The main goal of this dissertation was to obtain an understanding as to the true economic nature of employee share options and the problems surrounding the accounting thereof. The main conclusion of this study is that employee share options should be expensed in the income statement as and when the employee's services are performed. The reason is that employee share options are valuable financial instruments which the employer has used to compensate the employee for his services. It was also concluded that exercise date accounting and classification of outstanding employee share options as liabilities on the balance sheet is the most appropriate accounting treatment. Such accounting treatment trues up the accounting of employee share options with that of cash-settled share appreciation rights, which are economically equivalent transactions. The measurement of employee share options should be based on their fair value using an option-pricing model adapted for the specific features of employee share options. / Accounting / Thesis (M. Com. (Accounting Science))

Submitted by GABRIELLI BRIANEZI null (gabrielli.brianezi@hotmail.com) on 2016-02-26T15:36:13Z No. of bitstreams: 1 20160224 Tese Gabrielli Brianezi.pdf: 3073309 bytes, checksum: 8fd0793265926aa1a58aea12aad689a6 (MD5) / Approved for entry into archive by Ana Paula Grisoto (grisotoana@reitoria.unesp.br) on 2016-02-26T20:04:11Z (GMT) No. of bitstreams: 1 brianezi_g_dr_bot.pdf: 3073309 bytes, checksum: 8fd0793265926aa1a58aea12aad689a6 (MD5) / Made available in DSpace on 2016-02-26T20:04:11Z (GMT). No. of bitstreams: 1 brianezi_g_dr_bot.pdf: 3073309 bytes, checksum: 8fd0793265926aa1a58aea12aad689a6 (MD5) Previous issue date: 2016-01-26 / Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP) / A patogênese do melasma, especialmente o papel dos queratinócitos e fibroblastos no desenvolvimento e manutenção da doença não é bem compreendida. Alterações dérmicas como dano estrutural à zona de membrana basal, melanócitos em pêndulo, elastose solar, celularidade, proliferação vascular, além da expressão de mediadores inflamatórios, fatores de crescimento, expressão epitelial de melanocortina e receptores dos hormônios sexuais; sugerem interação entre a unidade epidermo-melânica e a derme na fisiopatologia do melasma. A pigmentação melânica da pele pode ser estimulada por diferentes vias de sinalização, sendo a radiação ultravioleta, citocinas dérmicas e inflamação epidérmica, os modelos mais usuais. Neste estudo, objetivamos comparar a morfologia nuclear e a textura da cromatina entre queratinócitos basais no melasma facial e pele adjacente, investigar a ativação das diferentes vias de estímulo à pigmentação, além do envolvimento da derme, com foco na zona de membrana basal e colágeno, no melasma facial. Para a sua execução, foram coletados pares de biópsias faciais (2mm) de mulheres adultas com melasma e de pele adjacente (<2 cm). Processaram-se para coloração de PAS e picrosirius red; imunofluorescência para p53, p38, IL- 1α, αMSH, MC1R e COX2; imunoistoquímica para Melan-Acontracorada com PAS; Microscopia Eletrônica de Transmissão, além de cultura primária de fibroblastos para real-timePCR array e marcação para SA-β-gal. Foram avaliados: núcleos de queratinócitos da camada basal quanto à morfometria nuclear e textura da cromatina; quantificada a intensidade de fluorescência nos compartimentos da epiderme e derme; avaliadas organelas citoplasmáticas e zona de membrana basal; além do colágeno dérmico e densidade de melanócitos: totais e em pêndulo. Em relação à pele adjacente sem melasma: núcleos de queratinócitos basais da epiderme com melasma facial apresentaram índices morfométricos e textura da cromatina alterados; houve aumento da expressão epitelial de αMSH e MC1R, sem diferença quanto ao p53, p38, IL1α e COX2; houve maior número de organelas citoplasmáticas e melanossomas em estágios de maturação maiores nos queratinócitos e melanócitos; áreas danificadas na zona de membrana basal com presença de microvesículas adjacentes à membrana basal; maior número de melanócitos em pêndulo; colágeno dérmico desestruturado. Entre os fibroblastos, houve maior marcação para SA-β-gal e expressão alterada dos genes COL4A1, IL6, ESR2, DKK3, CCL2, WIF1, WNT3A, HGF, IL1B, MMPs 1-7-9 no melasma. As alterações encontradas nos queratinócitos, na derme e zona de membrana basal, sugerem que o fenótipo do melasma pode resultar de alterações em toda unidade epidermo-melânica, não somente de uma hipertrofia dos melanócitos, as vias inflamatórias da epiderme e dependentes de p53 não se mostraram proeminentes, além de ser identificado um possível papel do processo de reparo/dano da derme e da senescência de fibroblastos na patogênese da doença. / The melasma pathogenesis, specially the role of keratinocytes and fibroblast in the disease development and maintenance are not completely understood. Dermal alterations such as basal membrane structural damage, pendulous melanocytes, solar elastosis, cellularity, vascular proliferation, in addition to the expression of inflammatory mediators, grow factors, epithelial melanocortin and sexual hormones receptors, suggest there is an interaction between the epidermal melanin unit and dermis in melasma physiopathology. The melanin skin pigmentation can be stimulated by different signaling pathways. UVR, dermal cytokines and epidermal inflammation are the most common models. These study aims to compare the nuclear morphology and chromatin texture in basal keratinocytes between melasma and adjacent skin, to investigate the activation of different pigmentation signaling pathways, and the dermal involvement, focusing on basal membrane zone and collagen. Therefore, facial skin biopsies (2 mm) from women were taken from melasma and normal skin (<2 cm apart) and processed for PAS and picrosirius red; immunofluorescence for p53, p38, IL-1α, αMSH, MC1R and COX2, immunohistochemistry for Melan-A counterstaining with PAS, and transmission electronic microscopy. Furthermore, primary fibroblast culture for real-timePCRarray and SA-β-gal staining. The nuclei of basal keratinocytes were evaluated as nuclear morphometry and chromatin texture; the fluorescence intensity was quantified in the epidermis and dermis; cytoplasm organelles and basal membrane zone were evaluated; in addition to dermal collagen and melanocytes density: total and pendulous. Regarding adjacent healthy skin, the melasma skin showed alterations in morphometric index and chromatin texture; there was greater epithelial expression of αMSH and MC1R, but without difference for p53, p38, IL1α and COX2; cytoplasm organelles and melanossomas in higher maturity were in greater number in keratinocytes and melanocytes; there were commoner damaged areas in basal membrane zone, presence of microvesicules adjacent to basal membrane; and higher number of pendulous melanocyte; dermal collagen was less structured. There were greater SA-β-gal staining and altered expression of COL4A1, IL6, ESR2, DKK3, CCL2, WIF1, WNT3A, HGF, IL1B, MMPs 1-7-9 genes in melasma fibroblasts.The alterations presented in keratinocytes, dermis and basal membrane zone suggest the melasma phenotype can result from alteration in entire epidermal melanin unit, not just hypertrophic melanocytes, the epidermal inflammatory pathways and p53 dependents do not show prominence, in addition to the possible role of the repair/ damage process identified at dermis and fibroblast senescence in the melasma pathogenesis. / FAPESP: 12/09233-5 / FAPESP: 12/05004-1

