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This study proposes a managerial discretion hypothesis of equity carve-outs in which managers value control over assets and are reluctant to carve out subsidiaries. