text:
https://lonzowire.usatoday.com/2018/01/07/lavar-ball-liangelo-lamelo-superstars-winners-lithuania/
LaVar Ball: 'I've taught my boys not to be superstars, but to be winners'
Watching LiAngelo and LaMelo Ball jack up shots from all over the floor, be it at Chino Hills or with the Big Ballers AAU squad, you'd think LaVar Ball raised his sons to be classic American basketball gunslingers. But in his own mind, the Ballfather believes that he taught his boys "to play the right way," and that his approach has helped them fit in just fine with their new team in Lithuania.
"Now, when you come in on the U.S., the most dominant players, they come from the hood," LaVar explained to Sports Illustrated's Jared Zwerling. "And from the hood, you're taught to be an alpha dog. So you've got all these alpha dogs. There ain't no team. Now, you've got superstars out there. But I've taught my boys not to be superstars, but to be winners. "
To hear LaVar tell it, the penchant for passing to the open man that Gelo and Melo (supposedly) share with Los Angeles Lakers rookie Lonzo Ball makes them decidedly different from their American peers, especially in the eyes of Prienu Vytautas head coach Virginijus Seskus.
"Usually when you have an American come over here, he's going to be, like, 'Man, this is my team. I'm over here. Let me show you what I do,'" the Big Baller continued. "And that's why they'll be, like, 'Man, are you going to pass the ball?' And that's why the first thing the coach said was, 'Man, they don't play like Americans.' I'm, like, 'Hey, that's a good thing. See, you've noticed that already."'
Come Tuesday, we'll see just how seamless the transition to playing professional basketball overseas is for LiAngelo and LaMelo when they debut for BC Vytautas against Zalgiris Kaunas' second team in the Big Baller Brand Challenge Games at Prienai Arena.
LaVar Ball 'calling shots' for LiAngelo and LaMelo's Lithuanian team


text:
The Memorable Albert Einstein – A Man For All Ages
Two Time USA Memory Champion, memory training expert and memory keynote Ron White is happy to shares his thoughts on one of his favorite historical characters, Albert Einstein.
Albert Einstein is, without a doubt, one of the most revered men in history, and he left a legacy that will endure forever in the fields of energy, gravity, light, and time.
In 1921, Einstein won the Nobel Prize in Physics, "For his services to theoretical physics, and especially for his discovery of the law of the 'photoelectric effect' (photons)," which showed how the photoelectric effect was caused by absorption of "quanta" of light (now called photons).
Einstein's most famous work is the Theory of Relativity (E=mc²). A simplistic explanation of this work is that tried to prove that energy is proportionate to the amount of mass that an object holds, and they can be interchangeable. In the end, it brought us a deeper understanding of the meaning of gravity. Later Einstein expanded this theory to include applications across uniform and non-uniform systems of motion and the large-scale effects of gravity.
"When you sit with a nice girl for two hours, it seems like two minutes. When you sit on a hot stove for two minutes, it seems like two hours that's relativity."– Albert Einstein (German-American physicist, 1879-1955)
The Theory of Relativity opened up the world to other discoveries – such as the Bose-Einstein Condensate. Bose sent a paper to Einstein concerning this work with photons and offering his own ideas on the subject. Einstein translated the paper himself from English to German and submitted his ideas on quantum statistic of quanta (photons) in Bose's name to "Zeitschrift für Physik", that published it. Einstein then went on to extend Bose's ideas to material particles (matter) in two other papers.
Using the Bose-Einstein Condensate in 1955, two scientists from the University of Colorado at Boulder's NIST-JILA lab, Eric Cornell and Carl Wieman, produced the first gaseous condensate – using cooled gas of "rubidium" atoms. This discovery won them the 2001 Nobel Prize in Physics. Beyond that, in 2010 the first photon BEC was observed. This just goes to show that ideas that Einstein worked on have gone on to produce other amazing discoveries.
This Theory of Relativity also led to Einstein's involvement in one of the most devastating inventions of all time – the atomic bomb.
Along with a group of scientists, Einstein convinced President Franklin D. Roosevelt that the Germans were working on a plan to build the first atomic bomb around the time of World War II, and it was not just a pipe dream, but possible. This communication gave way to the "Manhattan Project," and the development of the first two atomic weapons that ended the war when dropped on Japan.
Although we attribute significant theories and scientific breakthroughs to Einstein he was an actual recognized and successful inventor. In 1926 he, along with his former student, co-invented an absorption refrigerator that had no moveable parts and ran on heat alone. Although he chose not to pursue this field of work, his invention did allow him the income to live well and continue to develop his other research projects.
The next time you look up and wonder why the sky is blue, you have Albert Einstein to thank. The question of "Why is the sky blue?" had baffled scholars and scientists for centuries. Einstein always enjoyed finding out the answer to unusual questions, so he worked on it until he discovered the secret – that the atmosphere scatters light particles, which allows the blue spectrum to show through.
One of the most fascinating men of all time, Albert Einstein's life was full amazing insight, humor and graciousness. He was a man of integrity, and held great store in friendships. The one thing that people who study Einstein come away with is that he enjoyed taking the most complex thoughts and ideas and breaking them down so even the simplest of men could understand them.
"The whole of science is nothing more than a refinement of everyday thinking." – Albert Einstein
His wondrous insights will continue to be passed on, built upon, and used to develop more exciting discoveries. He indeed can be honestly called, "A Man For All Ages."
Albert Einstein Inventions: http://www.inventionpop.com/AlbertEinsteinInventions.html
TNT Tonight: http://www.txt2nite.com/forum/viewtopic.php?t=1691
Carolus Chess – 1879-1955 Albert Einstein: http://sites.google.com/site/caroluschess/famous-people/explorers-and-inventors/albert-einstein
Wikkipedia – "http://en.wikipedia.org/wiki/Bose%E2%80%93Einstein_condensate

redpajama_set_name: RedPajamaCommonCrawl


And, because using a mobile-friendly design is essential Nowadays, Instapage lets you easily switch between mobile and desktop view to make sure everything is optimized and placed accordingly across all devices.
Do note that AMP pages are designed for mobile, and may be a Good path to go if you are designing a page especially for mobile usage. All these are designed to load incredibly quickly, but you'll get this option if you are signed up for the Enterprise plan.
A custom domain name is pretty self-explanatory. Simply enter in the domain name You would like to print to. But remember, that one does require a modest technical know-how. Fortunately, Instapage comprises a video to help you through the procedure.
Instablocks — these are handy for times when you have to create multiple landing pages, but do not wish to change the fashion of the webpage. Rather than recreating your entire webpage, it will save your components for you to be reused. You'll have access to cubes made by Instapage or you can create your own.
A/B testing — If you want to test different components of your page, you can split test using Instapage. Just duplicate your main copy and produce a second copy with any changes to the text, pictures, CTAs, etc.. When you print your page, some will see the controller variant and others are going to see the variation. Information on how each performs will be stored on your Instapage analytics department.
While you can eliminate the basic Core program for just designing and Publishing (awesome) landing pages, the Optimizer gives you access to useful tools like heatmaps and A/B testing, which may help your overall conversion speed later on.
And though its additional features will cost more, they definitely add to the experience. The use of A/B testing and heatmaps can help guide your production and strategy, and conversion target tracking will let you know whether you're on track.


text:
Сарпедон () — персонаж древнегреческой мифологии. Согласно Гомеру, сын Зевса и Лаодамии, дочери Беллерофонта. Либо сын Эвандра и Деидамии, внук старшего Сарпедона.

Участвовал в играх в Трое над кенотафом Париса, в состязаниях в беге. Участник Троянской войны. В «Илиаде» убил 2 греков, согласно Гигину, всего убил 2 воинов. Убил Тлеполема и Антифа. Убит Патроклом.

В Киликии было святилище и оракул Артемиды Сарпедонской. Согласно епископу Василию из Селевкии, Сарпедон в поисках пропавшей сестры забредает в Киликию.

В его честь названа линия Сарпедон на спутнике Юпитера Европе.

Примечания

Малая Азия в древнегреческой мифологии
Цари Ликии
Участники Троянской войны
Герои древнегреческих мифов
ЛГБТ-персонажи в литературе
Ликия

redpajama_set_name: RedPajamaWikipedia


Two acclaimed drama films we released in December of last year are now available On Demand: The Dinner and Menashe.
When Stan Lohman (Richard Gere), a popular congressman running for governor, invites his troubled younger brother Paul (Steve Coogan) and his wife Claire (Laura Linney) to join him and his wife Katelyn (Rebecca Hall) for dinner at one of the town's most fashionable restaurants, the stage is set for a tense night. The Dinner is riveting story filled with many shocking twists and turns: a chilling parable about the savage reality hidden beneath the surface of middle class lives.
Watch The Dinner on iTunes or Amazon.
Menashe (Menashe Lustig) follows a kind, hapless grocery store clerk as he struggles to make ends meet and responsibly parent his young son, Rieven (Ruben Niborski). In the wake of his wife's death, tradition prohibits Menashe from raising his son alone, so Rieven's strict uncle adopts him, leaving Menashe heartbroken. Meanwhile, though Menashe seems to bungle every challenge in his path, his rabbi grants him one special week with Rieven before his wife's memorial and a chance to prove himself a suitable man of faith and fatherhood.


