The effects of cross-border and cross-industry mergers and acquisitions on home-region and global multinational enterprises

We examine the effects of international and product diversification through mergers and acquisitions (M&As) on the firm's risk–return profile. We identify the rewards from different types of M&As and investigate whether becoming a global firm is a value-enhancing strategy. Drawing on the theoretical work of Vachani (Journal of International Business Studies, 22 (1991), pp. 307−222) and on Rugman and Verbeke's (Journal of International Business Studies, 35 (2004), pp. 3−18) metrics, we classify firms according to their degree of international and product diversification. To account for the endogeneity of M&As, we develop a panel vector autoregression. We find that global and host-region multinational enterprises benefit from cross-border M&As that reinforce their geographical footprint. Cross-industry M&As enhance the risk–return profile of home-region firms. This effect depends on the degree of product diversification. Hence there is no value-enhancing M&A strategy for home-region and bi-regional firms to become ‘truly global’.

Sensory and instrumental analysis of medium and long shelf-life Charentais cantaloupe melons (Cucumis melo L.) harvested at different maturities

The flavour profiles of two genotypes of Charentais cantaloupe melons (medium shelf-life and long shelf-life), harvested at two distinct maturities (immature and mature fruit), were investigated. Dynamic headspace extraction (DHE), solid-phase extraction (SPE), gas chromatography–mass spectrometry (GC-MS) and gas chromatography–olfactometry/mass spectrometry (GC-O/MS) were used to determine volatile and semi-volatile compounds. Qualitative descriptive analysis (QDA) was used to assess the organoleptic impact of the different melons and the sensory data were correlated with the chemical analysis. There were significant, consistent and substantial differences between the mature and immature fruit for the medium shelf-life genotype, the less mature giving a green, cucumber character and lacking the sweet, fruity character of the mature fruit. However, maturity at harvest had a much smaller impact on the long shelf-life melons and fewer differences were detected. These long shelf-life melons tasted sweet, but lacked fruity flavours, instead exhibiting a musty, earthy character.

Results of PMIP2 coupled simulations of the mid-Holocene and Last Glacial Maximum, Part 1: experiments and large-scale features

A set of coupled ocean-atmosphere simulations using state of the art climate models is now available for the Last Glacial Maximum and the Mid-Holocene through the second phase of the Paleoclimate Modeling Intercomparison Project (PMIP2). This study presents the large-scale features of the simulated climates and compares the new model results to those of the atmospheric models from the first phase of the PMIP, for which sea surface temperature was prescribed or computed using simple slab ocean formulations. We consider the large-scale features of the climate change, pointing out some of the major differences between the different sets of experiments. We show in particular that systematic differences between PMIP1 and PMIP2 simulations are due to the interactive ocean, such as the amplification of the African monsoon at the Mid-Holocene or the change in precipitation in mid-latitudes at the LGM. Also the PMIP2 simulations are in general in better agreement with data than PMIP1 simulations.

Phosphorus fertilisation and large legume species affect jarrah forest restoration after bauxite mining

Re-establishing nutrient-cycling is often a key goal of mine-site restoration. This goal can be achieved by applying fertilisers (particularly P) in combination with seeding N-fixing legumes. However, the effect of this strategy on other key restoration goals such as the establishment and growth of non-leguminous species has received little attention. We investigated the effects of P-application rates either singly, or in combination with seeding seven large understorey legume species, on jarrah forest restoration after bauxite mining. Five years after P application and seeding, legume species richness, density and cover were higher in the legume-seeded treatment. However, the increased establishment of legumes did not lead to increased soil N. Increasing P-application rates from 0 to 80 kg P ha−1 did not affect legume species richness, but significantly reduced legume density and increased legume cover: cover was maximal (∼50%) where 80 kg P ha−1 had been applied with large legume seeds. Increasing P-application had no effect on species richness of non-legume species, but increased the density of weeds and native ephemerals. Cover of non-legume species decreased with increasing P-application rates and was lower in plots where large legumes had been seeded compared with non-seeded plots. There was a significant legume × P interaction on weed and ephemeral density: at 80 kg P ha−1 the decline in density of these groups was greatest where legumes were seeded. In addition, the decline in cover for non-legume species with increasing P was greatest when legumes were seeded. Applying 20 kg P ha−1 significantly increased tree growth compared with tree growth in unfertilised plots, but growth was not increased further at 80 kg ha−1 and tree growth was not affected by seeding large legumes. Taken together, these data indicate that 80 kg ha−1 P-fertiliser in combination with (seeding) large legumes maximised vegetation cover at five years but could be suboptimal for re-establishing a jarrah forest community that, like unmined forest, contains a diverse community of slow-growing re-sprouter species. The species richness and cover of non-legume understorey species, especially the resprouters, was highest in plots that received either 0 or 20 kg ha−1 P and where large legumes had not been seeded. Therefore, our findings suggest that moderation of P-fertiliser and legumes could be the best strategy to fulfil the multiple restoration goals of establishing vegetation cover, while at the same time maximising tree growth and species richness of restored forest.

