Ownership Effects on Unrelated Diversification: An Institutions' Perspective

Purpose To show that differences in the extent to which firms engage in unrelated diversification can be attributed to differences in ownership structure. Methodology/approach We draw on longitudinal data and use a panel analysis specification to test our hypotheses. Findings We find that unrelated diversification destroys value; pressure-sensitive Anglo-American owners in a firm’s equity reduce unrelated diversification, whereas pressure-resistant domestic owners increase unrelated diversification; the greater the firm’s free cash flow, the greater the negative effect of pressure-sensitive Anglo-American owners on unrelated diversification. Research limitations/implications We contribute to corporate governance and strategy research by bringing in owners’ institutional origin as a shaper of owner preferences in particular with regards to unrelated diversification. Future research may expand our investigation to more than one home institutional context, and theorize on institutional origin effects beyond the dichotomy between Anglo-American and non-Anglo-American (not oriented toward shareholder value maximization) owners. Practical implications Policy makers, financial analysts, owners, and managers may want to reflect about the implications of ownership structure, as well as promoting or joining corporations with particular ownership configurations. Social implications A shareholder value-destroying strategy, such as unrelated diversification has adverse consequences for society at large, in terms of opportunity costs, that is, resources could be allocated to value-creating activities instead. Promoting an ownership configuration that creates value should contribute to social welfare. Originality/value Owners may not be exclusively driven by shareholder value maximization, but can be influenced by normative beliefs (biases) stemming from the institutional context they originate from.

Geographic assignment of seabirds to their origin: combining morphology, genetics and biogeochemical analyses

Longline fisheries, oil spills, and offshore wind farms are some of the major threats increasing seabird mortality at sea, but the impact of these threats on specific populations has been difficult to determine so far. We tested the use of molecular markers, morphometric measures, and stable isotope (δ15N and δ13C) and trace element concentrations in the first primary feather (grown at the end of the breeding period) to assign the geographic origin of Calonectris shearwaters. Overall, we sampled birds from three taxa: 13 Mediterranean Cory's Shearwater (Calonectris diomedea diomedea) breeding sites, 10 Atlantic Cory's Shearwater (Calonectris diomedea borealis) breeding sites, and one Cape Verde Shearwater (C. edwardsii) breeding site. Assignment rates were investigated at three spatial scales: breeding colony, breeding archipelago, and taxa levels. Genetic analyses based on the mitochondrial control region (198 birds from 21 breeding colonies) correctly assigned 100% of birds to the three main taxa but failed in detecting geographic structuring at lower scales. Discriminant analyses based on trace elements composition achieved the best rate of correct assignment to colony (77.5%). Body measurements or stable isotopes mainly succeeded in assigning individuals among taxa (87.9% and 89.9%, respectively) but failed at the colony level (27.1% and 38.0%, respectively). Combining all three approaches (morphometrics, isotopes, and trace elements on 186 birds from 15 breeding colonies) substantially improved correct classifications (86.0%, 90.7%, and 100% among colonies, archipelagos, and taxa, respectively). Validations using two independent data sets and jackknife cross-validation confirmed the robustness of the combined approach in the colony assignment (62.5%, 58.8%, and 69.8% for each validation test, respectively). A preliminary application of the discriminant model based on stable isotope δ15N and δ13C values and trace elements (219 birds from 17 breeding sites) showed that 41 Cory's Shearwaters caught by western Mediterranean long-liners came mainly from breeding colonies in Menorca (48.8%), Ibiza (14.6%), and Crete (31.7%). Our findings show that combining analyses of trace elements and stable isotopes on feathers can achieve high rates of correct geographic assignment of birds in the marine environment, opening new prospects for the study of seabird mortality at sea.

Origin of magnetic and magnetoelastic tweedlike precursor modulations in ferroic materials

Based on experimental observations of modulated magnetic patterns in a Co0.5Ni0.205Ga0.295 alloy, we propose a model to describe a (purely) magnetic tweed and a magnetoelastic tweed. The former arises above the Curie (or Nel) temperature due to magnetic disorder. The latter results from compositional fluctuations coupling to strain and then to magnetism through the magnetoelastic interaction above the structural transition temperature. We discuss the origin of purely magnetic and magnetoelastic precursor modulations and their experimental thermodynamic signatures.

Reliable entertainment: Spanish consumers' preferences regarding a film's country of origin

This article contributes to the study of cinema audiences in Europe by analyzing theactual behavior of Spanish moviegoers and their level of satisfaction. We modeledmoviegoers’ choice of film by country of origin (U.S.A., Spain, and other countries)according to a set of determinants: (1) consumers’ interpretation of several sources of information, (2) motivations and (3) choice rules. We found three clear consumerstereotypes related to each type of film: (1) U.S.A. films were preferred by almost everyone (especially families and younger audiences); (2) Spanish films had audiences composed of middle-age and middle-class moviegoers; and (3) European productions were preferred by a social or intellectual elite. U.S.A. films dominate the Spanish market for the reason that they provide most of what moviegoers prefer, namely, familiar, reliable entertainment in Spanish; three characteristics that are not satisfied by Spanish and European films. Additionally, we discuss the implications for the European cultural policy

Decolorization and toxicity of municipal waste by horseradish (Cochlearia armoracia)

The Municipal Station of Americana, SP, Brazil, treats a volume of 400 l s-1 of effluent, of domestic and textile origin, and produces about 20 t of sludge per day. The plant horseradish, which contains high amount of peroxidases, was able to decolorize this effluent in 2 h and the solid waste in 2 days, at concentrations of 10 and 50%, respectively. However, there was an increase in the toxicity for the bioassays with Hydra attenuatta, Selenastrum capricornutum and lettuce seeds, indicating formation of more toxic substances. Since horseradish showed the ability to decolorize these residues, it can be used as pre-treatment resulting in a sludge of less complex composition.

