Dead Hand Proxy Puts and Shareholder Value

We study the impact of Dead Hand Proxy Puts on shareholder value. Courts and commentators have characterized these terms as defenses against hedge fund activism that threaten to reduce firm value by entrenching underperforming managers and thereby increasing managerial agency costs. Our findings contradict this view. Using three court cases as a natural experiment, we find that shareholders do, not react negatively to the inclusion of a Dead Hand Proxy Put in a firm\u27s loan agreements. Not only do Dead Hand Proxy Puts not destroy firm value, they may even preserve it by deterring activists who would seek to extract wealth from creditors and other nonshareholder constituencies. We develop the policy implications of these findings and offer a direction for the evolution of legal doctrine in this area

Electronic structure of wurtzite and zinc-blende AlN

The electronic structure of AlN in wurtzite and zinc-blende phases is studied experimentally and theoretically. By using x-ray emission spectroscopy, the Al 3p, Al 3s and N 2p spectral densities are obtained. The corresponding local and partial theoretical densities of states (DOS), as well as the total DOS and the band structure, are calculated by using the full potential linearized augmented plane wave method, within the framework of the density functional theory. There is a relatively good agreement between the experimental spectra and the theoretical DOS, showing a large hybridization of the valence states all along the valence band. The discrepancies between the experimental and theoretical DOS, appearing towards the high binding energies, are ascribed to an underestimation of the valence band width in the calculations. Differences between the wurtzite and zinc-blende phases are small and reflect the slight variations between the atomic arrangements of both phases

Epigenetic reprogramming of fallopian tube fimbriae in BRCA mutation carriers defines early ovarian cancer evolution

The exact timing and contribution of epigenetic reprogramming to carcinogenesis are unclear. Women harbouring BRCA1/2 mutations demonstrate a 30–40-fold increased risk of high-grade serous extra-uterine Müllerian cancers (HGSEMC), otherwise referred to as ‘ovarian carcinomas’, which frequently develop from fimbrial cells but not from the proximal portion of the fallopian tube. Here we compare the DNA methylome of the fimbrial and proximal ends of the fallopian tube in BRCA1/2 mutation carriers and non-carriers. We show that the number of CpGs displaying significant differences in methylation levels between fimbrial and proximal fallopian tube segments are threefold higher in BRCA mutation carriers than in controls, correlating with overexpression of activation-induced deaminase in their fimbrial epithelium. The differentially methylated CpGs accurately discriminate HGSEMCs from non-serous subtypes. Epigenetic reprogramming is an early pre-malignant event integral to BRCA1/2 mutation-driven carcinogenesis. Our findings may provide a basis for cancer-preventative strategies

Degradation kinetics of resorcinol by Enterobacter cloacae isolate

Resorcinol was utilized as the sole carbon and energy source by Enterobacter cloacae (identification by 16S rDNA nucleotide sequencing Genbank Accession Number JN093148). The different concentration of resorcinol utilized by the bacterial isolate ranged between 55 and 220 mg l-1 at 30°C and pH of 7.0. It was observed that the batch experimental results were best fitted for Michaelis-Menten and Monod models (for 220 mg l-1 resorcinol) with time under defined conditions. The kinetics constants for the Michaelis-Menten equation (enzyme kinetics) were Km = 11.00 mM and Vmax = 0.03 mM min-1 and for the Monod equation (growth kinetics) was μmax = 0.0371 h-1 in the inhibitory region and KS = 22.09 mg l-1. It was assumed that enzyme reactions limit biomass production (Monod kinetics) during resorcinol degradation by E. cloacae. The enzyme kinetic model (Michaelis-Menten) used was fit to the resorcinol degradation profiles with a set of model parameters such as using pre-induced E. cloacae cells on 220 mg l-1 resorcinol

Extending Graph (Discrete) Derivative Descriptors to N-Tuple Atom-Relations

In the present manuscript, an extension of the previously defined Graph Derivative Indices (GDIs) is discussed. To achieve this objective, the concept of a hypermatrix, conceived from the calculation of the frequencies of triple and quadruple atom relations in a set of connected sub-graphs, is introduced. This set of subgraphs is generated following a predefined criterion, known as the event (S), being in this particular case the connectivity among atoms. The triple and quadruple relations frequency matrices serve as a basis for the computation of triple and quadruple discrete derivative indices, respectively. The GDIs are implemented in a computational program denominated DIVATI (acronym for DIscrete DeriVAtive Type Indices), a module of TOMOCOMD-CARDD program. Shannon‟s entropy-based variability analysis demonstrates that the GDIs show major variability than others indices used in QSAR/QSPR researches. In addition, it can be appreciated when the indices are extended over n-elements from the graph, its quality increases, principally when they are used in a combined way. QSPR modeling of the physicochemical properties Log P and Log K of the 2-furylethylenes derivatives reveals that the GDIs obtained using the tripleand quadruple matrix approaches yield superior performance to the duplex matrix approach. Moreover, the statistical parameters for models obtained with the GDI method are superior to those reported in the literature by using other methods. It can therefore be suggested that the GDI method, seem to be a promissory tool to reckon on in QSAR/QSPR studies, virtual screening of compound datasets and similarity/dissimilarity evaluations

