Sources of Value Gains in Minority Equity Investments by Private Equity Funds: Evidence from Block Share Acquisitions

Using a large sample of block share acquisitions made by private equity (PE) funds over the 1990 to 2006 period, we examine the sources of value gains in PE minority equity investments. We find that compared to non-PE acquirers, PE acquirers are more likely to place representatives with finance experience on a target’s board, particularly when the target performs poorly or when it has more pronounced agency problems. PE acquirers are also more likely to place representatives with experience in the target’s industry on the target’s board when the target has more complex operations (e.g., multiple segments or higher R&D intensity). The targets in PE acquisitions, particularly those whose boards have representatives from PE acquirers, realize both higher abnormal announcement returns and better post-acquisition operating performance than do targets in other types of acquisitions. Target announcement abnormal returns and post-acquisition operating performance are also higher when PE-appointed directors have expertise in the target’s industry, when they sit on the boards of poorly performing targets, or when they sit on the boards of targets with higher R&D intensity. Thes

EFFECTS OF LIQUID SWIRLING ON GAS-TO-LIQUID MASS TRANSFER IN THREE-PHASE FLUIDIZED BEDS

The swirling flow mode of liquid phase was adopted to promote the gas-to-liquid mass transfer in three-phase(gas-liquid-solid) fluidized beds. Effects of gas(0.01-0.09m/s) and liquid(0.035-0.172m/s) velocities, particle size(1.7-6.0mm) and swirling ratio of liquid phase(0-0.5) on the volumetric gas-to-liquid mass transfer coefficient in the bed were examined. The mass transfer coefficient increased up to 70% by adjusting the swirling flow of liquid phase, especially when the gas velocity is relatively low range. The value of gas-to-liquid mass transfer coefficient was well correlated in terms of dimensionless groups which were derived from the dimensional analysis on the mass transfer system

A redshift distortion free correlation function at third order in the nonlinear regime

The zeroth-order component of the cosine expansion of the projected three-point correlation function is proposed for clustering analysis of cosmic large scale structure. These functions are third order statistics but can be measured similarly to the projected two-point correlations. Numerical experiments with N-body simulations indicate that the advocated statistics are redshift distortion free within 10% in the non-linear regime on scales ~0.2-10Mpc/h. Halo model prediction of the zeroth-order component of the projected three-point correlation function agrees with simulations within ~10%. This lays the ground work for using these functions to perform joint analyses with the projected two-point correlation functions, exploring galaxy clustering properties in the framework of the halo model and relevant extensions.Comment: 10 pages, 6 figs; MNRAS accepte

Early-start antiplatelet therapy after operation in patients with spontaneous intracerebral hemorrhage and high risk of ischemic events (E-start):Protocol for a multi-centered, prospective, open-label, blinded endpoint randomized controlled trial

BACKGROUND: For severe spontaneous intracerebral hemorrhage (sSICH) patients with high risk of ischemic events, the incidence of postoperative major cardiovascular/cerebrovascular and peripheral vascular events (MACCPE) is notable. Although antiplatelet therapy is a potential way to benefit these patients, the severe hemorrhagic complications, e.g., intracranial re-hemorrhage, is a barrier for early starting antiplatelet therapy. OBJECTIVES: This randomized controlled trial aims to identify the benefit and safety of early starting antiplatelet therapy after operation for sSICH patients with high risk of ischemic events. METHODS: This study is a multicenter, prospective, randomized, open-label, blinded-endpoint trial. We will enroll 250 sSICH patients with a high risk of ischemic events (including cerebral infarcts, transient ischemic attack, myocardial infarction, pulmonary embolism, and deep venous thrombosis). The participants will be randomized in a 1:1 manner to early-start group (start antiplatelet therapy at 3 days after operation) and normal-start group (start antiplatelet therapy at 30 days after operation). The early-start group will receive aspirin 100 mg daily. The control group will not receive antithrombotic therapy until 30 days after operation. The efficacy endpoint is the incidence of MACCPE, and the safety endpoint is the incidence of intracranial re-hemorrhage. DISCUSSION: The Early-Start antiplatelet therapy after operation in patients with spontaneous intracerebral hemorrhage trial (E-start) is the first randomized trial about early start antiplatelet therapy for operated sSICH patients with a high risk of ischemic events. This study will provide a new strategy and evidence for postoperative management in the future. CLINICAL TRIAL REGISTRATION: ClinicalTrials.gov, identifier NCT04820972; Available at: https://clinicaltrials.gov/ct2/show/NCT04820972?term=NCT04820972&draw=2&rank=1. Chinese Clinical Trial Registry, identifier ChiCTR2100044560; Available at: http://www.chictr.org.cn/showproj.aspx?proj=123277

Silicon@porous nitrogen-doped carbon spheres through a bottom-up approach are highly robust lithium-ion battery anodes

Due to its excellent capacity, around 4000 mA h g(-1), silicon has been recognized as one of the most promising lithium-ion battery anodes, especially for future large-scale applications including electrical vehicles and utility power grids. Nevertheless, Si suffers from a short cycle life as well as limitations for scalable electrode fabrication. Herein, we report a novel design for highly robust and scalable Si anodes: Si nanoparticles embedded in porous nitrogen-doped carbon spheres (NCSs). The porous nature of NCSs buffers the volume changes of Si nanoparticles and thus resolves critical issues of Si anode operations, such as pulverization, vulnerable contacts between Si and carbon conductors, and an unstable solid-electrolyte interphase. The unique electrode structure exhibits outstanding performance with a gravimetric capacity as high as 1579 mA h g(-1) at a C/10 rate based on the mass of both Si and C, a cycle life of 300 cycles with 94% capacity retention, as well as a discharge rate capability of 6 min while retaining a capacity of 702 mA h g(-1). Significantly, the coulombic efficiencies of this structure reach 99.99%. The assembled structure suggests a design principle for high capacity alloying electrodes that suffer from volume changes during battery operations.

Validation in the Cross-Cultural Adaptation of the Korean Version of the Oswestry Disability Index

Disability questionnaires are used for clinical assessment, outcome measurement, and research methodology. Any disability measurement must be adapted culturally for comparability of data, when the patients, who are measured, use different languages. This study aimed to conduct cross-cultural adaptation in translating the original (English) version of the Oswestry Disability Index (ODI) into Korean, and then to assess the reliability of the Korean versions of the Oswestry Disability Index (KODI). We used methodology to obtain semantic, idiomatic, experimental, and conceptual equivalences for the process of cross-cultural adaptation. The KODI were tested in 116 patients with chronic low back pain. The internal consistency and reliability for the KODI reached 0.9168 (Cronbach's alpha). The test-retest reliability was assessed with 32 patients (who were not included in the assessment of Cronbach's alpha) over a time interval of 4 days. Test-retest correlation reliability was 0.9332. The entire process and the results of this study were reported to the developer (Dr. Fairbank JC), who appraised the KODI. There is little evidence of differential item functioning in KODI. The results suggest that the KODI is internally consistent and reliable. Therefore, the KODI can be recommended as a low back pain assessment tool in Korea