Tracing the Origin and Spread of Agriculture in Europe

The origins of early farming and its spread to Europe have been the subject of major interest for some time. The main controversy today is over the nature of the Neolithic transition in Europe: the extent to which the spread was, for the most part, indigenous and animated by imitatio (cultural diffusion) or else was driven by an influx of dispersing populations (demic diffusion). We analyze the spatiotemporal dynamics of the transition using radiocarbon dates from 735 early Neolithic sites in Europe, the Near East, and Anatolia. We compute great-circle and shortest-path distances from each site to 35 possible agricultural centers of origin—ten are based on early sites in the Middle East and 25 arehypothetical locations set at 58 latitude/longitude intervals. We perform a linear fit of distance versus age (and viceversa) for each center. For certain centers, high correlation coefficients (R . 0.8) are obtained. This implies that a steady rate or speed is a good overall approximation for this historical development. The average rate of the Neolithic spread over Europe is 0.6–1.3 km/y (95% confidence interval). This is consistent with the prediction of demic diffusion(0.6–1.1 km/y). An interpolative map of correlation coefficients, obtained by using shortest-path distances, shows thatthe origins of agriculture were most likely to have occurred in the northern Levantine/Mesopotamian area

Relationship between botanical origin and antioxidants vitamins of bee-collected pollen

This study quantified vitamin C, E and β-carotene in samples of fresh bee-collected pollen and correlating them with the botanical origin. Vitamin content varied between 13.5 and 42.5 µg/g for vitamin E; 56.3 and 198.9 µg/g for β-carotene and 273.9 and 560.3 µg/g for vitamin C. It was concluded that the botanical origin and collecting season influenced the vitamin contents. There is a relationship between the vitamins and its botanical origin: Raphanus sp and Macroptilium sp, Mimosa caesalpineafolia with β-carotene; Raphanus sp, Eucalyptus sp, Macroptilium sp, Mimosa caesalpineafolia with vitamin E and Anadenanthera sp, Arecaceae type and Philodendron sp with vitamin C.

Preliminary study of insect attraction by a mixture of semiochemicals containing 1,2,4-Trimethoxybenzene in domestic citric-culture

In this work we describe a new efficient strategy for the preparation of 1,2,4-trimethoxybenzene (3) in 56% overall yield. The compound 3 was used in a preliminary study of insect attraction by a mixture of semiochemicals called TIV, composed of indol (1), vanillin (2) and 1,2,4-trimethoxybenzene (3), in eight Mc Phail style traps installed at a domestic orchard of citric-culture, containing 120 trees not infected by plagues in Bom Jesus Farm, located next to a patch of the Atlantic Forest, at Silva Jardim, Rio de Janeiro, Brazil.

TiO2 photocatalytic inactivation under simulated solar light of bacterial consortia in domestic wastewaters previously treated by UASB, duckweed and facultative ponds

In this work, TiO2 photocatalysis was used to disinfect domestic wastewaters previously treated by different biological treatment systems: Upward-flow Anaerobic Sludge Blanket (UASB), facultative pond, and duckweed pond. The microorganisms monitored were E. coli, total coliforms, Shigella species, and Salmonella species. Photocatalytic experiments were carried out using two light sources: a solar simulator (UV intensity: 68-70 W m-2) and black-light lamps (BLL UV intensity: 17-20 W m-2). Samples were taken after each treatment stage. Results indicate that bacterial photocatalytic inactivation is affected by characteristics of the effluent, including turbidity, concentration of organic matter, and bacterial concentration, which depend of the type of biological pretreatment previously used.

Sensory and Non-sensory Factors Behind the Liking and Choice of Healthy Food Products

