834 research outputs found

    The impact of M&A on the R&D process. An empirical analysis of the role of technological and market relatedness.

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    While the impact of M&A on R&D and innovation examined at the aggregate level left inconclusive evidence, we find that at the level of the R&D process both the technological and market relatedness between the target and acquirer are helpful dimensions to identify effects. Using information on 31 in-depth cases of individual M&A deals we show that technological relatedness between M&A partners directly affects the inputs and organizational structure of the R&D process. M&A partners that operate in the same technological fields tend to reduce their R&D effort and rationalize the R&D process after the M&A compared to firms active in complementary technological fields that merge. These firms will furthermore face less technological competition in the technology market, but risk creating a more bureaucratic R&D process with a less motivated workforce. Market relatedness between partners, while having comparable aggregate effects on the R&D process, operates on different dimensions of the R&D process. Former rivals that engage in a M&A are significantly less likely to expand into new R&D fields or leverage their technological competences across the products and markets of the new entity. Non-rival firms that join forces, on the contrary, significantly increase R&D output and productivity through these activities.Competition; Effects; Field; Firms; Information; Innovation; International; M&A; Market; Market relatedness; Markets; Organizational structure; Processes; Product; R&D; Risk; Scale and scope; Structure; Subsidiaries; Technolocal relatedness; Technology diffusion;

    Molar Entropy and Enthalpy of CO Adsorbed in Zeolites as Derived from VTIR Data: Role of Intermolecular Modes

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    Detailed analysis of recently reported variable-temperature IR (VTIR) spectra of carbon monoxide adsorbed in alkaline zeolites shows how, not only the corresponding values of standard adsorption enthalpy ((Formula presented.)) and entropy ((Formula presented.)) can be obtained, but also the thermodynamic values of molar entropy and enthalpy which characterize the adsorbed gas phase. In addition, it is shown that the so obtained molar entropy data can lead to new insights into soft molecular modes, which would be hardly accessible by conventional IR spectroscopic techniques

    Subsidies and agricultural productivity in the EU

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    This paper investigates the relationship between EU agricultural subsidies and agricultural labor productivity growth by estimating a conditional convergence growth model. We use more representative subsidy indicators and a wider coverage (panel data from 213 EU regions over the period 2004\u20132014) than have been used before. We find that, on average, EU's Common Agricultural Policy (CAP) subsidies increase agricultural labor productivity growth, but this aggregate effect hides important heterogeneity of effects of different types of subsidies. The positive effect on productivity comes from decoupled subsidies, that is, Pillar I decoupled payments and some Pillar II payments. Coupled Pillar I subsidies have the opposite effect: they slow down productivity growth

    Synthesis, characterization, and catalytic properties of AlPO4-40, CoAPO-40, and ZnAPO-40

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    The experimental conditions leading to the synthesis of pure and highly crystalline AlPO,-40, CoAPO-40, and ZnAPO-40 have been optimized. Although the preparation of these phases is favored by the presence of TMA+ in the synthesis gel, these ions have not been found incorporated in the final AFR structures. All materials have been characterized by powder XRD, t.g./d.s.c., SEM, EDX, 13C, 27AI, and 3’P solid-state n.m.r., diffuse reflectance u.v.-vis spectroscopy, FTi.r., and catalytic tests using the n-t-xylene isomerization as a model reaction. This multitechnique approach provides strong evidence for the framework incorporation of cobalt and zinc. The acid sites generated by the framework insertion of cobalt and zinc are stronger than those generated by the incorporation of silicon

    Multinational enterprises and the provision of collective goods under formal and informal institutional voids. The case of electricity in sub-Saharan Africa

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    Despite their unprecedented growth, developing countries still face severe problems in the provision of collective goods. Electricity, whose provision is scarce or unreliable in most developing regions, especially in sub-Saharan Africa, is an emblematic case. The reason for this shortage is not only imputable to the lack of effective formal institutions, but also to the inefficacy of informal institutions in enabling alternative solutions for the production, transmission and distribution of electricity. In this context of “double institutional void”, multinational enterprises (MNEs) can play a decisive role. However, we claim that their effectiveness depends on both the formal and informal institutional proximity that exists between the country of origin and the destination of the multinational company. Our econometric analysis relies on a sample of pairs of home-host countries, the latter of which are all from sub-Saharan Africa, observed from 2005 to 2011. Our findings confirm our expectations

