Foreign Firms Listing In The U.S.: Signaling Commitment To The U.S. Market

We hypothesize that the cost associated with the listing decision – including the greater scrutiny of U.S. investors – signals the depth of the firm’s commitment to the U.S. market to potential business partners and employees, providing a form of bonding that is directed within the U.S. Firms can credibly signal their commitment to the U.S. market by listing on more prestigious exchanges that bring greater investor scrutiny and, especially, by listing directly rather than using ADRs. We find strong evidence that firms with greater sales in the U.S. and those with a greater proportion of their sales to the U.S. are more likely to list directly in the U.S; firms with greater assets in the U.S. are more likely to list directly. With the greater scrutiny for companies that list on the NYSE, we expect the hypotheses to hold for the decision to list there versus elsewhere. With the exception of sales level in the U.S., we find evidence for the relationships described above hold for the decisions to list on the NYSE

Sunbeam Corporation: A Forensic Analysis

The members of the Board of Directors at Sunbeam were completely bewildered. Al Dunlap, Sunbeam’s highly successful but controversial CEO was threatening to resign after almost two years of leading Sunbeam successfully out of  a slump that had threatened the long-term viability of the company. Al Dunlap didn’t mince words. He angrily told the board, “We can’t fight a battle on two fronts. Either we get the support we should have or Russ [chief financial officer] and I are prepared to go…Just pay us.”1 The directors had always stood solidly behind their hardnosed, cost-cutting leader and had been rewarded handsomely for their allegiance. The directors were taken aback. Why would they stop now? What was going on? Was it possible that one of the lead investors had conspired against the success of Sunbeam? A sense of panic set in but the board members assured Al Dunlap that he had their full support

The Role Of Gender In Academic Finance Journals: An Exploratory Study

Since 2001, the proportion of women that have become assistant professors of finance initially increased from less than 20% to almost 30% in 2012 before falling slightly in 2013.  On the other hand, women continue to make up less than 20% of those advancing to associate professor and less than 10% being promoted to full professor.  Research productivity is a primary determinant for promotion, so it appears that many women are not publishing enough or of sufficient quality in order to be promoted.  We also find that despite the fact that in 2013 women account for 24% of associate professors and 10% of full professors, women still made up less than 8% of finance journal editors. This is an exploratory study that seeks to understand the role of gender in academic finance and examine some possible reasons, supply side or demand side, why women are under-represented on editorial boards

Integration of transient strain events with models of plate coupling and areas of great earthquakes in southwest Japan

We model the crustal deformation caused by two long-term subduction slip transients in southwest Japan, which we refer to as the 2000–2004 Tokai and the 2002–2004 Bungo Channel slow slip events (SSEs). We use re-analysed GEONET position time-series, and a Kalman filter based network inversion method to image the spatiotemporal slip variation of the two events on the plate interface during the period of 1998–2004.67 and 2000–2005. Both events are found to have complex slip histories with multiple subevents. In addition to a newly identified slip subevent in 2002–2003, we find that the major event in the Bungo Channel SSE initiated in early 2003 beneath the northeastern corner of the region and expanded southwestward, in contrast to the slip characteristics suggested by other studies. The re-analysed GPS data in the Tokai region shows a renewed slip activity for the Tokai SSE in early 2003–2004 at a similar location as in the period of 2001–2002. The equivalent M w for both the Tokai and Bungo Channel SSEs are about 7.0. Our results show that the Tokai SSE appears to start before the Miyaki-Kozu seismovolcanic event. Integrating plate coupling and SSEs shows that the transient slip zones are located in a region between the locked zones and the epicentres of the low frequency earthquakes (LFEs). At least part of the interseismic slip deficit is released by episodic SSEs beneath the Bungo Channel region. We find excellent temporal correspondence between transient slip and adjacent LFEs for both SSE, suggesting that they are closely related and possibly reflect that long-term slow slip may modulate the occurrence of LFEs.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/79234/1/j.1365-246X.2010.04599.x.pd

Airborne Infection with Bacillus anthracis—from Mills to Mail

The lack of identified exposures in 2 of the 11 cases of bioterrorism-related inhalation anthrax in 2001 raised uncertainty about the infectious dose and transmission of Bacillus anthracis. We used the Wells-Riley mathematical model of airborne infection to estimate 1) the exposure concentrations in postal facilities where cases of inhalation anthrax occurred and 2) the risk for infection in various hypothetical scenarios of exposure to B. anthracis aerosolized from contaminated mail in residential settings. These models suggest that a small number of cases of inhalation anthrax can be expected when large numbers of persons are exposed to low concentrations of B. anthracis. The risk for inhalation anthrax is determined not only by bacillary virulence factors but also by infectious aerosol production and removal rates and by host factors

