Differential gains from Business Link support and advice:a treatment effects approach

The provision of advisory support to small firms is almost ubiquitous in OECD countries, although it is organised in different ways and is justified on slightly different grounds. In England publicly supported advisory services are provided through the Business Link (BL) network. Here, we consider two questions: what sort of companies receive advisory support from BL; and, what types of firms benefit most from that support? Our analysis is based on a telephone survey of 2000 firms, around half of which had received intensive assistance from BL between April and October 2003. Probit analysis suggests that the probability of receiving assistance was greater among younger businesses, those with larger numbers of directors in the firm, and those with more gender diversity among the firm's leadership team. Our business-growth models suggest that BL intensive assistance was having a positive effect on employment growth in 2003. BL had a positive but insignificant impact on sales growth over the period. Employment growth effects tend to be larger where firms have a management and organisational structure, which is more conducive to absorbing and making use of external advice. The analysis suggests that BL might increase its impact through targeting these larger, more export-orientated, businesses. Employment growth effects differ little, however, depending on either the ethnic or the gender diversity of the leadership team.

Who gains from whom? Spillovers, competition and technology sourcing in the foreign-owned sector of UK manufacturing

There is a growing literature explaining foreign direct investment flows in terms of 'technology sourcing', whereby multinational firms invest in certain locations not to exploit their firm-specific assets in the host environment, but to access technology that is generated by host country firms. However, it is far from clear whether the literature has found significant evidence of such activity beyond a few isolated examples. This paper extends this work by allowing for the possibility of multinational enterprises (MNEs) sourcing technology not only from host country firms but also from each other within a host economy. The paper demonstrates that MNEs in the UK do indeed appropriate spillovers both from indigenous firms and from other foreign investors, but that there are also significant competition effects that act to reduce productivity in certain industries. The paper also explores which countries' affiliates gain most from technology sourcing in the UK, and which generate the greatest spillovers within the foreign-owned sector. © Scottish Economic Society 2005.

Studies on the chromosomal bets-lactamase of pseudomonas aeruginosa

The chromosomal ß-lactamase of Pseudomonas aeruginosa SAlconst (a derepressed laboratory strain) was isolated and purified. Two peaks of activity were observed on gel permeation chromatography (one major peak mol. wt. 45 kD and one minor peak of 54 kD). Preparations from 12 clinical derepressed strains showed identical results. Chromosomal ß-lactamase production in both normal and derepressed P. aeruginosa strains was induced both by iron restricted growth conditions and by penicillin G. The majority of the enzyme (80-90%) was found in the periplasm and cytoplasm but a significant amount (2-20%) was associated with the outer membrane (OM). The growth conditions did not affect the distribution of the enzyme between subcellular fractions although higher activity was found in the cells grown under iron limitation and/ or in the presence of ß-lactams. The penicillanate sulphone inhibitor, tazobactam, displayed irreversible kinetics whilst cloxacillin, cefotaxime, ampicillin and penicillin G were all competitive inhibitors of the enzyme. Similar results were obtained for the Enterobacter cloacae P99 [ß-lactamase, but tazobactam displayed a non-classical kinetic pattern for the Staphylococcus aureus PC1 ß-lactamase. The residues involved in ß-lactam hydrolysis by the P aeruginosa SAlconst enzyme were detennined by affinity labelling with tazobactam. A tryptic digestion fragment of the inhibited enzyme contained the amino acids D, T, S, E, P, G, A, C, V, M, I, Y, F, H, K, R. This suggests the involvement of the conserved SVSK, DAE and KTG motifs found in all penicillin sensitive proteins. A model of the 3-D structure of the active site of the P aeruginosa SAlconst chromosomal ß-!actamase was constructed from the published amino acid sequence of P aeruginosa chromosomal ß-lactamase and the a-carbon coordinates of the S. aureus PCI ß-lactamase by homology modelling and energy minimisation. The crystal structure of tazobactam was determined and energy minimised. Computer graphics docking identified Ser 72 as a possible residue involved in a secondary attack on the C5 position of tazobactam after initial ß-lactam hydrolysis by serine 70. The enhanced activity of tazobactam over sulbactam might be explained by the triazole substituent which might participate in favourable hydrogen bonding between N3 and active site residues.

The role of pre-existing liquidity in determining pricing efficiency and liquidity gains following the introduction of SETSmm

In this paper we examine the impact that the new trading system SETSmm had on market quality measures such as firm value, liquidity and pricing efficiency. This system was introduced for mid-cap securities on the London Stock Exchange in 2003. We show that there is a small SETSmm return premium associated with the announcement that securities are to migrate to the new trading system. We find that migration to SETSmm also improves liquidity and pricing efficiency and these changes are related to the return premium. We also find that these gains are stronger for firms with high pre SETSmm liquidity and weaker for firms with low SETSmm liquidity.

Increased salience of gains versus decreased associative learning differentiate bipolar disorder from schizophrenia during incentive decision making

Background Abnormalities in incentive decision making, typically assessed using the Iowa Gambling Task (IGT), have been reported in both schizophrenia (SZ) and bipolar disorder (BD). We applied the Expectancy-Valence (E-V) model to determine whether motivational, cognitive and response selection component processes of IGT performance are differentially affected in SZ and BD. Method Performance on the IGT was assessed in 280 individuals comprising 70 remitted patients with SZ, 70 remitted patients with BD and 140 age-, sex-and IQ-matched healthy individuals. Based on the E-V model, we extracted three parameters, 'attention to gains or loses', 'expectancy learning' and 'response consistency', that respectively reflect motivational, cognitive and response selection influences on IGT performance. Results Both patient groups underperformed in the IGT compared to healthy individuals. However, the source of these deficits was diagnosis specific. Associative learning underlying the representation of expectancies was disrupted in SZ whereas BD was associated with increased incentive salience of gains. These findings were not attributable to non-specific effects of sex, IQ, psychopathology or medication. Conclusions Our results point to dissociable processes underlying abnormal incentive decision making in BD and SZ that could potentially be mapped to different neural circuits. © 2012 Cambridge University Press.

The role of pre-existing liquidity in determining price efficiency and liquidity gains following the introduction of SETSmm

In this paper we examine the impact that the new trading system SETSmm had on market quality measures such as firm value, liquidity and pricing efficiency. This system was introduced for mid-cap securities on the London Stock Exchange in 2003. We show that there is a small SETSmm return premium associated with the announcement that securities are to migrate to the new trading system. We find that migration to SETSmm also improves liquidity and pricing efficiency and these changes are related to the return premium. We also find that these gains are stronger for firms with high pre SETSmm liquidity and weaker for firms with low SETSmm liquidity. © 2013 John Wiley & Sons Ltd.