And by his house, I mean his palace.
You gotta see who made the cut!
The royal family like nothing better than a bit of tradition. They've got traditions for births, marriages, and everything in between. And that includes Christmas.Most families stick to their long-loved festive routines, and the royals are no different.
Guys, it's literally named after a buncha frogs.
We dare you to choose between dreamy Prince Edward and hot chef Kevin.
He was like a different person with this beard.
She'll obv need her own room in their new digs.
Time to take note, you guys.


in the last 18 years, hiv or the human immunodeficiency virus has evolved into a major health concern. As many as 11 drugs and drug combinations have been pursued to suppress the development of hiv- related disease, only to help those infected with the virus live longer, more productive lives.
Unfortunately, this optimism appears to be doubtful if a recent study by Line Zhang and his team from the Aaron Diamond aids Research Institute in New York, usa , is to be believed. The study suggests that it may never be possible to completely eliminate the virus from the infected. Small amounts of hiv may still hide in certain white blood cells, even in patients whose blood 'appears' to be free of the virus. Further, in some patients, these bits of virus continue to evolve and slowly replicate (The New England Journal of Medicine , Vol 340, No 21).
The researchers studied eight patients, who had been 'treated' with the powerful 'highly active antiretroviral therapy' ( haart ) for at least two years. When this combination drug therapy first appeared, doctors had hoped that it would turn out to be a cure for the virus: if the viral levels continued to decrease, the virus might ultimately be eliminated from the body. But, according to the new finding, while the virus appeared to be completely eradicated from the eight patients' bloodstreams, all eight had traces of the virus lurking in certain long-lived white blood cells and two had copies that were showing signs of replicating.
The researchers carefully scrutinised individual white blood cells to determine whether there were lingering traces of the virus in people with no measurable virus in their plasma (the liquid portion of blood usually used to screen for viral load). Six of them had latent (or resting) copies of the virus, while in two patients the virus showed signs that it was evolving and replicating, Zhang reported. Researchers can tell if a virus is replicating by looking for mutations in the virus over time. As hiv makes copies of itself, it makes mistakes and changes to correct the mistakes.
Researchers compare what virus particles look like over time. If there are genetic changes, it means the virus is reproducing, rather than lingering in a latent state. The bottom line is that whether the copies of the virus are replicating or asleep, they represent a persistent reservoir of hiv that is not being eliminated by the drugs, which are good at suppressing levels of free virus in the plasma.
"This is very sobering news. The goal of completely eradicating the virus from a patient becomes more problematic if there is a reservoir of virus that is continuously replenished," says Anthony Fauci, a leading aids researcher and director of the National Institute of Allergy and Infectious Diseases in Bethesda, Maryland, usa .


text:
Q: Lightning components in Community requires SLDS package? If I want to develop a lightning component to place within a community and make a list view to look like the it's styled in the lightning style, do I need to use the SLDS package/static resource and include the stylesheet in the component, or can I style it using the community style?
I'm just trying to understand whether I have to include this or will it be there already to use with the component.

A: Community Cloud is based on Standard SLDS Design .But since you are building a custom component its better to import the SLDS package and use Standard SLDS in static resource so that you have complete control over the CSS and not rely on salesforce designs which will be upgraded with every release and that may tend to be not desired.
<aura:component implements="forceCommunity:availableForAllPageTypes" controller="HomePageCmpController">
<ltng:require styles="/resource/REPLACE_WITH_NAME_OF_SLDS_STATIC_RESOURCE/assets/styles/salesforce-lightning-design-system-ltng.css" />

redpajama_set_name: RedPajamaStackExchange


text:
class Move < ActiveRecord::Base
  TICKET_TYPES = [:taxi, :bus, :underground, :black]

  belongs_to :round, inverse_of: :moves
  has_one :game, through: :round
  belongs_to :player, inverse_of: :moves
  belongs_to :to_node, class_name: 'Node', inverse_of: :moves

  scope :ordered, lambda { includes(:round).order('rounds.game_id', 'rounds.number', :player_id) }
  scope :of_detectives, lambda { joins(:player).where('players.type' => Detective) }
  scope :of_criminals, lambda { joins(:player).where('players.type' => Criminal) }
  scope :double, lambda { group(:round_id).having('COUNT(*) == 1') }

  validates :round_id, :player_id, :to_node_id, :ticket, presence: true
  validates :player_id, uniqueness: { scope: :round_id }
  validates :ticket, inclusion: { in: TICKET_TYPES }

  validate :player_is_in_the_game
  validate :move_is_not_reflexive

  private

  def player_is_in_the_game
    if round.game.players.exclude?(player)
      errors.add :player_id, 'is not in this game'
    end
  end

  def move_is_not_reflexive
    if player.current_node == to_node
      errors.add :to_node, "is the same as the player's current node"
    end
  end
end

redpajama_set_name: RedPajamaGithub


text:
Select Genre Role Playing Simulation Strategy
Burger Man (Europe) 4.5/5 3,523
Starquake (Europe) 0/5 2,572
Rock Star Ate My Hamster (Europe) 5/5 2,173
Advanced Dungeons & Dragons - Heroes Of The Lance - A DragonLance Action Game (Europe) 5/5 2,162
Balance Of Power - The 1990 Edition (Europe) 3.5/5 1,736
Afterburner (Europe) 3.5/5 1,705
Barbarian - The Ultimate Warrior (Europe) 4/5 1,631
Advanced Fruit Machine Simulator (Europe) 0/5 1,549
Chess Player 2150 (Europe) (Compilation - TenStar Pack) 0/5 1,511
Adidas Championship Tie Break (Europe) 1.8/5 1,495
Alien World (Europe) 5/5 1,393
Advanced Rugby Simulator (Europe) 0/5 1,367
Tower Of Babel (Europe) 0/5 1,335
Warlock (Europe) (The Edge) 0/5 1,333
Strider (Europe) (Compilation - Les Chevaliers) 0/5 1,325
Academy - Tau Ceti II (Europe) 5/5 1,318
SideWinder (Europe) 5/5 1,312
Alternate Reality - The City (Europe) (v3.0) 4.8/5 1,303
Cloud Kingdoms (Europe) 5/5 1,297
Chuckie Egg (Europe) 0/5 1,274
Top 10 Atari ST ROMs
Burger Man (Europe)
Starquake (Europe)
Rock Star Ate My Hamster (Europe)
Advanced Dungeons & Dragons - Heroes Of The Lance - A DragonLance Action Game (Europe)
Balance Of Power - The 1990 Edition (Europe)
Afterburner (Europe)
Barbarian - The Ultimate Warrior (Europe)
Advanced Fruit Machine Simulator (Europe)
Chess Player 2150 (Europe) (Compilation - TenStar Pack)
Adidas Championship Tie Break (Europe)
Other Atari ST roms
Rally Cross Challenge (Europe)
Jewels Of Darkness (Europe)
Chessmaster 2000, The (Europe)
Mean 18 (Europe) (Compilation - Accolade All Time Favourites)
Seven Gates Of Jambala, The (Europe)
Outcast (Europe)
Cybercon III (Europe) (4.6.91)
Turbo GT (Europe)
World Championship Boxing Manager (Europe)
Pac-Mania (Europe)
Atari ST Information
Atari ST was the first 16-bit computer popular in Europe and United States. It was the main competitor of Commodore Amiga in the second half of 1980, before it was displaced from the role of the home PC by IBM PC since the 1989. From 1985 until 1987 Atari ST was the leader on sales due to the lower price, for example, in 1986 Atari ST with 512 KB had price of about $600, which was about 2 two times cheaper than existing Amiga models . The most significant games at that time were made for multiple home PCs to maximize the audience reach. Leaders in quality were the games for Commodore Amiga and comparable to it Atari ST. Those who want to play games of the 1980s should definitely try first the games for those platforms. Some games (especially before 1987) originally were made for Atari ST and then ported to Amiga without significant changes. Sometimes these games were running better on the original platform, partly because the Atari ST processor was about 10% faster (that's why games with vector graphics work a bit better on ST).
It's never been so easy to download and play Atari ST Roms games. All you need is just to visit our Downloads page and download Atari Roms Games and emulator to play them on your computer.


text:
Home EntertainmentCelebs	Bestselling Author Andrea McLean On Dealing With Menopause
Bestselling Author Andrea McLean On Dealing With Menopause
written by Stephanie van der Plank December 24, 2019
Photo by Dave J Hogan via Getty Images
Our January 2020 cover star is the brilliant and bold TV presenter and bestselling author Andrea McLean. She's appeared on shows like The Crystal Maze and Big Star's Bigger Star but, it's her bestselling book Confessions of a Menopausal Woman that really has us intrigued.
ALSO SEE: Writing Tips From Bestselling Author Marita Van Der Vyver
After announcing in 2016 that she'd be taking time off from work to have a hysterectomy – which triggered early menopause – Andrea was inundated with messages from women asking for information and advice. She couldn't respond to every query so, with the help of a menopause expert, she penned her book. "My experience hasn't been brilliant," she says, "but women don't need to accept that this is how it is; there is help."
Here's what she has to say about dealing with menopause…
ALSO SEE: Which Natural Menopause Remedies Work For Hot Flushes?
On her journey…
My journey through menopause has been tough. At first, I had a terrible time with insomnia, night sweats, anxiety and fatigue. Usually I'm like the Duracell Bunny, but I was so tired and anxious. People ask, "How can you be anxious? You're so confident." But that's when I'm feeling good. Some days I can do a thousand things and at the end of the day still have loads of energy, then there are others when I have nothing in me. But that's normal. We're not meant to be operating at 100mph all the time.
I'm careful with my skin because I had acne in my twenties. Menopause definitely affected my complexion. My problem areas are my pigmentation marks, which started with pregnancy and, since menopause, I've noticed that in the sunshine, it all comes out. Sometimes I look like I've got a beard, because it comes down the sides! Make-up can make you look lovely, but it depends on the skin that's underneath.
Here's Andrea looking fittingly fabulous in neutral shades…
It's all about the browns today… Top and skirt @sosandar Shoes @kurtgeiger @loosewomen @mothershoppers #70sfashion
A post shared by Andrea McLean (@andreamclean1) on Nov 14, 2019 at 6:37am PST
On her book, Confessions of a Menopausal Woman…
The response to my book has been phenomenal – I'm overwhelmed. I've had women stopping me to say how I've changed their lives and given them the confidence to speak to their doctors and get the help they need. I've also had men getting in touch and telling me I've saved their marriages and given them their wives back. They're reading the book, too. It's wonderful. It means so much to know I've helped.
My website was the natural next step after the book. It's a female-empowerment site called This Girl Is On Fire, and I launched it when I realised there were women of all ages and stages looking for uplifting content and support in their everyday lives. The site was adapted to reflect women who aren't defined by age, but by attitude. We cover topics like
clever life hacks and encouraging new courses, as well as how to take time for yourself and do things that make you feel great. Our pillars are simple: Live, Learn, Thrive.
ALSO SEE: Sofia Vergara's Super-Relatable Lifestyle
On turning 50…
Last night, I was lying in bed thinking, 'I'm 50!' Deep down, I still feel the way I did in my twenties – but now I can say, "No, I don't like that," and it's allowed. It's given me loads of energy because I feel the way I did 30 years ago, when I felt anything was possible. I feel brave again, which I'd lost along the way as my personal life took tough twists and turns.
I had a wonderful joint party with the kids. Within a few weeks, my son turned 18, my daughter turned 13, and I reached 50. Our party was like a prom, with three cakes, and we each invited a certain number of friends. There was even a disagreement about which cover band we'd choose – my son wanted someone like Green Day, Amy really likes Rita Ora, and I suggested something like ABBA!
ALSO SEE: How To Make A Real Difference To Your Diet In Your 40s, 50s And Beyond
Andrea's book, Confessions of a Menopausal Woman (Transworld Publishers), is available now.
Read more about Andrea's story in our January 2020 issue, on shelves now.
Post-Menopause Sex: It's Time To Be Honest About It
Writing Tips From Top Authors: How To Write That…
The Best Books On Menopause
Top Tips For Relief From Hot Flushes
Which Natural Menopause Remedies Work For Hot Flushes?
Bestselling Author Harriet Evans On Writing Hit Novels
celebsmenopause


text:
package main

import (
	"io"
	"io/ioutil"
	"log"
	"os"

