Corporate Governance and Firms' Market Values: Time Series Evidence from Russia

There is increasing evidence that broad measures of firm-level corporate governance predict higher share prices. However, almost all prior work relies on cross-sectional data. This work leaves open the possibility that endogeneity or omitted firm-level variables explain the observed correlations. We address the second possibility by offering time-series evidence from Russia for 1999-present, exploiting a number of available governance indices. We find an economically important and statistically strong correlation between governance and market value in OLS with firm clusters and in firm random effects and firm fixed effects regressions. We also find significant differences in the predictive power of different indices, and in the components of these indices. How one measures governance matters.Russia, corporate governance, corporate governance index, law and finance, firm valuation, disclosure, emerging markets

About the possibility of the type broadband channel signal aplication with linear frequency modulation in multichannel systems of satellite communication

They consider the expediency of one class of broadband channel signal application created on the basis of intrapulse phase modulation according to the pseudo-random sequence (PRS) of a linear-frequency-modulated (LFM) radio pulse in multi-channel satellite communication systems with the code division of the frequency-time resources of a communication channel. In the framework of this paper, the uncertainty functions (UF) and the mutual uncertainty functions (MUF) of the proposed class of signals are studied in order to evaluate the effect of the Doppler frequency shift on its noise immunity and the dimension of an ensemble volume concerning weakly correlated forms of this signa

On the evaluation of noise immunity of different classes of wideband signals

The current stage of the development of the society is characterized by a continuous increase in remote interaction between subscribers and user requests for various types of multiservice services, with the required quality regardless of their location. This is mainly implemented on the basis of wireless communication systems (SBS) at the current tim

Выявление факторов риска регионарного метастазирования дифференцированного рака щитовидной железы

Diagnostic difficulties of regional metastases, especially lesion of the central neck, is the main problem with choosing the type of surgical intervention for patients with differentiated thyroid cancer diagnosis. The frequency of differentiated thyroid cancer regional metastasis to the neck lymph nodes is about 60 %. This article includes the search and identification of risk factors of differentiated thyroid cancer regional metastases, as well as a review of the literature on this problem. We have analyzed the results of surgical treatment of patients with papillary thyroid cancer of Stage I–III (T1–4aN0–1bM0) who underwent surgical treatment at the St. Petersburg State Healthcare Institution «City Clinical Oncology Center» in 2018–2019. As a result of the study, the data revealed a relationship between regional metastases and intrathyroid vascular invasion of the primary tumor (p < 0.05), while multifocality, extrathyroid extension and the incidence of BRAF mutation have not demonstrated this correlation (p > 0.05). After the surgical treatment we should focus on the presence of vascular invasion and, if it is detected, perform final thyroidectomy and central lymph node dissection with subsequent radioiodine therapy.Трудность диагностики регионарных метастазов, особенно при поражении центрального уровня шеи, представляет основную проблему выбора объема хирургического вмешательства у пациентов с диагнозом дифференцированного рака щитовидной железы (РЩЖ). Частота регионарного метастазирования дифференцированного РЩЖ в лимфатические узлы шеи составляет в среднем 60 %. В статье описан процесс поиска факторов риска регионарного метастазирования дифференцированного рака щитовидной железы, а также дан обзор литературы по данной проблеме. Были проанализированы результаты хирургического лечения пациентов с морфологическим диагнозом папиллярного РЩЖ I–III стадии T1–4aN0–1bM0, которым было проведено хирургическое лечение в СПБ ГБУЗ «Городской клинический онкологический диспансер» Минздрава России в период с 2018 по 2019 гг. Согласно полученным в результате исследования данным выявлена связь регионального метастазирования с интратиреоидной сосудистой инвазией первичной опухоли (p < 0,05), тогда как многофокусность, экcтратиреоидное распространение и наличие BRAF-мутации данной корреляции не продемонстрировали (p > 0,05). После выполненного хирургического лечения у пациентов с дифференцированным РЩЖ при оценке послеоперационного гистологического материала следует акцентировать внимание на наличии интратиреоидной сосудистой инвазии первичной опухоли и при её обнаружении расширять объём лечения и выполнять завершающую тиреоидэктомию с лимфодиссекцией и последующей радиойодтерапией

Expression of insulin pathway genes during the period of caste determination in the honey bee, Apis mellifera

Female honeybees have two castes, queens and workers. Developmental fate is determined by larval diet. Coding sequences made available through the Honey Bee Genome Sequencing Consortium allow for a pathway-based approach to understanding caste determination. We examined the expression of several genes of the insulin signalling pathway, which is central to regulation of growth based on nutrition. We found one insulin-like peptide expressed at very high levels in queen but not worker larvae. Also, the gene for an insulin receptor was expressed at higher levels in queen larvae during the 2nd larval instar. These results demonstrate that the insulin pathway is a compelling candidate for pursing the relationship between diet and downstream signals involved in caste determination and differentiation

