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2011Tell Me a Good Story and I may lend you money,the role of narratives in peer-to-peer decisions

MICHAL HERZENSTEIN,SCOTT SONENSHEIN,and UTPAL M.DHOLAKIAThis research examines how identity claims constructed in narrativesby borrowers inﬂuence lender decisions about unsecured personal loans.Speciﬁcally,do the number of identity claims and their content inﬂu-ence lending decisions,and can they predict the longer-term perfor-mance of funded loans?Using data from the peer-to-peer lending website,the authorsﬁnd that unveriﬁable information affects lendingdecisions above and beyond the inﬂuence of objective,veriﬁable informa-tion.As the number of identity claims in narratives increases,so doesloan funding,whereas loan performance suffers,because these borrow-ers are less likely to pay back the loan.In addition,identity content playsan important role.Identities focused on being trustworthy or successfulare associated with increased loan funding but ironically are less predic-tive of loan performance than other identities(i.e.,moral and economichardship).Thus,some identity claims aim to mislead lenders,whereasothers provide true representations of borrowers.Keywords:identities,narratives,peer-to-peer lending,decision makingunder uncertainty,consumerﬁnancial decision making Tell Me a Good Story and I May Lend Y ou Money:The Role of Narratives inPeer-to-Peer Lending DecisionsThe past decade has witnessed a growing number of business models that facilitate economic exchanges between individuals with limited institutional mediation. Consumers can buy products on eBay,lend money on peer-to-peer(P2P)loan auction sites such as , and provide zero-interest“social loans”to entrepreneurs through .In all these cases,strangers decide whether to engage in an economic exchange and on what terms,using only information provided by the borrowers. *Michal Herzenstein is Assistant Professor of Marketing,Lerner College of Business and Economics,University of Delaware(e-mail: michalh@).Scott Sonenshein is Assistant Professor of Man-agement,Jones Graduate School of Business,Rice University(e-mail: scotts@).Utpal M.Dholakia is Professor of Management, Jones Graduate School of Business,Rice University(e-mail:dholakia@ ).The authors thank Rick Andrews,Richard Schwarz,and Greg Hancock for their statistical assistance.They further thank the editor John Lynch,the associate editor,and the two JMR reviewers for their insight-ful comments.Financial support from the Lerner College of Business and Economics at the University of Delaware and the Jones Graduate School of Business at Rice University is greatly appreciated.David Mick served as associate editor for this article.Objective quantitative data about exchange partners often are difﬁcult to obtain,insufﬁcient,or unreliable.As a result, decision makers may turn to subjective,unveriﬁable,but potentially diagnostic qualitative data(Michels2011). One form of qualitative data useful to decision makers in such economic exchanges are the narratives constructed by potential exchange partners.A narrative is a sequentially structured discourse that gives meaning to events that unfold around the narrator(Riessman1993).For example,a narra-tive might explain a person’s past experiences,current sit-uation,or future hopes(e.g.,Thompson1996;Wong and King2008).By providing an autobiographical sketch that explains the vicissitudes of their life,the narrative authors provide a window into how they conceptualize themselves (Gergen and Gergen1997)and a portrait of how they con-struct their identity.However,as a result of either ambiguity or the strategic use of the medium to inﬂuence others(e.g., Schau and Gilly2003),narratives offer only one of several possible interpretations of self-relevant events(Sonenshein 2010).As a result,narrators can relay interpretations of their circumstances that convey the most favorable identities (Goffman1959).©2011,American Marketing AssociationISSN:0022-2437(print),1547-7193(electronic)S138Journal of Marketing ResearchV ol.XLVIII(Special Issue2011),S138–S149Role of Narratives in Peer-to-Peer Lending Decisions S139RESEARCH MOTIVATIONS AND CONTRIBUTIONS The idea that narratives may involve the construction of a favorable identity poses two key questions for research. First,whereas narratives can provide diagnostic informa-tion to a decision maker who is considering an economic exchange,the veracity of the narrator’s story is difﬁcult to determine.Because a narrative offers the possibility of describing either an authentic,full,true self or a partial, inauthentic,misleading self,potential exchange partners are left to intuit the truth of the presentation.Accordingly a key question to consider is,given their potential for diagnostic and misleading information,to what extent do narratives inﬂuence economic exchange transactions?Previous con-sumer research has largely focused on narratives of con-sumption experiences(Thompson1996)or consumption stories(Levy1981),but scholars have not examined the role of narratives in economic exchanges.We believe that narratives may be a particularly powerful lens,in that they allow the consumer to attempt to gain better control over the exchange and thus can provide a means to help con-summate the exchange.Second,to what extent do narratives affect the perfor-mance and outcomes of an economic exchange?Narrative scholars claim that the construction and presentation of a narrative can shape its creator’s future behavior(Bruner 1990)but rarely examine the nature of this inﬂuence empir-ically.Such an examination would be critical to understand-ing how a mixture of quantitative and qualitative factors shapes outcome quality(e.g.,Hoffman and Yates2005). We examine these two questions using data from the online P2P loan auctions website,,by studying borrower-constructed narratives(particularly the identities embedded in them),the subsequent decisions of lenders, and transaction performance two years later.We deﬁne identity claims as the ways that borrowers describe them-selves to others(Pratt,Rockmann,and Kaufmann2006). Borrowers can construct an identity based on a range of ele-ments,such as religion or success.The elements become an identity claim when they enter public discourse as opposed to private cognition.With this framework,we make several contributions.First,by developing and testing theory around how nar-ratives supplement more objective sources of information that decision makers use when considering aﬁnancial trans-action,we draw attention to how narrators can intentionally exploit uncertainty and favorably shape circumstantial facts to obtain resources,such as access to money in unmediated environments.The narrative,as a supplementary,yet some-times deal-making or deal-breaking,information source for decision makers is predicated on compelling stories versus objective facts.It thus offers a means for people to recon-struct their pasts and describe their futures in positive ways. Second,by linking narratives to objective performance measures,we show how narratives may predict the longer-term performance of lending decisions.Because the deci-sion stakes are high in this unmediated and unsecured ﬁnancial arena,lenders engage in highly cognitive pro-cessing(Petty and Wegener1998).The strong disincen-tive of potentialﬁnancial loss leads to cognitive process-ing,which tends to produce accurate attributions about a person and the probabilities of future events(Osborne and Gilbert1992).Because of this motivation for accuracy,we suspect lenders use narratives to help them make invest-ment decisions.Third,from a practice perspective,the recentﬁnancial crisis has exposedﬂaws in the criteria used to make lend-ing decisions.Quantitativeﬁnancial metrics,such as credit scores,have proven unreliable for predicting the ability or likelihood of consumers to repay unsecured loans(Feldman 2009).A narrative perspective on the consummation and performance ofﬁnancial transactions offers the promise of improving systems for assessing borrowers.RESEARCH SETTINGWe conducted our research on (hereinafter, Prosper),the largest P2P loan auction site in the United States,with more than one million members and$238mil-lion in personal loans originated since its inception in March2006(as of June2011).On Prosper,borrowers and lenders never meet in person,so we can assess the role of narratives in overcoming the uncertainty that arises during ﬁnancial transactions between unacquainted actors.The process of borrowing and lending money through a loan auction on Prosper is as follows:Before posting their loan request,borrowers give Prosper permission to ver-ify relevant personal information(e.g.,household income, home ownership,bank accounts)and access their credit score from Experian,a major credit-reporting ing this and other information,such as pay stubs and income tax returns,Prosper assigns each borrower a credit grade that reﬂects the risk to lenders.Credit grades can range from AA, which indicates that the borrower is extremely low risk(i.e., high probability of paying back the loan),through A,B,C, D,and E to HR,which signiﬁes the highest risk of default. Borrowers then post loan requests for auction.When post-ing their loan auctions,borrowers choose the amount(up to $25,000)and the highest interest rate they will pay.They also may use a voluntary open-text area,with unlimited space,to write anything they want—that is,the borrower’s narrative(see Michels2011).After the listing becomes active,lenders decide whether to bid,how much money to offer,and the interest rate. A$1,000loan might beﬁnanced by one lender who lends $1,000or by40lenders,each lending$25for example. Most lenders bid the minimum amount($25)on individual loans to diversify their portfolios(Herzenstein,Dholakia, and Andrews2011).After the auction closes,listings with bids that cover the requested amount are funded.If a list-ing receives bids covering more than its requested amount, the bids with the lowest interest rates win.If the auc-tion does not receive enough bids,the request remains unfunded.Prosper administers the loan,collects payments, and receives fees of.5%to3.0%from borrowers,as well as a1%annual fee from lenders.We employed three dependent variables in our study. First,loan funding is the percentage of the loan request to receive a funding commitment from lenders.For exam-ple,if a loan request for$1,000receives bids worth$500, loan funding is50%.If it receives bids worth$2,000,loan funding equals200%.A higher loan funding value signi-ﬁes greater lender interest.Second,percentage reduction inﬁnal interest rate captures the decrease in the inter-est rate between the borrower’s maximum speciﬁed rate and theﬁnal rate.For example,if a borrower’s maximumS140JOURNAL OF MARKETING RESEARCH,SPECIAL ISSUE 2011T able 1DEFINITIONS OF IDENTITIES AND EXAMPLES FOR DATA CODINGIdentityDeﬁnitionExamplesTrustworthy (Duarte,Siegel,and Young 2009)Lenders can trust the borrower to pay back the money on time.“I am responsible at paying my bills and lending me funds would be a good investment.”(Listing #17118)Successful (Shaﬁr,Simonson,and Tversky 1993)The borrower is someone with a successful business or job/career.“I have [had]a very solid and successful career with an Aviation company for the last 13years.”(Listing #18608)Hardworking (Woolcock 1999)The borrower will work very hard to pay the loan back.“I work two jobs.I work too much really.I work 26days a month with both jobs.”(Listing #18943)Economic hardship (Woolcock 1999)The borrower is someone in need because of hardship,as a result of difﬁcult circumstances,bad luck,or other misfortunes that were,or were not,under the borrower’s control.“Unfortunately,a messy divorce and an irresponsible ex have left me with awful credit.”(Listing #20525)Moral (Aquino et al.2009)The borrower is an honest or moral person.“On paper I appear to be an extremely poor ﬁnancial risk.In reality,I am an honest,decent person.”(Listing #17237)Religious (Weaver and Agle 2002)The borrower is a religious person.“One night,the Lord awaken me and myspouse our business has been an enormous success with G-d on our side.”(Listing #21308)interest rate is 18%and the ﬁnal rate is 17%,the per-centage reduction in interest rate is 18−17 /18=5 56%.rate decreases only if the loan request receives full greater lender interest results in greater reduc-of the interest rate.Third,loan performance is the payment status of the loan two years after its origination.We further classify the types of identity claims made by prospective borrowers.Borrowers in our sample employed six identity claims in their narratives:trustworthy,economic hardship,hardworking,successful,moral,and religious.In Table 1,we provide deﬁnitions and illustrative examples of each identity claim.Borrowers provided an average of 1.53 SD =1 14 identity claims in their narratives.RESEARCH HYPOTHESESWho Is Likely to Provide More Identity Claims in Their Narratives?Narratives,when viewed as vehicles for identity work,provide opportunities for people to manage the impres-sions that others hold of them.Impression management the-ory posits that people want to create and maintain speciﬁc identities (Leary and Kowalski 1990).Narratives provide an avenue for impression management;through discourse,people can shape situations and construct identities that are designed speciﬁcally to obtain a desired outcome (Schlenker and Weigold 1992).Some scholars argue that people use narratives strategically to establish,maintain,or protect their desired identities (Rosenfeld,Giacalone,and Riordan 1995).However,the use of impression manage-ment need not automatically signal outright lying;people may select from a repertoire of self-images they genuinely believe to be true (Leary and Kowalski 1990).Nevertheless,strategic use of impression management means that,at a minimum,people select representations of their self-image that are most likely to garner support.In economic exchanges involving repeated transactions,each party receives feedback from exchange partners thateither validates or disputes the credibility of their self-constructions (Leary and Kowalski 1990),so they can determine if an identity claim has been granted.Prior transactions also offer useful information through feedback ratings and other mechanisms that convey and archive rep-utations (Weiss,Lurie,and MacInnis 2008).However,in one-time economic exchanges,such feedback is not avail-able.Instead,narrators have a single opportunity to present a convincing public view of the self,and receivers of the information have only one presentation to deem the presen-ter as credible or not.We hypothesize that in these conditions,borrowers are strategic in their identity claims.Borrowers with satisfac-tory objective characteristics are less likely to construct identity claims to receive funding;they feel their case stands ﬁrmly on its objective merits alone.In contrast,borrowers with unsatisfactory objective characteristics may view narratives as an opportunity to inﬂuence the attribu-tions that lenders make,because in narratives,they can counter past mistakes and difﬁcult circumstances.In this scenario,borrowers make identity claims that offset the attributions made by lenders about the borrower being fundamentally not a creditworthy person.These disposi-tional attributions are often based on visible characteristics (Gilbert and Malone 1995).The most relevant objective characteristic of borrowers is the credit grade assigned by Prosper,derived from the borrower’s personal credit history (Herzenstein,Dholakia,and Andrews 2011).With more than one identity claim,borrowers can present a more com-plex,positive self to counteract negative objective informa-tion,such as a low credit grade.Thus:H 1:The lower the borrower’s credit grade,the greater isthe number of identities claimed by the borrower in the narrative.Role of Narratives in Peer-to-Peer Lending Decisions S141Impact of the Number of Identity Claims onLenders’DecisionAlthough economists often predict that unveriﬁable information does not matter(e.g.,Farrell and Rabin1996), we suggest that the number of identity claims in a bor-rower’s narrative play a role in lenders’decision making, for at least two reasons.First,borrower narratives with too few identities may fail to resolve questions about the borrower’s disposition.If a borrower fails to provide suf-ﬁcient diagnostic information for lenders to make attri-butions about the borrower(Cramton2001),lenders may suspect that the borrower lacks sufﬁcient positive or dis-tinctive information or is withholding or hiding germane information.Second,the limited diagnostic information provided by fewer identity claims limits a decision maker’s ability to resolve outcome uncertainties.Research on perceived risk supports this reasoning;decision makers gather informa-tion as a risk-reduction strategy and tend to be risk averse in the absence of sufﬁcient information about the decision (e.g.,Cox and Rich1964).In the P2P lending arena,the loan request and evaluation process unfold online with-out any physical interaction between the parties.Further-more,on Prosper,borrowers are anonymous(real names and addresses are never revealed).This lack of seemingly relevant information is especially salient,because many decision makers view unmediated online environments as ripe for deception(Caspi and Gorsky2006).To the extent that the identity claims presented in a narrative reduce uncertainty about a borrower,lenders should be more likely to view the listing favorably,increase loan funding,and decrease theﬁnal interest rate.Therefore,the number of identity claims in a borrower’s narrative may serve as a heuristic for assessing the borrower’s loan application and lead to greater interest in the listing.Although we suggest that the number of identities bor-rowers claim result in favorable lending decisions,we also argue that these identity claims may persuade lenders erroneously,such that lenders fund loans with a lower likelihood of repayment.Borrowers can use elaborate multiple-identity narratives to craft“not-quite-true”stories and make promises they mightﬁnd difﬁcult to keep.More generally,a greater number of identity claims suggests that borrowers are being more strategic and positioning them-selves in a manner they believe is likely to resonate with lenders,as opposed to presenting a true self.Therefore,we posit that,consciously or not,borrowers who construct sev-eral identities may have more difﬁculty fulﬁlling their obli-gations and be more likely to fall behind on or stop loan repayments altogether.Thus,despite the high stakes of the decision,lenders swayed by multiple identities are more likely to fall prey to borrowers that underperform or fail (Goffman1959).H2:Controlling for objective,veriﬁable information,the more identities borrowers claim in their loan requests,the morelikely lenders are to(a)fund the loan and(b)reduce itsinterest rate,but then(c)the lower is the likelihood of itsrepayment.Role of the Content of Identity Claims onLender Decision Making and Loan PerformanceWe also examine the extent to which select identities affect lenders’decision making and the longer-term per-formance of loans.With a limited theoretical basis for determining the types of identities most likely to inﬂu-ence lenders’decision making,this part of our study is exploratory.Research on trust offers a promising starting point(Mayer,Davis,and Schoorman1995),because it sug-gests that identities may reduce dispositional uncertainty and favorably inﬂuence lenders.Trust is a crucial element for the consummation of an economic exchange(Arrow 1974).Scholars theorize that trust involves three compo-nents:integrity(borrowers adhere to principles that lenders accept),ability(borrowers possess the skills necessary to meet obligations),and benevolence(borrowers have some attachment to lenders and are inclined to do good)(Mayer, Davis,and Schoorman1995).We theorize that trustworthy,religious,and moral iden-tities increase perceptions of integrity because they lead lenders to believe that borrowers ascribe to the lender-endorsed principle of fulﬁlling obligations,either directly (trustworthy)or indirectly by adhering to a philosophy (religious or moral).Speciﬁcally,a moral identity tells potential lenders that the person has“a self-conception organized around a set of moral traits”(Aquino et al.2009, p.1424),which should increase perceptions of integrity.A religious identity signals a set of role expectations to which a person is likely to adhere,and though religions vary in the content of these expectations(Weaver and Agle 2002),many of them include principles oriented against lying or stealing and toward honoring contractual agree-ments.A hardworking identity should increase perceptions of integrity,because hardworking people are determined and dependable,which often makes them problem solvers (Witt et al.2002),meaning that they will do their best to meet their obligations,a disposition likely to resonate with lenders.We also reason that the religious and moral identities invoke in lenders a sense of benevolence,which is a foun-dational principle of many religions and moral philoso-phies.Similarly,the economic hardship identity may invoke benevolence,because the borrower exhibits forthrightness about his or her past mistakes and thus suggests to lenders that the borrower is trying to create a meaningful relation-ship based on transparency.We theorize that an identity claim of success can increase perceptions of ability and the belief that the narrator is capable of fulﬁlling promises(Butler1991).Lenders are more likely to lend money to a borrower if they perceive that the person is capable of on-time repayment(Newall and Swan2000).A successful identity likely describes the past or present,but it also can serve as an indication of a probable future(i.e.,the borrower will continue to be successful),which helps“ﬁll in the blanks”about the bor-rower in a positive way.In contrast,economic hardship likely constructs the borrower as someone who has had a setback,which ultimately undermines perceptions of ability and thus negatively affects lenders’decisions.We have offered some preliminary theory in support of these speciﬁc relationships between identity content and loan funding/interest rate reductions,but this examinationS142JOURNAL OF MARKETING RESEARCH,SPECIAL ISSUE2011remains exploratory,so we pose these relationships as exploratory research questions(ERQ):ERQ1:Which types of identity claims inﬂuence lending deci-sions,as indicated by(a)an increase in loan fundingand(b)a decrease in theﬁnal interest rate?We also explore the impact of the content of identity claims on loan performance.We envision two potential sce-narios.In theﬁrst,identities are diagnostic of the borrower or serve as self-fulﬁlling prophecies.Examining the ability aspect of trustworthiness,we anticipate a negative relation between an economic hardship identity and loan perfor-mance(borrowers validate their claim of setbacks)but a positive relation between a successful identity and loan per-formance(borrowers prove their claim of past success). Moreover,we expect the four integrity-related identities—trustworthy,hardworking,moral,and religious—to indicate better loan performance.After a self-presentation as having integrity,the borrower probably has a strong psychological desire for consistency between the narrative and his or her actions(Cialdini and Trost1998).That is,in their narra-tives,borrowers may make an active,voluntary,and public commitment that psychologically binds them to a partic-ular set of beliefs and subsequent behaviors(Berger and Heath2007).Because these four identities speak to funda-mental self-beliefs versus predicted outcomes(e.g.,success or hardship),they can strongly motivate borrowers to live up to their claims.Thus these identities,regardless of their accuracy,can become true and predict the performance of the lending decision.In the other scenario,however,identities improve the lender’s impression of the borrower,thereby allowing bor-rowers to exert control over the provided impressions (Goffman1959).Borrowers(or narrators,more generally) construct positive impressions and may misrepresent them-selves and send signals that may not be objectively war-ranted.Despite the belief that self-constructing identities are helpful for a lending decision,they actually may have no impact or even be harmful to lenders.These mixed pos-sibilities lead to another exploratory research question: ERQ2:How are the content of identity claims and loan perfor-mance related?STUDYDataOur data set consists of1,493loan listings posted by borrowers on Prosper in June2006and June2007.We extracted this data set using a stratiﬁed random sampling ing a web crawler,we extracted all loan listings posted in June2006and June2007(approximately5,400 and12,500listings,respectively).A signiﬁcant percentage of borrowers on Prosper have very poor credit histories, and most loan requests do not receive funding.To avoid overweighting high-risk borrowers and unfunded loans,we sampled an equal number of loan requests from each credit grade.To do so,weﬁrst separated funded loan requests from unfunded ones,then divided each group by the seven credit grades assigned by Prosper.We also eliminated all loan requests without any narrative text,for three reasons. First,including loan requests without narratives could con-found the borrower’s choice to write something other than narratives in the open text box with the choice to write nothing at all.Second,the vast majority of listings lack-ing a narrative do not receive funding.Third,loan requests without text represent only9%of all loans posted in June 2006and4%of those posted in June2007.We nevertheless used the“no text”loans in our robustness check.We randomly sampled posts from the14subgroups (2funding status×7credit grades).In2006,we sampled 40listings from each subgroup(until data were exhausted) to obtain513listings;in2007,we sampled70listings from each subgroup to obtain980listings,for a total of 1,493listings.Each listing includes the borrower’s credit grade,requested loan amount,maximum interest rate,loan funding,ﬁnal interest rate of funded loans,payback sta-tus of funded loans after two years,and open-ended text data.Before combining the data from2006and2007,we tested for a year effect but found none,which supports their combination.Dependent VariablesTheﬁrst dependent variable,loan funding,ranges from 0%to905%in our data set,but requiring an equal inclu-sion of all credit ratings skews these statistics.The mean percentage funded(including all listings)is105.74%(SD= 129 2)and that for funded listings is205.45%(SD=119 6). Because it was skewed,we log-transformed loan fund-ing as follows:Ln(percent funded+1).The second depen-dent variable,percentage reduction in theﬁnal interest rate, ranges from0%to56%in our data set.The mean per-centage reduction in interest rate for all listings is6.4% (SD=10 7)and for funded listings is11.88%(SD=12 75). Because the distribution is skewed,we log-transformed it (we provide the distributionﬁgures in the Web Appendix, /jmrnov11).The third dependent variable is loan performance,mea-sured two years after loan funding.For each funded loan in our data set,we obtained data about whether the loan was paid ahead of schedule and in full(31.1%of funded list-ings),was current and paid as scheduled(40.5%),involved payments between one and four months late(7.1%),or had defaulted(21.3%).This dependent variable may appear ordered,but the likelihood ratio tests reveal that a multino-mial logit model fares better than an ordered logit model for analyzing these data(for both the number and content of identities).Thus,in the following analysis,we employ a multinomial logit model.Independent VariablesWe read approximately one-third of all narratives and developed our inductively derived list of six identity claims (Miles and Huberman1994):trustworthy,economic hard-ship,hardworking,successful,moral,and religious,as we deﬁne in Table1.Two research assistants examined the same data and determined these six identities were exhaustive.Next,ﬁve additional pairs of research assistants (10total)coded the entire data set.We coded each iden-tity as a dichotomous variable that receives the value of1 if the identity claim was present in a borrower’s narrative and0if otherwise.A pair of research assistants read each listing in the data set,independently atﬁrst,then discussed them to determine the uniﬁed code for each listing.Accord-ing to20randomly sampled listings from our data set,used。

EVOLUTION OF INDIAN BIOTECH & FINANCING IMPLICATIONS

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FINANCING ENVIRONMENT SUPPORTS THESE CLUSTERS
VC funding •‘05: $1,215 M •‘06: $1,176 M •‘07 H1: $603 M Companies funded •‘05: 77 •‘06: 97 •‘07 H1: 46
San Diego
VC funding •‘05: $628 M •‘06: $845 M •‘07 H1: $451 M Companies funded •‘05: 57 •‘06: 71 •‘07 H1: 42 Research alliances •‘96-’01: $3.9 B
Proprietary analysis
Background experience
Verbiage
Fund size Duration of investment Expected IRR
4 years
7 years
25-40%
Closer to 40%
Proprietary analysis
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IMPLICATIONS FOR INDIAN BIOTECHS…
On average… Organizational focus Roots Organizational physiology Partnerships • Generics • Services • Trading • Manufacturing • Follow the leader • Command and control • Partner for commercialization only • Arms-length relationships; short-lived Generics/CRAMS companies spending 3-6% of sales Top leadership – even though few have entrepreneurial track record • Top guy has worked/studied abroad • Major turnover in 2nd level talent What’s required Product innovation • Nerds in a garage • University licensing • Spinoffs • Multi-focal teams • Focused entropy • Extensive alliances • Flawless management of partnerships • Venture funding • 15% of sales for commercial organizations • Scientific focus/program • Leadership with track record • N and N-1 are very stable • Share risk/reward