	"github.com/ciarand/martini-fileindex"
	"github.com/codegangsta/martini"
)

// A parent structure that "extends" the Classic Martini and also provides
// access to the Logger used
type Server struct {
	*martini.ClassicMartini
	Logger *log.Logger
}

// Create a new "Server" struct and init it
func NewServer(location string, silent bool) *Server {
	var output io.Writer

	output = os.Stdout
	if silent {
		output = ioutil.Discard
	}

	// It starts out as just a Classic Martini and a custom logger
	d := &Server{martini.Classic(), log.New(output, "["+NAME+"] ", 0)}

	// Setup the handlers (middlewares) used in Deserv
	d.Handlers(
		// We want a logger
		martini.Logger(),
		// And to serve static files from the location
		martini.Static(location),
		// And we want a file index when the URI is a dir
		fileindex.ListFiles(location),
		// Finally if anything goes wrong we want it to recover
		martini.Recovery(),
	)

	// Map the created logger to the log.Logger type. That means that whenever
	// a function requests a log.Logger it'll use ours instead of the normal
	// Martini one
	d.Map(d.Logger)

	// Finally return the struct
	return d
}


Main focus of my job is on the feasibility of mini-cogeneration plants. Looking at various options for cogeneration and the related economical parameters, our aim is to identify the optimum solution for potential customers and to provide them with a clear figure on the return of investment.
To get familiar with the business area, I have looked into existing installations during the first two weeks of work. Extensive internet research provided knowledge on suppliers, manufacturers and most importantly potential customers and the sectors in which they operate in.
As the law regarding feed-in-tariffs for cogeneration plants has recently changed, we are shifting our attention on self-consumption of electricity and the extent of savings that could be achieved through it. In accordance with this, I am examining comprehensive spreadsheets which have evolved through the past and doing my best to contribute in their modification for the new conditions.
Our aim is that I will be able to carry out a feasibility study for a small scale micro-CHP project at the end of the internship.
OnTech Engineering is a subsidiary of Revergy. Its main business area is planning, consulting, support, financing and maintenance of mini-cogeneration plants.
Supplying useful heat together with electrical power, mini-CHP systems reach combined efficiencies in the order of 90%. Therefore, they are considered as a more sustainable alternative to conventional electricity generating systems.
The systems supplied by OnTech Engineering have powers ranging from 50kWel to 2145kWel. They contain biogas and natural gas engines from reputable German manufacturers such as MAN and Liebherr.
The company is new to the market but benefits from Revergy's wide experience in engineering, control systems, energy consulting services and infrastructure technology.
The OnTech Engineering office is located inside Revergy's facilities and I am working in a large, open-plan office together with other Revergy engineers. The office is at the 4th floor of the BLUENET Building which is on the Isaac Newton Street inside the Scientific and Technological Park of the Isla Cartuja.
I used to walk to work. This would normally take between twenty to thirty minutes from the flats. On the second week of work I tried the Sevici bicycle scheme (short term subscription: 10€/week). I was very satisfied by the experience and thus applied for the long term subscription (25€/year) about 10 days ago. The card arrived today, and from now on I will be cycling to work! That takes only around 15 minutes.
Unlike breakfast, we go for lunch solely as a group of interns. It is usually baguettes from the nearby faculty canteen or a hot meal from the Cafeteria Italia right across BLUENET.
My boss, Fernando, is quite busy, but he always takes time to explain the work to me. He speaks English very well but also encourages me to practice Spanish at every chance. Every now and then he speaks a simple, clear and slow Spanish instead of English, so that I can understand. It is really nice to be working with him.
I have a second line manager, Herr Vagt, who is in Germany most of the time. We speak German with him, which is also a good experience for me as I have not spoken German in an engineering work environment before. Both of my managers are always very motivating.


text:
Q: how to set text color in list view in android app in my app i have created a list view and added some text in the list. In my coding part the text are been added as an array adapter to have a check box. In the layout i have given a white color for the list view because of this the text appear to be very dull. How to set the text color to be as black.

A: set the text color in your xml

 < TextView
 android:id="@+id/list_content"
 android:textColor="#000000"
 android:gravity="center"
 android:text="sample"
 android:layout_margin="4dip"
 android:layout_width="fill_parent"
 android:layout_height="wrap_content"
 />

A: If the text is added as a part of a TextView, you should be able to call setTextColor(int) on it.


