Board Overlap, Seat Accumulation and Share Prices

We examine the board overlap among firms listed in Switzerland. Collusion, managerial entrenchment, and financial participation cannot explain it. The overlap appears to be induced by banks and by the accumulation of seats by the most popular directors. We also document that seat accumulation is negatively related to firm value, possibly because of the conflicts of interest that multiple directorships induce and the time constraints directors face. Contrary to popular beliefs, however, the directors of traded firms do not generally hold more than one mandate in other traded firms. They do hold multiple seats in non-traded firms.

Integrins in human T cell function: Transdominant regulation, conformational constraints, and intracellular effectors

Integrin adhesion molecules have both positive and negative potential in the regulation of peripheral blood T cell (PB T cell) activation, yet their mechanism of action in the mediation of human T lymphocyte function remains largely undefined. The goals of this study then were to elucidate integrin signaling mechanisms in PB T cells.^ By ligating $\beta$1 integrins with mAb 18D3, it was demonstrated that costimulation of PB T cell proliferation induced by coimmobilizing antibodies specific for $\beta$1, $\beta$2, and $\beta$7 integrin subfamilies in conjunction with the anti-CD3 mAb OKT3 was inhibited. Costimulation of T cell proliferation induced by non-integrins CD4, CD26, CD28, CD44, CD45RA, or CD45RO was unaffected. Inhibition of costimulation correlated with diminished IL-2 production. In his manner, $\beta$1 integrins could regulate heterologous integrins of the $\beta$2 and $\beta$7 subfamilies in a transdominant fashion. It was also demonstrated that integrin costimulation of T cell activation was acutely sensitive to the structural conformation of $\beta$1 integrins. Using the cyclic hexapeptide CWLDVC (TBC772, which is based on the $\alpha4\beta1$ integrin binding site in fibronectin) in soluble form, it was shown that integrins locked into a conformation displaying a neo-epitope called the ligand induced binding site (LIBS) recognized by mAb 15/7 were inhibited from sending mitogenic signals to T cells. When BSA-conjugated TBC772 was coimmobilized with anti-CD3 mAb OKT3, costimulation of proliferation occurred. This suggested that temporally uncoupling integrin receptor occupancy from receptor crosslinking inhibited $\beta$1 integrin signaling mechanisms. When subsets of PB T cells were examined to determine those initially activated by integrins within 6 hours of activation, costimulation induced intracellular accumulation of IL-2 predominantly in the CD4$\sp+$ and CD45RO$\sp+$ T cell subsets. This was similar to a number of PB T cell costimulatory molecules including CD26, CD43, CD44. Only CD28 costimulated IL-2 production from both CD45RA$\sp+$ and CD45RO$\sp+$ subpopulations.^ The GTPase Rho has been implicated in regulating integrin mediated stress fiber formation and anchorage dependent growth in fibroblasts, so studies were initiated to determine if Rho played a role in integrin dependent T cell function. In order to perform this, a technique based on scrape-loading was developed to incorporate macromolecules into PB T cells that maintained their functional activity. With this technique, C3 exoenzyme from Clostridium botulinum was incorporated into PB T cells. C3 ADP-ribosylates Rho proteins on Asn$\sp{41},$ which is in close proximity to the Rho effector domain, rendering it inactive. It was demonstrated that functional Rho is not required for basal or upregulated PB T cell adhesion to $\beta$1 integrin substrates, however PB T cell homotypic aggregation induced by PMA, which is an event mediated predominantly by the integrin $\rm\alpha L\beta2,$ was delayed. PB T cells lacking Rho function displayed altered cell morphology on $\beta$1 integrin ligands, producing stellate, dendritic-like pseudopodia. Rho activity was also found to be required for integrin dependent costimulation of proliferation. When intracellular accumulation of IL-2 was measured, inactivation of Rho prevented both integrin and CD28 costimulatory activity. Rho was identified to lie upstream of signals mediating PKC activation and Ca$\sp{++}$ fluxes, as PMA and ionomycin activation of PB T cells was unaffected by the inactivation of Rho. ^

Stratigraphic Variation Within Polar Firn Caused by Differential Accumulation and Ice Flow: Interpretation of a 400 Mhz Short-Pulse Radar Profile from West Antarctica