Intercomparison of methods of coupling between convection and large-scale circulation: 1. Comparison over uniform surface conditions

As part of an international intercomparison project, a set of single column models (SCMs) and cloud-resolving models (CRMs) are run under the weak temperature gradient (WTG) method and the damped gravity wave (DGW) method. For each model, the implementation of the WTG or DGW method involves a simulated column which is coupled to a reference state defined with profiles obtained from the same model in radiative-convective equilibrium. The simulated column has the same surface conditions as the reference state and is initialized with profiles from the reference state. We performed systematic comparison of the behavior of different models under a consistent implementation of the WTG method and the DGW method and systematic comparison of the WTG and DGW methods in models with different physics and numerics. CRMs and SCMs produce a variety of behaviors under both WTG and DGW methods. Some of the models reproduce the reference state while others sustain a large-scale circulation which results in either substantially lower or higher precipitation compared to the value of the reference state. CRMs show a fairly linear relationship between precipitation and circulation strength. SCMs display a wider range of behaviors than CRMs. Some SCMs under the WTG method produce zero precipitation. Within an individual SCM, a DGW simulation and a corresponding WTG simulation can produce different signed circulation. When initialized with a dry troposphere, DGW simulations always result in a precipitating equilibrium state. The greatest sensitivities to the initial moisture conditions occur for multiple stable equilibria in some WTG simulations, corresponding to either a dry equilibrium state when initialized as dry or a precipitating equilibrium state when initialized as moist. Multiple equilibria are seen in more WTG simulations for higher SST. In some models, the existence of multiple equilibria is sensitive to some parameters in the WTG calculations.

Impact of palm date consumption on microbiota growth and large intestinal health: a randomised, controlled, cross-over, human intervention study

The reported inverse association between the intake of plant-based foods and a reduction in the prevalence of colorectal cancer may be partly mediated by interactions between insoluble fibre and (poly)phenols and the intestinal microbiota. In the present study, we assessed the impact of palm date consumption, rich in both polyphenols and fibre, on the growth of colonic microbiota and markers of colon cancer risk in a randomised, controlled, cross-over human intervention study. A total of twenty-two healthy human volunteers were randomly assigned to either a control group (maltodextrin-dextrose, 37·1 g) or an intervention group (seven dates, approximately 50 g). Each arm was of 21 d duration and was separated by a 14-d washout period in a cross-over manner. Changes in the growth of microbiota were assessed by fluorescence in situ hybridisation analysis, whereas SCFA levels were assessed using HPLC. Further, ammonia concentrations, faecal water genotoxicity and anti-proliferation ability were also assessed using different assays, which included cell work and the Comet assay. Accordingly, dietary intakes, anthropometric measurements and bowel movement assessment were also carried out. Although the consumption of dates did not induce significant changes in the growth of select bacterial groups or SCFA, there were significant increases in bowel movements and stool frequency (P<0·01; n 21) and significant reductions in stool ammonia concentration (P<0·05; n 21) after consumption of dates, relative to baseline. Furthermore, date fruit intake significantly reduced genotoxicity in human faecal water relative to control (P<0·01; n 21). Our data indicate that consumption of date fruit may reduce colon cancer risk without inducing changes in the microbiota.

Quasi-sure existence of Gaussian rough paths and large deviation principles for capacities

We construct a quasi-sure version (in the sense of Malliavin) of geometric rough paths associated with a Gaussian process with long-time memory. As an application we establish a large deviation principle (LDP) for capacities for such Gaussian rough paths. Together with Lyons' universal limit theorem, our results yield immediately the corresponding results for pathwise solutions to stochastic differential equations driven by such Gaussian process in the sense of rough paths. Moreover, our LDP result implies the result of Yoshida on the LDP for capacities over the abstract Wiener space associated with such Gaussian process.

