FINANCIAL PERFORMANCE IN MEAT AND POULTRY MANUFACTURING AND WHOLESALING: AN HISTORICAL PERSPECTIVE

The financial performance of meat and poultry manufacturing and wholesaling firms is examined for the period from 1970 to 1986. Measures of liquidity, solvency, profitability, cash generation, and efficiency reported in the Robert Morris Associates Annual Statement Studies are used to examine relative performance across the different industries. The results suggest a similar performance in the wholesaling and manufacturing industries across the period in terms of liquidity. Profitability levels are similar for meat and poultry firms, although the poultry firms show a higher level of variability across the period. It appears that poultry firms leveraged themselves relatively more than did meat firms during the period. In terms of cash generation and efficiency the meat manufacturing industry performs slightly better than the other industries.Agricultural Finance,

"Napsterizing" Pharmaceuticals: Access, Innovation, and Consumer Welfare

We analyze the effects on consumers of an extreme policy experiment -- Napsterizing' pharmaceuticals -- whereby all patent rights on branded prescription drugs are eliminated for both existing and future prescription drugs without compensation to the patent holders. The question of whether this policy maximizes consumer welfare cannot be resolved on an a priori basis due to an obvious tradeoff: While accelerating generic entry will yield substantial gains in consumer surplus associated with greater access to the current stock of pharmaceuticals, future consumers will be harmed by reducing the flow of new pharmaceuticals to the market. Our estimates of the consumer surpluses at stake are based on the stylized facts concerning how generic entry has affected prices, outputs, and market shares. We find that providing greater access to the current stock of prescription drugs yields large benefits to existing consumers. However, realizing those benefits has a substantially greater cost in terms of lost consumer benefits from reductions in the flow of new drugs. Specifically, the model yields the result that for every dollar in consumer benefit realized from providing greater access to the current stock, future consumers would be harmed at a rate of three dollars in present value terms from reduced future innovation. We obtain this result even accounting for the stylized fact that after generic entry branded drugs continue to earn significant price premia over generic products and hence recognizing that Napsterizing does not completely eliminate the incentives to innovate.

LIVESTOCK FUTURES MARKETS AND RATIONAL PRICE FORMATION: EVIDENCE FOR LIVE CATTLE AND LIVE HOGS

The efficiency of livestock futures markets continues to receive attention, particularly with regard to their forward pricing or forecasting ability. The purpose of this paper is to present a more general theory that encompasses the forward pricing concept. It is argued that futures contract prices for competitively produced nonstorable commodities, such as live cattle and live hogs, follow a rational formation process. Futures contract prices reflect expected market conditions when contracts are sufficiently close to the delivery month that the supply of the underlying commodity cannot be changed. However, prior to the period when future supplies are relatively fixed, futures contract prices should adjust to reflect the competitive equilibrium, where output price equals average costs of production. Presented evidence suggests that live cattle and live hog futures markets support the rational price formation hypothesis: prices for distant contracts reflect average costs of feeding. Implications for risk management strategies are considered.Demand and Price Analysis, Livestock Production/Industries,

2009-10 Munda Biddi Trail User Survey Results, A report for the Munda Biddi Trail Foundation and Department of Environment and Conservation for submission to Lotterywest

This report presents the results of a survey of Munda Biddi Trail users conducted over the course of 2009 and 2010. The main objective of the survey was to obtain an indication of types of trail users (market segments), their frequency and patterns of use, satisfaction levels and expenditure levels.At the time of this survey, the mountain bike trail extended 491km south from the Town of Mundaring along the Darling Range to the town of Nannup. Once fully completed, the trail will wind its way for 1000 km through national parks and state forest in the south-west of Western Australia before reaching the City of Albany on the southern coast. The Department of Environment and Conservation (DEC) is designing and planning the trail in consultation with the Munda Biddi Trail Foundation, the Department of Sport and Recreation, the Western Australian Mountain Bike Association and other representatives of the cycling community. The survey was funded by Lotterywest and facilitated by DEC in collaboration with the Munda Biddi Trail Foundation

