Investors\u27 Reactions to Alliance-Engendered Acquisition Ambiguity: Evidence from US Technology Deals

We study how, when target firms are engaged in strategic alliances, the ambiguity surrounding an acquisition\u27s anticipated synergies influences investors\u27 reactions to announcements of acquisitions. Drawing on behavioural finance research and the resource redeployment literature, we predict that investors\u27 limited access to the information encoded in the target firms\u27 alliances and the uncertainty around the re-deployability of their embedded resources generate a negative relationship between the number of target alliances and investors\u27 reactions. We also hypothesize that this negative effect is exacerbated when the alliances involve foreign alliance partners but is attenuated when acquirers are experienced in acquiring targets with alliances. Analysis of a large sample of US technology acquisitions supports all our hypotheses. We contribute to management research by offering a viable explanation of investors\u27 reactions to the announcement of major corporate events, such as acquisitions, whose structural characteristics deny investors material information about these events\u27 potential to create value

Molecular Evolution of the Infrared Sensory Gene TRPA1 in Snakes and Implications for Functional Studies

TRPA1 is a calcium ion channel protein recently identified as the infrared receptor in pit organ-containing snakes. Therefore, understanding the molecular evolution of TRPA1 may help to illuminate the origin of “heat vision” in snakes and reveal the molecular mechanism of infrared sensitivity for TRPA1. To this end, we sequenced the infrared sensory gene TRPA1 in 24 snake species, representing nine snake families and multiple non-snake outgroups. We found that TRPA1 is under strong positive selection in the pit-bearing snakes studied, but not in other non-pit snakes and non-snake vertebrates. As a comparison, TRPV1, a gene closely related to TRPA1, was found to be under strong purifying selection in all the species studied, with no difference in the strength of selection between pit-bearing snakes and non-pit snakes. This finding demonstrates that the adaptive evolution of TRPA1 specifically occurred within the pit-bearing snakes and may be related to the functional modification for detecting infrared radiation. In addition, by comparing the TRPA1 protein sequences, we identified 11 amino acid sites that were diverged in pit-bearing snakes but conserved in non-pit snakes and other vertebrates, 21 sites that were diverged only within pit-vipers but conserved in the remaining snakes. These specific amino acid substitutions may be potentially functional important for infrared sensing

Microbial life in the deep terrestrial subsurface

The distribution and function of microorganisms is a vital issue in microbial ecology. The US Department of Energy`s Program, ``Microbiology of the Deep Subsurface,`` concentrates on establishing fundamental scientific information about organisms at depth, and the use of these organisms for remediation of contaminants in deep vadose zone and groundwater environments. This investigation effectively extends the Biosphere hundreds of meters into the Geosphere and has implications to a variety of subsurface activities

Finishing the euchromatic sequence of the human genome

The sequence of the human genome encodes the genetic instructions for human physiology, as well as rich information about human evolution. In 2001, the International Human Genome Sequencing Consortium reported a draft sequence of the euchromatic portion of the human genome. Since then, the international collaboration has worked to convert this draft into a genome sequence with high accuracy and nearly complete coverage. Here, we report the result of this finishing process. The current genome sequence (Build 35) contains 2.85 billion nucleotides interrupted by only 341 gaps. It covers ∼99% of the euchromatic genome and is accurate to an error rate of ∼1 event per 100,000 bases. Many of the remaining euchromatic gaps are associated with segmental duplications and will require focused work with new methods. The near-complete sequence, the first for a vertebrate, greatly improves the precision of biological analyses of the human genome including studies of gene number, birth and death. Notably, the human enome seems to encode only 20,000-25,000 protein-coding genes. The genome sequence reported here should serve as a firm foundation for biomedical research in the decades ahead

Networks, knowledge, and knowledge networks: A critical review and research agenda

International audienceA large and growing body of empirical research shows that social relationships and the networks these relationships constitute are influential in explaining the processes of knowledge creation, diffusion, absorption, and use. The authors refer to such networks as "knowledge networks." They advance an understanding of knowledge networks at multiple levels by conducting a systematic review and analysis of empirical research published on this topic in leading management, psychology, sociology, and economics journals. The authors develop a comprehensive framework that organizes the knowledge networks literature, which they use to review extant empirical research within and across multiple disciplines and levels of analysis. They identify points of coherence and conflict in theoretical arguments and empirical results within and across levels and identify emerging themes and promising areas for future research

Learning from what others have learned from you: The effects of knowledge spillovers on originating firms

International audienceAlthough research suggests knowledge spillovers benefit imitators often at the expense of originators, we investigate how originating firms may also benefit from their own spillovers. When an originating firm's spillovers are recombined with complementary knowledge by recipient firms, a pool of external knowledge is formed that is inherently related to the originating firm's knowledge base. This spillover knowledge pool contains valuable opportunities for the originator to learn vicariously from recipients' recombinatorial activities. In a longitudinal study of 87 telecommunications equipment manufacturers, we find that a firm's rate of innovation and the extent to which these innovations build on and integrate knowledge from the spillover knowledge pool is greater when its spillover knowledge pool is larger in size and similar to the firm's existing knowledge base