《不择手段背单词》完整版（O-R）

4924,"oafish","[`EJfIF]adj 痴呆的；愚蠢的【记】读：o哦，a fish，哦，这儿有一条鱼－很傻的感觉【区】oak（n 橡树）；oar（n 船桨）；oatmeal＝oat（n 燕麦片）【反】urbanity（n 有礼貌；文雅）－oafishness"4925,"oasis","[EJ5eIsIs]n 沙漠中的绿洲【记】o哦，as好像，is是：哦，好像是绿洲（一般在沙漠中见到绿洲都有一点儿不相信自己的眼睛，所以是“好像”）【类】glade:wood＝oasis:desert＝archipelago:ocean林间空地在树木中＝绿洲在沙漠中＝群岛在海洋中"4926,"obdurate","[5RbdjJrIt; (?@) 5BbdErIt]adj 固执的；不知悔意的＝hardhearted＝intractable【记】ob不，dur＝endure 忍耐，ate一不能忍耐变化一固执的【类】firmness:obdurate＝carefulness:meticulous特别坚定是顽固的＝特别小心是十分小心的energetic:frenetic＝firm:obdurate＝frugal:penurious特积极的是狂热的＝特坚定的是顽固的＝特节俭的是吝啬的penitent:obdurate＝skeptic:credulous悔过者不是顽固的＝怀疑者不是轻信的obdurate:move＝? 顽固的不会动摇＝?【反】toward（adj 温顺的）"4927,"obedient","[EJ5bi:dIEnt]adj （对上级命令、指示或指令）服从的，顺从的【记】源于：obey（v 服从）【反】contumacious（adj 不听令的）；impertinent（adj 鲁莽无礼的）；imperious（adj 专横的）；impudent（adj 放肆无礼的）；imperial（adj 皇帝的）"4928,"obeisance","[EJ5beIsEns]n （表示尊重或敬意的）鞠躬，敬礼【类】obeisance:reverence＝embrace:affection 鞠躬表示敬意＝拥抱表示友情"4929,"obese","[EJ5bi:s]adj 极其肥胖的【记】读：我必死，因为太太太胖了"4930,"obfuscate","[5RbfQskeIt]v 使困惑（使得难于理解）【记】ob，fusc＝fuse导火索，ate吃：在吃的上面插导火索－使困惑【类】headstrong:willfulness＝obfuscate:confusing顽固的:任性＝使困惑:胡涂的（词性不符）cowardice:intimidate＝perplexed:obfuscate懦弱是因为被胁迫＝困惑的是因为被使模糊【反】elucidate（v 阐明）；illuminate（v 照明；阐明）；explain clearly（清楚解释）；clarify（v 澄清）；"4931,"obfuscation","n 困惑【类】equivocation:truth＝euphemis m:offense＝obfuscation:clarity真理不含糊＝冒犯不委婉＝清晰不困惑rationalization:plausible＝obfuscation:indiscernible『equivocation:definite』合理化不是似是而非的＝困惑不是难以识别的『模棱两可不是确定的』【反】lucidity（n 明朗）"4932,"obituary","[E5bItjJErI; (?@) E5bItFJerI]n 讣闻（死后发表的附有死者简要传记）【记】ob离开，it他，uary：他离开我们后写的东西－讣告【类】roster:staff＝obituary:death花名册记录职员＝讣告记录死亡"4933,"oblation","[E5bleIF(E)n]n 供品，祭品（向神供奉，为了敬神或感恩）【记】读：我不累神－我不累的为神提供祭品"4934,"obligatory","[E5blI^EtErI]adj 强制性的；义不容辞的【记】源于：oblige（v 迫使；施恩）；obligation（n 义务）【类】elected:obliged＝? 选举出的:强迫＝?【反】discretionary（adj 自由决定的）；selective（adj 选择性的）；elective（adj 选任的）；oblige（v 迫使；施恩；帮忙）－discommode（v 使不方便）"4935,"obliging","[E5blaIdVIN]adj 热心助人的＝accommodating【记】源于：oblige（v 迫使；施恩；帮忙）【类】visionary:idealistic＝officious:obliging幻想的:理想主义的＝过分插手的:热心的（褒贬）"4936,"oblique","[E5bli:k]adj 斜的；不坦率的【记】读：我不立que一不是站着－斜的【反】direct（adj 径直的）"4937,"obliterate","[E5blItEreIt]v 擦掉（字迹）；切除（肢体）【记】ob去掉，liter字，ate一擦掉（文字）【类】inspire:infuse ＝obliterate:remove＝accomodate:supply＝convey:conduct激励＝除掉＝提供＝运输（同义）inter:burial＝obliterate:removal＝saturated:wet埋葬＝除掉（动名词同义）＝湿的（词性不符）ineffable:description＝irradicable:obliterate不能说的无法描述＝不能根除的无法删除【反】inexpurgate（v 无法除去）"4938,"oblivious","[E5blIvIEs]adj 遗忘的；疏忽的【记】读：我不理vious，我不理你了，我要把你忘了。

Explicating dynamic capabilities the nature and microfoundations

Strategic Management JournalStrat.Mgmt.J.(2007)Published online in Wiley InterScience ()DOI:10.1002/smj.640Received 16February 2004;Final revision received 20June 2007EXPLICATING DYNAMIC CAPABILITIES:THE NATURE AND MICROFOUNDATIONS OF (SUSTAINABLE)ENTERPRISE PERFORMANCEDAVID J.TEECE*Institute of Management,Innovation and Organization,Haas School of Business,University of California,Berkeley,California,U.S.A.This paper draws on the social and behavioral sciences in an endeavor to specify the nature and microfoundations of the capabilities necessary to sustain superior enterprise performance in an open economy with rapid innovation and globally dispersed sources of invention,innova-tion,and manufacturingcapability.Dynamic capabilities enable business enterprises to create,deploy,and protect the intangible assets that support superior long-run business performance.The microfoundations of dynamic capabilities—the distinct skills,processes,procedures,orga-nizational structures,decision rules,and disciplines—which undergird enterprise-level sensing,seizing,and reconﬁguring capacities are difﬁcult to develop and deploy.Enterprises with strong dynamic capabilities are intensely entrepreneurial.They not only adapt to business ecosystems,but also shape them through innovation and through collaboration with other enterprises,enti-ties,and institutions.The framework advanced can help scholars understand the foundations of long-run enterprise success while helping managers delineate relevant strategic considerations and the priorities they must adopt to enhance enterprise performance and escape the zero proﬁt tendency associated with operating in markets open to global competition.Copyright 2007John Wiley &Sons,Ltd.INTRODUCTIONRecent scholarship stresses that business enter-prises consist of portfolios of idiosyncratic and difﬁcult-to-trade assets and competencies (’re-sources’).1Within this framework,competitive advantage can ﬂow at a point in time from the ownership of scarce but relevant and difﬁcult-to-imitate assets,especially know-how.However,inKeywords:cospecialization;intangible assets;innovation;business ecosystems;entrepreneurship;managerial capi-talism;global competitiveness*Correspondence to:David J.Teece,F402Haas School of Business #1930,University of California,Berkeley,California 94720-1930,U.S.A.E-mail:teece@ 1The reference here is to the resource-based theory of the enterprise advanced by Rumelt (1984),Wernerfelt (1984),Amit and Schoemaker (1993),and others.Some of my earlier work (Teece,1980,1982)was also in this vein.fast-moving business environments open to global competition,and characterized by dispersion in the geographical and organizational sources of inno-vation and manufacturing,sustainable advantage requires more than the ownership of difﬁcult-to-replicate (knowledge)assets.It also requires unique and difﬁcult-to-replicate dynamic capabili-ties.These capabilities can be harnessed to con-tinuously create,extend,upgrade,protect,and keep relevant the enterprise’s unique asset base.For analytical purposes,dynamic capabilities can be disaggregated into the capacity (1)to sense and shape opportunities and threats,(2)to seize opportunities,and (3)to maintain competitiveness through enhancing,combining,protecting,and,when necessary,reconﬁguring the business enter-prise’s intangible and tangible assets.Dynamic capabilities include difﬁcult-to-replicate enterpriseCopyright 2007John Wiley &Sons,Ltd.D.J.Teececapabilities required to adapt to changing cus-tomer and technological opportunities.They also embrace the enterprise’s capacity to shape the ecosystem it occupies,develop new products and processes,and design and implement viable busi-ness models.It is hypothesized that excellence in these‘orchestration’2capacities undergirds an enterprise’s capacity to successfully innovate and capture sufﬁcient value to deliver superior long-termﬁnancial performance.The thesis advanced is that while the long-run performance of the enter-prise is determined in some measure by how the (external)business environment rewards its her-itage,the development and exercise of(internal) dynamic capabilities lies at the core of enterprise success(and failure).This paperﬁrst describes the nature of dynamic capabilities,and then explicates their microfoundations.The ambition of the dynamic capabilities frame-work is nothing less than to explain the sources of enterprise-level competitive advantage over time, and provide guidance to managers for avoiding the zero proﬁt condition that results when homoge-neousﬁrms compete in perfectly competitive mar-kets.A framework,like a model,abstracts from reality.It endeavors to identify classes of relevant variables and their interrelationships.A framework is less rigorous than a model as it is sometimes agnostic about the particular form of the theoreti-cal relationships that may exist.Early statements of the dynamic capabilities framework can be found in Teece,Pisano,and Shuen(1990a,1990b,1997) and Teece and Pisano(1994).An extensive lit-erature on dynamic capabilities now exists(e.g., Helfat et al.,2007)that can be organized and inte-grated into the general framework offered here. As indicated,the possession of dynamic capabil-ities is especially relevant to multinational enter-prise performance in business environments that display certain characteristics.Theﬁrst is that the environment is open to international commerce and fully exposed to the opportunities and threats asso-ciated with rapid technological change.The sec-ond is that technical change itself is systemic in 2The management functions identiﬁed are analogous to that of an orchestra conductor,although in the business context the ‘instruments’(assets)are themselves constantly being created, renovated,and/or replaced.Moreover,completely new instru-ments appear with some frequency,and old ones need to be abandoned.Whileﬂexibility is certainly an element of orches-tration,the latter concept implies much more.that multiple inventions must be combined to cre-ate products and/or services that address customer needs.The third is that there are well-developed global markets for the exchange of(component) goods and services;and the fourth is that the busi-ness environment is characterized by poorly devel-oped markets in which to exchange technological and managerial know-how.These characteristics can be found in large sectors of the global econ-omy and especially in high-technology sectors.In such sectors,the foundations of enterprise success today depend very little on the enterprise’s abil-ity to engage in(textbook)optimization against known constraints,or capturing scale economies in production.Rather,enterprise success depends upon the discovery and development of opportuni-ties;the effective combination of internally gener-ated and externally generated inventions;efﬁcient and effective technology transfer inside the enter-prise and between and amongst enterprises;the protection of intellectual property;the upgrading of‘best practice’business processes;the inven-tion of new business models;making unbiased decisions;and achieving protection against imita-tion and other forms of replication by rivals.It also involves shaping new‘rules of the game’in the global marketplace.The traditional elements of business success—maintaining incentive align-ment,owning tangible assets,controlling costs, maintaining quality,‘optimizing’inventories—are necessary but they are unlikely to be sufﬁcient for sustained superior enterprise performance. Executives seem to recognize new challenges in today’s globally competitive environments and understand how technological innovation is nec-essary but not sufﬁcient for ﬂey, CEO of Proctor&Gamble,notes that‘the name of the game is innovation.We work really hard to try to turn innovation into a strategy and a process ...‘.3Sam Pamisano,CEO of IBM,remarks that ‘innovation is about much more than new prod-ucts.It is about reinventing business processes and building entirely new markets that meet untapped customer demand.’4Put differently,there is an emerging recognition by managers themselves that the foundations of enterprise success transcend simply being productive at R&D,achieving new product introductions,adopting best practice,and delivering quality products and services.Not only 3Fortune,December11,2006:4.4Business Week,April24,2004:64.Explicating Dynamic Capabilities:Nature and Microfoundationsmust the innovating enterprise spend heavily on R&D and assiduously develop and protect its intel-lectual property;it must also generate and imple-ment the complementary organizational and man-agerial innovations needed to achieve and sustain competitiveness.As indicated,not all enterprise-level responses to opportunities and threats are manifestations of dynamic capabilities.As Sidney Winter(2003: 991)notes,‘ad hoc problem solving’isn’t neces-sarily a capability.Nor is the adoption of a well-understood and replicable‘best’practice likely to constitute a dynamic capability.Implementing best practice may help an enterprise become or remain viable,but best practices that are already widely adopted cannot by themselves in a competitive market situation enable an enterprise to earn more than its cost of capital,or outperform its competi-tors.Likewise,invention and innovation by them-selves are insufﬁcient to generate success(Teece, 1986).Two yardsticks can be proposed for calibrating capabilities:‘technical’ﬁtness and‘evolutionary’ﬁtness(Helfat et al.,2007).Technicalﬁtness is deﬁned by how effectively a capability performs its function,regardless of how well the capability enables aﬁrm to make a living.Evolutionary or externalﬁtness refers to how well the capability enables aﬁrm to make a living.Evolutionaryﬁt-ness references the selection environment.Helfat et al.(2007)further note that both technical and evolutionaryﬁtness range from zero to some pos-itive value.These yardsticks are consistent with the discussion here.Dynamic capabilities assist in achieving evolutionaryﬁtness,in part by helping to shape the environment.The element of dynamic capabilities that involves shaping(and not just adapting to)the environment is entrepreneurial in nature.Arguably,entrepreneurialﬁtness ought to have equal standing with evolutionaryﬁtness. Dynamic capabilities have no doubt been rele-vant to achieving competitive advantage for some time.However,their importance is now ampli-ﬁed because the global economy has become more open and the sources of invention,innovation,and manufacturing are more diverse geographically and organizationally(Teece,2000),and multiple inventions must be combined to achieve market-place success(Somaya and Teece,2007).Achiev-ing evolutionaryﬁtness is harder today than it was before the millennium.Moreover,regulatory and institutional structures must often be reshaped for new markets to emerge;and as discussed later,the ubiquity of‘platforms’must now be recognized (Evans,Hagiu,and Schmalensee,2006).While the development and astute management of intangible assets/intellectual capital is increas-ingly recognized as central to sustained enter-prise competitiveness,the understanding of why and how intangibles are now so critical still remains opaque and is not addressed by orthodox frameworks.What is needed is a new framework for business and economic analysis.As former U.S.Federal Reserve Chairman Alan Greenspan remarked,‘we must begin the important work of developing a framework capable of analyzing the growth of an economy increasingly dominated by conceptual products.’5The dynamic capabilities approach developed here endeavors to be respon-sive to this challenge at the enterprise level.In an earlier treatment(Teece et al.,1997:530) it was noted that‘we have merely sketched an out-line for a dynamic capabilities approach.’In what follows,the nature of various classes of dynamic capabilities is identiﬁed,and an effort is made to separate the microfoundations of dynamic capa-bilities from the capability itself.Put differently, important distinctions are made between the orga-nizational and managerial processes,procedures, systems,and structures that undergird each class of capability,and the capability itself.One should note that the identiﬁcation of the microfounda-tions of dynamic capabilities must be necessarily incomplete,inchoate,and somewhat opaque and/or their implementation must be rather difﬁcult.Oth-erwise sustainable competitive advantage would erode with the effective communication and appli-cation of dynamic capability concepts.Of course,the existence of processes,proce-dures,systems,and structures already ubiquitously adopted by competitors does not imply that these have not in the past been the source of competitive advantage,or might not still be a source of compet-itive advantage in certain contexts.For example, studies of the diffusion of organizational innova-tions(e.g.,Armour and Teece,1978;Teece,1980) 5Chairman Alan Greenspan also noted recently,‘over the past half century,the increase in the value of raw materials has accounted for only a fraction of the overall growth of U.S.gross domestic product(GDP).The rest of that growth reﬂects the embodiment of ideas in products and services that consumers value.This shift of emphasis from physical materials to ideas as the core of value creation appears to have accelerated in recent decades.’(Remarks of Alan Greenspan,Stanford Institute for Economic Policy Research,2004.)D.J.Teeceindicate that diffusion is by no means instanta-neous,and that proﬁts can persist for many years before being competed away.Decade-long adop-tion cycles for new business structures and pro-cedures(e.g.,performance measurement systems) are not uncommon.Uncertain imitability(Lippman and Rumelt,1982)may also serve to slow the dif-fusion process and support persistent differential performance.Fortunately,the existing literature on strategy, innovation,and organization and the new literature on dynamic capabilities have identiﬁed a panoply of processes and routines that can be recognized as providing certain microfoundations for dynamic capabilities.For instance,Eisenhardt and Martin (2000)identify cross-functional R&D teams,new product development routines,quality control rou-tines,and technology transfer and/or knowledge transfer routines,and certain performance mea-surement systems as important elements(micro-foundations)of dynamic capabilities.The effort here is not designed to be comprehensive,but to integrate the strategy and innovation literature and provide an umbrella framework that highlights the most critical capabilities management needs to sus-tain the evolutionary and entrepreneurialﬁtness of the business enterprise.SENSING(AND SHAPING) OPPORTUNITIES AND THREATS Nature of the capabilityIn fast-paced,globally competitive environments, consumer needs,technological opportunities,and competitor activity are constantly in a state ofﬂux. Opportunities open up for both newcomers and incumbents,putting the proﬁt streams of incum-bent enterprises at risk.As discussed in Teece et al.(1997),some emerging marketplace trajecto-ries are easily recognized.In microelectronics this might include miniaturization,greater chip density, and compression and digitization in information and communication technology.However,most emerging trajectories are hard to discern.Sensing (and shaping)new opportunities is very much a scanning,creation,learning,and interpretive activ-ity.Investment in research and related activities is usually a necessary complement to this activity. Opportunities get detected by the enterprise because of two classes of factors.First,as stressed by Kirzner(1973),entrepreneurs can have differ-ential access to existing information.Second,new information and new knowledge(exogenous or endogenous)can create opportunities,as empha-sized by Schumpeter(1934).Kirzner stressed how the entrepreneurial function recognizes any dise-quilibrium and takes advantage of it.The Kirzner-ian view is that entrepreneurship is the mechanism by which the economy moves back toward equi-librium.Schumpeter,on the other hand,stressed upsetting the equilibrium.As Baumol(2006:4) notes,‘the job of Schumpeter’s entrepreneur is to destroy all equilibria,while Kirzner’s works to restore them.This is the mechanism under-lying continuous industrial evolution and revolu-tion.’Equilibrium is rarely if ever achieved(Shane, 2003).Both forces are relevant in today’s econ-omy.To identify and shape opportunities,enterprises must constantly scan,search,and explore across technologies and markets,both‘local’and‘dis-tant’(March and Simon,1958;Nelson and Winter, 1982).This activity not only involves investment in research activity and the probing and reprob-ing of customer needs and technological possibili-ties;it also involves understanding latent demand, the structural evolution of industries and mar-kets,and likely supplier and competitor responses. To the extent that business enterprises can open up technological opportunities(through engaging in R&D and through tapping into the research output of others)while simultaneously learning about customer needs,they have a broad menu of commercialization opportunities.Overcoming a narrow search horizon is extremely difﬁcult and costly for management teams tied to established problem-solving competences.Henderson(1994) notes that General Motors(GM),IBM,and Dig-ital Equipment Corporation(DEC)encountered difﬁculties because they became prisoners of the deeply ingrained assumptions,informationﬁlters, and problem-solving strategies that made up their world views,turning the solutions that once made them great into strategic straitjackets.When opportunities areﬁrst glimpsed,entrepre-neurs and managers mustﬁgure out how to inter-pret new events and developments,which tech-nologies to pursue,and which market segments to target.They must assess how technologies will evolve and how and when competitors,suppli-ers,and customers will petitors may or may not see the opportunity,and even if theyExplicating Dynamic Capabilities:Nature and Microfoundationsdo they may calibrate it differently.Their actions, along with those of customers,suppliers,standard-setting bodies,and governments,can also change the nature of the opportunity and the manner in which competition will unfold.There are also constraints on the rules by which competitive forces will play out.These constraints are imposed by regulators,standard-setting bod-ies,laws,social mores,and business ethics.The shape of the‘rules of the game’is thus the result of co-evolution and complex interaction between what might be thought of as(business) ecosystem participants.Because of uncertainty, entrepreneurs/managers must make informed con-jectures about the path ahead.These conjectures become working hypotheses that can be updated as evidence emerges.Once a new evolutionary path becomes apparent,quick action is needed. MicrofoundationsThe literature on entrepreneurship emphasizes that opportunity discovery and creation can originate from the cognitive and creative(’right brain’) capacities of individual(s).However,discovery can also be grounded in organizational processes,such as research and development activity.The ability to create and/or sense opportunities is clearly not uniformly distributed amongst individuals or enter-prises.Opportunity creation and/or discovery by individuals require both access to information and the ability to recognize,sense,and shape devel-opments.The ability to recognize opportunities depends in part on the individual’s capabilities and extant knowledge(or the knowledge and learning capacities of the organization to which the indi-vidual belongs)particularly about user needs in relationship to existing as well as novel solutions. This requires speciﬁc knowledge,creative activity, and the ability to understand user/customer deci-sion making,and practical wisdom(Nonaka and Toyama,2007).It involves interpreting available information in whatever form it appears—a chart, a picture,a conversation at a trade show,news of scientiﬁc and technological breakthroughs,or the angst expressed by a frustrated customer.One must accumulate and thenﬁlter information from profes-sional and social contacts to create a conjecture or a hypothesis about the likely evolution of technolo-gies,customer needs,and marketplace responses. This task involves scanning and monitoring inter-nal and external technological developments and assessing customer needs,expressed and latent. It involves learning,interpretation,and creative activity.While certain individuals in the enterprise may have the necessary cognitive and creative skills, the more desirable approach is to embed scan-ning,interpretative,and creative processes inside the enterprise itself.The enterprise will be vulner-able if the sensing,creative,and learning functions are left to the cognitive traits of a few individuals.6 Organizational processes can be put in place inside the enterprise to garner new technical information, tap developments in exogenous science,monitor customer needs and competitor activity,and shape new products and processes r-mation must beﬁltered,and mustﬂow to those capable of making sense of it.Internal argument and discussion about changing market and tech-nological reality can be both inductive and deduc-tive.Hypothesis development,hypothesis‘testing,’and synthesis about the meaning of information obtained via search are critical functions,and must be performed by the top management team.The rigorous assembly of data,facts,and anecdotes can help test beliefs.Once a synthesis of the evidence is achieved,recurrent synthesis and updating can be embedded in business processes designed by middle management and/or the planning unit in the business organization(Casson,1997).If enter-prises fail to engage in such activities,they won’t be able to assess market and technological devel-opments and spot opportunities.As a consequence, they will likely miss opportunities visible to others. As noted in Teece et al.(1997),more decen-tralized organizations with greater local autonomy are less likely to be blindsided by market and technological developments.Because of the prob-lem of information decay as information moves up(and down)a hierarchy,businesses must devise mechanisms and procedures to keep management informed.Bill Hewlett and David Packard devel-oped‘management by walking about’(Packard, 1995)as a mechanism to prevent top management at Hewlett-Packard from becoming isolated from 6In a limited sense,that is about decision making under uncer-tainty.As Knight observes,with uncertainty there is‘a necessity to act upon opinion rather than knowledge’(Knight,1921:268). The problem is not just about knowledge asymmetries and incen-tive problems as Alchian and Demsetz(1972)seem to suggest. Rather,it involvesﬁltering and interpreting information about evolving technologies and marketplaces.D.J.Teecewhat was going on at lower levels in the enter-prise,and outside the enterprise as well.In other organizations(e.g.,professional services)the man-agement ranks can beﬁlled by leading profession-als who remain involved with professional work. This protects them from the hazards of managerial isolation.The search activities that are relevant to‘sens-ing’include information about what’s going on in the business ecosystem.With respect to technolo-gies,R&D activity can itself be thought of as a form of‘search’for new products and processes. However,R&D is too often usually a manifesta-tion of‘local’search.‘Local’search is only one component of relevant search.In fast-paced envi-ronments,with a large percentage of new prod-uct introductions coming from external sources, search/exploration activity should not just be local. Enterprises must search the core as well as to the periphery of their business ecosystem.Search must embrace potential collaborators—customers, suppliers,complementors—that are active in inno-vative activity.Customers are sometimes amongst theﬁrst to perceive the potential for applying new technol-ogy.Visionary members of customer organizations are often able to anticipate the potential for new technology and possibly even begin rudimentary development activities.Moreover,if the suppli-ers of new technology do not succeed in properly understanding user/customer needs,it is unlikely that new products they might develop will be suc-cessful.Indeed,one of the most consistentﬁndings from empirical research is that the probability that an innovation will be successful commercially is highly correlated with the developers’understand-ing of user/customer needs(Freeman,1974).Elec-tronic computing and the Internet itself can rightly be viewed as having a signiﬁcant component of user-led innovations.Business enterprises that are alert and sense the opportunity are often able to leverage customer-led efforts into new products and services,as the users themselves are frequently ill prepared to carry initial prototypes further for-ward.Suppliers can also be drivers of innovation important in theﬁnal product.Innovation in micro-processor and DRAMs is a classic case.This upstream or‘component’innovation has impacted competition and competitive outcomes in personal computers,cellular telephony,and consumer elec-tronics more generally.Failure to‘design in’new technology/components in a timely fashion will lend to failure;conversely,success can some-times be achieved by continuous rapid‘design in.’Indeed,continuous and rapid design around new technology/components developed elsewhere can itself be a source of durable competitive advan-tage.Put differently,with rapid innovation by com-ponent suppliers,downstream competitive success canﬂow from the ability of enterprises to continu-ously tap into such(external)innovation ahead of the competition.External search and acquisition of technology have been going on for decades,but as Chesbrough(2003)explains,‘Open Innovation’is now a mandate for enterprise success.The concept and practice of open innovation underscore the importance of broad-based external search and subsequent integration involving cus-tomers,suppliers,and complementors.Establish-ing linkages between corporations and universities assists broad-based search,as university programs are usually unshackled from the near at hand. Indeed,a recent study of patenting in the opti-cal disk industry(Rosenkopf and Nerkar,2001) seems to suggest that exploration that is more con-ﬁned generates lower impacts,and that the impact of exploration is highest when exploration spans organizational(but not technological)boundaries. However,it is not just a matter of searching for external inventions/innovations that represent new possibilities.Frequently it is a matter of combining complementary innovations so as to create a solu-tion to a customer problem.The systemic nature (Teece,2000)of many innovations compounds the need for external search.Sensing opportunities and threats can also be facilitated if the enterprise and/or the entrepreneur explicitly or implicitly employ some kind of ana-lytical framework,as this can help highlight what is important.Theﬁeld of strategic management has been stranded for some time with a frame-work that implicitly assumes that industry struc-ture(and product market share),mediated by enterprise behavior,determines enterprise perfor-mance.In Porter’s(1980)Five Forces frame-work,a good strategy involves somehow picking an attractive industry and positioning oneself to be shielded from competition.Porter’s approach mandates‘industry’analysis7and the calibration ofﬁve distinct industry-level forces:the role of 7The Five Forces framework undergirds‘industry’analysis in business school curriculum and in practice.However,the very。

Vortex Mixer F202A0173 产品说明书

Instruction ManualManuale di istruzioniManu el d’instructionsManual de instruccionesBedienungsanleitung指导手册CLASSIC Vortex MixerF202A0173General Information / Informazioni Generali / Informations Générales / Información General / Allgemeine Hinweise / 一般信息Before using the unit, please read the following instruction manual carefully.Prima dell’utilizzo dello strumento si raccomanda di leggere attentamente il seguente manuale operativo.Avant d’utiliser l’instrument, il est recommandé de lire a ttentivement le présent manuel d’instructions.Antes de utilizar el instrumento, le recomendamos que lea con atención el siguiente manual de funcionamiento.Bitte lesen Sie vor Inbetriebnahme des Geräts diese Bedienungsanleitung sorgfältig durch在使用本装置之前，请仔细阅读以下使用说明书。

Do not dispose of this equipment as urban waste, in accordance with EEC directive 2002/96/CE.Non smaltire l’apparecchiatura come rifiuto urbano, secondo quanto previsto dalla Direttiva 2002/96/CE.Ne pas recycler l’appareil comme déchet solide urbain, conformément à la Directive 2002/96/CE.No tirar el aparato en los desechos urbanos, como exige la Directiva 2002/96/CE.Dieses Gerät unterliegt der Richtlinie 2002/96/EG und darf nicht mit dem normalen Hausmüll entsorgt werden.根据EEC指令2002/96/CE，请不要将本设备作为城市垃圾处理。

