Effects of mergers and acquisitions in the paper industry

Paperiteollisuus on ollut perinteisesti fragmentoitunut toimiala, mutta viime vuosikymmenen aikana konsolidoitumisprosessi on kiihtynyt. Yrityskaupat ja fuusiot ovat muuttaneet paperiteollisuuden markkinarakennetta merkittävästi. Työn tavoitteena oli tutkia yleisesti markkinarakenteen vaikutusta liiketoiminnan tuloksiin sekä analysoida yrityskauppojen ja fuusioiden syitä, tuloksia ja rajoituksia. Tavoitteena oli myös tutkia paperiteollisuuden konsolidoitumisen vaikutuksia hintakehitykseen, hintaheilahteluihin ja kannattavuuteen. Keskeisenä syynä konsolidoitumiskehitykselle voidaan pitää uusien paperikoneiden huomattavaa investointikustannusten kasvua. Toinen tärkeä tekijä yhdentymiskehitykselle on se, että paperiteollisuus on saavuttanut elinkaaren kypsyysvaiheen Euroopassa, Pohjois-Amerikassa ja Japanissa. Yrityskauppojen ja fuusioiden motiiveja paperiteollisuudessa ovat mm. kasvu kypsillä markkinoilla, tarve parantaa taloudellista tulosta, mahdollisuus toimia globaalisti ja hyödyntää siitä saatavat edut tai mahdollisuus parempaan arvoketjun hallintaan. Näyttää siltä, että suurempien paperiteollisuusyritysten kannattavuus ei ole parempi kuin pienemmillä yrityksillä. Lisäksi useimmissa paperiteollisuuden yrityskaupoissa ja fuusioissa näyttäisi ostavan osapuolen kurssikehitys ilmoitusta seuraavana päivänä olevan negatiivinen.

Effects of lead and/or zinc exposure during the second stage of rapid postnatal brain growth on delta-aminolevulinate dehydratase and negative geotaxis of suckling rats

Lead has been shown to produce cognitive and motor deficits in young rats that could be mediated, at least in part, by inhibition of the zinc-containing heme biosynthetic enzyme delta-aminolevulinate dehydratase (ALA-D). In the present study we investigated the effects of lead and/or zinc treatment during the second stage of rapid postnatal brain development on brain, kidney and blood ALA-D specific activity, as well as the negative geotaxis behavior of rats. Eight-day-old Wistar rats were injected intraperitoneally with saline, lead acetate (8 mg/kg) and/or zinc chloride (2 mg/kg) daily for five consecutive days. Twenty-four hours after treatment, ALA-D activity was determined in the absence and presence of DL-dithiothreitol (DTT). The negative geotaxis behavior was assessed in 9- to 13-day-old rats. Treatment with lead and/or zinc did not affect body, brain or kidney weights or brain- or kidney-to-body weight ratios of the animals. In spite of the absence of effect of any treatment on ALA-D specific activity in brain, kidney and blood, the reactivation index with DTT was higher in the groups treated with lead or lead + zinc than in the control group, in brain, kidney and blood (mean ± SEM; brain: 33.33 ± 4.34, 38.90 ± 8.24, 13.67 ± 3.41; kidney: 33.50 ± 2.97, 37.60 ± 2.67, 15.80 ± 2.66; blood: 63.95 ± 3.73, 56.43 ± 5.93, 31.07 ± 4.61, respectively, N = 9-11). The negative geotaxis response behavior was not affected by lead and/or zinc treatment. The results indicate that lead and/or zinc treatment during the second stage of rapid postnatal brain growth affected ALA-D, but zinc was not sufficient to protect the enzyme from the effects of lead in brain, kidney and blood.

Telecommunications and economic growth: an empirical analysis of sub-saharan Africa

We examine the effect on economic growth of mobile cellular phones in sub-Saharan Africa where a marked asymmetry is present between land-line penetration and mobile telecommunications expansion. This study extends previous ones along two important dimensions. First, we allow for the potential endogeneity between economic growth and telecommunications expansion by employing a special linear generalized method of moments (GMM) estimator. Second, we explicitly model for varying degrees of substitutability between mobile cellular and land-line telephony, so that greater expansion of mobile telecommunications can have a different impact whenever the level of land-line penetration differs. We find that mobile cellular phone expansion is an important determinant of the rate of economic growth in Sub-Saharan Africa. Moreover, we find that the contribution of mobile cellular phones to economic growth has been growing in importance in the region, and that the marginal impact of mobile telecommunication services is even greater wherever land-line phones are rare. Given the low cost of mobile telecommunications technology relative to other broad infrastructure projects, especially land-line infrastructure, we advocate that mobile telecommunication services be encouraged in the area.

