SPANISH COMPANY FOREIGN MARKET ENTRY

The aim of this paper is to analyse the determinants of diversification mode (acquisition versus greenfield) through foreign direct investment considering various theories, such as those of mergers and acquisitions, transaction costs, the learning organisation, the institutional context of the company and the cultural environment of the host country, and to analyse the determinants of entry mode combining diversification mode with ownership structure decision (greenfield wholly-owned subsidiaries, greenfield joint ventures, full acquisition and partial acquisition) and proposing various research hypotheses. The methodology used estimates various binomial and multinomial logit models, over a sample of 141 Spanish manufacturing companies between 1998 and 2000, finding that entry mode into a foreign country through direct investment is mainly explained by related diversification, international and local experience, advertising intensity, cultural distance, company size and ownership structure. El propósito de este trabajo consiste en analizar, por un lado, los determinantesdel modo de diversificación (adquisición versus desarrollo interno) de la inversióndirecta en el exterior considerando diversas aproximaciones teóricas, como las defusiones y adquisiciones, costes de transacción, del aprendizaje organizativo, así comodel contexto institucional de la empresa y del entorno cultural del país receptor. Por otrolado, se examinan los determinantes de la inversión directa exterior combinando elmodo de diversificación con la estructura de la propiedad empresarial (adquisición total,adquisición parcial, filial de plena propiedad y filial de propiedad compartida)proponiendo diversas hipótesis de investigación. La metodología aplicada estimadiversos modelos logit, binomial y multinomial, sobre 141 empresas españolasmanufactureras entre 1998 y 2000, detectando que el modo de entrada medianteinversión directa exterior viene explicada por la diversificación relacionada, laexperiencia internacional y local de la empresa, la intensidad publicitaria, la distanciacultural, así como por el tamaño y estructura de la propiedad de la empresa.marketing internacional, modo de entrada, inversión directa en el exterior, joint-venture, adquisición. international marketing, entry mode, foreign direct investment, jointventure, acquisition

Candida albicans Potassium Transporters

Potassium is basic for life. All living organisms require high amounts of intracellular potassium, which fulfils multiple functions. To reach efficient potassium homeostasis, eukaryotic cells have developed a complex and tightly regulated system of transporters present both in the plasma membrane and in the membranes of internal organelles that allow correct intracellular potassium content and distribution. We review the information available on the pathogenic yeast Candida albicans. While some of the plasma membrane potassium transporters are relatively well known and experimental data about their nature, function or regulation have been published, in the case of most of the transporters present in intracellular membranes, their existence and even function have just been deduced because of their homology with those present in other yeasts, such as Saccharomyces cerevisiae. Finally, we analyse the possible links between pathogenicity and potassium homeostasis. We comment on the possibility of using some of these transporters as tentative targets in the search for new antifungal drugs

RIVALIDAD EN EL MERCADO ESPAÑOL DE DEPÓSITOS BANCARIOS: LA TEORÍA DE LOS GRUPOS ESTRATÉGICOS

The objective of this study is to examine the rivalry within and between strategic groups in a given industry. Current literature on the topic suggests that the empirical evidence presented, so far, might well be biased by systematic errors in the measuring of rivalry. As a novelty, the method we propose uses two different approaches to measuring rivalry: an indirect method, which one estimates conjectural variations, and another more direct method, based on the news releases published about the strategic actions and reactions of the firms. The empirical application carried out on bank deposits of the Spanish market does not afford to conclude that exists stronger rivalry within than between strategic groups nor vice versa; but the study of the groups does allow us to detect the way in which a given firm competes with the others. El objetivo de este trabajo consiste en examinar la rivalidad intra y entre grupos estratégicos de una industria. La literatura sobre la materia sugiere que las evidencias empíricas detectadas pueden verse afectadas por problemas operativos relacionados con la medición de la rivalidad. Como novedad, la metodología aplicada propone la utilización de dos enfoques de medición de la rivalidad, uno indirecto mediante la estimación de la variación conjetural, y una evaluación directa a través de las noticias sobre acciones y reacciones estratégicas detectadas en las publicaciones. La aplicación empírica realizada en el mercado español de depósitos bancarios no permite asegurar nada acerca de la mayor o menor rivalidad intra que entre grupos; pero los grupos estratégicos permiten predecir la forma en que cada entidad compite con las demás.Rivalidad, grupos estratégicos, variación conjetural, dinámica competitiva. Rivalry, strategic groups, conjectural variation, competitive dynamics.

