On Excess Compensation Earned by Underwriters in Firm Commitment Initial Public Offerings of Common Stock: An Empirical Analysis

This paper examines compensation for the underwriting activity in firm commitment initial public offerings (IPOs) of common stock in the U.S. When compensation for origination, management and marketing efforts are excluded from total underwriter compensation, we find that the portion of the total compensation assigned for the underwriting activity itself exceeds theoretical compensation only for issues that sell out very quickly. We interpret this finding as empirical evidence supporting the incentive for underwriters to underprice IPOs. Finally, we find excess compensation to underwriters is positively related to the riskiness of the IPO and negatively related to the degree of competition among investment bankers and the size of the IPO

MARKETING CAPABILITY AS A MODERATOR BETWEEN INNOVATION AND ENTREPRENEURIAL SUCCESS

The usefulness of extant literature in guiding entrepreneurial firms in making decisions on strategic marketing with which marketing capability is to augment the adaptability of the firm to new challenges from markets in order to improve entrepreneurial success still remains an empty space in the literature. Consequently, by adopting marketing capability, which is the ability of the organization to explore its understanding, resource and technology to suit the needs of its market or its customers. Thus, This study looked at moderating effect of marketing capability on the relationship between of Schumpeterian forms of innovation and entrepreneurial success in the dessert and confectionery firms. A survey of one hundred and twenty three (123) respondents from dessert and confectionery firm provide support for the study. The data was analysed using the hierarchical regression. The results of the analysis showed that the Schumpeterian forms of innovation significantly affect entrepreneurial success of an organization and marketing capabilities moderates the relationship between innovation and entrepreneurial success. These findings bring about managerial implications that conclude the paper

A hepatitis C avidity test for determining recent and past infections in both plasma and dried blood spots

DBS testing has been used successfully to detect HCV antibody positive individuals. Determining how long someone has been infected is important for surveillance initiatives. Antibody avidity is a method that can be used to calculate recency of infection. A HCV avidity assay was evaluated for both plasma and DBS. Study design: To measure antibody avidity a commercial HCV ELISA was modified using 7 M urea. The plasma samples were split into: group 1 (recently infected N = 19), group 2 (chronic carrier N = 300) and group 3 (resolved infection N = 82). Mock DBS made from group 1 (N = 12), group 2 (N = 50), group 3 (N = 25) and two seroconverter panels were evaluated. 133 DBS taken from patients known to have a resolved infection or be a chronic carrier were also tested. The avidity assay cut-off was set at AI ≤ 30 for a recent infection. Using sequential samples the assay could detect a recent infection in the first 4–5 months from the point of infection. Most of the false positive results (AI < 30 among cases known not to have had recent infection) were detected among known resolved infections, in both the plasma and DBS; as a result, a testing algorithm has been designed incorporating both PCR and two dilution factors. The sensitivity and specificity of the assay on plasma was 100% and 99.3%, respectively, while DBS had 100% sensitivity and 98.3% specificity. The HCV avidity assay can be used to distinguish between chronic and recent infection using either plasma or DBS as the sample type

ASSESSMENT OF REVOLUTIONARY PEDAGOGIC PRACTICES IN THE ARCHITECTURAL DESIGN STUDIOS OF SELECTED NIGERIAN UNIVERSITIES

Over the years, there has been a strong criticism against traditional pedagogic practices in architectural design studio education practices. Consequently, several pedagogic approaches have been engaged consciously and unconsciously by different design studio teachers. Along these Chronicles of investigations, little or no empirical record-data has been documented in these regards. Therefore, this study carried out a spectral investigation of Ten (10) revolutionary pedagogic models as didactically practiced in four(4) selected universities in Nigeria. The research methodology employed a survey research design strategy and the primary data were sourced using questionnaires, observations, focus group, and oral interviews. The secondary data was sourced from the literature, archives and other record types. Also, the sampling frame consisted of the design studios, students and teachers in the selected design studios; the unit of analysis was obtained for the teachers and students, design studios of year three (3), four (4) and MSc levels. A multi-stage stratified purposive sampling technique was adopted. Questionnaire responses were analysed using SPSS while content analysis was used for the interviews and observations. The results revealed across the four schools that: participatory pedagogic model had most dominant characteristics within the pedagogic spectrum of these schools. OAU had the most dominant characteristics in revolutionary pedagogic practices than other three schools. Further in-depth revelations showed another layer of dominant characteristics in analogical model by CU teachers and students; while LAUTECH had inherent characteristics in these models. In terms of the teachers and students, this study established that the pedagogic practices employed in these schools behaved differently in the significant indices across the four selected schools. The parametric indices of revolutionary pedagogy a