    Seasonal H1N1 2007 influenza virus infection is associated with elevated pre‐exposure antibody titers to the 2009 pandemic influenza A (H1N1) virus

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    AbstractThe new influenza strain detected in humans in April 2009 has caused the first influenza pandemic of the 21st century. A cross‐reactive antibody response, in which antibodies against seasonal H1N1 viruses neutralized the 2009 pandemic influenza A (H1N1) virus (2009 pH1N1), was detected among individuals aged >60 years. However, factors other than age associated with such a cross‐reactive antibody response are poorly documented. Our objective was to examine factors potentially associated with elevated pre‐exposure viro‐neutralization and hemagglutination‐inhibition antibody titers against the 2009 pH1N1. We also studied factors associated with antibody titers against the 2007 seasonal H1N1 virus. One hundred subjects participating in an influenza cohort were selected. Sera collected in 2008 were analysed using hemagglutination inhibition and viro‐neutralization assays for the 2009 pH1N1 virus and the 2007 seasonal H1N1 virus. Viro‐neutralization results were explored using a linear mixed‐effect model and hemagglutination‐inhibition results using linear‐regression models for interval‐censored data. Elevated antibody titers against 2009 pH1N1 were associated with seasonal 2007 H1N1 infection (viro‐neutralization, p 0.006; hemagglutination‐inhibition, p 0.018). Elevated antibody titers were also associated with age in the viro‐neutralization assay (p <0.0001). Seasonal 2007 H1N1 infection is an independent predictor of elevated pre‐exposure antibody titers against 2009 pH1N1 and may have contributed to lowering the burden of the 2009 pH1N1 pandemic

    Corporate food donations: altruism, strategy or cost saving?

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    Purpose This paper is aimed at enhancing our understanding of motives behind corporate giving and finding out whether and when operational efficiency plays a major role in the case of surplus food donations by food supply chain companies. Design/methodology/approach A multiple case study methodology has been applied considering a sample of 16 food sector companies operating in Italy. Three cases have been analysed in depth to highlight the contextual factors that make cost savings possible and donations sizeable and regular. Findings The results show that the willingness of companies to reduce operational costs plays a relevant role in managerial decisions concerning the recovery and donation of unsold food, although to different degrees across the supply chain stages. Originality/value The paper shows that not only strategic and moral motives, but also economic efficiency concern plays an important role in the managerial decision making process pertaining to surplus food donations

    Expression and subcellular localization of the bromodomain-containing protein 7 is a prognostic biomarker in breast cancer

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    Bromodomain-containing protein 7 (BRD7) is a member of the bromodomain-containing protein family. Previous studies suggest that BRD7 is predominantly localized in the nucleus, wherein it functions as a transcriptional regulator. Several lines of evidence imply a tumour suppressor function for BRD7. However, the importance of BRD7 in the pathogenesis of breast cancer is not well understood. We have investigated the expression, CpG island methylation and subcellular localization of BRD7 in breast cancer cell lines and clinical cases and thereby assessed its prognostic significance by correlating with clinical-pathological features and time-dependent clinical outcomes. We show that nuclear exclusion of BRD7 occurs commonly in breast cancer and is strongly associated with cases expressing wild-type p53. Moreover, clinical outcomes are significantly less favourable in cases with nuclear exclusion or loss of expression than those in which there is nuclear expression of BRD7. Methylation of the CpG island of BRD7 increases in breast cancer relative to normal breast tissue, but there is not an obvious correlation between methylation and reduced expression or between methylation and clinical outcomes. Overall, our results suggest that nuclear exclusion, rather than transcriptional silencing, is a common mechanism by which the tumour suppressor function of wild-type p53 is inhibited in breast cancer, and show that BRD7 is a promising candidate biomarker in breast cancer
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