IMPACTO DE LA ESTRATEGIA DE DIVERSIFICACION EN LA EXPANSION A MERCADOS EXTERIORES SOBRE LOS RESULTADOS

The aim of this study is to examine the determining factors of a firm's performance, as a direct consequence of its diversification strategy in its expansion into foreign markets, considering certain factors like the market, the product and the company itself. As a novelty, the methodology employed uses the event-study to estimate the excess of returns generated by its shares on the Stock Market, based on a sample of 35 expansion announcements into external markets corresponding to 11 diversifying companies. A regression analysis is also carried out to examine the impact of these factors, market, product and company, on the excesses in returns observed. The empirical application carriedout in Spain, has allowed us to detect that, on average, the impact of the news about a company' expansion on the returns of its shares is positive, its determining factors being the speciality of the product offered and the level of development in the target country. El propósito de este trabajo consiste en examinar los determinantes de los resultados empresariales, derivados de la estrategia de diversificación en la expansión a mercados exteriores, en términos de los factores del mercado, del producto y de la empresa. Como novedad, la metodología aplicada utiliza el estudio del suceso ("event-study") para estimar los excesos de rentabilidad de las acciones generados en la Bolsa por una muestra de 35 noticias de expansión a mercados exteriores correspondientes a 11 empresas españolas diversificadas; así como el análisis de regresión para examinar el impacto de los factores del mercado, del producto y de la empresa sobre dichos excesos de rentabilidad. La aplicación empírica realizada en nuestro país permite detectar que, en promedio, el impacto de dichas noticias sobre la rentabilidad de las acciones es positivo, siendo sus determinantes la especialización del producto y el grado de desarrollo del país de destino.Estrategias de expansión exterior, diversificación, event-study, resultados. External expansion strategies, Diversification, Event-study, Performance.

Examining desorptive capacity in supply chains: the role of organizational ambidexterity

Abstract Purpose – The purpose of this paper is to explain how a buying organization’s desorptive capacity relative to its supply network enhances the organization’s supply chain competence. The research also analyzes the contingent role of the balanced and combined dimensions of ambidexterity in this relationship. Design/methodology/approach – Empirical results are obtained through analysis of survey data from a sample of 270 European firms. Hierarchical regression analysis is used to test the hypotheses. Findings – The results confirm, first, the positive and significant relationship between the buying organization’s desorptive capacity and supply chain competence; and, second, the key moderating role of organizational ambidexterity, especially in its combined dimension, in this relationship. Practical implications – The study suggests that desorptive capacity is key to the organization’s contribution to supply chain competitiveness. The authors also provide practitioners with better understanding of the extent to which they should attempt to balance exploration and exploitation or/and to maximize both simultaneously when seeking greater benefit from desorptive capacity. Originality/value – This study extends desorptive capacity research to supply chain management. It responds to calls in the desorptive capacity literature for deeper understanding of the benefits of desorptive capacity and of the role organizational ambidexterity plays in the success of desorptive capacity. By analyzing the independent effects of the combined and balanced dimensions of ambidexterity, the authors advance conceptual and operational understanding of the role of ambidexterity needed in the literatur

