Principal-agent issues in asset acquisition: UK institutions and their investment agents

This paper explores principal‐agent issues in the stock selection processes of institutional property investors. Drawing upon an interview survey of fund managers and acquisition professionals, it focuses on the relationships between principals and external agents as they engage in property transactions. The research investigated the extent to which the presence of outcome‐based remuneration structures could lead to biased advice, overbidding and/or poor asset selection. It is concluded that institutional property buyers are aware of incentives for opportunistic behaviour by external agents, often have sufficient expertise to robustly evaluate agents’ advice and that these incentives are counter‐balanced by a number of important controls on potential opportunistic behaviour. There are strong counter‐incentives in the need for the agents to establish personal relationships and trust between themselves and institutional buyers, to generate repeat and related business and to preserve or generate a good reputation in the market.

Effective elements of cognitive behaviour therapy for psychosis: results of a novel type of subgroup analysis based on principal stratification

Background. Meta-analyses show that cognitive behaviour therapy for psychosis (CBT-P) improves distressing positive symptoms. However, it is a complex intervention involving a range of techniques. No previous study has assessed the delivery of the different elements of treatment and their effect on outcome. Our aim was to assess the differential effect of type of treatment delivered on the effectiveness of CBT-P, using novel statistical methodology. Method. The Psychological Prevention of Relapse in Psychosis (PRP) trial was a multi-centre randomized controlled trial (RCT) that compared CBT-P with treatment as usual (TAU). Therapy was manualized, and detailed evaluations of therapy delivery and client engagement were made. Follow-up assessments were made at 12 and 24 months. In a planned analysis, we applied principal stratification (involving structural equation modelling with finite mixtures) to estimate intention-to-treat (ITT) effects for subgroups of participants, defined by qualitative and quantitative differences in receipt of therapy, while maintaining the constraints of randomization. Results. Consistent delivery of full therapy, including specific cognitive and behavioural techniques, was associated with clinically and statistically significant increases in months in remission, and decreases in psychotic and affective symptoms. Delivery of partial therapy involving engagement and assessment was not effective. Conclusions. Our analyses suggest that CBT-P is of significant benefit on multiple outcomes to patients able to engage in the full range of therapy procedures. The novel statistical methods illustrated in this report have general application to the evaluation of heterogeneity in the effects of treatment.

Feedback regulation by Atf3 in the endothelin-1-responsive transcriptome of cardiomyocytes: Egr1 is a principal Atf3 target

Endothelin-1 promotes cardiomyocyte hypertrophy by inducing changes in gene expression. Immediate early genes including activating transcription factor 3 (Atf3), Egr1 and Ptgs2 are rapidly and transiently upregulated by endothelin-1 in cardiomyocytes. Atf3 regulates expression of downstream genes and is implicated in negative feedback regulation of other immediate early genes. To identify Atf3-regulated genes, we knocked down Atf3 expression in cardiomyocytes exposed to endothelin-1 and used microarrays to interrogate the transcriptomic effects. Of upregulated mRNAs, expression of 23 (including Egr1, Ptgs2) was enhanced and expression of 25 was inhibited by Atf3 knockdown. Using quantitative PCR, we determined that knockdown of Atf3 had little effect on upregulation of Egr1 mRNA over 30 min, but abolished the subsequent decline, causing sustained Egr1 mRNA expression and enhanced protein expression. This resulted from direct binding of Atf3 to the Egr1 promoter. Mathematical modelling established that Atf3 can suffice to suppress Egr1 expression. Given the widespread co-regulation of Atf3 with Egr1, we suggest that the Atf3-Egr1 negative feedback loop is of general significance. Loss of Atf3 caused abnormal cardiomyocyte growth, presumably resulting from dysregulation of target genes. Our data therefore identify Atf3 as a nexus in cardiomyocyte hypertrophy required to facilitate the full and proper growth response.

Constrained principal component analysis reveals functionally connected load-dependent networks involved in multiple stages of working memory

Constrained principal component analysis (CPCA) with a finite impulse response (FIR) basis set was used to reveal functionally connected networks and their temporal progression over a multistage verbal working memory trial in which memory load was varied. Four components were extracted, and all showed statistically significant sensitivity to the memory load manipulation. Additionally, two of the four components sustained this peak activity, both for approximately 3 s (Components 1 and 4). The functional networks that showed sustained activity were characterized by increased activations in the dorsal anterior cingulate cortex, right dorsolateral prefrontal cortex, and left supramarginal gyrus, and decreased activations in the primary auditory cortex and "default network" regions. The functional networks that did not show sustained activity were instead dominated by increased activation in occipital cortex, dorsal anterior cingulate cortex, sensori-motor cortical regions, and superior parietal cortex. The response shapes suggest that although all four components appear to be invoked at encoding, the two sustained-peak components are likely to be additionally involved in the delay period. Our investigation provides a unique view of the contributions made by a network of brain regions over the course of a multiple-stage working memory trial.

