Opt-out options in new product co-development partnerships

We study three contractual arrangements—co-development, licensing, and co-development with opt-out options—for the joint development of new products between a small and financially constrained innovator firm and a large technology company, as in the case of a biotech innovator and a major pharma company. We formulate our arguments in the context of a two-stage model, characterized by technical risk and stochastically changing cost and revenue projections. The model captures the main disadvantages of traditional co-development and licensing arrangements: in co-development the small firm runs a risk of running out of capital as future costs rise, while licensing for milestone and royalty (M&R) payments, which eliminates the latter risk, introduces inefficiency, as profitable projects might be abandoned. Counter to intuition we show that the biotech's payoff in a licensing contract is not monotonically increasing in the M&R terms. We also show that an option clause in a co-development contract that gives the small firm the right but not the obligation to opt out of co-development and into a pre-agreed licensing arrangement avoids the problems associated with fully committed co-development or licensing: the probability that the small firm will run out of capital is greatly reduced or completely eliminated and profitable projects are never abandoned.

回转器及其应用

叙述了在自动控制、仪器仪表、信号变换以及传感器信号采集与处理等电路中实现大时间常数的一种新方法。根据近代电工理论中的回转器原理 ,利用运算放大器及电阻、电容器件可以实现模拟电容和模拟电感。给出了理论计算与应用实例

From Stereograms to Surface: How the Brain Sees the World in Depth

When we look at a scene, how do we consciously see surfaces infused with lightness and color at the correct depths? Random Dot Stereograms (RDS) probe how binocular disparity between the two eyes can generate such conscious surface percepts. Dense RDS do so despite the fact that they include multiple false binocular matches. Sparse stereograms do so even across large contrast-free regions with no binocular matches. Stereograms that define occluding and occluded surfaces lead to surface percepts wherein partially occluded textured surfaces are completed behind occluding textured surfaces at a spatial scale much larger than that of the texture elements themselves. Earlier models suggest how the brain detects binocular disparity, but not how RDS generate conscious percepts of 3D surfaces. A neural model predicts how the layered circuits of visual cortex generate these 3D surface percepts using interactions between visual boundary and surface representations that obey complementary computational rules.

Doubt, for narrator and orchestra

Doubt is a single-movement composition of roughly twelve minutes for narrator and orchestra (woodwinds, horns, and trumpets in pairs, timpani, percussion, strings). The piece explores the controversial issue of capital punishment. The text was compiled from resources found on the websites of Death Penalty Information Center (http://www.deathpenaltyinfo.org) and Anti-Death Penalty Information (http://www.antideathpenalty.org), as well as excerpts from the Bible. Doubt was conceived of as a dramatic work in which a narrator recites factual information in a direct and unemotional manner and the orchestra provides a response to the mixed emotions elicited by the text. The list of dates and case summaries presented in the middle section of the piece seemed most powerful and effective when recited in a natural speaking voice, which is why I chose not to set the text as song. Also, I chose the orchestral medium rather than a chamber setting because the nature of the topic demanded a larger range of colors and combinations, as well as a louder, fuller sound. Much of the music was composed while deciding which texts to include. Thus the music influenced the choice of text as much as the text suggested the musical setting. The four formal divisions of the piece are delineated primarily by the text. The first section is an orchestral introduction representing various emotional perspectives suggested by the texts. The narrator begins the second section with a Biblical verse over sparse orchestration. The third and main section of the piece begins with a new melody in the low strings that is closely related to the harmonic organization of the piece. The narrator lists dates of convictions, executions, exonerations and facts related to doubtful cases. The third section and the narration conclude with another brief passage from the Bible. The fourth section is a dramatic orchestral coda, bringing back the opening harmonies of juxtaposed perfect fifths. The final chord is full of tension and discord, reflecting the oppositions inherent in the topic of capital punishment: life vs. death, sympathy vs. reproach, pain vs. hope, but above all, doubt about guilt vs. innocence.

Returns to R&D on new drug introductions in the 1980s.

