Conflits de norms de justice distributive dans les fusions entre égaux Le cas de BioM.rieux-Pierre Fabre

Les strictes fusions entre égaux constituent un phénomène très rare. Pourtant, de nombreux dirigeants communiquent sur l’aspect égalitaire des fusions et acquisitions qu’ils conçoivent. Dans cet article, les auteurs expliquent pourquoi les dirigeants <> leurs F&A en <> ; montrent en quoi le postulat égalitaire initial accroît la probabilité de conflits entre deux normes de justice distributive pourtant compl.mentaires : l’égalité et l’équité ; et illustrent leurs propos avec un cas spectaculaire : la fusion égalitaire, puis la separation des entreprises BioMérieux et Pierre Fabre. Paradoxalement, la simple formulation en termes égalitaire des F&A favorise la diffusion de sentiments d’injustice distributive, qui nuit in fine à la performance de l’opération.

Political Risk in Credit Evaluation: Empirical Studies and Survey Results

Financing trade between economic agents located in different countries is affected by many types of risks, resulting from incomplete information about the debtor, the problems of enforcing international contracts, or the prevalence of political and financial crises. Trade is important for economic development and the availability of trade finance is essential, especially for developing countries. Relatively few studies treat the topic of political risk, particularly in the context of international lending. This thesis explores new ground to identify links between political risk and international debt defaults. The core hypothesis of the study is that the default probability of debt increases with increasing political risk in the country of the borrower. The thesis consists of three essays that support the hypothesis from different angles of the credit evaluation process. The first essay takes the point of view of an international lender assessing the credit risk of a public borrower. The second investigates creditworthiness assessment of companies. The obtained results are substantiated in the third essay that deals with an extensive political risk survey among finance professionals in developing countries. The financial instruments of core interest are export credit guaranteed debt initiated between the Export Credit Agency of Finland and buyers in 145 countries between 1975 and 2006. Default events of the foreign credit counterparts are conditioned on country-specific macroeconomic variables, corporate-specific accounting information as well as political risk indicators from various international sources. Essay 1 examines debt issued to government controlled institutions and conditions public default events on traditional macroeconomic fundamentals, in addition to selected political and institutional risk factors. Confirming previous research, the study finds country indebtedness and the GDP growth rate to be significant indicators of public default. Further, it is shown that public defaults respond to various political risk factors. However, the impact of the risk varies between countries at different stages of economic development. Essay 2 proceeds by investigating political risk factors as conveivable drivers of corporate default and uses traditional accounting variables together with new political risk indicators in the credit evaluation of private debtors. The study finds links between corporate default and leverage, as well as between corporate default and the general investment climate and measeures of conflict in the debtor country. Essay 3 concludes the thesis by offering survey evidence on the impact of political risk on debt default, as perceived and experienced by 103 finance professionals in 38 developing countries. Taken together, the results of the thesis suggest that various forms of political risk are associated with international debt defaults and continue to pose great concerns for both international creditors and borrowers in developing countries. The study provides new insights on the importance of variable selection in country risk analysis, and shows how political risk is actually perceived and experienced in the riskier, often lower income countries of the global economy.

Increasing Knowledge Focus - a Means for Entrepreneurs to Remain on a Growth Path: Essays on the Role and Nature of Knowledge Management in Finnish SMEs (summary section only)