Made available in DSpace on 2016-06-02T20:06:00Z (GMT). No. of bitstreams: 1 1662.pdf: 571364 bytes, checksum: 6091268473b4a7cb920748fd364c2a99 (MD5) Previous issue date: 2007-03-30 / Survival data analysis models is used to study experimental data where, normally, the variable "answer"is the time passed until an event of interest. Many authors do prefer modeling survival data, in the presence of co-variables, by using a hazard function - which is related with its interpretation. The Cox model (1972) - most commonly used by the authors - is applicable when the fail rates are proportional. This model is very flexible and used in the survival analysis. It can be easily extended to, for example, incorporate the time-dependent co-variables. In the present work we propose a proportional risk model which incorporates a time-dependent parameter named "time-dependent proportional risk model". / A análise de sobrevivência tem por objetivo estudar dados de experimento em que a variável resposta é o tempo até a ocorrência de um evento de interesse. Vários autores têm preferido modelar dados de sobrevivência na presença de covariáveis por meio da função de risco, fato este relacionado à sua interpretação. Ela descreve como a probabilidade instantânea de falha se modifca com o passar do tempo. Nesse contexto, um dos modelos mais utilizados é o modelo de Cox (Cox, 1972), onde a suposição básica para o seu uso é que as taxas de falhas sejam proporcionais. O modelo de riscos proporcionais de Cox é bastante flexível e extensivamente usado em análise de sobrevivência. Ele pode ser facilmente estendido para incorporar, por exemplo, o efeito de covariáveis dependentes do tempo. Neste estudo, propõe-se um modelo de risco proporcional, que incorpora um parâmetro dependente do tempo, denominado modelo de risco proporcional dependente do tempo. Uma análise clássica baseada nas propriedades assintóticas dos estimadores de máxima verossimilhança dos parâmetros envolvidos é desenvolvida, bem como um estudo de simulação via técnicas de reamostragem para estimação intervalar e testes de hipóteses dos parâmetros do modelo. É estudado o custo de estimar o efeito da covariável quando o parâmetro que mede o efeito do tempo é considerado na modelagem. E, finalizando, apresentamos uma abordagem do ponto de vista Bayesiano.