Analysis of diffusion tensor magnetic resonance imaging data using principal component analysis

An analysis method for diffusion tensor (DT) magnetic resonance imaging data is described, which, contrary to the standard method (multivariate fitting), does not require a specific functional model for diffusion-weighted (DW) signals. The method uses principal component analysis (PCA) under the assumption of a single fibre per pixel. PCA and the standard method were compared using simulations and human brain data. The two methods were equivalent in determining fibre orientation. PCA-derived fractional anisotropy and DT relative anisotropy had similar signal-to-noise ratio (SNR) and dependence on fibre shape. PCA-derived mean diffusivity had similar SNR to the respective DT scalar, and it depended on fibre anisotropy. Appropriate scaling of the PCA measures resulted in very good agreement between PCA and DT maps. In conclusion, the assumption of a specific functional model for DW signals is not necessary for characterization of anisotropic diffusion in a single fibre.

Edge effects as the principal cause of area effects on birds in fragmented secondary forest

Bird communities in tropical forests are strongly affected by both patch area and habitat edges. The fact that both effects are intrinsically confounded in space raises questions about how these two widely reported ecological patterns interact, and whether they are independent or simply different spatial manifestations of the same phenomenon. Moreover, do small patches of secondary forest, in landscapes where the most sensitive species have gone locally extinct, exhibit similar patterns to those previously observed in fragmented and continuous primary forests? We addressed these questions by testing edge-related differences in vegetation structure and bird community composition at 31 sites in fragmented and continuous landscapes in the imperilled Atlantic forest of Brazil. Over a two-year period, birds were captured with mist nets to a standardized effort of 680 net-hours at each site (similar to 22 000 net-hours resulting in 3381 captures from 114 species). We found that the bird community in patches of secondary forest was degraded in species composition compared to primary continuous forest, but still exhibited a strong response to edge effects. In fragmented secondary forests, edge and area effects also interacted, such that the magnitude of edge to interior differences on bird community composition declined markedly with patch size. The change in bird species composition between forest interiors and edges was similar to the change in community composition between large and small patches (because species had congruent responses to edge and area), but after controlling for edge effects community composition was no longer affected by patch area. Our results show that although secondary forests hold an impoverished bird community, ecological patterns such as area and edge effects are similar to those reported for primary forests. Our data provide further evidence that edge effects are the main drivers of area effects in fragmented landscapes.

Ecological niche modeling and principal component analysis of Krameria Loefl. (Krameriaceae)

Krameria plants are found in arid regions of the Americas and present a floral system that attracts oil-collecting bees. Niche modeling and multivariate tools were applied to examine ecological and geographical aspects of the 18 species of this genus, using occurrence data obtained from herbaria and literature. Niche modeling showed the potential areas of occurrence for each species and the analysis of climatic variables suggested that North American species occur mostly in deserted or xeric ecoregions with monthly precipitation below 140 mm and large temperature ranges. South American species are mainly found in deserted ecoregions and subtropical savannas where monthly precipitation often exceeds 150 mm and temperature ranges are smaller. Principal Component Analysis (PCA) performed with values of temperature and precipitation showed that the distribution limits of Krameria species are primarily associated with maximum and minimum temperatures. Modeling of Krameria species proved to be a useful tool for analyzing the influence of the ecological niche variables in the geographical distribution of species, providing new information to guide future investigations. (C) 2011 Elsevier Ltd. All rights reserved.

Tori embedded in R(3) with dense principal lines

In this paper are given examples of tori T(2) embedded in R(3) with all their principal lines dense. These examples are obtained by stereographic projection of deformations of the Clifford torus in S(3). (C) 2008 Elsevier Masson SAS. All rights reserved.

Chemotaxonomic relationships in Celastraceae inferred from principal component analysis (PCA) and partial least squares (PLS)

This paper describes a chemotaxonomic analysis of a database of triterpenoid compounds from the Celastraceae family using principal component analysis (PCA). The numbers of occurrences of thirty types of triterpene skeleton in different tribes of the family were used as variables. The study shows that PCA applied to chemical data can contribute to an intrafamilial classification of Celastraceae, once some questionable taxa affinity was observed, from chemotaxonomic inferences about genera and they are in agreement with the phylogeny previously proposed. The inclusion of Hippocrateaceae within Celastraceae is supported by the triterpene chemistry.