Intercomparison of methods of coupling between convection and large-scale circulation. 2: Comparison over non-uniform surface conditions

As part of an international intercomparison project, the weak temperature gradient (WTG) and damped gravity wave (DGW) methods are used to parameterize large-scale dynamics in a set of cloud-resolving models (CRMs) and single column models (SCMs). The WTG or DGW method is implemented using a configuration that couples a model to a reference state defined with profiles obtained from the same model in radiative-convective equilibrium. We investigated the sensitivity of each model to changes in SST, given a fixed reference state. We performed a systematic comparison of the WTG and DGW methods in different models, and a systematic comparison of the behavior of those models using the WTG method and the DGW method. The sensitivity to the SST depends on both the large-scale parameterization method and the choice of the cloud model. In general, SCMs display a wider range of behaviors than CRMs. All CRMs using either the WTG or DGW method show an increase of precipitation with SST, while SCMs show sensitivities which are not always monotonic. CRMs using either the WTG or DGW method show a similar relationship between mean precipitation rate and column-relative humidity, while SCMs exhibit a much wider range of behaviors. DGW simulations produce large-scale velocity profiles which are smoother and less top-heavy compared to those produced by the WTG simulations. These large-scale parameterization methods provide a useful tool to identify the impact of parameterization differences on model behavior in the presence of two-way feedback between convection and the large-scale circulation.

Using laboratory and field measurements to constrain a single habit shortwave optical parameterization for cirrus

A single habit parameterization for the shortwave optical properties of cirrus is presented. The parameterization utilizes a hollow particle geometry, with stepped internal cavities as identified in laboratory and field studies. This particular habit was chosen as both experimental and theoretical results show that the particle exhibits lower asymmetry parameters when compared to solid crystals of the same aspect ratio. The aspect ratio of the particle was varied as a function of maximum dimension, D, in order to adhere to the same physical relationships assumed in the microphysical scheme in a configuration of the Met Office atmosphere-only global model, concerning particle mass, size and effective density. Single scattering properties were then computed using T-Matrix, Ray Tracing with Diffraction on Facets (RTDF) and Ray Tracing (RT) for small, medium, and large size parameters respectively. The scattering properties were integrated over 28 particle size distributions as used in the microphysical scheme. The fits were then parameterized as simple functions of Ice Water Content (IWC) for 6 shortwave bands. The parameterization was implemented into the GA6 configuration of the Met Office Unified Model along with the current operational long-wave parameterization. The GA6 configuration is used to simulate the annual twenty-year short-wave (SW) fluxes at top-of-atmosphere (TOA) and also the temperature and humidity structure of the atmosphere. The parameterization presented here is compared against the current operational model and a more recent habit mixture model.

Seed dispersal and predation in the endemic Atlantic rainforest palm Astrocaryum aculeatissimum across a gradient of seed disperser abundance

Tropical forests have been subject to intense hunting of medium and large frugivores that are important in dispersing large-seeded species. It has been hypothesized that in areas with extinction or low abundance of medium and large-bodied animals the density of small rodents may increase. Therefore, this increment in the density of small rodents may compensate for the absence or low abundance of medium and large frugivores on seed removal and seed dispersal. Here, we fill up this gap in the literature by determining if seed removal, seed dispersal, and seed predation by small rodents (spiny rats, Trinomys inheringi and squirrels, Sciurus ingrami) are maintained in defaunated areas. We accessed seed removal, seed dispersal, seed predation, and seedling recruitment of an endemic Atlantic rainforest palm, Astrocaryum aculeatissimum, in a gradient of abundance of agoutis. We found that seed removal, scatter hoarding, and seed predation increase with the abundance of agoutis. In contrast, the proportion of dispersed but non-cached seeds decreased with the abundance of agoutis. We did not find any effect of the abundance of agoutis on seed dispersal distance, but we did find a positive trend on the density of seedlings. We concluded that small rodents do not compensate the low abundance of agoutis on seed removal, scatter hoarding, and seed predation of this palm tree. Moreover, areas in which agoutis are already extinct did not present any seed removal or scatter hoarding, not even by small rodents. This study emphasizes both the importance of agoutis in dispersing seeds of A. aculeatissimum and the collapse in seed dispersal of this palm in areas where agoutis are already extinct.

Morphometric analysis of the AMPA-type neurons in the Deiters vestibular complex of the chick brain

Chicken (Gallus gallus) brains were used to investigate the typology and the immunolabel pattern for the subunits composing the AMPA-type glutamate receptors (GluR) of hindbrain neurons of the dorsal (dND) and ventral nuclei (vND) of the Deiter`s vestibular complex (CD), which is the avian correspondent of the lateral vestibular nucleus (LVN) of mammals. Our results revealed that neurons of both divisions were poor in GluR1. The vND, the GluR2/3+ and GluR4+ label presented no area or neuronal size preference, although most neurons were around 75%. The dND neurons expressing GluR2/3 are primarily around 85%, medium to large-sized 85%, and predominantly 60% located in the medial portion of the rostral pole and in the lateral portion of the caudal pole. The majority of dND neurons containing GluR4 are also around 75%, larger (70% are large and giant), exhibiting a distribution that seems to be complementary to that of GluR2/3+ neurons. This distinct arrangement indicates functional differences into and between the DC nuclei, also signaling that such variation could be attributed to the diverse nature of the subunit composition of the GluRs. Discussion addresses the morphological and functional correlation of the avian DC with the LVN of mammals in addition to the high morphological correspondence, To include these data into the modern comparative approach we propose to adopt a similar nomenclature for the avian divisions dND and vND that could be referred as dLVN and vLVN. (C) 2008 Elsevier B.V. All rights reserved.

