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A duty of loyalty prohibits fiduciaries from appropriating business opportunities from their companies. Starting in 2000, Delaware, followed by several other states, allowed boards to waive their duty. We show that public firms covered by waiver laws invest less in R&D, produce fewer and less valuable patents, and exhibit abnormally high inventor departures. Remaining innovation activities contribute less to firm value, a fact confirmed by the market reaction when firms reveal their curtailed internal growth opportunities by announcing acquisitions. Consistent with the laws’ intent to provide contracting flexibility to emerging firms, we find evidence of positive impacts for small firms. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

Through textual analyses of 7.7 million patents, we develop a novel intercompany innovation similarity measure which enables us to find that technologically connected firms cross-predict one another’s returns. Investors impound information about firms’ technological connectedness, although not immediately and fully. Buying (shorting) shares of technological peers earning high (low) returns during the previous month yields a 1.29% monthly return. Firms’ return predictability increases with patent complexity or limited technological disclosures but decreases with better information transparency. Results suggest that investor inattention explains technology momentum. Unlike momentum stemming from simpler, class-based technological links, our Big Data text-based return predictability remains active. (JEL G11, G12, G14, O31, C55) Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

The latest generation of Galactic-plane surveys is enhancing our ability to study the effects of galactic environment upon the process of star formation. We present the first data from CO Heterodyne Inner Milky Way Plane Survey 2 (CHIMPS2). CHIMPS2 is a survey that will observe the Inner Galaxy, the Central Molecular Zone (CMZ), and a section of the Outer Galaxy in $^{12}$CO, $^{13}$CO, and C$^{18}$O $(J = 3\rightarrow2)$ emission with the Heterodyne Array Receiver Program on the James Clerk Maxwell Telescope (JCMT). The first CHIMPS2 data presented here are a first look towards the CMZ in $^{12}$CO J = 3$\rightarrow$2 and cover $-3^{\circ}\leq\,\ell\,\leq\,5^{\circ}$ and $\mid$b$\mid \leq 0.5^{\circ}$ with angular resolution of 15 arcsec, velocity resolution of 1 km s$^{-1}$, and rms $\Delta T_A ^\ast =$ 0.58 K at these resolutions. Such high-resolution observations of the CMZ will be a valuable data set for future studies, whilst complementing the existing Galactic Plane surveys, such as SEDIGISM, the Herschel infrared Galactic Plane Survey, and ATLASGAL. In this paper, we discuss the survey plan, the current observations and data, as well as presenting position-position maps of the region. The position-velocity maps detect foreground spiral arms in both absorption and emission., Comment: 18 pages, 14 figures, accepted for publication in MNRAS

Firms covered by more analysts are more likely to become takeover targets and more likely to enter deals in which their acquirers initiate private merger negotiations. Moreover, when equity analysts’ pre-acquisition price forecasts imply greater target undervaluation, target firms are more likely to initiate their own sale, takeover premiums are higher, those premiums tend to be revised upwards during private merger negotiations, and acquirer firms use less cash to structure the transaction. These results imply a material role for equity analysts during the M&A process: their coverage affects takeover probabilities while their price forecasts influence merger premiums and the merger consideration. Our findings support both investor recognition and information generation theories about the role of equity analysts in financial markets.

We examine completed mergers and acquisitions (M&A) deals with large acquirer shareholder dollar wealth gains at announcement. We find that large‐gain acquisitions are: 1) typically “bolt‐on” deals that are small relative to the acquirer's size, 2) transaction‐specific events (not firm‐ or chief executive officer (CEO)‐specific events), 3) enhanced by synergies of the merged firm, and 4) executed by bidders with high valuation multiples. These findings provide important insight into the factors associated with considerable wealth creation for acquirer shareholders in M&A deals.

We present the first release of the data and compact-source catalogue for the JCMT Large Program SCUBA-2 Continuum Observations of Pre-protostellar Evolution (SCOPE). SCOPE consists of 850-um continuum observations of 1235 Planck Galactic Cold Clumps (PGCCs) made with the Submillimetre Common-User Bolometer Array 2 on the James Clerk Maxwell Telescope. These data are at an angular resolution of 14.4 arcsec, significantly improving upon the 353-GHz resolution of Planck at 5 arcmin, and allowing for a catalogue of 3528 compact sources in 558 PGCCs. We find that the detected PGCCs have significant sub-structure, with 61 per cent of detected PGCCs having 3 or more compact sources, with filamentary structure also prevalent within the sample. A detection rate of 45 per cent is found across the survey, which is 95 per cent complete to Planck column densities of $N_{H_{2}}$ $>$ 5 $\times$ 10$^{21}$ cm$^{-2}$. By positionally associating the SCOPE compact sources with YSOs, the star formation efficiency, as measured by the ratio of luminosity to mass, in nearby clouds is found to be similar to that in the more distant Galactic Plane, with the column density distributions also indistinguishable from each other., 16 pages, 13 figures, 1 table. Accepted for publication in MNRAS

