Counter Rotating Open Rotor Animation using Particle Image Velocimetry

This article describes the two accompanying fluid dynamics videos for the "Counter rotating open rotor flow field investigation using stereoscopic Particle Image Velocimetry" presented at the 64th Annual Meeting of the APS Division of Fluid Dynamics in Baltimore, Maryland, November 20-22, 2011.Comment: Videos are include

Antitrust merger review costs and acquirer lobbying

Documenting the US antitrust review process for M&As in rich detail, we unveil that regulatory costs and risks are significant and that mitigating these risks via lobbying by acquirers may benefit shareholders. Our results show that an adverse antitrust review outcome leads to a decline of 2.8 percent in acquirer firm value. Further, we show that lobbying before deal announcements is associated with more favorable review outcomes. Finally, higher pre-announcement lobbying is valued by shareholders, especially in horizontal deals and deals with a larger expected change in market concentration, which have higher antitrust concerns. However, this positive value effect of lobbying applies only in firms with strong corporate governance. Our results highlight the role of political connections and lobbying for corporate investments when facing regulatory costs and risks

Ownership Concentration and Firm Value: New Evidence from Owner Stakes in IPOs

We study the relationship between ownership concentration and firm value using hand‐collected data on the stakes of owner‐managers before and after IPOs. We instrument for the reduction in stake using market returns shortly before IPOs. Short‐run market returns are plausible instruments since owners engage in market timing by selling more when prior returns are high, but high short‐run returns are unlikely to directly affect firm value years after the IPO. As predicted by agency theory, a large reduction in ownership concentration at the IPO is negatively related to valuation. Future asset growth is low when owners have low stakes

Compartment-driven imprinting of intestinal CD4 T cells in inflammatory bowel disease and homeostasis

The mucosal immune system is implicated in the etiology and progression of inflammatory bowel diseases. The lamina propria and epithelium of the gut mucosa constitute two separate compartments, containing distinct T-cell populations. Human CD4 T-cell programming and regulation of lamina propria and epithelium CD4 T cells, especially during inflammation, remain incompletely understood. We performed flow cytometry, bulk, and single-cell RNA-sequencing to profile ileal lamina propria and intraepithelial CD4 T cells (CD4CD8αα, regulatory T cells (Tregs), CD69- and CD69high Trm T cells) in controls and Crohn's disease (CD) patients (paired non-inflamed and inflamed). Inflammation results in alterations of the CD4 T-cell population with a pronounced increase in Tregs and migrating/infiltrating cells. On a transcriptional level, inflammation within the epithelium induced T-cell activation, increased IFNγ responses, and an effector Treg profile. Conversely, few transcriptional changes within the lamina propria were observed. Key regulators including the chromatin remodelers ARID4B and SATB1 were found to drive compartment-specific transcriptional programming of CD4 T(reg) cells. In summary, inflammation in CD patients primarily induces changes within the epithelium and not the lamina propria. Additionally, there is compartment-specific CD4 T-cell imprinting, driven by shared regulators, between the lamina propria and the epithelium. The main consequence of intraepithelial adaptation, irrespective of inflammation, seems to be an overall dampening of broad (pro-inflammatory) responses and tight regulation of lifespan. These data suggest differential regulation of the lamina propria and epithelium, with a specific regulatory role in the inflamed epithelium

Onderzoek beleidsaanpak MKB-financieringsmarkt

__De vraagstelling van het onderzoek luidt als volgt:__ _Voorziet het overheidsbeleid, specifiek het EZK MKB financieringsbeleid en het samenspel van de diverse instrumenten, nog steeds in het effectief wegnemen van de knelpunten op de kapitaalmarkt die de beschikbaarheid van passende financieringsarrangementen voor ondernemingen belemmeren en waarin de markt zelf niet voorziet?