Export mode portfolio: transaction cost economics and real options perspectives

Exporting plays an imperative role in many firms growth and survival. For that reason, a profound understanding of export operations is of interest to researchers as well as practitioners. Choosing the export mode is one of the most important strategic decisions a firm makes when exporting to its foreign markets. This decision may affect the firm s resource allocations and shape the possibility of future foreign expansion, and thus has potential performance implications. This study acknowledges that export mode choices should contribute to the firm success initially and on a continuous basis. Hence, it recognises the interlinked nature of export mode operations, and, for the first time, adapts a holistic view on export operation modes. Introducing the portfolio logic, this study investigates antecedents of the export mode portfolio and its performance implications. Two different theoretical approaches of transaction cost economics (TCE) and real options (RO) were used to distinguish different possible export mode portfolios of a firm. The study model is empirically tested using data from 250 Chinese export firms. From the TCE perspective, the finding suggests that firms' levels of investment uncertainty and export marketing capability are the main drivers of an internalised export mode portfolio. From the RO theory viewpoint, on the other hand, the result indicates that firms' levels of endogenous uncertainties (i.e. cultural uncertainty and technological uncertainty) are positively related to the intensity of use of Joint-Investment export modes in the portfolio of firms. In ddition, as expected, the greater the preponderance of exogenous uncertainties (i.e. investment uncertainty and demand uncertainty) the higher the proportion of No-Investment export modes in the portfolio of the firm. Further analysis of firms' export performance reveals that firms shaping their export mode portfolios according to the predictions of real options out-perform firms that shape their export mode portfolio based on TCE considerations. More specifically, firms that reduce their endogenous uncertainty, by engaging more in Joint- Investment modes of export operation across their portfolio, benefit from higher profit performance. The new model developed in this study provides a tool that enables scholars to give better advice to exporters on how they can structure their export mode portfolio for enhanced export profit

Dynamicity of immune regulation during visceral leishmaniasis

Visceral leishmaniasis is a vector-borne tropical disease associated with a spectrum of clinical manifestations and immunosuppression leading to parasite survival. Chemokines which act as chemo-attractants for generating innate immune responses are significant in bringing innate and adaptive responses side by side for combating against infection. The independency and interdependency of regulatory T cells and Th17 cells on Th1/Th2 signalling pathways and an imbalance in immune responses could lead to disease progression. Although Interleukin- (IL-)12 is crucial in generating protective Th 1 response against the disease, various members of the IL-12 family perform diverse immune functions due to their chain pairing promiscuity. This review focuses on the immunopathogenesis of VL by chronologically summarising the developments in the studies of the immune regulation as well as the mechanisms involved. A better understanding of the innate and adaptive immune functioning of the host could aid in rational control and better therapeutic intervention of the disease

Adjustment of a Coastal Buoyant Outflow Under Tidal and Wind Forcing

The discharge of brackish water from estuaries typically forms distinct coastal plumes, often visible through their color signature due to sediment load and particulate matter from rivers. The processes of mixing and dispersion of coastal plumes are subjected to natural variations in the magnitude and timing of freshwater inflows, tides and meteorological conditions. This study presents shipboard observation of the bulge region of a buoyant plume off Winyah Bay, SC. The observation comprises downward looking 600 and 1200 kHz ADCP (Acoustic Doppler Current Profiler) and CTD measurements. Along with standard CTD casts, water samples were collected to analyze and determine mass sediment concentration using standard filtering techniques. Auxiliary data such as wind, river discharge and coastal sea level measurements were collected from WeatherFlow, USGS streamflow and NOAA tide gauge stations, respectively. The study addresses the evolution of bulge region of the plume under the conditions of low freshwater discharge and light wind forcing. The study also examines the fate of the suspended sediments under high discharge condition. The spatial and temporal salinity and temperature structures from CTD measurements are analyzed to inspect the evolution of the bulge region. The impact of suspended sediments on modifying the density anomaly within the plume is also assessed. Gradient Richardson number is calculated to examine the influence of suspended sediments on the mixing processes within the plume. Analysis of the observations demonstrate that the buoyant water was not dispersed by the wind forcing but formed a well pronounced baroclinic jet with associated front. The buoyant outflow occurring at semidiurnal tidal frequency first propagated northward with the wind-driven currents, but then turned anticyclonically and continued southward, against the wind-driven current. However, this baroclinic jet never reached the coastline to form a coastal current. Due to wind forcing, the frontal zone width exceeded the baroclinic Rossby radius, and in some cases multiple frontal structures were observed. Overall, the results demonstrate that under certain forcing conditions all buoyant outflow is deflected into a growing bulge and ultimately spreads offshore contributing to the cross-shelf exchange processes

Challenges in the clinical assessment of novel tuberculosis drugs

To effectively tackle the global TB epidemic, novel treatment strategies are critically needed to shorten the duration of TB therapy and treat drug-resistant TB. Drug development for TB, stymied for decades, has enjoyed a renaissance over the past several years. However, development of new TB regimens is hindered by the limitations in our understanding and use of preclinical models; the paucity of accurate, early surrogate markers of cure, and challenges in untangling the individual contributions of drugs to multidrug regimens in a complex, multi-compartment disease. Lack of profit motive, advocacy, and imagination has contributed mightily to the dearth of drugs we have on the shelf to treat this ancient disease. Areas that will speed the development of new regimens for TB include novel murine and in vitro pharmacodynamics models, clinical endpoints that are not culture-based, innovative clinical trial designs, and an infusion of much-needed funding

Analysis of radiation effect on the threshold voltage of flash memory device

Flash memory experiences adverse effects due to radiation. These effects can be raised in terms of doping, feature size, supply voltages, layout, shielding. The the operating point shift of the device forced to enter the logically-undefined region and cause upset and data errors under radiation exposure. In this letter, the threshold voltage shift of the floating gate transistor (FGT) is analyzed by a mathematical model