text:
text in Portuguese
Revista Contabilidade & Finanças
Print version ISSN 1519-7077On-line version ISSN 1808-057X
Rev. contab. finanç. vol.29 no.78 São Paulo Sept./Dec. 2018 Epub June 18, 2018
http://dx.doi.org/10.1590/1808-057x201805560
Stock market under the 2016 Brazilian presidential impeachment: a test in the semi-strong form of the efficient market hypothesis*, **
Alexandre Ricardo de Aragão Batista1
Uxi Maia2
Alécio Romero3
1Universidade Estadual de Campinas, Instituto de Economia, Campinas, SP, Brazil. Email: alexandre.ricardo.batista@usp.br
2Universidade Federal de Santa Maria, Programa de Pós-Graduação em Economia e Desenvolvimento, Santa Maria, RS, Brazil. Email: uximaia@hotmail.com
3Universidade Federal de Santa Maria, Centro de Ciências Sociais e Humanas, Programa de Pós-Graduação em Economia e Desenvolvimento, Santa Maria, RS, Brazil. Email: alecioromero@gmail.com
This article aims at contributing to study the stock market's reaction up to the point of generating significant abnormal returns or cumulative abnormal returns within the Brazilian impeachment period. By means of the efficient market hypothesis (EMH), in its semi-strong form, the purpose was verifying whether the presidential impeachment that took place in Brazil in 2016, in 3 different dates, brought the expected reaction from the stock market on the Brazilian Stocks, Commodities and Futures Exchange (BM&FBOVESPA). The theme is relevant, as it addresses aspects of politics and economic theory and their interactions in stock markets. It impacts in the area of capital markets, because this suggests that economic players can, through their expectations and information, see adverse reactions in the market. The methodology analytically employed encompasses a brief literature review as a theoretical basis about the institutions involved and it refers historically to impeachment events. Quantitatively, the methodology consists in the study of events, so that the expectations are observed by means of time-series regression models based on the autoregressive-moving-average (ARMA) models. The result found, under three major events that culminated in the 2016 Brazilian presidential impeachment, was that no significant statistics has been determined, at a 5% level, in all estimated windows and in all events. Statistically, it was not possible to reject the hypothesis that the abnormal returns and the cumulative abnormal returns equal zero. So, the markets have been considered to be well-informed regarding the events, in this specific situation, i.e. according to the EMH, in its semi-strong form, the markets have reacted as expected.
Keywords study of events; market efficiency; information asymmetry; political economy; impeachment
This article aims to contribute to study efficiency in the Brazilian stock market in face of a political event. The purpose, by analyzing studies of events, consists in verifying whether the presidential impeachment that took place in Brazil in 2016, in 3 different dates, provided abnormal returns to the stock market on the Brazilian Stocks, Commodities and Futures Exchange (BM&FBOVESPA), i.e. whether the market reaction to the event under analysis occurred as expected and, consequently, whether the market was efficient.
We take into account that information is a broad concept and it involves, among other things, data and political contexts. Then, in addition to business results, macroeconomic announcements, etc., political stability is also a variable that may be relevant and impact on decisions of economic players. Assuming that the latter, when inserted in the markets, want to maximize their revenues subject to certain restrictions, it is assumed that they also seek abnormal returns, if not for profit, at least to preserve the value of their invested wealth.
By hypothesis, if there is political imbalance as a starting point, this situation may be the genesis of an economic imbalance and, consequently, affect the financial market. In this way, the best informed players are benefited. Given this information privilege assumption, it may involve information asymmetry in which abnormal results may emerge and the markets could not be regarded as efficient.
Such an opportunity could have arisen due to the troubled political situation observed in the country after the 2014 elections. The first issue is that this belief would lead to the common sense that the stock market could have provided abnormal returns, in this particular case. This would derive, for instance, from information asymmetry in which players could have monopolized information about the type of vote that politicians would choose in the 3 phases of voting for the impeachment. However, given the press coverage, it was also assumed that such asymmetry was not that high, on the contrary, it had already created an expectation of pro-impeachment results that allowed the market to adjust to an expected result. This might bring a second problem, perhaps the rise of a myopia indicating that the Brazilian market could be really efficient.
As previously expressed, this article contributes to debate the market efficiency in situations that are political in nature, such as the impeachment. This extraordinary fact involves expectations of economic players accustomed to certain 'rules of the game.' Although there may seem to have been a sudden change when observed in the country's historical trait, the aggregate perception of those who experienced the moment may have been just waiting for the obvious to happen in a region whose phenomenon is recurrent. This obvious fact can also be explored in studies by other authors, regarding market efficiency issues involving political events, above all in elections, since impeachment trials do not always take place, as section 2.4 presents.
In order to fulfill the work, we resorted to returns from the BOVESPA Index (IBOVESPA) - theoretical portfolio of assets prepared by the BM&FBOVESPA - as a proxy for the Brazilian stock market and we analyzed whether the 2016 Brazilian presidential impeachment provided abnormal returns on assets. Using the method of study of events, tests were performed in the semi-strong form of the efficient market hypothesis (EMH), in order to verify whether there was any abnormal return (AR) or cumulative abnormal return (retorno anormal acumulado - RAA) due to the impeachment. To calculate the expected normal return, time-series regression models based on autoregressive-moving-average (ARMA) models, i.e. (p, q), provided the expected value.
In addition to this introduction, the article has section 2, with the literature review, which brings to the debate issues relating politics and market returns, a review of the EMH explanation, studies on Brazil, and approaches provided by some recent papers, contextualized in the issue outlined herein in political terms. Section 3 shows the quantitative methodology used. Section 4 presents the results. And section 5 brings the final remarks.
2. LITERATURE REVIEW
It is intuitive to believe that changes in political regimes, government actions, and political turbulence, in general, cause economic impacts. Even considering financial or capital markets belonging to a larger group, i.e. the economy, extra-economic factors may have an impact in order to increase their volatilities or provide decisions beyond expectations.
2.1 Changes in Political Contrasts - Rules of the Game
Economics and politics must be in line so that the rules are clear among players, because moments of crisis in one of these social spheres may bring, as a result, economic reforms or a revolution in the current political system. Rules should be clear so that the market can be as efficient as possible with the least extra-economic intervention.
Institutions play a major role in the process of establishing the rules of the game. North (1990) believes the institutions set the rules of interaction of people in society, i.e. economic, social, and political relations. According to this theoretical perspective, changes are interrelated and individual actions have a rationality limited by the rules in force. Since the economic structures are constituted by institutions, participants try to retain most of the benefits by organizing the latter in ways that bring them advantages.
Acemoglu (2005) corroborates the conception of rules that coordinate social structures, highlighting issues related to the economic performance of a country, given its institutional and political formation. The contrast between politically weak and strong States determines the conditions for maintaining a political and economic stability that encourages the creation and evolution of good institutions, thus promoting greater economic growth, innovation, and greater social benefit. Politically weak countries tend to invest little in infrastructure and have little control over economic activities. At the other extreme, those politically strong overtax economic activities and interfere with the private business relations in a peculiar way, which can undermine the economic performance. The middle way, i.e. proper distribution between the society's power and the State's political power, would be needed for a more efficient functioning of the economy, which can result in political stability and clear rules for players.
To illustrate, an investment policy adopted by a country in both ways presented herein has a nature complementary to the activities of private players, therefore, it provides information to these players on their possible future restrictions. Such information may indicate, among other things, taxes that will be imposed for making the investment strategy practicable. In general, interest rates on the economy, inflation, average income, legislation, political activities, etc. provide information that can, in an economic sense, signal what the rules of the game are for the State (Acemoglu, 2005).
Another relationship between politics and its influence on the economy, and vice versa, is brought to light through the analysis provided by Van der Brug, Van der Eijk and Franklin (2007), in which political and economic relations are exemplified through elections and the way how rulers are subject to economic performance to remain in power. In favorable economic situations, according to the authors, the permanence in power of a particular party or political elite is more likely than under conditions of economic crisis, because, in a democratic system, votes are influenced by the economic performance of the country or region that, in turn, is associated with the rulers' political capacity and ability.
The theme addressed in this subsection does not constitute an exercise of easy abstraction, even in terms of scientific research. It is worth emphasizing that the purpose of this section is only showing the interconnection between politics and economics in terms of information relevance and its impacts on the market, without entering into merits and value judgments concerning such a theme. The economy is, in general terms, the main set in which the markets are inserted, as well as the political relations. Therefore, herein nothing is done besides providing a panorama on economics and politics.
2.2 Efficient-Market Hypothesis
In this article, it is understood that the price formation of an asset lies on the EMH, which provides a normal return. In Fama (1970), it is assumed that asset prices reflect all available information. In turn, a market that always fully reflects available information is named as 'efficient.' The author, in his study, determines the division of information into three subsets, and then he tests them. The subsets were classified into:
Efficient in the weak form, where the information set consists only in historical prices;
Efficient in the semi-finished form, where prices adjust efficiently after other information becomes publicly available;
Efficient in the strong form, where asset prices adjust even if investors or groups have a monopoly on information access.
In order to better adjust prices in face of the information set, Fama (1970) sees three sufficient conditions for the efficiency of capital markets:
There are no transaction costs on the assets traded;
All available information is available at no cost on the market;
Everyone agrees on the implications of current information on current prices and distribution of future prices of each asset.
These conditions are hardly met in practice. However, such conditions are sufficient, but not necessary. When carrying out the empirical tests, their results showed that the weak form reached statistical significance. In turn, the semi-strong and strong forms showed consistency with the EMH.
However, as there is information asymmetry and transaction costs in practice, Fama (1991) argued that the EMH was false, but he stressed its importance to be used as a benchmark. Each person would be free to judge the scenario in a market and how close it might be to the hypothesis. In Fama (1991), there is a change in the classification of subsets and their forms for operationalization. In general, the main characteristics did not change significantly. The new classifications are provided in Table 1, just as proposed by Lima, Yamamoto, Lima and Malacrida (2008).
Given the hypothesis that the assets provide normal results in terms of information, political instabilities, they presumably make the market more volatile. More than mere negotiations based on hypotheses with economic and accounting rationale, sometimes the capital market ends up escaping rationality. Returns might also capture periods of indecision, i.e. a psychological aspect of the negotiating mass. Elder (2002) sees that, faced with such a situation, an experienced trader 'stands aside.' 'Standing aside,' or not participating in stock exchange negotiations, is also a legitimate market position and this prevents you from losing money.
Table 1 Old classification, characteristic, and new classification
Old classification
New classification
Weak form The market fully incorporates the information on past bond prices, i.e. abnormal returns (above the market average) could not be obtained based on the expectations that past prices are good signals of future prices. Predictability by past returns
Semi-strong form Prices reflect not only the history of price behavior, but also all public information, such as company balance sheets, press releases, relevant facts, etc.. Studies of events
Strong form In addition to the above-mentioned information (history of prices and public information), prices reflect non-public (private) information. Private information tests
Source: Adapted fromLima et al. (2008).
It is worth noticing, however, that the study of events for the EMH is not aimed only at political issues, but at various circumstances that can be captured. For instance, Lima et al. (2008), through the positive accounting theory and the EMH, have verified whether the information provided to the capital market about the intention to issue American Depositary Receipts (ADRs) among Brazilian companies generates abnormal returns in the stock prices of these companies.
In turn, Camargos and Romero (2006) analyzed efficiency in the Brazilian market by studying the behavior of abnormal returns accumulated within the period following the disclosure of three corporate events - mergers and acquisitions, launching of ADRs, and adherence to distinctive levels of corporate governance. The authors tried to identify whether the market behaved efficiently as in the semi-strong form.
This article presents a study based on the EMH assumption and it uses as an event the voting dates of the presidential impeachment, as explained in section 2.3. The next section explains how the analysis was operationalized.
2.3 Impeachment - Recurring Case
The literature in subsection 2.1 has provided sufficient information to infer that regimes can collapse at any time, either being solid or fragile. It is also possible to infer that, in contemporary times, military regimes are not well liked by the societies of advanced countries and the legitimacy of acquired power is hardly put into question if the representative is elected through the so-called democratic means, or ballot boxes. However, if the elected authority is not acting according to a specific social contract - the constitution or other legislation, for instance - it will be subject to sanctions or loss of mandate. Alternatively, if it is not aligned with any elite group or groups - even countries, for instance, the United States of America (USA), or their elites - it may suffer some kind of opposition that, being so strong, may even lead to the fall.