Rivals’ Reactions to Mergers and Acquisitions

Mergers and acquisitions research has principally focused on attributes of the acquiring firm and post-acquisition outcomes. To extend our knowledge, we focus on external factors, in particular rival responses, and explore when and how rivals respond to their competitor’s acquisitions. Leveraging the awareness–motivation–capability framework, we predict and find evidence that a rival’s dependence on markets in common with the acquirer, resource similarity between rival and acquirer, and a rival’s organizational slack increase the volume and, in some cases, also the complexity of a rival’s competitive actions following an acquisition. Furthermore, the type of acquisition positively moderates some of these relationships. The results extend our understanding of the influence of mergers and acquisitions on competitive dynamics in the marketplace

Optimal target search on a fast folding polymer chain with volume exchange

We study the search process of a target on a rapidly folding polymer (`DNA') by an ensemble of particles (`proteins'), whose search combines 1D diffusion along the chain, Levy type diffusion mediated by chain looping, and volume exchange. A rich behavior of the search process is obtained with respect to the physical parameters, in particular, for the optimal search.Comment: 4 pages, 3 figures, REVTe

The structure and petrology of the Cnoc nan Cuilean Intrusion, Loch Loyal Syenite Complex, NW Scotland

In NW Scotland, several alkaline intrusive complexes of Silurian age intrude the Caledonian orogenic front. The most northerly is the Loch Loyal Syenite Complex, which is divided into three separate intrusions (Ben Loyal, Beinn Stumanadh and Cnoc nan Cuilean). Mapping of the Cnoc nan Cuilean intrusion shows two main zones: a Mixed Syenite Zone (MZ) and a Massive Leucosyenite Zone (LZ), with a gradational contact. The MZ forms a lopolith, with multiple syenitic lithologies, including early basic melasyenites and later felsic leucosyenites. Leucosyenite melts mixed and mingled with melasyenites, resulting in extreme heterogeneity within the MZ. Continued felsic magmatism resulted in formation of the relatively homogeneous LZ, invading western parts of the MZ and now forming the topographically highest terrane. The identification of pegmatites, microgranitic veins and unusual biotite-magnetite veins demonstrates the intrusion's complex petrogenesis. Cross-sections have been used to create a novel 3D GoCad™ model contributing to our understanding of the intrusion. The Loch Loyal Syenite Complex is known to have relatively high concentrations of rare earth elements (REEs), and thus the area has potential economic and strategic value. At Cnoc nan Cuilean, abundant REE-bearing allanite is present within melasyenites of the MZ. Extensive hydrothermal alteration of melasyenites here formed steeply dipping biotite-magnetite veins, most enriched in allanite and other REE-bearing accessories. This study has thus identified the area of greatest importance for further study of REE enrichment processes in the Cnoc nan Cuilean intrusion

Which Triggers Produce the Most Erosive, Frequent, and Longest Runout Turbidity Currents on Deltas?

Subaerial rivers and turbidity currents are the two most voluminous sediment transport processes on our planet, and it is important to understand how they are linked offshore from river mouths. Previously, it was thought that slope failures or direct plunging of river floodwater (hyperpycnal flow) dominated the triggering of turbidity currents on delta fronts. Here we reanalyze the most detailed time‐lapse monitoring yet of a submerged delta; comprising 93 surveys of the Squamish Delta in British Columbia, Canada. We show that most turbidity currents are triggered by settling of sediment from dilute surface river plumes, rather than landslides or hyperpycnal flows. Turbidity currents triggered by settling plumes occur frequently, run out as far as landslide‐triggered events, and cause the greatest changes to delta and lobe morphology. For the first time, we show that settling from surface plumes can dominate the triggering of hazardous submarine flows and offshore sediment fluxes