Comme un déterminant de la survie d'une banque durant la crise financière de 2007/2008, la liquidité dans le secteur bancaire a depuis récemment représenté un défi pour les communautés financières et universitaires. Les trois articles présentés dans cette thèse portent sur les deux principales facettes de la liquidité dans le secteur bancaire: la détention d'actifs liquides (à savoir, la trésorerie et les ressources assimilées) et le processus de création de la liquidité dans les banques utilisé pour financer des prêts. Comme on le verra dans les articles, ces deux aspects de la liquidité peuvent être considérés comme les deux faces d'une même pièce. Je reconnais que la liquidité dans le secteur bancaire est liée à la création monétaire; cependant, cette thèse se concentre sur les deux précités aspects de la liquidité. Tout d'abord, cette introduction présente comment le concept de la liquidité a évolué dans la pensée économique dominante. La seconde partie considère le renouveau de la détention de cash qui a été observée depuis la crise financière de 2007/2008 dans le secteur bancaire. La troisième section examine les propriétés de liquidité. La quatrième section explore ce que nous ne savons pas sur la liquidité. La cinquième section identifie et sélectionne trois problèmes fondamentaux relatifs à liquidité et qui sont analysés dans les trois articles présentés dans thèse. La sixième et dernière section présente la méthodologie utilisée dans les trois articles pour répondre à ces questions. Chapitre 1 : “Why do banks hold cash ?". La détention de cash et assimilé cash par les banques détiennent est devenue un enjeu majeur depuis la crise financière de 2008 qui a démontré que la trésorerie retenue est un déterminant majeur dans les chances de survie des banques. Cet article examine les déterminants de la détention de cash banque en utilisant des données internationales pour la période 1981-2014. Sur la base d'un grand échantillon, nous documentons une augmentation séculaire de la détention de cash par les banques pendant une période de 35 ans. Nous apportons la preuve que la nature optimale dynamique de la détention de cash est rejetée dans le secteur bancaire. Ces résultats contrastent avec le secteur non bancaire, où la nature optimale dynamique de trésorerie est observée. Chapitre 2: “Does an increase in capital negatively impact banking liquidity creation?”. A partir d'un ensemble de données composé d'un panel de 940 banques cotées des pays européens, américains et asiatiques, cet article documente l'évolution de la création de la liquidité bancaire au cours d'une période de 35 ans (1981-2014). La preuve empirique confirme que les niveaux de risque et de capital jouent un rôle significatif et négatif dans la création de liquidité par les banques. Dans l'ensemble, les effets négatifs de l’augmentation de capital sur la création de la liquidité bancaire sont plus importants que les effets positifs sur la gestion du risque correspondant, ce qui suggère que les exigences de fonds propres imposées pour soutenir la stabilité financière affectent négativement la création de liquidités. Ces résultats ont de larges implications pour les régulateurs bancaires. Chapitre 3: “Positive effects of Basel III on banking liquidity creation”. Ce document évalue l'effet du cadre réglementaire de Bâle III sur la création de liquidité bancaire. Les résultats sont basés sur un ensemble de données de panel de banques américaines qui représentent environ 60% des prêts et dépôts américains sur une période de 7 ans (2009-2015), en plus de différence dans la différence et les méthodes de survie standard. Tous les composants de Bâle III pris ensemble, il existe des preuves empiriques que Bâle III a un effet positif sur la création de liquidité bancaire sur le marché américain, en particulier pour les grandes banques. Ces résultats ont de larges implications pour les régulateurs bancaires. / As one determinant of a bank’s survival during the financial crisis of 2007-2008, liquidity in the banking sector presents a challenge for the financial and academic communities and has recently become a central point of interest. The three articles presented in this thesis focus on the two main facets of liquidity in the banking sector: the holding of liquid assets (i.e., cash and assimilated resources) and the process of liquidity-creation in banks used to fund loans. As will be discussed in the articles, these two aspects of liquidity can be viewed as two sides of the same coin. I acknowledge that liquidity in banking is linked to the creation of money; however, this thesis focuses on the aforementioned two aspects of liquidity. First, this section presents how ideas about liquidity in the banking sector have evolved in mainstream economic thought. Second, it considers the revival of cash-holding that has been observed since the financial crisis of 2007-2008. Third, it discusses the properties of liquidity. Fourth, it explores what we do not know about liquidity. Fifth, it identifies the fundamental issues analyzed in the three articles. Finally, it presents the methodology used in the articles to address these issues. Chapter1: “Why do banks hold cash ?”. This paper investigates the determinants of bank cash holding by using international data for the period 1981-2014. The results do not seem to provide support for the substitutability hypothesis regarding the substitutive relation between cash and debt levels. Further, using the GMM-system estimation method, we find no support for the dynamic optimal cash model, suggesting that cash management in the banking sector is bounded by number of constraints that make it difficult for the agents to optimize their utility. Chapter 2: “Does an increase in capital negatively impact banking liquidity creation?”. From a dataset composed of a panel of 940 listed banks based in European, American and Asian countries, this paper documents the evolution of bank liquidity creation over a 35-year period (1981-2014). The empirical evidence confirms that risk and equity levels play a significant and negative role. Overall, the negative effects of equity increases on bank liquidity creation are more significant than corresponding positive effects on risk management, suggesting that capital requirements imposed to support financial stability negatively affect liquidity creation. These findings have broad implications for policymakers. Chapter 3: “Positive effects of Basel III on banking liquidity creation”. This paper estimates the effect of the Basel III regulatory framework on banking liquidity creation. The results are based on a panel data set of U.S. banks that represent approximately 60% of U.S. loans and deposits over a 7-year period (from 2009 to 2015) in addition to difference-in-difference and standard survival methods. All components of Basel III taken together, there is empirical evidence that Basel III has a positive effect on banking liquidity creation in the US market in particular for major banks. These findings have broad implications for policy makers.

