Conversion Rights and the Design of Financial Contracts

Part II of this Article discusses the gains yielded by convertible debt financing. Convertible debt can act as a signal of favorable private information and can mitigate the incentives of shareholders to promote excessive risk taking by the firm. Part III describes puttable stock and the legal regulation that bears on it. The regulation of puttable stock ranges from prohibition to the requirement that the firm be solvent after the exercise of the put. Part IV compares convertible debt and puttable stock. Part V discusses the effect of the mildest form of legal restrictions on puttable stock, the solvency requirement, on these potential gains

The Macaronesian province: patterns of species richness and endemism of arthropods

"[…]. The Macaronesian arthropod fauna displays a number of characteristics typical of oceanic islands, including a high degree of endemism, ranging from 19% for the Azores (Borges et al., 2005a), to 28% for Madeira (Borges et al., 2008a), 30% for Cape Verde (Arechavaleta etal., 2005) and 45% for the Canary Islands (Izquierdo et al., 2004; see Table I). The preponderance of endemic species has made the Macaronesian islands an outstanding area for studies of evolution and speciation, and arthropods from these islands have been the focus of particularly intensive investigation in the last ten years. Numerous biogeographic analyses of Macaronesian arthropod groups have provided valuable insights into the processes regulating species richness as well as the relationships among the region's endemics (e.g. Juan et al.,1996; Arnedo & Ribera, 1999; Borges & Brown, 1999; Emerson et al., 1999, 2006; Emerson & Oromí, 2005; Dimitrov et al., 2008; Borges & Hortal, 2009; Hochkirch & Görzig, 2009). Here we investigate the factors shaping arthropod species richness and patterns of endemism in the Macaronesian archipelagos, considering two levels of analysis: a) individual archipelagos of the Macaronesian region (except Madeira and Salvages due to their limited number of islands), and b) all the islands of the region altogether. We do this following the recently published works of Whittaker et al. (2008) and Borges & Hortal (2009), examining data sets for several taxa from the Macaronesian archipelagos. […]." (da Introdução)Fundação para a Ciência e a Tecnologia, Portugal

A Framework for the Study of Query Decomposition for Heterogeneous Distributed Database Management Systems

This paper presents a framework for the study of the query decomposition translation for heterogeneous record -oriented database management systems. This framework is based on the applied database logic representation of relational, hierarchical and network databases. The input to the query decomposition translation is the query graph which is derived from the complex to basic, external to conceptual and logical optimization translations. Once the query graph is obtained the objective of the query decomposition translation is to break up a query expressed in terms of the actual or conceptual databases into its component parts or subqueries and find a strategy indicating the sequence of primitive or fundamental operations and their corresponding processing sites in the network necessary to answer the query. The query processing strategy is usually chosen so as to satisfy some performance criterion such as response time reduction. Contingent on after each primitive operation. The prequery decomposition translation, the query decomposition translation and the size estimation issues are presented through an example based on the current implementation of the Distributed Access View Integration Database (DAVID) currently being built at NASA's Goddard Space Flight Center (GSFC). The choice of a query processing strategy is the successful estimation of intermediate result

The American Corporation in the Twenty-first Century

Opportunistic Downsizing of Senior Workers: Exploring the Fiduciary/Contract Distinction to Enforce Implicit Employment Agreements lecture given by Marleen A. O\u27Connor, Professor of Law at Stetson College. The Motivational Implications of Debt Financing lecture given by George Triantis, Nicholas E. Chimicles Research Professor of Business Law and Regulation at the University of Virginia and the Director of the John M. Olin Program in Law and Economics. Political Backlash and the Corporation lecture given by Mark Roe, Professor of Law at Columbia University and Director of the Columbia Law School Sloan Project on Corporate Governance. Venture Capital and the Structure of Capital Markets: Banks versus Stock Markets lecture given by Ronald J. Gilson, Charles J. Meyers Professor of Law and Business at Stanford University and The Marc and Eva Stern Professor of Law and Business at Columbia University. The Shaping Force of Corporate Law in the New Economic Order lecture given by Jeffrey N. Gordon, Professor of Law and Co-director Center for Law and Economic Studies at Columbia University

Power-law scaling in intratumoral microbiota of colorectal cancer

It has recently been proposed that the study of microbial dynamics in humans may gain insights from island biogeographical theory. Here, we test whether the diversity of the intratumoral microbiota of colorectal cancer tumors (CRC) follows a power law with tumor size akin to the island species-area relationship. We confirm a direct correlation between the quantity of Amplicon Sequence Variants (ASVs) within CRC tumors and tumor sizes, following a (log)power model, explaining 47% of the variation. Understanding the processes involved, potentially through the analogy of tumors and islands, may ultimately contribute to future clinical and therapeutic strategies

Power-law scaling in intratumoral microbiota of colorectal cancer

It has recently been proposed that the study of microbial dynamics in humans may gain insights from island biogeographical theory. Here, we test whether the diversity of the intratumoral microbiota of colorectal cancer tumors (CRC) follows a power law with tumor size akin to the island species-area relationship. We confirm a direct correlation between the quantity of Amplicon Sequence Variants (ASVs) within CRC tumors and tumor sizes, following a (log)power model, explaining 47% of the variation. Understanding the processes involved, potentially through the analogy of tumors and islands, may ultimately contribute to future clinical and therapeutic strategies

Are species-area relationships from entire archipelagos congruent with those of their constituent islands?

