Country uncertainty, power distance, and payment methods in acquisitions

This study examines the impact of country-specific uncertainty on the choice of payment method in international acquisitions. Our results show a negative correlation between the level of target country-specific uncertainty and cash transactions. Specifically, when the host country experiences a high level of country uncertainty, acquirers are more likely to choose non-cash transactions in which acquiring firms can issue their own equity to the target firm as part or all of the purchase consideration of the deal. The result is robust to alternative tests and analysis of subsamples. We also find that differences in uncertainty between host and home countries are informative in bidders’ payment decisions. Further, we find that the negative relation between target country-specific uncertainty and cash payment becomes weaker when there are larger differences in power distance between host and home countries. Our findings provide recommendations for policy-making bodies, and have implications for firm managers making corporate restructuring decisions

12CO emission from EP Aqr: Another example of an axi-symmetric AGB wind?

The CO(1-0) and (2-1) emission of the circumstellar envelope of the AGB star EP Aqr has been observed using the IRAM PdBI and the IRAM 30-m telescope. The line profiles reveal the presence of two distinct components centered on the star velocity, a broad component extending up to ~10 km/s and a narrow component indicating an expansion velocity of ~2 km/s. An early analysis of these data was performed under the assumption of isotropic winds. The present study revisits this interpretation by assuming instead a bipolar outflow nearly aligned with the line of sight. A satisfactory description of the observed flux densities is obtained with a radial expansion velocity increasing from ~2 km/s at the equator to ~10 km/s near the poles. The angular aperture of the bipolar outflow is ~45 deg with respect to the star axis, which makes an angle of ~13 deg with the line of sight. A detailed study of the CO(1-0) to CO(2-1) flux ratio reveals a significant dependence of the temperature on the star latitude, smaller and steeper at the poles than at the equator at large distances from the star. Under the hypothesis of radial expansion and of rotation invariance about the star axis, the effective density has been evaluated in space as a function of star coordinates. Evidence is found for an enhancement of the effective density in the northern hemisphere of the star at angular distances in excess of ~3" and covering the whole longitudinal range. The peak velocity of the narrow component is observed to vary slightly with position on the sky, a variation consistent with the model and understood as the effect of the inclination of the star axis with respect to the line of sight. While the phenomenological model presented here reproduces well the general features of the observations, significant differences are also revealed, which would require a better spatial resolution to be properly described.Comment: accepted for publication in Astronomy & Astrophysic

The morpho-kinematics of the circumstellar envelope around the AGB star EP Aqr

ALMA observations of CO(1-0) and CO(2-1) emissions of the circumstellar envelope of EP Aqr, an oxygen-rich AGB star, are reported. A thorough analysis of their properties is presented using an original method based on the separation of the data-cube into a low velocity component associated with an equatorial outflow and a faster component associated with a bipolar outflow. A number of important and new results are obtained concerning the distribution in space of the effective emissivity, the temperature, the density and the flux of matter. A mass loss rate of (1.6$\pm$0.4)10$^{-7}$ solar masses per year is measured. The main parameters defining the morphology and kinematics of the envelope are evaluated and uncertainties inherent to de-projection are critically discussed. Detailed properties of the equatorial region of the envelope are presented including a measurement of the line width and a precise description of the observed inhomogeneity of both morphology and kinematics. In particular, in addition to the presence of a previously observed spiral enhancement of the morphology at very small Doppler velocities, a similarly significant but uncorrelated circular enhancement of the expansion velocity is revealed, both close to the limit of sensitivity. The results of the analysis place significant constraints on the parameters of models proposing descriptions of the mass loss mechanism, but cannot choose among them with confidence.Comment: 26 pages, 31 figures, accepted for publication in MNRA

Observation of narrow polar jets in the nascent wind of oxygen-rich AGB star EP Aqr