A healthy and balanced diet can reduce health problems, such as overweight and metabolic syndrome. In general, people have a considerably good knowledge of what constitutes a healthy diet and how they could achieve it with their food choices. Besides, people argue that health is among their top five food choice motives. Nevertheless, the prevalence of overweight is increasing and other food choice motives, such as taste, seem to conflict with the health. Liking for food does not necessarily determine acceptance alone, thus several non-sensory factors, such as brand, country of origin and nutrition claim, can also influence. Moreover, consumers are individuals in how they prioritize sensory and nonsensory factors of foods, but e.g. increasing age, female gender and health concern have been connected to a more health-oriented dietary behaviour. To sum up, identifying different factors that can increase the liking and consumption of healthy food is essential in order to develop more attractive healthful food products. Adding vitamins, minerals, fibre or other ingredients to a food product can be used to enrich the nutritional quality of the products. However, this may be difficult in practice as regards the sensory quality and pleasantness of the foods. Generally, consumers are not willing to compromise on taste in food. On the other hand, consumers are very heterogeneous in their likings, and their personal values and attitudes may interact with preferences for specific sensory characteristics. The aims of this study were to investigate the effects of intrinsic product characteristics on sensory properties and hedonic responses; to determine the impact of few non-sensory factors; and to examine the interaction between sensory and non-sensory factors with consumers’ demographics, values and attitudes in liking of healthy model foods. The results showed that product composition influenced sensory quality and had an effect on hedonic responses. Adding flaxseed to bakery products showed a significant improvement in the nutritional quality without negative effects on sensory properties. On the other hand, the fortification of wellness beverages with vitamins and minerals may impart off-flavours. In general, sweetness of yoghurts, freshness of wellness beverages and low intensity of rye bread flavour appealed to consumers. Information about the domestic origin of yoghurts and claiming a specific function for wellness beverages enhanced liking. However, consumers who were more concerned about their health and considered natural content as an important food choice motive, rated sourer and less sweet yoghurts and wellness beverages as more pleasant. In addition, interest in health increased the consumption of rye breads and other whole grain breads among adolescents. The results showed that the optimal product quality in terms of intrinsic and extrinsic factors differs between individual consumers, and personal values and food choice motives can be connected to preferences for specific sensory characteristics of foods. This indicates that each food product needs to be considered in relation to its specific market niche, and to which segment of consumer will respond most positively to its characteristics.

Treated domestic sewage: kinetics of Escherichia coli and total coliform inactivation by oxidation with hydrogen peroxide

Hydrogen peroxide has been used for decades in developed countries as an oxidizing agent in the treatment of water, domestic sewage and industrial effluents. This study evaluated the influence of the concentration of H2O2 and pH on the inactivation of Escherichia coli cells and the disinfection of sewage treated. The results showed that the inactivation rate increased with pH and H2O2. The presence of other contaminants dissolved in the effluent is probably the cause of these differences, because E. coli inactivation in synthetic wastewater was found to be much faster than in the real treated domestic sewage.

Origin of oil in the Wilmington field in California

No presente trabalho, o autor trata da formação de campo petrolífero que se teria formado às expensas de organismos planctónicos, misturados com areia das dunas, material esse que teria sido transportado pelo vento. Refere-se, assim, o autor, ao campo petrolífero de "Wilmington", situado na Ilha Terminal, ao sul de Los Angeles, California. Esse campo, que já fora descrito, em 1943, por GILLULY & GRANT, faz parte do Mioceno e do Plioceno inferior, achando-se separado dos schistos Jurássicos metamórficos, por uma discordância localizada a 6.000 pés de profundidade. O conjunto das camadas petrolíferas alcança espessura de 1 .500 pés, sendo cada uma delas separada das outras por estratos do "siltstone" (siltito). O tamanho dos grãos, nos dois tipos de rochas, é o de depósitos eólicos, mas, ao contrário do que acontece em depósitos sub-aéreos, esses grãos são angulosos ou sub-angulosos. De acordo com MCNAUGHTON , esses depósitos se teriam formado em profundidade crescente, de 200 a 5.000 pés; esse fato, relacionado com as dimensões dos grãos, leva a crer que o material tenha sido transportado pelo vento. A sedimentação deu-se longe da costa, de maneira muito lenta, provavelmente em consequência de tempestades de excepcional intensidade. O petróleo teria sido produzido por organismos planctónicos que se teriam misturado com areia das dunas, sendo a velocidade da sedimentação desta, muito menor. Os cálculos indicam que foram armazenados somente 23% dos hidrocarbonetos que caíram sobre a areia de sedimentação, sob a forma de organismos mortos. M. V.

Leptogenesis as the origin of matter-antimatter asymmetry in extra dimensional and supersymmetric models

The Standard Model of particle physics is currently the best description of fundamental particles and their interactions. All particles save the Higgs boson have been observed in particle accelerator experiments over the years. Despite the predictive power the Standard Model there are many phenomena that the scenario does not predict or explain. Among the most prominent dilemmas is matter-antimatter asymmetry, and much effort has been made in formulating scenarios that accurately predict the correct amount of matter-antimatter asymmetry in the universe. One of the most appealing explanations is baryogenesis via leptogenesis which not only serves as a mechanism of producing excess matter over antimatter but can also explain why neutrinos have very small non-zero masses. Interesting leptogenesis scenarios arise when other possible candidates of theories beyond the Standard Model are brought into the picture. In this thesis, we have studied leptogenesis in an extra dimensional framework and in a modified version of supersymmetric Standard Model. The first chapters of this thesis introduce the standard cosmological model, observations made on the photon to baryon ratio and necessary preconditions for successful baryogenesis. Baryogenesis via leptogenesis is then introduced and its connection to neutrino physics is illuminated. The final chapters concentrate on extra dimensional theories and supersymmetric models and their ability to accommodate leptogenesis. There, the results of our research are also presented.