L'Homme sous le masque : Une étude du personnage principal dans Le Fantôme de l'Opéra

L’objet de la présente étude est le personnage principal dans l’oeuvre Le Fantôme de l’Opéra de Gaston Leroux. Le but de cette analyse littéraire est de mettre en évidence l'ambiguïté et la complexité psychologique et morale de ce personnage.L’analyse est basée sur les théories de Vincent Jouve à propos de la perception du personnage romanesque. Le résultat de l'analyse montre que l'ambiguïté du personnage principal peut être déduite de ce que Jouve appelle le « système de la sympathie » constitué de trois codes : le code narratif, le code affectif et le code culturel.

Variabilidade genética no Complexo Principal de Histocompatibilidade (MHC) de três espécies de mamíferos marinhos da costa do Rio grande do Sul

O MHC (Major Histocompatibility Complex) é um sistema genético importante para a manutenção de espécies ameaçadas, uma vez que baixa variabilidade para locos MHC tem sido associada a uma menor capacidade de resposta a doenças e diminuição do sucesso reprodutivo. Deste modo, pesquisas sobre a variabilidade genética do MHC têm demonstrado ser bastante informativas em estudos populacionais voltados para aspectos referentes à conservação. No presente trabalho foi investigada a variabilidade genética do MHC para três espécies de mamíferos marinhos (toninha, baleia franca austral e lobo marinho sul-americano) do sul do Brasil, com intensa mortalidade provocada por atividades humanas atuais ou passadas. As amostras foram coletadas de animais mortos encalhados na costa, de animais capturados acidentalmente por barcos pesqueiros, e também através de um sistema de biópsia. A região variável do exon 2 do gene DQB do MHC foi amplificada por PCR (Polymerase Chain Reaction) em 109 amostras de toninhas (Rio de Janeiro n=32, Rio Grande do Sul n=52, Argentina n=25), 35 amostras de lobo marinho sul-americano e 30 amostras de baleia franca austral, utilizando-se um par de primers heterólogos. O fragmento resultante de 172 pares de bases foi analisado quanto ao polimorfismo de seqüência através da técnica de SSCP (Polimorfismo de Conformação de Fita Simples) em todas as amostras de toninha e de lobo marinho sul-americano e 14 amostras de baleia franca austral. Dificuldades associadas à amplificação resultaram em padrões de SSCP pouco informativos para as amostras de lobo marinho sul-americano e baleia franca austral Todas as amostras de toninha apresentaram um padrão de pelo menos 4 bandas por indivíduo. As 4 bandas de um único indivíduo do Rio Grande do Sul foram seqüenciadas, tendo sido possível verificar que 2 seqüências relacionadas ao genes DQB estão sendo amplificadas com estes primers. Pelas análises de SSCP foi possível detectar ausência de variabilidade para as amostras de toninha provenientes do Rio de Janeiro e diferenciá-las da população da Argentina, que é polimórfica. A população do Rio Grande do Sul parece apresentar níveis intermediários de variação em relação aos extremos da distribuição da espécie. Analisando as três populações amostradas, conclui-se que a espécie apresenta baixos níveis de variabilidade para o loco DQB, a exemplo do que é reportado para os genes de MHC de outros mamíferos marinhos.

Federalismo: uma abordagem do problema do principal e do agente

The government has two objectives in this economy: make the states invest in thepriority sector and equalize wealth among states. Applying the model of the Principal-Agent Problem, we obtain that the federal system may not increase society 's wellfare when the states not necessarily invest in its respective thepriority sector. We also obtain that it is possible to implement an optimal mechanism where government equalize wealth among states without cost and can make states invest in thepriority sector.

Contratos de incentivos em empresas estatais e influência política: uma análise através de um modelo principal agente

A separação do controle da gestão leva a um conflito de objetivos entre acionistas e gestores, conflito este já identificado pela teoria da agência. Assim como ocorre em empresas privadas, as empresas públicas também apresentam este clássico problema. Enquanto os controladores últimos das empresas públicas (a sociedade) gostariam que estas maximizassem o bem estar social, seus gestores têm como objetivo maximizar suas próprias funções utilidade. O alinhamento de objetivos através de contratos de incentivos é uma das possíveis soluções para se resolver este problema de agência. As empresas públicas possuem nas promoções e cargos comissionados (modelo de Prendergast) uma possível solução para este dilema. Ocorre que nas empresas públicas o contrato de promoções é distorcido pela influência política, fato que diminui o poder de alinhamento de interesses que haveria em outras situações. Esta dissertação tem, portanto, como objetivo analisar, através de um modelo principal-agente, o atual modelo de promoções ofertado pelo governo (principal). Na primeira parte é apresentado um breve arcabouço teórico e, na segunda, analisamos os principais contratos de incentivo existentes. No terceiro capítulo, através de um modelo principal-agente, mostramos como a influência política distorce os incentivos que haveria neste tipo de contratos em outras situações. Na parte final deste trabalho indicamos possíveis caminhos para reduzir o problema de agência existente.