Managerial entrenchment and firm value: a dynamic perspective

We examine the impact of managerial entrenchment on firm value using a dynamic model with firm fixed effects. To estimate the model, we employ the long-difference technique, which is shown by our simulation to deliver the least biased estimates. Based on a large sample of U.S. companies, we document a significantly negative and causal effect of managerial entrenchment on firm value after taking into account omitted variables, reverse causality, and highly persistent endogenous variables. Additional analysis suggests that the causality running from managerial entrenchment to firm value is more pronounced than that for reverse causality.Chang acknowledges financial support from Academic Research Fund Tier 1 provided by Ministry of Education (Singapore). Zhang acknowledges the financial supports for his PhD research from the University of Melbourne

Vacuum Stability of the wrong sign (−ϕ6)(-\phi^{6}) Scalar Field Theory

We apply the effective potential method to study the vacuum stability of the bounded from above $(-\phi^{6})$ (unstable) quantum field potential. The stability ($\partial E/\partial b=0)$ and the mass renormalization ($\partial^{2} E/\partial b^{2}=M^{2})$ conditions force the effective potential of this theory to be bounded from below (stable). Since bounded from below potentials are always associated with localized wave functions, the algorithm we use replaces the boundary condition applied to the wave functions in the complex contour method by two stability conditions on the effective potential obtained. To test the validity of our calculations, we show that our variational predictions can reproduce exactly the results in the literature for the $\mathcal{PT}$-symmetric $\phi^{4}$ theory. We then extend the applications of the algorithm to the unstudied stability problem of the bounded from above $(-\phi^{6})$ scalar field theory where classical analysis prohibits the existence of a stable spectrum. Concerning this, we calculated the effective potential up to first order in the couplings in $d$ space-time dimensions. We find that a Hermitian effective theory is instable while a non-Hermitian but $\mathcal{PT}$-symmetric effective theory characterized by a pure imaginary vacuum condensate is stable (bounded from below) which is against the classical predictions of the instability of the theory. We assert that the work presented here represents the first calculations that advocates the stability of the $(-\phi^{6})$ scalar potential.Comment: 21pages, 12 figures. In this version, we updated the text and added some figure

Effect of Dietary Components on Larval Life History Characteristics in the Medfly (Ceratitis capitata: Diptera, Tephritidae)

Background: The ability to respond to heterogenous nutritional resources is an important factor in the adaptive radiation of insects such as the highly polyphagous Medfly. Here we examined the breadth of the Medfly’s capacity to respond to different developmental conditions, by experimentally altering diet components as a proxy for host quality and novelty. Methodology/Principal Findings: We tested responses of larval life history to diets containing protein and carbohydrate components found in and outside the natural host range of this species. A 40% reduction in the quantity of protein caused a significant increase in egg to adult mortality by 26.5%±6% in comparison to the standard baseline diet. Proteins and carbohydrates had differential effects on larval versus pupal development and survival. Addition of a novel protein source, casein (i.e. milk protein), to the diet increased larval mortality by 19.4%±3% and also lengthened the duration of larval development by 1.93±0.5 days in comparison to the standard diet. Alteration of dietary carbohydrate, by replacing the baseline starch with simple sugars, increased mortality specifically within the pupal stage (by 28.2%±8% and 26.2%±9% for glucose and maltose diets, respectively). Development in the presence of the novel carbohydrate lactose (milk sugar) was successful, though on this diet there was a decrease of 29.8±1.6 µg in mean pupal weight in comparison to pupae reared on the baseline diet. Conclusions: The results confirm that laboratory reared Medfly retain the ability to survive development through a wide range of fluctuations in the nutritional environment. We highlight new facets of the responses of different stages of holometabolous life histories to key dietary components. The results are relevant to colonisation scenarios and key to the biology of this highly invasive species

A note on isoparametric polynomials

We show that any homogeneous polynomial solution of |\nabla F(x)|^2=m^2|x|^(2m-2), m>1, is either a radially symmetric polynomial F(x)=\pm |x|^m (for even m's) or it is a composition of a Chebychev polynomial and a Cartan-M\"unzner polynomial.Comment: 6 page

Stroke Patients with a Past History of Cancer Are at Increased Risk of Recurrent Stroke and Cardiovascular Mortality

