Migration and differentiation of neuronal precursors in the postnatal brain: insights from the subventricular zone and cerebellum

Fundação para a Ciência e a Tecnologia - SFRH/BD/42848/2008, através do Programa MIT_Portugal em Sistemas de Bioengenharia; projectos PTDC/SAUNEU/104415/2008 e Projecto ref. 96542 da Fundação Caloust Gulbenkian

Search-for-yield in Portuguese fixed-income mutual funds and monetary policy

This paper studies the effects of monetary policy on mutual fund risk taking using a sample of Portuguese fixed-income mutual funds in the 2000-2012 period. Firstly I estimate time-varying measures of risk exposure (betas) for the individual funds, for the benchmark portfolio, as well as for a representative equally-weighted portfolio, through 24-month rolling regressions of a two-factor model with two systematic risk factors: interest rate risk (TERM) and default risk (DEF). Next, in the second phase, using the estimated betas, I try to understand what portion of the risk exposure is in excess of the benchmark (active risk) and how it relates to monetary policy proxies (one-month rate, Taylor residual, real rate and first principal component of a cross-section of government yields and rates). Using this methodology, I provide empirical evidence that Portuguese fixed-income mutual funds respond to accommodative monetary policy by significantly increasing exposure, in excess of their benchmarks, to default risk rate and slightly to interest risk rate as well. I also find that the increase in funds’ risk exposure to gain a boost in return (search-for-yield) is more pronounced following the 2007-2009 global financial crisis, indicating that the current historic low interest rates may incentivize excessive risk taking. My results suggest that monetary policy affects the risk appetite of non-bank financial intermediaries.