We contrast the investment strategies of hedge funds and mutual funds around M&A transactions. We find that hedge funds increase their holdings of soon-to-be takeover targets by 7.5% during the quarter before M&A announcements. Conversely, mutual funds reduce their equity holdings in impending targets by 3.0% over the same time period. More actively managed mutual funds decrease their holdings in to-be targets to a significantly lesser extent than their peers. These results, which withstand several robustness tests, suggest that hedge funds enjoy superior access to private information or possess better skills to process public information.

We examine the causal effects of uncertainty on corporate innovation by exploiting terrorism events. During the five-year window after terrorist attacks, firms near the strikes experience meaningful declines in R&D spending, patenting, citations, patent originality, and innovation value. These firms are more likely to have inventors move to distant companies but less likely to hire new inventors. These results prove robust to numerous controls including the influence of the 9/11 attacks. Our findings suggest that terrorism curtails innovation by aggravating the economic uncertainty affecting firms near the attacks and by worsening the uncertainty about personal security faced by their inventors.

We study the impact of the Domestic Production Activities Deduction (DPAD) on mergers and acquisitions. DPAD reduces corporate tax rates on income from work or goods made in the U.S. Results indicate that the quantity and quality of acquisition bids by DPAD-advantaged firms conform to the predictions of the neoclassical theory of the firm and the theory of financial constraints. Specifically, bids, particularly those cash-financed, increase substantially in industries with large DPAD-related tax cuts and for firms with financial constraints. Moreover, DPAD improves acquisition quality where acquirers and targets are likely to generate incremental DPAD tax benefits through their merger.

Do merger bonuses to target CEOs facilitate a wealth transfer from target to acquirer shareholders? We test this hypothesis against an alternative that bonuses enable a useful contractual revision in compensation contracts when takeovers generate small synergies. When target CEOs get a merger bonus, acquirers pay lower premiums, but they also typically get less in the form of low synergies. Moreover, both stock and accounting returns to the acquirers are lower on average in deals with target CEO bonuses. These results support the contractual revision alternative. Nevertheless, wealth transfer occurs when merger bonuses are present in deals where targets exhibit high pre-takeover abnormal accruals or are subject to SEC enforcement actions.

Acquirer CEOs with experience in the target's industry supply chain (‘supply chain CEOs’) are associated with wealth effects of first-order importance: they earn 1.5% higher merger announcement returns. Conversely, their targets get a lower share of the merger gains. Acquisitions by supply chain CEOs also exhibit higher synergies, better post-deal accounting performance, and less goodwill written off. These findings withstand checks for endogeneity, anticipation bias, and numerous robustness tests. In takeovers by supply chain CEOs, superior acquirer performance stems from both value creation and rents negotiated away from target shareholders.

We present the detailed science case, and brief descriptions of the telescope design, site, and first light instrument plans for a new ultra-wide field submillimeter observatory, CCAT-prime, that we are constructing at a 5600 m elevation site on Cerro Chajnantor in northern Chile. Our science goals are to study star and galaxy formation from the epoch of reionization to the present, investigate the growth of structure in the Universe, improve the precision of B-mode CMB measurements, and investigate the interstellar medium and star formation in the Galaxy and nearby galaxies through spectroscopic, polarimetric, and broadband surveys at wavelengths from 200 m to 2 mm. These goals are realized with our two first light instruments, a large field-of-view (FoV) bolometer-based imager called Prime-Cam (that has both camera and an imaging spectrometer modules), and a multi-beam submillimeter heterodyne spectrometer, CHAI. CCAT-prime will have very high surface accuracy and very low system emissivity, so that combined with its wide FoV at the unsurpassed CCAT site our telescope/instrumentation combination is ideally suited to pursue this science. The CCAT-prime telescope is being designed and built by Vertex Antennentechnik GmbH. We expect to achieve first light in the spring of 2021., Ground-based and Airborne Telescopes VII, June 10-15, 2018, Austin, USA, Series: Proceedings of SPIE; no. 10700

