Integrating acquisitions : keys to unlocking the value of synergy

Thesis (M.B.A.)--Massachusetts Institute of Technology, Sloan School of Management, 1999.Includes bibliographical references (leaves 122-126).The ability of mergers and acquisition transactions to generate enhanced shareholder value often hinges on successful integration. Our thesis examines this critical phase of merger activity. Through six discrete case studies and interviews with the individuals who led those transactions, we identify the important discriminators that differentiate success from failure. In addition, we highlight the firms and processes that are emerging as benchmarks in this area.by Albert K. Killen and Kevin P. Lawlor.M.B.A

Conserved but flexible modularity in the zebrafish skull: implications for craniofacial evolvability

Morphological variation is the outward manifestation of development and provides fodder for adaptive evolution. Because of this contingency, evolution is often thought to be biased by developmental processes and functional interactions among structures, which are statistically detectable through forms of covariance among traits. This can take the form of substructures of integrated traits, termed modules, which together comprise patterns of variational modularity. While modularity is essential to an understanding of evolutionary potential, biologists currently have little understanding of its genetic basis and its temporal dynamics over generations. To address these open questions, we compared patterns of craniofacial modularity among laboratory strains, defined mutant lines and a wild population of zebrafish ( ). Our findings suggest that relatively simple genetic changes can have profound effects on covariance, without greatly affecting craniofacial shape. Moreover, we show that instead of completely deconstructing the covariance structure among sets of traits, mutations cause shifts among seemingly latent patterns of modularity suggesting that the skull may be predisposed towards a limited number of phenotypes. This new insight may serve to greatly increase the evolvability of a population by providing a range of 'preset' patterns of modularity that can appear readily and allow for rapid evolution

Empirical algebraic modelling of live weight of Irish dairy cows over lactation

The aim of this study is to derive an equation that has the ability to model live weight of Irish dairy cows over lactation. The data set consisted of 6899 cows from 63 herds, of which 428 were from experimental herds and 6471 cows were from commercial herds. An initial examination focussed on time series techniques, as the data are of a time series nature. Splines were also examined to determine the dimensions of a model required to represent the data. As an incomplete gamma function, which was previously used to model milk yield, has been used in other studies to model live weight, various milk yield models were investigated. Finally, live weight changes between two calvings were modelled as a function of age, days in milk and pregnancy. As multicollinearity was evident in this function, the variance inflation factor was examined and principal component analysis was carried out on the variables responsible for multicollinearity. The proposed live weight model has a better fit than previous models, weak multicollinearity and the residuals are homoskedastic, independent and normally distributed. This live weight model therefore provides an acceptable level of accuracy in representing the shape of the live weight curve for Irish dairy cows and can be easily modified for different environmental scenarios

Empirical Algebraic Modelling of Lactation Curves Using Irish Data

The purpose of this study was to find a well-fitting,robust, single equation model to describe the shape of lactation curves for Irish dairy cows. The suitability of a number of algebraic models that depict lactation curves was examined, using Irish test day data. The analysis was carried out on a total of 14,956 lactation records from commercial and experimental herds and included both autumn and spring calving animals ‘Goodness of fit’ and adherence of the various models to the assumptions of regression analysis were examined. Multicollinearity posed a severe problem in the application of the best-fit model but omitting one of the variables from the estimation procedure reduced this effect. The modified model, referred to as the Ali-B model, is a single equation model that can be easily updated and incorporated into computer code. This is in contrast with the Standard Lactation Curve (SLAC) method, a method of interpolation, which is currently adopted by the Irish industry. The effects of seasonal factors on milk production were estimated and added to the Ali-B model to create a production profile for cows calving in specific months. The Ali-B model provides an acceptable level of accuracy in representing the shape of the lactation curve for Irish dairy cows, and can be easily modified for different environmental scenarios

Observation of Neutral Sodium Above Mercury During the Transit of November 8, 2006

We mapped the absorption of sunlight by sodium vapor in the exosphere of Mercury during the transit of Mercury on November 8, 2006, using the IBIS Interferometric BIdimensional Spectrometer at the Dunn Solar Telescope operated by the National Solar Observatory at Sunspot, New Mexico. The measurements were reduced to line-of-sight equivalent widths for absorption at the sodium D2 line around the shadow of Mercury. The sodium absorption fell off exponentially with altitude up to about 600 km. However there were regions around north and south polar-regions where relatively uniform sodium absorptions extended above 1000 km. We corrected the 0-600 km altitude profiles for seeing blur using the measured point spread function. Analysis of the corrected altitude distributions yielded surface densities, zenith column densities, temperatures and scale heights for sodium all around the planet. Sodium absorption on the dawn side equatorial terminator was less than on the dusk side, different from previous observations of the relative absorption levels. We also determined Earthward velocities for sodium atoms, and line widths for the absorptions. Earthward velocities resulting from radiation pressure on sodium averaged 0.8 km/s, smaller than a prediction of 1.5 km/s. Most line widths were in the range of 20 mA after correction for instrumental broadening, corresponding to temperatures in the range of 1000 K

