Do Corporate Global Environmental Standards in Emerging Markets Create Or Destroy Market Value

Arguments can be made on both sides of the question of whether a stringent, global corporate environmental standard represents a competitive asset or liability for multinational enterprises (MNEs) investing in emerging and developing markets. This paper seeks to answer this question by analyzing the global environmental standards of a large sample of US-based MNEs in relation to their market performance. We find that firms adopting a single, stringent global environmental standard have higher market values, as measured by Tobin's q, than firms defaulting to less stringent, or poorly enforced host country standards. Thus, developing countries that use lax environmental regulations to attract foreign direct investment end up attracting poorer quality, and perhaps, less competitive firms. Our results also suggest that externalities are incorporated to a significant extent in firm valuation. We discuss plausible reasons for this observation.http://deepblue.lib.umich.edu/bitstream/2027.42/39644/3/wp259.pd

The Effect of Connectivity, Proximity and Market Structure on R&D Networks

In a seminal paper, Goyal and Moraga-Gonzalez (2001) use an undirected network to characterize knowledge flows between firms engaging in research in an oligopolistic market. In their paper, firms are regarded as inhabiting a research joint venture (RJV), if they share the same edge of the network. These firms are allowed an R&D spillover of 1; the outside firms (firms not sharing an edge in the network) are permitted a constant knowledge spillover that is less than one. We begin our paper by showing that this last assumption has important consequences when dealing with R&D networks of size greater than or equal to six firms. We present examples of topologically non-equivalent networks that have the same degree of connectivity and generate identical outcomes in terms of R&D effort, firm profits and total welfare. We then modify their model so that R&D spillovers decrease as the number of shortest paths increases between any two firms. We show that under product differentiated Cournot and Bertrand competition, we have different outcomes for all economic variables. We also show that R&D effort increases with respect to the number of collaborative links if firms are in a weakly competitive market, whereas it declines if firms are in a more competitive market where products are closer substitutes. We also find that in more competitive markets there is a conflict between the stability and the efficiency of RJVs.

Do Corporate Global Environmental Standards in Emerging Markets Create Or Destroy Market Value

Arguments can be made on both sides of the question of whether a stringent, global corporate environmental standard represents a competitive asset or liability for multinational enterprises (MNEs) investing in emerging and developing markets. This paper seeks to answer this question by analyzing the global environmental standards of a large sample of US-based MNEs in relation to their market performance. We find that firms adopting a single, stringent global environmental standard have higher market values, as measured by Tobin's q, than firms defaulting to less stringent, or poorly enforced host country standards. Thus, developing countries that use lax environmental regulations to attract foreign direct investment end up attracting poorer quality, and perhaps, less competitive firms. Our results also suggest that externalities are incorporated to a significant extent in firm valuation. We discuss plausible reasons for this observation.corporate environmental policy, corporate performance, race to the bottom in foreign direct investment

Reproduction of the caracal Felis caracal from the Cape Province of South Africa

Reproduction of the caracal was studied using captive animals, field observations and gross and histological examination of male and female reproductive organs. Mating behaviour was similar to that previously reported for the felids and the mean gestation length was 79 days. The mean litter size was 2,2 for captive animals and wild killed pregnant females carried between one and three foetuses. Age at puberty for males and females was between seven and ten months, and first successful copulations occurred at between 12 and 14 months. Births occurred throughout the year with a pronounced peak in summer. Spermatogenesis was aseasonal with a reduction in reproductive activity in winter.S. Afr. J. Zool. 1987, 22(3

Single-trial multiwavelet coherence in application to neurophysiological time series

A method of single-trial coherence analysis is presented, through the application of continuous muldwavelets. Multiwavelets allow the construction of spectra and bivariate statistics such as coherence within single trials. Spectral estimates are made consistent through optimal time-frequency localization and smoothing. The use of multiwavelets is considered along with an alternative single-trial method prevalent in the literature, with the focus being on statistical, interpretive and computational aspects. The multiwavelet approach is shown to possess many desirable properties, including optimal conditioning, statistical descriptions and computational efficiency. The methods. are then applied to bivariate surrogate and neurophysiological data for calibration and comparative study. Neurophysiological data were recorded intracellularly from two spinal motoneurones innervating the posterior,biceps muscle during fictive locomotion in the decerebrated cat

Improved Moving Puncture Gauge Conditions for Compact Binary Evolutions

Robust gauge conditions are critically important to the stability and accuracy of numerical relativity (NR) simulations involving compact objects. Most of the NR community use the highly robust---though decade-old---moving-puncture (MP) gauge conditions for such simulations. It has been argued that in binary black hole (BBH) evolutions adopting this gauge, noise generated near adaptive-mesh-refinement (AMR) boundaries does not converge away cleanly with increasing resolution, severely limiting gravitational waveform accuracy at computationally feasible resolutions. We link this noise to a sharp (short-wavelength), initial outgoing gauge wave crossing into progressively lower resolution AMR grids, and present improvements to the standard MP gauge conditions that focus on stretching, smoothing, and more rapidly settling this outgoing wave. Our best gauge choice greatly reduces gravitational waveform noise during inspiral, yielding less fluctuation in convergence order and $\sim 40$ lower waveform phase and amplitude errors at typical resolutions. Noise in other physical quantities of interest is also reduced, and constraint violations drop by more than an order of magnitude. We expect these improvements will carry over to simulations of all types of compact binary systems, as well as other $N$+1 formulations of gravity for which MP-like gauge conditions can be chosen.Comment: 25 pages, 16 figures, 2 tables. Matches published versio