前列腺不典型小腺泡增生

2 A SA P与前列腺微小癌鉴别指标
ASAP与前列腺微小癌 (m inimal volume p rostatic adeno2 carcinoma,癌占活检组织总量的 5%以下 )之间的鉴别标准中 ,腺泡数目和病灶大小是最主要的一条 , ASAP腺泡的数目是癌腺泡数目的 2 /3 (11、17) , ASAP病灶比癌性病灶小一半 (014 mm、018 mm ) 。核增大、明显的核仁、核分裂象、腔内蓝色黏液及并存 P IN等形态特征在前列腺微小癌中更明显 ,但核深染及中～重度萎缩在 ASAP 比癌中更为常见 (分别为 44%、9%和 59%、35% ) 。 100%前列腺微小癌呈浸润性生长 ,但浸润性的生长方式也存在于 75%的 ASAP病例中。嗜酸性颗粒性分泌物与类晶体在两者无明显差异 [12 ] 。
前列腺癌占男性恶性肿瘤的第 2位 ,在发达国家 ,前列腺癌占全部恶性肿瘤的 19% ,在发展中国家为 513% [1 ] 。前列腺穿刺活检是发现和确诊前列腺癌的重要手段 ,但穿刺标本中经常会遇到少量不典型腺泡 ,疑似癌却又不能确定为癌 ,这便是前列腺不典型小腺泡增生 ( atyp ical small acinar p roliferation, ASAP) 。现将 ASAP形态特征、诊断标准、发病率、临床意义以及对发现前列腺癌的预测价值等作一综述。
1 A SA P的病理特征及应用现状
ASAP也称不典型腺体 ( atyp ia / atyp ical glands) [2 ] ,是由 Bostw ick等 [3 ]于 1993年首次提出的一个描述不典型腺样前列腺增生的诊断术语。4 年后这一诊断的临床意义得到首次阐述 [4 ] 。
ASAP为不典型腺泡病变 ,表现为排列紧密的灶性增生的小腺泡集落。这些小腺泡被覆一层几近透明的分泌细胞上皮 ,而基底细胞呈断片状或消失 (可经 34βE12 免疫组化证实 ) 。组织特点为 : ①有限数量的腺体 ; ② 极少腺体出现细胞不典型性 ,包括核增大、核仁增大 ; ③ 组织异型 :缺乏核异型的小腺泡杂乱无章地排列 ; ④ 腔内可见蓝色黏液、结晶体或粉红色蛋白样分泌物 [5 ] 。这些腺泡的结构形态和 /或细胞形态类似于分化较好的前列腺癌 ,但数量太少 ,只是怀疑为癌但不能明确诊断。不足以诊断为癌而做出 ASAP这一诊断主要见于两种情况 [6 ] : ①质的方面 ,缺乏足够的前列腺癌细胞和组织结构特点。例如一个病灶可能包括 12 个腺泡 ,腺泡缺乏基底细胞层 ,呈浸润性生长 ,但细胞形态和组织结构上尚未达到癌的诊断标准 (如缺少明显的核仁和明显的核增大 ) ; ②量的方面 ,包含的腺泡数量太少 ,腺泡的细胞和组织结构方面已经达到癌的诊断标准 ,但病灶的大小是其主要限制 (如 1～3个腺泡 ) 。

Vocb62001

Vocb62001.docCET6 Vocabulary Test1. The world owes ________ to Prince Henry for the development of craft that made oceanic exploration possible.A. liabilityB. reputationC. creditD. gratitude2. We were working _________ time to get everything ready for the exhibition.A. inB. onC. withD. against3. When trapped in drifting sands, do not struggle, or you will be ________ in deeper.A. suckedB. heavedC. absorbedD. plunged4. Several little boats _______ the sailing ship into the harbour.A. escortedB. esteemedC. entailedD. endeavour5. There are no houses for sale in the _______ of our district.A. lodgingB. vergeC. vicinityD. inhabitation6. When you have got your ideas ______, you have next to find the best way of putting them over.A. extractedB. revolvedC. conveyedD. formulated7. When your muscle starts to get _______ you know it’s time to get more exercise.A. tenseB. briskC. brittleD. slack8. She was so angry that she _______ him across the face.A. smashedB. slammedC. slashedD. slapped9. One of the multinationals is expected t make a take-over _______ for the engineering company.A. transferB. bidC. offerD. shift10. I like to g swimming early in the morning, when the pool is largely _______ .A. insulatedB. unoccupiedC. desertedD. vacant11. I’d run out of cigarettes and was ________ to smoking the butts left in the ashtrays.A. inducedB. deducedC. reducedD. tempted12. “I’ve lost my wallet.” “It _______ you right for not putting it in a safe place.”A. suitsB. servesC. paysD. deserves13. The boy _______ a feeling of pride over his recent success.A. formulatedB. reinforcedC. accumulatedD. fostered14. The farmers are sending their cows and horses to _______ in the pasture.A. grazeB. roamC. hailD. stroll15. It’s _______ of the change in Rachel that this year she’s having a big birth day party.A. inclusiveB. indicativeC. imperativeD. imaginative16. Thoughtless vacationers had ________ the beach with cigarette packages and beer cans.A. litteredB. spoiledC. scatteredD. spotted17. In fact, about one hotel guest in three steals something from his or her room, ________ a total annual loss of over 500million.A. accounting forB. ranging fromC. consisting ofD. amounting to18. After his father died he assumed the presidency of the plant and ________ the company distinguished service.A. packedB. endowedC. surrenderedD. rendered19. When he finally emerged form the cave after 30 days, John was ________ pale.A. enormouslyB. startlinglyC. uniquelyD. dramatically120. They’re trying to ________ their costs, so staff who leave are not being replaced.A. exploitB. tackleC. trimD. unload21. Progress has been made in ________ inflation.A. curingB. curbingC. curlingD. cursing22. I don’t think this question is ________ to the main aim of our company.A. proneB. subjectC. immuneD. subordinate23. Out of ________ revenge, he did his worst to blacken her character and ruin her reputation.A. sheerB. integralC. pureD. queer24. Obviously, the two sets of policies overlap and can _______ each other.A. complimentB. complementC. contaminateD. contemplate25. These proofs of kindness and generous feeling will forever be ________ in my memory.A. perchedB. attachedC. cherishedD. clung26. The criminal ran away form the village, but he soon fell into the ________ of the military police.A. clashesB. clutchesC. circusD. criterion27. Her _______ refusal disappointed him very much when he invited her to the party.A. bleakB. bluntC. obscureD. feminine28. The independence of Androrra from France and Spain is by no means _______ .A. tentativeB. nominalC. negligibleD. narrative29. The President has accused two cabinet ministers of working secretly to ________ his position.A. underlieB. undertakeC. underlineD. undermine30. The island far way from the mainland is a favorite __________ of birds.A. dwellerB. hauntC. retreatD. territory31. His lack of a college degree is a definite _________ . Otherwise he would get a better job.A. meritB. fakeC. minusD. handicap32. The students showed _________ when solving some difficult problems.A. ingenuityB. momentumC. innovativeD. highlight33. When the neighbors were __________ with her, they call her name.A. at faultB. at oddsC. at worstD. at a distance34. The recent downward ________ of home prices has depressed the market..A. spellB. spouseC. spectacleD. spiral35. After a great deal of research the psychologist finally produced _________ evidence to support her theories about humanbehavior.A. intenseB. accumulativeC. empiricalD. analytic36. They _______ the abolition of the established system but propose nothing to replace them.A. preachedB. pleadedC. pledgedD. perished37. Not knowing he had _________ with his girl friend, I made the mistake of inviting them both to the party.A. dropped outB. fallen outC. messed upD. geared up38. Puritans believed that God _______ his will in the present world in the lives of individual men, communities, and nations.A. upheldB. contemplatedC. denotedD. manifested39. His poetry is distinguished by its nobility of ________ and simplicity of language.A. compassionB. sensationC. sentimentD. orientation40. Unlike the simple machines of the early 1900s, today’s automobiles are quite _______ .A. comprehensiveB. sophisticatedC. exquisiteD. compact241. The smoke just ________ our eyes so I move that smoking be absolutely prohibited in the conference room.A. distressesB. distortsC. irritatesD. intervenes42. There is another ________ to this problem which you haven’t mentioned.A. dimensionB. magnitudeC. scopeD. prototype43. There are several possible explanations for the greater job ________ in Japan in contrast to the great job mobility in the US.A. originalityB. securityC. sensitivityD. stability44. She took out the blood clothes to ________ the claim of the suspected.A. contradictB. reverseC. refuteD. rectify45. The monitor ________ himself by his performance in the examination.A. weighedB. evaluatedC. nominatedD. distinguished46. I _______ an e-mail to my good friend via Internet to tell him that I would visit him next week.A. dispatchedB. assignedC. attachedD. allocated47. With p rices _________ so much, it’s hard for the firm to plan a budget.A. shrinkingB. swingingC. fluctuatingD. vibrating48. More and more Chinese are learning foreign languages, ________ English.A. preciselyB. previouslyC. practicallyD. predominately49. The arrow _________ through the target just in the centre.A. persecutedB. piercedC. penetratedD. plunged50. In one scene of Modern Times, Charlie Chaplin was shown trying _______ to keep in time with a rapid assembly line.A. receptivelyB. idlyC. desperatelyD. vigorously51. Computers can provide information which allows businessmen to _________ their list of goods, by showing which items arebeing sold and how fast they are moving.A. keep track ofB. keep pace withC. keep in touch withD. keep company with52. Bacteria are sometimes _______ too small to be seen without a microphone.A. farB. fairlyC. quiteD. rather53. Charles Ives’s music was hardly popular with the public at the time it was wr itten in that it was thought to b e ________impossible to perform.A. all butB. nothing butC. anything butD. none but54. The highway was blocked, so we went by a(n) ________ road.A. selectiveB. chosenC. alternativeD. optional55. Tim is too young to be able to ________ between right and wrong.A. discernB. disperseC. diffuseD. diagnose56. The Timber rattlesnake is extinct in two eastern states in which it once _______ .A. thrivedB. prevailedC. prosperedD. flourished57. My favorite radio song is the one I first heard on a thick 1923 Edison disc I ________ at a garage sale.A. trifled withB. scraped throughC. stumbled uponD. thirsted for58. Biotechnology stands to _______ electronics in dollar volume and perhaps surpass it in social impact by 2020.A. contendB. contestC. rivalD. strive59. For three-quarters of its span on Earth, life evolved almost ________ as microorganisms.A. preciselyB. instantlyC. initiallyD. exclusively60. The introduction of gunpowder gradually made the bow and arrow _________, particularly in Western Europe.A. obscureB. obsoleteC. optionalD. overlapping61. The future of this company is _______: many of its talented employees are flowing into more profitable net-based businesses.3A. at oddsB. in dilemmaC. in vainD. at stake62. What seems confusing or fragmented at first might well become ________ a third time.A. clean and measurableB. pure and wholesomeC. clear and organicD. notable and systematic63. A leading member should never concentrate all his attention on one or two problems, to _______ of others.A. displacementB. eliminationC. exceptionD. exclusion64. The boys and girls liked to _________ together round the camp fire telling stories and singing songs.A. padB. packC. squeezeD. cluster65. The economy question as well as other issues is to be discussed when the Congress is in _______ again.A. assemblyB. sessionC. conjunctionD. convention66. The newly-elected President says the election was ________ compliance with the law.A. immenseB. exclusiveC. substantialD. ultimate67. I will ________ the truth of what he has said.A. run intoB. abide byC. step intoD. answer for68. We ________ our competitors by our products onto the market first.A. convincedB. anticipatedC. resolvedD. overwhelmed69. The boss didn’t have time so far to describe it ________, but he gave us an idea about his plan.A. without failB. under wayC. on handD. at length70. Changing from solid to liquid, water takes in heat from all substances near it, and this _______ produces artificialcold surrounding it.A. absorptionB. transitionC. consumptionD. interaction71. The European Community _________ the Single European Market on 1st January 1993.A. installedB. inauguratedC. commencedD. emitted72. During the construction of skyscrapers, cranes are used to _________ building materials t the upper floors.A. tossedB. towC. hoistD. hurl73. Mary’s father ________ with happiness when she won a world champion in swimming.A. explodedB. snappedC. glowedD. gleamed74. There could have been a war over it, but in the end reason ________ .A. countedB. probedC. dominatedD. prevailed75. He is such a shy boy that when he speaks in public he often _________ over his words.A. stumblesB. tumblesC. rumblesD. staggers76. The dogs had been on the _______ of the fox for several miles, but they lost it near the river.A. sceneB. scentC. fragmentD. fragrance77. There was a ________ underneath the photograph to show when and where it was taken .A. scriptB. captionC. marginD. index78. People often regret a _______ statement made in the heat of an argument.A. rashB. prudentC. blushD. fury79. Interestingly a(n) _________ idea or reason is often believable.A. incredibleB. recklessC. exoticD. stereotype80. There are some children who remain as ________ because they lack a particular hormone for growth.A. trampsB. clansC. dwarfsD. victims4。