This study explores the role and nature of knowledge management (KM) in small and medium-sized companies (SMEs). Even though the role of knowledge as a competitive advantage is commonly recognized in the SME sector, almost no attention has been paid to the managing and developing of knowledge in SMEs. This thesis consists of three different sub-studies that were reported in four individual essays. The results of the questionnaire study indicate that nearly all companies that responded to the questionnaire (N = 108) found intangible assets, i.e. knowledge resources to be their main source of competitive advantage. However, only less than a third of the companies actively deal with knowledge management. The results also indicate a significant correlation between activity in knowledge management and sustainable organic growth of the company. The interview study (N = 10) explored the context and motives of the SMEs for managing their intangible assets, and the concrete practices of knowledge management. It turned out that KM facilitated change management, clarification of the vision and new strategy formulation. All the interviewed companies were aiming at improved innovation process, new ways of doing business and attaining an increased “knowledge focus” in their business. Nearly all also aspired to grow significantly. Thus, KM provides a strategy for these SMEs to guarantee their survival and sustainability in the turbulent markets. The action research was a process to assess and develop intangible resources in three companies. The experienced benefits were the clarification of future focus and strategy, creation of a common language to discuss strategic issues within the company, as well as improved balance of different categories of intangible assets. After the process all the case companies had developed in the chosen key areas. Thus, by systematic knowledge management the implementation of new strategic orientation (knowledge focusing) was facilitated. The findings can be summarized in two main points. First, knowledge management seems to serve the purpose of change, renewal and new strategic orientation in the SMEs. It also seems to be closely related to organic growth and innovation. All of these factors can be considered dimensions of entrepreneurship. Second, the conscious development of intangible assets can increase the balance of different categories of intangible assets and the overall knowledge focusing of business. In the case companies, this in turn facilitated the path to the improved overall performance.

Examining and Modeling the Dynamics of the Volatility Surface

The objective of this paper is to investigate and model the characteristics of the prevailing volatility smiles and surfaces on the DAX- and ESX-index options markets. Continuing on the trend of Implied Volatility Functions, the Standardized Log-Moneyness model is introduced and fitted to historical data. The model replaces the constant volatility parameter of the Black & Scholes pricing model with a matrix of volatilities with respect to moneyness and maturity and is tested out-of-sample. Considering the dynamics, the results show support for the hypotheses put forward in this study, implying that the smile increases in magnitude when maturity and ATM volatility decreases and that there is a negative/positive correlation between a change in the underlying asset/time to maturity and implied ATM volatility. Further, the Standardized Log-Moneyness model indicates an improvement to pricing accuracy compared to previous Implied Volatility Function models, however indicating that the parameters of the models are to be re-estimated continuously for the models to fully capture the changing dynamics of the volatility smiles.

Effect of viscosity stratification on secondary and nonmodal instabilities

The effect of viscosity stratification on the different mechanism of transition to turbulence is not well understood. In this paper, a viscosity variation normal to the flow in a channel is investigated. The primary and secondary instability are computed, and the transient growth is analysed. It is found that viscosity stratification can have different effects in each case.

Diversity of DNA methyltransferases that recognize asymmetric target sequences

DNA methyltransferases (MTases) are a group of enzymes that catalyze the methyl group transfer from S-adenosyl-L-methionine in a sequence-specific manner. Orthodox Type II DNA MTases usually recognize palindromic DNA sequences and add a methyl group to the target base (either adenine or cytosine) on both strands. However, there are a number of MTases that recognize asymmetric target sequences and differ in their subunit organization. In a bacterial cell, after each round of replication, the substrate for any MTase is hemimethylated DNA, and it therefore needs only a single methylation event to restore the fully methylated state. This is in consistent with the fact that most of the DNA MTases studied exist as monomers in solution. Multiple lines of evidence suggest that some DNA MTases function as dimers. Further, functional analysis of many restriction-modification systems showed the presence of more than one or fused MTase genes. It was proposed that presence of two MTases responsible for the recognition and methylation of asymmetric sequences would protect the nascent strands generated during DNA replication from cognate restriction endonuclease. In this review, MTases recognizing asymmetric sequences have been grouped into different subgroups based on their unique properties. Detailed characterization of these unusual MTases would help in better understanding of their specific biological roles and mechanisms of action. The rapid progress made by the genome sequencing of bacteria and archaea may accelerate the identification and study of species- and strain-specific MTases of host-adapted bacteria and their roles in pathogenic mechanisms.

