Dynamic due diligence : an entrepreneurial business planning method for evaluating mergers and acquisitions: theory, case application and general implications

This paper presents a method for conducting dynamic due diligence to evaluate Mergers and Acquisitions; demonstrates its effectiveness in a particular case; and extrapolates its theoretical and practical implications to the general case. It may be called the ‘ECIPP’ method - an acronym for: Establishing mandates; Creating projections; Identifying issues; Prioritizing procedures and Performing them.

Two established alternative due diligence methods are examined. The prevailing finance-theory-based procedure has the virtues of simplicity and elegance; the vice is abstraction. The prevailing practitioner-based regime has the virtues of thoroughness and concreteness but the vices of rigidity and inefficiency. Resolving the tradeoffs inherent in both static prescriptions provides an opportunity for a dynamic, innovative approach derived from grounded theory and an application of Hindle’s (1993) theory of venture renaissance through application of an enhanced paradigm of Entrepreneurial Business Planning. The ECIPP method retains simplicity, concreteness and thoroughness but eliminates abstraction, rigidity and inefficiency.

This is demonstrated in a case. ChildCo’s CEO had only one month to complete his M&A evaluation; no expertise or previous experience; severely limited budget for the exercise and had been flatly informed by prevailing M&A experts that what he wanted could not be done. Using the ECIPP method, the CEO and the author did it: on time, within budget and to the satisfaction of a previously skeptical board of one of the world’s largest multi-national companies including arguably the world’s most professional corporate M&A division.

The replicability logic of the case research permits two generalisations. (1) ECIPP extends the range and utility of Entrepreneurial Business Planning as a management technology, well beyond the constraints to which it is usually confined. (2) The ECIPP method of dynamic due diligence is an innovation worthy of mature consideration and further investigation by theorists and practitioners in the M&A field, in the disciplines of both Finance and Entrepreneurship and, well beyond, in the realms of general management theory, methodology and practice.

Perfecting nature : Friedrich Nietzsche's ideal and politics of cultivation

What I have called the Ideal of Cultivation is a fundamental ethical principle of civilisation, originated by aristocratic warriors in Greek antiquity who held that the true purpose of humanity is to perfect nature

It was then professed that individuals and even entire peoples could consciously develop and improve themselves in a way that was thought to obey the original lawful impulses of nature, a process which was likened to those of agriculture and animal husbandry.

Subsequently the cognate idea of a politics of cultivation arose which deemed that society should be organised specifically to produce more virtuous or perfect human types. Given their fundamental association with Hellenism both ideas have been revisited constantly in the intellectual history of the west, and most notably during the great secular periods, the Renaissance and Enlightenment when active attempts were made to retrieve the ideals of antiquity. Both ideas were particularly pervasive in the German enlightenment, the Aufklärung, and were assimilated by the succeeding Romantic generation.

In nineteenth century Germany, when interest in these ideas was quickly waning, the German philosopher Friedrich Nietzsche acquired an unswerving attachment to them and made the service of them his life's work.

The intention of this essay is to trace methodically the appearance of the Ideal of Cultivation in Nietzsche's philosophy and politics, and to outline his responses to a world which was abandoning the principles in which he deeply believed. This essay should be regarded as a case study in the long history of a fundamental ethical idea rather than one about the philosopher Nietzsche.

Hagia Sofia (532–537AD) : a study of centrality, interiority and transcendence in architecture

The study by Robin Evans of the centralised churches of the Renaissance explores the idea of centrality, and argues that architecture does not simply invest in one geometric centre. Evans’s analysis makes detours into the histories of theology, geometry and mathematics attempting to find how architecture participates with these fields. In a footnote, he suggests that architecture in its singular artistic physicality ‘suspends our disbelief in the ideal’, offering a world that does not reflect culture, in all its fullness, but rather supplements culture’s incompleteness. This idea reiterates psychoanalytic theories of Freud and Kristeva that qualify the notion of transcendence with the psychoanalytic concept of transference. Architecture, like art, is able to resolve that which in society and in other fields remains a contradiction, giving a picture (albeit fictional) of a harmonious and unified order and wholeness. In this essay, I turn to Hagia Sofia (532–537AD) in present-day Istanbul, a church that marks the beginning of a Christian empire relocated to Constantinople, East of Rome, and built one thousand years before the Renaissance churches discussed by Evans. Hagia Sofia is a building that symbolises the shift towards a domed centralised form, away from a basilica form, and a building that develops an innovative interior. Hagia Sofia is usually observed and described in a devotional manner, as though addressing the architecture of the church is equivalent to a pious person addressing the church itself, and more significantly, addressing the Divine figure of God, through the architecture of the church. Its influence on Islamic mosque design has been noted. What rôle does Hagia Sofia play in the kind of artistic mastery that Evans is proposing, and what other dimensions of centrality and transcendence in architecture are offered by a study of Hagia Sofia?

