Conglomerate Industry Choice and Product Differentiation

We use text-based computational analysis of business descriptions from 10-Ks to examine in which industries conglomerates are most likely to operate and to understand conglomerate valuations. We find that conglomerates are more likely to operate in industry pairs that are closer together in the product space and in industry pairs that have profitable opportunities "between" them. Conglomerate firms have lower stock market valuations than matched single-segment firms when their products are easier to replicate with single-segment firms. Conglomerate firms have stock market premiums when they have higher product differentiation and produce in more profitable industries. These findings are consistent with successful conglomerate firms having higher product differentiation and lower cost entry into profitable markets when operating in strategically chosen industry pairs.

Integrating genomics and phylogenetics in understanding the history of Trichinella species

In 2004, funding was received by Washington University’s Genome Sequencing Center through NHGRI, to completely sequence several nematode genomes as part of a holistic effort to advance our understanding of the human genome and evolution within the Metazoa. Trichinella spiralis was among this group of worms because of its strategic location at the base of the phylum Nematoda, and the belief that extant species represented an ancient divergent event that occurred as early as the Paleozoic. At the same time, a concerted effort was put forth to solidify the phylogeny of extant species of Trichinella based upon molecular analyses of a multi-gene system to understand the history of the genus and thereby enhance utilization of the forthcoming sequence data. Since the inception of this research, several findings have emerged: (1) the size of T. spiralis genome estimated by flow cytometry (71.3 Mb) is substantially smaller than originally predicted (270 Mb); (2) to date, a subset of the total of 3,534,683 sequences have been assembled into a 59.3 Mb unique sequence; (3) 19% of the assembled sequence is comprised of repetitive elements; and (4) sequence data are predicated upon extant T. spiralis which probably diverged as little as 20 million years ago. Thus, the utility of the T. spiralis genome as representative of an archaic species must be tempered with the knowledge that encapsulated and non-encapsulated clades probably separated during the mid-Miocene as temperate ecosystems changed

Higher derivatives and brane-localised kinetic terms in gauge theories on orbifolds

We perform a detailed analysis of one-loop corrections to the self-energy of the (off-shell) gauge bosons in six-dimensional N=1 supersymmetric gauge theories on orbifolds. After discussing the Abelian case in the standard Feynman diagram approach, we extend the analysis to the non-Abelian case by employing the method of an orbifold-compatible one-loop effective action for a classical background gauge field. We find that bulk higher derivative and brane-localised gauge kinetic terms are required to cancel one-loop divergences of the gauge boson self energy. After their renormalisation we study the momentum dependence of both the higher derivative coupling h(k^2) and the {\it effective} gauge coupling g_eff(k^2). For momenta smaller than the compactification scales, we obtain the 4D logarithmic running of g_eff(k^2), with suppressed power-like corrections, while the higher derivative coupling is constant. We present in detail the threshold corrections to the low energy gauge coupling, due to the massive bulk modes. At momentum scales above the compactification scales, the higher derivative operator becomes important and leads to a power-like running of g_eff(k^2) with respect to the momentum scale. The coefficient of this running is at all scales equal to the renormalised coupling of the higher derivative operator which ensures the quantum consistency of the model. We discuss the relation to the similar one-loop correction in the heterotic string, to show that the higher derivative operators are relevant in that case too, since the field theory limit of the one-loop string correction does not commute with the infrared regularisation of the (on-shell) string result.Comment: 1+45 pages, 2 figures, JHEP style file, version to be published in JHE

A tale of three kingdoms: Members of the Phylum Nematoda independently acquired the detoxifying enzyme cyanase through horizontal gene transfer from plants and bacteria