This thesis discusses the rise of the Republican party in Texas and specifically Harris County. The time period is the decade between the Presidential election of Dwight D. Eisenhower and the campaign of Jack Cox for Governor. Changes in the structure and leadership of the Republican party at the state level and specific precincts are examined in detail in chapter one. Leaders in Houston during this time period, such as Jesse Jones, Roy Cullen, and Oveta Culp Hobby are discussed in chapter two. The elections of Eisenhower, Cox, and Republican John Tower are analyzed in chapter three. The conclusion finds six major factors for the political changes occurring in Harris County, including economic and demographic changes. Main sources for this work included the Harris County Democratic party records and the Jack Cox Papers at the Center for American History, the Eisenhower Library, and the John Tower Papers.

Introduction/Background: Guidelines from the World Health Organization currently recommend targeting a body mass index (BMI) between 18.5 and 24.9 kg/m2 based on the lowest risk of mortality observed in epidemiological studies. However, these recommendations are based on population observations and do not take into account potential inter-individual differences. We hypothesized that genetic and non-genetic differences in adiposity, anthropometric, and metabolic measures result in inter-individual variation in the optimal BMI. Methods: Genetic variants associated with BMI as well as related adiposity, anthropometric, and metabolic phenotypes (e.g. triglyceride (TG)) were combined into polygenic risk scores (PRS), cumulative risk scores derived from the weighted contributions of each variant. 387,692 participants in the UK Biobank were split by quantiles of PRS or clinical biomarkers such as C-reactive protein (CRP), and alanine aminotransferase (ALT). The BMI linked with the lowest risk of all-cause and cause-specific mortality outcomes (“nadir value”) was then compared across quantiles (“Cox meta-regression model”). Our results were replicated using the non-linear mendelian randomization (NLMR) model to assess causality. Results: The nadir value for the BMI–all-cause mortality relationship differed across percentiles of BMI PRS, suggesting inter-individual variation in optimal BMI based on genetics (p = 0.005). There was a difference of 1.90 kg/m2 in predicted optimal BMI between individuals in the top and bottom 5th BMI PRS percentile. Individuals having above and below median TG (p = 1.29×10-4), CRP (p = 7.92 × 10-5), and ALT (p = 2.70 × 10-8) levels differed in nadir for this relationship. There was no difference in the computed nadir between the Cox meta-regression or NLMR models (p = 0.102). Conclusions: The impact of BMI on mortality is heterogenous due to individual genetic and clinical biomarker level differences. Although we cannot confirm that are results are causal, genetics and clinical biomarkers have potential use for making more tailored BMI recommendations for patients. / Thesis / Master of Science (MSc) / The World Health Organization (WHO) recommends targeting a body mass index (BMI) between 18.5 - 24.9 kg/m2 for optimal health. However, this recommendation does not take into account individual differences in genetics or biology. Our project aimed to determine whether the optimal BMI, or the BMI associated with the lowest risk of mortality, varies due to genetic or biological variation. Analyses were conducted across 387,692 individuals. We divided participants into groups according to genetic risk for obesity or clinical biomarker profile. Our results show that the optimal BMI varies according to genetic or biomarker profile. WHO recommendations do not account for this variation, as the optimal BMI can fall under the normal 18.5 - 24.9 kg/m2 or overweight 25.0 – 29.0 kg/m2 WHO BMI categories depending on individual genetic or biomarker profile. Thus, there is potential for using genetic and/or biomarker profiles to make more precise BMI recommendations for patients.