This study finds that the mean IRR for 1980-84 U.S. new drug introductions is 11.1%, and the mean NPV is 22 million (1990 dollars). The distribution of returns is highly skewed. The results are robust to plausible changes in the baseline assumptions. Our work is also compared with a 1993 study by the OTA. Despite some important differences in assumptions, both studies imply that returns for the average NCE are within one percentage point of the industry's cost of capital. This is much less than what is typically observed in analyses based on accounting data.

Modelos de desarrollo, unificación y “desterritorialización”.

El presente estudio tiene el objetivo de ofrecer una visión general sobre los Modelos de Desarrollo y Organización Territorial desde la perspectiva de las relaciones entre el medio urbano, “rururbano” y rural, en España. Para ello, tras conocer y valorar los enfoque conceptuales y temáticos, se estudia el crecimiento urbano en nuestro país en las últimas décadas, analizando de manera pormenorizada la importancia que ha cobrado y cobra la aplicación legislativa de leyes, planes y normas, tanto en el propio crecimiento urbano como en la demanda de viviendas en las ciudades españolas y, de igual modo, la vinculación de ambas con el precio de las viviendas, relacionándolo con la problemática de la “rururbanización”, y del medio rural.

Long-term return reversals-Value and growth or tax? UK evidence

This paper examines (i) whether value-growth characteristics have more power than past performance in predicting return reversals; and (ii) whether typical rational behaviour such as incentives to delay paying capital gain taxes can better explain long-term reversals than past performance. We find that value-growth characteristics generally provide better explanations for long-term stock returns than past performance. The evidence also shows that winners identified by capital gains dominate past performance winners in predicting reversals in the cross-sectional comparison. However, in the time-series analysis, when returns on capital gain winners are adjusted by the Fama and French (1996) risk factors, the predictive power of capital gain winners disappears. Our results show that capital gain winners are heavily featured as growth stocks. Return reversals in capital gain winners potentially reflect market price corrections for growth stocks. We conclude that investors’ incentives to delay paying capital gain taxes cannot fully rationalise long-term reversals in the UK market. Our results also imply that the long-term return pattern potentially reflects a mixture of investor rational and irrational behaviour.

‘Marxism and Ecology: From Political Economy to Political Ecology’

One of the reasons for the 'fin de seicle' angst within western liberal capitalist societies is the rise in prominance of ecological concerns within these societies. Long before the New Right declared the post-war welfare state to be untenable, early green critics had claimed it to be ecologically unsustainable. The addiction of the welfare state on ever increasing levels of economic growth was pronounced to be simply impossible within the context of a finite planet. Although it was not expressed in this manner, what these early ecological concerns with Limits to Growth were in effect saying was that the accumulation of capital rendered capitalism unsustainable. Yet the ecological critique of capitalism has not found much favour within the Marxist critique untile recently. Early Marxist analyses of the ecology movement dismissed them as ‘petty bourgeios radicals’ while many greens still view Marxism as ‘fair shares in extinction’. The lack of positive engagement and dialogue between Marxism and ecology has in recent years been put right with a discernable overlap between the two critiques of capitalism. This article seeks to present the areas of disagreement and agreement between the two and seeks to provide an ‘environmental audit’ on both the Marxist method and political project.

New Financial Elites, or Financial Dualism in Historical perspective? An Extended Reply to Folkman, Froud, Johal and Williams

This paper challenges the recent suggestion that a new financial elite has evolved which is able to capture substantial profit shares for itself. Specifically, it questions the assumption that new groups of financial intermediaries have increased in significance primarily because there is evidence that various types of financial speculators have played a similarly extensive role at several junctures of economic development. The paper then develops the alternative hypothesis that, rather than being a recent development, the rise of these financial intermediaries is a cyclical phenomenon which is linked to specific regimes of capital accumulation. The hypothesis is underpinned by historical data from the US National Income and Product Accounts for the period from 1930 to 2000, which suggest that the activities of `mainstream' financial intermediaries have been accompanied by the frequently countercyclical activities of a `speculative' sector of security and commodity brokers. Based on the combination of this qualitative and quantitative evidence, the paper concludes that the rise of a speculative financial sector is a potentially recurrent phenomenon which is linked to periods of economic restructuring and turmoil.