A infecção por Helicobacter pylori em populações de Angola

RESUMO: A infecção por H. pylori, enquadra-se nas doenças infecciosas gastroduodenais e estima-se que mais de 50% da população mundial esteja infectada. A história natural da infecção por H. pylori, sofre interferências relacionadas com a genética do hospedeiro, a estirpe e as características da toxicidade da bactéria. Associam-se a estes factores, o tempo de exposição à infecção, assim como as condições sociais e higiéno-sanitárias. Paralelamente, o H. pylori é considerado o principal agente patogénico das doenças gastroduodenais. Este estudo teve como objectivo principal caracterizar a infecção por H. pylori em populações de Angola e sua avaliação como problema de Saúde Pública. Trata-se de um estudo prospectivo dirigido a dois grupos populacionais, um constituído por indivíduos aparentemente saudáveis, sem queixas gástricas específicas, em ambiente de comunidade, Grupo I, e outro, Grupo II, constituído por doentes que acorreram ao serviço de Gastrenterologia do Hospital Militar Principal de Luanda (HMP). No que diz respeito ao estudo na comunidade a pesquisa de H. pylori foi realizada pelo método ELISA de pesquisa de antigénios nas fezes. Por sua vez, a nível hospitalar, os métodos de diagnóstico da infecção por H. pylori foram: a endoscopia digestiva alta para a colheita de biópsias da mucosa gástrica destinadas ao exame anatomopatológico, ao exame citobacteriológico e aos métodos moleculares. Como método não invasivos foi utilizado o teste respiratório com ureia marcada. Grupo I: o diagnóstico da infecção por H. pylori, realizado pela pesquisa de antigénios deste microrganismo nas fezes, revelou uma frequência de 69,6% na população em estudo. Considerando em cada região, verificou-se que a região do Sambizanga possuía o valor mais elevado de frequência, 81,2%, seguida do Dinge com 79,5%, estatisticamente significativas (p 0,001). A avaliação da distribuição da frequência da infecção por grupo etário, revelou que os indivíduos com idade inferior a 15 anos, possuíam uma frequência de infecção de 63,5% e sendo de 76% nos indivíduos com idade superior a 15 anos. Este estudo permitiu concluir que a frequência da infecção por H. pylori nas regiões estudadas, é de 70% à excepção do Capulo, zona litoral em que não obstante as precárias condições de saneamento, a frequência da infecção por H. pylori é baixa. Grupo II: dos 309 doentes avaliados, verificou-se que 22 (7%), apresentavam uma mucosa normal e 287 (93%) uma mucosa alterada. A avaliação histológica das biópsias do antro, em 270 amostras de acordo com o Sistema de Sidney, em 235 (87,0%), revelou a presença de gastrite, 13 (4,8%) a presença de úlcera e em 9 (3,3%), uma lesão tumoral. A avaliação histológica da actividade nas 226 amostras do antro gástrico, verificou-se que 129 (57%) possuíam actividade e 97 (43%) não possuíam. O estudo das 255 biópsias do corpo, revelou em 212 (83,1%), a presença de lesões de gastrite, em 7 (2,7%), observaram-se lesões tumorais e 2 (0.8%) apresentaram úlcera. Dos 263 doentes avaliados histologicamente para pesquisa do H. pylori, 148 (58,2%) revelaram a presença positiva desta bactéria e 106 (41,7%) foram negativas. No que diz respeito à susceptibilidade aos macrólidos, do universo de 158 doentes com H. pylori positivo, 125 (79,1%) doentes apresentaram estirpes sensíveis aos macrólidos e 33 (20,9%) estirpes resistentes. Em relação aos factores de virulência, na avaliação conjunta dos dois factores de virulência estudados (cagA e vacA), em relação ao tipo de lesões encontradas na mucosa gástrica, verificou-se que dos 11 doentes com úlcera, 7 (63,6%), apresentavam uma estirpe cagA negativa, sendo 6 vacA s1 (85,7%), uma s2 e 4 (36,3%) com uma estirpe cagA positiva e vacA s1. Por sua vez dos 2 doentes com tumor, ambas as estirpes eram cagA negativas, sendo uma vacA s1 e outra vacA s2. Em relação aos factores de virulência nos doentes aos quais se diagnosticou úlcera e tumor apresentavam estirpe cagA negativa, vacAs1. Em relação ás lesões gástricas inflamatórias, os doentes com gastrite apresentavam cagA positivo. Do presente trabalho, em atenção aos resultados obtidos no que concerne a prevalência em populações sem queixas gastrenterológicas, recomenda-se que o mesmo se possa vir a replicar numa abrangência maior, realizando-se, por exemplo, estudos comparativos de prevalência entre as populações residentes no litoral (beira-mar) e as do interior. Pelas características genotípicas de H. pylori, em correspondência com as lesões encontradas, após novos estudos mais abrangentes, recomenda-se a avaliação de uma terapêutica mais acessível para o doente e que seja de maior eficácia. Face à escassez de médicos especialistas em gastrenterologia em Angola e de meios de diagnóstico, recomenda-se um estudo mais alargado da eficácia do seguimento do doente dispéptico, conforme protocolo avaliado pelo Colégio da Especialidade de Gastrenterologia da Ordem dos Médicos de Angola e já em prática em algumas instituições de saúde.--------------------------- ABSTRACT: H.pylori infection, is part of the gastroduodenal infectious diseases and it is estimated that over 50% of the world population is infected. The natural history of H.pylori infection, is influenced by host genetic, strain type, of bacterial virulence factors, time of exposure to the infection, as well as social and hygienic-sanitary conditions. In parallel, H.pylori is considered the main pathogen of gastroduodenal diseases. This study's main objective was to characterize H.pylori infection in populations of Angola and its evaluation as a public health problem. This is a prospective study conducted in two population groups, one in community environment composed by healthy individuals without specific gastric complaints - Group I, and Group II consisting of patients who went to the Gastroenterology Service of the Hospital Military of Luanda (HMP). As regards to the study in the community detection of H.pylori was carried out by antigen search in faeces using ELISA method. At hospital level H.pylori infection diagnostic methods were: upper gastrointestinal endoscopy to obtain gastric mucosal biopsies for histology, culture and molecular methods. As a non-invasive breath test with labelled urea was used. Group I: the diagnosis of H.pylori infection, by antigens detection in faeces, revealed a frequency of 69.6% in the study population. Whereas in each region, it was found that the Sambizanga region had the highest frequency of positive cases, 81.2% , followed by Dinge with 79.5%, Funda with 78.7 and Capulo with 39.8% being differences statistically significant (p=0.001). The evaluation of the distribution of the infection frequency by age group, revealed that individuals younger than 15 years had a frequency of 63.5% and in individuals older than 15 years, 76%. This study showed that the frequency of H.pylori infection in the regions studied was 70% exception due to Capulo, a coastal zone where despite the poor sanitation conditions; the frequency of H.pylori infection is lower. Group II: from the 309 patients evaluated, it was found that 22 (7%) had a normal mucosa and 287 (93%) a modified mucosa. Histological evaluation of antrum biopsies in 270 samples according to the Sydney System revealed the presence of gastritis in 235 (87.0%), the presence of ulcers in 13 (4.8%) and a tumour in 9 (3 3%). Histological assessment of activity in the gastric antrum of 226 samples, revealed that 129 (57%) had activity and 97 (43%) did not. The evaluation of the 255 corpus biopsies showed in 212 (83.1%), the presence of lesions of gastritis, in 7 (2.7%) tumour lesions and in 2 (0.8%) an ulcer. Of the 263 patients histological evaluated for H.pylori, 148 (58.2%) revealed the presence of this bacteria and 106 (41.7%) were negative. As regards susceptibility to macrolides from the universe of 158 patients with H.pylori, 125 (79.1%) patients had macrolides susceptible strains and 33 (20.9%) resistant strains. Regarding virulence factors (vacA and cagA), it was found that from the 11 patients with ulcers, 7 (63.6%), had a cagA negative strain, being 6 vacA s1, (85.7%) one vacA s2 and 4 (36.3%) with a cagA positive strain vacA s1. Concerning the 2 patients with tumour, both strains were cagA negative, one vacA s1 and other vacA s2. Patients with ulcer and tumour had cagA negative strains vacAs1. From this work, considering the prevalence of H.pylori obtained in health population, it is recommended that the same study should be performed in larger scale to confirm these results. The results of H.pylori genotyping suggest that more comprehensive studies are needed. Given the reduce number gastroenterology specialist in Angola and the lack of diagnostics methods, we recommend a larger study of the effectiveness of follow-up the patient dyspeptic, according to the protocol assessed by the College of Gastroenterology Specialty of the Order of Doctors and Angola already in place in some health institutions.