Indiana University-Purdue University Indianapolis (IUPUI) / For nonprofit organizations, securing and sustaining funding is essential to survival. Many nonprofit managers see government funding as ideal because of its perceived security (Grønbjerg, 1993; Froelich, 1999). However, there is little evidence to support the claim that such funds actually make nonprofits more sustainable, and some research has even suggested that nonprofits receiving “fickle” government funds are more likely to fail (Hager et al., 2004). The primary purpose of this work is to examine the relationship between government funding and nonprofit failure. Its secondary purpose is to understand the relationships between failure, government funding, and the causes for failure suggested by previous research—instability of the funding source and low funding diversification. To examine these relationships, I chose to use survival analysis and employed the Cox regression technique. Here, I analyzed the NCCS-Guidestar National Nonprofit Research Database, which archives nonprofit IRS filings from 1998 to 2003. This data set is noteworthy for its level of detail and its comprehensive nature. I found that organizations receiving government funding are less likely to fail, especially if this funding is part of a balanced portfolio. Organizations with higher percentages of nonprofit funding and organizations with less diversified overall portfolios do not. Furthermore, nonprofit organizations with less diversified portfolios were more likely to fail, and, among organizations receiving government funding, those with the highest percentage of their revenue from the government were more likely to fail than their counterparts with less funding.

No description available.

Le dynamisme du secteur aérien canadien amène Transports Canada à réviser régulièrement ses techniques de modélisation du trafic de passagers afin d’améliorer la performance prédictive de ses modèles. Ce travail explore différentes versions d’un modèle PODM (Passanger Origin-Destination Model) que Transports Canada utilise pour prévoir le trafic de passagers entre une origine et une destination à l’intérieur du Canada avec des données de panel (i.e. longitudinales et transversales). Deux formes paramétriques (log-linéaire et Box-Cox) sont estimées dans leurs versions empilées, avec des effets fixes/aléatoires et avec des coefficients individuels variables (fixes/aléatoires). Nous proposons également des estimations non paramétriques à noyaux pour explorer les non-linéarités qui caractérisent la relation entre le nombre de passagers par couple origine-destination et le prix du billet, le PIB des zones d’origine et de destination, la durée en voiture du trajet et la fréquence des vols. L’hypothèse d’empilement des données et les formes fonctionnelles postulées se révèlent statistiquement inadéquates. La prise en compte de l’hétérogénéité des trajets et des effets temporels par l’inclusion d’effets fixes/aléatoires dans les modèles paramétriques est également rejetée par nos tests. Les modèles à coefficients variables individuels et les estimations non paramétriques se révèlent les méthodes les plus pertinentes pour capturer l’hétérogénéité entre trajets, les chocs temporels ou les non-linéarités présentes dans les relations d’intérêt. Mots clés : Box-Cox, transport aérien, trafic de passagers, origine-destination, Transports Canada, non paramétrique, panels.

Background: The landmark EXTREME trial established cisplatin, 5-fluorouracil and cetuximab (PFE) as first-line chemotherapy (1L-ChT) for recurrent/metastatic head and neck squamous cell carcinoma (R/M HNSCC). We were interested in outcome differences of R/M HNSCC in 1L-ChT and factors influencing outcome in certain subgroups, especially patients receiving PFE, and the value of PFE compared to other 1L-ChT regimens to provide real world evidence (RWE). Methods: For this retrospective monocentric study, 124 R/M HNSCC patients without curative surgical or radiotherapy options receiving at least one cycle of 1L-ChT were eligible. We analyzed their outcome using Kaplan-Meier plot and Cox regression to identify predictors for prolonged survival. Results: Subgroups benefiting significantly from PFE were patients suffering from an index HNSCC outside the oropharynx. The PFE regimen proved to be superior to all other 1L-ChT regimens in clinical routine. Significant outcome differences between PFE treatment within or outside controlled trials were not seen. Conclusion: This retrospective analysis provides RWE for factors linked to improved outcome. Subgroup analyses highlight the lasting value of PFE among the growing spectrum of 1L-ChT. Importantly, fit smokers with high level alcohol consumption benefit from PFE; considering the patient’s lifestyle factors, PFE should not be ignored in decision-making.