Brazil, particularly, has a recurring history of deposition of government authorities. Either at the time the Portuguese Empire fell, at the seizure of power by Vargas, or at the establishment of the military dictatorship in 1964. The post-1980 democratic consolidation came along with the election of Fernando Affonso Collor de Mello, in 1989, totalling more than 35 millions of voters. However, according to Sallum Jr. and Casarões (2011), over time, this president lost popular prestige, his government was hit by allegations of corruption, and he was unable to command the country on a political basis. Accused by his brother, in May 1992, of membership in a corruption scheme with the treasurer in charge of his election campaign, a Brazilian Parliamentary Inquiry Commission (CPI) was formed, which confirmed his involvement. Amid a wave of demonstrations, the Chamber of Deputies authorized the impeachment process to be triggered. The Federal Senate approved it in December the same year and Collor was taken away from the political scene for eight years.
In turn, the extremely disputed 2014 presidential election ended in the second round and it set the country president's victory with about 52% of the valid votes. During the mandate, however, due to a series of economic and political issues, a scenario of rejection by a population portion and the business sector emerged.
Under a series of allegations mainly against the government allies, ranging from corruption in the company whose stock majority control belongs to the Union, the Petrobras, to involvement with contractors, and the latter led to voting in the Chamber of Deputies was that breaking the Brazilian Fiscal Responsibility Law. On December 2, 2015, the Chamber's speaker accepted the prosecution proceedings. Then, a special commission was formed to analyze them and the bureaucratic procedures that led to the cassation months later.
Chronologically, on April 17, 2016, the Chamber of Deputies plenary session provided 367 votes against 137 in favor of the document suggesting the cassation. On May 12, 2016, the Senate approved the proceedings to be triggered, which suspended the functions of the presidential authority. After three months of processing, the Federal Senate approved the impeachment. On August 31, 2016, Brazil confirmed the second impeachment of an elected president in its history (Brasil, 2016).
2.4 Recent Efficiency Studies: Some Approaches in the Brazilian and International Markets
Regarding the international papers addressing politics and the EMH, it is usual to find those dealing with the election season. For instance, among the most recent papers, Gemmil (1992) addressed political risks and market efficiency in the 1987 London elections. In that election, it was widely anticipated that the Conservative Party would win by an approximate 12% margin on the Labor Party. It was expected that if the Labor Party won, there would be a 10-20% drop in the market, whereas if Conservative Party won, the market was expected to rise, due to Japanese investment inflows. In his article, the author aimed to test whether stock prices and options during the election were consistent with opinion polling information, i.e. whether there was semi-strong efficiency. For stock prices, a simple model has been developed and it revealed a close relationship between the probability of a conservative party winning and the level at the Financial Times Stock Exchange 100 (FTSE 100) index. For the options, a jump diffusion model was used to reveal whether prices were inconsistent with polls within the last election week.
In his article, it was found that the FTSE 100 index was informationally efficient concerning the surveys. On the other hand, some option prices have proved to be extremely volatile. Although the polls indicated a likely victory for the Conservative Party, the options index said otherwise. The options were informationally inefficient. The author's interpretation was that these option results were due to a race of ill-informed speculators in this market in the last campaign week. However, Gwilym and Buckle (1994) replicated the work for the 1992 elections. In this situation, the results showed that the stock market was semi-strong. In turn, the options market, while not closely following the polls, provided results whose level of inefficiency, this time, was insufficient to allow risk-free arbitrage profits. The authors believed that one of the reasons could be the increased amount of liquidity in trading volumes of the options index.
Still in the election context, Aggarwal and Smith (2015) analyze the possibility of using data from presidential polls to obtain abnormal returns. The survey encompassed election cycles from 1976 to 2012 and price cycles from more than 80 sectors. Their results show that economically significant gains based on Gallup survey data exist three months before the election. Since there is already an idea of who will win the election, positions could be taken in those sectors likely to produce positive returns based on potential winners.
Altin (2015), by means of several authors, reviews the EMH and analyzes its pros and cons. The author verifies that the hypothesis is insufficient to explain anomalies recently experienced, that the latter particularly occur in election periods, and that investors are aware of this. He believes that if the EMH were valid, this anomaly form would not be experienced, so its magnitude varies according to the market. In addition, after the elections, expectations of withdrawal occur and a greater anomaly is a reflection of uncertain electoral periods.
In turn, in Brazil, Camargos and Barbosa (2006), by means of studies on merger and acquisition announcements in the BOVESPA, between July 1994 and July 2002, investigated whether the Brazilian capital market after the Real Plan started taking the form of semi-strong information efficiency. The authors found that abnormal returns, accumulated within a 20-day window of events, evidenced the absence of a standard behavior for the series as a whole and that, at time t1, there was a significant increase in abnormal returns, not in an efficient way. Their empirical evidence showed that the Brazilian capital market did not behave in an informationally efficient manner during the period analyzed, in terms of mergers and acquisitions.
Medeiros and Barbosa (2007) analyzed the behavior of the Brazilian stock market between 2001 and 2005, in order to verify the existence of market efficiency after the occurrence of favorable and unfavorable shocks. To use the methodology of study of events, the return of the IBOVESPA against the Dow Jones Index as a proxy of the world market was regressed. Their results indicate that market efficiency was not found for both positive and negative events.
Forti, Peixoto and Santiago (2009) analyzed the EMH in the Brazilian capital market through documentary and electronic research. They used the bibliographical survey of renowned authors who wrote about the theme and found out that the market is not fully efficient. They noticed that, in the weak form, 42% of the papers accept and 52% reject. In the semi-strong test, there is 100% acceptance of the EMH; in the strong form, 100% reject.
As for information asymmetry in Brazil, Arruda, Girão and Lucena (2015) provide a comparison of using social media and their impact on the information asymmetry level and pricing of listed companies in the Brazilian and U.S. capital markets in 2012. The authors used the Ohlson Model to verify if social media information affected stock prices and, as a proxy for information asymmetry, their volatility. With 170 Brazilian and 100 U.S. companies, the results showed that social media can affect the information asymmetry level in both markets, but only the 'unofficial' Facebook affects pricing in the Brazilian market. However, investors who do not use Facebook did not get different average returns.
Marques (2016), in the 2016 presidential impeachment context, investigates whether political news in Brazil impact the financial market - IBOVESPA returns, DI (Interbank Deposit Certificate) rates, and Special Settlement and Custody System (SELIC). The author develops a web search algorithm and measures the impact on the IBOVESPA by means of the methodology of study of events, and he also uses the generalized autoregressive conditional heteroscedasticity (GARCH) model to estimate the normal returns. He concluded that only one piece of news caused abnormal returns to the financial market, the impeachment proceedings onset. The other impacts were related to news from China and not to political issues.
3. METHODOLOGY
The methodology used in the quantitative part consists in the study of events whose expected normal return is based on ARMA (p,q) modeling that, although simple, is sufficient for the study proposed herein. However, each impeachment phase is characterized by a time series different from another one with new information. This means that each has a different model, totaling three. The results help testing the EMH.
The study of events, according to MacKinlay (1997), is appropriate for many applications, even financial research, and it is still valid today. Some examples are related to mergers and acquisitions and announcements of macroeconomic variables, such as deficit. In most applications, the focus lies on the effect of an event on an asset class. In the case of this paper, the IBOVESPA returns were used. Its assumption is that, given an event, markets react quickly and precisely to new information.
3.1 Procedures to Test the EMH through the Study of Events
In this paper, the semi-strong form of the EMH is tested. The procedure, based on the study of events, must first define the dates that possibly impacted on the asset and then establish a time frame called the event window. To clarify, this time frame should involve the time of opening and closing trades on the stock exchange, for instance. Herein, the events, called t = 0, are defined in the 2016 presidential impeachment phases or objectively on the exact date on which a certain vote occurred: Chamber, Senate I and Senate II. The phases are determined like this:
Chamber - 1st impeachment voting, held by the representatives, which would refer the subject to the Federal Senate, on 4/17/2016 (however, there was no trading session on that day, so 4/18/2016 is considered as the event t = 0);
Senate I - 2nd impeachment voting, carried out by senators, which would lead to presidential leave (t = 0 on 5/12/2016);
Senate II - 3rd impeachment voting, carried out by senators, which would lead to definitive presidential leave (t = 0 on 8/31/2016).
Assessing the impact of an event is measured by RA calculation. This is obtained by subtracting the real return from the expected return, according to equation 1:
ARt = Rt – E(Rt|Xt) (1)
where AR t is the abnormal return, R t is the real return, E(R t |X t ) is the normal return, X t is the average market return constant over time and t is the time in which measurement occurs.
In order to establish the event window, as observed in Figure 1, it is found that t=0 is the event date and from t=T0 + 1 to t=T1 is the estimation window. Then, L1 = T1 - T 0 and L2=T2 - T1 are the size of the estimation window and the event window, respectively. The post-event window will be the size of L 3 = T3 - T 2
Source: Adapted from MacKinlay (1997).
Figure 1 Event and Post-event estimation window.
However, a five-day interval before the event window was inserted, because, according to Archie Craig MacKinlay, quoted by Lima et al. (2008, p. 11), it helps "preventing the estimation window from becoming too close to the event, thus avoiding possible influences in the estimation of the model chosen." The observation of IBOVESPA returns started on 9/11/2015 and this provided sufficient quantity for a safe time-series econometric model to be used. Considering that, over time, new information has been inserted, the data used for the next step after the Chamber event and the Senate I have not been eliminated. This means that, in each period, the creation of a new model is required. Besides, MacKinlay (1997) recommends using a history of 120 observations to estimate normal returns. Observations in the event window are not counted.
The real returns are calculated continuously, as expressed by equation 2:
Rt=lnStSt-1=percentage return on asset (2)
where S t is the asset price of date t, S t-1 S t-1 is the asset price on date t-1, and ln is the natural logarithm.
The expected normal returns have, as a basis for calculation, the time-series econometric model ARMA (p, q). The ARMA model is given by equation 3:
yt=a0+∑i=1paiyt-i+∑i=1qβiεt-i (3)
where y t y t , in this paper, is the IBOVESPA return on date t; ε t−1 is random disturbance at time t and it has a distribution ε t ∼N(0,σ²), a 0 is a constant, a i , i=1,2,…,p, is the parameter of the autoregressive part in the model, and β i , i=1,2,…,q, is the parameter of the moving average (MA) part process in the model. It is worth remembering that an AR (p) is a special case of an ARMA (p, 0) and a MA (q) may be represented by an ARMA (0, q). In addition, models may or may not have all of their complete lags; when this occurs, they are called 'degenerate.' Another point that must be ratified is that each event t = 0 of the Chamber, Senate I, and Senate II had its own estimated model, just as if based on the information available to the players so far. Thus, there are three models.
In order to obtain the normal returns, one takes the unconditional hope of equation 3. According to Enders (1995), the most important use of an ARMA model is predicting future values of the y t sequence. So, normal returns are obtained by equation 4, where we take the unconditional hope of equation 3:
ERt/Xt=Eyt=a0+∑i=1paiEyt-i (4)
After the abnormal returns are calculated through equations 1, 2, and 4, they are summed according to the RAA technique, just as MacKinlay (1997) proposes:
RAAt=∑t=1TRAt (5)
where t=1,2,... T is the AR date.
In the same direction as Camargos and Romero (2006), herein the EMH test uses the Student's t-test at a 5% (p value < 0.05) significance level. The null hypothesis H0 is rejected when the p value calculated is lower than the significance level α, something which allows us to conclude that the RAA is different from 0, otherwise it would be 0.
For the statistical test procedures, it is adopted that, in the null hypothesis H0, the event has no impact on the behavior of returns. Under H0, the sample AR distribution in the event window is:
ARt∼N0,σ2ARt (6)
In practical terms, AR t is approximately the variance obtained from the ARMA (p, q). Thus, the t test for the AR at a given date are the AR on the model's standard deviation.
In turn, for inferring the RAA, the procedure is given by (7):
θ=RAAtVAR(RAAt)0,5 (7)
where θ is the t statistics and VAR(RAA t ) is the RAA t variance.
The VAR(RAA t ) 0.5 is the standard deviation for RAA t . This is calculated by multiplying the standard deviation of residuals for their respective model with the square root of the number of days in the estimation window, including the day of the event.
To verify the ARMA (p, q) model validity, a series of tests were performed: augmented Dickey-Fuller (ADF) for unit root; autocorrelation functions (FAC) and partial autocorrelation functions (FACP) to identify the models; Ljung-Box, which gives the orders for p and q; the model parsimony test through the Schwarz Bayesian Criterion (SCB) - or the Schwarz Information Criterion (SIC); the Doornik-Hansen normality test; the unobserved error homoscedasticity test, the ARCH-LM.
3.2 Statistical Hypothesis
Then, the hypothesis tested takes the following form:
H0: the RAA are statistically equal to 0 on the date the event is disclosed and the following day, or RAAt1,t2 = 0;
H1: the RAA are not statistically equal to 0 on the date the event is disclosed and the next day, or RAAt1,t2 = 0.
