What Determines M&A Legal and Financial Advisors’ Competitiveness in an International Financial Centre: Using China's Going Out Policy as a Natural Experiment

Roughly 60% of all publically announced advisors to China’s 'Going Out' M&A transactions from 2000 to 2014 were from international financial centres (representing over 70% of deal value). Why did advisors, located so far away from both acquirer and target, manage to dominate the M&A advisory market in the early stages of the 'Going Out' policy? What can we learn from the smaller advisors located outside of these financial centres who managed to capture a growing share of this business in 'Going Out’s' more recent stages? In this paper, we hypothesize the existence of a 'legal complexity externality' that had the effect of increasing a financial centre’s ability to attract international business. We look at the way Going Out advisors have responded to advisory opportunities using what management theorists call 'blue ocean strategy.' We show that relationships across geography changed, as large global advisors lost their share of advisory business to advisors outside of international financial centres due to the interplay of these legal complexity externalities and blue ocean strategies. As cities helps foster changes in the law governing Going Out transactions – and as financial and legal advisors adapted their strategies to compete – cities gained or lost Going Out business. We provide 5 recommendations to existing and aspiring international financial centres looking to capture a larger share of global M&A and other investment advisory business.postprin

Analysis of genetic diversity and construction of core collection of local mulberry varieties from Shanxi Province based on ISSR marker

Genetic diversity of 73 local mulberry varieties from Shanxi Province were screened using ISSR markers, with l5 primers combinations selected for their reproducibility and polymorphism. 129 bands were amplified, of which 115 bands showed polymorphism and the ratio of polymorphism bands was 89.15%. Nei’s genetic similarity coefficients ranged from 0.5891 to 0.9457 with an average of 0.7674. The observed number of alleles of each loci, effective number of alleles of each loci, Nei’s gene diversity, Shannon’s information index were 1.8915, 1.4771, 0.2780 and 0.4197, respectively. Clustering results showed that the 73 varieties could be divided into three different groups and nine subgroups. By using stepwise clustering and random methods and the modified heuristic algorithm, 21 core collections were constructed and the ratio of core collection was 28.77%. The result of t-test to the parameters (the number effective of alleles, Nei's genetic diversity index and Shannon's information index) showed that there was not significant difference between the core collection and initial sample with the exception of the number of observed alleles, that is, the core collection could well represent the initial sample.Key words: Mulberry, germplasm resource, genetic diversity, ISSR, cluster analysis, core collection

The association of pulmonary function with carotid atherosclerosis in older Chinese: Guangzhou Biobank Cohort Study-CVD Subcohort

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Visualization of vortex motion in FeAs-based BaFe<inf>1.9</inf>Ni <inf>0.1</inf>As<inf>2</inf> single crystal by means of magneto-optical imaging

Superconductivity has been found in newly discovered iron-based compounds. This paper studies the motion of magnetic vortices in BaFe1.9Ni 0.1As2 single crystal by means of the magneto-optical imaging technique. A series of magneto-optical images reflecting magnetic flux distribution at the crystal surface were taken when the crystal was zero-field cooled to 10 K. The behavior of the vortices, including penetration into and expulsion from the single crystal with increasing and decreasing external fields, respectively, is discussed. The motion behavior is similar to that observed in high-Tc superconducting cuprates with strong vortex pinning; however, the flux-front is irregular due to randomly distributed defects in the crystal. © 2011 American Institute of Physics

Characterizations of some N-substituted-salicylhydrazide in mixtures by NMR diffusion ordered spectroscopy

Several novel N-substituted-salicylhydrazide ligands, most of which are difficult to be purified or recrystallized so that their chemical configurations can not be confirmed by conventional NMR and/or X-ray diffraction techniques, were synthesized in this experiment, and their chemical configurations in mixture were analyzed and characterized by 2D NMR diffusion ordered spectroscopy (DOSY), a labor-saving virtual separation based on diffusion properties, together with several routine NMR techniques

Direct observation of local K variation and its correlation to electronic inhomogeneity in (Ba1-xKx)Fe2As2 Pnictide

Local fluctuations in the distribution of dopant atoms are a suspected cause of nanoscale electronic disorder or phase separation observed within the pnictide superconductors. Atom probe tomography results present the first direct observations of dopant nano-clustering in a K-doped 122-phase pnictides. First-principles calculations suggest the coexistence of static magnetism and superconductivity on a lattice parameter length scale over a large range of doping concentrations. Collectively, our results provide evidence for a mixed scenario of phase coexistence and phase separation originating from variation of dopant atom experiments distroibutions.Comment: 4 pages, 4 figures and 1 table, accepted by Physical Review Letter 201

