A note on horizontal mergers in vertically related industries

We analyze horizontal mergers in vertically related industries. In a successive Cournot oligopoly model, we first compare the profitability of mergers in the upstream and in the downstream sectors. We characterize conditions on the concavities of the input supply function and the final demand function such that, ceteris paribus, an upstream merger is more protable than a downstream merger. We then provide a simple comparison of the relative losses of firms in an industry induced by a merger in the other sector when the degrees of concavity of the upstream and downstream demand functions are constant. We finally discuss the various mechanisms in action under non-constant degrees of concavity.horizontal mergers, vertically related industries, incentives to merge, elasticities of demand, loss from merger

Contrasting Experimentally Device-Manipulated and Device-Free Smiles.

Researchers in psychology have long been interested in not only studying smiles, but in examining the downstream effects of experimentally manipulated smiles. To experimentally manipulate smiles unobtrusively, participants typically hold devices (e.g., pens or chopsticks) in their mouths in a manner that activates the muscles involved in smiling. Surprisingly, despite decades of research using these methods, no study has tested to what degree these methods activate the same muscles as more natural, device-free smiles. Our study fills this gap in the literature by contrasting the magnitude of muscle activation in device-free smiles against the popular chopstick/pen manipulation. We also contrast these methods against the Smile Stick, a new device specifically designed to manipulate smiles in a comfortable and hygienic fashion. One hundred fifty-nine participants each participated in three facial expression manipulations that were held for 1 min: smile manipulation via Smile Stick, smile manipulation via chopsticks, and device-free smile. Facial electromyography was used to measure the intensity of the activation of the two main types of muscles involved in genuine, Duchenne smiling: the orbicularis oculi (a muscle group around the eyes) and the zygomaticus major (a muscle group in the cheeks). Furthermore, following each manipulation, participants rated their experience of the manipulation (i.e., comfort, fatigue, and difficulty), experienced affect (positive and negative), and levels of arousal. Results indicated that the Smile Stick and chopsticks performed equally across all measurements. Device-free smiles were rated as most comfortable but also the most fatiguing, and procured the greatest levels of positive affect and lowest levels of negative affect. Furthermore, device-free smiles resulted in significantly higher levels of both zygomaticus major (by ∼40%) and orbicularis oculi (by ∼15%) muscle activation than either the Smile Stick or chopsticks. The two devices were not different from each other in muscle activation. This study reveals that while device-free smiling procures the greatest changes in muscle activation and affect change, smiling muscle groups are activated by device manipulations, and expected changes in affect do occur, albeit to a lesser degree than device-free smiling. It also indicates that the Smile Stick is an acceptable and comparable alternative to disposable chopsticks

Evaluation of the Hamilton City Council plants for Gullies programme

This evaluation found that the Hamilton City Council Plants for Gullies programme is successfully facilitating the restoration and enhancement of Hamilton City gullies by private gully owners. The mean number of native species in surveyed gullies was 2.1 in non-restored sites and 18.4 in restored sites. While the mean number of invasive species was 4.1 in non-restored sites to 2.6 in restored sites. This quantitative measure is a valuable indication of the ecosystem gains for Hamilton City. Hamilton gully owners are very satisfied with the Plants for Gullies programme; the mean satisfaction rating was 8.9 out of 10. These residents dedicate significant time and energy to restoring their gully sections; the mean time contribution of survey participants was 10.3 hours per month. Gully owners were found to be utilising knowledge acquired through participation in the programme to add valuable diversity to their gully ecosystems. This was repeatedly demonstrated by programme participants not only reintroducing the native plants supplied by the programme but also adding large quantities of privately-sourced plants. This investigation found that the Plants for Gullies and Gully Restoration programmes are effective in communicating key ecological restoration concepts. This was reflected by gully owner prioritisation of eco-sourcing, biodiversity and weed control as considerations in their restoration projects. The Gully Restoration Guide was found to be the most valuable component of the programme’s educational tools. However, it is recommended that this resource is updated to support the many gully owners who require information for advanced stages of ecological restoration. In summary, the Plants for Gullies programme is successfully delivering gully restoration assistance and advice to gully owners, which is resulting in significant improvements to Hamilton City’s gully systems. The programme is valued by all who are involved and could be recommended to other New Zealand cities as an effective model for environmental restoration and community engagement

Time-varying volatility in Canadian and U.S. stock index and index futures markets: A multivariate analysis

We use a multivariate generalized autoregressive heteroskedasticity model (M-GARCH) to examine three stock indexes and their associated futures prices: the New York Stock Exchange Composite, Standard and Poor's 500, and Toronto 35. The North American context is significant because markets in Canada and the United States share similar structures and regulatory environments. Our model allows examination of dependence in volatility as it captures time variation in volatility and cross-market influences. Estimated time-variation in volatility is significant, and the volatilities are highly positively correlated. Yet, we find that the correlation in North American index and futures markets has declined over time.Financial markets ; Futures ; Stock market

An analysis of tropopause pressure and total ozone correlations

A study of the relationship between total ozone and tropopause pressure was carried out using Total Ozone Mapping Spectrometer (TOMS) data and National Meteorological Center (NMC) global analyses. The medium scales generally show correlations greater than 0.6 throughout the middle latitudes of both hemispheres with some regions exceeding 0.8. The areas of highest correlations seem to be associated with the storm track regions of both the Northern and Southern Hemispheres. A detailed spectral analysis is performed for the medium scales on five pairs of time series of area averaged tropopause pressure and total ozone. In middle latitudes, total ozone and tropopause pressure exhibit generally similar distributions in the power spectrum. In the subtropics and tropics the power in ozone drops off more rapidly with increasing frequency than the power in tropopause pressure. Only in the Northern Hemisphere middle latitudes does one find a clear association between increased power in ozone and tropopause pressure and maxima in the coherency spectrum. Results for large scales are more complicated, showing generally positive correlations at middle latitudes

An Extended Nebulosity Of Highly Ionized-Gas In The Sbo Seyfert-Galaxy NGC-3516 - Detection And Study Of The Physical Conditions Of The Gas

NSF AST 73-05312Astronom

The microstratigraphy of middens: capturing daily routine in rubbish at Neolithic Çatalhöyük, Turkey

Microstratigraphy — the sequencing of detailed biological signals on site — is an important new approach being developed in the Çatalhöyük project. Here the authors show how microscopic recording of the strata and content of widespread middens on the tell are revealing daily activities and the selective employment of plants in houses and as fuel. Here we continue to witness a major advance in the practice of archaeological investigation.</jats:p

The Impact of Community Based Adventure Therapy on Stress and Coping Skills in Adults.

Stress and coping skills are among the most essential components of the mental health counseling field. The use of coping skills (e.g., meditation, physical activities, appropriate uses of leisure) has been identified as an effective strategy for stress management. Adventure therapy has emerged as a modality that can positively augment other therapeutic approaches by improving coping skills and assisting clients in managing stress. As with all therapies, a positive working alliance has been found to be important toward achieving clinical outcomes. This study explored how adventure therapy enhanced learned coping strategies for stress and improved therapeutic alliance. Outcomes from this exploratory research highlighted the potential of adventure therapy to decrease stress, increase coping skills, and build therapeutic rapport with the therapist