The end of the corporate life cycle

This paper asks how takeover and failure hazards change as listed firms get older. The hypothesis is that they increase because firms gradually run out of growth opportunities. We find the opposite. Both takeover and failure hazard drop significantly with age. The decline in takeover hazard can be explained with Loderer, Stulz, and Waelchli’s (2013) “buggy whip makers” hypothesis: Because old firms are comparatively well-managed and are affected by limited agency problems, on average, they offer little value added potential to acquirers. Failure hazard drops because to learning. The results are robust to various alternative interpretations and cannot be explained by unobserved heterogeneity. While hazards decline with age, they do not go to zero. This explains why, eventually, all listed firms disappear

The end of the corporate life cycle

This paper asks how takeover and failure hazards change as listed firms get older. The hypothesis is that they increase because firms gradually run out of growth opportunities. We find the opposite. Both takeover and failure hazard drop significantly with age. The decline in takeover hazard can be explained with Loderer, Stulz, and Waelchli’s (2013) “buggy whip makers” hypothesis: Because old firms are comparatively well-managed and are affected by limited agency problems, on average, they offer little value added potential to acquirers. Failure hazard drops because to learning. The results are robust to various alternative interpretations and cannot be explained by unobserved heterogeneity. While hazards decline with age, they do not go to zero. This explains why, eventually, all listed firms disappear

Sprache als Mittel der „Grenzüberschreitung“ – von Hürden und vom „Brücken bauen“ in multikulturellen Regionen der Slowakei und Serbiens

Dieser Beitrag befasst sich mit Sprache als Mittel der „Grenzüberschreitung“ in multikulturellen Regionen der Slowakei und Serbiens. Es wird aufgezeigt, welche Rolle Sprache in den inter-ethnischen Beziehungen in Ostmitteleuropa spielt, welche Hürden existieren und aufgebaut werden, gleichzeitig aber auch, wie diese abgebaut werden können, oder versucht wird, diese abzubauen. Es geht dabei erstens um die Problematik des Sprachunterrichts in geteilten, multikulturellen Gesellschaften sowie den Herausforderungen für Minderheiten in diesem Zusammenhang. In einem zweiten Schritt werden Initiativen der Zivilgesellschaft diskutiert und dabei Möglichkeiten aufgezeigt, wie Grenzen mithilfe von Sprache gerade in einem politisch heiklen Umfeld überwunden werden können.

Palaeoceanographic changes in the North Atlantic during the Mid-Pleistocene Transition (MIS 31-19) as inferred from planktonic foraminiferal and calcium carbonate records

Marine sediments from the Integrated Ocean Drilling Project (IODP) Site U1314 (56.36°N, 27.88°W), in the subpolar North Atlantic, were studied for their planktonic foraminifera, calcium carbonate content, and Neogloboqudrina pachyderma sinistral (sin.) δ13C records in order to reconstruct surface and intermediate conditions in this region during the Mid-Pleistocene Transition (MPT). Variations in the palaeoceanography and regional dynamics of the Arctic Front were estimated by comparing CaCO3 content, planktonic foraminiferal species abundances, carbon isotopes and ice-rafted debris (IRD) data from Site U1314 with published data from other North Atlantic sites. Site U1314 exhibited high abundances of the polar planktonic foraminifera N. pachyderma sin. and low CaCO3 content until Marine Isotope Stage (MIS) 26, indicating a relatively southeastward position of the Arctic Front (AF) and penetration of colder and low-salinity surface arctic water-masses. Changing conditions after MIS 25, with oscillations in the position of the AF, caused an increase in the northward export of the warmer North Atlantic Current (NAC), indicated by greater abundances of non-polar planktonic foraminifera and higher CaCO3. The N. pachyderma sin. δ13C data indicate good ventilation of the upper part of the intermediate water layer in the eastern North Atlantic during both glacial and interglacial stages, except during Terminations 24/23, 22/21 and 20/1. In addition, for N. pachyderma (sin.) we distinguished two morphotypes: non-encrusted and heavily encrusted test. Results indicate that increases in the encrusted morphotype and lower planktonic foraminiferal diversity are related to the intensification of glacial conditions (lower sea-surface temperatures, sea-ice formation) during MIS 22 and 20.

Iowa State Daily (May 31, 2012)

ContentsPoll: Most thrilling TV finale?One-on-one: Pamela AnthonyOpinion: Listening betters argumentsTransfers build a basketball bondCarillon rings in timeless traditions

The Role of Online Platforms for Media Markets – Two‐Dimensional Spatial Competition in a Two‐Sided Market

We analyze the market for online and offline media in a model of two-dimensional spatial competition where media outlets sell content and advertising space. Consumer preferences are distributed along the style and type of news coverage where the distance costs may vary across dimensions. For integrated provision of online and offline platforms we show that entering the online market reduces average profits and may even constitute a prisoner's dilemma. Specialized provision may yield polarization in the style and type dimensions. This is in contrast to the maximum–minimum differentiation result previously established in the literature on multidimensional horizontal competition. We show that maximal differentiation in both dimensions occurs due to the discrete nature of the type dimension and asymmetric advertising markets.

Iowa State Daily (January 31, 2012)

ContentsBranstad proposes budget increaseEscape to fantasy worldSuper Bowl fans go too farExhibit features 'Style Tribes'Cyclones try to avoid letdown

Magnetic resonance imaging findings in dogs with traumatic intervertebral disk extrusion with or without spinal cord compression: 31 cases (2006-2010)

OBJECTIVE To determine the prevalence of spinal cord compression subsequent to traumatic intervertebral disk (IVD) extrusion in dogs, characterize factors associated with spinal cord compression in dogs with traumatic IVD extrusion, and evaluate the outcomes of dogs with traumatic IVD extrusion with or without spinal cord compression. DESIGN Retrospective case series. ANIMALS 31 dogs with traumatic IVD extrusion. PROCEDURES Medical records and MRI findings were reviewed for dogs with a history of trauma to the spinal region. Dogs were included in the study if a neurologic examination and MRI were performed and there was a description of clinical signs and MRI findings including identification of the spinal cord segment affected by IVD extrusion, presence or absence of spinal cord compression, treatment, and outcome available for review. RESULTS 31 of 50 (62%) dogs had traumatic IVD extrusions without any other detectable vertebral lesions; 9 (29%) and 22 (71%) of those 31 dogs did and did not have spinal cord compression, respectively. Dogs with spinal cord compression were significantly older and more likely to be chondrodystrophic and have evidence of generalized IVD degeneration, compared with dogs without spinal cord compression. The outcome for dogs with spinal cord compression was similar to that for dogs without spinal cord compression. CONCLUSIONS AND CLINICAL RELEVANCE Results indicated traumatic IVD extrusion was common and should be considered as a differential diagnosis for dogs with trauma to the spinal region, and spinal cord compression should be evaluated, especially in older or chondrodystrophic dogs.