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Developing a voltage-stability-constrained security assessment system part I: Determination of power system voltage security operation limits

The method for determining the voltage security operation limits in a practical voltage security analysis (VSA) system based on VSAT software for large power systems is introduced in this paper. These operation limits include bus voltage limits, branch/corridor transfer power limits and P-load limit of the whole system. The voltage security operation limits are determined by the most critical contingency among the studied contingency set. The most critical contingency determines the P-load limit of the whole system, and all kinds of operation parameter limits are operation parameter values corresponding to this P-load limit under pre-contingency. An operation parameter limit is upper limit if the function relationship between this operation parameter and load power is an increasing curve, or lower limit if the function relationship between this operation parameter and load power is an decreasing curve. These operation parameter limits are helpful for operators to monitor the system operation state. © 2005 IEEE.published_or_final_versio

Developing a voltage-stability-constrained security assessment system part II : Structure and function design and technology used

This is the second part in a two-part paper on the development of a voltage stability constrained security assessment system (VSC-SAS). In this part, overall VSC-SAS structure and function design and technology used will be presented. The system is expected to be used in both on-line and off-line modes. In on-line mode, on-line SCADA/EMS data will be used for VSC-SAS use; while in off-line mode (usually day-ahead calculation), historical data can be used for VSC-SAS. Both results (i.e. system operation limits) can be selected to compare with real time operation conditions and supervision power system operation security margin. © 2005 IEEE.published_or_final_versio

Clinical features, management, and prognostic factors of status epilepticus in Chinese

Poster PresentationINTRODUCTION: Status epilepticus (SE) is a neurological emergency with significant mortality and morbidity. There are currently limited data regarding the causes and outcomes of SE in our locality, and identification of prognostic factors, especially those available at presentation, could lower risk of under- or over-treatment in SE. METHODS: We retrospectively studied the clinical characteristics, management, and clinical outcome of adults diagnosed with incident SE, excluding episodes due to cerebral anoxia, at a regional hospi…published_or_final_versio

Effect of the shelterbelt along the Tarim Desert Highway on air temperature and humidity

The temperature and humidity of the shelterbelt micro-climate on both horizontal and vertical scales in the extremely drought area were measured with multiple HOBO temperature and humidity automatic observation equipments in the hinterland of the Taklimakan Desert. The results show that the shelterbelt ecosystem of the desert highway plays typical micro-climate adjustment rolesin stabilizing surface air temperature and increasing air humidity, and so on. Solar radiation significantly affects both temperature and humidity of surface layers, and it has a positive correlation with the temperature but a negative correlation with the air humidity. When it is cloudy, the weather has a great impact on keeping temperature and humidity in the shelterbelt. The shelterbelt also significantly influences the environment, and the micro-climate in the belt has an obvious characteristic of cooling and humidification: compared with the original sand area, the temperature in the shelterbelt is always lower and the humidity is always higher. Moreover, the temperature range at the shelterbelt edge is greater than that in the sand area, but the humidity is always higher. Our conclusion is that the vertical-effect range of temperature of the shelterbelts is 4-10 m, and the humidity range is 6 to 8 m; the horizontal-effect range of temperature is 16 m and the humidity range is about 24 m

Preferential Paths of Air-water Two-phase Flow in Porous Structures with Special Consideration of Channel Thickness Effects.

Accurate understanding and predicting the flow paths of immiscible two-phase flow in rocky porous structures are of critical importance for the evaluation of oil or gas recovery and prediction of rock slides caused by gas-liquid flow. A 2D phase field model was established for compressible air-water two-phase flow in heterogenous porous structures. The dynamic characteristics of air-water two-phase interface and preferential paths in porous structures were simulated. The factors affecting the path selection of two-phase flow in porous structures were analyzed. Transparent physical models of complex porous structures were prepared using 3D printing technology. Tracer dye was used to visually observe the flow characteristics and path selection in air-water two-phase displacement experiments. The experimental observations agree with the numerical results used to validate the accuracy of phase field model. The effects of channel thickness on the air-water two-phase flow behavior and paths in porous structures were also analyzed. The results indicate that thick channels can induce secondary air flow paths due to the increase in flow resistance; consequently, the flow distribution is different from that in narrow channels. This study provides a new reference for quantitatively analyzing multi-phase flow and predicting the preferential paths of immiscible fluids in porous structures