1-s2.0-S0308814612005365-main

Chitosan–tripolyphosphate submicron particles as the carrier of entrapped rutinK.Konecsni,N.H.Low,M.T.Nickerson ⇑Department of Food and Bioproducts Sciences,University of Saskatchewan,51Campus Drive,Saskatoon,SK,Canada S7N 5A8a r t i c l e i n f o Article history:Received 24June 2011Received in revised form 14February 2012Accepted 19March 2012Available online 28March 2012Keywords:ChitosanSodium tripolyphosphate RutinControlled deliverySimulated gastric conditionsa b s t r a c tChitosan (CH)–tripolyphosphate (TPP)submicron particles were formed as carriers of entrapped rutin,and the release properties characterized using simulated gastric juices and ﬂuids of the small intestine.Particle size,charge and entrapment efﬁciencies were investigated as a function of the CH:TPP molar ratio (2.0:1.0–5.0:1.0).Size was found to decrease from $814nm for the 2.0:1:0mass ratio to $528nm for the ratios between 2.5:1.0and 4.0:1.0,and then again to $322nm for the 5:0:1.0mass ratio,whereas all par-ticles carried a positive surface charge,increasing from +21to +59mV as the ratio increased from 2.0:1.0to 5.0:1.0.The percent entrapment was found to rise from 3.68%to 57.6%as the ratios increased from 2.0:1:0to 4.0:1:0,before reaching a plateau.Submicron particles (4.0:1.0mass ratio only)were found to retain rutin in simulated gastric ﬂuids,whereas in conditions which simulated ﬂuids from the small intestine,only 20%of the entrapped rutin was released and 80%remained absorbed to the CH:TPP carri-ers.Such particles have applications for the delivery of phenolics in food and natural health products.Ó2012Elsevier Ltd.All rights reserved.1.IntroductionThe interest in antioxidants is increasing in the food,nutraceu-tical and natural health product sectors because of their purported ability to protect the body against reactive oxygen and nitrogen species (Shahidi &Naczk,2004).However,the inclusion of more concentrated extracts than is normally naturally present in foods is hindered from off-ﬂavours,poor stability and reduced solubility.The use of encapsulation technology has been shown to help cir-cumvent these issues by entrapping the phenolic compounds with-in biopolymer carriers to better control the dosage,improve their stability against oxidation,provide site-speciﬁc targeted delivery,mask off-ﬂavours and improve their miscibility in aqueous food products.Previously,phenolic compounds have been entrapped within carriers comprised of alginate (Deladino,Anbinder,Navarro,&Martino,2008),cellulose (Lauro,Maggi,Conte,De Simone,&Aquino,2005),chitosan (Hu et al.,2008;Kosaraju,D’Ath,&Lawrence,2006;Zhang &Kosaraju,2007),cyclodextrins (Lucas-Abellan,Fortea,Gabaldon,&Nunez-Delicado,2007),gelatin (Shutava et al.,2009),barley glucan (Xiong,Melton,Easteal,&Siew,2006),maltodextrins (Laine,Kylli,Heinonen,&Jouppila,2008;Robert et al.,2010)and triacylglycerols (Barras et al.,2009).The overall goal of this research was to investigate the use of chitosan (CH)–tripolyphosphate (TPP)submicron particles as carriers of entrapped rutin,and to study their release properties in simulated gastric juices and ﬂuids of the small intestine.Rutin was chosen as a source of the ﬂavonoid quercetin,which is known for its strong antioxidant activity.Chitosan is a naturally occurring cationic polysaccharide derived by the deacetylation of chitin,comprising of repeating b -(1?4)-2-amino-2-deoxy-D -glucopyra-nose units.Chitosan is widely used in controlled delivery applica-tions due to its mucoadhesive properties (Grabovac,Guggi,&Bernkop-Schnürch,2005;Woodleym,2001),biocompatibility and cationic nature (Bonferoni,Sandri,Rossi,Ferrari,&Caramella,2009;Pedro,Cabral-Albuquerque,Ferreira,&Sarmento,2009).The formed nanoparticles are typically stabilized through electro-static cross links between the amino groups along the CH backbone and negatively charged tripolyphosphate (TPP)salts (Janes,Calvo,&Alonso,2001;Mi,Shyu,Lee,&Wong,1999).Chitosan–TPP matrices have been previously used to entrap bo-vine serum albumin (Rayment &Butler,2008),ascorbic acid (Jang &Lee,2008),antimicrobials (Qi,Xu,Jiang,Hu,&Zou,2004),dorzola-mide and pramipexole (Papadimitriou,Bikiaris,Avgoustakis,Kara-vas,&Georgarakis,2008),and phenolics including tea catechins (Hu et al.,2008;Zhang &Kosaraju,2007)and quercetin (Zhang,Yang,Tang,Hu,&Zou,2008).In terms of phenolic entrapment and release,the aforementioned studies differed from the present study in terms of both their entrapment and/or in vitro release experimental ap-proach.Zhang and Kosaraju (2007)entrapped tea catechins within freeze-dried CH:TPP particles,followed by characterization of their entrapment efﬁciencies,size and charge.The authors reported the freeze drying process resulted in irreversible aggregation of multiple nanoparticles giving micron-sized ($4–7l m)particulates.In vitro release behaviour was also investigated within enzyme-free simu-lated gastric and intestinal conditions.Hu et al.(2008)conducted a0308-8146/$-see front matter Ó2012Elsevier Ltd.All rights reserved./10.1016/j.foodchem.2012.03.070Corresponding author.Tel.:+13069665030;fax:+13069668898.E-mail address:Michael.Nickerson@usask.ca (M.T.Nickerson).more comprehensive study focusing on CH:TPP design for the entrapment and release of similar phenolics(catechins).The authors investigated the effect of modulating conditions of CH–tea catechin contacting time,CH characteristics(size and concentration),CH:TPP molar ratio,initial pH of the CH solution and concentration of cate-chins in relation to the entrapment efﬁciency and in vitro release behaviour from the formed nanoparticles.The authors reported the possibility of tailored release based on capsule design;however in vitro studies were limited to heating of the nanoparticles in deion-ized water at37°C rather than under simulated gastric conditions. Zhang et al.(2008)investigated the use of CH:TPP nanoparticles to entrap quercetin,probing the particle structure and retained antiox-idant activity in vitro using a free radical scavenging activity test and reducing power test.The authors reported that their nanoparticle design was effective at maintaining the bioavailability of the querce-tin once entrapped.The present study builds upon gaps in literature by studying aqueous CH:TPP submicron particles(without drying)in terms of their entrapment efﬁciencies,size and charge,and perform-ing in vitro studies using simulated intestinalﬂuids with enzymes.2.Materials and methods2.1.MaterialsChitosan powder(low molecular weight92%deacetylated)was purchased from Sigma–Aldrich(Oakville,ON,Canada),along with the Folin–Ciocalteu’s(FC)phenol reagent,porcine pancreatin,rutin hydrate and sodium tripolyphosphate.Hydrochloric acid(HCl),so-dium bicarbonate(NaHCO3),acetic acid(glacial),acetonitrile (HPLC grade),sodium chloride(NaCl)and oxgall dehydrated bile media was obtained through VWR(Mississauga,ON,Canada), whereas ethanol(95%v/v)was purchased from Commercial Alco-hols Inc.(Brampton,ON,Canada).Gases used for in the anaerobic chamber were purchased from Praxair(Saskatoon,SK,Canada) and consisted of a80%N2,10%H2and10%li-Q water(Milli-Q water system,Millipore,Billerica,MA,USA)was used for all experiments(denoted as ddH20).2.2.Preparation of chitosan–tripolyphosphate particlesChitosan particles were prepared using the ionic gelling tech-niques of Zhang and Kosaraju(2007)and Jang and Lee(2008)with minor modiﬁcations.The particles were prepared at different CH:TPP(w/w)ratios of 2.0:1.0, 2.5:1.0, 3.0:1.0, 4.0:1.0and 5.0:1.0,with entrapped rutin.The chitosan solutions were pre-pared by dissolving CH powder(Sigma,Oakville,ON)at the follow-ing concentrations(2.4,3.0,3.6,4.8,6.0±0.2mg/ml)in a10ml solution containing2.0ml acetic acid10%(v/v)and8.0ml of70% (v/v)ethanol(containing1mg/ml of rutin,prepared by sonication of the rutin powder within ethanol for30min).The solution was then mixed at480rpm using a magnetic stirrer(Ika,Wilmington, NC)until complete dissolution occurred($10min).The solution pH was adjusted to4.8using1.0M sodium hydroxide(NaOH) ($100l l),and was allowed to stir for an additional3h at 250rpm.Sodium tripolyphosphate(TPP)(0.075%w/v)was added (6ml,2mg/ml)drop-wise to the mixture,and allowed to stir for 1h for particle hardening.The chitosan particles were separated by centrifugation(Beckman J2-HC,Mississauga,Ontario)at 9820g for30min.The supernatant was used to determine the entrapment efﬁciencies,whereas the pellet was used in the release, sizing and surface charge studies.2.3.Entrapment efﬁcienciesEntrapment efﬁciencies for rutin within the CH–TPP submicron particles was determined by analyzing the supernatant relative to their original concentrations(Zhang,Oh,Allen,&Kumacheva, 2004).The analyses were made using high performance liquid chromatography(HPLC)with photodiode array detection(PAD) and the Folin–Ciocalteau(FC)method.All analyses were performed in triplicate.2.3.1.HPLC–PDAHPLC–PDA(1100series HPLC system,Agilent Technologies Can-ada Incorporated,Mississauga,ON)was used to determine rutin levels within the supernatant relative to a single point standard (8.0mg rutin in2.0ml[10%(v/v)]acetic acid:8.0ml[70%(v/v)] ethanol:6.0ml[2mg/ml]TPP).All supernatants were loaded onto a250Â4.6mm Prodigy ODS-3,5l m,C18column(Phenomenex, Torrance,CA)in series with a C18guard cartridge(Phenomenex, Torrance,CA)at25°C.Sample injection volume was set at20l l with mobile phases consisted of ddH2O(solvent A)and acetonitrile (solvent B).Theﬂow rate was0.8ml/min and the following gradi-ent system was used:initial,100%A followed by linear gradient to 55%B at15min.The sample injection volume was20l l and all samples were syringeﬁltered before analysis.Detection was per-formed using a PDA with monitoring at254,280,360and520nm.2.3.2.FC methodFC method was adapted from Singleton,Orthofer,and Lamuela-Raventos(1999)to determine the rutin levels within the supernatant.One millilitre of supernatant was passed through a nylon syringeﬁlter(13mm diameter,0.2l m pore size;Chro-matographic Specialties Inc.,Brockville,ON)and added to5.0ml of1:10(v/v)of FC phenol reagent in glass test tubes (16Â150mm).After5min,4.0ml of15%(w/v)sodium carbonate was added to each tube,which were then covered and mixed by inversion.The samples then stood for2h at room temperature (22±2°C)before analysis.A blank was prepared which contained all of the reagents plus 1.0ml of ddH2O.After the incubation period,the samples were analyzed by UV–visible spectroscopy (Mecasys Co.,Daejeon,South Korea)at765nm.Standards of rutin were prepared at concentrations of0.5and2.5mg/ml.All stan-dards and samples were run in triplicate.2.4.Particle sizeParticle size was determined for all CH:TPP ratios containing rutin(2.0:1.0,2.5:1.0,3.0:1.0,4.0:1.0,5.0:1.0)using a Zetasizer Nano Series instrument(Malvern Instruments,Westborough, MA).The recovered pellet(Section 2.2)was re-suspended in 10.0ml of ddH2O and left to stir overnight at250rpm.A0.5ml aliquot of this solution was then diluted with9.5ml of ddH2O and sonicated for10min before size determination at room tem-perature within a plastic cuvette(1cm path length)to break up any aggregated particles.All samples were measured in triplicate.2.5.Zeta potentialThe zeta potential(f)of CH–TPP particles(with rutin)was estimated by measuring the electrophoretic mobility(U E)using a folded capillary cell with the aforementioned Zetasizer Nano Series instrument.The f was estimated using the Henry equation:U E¼2e f fðj aÞ3gð1Þwhere,e is the dielectric constant,f(ja)is the Smoluchowski approximation(equivalent to1.5),and g is viscosity.One millilitre of the diluted re-suspended particles for all CH:TPP ratios was used for analysis.All measurements were made in triplicate.1776K.Konecsni et al./Food Chemistry134(2012)1775–17792.6.Release studies within simulated2.6.1.Simulated gastricﬂuid(SGF)Rutin release from CH:TPP4.0:1.0ratio in SGF was investigated and Kosaraju(2007).SGJ was prepared 3.5ml12M HCl within a500ml brought to volume with ddH2O(pH wet pellet)(0.7–0.8g)were dispersed bated at37°C in a water bath ($100rpm).Aliquots(250l l)were 120min.Samples were thenﬁltered content by HPLC–PDA.All experiments 4:0:1.0CH:TPP ratio was selected as the size,surface charge and entrapment and as such were the only ratio tested.2.6.2.Simulated intestinalﬂuid(SIF)Rutin release from CH:TPP4.0:1.0ratio in SGF was investigated et al.(2007).SIF was prepared by drated bile media,12.5g NaHCO3and volumetricﬂask and was brought to creatin enzyme mixture comprised of protease(100USP units/mg),lipase known concentration).SIF were then chamber for12h prior toGA;80%N2,10%H2and10%CO2;37°wet pellet)(0.7–0.8g)were dispersed in at37°C within the aerobic chamber ($100rpm).Aliquots(250l l)were 45,60,120,180,240min;syringed PDA.All experiments were performed 2.7.StatisticsAll statistical analyses were performed using SPSS software (SPSS Ver.17.0,Chicago,IL).A one-way analysis of variance (ANOVA)with a post-hoc Tukey test was used to determine statis-tical signiﬁcance(p60.05).3.Results and discussion3.1.Particle size and surface chargeParticle size and surface charge are both important consider-ations when designing controlled delivery vehicles.Sub-micron particles are essential for mucosal and epithelial tissue uptake, whereas particles of high positive charge aid in suspension stabil-ity,mucoadhesiveness and permeation(Harris,Lecumberri,Mat-eos-Aparicio,Mengíbar,&Heras,2009;Hu et al.,2008).Chitosan-based particles were formed by ionotropic cross-linking with TPP at different mass ratios(2.0:1.0–5.0:1.0CH:TPP).In general,the CH:TPP particles experienced a decline in size with increasing mass ratio(Fig.1A)as the geometric mean diameter of the particles de-creased from$814nm for the2.0:1:0mass ratio to$528nm for ratios between 2.5:1.0and 4.0:1.0,and to$322nm for the 5:0:1.0mass ratio.In solution,the anionic phosphate groups in TPP interact with an extended CH polymer(under acidic condi-tions)as follows:ﬁrst by forming intermolecular and intramolecu-lar cross-links between amino groups along the CH backbone;and second by screening occupied or unoccupied charged reactive sites to reduce the overall surface charge of the polysaccharide(Mi et al., 1999).This screening effect acts to reduce the polymer’s electric double layer and increase its conformational entropy(or chain ﬂexibility)(Mi et al.,1999).Hu et al.(2008)reported a linear de-cline in particle size with increasing CH:TPP mass ratios from 3.0:1:0to7:0:1:0.The authors attributed the larger particles at lower mass ratios(i.e.,more TPP present relative to available —NHþ3groups)to the cross linking of multiple smaller mono-parti-cles to give an overall larger cluster in solution.In contrast,at high-er mass ratios(i.e.,where TPP is more limiting)fewer inter-particle cross links may be formed.In the current study,surface charge of the formed CH:TPP par-ticles were found to increase from$+21to$+59mV as the mass ratio increased from2.0:1.0to5.0:1.0indicating that less neutral-ization of protonated amino groups by TPP was taking place(i.e., TPP was becoming limiting)and that more CH sites were left un-bound as polysaccharide levels increased(Fig.1B)(p<0.05).The positive zeta potential over the entire molar range indicates thateven at the low 2.0:1.0mass ratio,there are unbound—NHþ3 groups present(Harris et al.,2009).The signiﬁcantly lower zeta po-tential at a mass ratio of2.0:1.0may reﬂect the electrostatic charge screening effect of TPP(Liu&Gao,2009)and the larger clustering of the CH particles due to TPP ionic cross linking(Zhang&Kosaraju, 2007).The latter would results in less protonated amino groups at the surface,which are exposed to the solvent(Fig.1B).A similar trend was also reported by Hu et al.(2008)for CH:TPP systems at slightly higher mass ratios(3.0:1.0–7.0:1.0).3.2.Entrapment of rutinIn the current study,the entrapment efﬁciencies of rutin were indirectly measured by determining rutin content in the Size(A)and zeta potential(B)of CH:TPP rutin particles as a function ofat pH4.8.The data represent the mean±one standard deviation(n=3).Means common letters are not signiﬁcantly different(p60.05).supernatant so as to estimate the levels entrapped within the CH:TPP particles.These levels were investigated as a function of CH:TPP mass ratio as determined by HPLC–PDA and the FC assay (Fig.2).The percent entrapment efﬁciency(%EE)(as measured by HPLC–PDA)was found to increase from3.7±1.4%to57.6±5.1% as the CH:TPP ratios increased from2.0:1:0to4.0:1:0,respectively (p<0.05),after which a plateau was reached up to the5.0:1:0ratio (p>0.05)(Fig.2A).A similar trend was found using the FC assay where%EE increased from9.0±6.1%up to62.1±6.1%as ratios in-creased from a CH:TPP ratio of2.0:1.0to4.0:1.0(p<0.05),respec-tively,before levelling off(p>0.05)(Fig.2B).The rise in%EE with an increasing CH:TPP ratio(up to4.0:1.0)is thought to be associ-ated with the larger number of charged—NHþ3groups available for interactions with rutin through hydrogen bonding(Zhang& Kosaraju,2007).Once the plateau was reached(4.0:1.0mass ratio), the rutin concentration is thought to become limiting relative to nisms of interactions.In the present study,TPP acts to form inter-molecular and intramolecular electrostatic cross links within or between neighbouring CH chains,and also to screen the electric double layer so as to reduce the electrostatic attractive forces act-ing towards counterions(or counter-molecules)in solution.At low mass ratios(2.0:1.0CH:TPP),available—NHþ3groups are reduced due to higher levels of TPP leading to less hydrogen bonding be-tween CH and rutin(%EE$3.7%).However,as the mass ratio in-creased(i.e.,increase the CH content relative to TPP),the amountof available—NHþ3groups increased allowing for greater hydrogen bonding to occur between CH and rutin.Increased hydrogen bond-ing leads to higher%EE values,which reﬂects both entrapped rutin within the CH:TPP submicron particles(or aggregates)and that ab-sorbed on their surface.3.3.In vitro release studiesPercent entrapment efﬁciency of rutin as a function of CH:TPP mass ratio,determined by(A)HPLC–PDA and(B)the FC assay.Data represent the mean standard deviation(n=3).Means with common letters are not signiﬁcantly different(p>0.05).3.Percent release of rutin from CH:TPP particles(4.0:1.0mass ratio)within simulated intestinalﬂuid as a function of time(min)as measured by HPLC–PDA.represent the mean±one standard deviation(n=3).1778K.Konecsni et al./Food Chemistry134(2012)1775–1779literature,relates to both material characteristics(e.g.,CH molecu-lar weight/molar ratio,TPP levels and bioactive core material), along with the in vitro assay employed(e.g.,pH,duration,en-zymes,and salts).Zhang,Alsarra,and Neau(2002)found that the CH:TPP particles released only20–40%of their entrapped material (bovine serum albumin)after20h in SIF with enzymes.Hu et al. (2008)reported$45–55%release of entrapped catechins from the CH:TPP nanoparticles depending on the mass ratio after12h of emersion in distilled water at37°C.4.ConclusionsIn summary,the particle designs were found to be optimal at a 4.0:1.0CH:TPP mass ratio for carrying rutin,where the particles car-ried a high positive charge to promote mucoadhesion.The particles were sufﬁcient in size to facilitate absorption across the intestinal wall,and had good entrapment efﬁciencies.The particles were also able to retain the sensitive core material(rutin)through simulated stomachﬂuids,and release a portion of its contents($20%release) in simulated intestinal conditions.Carrier designs could be used for the delivery of concentrated extracts of phenolic compounds in food and natural health products,however further work is needed to increase the bioactive load,the release rates and elucidate the mechanisms associated with the matrix degradation.AcknowledgementFinancial support from this research was provided by the Ad-vanced Foods and Materials Network.ReferencesBarras,A.,Mezzetti,A.,Richard,A.,Lazzaroni,S.,Roux,S.,Melnyk,P.,et al.(2009).Formulation and characterization of polyphenol-loaded lipid nanocapsules.International Journal of Pharmaceutics,379,270–277.Bonferoni,M.C.,Sandri,G.,Rossi,S.,Ferrari,F.,&Caramella,C.(2009).Chitosan and its salts for mucosal and transmucosal delivery.Expert Opinion on Drug Delivery, 6,923–939.Deladino,L.,Anbinder,P.S.,Navarro,A.S.,&Martino,M.N.(2008).Encapsulation of natural antioxidants extracted from Ilex paraguariensis.Carbohydrate Polymers, 71,126–134.Grabovac,V.,Guggi, D.,&Bernkop-Schnürch, A.(2005).Comparison of the mucoadhesive properties of various polymers.Advanced Drug Delivery Reviews,57,1713–1723.Harris,R.,Lecumberri,E.,Mateos-Aparicio,I.,Mengíbar,M.,&Heras,A.(2009).Chitosan nanoparticles and microspheres for the encapsulation of natural antioxidants extracted from Ilex paraguariensis.Carbohydrate Polymers,84, 803–806.Hu,B.,Pan,C.,Sun,Y.,Hou,Z.,Ye,H.,Hu,B.,et al.(2008).Optimization of fabrication parameters to produce chitosan–tripolyphosphate nanoparticles for delivery of tea catechins.Journal of Agricultural and Food Chemistry,56,7451–7458. Janes,K.A.,Calvo,P.,&Alonso,M.J.(2001).Polysaccharide colloidal particles as delivery systems for macromolecules.Advanced Drug Delivery Reviews,47, 83–97.Jang,K.I.,&Lee,H.G.(2008).Stability of chitosan nanoparticles for L-ascorbic acid during heat treatment in aqueous solution.Journal of Agricultural and Food Chemistry,56,1936–1941.Kosaraju,S.L.,D’Ath,L.,&Lawrence,A.(2006).Preparation and characterisation of chitosan microspheres for antioxidant delivery.Carbohydrate Polymers,64, 163–167.Laine,P.,Kylli,P.,Heinonen,M.,&Jouppila,K.(2008).Storage stability of microencapsulated cloudberry(Rubus chamaemorus)phenolics.Journal of Agricultural and Food Chemistry,56,11251–11261.Laird,B.D.,Van de Wiele,T.R.,Corriveau,M.C.,Jamieson,H.E.,Parsons,M.B., Verstraete,W.,et al.(2007).Gastrointestinal microbes increase arsenic bioaccessibility of ingested mine tailings using the simulator of the human intestinal microbial ecosystem.Environmental Science and Technology,41, 5542–5547.Lauro,M.R.,Maggi,L.,Conte,U.,De Simone,F.,&Aquino,R.P.(2005).Rutin and quercetin gastro-resistant microparticles obtained by spray-drying technique.Journal of Drug Delivery Science and Technology,15,363–369.Lin,Y.H.,Sonaje,K.,Lin,K.M.,Juang,J.H.,Mi,F.K.,Yang,H.W.,et al.(2008).Multi-ion-crosslinked nanoparticles with pH-responsive characteristics of oral delivery of protein drugs.Journal of Controlled Reselease,132,141–149.Liu,H.,&Gao, C.(2009).Preparation and properties of ionically cross-linked chitosan nanoparticles.Polymers for Advanced Technologies,20,613–619. Lucas-Abellan, C.,Fortea,I.,Gabaldon,J. A.,&Nunez-Delicado, E.(2007).Encapsulation of quercetin and myricetin in cyclodextrins at acidic pH.Journal of Agricultural and Food Chemistry,56,255–259.McConnell, E.L.,Murdan,S.,&Basit, A.W.(2008).An investigation into the digestion of chitosan(noncrosslinked and crosslinked)by human colonic bacteria.Journal of Pharmaceutical Sciences,97,3820–3829.Mi,F.L.,Shyu,S.S.,Lee,S.T.,&Wong,T.B.(1999).Kinetic study of chitosan–tripolyphosphate complex reaction and acid-resistive properties of the chitosan–tripolyphosphate gel beads prepared by in-liquid curing method.Journal of Polymer Science Part B-Polymer Physics,37,1551–1564. Papadimitriou,S.,Bikiaris,D.,Avgoustakis,K.,Karavas,E.,&Georgarakis,M.(2008).Chitosan nanoparticles loaded with dorzolamide and pramipexole.Carbohydrate Polymers,73,44–54.Pedro,A.S.,Cabral-Albuquerque,E.,Ferreira,D.,&Sarmento,B.(2009).Chitosan:An option for development of essential oil delivery systems for oral cavity care?Carbohydrate Polymers,76,501–508.Qi,L.,Xu,Z.,Jiang,X.,Hu,C.,&Zou,X.(2004).Preparation and antibacterial activity of chitosan nanoparticles.Carbohydrate Research,339,2693–2700.Rayment,P.,&Butler,M.F.(2008).Investigation of ionically crosslinked chitosan and chitosan–bovine serum albumin beads for novel gastrointestinal functionality.Journal of Applied Polymer Science,108,2876–2885.Robert,P.,Gorena,T.,Romero,N.,Sepulveda,E.,Chavez,J.,&Saenz,C.(2010).Encapsulation of polyphenols and anthocyanins from pomegranate(Punica granatum)by spray drying.International Journal of Food Science and Technology, 45,1386–1394.Shahidi, F.,&Naczk,M.(2004).Antioxidant properties of food phenolics.In Phenolics in foods and nutraceuticals,pp.1–4).New York:CRC Press. Shutava,T.G.,Balkundi,S.S.,Vangala,P.,Steffan,J.J.,Bigelow,R.L.,Cardelli,J.A., et al.(2009).Layer-by-layer coated gelatin nanoparticles as a vehicle for delivery of natural polyphenols.ACS Nano,3,1877–1885.Singleton,V.L.,Orthofer,R.,&Lamuela-Raventos,R.M.(1999).Analysis of total phenols and other oxidation substrates and antioxidants by means of Folin–Ciocalteu reagent.Methods in Enzymology,25,152–178.Woodleym,J.(2001).Bioadhesion:New possibilities for drug administration?Clinical Pharmacokinetics,40,77–84.Xiong,S.Y.,Melton,L.D.,Easteal,A.J.,&Siew,D.(2006).Stability and antioxidant activity of black currant anthocyanins in solution and encapsulated in glucan gel.Journal of Agricultural and Food Chemistry,54,6201–6208.Zhang,H.,Alsarra,I.A.,&Neau,S.H.(2002).An in vitro evaluation of a chitosan-containing multiparticulate system for macromolecule delivery to the colon.International Journal of Pharmaceutics,239,197–205.Zhang,L.,&Kosaraju,S.L.(2007).Biopolymeric delivery system for controlled release of polyphenolic antioxidants.European Polymer Journal,43,2956–2966. Zhang,H.,Oh,M.,Allen, C.,&Kumacheva, E.(2004).Monodisperse chitosan nanoparticles for mucosal drug delivery.Biomacromolecules,5,2461–2468. Zhang,Y.,Yang,Y.,Tang,K.,Hu,X.,&Zou,G.(2008).Physicochemical characterization and antioxidant activity of quercetin-loaded chitosan nanoparticles.Journal of Applied Polymer Science,107,891–897.K.Konecsni et al./Food Chemistry134(2012)1775–17791779。

新世纪博士综合英语翻译Unit 2 A Deadly Drug

A Deadly Drug, A New Generation一种致命的药物，新的一代These heroin users are the kids next door-or closer这些海洛因使用者就在孩子们身边By Henry Pierson Curtis亨利.皮尔森.柯蒂斯1. Inside a nightclub, where a party known as a "rave" was under way, 16-year-old Sarah Jenkins could feel the beat of the music pulsating through the dance floor. Tall, with sandy hair, she moved with the dancers and felt her senses heighten. Her eyes took in the psychedelic light show flashing bright colors across the ceiling and walls.在一家夜总会内，有一个被称为“锐舞”的派对正在进行。

16岁的莎拉.詹金斯，高挑的身材，沙质头发，通过舞池的节奏能感觉到音乐的节拍；她随着舞者移动，感觉很兴奋；她的眼睛吸入了天花板和墙壁反射的迷幻的灯光，闪烁着明亮的色彩。

2. Raves like this one in Orlando, Fla., are the places to be for suburban teens like Sarah. And while they may appear safe, many have a sinister edge: trolling the periphery of the dance floor are dealers looking to sell marijuana, cocaine, heroin and psychedelics such as Ecstasy.像在佛罗里达州奥兰多市这个派对一样的“锐舞”派对是适合像萨拉这样的郊区青少年的地方。

辅助生殖技术相关并发症的研究进展

DOI:10.12280/gjszjk.20200730谢奇君，李欣，赵纯，凌秀凤△【摘要】辅助生殖技术（ART）已被广泛应用于不孕症的治疗，包括人工授精（AI）和体外受精-胚胎移植（IVF-ET），及其相关衍生技术如胞浆内单精子注射（ICSI）、胚胎植入前遗传学筛查（PGS）、卵母细胞体外成熟（IVM）、胚胎辅助孵化（AH）等技术。

随着ART的普及和妊娠率的逐步提高，其带来的并发症及其安全性也越来越受到重视。

能够及时发现和处理并发症，可以最大限度地使不孕症患者获得安全优质的妊娠结局。

目前，ART相关并发症发生的原因仍存在争议，有部分研究认为是由于ART导致的多胎妊娠或不孕症病因，也有研究认为是由于ART本身。

故对近年来相关文献进行分析，总结ART相关并发症的最新研究进展。

【关键词】生殖技术，辅助；并发症；不育，女（雌）性；体外受精；胚胎移植Research Progress of Complications Related to Assisted Reproductive Technology XIE Qi-jun,LI Xin,ZHAO Chun,LING Xiu-feng.Reproductive Center,Women′s Hospital of Nanjing Medical University(NanjingMaternity and Child Health Care Hospital),Nanjing210004,ChinaCorresponding author:LING Xiu-feng,E-mail:************************【Abstract】Assisted reproductive technology(ART)has been widely used in the treatment of infertility,including artificial insemination(AI)and in vitro fertilization-embryo transfer(IVF-ET),and many derivativetechniques such as intracytoplasmic sperm injection(ICSI),preimplantation genetic screening(PGS),in vitromaturation(IVM),and assisted hatching(AH).With the popularity of ART and the gradual improvement ofpregnancy rate,more and more attention has been paid to the complications of ART and the safety of ART.Detection and treatment of complications in time can maximize the safety and high quality of pregnancy,and thegood outcomes for patients.At present,the causes of ART-related complications are still controversial.Somestudies believe that the increased rate of multiple pregnancy caused by ART or the factors related to infertility arethe main causes.However,other studies believe that the factors of ART itself cannot be overlooked.In this review,we analyzed the complications related to ART and the causes.【Keywords】Reproductive techniques，assisted；Complications；Infertility，female；Fertilization in vitro；Embryo transfer（ＪＩｎｔＲｅｐｒｏｄＨｅａｌｔｈ蛐ＦａｍＰｌａｎ，2021，40：204-208）·综述·基金项目：国家自然科学基金（81871210）作者单位：210004南京医科大学附属妇产医院（南京市妇幼保健院）生殖中心通信作者：凌秀凤，E-mail：************************△审校者辅助生殖技术（assisted reproductive technology，ART）是一种应用各种技术处理精子或卵子，以帮助不孕症夫妇实现生育的方法，包括人工授精（artificial insemination，AI）、体外受精-胚胎移植（invitro fertilization-embryo transfer，IVF-ET）及相关技术，如胞浆内单精子注射（intracytoplasmic sperminjection，ICSI）、胚胎植入前遗传学筛查（preimplantation genetic screening，PGS）、卵母细胞体外成熟（in vitro maturation，IVM）、胚胎辅助孵化技术（assisted hatching，AH）和卵母细胞玻璃化冷冻技术等。

