Market returns to acquirers of substantial assets

Does poor post-acquisition performance characterise firms that make non-M&A acquisitions? We investigate the wealth effects of substantial asset acquisitions (i.e. acquisitions that cost over $10 million) on acquiring firms' shareholders. We find significant abnormal positive market reaction to asset acquisition announcements and, contrary to findings for firms undertaking M&As, the acquiring firms perform exceptionally well post-acquisition. Our findings are robust to the research method weaknesses common to many studies of long-term performance and we control for free-cash-flow as well. Our results contradict the hubris hypothesis of acquisitions and lend weight to the argument that the auction-style process that characterizes corporate takeover bids contributes to overpayment

The Demutualisation of the Australian Stock Exchange: Causes and Consequences

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Competition in the market for takeover advisers

We investigate factors that motivate bidders to engage advisers, we model adviser selection and we test whether value-adding advisers gain market share. Our sample includes 801 attempted takeovers over 1989-1998 in Australia. Our results indicate advisers are likely to be engaged if the takeover deal is large, hostile, and includes non-cash compensation. We find deal completion is not as closely correlated with adviser rankings as does Rau (2000) but we confirm his finding that adviser ranked high on market value of deals advised do not have a comparative advantage in adding value to firms. However, we document some (limited) evidence that value- adding advisers achieve an increase in subsequent deal flow. Our results are consistent with specialization among takeover advisers

Characterization of protective immune responses induced by pneumococcal surface protein A in fusion with Pneumolysin derivatives

Pneumococcal surface protein A (PspA) and Pneumolysin derivatives (Pds) are important vaccine candidates, which can confer protection in different models of pneumococcal infection. Furthermore, the combination of these two proteins was able to increase protection against pneumococcal sepsis in mice. The present study investigated the potential of hybrid proteins generated by genetic fusion of PspA fragments to Pds to increase cross-protection against fatal pneumococcal infection. Pneumolisoids were fused to the N-terminus of clade 1 or clade 2 pspA gene fragments. Mouse immunization with the fusion proteins induced high levels of antibodies against PspA and Pds, able to bind to intact pneumococci expressing a homologous PspA with the same intensity as antibodies to rPspA alone or the co-administered proteins. However, when antibody binding to pneumococci with heterologous PspAs was examined, antisera to the PspA-Pds fusion molecules showed stronger antibody binding and C3 deposition than antisera to co-administered proteins. In agreement with these results, antisera against the hybrid proteins were more effective in promoting the phagocytosis of bacteria bearing heterologous PspAs in vitro, leading to a significant reduction in the number of bacteria when compared to co-administered proteins. The respective antisera were also capable of neutralizing the lytic activity of Pneumolysin on sheep red blood cells. Finally, mice immunized with fusion proteins were protected against fatal challenge with pneumococcal strains expressing heterologous PspAs. Taken together, the results suggest that PspA-Pd fusion proteins comprise a promising vaccine strategy, able to increase the immune response mediated by cross-reactive antibodies and complement deposition to heterologous strains, and to confer protection against fatal challenge

A molecular line scan in the Hubble Deep Field North

We present a molecular line scan in the Hubble Deep Field North (HDF-N) that covers the entire 3mm window (79-115 GHz) using the IRAM Plateau de Bure Interferometer. Our CO redshift coverage spans z2. We reach a CO detection limit that is deep enough to detect essentially all z>1 CO lines reported in the literature so far. We have developed and applied different line searching algorithms, resulting in the discovery of 17 line candidates. We estimate that the rate of false positive line detections is ~2/17. We identify optical/NIR counterparts from the deep ancillary database of the HDF-N for seven of these candidates and investigate their available SEDs. Two secure CO detections in our scan are identified with star-forming galaxies at z=1.784 and at z=2.047. These galaxies have colors consistent with the `BzK' color selection and they show relatively bright CO emission compared with galaxies of similar dust continuum luminosity. We also detect two spectral lines in the submillimeter galaxy HDF850.1 at z=5.183. We consider an additional 9 line candidates as high quality. Our observations also provide a deep 3mm continuum map (1-sigma noise level = 8.6 μJy/beam). Via a stacking approach, we find that optical/MIR bright galaxies contribute only to <50% of the SFR density at 1<z<3, unless high dust temperatures are invoked. The present study represents a first, fundamental step towards an unbiased census of molecular gas in `normal' galaxies at high-z, a crucial goal of extragalactic astronomy in the ALMA era