If H0 is rejected for one of the events, it is inferred that some anomaly occurred so that the IBOVESPA did not take the semi-strong form of the EMH and, therefore, the market did not react as expected in face of the impeachment, since the index is used as a proxy for the Brazilian stock market in this paper.
4. ANALYSIS OF RESULTS
The analysis emerged according to what was exposed in the methodology section. The dates t = 0 were established in 3.1 with Chamber, Senate I, and Senate II. The event windows were opened in +3 post-event observations and -3 observations before the event t = 0. The interval, however, was stipulated in -5 calendar days, rather than observations. It was assumed that it would be time enough for the estimated models not to influence the calculations. Nevertheless, not always the end of observation corresponded to 5 days before the window, due to the fact there was no trading day. When it happened, the first day before the window has been taken, as we observe in the Senate II series. Table 2 shows the intervals of the estimation dates.
Table 2 Intervals concerning the study of events
Initial date of observation
Final date of observation
Observations (n)
Event window onset (T 1 )
Date of the event (t=0)
Event window end (T 2 )
9/11/2015 4/7/2016 139 4/13/2016 4/18/2016 4/22/2016
9/11/2015 5/3/2016 156 5/9/2016 5/12/2016 5/17/2016
9/11/2015 8/19/2016 233 8/26/2016 8/31/2016 9/5/2016
Source: Prepared by the authors.
Figure 2 shows approximately the returns on the dates of the events t = 0.
Figure 2 Approximate returns on the dates of the events.
The next step consisted in finding an appropriate time-series model to provided the predictions needed and finding the normal returns. To do so, the series interval was specified in Table 2, with the initial date of observation and the final date of observation. Then, the time-series econometric procedures specified in section 3.1 were performed. The results are provided in Appendix 1.
Synthetically, the model found for the Chamber series was a degenerate MA (10) process with the specification observed in equation 8:
yt= 0.0000822 + 0.226491εt-10 + εt (0.00082) (0.0845032) (8)
The model found for the Senate I series was a degenerate MA (10) process with the specification observed in equation 9:
yt= 0.0027 + 0.204183εt-10 + εt (0.00076) (0.08183) (9)
The model found for the Senate II series was a degenerate ARMA process (10,7) with the specification observed in equation 10:
yt= 0.00043 + 0.186289yt-10- 0.137968εt-7 + εt(0.0005) (0.0648) (0.0655) (10)
where y t is the normal return, ε t is random disturbance in time and t=1, 2,..., T is the normal return date.
From then on, each time series was subject to its respective models, in order to provide the expected normal returns, through forecasting, in the event window. The AR was found, as well as the cumulative abnormal returns, and then the tests were performed by means of the t statistics, as explained in section 3.1. The results are provided in appendices 2, 3, and 4 for the Chamber, Senate I, and Senate II, respectively.
When analyzing the results, it is noticed there was no statistical significance for neither AR or RAA in all estimated windows and, mainly, in all events t = 0. This means that, statistically, we cannot reject that the hypothesis of abnormal returns and cumulative abnormal returns is equal to 0 at a 5% significance level. Through this analysis, one could evaluate that the markets were well-informed regarding the events, i.e. by the EMH in the semi-strong form, the markets reacted as expected, therefore, the EMH would be valid for the domestic market.
By means of economic analysis, this might be expected, since, at the time of the events, there were great expectations that the impeachment would take place, indeed. The press, demonstrations by population portions (although other portions were also demonstrating against it), and declarations by authorities from the three powers (Judiciary, Executive, and Legislative) have created a scenario unfavorable to the presidency. Thus, the markets adjusted continuously and immediately to the new information provided. As a consequence, there was not a big surprise or information asymmetry, for instance, to generate abnormal returns or accumulate significant abnormal returns.
Due to this economic issue, on the other hand, it is debatable to arrive at a generic analysis that the Brazilian stock market was efficient, since there was no AR. One can make analogy to a total-point football competition, where the champion is already known with many rounds in advance, but the winning team of the event must comply with the table. So, any kind of information would be irrelevant.
The only possibility of changing the scenario might be some extraordinary factor, such as a player irregularly scheduled or, in the impeachment case per se, a radical change in the voting direction, causing an unusual return. At this point, new and immediate information would be extremely relevant to identify market efficiency. There would be a change in the 'rules of the game,' as discussed in section 2.1, hence economic players might set out for an information-seeking race and they could adapt rationally to new expectations. Perhaps, there would be a good opportunity for an effective EMH test. However, that was not the reality. There was an information flood and the scenario might be rather identified with the football competition example.
5. FINAL REMARKS
This article verified, through the EMH, in the semi-strong form, whether the stock market reacted as expected in face of the 2016 presidential impeachment. As a proxy for the market, the IBOVESPA returns were used. Three major events in the process were evaluated, with their respective periods, named as Chamber, Senate I, and Senate II. According to the time series analyzed in each period, it was verified that the best models to find the abnormal returns, based on an ARMA (p, q), were MA (10), MA (10) and ARMA (10, 7), all degenerate, respectively. These provided the expected normal returns for the study of events, a technique adopted to capture semi-strong efficiency.
After the calculation of abnormal returns and cumulative abnormal returns, no significant statistics has beed found, at the 5% level, in all the estimated windows and in all their events t = 0. Statistically, one cannot reject the hypothesis that the abnormal returns and the accumulated abnormal returns are equal to 0. Then, it was found that the markets were well-informed in relation to the events, i.e. by the EMH, in the semi-strong form, the markets reacted as expected, providing no AR and suggesting efficiency.
According to the results, it might be intuitive to believe that the markets seemingly adjusted on a continuous and immediate basis to new information provided. There would be no information asymmetry, or anything of the sort, to generate abnormal returns or accumulate significant abnormal returns.
What has been found herein, in this regard, is not dissonant with the papers exhibited in the literature review. The impeachment is not an election, but by making a certain abstraction, it can work as such if it is considered as a sort of election in which the authority will remain in office or not. Thus, the results are consistent with the fact there was little uncertainty about the confirmation of impeachment, which characterized rather solid expectations providing returns closer to normal, i.e. the results are in line with the findings provided by Gemmil (1992) and Gwilym and Buckle (1994). Although we expected the result in advance, it is believed that there would be hardly any abnormal returns, as suggested by Aggarwal and Smith (2015), and, likewise, little anomaly was found in the sense of Altin (2015).
In relation to the national literature, either by Camargos and Barbosa (2006) or Medeiros and Barbosa (2007), contrary to the results of their research, in this specific situation, in face of the analysis discussed herein, it is not possible to judge there has been information asymmetry or lack of efficiency in this condition. Taking information as a subject, although with a different approach, the study did not capture there was information weakness, in this case, and in the direction taken by Arruda et al. (2015), where the average investor would get normal returns unrelated to the votes. Regarding the normality of return, the finding was approximately the same as that reported by Marques (2016), who also addressed the theme, i.e. there was not. The author, however, based on news, found AR in the impeachment disclosure, an event that has not been covered herein.
It is worth emphasizing that the quantitative analysis was carried out just as stated in the methodology section, according to the authors' assumptions and recommendations. The results, specifically in this case, eventually provided efficiency. Nevertheless, this does not mean that the market has actually reacted in an efficient manner. Although it showed statistical characteristics for this, myopia may have occurred. It is explained: how it is feasible that economic players could have been expected the impeachment to be confirmed, perhaps the indifference to the voting results in a rather heated manner, as well as their expectations, were only a confirmation of what was obvious. No information other than changing the 'rules of the game' could provide some AR.
Other issues that may affect the results consist in the limitations arising from the window chosen, a series of factors, or issues arising from the methodology itself, as addressed by Altin (2015), as they may not capture market efficiency in its fullness. The studies addressed by Forti et al. (2009) clearly demonstrate antagonistic directions in the Brazilian market. This means that anomalies depend on the market according to the contexts, most likely to this situation, a point conveniently highlighted by Altin (2015). The study is not definitive and further research on this theme is suggested.
Acemoglu, D. (2005). Politics and economics in weak and strong states. Journal of Monetary Economics, 52(7), 1199-1226. [ Links ]
Aggarwal, A. K., & Smith, F. (2015). Investing in presidential elections: using poll data to earn abnormal returns. Journal of Business and Economics, 6(4), 625-633. [ Links ]
Altin, H. (2015). Efficient market hypothesis, abnormal return and election periods. European Scientific Journal 11(34), 169-178. [ Links ]
Arruda, M. P., Girão, L. F. de A., & Lucena, W. G. L. (2015). Assimetria informacional e o preço das ações: análise da utilização das redes sociais nos mercados de capitais brasileiro e norte-americano. Revista Contabilidade & Finanças 26(69), 317-330. [ Links ]
Brasil. (2016, August). Resolução do Senado Federal n. 35, de 31 de agosto de 2016. Dispõe sobre sanções no Processo de Impeachment contra a Presidente da República, Dilma Vana Rousseff, e dá outras providências. Retrieved from http://pesquisa.in.gov.br/imprensa/jsp/visualiza/index.jsp?jornal=1000&pagina=1&data=31/08/2016 [ Links ]
Camargos, M. A., & Barbosa, F. V. (2006). Eficiência informacional do mercado de capitais brasileiro pós-Plano Real: um estudo de eventos dos anúncios de fusões e aquisições. Revista de Administração, 41(1), 43-58. [ Links ]
Camargos, M. A., & Romero, J. A. R. (2006). Análise empírica da reação do mercado de capitais brasileiro a eventos corporativos: teste conjunto da hipótese de eficiência do mercado. Revista de Gestão USP, 13(3), 57-74. [ Links ]
Elder, A. (2002). Come into my trading room: a complete guide to trading. New York: John Wiley and Sons. [ Links ]
Enders, W. (1995). Applied econometric time series. New York: John Wiley and Sons . [ Links ]
Fama, E. F. (1970). Efficient capital markets: a review of theory and empirical work. The Journal of Finance, 25(2), 383-417. [ Links ]
Fama, E. F. (1991). Efficient capital markets: II. The Journal of Finance , 46(5), 1575-1617. [ Links ]
Forti, C. A., Peixoto, F. M., & Santiago, W. P. (2009). Hipótese da eficiência de mercado: um estudo exploratório no mercado de capitais brasileiro. Gestão & Regionalidade, 25(75), 45-56. [ Links ]
Gemmil, G. (1992). Political risk and market efficiency: tests based in British stock and options markets in the 1987 election. Journal of Banking and Finance, 16(1), 211-231. [ Links ]
Gwilym, O. A., & Buckle, M. (1994). The efficiency of stock and options markets: tests based on 1992 UK election opinion polls. Applied Financial Economics, 4(5), 345-354. [ Links ]
Lima, G. A. S. F., Yamamoto, M. M., Lima, I. S., & Malacrida, M. J. C. (2008). Um estudo da eficiência informacional do mercado acionário brasileiro. Revista de Informação Contábil, 2(1), 1-18. [ Links ]
Mackinlay, A. C. (1997). Event studies in economics and finance. Journal of Economic Literature, 35(1), 13-39. [ Links ]
Marques, T. B. (2016). Do the political news impact financial markets? Evidences from Brazil (monograph). Porto Alegre: Universidade Federal do Rio Grande do Sul. Retrieved from http://www.lume.ufrgs.br/handle/10183/167236 [ Links ]
Medeiros, O. R., & Barbosa, G. C. (2007). Teste empírico da eficiência do mercado brasileiro na ocorrência de eventos favoráveis e desfavoráveis. Revista de Negócios, 12(4), 44-54. [ Links ]
North, D. C. (1990). Institutions, institutional change and economic performance. Cambridge: Cambridge University Press. [ Links ]
Sallum Jr., B., & Casarões, G. S. P. (2011). O impeachment do presidente Collor: a literatura e o processo. Lua Nova, 82, 163-200. [ Links ]
Van der Brug, W., Van der Eijk, C., & Franklin, M. (2007). The economy and the vote: economic conditions and elections in fifteen countries. London, United Kingdom: Cambridge University Press. [ Links ]
2* Paper presented at the 22nd Brazilian Congress of Economics, entitled "Stock Market Pricing and the 2016 Brazilian Presidential Impeachment," Belo Horizonte, MG, Brazil, September 2016.
3** The authors thank Ph.D. Professor Liliam Carrete (FEA-USP) and Ph.D. Professors Gerlando Lima (FEA-USP) and Claílton Ataídes (UFSM) for their theoretical and methodological suggestions.
1Associate Editor: Fernanda Finotti Cordeiro Perobelli
Analysis and testing procedures to identify the time series model to obtain the expected returns
Calculated statistics
Null hypothesis
Senate I
Senate II
Dickey Fuller Test (Akaike information criterion) Existence of unit root (constant test) tau_c(1) -10.5807 p value 5.071 x 10-16 tau_c(1) -11.1417 p value 1.69 x 10-17 tau_c(1) -10.4238 p value 8.966 x 10-16
Autocorrelation and partial autocorrelation functions Lagged truncation Def. 10 Q-stat 13.2603 p value 0.209 Def. 10 Q-stat 14.7582 p value 0.141 Def. 7. 10 Q-stat (7)6.6023 (10)15.9653 p value (7)0.471 (10)0.101
Schwarz's Bayesian criterion Choice of best fit model Degenerate MA(10) -932.0679 Degenerate MA(10) -1046.216 Degenerate ARMA(10.7) -1610.341
Autocorrelation test Ljung-Box All autocorrelation equals 0 Q' 2.5016 p value P(χ²(4) > 2.11315) = 0.7150 Q' 2.86362 p value P(χ²(4) > 2.86362) = 0.580 Q' 1.37963 p value P(χ²(3) > 1.37963) = 0.7103
Residual normality test Normal distribution hypothesis χ²(2) = 4.160 p value 0.12496 χ²(2) = 3.667 p value 0.15982 χ²(2) = 4.887 p value 0.08686
ARCH effect test No ARCH effect is present P χ²(5) > 6.90515) = 0.22779 P χ²(5) > 8.23043) = 0.143985 P χ²(5) > 8.74545) = 0.119658
Model's standard error - 0.008012 0.008050 0.007281
Residual standard deviation - 0.0080514 0.0080833 0.007266
ARCH = autoregressive conditional heteroscedasticity.
Chamber event results for the efficient-market hypothesis test
4/13/2016 0.0083 1.0345 0.0083 0.3891
4/14/2016 -0.0036 -0.4498 0.0047 0.2199
Note: The lines in italics correspond to the event t = 0.
AR = abnormal return; RAA = cumulative abnormal return.
Senate I event results for the efficient-market hypothesis test
5/9/2016 -0.0064 -0.7914 -0.0064 -0.2979
5/11/2016 -0.0069 -0.8522 -0.0007 -0.0330
Senate II event results for the efficient-market hypothesis test
9/1/2016 0.0025 0.3390 -0.0009 -0.0452
9/2/2016 0.0098 1.3396 0.0089 0.4622
Received: October 04, 2017; Accepted: December 14, 2017
Correspondence address: Alexandre Ricardo de Aragão Batista Universidade Estadual de Campinas, Instituto de Economia Rua Pitágoras, 353 - CEP: 13083-857 Cidade Universitária - Campinas - SP - Brasil
Av. Prof. Luciano Gualberto, 908 - prédio 3 - sala 118
05508 - 010 São Paulo - SP - Brasil
recont@usp.br