Taking pluralism seriously:Embedded moralities in management accounting and control systems

Professor Norman Macintosh has long been a leading, and at times a dissonant, voice in critical accounting studies, exhibiting an intellectual dexterity seldom encountered in the accounting academy. His work ranges from the application of traditional organizational theories within work organizations to poststructural renderings of capital market exigencies. Here, we consider and extend Professor Macintosh's work contemplating the morality embedded within, and propagated by, management accounting and control systems (macs). We begin with Macintosh (1995) employing structuration theory in investigating the ethics of profit manipulation within large, decentralized corporations. The work highlights the fundamental dialectical contradictions within these work organizations, demonstrates the indeterminacy of traditional ethical reasoning, and shows the extent to which macs provide legitimating underpinnings for management action. We propose to extend the conversation using the tools provided in Macintosh's subsequent work: a Levinasian ethic (Macintosh et al., 2009), and heteroglossic accounting (Macintosh, 2002)—both emerging from his poststructuralist predilections. A Levinasian perspective provides an ontologically grounded ethic, and heteroglossic accounting calls for multiple accountings representing alternative moral voices. A critical dialogic framework is proposed as a theoretic for imagining heteroglossic accounting that takes pluralism seriously by recognizing the reality of irresolvable differences and asymmetric power relationships associated with assorted moral perspectives.

Dependency: An inhibitor to the Irish Case for Corporate Social Responsibility

This paper addresses the potential resurgence of post imperial “dependency theory” of the 1960s and 1970s. Suggesting that the initial premise of the theory was just – the article proposes the reworking of the theory in order to incorporate globalisation processes – namely the importance of global capital generated by Multi National Corporations. By considering that capital is now the “core” we have the idea of a much wider catchment of states “dependent” on global capital. Using Ireland as an example therefore, the article pursues the idea that a dependent state’s ability to implement CSR legislation is inhibited by the constraints of capital.

Government Laws, Regulations and Policies: Small Fish in a Big Pond

Global development has, in recent years, been shaped by the rise of transnational capital. This has implications for the quality and effectiveness of those national laws, regulations and policies in place to monitor transnational capital, ensure that multi national organisations assume responsibility and hold them accountable should they fail to do so. In balancing these objectives, contrasting issues come to the fore, such as the fear of capital flight; an issue especially profound in small open economies where the balance may tip in the favour of retaining, as opposed to regulating, foreign capital.
This paper can be considered in three parts. First, the paper addresses the shift in global leadership from national governments to multinational corporations (with particular reference to the rise of the Transnational Capitalist Class). This shift will incorporate the connotations of the Third Way. In considering this ideology, it will propose the Third Way as a transition phase to a stage when government is more the “third wheel” than an equal partner in governance structures. Second, the implications of the changing nature of governance on the capacity of nation states to develop effective laws, regulations and policies is discussed which leads on to the third aspect of the paper which identifies the challenges for governments, business and society in reimagining the governance structure pertaining to law, regulation and policy and the need to reconsider existing structures in light of global shifts in power structures.
A new leadership structure, both within the national and international governance system has far reaching implications. Boundary constraints no longer an issue, the potential for equality and global democracy is huge. Instead, a post recessionary world faces new governance challenges in the shape of; legitimacy; accountability and responsibility. Capitalism has invaded government and the primary challenge will be in avoiding the same issues that have dogged our financial markets for the last number of years. The challenge then to laws, regulations and public policy is huge, especially considering that the governments regulating are smaller than those dictating agenda on a global level

Corporate ownership and control in Victorian Britain

Using ownership and control data for 890 firm‐years, this article examines the concentration of capital and voting rights in British companies in the second half of the nineteenth century. We find that both capital and voting rights were diffuse by modern‐day standards. However, this does not necessarily mean that there was a modern‐style separation of ownership from control in Victorian Britain. One major implication of our findings is that diffuse ownership was present in the UK much earlier than previously thought, and given that it occurred in an era with weak shareholder protection law, it somewhat undermines the influential law and finance hypothesis. We also find that diffuse ownership is correlated with large boards, a London head office, non‐linear voting rights, and shares traded on multiple markets.