CCAT-prime will be a 6-meter aperture telescope operating from sub-mm to mm wavelengths, located at 5600 meters elevation on Cerro Chajnantor in the Atacama Desert in Chile. Its novel crossed-Dragone optical design will deliver a high throughput, wide field of view capable of illuminating much larger arrays of sub-mm and mm detectors than can existing telescopes. We present an overview of the motivation and design of Prime-Cam, a first-light instrument for CCAT-prime. Prime-Cam will house seven instrument modules in a 1.8 meter diameter cryostat, cooled by a dilution refrigerator. The optical elements will consist of silicon lenses, and the instrument modules can be individually optimized for particular science goals. The current design enables both broadband, dual-polarization measurements and narrow-band, Fabry-Perot spectroscopic imaging using multichroic transition-edge sensor (TES) bolometers operating between 190 and 450 GHz. It also includes broadband kinetic induction detectors (KIDs) operating at 860 GHz. This wide range of frequencies will allow excellent characterization and removal of galactic foregrounds, which will enable precision measurements of the sub-mm and mm sky. Prime-Cam will be used to constrain cosmology via the Sunyaev-Zeldovich effects, map the intensity of [CII] 158 $\mu$m emission from the Epoch of Reionization, measure Cosmic Microwave Background polarization and foregrounds, and characterize the star formation history over a wide range of redshifts. More information about CCAT-prime can be found at www.ccatobservatory.org., Comment: Presented at SPIE Millimeter, Submillimeter, and Far-Infrared Detectors and Instrumentation for Astronomy IX, June 15th, 2018

Firms exhibit a US$106MM average market capitalization decline when a Securities Class Action lawsuit against their joint venture partner is announced. After their partner’s lawsuit, their own probability of facing similar litigation increases from 4.12% to 7.52%. Such litigation is 1.3 times more likely for every common monitor (auditor, institutional blockholder, or analyst) non-sued venture firms share with their sued partner. Other spillovers to non-sued venture firms substantially affect their financial reporting practices, their investment policies, and their assessment by both analysts and auditors. While these venture firms are not named in their partner’s complaint, they suffer non-trivial spillover effects.

Full Paper is available at: https://www.ssrn.com/abstract=2526509 In this Internet Appendix, we perform further tests in order (i) to assess the robustness of the main findings, (ii) to evaluate whether the magnitude of our results changes in different settings, and (iii) to provide further insight on our main empirical constructs.

Reducing the threat of shareholder litigation through securities class actions lowers voluntary disclosure quantity, but not the accuracy of earnings forecasts. Conversely, reducing the threat of shareholder litigation through derivative lawsuits prompts increases in voluntary disclosure quantity and decreases in both earnings forecast accuracy and mandatory disclosure quality. We reconcile these differences by showing that changes to firm operations are the economic mechanism driving changes in corporate information environments after the threat of derivative lawsuits exogenously declines. This evidence comports with the fact that, while securities class action lawsuits address disclosure decisions, derivative litigation also covers decisions about real operations.

We present 850 and 450 micron observations of the dense regions within the Auriga-California molecular cloud using SCUBA-2 as part of the JCMT Gould Belt Legacy Survey to identify candidate protostellar objects, measure the masses of their circumstellar material (disk and envelope), and compare the star formation to that in the Orion A molecular cloud. We identify 59 candidate protostars based on the presence of compact submillimeter emission, complementing these observations with existing Herschel/SPIRE maps. Of our candidate protostars, 24 are associated with young stellar objects (YSOs) in the Spitzer and Herschel/PACS catalogs of 166 and 60 YSOs, respectively (177 unique), confirming their protostellar nature. The remaining 35 candidate protostars are in regions, particularly around LkHalpha 101, where the background cloud emission is too bright to verify or rule out the presence of the compact 70 micron emission that is expected for a protostellar source. We keep these candidate protostars in our sample but note that they may indeed be prestellar in nature. Our observations are sensitive to the high end of the mass distribution in Auriga-Cal. We find that the disparity between the richness of infrared star forming objects in Orion A and the sparsity in Auriga-Cal extends to the submillimeter, suggesting that the relative star formation rates have not varied over the Class II lifetime and that Auriga-Cal will maintain a lower star formation efficiency., Comment: 39 pages (54 including the Appendix), 9 figures, 3 tables, in press in ApJ