Estimation of interplate coupling in the Nankai trough, Japan using GPS data from 1996 to 2006

We used three-component surface velocities in southwest Japan to estimate plate coupling on the subducting plate interface at the Nankai trough. We analyzed continuous GPS data from the Japanese GEONET network from 1996 to 2006 using a consistent analysis strategy that generates bias-fixed solutions for the entire network. We applied systematic time-series analysis methods to estimate common mode error, which improved position solutions for the entire network. To allow for differences in regional deformation sources, we modelled the plate coupling on the plate interface beneath Shikoku island to Kii Peninsula and the Tokai-Suruga trough separately. The results show strong coupling at a depth of ∼10–30 km off Shikoku and Kii Peninsula. The spatial variation in plate coupling coincides well with the coseismic rupture zones of the past large earthquakes. Maximum slip deficit rates of ∼2–3 cm yr −1 at the depth of ∼5–25 km are found beneath the Tokai area, consistent with results from other studies. The downdip limits of the highly coupled areas and transition zones beneath Shikoku and the Kii Peninsula correspond approximately to estimates of the 450 °C isotherms. Good correlation is observed between the lateral variations of the slip deficit distribution, low frequency earthquakes, and coseismic slip. This correlation suggests that temperature, and possibly fluid variations, contribute to such correlation in space. The interplate slip deficit derived from the GPS velocities over the 10 yr of observations is generally compatible with the results over shorter time spans, suggesting that plate coupling in SW Japan does not change significantly over the period of these GPS measurements.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/79077/1/j.1365-246X.2010.04600.x.pd

Bio-Inspired Materials For Parsing Matrix Physicochemical Control Of Cell Migration: A Review

Cell motility is ubiquitous in both normal and pathophysiological processes. It is a complex biophysical response elicited via the integration of diverse extracellular physicochemical cues. The extracellular matrix directs cell motilityvia gradients in morphogens (a.k.a. chemotaxis), adhesive proteins (haptotaxis), and stiffness (durotaxis). Three-dimensional geometrical and proteolytic cues also constitute key regulators of motility. Therefore, cells process a variety of physicochemical signals simultaneously, while making informed decisions about migration viaintracellular processing. Over the last few decades, bioengineers have created and refined natural and synthetic in vitro platforms in an attempt to isolate these extracellular cues and tease out how cells are able to translate this complex array of dynamic biochemical and biophysical features into functional motility. Here, we review how biomaterials have played a key role in the development of these types of model systems, and how recent advances in engineered materials have significantly contributed to our current understanding of the mechanisms of cell migration

The glial growth factors deficiency and synaptic destabilization hypothesis of schizophrenia

BACKGROUND: A systems approach to understanding the etiology of schizophrenia requires a theory which is able to integrate genetic as well as neurodevelopmental factors. PRESENTATION OF THE HYPOTHESIS: Based on a co-localization of loci approach and a large amount of circumstantial evidence, we here propose that a functional deficiency of glial growth factors and of growth factors produced by glial cells are among the distal causes in the genotype-to-phenotype chain leading to the development of schizophrenia. These factors include neuregulin, insulin-like growth factor I, insulin, epidermal growth factor, neurotrophic growth factors, erbB receptors, phosphatidylinositol-3 kinase, growth arrest specific genes, neuritin, tumor necrosis factor alpha, glutamate, NMDA and cholinergic receptors. A genetically and epigenetically determined low baseline of glial growth factor signaling and synaptic strength is expected to increase the vulnerability for additional reductions (e.g., by viruses such as HHV-6 and JC virus infecting glial cells). This should lead to a weakening of the positive feedback loop between the presynaptic neuron and its targets, and below a certain threshold to synaptic destabilization and schizophrenia. TESTING THE HYPOTHESIS: Supported by informed conjectures and empirical facts, the hypothesis makes an attractive case for a large number of further investigations. IMPLICATIONS OF THE HYPOTHESIS: The hypothesis suggests glial cells as the locus of the genes-environment interactions in schizophrenia, with glial asthenia as an important factor for the genetic liability to the disorder, and an increase of prolactin and/or insulin as possible working mechanisms of traditional and atypical neuroleptic treatments