Creditor Control in Financially Distressed Firms: Empirical Evidence

In this Article we present the results of empirical research that examines how creditor control is manifested in financially troubled firms that have to renegotiate their debt contracts

Has Digital Distribution Rejuvenated Readership? Revisiting the Age Demographics of Newspaper Consumption

Newspapers’ democratic functions have not been fully assumed by the media capturing the revenues newspapers used to enjoy. It is, therefore, important to understand the determinants of newspaper use. Earlier studies found age to be the principal determinant, but did not account for newspapers’ online editions. This article investigates to what extent digital distribution has disrupted previously observed cohort effects, bringing younger audiences back to newspaper content. The annual time spent with UK newspapers by their younger, middle-aged, and older British audiences was calculated for 1999/2000—before, or just after, newspapers started to go online—and for 2016, when digital distribution had come of age. The results show (1) the time spent with newspaper brands fell by 40 per cent, even as online platforms made access easier and cheaper; (2) the proportional decrease in time spent was greatest for the youngest age group and smallest for the oldest; and (3) there are important variations between individual newspaper brands, a result, we propose, of differences in their multiplatform strategies. Digital distribution has, therefore, had little impact on previously observed cohort effects but has enabled changes in media use that have shaped the attention given to newspapers and will continue to do so

ASAP: a resource for annotating, curating, comparing, and disseminating genomic data

ASAP is a comprehensive web-based system for community genome annotation and analysis. ASAP is being used for a large-scale effort to augment and curate annotations for genomes of enterobacterial pathogens and for additional genome sequences. New tools, such as the genome alignment program Mauve, have been incorporated into ASAP in order to improve display and analysis of related genomes. Recent improvements to the database and challenges for future development of the system are discussed. ASAP is available on the web at

Brief of Corporate Law Professors as Amici Curie in Support of Respondents

The Supreme Court has looked to the rights of corporate shareholders in determining the rights of union members and non-members to control political spending, and vice versa. The Court sometimes assumes that if shareholders disapprove of corporate political expression, they can easily sell their shares or exercise control over corporate spending. This assumption is mistaken. Because of how capital is saved and invested, most individual shareholders cannot obtain full information about corporate political activities, even after the fact, nor can they prevent their savings from being used to speak in ways with which they disagree. Individual shareholders have no “opt out” rights or practical ability to avoid subsidizing corporate political expression with which they disagree. Nor do individuals have the practical option to refrain from putting their savings into equity investments, as doing so would impose damaging economic penalties and ignore conventional financial guidance for individual investors

CGHScan: finding variable regions using high-density microarray comparative genomic hybridization data

BACKGROUND: Comparative genomic hybridization can rapidly identify chromosomal regions that vary between organisms and tissues. This technique has been applied to detecting differences between normal and cancerous tissues in eukaryotes as well as genomic variability in microbial strains and species. The density of oligonucleotide probes available on current microarray platforms is particularly well-suited for comparisons of organisms with smaller genomes like bacteria and yeast where an entire genome can be assayed on a single microarray with high resolution. Available methods for analyzing these experiments typically confine analyses to data from pre-defined annotated genome features, such as entire genes. Many of these methods are ill suited for datasets with the number of measurements typical of high-density microarrays. RESULTS: We present an algorithm for analyzing microarray hybridization data to aid identification of regions that vary between an unsequenced genome and a sequenced reference genome. The program, CGHScan, uses an iterative random walk approach integrating multi-layered significance testing to detect these regions from comparative genomic hybridization data. The algorithm tolerates a high level of noise in measurements of individual probe intensities and is relatively insensitive to the choice of method for normalizing probe intensity values and identifying probes that differ between samples. When applied to comparative genomic hybridization data from a published experiment, CGHScan identified eight of nine known deletions in a Brucella ovis strain as compared to Brucella melitensis. The same result was obtained using two different normalization methods and two different scores to classify data for individual probes as representing conserved or variable genomic regions. The undetected region is a small (58 base pair) deletion that is below the resolution of CGHScan given the array design employed in the study. CONCLUSION: CGHScan is an effective tool for analyzing comparative genomic hybridization data from high-density microarrays. The algorithm is capable of accurately identifying known variable regions and is tolerant of high noise and varying methods of data preprocessing. Statistical analysis is used to define each variable region providing a robust and reliable method for rapid identification of genomic differences independent of annotated gene boundaries

Studies of emittance growth and halo particle production in intense charged particle beams using the Paul Trap Simulator Experiment

The Paul Trap Simulator Experiment (PTSX) is a compact laboratory experiment that places the physicist in the frame-of-reference of a long, charged-particle bunch coasting through a kilometers-long magnetic alternating-gradient (AG) transport system. The transverse dynamics of particles in both systems are described by the same set of equations, including nonlinear space-charge effects. The time-dependent voltages applied to the PTSX quadrupole electrodes in the laboratory frame are equivalent to the spatially periodic magnetic fields applied in the AG system. The transverse emittance of the charge bunch, which is a measure of the area in the transverse phase space that the beam distribution occupies, is an important metric of beam quality. Maintaining low emittance is an important goal when defining AG system tolerances and when designing AG systems to perform beam manipulations such as transverse beam compression. Results are reviewed from experiments in which white noise and colored noise of various amplitudes and durations have been applied to the PTSX electrodes. This noise is observed to drive continuous emittance growth and increase in root-mean-square beam radius over hundreds of lattice periods. Additional results are reviewed from experiments that determine the conditions necessary to adiabatically reduce the charge bunch's transverse size and simultaneously maintain high beam quality. During adiabatic transitions, there is no change in the transverse emittance. The transverse compression can be achieved either by a gradual change in the PTSX voltage waveform amplitude or frequency. Results are presented from experiments in which low emittance is achieved by using focusing-off-defocusing-off waveforms. (C) 2010 American Institute of Physics. [doi: 10.1063/1.3354109close4

Supreme Court Amicus Brief of 19 Corporate Law Professors, Friedrichs v. California Teachers Association, No. 14-915

The Supreme Court has looked to the rights of corporate shareholders in determining the rights of union members and non-members to control political spending, and vice versa. The Court sometimes assumes that if shareholders disapprove of corporate political expression, they can easily sell their shares or exercise control over corporate spending. This assumption is mistaken. Because of how capital is saved and invested, most individual shareholders cannot obtain full information about corporate political activities, even after the fact, nor can they prevent their savings from being used to speak in ways with which they disagree. Individual shareholders have no “opt out” rights or practical ability to avoid subsidizing corporate political expression with which they disagree. Nor do individuals have the practical option to refrain from putting their savings into equity investments, as doing so would impose damaging economic penalties and ignore conventional financial guidance for individual investors

Bringing 'place' back in: regional clusters, project governance, and new product outcomes

We examine new product outcomes in the context of regional clusters. Based on past research on marketing relationships, clusters, and social networks, we propose that the overall configuration of a cluster helps promote particular governance practices among its members. These practices have distinct value-creating properties, and when they are brought to bear on a specific new product development project within a cluster, they promote performance outcomes like product novelty and speed to market. Ultimately, these performance effects are reinforced by the configuration of the cluster itself. In general, we propose that new product outcomes follow from complex interactions between a cluster's macro-level configuration and its micro-level governance processes. More broadly, our framework points to the importance of geographical variables and to the role of “place” in marketing decision-making