930 resultados para controlling shareholder
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Arrangement of potassium in the tissues having been mentioned, as well as the rôle it plays in some pathological processes such as suprarenal insufficiency, anaphylactic shock and shock caused by hemorrhage or traumatism, experiences were undertaken to establish the rates of plasma potassium during bacteria infections artificially developed in rabbits by K. pneumoniae. P. aeruginosa and S. enteridits. It was concluded that during the period of the infections, the rate of potassium of the plasma increases almost immediately after the inoculation and stays high when the infections are of a serious or mortal character; the rate continue to increase until the death of the animal occurs. When these infections are not very serious, as in the cases of infections resulting from inoculations of bacteria as not recent and consequently with attenuated virulence K pneumoniae, or P aeruginosa and S enteriditis, to which rabbits are naturally very resistant, the rate of potassium of the plasma increases after an intravenous inoculation of germs according to the septicemic period of the infection; however, when, because of its natural resistance, the animal overcomes the infection, the amount of potassium gradually decreases and finally gets back to the normal rate. The action of cortin on potassium of the plasma was also tested on animals suffering from acute infections caused by K. pneumoniae, which, under normal conditions cause death of the rabbits, nor did it increase the rate of potassium of the plasma when a larger amount of bacteria (300,000,000) was inoculated. However, cortin inoculated several times prevented a higher rate of potassium in the plasma during the development of the infection when a smaller number of bacteria (150,000,000) was inoculated, which quantity, under normal conditions, always causes mortal infections. When cortin is discontinued 20 hours after the inoculation of germs, the infection increases fastly and the animal dies in a very short time. Now, if the injections of cortin continue to be given every hour until the 26th hour instead of only until the 20th hour, the amount of potassium in the plasma very high if the hormones substance is no longer inoculated gradually becomes smaller and finally comes back to the normal rate if the inoculations continue to be made; it will increase again only if the substance is no longer injected; after a few hours the injection is gone, potassium is found to come back to its former rate, and in consequence the animal is perfectly cured of an infection otherwise mortal. ln view of the results thus obtained, it was concluded that, during the development of those infections, the checking of the rate of potassium of the plasma provided a means of controlling the resistance of a body suffering from an infection, that rate increasing when the infection is developing and becoming more severe, or getting back to normal when the infection decreases. The checking of the rate of potassium of the plasma also made known the action of cortin on the tissues, which is found to control the permeability of the cells to potassium. Suggestions were made that potassium of the plasma be thereofre checked during infections in the human body, to make possible proving that the phenomena studied in those animals also take place in the human body. In case this is found to be true, we sould possess an important element to check organic vitality during infections.
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We argue that when stakeholder protection is left to the voluntary initiative of managers, concessions to social activists and pressure groups can turn into a self-entrenchment strategy for incumbent CEOs. Stakeholders other than shareholders thus benefit from corporate governance rules putting managers under a tough replacement threat. We show that a minimal amount of formal stakeholder protection, or the introduction of explicit covenants protecting stakeholder rights in the firm charter, may deprive CEOs of the alliance with powerful social activists, thus increasing managerial turnover and shareholder value. These results rationalize a recent trend whereby well-known social activists like Friends of the Earth and active shareholders like CalPERS are showing a growing support for each other's agendas.
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We examine how relationship lending affects firm performance using a panel dataset of about 70,000 small and medium Spanish firms in the period 1993-2004. We model firm performance jointly with the firm's choice of the number of bank relationships. Controlling for firm fixed effects and using instrumental variables for the decision on the number of bank relationships, we find that firms maintaining exclusive bank relationships have lower profitability. The result is consistent with the view that banks appropriate most of the value generated through close relationships with its borrowers as long as they do not face competition from other lenders.
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Report for the scientific sojourn carried out at the Music Technology Area (Sound Processing and Control Lab), Faculty of Music, McGill University, Montreal, Canada, from October to December 2005.The aim of this research is to study the singing voice for controlling virtual musical instrument synthesis. It includes analysis and synthesis algorithms based on spectral audio processing. After digitalising the acoustic voice signal in the computer, a number of expressive descriptors of the singer are extracted. This process is achieved synchronously, thus all the nuance of the singer performance have been tracked. In a second stage, the extracted parameters are mapped to a sound synthesizer, the so-called digital musical instruments. In order achieve it, several tests with music students of the Faculty of Music, McGill University have been developed. These experiments have contributed to evaluate the system and to derive new control strategies to integrate: clarinet synthesis, bass guitar, visual representation of voice signals.