We present early results from the JCMT (James Clerk Maxwell Telescope) Plane Survey (JPS), which has surveyed the northern inner Galactic plane between longitudes ℓ = 7° and ℓ = 63° in the 850-μm continuum with SCUBA-2 (Submm Common-User Bolometer Array 2), as part of the JCMT Legacy Survey programme. Data from the ℓ = 30° survey region, which contains the massive-star-forming regions W43 and G29.96, are analysed after approximately 40 per cent of the observations had been completed. The pixel-to-pixel noise is found to be 19 mJy beam−1 after a smooth over the beam area, and the projected equivalent noise levels in the final survey are expected to be around 10 mJy beam−1. An initial extraction of compact sources was performed using the FELLWALKER method, resulting in the detection of 1029 sources above a 5σ surface-brightness threshold. The completeness limits in these data are estimated to be around 0.2 Jy beam−1 (peak flux density) and 0.8 Jy (integrated flux density) and are therefore probably already dominated by source confusion in this relatively crowded section of the survey. The flux densities of extracted compact sources are consistent with those of matching detections in the shallower APEX (Atacama Pathfinder Experiment) Telescope Large Area Survey of the Galaxy (ATLASGAL) survey. We analyse the virial and evolutionary state of the detected clumps in the W43 star-forming complex and find that they appear younger than the Galactic-plane average.

This paper presents observations of the Lupus I molecular cloud at 450 and 850 μm with\ud Submillimetre Common User Bolometer Array (SCUBA-2) as part of the James Clerk Maxwell\ud Telescope Gould Belt Survey (JCMT GBS). Nine compact sources, assumed to be the discs of\ud young stellar objects (YSOs), 12 extended protostellar, pre-stellar and starless cores, and one\ud isolated, low-luminosity protostar, are detected in the region. Spectral energy distributions,\ud including submillimetre fluxes, are produced for 15 YSOs, and each is fitted with the models\ud of Robitaille et al. The proportion of Class 0/I protostars is higher than that seen in other\ud Gould Belt regions such as Ophiuchus and Serpens. Circumstellar disc masses are calculated\ud for more evolved sources, while protostellar envelope masses are calculated for protostars.\ud Up to four very low luminosity objects are found; a large fraction when compared to other\ud Spitzer c2d regions. One YSO has a disc mass greater than the minimum mass solar nebula.\ud 12 starless/protostellar cores are detected by SCUBA-2 and their masses are calculated. The\ud stability of these cores is examined using both the thermal Jeans mass and a turbulent virial\ud mass when possible. Two cores in Lupus I are super-Jeans and contain no known YSOs. One\ud of these cores has a virial parameter of 1.1 ± 0.4, and could therefore be pre-stellar. The high\ud ratio of Class 0/I to Class III YSOs (1:1), and the presence of a pre-stellar core candidate,\ud provides support for the hypothesis that a shock recently triggered star formation in Lupus I.

We present 450 and 850 micron submillimetre continuum observations of the IC5146 star-forming region taken as part of the JCMT Gould Belt Survey. We investigate the location of bright submillimetre (clumped) emission with the larger-scale molecular cloud through comparison with extinction maps, and find that these denser structures correlate with higher cloud column density. Ninety-six individual submillimetre clumps are identified using FellWalker and their physical properties are examined. These clumps are found to be relatively massive, ranging from 0.5to 116 MSun with a mean mass of 8 MSun and a median mass of 3.7 MSun. A stability analysis for the clumps suggest that the majority are (thermally) Jeans stable, with M/M_J < 1. We further compare the locations of known protostars with the observed submillimetre emission, finding that younger protostars, i.e., Class 0 and I sources, are strongly correlated with submillimetre peaks and that the clumps with protostars are among the most Jeans unstable. Finally, we contrast the evolutionary conditions in the two major star-forming regions within IC5146: the young cluster associated with the Cocoon Nebula and the more distributed star formation associated with the Northern Streamer filaments. The Cocoon Nebula appears to have converted a higher fraction of its mass into dense clumps and protostars, the clumps are more likely to be Jeans unstable, and a larger fraction of these remaining clumps contain embedded protostars. The Northern Streamer, however, has a larger number of clumps in total and a larger fraction of the known protostars are still embedded within these clumps., 30 pages, 11 figures, 8 tables, accepted by ApJ

We present observations of the Cepheus Flare obtained as part of the James Clerk Maxwell Telescope (JCMT) Gould Belt Legacy Survey (GBLS) with the SCUBA-2 instrument. We produce a catalogue of sources found by SCUBA-2, and separate these into starless cores and protostars. We determine masses and densities for each of our sources, using source temperatures determined by the Herschel Gould Belt Survey. We compare the properties of starless cores in four different molecular clouds: L1147/58, L1172/74, L1251 and L1228. We find that the core mass functions for each region typically show shallower-than-Salpeter behaviour. We find that L1147/58 and L1228 have a high ratio of starless cores to Class II protostars, while L1251 and L1174 have a low ratio, consistent with the latter regions being more active sites of current star formation, while the former are forming stars less actively. We determine that if modelled as thermally supported Bonnor–Ebert spheres, most of our cores have stable configurations accessible to them. We estimate the external pressures on our cores using archival 13CO velocity dispersion measurements and find that our cores are typically pressure confined, rather than gravitationally bound. We perform a virial analysis on our cores, and find that they typically cannot be supported against collapse by internal thermal energy alone, due primarily to the measured external pressures. This suggests that the dominant mode of internal support in starless cores in the Cepheus Flare is either non-thermal motions or internal magnetic fields., Monthly Notices of the Royal Astronomical Society, 464 (4), ISSN:0035-8711, ISSN:1365-2966, ISSN:1365-8711