COMPETENCIA EN EL MERCADO ESPAÑOL DE CRÉDITOS BANCARIOS: UN MODELO DE VARIACIONES CONJETURALES

The main objective of this work is to propose an oligopolistic competition model thatincorporates product differentiation through quality of service in the Spanish bank loansmarket. This model allows us to detect the competitive behavior patterns in terms of the outputof all the financial entities with respect to three strategic groups defined in terms of size. Thismodel of competitive interactions is tested with a sample of 100 firms in the Spanish bank loanmarket between 1992 and 1994. This period of time is characterized by both, the end of a longprocess of deregulation and the integration of the Spanish Banking System in the EuropeanBanking System. The findings evidence a stronger aggressiveness from the larger-size groupwhen the medium and smaller-size groups increase their output. Besides, the results detect anaggressive conduct between the entities within the larger-size group. El objetivo de este trabajo consiste en proponer un modelo de competencia oligopolísticacon diferenciación de producto vía calidad de servicio en el mercado de créditos bancarios, elcual permite detectar el patrón de conducta competitiva del output (variaciones conjeturales anivel de cantidades de créditos vendidos) para todas y cada una de las entidades financierasrespecto de cada uno de los grupos estratégicos definidos por tamaño. Este modelo deinteracciones competitivas es contrastado con 100 entidades del mercado español de créditosbancarios entre 1992 y 1994, período temporal que marca la culminación de un proceso dedesregulación e integración europea del sistema bancario español y que incide directamente enla competencia en términos de cantidades de créditos vendidos. Los resultados obtenidosevidencian que el grupo de entidades de mayor tamaño tiene una actitud agresiva ante unaumento del output de los grupos de entidades pequeñas y medianas. Además, se detecta unaconducta agresiva entre las entidades del grupo de mayor tamaño.Variación Conjetural, Comportamiento Competitivo, Grupos Estratégicos, Banking; Competition; Strategic Groups.

Information in feedback ratchets

Feedback control uses the state information of the system to actuate on it. The information used implies an effective entropy reduction of the controlled system, potentially increasing its performance. How to compute this entropy reduction has been formally shown for a general system, and has been explicitly computed for spatially discrete systems. Here, we address a relevant example of how to compute the entropy reduction by information in a spatially continuous feedback-controlled system. Specifically, we consider a feedback flashing ratchet, which constitutes a paradigmatic example for the role of information and feedback in the dynamics and thermodynamics of transport induced by the rectification of Brownian motion. A Brownian particle moves in a periodic potential that is switched on and off by a controller, with the latter performing the switching depending on the system state. We show how the entropy reduction can be computed from the entropy of a sequence of control actions, and also discuss the required sampling effort for its accurate computation. Moreover, the output power developed by the particle against an external force is investigated, which -- for some values of the system parameters -- is shown to become larger than the input power due to the switching of the potential: the apparent efficiency of the ratchet thus becomes higher than one, if the entropy reduction contribution is not considered. This result highlights the relevance of including the entropy reduction by information in the thermodynamic balance of feedback controlled devices, specifically when writing the second principle: the inclusion of the entropy reduction by information leads to a well-behaved efficiency over all the range of parameters investigated.Comment: 17 pages, 13 figure

A pyrF auxotrophic mutant of Sinorhizobium fredii HH103 impaired in its symbiotic interactions with soybean and other legumes

Transposon Tn5-Mob mutagenesis allowed the selection of a Sinorhizobium fredii HH103 mutant derivative (SVQ 292) that requires the presence of uracil to grow in minimal media. The mutated gene, pyrF, codes for an orotidine-5´- monophosphate decarboxylase (EC 4.1.1.23). Mutant SVQ 292 and its parental prototrophic mutant HH103 showed similar Nod-factor and lipopolysaccharide profiles. The symbiotic properties of mutant SVQ 292 were severely impaired with all legumes tested. Mutant SVQ 292 formed small ineffective nodules on Cajanus cajan and abnormal nodules (pseudonodules) unable to fix nitrogen on Glycine max (soybean), Macroptitlium atropurpureum, Indigofera tinctoria, and Desmodium canadense. It also did not induce any macroscopic response in Macrotyloma axillare roots. The symbiotic capacity of SVQ 292 with soybean was not enhanced by the addition of uracil to the plant nutritive solution. [Int Microbiol 2007; 10(3):169-176