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The purpose of this paper is to analyze the effect of multimarket contact on the behavior of pharmaceutical firms controlling for different levels of regulatory constraints using IMS MIDAS database. Theoretically, firms that meet in several markets are expected to be capable of sustaining implicitly more profitable out- comes, even if perfect monitoring is not possible. Firms may find it profitable to redistribute their market power among markets where they are operating. We present evidence for nine OECD countries with different degrees of regulation and show that regulation affects the importance of economic forces on firms' price setting behavior. Furthermore, our results confirms the presence of the predictions of the multimarket theory for more market friendly countries (U.S. and Canada) and less regulated ones (U.K., Germany, Netherlands), in contrast, for highly regulated countries (Japan, France, Italy and Spain) the results are less clear with some countries being
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The existence of punishment opportunities has been shown to cause efficiency in public goods experiments to increase considerably. In this paper we ask whether punishment also has a downside in terms of process dissatisfaction. We conduct an experiment to study the conjecture that an environment with stronger punishment possibilities leads to higher material but lower subjective well-being. The more general motivation for our study stems from the notion that people??s subjective well-being may be affected by the institutional environment they find themselves in. Our findings show that harsher punishment possibilities lead to signficantly higher well-being, controlling for earnings and other relevant variables. People derive independent satisfaction from interacting under the protection of strong punishment possibilities. These results complement the evidence on the neural basis of altruistic punishment reported in de Quervain et al. (2004).
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We study firms' corporate governance in environments where possibly heterogeneous shareholders compete for possibly heterogeneous managers. A firm, formed by a shareholder and a manager, can sign either an incentive contract or a contract including a Code of Best Practice. A Code allows for a better manager's control but makes manager's decisions hard to react when market conditions change. It tends to be adopted in markets with low volatility and in low-competitive environments. The firms with the best projects tend to adopt the Code when managers are not too heterogeneous while the best managers tend to be hired through incentive contracts when the projects are similar. Although the matching between shareholders and managers is often positively assortative, the shareholders with the best projects might be willing to renounce to hire the best managers, signing contracts including Codes with lower-ability managers.
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A role for the gastro-intestinal tract in controlling bone remodeling is suspected since serum levels of bone remodeling markers are affected rapidly after a meal. Glucose-dependent insulinotropic polypeptide (GIP) represents a suitable candidate in mediating this effect. The aim of the present study was to investigate the effect of total inhibition of GIP signaling on trabecular bone volume, microarchitecture and quality. We used GIP receptor (GIPR) knockout mice and investigated trabecular bone volume and microarchitecture by microCT and histomorphometry. GIPR-deficient animals at 16 weeks of age presented with a significant (20%) increase in trabecular bone mass accompanied by an increase (17%) in trabecular number. In addition, the number of osteoclasts and bone formation rate was significantly reduced and augmented, respectively in these animals when compared with wild-type littermates. These modifications of trabecular bone microarchitecture are linked to a remodeling in the expression pattern of adipokines in the GIPR-deficient mice. On the other hand, despite significant enhancement in bone volume, intrinsic mechanical properties of the bone matrix was reduced as well as the distribution of bone mineral density and the ratio of mature/immature collagen cross-links. Taken together, these results indicate an increase in trabecular bone volume in GIPR KO animals associated with a reduction in bone quality.
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Aquesta memòria tracta sobre el desenvolupament d’una aplicació en un dispositiu mòbil, la qual ha de ser un suport per a que els entrenadors puguin controlar i analitzar els entrenaments de cada un dels seus esportistes, sense la necessitat de tenir que perdre molt de temps en la captació, transmissió i processament de la informació resultant de realitzar un entrenament. Aquesta aplicació neix amb la intenció de ser una eina útil tant per entrenadors, metges i esportistes, en l’obtenció dels objectius fixats.
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Aquesta memòria tracta sobre el desenvolupament d’una aplicació en un portal web, la qual ha de ser un suport per a que els entrenadors puguin controlar i analitzar els entrenaments de cada un dels seus esportistes, sense la necessitat de tenir que perdre molt de temps en la captació, transmissió i processament de la informació resultant de realitzar un entrenament. Aquesta aplicació neix amb la intenció de ser una eina útil tant per entrenadors, metges i esportistes, en l’obtenció dels objectius fixats.
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Sports-practicing youths are at an elevated risk for alcohol use and misuse. Although much attention has recently been given to depicting subgroups facing the greatest threats, little evidence exists on the contexts in which their drinking takes place. Using data from a cross-sectional study on youth sports participation and substance use in the French-speaking part of Switzerland, this study focused on the social contexts associated with hazardous drinking of 894 sports-practicing adolescents aged 16 to 20. Divided between those who had been drunk in the last month (hazardous drinkers, n = 315) and those who had not (n = 579), sports-practicing adolescents were compared on reported gatherings (sports-related, sports-unrelated, mixed) likely linked to their drinking behaviour. Mixed social contexts, followed by sports-unrelated ones, were reported as the most common context by both male and female youths who practiced sports. After controlling for several possible confounders, male hazardous drinkers were more than 3 times more likely to report sports-unrelated social contexts as the most common, compared to sport-related ones, while females were more than 7 times more likely to do so. Our findings seem to indicate that, rather than focusing only on sports-related factors, prevention of alcohol misuse among sports-practicing youths should also pay attention to the social contextualisation of their hazardous drinking.
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The objective of this paper is to estimate the impact of residential job accessibility on female employment probability in the metropolitan areas of Barcelona and Madrid. Following a “spatial mismatch” framework, we estimate a female employment probability equation where variables controlling for personal characteristics, residential segregation and employment potential on public transport network are included. Data used come from Microcensus 2001 of INE (National Institute of Statistics). The research focuses on the treatment of endogeneity problems and the measurement of accessibility variables. Our results show that low job accessibility in public transport negatively affects employment probability. The intensity of this effect tends to decrease with individual’s educational attainment. A higher degree of residential segregation also reduces job probability in a significant way..