We study earnings surprises disclosed hours before M&A announcements in which both merging firms operate in the same 1-digit SIC as the earnings-releasing firms. These surprises correlate with the acquirers’ M&A announcement return. Consistent with behavioral theory, one week after the M&A announcement, acquirers’ response to the earnings surprises disappears. While acquirers’ stock misvaluation is transitory, other effects to the M&A process are permanent. Larger earnings surprises are related to increases in bid competition, in takeover premiums, and in withdrawn M&As. These results indicate that behavioral biases, characterized by trend-seeking and extrapolation, generate material distortions in some M&A transactions.

We present the first data release of the James Clerk Maxwell Telescope (JCMT) Plane Survey (JPS), the JPS Public Release 1 (JPSPR1). JPS is an 850-um continuum survey of six fields in the northern inner Galactic Plane in a longitude range of l=7-63, made with the Sub-millimetre Common-User Bolometer Array 2 (SCUBA-2). This first data release consists of emission maps of the six JPS regions with an average pixel-to-pixel noise of 7.19 mJy beam^-1, when smoothed over the beam, and a compact-source catalogue containing 7,813 sources. The 95 per cent completeness limits of the catalogue are estimated at 0.04 Jy beam^-1 and 0.3 Jy for the peak and integrated flux densities, respectively. The emission contained in the compact-source catalogue is 42 +- 5 per cent of the total and, apart from the large-scale (greater than 8') emission, there is excellent correspondence with features in the 500-um Herschel maps. We find that, with two-dimensional matching, 98 +- 2 per cent of sources within the fields centred at l=20, 30, 40 and 50 are associated with molecular clouds, with 91 +- 3 per cent of the l=30 and 40 sources associated with dense molecular clumps. Matching the JPS catalogue to Herschel 70-um sources, we find that 38 +- 1 per cent of sources show evidence of ongoing star formation. The images and catalogue will be a valuable resource for studies of star formation in the Galaxy and the role of environment and spiral arms in the star formation process., Comment: 22 pages, 18 figures, 4 tables. Full version of Table 3 available from http://www.canfar.phys.uvic.ca/vosui/#/JPSPR1 Accepted for publication in Monthly Notices of the Royal Astronomical Society

We study the impact of the Domestic Production Activities Deduction (DPAD) on mergers and acquisitions. DPAD reduces corporate tax rates on income from work or goods made in the US. Results indicate that the quantity and quality of acquisition bids by DPAD-advantaged firms conform to the predictions of the neoclassical theory of the firm and the theory of financial constraints. Specifically, bids, particularly those cash-financed, increase substantially in industries with large DPAD-related tax cuts and for firms with financial constraints. Moreover, DPAD improves acquisition quality where acquirers and targets are likely to generate incremental DPAD tax benefits through their merger.

Targets covered by more analysts receive higher takeover premiums while their acquirers earn lower merger announcement returns. Moreover, these targets are less likely to pay merger termination fees. These results suggest that managers of target firms covered by more analysts are able to bargain for better acquisition terms for their shareholders. To address the analyst-coverage selection bias, we use natural experiments involving brokerage-house mergers or closures to instrument for analyst coverage. Our empirical evidence supports Jensen and Meckling’s (1976) theory that monitoring by security analysts mitigates the agency costs associated with the separation of ownership and control by curbing non-value maximizing managerial actions.

Using transactions generally overlooked in the compensation literature—joint ventures, strategic alliances, seasoned equity offerings (SEOs), and spin-offs—we find that, beyond compensation for increases in firm size or complexity, chief executive officers (CEOs) are rewarded for their deal-making activities. Boards pay CEOs for the core motivation of the deal, as well as for deal volume. We find that compensating for volume instead of core value creation occurs under weak board monitoring and that in deal-making firms, neither CEO turnover nor pay-for-performance responds to underperformance. We introduce an input monitoring explanation for these results: boards compensate for deal volume because of their inability to perfectly monitor outputs.