Copyright © 2010 Blackwell Publishing Ltd.AIM To establish the extent to which archipelagos follow the same species–area relationship as their constituent islands and to explore the factors that may explain departures from the relationship. LOCATION Thirty-eight archipelagos distributed worldwide. METHODS We used ninety-seven published datasets to create island species–area relationships (ISARs) using the Arrhenius logarithmic form of the power model. Observed and predicted species richness of an archipelago and of each of its islands were used to calculate two indices that determined whether the archipelago followed the ISAR. Archipelagic residuals (ArcRes) were calculated as the residual of the prediction provided by the ISAR using the total area of the archipelago, standardized by the total richness observed in the archipelago. We also tested whether any characteristic of the archipelago (geological origin and isolation) and/or taxon accounts for whether an archipelago fits into the ISAR or not. Finally, we explored the relationship between ArcRes and two metrics of nestedness. RESULTS The archipelago was close to the ISAR of its constituent islands in most of the cases analysed. Exceptions arose for archipelagos where (i) the slopes of the ISAR are low, (ii) observed species richness is higher than expected by the ISAR and/or (iii) distance to the mainland is small. The archipelago's geological origin was also important; a higher percentage of oceanic archipelagos fit into their ISAR than continental ones. ArcRes indicated that the ISAR underpredicts archipelagic richness in the least isolated archipelagos. Different types of taxon showed no differences in ArcRes. Nestedness and ArcRes appear to be related, although the form of the relationship varies between metrics. MAIN CONCLUSIONS Archipelagos, as a rule, follow the same ISAR as their constituent islands. Therefore, they can be used as distinct units themselves in large-scale biogeographical and macroecological studies. Departure from the ISAR can be used as a crude indicator of richness-ordered nestedness, responsive to factors such as isolation, environmental heterogeneity, number and age of islands

Cluster Algebra: A Query Language for Heterogeneous Databases

This report describes a query language based on algebra for heterogeneous databases. The database logic is used as a uniform framework for studying the heterogeneous databases. The data model based on the database logic is referred to as cluster data model in this report. Generalized Structured Query Language (GSQL) is used for expressing ad-hoc queries over the relational, hierarchical and network database uniformly. For the purpose of query optimization, a query language that can express the primitive heterogeneous database operations is required. This report describes such a query language for the clusters (i.e., heterogeneous databases). The cluster algebra consists of (a) generalized relational operations such as selection, union, intersection, difference, semi-join, rename and cross-product; (b) modified relational operations such as normal projection and normal join; and (c) new operations such as normalize, embed, and unembed

Functional traits of indigenous and exotic ground-dwelling arthropods show contrasting responses to land-use change in an oceanic island, Terceira, Azores

Aim: Land-use change typically goes hand in hand with the introduction of exotic-species, which mingle with indigenous species to form novel assemblages. Here, we compare the functional structure of indigenous and exotic elements of ground-dwelling arthropod assemblages across four land-uses of varying management intensity. Location: Terceira Island (Azores, North Atlantic). Methods: We used pitfall traps to sample arthropods in 36 sites across the four land-uses and collated traits related to dispersal ability, body size and resource use. For both indigenous and exotic species, we examined the impact of land-uses on trait diversity and tested for the existence of non-random assembly processes using null models. We analysed differences in trait composition among land-uses for both indigenous and exotic species with multivariate analyses. We used point-biserial correlations to identity traits significantly correlated with specific land-uses for each element. Results: We recorded 86 indigenous and 116 exotic arthropod species. Under high-intensity land-use, both indigenous and exotic elements showed significant trait clustering. Trait composition strongly shifted across land-uses, with indigenous and exotic species being functionally dissimilar in all land-uses. Large-bodied herbivores dominated exotic elements in low-intensity land-uses, while small-bodied spiders dominated exotic elements in high-intensity land-uses. In contrast, with increasing land-use intensity, indigenous species changed from functionally diverse to being dominated by piercing and cutting herbivores. Main conclusions: Our study revealed two main findings: first, in high-intensity - land-uses, trait clustering characterized both indigenous and exotic elements; second, exotic species differed in their functional profile from indigenous species in all land-use types. Overall, our results provide new insights into the functional role of exotic species in a land-use context, suggesting that, in agricultural landscape, exotic species may contribute positively to the maintenance of some ecosystem functions.Peer reviewe

Functional biogeography of oceanic islands and the scaling of functional diversity in the Azores

Analyses of species-diversity patterns of remote islands have been crucial to the development of biogeographic theory, yet little is known about corresponding patterns in functional traits on islands and how, for example, they may be affected by the introduction of exotic species. We collated trait data for spiders and beetles and used a functional diversity index (FRic) to test for nonrandomness in the contribution of endemic, other native (also combined as indigenous), and exotic species to functional-trait space across the nine islands of the Azores. In general, for both taxa and for each distributional category, functional diversity increases with species richness, which, in turn scales with island area. Null simulations support the hypothesis that each distributional group contributes to functional diversity in proportion to their species richness. Exotic spiders have added novel trait space to a greater degree than have exotic beetles, likely indicating greater impact of the reduction of immigration filters and/or differential historical losses of indigenous species. Analyses of species occurring in native-forest remnants provide limited indications of the operation of habitat filtering of exotics for three islands, but only for beetles. Although the general linear (not saturating) pattern of trait-space increase with richness of exotics suggests an ongoing process of functional enrichment and accommodation, further work is urgently needed to determine how estimates of extinction debt of indigenous species should be adjusted in the light of these findings