Bargaining, Revenue Sharing and Control Rights Allocation

In a two-period, double moral hazard model with incomplete contracting, this paper explores the relationship between revenue sharing and control rights. Specifically, we endogenize the allocation of both the income rights and the control rights and show why the two are often bundled together in the context of a two-party joint venture. Moreover, we study how the use of different bargaining solutions for the ex post contract renegotiation game may affect the optimal allocation of income and control rights. Our results can be used to explain the commonly observed ownership structures of equity joint ventures.

A contractual analysis of state versus private ownership

We uniquely analyze the advantages and disadvantages of private ownership versus state ownership under various circumstances by focusing on three aspects: external risk, internal governance, and relative importance of owners versus managers. Our theoretical analysis indicates that private ownership is better than state ownership if the business environment is risky, corruption is limited, or the manager plays a more important role than the owner. Our empirical analysis supports our theoretical findings and reveals that better internal governance, more external risk and greater importance of the manager will magnify the benefits of privatization

Fatigue behaviors and atomic-scale mechanisms in nanocrystalline gold thin film

The fatigue properties of 930 nm-thick Au films and 1 {\mu}m-thick Au film with a Ti interlayer are systematically investigated. The dominant damage behaviors of 930 nm-thick Au films under dynamic bending cyclic loading changed from extrusions to intergranular cracks with the decrease in strain ranges and the increase in cyclic cycles. The different fatigue behaviors are attributed to the process of edge dislocation annihilation and vacancy formation during cyclic deformation. Depositing 10 nm-thick Ti interlayers between the PI substrates and 1 {\mu}m-thick annealed Au films is effective to suppress strain localization and increase the rupture strain and the fatigue properties of thin Au films. This study shed lights on the fatigue mechanism and provide clues to design nanocomposites in the flexible displays in the practical application.Comment: 25 pages, 8 figure

Mechanically induced interaction between diamond and transition metals

Purely mechanically induced mass transport between diamond and transition metals are investigated using transition thin metal film-deposited AFM tip scratching and in situ TEM scratching test. Due to the weak strength of the transition metal-diamond joints and transition metal thin films, AFM scratching rarely activated the mass transport interaction at the diamond-transition metal thin film interfaces. In situ TEM scratching tests were performed by using a Nanofactory STM holder. The interaction at diamond and tungsten interface was successfully activated by nanoscale in-situ scratching under room temperature. The lattice structure of diamond and tungsten were characterized by HRTEM. The stress to activate the interaction was estimated by measuring the interplanar spacing change of tungsten nanotips before scratching and at the frame that the interaction was activated.Comment: 28 Pages, 10 Figure

Regulation of the renal angiotensin II receptor gene in acute unilateral ureteral obstruction

Regulation of the renal angiotensin II receptor gene in acute unilateral ureteral obstruction. We have shown that acute (24-hr) unilateral ureteral obstruction (UUO) induces the genes encoding for renin, in juxtaglomerular apparatuses and in tubules, for angiotensin converting enzyme in vascular endothelial cells, and for angiotensinogen in perivascular fat. These molecular changes occur in temporal association to marked reductions in renal blood flow (RBF) and glomerular filtration rate (GFR), suggesting that angiotensin II (Ang II) is at least partly responsible for the renal vasoconstriction. We tested the hypothesis that down-regulation of the Ang II type-1 receptor (AT1-R) gene occurs in UUO in response to Ang II, by examining the effects of an ACE inhibitor [lisinopril (Li), 5 mg/kg/day] and of the specific nonpeptidic AT1-R blocker, losartan (Lo) (10 mg/kg/day). UUO or sham operated (which included manipulation but not obstruction of the ureter) rats (S) were studied. Northern blot analysis of the steady state concentration of AT1-R mRNA corrected for GAPDH mRNA showed a marked decrease in receptor expression (-77%, N = 4, P < 0.01) in the obstructed kidney (UUO) compared to S; sham diminished gene expression modestly compared to the contralateral kidneys (C) of UUO. In situ hybridization for AT1-R mRNA also showed diminished expression in UUO compared to C kidneys (N = 4). Treatment of UUO rats (N = 4) with Lo increased AT1-R mRNA five times above the levels in UUO rats receiving vehicle; the increase induced by Li was 50% that of Lo; S (N = 4) and C (N = 4) did not change. Losartan, but not vehicle treatment increased RBF (sixfold) and GFR (fivefold) in the UUO kidneys. We conclude that UUO leads to down-regulation of AT1-R mRNA, and that this effect is mediated by Ang II, which is also responsible for a major component of the renal hemodynamic changes. Some function of UUO or ureteral manipulation, possibly stretch or nerve stimulation, differentially regulates the genes encoding for the renin-angiotensin system in the kidney