The dust emissivity spectral index, $\beta$, is a critical parameter for deriving the mass and temperature of star-forming structures, and consequently their gravitational stability. The $\beta$ value is dependent on various dust grain properties, such as size, porosity, and surface composition, and is expected to vary as dust grains evolve. Here we present $\beta$, dust temperature, and optical depth maps of the star-forming clumps in the Perseus Molecular Cloud determined from fitting SEDs to combined Herschel and JCMT observations in the 160 $\mu$m, 250 $\mu$m, 350 $\mu$m, 500 $\mu$m, and 850 $\mu$m bands. Most of the derived $\beta$, and dust temperature values fall within the ranges of 1.0 - 2.7 and 8 - 20 K, respectively. In Perseus, we find the $\beta$ distribution differs significantly from clump to clump, indicative of grain growth. Furthermore, we also see significant, localized $\beta$ variations within individual clumps and find low $\beta$ regions correlate with local temperature peaks, hinting at the possible origins of low $\beta$ grains. Throughout Perseus, we also see indications of heating from B stars and embedded protostars, as well evidence of outflows shaping the local landscape., Comment: Accepted to ApJ, 15 figures, 3 tables

Acquirers do not benefit from hiring the CEOs of firms they buy, either in terms of merger announcement returns or long-run operating performance. This is especially true when the retained CEOs exhibit inferior quality (as proxied by target firm industrial efficiency or the target CEO’s educational aptitude, pay slice, or outside directorships). We find no evidence that our results are due to hard bargaining by target managers: premiums paid in M&A deals appear unrelated to the decision to hire the target CEO. These findings withstand several econometric methods we use to account for potential endogeneity, selection, and unobserved heterogeneity.

We present the JCMT Gould Belt Survey's first look results of the southern extent of the Orion A Molecular Cloud ($\delta \leq -5\mathrm{:}31\mathrm{:}27.5$). Employing a two-step structure identification process, we construct individual catalogues for large-scale regions of significant emission labelled as islands and smaller-scale subregions called fragments using the 850 $\mu$m continuum maps obtained using SCUBA-2. We calculate object masses, sizes, column densities, and concentrations. We discuss fragmentation in terms of a Jeans instability analysis and highlight interesting structures as candidates for follow-up studies. Furthermore, we associate the detected emission with young stellar objects (YSOs) identified by Spitzer and Herschel. We find that although the population of active star-forming regions contains a wide variety of sizes and morphologies, there is a strong positive correlation between the concentration of an emission region and its calculated Jeans instability. There are, however, a number of highly unstable subregions in dense areas of the map that show no evidence of star formation. We find that only $\sim$72\% of the YSOs defined as Class 0+I and flat-spectrum protostars coincide with dense 850 $\mu$m emission structures (column densities $>3.7\times10^{21}\mathrm{\:cm}^{-2}$). The remaining 28\% of these objects, which are expected to be embedded in dust and gas, may be misclassified. Finally, we suggest that there is an evolution in the velocity dispersion of young stellar objects such that sources which are more evolved are associated with higher velocities., Comment: 31 Pages, 19 Figures, Accepted for publication in Monthly Notices of the Royal Astronomical Society (MNRAS)

Shareholders’ updated valuation of internal slack reveals their revised assessment of potential agency conflicts. We study how the value of internal cash changes following state antitakeover regulation events. After carefully addressing the critiques of such experiments, we find that the value of cash increases following antitakeover law implementation, but there is considerable heterogeneity in how the value changes. Firms more susceptible to quiet-life agency problems show no increases in the market-assessed value of internal slack. Conversely, cash appreciates in companies where takeover protection helps bond important commitments with major counterparties. These findings hold across different measures of antitakeover protection events.

We present SCUBA-2 450{\mu}m and 850{\mu}m observations of the W40 complex in the Serpens-Aquila region as part of the James Clerk Maxwell Telescope (JCMT) Gould Belt Survey (GBS) of nearby star-forming regions. We investigate radiative heating by constructing temperature maps from the ratio of SCUBA-2 fluxes using a fixed dust opacity spectral index, {\beta} = 1.8, and a beam convolution kernel to achieve a common 14.8" resolution. We identify 82 clumps ranging between 10 and 36K with a mean temperature of 20{\pm}3K. Clump temperature is strongly correlated with proximity to the external OB association and there is no evidence that the embedded protostars significantly heat the dust. We identify 31 clumps that have cores with densities greater than 105cm{^{-3}}. Thirteen of these cores contain embedded Class 0/I protostars. Many cores are associated with bright-rimmed clouds seen in Herschel 70 {\mu}m images. From JCMT HARP observations of the 12CO 3-2 line, we find contamination of the 850{\mu}m band of up to 20 per cent. We investigate the free-free contribution to SCUBA-2 bands from large-scale and ultracompact H ii regions using archival VLA data and find the contribution is limited to individual stars, accounting for 9 per cent of flux per beam at 450 {\mu}m or 12 per cent at 850 {\mu}m in these cases. We conclude that radiative heating has potentially influenced the formation of stars in the Dust Arc sub-region, favouring Jeans stable clouds in the warm east and fragmentation in the cool west., Comment: 27 pages, 25 figures, 7 tables, 3 online catalogues