In Search of the Origins of Modernism: Venice and the Crisis of Classical Architecture in the mid-eighteenth century

This paper attempts to prove that in the years 1735 to 1755 Venice was the birthplace and cradle of Modern architectural theory, generating a major crisis in classical architecture traditionally based on the Vitruvian assumption that it imitates early wooden structures in stone or in marble. According to its rationalist critics such as the Venetian Observant Franciscan friar and architectural theorist Carlo Lodoli (1690-1761) and his nineteenth-century followers, classical architecture is singularly deceptive and not true to the nature of materials, in other words, dishonest and fallacious. This questioning did not emanate from practising architects, but from Lodoli himself– a philosopher and educator of the Venetian patriciate – who had not been trained as an architect. The roots of this crisis lay in a new approach to architecture stemming from the new rationalist philosophy of the Enlightenment age with its emphasis on reason and universal criticism.

How different generations contact and search for brands on social media? Comparing gen X and Y

This research intends to examine if there were significant differences on the brand engagement and on the electronic word of mouth (e-WOM)1 referral intention through Facebook between Generation X and Generation Y (also called millennials). Also, this study intends to examine if there are differences in the motivations that drive these generations to interact with brands through Facebook. Results indicated that Generation Y members consumed more content on Facebook brands’ pages than Generation X. Also, they were more likely to have an e-WOM referral intention as well as being more driven by brand affiliation and opportunity seeking. Finally, currently employed individuals were found to contribute with more content than students. This study fills the gap in the literature by addressing how marketing professionals should market their brand and interact and engage with their customers, based on customers’ generational cohort.