Essays on International trade and economic growth

At present, we are witnessing globalization as a truly worldwide phenomenon. Trade agreements among differing countries, a reduction in trade costs, the mobility of production factors, the free flow of information and so on are all proof of the present day era of globalization. Countries are trading with one another more and more every day and the effects of international trade on economies represent a central discussion in all economic spheres. In spite of increasing trade around the world and the promotion of globalization by multilateral organisms such as WTO and IMF, the effects of international trade are not yet clear. Economics literature concerning the effects of international trade on economic growth and welfare remains ambiguous in terms of both theoretical models and empirical research. The present thesis tries to contribute to the theoretical debate surrounding the effects of dynamic international trade, focusing in particular on the implications for economic growth, welfare and changes in the preferences of individuals.

Anti-proliferative effects of physiological concentrations of enterolactone in models of prostate tumourigenesis

SCOPE: There is evidence that a mammalian lignan, enterolactone (ENL), decreases the proliferation rate of prostate cancer cells, although previous studies have used concentrations difficult to achieve through dietary modification. We have therefore investigated the anti-proliferative effects of ENL in an in vitro model of prostate tumourigenesis at concentrations reported to occur in a range of male populations. METHODS AND RESULTS: The effects of 0.1 and 1 μM ENL on three markers of viability and proliferation (metabolic activity, growth kinetics, and cell cycle progression) were assessed in the RWPE-1, WPE1-NA22, WPE1-NB14, WPE1-NB11, WPE1-NB26, LNCaP, and PC-3 cell lines over 72 h. Based on these data, we quantified the expression levels of 12 genes involved in the control of DNA replication initiation using TaqMan real-time PCR in the WPE1-NA22, WPE1-NB14, WPE1-NB11, and WPE1-NB26 cell lines. ENL significantly inhibited the abnormal proliferation of the WPE1-NB14 and WPE1-NB11 cell lines and appears to be a consequence of decreased expression of abnormal chromatin licensing and DNA replication factor 1. CONCLUSION: In contrast to previous studies, concentrations of ENL that are reported after dietary intervention restrict the proliferation of early-stage tumourigenic prostate cell lines by inhibiting the abnormal formation of complexes that initiate DNA replication.

Economic growth in Sweden, 2000-2010 : The dot-com bubble and the financial crisis

    Economic growth is the increase in the inflation-adjusted market value of the goods and services produced by an economy over time. The total output is the quantity of goods or servicesproduced in a given time period within a country. Sweden was affected by two crises during the period 2000-2010: a dot-com bubble and a financial crisis. How did these two crises affect the economic growth?     The changes of domestic output can be separated into four parts: changes in intermediate demand, final domestic demand, export demand and import substitution. The main purpose of this article is to analyze the economic growth during the period 2000-2010, with focus on the dot-com bubble in the beginning of the period 2000-2005, and the financial crisis at the end of the period 2005-2010. The methodology to be used is the structural decomposition method.     This investigation shows that the main contributions to the Swedish total domestic output increase in both the period 2000-2005 and the period 2005-2010 were the effect of domestic demand. In the period 2005-2010, financial crisis weakened the effect of export. The output of the primary sector went from a negative change into a positive, explained mainly by strong export expansion. In the secondary sector, export had most effect in the period 2000-2005. Nevertheless, domestic demand and import ratio had more effect during the financial crisis period. Lastly, in the tertiary sector, domestic demand can mainly explain the output growth in the whole period 2000-2010.

EFFECTS OF INTRAUTERINE AND POSTNATAL PROTEIN-CALORIE MALNUTRITION ON METABOLIC ADAPTATIONS TO EXERCISE IN YOUNG-RATS

The effect of intrauterine and postnatal protein-calorie malnutrition on the biochemical ability to perform exercise was investigated in young male rats. Malnourished rats were obtained by feeding dams a low-protein (6%) casein-based diet prepared in the laboratory during pregnancy and lactation. Control rats received an isocaloric diet containing 25% protein. The low-protein diet contained additional starch and glucose. At 45 days of age, malnourished rats showed lower body weight, serum protein, albumin and glucose levels, hematocrit values and heart glycogen content but higher circulating free fatty acids and gastrocnemius muscle glycogen than control rats. In response to exercise (50 min of swimming), control rats displayed lower heart, gastrocnemius and liver glycogen levels whereas malnourished rats showed low glycogen levels only in the gastrocnemius muscle. Both control and malnourished rats showed high serum glucose and free fatty acid levels after exercise. In conclusion, protein-calorie malnutrition improved muscle glycogen storage but this substrate was broken down to a greater extent in response to exercise. Malnourished rats were able to perform exercise maintaining high blood glucose levels, as observed in control rats, perhaps as a consequence of the elevated availability of circulating free fatty acids.