Voluntary Disclosure and Investment

Voluntary Disclosure and Investment*XIAOYAN WEN,University of Illinois at Chicago1.IntroductionThis paper examines the determinants and economic efﬁciency of corporate voluntary dis-closure.The focus is on the trade-off for an individualﬁrm when the beneﬁts and costs of voluntary disclosure stem from the consequences of its investment decisions and the impact on its share price.When aﬁrm’s investment incentive is provided by the short-term market pricing of its shares,as well as long-term cashﬂow payoffs,investment and voluntary dis-closure decisions are intertwined.First,by transmitting value-relevant information to the market,voluntary disclosure leads to more accurate pricing because the market is able to fully‘‘price in’’the beneﬁt of the investment.The accurate pricing,in turn,provides a bet-ter investment incentive to theﬁrm and induces more efﬁcient investment decisions.Here, the voluntary disclosure plays a positive role and provides an ex ante beneﬁt to theﬁrm. Second,theﬁrm may affect the market pricing of its shares in its favor by strategically dis-closing or withholding its private information.This opportunistic use of disclosure has a feedback effect on investment efﬁciency and may cause the real investment to be distorted at the margin.Here,the voluntary disclosure plays a negative role and incurs an ex ante cost to theﬁrm.My study shows that the economic efﬁciency of voluntary disclosure is determined by both the positive and negative effects of voluntary disclosure.This paper contributes to the voluntary disclosure literature by examining the economic relevance of voluntary disclosure.In recent surveys of the literature,Dye(2001)and Verrec-chia(2001)emphasize the importance of a theory designed to identify efﬁcient resource allo-cations in a disclosure setting.Though the effects of mandatoryﬁnancial reports on the efﬁciency of managerial behavior have been studied extensively,1the literature on how vol-untary disclosure affects economic efﬁciency has been scant.2Beyer and Guttman(2010) study the real effects of voluntary disclosure in a model in which a manager who is privately informed about the value of theﬁrm’s assets in place may issue equity toﬁnance a proﬁtable investment opportunity.They show the relationship between voluntary disclosure and *Accepted by RafﬁIndjejikian.This paper is partially drawn from my doctoral thesis at Carnegie Mellon University.I am especially grateful to Pierre Jinghong Liang,my dissertation advisor,for his valuable guid-ance and help.I also appreciate the helpful comments of Jonathan Glover,Ronald Dye,Yuji Ijiri,Michael Kirschenheiter,Carolyn Levine,Lin Nan,John O’Brien,Ram Ramakrishnan,Somnath Das,two anony-mous referees,and workshop participants at Carnegie Mellon University,the Ohio State University,the University of Chicago,the University of Pittsburgh,Fordham University,the University of Minnesota, Columbia University,Northwestern University,Yale University,the University of Illinois at Chicago,and the University of Miami.1.Dye and Sridhar(2004)study the efﬁciency of accounting aggregation in the reliability and relevance ofcomponents of the report.Kanodia,Sapra,and Venugopalan(2004)examine the economic trade-offs of intangible measurements.Stocken and Verrecchia(2004)examine the efﬁciency of a manager’sﬁnancial reporting system choice.Bhojraj and Libby(2005)examine the effect of mandatory disclosure frequency on managerial myopia in an experimental setting.Kanodia,Singh,and Spero(2005)and Liang and Wen (2007)analyze the efﬁciency of accounting measurement basis.Gao(2010)studies how the cost of capital is affected by disclosure quality when new investment is sufﬁciently elastic.2.Verrecchia(1990)and Pae(1999)ﬁnd a monotonically negative relationship between the efﬁciency and thequality of private information.In Dye1985and Jung and Kwon1988,voluntary disclosure is neutral in terms of economic efﬁngberg and Sivaramakrishnan(2010)study the role of voluntary disclo-sure when feedback from theﬁnancial market is potentially useful to managers.Contemporary Accounting Research Vol.30No.2(Summer2013)pp.677–696ÓCAAAdoi:10.1111/j.1911-3846.2012.01169.x678Contemporary Accounting Researchinvestment decisions when managers can bias their reports on the value of assets in place at a cost.The current model differs from Beyer and Guttman in that theﬁrm has private infor-mation on the new project,as opposed to the assets in place,and the voluntary disclosure is always truthful when the new project is implemented.In addition,this study examines how a ﬁrm’s information environment(private information quality)and economic environment (investment prospects)interactively affect its voluntary disclosure decisions.The results in this paper have implications for empirical accounting work on voluntary disclosure.In particular,the model generates empirical predictions on the market reaction to voluntary disclosure and the determinants of disclosure decisions.It predicts a pricing discontinuity upon voluntary disclosure,where the market negatively responds to a non-disclosureﬁrm when the ex ante expected investment proﬁtability is low.Moreover,the magnitude of the pricing discontinuity is related to managerial myopia in disclosure decisions.This paper also predicts that corporate voluntary disclosure is related to the eco-nomic outlook of theﬁrm’s investment and that the nature and direction of the relation depends onﬁrm private information quality.In particular,when aﬁrm’s private informa-tion is accurate,a higher ex ante expectation of the investment proﬁtability induces less ﬁrm voluntary disclosure,and when private information is coarse,a higher ex ante expec-tation of the investment proﬁtability induces moreﬁrm voluntary disclosure.The model setup is consistent withﬁndings in archival and survey research.For instance, the model studies how aﬁrm opportunistically affects the market pricing in its favor through voluntary disclosure,which is consistent with the survey evidence from Graham,Harvey, and Rajgopal2005thatﬁrms’voluntary disclosure decisions are motivated by market prices. Archival empirical evidence also shows that corporate voluntary disclosure is motivated by short-term share price interests,such as CEO stock-based compensation(Aboody and Kasznik2000;Nagar,Nanda,and Wysocki2003),insider trading(Noe1999;Cheng and Lo 2006),and equity offering(Lang and Lundholm2000).In addition,this paper studies how disclosure decisions are related to different characteristics of the information and economic environment,as suggested by several empirical studies(e.g.,Lennox and Park2006), and suggests implications on the market reaction to voluntary disclosure,which has been extensively studied in the empirical literature(Chen,Matsumoto,and Rajgopal2011).Speciﬁcally,this paper considers a model in which aﬁrm is confronted with an invest-ment decision and a voluntary disclosure option created by the investment.Theﬁrm’s objective is to maximize a weighted average of the long-term cashﬂow payoffs and the short-term share price.Theﬁrm privately learns whether it will have an investment oppor-tunity or not,which generates a future cashﬂow correlated with theﬁrm’s ongoing activi-ties.If the investment opportunity is available,theﬁrm observes a private signal informative of the project’s cashﬂow.Conditional on this private signal,theﬁrm chooses whether to invest in the project or not.If the project is implemented,theﬁrm acquires an additional option to make a voluntary disclosure of its private signal.Firms without the investment opportunity do not have a credible means of disclosure as such,and they are indistinguishable fromﬁrms with the opportunity that choose not to disclose.As the investment cashﬂow is correlated with theﬁrm’s ongoing activities,the volun-tary disclosure conveys information on both the new investment and theﬁrm’s ongoing activities.Theﬁrm’s shares are priced in a competitive capital market based on the public investment decision and the voluntary disclosure(if the voluntary disclosure is available). The market’s inability to distinguish among nondisclosureﬁrms may induce distorted investment decisions,in thatﬁrms might be motivated to invest in unproﬁtable projects and disclose,or to forgo proﬁtable projects and withhold private information.3The 3.Dye(1998),Dutta and Trueman(2002),and Suijs(2007)study managers’disclosure strategies when they areuncertain of investor response,because they do not know the market participants’entire information set. CAR Vol.30No.2(Summer2013)Voluntary Disclosure and Investment679 direction of the distortion is determined by the ex ante expectation of the project’s proﬁt-ability.When the ex ante expected proﬁtability is low,averageﬁrms in the market have less proﬁtable projects.Theﬁrm is likely to have a less proﬁtable project despite the good quality of theﬁrm’s ongoing activities compared with nondisclosureﬁrms.Theﬁrm may choose to undertake the project and disclose in order to avoid further undervaluation on its ongoing activities.In other words,exercising the disclosure option has a positive value ex post that outweighs the investment losses.Alternatively,when averageﬁrms have prof-itable projects,theﬁrm is likely to have a slightly proﬁtable project despite the poor qual-ity of theﬁrm’s ongoing activities.Theﬁrm may choose to forgo the project and withhold information to avoid being compared with other disclosers(who disclose highly proﬁtable projects).In short,this paper identiﬁes the economic outlook of investment as a major determinant of voluntary disclosure.The second determinant is theﬁrm’s private information quality.When the private sig-nal is noisy,theﬁrm has less information advantage over the market.The disclosure is not informative and does not signiﬁcantly revise the market’s perception.As a result,theﬁrm has less incentive to distort the investment and disclosure decisions.If the private signal is precise,theﬁrm’s disclosure is more inﬂuential in the market pricing.Ex post,theﬁrm is motivated to take advantage of its private information and to affect the market pricing by strategic investment and disclosure,which may hurt efﬁciency ex ante.On the other hand, a precise private signal allows theﬁrm to better distinguish between good and bad pro-jects,and therefore theﬁrm is better able to make efﬁcient investment decisions(because it is partially motivated by the long-term cash-ﬂow payoffs).Thus,the dominant effect determines the total efﬁciency effect of the private information.4The rest of the paper is organized as follows.Section2describes the model in detail. Section3presents the equilibrium investment and voluntary disclosure decisions and the market pricing.Section4analyzes how theﬁrm’s voluntary disclosure decision is related to the prior expectation of investment proﬁtability.Section5looks further into theﬁrm’s investment decisions and efﬁciency implications.Section6concludes the paper.The appendix contains all proofs.2.The modelInvestment decisionConsider an economy with a risk-neutralﬁrm in a competitive,risk-neutral capital market. There are three dates in the model.On date1,theﬁrm privately learns whether it faces an investment opportunity(called a project).The cashﬂow generated by the project is denoted by x.One can think of this project as an expansion of theﬁrm’s ongoing activities through internal growth.For example,theﬁrm may discover a growing market demand, or a new technology may allow additional innovations(such as consumer-friendly fea-tures)in its products.It is assumed that the investment opportunity occurs with probabil-ity q2ð0;1Þand that the availability of the project is independent with all other random variables in the setting.5Outsiders do not know whether theﬁrm faces an investment opportunity or not.At the same time,theﬁrm confronted with the investment opportunity 4.In Verrecchia1983,1990and Pae1999,theﬁrm is,ex ante,best off by choosing to be completely unin-formed.In Verrecchia1983,1990,the disclosure of private information triggers a deadweight loss from proprietary cost,which reduces the asset’s value in a pure exchange economy.In Pae1999,private infor-mation not only imposes an acquisition cost but also gives rise to an efﬁciency loss in the endogenous effort decision.My model allows a positive role of aﬁrm’s private signal because in the investment-pro-duction economy private information allows theﬁrm to be better able to make efﬁcient investment deci-sions.5.This assumption of independence is used for tractability and is common in the literature(e.g.,Dye1985,1998).CAR Vol.30No.2(Summer2013)observes a private signal h that is informative about the project’s cash ﬂow x .On date 2,the ﬁrm with the investment opportunity makes the investment decision.If the project is implemented,the ﬁrm has an option to make a voluntary disclosure about h .On date 3,the ﬁrm value is priced in a competitive capital market based on all publicly available information.The cash ﬂow generated by the ﬁrm’s ongoing activities is denoted by y ,where y isnormally distributed with mean l y and variance r 2y ,that is,y $N ½l y ;r 2y .I assume thatthe ongoing activities’cash ﬂow y is unobservable until it is realized at the end of the game.6The cash ﬂow generated by the project,denoted by x ,is closely related to the ﬁrm’s ongoing activities.The project’s cash ﬂow x and the ongoing activities’cash ﬂow y follow the jointly normal distribution given by:x y $N l x l y ;r 2x qr x r y qr x r y r 2ywhere q 2ð0;1Þis the positive correlation coefﬁcient between the project and the ﬁrm’s ongoing activities.The mean of the project’s cash ﬂow l x represents the economic prospect of the project,which could be interpreted as an indicator of the business ⁄industry cycle.7The ﬁrm confronted with the investment opportunity observes a private signal h ,which is informative about the project’s cash ﬂow.The private signal h is a garbling of x ,h ¼x þe h ,where e h is normally distributed with mean zero and variance r 2h (i.e.,e h $N ½0;r 2h )and is independent with all other random variables.The variance r 2h repre-sents the informational quality of the private signal h .If r 2h is lower,h conveys more infor-mation about the project cash ﬂow.On date 2,the ﬁrm with the investment opportunity makes the investment decision,denoted by I 2f 0;K g ,a variable that indicates whether or not the project is undertaken,where K is a constant and represents the investment cost.If the project is undertaken,the cash ﬂow x is realized from the investment with an initial capital cost K .The ﬁrm’s invest-ment decision is assumed to be publicly observable.That is,once the ﬁrm chooses to invest in the new project,it is known as a ﬁrm that has an investment opportunity and receives a private signal.8The socially optimal investment strategy is to implement only if the expected cash ﬂow (x )conditional on the private signal (h )is higher than the initial capital cost K .Explicitly,the socially optimal investment strategy is to implement only if h is higher than the thresh-old denoted by h FB ¼K þr 2h ðK Àl x Þ2x (superscript FB for the ﬁrst best).When the private sig-nal is more precise (r 2h is lower),the ﬁrm is able to make a more efﬁcient investment decision.Disclosure choiceIf a project is implemented,the ﬁrm has an option to make a voluntary disclosure about h .9It is assumed that the voluntary disclosure is fully credible if a project is implemented6.Alternatively,one can assume that the ongoing cash ﬂow is generated by an endogenous choice variableof the ﬁrm.The economic efﬁciency of such ﬁrm activities is also affected by the upcoming disclosure choice.One can show that all of the qualitative results remain (analysis is available upon request).A more realistic interpretation is that y summarizes all cash ﬂows related with ongoing activities and possible future investments or growth opportunities.7.The mean of the cash ﬂow from ongoing activities l y is immaterial to this model,which does not affect any results qualitatively.8.The public investment assumption is based on the fact that in most cases it is very hard to suppress news about an implemented new project.If the investment decision is privately made,most qualitative results still remain.9.All of the qualitative results remain if we deﬁne voluntary disclosure as E ½x j h because E ½x j h is informa-tionally equivalent to h due to the joint normality assumption.680Contemporary Accounting ResearchCAR Vol.30No.2(Summer 2013)and is fully noncredible if otherwise.That is,the implementation of a project endows the ﬁrm with an option to credibly disclose its private signal.One could interpret the assump-tion by considering a setting in which theﬁrm’s private information can be veriﬁed by out-siders in the long run if the project is undertaken.For example,theﬁrm’s market demand estimate of a new product is easy to verify after the new product is launched,even though the market demand does not precisely represent the new product’s proﬁt.Without observ-ing the implemented new project,the market can hardly verify theﬁrm’s disclosure on the project’s proﬁt prospect.10The assumption that implementing a project is the only method of credible disclosure is important so as to have the interaction between voluntary disclo-sure and investment decisions in this study.However,in reality,management may use other instruments for disclosure in order to affect the market perception.This study inves-tigates one force among many other potential forces between corporate voluntary disclo-sure and real operational decisions.Firms that observe an investment opportunity but choose not to invest or disclose are indistinguishable fromﬁrms without an investment opportunity.In other words,ﬁrms can-not credibly communicate their lack of opportunity.Because the disclosure is not manda-tory and is subject to theﬁrm’s discretion,theﬁrm can make a strategic disclosure decision to inﬂuence investors’assessment of theﬁrm’s value.Let the function d2f D;ND g describe the disclosure rule adopted by theﬁrm if a project is undertaken, where D stands for disclosure and ND stands for nondisclosure.Theﬁrm’s objectiveOn date3,theﬁrm’s shares are priced in a competitive capital market such that the market price,denoted by P,is equal to the expected total cashﬂow V,conditional on all available infor-mation,including the market’s rational conjectures about theﬁrm’s disclosure rule.Denote the publicly available information set by X(assuming no discounting or dividend payments): P¼E½V j Xwhere V¼y;yþxÀK;if I¼0if I¼K;X¼I f g;I;hf g;if d¼NDif d¼D:Following Stein1989and Liang and Wen2007,theﬁrm is motivated by both the long-term and short-term interests.In particular,theﬁrm’s objective is to maximize a weighted average of the market price P and the total cashﬂow V.The market price weight b can be explained as the manager’s interest horizon.The manager may have stock-based compensation and be concerned about her long-term professional reputation at the same time.Another interpretation is that theﬁrm may face a probability b of takeover risk, which would force it to tender the shares at the market price.For a realization of h,the ﬁrm’s objective function is1110.Alternatively,one can assume that the voluntary disclosure is biased(instead of fully noncredible)if noproject is implemented.Theﬁrm can issue a report^h different from its private signal h,at a cost cð^hÀhÞ, where the cost function cðÁÞis an increasing and convex function.The overinvestment equilibrium still exists under certain circumstances.The reason is that the biased disclosure incurs a cost from the pris-oner’s dilemma in equilibrium.When the cost is higher than the loss from the negative NPV project,the ﬁrm will choose to implement the project to be able to make a credible disclosure.11.It is assumed that theﬁrm liquidates its current assets to invest in the new project.Alternatively,one canassume that all investment costs are paid by the current shareholders.This can be a scenario in which an entrepreneur invests in a risky project and sells a part of the shares to the open market.Because the investment decision is publicly observable,all of the results still remain.Voluntary Disclosure and Investment681CAR Vol.30No.2(Summer2013)U ðI ðÁÞ;d ðÁÞj h Þ¼E ½b P þð1Àb ÞV j hð1Þ:The sequence of the events is summarized in Figure 1.3.Equilibrium characterization I now deﬁne the equilibrium where the investment and disclosure decisions are made in the self-interest of the ﬁrm.Deﬁnition 1.An equilibrium consists of an investment decision I ðÁÞ,a disclosure ruled ðÁÞ,and a market pricing function P ðÁÞ,such that:(i)given P ðÁÞand the ﬁrm’s private signal h ,the optimal investment I ðÁÞand disclo-sure rule d ðÁÞmaximize U ðI ðÁÞ;d ðÁÞj h Þ¼E ½b P þð1Àb ÞV j h ,subject to the con-straint that d =ND if I =0;(ii)given I ðÁÞand d ðÁÞ,the market pricing function P ðÁÞsatisﬁes P ¼E ½V j X ;I ðÁÞ;d ðÁÞ .The deﬁnition of equilibrium is straightforward.In (i),taking the market pricing as given and conditioning on its private signal (h ),the ﬁrm chooses the optimal investment decision I ðÁÞand disclosure rule d ðÁÞto maximize the weighted average of the market price (P )and the future total cash ﬂow (V ).In (ii),the share price P is determined based on the capital market’s assessment of the total cash ﬂow,making a rational expectation of the ﬁrm’s investment and disclosure decisions.Equilibrium investment and disclosure decisionsThe following theorem presents the ﬁrm’s investment and disclosure decisions in equilib-rium,given by an endogenous threshold value h *.Let P N ðI ¼0Þ(N for no disclosure)denote the equilibrium price function without voluntary disclosure and no investment undertaken by the ﬁrm,and let P ðh ;I ¼K Þdenote the equilibrium price function if the ﬁrm invests and makes voluntary disclosure.Theorem 1.There exists an equilibrium characterized by a threshold value h *.It is givenby:(i)the ﬁrm’s investment and disclosure decisionsI ¼K and d ¼D ;I ¼0and d ¼ND ;if h >h Ãand the investment is availableif otherwiseð2Þ;and(ii)the market pricing functions682Contemporary Accounting Research CAR Vol.30No.2(Summer 2013)Pðh;I¼KÞ¼l xþl yþr2xþqr x r yr2xþr2hðhÀl xÞÀKð3Þ;andP NðI¼0Þ¼l yÀqr x r yﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃr2xþr2hpÁf hÃÀl xﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃr2xþr2hp1qÀ1þ/hÃÀl xﬃﬃﬃﬃﬃﬃﬃﬃﬃﬃr2xþr2hpð4Þ:where/(Æ)is the cumulative distribution function of a standard normal variable,and f(Æ)is the probability density function of a standard normal variable.Proof:All proofs are in the appendix.According to(2),theﬁrm chooses to disclose when its private signal is high and refrains from disclosing when its private signal is low.Though this type of disclosure strat-egy is similar to extant results in the literature,12the underlying driving force is different. In this model,theﬁrm’s disclosure decision is associated with its investment decision because the disclosure is only possible if the project is implemented.This analysis endoge-nizes the disclosure cost as the possible inefﬁciency of theﬁrm’s investment decision.More speciﬁcally,when the ex ante expectation of the proﬁtability is low(i.e.,l x is low),ﬁrms are motivated to make overinvestment decisions(h*<h FB).The reason is that when l x is low theﬁrm is more likely to have a less proﬁtable project despite the good quality of theﬁrm’s ongoing activities compared with nondisclosureﬁrms.If theﬁrm chooses not to disclose,its ongoing activities will be undervalued.If theﬁrm chooses to disclose and distin-guish itself(because of the correlation between the disclosure and the ongoing activities), there would be an efﬁciency loss because theﬁrm must implement such a bad project.For theseﬁrms,the investment reduces the expected cashﬂow(negative NPV)but allows them to disclose and raise their share prices(i.e.,the investment is the cost of disclosure).When the gain from disclosure is higher than the loss of investment,theﬁrm chooses to undertake the project and disclose,which leads to the overinvestment equilibrium.One can also interpret the above results from a real option perspective.13If we con-sider the investment opportunity as a real option for theﬁrm,exercising the real option (i.e.,implementing the project)generates another voluntary disclosure option.This embed-ded disclosure option makes the real investment option more valuable than what a tradi-tional NPV perspective suggests.Figure2illustrates theﬁrm’s disclosure strategy for different intervals of h when l x is low.14Alternatively,when averageﬁrms have proﬁtable projects(i.e.,l x is high)they are motivated to make underinvestment decisions(h*>h FB).When l x is high,theﬁrm is more likely to have a proﬁtable project despite the poor quality of theﬁrm’s ongoing activities compared with nondisclosureﬁrms,which include those without an investment 12.In Dye1985and Jung and Kwon1988,the disclosure strategy is driven by the market’s inability to distin-guish informed from uninformedﬁrms.In Jorgensen and Kirschenheiter2003and Einhorn2005,the driv-ing force of the disclosure threshold is the exogenous cost of disclosing the private signal.13.Arya and Glover(2001)study a principal-agent model in which a control(incentive)problem makes theoption to wait valuable when it would not have been valuable otherwise.14.For example,Amazon reported lower-than-expected income in the third quarter of2011and offered weakguidance going into the fourth quarter due to the company’s investment in the Kindle Fire.Considering theﬁerce competition in the tablet market,though the company takes a loss on every device sold,Amazon sent a signal to the market about its conﬁdence in the existing business of e-books,music,and physical goods,because the devices have tight integration with Amazon’s existing video and music streaming ser-vices and will provide a lot of potential to create loyal customers.Voluntary Disclosure and Investment683CAR Vol.30No.2(Summer2013)684Contemporary Accounting Researchopportunity.If theﬁrm chooses to invest and disclose,the price effect could be positive because the market recognizes the implementation of the proﬁtable project.However,the disclosure may lower the market assessment of the ongoing activities’cashﬂow.So choos-ing not to invest or disclose is also attractive in that theﬁrm is pooled with nondisclosure ﬁrms whose average type is higher.The disclosure decision is determined by which course brings more beneﬁts.When the pooling beneﬁt is dominant,theﬁrm chooses not to invest in the project or disclose,which leads to the underinvestment equilibrium.15Figure3illus-trates theﬁrm’s disclosure strategy for different intervals of h when l x is high.In the equilibrium illustrated in Figure3,ﬁrms without an investment opportunity play a key role.Because the market cannot distinguish among nondisclosureﬁrms,the ﬁrm with a slightly positive NPV project tends to conceal itself behind theﬁrms without an opportunity whose average type is higher.In other words,when allﬁrms face new investment opportunities(i.e.,q=1),this case no longer exists in equilibrium,and only the equilibrium illustrated by Figure2exists.Similarly,ifﬁrms without an investment opportunity can credibly disclose their lack of opportunity and are therefore distinguished from those that have an opportunity but choose not to disclose,this case no longer exists either.(3)and(4)describe the market’s rational expectation of the total future cashﬂow given all public information available.If theﬁrm undertakes a new project and discloses, (3)shows that the market price is simply the expected total cashﬂow conditional on the disclosure(h)net of investment cost K.When no information is disclosed(d=ND)and there is no investment(I=0),the market infers that either theﬁrm does notﬁnd invest-ment opportunities or it chooses to forgo the project and withhold its private information. Because the market is not able to distinguish among nondisclosureﬁrms,the price reﬂects an average assessment based on its expectation of theﬁrm’s disclosure strategy.In(4),the ﬁrst term is the mean of the ongoing activities’cashﬂow l y,and the second term reﬂects the market’s downward adjustment given that a portion of nondisclosureﬁrms must have observed low private signals.15.The public investment decision has the advantage of analytic ease.Once theﬁrm chooses to invest,it isknown as aﬁrm with a private signal,and that is why‘‘investing and not disclosing’’is never an optimal strategy for theﬁrm.If the investment decision is privately made,in equilibrium,it is possible thatﬁrms with slightly proﬁtable projects choose to invest(given the long-termﬁrm value concern)but not disclose (given the short-term share price concern).Even under this condition,it is still an underinvestment equilib-rium because the market is unable to fully price in the beneﬁt of the project without voluntary disclosure.All qualitative results still remain without the public investment assumption.CAR Vol.30No.2(Summer2013)。

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Curriculum VitaeCHRISTIAN TERWIESCHEDUCATIONAL BACKGROUND & PROFESSIONAL INFORMATIONEducationPhD in Management, INSEAD, France, 1997Diplom in Business Information Technology, University of M annheim, Germany, 1993Academic Positions1997-1998 Project Scientist / Postdoctoral Researcher at UC San Diego, Graduate School ofInternational Relations and Pacific Studies1998-2004 Assistant Professor of Operations and Information Management, University of Pennsylvania, The Wharton School2004- Associate Professor of Operations and Information Management (with tenure),University of Pennsylvania, The Wharton SchoolProfessional Address:The Wharton SchoolDepartment of Operations and Information Management548 Jon M. Huntsman HallPhiladelphia, PA19104, USA Tel: (215) 898 8541Fax: (215) 898 3664email: ***********************.eduRESEARCH ACCOMPLISHMENTSPublications in Refereed Journals / Forthcoming ArticlesRandall, Taylor, Christian Terwiesch, Karl. T. Ulrich, “User Design of Customized Products”, forthcoming in Marketing ScienceTerwiesch, Christian, Justin Z. Ren, Teck H. Ho, Cohen, Morris, “An Empirical Analysis ofForecast Sharing in the Semiconductor Equipment Industry”, forthcoming in Management ScienceSavin, Sergei, Christian Terwiesch, “Optimal Product Launch Time in a Duopoly: Balancing Lifecycle Revenues with Product Cost”, forthcoming Operations ResearchTerwiesch, Christian, Il-Horn Hann, Sergei Savin, “Online Haggling in a Name-Your-Own-Price Channel: Theory and Application”, forthcoming in Management ScienceTerwiesch, Christian, Christoph H. Loch, “Collaborative Prototyping and the Pricing of Custom Designed Products”, Management Science , Vol. 50, No. 2, 2004, (pp. 145-158)Terwiesch, Christian, Yi Xu, “The Copy-Exactly Ramp-up Strategy: Trading-off Learning with Process Change”, IEEE Transactions on Engineering Management, Vol. 51, Number 1, February 2004 (pp. 70-84)Cohen, Morris, Teck H. Ho, Justin Z. Ren, Christian Terwiesch, “Measuring Imputed Costs in the Semiconductor Equipment Supply Chain”, Management Science, Vol. 49, No. 12, 2003, (pp. 1653-1670)Hann, Il-Horn, Christian Terwiesch, “Measuring the Frictional Costs of Online Transactions: The Case of a Name-Your-Own-Price Channel”, Management Science, Vol. 49, No. 11, 2003, (pp. 1563-1579)Terwiesch, Christian, Arnoud De Meyer, Christoph H. Loch, “Exchanging Preliminary Information in Concurrent Engineering: Alternative Coordination Strategies”, Organization Science, Vol. 13, Number 4, 2002, (pp. 402-419); a 2-page summary of the initial working paper appeared in Harvard Business ReviewHo, Teck-Hua, Sergei Savin, Christian Terwiesch, “Managing Demand and Sales Dynamics in Constrained New Product Diffusion under Supply Constraint”, Management Science, Vol. 48, Number 2, 2002 (pp. 187-206)Terwiesch, Christian, Roger E. Bohn, K.C. Chea, “International Product Transfer and Production Ramp-up: A Case Study from the Data Storage Industry”, R&D Management, Vol. 31, Number 4, October 2001 (pp. 435-451)Loch, Christoph. H., Christian Terwiesch, Stefan Thomke, "Parallel and Sequential Testing of Design Alternatives", Management Science, Vol. 47, Number 5, 2001 (pp. 663-678)Loch, Christoph H., Michael T. Pich, Christian Terwiesch, Michael Urbschat, “Selecting R&D Projects at BMW: A Case Study of Adopting Mathematical Programming Models”, IEEE Transactions on Engineering Management, Vol. 48, Number 1, February 2001 (pp. 70-80)Terwiesch, Christian, Roger E. Bohn, “Learning and Process Improvement during Production Ramp-up”, International Journal of Production Economics, Vol. X, January 2001 (pp. 1-19)Bohn, Roger E., Christian Terwiesch, “The Economics of Yield-Driven Processes”, Journal of Operations Management, Vol. 18, December, 1999 (pp. 41-59)Terwiesch, Christian, Christoph H. Loch, “Measuring the Effectiveness of Overlapping Development Activities”, Management Science, Vol. 45, Number 4, 1999 (pp. 455-465) Terwiesch, Christian, Christoph H. Loch, “Managing the Process of Engineering Change Orders: The Case of the Climate Control System in Automobile Development”, Journal of Product Innovation Management, Vol. 16, No. 2, 1999 (pp. 160-172)Loch, Christoph H., Christian Terwiesch, “Accelerating the Process of Engineering Change Orders: Capacity and Congestion Effects”, Journal of Product Innovation Management, Vol. 16, No. 2, 1999 (pp. 145-159)Loch, Christoph H., Christian Terwiesch, “Communication and Uncertainty in Concurrent Engineering”, Management Science, Vol. 44, No. 8, 1998 (pp. 1032-1048)Terwiesch, Christian, Christoph H. Loch, Martin Niederkofler, “When Product Development Performance Makes a Difference: A Statistical Analysis in the Electronics Industry”, Journal of Product Innovation Management, Vol. 15, No. 1, 1998 (pp. 3-15)Loch, Christoph. H., Lothar Stein, Christian Terwiesch, “Measuring Development Performance in the Electronics Industry”, Journal of Product Innovation Management, Vol. 13, No. 1, 1996 (pp. 3-20)Manuscripts under Review / Working PapersLoch, Christoph H., Christian Terwiesch, “Decisions under Preliminary Information: Rush and Be Wrong or Wait and Be Late?”, revised for Production and Operations ManagementCachon, Gerard, Christian Terwiesch, Yi Xu, “Retail Assortment Planning in the Presence of Consumer Search”, revised for Manufacturing and Service Operations ManagementOlivares, Marcelo, Christian Terwiesch, Lydia Cassorla, “Reserving Operating Room Capacity: A Structural Estimation Approach Based on the Newsvendor Model”, Working PaperGirotra, Karan, Karl Ulrich, Christian Terwiesch, “Risk Management in New Product Portfolios: A Study of Late Stage Drug Failures”, Working PaperTerwiesch, Christian, “Product Development as a Problem Solving Process”, Working Paper Cachon, Gerard, Christian Terwiesch, Yi Xu, “On the Effects of Consumer Search Cost and Entry in a Multi-product Competitive Market”, Working PaperRandall, Taylor, Christian Terwiesch, Karl Ulrich, “Principles of User Design”, Working Paper BookCachon, Gerard, Christian Terwiesch, Matching Supply with Demand: An Introduction to Operations Management, to be published in 2005 by Irwin - McGraw Hill; pre-publication of the book (563 pages) published by McGraw Hill Custom Publishing (ISBN 0-07-297905-4) in 2003 (sold about 1,500 copies as a pre-print)Book ChaptersLoch, C. H., C. Terwiesch, “Product Development and Concurrent Engineering”, in Encyclopedia of Production and Manufacturing Management, P. M. Swamidass, (Ed.), Kluwer Publication 2000Case Studies / Pedagogical MaterialGouze, A., C. Terwiesch, “Forecasting and Procurement at Le Club Francais des Vins”, Case at The Wharton SchoolGirotra, K., C. Terwiesch, K. Ulrich, “New Drug Development at Merck & Co.”, Case at The Wharton SchoolUlrich, K., C. Terwiesch, “X-Pult Instructions”, design and production of a catapult and teaching materials to support classes on experimental design and process capabilityTerwiesch, C., C. H. Loch, “Pumping Iron at Cliffs & Associates”, Case of the Wharton-INSEAD AllianceLoch, C. H., C. Terwiesch, “The Circored Project”, Case of the Wharton-INSEAD Alliance Lehmbeck, C, K. Ramdas, C. Terwiesch, “Macromedia Inc. - Weaving the Dreams of Global Markets and Technologies”, Case at the Darden SchoolEllison, D., C. Terwiesch, “”, Case at The Wharton SchoolTerwiesch C., “ Scanning Operations”, Case at The Wharton SchoolLoch, C. H., C. Terwiesch, “The Development of Nopane”, INSEAD Case 12/96-4661 Terwiesch, C., C. H. Loch, “Jalopy Sports Car Development: Managing Concurrent Engineering Projects”, INSEAD Case 08/96-4636Terwiesch, C., S. Dutta, E. Yücesan, “Automobiles Citroen (A): Transforming the Factory”, “Automobiles Citroen (B): Supplier Integration ECIA”, “Automobiles Citroen (C): The Logistics -Charter at Rennes-La Janais”, INSEAD Case 08/95-4532Invited TalksInternational Motor Vehicle Program (IMVP) Research Meeting (4/03)Graduate School of Business, Stanford University (10/96), (1/03)McCombs School of Business, UT Austin (10/96).Sloan School, Massachusetts Institute of Technology (10/96), (2/03).The Wharton School, University of Pennsylvania (1/98).Graduate School of Industrial Administration, Carnegie Mellon University (2/98).Owen Graduate School of Management, Vanderbilt University (12/97)UW Madison School of Business (2/98)Freeman School of Business, Tulane University (2/98)The Anderson School, University of California at Los Angeles, (10/96), (2/98), (2/03).Kellogg School of Management, Northwestern University (10/96) (8/02).Darden Graduate School of Business Administration, University of Virginia (2/01)Harvard Business School (2/98), (11/02)INSEAD (8/02, 9/04)McDonough School of Business at Georgetown University (12/02)Research GrantsMerck Research Grant ($60k)Research Grant from Wharton e-business Initiative for analysis of Name-Your-Own-Price Retailing; $17.7k (2001), $7k (2002)INTEL research grant (together with Morris Cohen and Teck Ho): total of $224K over three years Daimler Benz Research Grant as a participant of the Circle Member Group (1995)TEACHING ACCOMPLISHMENTSCourses taught / developed at WhartonFall 1998-2002 OPIM631 “Quality and Productivity”Rating on Overall Quality of Instructor (note the different evaluation scale prior 2000) 2002 3.71, 3.59, and 3.55 (0-4 scale)2001 3.87, 3.75, and 3.7(0-4 scale)2000 3.78, 3.82, and 3.7 (0-4 scale)1999 4.59, 4.66, and 4.68 (1-5 scale)1998 4.45, 4.41, and 4.2 (1-5 scale)Spring 2000-20003 OPIM654 “Product Design and Development”Rating on Overall Quality of Instructor2003 3.41 (0-4 scale)2002 3.29 (0-4 scale)2001 3.73 (0-4 scale)2000 3.56 (0-4 scale)Spring 2000-2003 OPIM631 “Quality and Productivity” for Executive MBA program Rating on Overall Quality of Instructor2003 3.42 and 3.30 (0-4 scale)2003 West 3.72 and 3.68 (0-4 scale)2002 3.83 and 3.76 (0-4 scale)2002 West 3.72 and 3.68 (0-4 scale)2001 3.74 and 3.55 (0-4 scale)2000 3.67 and 3.55 (0-4 scale)Summer 2000-2002 OPIM654 “Product Design and Development” for Executive MBA program Rating on Overall Quality of Instructor2002 3.00 (co-taught) (0-4 scale)2001 3.74 (0-4 scale)2000 3.76 (0-4 scale)Teaching Awards2003 MBA Core Curriculum Award “Goes above and beyond the Call of duty”2002 Finalist in the Helen Kardon Moss Anvil AwardExecutive MBA Teaching Award for best Core CourseMiller-Sherrerd MBA Core Teaching AwardTeaching Excellence Award2001 Finalist in the Helen Kardon Moss Anvil AwardMiller-Sherrerd MBA Core Teaching AwardTeaching Excellence Award2000 Finalist in the Helen Kardon Moss Anvil AwardTeaching Excellence Award1999 Teaching Excellence AwardOther Teaching EngagementsInsead, Fontainebleau, “Production and Operations Management Core Course” for the Executive MBA Program, teaching evaluations 4.9 (out of 5)Insead, Fontainebleau, modules on Product Development and Innovation in various executive programsUniversity of California at San Diego, Graduate School of International Relations and Pacific Studies, “Product and Process Development” (IRP 444) co-taught with Roger E. Bohn, Spring 1998University of California at San Diego, Guest-lecturer in the Program for Advanced Manufacturing 1998Wissenschaftliche Hochschule für Unternehmensführung (WHU), Koblenz, Germany: Visiting Professor (since 1998) / Co-lecturer “New Product Development”, Spring terms of 1995-1999Teaching assistant at the University of Mannheim for Professor Christoph Schneeweiß, including the preparation and grading of exams and assignments, 1992/1993PROFESSIONAL ACTIVITIESServices to The Wharton School and the OPIM DepartmentDevelopment of OPIM654, “Product Development”:•The course included a joint “cyber-exchange” module with INSEAD, during which student teams interact virtually and classes are delivered by video and web-conferencing •Collaboration with Publications office to create a video press releasePresentation to the Wharton Graduate Board on OPIM654, 2000Speaker in the Joseph H. Lauder InstituteSupervisor of FAP Tiger Team (sponsored by Cigna Healthcare)Co-founder and Co-organizer of the Annual Wharton Technology Mini Conference sponsored by the Mack center (in each spring of 2001, 2002, 2003, 2004 the conference brought together about 60 junior faculty from the top academic institutions around the globe as well as 8 senior faculty, who are thought leaders in this field)Service on the Strategy Committee for the Executive MBA program (since 2002)Service on Task Force on Alliances and Partnerships (since 2003)Review of Mentoring Process in the OPIM departmentSpeaker in the Operations Management ClubDoctoral StudentsMember of Dissertation committee, Sergei SavinDissertation advisor, Yi XuDissertation co-advisor, Justin Z. RenPublic Relations / Mass Media AppearanceHarvard Business Review: “Reducing the Risks in Concurrent Engineering”, 2-page summary by Eileen Roche about my research on concurrent engineeringFinancial Times: reported about the cyber-exchange with INSEAD in my product development class (as part of an article about Wharton’s strategy)Knowledge@Wharton: quoted in an article about drug discovery (October 2001)Knowledge@Wharton: quoted in an article about the German economy (October 2002)Editorial ActivitiesMember of editorial review board ofIEEE Transactions on Engineering Management (since 2001),Production and Operations Management (since 2002),Journal of Engineering and Technology Management (since 2003);Associate EditorManagement Science (since 2004)Decision Sciences (since 2005)Production and Operations Management Special Issue “Management of Product Innovation”, Reviewer forManagement Science,Operations Research,Marketing Science,Manufacturing and Service Operations Management,Research Policy,ORSA Journal on Computing,Production and Operations Management,Journal of Operations Management,IEEE Transactions on Engineering Management,IIE Transactions,R&D Management,International Journal of Production Economics,Journal of Product Innovation ManagementSloan Management ReviewReviewer for The Alfred P. Sloan foundationMember of the Jury for the 2002 Wickham Skinner AwardMember of the Jury for the 2003 MSOM Dissertation AwardOTHER INFORMATIONFellowships and AwardsHonorable Mention, Roman Weil Prize 2002European Case Writing Award (EFMD) for “The Development of Nopane”INSEAD PhD Scholarship 1993-1997Diplom in Business Information Technology, University of Mannheim, with "sehr gut" PersonalCitizenship: GermanVisa Status: US resident (“Green card”)Family Status: Married, three childrenLanguages: fluent in German, English, and FrenchPersonal Interests: long distance running, triathlon。

