Motives for Mergers in Food Manufacturing

This paper reviews theories that identify motives for mergers, reviews recent empirical research, specifies a model that incorporates alternative motives, and tests the model with data from food manufacturing mergers between 1979 and 1986. Results suggest that capital markets are not efficient, and that mergers are not to redress agency problems. Acquirers paid higher premiums for target firms that have recently had low profitability, and paid higher premiums when the stock market was low. The model explains at best 30 percent of the variation in premiums, suggesting that major explanations for mergers remain as yet unidentified.Agribusiness, Industrial Organization,

Patterns of population location in Auckland

This paper uses spatial statistical techniques to examine the economic determinants of residential location patterns in Auckland in 2006. The primary empirical focus of this paper is descriptive. We seek to establish the extent to which there are identifiable population subgroups that cluster together within the Auckland Urban Area, and further, to ascertain where these groups mainly live. It confirms previous findings of strong ethnic clustering and identifies clustering by qualification, income, and country of birth. It examines the interaction between incomes, land prices, and population density, and the relationship of land price with access to selected locational amenities.Residential location choice; local amenities; residential sorting

Residential sorting across Auckland neighbourhoods

This paper addresses the extent to which people in Auckland exhibit residential location patterns that differ between groups, i.e. the extent to which they are spatially sorted. To measure patterns of residential location, the paper uses the index of segregation, an isolation index, Gini coefficients, Ellison & Glaeser and Maurel & Sédillot concentration measures, Moran’s I and Getis and Ord’s G*. Results are presented based on a classification of the population in different ways: ethnicity, income, education, age and country of birth. Both city-wide and local measures are considered. We find that ethnic-based sorting is the strongest indicator of residential sorting patterns, but soring by income, education and age is also present. Sorting by income and qualifications is strongest at the top and, to lesser extent, at the bottom of the income and qualifications range. Age segregation is most pronounced for older residents. Clustering is strongest within a range of up to one kilometre and declines significantly over greater distances. Local analysis by means of Getis and Ord’s G* calculations suggest significant ethnic clustering. Apart from Maori and Pacific Islanders, ethnic groups tend to locate way from each other, as confirmed with cross-Moran’s I calculations. When considering interactions between ethnicity and income we find that the location of ethnicity income subgroups is more strongly related to neighbourhood income

Maternal and Neonatal Exposure to Environmental Tobacco Smoke Targets Pro-Inflammatory Genes in Neonatal Arteries

Maternal mainstream tobacco smoking is known to have adverse outcomes on fetal respiratory function; however, no data is currently available on the effects of passive exposure to tobacco smoking and environmental tobacco smoke (ETS) on fetal systemic arterial structure and function. Eight pregnant rhesus macaque monkeys were studied at the California Regional Primate Research Center breeding colony. The estimated gestational age for each dam was established by sonography performed before gestational day 40. Two inhalation chambers were used, each with an air capacity of 3.5 m3, and each housed two dams. Aged and diluted sidestream smoke was used as a surrogate for ETS. Exposure to ETS (1 mg/m3) occurred for 6 h/day, 5 days/week, beginning on gestational day 100. All dams were allowed to give birth spontaneously and then ETS exposure continued 70–80 days postnatally with the chamber containing both the mother and infant. Carotid arteries from four control (C) and four ETS-treated newborns were analyzed for mRNA by gene macroarray and for protein by Western blotting. A total of 588 cardiovascular genes were studied. Four genes were upregulated by ETS compared to C, and nine genes were downregulated (≥2-fold change). Three genes were selected for further study. Following ETS exposure, neonatal carotid arteries of non-human primates manifested evidence of inflammation with increased gene and protein expression of LFA-1 and RANTES, proteins that are recognized to be important in vascular adhesion and inflammation, and downregulation of expression for the receptor for VEGF, which has a key role in angiogenesis. Prenatal and postnatal exposure to ETS increases expression of pro-inflammatory genes and may be responsible for early arterial vascular remodeling that is predisposing to a subsequent vascular disease

Recruiting children into cancer trials–role of the United Kingdom Children's Cancer Study Group (UKCCSG)

The UK Children's Cancer Study Group (UKCCSG), established in 1977, provides a highly organised structure for both service provision and research, and represents the model to which the adult cancer community is currently aspiring. Since childhood cancer is so rare, it is both essential and feasible for the vast majority of children to be referred into the network of specialist centres, and also for the maximum number of children to be recruited into national and international clinical trials. Over the last 30–40 years there have been major advances in treatment, such that now approximately 70% of children diagnosed with cancer will be cured of their disease. The conduct of clinical trials in this patient population does, however, raise a number of specific issues and these are discussed in the paper. Copyright 2003 Cancer Research UK All rights reserved

Productivity of Florida Springs: First annual (3rd semi-annual) report to Biology Branch, Office of Naval Research progress from January 1 to December 31, 1953

By means of new methods it has been possible to measure the overall community metabolism as well as the standing state community in Silver Springs. Photosynthetic rates have been determined by downstream gradient methods, transplantation growth plots, and bell jars diurnally and annually. Respiration rates have been estimated with bell jars. The downstream losses of particulate, and dissolved organic matter have been found to balance, the excess of photosynthesis over respiration. The community has thus been demonstrated to be in a constant temperature, steady state, somewhat comparable to a climax on land. Nitrate, phosphate, and major chemical constituents are essentially constant. There is an approximate constancy of standing crop of organisms although the production rates in summer are three times those in the winter. Some evidence suggests that there, are photoperiodic changes in reproduction rates in spite of constant temperature. Rates of protein syntehsis estimated from nitrate uptake downstream agree (1) with photosynthetic quotients obtained from carbon dioxide and oxygen uptake downstream and (2) with the nitrogen content of the community. The overall annual production of 50,000 lbs/acre is the greatest productivity we know of on land or sea. Such high figures seem reasonable with the flow of high nutrient, warm water and high light intensity over a dense periphyton community. Theoretical concepts of steady state thermodynamics have been applied to show that self maintaining open systems tend to adjust to high power and low efficiency output. The 3% photosynthetic efficiency observed in Silver Springs is in agreement with this principle. Pyramids of weight and pyramids of number have been determined including bacteria. These pyramids are similar to some in the literature. The contribution of an acre of a fertile stream annually is readily inferred from data obtained on downstream increase of bacteria, chlorophyll, and organic matter. In other springs, Mr. Sloan has related stability of insect populations to chlorinity and to gradients of stability of environmental factors. Dr. L.S. Whitford during the summer made an ecological and taxonomic study of the distribution of algae in 26 contrasting springs. From this lists and from analytical data on the chemostatic water in these springs one can infer culture conditions necessary for many species. (27 pages