Response Competition Research Articles

The role of creditor rights on capital structure and product market interactions: International evidence

An extensive body of international business research examines how cross-country variations in legal institutions influence corporate finance practices. Building on this literature, as well as the literature on capital structure and product market interactions, we investigate the effect of an important dimension of legal institutions – creditor rights – on the product market performance of highly leveraged firms. Using a sample of 37,422 firms from 60 countries over the 1989–2016 period, we find that strong creditor protection benefits less leveraged firms, but adversely affects highly leveraged firms by increasing the adverse responses of customers, competitors, and employees. The adverse effect of creditor rights on the costs of high leverage is more pronounced for firms in countries with developed debt markets and banking systems, but mostly insignificant for firms in countries with developed equity markets and low information asymmetry. Our study offers new insights into the international business literature and contributes to the debate on the role of creditor protection by uncovering a potential cost based on capital structure and product market interactions.

Effects of Hurricane Harvey on the Trophic Status of Juvenile Sport Fishes (Cynoscion nebulosus, Sciaenops ocellatus) in an Estuarine Nursery

Understanding the implications of environmental disturbance is of growing importance as climate change and extreme weather events increasingly threaten estuaries and other coastal ecosystems. Among species at risk in estuarine habitats, sport fishes are of particular interest to conservation and management agencies, because of their ecological and economic value. Here, we evaluate the effects of Hurricane Harvey on the abundance, diet, and body condition of age-0 red drum (Sciaenops ocellatus) and spotted seatrout (Cynoscion nebulosus) in Powderhorn Lake, a nearshore estuary in Texas, USA. Catch data from seines indicated that the abundances of age-0 red drum and spotted seatrout were not affected by the hurricane in the study system, but stomach contents and morphometric data show that diet and body condition changed after the event. Both species exhibited declines in body condition based on weight-length ratios, and diets included a greater proportion of invertebrates (i.e., shrimp, crab) post-disturbance, which may have been attributed to changes in fish assemblage structure within the estuary. Trophic niche overlap between age-0 red drum and spotted seatrout also decreased by up to 50% after the event, potentially serving as a mechanism to reduce competition in response to decreased prey availability. Thus, while more easily measured indicators of resistance/resilience (i.e., abundance) did not indicate effects of Hurricane Harvey on sport fishes in Powderhorn Lake, body condition and diet suggest impacts were observed among age-0 fish. Declines in body condition and greater reliance on crustacean prey could have implications for survival, fitness, and harvestability, particularly if more energy is allocated to maintenance during recovery, rather than growth.

Dynamic capabilities and institutional size of financial cooperatives

The study examines the relationship between dynamic capabilities and institutional size of financial cooperatives. A mixed research design was adopted to study 269 savings and credit cooperatives (SACCOs) in Uganda. Structural equation modelling and content analysis were carried out. The results indicate that dynamic capabilities and institutional size of financial cooperatives are significant and positively related. Further, the constructs of dynamic capability of coordination, learning, and competitive response contribute to the increase in membership, capital base, returns to members, and portfolio quality of SACCOs. The study concludes that the size and development of financial cooperatives depends heavily on the institutional and managerial capabilities for coordination, learning, and competitive responses to the environment. The study’s contribution is to highlight the complexity of the environment in which the financial cooperatives operate and the importance of dynamic capabilities to succeed.

Action information contributes to metacognitive decision-making

Metacognitive abilities allow us to adjust ongoing behavior and modify future decisions in the absence of external feedback. Although metacognition is critical in many daily life settings, it remains unclear what information is actually being monitored and what kind of information is being used for metacognitive decisions. In the present study, we investigated whether response information connected to perceptual events contribute to metacognitive decision-making. Therefore, we recorded EEG signals during a perceptual color discrimination task while participants were asked to provide an estimate about the quality of their decision on each trial. Critically, the moment participants provided their confidence judgments varied across conditions, thereby changing the amount of action information (e.g., response competition or response fluency) available for metacognitive decisions. Results from three experiments demonstrate that metacognitive performance improved when first-order action information was available at the moment metacognitive decisions about the perceptual task had to be provided. This behavioral effect was accompanied by enhanced functional connectivity (beta phase synchrony) between motor areas and prefrontal regions, exclusively observed during metacognitive decision-making. Our findings demonstrate that action information contributes to metacognitive decision-making, thereby painting a picture of metacognition as a process that integrates sensory evidence and information about our interactions with the world.

