pelos alunos, desenvolveu-se um trabalho embasado nos princípios construtivistas, voltado para a leitura de textos diversos de diferentes autores, com o objetivo de lhes possibilitar a ampliação de seu horizonte de expectativa. Para tanto, trabalhou-se com o conceito de leitor estético, privilegiando, como metodologia de leitura, o ato de ler como exercício de comparações artísticas e culturais que o texto carrega. / This work is the result of an investigation, developed for three years, targeted to the literature teaching and to train the reader in the school environment. As a general objective, with this work was searched to reflect on how the reader is trained and the choices and preferences are articulated by certain authors and certain works. From the development of this research, it was able to realize a survey of the repertoire of works read from 1998 to 2000 by students in the 5th, 6th and 7th grades, as well as diagnosing which works are attractively regarded by them. Among those considered the most attractive, it was examined in this thesis the work Harry Potter and the philosopher's Stone by J. K. Rowling, elected in the modality: reading proposed by the teacher. The analysis, based on the aesthetic reception, aimed to detect the horizon of the students’ expectation, by means of the work reception. Concomitant to the works selected by the students, it was developed a work based on the constructivist principles towards reading of several texts by different authors in order to make them to broaden their horizon of expectation. For that, it was used the aesthetic reader concept, privileging, as the reading methodology, the reading act as an exercise of artistic and cultural comparisons which the text brings in itself.

This thesis is an effort to advance our knowledge and understanding of the role that labor plays in shaping corporate financial policies and how it is in turn affected by considerations related to firms' financing. I present three essays on the interaction between finance and labor. First, I provide two examples of how labor affects financial decisions, in which I investigate the impacts that commitment to employee welfare and reliance on skilled labor have on cash management policies. Next, I examine the effect of ownership structure on labor investment decisions as an example of how finance affects human capital. In the first essay, I examine the relation between employee welfare practices and corporate cash holdings. Consistent with the predictions of the stakeholder theory, I find firms that are strongly committed to employee welfare, measured by ratings on employee relations, to hold more cash. The effect of employee welfare standards on cash holdings is stronger for firms in human-capital-intensive, competitive, and low turnover industries in which employees are more important to their businesses. The findings highlight the importance of human capital and employee-friendly practices as an overlooked determinant of cash holdings and suggest that managers can use cash to signal their financial health to current and potential employees, thereby increasing their competitiveness in labor markets. The second essay examines whether a firm's dependence on skilled labor affects its cash holdings. Consistent with a precautionary motive to accumulate cash when higher labor adjustment costs slow a firm's labor demand reaction to cash flow shocks, I find robust evidence that companies with higher shares of skilled labor hold more cash. The effect of skilled labor on cash holdings is more pronounced for firms that are financially constrained, attach higher values to their human capital, operate in competitive product markets, and belong to industries characterized by high labor mobility. The findings suggest that labor heterogeneity, and in particular the skill level of workers is an important determinant of corporate cash policies. The results provide managers of firms, particularly those that are financially constrained, with insights on how to minimize their labor adjustment costs and reduce the risk of losing their valuable human capital. In my third essay, I examine whether the presence of long-term institutional investors, who typically have strong monitoring incentives, can help mitigate agency conflicts associated with firms' employment choices. I find that abnormal net hiring, measured as the absolute deviation from net hiring predicted by economic fundamentals, decreases in the presence of institutional investors with longer investment horizons. Firms dominated by long-term shareholders reduce both over-investment (over-hiring and under-firing) and under-investment in labor (under-hiring).The monitoring role of long-term investors is more pronounced for firms facing higher labor adjustment costs. These findings suggest that institutional investors play an important role in firm-level employment decisions.

In this introductory article, the history of Wari studies is summarized in brief terms. The urban site of Huari is considered, including evidence for its occupation prior to the Middle Horizon, and spatial patterning of Middle Horizon architectural remains. While the hinterland around Huari has received some attention, there is still much to be learned about the heartland of the Wari polity. Most research devoted to Wari has occurred in the provincial regions, primarily at sites exhibiting distinctive Wari forms of architecture and material culture. Regional surveys data complement these excavations and reveal the effects of Wari expansionon the local political and economic landscapes. Current interpretations of Wari balance the accumulation of new data and the waxing and waning of different interpretative scenarios. It argued that Wari must be viewed holistically, not from the perspective of a single site or region, that the material evidence for imperial control can be elusive, and that our data are still far from complete. It is concluded that the extant data support the interpretation that Wari was an early attempt at empire–building, and that it imposed its mosaic of control over many regions of the Central Andes. / En este artículo resumimos brevemente la historia de los estudios sobre Wari. Discutimos el centro urbano de Huari, incluyendo su ocupación pre-Horizonte Medio, y la distribución espacial de la arquitectura del Horizonte Medio. Si bien la periferia de Huari ha recibido cierta atención, queda aún mucho por aprender sobre la zona nuclear wari. La mayoría de las investigaciones sobre Wari se ha concentrado en las provincias, principalmente en sitios con las formas características wari de arquitectura y cultura material. Las prospecciones regionales complementan estas excavaciones y revelan los efectos de la expansión wari en el escenario político y económico. Las interpretaciones actuales sobre Wari muestran un balance entre la acumulación de nuevos datos y los diferentes escenarios interpretativos. Sostenemos que Wari debe ser visto holísticamente y no desde un solo sitio o región, que la evidencia material de control imperial puede resultar esquiva, y que nuestros datos aún resultan incompletos. Concluimos que losdatos existentes respaldan la interpretación de Wari como un intento temprano de formación de un imperio, el cual impuso un mosaico de control sobre muchas regiones de los Andes centrales.