The dynamics of interfaces: Seven authors in search of encounters across levels of description of an event involving a mother, father, and baby

The interfaces between the intrapsychic, interactional, and intergenerational domains are a new frontier. As a pilot, we exposed ourselves to a complex but controllable situation as viewed by people whose main interest is in one of the three interfaces; we also fully integrated the subjects in the team, to learn about their subjective perspectives and to provide them with an enriching experience. We started with a brief "triadification" sequence (i.e., moving from a "two plus one" to a "three together" family organization). Considering this sequence as representing at a micro level many larger family transitions, we proceeded with a microanalytic interview, a psychodynamic investigation, and a family interview. As expected, larger patterns of correspondences are emerging. Central questions under debate are: What are the most appropriate units at each level of description and what are their articulations between these levels? What is the status of "triadification"? Les interfaces entre les domaines intrapsychiques, interactionnels et intergénérationnels représentent une nouvelle frontiére. A titre exploratoire, nous nous sommes exposés à une situation complexe mais contrǒlable ainsi que le voient ceux dont I'intérět principal se porte sur l'une de ces trois interfaces. Nous avons aussi entièrement intégré les sujets dans l'équipe, de facon à comprendre leur perspective subjective et à leur offrir une expérience enrichissante. Nous avons commencé avec une brève séquence de "triadification," c'est-à-dire passer d'une organisation familiale "deux plus un" à Ltne organisation familiale "trois (add sentenc)ensemble." Considérant cette séquence comme representative à un niveau microscopique de transitions familiales bien plus larges, nous avons procedé à l'entretien microanalytique, à une enquěte psychodynamique et à un entretien familial. Comme prévu, de grands patterns de correspondances émergent. Les questions essentielles sur lesquelles portent le débat sont: quelles les unités les plus appropiées à chaque niveau de description et quelles sont les articulations entre ces niveaux? Quel est le statut de la "triadification"?

The Teggiolo zone: a key to the Helvetic-Penninic connection (stratigraphy and tectonics in the Val Bavona, Ticino, Central Alps)

The Teggiolo zone is the sedimentary cover of the Antigorio nappe, one of the lowest tectonic units of the Penninic Central Alps. Detailed mapping, stratigraphic and structural analyses, and comparisons with less metamorphic series in several well-studied domains of the Alps, provide a new stratigraphic interpretation. The Teggiolo zone is comprised of several sedimentary cycles, separated by erosive surfaces and large stratigraphic gaps, which cover the time span from Triassic to Eocene. At Mid-Jurassic times it appears as an uplifted, partially emergent block, marking the southern limit of the main Helvetic basin (the Limiting South-Helvetic Rise LSHR). The main mass of the Teggiolo calcschists, whose base truncates the Triassic-Jurassic cycles and can erode the Antigorio basement, consists of fine-grained clastic sediments analogous to the deep-water flyschoid deposits of Late Cretaceous to Eocene age in the North-Penninic (or Valais s.l.) basins. Thus the Antigorio-Teggiolo domain occupies a crucial paleogeographic position, on the boundary between the Helvetic and Penninic realms: from Triassic to Early Cretaceous its affinity is with the Helvetic; at the end of Cretaceous it is incorporated into the North-Penninic basins. An unexpected result is the discovery of the important role played by complex formations of wildflysch type at the top of the Teggiolo zone. They contain blocks of various sizes. According to their nature, three different associations are distinguished that have specific vertical and lateral distributions. These blocks give clues to the existence of territories that have disappeared from the present-day level of observation and impose constraints on the kinematics of early folding and embryonic nappe emplacement. Tectonics produced several phases of superimposed folds and schistosities, more in the metasediments than in the gneissic basement. Older deformations that predate the amplification of the frontal hinge of the nappe generated the dominant schistosity and the km-wide Vanzèla isoclinal fold.

