Implicit contracts, takeovers and corporate governance: in the shadow of the city code

This paper offers a qualitative, case-study based analysis of hostile takeover bids mounted in the UK in the mid-1990s under the regime of the City Code on Takeovers and Mergers. It is shown that during bids, directors of bid targets focus on the concerns of target shareholders to the exclusion of other stakeholder groups. A review of the case studies five years on find that, almost withouth exception, mergers led to large-scale job losses and asset disposals. However, almost none of the bids were considered by financial commentators, at this point, to have generated shareholder value for investors in that merged company. While there is therefore clear evidence that the Takeover Code is effective in protecting the interests of target shareholders, the implications of the Code for efficiency in corporate performance are much less certain.hostile takeovers, stakeholding, implicit contracts, breach of trust

Speciesism, identity politics and ecocriticism : a conversation with humanists and posthumanists

An electronic conversation between 7 scholars from the fields of animal studies and early modern studies aimed at confronting "speciesism," and constructing what Cary Wolfe calls a "posthumanist theory of the subject.

Direct fuel oxidation alkaline fuel cells:the kinetics of borohydride oxidation

Alkaline based fuel cells are among the most efficient due to the enhanced kinetics of oxygen reduction in alkaline media. In space applications, they have demonstrated efficiencies near 60%, with the potential to generate electricity with efficiencies at nearly 70%. One of the largest hurdles to overcome in the general uptake of hydrogen fuel cells is the ability to store hydrogen fuel in a form with sufficient energy density to allow for mobile systems to be truly viable. This often means that hydrogen has to be stored at very high pressure (around 70 MPa) in bulky tanks to provide sufficient capacity. Clearly this is not suitable for smaller vehicles or portable systems. Partly to address this, there has been considerable interest in direct oxidation liquid fuelled cells due to the very high specific energy density of liquid fuels. A very compact variant of the liquid fuelled cell which has received little attention is the alkaline dissolved fuel cell where the fuel is dissolved in the electrolyte and the system relies on a selective cathode for efficient operation. Borohydrides present a particularly good option for an alkaline dissolved fuel system, having high energy densities, a low standard potential for the oxidation to borax (an 8 electron process) and good stability in alkaline conditions. A key area in the success of a fuel cell utilizing borohydride is the development of an anode which can make use of the full 8 electron oxidation to borax directly oxidising the borohydride with as little of the hydrolysis reaction occurring as possible. This is in addition to common requirements of high activity, high stability, good electronic conductivity and transport of reactants and products. Here we present investigations into the oxidation of borohydride in alkaline media under various conditions for a selection of candidate materials in different forms using an RDE (rotating disc electrode) based procedure. Results demonstrate that hydrolysis or an indirect oxidation mechanism reduces the coulombic efficiency of the oxidation reaction observed for the materials investigated so far. There is also a significant difference in behaviour between candidate materials. The best performing materials from the RDE studies will be used to develop suitably active and durable functional fuel cell electrodes using scalable processes such as screen printing

Flutuações diárias na associação de peixes da praia de areia de Porto Pim, ilha de Faial, Açores

Os peixes da praia de areia de Porto Pim, Açores foram amostrados através de arrastos de rede (chinchorro) a intervalos de três horas durante um período de 24 horas nos meses de Agosto, Setembro e Outubro de 1989. A associação de peixes era dominada, em cada um dos meses, por três a quatro espécies (90-97% dos indivíduos). A maioria das espécies estavam representadas por formas juvenis. A variação entre meses do padrão diário pode explicar-se primariamente pelas mudanças no padrão de abundância das espécies dominantes. Ao longo dos três meses as variações na estrutura da associação implicaram mudanças no padrão diário. Muitas das espécies tinham um padrão de abundância definido, primariamente por ser ou diurno ou nocturno. Encontrou-se também um padrão de maré na estrutura da associação de peixes caracterizado por uma maior diversidade na maré baixa.ABSTRACT: The shallow-water fish assemblage at Porto Pim, Azores was sampled with a beach seine at three hour intervals over 24 h periods in August, September and October 1989. The fish assemblage was dominated by three to four species in each month (90-97% of numbers). Most species were present as juveniles. The variation in diel patterns between months could primarily be explained by changes in the pattern of abundance of dominant species. Over the three months seasonal changes in the assemblage structure caused changes in the diel pattern. Many of the species present had a definite pattern to their abundance being either primarily diurnal or nocturnal. There was also a tidal pattern to the assemblage structure which had a higher diversity at low water