Decoration of nitrogen vacancies by oxygen atoms in boron nitride nanotubes

Decoration of nitrogen vacancies by oxygen atoms has been studied by near-edge X-ray absorption fine structure (NEXAFS) around B K-edge in several boron nitride (BN) structures, including bamboo-like and multi-walled BN nanotubes. Breaking of B-N bonds and formation of nitrogen vacancies under low-energy ion bombardment reduces oxidation resistance of BN structures and promotes an efficient oxygen-healing mechanism, in full agreement with some recent theoretical predictions. The formation of mixed O-B-N and B-O bonds is clearly identified by well-resolved peaks in NEXAFS spectra of excited boron atoms.

Chromatic interaction between egg pigmentation and skin chromatophores in the nuptial coloration of female two-spotted gobies

In two-spotted gobies (Gobiusculus flavescens Fabricius 1779), females develop an orange belly as they approach sexual maturity. Bright belly coloration is preferred by males and has been suggested to act as a female ornament. This coloration is unusual in that it originates partly from pigmentation of the abdominal skin but also from strongly pigmented gonads directly visible through the skin. In addition, females have been observed to temporarily become more colourful during courtship and competition. To understand how gonad and skin pigmentation interact in this nuptial coloration, the potential for colour modification via regulation of skin chromatophores was investigated. Noradrenaline caused aggregation of chromatophore pigment and was used to experimentally reduce the contribution of skin chromatophores to the nuptial coloration. Chromatophore pigment aggregation caused bellies to become less colourful and abdominal skin biopsies to become less colourful and more transparent. There was a strong positive relationship between belly coloration and the coloration of the underlying gonads. This shows that belly coloration honestly reflects egg pigmentation, mainly because the transparency of the abdominal skin allows other fish to see the gonads directly. Interestingly, when noradrenaline caused pigment to aggregate and thereby increased the transparency of the skin, the relationship between belly and gonad coloration weakened. We conclude that female G. flavescens have a potential to use skin chromatophores to rapidly alter their nuptial coloration, thereby affecting the efficacy with which information about gonad coloration is conveyed.

Does female nuptial coloration reflect egg carotenoids and clutch quality in the Two-Spotted Goby (Gobiusculus flavescens, Gobiidae)?

Summary

1 - Carotenoid-based ornamentation has often been suggested to signal mate quality, and species with such ornaments have frequently been used in studies of sexual selection.

2 - Female Gobiusculus flavescens (Two-Spotted Goby) develop colourful orange bellies during the breeding season. Belly coloration varies among mature females, and previous work has shown that nest-holding males prefer females with more colourful bellies. Because males invest heavily in offspring during incubation, the evolution of this preference can be explained if colourful females provide males with eggs of higher quality.

3 - We tested this hypothesis by allowing males to spawn with ‘colourful’ and ‘drab’ females and comparing parameters including egg carotenoid concentration, clutch size, hatchability and larval viability between groups. We also investigated relationships between egg carotenoid concentration and clutch quality parameters.

4 - Eggs from colourful females had significantly higher concentrations of total carotenoids than drab females, and photographically quantified belly coloration was a good predictor of egg carotenoid concentration.

5 - Colourful females produced slightly larger clutches, but female belly coloration was not related to any measure of clutch quality. In addition, there were no significant relationships between egg carotenoids and clutch quality. Females with high levels of egg carotenoids spawned slightly earlier, however, possibly because they were more ready to spawn or because of male mate choice.

6 - Our results call into question the generality of a causal link between egg carotenoids and offspring quality.

Fatal women in renaissance tragedy, 1550-1650

Drawing upon the femme fatale of film noir, this thesis examines the presence of a fatal woman on the Renaissance stage. The thesis analyses the representation of emotionally and sexually independent women as fatally attractive to, yet ultimately destructive of, the men they entrap and seduce.

Introduction: of turtles, dining and the importance of history in food, food in history

Feasting on North American moose or Caribbean turtle in Renaissance Italy, Ancient Rome, or the colonial working-class pub, is Social and Cultural history in a new and exciting form. Dining on Turtles traverses time and place to open up food and drink as a new field of historical enquiry. In chapters covering the heritage landscapes of sugar canefields, the reform of popular drinking customs, the importance of eating and drinking culture to Olympic Games planning, and the significance of cookbooks to civic society, historians here break new ground in locating food's importance. From the exploration of French tavern rituals, Scottish feasting on haggis, and memories of food traditions in Cyprus come themes of identity and nationalism, change and continuity.