The role of a transcrustal shear zone in orogenic gold mineralization at the Aijanahalli Mine, Dharwar Craton, South India

The Ajjanahalli gold mine is spatially associated with a Late Archean craton-scale shear zone in the eastern Chitradurga greenstone belt of the Dharwar craton, India. Gold mineralization is hosted by an similar to100-m-wide antiform in a banded iron formation. Original magnetite and siderite are replaced by a peak metamorphic alteration assemblage of chlorite, stilpnomelane, minnesotaite, sericite, ankerite, arsenopyrite, pyrite, pyrrhotite, and gold at ca. 300degrees to 350degreesC. Elements enriched in the banded iron formation include Ca, Mg, C, S, An, As, Bi. Cu, Sb, Zn, Pb, Se, Ag, and Te, whereas in the wall rocks As, Cu, Zn, Bi, Ag, and An are only slightly enriched. Strontium correlates with CaO, MgO, CO2, and As, which indicates cogenetic formation of arsenopyrite and Mg-Ca carbonates. The greater extent of alteration in the Fe-rich banded iron formation layers than in the wall rock reflects the greater reactivity of the banded iron formation layers. The ore fluids, as interpreted from their isotopic composition (delta(18)O = 6.5-8.5parts per thousand; initial Sr-87/Sr-86 = 0.7068-0.7078), formed by metamorphic devolatilization of deeper levels of the Chitradurga greenstone belt. Arsenopyrite, chalcopyrite, and pyrrhotite have delta(34)S values within a narrow range between 2.1 and 2.7 per mil, consistent with a sulfur source in Chitradurga greenstone belt lithologies. Based on spatial and temporal relationships between mineralization, local structure development, and sinistral strike-slip deformation in the shear zone at the eastern contact of the Chitradurga greenstone belt, we suggest that the Ajjanahalli gold mineralization formed by fluid infiltration into a low strain area within the first-order structure. The ore fluids were transported along this shear zone into relatively shallow crustal levels during lateral terrane accretion and a change from thrust to transcurrent tectonics. Based on this model of fluid flow, exploration should focus on similar low strain areas or potentially connected higher order splays of the first-order shear zone.

The tectonically controlled emplacement of a vertically sheeted gabbro-pyroxenite intrusion: Feeder-zone of an ocean-island volcano (Fuerteventura, Canary Islands)

The Miocene PX1 gabbro-pyroxenite pluton, Fuerteventura, Canary Islands, is a 3.5 x 5.5 km shallow-level intrusion (0.15-0.2 GPa and 1100-1120 degrees C), interpreted as the feeder-zone to an ocean-island volcano. It displays a vertical magmatic banding expressed in five 50 to 100 metre-wide NNE-SSW trending alkaline gabbro sequences alternating with pyroxenites. This emplacement geometry was controlled by brittle to ductile shear zones, generated by a regional E-W extensional tectonic setting that affected Fuerteventura during the Miocene. At a smaller scale, the PX1 gabbro and pyroxenite bands consist of metre-thick differentiation units, which suggest emplacement by periodic injection of magma pulses as vertical dykes that amalgamated, similarly to a sub-volcanic sheeted dyke complex. Individual dykes underwent internal differentiation following a solidification front parallel to the dyke edges. This solidification front may have been favoured by a significant lateral/horizontal thermal gradient, expressed by the vertical banding in the gabbros, the fractionation asymmetry within individual dykes and the migmatisation of the wall rocks. Pyroxenitic layers result from the fractionation and accumulation of clinopyroxene +/- olivine +/- plagioclase crystals from a mildly alkaline basaltic liquid. They are interpreted as truncated differentiation sequences, from which residual melts were extracted at various stages of their chemical evolution by subsequent dyke intrusions, either next to or within the crystallising unit. Compaction and squeezing of the crystal mush is ascribed to the incoming and inflating magma pulses. The expelled interstitial liquid was likely collected and erupted along with the magma flowing through the newly injected dykes. Clinopyroxene mineral orientation - as evidenced by EBSD and micro X-ray tomography investigations - displays a marked pure-shear component, supporting the interpretation of the role of compaction in the generation of the pyroxenites. Conversely, gabbro sequences underwent minor melt extraction and are believed to represent crystallised coalesced magma batches emplaced at lower rates at the end of eruptive cycles. Clinopyroxene orientations in gabbros record a simple shear component suggesting syn-magmatic deformation parallel to observed NNE-SSW trending shear zones induced by the regional tensional stress field. This emplacement model implies a crystallisation time of 1 to 5 years for individual dykes, consistent with PX1 emplacement over less than 0.5 My. A minimum amount of approximately 150 km(3) of magma is needed to generate the pluton, part of it having been erupted through the Central Volcanic Centre of Fuerteventura. If the regional extensional tectonic regime controls the PX1 feeder-zone initiation and overall geometry, rates and volumes of magma depend on other, source-related factors. High injection rates are likely to induce intrusion growth rates larger than could be accommodated by the regional extension. In this case, dyke intrusion by propagation of a weak tip, combined with the inability of magma to circulate through previously emplaced and crystallised dykes could result in an increase of non-lithostatic pressure on previously emplaced mushy dyke walls; thus generating strong pure-shear compaction within the pluton feeder-zone and interstitial melt expulsion. These compaction-dominated processes are recorded by the cumulitic pyroxenite bands. (C) 2010 Elsevier B.V. All rights reserved.