Infant Gut Microbiota Associated with Fine Motor Skills

Background: During early life, dynamic gut colonization and brain development co-occur with potential cross-talk mechanisms affecting behaviour. Methods: We used 16S rRNA gene sequencing to examine the associations between gut microbiota and neurodevelopmental outcomes assessed by the Bayley Scales of Infant Development III in 71 full-term healthy infants at 18 months of age. We hypothesized that children would differ in gut microbial diversity, enterotypes obtained by Dirichlet multinomial mixture analysis and specific taxa based on their behavioural characteristics. Results: In children dichotomized by behavioural trait performance in above- and below-median groups, weighted Unifrac b-diversity exhibited significant differences in fine motor (FM) activity. Dirichlet multinomial mixture modelling identified two enterotypes strongly associated with FM outcomes. When controlling for maternal pre-gestational BMI and breastfeeding for up to 3 months, the examination of signature taxa in FM groups showed that Turicibacter and Parabacteroides were highly abundant in the below-median FM group, while Collinsella, Coprococcus, Enterococcus, Fusobacterium, Holdemanella, Propionibacterium, Roseburia, Veillonella, an unassigned genus within Veillonellaceae and, interestingly, probiotic Bifidobacterium and Lactobacillus were more abundant in the above-median FM group. Conclusions: Our results suggest an association between enterotypes and specific genera with FM activity and may represent an opportunity for probiotic interventions relevant to treatment for motor disorders.This study was granted by Spanish Ministry of Innovation and Science. Junta de Andalucía: Excellence Projects (P06-CTS-02341); Spanish Ministry of Economy and Competitiveness (BFU2012-40254-C03-02) and partially funded by the European Commission MyNewGut FP7 EU Project (Grant agreement n° 613979). Research post-doctoral fellowship from the Alfonso Martín Escudero Foundation; MyNewGut FP7 EU Project (Grant agreement n° 613979); DynaHEALTH EU Project HORIZON 2020 (Grant agreement n°: 633595-2); Marie Curie post-doctoral fellowship (FP7, no. 329812, NutriOmics); The first author received Pre-Doc scholarships from the Spanish Ministry of Education, Culture and Sports (FPU16/04587). The funders had no role in study design, data collection and analysis, decision to publish, or preparation of the manuscript.S

A Partially Protective Vaccine for Fasciola hepatica Induced Degeneration of Adult Flukes Associated to a Severe Granulomatous Reaction in Sheep

Fasciolosis is an important economic disease of livestock. There is a global interest in the development of protective vaccines since current anthelmintic therapy is no longer sustainable. A better knowledge of the host-parasite interaction is needed for the design of effective vaccines. The present study evaluates the microscopical hepatic lesions in sheep immunized with a partially protective vaccine (VAC1), a non-protective vaccine (VAC2), and an infected control group (IC). The nature of granulomatous inflammation associated with degeneration of adult flukes found in the VAC1 group was characterized by immunohistochemistry. Hepatic lesions (fibrous perihepatitis, chronic tracts, bile duct hyperplasia, infiltration of eosinophils and lymphocytes and plasma cells) were significantly less severe in the VAC1 group than in the IC group. Dead adult flukes within bile ducts were observed only in the VAC1 group and were surrounded by a severe granulomatous inflammation composed by macrophages and multinucleate giant cells with a high expression of lysozyme, CD163 and S100 markers, and a low expression of CD68. Numerous CD3+ T lymphocytes and scarce infiltrate of FoxP3+ Treg and CD208+ dendritic cells were present. This is the first report describing degenerated flukes associated to a severe granulomatous inflammation in bile ducts in a F. hepatica vaccine trial