Low cost fabrication of microfluidic paper-based analytical devices with water-based polyurethane acrylate and their application for bacterial detection

This study presents a simple, inexpensive and environment-friendly fabrication strategy for microfluidic paper-based analytical devices which can resist the penetration of surfactant solutions and organic solvents, by using water-based polyurethane acrylate via UV light curing. The filter paper's barrier created using cured PUA could withstand surfactant solutions (10 wt%, CTAB, SDS and Triton X-100) and organic solvents (methanol, isopropanol, DMF, DMSO, etc). This is very useful for analyzing complicated biological samples on the microfluidic paper-based analytical devices. In addition, the expense of water-based polyurethane acrylate is very cheap (about $8/500 g) and PUA developer is water that is environmental-friendly. To further verify its advantage, we successfully demonstrated the proposed microfluidic devices for detection of E. coli targets in tap water and seawater via colorimetric analysis in a fast and convenient manner. Our results revealed that the linear response to E. coli BL21 was in the range of 10(4)similar to 10(9) cfu/mL. The proposed method can effectively avoid the damage for the hydrophobic barriers from the solution even some aggressive liquids, and shows great potential in on-site analysis, environmental monitoring, and food safety

Neurogenesis Drives Stimulus Decorrelation in a Model of the Olfactory Bulb

The reshaping and decorrelation of similar activity patterns by neuronal networks can enhance their discriminability, storage, and retrieval. How can such networks learn to decorrelate new complex patterns, as they arise in the olfactory system? Using a computational network model for the dominant neural populations of the olfactory bulb we show that fundamental aspects of the adult neurogenesis observed in the olfactory bulb -- the persistent addition of new inhibitory granule cells to the network, their activity-dependent survival, and the reciprocal character of their synapses with the principal mitral cells -- are sufficient to restructure the network and to alter its encoding of odor stimuli adaptively so as to reduce the correlations between the bulbar representations of similar stimuli. The decorrelation is quite robust with respect to various types of perturbations of the reciprocity. The model parsimoniously captures the experimentally observed role of neurogenesis in perceptual learning and the enhanced response of young granule cells to novel stimuli. Moreover, it makes specific predictions for the type of odor enrichment that should be effective in enhancing the ability of animals to discriminate similar odor mixtures

The Contribution of 17beta-Hydroxysteroid Dehydrogenase Type 1 to the Estradiol-Estrone Ratio in Estrogen-Sensitive Breast Cancer Cells

Estrone and estradiol are both estrogens with estrone being the less potent form and estradiol being the most potent estrogen. The binding of the latter to cellular regulatory elements stimulates the proliferation of breast cancer cells. A high ratio of estradiol/estrone is related to increased cell proliferation, and is of great importance to understanding of breast cancer mechanisms. 17beta-hydroxysteroid dehydrogenase type 1 and type 2 play important roles in the activation of estrone and inactivation of estradiol. Breast cancer cells T47D, MCF-7, BT 20, and JEG 3 as control cells, were chosen to evaluate the contribution of these two enzymes to the ratio. Twenty four hours after addition of different concentrations of estrone and estradiol, the ratio stabilized to around 9/1 in breast cancer cell lines with high expression of type 1 (T47D, BT 20, and JEG 3), whereas it approached 1/5 in cells with low expression of type 1 (MCF-7). The estradiol/estrone concentration ratio was modified to 9/1 in MCF-7 and HEK-293 cells over-expressing type 1. In T47D and BT 20, this ratio was decreased from 9/1 to nearly 1/5 (19/81 and 17/83 respectively) after type 1 knockdown by specific siRNAs. Type 2 is mainly involved in the conversion of estradiol into estrone. This ratio was decreased from 9/1 to 7/3 after over-expression of type 2 in MCF-7 cells already over-expressing type 1. The ratio was further decreased by the addition of the oxidative cofactor, NAD, to the cell culture to facilitate the estradiol to estrone conversion catalyzed by type 2. These results demonstrate that the estradiol/estrone ratio is controlled by both type 1 and type 2 with an additional contribution by NAD, although type 1 is the first determining factor in the cellular environment compared with type 2 and cofactors. Moreover, kinetic studies were carried out in intact cells as a new approach, using HEK-293 cells over-expressing type 1 and T47D breast cancer cells