Genomic, Epigenomic and Transcriptomic Molecular Characterization of Splenic Marginal Zone Lymphoma Reveals Recurrent Abnormalities in miR-182

Splenic marginal zone lymphoma (SMZL) is a low grade B-cell non-Hodgkin's lymphoma. The molecular pathology of this entity remains poorly understood. To characterise this lymphoma at the molecular level, we performed an integrated analysis of 1) genome wide genetic copy number alterations 2) gene expression profiles and 3) epigenetic DNA methylation profiles.We have previously shown that SMZL is characterised by recurrent alterations of chromosomes 7q, 6q, 3q, 9q and 18; however, gene resolution oligonucleotide array comparative genomic hybridisation did not reveal evidence of cryptic amplification or deletion in these regions. The most frequently lost 7q32 region contains a cluster of miRNAs. qRT-PCR revealed that three of these (miR-182/96/183) show underexpression in SMZL, and miR-182 is somatically mutated in >20% of cases of SMZL, as well as in >20% of cases of follicular lymphoma, and between 5-15% of cases of chronic lymphocytic leukaemia, MALT-lymphoma and hairy cell leukaemia. We conclude that miR-182 is a strong candidate novel tumour suppressor miRNA in lymphoma.The overall gene expression signature of SMZL was found to be strongly distinct fromthose of other lymphomas. Functional analysis of gene expression data revealed SMZL to be characterised by abnormalities in B-cell receptor signalling (especially through the CD19/21-PI3K/AKT pathway) and apoptotic pathways. In addition, genes involved in the response to viral infection appeared upregulated. SMZL shows a unique epigenetic profile, but analysis of differentially methylated genes showed few with methylation related transcriptional deregulation, suggesting that DNA methylation abnormalities are not a critical component of the SMZL malignant phenotype.

BCR and TLR signalling pathways are recurrently targeted by genetic changes in splenic marginal zone lymphomas.

The genetics and pathogenesis of splenic marginal zone lymphoma are poorly understood. The lymphoma lacks chromosome translocation, and ~30% of cases are featured by 7q deletion, but the gene targeted by the deletion is unknown. A recent study showed inactivation of A20, a 'global' NF-kB negative regulator, in 1 of 12 splenic marginal zone lymphoma. To investigate further whether deregulation of the NF-kB pathway plays a role in the pathogenesis of splenic marginal zone lymphoma, we screened several NF-kB regulators for genetic changes by PCR and sequencing. Somatic mutations were found in A20 (6/46=13%), MYD88 (6/46=13%), CARD11 (3/34=8.8%), but not in CD79A, CD79B and ABIN1. Interestingly, these genetic changes are largely mutually exclusive from each other and MYD88 mutation was also mutually exclusive from 7q deletion. These results strongly suggest that deregulation of the TLR (toll like receptor) and BCR (B-cell receptor) signalling pathway may play an important role in the pathogenesis of splenic marginal zone lymphoma.