Occurrence and characterization of the species complex causing tomato bacterial spot in "Alto Vale do Rio do Peixe", SC, Brazil

O objetivo deste trabalho foi identificar isolados de Xanthomonas causadores da mancha bacteriana do tomateiro para consumo in natura, provenientes da região do Alto Vale do Rio do Peixe, SC, Brasil, bem como caracterizá-los quanto à sensibilidade in vitro ao cobre. As espécies foram determinadas por similaridades de perfis genômicos gerados por BOX-PCR e a sensibilidade ao cobre foi estabelecida utilizando-se o meio CYE suplementado com sulfato de cobre nas concentrações de 50, 100 e 200 μg/mL. Do total de 44 isolados, 80% foram identificados como X. gardneri, 11% como X. perforans e 9% como X. vesicatoria. De acordo com a reação ao cobre, os isolados foram agrupados em quatro classes (S, sensíveis; MS, moderadamente sensíveis; MI, moderadamente insensíveis; I, insensíveis). Quanto à sensibilidade ao cobre, 98% de todos os isolados foram sensíveis a 200 μg/mL, sugerindo que aparentemente, a dosagem recomendada de produtos à base de cobre em campo, 10 vezes maior que a dosagem limítrofe utilizada nos testes in vitro, ainda é eficiente para as diferentes espécies da bactéria.The aim of this study was to identify at the species level Xanthomonas strains causing tomato bacterial spot in the region of “Alto Vale do Rio do Peixe”, state of Santa Catarina, Brazil, as well as to determine their in vitro sensitivity to copper. Species were determined by similarity analysis of genomic profiles generated by BOX-PCR and sensitivity to copper was established using the CYE medium supplemented with copper sulfate at concentrations of 50, 100 and 200 μg/mL. Of the 44 isolates, 80% were identified as X. gardneri, 11% as X. perforans and 9% as X. vesicatoria. According to the response to copper, the isolates were divided into four classes (S, sensitive; MS, moderately sensitive; MI, moderately insensitive; I, insensitive). Regarding the sensitivity to copper, 98% of all isolates were sensitive at 200 μg/mL, suggesting that the recommended dosage of copper-based products registered for the crop may still provide effective control of the different bacterial species

Onsager's Inequality, the Landau-Feynman Ansatz and Superfluidity

We revisit an inequality due to Onsager, which states that the (quantum) liquid structure factor has an upper bound of the form (const.) x |k|, for not too large modulus of the wave vector k. This inequality implies the validity of the Landau criterion in the theory of superfluidity with a definite, nonzero critical velocity. We prove an auxiliary proposition for general Bose systems, together with which we arrive at a rigorous proof of the inequality for one of the very few soluble examples of an interacting Bose fluid, Girardeau's model. The latter proof demonstrates the importance of the thermodynamic limit of the structure factor, which must be taken initially at k different from 0. It also substantiates very well the heuristic density functional arguments, which are also shown to hold exactly in the limit of large wave-lengths. We also briefly discuss which features of the proof may be present in higher dimensions, as well as some open problems related to superfluidity of trapped gases.Comment: 28 pages, 2 figure, uses revtex

Desenho de processo para manipulação higiênica de 500 ovos/dia em um serviço de alimentação.