АКСИОЛОГИЧЕСКИЕ ТРАНСФОРМАЦИИ В ГЛОБАЛЬНОМ ОБРАЗОВАНИИ КАК СЛЕДСТВИЕ ИНФОРМАЦИОННЫХ ТЕХНОЛОГИЙ

The article focuses on the problems of national education at the current moment. The authors make case about the outlooks of improving the quality of education based on the most technologies. The authors outline that application of information technologies enhances the quality of training of specialists taking into account the obvious fact that social institutions have a high degree of originality and uniqueness and require development of specific technologies for each of them. Full socio-philosophical analysis of the role of information in global education implies investigation of the peculiarities of education as a part of society. The thing is that research devoted to the role, place and outlooks would depend on solution of social problems, education problems as an important social institute. This means that any actions on directing the information flows in education should follow the national idea, as the education system becomes a reason and a consequence of all social transformations. In other words, the education system is closely connected with sustainability of society; however, it has its own peculiarity specified by concrete education activity. Modern global education differs from the traditional one (Soviet), in the way knowledge is delivered on the broader spectrum. The authors pay attention to the mechanism of knowledge delivering and qualitative characteristics of new information that should become the bridge to the new knowledge by means of application new ways of information transmission. Due to the fact that information technologies are widely applied, teachers should deliver knowledge not only by means of classroom studies but using university and global information nets.В статье рассматриваются вопросы отечественного образования на современном этапе. Раскрываются перспективы повышения качества образования на основе новейших технологий. При этом доказывается, что внедрение информационных технологий является мощным средством повышения качества подготовки специалистов с учетом того очевидного обстоятельства, что социальные институты обладают высокой степенью неповторимости и уникальности и требуют разработки специфических технологий применительно к каждому из них. Полноценный социально-философский анализ роли информации в глобальном образовании предполагает исследование особенностей самого образования как части социума. Дело в том, что любые исследования, посвященные роли, месту и перспективам информации, так или иначе будут зависеть от уровня решения социальных проблем вообще и образования как важнейшего социального института в частности. Это означает, что любые действия по направлению потоков информации в образовательном процессе должны согласовываться с общенациональной идеей, поскольку система образования всегда является и причиной, и следствием всех социальных трансформаций. Другими словами, образовательная система тесным образом связана с устойчивостью всего общества, однако имеет свою особенность, детерминированную спецификой конкретной образовательной деятельности. Современная глобальная школа отличается от традиционной, советской, в частности тем, что трансляция знаний ведется по более широкому спектру. Представляет интерес как сам механизм трансляции знаний, так и качественные характеристики новой информации, которая должна стать своеобразным мостиком в новое знание, используя в обучении новые каналы передачи информации. В условиях активного применения информационных технологий наряду с традиционными авторскими программами преподаватели могут и должны доносить знания не только посредством аудиторных занятий, но и путем использования как локальных (вузовских), так и глобальных информационных сетей

Transcript levels of ten caste-related genes in adult diploid males of Melipona quadrifasciata (Hymenoptera, Apidae) - A comparison with haploid males, queens and workers

In Hymenoptera, homozygosity at the sex locus results in the production of diploid males. In social species, these pose a double burden by having low fitness and drawing resources normally spent for increasing the work force of a colony. Yet, diploid males are of academic interest as they can elucidate effects of ploidy (normal males are haploid, whereas the female castes, the queens and workers, are diploid) on morphology and life history. Herein we investigated expression levels of ten caste-related genes in the stingless bee Melipona quadrifasciata, comparing newly emerged and 5-day-old diploid males with haploid males, queens and workers. In diploid males, transcript levels for dunce and paramyosin were increased during the first five days of adult life, while those for diacylglycerol kinase and the transcriptional co-repressor groucho diminished. Two general trends were apparent, (i) gene expression patterns in diploid males were overall more similar to haploid ones and workers than to queens, and (ii) in queens and workers, more genes were up-regulated after emergence until day five, whereas in diploid and especially so in haploid males more genes were down-regulated. This difference between the sexes may be related to longevity, which is much longer in females than in males

Sequence and expression pattern of the germ line marker vasa in honey bees and stingless bees

Queens and workers of social insects differ in the rates of egg laying. Using genomic information we determined the sequence of vasa, a highly conserved gene specific to the germ line of metazoans, for the honey bee and four stingless bees. The vasa sequence of social bees differed from that of other insects in two motifs. By RT-PCR we confirmed the germ line specificity of Amvasa expression in honey bees. In situ hybridization on ovarioles showed that Amvasa is expressed throughout the germarium, except for the transition zone beneath the terminal filament. A diffuse vasa signal was also seen in terminal filaments suggesting the presence of germ line cells. Oocytes showed elevated levels of Amvasa transcripts in the lower germarium and after follicles became segregated. In previtellogenic follicles, Amvasa transcription was detected in the trophocytes, which appear to supply its mRNA to the growing oocyte. A similar picture was obtained for ovarioles of the stingless bee Melipona quadrifasciata, except that Amvasa expression was higher in the oocytes of previtellogenic follicles. The social bees differ in this respect from Drosophila, the model system for insect oogenesis, suggesting that changes in the sequence and expression pattern of vasa may have occurred during social evolution

Queen mandibular pheromone: questions that remain to be resolved

The discovery of ‘queen substance’, and the subsequent identification and synthesis of keycomponents of queen mandibular pheromone, has been of significant importance to beekeepers and to thebeekeeping industry. Fifty years on, there is greater appreciation of the importance and complexity of queenpheromones, but many mysteries remain about the mechanisms through which pheromones operate. Thediscovery of sex pheromone communication in moths occurred within the same time period, but in this case,intense pressure to find better means of pest management resulted in a remarkable focusing of research activityon understanding pheromone detection mechanisms and the central processing of pheromone signals in themoth. We can benefit from this work and here, studies on moths are used to highlight some of the gaps in ourknowledge of pheromone communication in bees. A better understanding of pheromone communication inhoney bees promises improved strategies for the successful management of these extraordinary animals