Distribution strategies for the base of the pyramid: an exploratory study in Brazil

Access has been one of the main difficulties companies have faced in emerging markets (PRAHALAD, 2005). The capillarity of the market, the existence of small, not professionalized and sometimes informal retailers, the lack of infrastructure and high transportation costs are some of the distribution challenges companies face in poorer regions. The literature concerning the Base of the Pyramid (BoP) is still recent and only after the seminal article by Prahalad and Hart (2002), it evolved into many different management perspectives. However, there is a lack of researches concerning distribution strategies to the BoP. Therefore, the main objective of this research is to identify, in the perception of executives working in the market, the conditions associated to a satisfactory distribution for the BoP market in Brazil and to build a substantive theory that helps to shed light to the understanding of the distribution phenomenon adopted by consumer goods companies to reach the BoP market in Brazil. In order to accomplish the objectives of this thesis, a grounded theory methodology (Glaser; Strauss, 1967; Corbin; Strauss, 2008) was used. This approach helped to identify the channel strategies used by local and global companies in the market. Many techniques for data collection were applied. The most important one was in-depth interviews with 26 executives from 24 different consumer goods companies in Brazil. Among the companies there were small, medium and large enterprises; which were also grouped as manufacturers, distributors and retailers. Furthermore, secondary data were examined to identify business strategies to reach BoP and map global distribution initiatives. A database from a consumer panel was also used to analyze what and where BoP consumers purchase non-durable goods. It was verified that small and traditional retailing is a very strong format in BoP markets and in the Northern/Northeastern regions. Cash & Carry is a format that is growing a lot. On the other hand, hypermarkets are not very used by low income population. The results suggest that three major categories are associated to a satisfactory distribution: (a) willingness, which means the effort, knowledge and enthusiasm a firm has to operate at BoP markets; (b) well-done execution, which is related to designing correctly the marketing channel and operating efficiently in an environment full of obstacles, such as lack of infrastructure, capillarity, lack of safety, regional differences and informality, and (c) relationship, which was perceived to be friendlier and essential at BoP markets, since it is very difficult for manufacturers to reach the entire market alone. It is more likely to have a satisfactory distribution when manufacturers establish strong relationships in the marketing channel. Besides, small retailers have a perception of isolation and expect a higher level of relationship. These major categories explain also the competitive advantage that local companies have in relation to MNCs and large companies. Despite of the limitations of an exploratory study, it is expected that this thesis will contribute to the BoP knowledge as well as to the identification of the peculiarities of distribution in BoP markets.

Percepção do mercado contratante sobre os pós-graduados com título de MBA

A cada dia aumentam os requerimentos por mão-de-obra especializada na área de gestão. Em decorrência deste aumento de demanda, o mercado também passa a requerer mais, desta mão-de-obra que é insumo dos resultados empresariais. Isto impõe que as instituições de ensino estejam muito alinhadas com o mercado, visando apresentar ofertas que atendam na plenitude os novos requerimentos destas organizações. O objetivo deste trabalho foi levantar a percepção dos contratantes empresariais, observando quais fatores estes contratantes consideram relevantes no momento da contratação de candidatos pósgraduados com título de MBA. Buscou-se tomar como referência o quanto, determinadas características associadas à formação do profissional imputam maior peso, ou não, no processo seletivo, sempre assumindo a premissa de que o MBA é um componente relevante no processo decisório para as contratações em discussão. O trabalho foi realizado com a utilização de uma pesquisa qualitativa, a partir de entrevistas em profundidade realizadas com contratantes de empresas médias e grandes nas cidades do Rio de Janeiro e São Paulo. Os resultados observados permitiram elencar categorias como o conhecimento técnico, experiência profissional, fator diferencial, habilidade na tomada de decisão, flexibilidade, liderança, trabalho em equipe, comunicação e relacionamento interpessoal, capacidade de aprendizado e desenvolvimento pessoal. Pelo aspecto da instituição, a marca do MBA também mostrou ter relevância. O estudo também aponta a percepção negativa, gerada pela competição excessiva, a despeito da preservação dos parâmetros de qualidade da oferta, gerando a perda de prestígio da instituição junto a estes contratantes. Finalmente o trabalho lança insights sobre o tema, e pode servir de base para desdobramentos e novas pesquisas.