Below-cost legislation: lessons from the Republic of Ireland

This paper traces the emergence, evolution, and demise of below cost legislation in the grocery industry in the republic of Ireland. The paper adds to our understanding of the legislation by adopting the view that, by using the net invoice price as its definition of cost, the legislation increased two streams of quasi-rents, first on suppliers’ brandeds and second on retailers’ own brands which acted to depress competitive forces and direct supplier-buyer negotiations to off-invoice discounts. Supplier generated quasi-rents financed discounts, and when coupled with retailers’ higher margins on their own brands, provided little incentive for a return to a price competitive environment. Two factors undermined this situation: the substitution of discounters’ products for suppliers’ brands as the discounters share of the market grew and the increase in cross border shopping. These had the combined effect of reducing the available quasi-rents earned in the Irish market resulting in the breakdown of the status quo and a return to price competition. Through its impact on negotiations, the legislation also introduced inefficiencies to both retailers’ and suppliers businesses representing additional waste that could have been more productively used to reduce consumer prices. The paper endorses the Government’s decision to rescind the order and remove an important constraint on both vertical and horizontal competition. Lessons from the Republic of Ireland suggest that the competitive response to the removal of below cost legislation, and reductions in prices, may take time and will depend on economic circumstances and a change in the prevailing norms of organizational behaviour and quasi-rent seeking opportunitie

Bank Audit Fees and Asset Securitization Risks

We examine whether bank auditor effort, proxied by audit fees, is related to asset securitization risks (ASR) and whether the incremental auditor effort attributed to ASR is related to audit quality. Our sample period encompasses the Global Financial Crisis (GFC) and the introduction of FAS No. 166 and FAS No. 167, which were intended to constrain accounting for asset securitizations as sales. Using U.S. bank holding company (BHC) data from 2003 to 2013, we find significantly positive associations between ASR and audit fees for Big N auditors but not for non-Big N auditors. Pre-GFC audit fees have a positive association with ASR, and are more significant for BHCs reporting a loss. After the implementation of FAS Nos. 166 and 167, this positive association persists, mainly driven by BHCs reporting a loss. With respect to the incremental auditor effort attributed to ASR, we find that, prior to the GFC, the incremental audit effort by Big N auditors, but not by non-Big N auditors, reduced the likelihood of subsequent restatements and constrained reported gains on securitizations

Remanufacture of hot forging tools and dies using Laser Metal Deposition with powder and a hard-facing alloy Stellite 21®

Additive Layer Manufacturing (ALM) processes are attracting interest in the forging industry due to their potential suitability for remanufacturing and repair of tools and dies. The ALM process known as Laser Metal Deposition with powder (LMD-p) can be used to provide a hard-facing alloy repair to hot forging tools. This is particularly important on complex tool geometries due their superior wear resistance. The Advanced Forming Research Centre (AFRC) has established a low cost standard test method to evaluate abrasive and adhesive wear on hot forging H13 tool steel dies on an industrial scale 160kJ Schuler screw press. The bespoke tool design allows researchers to benchmark new and novel coatings, lubricants and additive layers against a known standard. Furthermore, AFRC metrology standard methods ensure repeatability and reproducibility of benchmark results. To evaluate the performance of LMD-p for remanufacturing of hot forging tools and dies, a cobalt based alloy (Stellite 21®) was selected. Stellite 21® is widely used as a hard-facing alloy as it provides excellent machinability coupled with superior wear characteristics. AFRC standard dies were coated with LMD-p Stellite 21®. The LMD-p coating was then machined to final geometry and then subjected to hot forging under AFRC standard conditions to compare to benchmark wear characteristics. Adhesive and abrasive wear was evaluated. It was shown that the Stellite 21® LMD-p additive layer performed better in both adhesive and abrasive conditions than standard H13 tools steel dies

SNX17 protects integrins from degradation by sorting between lysosomal and recycling pathways.

The FERM-like domain-containing sorting nexins of the SNX17/SNX27/SNX31 family have been proposed to mediate retrieval of transmembrane proteins from the lysosomal pathway. In this paper, we describe a stable isotope labeling with amino acids in culture-based quantitative proteomic approach that allows an unbiased, global identification of transmembrane cargoes that are rescued from lysosomal degradation by SNX17. This screen revealed that several integrins required SNX17 for their stability, as depletion of SNX17 led to a loss of β1 and β5 integrins and associated a subunits from HeLa cells as a result of increased lysosomal degradation. SNX17 bound to the membrane distal NPXY motif in β integrin cytoplasmic tails, thereby preventing lysosomal degradation of β integrins and their associated a subunits. Furthermore, SNX17-dependent retrieval of integrins did not depend on the retromer complex. Consistent with an effect on integrin recycling, depletion of SNX17 also caused alterations in cell migration. Our data provide mechanistic insight into the retrieval of internalized integrins from the lysosomal degradation pathway, a prerequisite for subsequent recycling of these matrix receptors

