Can private equity firms continue to increase value creation through superior improvements in the operating performance?

Thesis: S.M. in Management Research, Massachusetts Institute of Technology, Sloan School of Management, 2015.Cataloged from PDF version of thesis.Includes bibliographical references (page 48).This thesis is an attempt to measure the impact that the Private Equity companies can have on their portfolio companies' operational performance. We try to determine whether companies under LBO can over-perform listed companies in terms of operating improvements. We firstly use Kaplan's work (1989a) to evidence that on average, companies under LBO successfully over-perform benchmarks in the 1980s. We also present the key drivers accounting for the superior operating performance. In addition, we highlight some potential biases that may impact Kaplan's findings. We then examine whether those findings still hold for the most recent wake of Private Equity transactions. We find that operating improvements remain large but are in line with the industry average. Eventually, we focus on the largest and most mature Private Equity firms that have managed to persistently generate operational improvements and study their operating business models and key initiatives to identify best practices.by Arnaud Bassoulet.S.M. in Management Researc

THE IMPACT OF MOOSE BROWSING ON TREE SPECIES COMPOSITION IN FINLAND

The attitude usually adopted in Finnish forestry regarding the moose (Alces alces) has traditionally been that it influences Scots pine in young mixed stands and therefore intensiv treatments have been recommended to favor monocultures. The need to maintain diversity across the landscape is, however, changing attitudes. We tested the hypothesis that selective browsing can influence the composition of tree species in young stands, both in managed and natural forests. Moose browsing effect on sapling heights was compared in exclosures and adjacent open areas in the south- and mid-boreal forest zones of Central and North Finland at the end of the 1990s. Moose appeared to impact young trees by reducing height growth, thereby reducing the possibility of selected broadleaved species to reach maturity. The number of aspen trees can obviously be expected to greatly decrease as a result of regenerating suckers being browsed by moose. Rowan considerably declined under browsing pressure. On the other hand, the results also suggest that moose browsing may be beneficial by releasing conifers from competition among tree species in managed forests. In this sense, the relationship between browsed birches and the condition of conifers is crucial. Browsing obviously reduces tree species diversity in areas of high moose density. However, some trees sheltered by neighboring ones are not browsed, and more information is needed about optimal treatment of young stands. In Finland’s relatively small nature conservation areas, repeated browsing can quickly retard the height of slowly-regenerating broadleaf species. This browsing impact may lead to ecosystem changes without significantly impacting moose populations, the management of which by hunting is restricted in the set-aside natural forests and conservation areas

Oxic/anoxic oscillations and organic carbon mineralization in an estuarine maximum turbidity zone (The Gironde, France)

The study of vertical particle dynamics in the highly turbid Gironde Estuary has shown intense cycles of sedimentation and resuspension at both diurnal and neap-spring time scales. Fluid mud, with suspended particulate matter (SPM) concentrations between 50 and 500 g liter-1, has been observed during neap tides. Vertical profiles of biogeochemical parameters have been measured in the fluid mud. Anoxic conditions have been detected when SPM concentration exceeded 50 g liter-1 in the upstream and 140 g liter-1 in the downstream parts of the maximum turbidity zone (MTZ). At the downstream part of the MTZ, anoxic fluid mud was partitioned into a denitrification layer (SPM = 140-250 g liter-1), intensively reworked at the tidal time scale, and by an Mn(IV)-reduction layer (SPM > 250 g liter-1) preferentially reworked at the neap-spring time scale. Due to the alternation of sedimentation and resuspension periods, most of the sediment experienced oxic/anoxic oscillations throughout the neap-spring cycle. Fluid mud resuspension occurred without any observable incidence on the surface-water oxygenation. An increase in total alkalinity was found in the fluid mud, due to both anaerobic respiration and a carbonate dissolution coupled to aerobic respiratory CO2 generation. This phenomenon significantly affected the inorganic carbon budget of the estuary, increasing the HCO3/- input to the coastal ocean and reducing the CO2 flux to the atmosphere. An accumulation of labile-dissolved organic carbon observed in the fluid mud suggests that these oscillations result in an acceleration of particulate organic matter (POM) decomposition. In the Gironde MTZ, a net loss of refractory land-derived POM occurs. This system acts as an efficient oxic/suboxic 'fluidized bed reactor', similar to mobile deltaic muds

Discrimination of Solea solea nurseries along the French Atlantic coast using otolith elemental signatures

International audienceOtolith elemental composition analysis has become a powerful tool to study fish population structure and connectivity between juvenile and adult habitats. The aim of the present study was to determine otolith elemental signature of sole from the main nurseries along the French Atlantic coast. 0-group sole juveniles (n=124) were sampled in 6 nurseries (embayed and estuarine) in the Bay of Biscay during September/October 2003. Multi-elemental composition was determined in whole otoliths using solution-based inductively coupled plasma mass spectrometry (ICP-MS). Elemental signatures differed significantly among sites, primarily due to variation in concentrations of the elements Li, Na, Mg, Mn, Cu, Sr, Rb and Ba. Discriminant function analysis (DFA) correctly classified over 68% of the individuals to their respective nursery based on otolith elemental signatures. This study constitutes the first step before evaluating the relative contribution of these different nurseries to the adult population at the scale of the Bay of Biscay. This approach might provide useful information in term of fisheries and coastal habitat management

« Remaniements sédimentaires superficiels sur l'estran occidental de la baie du Mont Saint-Michel ».

N° spécial « Génie Côtier »International audienc

Reactive spark plasma sintering of the hexacelcian barium aluminosilicate phase.

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Identification de 3 signatures chimiques des otolithes de sardines (Sardina pilchardus) le long de la côte marocaine atlantique

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Seasonal monitoring of blue mussel ( Mytilus spp. ) populations in a harbor area: A focus on responses to environmental factors and chronic contamination

International audienceCoastal waters corresponding to macrotidal systems are among the most variable marine biotopes. Sessile animals as bivalve mollusks may however be found forming intertidal beds at high densities, as allowed by full adaptation to local conditions. A better knowledge of adaptive responses to environmental factors is required to foresee possible adverse effects of global change. At the sub-cellular level, transcriptional responses are among the earliest signals of environmental disturbances and they can reveal subtle and meaningful changes in organism exposed to stress. Three blue mussel (Mytilus spp.) populations inhabiting the Bay of Brest (France) in sites exposed to different levels of chronic pollution, from low to moderate, were surveyed upon a seasonal schedule, with special attention to the reproductive cycle. Major seawater parameters were monitored over a full-year in the framework of the S! RANO project, based on an automatic high frequency acquisition system installed aboard a ship of opportunity. The health status of mussels has been assessed by measuring a condition index and gametogenesis has been followed by histology. Selected biological responses to environmental stress were detected using a multimarker approach including expression of genes involved in chemical stress response and energetic metabolism, and cellular immune parameters. Environmental parameters showed deep seasonal variations which differed among sites. Most biological responses followed a seasonal pattern. Late winter and spring corresponded to an active reproduction period in the Bay of Brest. Earlier spawning was observed in harbor areas compared to the oceanic site and an altered physiological state was assumed in commercial harbor mussels during the reproductive period, suggesting that their health is compromised at this time of year. However, no signs of severe chemical stress were detected in both harbor mussel populations, which could reflect adaptive responses to adverse environmental conditions

What do otolith microchemical signatures tell us about sardines' movements along the Atlantic coast of Morocco (NW Africa)

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