Missing the lesbian and the missing lesbian: a study of the forgotten lesbian in 1970s Australian cinema

This paper addresses the (largely forgotten) presence of lesbians, in 1970s Australian film. It explores the romantic friendships canvassed in 'Picnic at Hanging Rock', (Peter Weir, 1975) and 'The Getting of Wisdom', (Bruce Beresford, 1977) alongside the lesbian in other canonical 1970s works, like the election comedy, 'Don’s Party' (Beresford, 1976) the bio-pic 'Dawn!', and unique tele-features such as 'The Alternative' (Paul Eddy 1978). This paper investigates the way these texts are read and received. The 1970s was an important decade in Australia's filmic history, (affectionately dubbed Australia's film ‘Renaissance’) and this paper examine the lesbian readings that are and aren’t there; and that are and are not avowed.

In hot pursuit : fluctuating mating system and sexual selection in sand lizards

A changing climate is expected to have profound effects on many aspects of ectotherm biology. We report on a decade-long study of free-ranging sand lizards (Lacerta agilis), exposed to an increasing mean mating season temperature and with known operational sex ratios. We assessed year-to-year variation in sexual selection on body size and postcopulatory sperm competition and cryptic female choice. Higher temperature was not linked to strength of sexual selection on body mass, but operational sex ratio (more males) did increase the strength of sexual selection on body size. Elevated temperature increased mating rate and number of sires per clutch with positive effects on offspring fitness. In years when the “quality” of a female's partners was more variable (in standard errors of a male sexual ornament), clutches showed less multiple paternity. This agrees with prior laboratory trials in which females exercised stronger cryptic female choice when male quality varied more. An increased number of sires contributing to within-clutch paternity decreased the risk of having malformed offspring. Ultimately, such variation may contribute to highly dynamic and shifting selection mosaics in the wild, with potential implications for the evolutionary ecology of mating systems and population responses to rapidly changing environmental conditions.

Encapsulation of hydrophobic phthalocyanine with poly(N-isopropylacrylamide)/lipid composite microspheres for thermo-responsive release and photodynamic therapy

Phthalocyanine (Pc) is a type of promising sensitizer molecules for photodynamic therapy (PDT), but its hydrophobicity substantially prevents its applications. In this study, we efficiently encapsulate Pc into poly(N-isopropylacrylamide) (pNIPAM) microgel particles, without or with lipid decoration (i.e., Pc@pNIPAM or Pc@pNIPAM/lipid), to improve its water solubility and prevent aggregation in aqueous medium. The incorporation of lipid molecules significantly enhances the Pc loading efficiency of pNIPAM. These Pc@pNIPAM and Pc@pNIPAM/lipid composite microspheres show thermo-triggered release of Pc and/or lipid due to the phase transition of pNIPAM. Furthermore, in the in vitro experiments, these composite particles work as drug carriers for the hydrophobic Pc to be internalized into HeLa cells. After internalization, the particles show efficient fluorescent imaging and PDT effect. Our work demonstrates promising candidates in promoting the use of hydrophobic drugs including photosensitizers in tumor therapies. © 2014 by the authors.

Illusions vary because of the types of decorations at bowers, not male skill at arranging them, in great bowerbirds

Many animals use extended phenotypes to attract mates, but the availability of suitable resources in the environment can affect the size and form of these signals, with unknown consequences for honest signalling. In some populations of the great bowerbird, Ptilonorhynchus nuchalis, males arrange decorations by size, with smaller decorations placed closer to the bower entrance than larger decorations. This may create a more even background pattern from the female's viewpoint within the bower than if decorations were arranged randomly. Males show consistent, individual variation in the size-distance gradient, which could reflect variation among males in the cognitive skills needed to arrange decorations. We examined whether individual consistency in gradient characteristics is related to a male's skill at decoration arrangement or the types of decorations at bowers. We paired 18 males and switched bower decorations between pairs. We measured gradient characteristics before switching and 4 and 8 days after switching. Gradient characteristics after switching were related to those of the bower from which decorations were received, not to those of the male's own bower before switching. Gradient characteristics were also related to the types of decorations received, including bones and snail shells. These results suggest that variation among males in the size-distance gradient is explained by differences in the availability of decorations at bowers, not the cognitive skills required to arrange decorations. Although variation in gradient characteristics could indicate the male's ability to locate and transport particular decorations, it could also reflect local availability of objects, with no relationship to male quality.