Using ALMA observations of $^{12}$CO(2-1), $^{28}$SiO(5-4) and $^{32}$SO$_2$(16$_{6,10}$-17$_{5,13}$) emissions of the circumstellar envelope of AGB star EP Aqr, we describe the morpho-kinematics governing the nascent wind. Main results are: 1) Two narrow polar structures, referred to as jets, launched from less than 25 au away from the star, build up between $\sim$ 20 au and $\sim$ 100 au to a velocity of $\sim$ 20 \kms. They fade away at larger distances and are barely visible in CO data. 2) SO$_2$, SiO and CO emissions explore radial ranges reaching respectively $\sim$30 au, 250 au and 1000 au from the star, preventing the jets to be detected in SO$_2$ data. 3) Close to the star photosphere, rotation (undetected in SiO and CO data) and isotropic radial expansion combine with probable turbulence to produce a broad SO$_2$ line profile ($\sim$ 7.5 \kms\ FWHM). 4) A same axis serves as axis of rotation close to the star, as jet axis and as axi-symmetry axis at large distances. 5) A radial wind builds up at distances up to $\sim$ 300 au from the star, with larger velocity near polar than equatorial latitudes. 6) A sharp depletion of SiO and CO emissions, starting near the star, rapidly broadens to cover the whole blue-western quadrant, introducing important asymmetry in the CO and particularly SiO observations. 7) The $^{12}$C/$^{13}$C abundance ratio is measured as 9$\pm$2. 8) Plausible interpretations are discussed, in particular assuming the presence of a companion.Comment: 18 pages, 16 figures, MNRAS accepte

THE IMPACT OF INNOVATION ON ECONOMIC GROWTH: THE SPILLOVER EFFECT OF FOREIGN DIRECT INVESTMENT

Purpose of the study: Innovation is seen as the key to improving quality and productivity, thereby promoting competition and economic growth. This study analyzes the impact of innovation on economic growth through various measures, such as research and development spending, the number of researchers, number of patents as well as trademark registrations. Research results are evidence to recommend policies for intellectual-based economic growth. Methodology: Literature review and empirical analysis conducted in the study. The empirical method is a two-step System Generalize Methods of Moments (GMM), aiming at reliable results. Accessing the World Bank Database, research data from 64 developed and developing countries are collected from 2006 to 2014. Main Findings: The empirical findings show that innovation plays a crucial contribution in promoting economic growth, similar to national openness and government spending on education. This study also finds a positive impact on foreign investment flows and their spillover role in enhancing the correlation between innovation and economic growth. Applications of this study: The findings of this study focus on the contributions of innovation, foreign direct investment inflows, and other macro factors that can be enforced to improve economic growth by policymakers. Novelty/Originality of this study: The study uses different measures of innovation, including inputs such as the number of researchers, research and development expenditure, and outputs as the number of patents and number of trademark registrations. Empirical findings are found consistently, thus confirming that innovation is very important for economic growth. The study also shows convincing evidence confirming the positive contribution of foreign direct investment as well as its spillover effect on innovation and economic growth

Immune Cells Localize to Sites of Corneal Erosions in C57BL/6 Mice.

Recurrent epithelial erosions develop in the cornea due to prior injury or genetic predisposition. Studies of recurrent erosions in animal models allow us to gain insight into how erosions form and are resolved. While slowing corneal epithelial cell migration and reducing their proliferation following treatment with mitomycin C reduce erosion formation in mice after sterile debridement injury, additional factors have been identified related to cytokine expression and immune cell activation. The relationship between recruitment of immune cells to the region of the cornea where erosions form and their potential roles in erosion formation and/or erosion repair remains unexplored in the C57BL/6 mouse recurrent erosion model. Here, high resolution imaging of mouse corneas was performed at D1, D7, and D28 after dulled-blade debridement injury in C57BL/6 mice. Around 50% of these mice have frank corneal erosions at D28 after wounding. A detailed assessment of corneas revealed the involvement of M2 macrophages in both frank and developing erosions at early stages of their formation