Characterizing emission and breathing-zone concentrations following exposure cases to fluororesin-based waterproofing spray mists.

Measurements and simulations were performed to assess workers' exposure to solvent vapors and aerosols during the waterproofing of a tiled surface. This investigation followed two recent incidents in the same company where workers experienced acute respiratory illness after spraying a stain-repellent resin containing fluorinated polymers on stone-tiled walls and floors. Because the waterproofing activity had been done for years at the tile company without encountering any exposure problems prior to these cases, it was strongly suspected that the incidents were linked to a recent change in the composition of the coating mixture. Experimental measurements and simulations indicated that the emission rate of particles smaller than 10 microm may be estimated at 0.66 mg/sec (SD 0.10) for the old resin and at 0.37 mg/sec (SD 0.04) for the new one. The measurement of the solvent emission rate from surfaces coated with the two resins indicated that shortly after spraying, the emission was in the range of 18 to 20 mg/sec x m2 and was similar for both products. Solvent and overspray emission rates were introduced in a two-zone compartment model. The results obtained in the near-field indicate significant exposure to overspray mist (7 and 34 mg/m3 for new resin) and solvent vapors (80 to 350 ppm for the new resin). It was also shown that the introduction of the new resin tended to significantly decrease the levels of solvents and particulates in the workers' breathing zone. These results strongly suggest that cases of acute respiratory illness are related to the specific toxicity of the fluorinated polymer itself. The fact that the same polymer is used in various commercial products raises concern regarding other possible occupational and domestic exposures.

In Search of Corporate Renewal: How to Benefit from Corporate Venturing?

Despite the rapid change in today's business environment there are relatively few studies about corporate renewal. This study aims for its part at filling that research gap by studying the concepts of strategy, corporate renewal, innovation and corporate venturing. Its purpose is to enhance our understanding of how established companies operating in dynamic and global environment can benefit from their corporate venturing activities. The theoretical part approaches the research problem in corporate and venture levels. Firstly, it focuses on mapping the determinants of strategy and suggests using industry, location, resources, knowledge, structure and culture, market, technology and business model to assess the environment and using these determinants to optimize speed and magnitude of change.Secondly, it concludes that the choice of innovation strategy is dependent on the type and dimensions of innovation and suggests assessing market, technology, business model as well as novelty and complexity related to each of them for choosing an optimal context for developing innovations further. Thirdly, it directsattention on processes through which corporate renewal takes place. On corporate level these processes are identified as strategy formulation, strategy formation and strategy implementation. On the venture level the renewal processes are identified as learning, leveraging and nesting. The theoretical contribution of this study, the framework of strategic corporate venturing, joins corporate and venture level management issues together and concludes that strategy processes and linking processes are the mechanism through which continuous corporate renewaltakes place. The framework of strategic corporate venturing proposed by this study is a new way to illustrate the role of corporate venturing as a purposefullybuilt, different view of a company's business environment. The empirical part extended the framework by enhancing our understanding of the link between corporate renewal and corporate venturing in its real life environment in three Finnish companies: Metso, Nokia and TeliaSonera. Characterizing companies' environmentwith the determinants of strategy identified in this study provided a structured way to analyze their competitive position and renewal challenges that they arefacing. More importantly the case studies confirmed that a link between corporate renewal and corporate venturing exists and found out that the link is not as straight forward as indicated by the theory. Furthermore, the case studies enhanced the framework by indicating a sequence according to which the processes work. Firstly, the induced strategy processes strategy formulation and strategy implementation set the scene for corporate venturing context and management processes and leave strategy formation for the venture. Only after that can strategies formed by ventures come back to the corporate level - and if found viable in the corporate level be formalized through formulation and implementation. With the help of the framework of strategic corporate venturing the link between corporaterenewal and corporate venturing can be found and managed. The suggested response to the continuous need for change is continuous renewal i.e. institutionalizing corporate renewal in the strategy processes of the company. As far as benefiting from venturing is concerned the answer lies in deliberately managing venturing in a context different to the mainstream businesses and establishing efficientlinking processes to exploit the renewal potential of individual ventures.