《外刊经贸知识选读》复习资料

《外刊经贸知识选读》复习资料《外刊经贸知识选读》复习资料第一章一、术语制成品 manufactured goods资本货物 capital goods国际收支 balance of payments经常项目 current account有形贸易项目 visible trade account无形贸易项目 invisible trade account贸易顺差 trade surplus贸易逆差 trade deficit易货贸易 barter补偿贸易 compensation trade反向贸易 counter-trade组装生产 assembly manufacturing工商统一税 industrial and commercial consolidated tax合资企业 joint venture延期付款 deferred payment买方信贷 buyer credit卖方信贷 supplier credit软贷款（低息贷款） soft loan最惠国待遇 MFN treatment （Most Favored nation treatment）永久性正常贸易关系 PNTR（Permanent Normal Trading Relations）国民收入 NI（National Income）国民生产总值 GNP（Gross National Product）国内生产总值 GDP（Gross Domestic Product）国际复兴和开发银行IBRD（International Bank for Reconstruction and Development）国际开发协会 IDA（International Development Association）国际金融公司 IFC（International Finance Comporation）经济合作和发展组织OECD（Organization for Economic Cooperation and Development）国际清算银行 BIS（Bank for International Settlement）欧洲经济共同体 EEC（European Economic Community）欧洲联盟 EU（European Union）外商直接投资 FDI（Foreign Direct Investment）二、词语释义：substantially ：dramatically，significantly，considerably subsequently： afterwardsexacerbate：deteriorate，worsen；aggravate；make worse withdraw： cancellationtheme： principlein return for： in exchange fordisrupt： interruptdestined： designedpronounced： markedin the wake of： following； after withundue： too much； unbearablereverse： change to the oppositebuoyant： briskoutcome： resultboost： stimulate； promote； developrecover： reboundfacilitate： make easyrun-down： reductionmount exhibitions： hold exhibitionsinsofar as： to the extentbottlenecks： obstacles三、句子翻译1. During the 1950s China exported agricultural products to the USSR and East European countries in return for manufactured goods and the capital equipment required for the country‘s industrialization programme which placed emphasis on the development of heavy industry.20世纪50年代，中国向前苏联和东欧各国出口农产品以换取制成品和国家的工业化计划所要求的资本设备，而国家的工业化计划则强调重工业的发展。

The Harmonization and Convergence of Corporate Social Responsibility Reporting Standards

The Harmonization and Convergence of Corporate Social Responsibility Reporting StandardsDaniel Tschopp •Michael NastanskiReceived:7July 2012/Accepted:20September 2013/Published online:4October 2013ÓSpringer Science+Business Media Dordrecht 2013Abstract The goal of this article is to evaluate the future of Corporate Social Responsibility (CSR)reporting in terms of the harmonization of reporting standards.The evolution and convergence of ﬁnancial reporting standards are compared to that of CSR reporting standards.In addi-tion,four globally recognized CSR reporting standards are evaluated.The content of each standard is reviewed,a representative from each standard organization is inter-viewed,and the standards are evaluated for decision use-fulness.This research suggests that the Global Reporting Initiative (GRI)would be the best standard to provide decision useful information.This analysis is reinforced by recent events in the transformation of CSR reporting standards and provides insight into the possible future development of CSR reporting standards.Keywords Corporate social responsibilityreporting ÁGlobal reporting initiative ÁEnvironmental accounting ÁAccounting standards ÁHarmonizationIntroductionAccounting harmonization refers to the process of increasing the comparability of reporting practices by reducing the degree of variation between users (Nobes 1991).The harmonization of ﬁnancial accounting standards is a stated goal of the International Accounting StandardsBoard (IASB),the US Financial Accounting Standards Board (FASB),and the regulating agencies in most other nations.Differing ﬁnancial accounting standards amongst nations serve as a trade barrier due to additional translation costs and availability of information for decision makers.Differing standards reduce the credibility of information which deters investment and impedes economic growth.This can act as a trade barrier by discouraging management from doing business in a country that operates under dif-ferent standards (Agami and Cascini 1995).Since having multiple ﬁnancial reporting standards represents a trade barrier and impedes economic growth,the use of multiple Corporate Social Responsibility (CSR)reporting standards may also represent a trade barrier,impeding social and environmental performance.Proponents of CSR reporting argue its market-based impact of improved social and environmental performance.As corporations are increas-ingly competing for the capital of socially responsible investors and improved public perception,then in theory their social and environmental performance will improve based upon market-based competition.Whether or not social and environmental performance actually improves is debatable and beyond the scope of this research.However,in order to have an impact,decision makers must have the necessary information to make socially responsible deci-sions.Having harmonized standards is important because they provide decision makers with reports they can com-pare and contrast.Harmonized standards improve the efﬁciency of global markets by improving the information available to inves-tors and the public (Islam 2006).Research by accounting and investment ﬁrms supports the positive impact the harmonization of standards has,including enhanced transparency and comparability,and facilitation of inter-national business (Zarb 2006).The FASB has promoted theD.Tschopp (&)ÁM.NastanskiSaint Leo University,33701State Road 52,Saint Leo,FL 33574,USAe-mail:daniel.tschopp@ M.Nastanskie-mail:michael.nastanski@J Bus Ethics (2014)125:147–162DOI 10.1007/s10551-013-1906-9goal of having one set of agreed upon global accounting standards stating that‘‘a reasonably complete set of unbi-ased accounting standards that require relevant,reliable information that is decision useful for outside investors, creditors,and others who make similar decisions would constitute a high quality set of accounting standards’’(Financial Accounting Standards Board1998).The resulting efﬁciencies achieved from harmonized accounting standards come from the increased compara-bility and reliability of information.This makes the reports easier for investors and decision makers to analyze and panies that rely on foreign investment and foreign assistance must provide reports that comply with acceptable standards.This compliance increases the deci-sion usefulness of external reports that investors,lenders, and Non-Governmental Organizations(NGOs)rely on to make decisions(Meek and Thomas2004).The signiﬁcance of this reporting process is growing as more and more cross-border decision makers depend on the information available(Islam2006).Whether it is a smaller company seekingﬁnancing or a large company trying to be included in a global equity fund,the increasing amount of foreign trade and investment is a motivating cause for harmoni-zation.The beneﬁts from harmonized standards include reducing the confusion with unfamiliar practices and the narrowing of acceptable alternatives across countries(El-nathan and Krilich1992).Stakeholder needs vary due to the multitude of stake-holders involved.Depending on the stakeholder group,the desired information may include the following;labor conditions,environmental impact,human rights,corrup-tion,social,and/or cultural(Tschopp2012a).Analysts may use CSR reports to rank investment opportunities.Corpo-rations may use them as a public relations tool or to attract ernments may require them for more global sustainability goals.Special interest groups may use them to monitor corporate actions.Existing CSR reports are often created by a company to address the speciﬁc needs of their primary stakeholders.For example,the CSR reports of Tobacco companies often cite the steps corporations take to prevent children from smoking or the actions they take to increase the awareness on the dangers of smoking. The CSR reports of Oil and Gas companies often cite the positive impact these corporations have on the environment through various initiatives.While these are noble efforts, some reports offer little in the way of comparison to other industries or even other companies in the same industry.If CSR reporting is to be used as a market based mechanism on a macro-scale to improve social and environmental performance,then the use of comparable and consistent standards is important.The goal of this article is to evaluate the future of CSR reporting in terms of the harmonization and/or convergence of reporting standards.The evolution,convergence,and harmonization ofﬁnancial reporting standards are compared to that of CSR reporting standards. This will help provide a historical perspective as to where the convergence and harmonization process for CSR reporting currently stands.Finally,the four most common globally recognized CSR reporting standards are evaluated. The content of each standard is reviewed,a representative from each standard organization is interviewed,and the standards are evaluated for decision usefulness.The road-blocks that could slow or prevent any harmonization or convergence of standards are also considered.Academic research on CSR is abundant,and research speciﬁcally on CSR reporting has increased signiﬁcantly in recent years.However,as the modern era of CSR reporting is still in its early stages,the research on the harmonization and convergence of standards is limited(see Tschopp 2009;Fortanier et al.2011).This article adds to theﬁeld of study by providing a historical perspective in its compari-son to the evolution ofﬁnancial accounting.In addition, this article contributes to past research by providing a detailed analysis of the speciﬁc CSR standards including the viewpoints of the standard organizations’representa-tives.Academic research has played a vital role in the evolution ofﬁnancial reporting standards and there is potential for academic research to have a similar impact on CSR reporting standards.To better understand how CSR reporting helps address the social and environmental con-cerns of stakeholders it is important to understand how traditionalﬁnancial accounting and reporting standards have evolved.The Evolution of Financial ReportingOpponents toﬁnancial accounting harmonization would argue that comprehensive,rigid rule-based standards,such as US Generally Accepted Accounting Principles(GAAP) may not be appropriate for all nations,just as the inter-pretive,principles-based International Financial Reporting Standards(IFRS)may not be appropriate to the unique social,political,and economic environment of some countries.Similarly,opponents to CSR reporting harmo-nization would argue that there is not one standard that meets the needs of all stakeholders.Stakeholders can be deﬁned as‘‘any group or individual who can affect or is affected by the achievement of theﬁrm’s objectives’’(Freeman1984).Therefore,to properly analyze the har-monization of CSR reporting standards,it is important to understand howﬁnancial reporting standards have evolved, what drives harmonization efforts,and what prevents having one agreed upon standard.Modernﬁnancial reporting can be viewed as a reaction to the evolution of stakeholder needs.Historians have148 D.Tschopp,M.Nastanskistudied the increasing role of accounting and reporting within a variety of relationships,including the birth of industrialization(Littleton1933),the emergence of administrative power(Miller and O’Leary1987),and the role of the state(Miller1986,1990;Stewart1992).The history ofﬁnancial reporting provides a useful model for assessing the conditions under which CSR reporting may continue to evolve.Just as growing public and national concern over social and environmental issues has recently led to increased CSR reporting,the social and political environment in the early twentieth century helped shape the development ofﬁnancial reporting.At this time major capital markets were being created in the US and in Eur-ope.Decision makers were putting pressure on corpora-tions for more reliable information.Increased regulation of ﬁnancial reporting was inevitable.The US in particular was moving toward a more progressive society emphasizing the need for government institutions and protections(Previts and Merino1979).Similar to early CSR reports,earlyﬁnancial disclosures provided little value to users and were not comparable to other panies were reluctant to report negative information.Until comparable and consistent standards were developed,the quality ofﬁnancial reporting was low (Jones1935;Sloan1929).But as the base of ownership widened,and a fast growing population of stakeholders sought more useful and timely information,ﬁnancial reporting became more credible and useful to investors.The issue of voluntary versus mandatory CSR reporting requirements currently being debated was mirrored approximately one hundred years ago in relation toﬁnan-cial reporting regulations.National governments threatened reporting regulations to encourage companies to act vol-untarily(Previts and Bricker1994).However,these threats were not taken seriously by corporations or the accounting profession,leading to the1933and1934Securities Acts which required increased disclosure,and auditedﬁnancial statements by public companies.Financial reporting did not truly meet the needs of stakeholders until reliable standards were established,by the FASB in1973(formerly Accounting Principles Board in1959,and Committee on Accounting Procedure established in1939)in the US and the IASB in2001(formerly the International Accounting Standards Committee established in1973)globally.There are approximately195countries in the world. According to IASPlus(2012),30countries require local GAAP,92countries require IFRS,and IFRS or local GAAP are allowed in25countries.6countries require IFRS or local GAAP depending on certain criteria.21 countries do not have stock exchanges and information is not available for another21,mostly least developed countries.Most developed countries,excluding the US, permit the use of IFRS.The convergence process ofﬁnancial reporting stan-dards is still in process today.In2008the Security and Exchange Commission(SEC)issued its Roadmap for the Potential Use of Financial Statements Prepared in Accor-dance with International Reporting Standards by US Issu-ers.Under the proposal the Commission planned to decide in2011whether to adopt IFRSs with the transition beginning in2014.Although this timetable has been pushed back,both the FASB and the IASB continue working to narrow the differences between US GAAP and IFRSs.The evolutionary process ofﬁnancial reporting as described in this section is similar to the growth process CSR reporting is currently undergoing.Similar to the global movement towards a single internationalﬁnancial accounting standard,CSR reporting may require a certain degree of standardization and harmonization to meet the needs of its stakeholders.The evolution of multi-stake-holder approach to management,operations and corporate governance,certainly aligns with the value of demon-strating an organizations CSR efforts to its stakeholders (Baglione and Nastanski2011).No corporation operates in a vacuum.Physical infra-structure,regulatory and com-munity support,the demands of trading partners and heightened engagement of employees all suggest a multi-stakeholder framework for CSR and the ability to com-municate that value provides beneﬁts to the organization. Management decision making,the quality of products; ability to attract,develop,and keep talented people;value as a long-term investment;use of corporate assets;ﬁnancial soundness;innovativeness;and community and environ-mental responsibility positively impact stakeholder per-ceptions of the company(Kim2000,2001).Furthermore, the bi-directional impact and dependencies between a corporation and its stakeholders suggests the need for capturing the value of these relationships and amplifying these relationships toward organizational success(see Fig.1).An example that illustrates this is Etiquetas Im-presas Etipres S.A.(Etipres),a small privately owned company in San Jose,Costa Rica that makes product labels for consumer goods.Etipres issues a CSR report to meet a variety of stakeholder needs.They issue a report as a way to differentiate itself from its competition and to enter new markets.Manufacturing companies from more developed countries may have a more positive view of Etipres as a potential supplier.They also use it to publicize the com-munity service they provide and as a benchmarking tool for down the supply chain.Their workers and the local com-munity view Etipres more favorably,and suppliers must now meet certain criteria to do business with Etirpres (Tschopp2012b).The wide variety of stakeholders(as seen in Fig.1)can result in added pressures on corporations to issue CSRHarmonization and Convergence of CSR Reporting Standards149reports.However,the complex relationships between these stakeholders may prolong the process of harmonizing CSR reporting standards.The more stakeholders there are,each with differing needs and agenda,the more difﬁcult it is to ﬁnd a standard of reporting that satisﬁes all their needs.The Evolution of CSR ReportingThe reporting of speciﬁc social and environmental issues has been performed by corporations since the start of ﬁnancial reporting (Marlin and Marlin 2003).Environ-mental reporting has long been required for regulatory purposes,and social and environmental issues,such as material costs of regulatory compliance and probable liti-gation losses have been disclosed even in early corporate annual reports.However,in the past 25years there hasbeen a public push for increased social and environmental information.Numerous factors caused this increased need for corporate accountability:increased public awareness,stakeholder pressure,and social concerns over practices such as sweatshop labor,and environmental disasters.There were similar public concerns about environmental problems in the late 1960s (Mikesell 1974).There was a claim that technological advances and the consequent rapid depletion of resources led to a demand for more account-ability (Johnston 1979).NGOs and activist groups,such as Greenpeace and Save the Children,have been pushing companies to be accountable for their environmental and social records since the 1960s.By the early 1970s companies started to implement social and environment goals and report their ﬁndings,and about that time the term CSR was introduced (Marlin and Marlin 2003).At the same time there was aconcertedFig.1Stakeholder relationships150D.Tschopp,M.Nastanskieffort to focus on issues of environmental management, with emphasis on its economic aspects and on society’s response to environmental hazards(Hewitt1983).How-ever,many of these early efforts failed due to the lack of common standards for content,measurement,and reporting format.The1970s into the early1980s represents theﬁrst phase of CSR reporting marked by‘‘greenwash’’reports and eco-marketing campaigns which were deceptive mar-keting tools that included little in the way of substance.In the late1980s the impact of corporations beyond share-holders was being viewed with greater concern and the term‘‘stakeholder’’was introduced(Marlin and Marlin 2003).In the early1990s CSR reporting resurfaced for a variety of reasons(Roberts1991;Stittle et al.1997;Kolk1999; Ljungdahl1999;Cormier and Gordon2001;Cerin2002). This followed earlier trends of using social and environ-mental disclosures in annual reports to manage public opinion and appease shareholders(Patton1992;Blacconi-ere and Patten1994;Neu et al.1998).But now the infor-mation was more quantiﬁable and veriﬁable.In the late 1980s and early1990s a second phase of CSR reporting was entered into with more substantive reports being issued by the Body Shop,Shell Canada,and Ben&Jerry’s (Marlin and Marlin2003).This led to the present and third stage of CSR reporting which involves a multi-stakeholder approach(Marlin and Marlin2003).This stage involves investors and social and environmental activists that rely on CSR reports for dif-ferent yet complimentary reasons,and the reporting and assurance organizations that bring the needed credibility to CSR reports.One of the main reasons the CSR movement came back in the1990s was the rise of socially responsible investing(SRI).SRI is be deﬁned as‘‘the process of integrating personal values and societal concerns into investment decisions’’(Schueth2003,p.190).Stakehold-ers with social and environmental concerns now have a stronger voice.They use this leverage to demand more accountability from the companies in which they invest.The primary reason for the current stage of CSR reporting is to provide stakeholders with the information they desire to make decisions.With the increase in socially responsible investments,including the Dow Jones STOXX Sustainability Index,Socially Responsible mutual funds and Exchange Traded Funds(ETFs),it is easy to see the need for such information.Currently,nearly all large Multinational Corporations(MNCs)have now adopted some form of CSR initiative.Many large MNCs issue some type of CSR report,including ninety-ﬁve percent of the G250companies and sixty-nine percent of the N100 companies(KPMG2011).Even though some of the CSR reporting standards are gaining acceptance,with Table1The evolution of reportingModernﬁnancialreportingCSR reportingEarly problems Early1900s—Financial reportsprovided littlevalue.They wereused more formarketing purposes.Information was notcomparable,consistent,reliable,or usefulEarly1970s—CSRreports providedlittle value.Theywere used more formarketing purposes.Information was notcomparable,consistent,reliable,or usefulPolitical and socialstructures leadingto changeThe Progressivemovement in the1920s and1930sEnvironmentalism inthe1970s andsustainabilitymovements andsocial activism inthe1990s Economic structuresleading to changeThe evolution ofcapitalism,industrialization,and increasedparticipation incapital marketsSocially responsibleinvesting and therise of institutionalinvestorsPrimarystakeholdersInvestors,corporations,governments,suppliers,customers,andemployeesInvestors,corporations,governments,suppliers,customers,laborunions,employees,citizens,media andNon-GovernmentOrganizations(NGOs)Standard setters Governmentalregulatory bodies(domestically)andthe IASB(globally)Governmentalregulatory bodiesand numerousreporting agencies MandatoryreportingrequirementsUnited States—Securities Acts of1933and1934required increaseddisclosure,including all publiccompanies to issueauditedﬁnancialstatementsfollowing USGAAP2001—Francebecame theﬁrstcountry to requireCSR reports fromlisted companies.Denmark,Sweden,The Netherlandsand Norwayfollowed withmandatoryrequirementsPublicly tradedcompanies in mostother countries mustfollow domesticGAAP,US GAAP,or InternationalFinancial ReportingStandardsdepending on thecountryHarmonization and Convergence of CSR Reporting Standards151approximately over forty percent of CSR reports being externally assured,there are still some stakeholders skep-tical in making decisions based on the reports(KPMG 2011).One problem that remains is that without compa-rable,consistent,and reliable standards the reports still continue to be viewed by some as‘‘greenwash’’or envi-ronmental spin rather than a factual representation of the company’s actual position(Deegan and Rankin1996; Azzone et al.1997;Ljungdahl1999;Cerin2002).Without agreed upon or harmonized reporting standards and reports that have been externally assured,current reports still risk being viewed as nothing more than a strategic marketing strategy employed by corporations.Current reports cover a wide range of topics,including social issues,philanthropy,health,sustainability,and environmental issues.Some standards only address social issues,while others only cover environmental issues.Some standards are general in nature,while others have more speciﬁc reporting requirements.Some standards more closely resemble guidelines or recommendations,while others have speciﬁc criteria for certiﬁcation or external reporting purposes.Triple line reporting which illustrates the organization’s impact of their environmental,social, and economic actions;provides stakeholders with more information on the company’s social responsibility.In the past,reports that were solely‘‘Environmental Reports’’were more for informative purposes on a company’s environmental impact or environmental actions as opposed to modern reports with more market-based implications.As the level of engagement with stakeholders increases and the reliance on CSR reports for decision-making grows, CSR reporting will likely continue to evolve.For com-parison purposes a summary of these evolutionary pro-cesses is provided in Table1.Current CSR Reporting StandardsIf there is to be a convergence of CSR reporting standards or,one agreed upon global standard,then it is important to consider which of the existing standards are most viable. This article will focus on the role of four particular stan-dards;GRI’s G3,AccountAbility’s AA1000—Principles Standard,the United Nations(UN)Global Compact’s COP,and the ISO26000(Table2provides an overview of the standard organizations).To properly evaluate the likelihood of the harmonization and convergence of CSR reporting standards,interviews were conducted with representatives from these four internationally recognized CSR reporting organizations. These interviews provide insight into stakeholder involvement in the CSR reporting process,the develop-ment of the standards,the cooperation with other reporting organizations,the need for harmonized standards,and their vision of the future.The interviews were conducted with the representatives listed in Table3.These organizations were selected because the AA1000 Series,GRI’s G3,and UN Global Compact’s COP repre-sent the three most widely recognized international stan-dards that involve external reporting on both social and environmental issues.These are also the only three reporting standards listed on ,a global CSR resources website,which includes the world’s largest online directory of CSR reports.There are hundreds of domestic CSR reporting guidelines,principles,regula-tions,and standards,and several other global initiatives (Organization for Economic Co-operation and Develop-ment(OECD)Guidelines,International Labour Organiza-tion(ILO)Conventions,and International Organization for Standardization(ISO)Standards),but this article focused on the three most likely to become a globally agreed upon standard.An interview was also conducted with a repre-sentative from the International Organization for Stan-dardization because the ISO26000guidance standard, which became operational in2010,contains a reportingTable1continuedModernﬁnancialreportingCSR reportingGlobal standards IASB—formerlyInternationalAccountingStandardsCommittee(IASC),InternationalFinancial ReportingStandards GRI’s G3, Accountability’s AA1000Principles Standard,UN Global Compact’s Communication on Progress,and ISO 26000US GAAP—Financial Accounting Standards CodiﬁcationObstacles to harmonization The EU has adoptedIFRSs,but the USand some othernations are notready to eliminatenational GAAPfearing IFRSs arenot stringent enoughNo agreed uponinternationalstandard.Meetingthe needs of allstakeholdersDecision-usefulness: comparability, consistency, reliability,and relevance IFRSs are moreprinciples-basedGAAP involvesmore rule-basedstandards with morespeciﬁc applicationguidanceGRI reportingrequirements arestructured and rule-based.UN GlobalCompact andAA1000reportingrequirements arebased on guidanceand principles152 D.Tschopp,M.Nastanskicomponent on social and environmental issues.The inter-views provide more qualitative information that cannot be obtained by only reviewing the organization’s website. Additionally,their websites were reviewed extensively for background information and to obtain the contact information for the interviews.All the interviews with CSR reporting organizations were telephone interviews lasting between30and40min each.Interviewing the reporting organization representatives allowed for an understanding of the differences betweenTable2Overview of CSR reporting standardsStandard Mission Governance Scope ContentGRI The global reporting initiative’svision is that reporting oneconomic,environmental,andsocial performance by allorganizations becomes as routineand comparable asﬁnancialreporting Multi-stakeholder steeringcommitteeEconomic Disclosure framework basedon G3reportingLaborEnvironmentHuman rights principles and indicatorsSocietyProducts(Over2,000companies issuedreports in2011following the G3standards)AccountAbility’s AA1000-Principles Standard Principles-based standards intendedto provide the basis for improvingthe sustainability performance oforganizationsInternational council of theinstitute of social andethical accountability(AccountAbility)Accountability’sAA1000-SeriesPrinciples-based standardsintended to provide the basisfor improving thesustainability performance oforganizationsUN Global Compact’s COP To encourage businesses worldwideto adopt sustainable and sociallyresponsible policies,and to reporton themUnited Nations Human rights Based on ten key principles.Standards and indicators aredetermined by the reportingorganizationLabor standardsEnvironmentAnti-corruption(Almost1000companies issueda COP in2011)ISO26000ISO standards add value to all typesof business operations.Theycontribute to making thedevelopment,manufacturing andsupply of products and servicesmore efﬁcient,safer and cleaner The ISO26000wasdeveloped by WorkingGroups which include thefollowing stakeholdercategoriesSocialresponsibilityA guidance standard,with areporting component.Not acertiﬁcation standardIndustry GovernmentConsumerLaborNGOsService,support,researchand othersInformation obtained from reporting organizations websites(AccountAbility2012;GRI2012;ISO260002012;and UNGC2012)Table3Interviews with reporting organization representativesOrganization Report Representative PositionGlobal reporting Initiative GRI’s G3Bastian buck Technical development coordinator AccountAbility AA1000Series Alan Knight Head of standard servicesUN Global Compact Communicationon ProgressGeorg Kell Executive directorInternational Organization for Standardization ISO26000TomRotherhamConsultant for International Institute for Sustainable Development andChair of ISO26000Task Group3—ProceduresHarmonization and Convergence of CSR Reporting Standards153。