Elevated sea temperature combined with dietary methionine levels affect feed intake and appetite-related neuropeptide expression in the brains of juvenile cobia (Rachycentron canadum)

This study aimed to determine the impact of elevated temperature combined with different levels of dietary methionine concentrations on feed intake (FI) and brain expression of selected neuropeptides and one receptor involved in appetite control in juvenile cobia (approximately 3.7 g body weight). The genes studies were neuropeptide y, npy; agouti-related protein, agrp; cocaine- and amphetamine-regulated transcript, cart; cholecystokinin, cck and melanocortin 4 receptor; mc4r. The cobia were reared at typical sea water temperature in Vietnam (30 °C) and elevated temperature (34°C; selected as one of the predicted scenarios of climate change). The fish were fed diets with different levels of methionine: deficient (M9; 9.1 g/kg), sufficient (M12; 12.8 g/kg) and surplus (M16, 16.8 g/kg) for 6 weeks (triplicate tanks per treatment). Both dietary methionine concentration and temperature affected FI in cobia. Dietary methionine deficiency (i.e., M9) and elevated temperature reduced FI in cobia. Temperature significantly influenced the mRNA expression of agrp, cart, cck and mc4r. Expression of the orexigenic neuropeptide npy was consistently higher before the meal than after the meal for all diets and at both temperatures. At 30°C, prefeeding levels of npy correlated with both increased methionine levels and FI. The interaction between dietary methionine and temperature on the levels of brain npy expression was significant (P<0.05). There was higher brain expression of agrp, cart and cck in cobia at 34°C than in fish at 30°C, which was correlated with a lower FI. In conclusion, both feeding, temperature and/or dietary methionine levels affected the brain expression of npy and agrp, cart, cck and mc4r. This suggests that these neuropeptides as well as the mc4r receptor are actively involved in adjusting feed intake to compensate for changing energetic demands, as well as metabolic adjustments due to the variable availability of methionine at elevated temperature.publishedVersio

Raft-dependent endocytosis of autocrine motility factor is phosphatidylinositol-3-kinase-dependent in breast carcinoma cells

Autocrine motility factor (AMF) is internalized via a receptor-mediated, dynamin-dependent, cholesterol-sensitive raft pathway to the smooth endoplasmic reticulum that is negatively regulated by caveolin-1. Expression of AMF and its receptor (AMFR) is associated with tumor progression and malignancy; however, the extent to which the raft-dependent uptake of AMF is tumor cell-specific has yet to be addressed. By Western blot and cell surface fluorescence-activated cell sorter (FACS) analysis, AMFR expression is increased in tumorigenic MCF7 and metastatic MDA-231 and MDA-435 breast cancer cell lines relative to dysplastic MCF10A mammary epithelial cells. AMF uptake, determined by FACS measurement of protease-insensitive internalized fluorescein-conjugated AMF, was increased in MCF7 and MDA-435 cells relative to MCF-10A and caveolin-1-expressing MDA-231 cells. Uptake of fluorescein-conjugated AMF was dynamin-dependent, methyl-beta-cyclodextrin- and genistein-sensitive, reduced upon overexpression of caveolin-1 in MDA-435 cells, and increased upon short hairpin RNA reduction of caveolin-1 in MDA-231 cells. Tissue microarray analysis of invasive primary human breast carcinomas showed that AMFR expression had no impact on survival but did correlate significantly with expression of phospho-Akt. Phospho-Akt expression was increased in AMF-internalizing MCF7 and MDA-435 breast carcinoma cells. AMF uptake in these cells was reduced by phosphatidylinositol 3-kinase inhibition but not by regulators of macropinocytosis such as amiloride, phorbol ester, or actin cytoskeleton disruption by cytochalasin D. The raft-dependent endocytosis of AMF therefore follows a distinct phosphatidylinositol 3-kinase-dependent pathway that is up-regulated in more aggressive tumor cells