Pyridoxamine Treatment Ameliorates Large Artery Stiffening and Cerebral Artery Endothelial Dysfunction in Old Mice

Age-related increases in large artery stiffness are associated with cerebrovascular dysfunction and cognitive impairment. Pyridoxamine treatment prevents large artery stiffening with advancing age, but the effects of pyridoxamine treatment on the cerebral vasculature or cognition is unknown. The purpose of this study was to investigate the effects of pyridoxamine on blood pressure, large artery stiffness, cerebral artery function, and cognitive function in old mice. Old male C57BL/6 mice consumed either pyridoxamine (2 g/L) or vehicle control in drinking water for ∼7.5 months and were compared with young male C57BL/6 mice. From pre- to post-treatment, systolic blood pressure increased in old control mice, but was maintained in pyridoxamine treated mice. Large artery stiffness decreased in pyridoxamine-treated mice but was unaffected in control mice. Pyridoxamine-treated mice had greater cerebral artery endothelium-dependent dilation compared with old control mice, and not different from young mice. Old control mice had impaired cognitive function; however, pyridoxamine only partially preserved cognitive function in old mice. In summary, pyridoxamine treatment in old mice prevented age-related increases in blood pressure, reduced large artery stiffness, preserved cerebral artery endothelial function, and partially preserved cognitive function. Taken together, these results suggest that pyridoxamine treatment may limit vascular aging

Growth and renal function dynamics of renal oncocytomas on active surveillance

OBJECTIVES: To study the natural history of renal oncocytomas and address indications for intervention by determining how growth is associated with renal function over time, the reasons for surgery and ablation, and disease-specific survival. PATIENTS AND METHODS: The study was conducted in a retrospective cohort of consecutive patients with renal oncocytoma on active surveillance reviewed at the Specialist Centre for Kidney Cancer at the Royal Free London NHS Foundation Trust (2012 to 2019). Comparison between groups was performed using Mann–Whitney U-tests and chi-squared tests. A mixed-effects model with a random intercept for patient was used to study the longitudinal association between tumour size and estimated glomerular filtration rate (eGFR). RESULTS: Longitudinal data from 98 patients with 101 lesions were analysed. Most patients were men (68.3%) and the median (interquartile range [IQR]) age was 69 (13) years. The median (IQR) follow-up was 29 (26) months. Most lesions were small renal masses, and 24% measured over 4 cm. Over half (64.4%) grew at a median (IQR) rate of 2 (4) mm per year. No association was observed between tumour size and eGFR over time (P = 0.871). Nine lesions (8.9%) were subsequently treated. Two deaths were reported, neither were related to the diagnosis of renal oncocytoma. CONCLUSION: Natural history data from the largest active surveillance cohort of renal oncocytomas to date show that renal function does not seem to be negatively impacted by growing oncocytomas, and confirms clinical outcomes are excellent after a median follow-up of over 2 years. Active surveillance should be considered the 'gold standard' management of renal oncocytomas up to 7cm

The Rapidly Flaring Afterglow of the Very Bright and Energetic GRB 070125

We report on multi-wavelength observations, ranging from the X-ray to radio wave bands, of the IPN-localized gamma-ray burst GRB 070125. Spectroscopic observations reveal the presence of absorption lines due to O I, Si II, and C IV, implying a likely redshift of z = 1.547. The well-sampled light curves, in particular from 0.5 to 4 days after the burst, suggest a jet break at 3.7 days, corresponding to a jet opening angle of ~7.0 degrees, and implying an intrinsic GRB energy in the 1 - 10,000 keV band of around E = (6.3 - 6.9)x 10^(51) erg (based on the fluences measured by the gamma-ray detectors of the IPN network). GRB 070125 is among the brightest afterglows observed to date. The spectral energy distribution implies a host extinction of Av < 0.9 mag. Two rebrightening episodes are observed, one with excellent time coverage, showing an increase in flux of 56% in ~8000 seconds. The evolution of the afterglow light curve is achromatic at all times. Late-time observations of the afterglow do not show evidence for emission from an underlying host galaxy or supernova. Any host galaxy would be subluminous, consistent with current GRB host-galaxy samples. Evidence for strong Mg II absorption features is not found, which is perhaps surprising in view of the relatively high redshift of this burst and the high likelihood for such features along GRB-selected lines of sight.Comment: 50 pages, 9 figures, 5 tables Accepted to the Astrophysical Journa

Breaking rules for the right reasons? An investigation of pro‐social rule breaking

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/89492/1/job730.pd