ASSESSMENT OF REVOLUTIONARY PEDAGOGIC PRACTICES IN THE ARCHITECTURAL DESIGN STUDIOS OF SELECTED NIGERIAN UNIVERSITIES

Over the years, there has been a strong criticism against traditional pedagogic practices in architectural design studio education practices. Consequently, several pedagogic approaches have been engaged consciously and unconsciously by different design studio teachers. Along these Chronicles of investigations, little or no empirical record-data has been documented in these regards. Therefore, this study carried out a spectral investigation of Ten (10) revolutionary pedagogic models as didactically practiced in four(4) selected universities in Nigeria. The research methodology employed a survey research design strategy and the primary data were sourced using questionnaires, observations, focus group, and oral interviews. The secondary data was sourced from the literature, archives and other record types. Also, the sampling frame consisted of the design studios, students and teachers in the selected design studios; the unit of analysis was obtained for the teachers and students, design studios of year three (3), four (4) and MSc levels. A multi-stage stratified purposive sampling technique was adopted. Questionnaire responses were analysed using SPSS while content analysis was used for the interviews and observations. The results revealed across the four schools that: participatory pedagogic model had most dominant characteristics within the pedagogic spectrum of these schools. OAU had the most dominant characteristics in revolutionary pedagogic practices than other three schools. Further in-depth revelations showed another layer of dominant characteristics in analogical model by CU teachers and students; while LAUTECH had inherent characteristics in these models. In terms of the teachers and students, this study established that the pedagogic practices employed in these schools behaved differently in the significant indices across the four selected schools. The parametric indices of revolutionary pedagogy as Assessment of Revolutionary Pedagogic Practices in the Architectural Design Studios of Selected Nigerian Universities http://www.iaeme.com/IJCIET/index.asp 1494 [email protected] recorded in these findings can be optimized as valid data and pedagogic applications in the Teachers’ instructional guides, Studio Culture policy and Implementation strategy manual, and other forms of Curriculum applications perquisites to the revolutionary architectural education and practice in the societ

Immunization expands B cells specific to HIV-1 V3 glycan in mice and macaques.

Broadly neutralizing monoclonal antibodies protect against infection with HIV-1 in animal models, suggesting that a vaccine that elicits these antibodies would be protective in humans. However, it has not yet been possible to induce adequate serological responses by vaccination. Here, to activate B cells that express precursors of broadly neutralizing antibodies within polyclonal repertoires, we developed an immunogen, RC1, that facilitates the recognition of the variable loop 3 (V3)-glycan patch on the envelope protein of HIV-1. RC1 conceals non-conserved immunodominant regions by the addition of glycans and/or multimerization on virus-like particles. Immunization of mice, rabbits and rhesus macaques with RC1 elicited serological responses that targeted the V3-glycan patch. Antibody cloning and cryo-electron microscopy structures of antibody-envelope complexes confirmed that immunization with RC1 expands clones of B cells that carry the anti-V3-glycan patch antibodies, which resemble precursors of human broadly neutralizing antibodies. Thus, RC1 may be a suitable priming immunogen for sequential vaccination strategies in the context of polyclonal repertoires

