Asset Ownership and Investment Incentives Revisited.

Previous work on the property rights theory of the firm suggests that in the presence of outside options, asset ownership may demotivate managers. This paper shows that this conclusion relies on the assumption that a manager's outside option only depends on her own investment.PROPERTY RIGHTS ; MANAGEMENT ; INVESTMENTS

Complexity-entropy analysis at different levels of organization in written language

Written language is complex. A written text can be considered an attempt to convey a meaningful message which ends up being constrained by language rules, context dependence and highly redundant in its use of resources. Despite all these constraints, unpredictability is an essential element of natural language. Here we present the use of entropic measures to assert the balance between predictability and surprise in written text. In short, it is possible to measure innovation and context preservation in a document. It is shown that this can also be done at the different levels of organization of a text. The type of analysis presented is reasonably general, and can also be used to analyze the same balance in other complex messages such as DNA, where a hierarchy of organizational levels are known to exist

High-contrast imaging of Sirius~A with VLT/SPHERE: Looking for giant planets down to one astronomical unit

Sirius has always attracted a lot of scientific interest, especially after the discovery of a companion white dwarf at the end of the 19th century. Very early on, the existence of a potential third body was put forward to explain some of the observed properties of the system. We present new coronagraphic observations obtained with VLT/SPHERE that explore, for the very first time, the innermost regions of the system down to 0.2" (0.5 AU) from Sirius A. Our observations cover the near-infrared from 0.95 to 2.3 $\mu$m and they offer the best on-sky contrast ever reached at these angular separations. After detailing the steps of our SPHERE/IRDIFS data analysis, we present a robust method to derive detection limits for multi-spectral data from high-contrast imagers and spectrographs. In terms of raw performance, we report contrasts of 14.3 mag at 0.2", ~16.3 mag in the 0.4-1.0" range and down to 19 mag at 3.7". In physical units, our observations are sensitive to giant planets down to 11 $M_{Jup}$ at 0.5 AU, 6-7 $M_{Jup}$ in the 1-2 AU range and ~4 $M_{Jup}$ at 10 AU. Despite the exceptional sensitivity of our observations, we do not report the detection of additional companions around Sirius A. Using a Monte Carlo orbital analysis, we show that we can reject, with about 50% probability, the existence of an 8 $M_{Jup}$ planet orbiting at 1 AU. In addition to the results presented in the paper, we provide our SPHERE/IFS data reduction pipeline at http://people.lam.fr/vigan.arthur/ under the MIT license.Comment: 16 pages, 10 figures, accepted for publication in MNRA

Implications of Salinity and Acidic Environments on Fitness and Oxidative Stress Parameters in Early Developing Seahorses Hippocampus reidi

Water acidification affects aquatic species, both in natural environmental conditions and in ex situ rearing production systems. The chronic effects of acidic conditions (pH 6.5 vs. pH 8.0) in seahorses (Hippocampus spp.) are not well known, especially when coupled with salinity interaction. This study investigated the implications of pH on the growth and oxidative stress in the seahorse Hippocampus reidi (Ginsburg, 1933), one of the most important seahorse species in the ornamental trade. Two trials were carried out in juveniles (0–21 and 21–50 DAR—days after the male’s pouch release) reared under acid (6.5) and control (8.0) pH, both in brackish water (BW—salinity 11) and seawater (SW—salinity 33). In the first trial (0–21 DAR), there was no effect of pH on the growth of seahorses reared in SW, but the survival rate was higher for juveniles raised in SW at pH 6.5. However, the growth and survival of juveniles reared in BW were impaired at pH 6.5. Compared to SW conditions, the levels of superoxide dismutase and DT-diaphorase, as well as the oxidative stress index, increased for juveniles reared in BW. In the second trial, seahorse juveniles were reared in SW at pH 8.0, and subsequently kept for four weeks (from 21 to 50 DAR) at pH 6.5 and 8.0. The final survival rates and condition index were similar in both treatments. However, the growth under acidic conditions was higher than at pH 8.0. In conclusion, this study highlights that survival, growth, and oxidative status condition was enhanced in seahorse juveniles reared in SW under acidic conditions (pH = 6.5). The concurrent conditions of acidic pH (6.5) and BW should be avoided due to harmful effects on the fitness and development of seahorse juveniles.Fundacao Coordenacao de Aperfeicoamento de Pessoal de Nivel Superior-CAPES (Ministerio da Educacao-MEC, Brazil) PDSE 88881.187275/2018-01Conselho Nacional de Desenvolvimento Cientifico e Tecnologico (CNPQ) 307445/2016-

