Executive Incentive Schemes in Initial Public Offerings: The Effects of Multiple-Agency Conflicts and Corporate Governance

Combining a behavioral agency perspective with research on multiple-agency conflicts, this article examines factors affecting the implementation of equity-based incentive schemes in initial public offerings (IPOs). With a unique sample of U.K. IPO companies between the years 1998 and 2002, it shows that conditional (performance-related) incentive schemes are negatively associated with share ownership and board power of the IPO’s founding directors. However, the retained ownership of venture capital firms is positively associated with the probability of conditional incentive schemes. Board independence weakly effects on the toughness of executive compensation. The article’s interesting findings suggest a number of avenues for a future analysis of the governance development process in threshold firms

Effect of selected fungi on the reduction of gossypol levels and nutritional value during solid substrate fermentation of cottonseed meal

The objective of this work was to investigate the effect of six individual strains of fungi on the reduction of gossypol levels and nutritional value during solid substrate fermentation of cottonseed meal (CSM). Six groups of disinfected CSM substrate were incubated for 48 h after inoculation with either of the fungi C. capsuligena ZD-1, C. tropicalis ZD-3, S. cerevisae ZD-5, A. terricola ZD-6, A. oryzae ZD-7, or A. niger ZD-8. One not inoculated group (substrate) was used as a control. Levels of initial and final free gossypol (FG), crude protein (CP), amino acids (AA) and in vitro digestibility were assayed. The experiment was done in triplicate. The experimental results indicated that microbial fermentation could greatly decrease (P<0.05) FG levels in CSM. The detoxification efficiency differed between the species of microorganisms applied. From the perspective of reducing CSM potential toxicity, C. tropicalis ZD-3 was most successful followed by S. cerevisae ZD-5 and A. niger ZD-8. They could reduce FG levels of CSM to 29.8, 63.07 and 81.50 mg/kg based on DM (dry matter), respectively, and their detoxification rates were 94.57%, 88.51% and 85.16%, respectively. If crude protein, amino acids content and their in vitro digestibility were also taken into account, A. niger ZD-8 may be the best choice. The CP content of CSM substrate fermented by C. tropicalis ZD-3 and A. niger ZD-8 were improved by 10.76% and 22.24%; the TAA (total amino acids) contents were increased by 7.06% and 11.46%, and the EAA (essential amino acids) were raised by 7.77% and 12.64%, respectively. Especially, the levels of methionine, lysine and threonine were improved greatly (P<0.05). The in vitro CP digestibility of CSM fermented by C. tropicalis ZD-3 and A. niger ZD-8 was improved by 13.42% and 18.22%, the TAA were increased by 17.75% and 22.88%, and the EAA by 16.61% and 21.01%, respectively. In addition, the in vitro digestibility of methionine, lysine and threonine was also improved greatly (P<0.05)

Cortisol influence on testicular testosterone secretion in domestic cat: An in vitro study Ação do cortisol sobre a secreção de testosterona em testículos de gato doméstico: um estudo in vitro

The aim of the present experiment was to investigate the effect of corticosteroids (exogen) on in vitro testosterone secretion after stress by transportation (40 minutes). Feline testes (Felis silvestris catus) were incubated in the following media: TCM 199; TCM 199 + hCG 10_7M; TCM 199 + hydrocortisone 10_7M, or TCM 199 + hCG + hydrocortisone. The animals (n=21) were allocated into three groups: (S) that arrived at 3 h prior to surgery, (A) that remained in the laboratory for 36 h before being submitted to surgical procedure, and (C) that were also allowed to remain for 36 hours in the laboratory before the surgical procedure, but whose testes had been incubated with hydrocortisone prior to incubation in the referred media. The results showed that group S secreted higher levels of testosterone, regardless of the culture media. It is noteworthy that the suppressing action of hydrocortisone sodium succinate led to a reduction in the testosterone concentration, despite the presence of hCG.<br>O objetivo deste trabalho foi investigar o efeito da hidrocortisona sobre a secreção de testosterona após cultivo in vitro dos testículos, em distintas situações de estresse (transporte) de gatos domésticos (Felis silvestris catus). Testículos foram incubados nos seguintes meios de cultura: TCM 199; TCM 199 + hCG 10_7M; TCM 199 + hydrocortisona 10_7M e TCM 199 + hCG + hidrocortisona. Os animais (n=21) foram alocados em 3 sub-grupos: (S) animal admitido 3 horas antes da orquiectomia, (A) animais orquiectomizados após 36 horas de permanência no biotério e (C) animais que permaneceram por 36 horas no biotério antes da cirurgia e que tiveram seus testículos pré-incubados em hidrocortisona. Os resultados demonstraram que o grupo S secretou maiores valores de testosterona em todas as condições estudadas. É válido mencionar que a supressão promovida pela hidrocortisona também promoveu redução na concentração de testosterona no meio TCM 199, a despeito da presença de hCG

Whole-genome sequencing identifies recurrent mutations in hepatocellular carcinoma

10.1101/gr.154492.113Genome Research2391422-1433GERE

The value of infrared thermography for research on mammals: previous applications and future directions

1: Infrared thermography (IRT) involves the precise measurement of infrared radiation which allows surface temperature to be determined according to simple physical laws. This review describes previous applications of IRT in studies of thermal physiology, veterinary diagnosis of disease or injury and population surveys on domestic and wild mammals.&lt;br&gt;&lt;/br&gt; 2: IRT is a useful technique because it is non-invasive and measurements can be made at distances of &#60;1 m to examine specific sites of heat loss to &#62;1000 m to count large mammals. Detailed measurements of surface temperature variation can be made where large numbers of temperature sensors would otherwise be required and where conventional solid sensors can give false readings on mammal coats. Studies need to take into account sources of error due to variation in emissivity, evaporative cooling and radiative heating of the coat.&lt;br&gt;&lt;/br&gt; 3: Recent advances in thermal imaging technology have produced lightweight, portable systems that store digital images with high temperature and spatial resolution. For these reasons, there are many further opportunities for IRT in studies of captive and wild mammals