Associações de peixes das zonas entre-marés da ilha do Faial, Açores

No presente artigo descrevemos as associações de peixes das poças do intertidal rochoso e do intertidal arenoso dos Açores. São treze as espécies que ocorrem nas poças do intertidal rochoso. Os blenídeos, com Parablennius sanguinolentus parvicornis, Coryphoblennius galerita e Lipophrys trigloides, constituem a família dominante de peixes residentes das poças do intertidal rochoso. A riqueza é maior no 3º trimestre, com 12 espécies, e menor no 1º trimestre com apenas oito espécies a ocorrerem nas poças. A diversidade é também superior no 3º trimestre. O pequeno grau de variação pode ser fundamentalmente atribuído à presença de espécies transientes e de juvenis que utilizam a costa durante as primeiras fases de desenvolvimento. São quinze as espécies que ocorrem na zona intertidal da praia arenosa de Porto Pim. A comunidade de peixes é aqui dominada por juvenis de espécies transientes. Não encontrámos espécies intertidais residentes. A riqueza e abundância são superiores no 3º e 4º trimestre devido ao recrutamento de juvenis, e à ocorrência de espécies migradoras e transientes.ABSTRACT: In the present paper we describe fish assemblages of rocky intertidal pools and intertidal areas of sandy beaches of the Azores. Blennies (Parablennius sanguinolentus parvicornis, Coryphoblennius galerita and Lipophrys trigloides) constitute the dominant resident fish family in the intertidal pools. Thirteen species were encountered in intertidal pools. Richness is higher in the 3rd quarter of the year with 12 species and lower in the 1st and 2nd quarters with 8 species occurring in the samples . Diversity is also higher in the 3rd quarter The small variation can mostly be attributed to transient species and juveniles using the shore as a nursery ground. Fifteen species occurred in the intertidal region of the protected shallow sandy beach of Porto Pim. This fish assemblage was dominated by juveniles of transient species. No resident species were present here. Richness and abundance were higher in 3rd and 4th quarters due to recruitment of juveniles, and the occurrence of migrant and transient species

Pain control in healthcare organizations: Developing effective disease management programs

Although medicine possesses the knowledge and technology for preventing or relieving most pain, poor pain control is still widespread. Unrelieved pain causes unnecessary suffering and increases health care expenditures. Among the barriers to improving pain control are poor provider education in pain management, misguided beliefs about the inevitability of pain and the dangers of pain medication, provider resistance to changing practice patterns, and administrative resistance to implementing improvements that incur short-term costs but lead to long-term savings. In short, poor pain relief in America\u27s health care institutions is a system issue, and improvement requires a system-wide change. An effective program for improving pain management requires a multidisciplinary team committed to the task, ideally a triad consisting of a physician, a nurse, and a pharmacist. The triad needs administrative support in order to undertake needs assessment, offer provider and patient education, and perform continuous cycles of assessment, intervention, and reassessment of pain management. A strong information management base and an analytic engine are essential so that the team can evaluate outcomes from multiple perspectives (provider, payer, patient). The triad should identify a service area with clear pain problems, demonstrate improvements in this area, and then systematically move to other service areas. Educating providers and patients about pain and its control is essential for bringing about change. Improved pain management is a win-win situation for patients and institutions alike. Patients and families benefit from reduced suffering and improved quality of life, while institutions can offer more cost-effective care to patients