Cooperative Or Controlling? The Effects Of Ceo-Board Relations And The Content Of Interlocks On The Formation Of Joint Ventures

This study examines the influence of the social network of board interlocks on strategic alliance formation. Our theoretical framework suggests how board interlock ties to other firms can increase or decrease the likelihood of alliance formation, depending on the content of relationships between CEOs (chief executive officers) and outside directors. Results suggest that CEO-board relationships characterized by independent board control reduce the likelihood of alliance formation by prompting distrust between corporate leaders, while CEO-board cooperation in strategic decision making appears to promote alliance formation by enhancing trust. The findings also show how the effects of direct interlock ties are amplified further by third-party network ties.Business Administratio

The Market Reaction to Legal Shocks and Their Antidotes: Lessons from the Sovereign Debt Market

In October 2000 a hedge fund holding an unpaid debt claim won an enormous victory against the debtor, the Republic of Peru, through an opportunistic interpretation of the common pari passu clause by a Brussels court. This development was met by charges from policy makers and practitioners that the court\u27s decision (its novel interpretation of the pari passu clause) would lead to a dramatic increase in the risks of holdout litigation faced by sovereign debtors. Over the ensuing years, multiple reform solutions were proposed including the revision of certain contractual terms, the filing of amicus briefs in a key case, and the imposition of an international bankruptcy regime for sovereigns. The question, looking back, that this Article empirically investigates is whether the capital markets actually perceived a significant increase in risk at the time of the October 2000 Brussels court decision. Equally important is whether markets discriminate among competing versions of the pari passu clause based on their relative risks for holdouts. And, to the extent the markets did react to the increase in legal risk, did any of the antidotes that were implemented to reduce the supposed increased holdout risk work? We offer evidence that bond prices did respond to this legal shock, that markets do discriminate based on the relative holdout risk posed by differing forms of the pari passu clause, and provide surprising evidence regarding the efficacy of the government-sponsored antidote, the advent of collective action clauses

The market reaction to legal shocks and their antidotes : lessons from the sovereign debt market

This Article examines the market reaction to a series of legal events concerning the judicial interpretation of the pari passu clause in sovereign debt instruments. More generally, the Article provides insights into the reactions of investors (predominantly financial institutions), issuers (sovereigns), and those who draft bond covenants (lawyers), to unanticipated changes in the judicial interpretation of certain covenant terms

Customization Or Conformity? An Institutional And Network Perspective On The Content And Consequences Of TQM Adoption

This study develops a theoretical framework that integrates institutional and network perspectives on the form and consequences of administrative innovations. Hypotheses are tested with survey and archival data on the implementation of total quality management (TQM) programs and the consequences for organizational efficiency and legitimacy in a sample of over 2,700 U.S. hospitals. The results show that early adopters customize TOM practices for efficiency gains, while later adopters gain legitimacy from adopting the normative form of TQM programs. The findings suggest that institutional factors moderate the role of network membership in affecting the form of administrative innovations adopted and provide strong evidence for the importance of institutional factors in determining how innovations are defined and implemented. We discuss implications for theory and research on institutional processes and network effects and for the literatures on innovation adoption and total quality management.(.)Business Administratio

Vehicle infrastructure cooperative localization using Factor Graphs

Highly assisted and Autonomous Driving is dependent on the accurate localization of both the vehicle and other targets within the environment. With increasing traffic on roads and wider proliferation of low cost sensors, a vehicle-infrastructure cooperative localization scenario can provide improved performance over traditional mono-platform localization. The paper highlights the various challenges in the process and proposes a solution based on Factor Graphs which utilizes the concept of topology of vehicles. A Factor Graph represents probabilistic graphical model as a bipartite graph. It is used to add the inter-vehicle distance as constraints while localizing the vehicle. The proposed solution is easily scalable for many vehicles without increasing the execution complexity. Finally simulation indicates that incorporating the topology information as a state estimate can improve performance over the traditional Kalman Filter approac