Influence of canopy openness, ungulate exclosure, and low-intensity fire for improved oak regeneration in temperate Europe.

Failed oak regeneration is widely reported in temperate forests and has been linked in part to changed disturbance regimes and land‐use. We investigated if the North American fire–oak hypothesis could be applicable to temperate European oaks (Quercus robur, Quercus petraea) using a replicated field experiment with contrasting canopy openness, protection against ungulate browsing (fencing/no fencing), and low‐intensity surface fire (burn/no burn). Survival, relative height growth (RGRH), browsing damage on naturally regenerated oaks (≤300 cm tall), and changes in competing woody vegetation were monitored over three years. Greater light availability in canopy gaps increased oak RGRH (p = .034) and tended to increase survival (p = .092). There was also a trend that protection from browsing positively affected RGRH (p = .058) and survival (p = .059). Burning reduced survival (p < .001), nonetheless, survival rates were relatively high across treatment combinations at the end of the experiment (54%–92%). Most oaks receiving fire were top‐killed and survived by producing new sprouts; therefore, RGRH in burned plots became strongly negative the first year. Thereafter, RGRH was greater in burned plots (p = .002). Burning altered the patterns of ungulate browsing frequency on oaks. Overall, browsing frequency was greater during winter; however, in recently burned plots summer browsing was prominent. Burning did not change relative density of oaks, but it had a clear effect on competing woody vegetation as it reduced the number of individuals (p < .001) and their heights (p < .001). Our results suggest that young, temperate European oaks may respond similarly to fire as their North American congeners. However, disturbance from a single low‐intensity fire may not be sufficient to ensure a persistent competitive advantage—multiple fires and canopy thinning to increase light availability may be needed. Further research investigating long‐term fire effects on oaks of various ages, species‐specific response of competitors and implications for biodiversity conservation is needed.

A proactive defense method for the stealthy EDoS attacks in a cloud environment

SummaryCloud computing technology provides flexibility to Cloud Service Provider (CSP) for providing the cloud resources based on the users' requirements. In on‐demand pricing model, the attackers exploit this feature and cause unwanted scaling‐up of the cloud resources without any intent to pay for them. The associated cost for the unpaid malicious usage burdens the CSP, and over a long period, economic losses occur at the CSP end. Thus, the resources and services offered by the CSP become unsustainable, and the attack is termed as Economic Denial‐of‐Sustainability (EDoS) attack. The existing defense approaches for EDoS attacks are reactive. Thus, the associated attack detection/mitigation cost is high; consequently, the approaches are not suitable for the Small and Medium Enterprises (SMEs). The aim of this paper is to detect and mitigate, internal and external, stealthy EDoS attacks proactively. The attack is detected using average CPU utilization threshold and utility function (in terms of cost for the utilized cloud computing resources) and mitigated using virtual firewalls. Amazon Elastic Compute Cloud (Amazon EC2) is used to evaluate the performance of the proposed approach. The proposed approach accurately detects the EDoS attack and mitigates its effect as well with reduced cost. It is observed that the approach provides competitive response time, victim service downtime, and attack reporting time. Thus, the overall performance is improved.

