Foreign Fast Seconds and Market Contestability in Emergin Economies: Implications for Domestic Welfare

Emerging markets economies often present profitable opportunities for entry by large mutinational firms domiciled in developed economies. Such entry has the potential to bring important gains to the emerging economy consumers as well. Yet at the same time, such foreign direct investment (FDI) also poses a risk in that it will typically induce exit by domestic firms. In turn, this can result in not only the loss of profit from such firms but also lead to increased concentration and less competition with additional adverse consequences for domestic consumers. Theoretical models that investigate this possibility include Ono (1990), Richardson (1998), and Bjorvatn (2000). The question has also motivated empirical work on specific non-tradable markets in which FDI has focused, most notably, the banking sector where the introduction of large scale FDI has typically been followed by domestic firm exit and substantially increased concentration in Latin America and Central Europe. These include studies by Clarke, Cull, and Martinez Peria (2001) and Gelos and Roldos (2002), and Mkrtchyan (2005). While these studies generally find that increased concentration has been associated with price-cost margins, this is not quite the same as a determination of the impact of such entry on domestic welfare.

Versioning, Brand-Stretching, and the Evolution of e-Commerce Markets

This paper offers an analysis of the evolution of e-commerce markets. We develop a model in which an initial group of small, no-name click firms create such markets by offering horizontally differentiated customized or versioned products and competing in prices. Subsequently, a traditional brick firm enters by stretching its brand name into the digital marketplace. Such entry causes many initial entrants to exit. Contrary to much popular and formal literature, we show that the volume of initial entry may well be inefficiently low despite the anticipated later exit. In addition, the conventional relationship between sunk cost and market structure is substantially weakened.versioning, brand-stretching, price discrimination, market structure

Advertising: "The Good, the Bad and the Ugly"

We model the choice of firms competing in prices in a differentiated products market to bundle advertising messages with their goods in return for payment from advertisers. From the firms’ perspective, the potential to earn revenue from advertisers, makes advertising a “good”. However, because consumers in the product market dislike such advertising, the bundling dampens demand and in this sense is a “bad”. There is also a third role played by advertising, however. Since a firm that bundles advertisements with its good sells a less attractive good, it has to price more aggressively than one that does not do such bundling. Thus, bundling advertisements with the good can lead to more aggressive product pricing and thereby intensify product market competition. In this sense, advertising can make things “ugly”.

Viability and tissue quality of cartilage flaps from patients with femoroacetabular hip impingement: A matched-control comparison

Background: Chondrolabral damage is commonly observed in patients with cam-type femoroacetabular impingement (FAI). Chondral flap reattachment has recently been proposed as a possible preservation technique. Purpose/Hypothesis: The purpose of this study was to determine the viability and tissue quality of chondral flaps from patients with FAI at the time of arthroscopy. It was hypothesized that chondral flaps from patients with cam lesions of the hip would exhibit less viability and greater tissue degeneration than would those of a matched control group. Study Design: Cohort study; Level of evidence, 2. Methods: Patients with cam-type FAI who were treated with hip arthroscopy between 2014 and 2016 were asked to participate in this study. The cartilage lesions were localized and classified intraoperatively according to Beck classification. A chondral flap (study group) and a cartilage sample (control group) were obtained from each patient for histologic evaluation. Cellular viability and tissue quality were examined and compared in both groups. Cellular viability was determined with live/dead staining, and tissue quality was evaluated using safranin O/fast green, hematoxylin and eosin (H&amp;E) staining, and immunohistochemistry for collagen II. Osteoarthritis Research Society International (OARSI) grading was used for quality assessment, and Image J software was used to calculate the percentage of tissue viability and Col II stain. Results: A total of 10 male patients with a mean age of 38.4 years (range, 30-55 years) were enrolled. All chondral flaps were classified as Beck grade 4. The mean cellular viability of the chondral flaps was reduced (54.6% ± 25.6%), and they were found to be degenerated (OARSI grade, 4 ± 1.27). Control samples also had reduced viability (38.8% ± 30.3%) and were degenerative (OARSI grade, 3.5 ± 1.38). There was no statistically significant intergroup difference for viability ( P = .203) or OARSI grade ( P = .645), nor was there an intragroup correlation between viability and OARSI grade ( P &gt; .05). A significant negative correlation ( r = −0.9, P = .035) was found between OARSI grade and collagen II percentage scale in 5 selected samples. Conclusion: Despite appearing normal macroscopically, the chondral flaps from patients with cam-type FAI displayed loss of viability and tissue degeneration. In addition, control samples obtained away from the injury area also displayed cartilage damage and degeneration. Careful consideration should be taken when attempting to reattach the chondral flap. </jats:sec