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PURPOSE: Glucocorticoids are used to treat macular edema, although the mechanisms underlying this effect remain largely unknown. The authors have evaluated in the normal and endotoxin-induced uveitis (EIU) rats, the effects of dexamethasone (dex) and triamcinolone acetonide (TA) on potassium channel Kir4.1 and aquaporin-4 (AQP4), the two main retinal Müller glial (RMG) channels controlling retinal fluid movement. METHODS: Clinical as well as relatively low doses of dex and TA were injected in the vitreous of normal rats to evaluate their influence on Kir4.1 and AQP4 expression 24 hours later. The dose-dependent effects of the two glucocorticoids were investigated using rat neuroretinal organotypic cultures. EIU was induced by footpad lipopolysaccharide injection, without or with 100 nM intraocular dex or TA. Glucocorticoid receptor and channel expression levels were measured by quantitative PCR, Western blot, and immunohistochemistry. RESULTS: The authors found that dex and TA exert distinct and specific channel regulations at 24 hours after intravitreous injection. Dex selectively upregulated Kir4.1 (not AQP4) in healthy and inflamed retinas, whereas TA induced AQP4 (not Kir4.1) downregulation in normal retina and upregulation in EIU. The lower concentration (100 nM) efficiently regulated the channels. Moreover, in EIU, an inflammatory condition, the glucocorticoid receptor was downregulated in the retina, which was prevented by intravitreous injections of the low concentration of dex or TA. CONCLUSIONS: The results show that dex and TA are far from being equivalent to modulate RMG channels. Furthermore, the authors suggest that low doses of glucocorticoids may have antiedematous effects on the retina with reduced toxicity.
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AbstractThe vertebrate immune system is composed of the innate and the adaptive branches. Innate immune cells represent the first line of defense and detect pathogens through pattern recognition receptors (PRRs), detecting evolutionary conserved pathogen- and danger- associated molecular patterns. Engagement of these receptors initiates the inflammatory response, but also instructs antigen-specific adaptive immune cells. NOD-like receptors (NLRs) are an important group of PRRs, leading to the production of inflammatory mediators and favoring antigen presentation to Τ lymphocytes through the regulation of major histocompatibility complex (MHC) molecules.In this work we focused our attention on selected NOD-like receptors (NLRs) and their role at the interface between innate and adaptive immunity. First, we describe a new regulatory mechanism controlling IL-1 production. Our results indicate that type I interferons (IFNs) block NLRP1 and NLRP3 inflammasome activity and interfere with LPS-driven proIL-Ια and -β induction. As type I IFNs are produced upon viral infections, these anti-inflammatory effects of type I IFN could be relevant in the context of superinfections, but could also help explaining the efficacy of IFN-β in multiple sclerosis treatment.The second project addresses the role of a novel NLR family member, called NLRC5. The function of this NLR is still matter of debate, as it has been proposed as both an inhibitor and an activator of different inflammatory pathways. We found that the expression of this protein is restricted to immune cells and is positively regulated by IFNs. We generated Nlrc5-deficient mice and found that this NLR plays an essential role in Τ, NKT and, NK lymphocytes, in which it drives the expression of MHC class I molecules. Accordingly, we could show that CD8+ Τ cell-mediated killing of target lymphocytes lacking NLRC5 is strongly impaired. Moreover, NLRC5 expression was found to be low in many lymphoid- derived tumor cell lines, a mechanism that could be exploited by tumors to escape immunosurveillance.Finally, we found NLRC5 to be involved in the production of IL-10 by CD4+ Τ cells, as Nlrc5- deficient Τ lymphocytes produced less of this cytokine upon TCR triggering. In line with these observations, Mrc5-deficient CD4+ Τ cells expanded more than control cells when transferred into lymphopenic hosts and led to a more rapid appearance of colitis symptoms. Therefore, our work gives novel insights on the function of NLRC5 by using knockout mice, and strongly supports the idea that NLRs direct not only innate, but also adaptive immune responses.
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Road safety has become an increasing concern in developed countries due to the significant amount of mortal victims and the economic losses derived. Only in 2005 these losses rose to 200.000 million euros, a significant amount - approximately the 2% of its GDP- that easily justifies any public intervention. One tool used by governments to face this challenge is the enactment of stricter policies and regulations. Since drunk driving is one of the most important concerns of public authorities on this field, several European countries decided to lower their illegal Blood Alcohol Content levels to 0.5 mg/ml during the last decade. This study evaluates for the first time the effectiveness of this transition using European panel-based data (CARE) for the period 1991-2003 using the Differences-in-Differences method in a fixed effects estimation that allows for any pattern of correlation (Cluster-Robust). My results show the existence of positive impacts on certain groups of road users and for the whole population when the policy is accompanied by some enforcement interventions. Moreover, a time lag of more than two years is found in that effectiveness. Finally, I also assert the importance of controlling for serial correlation in the evaluation of this kind of policies.