Corporate governance and the long-run performance of firms issuing seasoned equity: An Australian study

Corporate governance has been propelled to the forefront of contemporary business thinking by a string of high profile corporate collapses and dramatic regulatory responses in the United States, Australia and in other countries as well. A particularly extensive body of research has emerged surrounding the relationship between corporate governance and firm performance. We combine the governance literature with evidence on the long-term underperformance of firms issuing seasoned equity to examine the benefits of corporate governance in a setting where it is more likely to matter. That is, we address the question, Does good corporate governance mitigate post-issue underperformance? For a broad sample of Australian seasoned equity offerings and employing a comprehensive, self-constructed governance database, we first demonstrate that issuing firms substantially underperform a variety of benchmarks over the long term, confirming similar findings in the existing literature. We then find evidence that better-governed firms do not experience the same degree of post-issue underperformance. Our findings, which are robust to a variety of estimation methods and econometric specifications, are consistent with the windows of opportunity hypothesis and with equity raisings being an important channel through which better corporate governance can improve future performance

Cell-to-cell variability in cell death: can systems biology help us make sense of it all?

One of the most common observations in cell death assays is that not all cells die at the same time, or at the same treatment dose. Here, using the perspective of the systems biology of apoptosis and the context of cancer treatment, we discuss possible sources of this cell-to-cell variability as well as its implications for quantitative measurements and computational models of cell death. Many different factors, both within and outside of the apoptosis signaling networks, have been correlated with the variable responses to various death-inducing treatments. Systems biology models offer us the opportunity to take a more synoptic view of the cell death process to identify multifactorial determinants of the cell death decision. Finally, with an eye toward ‘systems pharmacology', we discuss how leveraging this new understanding should help us develop combination treatment strategies to compel cancer cells toward apoptosis by manipulating either the biochemical state of cancer cells or the dynamics of signal transduction

Muon-Spin Rotation Measurements of an Unusual Vortex-Glass Phase in the Layered Superconductor Bi2.15Sr1.85CaCu2O8+δ

Muon-spin rotation measurements, performed on the mixed state of the classic anisotropic superconductor Bi2.15Sr1.85CaCu2O8+δ, obtain quantities directly related to two- and three-body correlations of vortices in space. A novel phase diagram emerges from such local probe measurements of the bulk, revealing an unusual glassy state at intermediate fields which appears to freeze continuously from the equilibrium vortex liquid but differs both from the lattice and the conventional high-field vortex glass state in its structure.Publisher PDFPeer reviewe

An Evaluation of Max-Flex Fast Fence™ for Reducing Deer Damage to Crops

A 2-year study was undertaken to assess the effectiveness of Max-Flex Fast Fence™ electric fencing materials (polytape) for reducing damage to crops. Specifically, our goal was to look at the efficacy of this product for the home gardener. In the first phase of the project, plots of approximately 1/40 acre were established in areas of historically high deer densities. Each plot was planted with soybeans and randomly assigned to 1 of 4 fencing configurations or to the open control group. Within each plot, 6\u27 wide strips were tilled across the length. These tilled areas were checked for the presence of deer tracks. The study design was replicated 3 times to produce 12 treatment plots (3 of each fence configuration) and 3 open controls. Fences were charged via a New Zealand-type high voltage, low-impedance charger. The open controls were fed on heavily by deer and soon were almost void of foliage. Results suggest that under these conditions even a single strand of polytape 2 1/2\u27 high was successful in preventing deer from entering the plots. Phase 2 of the study used a single strand of polytape 2 1/2\u27 feet from the ground to exclude deer from plots ranging in size from 0.025 acres to 1 acre. Each exclosure was planted with soybeans. Three replication areas were selected and plots randomly established within the replicates. The effectiveness of the single strand was much less conclusive than in Phase I, with deer entering all plots at some time during the study. However, there does appear to be a direct relationship between plot size and number of deer tracks observed in the plot. In addition, there were significant differences in fence effectiveness between replicates. We concluded that a single strand of polytape electric fencing, if properly installed, could be a suitable deterrent to deer in a small garden situation

Empirical likelihood estimation of the spatial quantile regression

The spatial quantile regression model is a useful and flexible model for analysis of empirical problems with spatial dimension. This paper introduces an alternative estimator for this model. The properties of the proposed estimator are discussed in a comparative perspective with regard to the other available estimators. Simulation evidence on the small sample properties of the proposed estimator is provided. The proposed estimator is feasible and preferable when the model contains multiple spatial weighting matrices. Furthermore, a version of the proposed estimator based on the exponentially tilted empirical likelihood could be beneficial if model misspecification is suspect

Selection of chromosomal DNA libraries using a multiplex CRISPR system.

