Corruption and International Valuation: Does Virtue Pay?

Using firm-level data from 44 countries, we investigate the relation between corruption and international corporate values. Our analysis shows that firms from more corrupt countries trade at significantly lower market multiples. The effect is both economically and statistically significant. Furthermore, using a two-stage estimation procedure, we show that corruption impacts firm value primarily through lower expected future cash flows, most directly captured by firms’ profitability forecasts. Collectively, our evidence shows corruption has significant economic consequences for shareholder value.corruption; international valuation; market multiple

Non-contact heat flux measurement using a transparent sensor

A working non-contact heat flux sensor was demonstrated using a transparent material (sapphire) and a multiwavelength pyrometer. The pyrometer is used to measure the temperatures of the two surfaces of the sensor from the spectrum of radiation originating from them. The heat conducted through the material is determined from the temperature difference of the two surfaces and the thermal conductivity of the material. The measured heat flux is equal to the incident heat flux within experimental error indicating that no calibration would be necessary. A steady state heat flux of 100 kW/sq m was easily achieved

Connected And Autonomous Vehicles: Implications For Policy And Practice In City And Transportation Planning

Vehicular transportation is undergoing a technological change. Cars are being automated, which have significant implications for governments. Autonomous Vehicles (AVs) and Connected and Autonomous Vehicles (CAVs) can have significant benefits such as improved overall roadside safety and efficiency however, there may also be negative effects as well such as increased sprawl and social inequity. In Ontario, AV testing on public roads has been conducted under O. Reg. 306/15, which has also helped to establish Ontario as a leader of innovation in Canada. Before CAVs can be mass deployed in Ontario and Canada at large however, a number of barriers will need to be addressed such as legislation, infrastructure and cooperation between municipalities, and between municipalities and the automotive industry. Recommendations for municipal and provincial governments are provided

Propagation of gaseous detonation waves in a spatially inhomogeneous reactive medium

Detonation propagation in a compressible medium wherein the energy release has been made spatially inhomogeneous is examined via numerical simulation. The inhomogeneity is introduced via step functions in the reaction progress variable, with the local value of energy release correspondingly increased so as to maintain the same average energy density in the medium, and thus a constant Chapman Jouguet (CJ) detonation velocity. A one-step Arrhenius rate governs the rate of energy release in the reactive zones. The resulting dynamics of a detonation propagating in such systems with one-dimensional layers and two-dimensional squares are simulated using a Godunov-type finite-volume scheme. The resulting wave dynamics are analyzed by computing the average wave velocity and one-dimensional averaged wave structure. In the case of sufficiently inhomogeneous media wherein the spacing between reactive zones is greater than the inherent reaction zone length, average wave speeds significantly greater than the corresponding CJ speed of the homogenized medium are obtained. If the shock transit time between reactive zones is less than the reaction time scale, then the classical CJ detonation velocity is recovered. The spatio-temporal averaged structure of the waves in these systems is analyzed via a Favre averaging technique, with terms associated with the thermal and mechanical fluctuations being explicitly computed. The analysis of the averaged wave structure identifies the super-CJ detonations as weak detonations owing to the existence of mechanical non-equilibrium at the effective sonic point embedded within the wave structure. The correspondence of the super-CJ behavior identified in this study with real detonation phenomena that may be observed in experiments is discussed

Working toward a seamless supply chain: an exploratory analysis of the impact of supply chain on company performance

This paper explores the role that several supply chain dimensions play in achieving overall firm performance. Measures suggested in prior studies were factor analyzed for convergent and discriminant validity and then used in a regression model. This study uses data from the Council of Supply Chain Management Professionals (CSCMP) member firms, with top level supply chain managers as informants. The results suggest that of the three dimensions tested, two are significant contributors to firm profitability, including customer service and business process usage. Relationship confidence was not found to significantly impact overall firm performance

The relevance of particularity in an ethics of alterity : an investigation of Heidegger, Levinas, and Derrida

This thesis is an exploration of the role that the particularities (i.e., sex/gender, race/ethnicity, etc.) of the Other have in generating ethical responsibility. According to the meta-ethical claim put forth by Emmanuel Levinas's critique of Martin Heidegger's ontology, ethics is taken as the primordial issue of existence. The reason is that the co-related issues of meaning and identity are a result of the alterity that ensues from the exposure to the Other's face. This radical otherness, which resists our ability of comprehension, gestures to a sense of vulnerability that articulates the mortality of existence. The Other's death then becomes a possibility that calls us to responsibility. To this, Jacques Derrida provides suggestions to Levinas in regard to the issue of this radical alterity . Derrida's claim is that if we hold steadfast to the incomprehensibility of the Other, then such an entity is prevented from ever appearing within the horizon of understanding, and remains hidden as a relevant issue. Ethics is possible only insofar as the Other in some way appears , and thus Derrida proposes that ontological violence must minimally be committed for a relationship with alterity. This emphasis on the appearance of the Other means that there is some tangible quality that allows the contact with him/her. Différance will be helpful in understanding how we can approach these particularities according to their historical significance. It will then be argued that these particularities mediate our exposure to alterity, and are constitutive for ethics

The level and duration of RSV-specific maternal IgG in infants in Kilifi Kenya

Background Respiratory syncytial virus (RSV) is the major cause of lower respiratory tract infection in infants. The rate of decay of RSV-specific maternal antibodies (RSV-matAb), the factors affecting cord blood levels, and the relationship between these levels and protection from infection are poorly defined. Methods A birth cohort (n = 635) in rural Kenya, was studied intensively to monitor infections and describe age-related serological characteristics. RSV specific IgG antibody (Ab) in serum was measured by the enzyme linked immunosorbent assay (ELISA) in cord blood, consecutive samples taken 3 monthly, and in paired acute and convalescent samples. A linear regression model was used to calculate the rate of RSV-matAb decline. The effect of risk factors on cord blood titres was investigated. Results The half-life of matAb in the Kenyan cohort was calculated to be 79 days (95% confidence limits (CL): 76–81 days). Ninety seven percent of infants were born with RSV-matAb. Infants who subsequently experienced an infection in early life had significantly lower cord titres of anti-RSV Ab in comparison to infants who did not have any incident infection in the first 6 months (P = 0.011). RSV infections were shown to have no effect on the rate of decay of RSV-matAb. Conclusion Maternal-specific RSV Ab decline rapidly following birth. However, we provide evidence of protection against severe disease by RSV-matAb during the first 6–7 months. This suggests that boosting maternal-specific Ab by RSV vaccination may be a useful strategy to consider