And then there were four: a study of UK market concentration - causes, consequences and the scope for market adjustment

While concentration measures are a good indicator of market structure, the link with competitiveness is more complex than often assumed. In particular, the modern theory of industrial organisation makes no clear statement regarding the impact of concentration on competition - the focus of this paper is concentration and no inferences are made about competitive aspects of the market. The extent and nature of concentration within the UK listed company audit market as at April, 2002 and, pro forma, after the collapse of Andersen is documented and analysed in detail (by firm, market segment and industry sector). The largest four firms held 90 per cent of the market (based on audit fees) in 2002, rising to 96 per cent with the demise of Andersen. A single firm, Pricewaterhouse-Coopers, held 70 per cent or more of the share of six out of 38 industry sectors, with a share of 50 per cent up to 70 per cent in a further seven sectors. The provision of non-audit services (NAS) by incumbent auditors is also considered. As at April 2002, the average ratio of non-audit fees (paid to auditor) to audit fees was 208 per cent, and exceeded 300 per cent in seven sectors. It is likely, however, that disposals by firms of their management consultancy and outsource firms, combined with the impact of the Smith Report on audit committees will serve to reduce these ratios. Another finding is that audit firms with expertise in a particular sector appeared to earn significantly higher nonaudit fees from their audit clients in that sector. The paper thus provides a solid empirical basis for debate. The subsequent discussion considers the implications for companies and audit firms of the high level of concentration in the current regulatory climate, where no direct regulatory intervention is planned

Are lay people good at recognising the symptoms of schizophrenia?

©2013 Erritty, Wydell. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.This article has been made available through the Brunel Open Access Publishing Fund.Aim: The aim of this study was to explore the general public’s perception of schizophrenia symptoms and the need to seekhelp for symptoms. The recognition (or ‘labelling’) of schizophrenia symptoms, help-seeking behaviours and public awareness of schizophrenia have been suggested as potentially important factors relating to untreated psychosis. Method: Participants were asked to rate to what extent they believe vignettes describing classic symptoms (positive and negative) of schizophrenia indicate mental illness. They were also asked if the individuals depicted in the vignettes required help or treatment and asked to suggest what kind of help or treatment. Results: Only three positive symptoms (i.e., Hallucinatory behaviour, Unusual thought content and Suspiciousness) of schizophrenia were reasonably well perceived (above 70%) as indicating mental illness more than the other positive or negative symptoms. Even when the participants recognised that the symptoms indicated mental illness, not everyone recommended professional help. Conclusion: There may be a need to improve public awareness of schizophrenia and psychosis symptoms, particularly regarding an awareness of the importance of early intervention for psychosis

ISSUES IN REFORMING TARIFF-RATE IMPORT QUOTAS IN THE AGREEMENT ON AGRICULTURE IN THE WTO

Contents: The Economics of Tariff Rate Quotas and the Effects of Trade Liberalization; TRQs and GATT Rules; An Overview of Tariffs, Quotas and Imports Worldwide; TRQs in the European Union; U.S. TRQs for Sugar, Tobacco and Peanuts; Dairy TRQs in the United States; Tariff Rate Quota Implementation and Administration by Developing Countries; Management of Tariff Rate Quotas in Korea and Japan; Tariff Rate Quota Administration in Canadian Agriculture; The Case of Australia and New Zealand Facing TRQs; The 1999 WTO Panel Report on the EU's Common Market Organization for Bananas; AssessmentInternational Relations/Trade,

Associations of NINJ2 sequence variants with incident ischemic stroke in the Cohorts for Heart and Aging in Genomic Epidemiology (CHARGE) consortium

Background<p></p> Stroke, the leading neurologic cause of death and disability, has a substantial genetic component. We previously conducted a genome-wide association study (GWAS) in four prospective studies from the Cohorts for Heart and Aging Research in Genomic Epidemiology (CHARGE) consortium and demonstrated that sequence variants near the NINJ2 gene are associated with incident ischemic stroke. Here, we sought to fine-map functional variants in the region and evaluate the contribution of rare variants to ischemic stroke risk.<p></p> Methods and Results<p></p> We sequenced 196 kb around NINJ2 on chromosome 12p13 among 3,986 European ancestry participants, including 475 ischemic stroke cases, from the Atherosclerosis Risk in Communities Study, Cardiovascular Health Study, and Framingham Heart Study. Meta-analyses of single-variant tests for 425 common variants (minor allele frequency [MAF] ≥ 1%) confirmed the original GWAS results and identified an independent intronic variant, rs34166160 (MAF = 0.012), most significantly associated with incident ischemic stroke (HR = 1.80, p = 0.0003). Aggregating 278 putatively-functional variants with MAF≤ 1% using count statistics, we observed a nominally statistically significant association, with the burden of rare NINJ2 variants contributing to decreased ischemic stroke incidence (HR = 0.81; p = 0.026).<p></p> Conclusion<p></p> Common and rare variants in the NINJ2 region were nominally associated with incident ischemic stroke among a subset of CHARGE participants. Allelic heterogeneity at this locus, caused by multiple rare, low frequency, and common variants with disparate effects on risk, may explain the difficulties in replicating the original GWAS results. Additional studies that take into account the complex allelic architecture at this locus are needed to confirm these findings