Tree façades : generative modelling with an axial branch rewriting system

The methods and algorithms of generative modelling can be improved when representing organic structures by the study of computational models of natural processes and their application to architectural design. In this paper, we present a study of the generation of branching structures and their application to the development of façade support systems. We investigate two types of branching structures, a recursive bifurcation model and an axial tree based L-system for the generation of façades. The aim of the paper is to capture not only the form but also the underlying principles of biomimicry found in branching. This is then tested, by their application to develop experimental façade support systems. The developed algorithms implement parametric variations for façade generation based on natural tree-like branching. The benefits of such a model are: ease of structural optimization, variations of support and digital fabrication of façade components

The requirement of matrix ATP for the import of precursor proteins into the mitochondrial matrix and intermembrane space

The role of ATP in the matrix for the import of precursor proteins into the various mitochondrial subcompartments was investigated by studying protein translocation at experimentally defined ATP levels. Proteins targeted to the matrix were neither imported or processed when matrix ATP was depleted. Import and processing of precytochrome b2, (pb2), a precursor carrying a bipartite presequence, into the intermembrane space was also strongly dependent on matrix ATP. Preproteins, consisting of 220 or more residues of pb2 fused to dihydrofolate reductase, showed the same requirement for matrix ATP, whereas the import of shorter fusion proteins (up to 167 residues of pb2) was largely independent of matrix ATP. For those intermembrane-space-targeted proteins that did need matrix ATP, the dependence could be relieved either by unfolding these proteins prior to import or by introducing a deletion into the mature portion of the protein thereby impairing the tight folding of the cytochrome b5 domain. These results suggest the following: (a) The import of matrix-targeted preproteins, in addition to a membrane potential ΔΨ, requires matrix ATP [most likely to facilitate reversible binding of mitochondrial heat-shock protein 70 (mt-Hsp70) to incoming precursors], for two steps, securing the presequence on the matrix side of the inner membrane and for the completion of translocation; (b) in the case of intermembrane-space-targeted precursors with bipartite signals, the function of ATP/mt-Hsp70 is not obligatory, as components of the intermembrane-space-sorting pathway may substitute for ATP/mt-Hsp70 function (however, if a tightly folded domain is present in the precursor, ATP/mt-Hsp70 is indispensable); (c) unfolding on the mitochondrial surface of tightly folded segments of preproteins is facilitated by matrix-ATP/mt-Hsp70

Vaccinia Virus Serpin-1 Deletion Mutant Exhibits a Host Range Defect Characterized by Low Levels of Intermediate and Late mRNAs

AbstractOrthopoxviruses encode three serpin homologs—SPI-1, SPI-2 and SPI-3—of which SPI-2 has been well characterized as an inhibitor of ICE-like proteases. A rabbitpox virus SPI-1 deletion mutant exhibited a host range restriction in human lung A549 and pig kidney 15 cell lines that was attributed to apoptosis. Here we report that replication of a vaccinia virus SPI-1 deletion mutant (ΔSPI-1) was restricted in primary human keratinocytes as well as A549 cells. Although chromatin condensation was detected in some A549 cells, other morphological or biochemical signs of apoptosis including DNA fragmentation, cleavage of poly(ADP-ribose)polymerase or nuclear mitotic apparatus protein, or caspase 3 activation were not found. Moreover, ΔSPI-1 protected A549 cells from apoptosis induced by tumor necrosis factor, whereas the corresponding ΔSPI-2 mutant did not. Further studies indicated undiminished amounts of vaccinia virus early mRNA and replicated DNA in the absence of the SPI-1 product. However, there were reduced amounts of viral intermediate and late mRNAs, viral late proteins, cleaved core proteins, and virus particles. These data suggested that apoptosis is not the determining factor in the host range restriction of ΔSPI-1 and that the SPI-1 gene product is needed to allow efficient expression of intermediate and late genes in A549 cells

Weight stigma in frequent exercisers: Overt, demeaning and condescending.

The aim of this study was to qualitatively examine weight stigma in individuals who exercise frequently. In total, six focus groups, comprising 30 participants aged 18-25 years, were conducted using convenience sampling. All participants were frequent exercisers. Five themes emerged in the data with participants discussing bullying, the consequences of obesity, causes of obesity, lack of willpower and interventions to reduce obesity. This study is the first qualitative examination of weight stigmatisation in frequent exercisers, where the beliefs reported by focus group participants suggest that frequent exercisers stigmatise, discriminate and dehumanise obese people. Future research to examine the impact of weight stigma on exercise motivation and behaviour of obese people appears warranted