Will the real Waleed Aly please stand up?: Media, celebrity and the making of an Australian public intellectual

Abstract: Waleed Aly is arguably the most visible and vocal Australian public intellectual from a non-Anglo-Australian background. The ubiquitous Aly is a veritable Renaissance man - he is a television presenter, radio host, academic and rock musician. He is also a former lawyer, and served on the executive committee of the Islamic Council of Victoria. In short, he is the 'go-to' Muslim for commentary on a wide range of political and civic affairs. This article argues that Aly's media profile and celebrity status have as much to do with an Australian cultural imaginary that posits 'whiteness' as an uncontestable normative value as it does with Aly's undoubted skills as a journalist, academic and cultural commentator. It examines Aly's career with reference to Ghassan Hage's concept of 'whiteness' as a form of aspirational cultural capital and various theories of persona and performativity. For Hage, 'whiteness' is not a literal skin colour; rather, it consists of elements that can be adopted by individuals and groups (such as nationally valued looks, accents, tastes, cultural preferences and modes of behaviour). While entry to what Hage calls Australia's 'national aristocracy' is generally predicated on possessing the correct skin tone, it is theoretically possible for dark-skinned people such as Waleed Aly to enter the field of national belonging and partake in public discourse about a range of topical issues. More specifically, the article substantiates its claims about Aly's status as a member of Australia's cultural aristocracy through a comparative discourse and performance analysis of his presentation of 'self' in four distinctive media contexts: Channel 10's The Project, the ABC RN Drive program, ABC TV's Q&A and the SBS comedy-talk show Salaam Caf , which looked at the 'funny side of life as an Australian Muslim' and showcased other multi-talented Muslim professionals of both genders.

Seeing Sarah Bernhardt: performance and silent film

The most famous stage actress of the nineteenth century, Sarah Bernhardt enjoyed a surprising renaissance when the 1912 multi-reel film Queen Elizabeth brought her international acclaim. The triumph capped her already lengthy involvement with cinema while enabling the indefatigable actress to reinvent herself in an era of technological and generational change. Placing Bernhardt at the center of the industry's first two decades, Victoria Duckett challenges the perception of her as an anachronism unable to appreciate film's qualities. Instead, cinema's substitution of translated title cards for her melodic French deciphered Bernhardt for Anglo-American audiences. It also allowed the aging actress to appear in the kinds of longer dramas she could no longer physically sustain onstage. As Duckett shows, Bernhardt contributed far more than star quality. Her theatrical practice on film influenced how the young medium changed the visual and performing arts. Her promoting of experimentation, meanwhile, shaped the ways audiences looked at and understood early cinema.

Neohornibrookella sorrentae (Chapman and Crespin, 1928) and allied ostracod taxa from the Neogene of southeastern Australia: systematic and palaeoceanographical relationships, palaeoecology and palaeobiogeography

Three closely allied shallow marine taxa, Neohornibrookella sorrentae (Chapman and Crespin), Neohornibrookella glyphica (Neil), and Neohornibrookella nepeani sp. nov. are recorded from latest early Miocene to late Pliocene strata in southeastern Australia. These taxa, together with Neohornibrookella quadranodosa (Holden) from the Miocene of Midway Island (Northwestern Hawaiian Islands), form a morphologically distinct group of relatively large species (the sorrentae-group) within the genus Neohornibrookella Jellinek. Latitudinal expansion of the subtropical and warm-temperate climatic belts together with the influence of warm western boundary surface currents associated with the North and South Pacific gyres, are likely to have played key roles in the Miocene dispersal of this species group. Species of the sorrentae-group first migrated south from equatorial west Pacific regions into southeastern Australia during the early Miocene, under the influence of the East Australian Current. During three time intervals (i) latest early Miocene, (ii) latest late Miocene and (iii) earliest late Pliocene, forceful pulses of the East Australian Current played a significant role in propelling the widespread distribution of thermophilic Neohornibrookella species across southeast Australian shallow marine realms. During intervening middle and late Miocene times, Neohornibrookella species are only sporadically present across the Bass Strait region of southeast Australia, indicating a weaker East Australian Current influence and the cooling influence of coastal upwelling. During the mid early Pliocene Neohornibrookella species disappeared from the western Bass Strait region, suggesting the complete exclusion of East Australian Current waters from this region. This was probably due to the counteracting influence of the eastward flowing Zeehan Current (extension of the Leeuwin Current) impinging on the western Bass Strait region. This mid early Pliocene palaeobiogeographical partition in Bass Strait, defined by the distribution of sorrentae-group species, is here termed the Bassian Gateway. The two species, N. sorrentae and N. glyphica, occur concurrently during the mid Miocene in southeast Australia, but are associated with different lithofacies. It is hypothesised that there is a heterochronic evolutionary relationship expressed in the ornament of these two species. The thaerocytherid genera Neohornibrookella Jellinek, Tenedocythere Sissingh and Bosasella Bonaduce are here included in the new ostracod subfamily Tenedocytherinae.