Methylation patterns in serum DNA for early identification of disseminated breast cancer

BACKGROUND: Monitoring treatment and early detection of fatal breast cancer (BC) remains a major unmet need. Aberrant circulating DNA methylation (DNAme) patterns are likely to provide a highly specific cancer signal. We hypothesized that cell-free DNAme markers could indicate disseminated breast cancer, even in the presence of substantial quantities of background DNA. METHODS: We used reduced representation bisulfite sequencing (RRBS) of 31 tissues and established serum assays based on ultra-high coverage bisulfite sequencing in two independent prospective serum sets (n = 110). The clinical use of one specific region, EFC#93, was validated in 419 patients (in both pre- and post-adjuvant chemotherapy samples) from SUCCESS (Simultaneous Study of Gemcitabine-Docetaxel Combination adjuvant treatment, as well as Extended Bisphosphonate and Surveillance-Trial) and 925 women (pre-diagnosis) from the UKCTOCS (UK Collaborative Trial of Ovarian Cancer Screening) population cohort, with overall survival and occurrence of incident breast cancer (which will or will not lead to death), respectively, as primary endpoints. RESULTS: A total of 18 BC specific DNAme patterns were discovered in tissue, of which the top six were further tested in serum. The best candidate, EFC#93, was validated for clinical use. EFC#93 was an independent poor prognostic marker in pre-chemotherapy samples (hazard ratio [HR] for death = 7.689) and superior to circulating tumor cells (CTCs) (HR for death = 5.681). More than 70% of patients with both CTCs and EFC#93 serum DNAme positivity in their pre-chemotherapy samples relapsed within five years. EFC#93-positive disseminated disease in post-chemotherapy samples seems to respond to anti-hormonal treatment. The presence of EFC#93 serum DNAme identified 42.9% and 25% of women who were diagnosed with a fatal BC within 3–6 and 6–12 months of sample donation, respectively, with a specificity of 88%. The sensitivity with respect to detecting fatal BC was ~ 4-fold higher compared to non-fatal BC. CONCLUSIONS: Detection of EFC#93 serum DNAme patterns offers a new tool for early diagnosis and management of disseminated breast cancers. Clinical trials are required to assess whether EFC#93-positive women in the absence of radiological detectable breast cancers will benefit from anti-hormonal treatment before the breast lesions become clinically apparent

Understanding the Relationship Between Job Insecurity and Performance: Hindrance or Challenge Effect?

This study aims to propose a theoretical model that explains the psychological processes underlying the job insecurity-performance relationship. To accomplish this goal, we draw on a two-dimensional stressor framework. Job insecurity may undermine performance through a hindrance effect, because it causes strain reactions and withdrawal behaviours. In contrast, it can trigger productive behaviours as a form of job preservation strategy, when reacting actively. These competing predictions are integrated in the same structural equation modeling by testing the negative indirect effect of job insecurity on task and contextual performance, mediated by job satisfaction and affective commitment. The positive challenge effect is examined by testing the remaining direct path to performance. To provide convergence of evidence, two studies were conducted with the purpose to replicate patters and findings across different measures and samples. The results provide support only for negative and passive reactions to job insecurity, leading to lower performance

The WID-EC test for the detection and risk prediction of endometrial cancer

The incidence of endometrial cancer is rising. Measures to identify women at risk and to detect endometrial cancer earlier are required to reduce the morbidity triggered by the aggressive treatment required for advanced endometrial cancer. We developed the WID-EC (Women's cancer risk IDentification-Endometrial Cancer) test, which is based on DNA methylation at 500 CpG sites, in a discovery set of cervical liquid-based cytology samples from 1,086 women with and without an endometrial cancer (217 cancer cases and 869 healthy controls) with a worse prognosis (grade 3 or ≥stage IB). We validated the WID-EC test in an independent external validation set of 64 endometrial cancer cases and 225 controls. We further validated the test in 150 healthy women (prospective set) who provided a cervical sample as part of the routine Swedish cervical screening programme, 54 of whom developed endometrial cancer within three years of sample collection. The WID-EC test identified women with endometrial cancer with a receiver operator characteristic area under the curve (AUC) of 0.92 (95% CI: 0.88-0.97) in the external set and of 0.82 (95% CI: 0.74-0.89) in the prospective validation set. Using an optimal cutoff, cancer cases were detected with a sensitivity of 86% and a specificity of 90% in the external validation set, and a sensitivity and specificity of 52% and 98% respectively in the prospective validation set. The WID-EC test can identify women with or at risk of endometrial cancer