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

Controlling the Magnetic Anisotropy of the van der Waals Ferromagnet Fe3GeTe2 through Hole Doping.

Identifying material parameters affecting properties of ferromagnets is key to optimized materials that are better suited for spintronics. Magnetic anisotropy is of particular importance in van der Waals magnets, since it not only influences magnetic and spin transport properties, but also is essential to stabilizing magnetic order in the two-dimensional limit. Here, we report that hole doping effectively modulates the magnetic anisotropy of a van der Waals ferromagnet and explore the physical origin of this effect. Fe3-xGeTe2 nanoflakes show a significant suppression of the magnetic anisotropy with hole doping. Electronic structure measurements and calculations reveal that the chemical potential shift associated with hole doping is responsible for the reduced magnetic anisotropy by decreasing the energy gain from the spin-orbit induced band splitting. Our findings provide an understanding of the intricate connection between electronic structures and magnetic properties in two-dimensional magnets and propose a method to engineer magnetic properties through doping

Sustainable and recyclable super engineering thermoplastic from biorenewable monomer

Environmental and health concerns force the search for sustainable super engineering plastics (SEPs) that utilise bio-derived cyclic monomers, e.g. isosorbide instead of restricted petrochemicals. However, previously reported bio-derived thermosets or thermoplastics rarely offer thermal/mechanical properties, scalability, or recycling that match those of petrochemical SEPs. Here we use a phase transfer catalyst to synthesise an isosorbide-based polymer with a high molecular weight >100 kg mol−1, which is reproducible at a 1-kg-scale production. It is transparent and solvent/melt-processible for recycling, with a glass transition temperature of 212 °C, a tensile strength of 78 MPa, and a thermal expansion coefficient of 23.8 ppm K−1. Such a performance combination has not been reported before for bio-based thermoplastics, petrochemical SEPs, or thermosets. Interestingly, quantum chemical simulations show the alicyclic bicyclic ring structure of isosorbide imposes stronger geometric restraint to polymer chain than the aromatic group of bisphenol-A.11Ysciescopu

Stereotactic Body Radiotherapy for Isolated Para-aortic Lymph Node Recurrence after Curative Resection in Gastric Cancer

The aim of this study was to investigate whether stereotactic body radiotherapy (SBRT) can salvage gastric cancer patients with para-aortic lymph node (PALN) recurrence. From January 2003 to December 2006, 7 patients were treated for isolated PALN recurrence from gastric cancer after curative resection. Follow up durations ranged from 19 to 33 months (median; 26 months), and SBRT doses from 45 Gy to 51 Gy (median 48 Gy) in 3 fractions. Disease progression-free and overall survivals and toxicities were recorded. Response to treatment was assessed by computed tomography. Final patient outcomes were as follows: 2 were alive without evidence of disease, 3 remained alive with disease, and 2 patients died of disease. Five of 7 patients showed complete response and 2 patients partial response between 3 and 11 months after SBRT. Three-year overall and disease progression-free survival rates post-SBRT were 43% and 29%, respectively. No severe complication was detected during follow-up. Selected patients with isolated PALN recurrence can be salvaged by SBRT without severe complications

Results from Over One Year of Follow-Up for Absorbable Mesh Insertion in Partial Mastectomy

∙ The authors have no financial conflicts of interest. © Copyright: Yonsei University College of Medicine 2011 This is an Open Access article distributed under the terms of the Creative Commons Attribution Non-Commercial Licens

An analytic model for the galactic winds and mass outflows

Galactic winds and mass outflows are observed both in nearby starburst galaxies and in high-redshift star-forming galaxies. In this paper we develop a simple analytic model to understand the observed superwind phenomenon. Our model is built upon the model of McKee & Ostriker (1977) for the interstellar medium. It allows one to predict how properties of a superwind, such as wind velocity and mass outflow rate, are related to properties of its star-forming host galaxy, such as size, gas density and star formation rate. The model predicts a threshold of star formation rate density for the generation of observable galactic winds. Galaxies with more concentrated star formation produce superwinds with higher velocities. The predicted mass outflow rates are comparable to (or slightly larger than) the corresponding star formation rates. We apply our model to both local starburst galaxies and high-redshift Lyman break galaxies, and find its predictions to be in good agreement with current observations. Our model is simple, and so can be easily incorporated into numerical simulations and semi-analytical models of galaxy formation.Comment: 26 pages, 10 figures, submitted to MNRA

Reversibly controlled ternary polar states and ferroelectric bias promoted by boosting square???tensile???strain

Interaction between dipoles often emerges intriguing physical phenomena, such as exchange bias in the magnetic heterostructures and magnetoelectric effect in multiferroics, which lead to advances in multifunctional heterostructures. However, the defect-dipole tends to be considered the undesired to deteriorate the electronic functionality. Here, we report deterministic switching between the ferroelectric and the pinched states by exploiting a new substrate of cubic perovskite, BaZrO3, which boosts square-tensile-strain to BaTiO3 and promotes four-variants in-plane spontaneous polarization with oxygen vacancy creation. First-principles calculations propose a complex of an oxygen vacancy and two Ti3+ ions coins a charge-neutral defect-dipole. Cooperative control of the defect-dipole and the spontaneous polarization reveals ternary in-plane polar states characterized by biased/pinched hysteresis loops. Furthermore, we experimentally demonstrate that three electrically controlled polar-ordering states lead to switchable and non-volatile dielectric states for application of non-destructive electro-dielectric memory. This discovery opens a new route to develop functional materials via manipulating defect-dipoles and offers a novel platform to advance heteroepitaxy beyond the prevalent perovskite substrates