Weak links between exports and economic growth in Latin America and the Caribbean

Includes bibliography

Economic growth and performance in Latin America

Includes bibliography

Hidden Effects of Chronic Tuberculosis in African Buffalo

Infectious diseases can bring about population declines and local host extinctions, contributing significantly to the global biodiversity crisis. Nonetheless, studies measuring population-level effects of pathogens in wild host populations are rare, and taxonomically biased toward avian hosts and macroparasitic infections. We investigated the effects of bovine tuberculosis (bTB), caused by the bacterial pathogen Mycobacterium bovis, on African buffalo (Syncerus caffer) at Hluhluwe-iMfolozi Park, South Africa. We tested 1180 buffalo for bTB infection between May 2000 and November 2001. Most infections were mild, confirming the chronic nature of the disease in buffalo. However, our data indicate that bTB affects both adult survival and fecundity. Using an age-structured population model, we demonstrate that the pathogen can reduce population growth rate drastically; yet its effects appear difficult to detect at the population level: bTB causes no conspicuous mass mortalities or fast population declines, nor does it alter host-population age structure significantly. Our models suggest that this syndrome—low detectability coupled with severe impacts on population growth rate and, therefore, resilience—may be characteristic of chronic diseases in large mammals.

The Role of Acidic Fibroblast Growth Factor and Fibroblast Growth Factor Receptor 4 in High Grade Serous Carcinoma

Background: High grade serous carcinoma whether ovarian, tubal or primary peritoneal, continues to be the most lethal gynecologic malignancy in the USA. Although combination chemotherapy and aggressive surgical resection has improved survival in the past decade the majority of patients still succumb to chemo-resistant disease recurrence. It has recently been reported that amplification of 5q31-5q35.3 is associated with poor prognosis in patients with high grade serous ovarian carcinoma. Although the amplicon contains over 50 genes, it is notable for the presence of several members of the fibroblast growth factor signaling axis. In particular acidic fibroblast growth factor (FGF1) has been demonstrated to be one of the driving genes in mediating the observed prognostic effect of the amplicon in ovarian cancer patients. This study seeks to further validate the prognostic value of fibroblast growth receptor 4 (FGFR4), another candidate gene of the FGF/FGFR axis located in the same amplicon. The emphasis will be delineating the role the FGF1/FGFR4 signaling axis plays in high grade serous ovarian carcinoma; and test the feasibility of targeting the FGF1/FGFR4 axis therapeutically. Materials and Methods: Spearman and Pearson correlation studies on data generated from array CGH and transcriptome profiling analyses on 51 microdissected tumor samples were used to identify genes located on chromosome 5q31-35.3 that showed significant correlation between DNA and mRNA copy numbers. Significant correlation between FGF1 and FGFR4 DNA copy numbers was further validated by qPCR analysis on DNA isolated from 51 microdissected tumor samples. Immunolocalization and quantification of FGFR4 expression were performed on paraffin embedded tissue samples from 183 cases of high-grade serous ovarian carcinoma. The expression was then correlated with clinical data to assess impact on survival. The expression of FGF1 and FGFR4 in vitro was quantified by real-time PCR and western blotting in six high-grade serous ovarian carcinoma cell lines and compared to those in human ovarian surface epithelial cells to identify overexpression. The effect of FGF1 on these cell lines after serum starvation was quantified for in vitro cellular proliferation, migration/invasion, chemoresistance and survival utilizing a combination of commercially available colorimetric, fluorometric and electrical impedance assays. FGFR4 expression was then transiently silenced via siRNA transfection and the effects on response to FGF1, cellular proliferation, and migration were quantified. To identify relevant cellular pathways involved, responsive cell lines were transduced with different transcription response elements using the Cignal-Lenti reporter system and treated with FGF1 with and without transient FGFR4 knock down. This was followed by western blot confirmation for the relevant phosphoproteins. Anti-FGF1 antibodies and FGFR trap proteins were used to attempt inhibition of FGF mediated phenotypic changes and relevant signaling in vitro. Orthotopic intraperitoneal tumors were established in nude mice using serous cell lines that have been previously transfected with luciferase expressing constructs. The mice were then treated with FGFR trap protein. Tumor progression was then followed via bioluminescent imaging. The FGFR4 gene from 52 clinical samples was sequenced to screen for mutations. Results: FGFR4 DNA and mRNA copy numbers were significantly correlated and FGFR4 DNA copy number was significantly correlated with that of FGF1. Survival of patients with high FGFR4 expressing tumors was significantly shorter that those with low expression(median survival 28 vs 55 month p< 0.001) In a multivariate cox regression model FGFR expression significantly increased risk of death (HR 2.1, p<0.001). FGFR4 expression was significantly higher in all cell lines tested compared to HOSE, OVCA432 cell line in particular had very high expression suggesting amplification. FGF1 was also particularly overexpressed in OVCA432. FGF1 significantly increased cell survival after serum deprivation in all cell lines. Transient knock down of FGFR4 caused significant reduction in cell migration and proliferation in vitro and significantly decreased the proliferative effects of FGF1 in vitro. FGFR1, FGFR4 traps and anti-FGF1 antibodies did not show activity in vitro. OVCA432 transfected with the cignal lenti reporter system revealed significant activation of MAPK, NFkB and WNT pathways, western blotting confirmed the results. Reverse phase protein array (RPPA) analysis also showed activation of MAPK, AKT, WNT pathways and down regulation of E Cadherin. FGFR trap protein significantly reduced tumor growth in vivo in an orthotopic mouse model. Conclusions: Overexpression and amplification of several members of the FGF signaling axis present on the amplicon 5q31-35.3 is a negative prognostic indicator in high grade serous ovarian carcinoma and may drive poor survival associated with that amplicon. Activation of The FGF signaling pathway leads to downstream activation of MAPK, AKT, WNT and NFkB pathways leading to a more aggressive cancer phenotype with increased tumor growth, evasion of apoptosis and increased migration and invasion. Inhibition of FGF pathway in vivo via FGFR trap protein leads to significantly decreased tumor growth in an orthotopic mouse model.