Characterization of human symptomatic rotavirus isolates MP409 and MP480 having ‘long’ RNA electropherotype and subgroup I specificity, highly related to the P6[1],G8 type bovine rotavirus A5, from Mysore, India

In an epidemiological study of symptomatic human rotaviruses in Mysore, India during 1993 and 1994, isolates MP409 and MP480 were isolated from two children suffering from severe, acute dehydrating diarrhea. Both isolates exhibited 'long' RNA pattern and subgroup I specificity suggesting the likelihood of their animal origin. Both isolates did not react with monoclonal antibodies (MAbs) specific for serotypes G1 to G6 as well as CIO. To determine the genetic origin of these isolates, complete nucleotide sequences of genes encoding the outer capsid proteins VP4 and VP7, nonstructural proteins NSP1 and NSP3 and viral enterotoxin protein NSP4 from MP409 and partial sequences of genes from MP480 were determined. Comparison of the 5' and 3' terminal sequences of 250 nucleotides revealed complete identity of the gene sequences in both strains suggesting that MP409 and MP480 are two different isolates of a single strain. Comparison of the nucleotide and deduced amino acid sequences of VP4, VP7, NSP1 and NSP3 of MP409 with published sequences of strains belonging to different serotypes revealed that both outer capsid proteins VP4 and VP7 and NSP1 are highly related to the respective proteins from the P6[1], G8 type bovine rotavirus A5 isolated from a calf with diarrhoea in Thailand and that the NSP3 is highly homologous to that of bovine rotaviruses. The NSP 1 protein showed greatest sequence identity with NSP4s belonging to the KUN genetic group to which NSP4s from human G2 type strains and bovine rotaviruses belong. MP409 and MP480 likely signify interspecies transmission of P6[1], G8 type strains from cattle to humans and represent the first P6[1] type rotaviruses isolated in humans. These and our previous studies on the asymptomatic neonatal strain I321 are of evolutionary and epidemiological significance in the context of close association of majority of the Indian population with cattle.

Simple equidistant firing delay scheme for 3-phi thyristor converters

A simple firing delay circuit for 3-φ fully controlled bridge using a phase locked loop is described. The circuit uses very few components and is an improved scheme over the existing methods. The use of this circuit in three-phase thyristor converters and 'circulating current free' mode dual converters is described.

Photocatalytic degradation of phenol by base metal-substituted orthovanadates

Base metal (Cr, Mn, Fe, Ni, Cu) substituted CeVO4 compounds were synthesized by the solution combustion technique. These compounds were characterized by X-ray diffraction, X-ray photoelectron spectroscopy, UV-vis spectroscopy, transmission electron microscopy and BET surface area analyzer. The characterization indicated that the base metals were substituted in the ionic state in all the compounds. These compounds were used for the photocatalytic degradation of phenol and the degradation rates obtained in the presence of these compounds werecompared against that obtained with the commercial Degussa P-25 TiO2 catalyst. Fe and Cr substituted CeVO4 showed photocatalytic activity that was comparable with that of Degussa P-25 TiO2. The concentration of toxic intermediates was high when the reaction was carried out in presence of Degussa P-25 TiO2 but it was found to be insignificant when the reaction was carried out in presence of base metal-substituted CeVO4. The effect of % Fe-substitution (varied from 1 to 5 at%) in CeVO4 on the photocatalytic activity was also investigated and it was observed that 1 at% Fe-substituted compound showed the highest activity. A mathematical model describing the kinetics of the photocatalytic degradation of phenol was developed on the basis of the catalyst structure and taking into account the formation of all the possible intermediates. The variation of the concentration of phenol and the intermediates was described by the model and the reaction rateconstants were determined. (C) 2010 Elsevier B.V. All rights reserved.

Solution structure of O-glycosylated C-terminal leucine zipper domain of human salivary mucin (MUC7)