Through textual analyses of 7.7 million patents, we develop a novel intercompany innovation similarity measure which enables us to find that technologically connected firms cross-predict one another’s returns. Investors impound information about firms’ technological connectedness, although not immediately and fully. Buying (shorting) shares of technological peers earning high (low) returns during the previous month yields a 1.29% monthly return. Firms’ return predictability increases with patent complexity or limited technological disclosures but decreases with better information transparency. These results suggest investor inattention explains technology momentum. Unlike momentum stemming from simpler class-based technological links, our Big Data text-based return predictability remains active.

The Gould Belt Legacy Survey will map star-forming regions within 500 pc, using HARP (Heterodyne Array Receiver Programme), SCUBA-2 (Submillimetre Common-User Bolometer Array 2) and POL-2 (Polarimeter 2) on the James Clerk Maxwell Telescope (JCMT). This paper describes HARP observations of the J = 3-2 transitions of 13CO and C18O towards Orion A. The 1500-resolution observations cover 5 pc of the Orion filament, including OMC1 (inc. BN-KL and Orion Bar), OMC 2/3 and OMC 4, and allow a comparative study of the molecular gas properties throughout the star-forming cloud. The filament shows a velocity gradient of ~1 km/s /pc between OMC 1, 2 and 3, and high velocity emission is detected in both isotopologues. The Orion Nebula and Bar have the largest masses and line widths, and dominate the mass and energetics of the high velocity material. Compact, spatially resolved emission from CH3CN, 13CH3OH, SO, HCOOCH3, C2H5OH, CH3CHO and CH3OCHO is detected towards the Orion Hot Core. The cloud is warm, with a median excitation temperature of ~24 K; the Orion Bar has the highest excitation temperature gas, at >80 K. The C18O excitation temperature correlates well with the dust temperature (to within 40%). The C18O emission is optically thin, and the 13CO emission is marginally optically thick; despite its high mass, OMC 1 shows the lowest opacities. A virial analysis indicates that Orion A is too massive for thermal or turbulent support, but is consistent with a model of a filamentary cloud that is threaded by helical magnetic fields. The variation of physical conditions across the cloud is reflected in the physical characteristics of the dust cores....continued

We examine financially distressed firms and document how governance characteristics affect (1) a firm’s ability to avoid bankruptcy and (2) the power of financial/accounting information to predict bankruptcy. Overall, our findings indicate that a distressed firm’s governance characteristics significantly affect its probability of bankruptcy. We find that smaller and more independent boards with a higher ratio of non-inside directors and with larger ownership stakes of inside directors are more effective at avoiding bankruptcy once distress is indicated. These results are consistent with the belief that these types of governance structures induce more effective monitoring. The results are also consistent with the view that the inclusion of governance characteristics enhances the power of financial accounting models in predicting bankruptcy.

Studies of institutional monitoring focus on the fraction of the firm held by institutions. We focus on the fraction of the institution׳s portfolio represented by the firm. In the context of acquisitions, we hypothesize that institutional monitoring will be greatest when the target firm represents a significant allocation of funds in the institution׳s portfolio. We show that this measure is important in reconciling mixed findings for total institutional ownership in the prior literature. The results indicate that our measure of institutional holdings leads to greater bid completion rates, higher premiums, and lower acquirer returns. This empirical evidence provides support for theories predicting a beneficial effect of blockholders in monitoring the firm in general and in enhancing the gains to takeover targets in particular.

We employ SCUBA-2 (Submillimetre Common-User Bolometer Array 2) observations of the Orion A North molecular cloud to derive column density and temperature maps. We apply a novel, Hessian-based structural identification algorithm for detection of prestellar cores to these data, allowing for automated generation of the prestellar mass function. The resulting mass function is observed to peak at $1.39^{+0.18}_{{-}0.19} M_{\odot}$, indicating a star-forming efficiency lower limit of ∼14 per cent when compared with the Orion nebula Cluster initial mass function (IMF) peak. Additionally, the prestellar mass function is observed to decay with a high-mass powerlaw exponent $\alpha = 2.53^{+0.16}_{{-}0.14}$, indicating approximate functional similarity with the Salpeter IMF ($\alpha = 2.35$). This result, when combined with the results of previous investigations suggests a regional dependence of the star-forming efficiency.