On the Future of Business Income Taxation in Europe

How should Europe respond to society’s calls for a sound and properly functioning corporate tax system for the internal market? With the aim of contributing to the deliberations on this subject, the proposal of the author is for the EU Member States to jump ahead in the debate and remodel the CCTB/CCCTB draft directives into a new system of international taxation, i.e. a unitary taxation model for taxing the worldwide economic profits of multinationals, using a destination-based apportionment formula (CCCTB 2.0) to apportion the tax base to countries both within and outside the European Union. Under such a system, it would be up to the EU Member States themselves to determine the rate applying to the tax base apportioned to them. This would take tax out of the equation in the case of marginal financing and investment decisions, while also curtailing its influence on investment location decisions and, at the same time, making “gaming the system” more difficult. EU Member States would, in turn, regain their autonomy to set their corporate tax rates at the levels they regard as appropriate, while the proposed model would also end the “race to the bottom” within the European Union. If the European Union were to be the first mover, self-interest would prompt other countries and regions to follow its lead. The resulting production location neutrality would encourage international businesses to embrace the model and lobby for transition as rapidly as possible. Driven by self-interest and competitive responses, such a move could initiate a transition to the worldwide adoption of destination-based taxation of excess earnings – in other words, harmonization through competition. As the innovator, the European Union would enjoy the greatest economic benefit during the transitional period, when countries’ profit tax systems would be evolving towards an equilibrium in which destination-based tax would become the new global standard. The final destination would be a new destination-based company tax paradigm operating both neutrally and non-discriminatorily on the supply side. That would produce a result that would not only be fair, but would also – and primarily – provide a systemic and economically efficient solution for the international problem of BEPS.

Response of cotton fruit growth, intraspecific competition and yield to plant density

Abstract Increasing plant density has been an effective way for cotton yield improvements. The density of plants in a community also determines competition intensity and the efficiency to exploit available resources. However, the competition response as well as optimal density for yields and the mechanisms of which in terms of fruit growth rate are poorly known. A field experiment was conducted on cotton (Gossypium hirsutum L. SCRC 28) at a wide range of plant densities from 1.5–10.5 plants m−2. The results indicated that intraspecific competition between cotton plants increased nonlinearly with increasing plant density. Seedcotton yield per unit ground area declined precipitously at plant densities below the 4.0 plants m−2 threshold and yield did not further increase above this threshold, which is interpreted as the minimum plant density at which yield should be maximized. Moreover, maximum fruit production and fruit growth rate were also recorded at the same density threshold, above which there was no significant response. Cotton yield was positively correlated with fruit production and fruit growth rate. We thus conclude that high fruit production and fruit growth rate are responsible for maximum yield under optimal plant density in cotton.

Antitrust in Attention Markets

Despite its vital role in the modern marketplace, attention has largely escaped the notice of the antitrust community. Existing discourse exhibits a variety of misconceptions and flawed prescriptions. One example is the widely held notion that attention markets necessitate two-sided platform analysis. Another is a marked overemphasis on data-collection practices. Yet another is that human users, viewers, and listeners are “the consumers” in these markets. And a fourth is that competition for attention occurs within one massive relevant market, obviating the possibility that any single firm could exercise market power. In light of nascent enforcement actions against Facebook, Google, and others, these defects require immediate correction. This Article begins by explaining the basic economics of attention markets, which often involve zero-price barter transactions. It turns next to the appropriate antitrust methodology for market definition. Attention markets need not encompass two “sides”; instead, they are best understood as traditional top-down distribution systems. The oft-used SSNIP test is facially unworkable in zero-price attention markets, but a SSNIC or SSNDQ variant may offer some utility. Practical indicia will often be more useful, however, given the unwieldy nature of hypothetical-monopolist tests generally. Regardless of methodology, courts and enforcers should take care to avoid the “massive market” fallacy espoused by some commentators. When assessing market power, both market shares and direct evidence can be useful. The three most common methods for assigning shares—time on-site, active users, and advertising revenues—each shed light on the issue, despite early judicial skepticism. That said, wherever available, direct evidence regarding attention-cost changes and competitive responses should play a primary role. As to anticompetitive effects, the “attention overcharge” should be a core concern. Recent enforcement efforts have employed alternative framing devices, but these will often be suboptimal. Finally, competition for attention can lead to overuse, overconsumption, heightened racial and gender animus, and other societal ills. In response, courts and enforcement authorities should extend leniency to certain attention-related conduct that might initially appear harmful.

International Labor Market Competition and Spousal Labor Supply Responses

We study how the 2004 EU enlargement to Eastern European countries has affected employment, earnings and the sharing of home production among workers employed in the Building and Construction industry, and their wives. We use license requirements to divide workers into two groups who are more and less exposed to labor market competition. We find that non-licensed workers experience a fall in labor earnings relative to licensed workers after the EU enlargement. Increased wife's labor supply and earnings compensate almost 40 percent of the loss. We do not find a similar change in the division of labor in home production.