O estudo de caso descreve os procedimentos higiênicos estabelecidos em um serviço de alimentação, que mudou a operação de ovos em pó para ovos in natura, demandando 500 unidades/dia para produzir pelo menos 2.000 refeições. O diagnóstico do processo foi conduzido durante a pandemia de COVID-19 por uma equipe multiprofissional, através de vídeos das etapas de processamento dos ovos e webconferências. O desenho de processo foi definido por teletrabalho, pela elaboração de fluxograma e descritivo do processo, incluindo requisitos para a aquisição dos ovos, boas práticas de manipulação, procedimentos de higiene operacional e controle das condições de cocção. A avalição com foco no fluxo de ovos aumentou a confiabilidade do sistema como um todo, de forma rápida e sem demandar investimentos econômicos substanciais. O desenho de processo estabelecido neste estudo de caso poderá ser empregado por outros serviços de alimentação, fortalecendo o sistema de gestão da qualidade das refeições e o status do ovo in natura como alimento seguro, nutritivo e versátil

Lava flow hazard at Fogo Volcano, Cabo Verde, before and after the 2014–2015eruption

Abstract. Lava flow simulations help to better understand volcanic hazards and may assist emergency preparedness at active volcanoes. We demonstrate that at Fogo Volcano, Cabo Verde, such simulations can explain the 2014–2015 lava flow crisis and therefore provide a valuable base to better prepare for the next inevitable eruption. We conducted topographic mapping in the field and a satellite-based remote sensing analysis. We produced the first topographic model of the 2014–2015 lava flow from combined terrestrial laser scanner (TLS) and photogrammetric data. This high-resolution topographic information facilitates lava flow volume estimates of 43.7 ± 5.2 × 106 m3 from the vertical difference between pre- and posteruptive topographies. Both the pre-eruptive and updated digital elevation models (DEMs) serve as the fundamental input data for lava flow simulations using the well-established DOWNFLOW algorithm. Based on thousands of simulations, we assess the lava flow hazard before and after the 2014–2015 eruption. We find that, although the lava flow hazard has changed significantly, it remains high at the locations of two villages that were destroyed during this eruption. This result is of particular importance as villagers have already started to rebuild the settlements. We also analysed satellite radar imagery acquired by the German TerraSAR-X (TSX) satellite to map lava flow emplacement over time. We obtain the lava flow boundaries every 6 to 11 days during the eruption, which assists the interpretation and evaluation of the lava flow model performance. Our results highlight the fact that lava flow hazards change as a result of modifications of the local topography due to lava flow emplacement. This implies the need for up-to-date topographic information in order to assess lava flow hazards. We also emphasize that areas that were once overrun by lava flows are not necessarily safer, even if local lava flow thicknesses exceed the average lava flow thickness. Our observations will be important for the next eruption of Fogo Volcano and have implications for future lava flow crises and disaster response efforts at basaltic volcanoes elsewhere in the world

Integrative proteomics and pharmacogenomics analysis of methylphenidate treatment response

Transcriptomics and candidate gene/protein expression studies have indicated several biological processes modulated by methylphenidate (MPH), widely used in attention-deficit/hyperactivity disorder (ADHD) treatment. However, the lack of a differential proteomic profiling of MPH treatment limits the understanding of the most relevant mechanisms by which MPH exerts its pharmacological effects at the molecular level. Therefore, our aim is to investigate the MPHinduced proteomic alterations using an experimental design integrated with a pharmacogenomic analysis in a translational perspective. Proteomic analysis was performed using the cortices of Wistar-Kyoto rats, which were treated by gavage with MPH (2 mg/kg) or saline for two weeks (n = 6/group). After functional enrichment analysis of the differentially expressed proteins (DEP) in rats, the significant biological pathways were tested for association with MPH response in adults with ADHD (n = 189) using genome-wide data. Following MPH treatment in rats, 98 DEPs were found (P 1.0). The functional enrichment analysis of the DEPs revealed 18 significant biological pathways (gene-sets) modulated by MPH, including some with recognized biological plausibility, such as those related to synaptic transmission. The pharmacogenomic analysis in the clinical sample evaluating these pathways revealed nominal associations for gene-sets related to neurotransmitter release and GABA transmission. Our results, which integrate proteomics and pharmacogenomics, revealed putative molecular effects of MPH on several biological processes, including oxidative stress, cellular respiration, and metabolism, and extended the results involving synaptic transmission pathways to a clinical sample. These findings shed light on the molecular signatures of MPH effects and possible biological sources of treatment response variability