Intrinsically determined cell death of developing cortical interneurons

Cortical inhibitory circuits are formed by GABAergic interneurons, a cell population that originates far from the cerebral cortex in the embryonic ventral forebrain. Given their distant developmental origins, it is intriguing how the number of cortical interneurons is ultimately determined. One possibility, suggested by the neurotrophic hypothesis1-5, is that cortical interneurons are overproduced, and then following their migration into cortex, excess interneurons are eliminated through a competition for extrinsically derived trophic signals. Here we have characterized the developmental cell death of mouse cortical interneurons in vivo, in vitro, and following transplantation. We found that 40% of developing cortical interneurons were eliminated through Bax- (Bcl-2 associated X-) dependent apoptosis during postnatal life. When cultured in vitro or transplanted into the cortex, interneuron precursors died at a cellular age similar to that at which endogenous interneurons died during normal development. Remarkably, over transplant sizes that varied 200-fold, a constant fraction of the transplanted population underwent cell death. The death of transplanted neurons was not affected by the cell-autonomous disruption of TrkB (tropomyosin kinase receptor B), the main neurotrophin receptor expressed by central nervous system (CNS) neurons6-8. Transplantation expanded the cortical interneuron population by up to 35%, but the frequency of inhibitory synaptic events did not scale with the number of transplanted interneurons. Together, our findings indicate that interneuron cell death is intrinsically determined, either cell-autonomously, or through a population-autonomous competition for survival signals derived from other interneurons

The genomes of two key bumblebee species with primitive eusocial organization

Background: The shift from solitary to social behavior is one of the major evolutionary transitions. Primitively eusocial bumblebees are uniquely placed to illuminate the evolution of highly eusocial insect societies. Bumblebees are also invaluable natural and agricultural pollinators, and there is widespread concern over recent population declines in some species. High-quality genomic data will inform key aspects of bumblebee biology, including susceptibility to implicated population viability threats. Results: We report the high quality draft genome sequences of Bombus terrestris and Bombus impatiens, two ecologically dominant bumblebees and widely utilized study species. Comparing these new genomes to those of the highly eusocial honeybee Apis mellifera and other Hymenoptera, we identify deeply conserved similarities, as well as novelties key to the biology of these organisms. Some honeybee genome features thought to underpin advanced eusociality are also present in bumblebees, indicating an earlier evolution in the bee lineage. Xenobiotic detoxification and immune genes are similarly depauperate in bumblebees and honeybees, and multiple categories of genes linked to social organization, including development and behavior, show high conservation. Key differences identified include a bias in bumblebee chemoreception towards gustation from olfaction, and striking differences in microRNAs, potentially responsible for gene regulation underlying social and other traits. Conclusions: These two bumblebee genomes provide a foundation for post-genomic research on these key pollinators and insect societies. Overall, gene repertoires suggest that the route to advanced eusociality in bees was mediated by many small changes in many genes and processes, and not by notable expansion or depauperation

A 3-year multicentre randomized controlled trial of etonogestrel- and levonorgestrel-releasing contraceptive implants, with non-randomized matched copper-intrauterine device controls