Infrastructure development and economic growth in China

China is the fastest growing country in the world for last few decades and one of the defining features of China's growth has been investment-led growth. China's sustained high economic growth and increased competitiveness in manufacturing has been underpinned by a massive development of physical infrastructure. In this context, we investigate the role of infrastructure in promoting economic growth in China for the period 1975 to 2007. Overall, the results reveal that infrastructure stock, labour force, public and private investments have played an important role in economic growth in China. More importantly, we find that Infrastructure development in China has significant positive contribution to growth than both private and public investment. Further, there is unidirectional causality from infrastructure development to output growth justifying China's high spending on infrastructure development since the early nineties. The experience from China suggests that it is necessary to design an economic policy that improves the physical infrastructure as well as human capital formation for sustainable economic growth in developing countries.

Effects of biochar prepared from organic waste on soil properties

Biochar is a carbon-rich solid obtained by the thermal decomposition of organic matter under a limited supply of oxygen and at relatively low temperatures. Biochar can be prepared from the pyrolysis of different organic feed- stocks, such as wood and biomass crops, agricultural by-products, different types of waste or paper industry waste materials . The pyrolysis procedure of waste, i.e. sewage sludge, has mainly two advantages, firstly, it removes pathogens from waste and, secondly, biochar can reduce the leaching of heavy metals present in raw sewage sludge. This trend of the use of waste material as feedstocks to the preparation of biochar is increasing in the last years due to industrial development and economic growth imply an increase in waste generation. The application of biochar may have positive effects on soil physical properties as water holding capacity and structure or on soil biological activity and soil quality. Also, biochar can be used to remove water pollutants and can be used in multiple ways in soil remediation due to its adsorption of pesticides or metals. Also, biochar contribute to carbon sequestration due to carbon stability of biochar materials. The objective of this presentation is to review the positive effects of the biochar prepared from organic waste on soil properties.

Effects of regulatory reform on unemployment in the trucking industry. Report to the Honorable Dennis DeConcini, United States Senate.

Mode of access: Internet.

Regional competitiveness, economic growth and stages of development

This paper positions the concept of regional competitiveness within theories concerning regional economic growth and stages of economic development. It examines the sources of regional competitiveness encompassing an analysis based on the particular stage of economic development that the nations within which regions are situated have reached. As a means to achieve this, the paper undertakes an empirical analysis of data stemming from the World Competitiveness Index of Regions, and identifies regional competitiveness as a dual concept that explains relative differences in rates of economic development across regions, as well as an understanding of the future economic growth trajectories of regions at a similar stage of economic development. As with endogenous growth and development theory, the notion of regional competitiveness presented here places knowledge, innovation and entrepreneurship at the forefront of conceptualisations of regional economic differentiation.