The Signaling Information from Stock Repurchases on Operating Performance

Signaling theory is a heavily researched topic in the business field. This research uses the act of a stock repurchase and analyzes whether this provides a signal regarding the operating performance of the firm. Consistent with the market timing theory of stock repurchase, we find that companies experience better operating performance in the period with a repurchase. This effect is robust to multiple model specifications and estimation methods. The signaled effect of a stock repurchase is $109,601 on EBITDA for an average firm in our sample. Taken together, the results imply that stock repurchase can be used as a credible signal for firm performance. This result adds to the literature by identifying the commonly practiced activity of stock repurchase and demonstrating the significance of the information content in assessing firm performance

Humpback and Fin Whaling in the Gulf of Maine from 1800 to 1918

The history of whaling in the Gulf of Maine was reviewed primarily to estimate removals of humpback whales, Megaptera novaeangliae, especially during the 19th century. In the decades from 1800 to 1860, whaling effort consisted of a few localized, small-scale, shore-based enterprises on the coast of Maine and Cape Cod, Mass. Provincetown and Nantucket schooners occasionally conducted short cruises for humpback whales in New England waters. With the development of bomb-lance technology at mid century, the ease of killing humpback whales and fin whales, Balaenoptera physalus, increased. As a result, by the 1870’s there was considerable local interest in hunting rorquals (baleen whales in the family Balaenopteridae, which include the humpback and fin whales) in the Gulf of Maine. A few schooners were specially outfitted to take rorquals in the late 1870’s and 1880’s although their combined annual take was probably no more than a few tens of whales. Also in about 1880, fishing steamers began to be used to hunt whales in the Gulf of Maine. This steamer fishery grew to include about five vessels regularly engaged in whaling by the mid 1880’s but dwindled to only one vessel by the end of the decade. Fin whales constituted at least half of the catch, which exceeded 100 animals in some years. In the late 1880’s and thereafter, few whales were taken by whaling vessels in the Gulf of Maine

A disrupted circumstellar torus inside eta Carinae's Homunculus Nebula

We present thermal infrared images of the bipolar nebula surrounding eta Carinae at six wavelengths from 4.8 to 24.5 microns. These were obtained with the MIRAC3 camera system at the Magellan Observatory. Our images reveal new intricate structure in the bright core of the nebula, allowing us to re-evaluate interpretations of morphology seen in images with lower resolution. Complex structures in the core might not arise from a pair of overlapping rings or a cool (110 K) and very massive dust torus, as has been suggested recently. Instead, it seems more likely that the arcs and compact knots comprise a warm (350 K) disrupted torus at the intersection of the larger polar lobes. Some of the arcs appear to break out of the inner core region, and may be associated with equatorial features seen in optical images. The torus could have been disrupted by a post-eruption stellar wind, or by ejecta from the Great Eruption itself if the torus existed before that event. Kinematic data are required to rule out either possibility.Comment: 8 pages, 3 figures (Fig. 1 in color); to appear in ApJ Letter

Advance Power Technology Experiment for the Starshine 3 Satellite

The Starshine 3 satellite will carry several power technology demonstrations. Since Starshine 3 is primarily a passive experiment and does not need electrical power to successfully complete its mission, the requirement for a highly reliable power system is greatly reduced. This creates an excellent opportunity to test new power technologies. Several government and commercial interests have teamed up to provide Starshine 3 with a small power system using state-of-the-art components. Starshine 3 will also fly novel integrated microelectronic power supplies (IMPS) for evaluation

Differentiation and fiber type-specific activity of a muscle creatine kinase intronic enhancer

Background: Hundreds of genes, including muscle creatine kinase (MCK), are differentially expressed in fast- and slow-twitch muscle fibers, but the fiber type-specific regulatory mechanisms are not well understood. Results: Modulatory region 1 (MR1) is a 1-kb regulatory region within MCK intron 1 that is highly active in terminally differentiating skeletal myocytes in vitro. A MCK small intronic enhancer (MCK-SIE) containing a paired E-box/myocyte enhancer factor 2 (MEF2) regulatory motif resides within MR1. The SIE's transcriptional activity equals that of the extensively characterized 206-bp MCK 5'-enhancer, but the MCK-SIE is flanked by regions that can repress its activity via the individual and combined effects of about 15 different but highly conserved 9- to 24-bp sequences. ChIP and ChIP-Seq analyses indicate that the SIE and the MCK 5'-enhancer are occupied by MyoD, myogenin and MEF2. Many other E-boxes located within or immediately adjacent to intron 1 are not occupied by MyoD or myogenin. Transgenic analysis of a 6.5-kb MCK genomic fragment containing the 5'-enhancer and proximal promoter plus the 3.2-kb intron 1, with and without MR1, indicates that MR1 is critical for MCK expression in slow- and intermediate-twitch muscle fibers (types I and IIa, respectively), but is not required for expression in fast-twitch muscle fibers (types IIb and IId). Conclusions: In this study, we discovered that MR1 is critical for MCK expression in slow- and intermediate-twitch muscle fibers and that MR1's positive transcriptional activity depends on a paired E-box MEF2 site motif within a SIE. This is the first study to delineate the DNA controls for MCK expression in different skeletal muscle fiber types

Paleoecologic and paleoceanographic interpretation of δ18O variability in Lower Ordovician conodont species

Conodont δ18O is increasingly used to reconstruct Paleozoic–Triassic seawater temperature changes. Less attention has been paid to δ18O variation in time slices across paleoenvironments, within sample assemblages, or for reconstructing the thermal structure of Paleozoic oceans. Furthermore, there have been few independent tests of conodont ecologic models based on biofacies and lithofacies distributions. Here we present the rst test of ecologic models for conodonts based on δ18O values of a Laurentian Lower Ordovician (Floian) shelf edge–upper slope assemblage in debrites of the proximal lower slope Shallow Bay Formation, Cow Head Group, western Newfoundland. Nine species yield a 1.6–1.8‰ intra-sample δ18O variability based on mixed tissue and white matter-only analyses, equivalent to an ~7–8 °C range. Lin- ear mixed models demonstrate statistically signi cant differences between the δ18O of some species, supporting the interpretation that an isotopic and temperature gradient is preserved. By considering conodont δ18O in a geologic context, we propose an integrated paleoecologic and paleoceanographic model with species tiered pelagically through the water column, and con rm the utility of conodonts for water-mass characterization within Paleozoic oceans

Kant, race, and natural history

This article presents a new argument concerning the relation between Kant’s theory of race and aspects of the critical philosophy. It argues that Kant’s treatment of the problem of the systematic unity of nature and knowledge in the Critique of Pure Reason and the Critique of the Power of Judgment can be traced back a methodological problem in the natural history of the period – that of the possibility of a natural system of nature. Kant’s transformation of the methodological problem from natural history into a set of philosophical (and specifically epistemological) problems proceeds by way of the working out of his own problem in natural history – the problem of the natural history of the human races – and specifically the problem of the unity in diversity of the human species, in response to which he develops a theory of race. This theory of race is, further, the first developed model of the use of teleological judgment in Kant’s work. The article thus argues that Kant’s philosophical position on the systematic unity of nature and of knowledge in the first and third Critiques, and his account and defense of teleological judgment, are developed out of problems first articulated in his solution to the problem of the unity in diversity of the human species – that is, in his theory of race. The article does not seek to establish that these aspects of the critical philosophy are therefore racialised. But it does demonstrate, against those who deny its salience to his philosophy, how the problem of the unity in diversity of the human species and Kant’s theory of race is significant for the development of aspects of the critical philosophy and thus contributes to their philosophical problematics