2-Genes and speciation

What is a species? How do new species come into existence? These questions are some of the most enduring in biology and remain controversial today. Under many commonly accepted species definitions, speciation can be viewed as the process by which two identical populations diverge genetically to the point at which their subsequent merger would not be possi-ble.Species are therefore both genetically distinct and independent.Although distinctness is often observ-able (in morphology,for example),independence usually is not.How do species evolve to become phenotypically distinct? What are the underlying genes? What forces drive their divergence between species? Some insights into these questions might come from studying genes that cause reduced fitness in hybrids that are intermedi-ate in phenotype between two species.The fitness reduction can range from ecological maladaptation or behavioural aberration to inviability or sterility.The loci that underlie such reductions in fitness might be considered ‘speciation genes’,which are important in driving the nascent species to become independent genetic entities.Below,we review recent progress in the characterization of speciation genes.Operationally,species are often delineated by distinct phenotypes,such as distinct plumage in birds.It was the introduction of the concept of reproductive isolation (RI) that redirected the emphasis to the independent nature of species1–4.According to Mayr3,species are “groups of interbreeding natural populations that are reproductively isolated from other such groups”3.RI therefore refers to the independence of gene pools,among which new mutations and allele frequency changes are not shared.A central question about RI is whether this independence,or non-sharing,should apply to every locus in the genome.Those who argue for the primacy of RI in specia-tion1,3are essentially arguing for a ‘whole-genome’con-cept5(see BOX 1).If we apply the concept of RI to only a portion of the genome,where would we draw the line? Does it make sense to say that 75% of the genome is reproductively isolated? Indeed,in this NEO-DARWINIAN view of RI,genetic changes between species are seen to be so strongly CO-ADAPTED that few genes can be inte-grated into the genome of another species.So,almost all regions in the genome are either part of such a ‘cohesive’network or are closely linked to an element in such a network.In either case,gene flow across nascent species boundaries is effectively eliminated6.By contrast,the alternative is a genic view of specia-tion,as explained in FIG.1(see also REFS 5,7).Although rarely recognized as such,these different perspectives on the genetic architecture of species differences are the gen-esis of the long-running debate on the geographical mode of speciation;that is,whether speciation most commonly occurs when the diverging populations are in allopatry,parapatry or sympatry (see BOX 1).The central issue is whether two populations can evolve into good species while they continue to exchange genes during the process.Under the whole-genome view that gives pri-macy to RI in speciation3,gene flow between diverging populations would have such negative effects on those populations that strict geographical barriers would have to be the prelude to speciation.The alternative genicGENES AND SPECIATIONChung-I Wu* and Chau-Ti Ting‡It is only in the past five years that studies of speciation have truly entered the molecular era.Recent molecular analyses of a handful of genes that are involved in maintaining reproductiveisolation between species (speciation genes) have provided some striking insights. In particular, itseems that despite being strongly influenced by positive selection, speciation genes are oftennon-essential, having functions that are only loosely coupled to reproductive isolation. Molecularstudies might also resolve the long-running debate on the relative importance of allopatric andparapatric modes of speciation.*Department of Ecology andEvolution,University ofChicago,Chicago,Illinois 60637,USA.‡Department of Life Science,National Tsing HuaUniversity,Hsinchu,T aiwan 300,Republic of China.Correspondence to C.-I W.e-mail: ciwu@doi:10.1038/nrg1269double-bond in a long chain of saturated hydrocarbons.Two independent studies have identified the gene that controls the (5,9)/(7,11) difference to be a desaturase gene,desat2(REFS 48,49).Although CHs often act as con-tact pheromones between sexes,they have also been implicated in ecological adaptations,such as heat or starvation tolerance 50.The desat2gene apparently diverts the synthesis of 7,11-heptacosadiene into the 5,9-type.The loss of the promoter in the desat2gene therefore results in the 7,11-type among the M flies.This observation raises the interesting possibility that loss of function of a gene has a role in this particular case of nascent speciation.The geographical distribution of the two desat2variants (predominantly desat2+in Africa and desat20elsewhere)indicates that this strong differentiation must be main-tained by differential selective pressure.An excess of high-frequency nucleotide mutations highlighted the influence of positive selection on the desat2polymor-phism 49.Greenberg et al.17,50were able to show,by gene knock-out,that the loss of the desat2gene (as in non-African M flies) results in an increase in cold tolerance and a decrease in starvation tolerance.It is plausible that,in the colder climate,a non-functional desat2would spread through the cosmopolitan populations.So,this seems to be a case of ecological adaptation and differentiation.An interesting aspect of the Z–M differentiation is the unidirectional sexual isolation between these forms 51.Zimbabwe females,in the presence of Z and M males,do not mate with M males.(Note that the observation by itself does not indicate male or female choice.) We know that at least seven or eight genes control female or male mating behaviour,respect-ively 13,14.So,the question is whether desat2is one of the loci that governs Z females’mating characteris-tics (for example,reduced attractiveness to M males).CH differences have been known to govern females’attractiveness in interspecific crosses 52.However,it was widely thought that desat2was not involved in female attractiveness in the Z–M system because Caribbean flies,which carry the African desat2 allele,behave like M flies.Nevertheless,recent observations have shown that,within three African populations,the presence of the African desat2allele correlates nearly perfectly with Z-femaleness 53.One possible interpretation of this pattern is that desat2 governs female attractiveness to M males and that the Caribbean population is an anomaly that results from recent admixture between African and North American flies.Although this interpretation seems to contradict the widely-accepted view that D.melanogaster males might not be discriminatory when choosing a mate 54,new work indicates that M males might not court Z females as ardently as they court M females,espe-cially when the females are not highly receptive (C.-T.T.and C.-I W.,unpublished observations).If this is the case,the desat2gene might be playing a double role in this nascent speciation through differentiation in eco-logical adaptation and,secondarily,through mating preference.that rescued hybrid viability was a P -element insertion in its 5′region that resulted in a reduction in the amount of wild-type transcript.For Hmr to be consid-ered a true ‘speciation gene’,it would be necessary to show that the D.simulans and D.melanogaster alleles are functionally divergent in their rescue effect of hybrid viability.A recent transgenic study indicates that this might indeed be the case (D.Barbash,personal communication).Hybrid inviability in Drosophila species (Nup96).Complementation mapping (FIG.2b)has been used to analyse hybrid inviability between D.melanogaster and D.simulans .High-resolution mapping has allowed a spe-ciation gene,Nup96,to be cloned and characterized 22.The Nup96allele from D.simulans causes inviability in the F 1hybrids if the copy from D.melanogaster is absent.Nup96,which has homologues in yeast,worm and human genomes,encodes a subunit of a nuclear-pore complex,which transports macromolecules between the nucleus and cytoplasm 46and is therefore essential for viability in flies.An excess of non-synonymous substitutions in Nup96between D.melanogaster and D.simulans relative to non-synonymous polymorphisms within these species (calibrated against synonymous changes with the MCDONALD AND KREITMAN TEST ) indicated that this gene is under positive selection.With the sequences from D.mauritiana and D.yakuba ,it was possible to map putative adaptive changes onto an evolutionary tree.Presgraves et al.22concluded that the adaptive changes occurred in the distant past,a suggestion that is corrob-orated by the analysis of the extant polymorphisms in D.melanogaster and D.simulans .Had some adaptive changes occurred recently,a reduction in the amount of neutral polymorphism,which might also be accom-panied by a skew towards very low- and/or very high-frequency variants,would have been expected.Neither was observed in Nup96.Not only were Presgraves et al.22able to map the Nup96gene,but they were also able to locate the interact-ing locus in the DM model of hybrid incompatibility to the X chromosome.They did this by switching the source of the X chromosome in the hybrid males.One question to be addressed in the future is whether there are multiple loci on the X chromosome that interact with Nup96.Ecological/behavioural races in Drosophila melanogaster (desat-2).The final example of a proven speciation gene (under our broad definition;see BOX 1) provides a glimpse of the molecular genetics of ecological,and pos-sibly behavioural,isolation.D.melanogaster from central-southern Africa around Zimbabwe and those from the rest of the world (referred to as the Z and M types,respectively) have evolved to become different ecologi-cal/behavioural races.The females of African and cosmopolitan D.melanogaster carry different forms of a specific type of non-volatile CONTACT PHEROMONES .These two forms — the 5,9-heptacosadiene and 7,11-heptacosadiene forms of the 27-carbon cuticular hydrocarbons (CH)47— differ in the position of aMCDONALD AND KREITMAN TESTA test that contrasts interspecific divergence against intraspecific polymorphism.It is a powerful test to detect excess of non-synonymous substitutions between species.CONTACT PHEROMONESChemical signals that aretransmitted through the direct physical contact of two individuals.Contactpheromones in Drosophila are often sexual signals.reflective of the entire genome.So,it is the range of genes that are involved during incipient speciation that holds the greatest interest.In all five cases,there is sub-stantial divergence in DNA sequences and,among sev-eral of them,in expression as well.In at least four of the five cases,positive selection has driven the divergence.The results are relevant to the debate on whether RI might have evolved neutrally in the absence of adaptive forces.We propose that,for a gene to diverge in function,it needs to be released from its old functional niche.The release would then allow the diverging species to use the gene differently.We shall refer to this hypothesis as the genetic ‘niche-release’hypothesis.There might be two different ways for a gene to experience niche release —environmental change and gene duplication.Divergence in desat2is an example of gene divergence that has occurred as a result of environmental change that took place when the flies migrated out of Africa,whereas OdsH and Xmrk are both the result of gene duplica-tion.(Note that this present hypothesis is different from a previous model on gene duplication and RI 72.)Whichever mechanism is involved,a gene under niche release should be more likely to be functionally dispens-able.Operationally,functional dispensability means that the deletion of the gene would not lead to lethality,sterility or other forms of severe fitness reduction.Such dispensable genes might be prone to diverge in function,often becoming non-functional.Under this definition,both OdsH and desat2are dispensable.In the classical DM model,the emphasis has always been on the incompatibility interaction (the green double-headed arrow in BOX 2),but we might ask a deeper question — whether the process of divergence (the black double-headed arrows) and the resultant inter-action are related and,if so,how they are related.Such a linkage seems obvious for Xmrk-2and Nup96.For exam-ple,in the former,the dark spots,when unregulated,become melanomas.On the other hand,it might not be surprising to find some RI genes for which the normal function and the RI phenotype are only weakly coupled,or even completely unrelated.For example,the deletion of OdsH has a subtle effect on male fertility but,in the appropriate genetic background,the presence or absence of the allele from D.mauritiana determines full fertility versus (nearly) normal fertility.Similarly,the normal function of desat2might be cold tolerance but a corre-lated response is the change in CH,or the ‘perfume’on the females.In either case,the RI phenotype is out of the range of what might have been predicted on the basis of the normal function/phenotype of the speciation gene.In the past five years of limited molecular analysis on speciation,we have learned the identities of several speciation genes.Their biological functions show the molecular bases of species differentiation.These stud-ies should re-focus our attention to the genic basis of speciation.The tenet of speciation study,namely the concept of RI,is fundamentally a whole-genome concept and should be revisited after we have a more comprehensive understanding of genes and their roles in speciation.simplest kind of allopatric speciation.There is a class of models that overlay allopatry on species with a deep population structure.Such models,which are interme-diate between allopatric and parapatric ones,deserve further study.Another recent study also addressed the question of parapatric speciation from a different angle 68.The authors observed that the K A/K SRATIOS between human and chimpanzee are higher for genes on rearranged chromosomes than on collinear ones,in agreement with the parapatric model 68.However,a separate analysis showed that the K a /K s pattern is observable,with nearly identical values,between human and orangutan or human and macaque 69.So,although the observations in this study are meaningful in other respects,given the positive result from the ‘negative control’,the interpretation of parapatric speciation cannot be supported 68,70.Strictly speaking,the discussion in this section is rel-evant to animal studies only.Plant literature is replete with references to hybridization and introgression dur-ing speciation.‘Hybridization speciation’,in which a third species is formed by mixing the genetic materials from two parental species 71,is another important demonstration.What might be the basis of these dis-crepant views between animal and plant literature? It is possible that plant genomes are more modular,such that mixing components from different sources can still make a well-fit plant.If that is true,‘allopatric genealogy’(FIG.3a,b)in plants should often be rejected using the type of analysis described above.Implications and perspectivesSpeciation is not an easy subject.However,the myth that speciation is ‘the mystery of mysteries’or that it is both ‘unknown and unknowable’has not helped us to understand the subject.The perceived difficulties with the topic stem largely from a lack of knowledge at the fundamental genic level.For example,how could we hope to understand post-mating isolation when the phenotype that defines the class of genes that we are interested in does not even contain a hint of the original function for which each of these genes evolved? The five cases discussed above represent all those we could find that fulfil the criteria of a ‘speciation gene’.Nevertheless,even from this limited set,which is based mainly on one taxonomic group (four of them are from Drosophila ),the range of the molecular identity,as well as the under-lying principle,is broad.Three of the five cases are related to transcriptional regulation (Xmrk ,OdsH and Hmr ),supporting the common postulate that species divergence is regulatory in nature.Moreover,in desat2,which is not a regulatory gene,the change during INCIPIENT SPECIATION is nevertheless in the regulatory region.The nature of speciation genes is also likely to be a function of the age of the speciation event.The range of genes underlying RI between highly differentiated species,such as D.melanogaster and D.simulans ,might be different from that between incipient species.As the divergence increases,more genes might contribute to RI and the range might become broader and more evenlyK A /K S RATIOSRatios of non-synonymous substitutions to synonymous substitutions per site.INCIPIENT SPECIATIONThe initial stage of species formation during which reproductive isolation is only partial.。

Emerald《灾难预防与管理》被SSCI收录

/u/wanyuehua/1992年创刊的《灾难预防与管理》（Disaster Prevention and Management），ISSN: 0965-3562，双月刊，英国（EMERALD GROUP PUBLISHING LIMITED, HOWARD HOUSE, WAGON LANE, BINGLEY, ENGLAND, W YORKSHIRE, BD16 1WA）出版，2010年入选Web of Science的Social Sciences Citation Index，目前在SSCI数据库可以检索到该期刊2009年的第18卷第1期到2010年第19卷第2期共107篇论文。

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选题方面，既有深入的国际灾害个案研究，也有探讨实证研究结果和心理反应的文章。

另外还定期刊登：会议报告、灾害数据库、国际大事记、新闻，书评、网上最新信息等。

网址：/products/journals/journals.htm?id=dpm编委会：/products/journals/editorial_team.htm?id=dpm作者指南：/products/journals/author_guidelines.htm?id=dpm 在线投稿：/dpm2008年创刊的《灾害进展》被SCI收录2008年创刊的Disaster Advances《灾害进展》，ISSN: 0974-262X，季刊，印度（DISASTER ADVANCES, SECTOR AG-80, SCHEME NO 54, VIJAY NAGAR, A B RD, INDORE, INDIA, 452010）出版，2009年入选Web of Science的Science Citation Index Expanded，目前在SCI数据库可以检索到该期刊2008年的第1卷1-4期到2009年的第2卷1-4期共67篇论文。

NF EN 10028-1 - janv 2001 - Produits plats en acier pour appareils a pression - prescriptions genera

