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

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;

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

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

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

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

Corporate food donations: altruism, strategy or cost saving?

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

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

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

Changing prevalence of asthma in Turin school children between 1994 and 1999

Beckground: Asthma is a widespread chronic disorder in children and its prevalence has been on the increase in Europe. Only few studies have described the prevalence variation in respiratory symptoms in Italian regions. The aim of this study, conducted in Turin during the 1998/1999 school year, is to investigate the distribution of respiratory symptoms in a sample of Turin school children and to compare the obtained results with the findings of the SIDRIA study performed in 1994-95. Methods: the sample in study is composed of all the children attending to three elementary schools in Turin. All of the selected schools had already participated in the 94-95 ISAAC-SIDRIA study. A total of 448 pupils aged 6- 10 years received a standardised questionnaire to be filled by parents. Results: response rate is higher than 97% in all the studies. In 1999 we found that the prevalence of wheezing in the past 12 months was 7.3%. The 13.3% of children had asthma at least once in life and the 5.3% reported an attack in the last year. The comparison of our study results with the ISAACSIDRIA (1994-95) shows that the prevalence of asthma and asthma-like symptoms is rather stable among children, while the prevalence of bronchitis reveals a reduction of about 5.5%, but not statistically significant (p=0.094; 95%CI:-11.9;0.9). A considerable reduction in exposure to parents' passive smoke is shown: ΔP%=-4.7 (95%CI: -9.4;-0.1) for maternal smoking in pregnancy, ΔP%=-8.2 and -15.2, respectively for maternal and paternal smoking in the first two years of life. Conclusions: The results indicate a stable prevalence rate in asthma symptoms in children. A possible explanation of slight variation in asthma prevalence may be due to a reduced exposure to outdoor and indoor risk factors as reported in the questionnaires

Determinants of the price response to residential water tariffs : meta-analysis and beyond

Meta-analyses synthesise available data on a phenomenon to get a broader understanding of its determinants. This work proposes a two-step methodology. 1) Based on a broad dataset of residential water demand studies, it builds a meta-regression model to estimate mean and standard deviation of price elasticity of residential water demand. 2) The resulting meta-model serves as a basis for implementing an approach that directly simulates the range of price elasticities resulting from policy-relevant combinations of its determinants. This simulation approach is validated using the available dataset. Despite evidence of low average price elasticity, the scenarios simulated using our meta-regression estimates show that increasing block rate tariffs are associated with higher price elasticity, and stresses the importance of using state-of-the-art methodologies when evaluating the price response. This completes other methodological insights obtained from the meta-analysis itself. Policy implications on the use of pricing to bring about water savings are discussed

Diagnostic Value of the Acid-Labile Subunit in Acromegaly: Evaluation in Comparison with Insulin-Like Growth Factor (IGF) I, and IGF-Binding Protein-1, -2, and -3

ABSTRACT In normal subjects the main form of circulating insulin-like growth factor (IGF) is the 150-kDa complex. This complex is formed by the IGF peptide, the acid-stable IGF-binding protein-3 (IGFBP-3), and the acid-labile subunit (ALS). Experimental and clinical data have demonstrated that ALS is primarily under the control ofGHand plays a critical role in maintaining constant levels of circulating IGF-I. In this study we evaluated ALS, IGF-I, and IGFBP-1, -2, and -3 in 45 acromegalic patients in basal conditions and, in 37 of these, twice after surgical therapy compared with 100 age- and sex-matched control subjects to estimate their value as parameter of GH secretory state. The results demonstrated that in acromegaly before treatment all parameters (ALS, 523 6 26; IGF-I, 129 6 6; IGFBP-1, 0.7 6 0.1; IGFBP-3, 234 6 21; nmol/L; mean 6 SEM) but IGFBP-2 were significantly different (P , 0.0001) from those in healthy subjects (ALS, 281 6 4; IGF-I, 22 6 1; IGFBP-1, 1.6 6 0.1; IGFBP-3, 91 6 3). IGF-I was more sensitive (100%) than ALS (89%), and both were more predictive of disease status than IGFBP-3, in that 27% of the patients had IGFBP-3 levels within the normal range. Considering the ALS/ IGFBP-3 molar ratio, almost 55% of ALS circulated in a free form in active acromegaly. Before treatment, the IGF-I/IGFBPs (21122 1 23) molar ratio, which can be regarded as free, biologically active, IGF-I, was greatly increased (0.77 6 0.06; P , 0.0001) compared with that in control subjects (0.23 6 0.01). After surgery, all 10 patients with controlled disease showed normalization of ALS (100% sensitivity), whereas 9 of them had normal IGFBP-3; reevaluation after varying lengths of time showed all these parameters within the normal range. In the 27 patients with active disease, IGF-I and ALS were more predictive of disease status (91% and 83% negative predictive values, respectively) than IGFBP-3 (53%).The basal ALS concentration correlated only with IGFBP-3 (r 5 0.70; P , 0.001). In postsurgery samples (first control) a statistically significant (P , 0.001) correlation was found between mean GH values as well as minimum GH after oral glucose tolerance test and ALS (r 5 0.72 and 0.83, respectively), IGF-I (r 5 0.69 and 0.77), IGFBP-3 (r 5 0.50 and 0.72), and IGFBP-2 (r 5 20.36 and 20.63). Similarly, IGF-I, IGFBP-3, and ALS were positively correlated among themselves and negatively correlated with IGFBP-2 (P , 0.001). In conclusion, in the diagnosis of acromegaly, the measurement of total IGF-I appears to be the most sensitive parameter among the subunits of the 150K complex, and IGFBP-3 the least sensitive. For ALS, this subunit is quite sensitive and appears to be a useful parameter in reassessment after surgical treatment

The normalisation of Food Aid: What happened to feeding people well?

In the UK, food poverty has increased in the last 15 years and the food aid supply chain that has emerged to tackle it is now roughly 10 years old. In this time, we have seen the food aid supply chain grow at a rate that has astounded many.  Recently that growth has been aided by a grant of £20m from a large supermarket chain. It appears institutionalisation is just around the corner, if not already here. It also appears that there is far greater emphasis on dealing with  the symptoms as opposed to solving the root causes of the problem. As an opinion piece, this paper reflects on some of the prevalent issues, and suggests some ways forward