Horizontal gene transfer (HGT) has played an important role in the evolution of nematodes. Among candidate genes, cyanase, which is typically found only in plants, bacteria and fungi, is present in more than 35 members of the Phylum Nematoda, but absent from free-living and clade V organisms. Phylogenetic analyses showed that the cyanases of clade I organisms Trichinella spp., Trichuris spp. and Soboliphyme baturini (Subclass: Dorylaimia) represent a well-supported monophyletic clade with plant cyanases. In contrast, all cyanases found within the Subclass Chromadoria which encompasses filarioids, ascaridoids and strongyloids are homologous to those of bacteria. Western blots exhibited typical multimeric forms of the native molecule in protein extracts of Trichinella spiralis muscle larvae, where immunohisto- chemical staining localized the protein to the worm hypodermis and underlying muscle. Recombinant Trichinella cyanase was bioactive where gene transcription profiles support functional activity in vivo. Results suggest that: (1) independent HGT in parasitic nematodes originated from different Kingdoms; (2) cyanase acquired an active role in the biology of extant Trichinella; (3) acquisition occurred more than 400 million years ago (MYA), prior to the divergence of the Trichinellida and Dioctophymatida, and (4) early, free-living ances- tors of the genus Trichinella had an association with terrestrial plants

Real and Financial Industry Booms and Busts

We examine how product market competition affects firm cash flows and stock returns in industry booms and busts. In competitive industries, we find that high industry-level stock-market valuation, investment and new financing are followed by sharply lower operating cash flows and abnormal stock returns. We also find that analyst estimates are positively biased and returns comove more when industry valuations are high in competitive industries. In concentrated industries these relations are weak and generally insignificant. Our results suggest that when industry stock-market valuations are high, firms and investors in competitive industries do not fully internalize the negative externality of industry competition on cash flows and stock returns.

Soil-Transmitted Helminthiases: Implications of Climate Change and Human Behavior

Soil-transmitted helminthiases (STHs) collectively cause the highest global burden of parasitic disease after malaria and are most prevalent in the poorest communities, especially in sub-Saharan Africa. Climate change is predicted to alter the physical environment through cumulative impacts of warming and extreme fluctuations in temperature and precipitation, with cascading effects on human health and wellbeing, food security and socioeconomic infrastructure. Understanding how the spectrum of climate change effects will influence STHs is therefore of critical importance to the control of the global burden of human parasitic disease. Realistic progress in the global control of STH in a changing climate requires a multidisciplinary approach that includes the sciences (e.g. thermal thresholds for parasite development and resilience) and social sciences (e.g. behavior and implementation of education and sanitation programs)

Separation of isomeric glycans by ion mobility spectrometry–the impact of fluorescent labelling

The analysis of complex oligosaccharides is traditionally based on multidimensional workflows where liquid chromatography is coupled to tandem mass spectrometry (LC-MS/MS). Due to the presence of multiple isomers, which cannot be distinguished easily using tandem MS, a detailed structural elucidation is still challenging in many cases. Recently, ion mobility spectrometry (IMS) showed great potential as an additional structural parameter in glycan analysis. While the time-scale of the IMS separation is fully compatible to that of LC-MS-based workflows, there are very few reports in which both techniques have been directly coupled for glycan analysis. As a result, there is little knowledge on how the derivatization with fluorescent labels as common in glycan LC-MS affects the mobility and, as a result, the selectivity of IMS separations. Here, we address this problem by systematically analyzing six isomeric glycans derivatized with the most common fluorescent tags using ion mobility spectrometry. We report >150 collision cross-sections (CCS) acquired in positive and negative ion mode and compare the quality of the separation for each derivatization strategy. Our results show that isomer separation strongly depends on the chosen label, as well as on the type of adduct ion. In some cases, fluorescent labels significantly enhance peak-to-peak resolution which can help to distinguish isomeric specie

A new life for sterile neutrino dark matter after the pandemic

We propose a novel mechanism to generate sterile neutrinos $\nu_s$ in theearly Universe, by converting ordinary neutrinos $\nu_\alpha$ in scatteringprocesses $\nu_s\nu_\alpha\to\nu_s\nu_s$. After initial production byoscillations, this leads to an exponential growth in the $\nu_s$ abundance. Weshow that such a production regime naturally occurs for self-interacting$\nu_s$, and that this opens up significant new parameter space where $\nu_s$make up all of the observed dark matter. Our results provide strong motivationto further push the sensitivity of X-ray line searches, and to improve onconstraints from structure formation.<br