The Color Variability of Quasars

We quantify quasar color-variability using an unprecedented variability database - ugriz photometry of 9093 quasars from SDSS Stripe 82, observed over 8 years at ~60 epochs each. We confirm previous reports that quasars become bluer when brightening. We find a redshift dependence of this blueing in a given set of bands (e.g. g and r), but show that it is the result of the flux contribution from less-variable or delayed emission lines in the different SDSS bands at different redshifts. After correcting for this effect, quasar color-variability is remarkably uniform, and independent not only of redshift, but also of quasar luminosity and black hole mass. The color variations of individual quasars, as they vary in brightness on year timescales, are much more pronounced than the ranges in color seen in samples of quasars across many orders of magnitude in luminosity. This indicates distinct physical mechanisms behind quasar variability and the observed range of quasar luminosities at a given black hole mass - quasar variations cannot be explained by changes in the mean accretion rate. We do find some dependence of the color variability on the characteristics of the flux variations themselves, with fast, low-amplitude, brightness variations producing more color variability. The observed behavior could arise if quasar variability results from flares or ephemeral hot spots in an accretion disc.Comment: Accepted for publication in ApJ - in press, 17 pages, 14 figures - v2: abstract typo corrected & reference clean-u

SDSS 0956+5128: A Broad-line Quasar with Extreme Velocity Offsets

We report on the discovery of a Type 1 quasar, SDSS 0956+5128, with a surprising combination of extreme velocity offsets. SDSS 0956+5128 is a broad-lined quasar exhibiting emission lines at three substantially different redshifts: a systemic redshift of z ~ 0.714 based on narrow emission lines, a broad MgII emission line centered 1200 km/s bluer than the systemic velocity, at z ~ 0.707, and broad H\alpha and H\beta emission lines centered at z ~ 0.690. The Balmer line peaks are 4100 km/s bluer than the systemic redshift. There are no previously known objects with such an extreme difference between broad MgII and broad Balmer emission. The two most promising explanations are either an extreme disk emitter or a high-velocity black hole recoil. However, neither explanation appears able to explain all of the observed features of SDSS 0956+5128, so the object may provide a challenge to our general understanding of quasar physics.Comment: ApJ, accepte

A Pilot Study on the Effects of Exercise on Depression Symptoms Using Levels of Neurotransmitters and EEG as Markers

Context: The prescribing of exercise by physicians has become a popular practice, yet the effectiveness of exercise on symptoms of depression is difficult to determine due to a lack of randomized controlled trials with clinical populations. Reports also indicate that only a small percentage of physicians advise their patients regarding exercise and confusion still exists as to how much and what types are best. Aims: To understand the mechanisms that make exercise a viable treatment in depression. Settings and Design: This study employed a six‑week, two group, single‑level trial, pre‑ and posttest design using self‑report of symptoms, blood levels of serotonin, dopamine, epinephrine, and norepinephrine, and frontal slow wave EEG activity as markers. This study was registered with clinicaltrials.gov. ID# NCT02023281. Subjects and Methods: Eleven participants with a diagnosis of depression between the ages of 18 and 65 were enrolled from March 2013 through May 2013. Baseline and post‑intervention measures consisted of the Beck Depression Inventory‑II, blood serum levels of serotonin, catecholamines (epinephrine, norepinephrine, and dopamine), and mean alpha frequency. Statistical Analysis Used: A series of independent t‑tests for each dependent variable was conducted. Results: Independent t‑tests reveal significant between‑group differences in depression scores (P = 0.005, d = 2.23); F7 activity (P = 0.012, d = 1.92); and F8 activity (P = 0.04, d = 1.52). Conclusions: The results of this pilot study show that even mild to very moderate levels of exercise 2‑3 times per week consisting of alternating days of aerobic and strength resistance training can be effective in reducing symptoms of depression giving physicians concrete information for their patients on the prescription of exercise

The Sloan Digital Sky Survey Quasar Catalog V. Seventh Data Release

We present the fifth edition of the Sloan Digital Sky Survey (SDSS) Quasar Catalog, which is based upon the SDSS Seventh Data Release. The catalog, which contains 105,783 spectroscopically confirmed quasars, represents the conclusion of the SDSS-I and SDSS-II quasar survey. The catalog consists of the SDSS objects that have luminosities larger than M_i = -22.0 (in a cosmology with H_0 = 70 km/s/Mpc Omega_M = 0.3, and Omega_Lambda = 0.7) have at least one emission line with FWHM larger than 1000 km/s or have interesting/complex absorption features, are fainter than i > 15.0 and have highly reliable redshifts. The catalog covers an area of 9380 deg^2. The quasar redshifts range from 0.065 to 5.46, with a median value of 1.49; the catalog includes 1248 quasars at redshifts greater than four, of which 56 are at redshifts greater than five. The catalog contains 9210 quasars with i < 18; slightly over half of the entries have i< 19. For each object the catalog presents positions accurate to better than 0.1" rms per coordinate, five-band (ugriz) CCD-based photometry with typical accuracy of 0.03 mag, and information on the morphology and selection method. The catalog also contains radio, near-infrared, and X-ray emission properties of the quasars, when available, from other large-area surveys. The calibrated digital spectra cover the wavelength region 3800-9200 Ang. at a spectral resolution R = 2000 the spectra can be retrieved from the SDSS public database using the information provided in the catalog. Over 96% of the objects in the catalog were discovered by the SDSS. We also include a supplemental list of an additional 207 quasars with SDSS spectra whose archive photometric information is incomplete.Comment: Accepted, to appear in AJ, 7 figures, electronic version of Table 2 is available, see http://www.sdss.org/dr7/products/value_added/qsocat_dr7.htm