Shareholder Theory/Shareholder Value

Shareholder theory states that the primary objective of management is to maximize shareholder value. This objective ranks in front of the interests of other corporate stakeholders, such as employees, suppliers, customers, and society.Shareholder theory argues that shareholders are the ultimate owners of a corporate’s assets, and thus, the priority for managers and boards is to protect and grow these assets for the benefit of shareholders. Shareholder theory assumes that shareholders value corporate assets with two measurable metrics, dividends and share price. There-fore, management should make decisions that maximize the combined value of dividends and share price increases. However, shareholder theory fails to consider that shareholders and corporates may have other objectives that are not based on financial performance. For example, as early as1932, Berle and Means argued that corporations have a variety of purposes and interests including encouraging entrepreneurship, innovation, and building communities. This wider view is gaining more traction in recent decades as evidenced by an increased interest in ethical investment funds.This suggests that shareholders and potential shareholders are not only interested in financial gains but are also interested in corporates being socially responsible (Kyriakou2018). Therefore shareholder value creation is important; however,it needs to be balanced with other stakeholders’ interests. This is referred to as an enlightened approach to shareholder value maximization

Recurrent herpes zoster in the Shingles Prevention Study: Are second episodes caused by the same varicella-zoster virus strain?

Herpes zoster (HZ) is caused by reactivation of varicella zoster virus (VZV) that established latency in sensory and autonomic neurons during primary infection. In the Shingles Prevention Study (SPS), a large efficacy trial of live attenuated Oka/Merck zoster vaccine (ZVL), PCR-confirmed second episodes of HZ occurred in two of 660 placebo and one of 321 ZVL recipients with documented HZ during a mean follow-up of 3.13 years. An additional two ZVL recipients experienced a second episode of HZ in the Long-Term Persistence Substudy. All episodes of HZ were caused by wild-type VZV. The first and second episodes of HZ occurred in different dermatomes in each of these five participants, with contralateral recurrences in two. Time between first and second episodes ranged from 12 to 28 months. One of the five participants, who was immunocompetent on study enrollment, was immunocompromised at the onset of his first and second episodes of HZ. VZV DNA isolated from rash lesions from the first and second episodes of HZ was used to sequence the full-length VZV genomes. For the unique-sequence regions of the VZV genome, we employed target enrichment of VZV DNA, followed by deep sequencing. For the reiteration regions, we used PCR amplification and Sanger sequencing. Our analysis and comparison of the VZV genomes from the first and second episodes of HZ in each of the five participants indicate that both episodes were caused by the same VZV strain. This is consistent with the extraordinary stability of VZV during the replication phase of varicella and the subsequent establishment of latency in sensory ganglia throughout the body. Our observations also indicate that VZV is stable during the persistence of latency and the subsequent reactivation and replication that results in HZ

Steel waste valorisation Steel Slag Waste Effect on Concrete Shrinkage

The concept of sustainability is becoming widespread every day in society, enterprises and institutions. Defining something as sustainable means that the relationship that it establishes with the environment does not represent an aggression or a threat to the latter neither when it is being utilized nor when it stops performing the function for which was designed. To make this happen we need a system in which the main priority is recycling. Everything mentioned above is related to what is called the “Circular Economy”. Concrete is one of the most widely used construction materials in the world. However, the production of portland cement, an essential constituent of concrete, leads to the release of significant amounts of CO22. The global production of concrete represents more than 5% of the anthropogenic emissions of carbon dioxide every year, mainly from the production of cement. The replacement of cement by fly ash and other industrial waste, such as steel slags, is a good example of how resource conservation can be improved and contamination can be reduced. On the other hand, future trends are predicted to increase demand for steel worldwide. Mainly due to the expected improvement in the living standards and demands of underdeveloped populations. The steelmaking process produces a by-product called slag ranging from 10 to 15% per tonne of steel, where reuse is still reduced and much of it is deposited in a landfill. This study presents laboratory test results on the total and autogenous shrinkage of medium strength concrete with partial replacement of cement by slags. Two different slags were tested, namely ladle furnaces slags (LFS) and ground granulated blast furnace slags (GGBFS). The results show the concrete shrinkage behavior when 25% of substitution are used. These data are important to predict future behavior and show that for the substitution dosages used there are no significant divergences for the shrinkage.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

First High‐Resolution Benthic Habitat Map From the Greenland Shelf (Disko Bay Pilot Study)

A healthy ocean where marine habitats and ecosystems are mapped and protected is one of the UN's Sustainable Development Goals to sustainably use marine resources. Our study presents the first high-resolution benthic habitat map from Greenland integrating analyses of multibeam bathymetry and backscatter data, and ground-truth data including video sled, drop camera and day grab. The pilot area of 30 × 20 km is located on the continental shelf in central Disko Bay, West Greenland and all data were collected in a single, 10-day survey. Multibeam bathymetry data were gridded to a 10 × 10 m resolution, whereas backscatter mosaic was built from a 1 × 1 m grid cell to obtain higher resolution manifestation of seafloor properties. Ground-truth data consisted of 14 video transects, 17 drop camera deployments, and 17 sediment samples. Our results were verified with the published shallow seismic and vibrocore data from the Disko Bay region to link the geological background with the sedimentary environment. We distinguished five physical habitats in the area, based on the distribution of sediment types, water depth with general water masses and morphology. In addition, numerous gas seeps alongside pockmarks were observed in the area, as well as recent iceberg ploughmarks. The identified habitats were associated with two basic communities of benthic fauna, linked primarily to the distribution of sediments and representing hard bottom habitats (sessile fauna) and soft bottom habitats (shrimp/polychaetes). Our study is the first step toward mapping the entire seafloor of Disko Bay to provide a scientific context for the management of seafloor and marine resources