Clinical Research - Past, Present & Future

Clinical pharmacology/research has a very interesting history. It started in the 40’s of the 20th century through the pioneering work of Harry Gold at Cornell University New York. Clinical research is an integral part of drug development. Drug development can be hastened by a number of new techniques with reduction in cost. In addition reverse pharmacology approaches for drug discovery have come to occupy a special place. 85% of the neutral antagonists act as inverse agonists. Inverse agonists have a distinct effect on receptor regulation as opposed to neutral antagonists.Orphan receptors constitute about 50% of the GPCRs. It is estimated that now there are nearly 175 orphan receptors after 125 having been deorphanised. Targeting these orphan receptors can lead to about the same number of ligands and antagonists thereof. Polymorphism of cytochrome P450 provides the basis for the use of predictive pharmacogenomics to yield drug therapies that are more efficient and safer. It is estimated that such personalized P450 gene-based treatment would be relevant for 10-20% of all drug therapy.Key Words:  Clinical Pharmacology (a facet of clinical research) - Human experiments for safety and efficacy; G-protein coupled receptors (GPCRs) – some orphan receptors ;Strategies for drug discovery – Deorphanisation of orphan receptors, allosteric receptor sites, in-silico drug screenin

Stock assessment of soldier catfish Osteogeneiosus militaris along the northwest coast of India

Value of length growth parameters L∞, K and t(sub)0 from age-length relation obtained from length-frequency analysis for the soldier catfish stock were estimated to be 47.6 cm, 0.51 per year and 0.03 year respectively. The age at recruitment (t [sub]r) was 0.58 year and the age at first capture (t[sub]c) 0.83 year. The total mortality (Z) was 0.88 including the present natural mortality (M) of 0.84 and fishing mortality (F) of 0.04. The total stock of this fish along the Northwest coast of India was assessed to be 32,413 tons and the MSY 5,426 tons which is much higher than the current catch of 863.8 tons. The potential yield (P[sub]y) of 38.7 g per recruit could be obtained at the optimum of exploitation (t[sub]y) of 2.84 years

When Do People Trust Their Social Groups?

Trust facilitates cooperation and supports positive outcomes in social groups, including member satisfaction, information sharing, and task performance. Extensive prior research has examined individuals' general propensity to trust, as well as the factors that contribute to their trust in specific groups. Here, we build on past work to present a comprehensive framework for predicting trust in groups. By surveying 6,383 Facebook Groups users about their trust attitudes and examining aggregated behavioral and demographic data for these individuals, we show that (1) an individual's propensity to trust is associated with how they trust their groups, (2) smaller, closed, older, more exclusive, or more homogeneous groups are trusted more, and (3) a group's overall friendship-network structure and an individual's position within that structure can also predict trust. Last, we demonstrate how group trust predicts outcomes at both individual and group level such as the formation of new friendship ties.Comment: CHI 201

Receptor binding specificity of recent human H3N2 influenza viruses

<p>Abstract</p> <p>Background</p> <p>Human influenza viruses are known to bind to sialic acid linked α2-6 to galactose, but the binding specificity beyond that linkage has not been systematically examined. H3N2 human influenza isolates lost binding to chicken red cells in the 1990s but viruses isolated since 2003 have re-acquired the ability to agglutinate chicken erythrocytes. We have investigated specificity of binding, changes in hemagglutinin sequence of the recent viruses and the role of sialic acid in productive infection.</p> <p>Results</p> <p>Viruses that agglutinate, or do not agglutinate, chicken red cells show identical binding to a Glycan Array of 264 oligosaccharides, binding exclusively to a subset of α2-6-sialylsaccharides. We identified an amino acid change in hemagglutinin that seemed to correlate with chicken red cell binding but when tested by mutagenesis there was no effect. Recombinant hemagglutinins expressed on Sf-9 cells bound chicken red cells but the released recombinant baculoviruses agglutinated only human red cells. Similarly, an isolate that does not agglutinate chicken red cells show hemadsorption of chicken red cells to infected MDCK cells. We suggest that binding of chicken red cells to cell surface hemagglutinin but not to virions is due to a more favorable hemagglutinin density on the cell surface. We investigated whether a virus specific for α2-6 sialyloligosaccharides shows differential entry into cells that have varying proportions of α2-6 and α2-3 sialic acids, including human A549 and HeLa cells with high levels of α2-6 sialic acid, and CHO cells that have only α2-3 sialic acid. We found that the virus enters all cell types tested and synthesizes viral nucleoprotein, localized in the nucleus, and hemagglutinin, transported to the cell surface, but infectious progeny viruses were released only from MDCK cells.</p> <p>Conclusion</p> <p>Agglutination of chicken red cells does not correlate with altered binding to any oligosaccharide on the Glycan Array, and may result from increased avidity due to density of hemagglutinin and not increased affinity. Absence of α2-6 sialic acid does not protect a cell from influenza infection and the presence of high levels of α2-6-sialic acids on a cell surface does not guarantee productive replication of a virus with α2-6 receptor specificity.</p