Solution structures of a 23 residue glycopeptide II (KIS* RFLLYMKNLLNRIIDDMVEQ, where * denotes the glycan Gal-beta-(1-3)-alpha-GalNAc) and its deglycosylated counterpart I derived from the C-terminal leucine zipper domain of low molecular weight human salivary mucin (MUC7) were studied using CD, NMR spectroscopy and molecular modeling. The peptide I was synthesized using the Fmoc chemistry following the conventional procedure and the glycopeptide II was synthesized incorporating the O-glycosylated building block (N alpha-Fmoc-Ser-[Ac-4,-beta-D-Gal-(1,3)-Ac(2)alpha-D-GalN(3)]-OPfp) at the appropriate position in stepwise assembly of peptide chain. Solution structures of these glycosylated and nonglycosylated peptides were studied in water and in the presence of 50% of an organic cosolvent, trifluoroethanol (TFE) using circular dichroism (CD), and in 50% TFE using two-dimensional proton nuclear magnetic resonance (2D H-1 NMR) spectroscopy. CD spectra in aqueous medium indicate that the apopeptide I adapts, mostly, a beta-sheet conformation whereas the glycopeptide II assumes helical structure. This transition in the secondary structure, upon glycosylation, demonstrates that the carbohydrate moiety exerts significant effect on the peptide backbone conformation. However, in 50% TFE both the peptides show pronounced helical structure. Sequential and medium range NOEs, C alpha H chemical shift perturbations, (3)J(NH:C alpha H) couplings and deuterium exchange rates of the amide proton resonances in water containing 50% TFE indicate that the peptide I adapts alpha-helical structure from Ile2-Val21 and the glycopeptide II adapts alpha-helical structure from Ser3-Glu22. The observation of continuous stretch of helix in both the peptides as observed by both NMR and CD spectroscopy strongly suggests that the C-terminal domain of MUC7 with heptad repeats of leucines or methionine residues may be stabilized by dimeric leucine zipper motif. The results reported herein may be invaluable in understanding the aggregation (or dimerization) of MUC7 glycoprotein which would eventually have implications in determining its structure-function relationship.

On the L2 stability of linear multidimensional time varying systems

This paper analyzes the L2 stability of solutions of systems with time-varying coefficients of the form [A + C(t)]x′ = [B + D(t)]x + u, where A, B, C, D are matrices. Following proof of a lemma, the main result is derived, according to which the system is L2 stable if the eigenvalues of the coefficient matrices are related in a simple way. A corollary of the theorem dealing with small periodic perturbations of constant coefficient systems is then proved. The paper concludes with two illustrative examples, both of which deal with the attitude dynamics of a rigid, axisymmetric, spinning satellite in an eccentric orbit, subject to gravity gradient torques.

Unsteady MHD forced flow due to a point sink

An analysis is performed to study the unsteady laminar incompressible boundary-layer flow of an electrically conducting fluid in a cone due to a point sink with an applied magnetic field. The unsteadiness in the flow is considered for two types of motion, viz. the motion arising due to the free stream velocity varying continuously with time and the transient motion occurring due to an impulsive change either in the strength of the point sink or in the wall temperature. The partial differential equations governing the flow have been solved numerically using an implicit finite-difference scheme in combination with the quasilinearization technique. The magnetic field increases the skin friction but reduces heat transfer. The heat transfer and temperature field are strongly influenced by the viscous dissipation and Prandtl number. The velocity field is more affected at the early stage of the transient motion, caused by an impulsive change in the strength of the point sink, as compared to the temperature field. When the transient motion is caused by a sudden change in the wall temperature, both skin friction and heat transfer take more time to reach a new steady state. The transient nature of the flow and heat transfer is active for a short time in the case of suction and for a long time in the case of injection. The viscous dissipation prolongs the transient behavior of the flow.