We investigate causes of the stratigraphic variation revealed in a 177 km, 400 MHz short-pulse radar profile of firn from West Antarctica. The profile covers 56 m depth, and its direction was close to those of the ice flow and mean wind. The average, near-surface accumulation rates calculated from the time delays of one radar horizon consistently show minima on leeward slopes and maxima on windward slopes, confirming an earlier study based on stake observations. The stratigraphic variation includes up to 30 m depth variation in individual horizons over tens of km, fold limbs that become progressively steeper with depth, and fold-hinge loci that change direction or propagate down-ice with depth over distances far less than predicted by the ice speeds. We use an accumulation rate model to show how local rate anomalies and the effect of ice speed upon a periodic variation in accumulation rate cause these phenomena, and we reproduce two key features seen in the stratigraphic variations. We conclude that the model provides an explanation of changes in spatial stratigraphy and local measures of accumulation history given the constraints of surface topography, ice and wind velocities, and a general accumulation rate for an area.

Accumulation rates of volcanic glass and ice-rafted debris in sediments of the North Pacific Ocean

Mass accumulation rates (MAR) of different components of North Pacific deep-sea sediment provide detailed information about the timing of the onset of major Northern Hemisphere glaciation that occurred at 2.65 Ma. An increase in explosive volcanism in the Kamchatka-Kurile and Aleutian arcs occured at this same time, suggesting a link between volcanism and glaciation. Sediments recovered by piston-coring techniques during ODP Leg 145 provide a unique opportunity to undertake a detailed test of this possibility. Here we use volcanic glass as a proxy for explosive volcanism and ice-rafted debris (IRD) as a proxy for glaciation. The MAR of both glass and IRD increase markedly at 2.65 Ma. Further, the flux of the volcanic glass increased just prior the flix of ice-radted material, suggesting that the cooling resulting from explosive volcanic eruptions may have been the ultimate trigger for the mid-Pliocene glacial intensification.

(Table 1) Snow accumulation in the McMurdo Dry Valleys

Snowfall was measured at 11 sites in the McMurdo Dry Valleys to determine its magnitude, its temporal changes, and spatial patterns. Annual values ranged from 3 to 50 mm water equivalent with the highest values nearest the coast and decreasing inland. A particularly strong spatial gradient exists in Taylor Valley, probably resulting from local uplift conditions at the coastal margin and valley topography that limits migration inland. More snow occurs in winter near the coast, whereas inland no seasonal pattern is discernable. This may be due, again, to local uplift conditions, which are common in winter. We find no influence of the distance to the sea ice edge. Katabatic winds play an important role in transporting snow to the valley bottoms and essentially double the precipitation. That much of the snow accumulation sublimates prior to making a hydrologic contribution underscores the notion that the McMurdo Dry Valleys are indeed an extreme polar desert.

Recent distribution and accumulation of organic carbon on the continental margin west off Spitsbergen

The study compiles the controlling factors for organic matter sedimentation patterns from a suite of organogeochemical parameters in surface sediments off Spitsbergen and direct seabed observations using a Remotely Operated Vehicle (ROV). In addition we assess its storage rates as well as the potential of carbon sinks on the northwestern margin of the Barents Sea with short sediment cores from a selected fjord environment (Storfjord). While sedimentation in the fjords is mainly controlled by river/meltwater discharge and coastal erosion by sea ice/glaciers resulting in high supply of terrigenous organic matter, Atlantic water inflow, and thus enhanced marine organic matter supply, characterizes the environment on the outer shelf and slope. Local deviations from this pattern, particularly on the shelf, are due to erosion and out washing of fine-grained material by bottom currents. Spots dominated by marine productivity close to the island have been found at the outer Isfjord and west off Prins Karls Forland as well as off the Kongsfjord/Krossfjord area and probably reflect local upwelling of nutrient-rich Atlantic water-derived water masses. Accumulation rates of marine organic carbon as well as reconstructed primary productivities decreased since the middle of the last century. Negative correlation of the Isfjord temperature record with reconstructed productivities in the Storfjord could be explained by a reduced annual duration of the marginal ice zone in the area due to global warming. Extremely high accumulation rates of marine organic carbon between 5.4 and 17.2 g/m**2/yr mark the Storfjord area, and probably high-latitude fjord environments in general, as a sink for carbon dioxide.