СОВРЕМЕННЫЙ ПОДХОД К ПОВЫШЕНИЮ ДОХОДНОСТИ ИНВЕСТИЦИОННЫХ ПРОЕКТОВ

This research paper describes one of the possible approaches to project management in an uncertain business environment as part of the implementation of operational policy. The operational stage of the project is a key factor in the company's success in the market, as its effectiveness is directly reflected in the company's revenue, financial results, project payback and the ability to use free cash for planned purposes. The scientific research was based on the premise that companies operate in a highly competitive environment, when it is extremely difficult to change operational policies. Such restrictions include the response of competitors, which can be expressed in a price war and increased marketing costs, which forces the company to spend even more financial resources to maintain its presence in the market. In this case, the company can resort to improving financial efficiency by using available resources more efficiently, increasing the return on investment and hedging risks. We considered the optimization option when the company uses a non-standard method of project analysis with such a tool as FX SWAP. The main idea of this method is to obtain additional income from investing Free Cash Flow in a financial asset in a foreign currency, which brings an annual income. When using this method, the income consists of the interest income on the investment asset and the increase in the value of the investment asset in foreign currency as a result of the strengthening of the foreign exchange rate. In the scientific study, it was noted that this tool demonstrates its effectiveness only in the case of a fall in the national currency, resulting in additional income, but thanks to such an improvement in financial policy, it is possible to increase all the key performance indicators of the project and increase the free cash that the company will have as a result of the project.

The competition model with Holling type II competitive response to interfering time

In Nature, species coexistence is much more frequent than what the classical competition model predicts, so that scientists look for mechanisms that explain such a coexistence. We revisit the classical competition model assuming that individuals invest time in competing individuals of the other species. This assumption extends the classical competition model (that becomes a particular case of the model presented) under the form of a Holling type II term, that we call competitive response to interfering time. The resulting model expands the outcomes allowed by the classical model by (i) enlarging the range of parameter values that allow coexistence scenarios and (ii) displaying dynamical scenarios not allowed by the classical model: namely, bi-stable conditional coexistence in favour of i (either species coexist or species i wins) or tri-stable conditional coexistence (either species coexist or any of them goes extinct), being exclusion in both cases due to priority effects.

Evaluation of R-CHOP and R-CVP in the treatment of elderly patient with non-Hodgkin lymphoma

Little information is available on the outcomes of R-CHOP (rituximab with cyclophosphamide, doxorubicin, vincristine and prednisone) and R-CVP (rituximab with cyclophosphamide, vincristine and prednisone) in treatment of the elderly patients with non-Hodgkin lymphoma (NHL), especially in Vietnam. All patients were newly diagnosed with CD20-positive non-Hodgkin lymphoma (NHL) at Blood Transfusion and Hematology Hospital, Ho Chi Minh city (BTH) between 01/2013 and 01/2018 who were age 60 years or older at diagnosis. A retrospective analysis of these patients was perfomed. Twenty-one Vietnamese patients (6 males and 15 females) were identified and the median age was 68.9 (range 60-80). Most of patients have comorbidities and intermediate-risk. The most common sign was lymphadenopathy (over 95%). The proportion of diffuse large B cell lymphoma (DLBCL) was highest (71%). The percentage of patients reaching complete response (CR) after six cycle of chemotherapy was 76.2%. The median follow-up was 26 months, event-free survival (EFS) was 60% and overall survival (OS) was 75%. Adverse effects of rituximab were unremarkable, treatment-related mortality accounted for less than 10%. There was no difference in drug toxicity between two regimens. R-CHOP, R-CVP yielded a good result and acceptable toxicity in treatment of elderly patients with non-Hodgkin lymphoma. In patients with known cardiac history, omission of anthracyclines is reasonable and R-CVP provides a competitive complete response rate.

Carbon Limitation and Drought Sensitivity at Contrasting Elevation and Competition of Abies pinsapo Forests. Does Experimental Thinning Enhance Water Supply and Carbohydrates?

