Management renewal? Consequences of the new conception of the “best interests of the corporation” in North American and French Corporate Law

Corporate law integrates a stakeholder conception through the comprehensive meaning of the best interests of the corporation. In this paper, I address criticisms about classical definition of the firm’s purpose. Even if American law is more discreet and uncertain, it is possible to defend a broad conception of the best interests of the corporation. The interests of Canadian and French firms include their partners. While the notion of intérêt social is debatable in France, Canada has recently modified its point of view regarding the purpose of the firm. Indeed, the decision of the Supreme Court of Canada Magasins à rayons Peoples Inc. (Syndic de) v. Wise in 2004 changed the concept of corporate law. With respect to fiduciary duties, the Supreme Court set aside the traditional interpretation of the “best interests of the corporation” which gave primacy to shareholders’ interests. The Court held that the expression “best interests of the corporation” refers to the maximization of the corporation’s value. This innovative vision of the best interest of the corporation introduces stakeholder theory and corporate social responsibility (CSR) into corporate law and provides a new field for the firm’s management to frame their responsibilities. This paper concludes with an extended discussion of the implications of stakeholder and CSR influence for the future of corporate law, economy and financial researches.

Convectively coupled equatorial waves: A new methodology for identifying wave structures in observational data

Convectively coupled equatorial waves are fundamental components of the interaction between the physics and dynamics of the tropical atmosphere. A new methodology, which isolates individual equatorial wave modes, has been developed and applied to observational data. The methodology assumes that the horizontal structures given by equatorial wave theory can be used to project upper- and lower-tropospheric data onto equatorial wave modes. The dynamical fields are first separated into eastward- and westward-moving components with a specified domain of frequency–zonal wavenumber. Each of the components for each field is then projected onto the different equatorial modes using the y structures of these modes given by the theory. The latitudinal scale yo of the modes is predetermined by data to fit the equatorial trapping in a suitable latitude belt y = ±Y. The extent to which the different dynamical fields are consistent with one another in their depiction of each equatorial wave structure determines the confidence in the reality of that structure. Comparison of the analyzed modes with the eastward- and westward-moving components in the convection field enables the identification of the dynamical structure and nature of convectively coupled equatorial waves. In a case study, the methodology is applied to two independent data sources, ECMWF Reanalysis and satellite-observed window brightness temperature (Tb) data for the summer of 1992. Various convectively coupled equatorial Kelvin, mixed Rossby–gravity, and Rossby waves have been detected. The results indicate a robust consistency between the two independent data sources. Different vertical structures for different wave modes and a significant Doppler shifting effect of the background zonal winds on wave structures are found and discussed. It is found that in addition to low-level convergence, anomalous fluxes induced by strong equatorial zonal winds associated with equatorial waves are important for inducing equatorial convection. There is evidence that equatorial convection associated with Rossby waves leads to a change in structure involving a horizontal structure similar to that of a Kelvin wave moving westward with it. The vertical structure may also be radically changed. The analysis method should make a very powerful diagnostic tool for investigating convectively coupled equatorial waves and the interaction of equatorial dynamics and physics in the real atmosphere. The results from application of the analysis method for a reanalysis dataset should provide a benchmark against which model studies can be compared.

A new Rossby Wave-breaking interpretation of the North Atlantic Oscillation

This paper proposes the hypothesis that the low-frequency variability of the North Atlantic Oscillation (NAO) arises as a result of variations in the occurrence of upper-level Rossby wave–breaking events over the North Atlantic. These events lead to synoptic situations similar to midlatitude blocking that are referred to as high-latitude blocking episodes. A positive NAO is envisaged as being a description of periods in which these episodes are infrequent and can be considered as a basic, unblocked situation. A negative NAO is a description of periods in which episodes occur frequently. A similar, but weaker, relationship exists between wave breaking over the Pacific and the west Pacific pattern. Evidence is given to support this hypothesis by using a two-dimensional potential-vorticity-based index to identify wave breaking at various latitudes. This is applied to Northern Hemisphere winter data from the 40-yr ECMWF Re-Analysis (ERA-40), and the events identified are then related to the NAO. Certain dynamical precursors are identified that appear to increase the likelihood of wave breaking. These suggest mechanisms by which variability in the tropical Pacific, and in the stratosphere, could affect the NAO.

A new micro-machined millimeter-wave and terahertz snap-together rectangular waveguide technology

A novel technique for micro-machining millimeter and submillimeter-wave rectangular waveguide components is reported. These are fabricated in two halves which simply snap together, utilizing locating pins and holes, and are physically robust, and cheap, and easy to manufacture. In addition, S-parameter measurements on these structures are reported for the first time and display lower loss than previously reported micro-machined rectangular waveguides.

Can L2 learners learn new ways to conceptualise events? Evidence from motion event construal among English-speaking learners of French

This study tests Slobin’s (1996) claim that L2 learners struggle with conceptual restructuring in L2 acquisition. We suggest that learners can find themselves in four different reconceptualisation scenarios: the TRANSFER, RESTRUCTURING, CREATIVE/HYBRID and CONVERGENCE SCENARIOS. To test this proposal in the field of event conceptualisation, a comprehensive analysis was made of the frequency distribution of path, manner, caused motion and deictic verbs in narratives elicited from intermediate (N=20) and advanced learners (N=21) of French, as well as native speakers of French (N=23) and English (N=30). The productions of the intermediate level learners were found to correspond to the creative/hybrid scenario because they differed significantly in their motion expressions from English as well as French native speakers, except for path, which was verbalised in target-like ways early on. Advanced learners were found to be able to reconceptualise motion in the L2, as far as manner and path are concerned, but continued to struggle with deictic verbs and caused motion. The clearest evidence for transfer from the L1 was found in verbalisations among intermediate level learners of events which involved a boundary crossing.

Radial extracorporeal shock wave therapy (rESWT) induces new bone formation in vivo: results of an animal study in rabbits

The aim of this study was to investigate if radial extracorporeal shock wave therapy (rESWT) induces new bone formation and to study the time course of ESWT-induced osteogenesis. A total of 4000 impulses of radial shock waves (0.16 mJ/mm²) were applied to one hind leg of 13 New Zealand white rabbits with the contralateral side used for control. Treatment was repeated after 7 days. Fluorochrome sequence labeling of new bone formation was performed by subcutaneous injection of tetracycline, calcein green, alizarin red and calcein blue. Animals were sacrificed 2 weeks (n = 4), 4 weeks (n = 4) and 6 weeks (n = 5) after the first rESWT and bone sections were analyzed by fluorescence microscopy. Deposits of fluorochromes were classified and analyzed for significance with the Fisher exact test. rESWT significantly increased new bone formation at all time points over the 6-week study period. Intensity of ossification reached a peak after 4 weeks and declined at the end of the study. New bone formation was significantly higher and persisted longer at the ventral cortex, which was located in the direction to the shock wave device, compared with the dorsal cortex, emphasizing the dose-dependent process of ESWT-induced osteogenesis. No traumata, such as hemorrhage, periosteal detachment or microfractures, were observed by histologic and radiologic assessment. This is the first study demonstrating low-energy radial shock waves to induce new bone formation in vivo. Based on our results, repetition of ESWT in 6-week intervals can be recommended. Application to bone regions at increased fracture risk (e.g., in osteoporosis) are possible clinical indications.