The directed evolution of biomolecules to improve or change their activity is central to many engineering and synthetic biology efforts. However, selecting improved variants from gene libraries in living cells requires plasmid expression systems that suffer from variable copy number effects, or the use of complex marker-dependent chromosomal integration strategies. We developed quantitative gene assembly and DNA library insertion into the Saccharomyces cerevisiae genome by optimizing an efficient single-step and marker-free genome editing system using CRISPR-Cas9. With this Multiplex CRISPR (CRISPRm) system, we selected an improved cellobiose utilization pathway in diploid yeast in a single round of mutagenesis and selection, which increased cellobiose fermentation rates by over 10-fold. Mutations recovered in the best cellodextrin transporters reveal synergy between substrate binding and transporter dynamics, and demonstrate the power of CRISPRm to accelerate selection experiments and discoveries of the molecular determinants that enhance biomolecule function

Gravitational Radiation Instability in Hot Young Neutron Stars

We show that gravitational radiation drives an instability in hot young rapidly rotating neutron stars. This instability occurs primarily in the l=2 r-mode and will carry away most of the angular momentum of a rapidly rotating star by gravitational radiation. On the timescale needed to cool a young neutron star to about T=10^9 K (about one year) this instability can reduce the rotation rate of a rapidly rotating star to about 0.076\Omega_K, where \Omega_K is the Keplerian angular velocity where mass shedding occurs. In older colder neutron stars this instability is suppressed by viscous effects, allowing older stars to be spun up by accretion to larger angular velocities.Comment: 4 Pages, 2 Figure

A randomized phase III study comparing dacarbazine, BCNU, cisplatin and tamoxifen with dacarbazine and interferon in advanced melanoma

The purpose of this study was to compare the response rate, overall and 1-year survival in patients with advanced melanoma treated with a standard therapy, dacarbazine and interferon-alpha (DTIC/IFN), or combination chemotherapy, consisting of dacarbazine, BCNU, cisplatin and tamoxifen (DBCT). Treatment toxicity and time spent in hospital were secondary end points. One hundred and five patients (of whom 100 were eligible) were randomized to receive either DTIC/IFN or DBCT. The trial was designed to detect a 25% absolute difference in response rate or in 1-year survival with 80% power. There was no significant difference in response rate: this was 17.3% with DTIC/IFN and 26.4% with DBCT. Median overall survival was similar at 199 and 202 days respectively. One-year survival rate favoured standard treatment (30.6 vs 22.6%), but did not differ significantly between arms. DBCT was associated with significantly greater haematological toxicity, and a greater need for time spent in hospital (5.75 days/treatment cycle vs 2.29 with dacarbazine and interferon). DBCT combination therapy cannot be recommended as standard treatment for advanced melanoma. Dacarbazine remains the standard chemotherapy for this condition. © 2000 Cancer Research Campaig

Hot topics, urgent priorities, and ensuring success for racial/ethnic minority young investigators in academic pediatrics.

BackgroundThe number of racial/ethnic minority children will exceed the number of white children in the USA by 2018. Although 38% of Americans are minorities, only 12% of pediatricians, 5% of medical-school faculty, and 3% of medical-school professors are minorities. Furthermore, only 5% of all R01 applications for National Institutes of Health grants are from African-American, Latino, and American Indian investigators. Prompted by the persistent lack of diversity in the pediatric and biomedical research workforces, the Academic Pediatric Association Research in Academic Pediatrics Initiative on Diversity (RAPID) was initiated in 2012. RAPID targets applicants who are members of an underrepresented minority group (URM), disabled, or from a socially, culturally, economically, or educationally disadvantaged background. The program, which consists of both a research project and career and leadership development activities, includes an annual career-development and leadership conference which is open to any resident, fellow, or junior faculty member from an URM, disabled, or disadvantaged background who is interested in a career in academic general pediatrics.MethodsAs part of the annual RAPID conference, a Hot Topic Session is held in which the young investigators spend several hours developing a list of hot topics on the most useful faculty and career-development issues. These hot topics are then posed in the form of six "burning questions" to the RAPID National Advisory Committee (comprised of accomplished, nationally recognized senior investigators who are seasoned mentors), the RAPID Director and Co-Director, and the keynote speaker.Results/conclusionsThe six compelling questions posed by the 10 young investigators-along with the responses of the senior conference leadership-provide a unique resource and "survival guide" for ensuring the academic success and optimal career development of young investigators in academic pediatrics from diverse backgrounds. A rich conversation ensued on the topics addressed, consisting of negotiating for protected research time, career trajectories as academic institutions move away from an emphasis on tenure-track positions, how "non-academic" products fit into career development, racism and discrimination in academic medicine and how to address them, coping with isolation as a minority faculty member, and how best to mentor the next generation of academic physicians

Evidence for a late glacial advance near the beginning of the Younger Dryas in western New York State: An event postdating the record for local Laurentide ice sheet recession

Widespread evidence of an unrecognized late glacial advance across preexisting moraines in western New York is confirmed by 40 14C ages and six new optically stimulated luminescence analyses between the Genesee Valley and the Cattaraugus Creek basin of eastern Lake Erie. The Late Wisconsin chronology is relatively unconstrained by local dating of moraines between Pennsylvania and Lake Ontario. Few published 14C ages record discrete events, unlike evidence in the upper Great Lakes and New England. The new 14C ages from wood in glacial tills along Buttermilk Creek south of Springville, New York, and reevaluation of numerous 14C ages from miscellaneous investigations in the Genesee Valley document a significant glacial advance into Cattaraugus and Livingston Counties between 13,000 and 13,300 cal yr B.P., near the Greenland Interstadial 1b (GI-1b) cooling leading into the transition from the Bölling-Alleröd to the Younger Dryas. The chronology from four widely distributed sites indicates that a Late Wisconsin advance spread till discontinuously over the surface, without significantly modifying the preexisting glacial topography. A short-lived advance by a partially grounded ice shelf best explains the evidence. The advance, ending 43 km south of Rochester and a similar distance south of Buffalo, overlaps the revised chronology for glacial Lake Iroquois, now considered to extend from ca. 14,800–13,000 cal yr B.P. The spread of the radiocarbon ages is similar to the well-known Two Creeks Forest Bed, which equates the event with the Two Rivers advance in Wisconsin