Stand-level competition and local climate influence tree responses to increased drought at the regional scale. To evaluate stand density and elevation effects on tree carbon and water balances, we monitored seasonal changes in sap-flow density (SFD), gas exchange, xylem water potential, secondary growth, and non-structural carbohydrates (NSCs) in Abies pinsapo. Trees were subjected to experimental thinning within a low-elevation stand (1200 m), and carbon and water balances were compared to control plots at low and high elevation (1700 m). The hydraulic conductivity and the resistance to cavitation were also characterized, showing relatively high values and no significant differences among treatments. Trees growing at higher elevations presented the highest SFD, photosynthetic rates, and secondary growth, mainly because their growing season was extended until summer. Trees growing at low elevation reduced SFD during late spring and summer while SFD and secondary growth were significantly higher in the thinned stands. Declining NSC concentrations in needles, branches, and sapwood suggest drought-induced control of the carbon supply status. Our results might indicate potential altitudinal shifts, as better performance occurs at higher elevations, while thinning may be suitable as adaptive management to mitigate drought effects in endangered Mediterranean trees.

Expanding row ratio with lowered nitrogen fertilization improves system productivity of maize/pea strip intercropping

Abstract Intercropping is increasingly applied to confront food security issues in a sustainable manner. However, whether changing of row ratio and lowering N fertilization will affect interspecific interactions in maize (Zea mays L.)/pea (Pisum sativum L.) strip intercropping is unknown. Here we determined interspecific competition and yield response of pea and maize in a substitutive strip intercropping field experiment with irrigation in arid northwestern China from 2009–2011. Expanding the maize-to-pea row ratio from 2 : 4 to 3 : 4 intensified interspecific competition by 39, 96 and 154 % at 45, 60 and 75 d after maize sowing, and increased crop growth dynamics index of maize by 102, 89 and 16 % during 75–105, 105–135, and 135–165 d after maize sowing. Accordingly, grain yield of pea and maize with row ratio 3 : 4 was improved by 12 and 8 %, respectively, compared to row ratio 2 : 4. Meanwhile, the overyielding effect of pea and maize with row ratio 3 : 4 at 28 and 35 %, respectively, was significantly greater than row ratio 2 : 4. Lowering N fertilizer rate from 450 to 300 kg N ha−1 intensified interspecific competition without affecting grain yield of pea and maize in the intercropping system. Grain yield of pea was positively correlated with interspecific competition, while that of maize was positively correlated with crop growth dynamics index of maize. Consequently, expanding row ratio with reduced N fertilizer rate could optimize interspecific interactions and improve system productivity of maize/pea strip intercropping.

Low-Temperature Nitridation of 2205 Duplex Stainless Steel

Low-temperature gas-phase nitridation has been studied in $$\updelta $$-ferrite in 2205 duplex stainless steel. High-resolution spatially-resolved compositional and structural analysis revealed two competitive responses to nitridation. Some regions revealed a nitrogen atom fraction approaching 25 at. pct—greater than $$10^6$$ times the equilibrium solubility limit at room temperature. Remarkably, there is no expansion or distortion of the body-centered cubic lattice. This is similar to the response of $$\updelta $$-ferrite in this alloy to low-temperature carburization. In conventional transmission electron microscopy bright-field images, the supersaturated ferrite grains show no diffraction contrast—resembling the appearance of amorphous structures—suggesting an unusually high defect density. These grains exhibit spinodal decomposition of the ferrite to nanometer-scale Fe-rich and Cr-rich ferrite domains. High-resolution imaging reveals pristine Fe-rich nanocrystals, whereas the Cr-rich domains are apparently amorphous. Elsewhere in the nitrogen-rich case, an isothermal ferrite-to-austenite phase transformation occurred. The austenite transformation product formed martensitically with a high-aspect-ratio plate-like morphology in the Nishiyama–Wassermann orientation relationship to the ferrite matrix.