During 2014, research undertaken at the sites of Cerro San Bernardo (ACO3; 2,000 m above sea level) and Challaca (CH1; 2,015 m above sea level) revealed the first documented Nasca sites (260 B.C – A.D. 640) in the yunga ecozone of the upper drainage of the Ica River. Both sites also demonstrated evidence of an even earlier, Early Horizon occupation (840 – 260 B.C.). These two sites are located on small, mainly granite, knolls situated on the Northern and Southern banks of the upper drainage of the Ica River. From these sites, it is possible to oversee an extensive area of cultivation that extends from the mountains to the East down to the Western boundary of the Challaca-Tiraxi Canyon. An area, which these sites could well have controlled. Geographically, the canyon divides the Ica Highlands from the coastal area, giving this juncture geopolitical importance. It is possible that the strategic location of this Nasca enclave in the Ica Highlands was aimed at controlling access between coastal polities and highland sectors, while exploiting this zones rich, high-altitude resources. Probably, occupation of this strategic sector commenced during the Early Horizon (840 – 260 B.C.), pointing to a long presence by coastal groups in the highlands. The aim of this article then, is to tease-out patterns of control, interaction, and the type of frontier in existence between the Nasca and coeval, neighboring, highland cultural groups, thereby providing new evidence concerning Nasca presence in the upper drainage of the Ica River. / Las investigaciones iniciadas en el año 2014 en el Cerro San Bernardo (ACO3; 2000 metros sobre el nivel del mar) y Challaca (CH1; 2015 metros sobre el nivel del mar) nos han permitido hallar los primeros sitios Nasca (260 a.C a 640 d.C.) en la ecozona yunga de la cuenca alta del río Ica. Los dos sitios también registran la posibilidad de una ocupación aún más temprana que se remonta al Horizonte Temprano (840 a 260 a.C.). Estos dos sitios se ubican sobre cerros pequeños, que están conformados principalmente por granito, y que se localizan al norte y sur sobre los márgenes de la cuenca alta del río Ica. Desde estos sitios, se puede divisar una extensa área de cultivo que se extiende desde los cerros al este, hasta el oeste y el límite del cañón de Challaca-Tiraxi, la cual podría estar bajo su control. Geográficamente, el cañón divide la sierra de Ica del área costera, a partir de lo cual le brinda una ubicación geopolítica importante. Es posible que la localización estratégica de este enclave Nasca en la sierra de Ica haya sido para controlar el acceso desde las sociedades costeras a los sectores de la sierra, mientras se nutría de los recursos de esta rica zona alta. Probablemente, la ocupación de este punto estratégico se inició durante el Horizonte Temprano (840 a 260 a.C.), lo cual significaría una presencia larga por parte de los grupos costeños en la sierra. Ante este contexto, el objetivo del presente trabajo es indagar sobre los patrones de control, interacción y el tipo de frontera entre los Nasca y los grupos culturales serranos, vecinos, sincrónicos, aportando nuevas evidencias sobre la presencia Nasca en la cuenca alta del río Ica.

Marayniyoq, A Wari Establishment in Ayacucho Valley, PerúIn this paper we discuss the initial results of archaeological excavation carried out at Marayniyoq, a specialized Wari facility in the Ayacucho Valley, Peru. The discovery of a series of flat worked stones used for grinding, along with rocker grinders strongly suggests that the role of Marayniyoq was focused on grain processing, probably grinding corn. Because the grinding stones are immense cut blocks it is also apparent that enormous human energy was invested in the preparation, transportation and final setup of the facility. At the same time, the presence of large ceramic vessels and other evidence suggests that the function of Marayniyoq was the grinding of malted corn (qora) for corn-beer production. / En este trabajo se dan a conocer los resultados de las excavaciones efectuadas en Marayniyoq, un centro especializado wari del valle de Ayacucho. El descubrimiento de una serie de batanes y sus respectivas moliendas indican que éste fue un establecimiento destinado al procesamiento de granos, como el maíz. Puesto que estos batanes consisten en grandes bloques de piedra labrada, queda también manifiesto que se invirtió una enorme actividad humana en su preparación, traslado y construcción final. A su vez, la presencia de vasijas y evidencias adicionales tienden a sugerir que la función de Marayniyoq se relacionaba con el procesamiento de maíz y la producción de chicha.