text:
Yoni Roch, né le  à Nanterre, est un sportif de haut niveau en sports de combats (karaté wado-ryu et boxe chinoise). Cascadeur, acteur français, il est également chorégraphe de scènes d'action et de scènes de combats pour le cinéma. Il a réalisé deux courts-métrages.

Biographie

Originaire de Colombes  il décroche le titre de Champion du Monde Boxe Chinoise Technique en 1997 avec Cyril Raffaelli en Argentine.

Il est alors repéré par Denis Vincenti qui le fait intégrer l'équipe de chroniqueurs quotidienne de France 2 pour l'émission « Qu'est ce qui se passe quand ? », présentée par Gael Leforestier, où il sera le chroniqueur "cascadeur"  pour de caméras cachées mêlant cascade burlesque et comédie.

Parallèlement, il crée sa propre technique de cascade pour intégrer le milieu du cinéma. En 2014 il devient recordman mondial du plus saut à l'élastique enflammé et intègre le Livre Guinness des Records et sera dans le Top 12 de tous les records mondiaux, en 2017 le record n'est toujours pas battu. Il sera reçu à l'Assemblée Nationale.

Comédien issue du théâtre et de l'Actor Studio.

En 2004, Michaël Youn, lors d'une collaboration sur le même film Philosophale, l'invite à venir participer plusieurs fois à son émission de télévision le Morning Live.

En 2008, il effectue la tournée d'adieu : « Hello & Goodbye » de Philippe Candeloro où il s'occupe de coordonner toutes les cascades.

Palmarès

Championnats du monde
 1997 :  Médaille d'or en Technique Argentine IMAF International Martial Arts Federation
 1999 :  Médaille d'argent en combat Hongrie IMAF International Martial Arts Federation

Championnats de France de Boxe Chinoise
 2010 :  Vice-Champion de France
 2001 : Champion de France
 1998 :  Vice-Champion de France FFKBFCDA
 1996 :  Champion de France FFKBFCDA

Championnats d'Europe de Boxe Chinoise
 2000 : Coupe d'Europe de Boxe Chinoise :  Vice-Champion d'Europe (combat) en Allemagne
 1996 :  : Coupe d'Europe de Boxe Chinoise (combat)  en  France

Championnats International de Boxe Chinoise
 1996 :  : African Cup  de Boxe Chinoise (Combat)  au Maroc

Karaté
 1995 : Vainqueur de la Coupe de Paris

Filmographie

Cinéma

Comme cascadeur
 2013 : Pas très normales activités de Maurice Barthélemy
 2012 : La mer à boire de Jacques Maillot
 2010 : Arthur 3 : La Guerre des deux mondes de Luc Besson
 2009 : Micmacs à tire-larigot  de Jean-Pierre Jeunet
 2009 : Neuilly sa mère ! de Gabriel Julien-Laferrière
 2008 : Dante 01 de Marc Caro
 2007 : L'Invité de Laurent Bouhnik
 2007 : Le Prix à Payer de Alexandra Leclère
 2007 : Taxi 4 de Gérard Krawczyk
 2007 : Molière de Laurent Tirard
 2006 : Indigènes de Rachid Bouchareb
 2006 : Sheitan de Kim Chapiron
 2005 : Le Cactus de Gérard Bitton
 2005 : La Boite Noire de Richard Berry
 2002 : Nid de Guêpes de Florent Emilio Siri
 2002 : Gangsters de Olivier Marchal
 2001 : Astérix et Obélix : Mission Cléopâtre de Alain Chabat
 2000: Le Goût des Autres de Agnès Jaoui

Comme acteur
 2006: Les Brigades du Tigre de Jérôme Cornuau : Vazizlav
 2001: Philosophale de Farid Fedjer : Younger

Télévision

Comme cascadeur
 2008 : Corps Perdu de Alain Brunard
 2006 : Equipe Medicale d'Urgence de Isabel Sebastian
 2006 : Marie Besnard de Christian Faure
 2003 : La Maison des Enfants d'Aline Insermann
 2001 : Docteur Sylvestre: Pour l'exemple de Maurice Frydland
 2000 : Les Misérables  de Josée Dayan
 2000 : Les Cordier Juge et Flic de Bruno Herbulot
 1997 : L'Île Bleue de Nadine Trintignant

Comme acteur
 1998 : Le Bahut d'Arnaud Sélignac
 1995 : Muriel fait le désespoir de ses parents de Philippe Faucon
 1994 : La Grotte aux merveilles de Gérard Rombi
 1992 : Sabine de Philippe Faucon

Clips

 Yours de Dan Black
 Super-Héros de Canardo
 Genesis de Leck

Spectacles
 2008 : Hello & Goodbye L'incroyable spectacle d'adieu de Philippe Candeloro Gliss Production
 1996 : Pocahontas Le Spectacle à Disneyland Paris

DVD
 Le Meilleur du Pire du Morning Live M6, sorti le  chez Sony/BMG
 Piégé par Zézé : Les plus grands fou rires de la caméra cachée (2008)

Notes et références

Liens externes

Karatéka français
Acteur français de cinéma
Cascadeur
Naissance à Nanterre
Naissance en juin 1978


text:
Fashion & Beauty Travel Real Estate Rambling Reporter Dining Cars
Bella Heathcote Is Engaged
4:02 PM PDT 3/20/2017 by THR Staff
Axelle/Bauer-Griffin/FilmMagic
The 'Fifty Shades Darker' actress is going to tie the knot with film director Andrew Dominik.
Bella Heathcote is engaged.
The Australian actress will be tying the knot with film director Andrew Dominik, her rep confirmed to The Hollywood Reporter.
Heathcote, 29, and Dominik, 49, have been dating for seven years. Dominik was previously engaged to actress Robin Tunney in 2009 until they called off their engagement in August 2010.
Heathcote can be seen wearing a diamond stunner on her ring finger in a series of Instagram selfies with Lily Collins and Phoebe Tonkin, as People points out.
A post shared by Bella Heathcote (@bellalheathcote) on Mar 18, 2017 at 10:24pm PDT
The actress, who recently stole the show in head-to-toe Saint Laurent on the red carpet, starred in The Neon Demon with Elle Fanning and Pride and Prejudice and Zombies with Lily James and Douglas Booth. Heathcote most recently played Leila in Fifty Shades Darker. Among her next film projects is the biographical drama Professor Marston & the Wonder Women.
Dominik directed the documentary One More Time With Feeling, which explored the creative process of singer-songwriter Nick Cave and his band. Next up, Dominik will be helming the Tom Hardy starrer War Party.
A post shared by Bella Heathcote (@bellalheathcote) on Dec 23, 2016 at 11:10pm PST
THR Staff