NF EN 10028-1Janvier 2001Ce document est à usage exclusif et non collectif des clients Normes en ligne.Toute mise en réseau, reproduction et rediffusion, sous quelque forme que ce soit,même partielle, sont strictement interdites.This document is intended for the exclusive and non collective use of AFNOR Webshop(Standards on line) customers. All network exploitation, reproduction and re-dissemination,even partial, whatever the form (hardcopy or other media), is strictly prohibited.Boutique AFNORPour : VICHEMCode client : 23412505Commande : N-20050120-095443-Tle 20/1/2005 - 15:25Diffusé par11992© AFNOR 2001AFNOR 20011er tirage 2001-01-F© A F N O R 2001 — T o u s d r o i t s r és e r v ésFA043128ISSN 0335-3931NF EN 10028-1Janvier 2001Indice de classement: A 36-205-1norme européenneProduits laminés pour appareils à pression BNS 10-10Membres de la commission de normalisationPrésident :M CRETONSecrétariat :BNSM BARRERE PUMM BOCQUET USINOR INDUSTEELMME BRUN-MAGUET AFNORM CRETON BNSM DE VEYRAC UGINE LA DEFENSEM DENOIX ETUDES ET PRODUCTIONS SCHLUMBERGERM DESPLACES SOLLAC MEDITERRANEE FOSM FINET USINOR INDUSTEELM FLANDRIN MINISTERE DE L’ECONOMIE, DES FINANCES ET DE L’INDSUTRIE — DARPMIM JARBOUI CETIMM LAGNEAUX MINISTERE DE L’ECONOMIE, DES FINANCES ET DE L’INDSUTRIE — DARPMIM LIEURADE CETIMM REGER EDF/SCF SQRM RIGAL GTS INDUSTRIESMME ROUMIER MINISTERE DE L'EQUIPEMENT, DES TRANSPORTS ET DU LOGEMENTM STAROPOLI GDFAvant-propos nationalRéférences aux normes françaisesLa correspondance entre les normes mentionnées à l'article «Références normatives» et les normes françaises identiques est la suivante :CR 10260:FD CR 10260 (indice de classement: A 02-005-3)EN 10002-1:NF EN 10002-1 (indice de classement: A 03-001)EN 10002-5:NF EN 10002-5 (indice de classement: A 03-005)EN 10020:NF EN 10020 (indice de classement: A 02-025)EN 10021:NF EN 10021 (indice de classement: A 00-100)EN 10027-1:NF EN 10027-1 (indice de classement: A 02-005-1)EN 10027-2:NF EN 10027-2 (indice de classement: A 02-005-2)EN 10028-7:NF EN 10028-7 (indice de classement: A 36-205-7)EN 10029:NF EN 10029 (indice de classement: A 46-503)EN 10045-1:NF EN 10045-1 (indice de classement: A 03-011)EN 10048:NF EN 10048 (indice de classement: A 46-101)—3—NF EN 10028-1:2001EN 10051:NF EN 10051 (indice de classement: A 46-501)EN 10052:NF EN 10052 (indice de classement: A 02-010)EN 10079:NF EN 10079 (indice de classement: A 40-001)EN 10088-1:NF EN 10088-1 (indice de classement: A 35-572)EN 10160:NF EN 10160 (indice de classement: A 04-305)EN 10163-2:NF EN 10163-2 (indice de classement: A 40-501-2)EN 10164:NF EN 10164 (indice de classement: A 36-202)EN 10168:NF EN 10168 (indice de classement: A 03-116) 1)EN 10204:NF EN 10204 (indice de classement: A 00-001)EN 10258:NF EN 10258 (indice de classement: A 46-110-1)EN 10259:NF EN 10259 (indice de classement: A 46-110-2)EN ISO 377:NF EN ISO 377 (indice de classement: A 03-112)EN ISO 2566-1:NF EN ISO 2566-1 (indice de classement: A 03-174)EN ISO 2566-2:NF EN ISO 2566-2 (indice de classement: A 03-175)EN ISO 3651-2:NF EN ISO 3651-2 (indice de classement: A 05-159)ISO 14284:NF EN ISO 14284 (indice de classement: A 06-002) 1)Modalités d’applicationLe fabricant, l’importateur ou le fournisseur qui, pour la vente de ses produits, se réfère au présent document ou à un texte qui fait référence à certains de ses articles, doit être en mesure de fournir à son client les éléments propres à justifier que les prescriptions normatives sont respectées.L’attribution de la marque NF aux produits conformes au présent document offre la garantie que ces éléments sont contrôlés sous l’égide d’AFNOR (certification par tierce partie).1)En préparation.NORME EUROPÉENNE EUROPÄISCHE NORM EUROPEAN STANDARDEN 10028-1Avril 2000La présente norme européenne a été adoptée par le CEN le 29 octobre 1999.Les membres du CEN sont tenus de se soumettre au Règlement Intérieur du CEN/CENELEC qui définit les conditions dans lesquelles doit être attribué, sans modification, le statut de norme nationale à la norme européenne.Les listes mises à jour et les références bibliographiques relatives à ces normes nationales peuvent être obtenues auprès du Secrétariat Central ou auprès des membres du CEN.La présente norme européenne existe en trois versions officielles (allemand, anglais, français). Une version faite dans une autre langue par traduction sous la responsabilité d'un membre du CEN dans sa langue nationale, et notifiée au Secrétariat Central, a le même statut que les versions officielles.Les membres du CEN sont les organismes nationaux de normalisation des pays suivants : Allemagne, Autriche,Belgique, Danemark, Espagne, Finlande, France, Grèce, Irlande, Islande, Italie, Luxembourg, Norvège, Pays-Bas, Portugal, République Tchèque, Royaume-Uni, Suède et Suisse.CENCOMITÉ EUROPÉEN DE NORMALISATION Europäisches Komitee für Normung European Committee for StandardizationSecrétariat Central : rue de Stassart 36, B-1050 Bruxelles© CEN 2000Tous droits d’exploitation sous quelque forme et de quelque manière que ce soit réservés dans le monde entier aux membres nationaux du CEN.Réf. n°EN 10028-1:2000 FICS :77.140.30; 77.140.50Remplace EN 10028-1:1992Version françaiseProduits plats en aciers pour appareils à pression —Partie 1: Prescriptions généralesFlacherzeugnisse aus Druckbehälterstählen —Teil 1: Allgemeine AnforderungenFlat products made of steels for pressure purposes —Part 1: General requirementsPage2EN 10028-1:2000SommairePage Avant-propos (3)1Domaine d’application (4)2Références normatives (4)3Définitions (5)4Dimensions et tolérances dimensionnelles (6)5Calcul de la masse (6)6Classification et désignation (6)6.1Classification (6)6.2Désignation (6)7Informations à fournir par l'acheteur (7)7.1Informations obligatoires (7)7.2Options (7)8Exigences (7)8.1Procédé d'élaboration (7)8.2État de livraison (7)8.3Composition chimique (8)8.4Caractéristiques mécaniques (8)8.5État de surface (8)8.6•• Santé interne (8)9Contrôles (8)9.1Type et contenu des documents de contrôle (8)9.2Contrôles à effectuer (9)9.3Contre-essais (9)10Échantillonnage (9)10.1Fréquence des essais (9)10.2Prélèvement et préparation des échantillons et des éprouvettes (10)11Méthodes d'essai (11)11.1•• Analyse chimique (11)11.2Essai de traction à température ambiante (11)11.3Essai de traction à température élevée (11)11.4Essai de flexion par choc (11)11.5Autres essais (12)12Marquage (12)Annexe ZA (informative) Articles de la présente norme européenneconcernant les exigences essentielles ou d'autres dispositions des Directives UE (17)Page3EN 10028-1:2000Avant-proposLa présente norme a été élaborée par le Comité Technique ECISS/TC22 «Aciers pour appareils soumis àpression — Prescriptions de qualité».La présente norme européenne remplace l’EN10028-1:1992 et prend en considération les normes complémen-taires de la série EN 10028.Les autres parties de la présente norme européenne sont:EN 10028-2, Produits plats en acier pour appareils à pression — Partie 2 : Aciers non alliés et alliés avec carac-téristiques spécifiées à température élevée.EN 10028-3, Produits plats en acier pour appareils à pression — Partie 3 : Aciers soudables à grains fins normalisés.EN 10028-4, Produits plats en acier pour appareils à pression — Partie 4 : Aciers alliés au nickel avec caractéris-tiques spécifiées à basse température.EN 10028-5, Produits plats en acier pour appareils à pression — Partie 5 : Aciers soudables à grains fins, laminés thermomécaniquement.EN 10028-6, Produits plats en acier pour appareils à pression — Partie 6 : Aciers soudables à grains fins, trempés et revenus.EN 10028-7, Produits plats en acier pour appareils à pression — Partie 7 : Aciers inoxydables.Cette norme européenne devra recevoir le statut de norme nationale, soit par publication d'un texte identique, soit par entérinement, au plus tard en octobre 2000 et toutes les normes nationales en contradiction devront être reti-rées au plus tard en octobre 2000.La présente norme européenne a été élaborée dans le cadre d'un mandat donné au CEN par la Commission Européenne et l'Association Européenne de Libre Échange, et vient à l'appui des exigences essentielles de la (de) Directive(s) UE.Pour la relation avec la (les) Directive(s) UE, voir l'annexe ZA informative, qui fait partie intégrante de la présente norme.Selon le Règlement Intérieur du CEN/CENELEC, les instituts de normalisation nationaux des pays suivants sont tenus de mettre le présent document en application : Allemagne, Autriche, Belgique, Danemark, Espagne, Fin-lande, France, Grèce, Irlande, Islande, Italie, Luxembourg, Norvège, Pays-Bas, Portugal, République Tchèque, Royaume-Uni, Suède et Suisse.NOTE Dans les paragraphes marqués d'un point (•) se trouvent des informations relatives aux accords qui doivent être conclus lors de l'appel d'offres et de la commande. Les paragraphes marqués de deux points (••) contiennent des informa-tions relatives aux accords qui doivent être conclus lors de l'appel d'offres et de la commande.Page4EN 10028-1:20001Domaine d’applicationLa présente norme européenne EN 10028-1 spécifie les conditions techniques générales de livraison des produits plats utilisés principalement dans la construction des appareils à pression.Les conditions techniques générales de livraison de l'EN 10021 s'appliquent également aux produits livrés conformément à la présente norme européenne.2Références normativesCette norme européenne comporte par référence datée ou non datée des dispositions d'autres publications. Ces références normatives sont citées aux endroits appropriés dans le texte et les publications sont énumérées ci-après. Pour les références datées, les amendements ou révisions ultérieurs de l'une quelconque de ces publica-tions ne s'appliquent à cette norme que s'ils y ont été incorporés par amendement ou révision. Pour les références non datées, la dernière édition de la publication à laquelle il est fait référence s'applique.CR 10260, Système de désignation des aciers — Symboles additionnels pour la désignation des aciers (Rapport CEN).EN 10002-1, Matériaux métalliques — Essai de traction — Partie 1 : Méthode d'essai (à température ambiante). EN 10002-5, Matériaux métalliques — Essai de traction — Partie 5 : Méthode d'essai à température élevée.EN 10020, Définition et classification des nuances d'acier.EN 10021, Aciers et produits sidérurgiques — Conditions générales techniques de livraison.EN 10027-1, Système de désignation des aciers — Partie 1 : Désignations symboliques, symboles principaux. EN 10027-2, Système de désignation des aciers — Partie 2 : Système numérique.EN 10028-7, Produits plats en acier pour appareils à pression — Partie 7 : Aciers inoxydables.EN 10029, Tôles en acier laminées à chaud d'épaisseur égale ou supérieure à 3 mm — Tolérances sur les dimen-sions, la forme et la masse.EN 10045-1, Matériaux métalliques — Essai de flexion par choc sur éprouvettes Charpy — Partie 1 : Méthode d'essai.EN 10048, Feuillards laminés à chaud — Tolérances de dimensions et de forme.EN 10051, Tôles, larges bandes et larges bandes refendues laminées à chaud en continu en aciers alliés et non alliés — Tolérances sur les dimensions, la forme et la masse.EN 10052, Vocabulaire du traitement thermique des produits ferreux.EN 10079, Définition des produits en acier.EN 10088-1, Aciers inoxydables — Partie 1 : Liste des aciers inoxydables.EN 10160, Contrôle ultrasonore des produits plats en acier d'épaisseur égale ou supérieure à 6 mm (méthode par réflection).EN 10163-2, Conditions de livraison relatives à l'état de surface des produits en acier laminés à chaud — Partie2: Tôles et larges plats.EN 10164, Aciers de construction à caractéristiques de déformation améliorées dans le sens perpendiculaire à la surface du produit — Conditions techniques de livraison.Page5EN 10028-1:2000 EN 10168 1), Produits sidérurgiques — Contenu des documents de contrôle — Liste et description des informations.EN 10204, Produits métalliques — Types de documents de contrôle (y compris amendement A1:1995).EN 10258, Feuillards ou feuillards coupés à longueur en acier inoxydable laminés à froid — Tolérances sur les dimensions et la forme.EN 10259, Larges bandes et tôles en acier inoxydable laminées à froid — Tolérances sur les dimensions et la forme.EN ISO 377, Aciers et produits en acier — Position et préparation des échantillons et éprouvettes pour essais mécaniques (ISO 377:1997).EN ISO 3651-2, Détermination de la résistance à la corrosion intergranulaire des aciers inoxydables — Partie 2 : Aciers ferritiques, austénitiques et austéno-ferritiques (duplex) — Essais de corrosion en milieux contenant de l'acide sulfurique (ISO 3651-2:1998).EN ISO 2566-1, Conversion des valeurs d'allongement — Partie 1 : Aciers non alliés et faiblement alliés (ISO2566-1:1984).EN ISO 2566-2, Conversion des valeurs d'allongement — Partie 2 : Aciers austénitiques (ISO 2566-2:1984). ISO 14284, Fontes et aciers — Prélèvement et préparation des échantillons pour la détermination de la composi-tion chimique.3DéfinitionsPour les besoins de la présente norme européenne, les définitions des normes :—EN 10020, pour la classification des aciers ;—EN 10079, pour les formes des produits ; et—EN 10052, pour les types de traitement thermique,s'appliquent.La définition 3.1 est différente de celle de l'EN 10052, et la définition 3.2 s'y ajoute.3.1laminage normalisantprocédé de laminage dans lequel la déformation finale est effectuée dans une certaine gamme de températures conduisant à un état du matériau équivalent à celui obtenu après normalisation, de sorte que les valeurs spécifiées de caractéristiques mécaniques sont maintenues même après un traitement de normalisation. La désignation de cet état de livraison et de celui obtenu par un traitement thermique de normalisation est N3.2en plus des définitions relatives au traitement thermomécanique, à la trempe et au revenu, il convient de noter les points suivants :NOTE 1Le laminage thermomécanique (symbole M) peut inclure des procédés d'accélération des vitesses de refroidis-sement avec ou sans revenu y compris auto-revenu mais à l'exclusion totale de la trempe directe suivie d'un revenu.NOTE 2Le traitement de trempe et revenu (symbole QT) englobe également le durcissement par trempe directe suivi d'un revenu.1)En cours d’élaboration; en attendant la publication de ce document sous le statut de Norme européenne, il ya lieu de convenir au moment de l’appel d’offres et de la commande d’une norme nationale correspondante.3.3acheteurpersonne ou organisation qui commande des produits selon la présente norme. L’acheteur n’est pas nécessaire-ment, mais peut être, un fabricant d’équipements sous pression selon la Directive UE listée en annexe ZA. Lorsqu'un acheteur a des responsabilités selon cette Directive UE, la présente norme européenne donnera pré-somption de conformité aux Exigences Essentielles de la Directive identifiée dans l’annexe ZA4Dimensions et tolérances dimensionnelles• Les dimensions nominales et tolérances sur les dimensions des produits doivent faire l'objet d'un accord lors de l'appel d'offres et de la commande sur la base des normes dimensionnelles indiquées ci-dessous :4.1Pour les tôles en acier laminées à chaud, en non-continu, se référer à l'EN 10029.•• Sauf accord contraire lors de l'appel d'offres et à la commande, la tolérance d'épaisseur des tôles doit corres-pondre à la classe B de l'EN 10029.4.2Pour les bobines laminées à chaud en continu et les tôles découpées à partir de bobines (laminées en largeur≥600mm) et les bobines refendues laminées à chaud en largeur < 600 mm, se référer à l'EN10051. 4.3Pour les feuillards laminés à chaud (laminés en largeur < 600 mm), se référer à l'EN10048.4.4Pour les tôles et bandes laminées à froid, les bobines, et les bobines refendues laminées à froid (en largeur≥ 600 mm) en aciers inoxydables, se référer à l’EN 10259, et pour les bobines et les bobines refendues laminées à froid en largeur < 600 mm en aciers inoxydables, se référer à l'EN10258.NOTE L'EN 10258 et l'EN 10259 comportent des options qui offrent des possibilités dimensionnelles plus larges.5Calcul de la masseLe calcul de la masse nominale dérivée des dimensions nominales doit être effectué, pour tous les aciers des EN10028 parties 2 à 6, sur la base d'une masse volumique de 7,85 kg/dm3. Pour les masses volumiques des aciers résistant à la corrosion, voir l'annexe A de l'EN10088-1. Pour la masse volumique des aciers résistant au fluage, voir l'annexe A de l'EN10028-7.6Classification et désignation6.1Classification6.1.1La classification des nuances d'acier conformément à l'EN 10020 est donnée dans les parties spécifiques de l'EN 10028.6.1.2Les aciers traités dans l'EN 10028-7 sont, en outre, classés en fonction de leur structure en :—aciers ferritiques ;—aciers martensitiques ;—aciers austénitiques ;—aciers austéno-ferritiques.NOTE Pour plus de détails, voir l'EN 10088-1.6.2DésignationLes nuances d'acier spécifiées dans les diverses parties de l'EN 10028 sont désignées par des désignations sym-boliques et numériques. Les désignations symboliques ont été attribuées conformément à l'EN 10027-1 et au CR10260. Les désignations numériques correspondantes ont été attribuées conformément à l'EN 10027-2.7Informations à fournir par l'acheteur7.1Informations obligatoiresLes informations suivantes doivent être fournies par l'acheteur au moment de l'appel d'offres et de la commande :a)la quantité désirée ;b)le type de produit plat ;c)la norme européenne spécifiant les tolérances de dimensions, de forme et de masse (voir article 4) et, si lanorme européenne en question laisse au client le choix entre plusieurs possibilités, par exemple diverses fini-tions de rives ou diverses classes de tolérances, des informations détaillées relatives à ces spécificités ;d)les dimensions nominales du produit ;e)l'indice de la présente norme européenne ;f)la désignation symbolique ou numérique de la nuance d'acier ;g)l'état de livraison s'il diffère de l'état habituel spécifié dans la partie spécifique de l'EN10028 ; pour les aciersinoxydables, la gamme de fabrication choisie dans le tableau concerné de l'EN10028-7 ;h)le document de contrôle à produire (voir 9.1.1).7.2OptionsUn certain nombre d'options sont spécifiées dans la présente partie de l'EN 10028 et données dans la liste ci-dessous. Si l'acheteur n'indique pas les options qu'il souhaite voir mises en œuvre au moment de l'appel d'offres et de la commande, les produits doivent être fournis conformément aux spécifications de base (voir 7.1) :a)classe de tolérance différente (voir 4.1) ;b)spécification relative au procédé d'élaboration de l'acier (voir 8.1.1) ;c)caractéristiques mécaniques après traitement thermique supplémentaire (voir 8.4.1) ;d)spécifications de classes particulières pour le coefficient de striction (voir 8.4.2) ;e)essais supplémentaires (voir 9.2.2) ;f)fréquence d'essais différente (voir 10.1.1 et 10.1.3) ;g)conditions de livraison différentes (voir 10.2.1.3) ;h)utilisation d'éprouvettes longitudinales pour l'essai de flexion par choc (voir 10.2.2.3) ;i)spécification d'une méthode d'analyse (voir 11.1) ;j)température de l'essai de traction à température élevée (voir 11.3) ;k)température d'essai différente pour l'essai de flexion par choc (voir 11.4) ;l)méthode de marquage (voir 12.1) ;m)marquage spécial (voir 12.2 et 12.3) ;n)informations devant être données par le marquage (voir tableau 1).8Exigences8.1Procédé d'élaboration8.1.1•• Sauf si un procédé d'élaboration particulier a fait l'objet d'un accord lors de l'appel d'offres et de la commande, le procédé d'élaboration des aciers de la présente norme européenne doit être laissé au choix du producteur.8.1.2Les aciers autres que les aciers inoxydables doivent être totalement calmés.8.2État de livraisonVoir les parties spécifiques de l'EN 10028 (voir aussi 3.1 et 3.2).8.3Composition chimique8.3.1Analyse de couléeL'analyse de coulée donnée par le producteur de l'acier doit s'appliquer et satisfaire aux exigences des parties spécifiques de l'EN 10028.8.3.2Analyse sur produitLes écarts admissibles de l'analyse sur produit par rapport aux valeurs limites données pour l'analyse de coulée sont spécifiés dans les parties concernées de l'EN 10028.8.4Caractéristiques mécaniques8.4.1Les valeurs données dans les parties spécifiques de l'EN 10028 s'appliquent pour les éprouvettes préle-vées et préparées selon les indications du 10.2.2. Ces valeurs ont été obtenues sur des produits d'épaisseur nomi-nale (épaisseurs commandées) et à l'état normal de livraison (voir parties spécifiques de l'EN 10028).•• Le cas échéant, les valeurs des caractéristiques mécaniques garanties après traitement thermique complé-mentaire doivent faire l'objet d'un accord au moment de l'appel d'offres et de la commande.8.4.2•• Pour les produits (excepté ceux en acier inoxydable) d'épaisseur ≥ 15 mm, il peut être convenu, lors de l'appel d'offres et de la commande, de respecter les exigences fixées pour l'une des classes de qualité Z15, Z 25 ou Z 35 de l'EN 10164 caractérisées par des valeurs minimales de striction dans le sens de l'épaisseur. 8.5État de surfacePour les tôles, les exigences de qualité de surface spécifiées dans l'EN10163-2 doivent être appliquées de la manière suivante :a)pour les tôles conformes à l'EN 10028-2 à -6 : classe B2;b)pour les tôles conformes à l'EN 10028-7 : classe B3.8.6•• Santé interneLes exigences relatives à la santé interne ainsi que les conditions de sa vérification (voir 7.2.e et 11.5.3) peuvent, le cas échéant, être spécifiées au moment de l'appel d'offres et de la commande.9Contrôles9.1Type et contenu des documents de contrôle9.1.1• La conformité aux exigences de la commande des produits livrés, conformément à la présente norme européenne, doit faire l'objet d'un contrôle spécifique.L'acheteur doit préciser le type de document de contrôle souhaité (3.1.A, 3.1.B, 3.1.C ou 3.2) conformément àl'EN10204. Si un document de contrôle 3.1.A, 3.1.C ou 3.2 est commandé, l'acheteur doit notifier au producteur le nom et l'adresse de l'organisme ou de la personne chargée d'effectuer le contrôle et de produire le document correspondant. S'il s'agit d'un procès-verbal de réception 3.2, on doit convenir de la partie chargée de publier le certificat.9.1.2Le document de contrôle doit contenir, conformément à l'EN 10168, les codes et les informations suivants :a)les groupes d'informations A, B et Z ; la température de revenu doit également être donnée dans le cas desproduits trempés et revenus ;b)les résultats de l'analyse de coulée, conformément aux rubriques C 71 à C 92 ;c)les résultats des essais de traction à température ambiante, conformément aux rubriques C00 à C03 et C10à C13 ;d)les résultats de l'essai de flexion par choc sauf pour les aciers austénitiques de l'EN10028-7, conformémentaux rubriques C00 à C03 et C40 à C43 ;e)les résultats du contrôle visuel des produits (voir groupe d'informations D) ;f)si une ou plusieurs des options suivantes ont fait l'objet d'un accord lors de l'appel d'offres et de la commande,les informations correspondantes :1)le procédé d'élaboration de l'acier (rubrique C 70) ;2)l'analyse sur produit conformément aux rubriques C 71 à C 92 ;3)les résultats de l'essai de traction à température élevée (voir 9.2.2), conformément aux rubriques C 00àC03, C 10 et C 11 ;4)la valeur minimale de striction dans le sens de l'épaisseur, conformément aux rubriques C 00 à C 03, C 10et C 14 à C 29 ;5)le contrôle de santé interne par ultrasons (groupe d'informations F) ;6)les caractéristiques de flexion par choc des aciers austénitiques à température ambiante, conformémentaux rubriques C 00 à C 03 et C 40 à C 43 ;7)vérification des caractéristiques de flexion par choc des aciers inoxydables à basse température, confor-mément aux rubriques C 00 à C 03 et C 40 à C 43 ;8)résistance à la corrosion intergranulaire des aciers inoxydables, conformément aux rubriques C 60 à C69.9.2Contrôles à effectuer9.2.1Les contrôles suivants doivent être effectués :—essai de traction à température ambiante ;—essai de flexion par choc (sauf pour les aciers austénitiques de l'EN 10028-7), mais voir 10.2.2.3 ;—contrôle dimensionnel ;—examen visuel de l'état de surface.9.2.2•• Les essais suivants peuvent faire l'objet d'un accord :—analyse sur produit ;—essai de traction pour vérifier la limite d'élasticité conventionnelle à 0,2 % à température élevée (sauf pour les aciers des EN10028-4 et EN 10028-5) ;—essai de traction pour vérifier simultanément à température élevée pour les aciers austénitiques de l'EN10028-7 un, plusieurs ou l’ensemble des paramètres suivants: R p0,2, R p1,0 et R m ;—essai de traction dans le sens de l'épaisseur (sauf pour les aciers de l'EN10028-7) ;—essais de flexion par choc à température ambiante des aciers austénitiques de l'EN10028-7;—essais de flexion par choc à basse température des aciers de l'EN 10028-7 (sauf pour les aciers ferritiques) ;—contrôle aux ultrasons pour vérifier la santé interne ;—détermination de la résistance à la corrosion intergranulaire des aciers de l'EN 10028-7.9.3Contre-essaisVoir l'EN 10021.10Échantillonnage10.1Fréquence des essais10.1.1•• Pour l'analyse sur produit et sauf accord contraire, une seule éprouvette par coulée doit être prélevée pour déterminer, pour la nuance considérée, la teneur des éléments indiqués avec des valeurs numériques dans les divers tableaux des parties spécifiques de l'EN 10028.。

Revised method of production of p nitorobenjirubur

专利名称：Revised method of production of pnitorobenjiruburomido发明人：アグラワル，マノージ・クンジャビハリ,ゴーシュ，プシュピート・クマール,ガンディ，マヘシュクマール・ラムニクラル,ウパディヤイ，スメシュ・チャンドラ,アディムルティ，スバラヤッパ,ラマチャンドライア，ガッデ,パトリヤ，パレシュ・ウカバイ,ジョシ，ギルダル,ブラームバット，ハルシャッド,サンガヴィ，ラフル・ジャスヴァントライ申请号：JP2011535172申请日：20091029公开号：JP2012507575A公开日：20120329专利内容由知识产权出版社提供摘要： The method in order to produce p nitorobenjiruburomido from p nitrotoluene of improving is disclosed. With this method, it processes the excessive reactant in carbon tetrachloride with the chemical material - bromate reagent where the 2:1 is ill-smelling, in order after that at batch, to make that the mother liquor is reused without the times when the after-treatment of no further accompanies possible, from the reactant the product it is isolated efficiently with high purity by selective cold crystallization. It is obtained at the yield where the product of the desire quantity is appropriate if, this cycle is continued. After that, the solvent and p nitrotoluene are collected from the mother liquor, the residue is processed with the sodium borohydride, the impurity is againconverted to the reactant or the product, problem of waste disposal is evaded when after that, by reusing while processing, simultaneously, the product of desire it is obtained at the bromine atomic efficiency which exceeds yield and 88% where it exceeds 95% vis-a-vis p nitrotoluene.< Selective figure >It is not申请人：カウンシル・オヴ・サイエンティフィック・アンド・インダストリアル・リサーチ地址：インド国，ニュー・デリー１１０００１，ラフィ・マルグ，アヌサンダン・バワン国籍：IN代理人：奥山尚一,有原幸一,松島鉄男,河村英文,吉田尚美,中村綾子,深川英里,森本聡二,角田恭子,広瀬幹規更多信息请下载全文后查看。

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Deal or no deal?Corporate briefingDecember 2008The FSA is investigating possible breaches of the Listing Rules following the announcement by The Carphone Warehouse Group PLC of a director's share pledges as security for personal loans. This is a timely reminder that those who manage and advise listed companies must always consider the requirements of the FSA's Listing Rules, and in particular its Model Code on dealings in securities, whenever persons with managerial responsibilities want to take any action regarding their shareholdings in the listed company.CARPHONE WAREHOUSE ANNOUNCEMENT AND FSA INVESTIGATIONDavid Ross was the deputy chairman of Carphone Warehouse. On Monday 8 December 2008, Carphone Warehouse announced that it had received notification from Mr Ross that he had, through various agreements between 2006 and 2008 and as part of a package of security, pledged 136.4 million ordinary shares in the company against personal loans. Mr Ross had also tendered his resignation as a director of the company with immediate effect.Subsequent news stories in the press also suggested that he had pledged shares in other listed companies of which he was a director as collateral for loans.The FSA is investigating whether Mr Ross breached the Listing Rules by pledging the shares as collateral for loans.The Model CodeThe purpose of the Model Code is to ensure that persons discharging managerial responsibilities (PDMRs), including directors, do not abuse, and do not place themselves under suspicion of abusing, inside information that they may be thought to have. Under the Listing Rules, listed companies must require every PDMR to comply with the Model Code and must take all proper and reasonable steps to secure their compliance. Individual listed companies are free to impose more rigorous dealing obligations than those contained in the Model Code.The cornerstone of the Model Code is that PDMRs must not deal in the securities of the listed company without obtaining advance clearance. The Model Code sets out the procedures for requesting and obtaining clearance. Before dealing, a director (other than the chairman or chief executive) or company secretary must notify the chairman, or a director designated by the board for this purpose, and receive clearance to deal from him. The chairman and chief executive must obtain clearance from each other or, if the other is not available, from the senior independent director or a board committee or other officer nominated for the purpose.A PDMR may not be given clearance to deal:• in any securities of the company on considerations of a short term nature (investments witha maturity of one year or less always being considered short term);• during a "close period" (as defined in the Model Code); or• at any time when there exists any matter which constitutes inside information in relation to the listed company.PDMRs must also take reasonable steps to prevent any dealings by or on behalf of persons connected with them on considerations of a short term nature, and must seek to prohibit any dealings by or on behalf of any connected person or by an investment manager on behalf of the PDMR or on behalf of any other person connected with the PDMR during a close period. However, the PDMR should not inform his connected persons or investment manager when they are not free to deal as a result of the company having inside information in existence. "Dealing"It may not be obvious at first glance that "dealing" catches the act of pledging shares as security, as it does not involve an outright disposal of the shares. However, the Model Code sets out a list of operations, as well as straightforward acquisitions and disposals, which amount to dealing. These include "using as security, or otherwise granting a charge, lien or other encumbrance over the securities of the company" (paragraph 1(c)(v) of the Model Code).Not all dealings are caught: paragraph 2 of the Model Code sets out a list of those which may be carried out without obtaining consent. These include the take up of rights under a rights issue, undertakings to accept a takeover offer, and various transactions in connection with employee share schemes.The upshot is that where any transaction relating to shares in the listed company is involved, the provisions of the Model Code (or, if relevant, the company's own share dealing code) should be carefully checked. In addition, bear in mind that even if a transaction is not prohibited by the Model Code, it may still contravene the market abuse or insider dealing regimes.There is no express requirement under the Model Code for a listed company to announce that clearance to deal has been given. However, PDMRs and listed companies must consider carefully whether notification and announcement obligations arise under the provisions of the Listing Rules and the Disclosure and Transparency Rules, for example pursuant to DTR 3.1.2 (notification of transactions by PDMRs) and DTR 3.1.4 (notification of transactions by issuers to a RIS).CONTACTIain Newman, Partner T +44 (0)20 7524 6423 i.newman@LondonLacon House, 84 Theobald's Road, London WC1X 8RWT +44 (0)20 7524 6000F +44 (0)20 7524 6524 Sheffield1 South Quay, Victoria Quays,Sheffield S2 5SYT +44 (0)114 279 4000F +44 (0)114 278 6123Brussels209A Avenue Louise,1050 Brussels, BelgiumT +32 2 626 0740F +32 2 626 0749Alliance firms:France August & Debouzy Gilles AugustT +33 (0)1 45 61 51 80 Germany GSK Stockmann & KollegenRainer StockmannT +49 (30) 20 39 07 - 0www.gsk.deItaly Nunziante MagroneGianmatteo NunzianteT +39 06 695181www.nunziantemagrone.itSpain Rodés & SalaGonzalo RodésT +34 932 413 740Nabarro LLPRegistered office: Lacon House, 84 Theobald's Road, London, WC1X 8RW.Nabarro LLP is a limited liability partnership registered in England and Wales (registered number OC334031) and is regulated by the Solicitors Regulation Authority. A list of members of Nabarro LLP is open to inspection at the registered office. The term partner is used to refer to a member of Nabarro LLP.DisclaimerDetailed specialist advice should be obtained before taking or refraining from any action as a result of the comments made in this publication, which are only intended as a brief introduction to the particular subject. This information is correct on the date of publication. We cannot be responsible for links to external websites that may become broken in the future.© Nabarro LLP 2008。