Liability of country foreignness and liability of regional foreignness: their effects on geographic diversification and firm performance

The costs of inter- and intra-regional diversification have been widely discussed in the existing international business literature, but the findings are mixed. Explanations for the mixed findings have important managerial implications, because business managers have to estimate accurately the costs of doing business within and across regions before they make their internationalization decisions. To explain the existing mixed findings, this study differentiates between liabilities of foreignness at the country and regional levels, and explores the joint effects of liability of country foreignness (LCF) and liability of regional foreignness (LRF) on the performance of internationalizing firms. Using data from 167 Canadian firms, we find that LCF may not necessarily be negatively correlated with intra-regional diversification, but LRF is positively correlated with inter-regional diversification. LCF moderates the relationship between LRF and inter-regional diversification, and also mediates the relationship between intra-regional diversification and firm performance. LRF mediates the relationship between inter-regional diversification and firm performance. Missing one or more of these variables may result in different cost estimates. Identification of the relationships between these variables helps to improve the accuracy of estimating the costs of doing business aboard.

Political culture and corporate homicide liability in the UK and Europe

This chapter outlines recent developments in the emergence within Europe of systems of criminal law designed to hold corporate bodies liable where they cause the deaths of workers or members of the public. These changes point to the emergence of a new, more punitive, legal culture in relation to corporate crime. At the same time, however, there is evidence to suggest that this punitive culture is not uniform; different national jurisdictions reflect it to differing degrees. The chapter explores the degree to which the UK’s willingness to criminalise work-related deaths is mirrored elsewhere in Europe, and identifies some factors that might account for variations in this regard. In particular, attention is paid to the influence that social and political culture have on practices in this area. It is written as part of a research handbook on corporate crime in Europe, so has an eye on a more generalist audience in some regards.

Asset liability modelling and pension schemes: the application of robust optimization to USS

This paper uses a novel numerical optimization technique - robust optimization - that is well suited to solving the asset-liability management (ALM) problem for pension schemes. It requires the estimation of fewer stochastic parameters, reduces estimation risk and adopts a prudent approach to asset allocation. This study is the first to apply it to a real-world pension scheme, and the first ALM model of a pension scheme to maximise the Sharpe ratio. We disaggregate pension liabilities into three components - active members, deferred members and pensioners, and transform the optimal asset allocation into the scheme’s projected contribution rate. The robust optimization model is extended to include liabilities and used to derive optimal investment policies for the Universities Superannuation Scheme (USS), benchmarked against the Sharpe and Tint, Bayes-Stein, and Black-Litterman models as well as the actual USS investment decisions. Over a 144 month out-of-sample period robust optimization is superior to the four benchmarks across 20 performance criteria, and has a remarkably stable asset allocation – essentially fix-mix. These conclusions are supported by six robustness checks.

Search engine liability for autocomplete suggestions: personality, privacy and the power of the algorithm

This article is concerned with the liability of search engines for algorithmically produced search suggestions, such as through Google’s ‘autocomplete’ function. Liability in this context may arise when automatically generated associations have an offensive or defamatory meaning, or may even induce infringement of intellectual property rights. The increasing number of cases that have been brought before courts all over the world puts forward questions on the conflict of fundamental freedoms of speech and access to information on the one hand, and personality rights of individuals— under a broader right of informational self-determination—on the other. In the light of the recent judgment of the Court of Justice of the European Union (EU) in Google Spain v AEPD, this article concludes that many requests for removal of suggestions including private individuals’ information will be successful on the basis of EU data protection law, even absent prejudice to the person concerned.

Towards to the trans-bromination of 2-styrylpyridine with a palladacycle intermediary and structure analysis for trans-1,2-dibromo-2-styrylpyridine

The simple halogenation of alkynes in conventional organic reactions gives a blend of cis and trans isomers. It is proposed then, a synthesis of stereospecific halogenation of alkynes in trans position, using palladacycle as intermediaries. The recrystallization of the compound obtained by bromination of 2-Styrylpyridine, with cyclepalladium intermediary results in a single crystal, which is subjected to X-ray diffraction. The crystal packing is established through weak interactions of three types. The first one is of the type pi x pi interactions, from symmetry operation, between the centroids. The second one is of the type C-X center dot center dot center dot pi interactions. And the last type is an anomalous intermolecular interaction between halogens, C-X center dot center dot center dot X-C, with bond distances smaller than the sum of the van der Waals radii. The conformation on the C=C bond is trans and the dihedral angle between the aromatic rings is (with esd approximate) 18.1(3)degrees. (C) 2010 Elsevier B.V. All rights reserved.