We investigate the determinants of gains to CEOs from large stock sales. Consistent with the literature, we find that some CEOs benefit from inside information by strategically timing sales. We also find that internal accounting information can be used to predict such timing. Furthermore, sales executed under plans that conform to SEC Rule 10b5-1 tend to follow positive abnormal stock returns, but do not, on average, precede abnormal declines. In contrast, sales that do not conform to the requirements of Rule 10b5-1 tend to follow smaller positive abnormal stock returns, but, on average, precede large abnormal declines. Board and CEO characteristics are related to the magnitude of the post-transaction abnormal returns. Overall, the evidence suggests that Rule 10b5-1 plans do not prevent CEOs from timing large sales or the release of discretionary information around them.

We present 850$\mu$m and 450$\mu$m data from the JCMT Gould Belt Survey obtained with SCUBA-2 and characterise the dust attributes of Class I, Class II and Class III disk sources in L1495. We detect 23% of the sample at both wavelengths, with the detection rate decreasing through the Classes from I--III. The median disk mask is 1.6$\times 10^{-3}$M$_{\odot}$, and only 7% of Class II sources have disk masses larger than 20 Jupiter masses. We detect a higher proportion of disks towards sources with stellar hosts of spectral type K than spectral type M. Class II disks with single stellar hosts of spectral type K have higher masses than those of spectral type M, supporting the hypothesis that higher mass stars have more massive disks. Variations in disk masses calculated at the two wavelengths suggests there may be differences in dust opacity and/or dust temperature between disks with hosts of spectral types K to those with spectral type M., Comment: 11 pages, 10 figures plus Appendix. MNRAS accepted

We present SCUBA-2 450micron and 850micron observations of the Serpens MWC 297 region, part of the JCMT Gould Belt Survey of nearby star-forming regions. Simulations suggest that radiative feedback influences the star-formation process and we investigate observational evidence for this by constructing temperature maps. Maps are derived from the ratio of SCUBA-2 fluxes and a two component model of the JCMT beam for a fixed dust opacity spectral index of beta = 1.8. Within 40 of the B1.5Ve Herbig star MWC 297, the submillimetre fluxes are contaminated by free-free emission with a spectral index of 1.03+-0.02, consistent with an ultra-compact HII region and polar winds/jets. Contamination accounts for 73+-5 per cent and 82+-4 per cent of peak flux at 450micron and 850micron respectively. The residual thermal disk of the star is almost undetectable at these wavelengths. Young Stellar Objects are confirmed where SCUBA-2 850micron clumps identified by the fellwalker algorithm coincide with Spitzer Gould Belt Survey detections. We identify 23 objects and use Tbol to classify nine YSOs with masses 0.09 to 5.1 Msun. We find two Class 0, one Class 0/I, three Class I and three Class II sources. The mean temperature is 15+-2K for the nine YSOs and 32+-4K for the 14 starless clumps. We observe a starless clump with an abnormally high mean temperature of 46+-2K and conclude that it is radiatively heated by the star MWC 297. Jeans stability provides evidence that radiative heating by the star MWC 297 may be suppressing clump collapse., Comment: 24 pages, 13 figures, 7 tables

We study firms adopting stock-option plans for outside directors in a sample of Fortune 1000 firms from 1997 to 1999. Fixed-effects models accounting for self-selectivity bias indicate that companies with such plans have higher market-to-book ratios and profitability metrics. Option plan adoptions generate positive cumulative abnormal returns (CARs) and favorable revisions in analysts' earnings forecasts. Outside director appointments produce CARs close to zero for firms with option plans but significantly negative CARs for firms without them. We conclude that such stock-option plans help align the incentives of outside directors and shareholders, thereby improving firm value.

I analyze 1,493 first-time director appointments to Fortune 1000 boards, during 1997-99, to investigate whether certain outside directors are better than others. Reactions to director appointments are higher when appointees are CEOs of other companies than when they are not. CEOs are more likely to obtain outside directorships when the companies they head perform well. Well-performing CEOs are also more likely to gain directorships in organizations with growth opportunities. Because, for these firms, a large portion of their value hinges upon realizing their growth potential, I conclude that CEOs are sought as outside directors to enhance firm value.