STUDY QUESTION Is there any difference in the clinical performance of the 3-year one-rod etonogestrel (ENG)- and the 5-year two-rod levonorgestrel (LNG)-releasing contraceptive implants during 3 years of insertion, and between implant and intrauterine device (IUD) contraception, in particular complaints possibly related to hormonal contraceptives? SUMMARY ANSWER The cumulative contraceptive effectiveness after 3 years and method continuation through 2.5 years were not significantly different between ENG and LNG implants, but both outcomes were significantly worse in the non-randomized age-matched group of IUD users than in the combined implant group. WHAT IS KNOWN ALREADY ENG- and LNG-releasing implants are safe and highly efficacious contraceptives with pregnancy rates reported to be 0.0-0.5 per 100 women-years (W-Y). No head-to-head comparative study of the two implants has been undertaken, and little information is available on comparisons of complaints of side effects of implant and copper IUD users. STUDY DESIGN, SIZE, DURATION This was an open parallel group RCT with 1:1 allocation ratio of the ENG and the LNG implants with non-randomized control group of women choosing TCu380A IUD to address lack of reliable data on common side effects typically attributed to the use of progestogen-only contraceptives. After device(s) placement, follow-ups were at 2 weeks, 3 and 6 months, and semi-annually thereafter for 3 years or until pregnancy, removal or expulsion of the implant/IUD occurred. PARTICIPANTS, SETTING, METHODS The study took place in family planning clinics in Brazil, Chile, Dominican Republic, Hungary, Thailand, Turkey and Zimbabwe. Women seeking long-term contraception were enlisted after an eligibility check and informed consent, and 2982 women were enrolled: 1003, 1005 and 974 in the ENG-implant, LNG-implant and IUD groups, respectively; 995, 997 and 971, respectively, were included in the per protocol analysis reported here. MAIN RESULTS AND THE ROLE OF CHANCE ENG and LNG implants each had the same 3-year cumulative pregnancy rate of 0.4 per 100 W-Y [95% confidence interval (CI) 0.1-1.4]. A weight of ≥70 kg at admission was unrelated to pregnancy. Method continuation rates for ENG and LNG implants at 2.5 years were 69.8 (95% CI 66.8-72.6) and 71.8 per 100 W-Y (68.8-74.5), and at 3 years 12.1 (95% CI 5.2-22.0) and 52.0 per 100 W-Y (95% CI 41.8-61.2), respectively. Bleeding disturbances, the most frequent reason for method discontinuation, were significantly more common in the ENG group [16.7 (95% CI 14.4-19.3)] than in the LNG group [12.5 (95% CI 10.5-14.9)] (P 0.019). The 3-year cumulative loss to follow-up was lower in the ENG- than in the LNG-implant group, 8.1 (95% CI 6.4-10.2) and 14.4 per 100 W-Y (95% CI 12.1-17.1), respectively. The median duration of implant removal was 50 s shorter among women with ENG than among women with LNG implant (P < 0.0001). In the observational comparison between IUD and implant users, the 3-year relative risk for pregnancy in IUD group compared with the combined implant group was 5.7 per 100 W-Y (95% CI 4.4-7.3) (P = 0.0003). The 3-year expulsion rate of the IUD was 17.8 per 100 W-Y (95% CI 14.5-21.9), while the discontinuation rate for bleeding disturbances was 8.5 (95% CI 6.7-10.9). Frequency of complaints of headache and dizziness was not significantly different between implant and IUD users (P = 0.16 and 0.77, respectively), acne and bleeding irregularities were more frequent among implant users (P < 0.0001), while heavy bleeding and lower abdominal pain occurred more often among IUD than implant users (P < 0.0001). LIMITATIONS, REASONS FOR CAUTION Few women were ≤19 years old or nulligravida, the proportion of implant users ≥70 kg was <20% and <8% were obese. WIDER IMPLICATIONS OF THE FINDINGS Findings of the study can inform policy makers and clinicians about choice of implant, but also about TCu380A IUD in relation to implants. STUDY FUNDING/COMPETING INTEREST(S) UNDP/UNFPA/WHO/UNICEF/World Bank Special Programme of Research, Development and Research Training in Human Reproduction (HRP), Department of Reproductive Health and Research (RHR), World Health Organization (WHO). This report contains the views of an international expert group and does not necessarily represent the decisions or the stated policy of the WHO. TRIAL REGISTRATION ISRCTN33378571 registered on 22 March 2004. The first participant was enrolled on 12 May 200

Genome sequence of the tsetse fly (Glossina morsitans):Vector of African trypanosomiasis

Tsetse flies are the sole vectors of human African trypanosomiasis throughout sub-Saharan Africa. Both sexes of adult tsetse feed exclusively on blood and contribute to disease transmission. Notable differences between tsetse and other disease vectors include obligate microbial symbioses, viviparous reproduction, and lactation. Here, we describe the sequence and annotation of the 366-megabase Glossina morsitans morsitans genome. Analysis of the genome and the 12,308 predicted protein-encoding genes led to multiple discoveries, including chromosomal integrations of bacterial (Wolbachia) genome sequences, a family of lactation-specific proteins, reduced complement of host pathogen recognition proteins, and reduced olfaction/chemosensory associated genes. These genome data provide a foundation for research into trypanosomiasis prevention and yield important insights with broad implications for multiple aspects of tsetse biology.IS