Estramustine and its Derivatives in Potentiating Radiotherapy of Prostate Cancer

The purpose of this study was to deepen our knowledge of the combined use of estramustine and radiotherapy in the treatment of prostate cancer. Prostate cancer is a common disease, with a high variability between subjects in its malignant potential. In many cases, the disease is an incidental finding with little or no clinical significance. In other cases, however, prostate cancer may be an aggressive malignant disease, which, if the initial treatment fails, lacks an effective cure and may lead to severe symptoms, metastasis, and death despite all treatment. In many cases, the methods of treatment available at the moment provide cure or significant regression of symptoms, but often at the cost of considerable side effects. Estramustine, a cytostatic drug used for treating advanced cancer of the prostate, has been shown to inhibit prostate cancer progression and also to increase the sensitivity of cancer cells to radiotherapy. The goals of this study were, first, to find out whether it is possible to use either estramustine or an antibody against estramustine binding protein as carrier molecules for bringing therapeutic radioisotopes into prostate cancer cells, and, secondly, to gain more understanding of the mechanisms behind the known radiosensitising effect of estramustine. Estramustine and estramustine binding protein antibody were labelled with iodine-125 to study the biodistribution of these substances in mice. In the first experiment, both of the substances accumulated in the prostate, but radioiodinated estramustine also showed affinity to the liver and the lungs. Since the radiolabelled antibody was found out to accumulate more selectively to the prostate, we studied its biodistribution in nude mice with DU-145 human prostate cancer implants. In this experiment, the prostate and the tumour accumulated more radioactivity than other organs, but we concluded that the difference in the dose of radiation compared to other organs was not sufficient for the radioiodinated antibody to be advocated as a carrier molecule for treating prostate cancer. Mice with similar DU-145 prostate cancer implants were then treated with estramustine and external beam irradiation, with and without neoadjuvant estramustine treatment. The tumours responded to the treatment as expected, showing the radiation potentiating effect of estramustine. In the third experiment, this effect was found without an increase in the amount of apoptosis in the tumour cells, despite previous suggestions to the contrary. In the fourth experiment, we gave a similar treatment to the mice with DU-145 tumours. A reduction in proliferation was found in the groups treated with radiotherapy, and an increased amount of tumour hypoxia and tumour necrosis in the group treated with both neoadjuvant estramustine and radiation. This finding is contradictory to the suggestion that the radiation sensitising effect of estramustine could be attributed to its angiogenic activity.

Luomuviinien kulutus ja niihin liitetyt mielikuvat

Tutkimuksen tavoitteena oli selvittää suomalaisten viininkuluttajien luomuviinien valintaa sekä niihin liitettyjä mielikuvia. Erityisen kiinnostuneita oltiin luomuviinien koetusta laadusta sekä siitä, mitkä mielikuvat ja motiivit edistävät ja mitkä estävät luomuviinien valintaa. Teoriaosassa tarkasteltiin viinimarkkinoita kansainvälisellä sekä kansallisella tasolla, viinintuotannon vaikutuksia ympäristöön sekä ympäristöystävällisyyden merkitsemistä. Ympäristöystävällisiin viineihin luettiin tässä tutkimuksessa luomuviinit, biodynaamiset viinit ja viinit, joiden tuotannossa noudatetaan kestävän kehityksen periaatteita. Päähuomio tutkimuksessa oli Alkon luomuhyllyntunnuksilla merkityissä luonnonmukaisista rypäleistä viljellyillä viineillä, joita arkikielessä kutsutaan luomuviineiksi. Tutkimus suoritettiin kvantitatiivisiin tutkimusmenetelmiin kuuluvalla kyselylomakkeella. Teoriaosion kirjallisuus antoi viitekehyksen, jonka pohjalta empiirinen tutkimus toteutettiin. Aineisto kerättiin pääkaupunkiseudulla kolmessa eri Alkon myymälässä, ja aineisto koostuu 145 viiniä kuluttavasta vastaajasta. Tutkimuksen tulosten mukaan luomuviiniä suositaan valinnoissa, mutta valintaan tai hylkäämiseen johtavat mielikuvat eivät ole yksiselitteisiä. Valintaan johtavia motiiveja ja mielikuvia oli helpompi löytää kuin hylkäämiseen johtavia. Kokeilunhalu / mielenkiinto, ympäristönäkökulmat sekä puhtauteen ja terveyteen liittyvät mielikuvat olivat motiiveja, jotka tässä tutkimuksessa edistivät eniten luomuviinien valintaa. Luomuviinien laatu ja hinnat koettiin tasavertaiseksi suhteessa tavanomaisin viineihin. Luomuviinien laatu liittyi erityisesti luonnollisuuteen ja puhtauteen. Markkinoinnin ja viestinnän keinoin on mahdollista lisätä kuluttajien tietämystä luomuviineistä, ja siten vaikuttaa niihin liitettyihin mielikuviin.

The fluctuations in slag foam under dynamic conditions

In the present article, slag foaming phenomenon under dynamic conditions is critically analyzed on the basis of the results of high-temperature X-ray image analysis experiments. The results indicate that the mismatch between the gas generation rate and gas escape rate has a serious impact on the foam height. This mismatch is attributed to the chemical reaction rate, which has to be considered in modeling slag foaming under dynamic conditions. The results further imply that a critical ratio of bubble size/crucible size exists, where wall effects are likely to become prominent.