Polarization Properties of Extragalactic Radio Sources and Their Contribution to Microwave Polarization Fluctuations

We investigate the statistical properties of the polarized emission of extragalactic radio sources and estimate their contribution to the power spectrum of polarization fluctuations in the microwave region. The basic ingredients of our analysis are the NVSS polarization data, the multifrequency study of polarization properties of the B3-VLA sample (Mack et al. 2002) which has allowed us to quantify Faraday depolarization effects, and the 15 GHz survey by Taylor et al. (2001), which has provided strong constraints on the high-frequency spectral indices of sources. The polarization degree of both steep- and flat-spectrum at 1.4 GHz is found to be anti-correlated with the flux density. The median polarization degree at 1.4 GHz of both steep- and flat-spectrum sources brighter than $S(1.4 \hbox{GHz})=80$mJy is $\simeq 2.2$. The data by Mack et al. (2002) indicate a substantial mean Faraday depolarization at 1.4 GHz for steep spectrum sources, while the depolarization is undetermined for most flat/inverted-spectrum sources. Exploiting this complex of information we have estimated the power spectrum of polarization fluctuations due to extragalactic radio sources at microwave frequencies. We confirm that extragalactic sources are expected to be the main contaminant of Cosmic Microwave Background (CMB) polarization maps on small angular scales. At frequencies $< 30$GHz the amplitude of their power spectrum is expected to be comparable to that of the $E$-mode of the CMB. At higher frequencies, however, the CMB dominates.Comment: 10 pages, A&A in pres

Controlled functional expression of the bacteriocins pediocin PA-1 and bactofencin A in Escherichia coli

peer-reviewedThe bacteriocins bactofencin A (class IId) and pediocin PA-1 (class IIa) are encoded by operons with a similarly clustered gene organization including a structural peptide, an immunity protein, an ABC transporter and accessory bacteriocin transporter protein. Cloning of these operons in E. coli TunerTM (DE3) on a pETcoco-2 derived vector resulted in successful secretion of both bacteriocins. A corresponding approach, involving the construction of vectors containing different combinations of these genes, revealed that the structural and the transporter genes alone are sufficient to permit heterologous production and secretion in this host. Even though the accessory protein, usually associated with optimal disulfide bond formation, was not required for bacteriocin synthesis, its presence did result in greater pediocin PA-1 production. The simplicity of the system and the fact that the associated bacteriocins could be recovered from the extracellular medium provides an opportunity to facilitate protein engineering and the overproduction of biologically-active bacteriocins at industrial scale. Additionally, this system could enable the characterization of new bacteriocin operons where genetic tools are not available for the native producers

Rubidium and zirconium abundances in massive Galactic asymptotic giant branch stars revisited

Luminous Galactic OH/IR stars have been identified as massive (>4-5 M_s) AGB stars experiencing HBB and Li production. Their Rb abundances and [Rb/Zr] ratios derived from hydrostatic model atmospheres, are significantly higher than predictions from AGB nucleosynthesis models, posing a problem to our understanding of AGB evolution and nucleosynthesis. We report new Rb and Zr abundances in the full sample of massive Galactic AGB stars, previously studied with hydrostatic models, by using more realistic extended model atmospheres. We use a modified version of the spectral synthesis code Turbospectrum and consider the presence of a circumstellar envelope and radial wind. The Rb and Zr abundances are determined from the 7800 A Rb I resonant line and the 6474 A ZrO bandhead, respectively, and we explore the sensitivity of the derived abundances to variations of the stellar (Teff) and wind (M_loss, beta and vexp) parameters in the extended models. The Rb and Zr abundances derived from the best spectral fits are compared with the most recent AGB nucleosynthesis theoretical models. The new Rb abundances are much lower (even 1-2 dex) than those derived with the hydrostatic models, while the Zr abundances are similar. The Rb I line profile and Rb abundance are very sensitive to the M_loss rate but much less sensitive to variations of the wind velocity-law and the vexp(OH). We confirm the earlier preliminary results based on a smaller sample of massive O-rich AGB stars, that the use of extended atmosphere models can solve the discrepancy between the AGB nucleosynthesis theoretical models and the observations of Galactic massive AGB stars. The Rb abundances, however, are still strongly dependent of the M_loss, which is unknown in these AGB stars. Accurate M_loss rates in these massive Galactic AGB stars are needed in order to break the models degeneracy and get reliable Rb abundances in these stars.Comment: Accepted for publication in A&A, 14 pages, 12 figures, 4 table