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We examine recent confrontational activism campaigns by hedge funds and other private investors. The main parallels between the groups are a significantly positive market reaction for the target firm around the initial Schedule 13D filing date, significantly positive returns over the subsequent year, and the activist's high success rate in achieving its(More)
Our adult bodies harbor ~10 times more microbial than human cells. Their genomes (the microbiome) endow us with physiologic capacities that we have not had to evolve on our own and thus are both a manifestation of who we are genetically and metabolically, and a reflection of our state of well-being. Our distal gut is the highest density natural bacterial(More)
HERE are two competing theories of why public companies pay executives generous retirement benefits. One is that retirement pay is easier to hide from shareholders than other forms of compensation. The other is that retirement benefits align executives' interests with those of long-term creditors, since the executives may not receive their payouts if the(More)
SV. Silow EA. 2015. The " Melosira years " of Lake Baikal: Winter environmental conditions at ice onset predict under-ice algal blooms in spring. Limnology and Oceanography 60:1950-1964. gene mutants of Desulfovibrio alaskensis reveal genes necessary for syntrophic growth. Appl Environ Microbiol A Continuous 1.3-million-year record of East African(More)
The instability of money market mutual funds (" MMF "), a relatively new form of financial intermediary that connects short-term debt issuers with funders who want daily liquidity, became manifest in the financial crisis of 2007– 2009. The bankruptcy of Lehman Brothers, a major issuer of money market debt, led one large fund to " break the buck " (that is,(More)
The widespread use of computer-based risk models in the financial industry during the last two decades enabled the marketing of more complex financial products to consumers, the growth of securitization and derivatives, and the development of sophisticated risk-management strategies by financial institutions. Over this same period, regulators increasingly(More)
Without the knowledgeable assistance of the Economic Committee for the Development of the Urals Region, and particularly of Sergei Vozdvizhenskiy and Evgeniy Popov, we could not have conducted the discussions with factory managers on which this essay is based. We are grateful for their help. The names of factories used in the essay and some(More)
What is a good banker? What is the economic value added of banks? The economics literature on financial intermediation focuses on the role of banks as deposit-taking institutions and as delegated monitors of borrowers. But this description barely begins to represent what banks do in a modern economy. Besides commercial lending, large banks are engaged in a(More)
This paper presents a computational study of the fluid-structure interaction (FSI) mechanism in pressurized commodity tank cars in railroad application. Within the Lagrangian framework of Abaqus/Explicit, finite element analysis (FEA) is conducted to predict the structural response of tank cars under dynamic impact loading. A three-phase approach is adopted(More)
2 Summary We propose a Human Microbiome Pilot Project (HMPP) to generate key data that are needed to design a cost effective large scale Human Microbiome Project. Specifically, this pilot will: 1. Create reference genome sequences of representatives of divisions (superkingdoms) of bacteria and archaea in targeted human host habitats to assist assembly(More)