A novel prestack sparse azimuthal AVO inversion

In this paper we demonstrate a new algorithm for sparse prestack azimuthal AVO inversion. A novel Euclidean prior model is developed to at once respect sparseness in the layered earth and smoothness in the model of reflectivity. Recognizing that methods of artificial intelligence and Bayesian computation are finding an every increasing role in augmenting the process of interpretation and analysis of geophysical data, we derive a generalized matrix-variate model of reflectivity in terms of orthogonal basis functions, subject to sparse constraints. This supports a direct application of machine learning methods, in a way that can be mapped back onto the physical principles known to govern reflection seismology. As a demonstration we present an application of these methods to the Marcellus shale. Attributes extracted using the azimuthal inversion are clustered using an unsupervised learning algorithm. Interpretation of the clusters is performed in the context of the Ruger model of azimuthal AVO

Banking sector profitability, before, during and after Global Financial Crisis: Evidence from a developing economy

This study grants empirical support to the fact that profitability of the Pakistani banking sector was reduced during 2008-2009 and among other factors this reduction was accredited to the global financial crisis and resulting increased investments portfolio in total assets. We have used panel data of all Pakistani scheduled banks during 2005-2012. We proved theoretically and empirically that fixed effects model is appropriate for this study. Second stage analysis confirms the above results and shows that the profitability of Pakistani banking sector was higher in pre and post crisis years than in financial crisis period. Profitability was relatively lower in the after crisis years then in before crisis years because of the residual effects of the global financial crisis. In third stage analysis we found that private and foreign banks were more affected by financial crisis than public sector, specialized and Islamic banks. Our results are robust to alternate measures of profitability. In context of developing countries this study will help bank managers and the regulators to stay better prepared to face any financial crisis in future.&nbsp

Identification of important charged residues for alkali cation exchange or pH regulation of NhaH, a Na+/H+ antiporter of Halobacillus dabanensis

AbstractNhaH is a novel Na+/H+ antiporter identified from the moderate halophile Halobacillus dabanensis. In this study, six conserved charged residues located in the putative transmembrane segments (TMS) including TMSV, TMSVI, TMSVIII and TMSXI of NhaH as well as two His residues in Loop III were replaced by site-directed mutagenesis for the identification of their potential roles in the antiport activity and pH regulation. Substitutions D137A, D166A and R325A caused a complete loss of Na+(Li+)/H+ antiport activity, revealing that D137, D166 and R325 are indispensable for the antiport activity. Substitution D137E led to a significant increase of the apparent Km values for Na+ and Li+ without affecting the changes of pH profile, confirming that D137 plays vital roles in alkali cation binding/translocation. Substitution D166E resulted in not only a significant increase of the apparent Km values for Na+ and Li+ but also an alkaline shift of pH profile, suggesting that D166 is involved in alkali cation binding/translocation as well as H+ binding or pH regulation. Substitutions E161N, D224A and D224E caused a significant increase of Km for Na+ and Li+, indicating that E161 and D224 partly contribute to alkali cation binding/translocation. Substitution E229K caused an over 50% elevation of the apparent Km for Li+, without affecting that for Na+, suggesting that E229 may be mainly responsible for Li+ binding/translocation. Substitutions H87A and H88A resulted in an acidic shift of pH profile without an effect on Km for Na+ and Li+, indicating that H87 and H88 are involved in H+ binding or pH regulation

Full genome characterization and evolutionary analysis of Banna virus isolated from Culicoides, mosquitoes and ticks in Yunnan, China

IntroductionBanna virus (BAV), a potential pathogen that may cause human encephalitis, is the prototype species of genus Seadornaviru within the family Reoviridae, and has been isolated from a variety of blood-sucking insects and mammals in Asia.MethodsCulicoides, Mosquitoes, and Ticks were collected overnight in Yunnan, China, during 2016-2023 using light traps. Virus was isolated from these collected blood-sucking insects and grown using Aedes albopictus (C6/36) cells. Preliminary identification of the virus was performed by agarose gel electrophoresis (AGE). The full genome sequences of the BAVs were determined by full-length amplification of cDNAs (FLAC) and sequenced using next-generation sequencing.ResultsIn this study, 13 strains BAV were isolated from Culicoides, Mosquitoes and Ticks. Their viral genome consisted of 12 segments of double-stranded RNA (dsRNA), and with three distinct distribution patterns. Sequence analysis showed that Seg-5 of four strains (SJ_M46, SJ_M49, JC_M19-13 and JC_C24-13) has 435 bases nucleotide sequence insertions in their ORF compared to other BAVs, resulting in the length of Seg-5 up to 2128 nt. There are 34 bases sequence deletion in Seg-9 of 3 strains (WS_T06, MS_M166 and MS_M140). Comparison of the coding sequences of VP1, VP2, VP5, VP9 and VP12 of the 13 BAV strains, the results show that VP1, VP2 and VP12 are characterised by high levels of sequence conservation, while VP9 is highly variable, under great pressure to adapt and may be correlated with serotype. While also variable, VP5 appears to be under less adaptive pressure than VP9. Additionally, phylogenetic analysis indicates that the 13 BAV strains locate in the same evolutionary cluster as BAVs isolated from various blood-sucking insects, and are clustered according to geographical distribution.ConclusionThe data obtained herein would be beneficial for the surveillance of evolutionary characteristics of BAV in China and neighboring countries as well as extend the knowledge about its genomic diversity and geographic distribution