Reflections of physiotherapy students in the United Arab Emirates during their clinical placements: A qualitative study

BACKGROUND: Although Western models of education are being used to establish health professional programs in non-Western countries, little is known about how students in these countries perceive their learning experiences. The purpose of this qualitative study was to describe the reflections of physiotherapy students from a Middle East culture during their clinical placements and to compare them to reflections of physiotherapy students from a Western culture. METHODS: Subjects were six senior students (3 females, 3 males, mean age 22.6 years) and 15 junior, female students (mean age 20.1 years) in the baccalaureate physiotherapy program at a university in the United Arab Emirates (UAE). They wrote weekly entries in a journal while in their clinical placements. They described an event, their reaction to it, and how it might affect their future behavior. Two evaluators independently read and coded the content of all the journals, and then worked together to categorize the data and develop themes. A third evaluator, an UAE national, independently read the journals to validate the content analysis. A feedback session with students was used to further validate the data interpretation. The themes were compared to those derived from a similar study of Canadian physiotherapy students. RESULTS: The content of the students' reflections were grouped into 4 themes: professional behavior, awareness of learning, self-development and shift to a patient orientation, and identification and analysis of ethical issues. Although the events were different, students from the UAE considered many of the same issues reflected on by Canadian students. CONCLUSION: Physiotherapy students from a Middle East culture consider many of the same issues as students from a Western culture when asked to reflect on their clinical experience. They reflect on their personal growth, on how they learn in a clinical setting, and on the ethical and professional behaviors of themselves and others

Three-dimensional dualities with bosons and fermions

We propose new infinite families of non-supersymmetric IR dualities in three space-time dimensions, between Chern-Simons gauge theories (with classical gauge groups) with both scalars and fermions in the fundamental representation. In all cases we study the phase diagram as we vary two relevant couplings, finding interesting lines of phase transitions. In various cases the dualities lead to predictions about multi-critical fixed points and the emergence of IR quantum symmetries. For unitary groups we also discuss the coupling to background gauge fields and the map of simple monopole operators. \ua9 2018, The Author(s)

Self-avoiding walks and connective constants

The connective constant $\mu(G)$ of a quasi-transitive graph $G$ is the asymptotic growth rate of the number of self-avoiding walks (SAWs) on $G$ from a given starting vertex. We survey several aspects of the relationship between the connective constant and the underlying graph $G$. $\bullet$ We present upper and lower bounds for $\mu$ in terms of the vertex-degree and girth of a transitive graph. $\bullet$ We discuss the question of whether $\mu\ge\phi$ for transitive cubic graphs (where $\phi$ denotes the golden mean), and we introduce the Fisher transformation for SAWs (that is, the replacement of vertices by triangles). $\bullet$ We present strict inequalities for the connective constants $\mu(G)$ of transitive graphs $G$, as $G$ varies. $\bullet$ As a consequence of the last, the connective constant of a Cayley graph of a finitely generated group decreases strictly when a new relator is added, and increases strictly when a non-trivial group element is declared to be a further generator. $\bullet$ We describe so-called graph height functions within an account of "bridges" for quasi-transitive graphs, and indicate that the bridge constant equals the connective constant when the graph has a unimodular graph height function. $\bullet$ A partial answer is given to the question of the locality of connective constants, based around the existence of unimodular graph height functions. $\bullet$ Examples are presented of Cayley graphs of finitely presented groups that possess graph height functions (that are, in addition, harmonic and unimodular), and that do not. $\bullet$ The review closes with a brief account of the "speed" of SAW.Comment: Accepted version. arXiv admin note: substantial text overlap with arXiv:1304.721

Cardiac auscultation training of medical students: a comparison of electronic sensor-based and acoustic stethoscopes

BACKGROUND: To determine whether the use of an electronic, sensor based stethoscope affects the cardiac auscultation skills of undergraduate medical students. METHODS: Forty eight third year medical students were randomized to use either an electronic stethoscope, or a conventional acoustic stethoscope during clinical auscultation training. After a training period of four months, cardiac auscultation skills were evaluated using four patients with different cardiac murmurs. Two experienced cardiologists determined correct answers. The students completed a questionnaire for each patient. The thirteen questions were weighted according to their relative importance, and a correct answer was credited from one to six points. RESULTS: No difference in mean score was found between the two groups (p = 0.65). Grading and characterisation of murmurs and, if present, report of non existing murmurs were also rated. None of these yielded any significant differences between the groups. CONCLUSION: Whether an electronic or a conventional stethoscope was used during training and testing did not affect the students' performance on a cardiac auscultation test