Oil exposure alters social group cohesion in fish

Many animal taxa live in groups to increase foraging and reproductive success and aid in predator avoidance. For fish, a large proportion of species spend all or part of their lives in groups, with group coordination playing an important role in the emergent benefits of group-living. Group cohesion can be altered by an array of factors, including exposure to toxic environmental contaminants. Oil spills are one of the most serious forms of pollution in aquatic systems, and while a range of effects of acute oil exposure on animal physiology have been demonstrated, sub-lethal effects on animal behavior are relatively under-studied. Here we used an open-field behavioral assay to explore influence of acute oil exposure on social behavior in a gregarious fish native to the Gulf of Mexico, Atlantic croaker (Micropogonias undulatus). We used two oil concentrations (0.7% and 2% oil dilution, or 6.0 ± 0.9 and 32.9 ± 5.9 μg l−1 ΣPAH50 respectively) and assays were performed when all members of a group were exposed, when only one member was exposed, and when no individuals were exposed. Shoal cohesion, as assessed via mean neighbor distance, showed significant impairment following acute exposure to 2% oil. Fish in oil-exposed groups also showed reduced voluntary movement speed. Importantly, overall group cohesion was disrupted when even one fish within a shoal was exposed to 2% oil, and the behavior of unexposed in mixed groups, in terms of movement speed and proximity to the arena wall, was affected by the presence of these exposed fish. These results demonstrate that oil exposure can have adverse effects on fish behavior that may lead to reduced ecological success

Hypoxia alters vulnerability to capture and the potential for trait-based selection in a scaled-down trawl fishery

No abstract available

Multigenerational exposure to elevated temperatures leads to a reduction in standard metabolic rate in the wild

In light of global climate change, there is a pressing need to understand and predict the capacity of populations to respond to rising temperatures. Metabolic rate is a key trait that is likely to influence the ability to cope with climate change. Yet, empirical and theoretical work on metabolic rate responses to temperature changes has so far produced mixed results and conflicting predictions. Our study addresses this issue using a novel approach of comparing fish populations in geothermally warmed lakes and adjacent ambient‐temperature lakes in Iceland. This unique ‘natural experiment' provides repeated and independent examples of populations experiencing contrasting thermal environments for many generations over a small geographic scale, thereby avoiding the confounding factors associated with latitudinal or elevational comparisons. Using Icelandic sticklebacks from three warm and three cold habitats, we measured individual metabolic rates across a range of acclimation temperatures to obtain reaction norms for each population. We found a general pattern for a lower standard metabolic rate in sticklebacks from warm habitats when measured at a common temperature, as predicted by Krogh's rule. Metabolic rate differences between warm‐ and cold‐habitat sticklebacks were more pronounced at more extreme acclimation temperatures, suggesting the release of cryptic genetic variation upon exposure to novel conditions, which can reveal hidden evolutionary potential. We also found a stronger divergence in metabolic rate between thermal habitats in allopatry than sympatry, indicating that gene flow may constrain physiological adaptation when dispersal between warm and cold habitats is possible. In sum, our study suggests that fish may diverge toward a lower standard metabolic rate in a warming world, but this might depend on connectivity and gene flow between different thermal habitats

Simulated trapping and trawling exert similar selection on fish morphology

Commercial fishery harvest can influence the evolution of wild fish populations. Our knowledge of selection on morphology is however limited, with most previous studies focusing on body size, age, and maturation. Within species, variation in morphology can influence locomotor ability, possibly making some individuals more vulnerable to capture by fishing gears. Additionally, selection on morphology has the potential to influence other foraging, behavioral, and life-history related traits. Here we carried out simulated fishing using two types of gears: a trawl (an active gear) and a trap (a passive gear), to assess morphological trait-based selection in relation to capture vulnerability. Using geometric morphometrics, we assessed differences in shape between high and low vulnerability fish, showing that high vulnerability individuals display shallower body shapes regardless of gear type. For trawling, low vulnerability fish displayed morphological characteristics that may be associated with higher burst-swimming, including a larger caudal region and narrower head, similar to evolutionary responses seen in fish populations responding to natural predation. Taken together, these results suggest that divergent selection can lead to phenotypic differences in harvested fish populations

A physiological perspective on fisheries-induced evolution

There is increasing evidence that intense fishing pressure is not only depleting fish stocks but also causing evolutionary changes to fish populations. In particular, body size and fecundity in wild fish populations may be altered in response to the high and often size-selective mortality exerted by fisheries. While these effects can have serious consequences for the viability of fish populations, there are also a range of traits not directly related to body size which could also affect susceptibility to capture by fishing gears – and therefore fisheries-induced evolution (FIE) – but which have to date been ignored. For example, overlooked within the context of FIE is the likelihood that variation in physiological traits could make some individuals within species more vulnerable to capture. Specifically, traits related to energy balance (e.g. metabolic rate), swimming performance (e.g. aerobic scope), neuroendocrinology (e.g. stress responsiveness), and sensory physiology (e.g., visual acuity) are especially likely to influence vulnerability to capture through a variety of mechanisms. Selection on these traits could produce major shifts in the physiological traits within populations in response to fishing pressure that are yet to be considered but which could influence population resource requirements, resilience, species’ distributions, and responses to environmental change