If every dot represents the addition of 0.1 g of the respective base. I suppose that the best would be the one that reaches the highest pH, in the shortest time, for example Calcium Carbonate, but if that is true, why are other antacids used that reach lower pH?
Normally, the efficacy of a drug is determined by the area under the curve of the entire time course of the drug in the body. The graphs here only show the initial rate of the change in pH but not the entire time course after the peak pH is reached. I assumed that these results were generated by an acid-base titration experiment in the laboratory and not generated in vivo. Therefore I cannot answer which antacid is more effective and/or clinically safe.
Although calcium carbonate shows a rapid initial rate of pH neutralization, it may not be suitable for all patients. Too rapid a pH rise in the digestive tract may cause nausea and vomiting and may trigger an "acid rebound", meaning that the body tries to compensate by secreting more acid to maintain the normal gastric pH for food digestion, making the heartburn even more unbearable.
Some patients take calcium carbonate as a source of calcium, but one also needs vitamin D in order for the calcium to be absorbed. Besides, calcium carbonate yields carbon dioxide gas with acid which is still acidic, and bloating. For patients with compromised parathyroid function, too much calcium in the blood (hypercalcemia) after the bones are already saturated with calcium may start to deposit in the heart and in the kidneys to form calcium oxalate kidney stones (different from uric acid stone). Therefore calcium antacid may not be the best antacid for all patients.
If calcium antacid is not tolerable, one can use aluminum hydroxide (Aludrox®) which is a good alternative. However aluminum hydroxide can cause constipation. Magnesium hydroxide (milk of magnesia) is another good alternative, but magnesium hydroxide can cause diarrhea because magnesium is a smooth muscle relaxant. Therefore the product Maalox® or Mylanta® which combines aluminum hydroxide with magnesium hydroxide will be easier on the stomach. Also, there are products that contain simethicone (which is an anti-flatulent) as an extra ingredient to help with bloating.
The choices for an antacid are out there, make a good, sound one.
Not the answer you're looking for? Browse other questions tagged acid-base ph drugs medicinal-chemistry or ask your own question.
Why do alkaline breads bake browner/crustier?


Facebook tags and wall posts are becoming troublesome for most of us due to increase spam and viral links images / videos etc.
Luckily, facebook provides users an option which can help them avoid all those tags and posts to be displayed on their facebook wall without permission.
3. On privacy settings page, look for "How Tags Work" and click on "Edit Settings" in front of it.
4. The popup will open when you click on edit settings for how tags work on facebook profile of yours. Now, turn the options and filters which you want to be turned on. I will recommend turning all of them to on or atleast timeline review and tags review.
This way, when someone of your friend tags on your wall, it won't get published automatically and will be pending your approval before being publicly available.


Diving in Palau is what many scuba divers dream about, but few have done. The diving in Palau is noted for high bio-diversity, great drift dives, excellent visibility, historic WWII wrecks and outstanding marine life to be found on almost every dive site.
Therefore, it is no surprise that many of the dive sites in Palau are listed on top of top-ten lists of best dive sites published by renowned magazines worldwide.
Palau is also known for its relaxed atmosphere and friendly people that welcome you as friends and not walking money machines.
Palau is looking to develop its tourism in a manner that doesn't negatively impact its pristine environment. The Palau government recently created a marine sanctuary that includes their entire Exclusive Economic Zone (EEZ), and Palau was one of the first countries to create a shark sanctuary the size of France. When tourism arrivals spiked with tourist from China, the government took steps to reduce the number of Chinese visitors.
Visitors that come to Palau place their special interest above everything else. The majority of these visitors are scuba divers and when there that is what they want to do. Dive, dive, dive.
How to Get to Palau?
The Roman Tmetuchl International Airport (ROR) is Palau's Airport, located outside the town of Airai, on the southern coast of Babeldaob island.
Most divers who plan a trip to Palau arrive passing through the gateways of either Guam or Manila. Guam is a short haul of about an hour and a half from Palau. There are four flights in and out of Guam for Palau each week on United Airlines. Guam has onward connections to Hawaii for connections to the United States, and connections to other Asian cities.
Manila is also a short haul destination to Palau of about two and a half hours. Like Guam, United Airlines serves Palau with four flights in and out each week. Manila is a heavily traveled international destination with multiple nonstop daily flights to the major destinations in Asia, Australia, and the Middle East.
Many airlines offer daily direct flights to Manila from the United States and Europe. Palau also has direct air connections to Inchon South Korea, Taiwan, and Narita airport which services Toyko Japan.
When is the best time to dive in Palau?
Some people say that there is no best time to dive in Palau as Palau is an excellent dive destination year round. But if you would have to pick a time frame, the best time to dive in Palau would be between November and April. This is the time with incredible visibility and the highest number of pelagics like the giant mantas.
How to Get Around in Palau?
Babeladaob is the capital of Palau and second most populated island in Palau behind Koror Island. Koror is where the majority of the tourism accommodations and dive operators are and where the liveaboards depart from.
The islands of Babeladaob and Koror are connected by a bridge so getting to Koror is not difficult. It is best to arrange transportation from the airport to your accommodations with the accommodations as transportation is not always available at the airport.
Koror is not very large and does not have a public transport network. Many visitors walk or use bicycles. Your dive center can arrange a pick up to go diving if you are not within a short walk, or pick you up at the resorts dock if it has one. There is a bus in the evenings that connect the resorts and the center of Koror.
While there are not a large number of places to stay in Palau, you will find accommodations that will meet everyone's taste and budget. If you are more the 5-star hotel client, then the Palau Pacific Resort is most likely the place for you. This 5-star resort offers the very best in service and cuisine. They have a private beach, swimming pool, and an excellent spa.
There are also some first class or deluxe resorts. Some of the resorts in this class are Palau Royal Resort, Rose Garden, and Palasia Hotel. Divers who feel they rather spend their money diving will find a few budget offerings. Palau Paradise Hotel and DW Motel are excellent examples of very comfortable accommodations at an affordable price.
Dive sites like Blue Corner and German Channel are known as one of the best Manta Ray diving destination in the world and are just two of the many outstanding dive sites found in Palau.
Blue Corner Blue Corner is probably the most highly sought-after dive site in Palau. It consists of a spectacular ridge that extends out into the ocean and then descends into the deep.
Chandelier Cave If you want to explore underwater caverns, there's no better place than Chandelier Cave in Palau. This area consists of a system of caves and hardly any coral at all.
Helmet Wreck If you're looking for a wreck dive site in Palau, check out Helmet Wreck from World War II. You can access this dive site easily and quickly by boat, and if you're an intermediate diver with a wreck diver certification, you'll have a lot of fun exploring this site.
German channel When you dive German channel, you will understand why at almost every point in the day she is bound to be a crowd-pleaser. The currents that rush through the channel bring loads of nutrients for all the marine life to feed on.
Attractions for non-divers or those needed off gas days include activities like visiting Jellyfish lake. An isolated lake where the jellyfish have evolved differently. The best part of this all is that these Jellyfish don't sting..read more Kayaking or hiking among the Rock Islands are also great ways to spend a day outdoors.
A trip to Peleliu should not be missed either. When you visit the island of Peleliu, you will see a peaceful island with white sandy beaches, turquoises water, and lush vegetation. The island is lightly developed, and approximately 700 people live on the island.
No resorts, just a museum that tells the painful story about the role Peleliu Island played for a short time in WWII. It is about a 1.5-hour boat ride from the Malakal harbor, through the beautiful rock islands that have made Palau so famous.
Experience the culture side of Palau.
Want to dive in Palau?


Created by Chris Anzani and operated by Winning Information Network, Flat Attack is a specialist horse racing tipster service that operates for the duration of the summer flat season.
Flat Attack is your chance to get consistent winning selections, and most importantly, profits, over the summer flat season according to Winning Information Network. As a service Flat Attack is rather typical of what you would expect from a tipster service, albeit possibly a touch more choosy. This is something that is reflected in the quantity of selections that are provided with most days having just one or two and even busy days generally having no more than five. This is possibly down to the selection process which Winning Information Network say is based on two different factors. The first of these is information coming from contacts in the industry, something that is described as the very best information coming from the very best contacts.
This information is then assessed by Chris Anzani with his claimed substantial experience as a professional punter seemingly forming the basis of the analysis. Flat Attack looks at a variety of bet types including each way, win bets and some doubles and other small accumulators. This is paired with the standard Winning Information Network staking plan of one to five points per bet. The strike rate for Flat Attack doesn't look amazing at 26.76% but this doesn't really reflect the overall results.
What is the investment vs. the rate of return?
There are two subscriptions on offer for Flat Attack which are a monthly (which runs for 28 days) subscription which costs £49 plus VAT for the period as well as a seasonal subscription. This costs £147 plus VAT and as the name suggests, provides you with Flat Attack selections for the duration of the season. Unfortunately neither option comes with any real money back guarantee with Betfan stating that they do not typically offer refunds however they will look at all requests.
In terms of the income potential, since launching at the end of the last flat season, Flat Attack has made a profit of 443 points with 160 of those in the last five weeks of last season and 280 points made this season.
Does the product provide value for money?
If you get in at the start of the season and opt for the full thing then I definitely feel that Flat Attack represents value for money however on a month by month basis I am much less convinced.
There are various products that deal with horse racings flat season however Flat Attack is possibly one of the better options that I have looked at. The results to date are solid and most importantly they appear to be able to offer consistency which is where I feel a lot of services fall down. At the time of writing it is too late really to think about getting on board with Flat Attack however it is one I would keep in mind for next year.


I've got about 40 homemade dehydrated meals left from our AT hike last year. Would like to give them to someone who's hiking this year. Great meals - KungPao shrimp, pork lasagne, chicken tagine...gourmet stuff.
Dehydrated meals are gone - wow - got 3 replies in under 5 minutes. I'm glad they'll be used.
From having witnessed the feast Elaine and Jim had at their maildrops, those are 3 lucky people!
dang. wrong place , wrong time. very generous though. NICE.
Ha, I just emailed ya. Good gift great thought.
I have been working on dehydrating meals for a SOBO hike this summer. If you don't mind, I would love to have some new recipes. So far, we have settled on four meals that we liked...would be great if I could get it up to seven-ish for variety. Thanks!