Magnetic inflation and Stellar Mass. II. On the radii of wingle, rapidly rotating, fully convective M-dwarf stars

Main-sequence, fully convective M dwarfs in eclipsing binaries are observed to be larger than stellar evolutionary models predict by as much as 10%–15%. A proposed explanation for this discrepancy involves effects from strong magnetic fields, induced by rapid rotation via the dynamo process. Although, a handful of single, slowly rotating M dwarfs with radius measurements from interferometry also appear to be larger than models predict, suggesting that rotation or binarity specifically may not be the sole cause of the discrepancy. We test whether single, rapidly rotating, fully convective stars are also larger than expected by measuring their $R\sin i$ distribution. We combine photometric rotation periods from the literature with rotational broadening ($v\sin i$) measurements reported in this work for a sample of 88 rapidly rotating M dwarf stars. Using a Bayesian framework, we find that stellar evolutionary models underestimate the radii by 10 \% \mbox{--}15{ \% }_{-2.5}^{+3}, but that at higher masses (0.18 < M < 0.4 M Sun), the discrepancy is only about 6% and comparable to results from interferometry and eclipsing binaries. At the lowest masses (0.08 < M < 0.18 M Sun), we find that the discrepancy between observations and theory is 13%–18%, and we argue that the discrepancy is unlikely to be due to effects from age. Furthermore, we find no statistically significant radius discrepancy between our sample and the handful of M dwarfs with interferometric radii. We conclude that neither rotation nor binarity are responsible for the inflated radii of fully convective M dwarfs, and that all fully convective M dwarfs are larger than models predict.The authors would like to thank the referee for the thoughtful report, which greatly improved the manuscript. The authors would also like to thank Lisa Prato and Larissa Nofi for IGRINS training, and Heidi Larson, Jason Sanborn, and Andrew Hayslip for operating the DCT during our observations. We would also like to thank Jen Winters, Jonathan Irwin, Paul Dalba, Mark Veyette, Eunkyu Han, and Andrew Vanderburg for useful discussions and helpful comments on this work. Some of this work was supported by the NASA Exoplanet Research Program (XRP) under grant No. NNX15AG08G issued through the Science Mission Directorate.These results made use of the Lowell Observatory's Discovery Channel Telescope, supported by Discovery Communications, Inc., Boston University, the University of Maryland, the University of Toledo and Northern Arizona University; the Immersion Grating Infrared Spectrograph (IGRINS) that was developed under a collaboration between the University of Texas at Austin and the Korea Astronomy and Space Science Institute (KASI) with the financial support of the US National Science Foundation under grant AST-1229522, of the University of Texas at Austin, and of the Korean GMT Project of KASI; data taken at The McDonald Observatory of The University of Texas at Austin; and data products from the Two Micron All Sky Survey, which is a joint project of the University of Massachusetts and the Infrared Processing and Analysis Center/California Institute of Technology, funded by NASA and the NSF. (NNX15AG08G - NASA Exoplanet Research Program (XRP); Discovery Communications, Inc.; Boston University; University of Maryland; University of Toledo; Northern Arizona University; AST-1229522 - US National Science Foundation; University of Texas at Austin; Korean GMT Project of KASI; NASA; NSF

Red Supergiants in the Andromeda Galaxy (M31)

Red supergiants are a short-lived stage in the evolution of moderately massive stars (10-25Mo), and as such their location in the H-R diagram provides an exacting test of stellar evolutionary models. Since massive star evolution is strongly affected by the amount of mass-loss a star suffers, and since the mass-loss rates depend upon metallicity, it is highly desirable to study the physical properties of these stars in galaxies of various metallicities. Here we identify a sample of red supergiants in M31 (the most metal-rich of the Local Group galaxies) and derive their physical properties by fitting MARCS atmosphere models to moderate resolution optical spectroscopy, and from V-K photometry.Comment: Accepted for publication in the Astrophysical Journa

Goldstone Fermion Dark Matter

We propose that the fermionic superpartner of a weak-scale Goldstone boson can be a natural WIMP candidate. The p-wave annihilation of this `Goldstone fermion' into pairs of Goldstone bosons automatically generates the correct relic abundance, whereas the XENON100 direct detection bounds are evaded due to suppressed couplings to the Standard Model. Further, it is able to avoid indirect detection constraints because the relevant s-wave annihilations are small. The interactions of the Goldstone supermultiplet can induce non-standard Higgs decays and novel collider phenomenology.Comment: 25 pages, 6 figures. References added, minor typos corrected. Submitted to JHE