Exploring physiological traits for measuring response to competition in durum wheat

ABSTRACTStudies of the effect of plant density have been conducted in numerous crops. However, most of them focused on yield to evaluate the impact of plant competition. In this study, we determined the best functional trait to detect early competition responses affecting plant growth. To do so, we designed experiments with increasing sowing density using two different durum wheat genotypes. Height from crown to the last liguled leaf and dry weight decreased with increasing sowing density showing that these traits are suitable to measure early competition responses. However, specific leaf area, a common-measured trait to study competition was not affected by sowing density at early stages. We conclude that plant density is a modifier of plant growth at the early stages of plant growth and that dry weight as well as height from crown to the last liguled leaf are the best functional traits to be measured.

Mathematical Analysis and Clinical Implications of an HIV Model with Adaptive Immunity.

In this paper, a mathematical model describing the human immunodeficiency virus (HIV) pathogenesis with adaptive immune response is presented and studied. The mathematical model includes six nonlinear differential equations describing the interaction between the uninfected cells, the exposed cells, the actively infected cells, the free viruses, and the adaptive immune response. The considered adaptive immunity will be represented by cytotoxic T-lymphocytes cells (CTLs) and antibodies. First, the global stability of the disease-free steady state and the endemic steady states is established depending on the basic reproduction number R0, the CTL immune response reproduction number R1z, the antibody immune response reproduction number R1w, the antibody immune competition reproduction number R2w, and the CTL immune response competition reproduction number R3z. On the other hand, different numerical simulations are performed in order to confirm numerically the stability for each steady state. Moreover, a comparison with some clinical data is conducted and analyzed. Finally, a sensitivity analysis for R0 is performed in order to check the impact of different input parameters.

Do competitors respond to capacity changes? Evidence from U.S. manufacturers

The dynamics of strategic response among competing firms have been widely studied in strategic management literature—but this topic remains largely unaddressed in operations management. We develop and empirically test a competitive tactical response (CTR) framework for understanding action and reaction cycles. We use archival financial statement data on U.S. manufacturing companies from the COMPUSTAT data base for the years from 1987 to 2015 to investigate competitive responses to capacity decisions between market-leading firms and their principal competitors. We perform regression analysis on forty industries in which a market share leader and a principal challenger could be identified. This yielded 5355 observations lagged by one year from each focal firm’s capacity action to the competitor’s response. We find support for the hypothesis that the rival firm’s capacity actions influence the competitor’s capacity decisions. We did not find support for the hypotheses that the rival firm’s capacity response is moderated by industry growth, leader-challenger market share gap, or industry concentration. This research extends the study of dynamic competitive response to tactical operational decisions, and informs management practice by providing insight into the potential reaction of competitors to a focal firm’s capacity decisions.

Rationally designed phenanthrene derivatized triazole as a dual chemosensor for fluoride and copper recognition.

A 1,2,3-triazole chemosensor containing phenanthrene and phenol moieties (PhTP) was efficiently synthesized via copper (I)-catalyzed azide-alkyne cycloaddition, "click chemistry". PhTP is a dual analyte sensor for fluoride and copper (II) ions in homogeneous medium. Deprotonation of the phenolic OH proton by the fluoride ion is responsible for a change in fluorescence color from blue (PhTP) to yellowish-orange (PhTP-fluoride adduct), while a charge transfer between the triazole nitrogen of the chemosensor and Cu2+ revealed a turn-off fluorescence output. The detection capability of PhTP was analyzed with a series of anions (F-, Cl-, Br-, I-, H2PO4-, ClO4-, OAc-, BF4-) and cations (Fe3+, Fe2+, Cu2+, Ag+, Cr3+, Al3+, Co2+, Ni2+, Cd2+, Zn2+). With anions, competitive fluorescence responses under UV lamp were observed for acetate and dihydrogen phosphate anions, but maximum response from fluoride ion was substantiated from steady state absorption and fluorescence experiments. With cations, PhTP displayed a selective and sensitive recognition towards Cu2+ ion through spectral modulation in absorption spectroscopy and a turn-off fluorescence response. Nuclear magnetic resonance (NMR) spectroscopic titration studies supported the results obtained through photophysical studies and provided evidence for the ion-binding sites on the probe.