Lender liability in the Consumer Credit Market

In many countries consumer credit legislation provides for the extension of liability for product failure to the …nancial institution that advances credit to the consumer. In particular, lender liability is imposed on those credit grantors who closely operate with the supplier of the good. This paper provides a rationale for lender-responsibility in the consumer credit market. It shows that, when judicial enforcement is ine¢cient or there is risk of seller liquidation, lender-liability helps to protect consumers who systematically underestimate the probability of product failure and overestimate the extent to which they can obtain compensation.

Limited liability and non-responsiveness in moral hazard and adverse selection problems

This work analyses the optimal menu of contracts offered by a risk neutral principal to a risk averse agent under moral hazard, adverse selection and limited liability. There are two output levels, whose probability of occurrence are given by agent’s private information choice of effort. The agent’s cost of effort is also private information. First, we show that without assumptions on the cost function, it is not possible to guarantee that the optimal contract menu is simple, when the agent is strictly risk averse. Then, we provide sufficient conditions over the cost function under which it is optimal to offer a single contract, independently of agent’s risk aversion. Our full-pooling cases are caused by non-responsiveness, which is induced by the high cost of enforcing higher effort levels. Also, we show that limited liability generates non-responsiveness.

Role of intermediary cells in Peltodon radicans (Lamiaceae) in the transfer of calcium and formation of calcium oxalate crystals

Com o objetivo de estudar a relação entre cristais de oxalato de cálcio e floema, fragmentos de folhas de Peltodon radicans foram fixados e processados, segundo métodos usuais, para estudos ao microscópio de luz e eletrônico de transmissão. Observou-se que os cristais ocorrem nas células da bainha do feixe, lateralmente em relação ao floema. Células intermediárias estabelecem conexão entre elemento crivado e células da bainha, portadoras de cristais, com crescimento intrusivo entre estas. Íons cálcio são abundantes no citoplasma das células da bainha que contém cristais de oxalato de cálcio. Nas células intermediárias a detecção ultra-citoquímica de cálcio também apresentou resultados positivos, enquanto nos elementos crivados a presença deste íon não foi constatada. Há, portanto, um gradiente crescente de concentração de cálcio dos elementos crivados para as células da bainha. Assim, formulamos a hipótese de que a formação de cristais de oxalato de cálcio tem, em P. radicans, o objetivo de controlar os níveis de cálcio citossólico nos elementos crivados.

Dietary macronutrients, endocrine functioning and intermediary metabolism in broiler chickens - Pair wise substitutions between protein, fat and carbohydrate

Three pens of male broiler chicks were raised under standard conditions and fed from 7 to 42 days of age three isocaloric diets each with 15.8; 19.6 and 19.5% of CP; and 51, 51, and 44% of CHO; and 6.5; 3.0 and 7.7% of fat, and designated as the low protein (LowCP), low lipid (LowL) and low carbohydrate (LowCHO) diets, respectively. Body weights and feed intake were monitored weekly and blood samples were collected at the same time for posterior analysis of hormone and metabolite content. Chickens fed the LowCP diet were characterized by a reduced body weight gain and feed intake and poorer feed conversion efficiency compared to those fed the LowL and LowCHO diets, which were very similar in this respect. Plasma corticosterone and glucose levels and creatine kinase activity were not significantly changed by diet composition. LowCP chickens were characterised by the lowest plasma T-4 and uric acid levels (indicative for reduced protein breakdown and lower protein ingestion) but highest plasma triglyceride levels (congruent with their higher fat deposition) compared to the LowL and LowCHO chickens. LowL chickens had on average higher plasma T-3 and free fatty acid levels compared to the LowCP and LowCHO chickens.In conclusion, a limited substitution of carbohydrate for fat in iso-nitrogenous, iso-energetic diets has no pronounced effects on plasma hormone and metabolite levels, except for the elevation in T-3 (may enhance glucose uptake) and free fatty acid levels in the plasma of the chickens fed the LowL diet. The protein content of the diet has a greater impact on zootechnical performance, and underlying endocrine regulation of the intermediary metabolism compared to the dietary lipid and CHO fraction. (C) 2003 Elsevier B.V. All rights reserved.