When Do Managers Seek Private Equity Backing in Public-to-Private Transactions?

Over the last decade, the going private market has experienced a considerable boom in size and also has become more interesting for private equity investors that are looking to partner with incumbent management. This offers managers the choice to take the firm private themselves in a traditional management buyout or to seek private equity backing. We propose that managers decide for a management buyout without any involvement of private equity in case they are less financially constrained: when their firms are undervalued, have high cash levels, are smaller and less financially visible, and the managers own a large toehold. In contrast, managers invite participation of private equity investors when they cannot complete the deal themselves: in firms that are larger, have less cash and managers own a smaller fraction of the firm. Our analysis on a sample of UK public-to-private transactions completed over the period 1997-2003 provides results that are in line with these predictions

Spatially controlling neuronal adhesion and inflammatory reactions on implantable diamond

The mechanical and chemical properties of diamond and diamond-like carbon (DLC) coatings make them very suitable materials for improving the long-term performance of invasive electrode systems used in brain-computer interfaces (BCIs). We have performed in vitro testing to demonstrate methods for spatially directing neural cell growth and limiting the detrimental attachment of cells involved in the foreign body response on boron-doped diamond and DLC. Inkjet-printing, laser micro-machining, and stencil-assisted patterning techniques were used to control neuronal adhesion and modify inflammatory cell attachment. This work presents micro-tailored materials that could be used to improve the long-term quality of recorded signals from neural-electronic interfaces. © 2011 IEEE

Backward pion-nucleon scattering

A global analysis of the world data on differential cross sections and polarization asymmetries of backward pion-nucleon scattering for invariant collision energies above 3 GeV is performed in a Regge model. Including the $N_\alpha$, $N_\gamma$, $\Delta_\delta$ and $\Delta_\beta$ trajectories, we reproduce both angular distributions and polarization data for small values of the Mandelstam variable $u$, in contrast to previous analyses. The model amplitude is used to obtain evidence for baryon resonances with mass below 3 GeV. Our analysis suggests a $G_{39}$ resonance with a mass of 2.83 GeV as member of the $\Delta_{\beta}$ trajectory from the corresponding Chew-Frautschi plot.Comment: 12 pages, 16 figure

Accelerated Cosmological Models in First-Order Non-Linear Gravity

The evidence of the acceleration of universe at present time has lead to investigate modified theories of gravity and alternative theories of gravity, which are able to explain acceleration from a theoretical viewpoint without the need of introducing dark energy. In this paper we study alternative gravitational theories defined by Lagrangians which depend on general functions of the Ricci scalar invariant in minimal interaction with matter, in view of their possible cosmological applications. Structural equations for the spacetimes described by such theories are solved and the corresponding field equations are investigated in the Palatini formalism, which prevents instability problems. Particular examples of these theories are also shown to provide, under suitable hypotheses, a coherent theoretical explanation of earlier results concerning the present acceleration of the universe and cosmological inflation. We suggest moreover a new possible Lagrangian, depending on the inverse of sinh(R), which gives an explanation to the present acceleration of the universe.Comment: 23 pages, Revtex4 fil

Re-programming immunosurveillance in persistent non-infectious ocular inflammation

Ocular function depends on a high level of anatomical integrity. This is threatened by inflammation, which alters the local tissue over short and long time-scales. Uveitis due to autoimmune disease, especially when it involves the retina, leads to persistent changes in how the eye interacts with the immune system. The normal pattern of immune surveillance, which for immune privileged tissues is limited, is re-programmed. Many cell types, that are not usually present in the eye, become detectable. There are changes in the tissue homeostasis and integrity. In both human disease and mouse models, in the most extreme cases, immunopathological findings consistent with development of ectopic lymphoid-like structures and disrupted angiogenesis accompany severely impaired eye function. Understanding how the ocular environment is shaped by persistent inflammation is crucial to developing novel approaches to treatment

Re-programming immunosurveillance in persistent non-infectious ocular inflammation

Ocular function depends on a high level of anatomical integrity. This is threatened by inflammation, which alters the local tissue over short and long time-scales. Uveitis due to autoimmune disease, especially when it involves the retina, leads to persistent changes in how the eye interacts with the immune system. The normal pattern of immune surveillance, which for immune privileged tissues is limited, is re-programmed. Many cell types, that are not usually present in the eye, become detectable. There are changes in the tissue homeostasis and integrity. In both human disease and mouse models, in the most extreme cases, immunopathological findings consistent with development of ectopic lymphoid-like structures and disrupted angiogenesis accompany severely impaired eye function. Understanding how the ocular environment is shaped by persistent inflammation is crucial to developing novel approaches to treatment

Viability of Noether symmetry of F(R) theory of gravity

Canonization of F(R) theory of gravity to explore Noether symmetry is performed treating R - 6(\frac{\ddot a}{a} + \frac{\dot a^2}{a^2} + \frac{k}{a^2}) = 0 as a constraint of the theory in Robertson-Walker space-time, which implies that R is taken as an auxiliary variable. Although it yields correct field equations, Noether symmetry does not allow linear term in the action, and as such does not produce a viable cosmological model. Here, we show that this technique of exploring Noether symmetry does not allow even a non-linear form of F(R), if the configuration space is enlarged by including a scalar field in addition, or taking anisotropic models into account. Surprisingly enough, it does not reproduce the symmetry that already exists in the literature (A. K. Sanyal, B. Modak, C. Rubano and E. Piedipalumbo, Gen.Relativ.Grav.37, 407 (2005), arXiv:astro-ph/0310610) for scalar tensor theory of gravity in the presence of R^2 term. Thus, R can not be treated as an auxiliary variable and hence Noether symmetry of arbitrary form of F(R) theory of gravity remains obscure. However, there exists in general, a conserved current for F(R) theory of gravity in the presence of a non-minimally coupled scalar-tensor theory (A. K. Sanyal, Phys.Lett.B624, 81 (2005), arXiv:hep-th/0504021 and Mod.Phys.Lett.A25, 2667 (2010), arXiv:0910.2385 [astro-ph.CO]). Here, we briefly expatiate the non-Noether conserved current and cite an example to reveal its importance in finding cosmological solution for such an action, taking F(R) \propto R^{3/2}.Comment: 16 pages, 1 figure. appears in Int J Theoretical Phys (2012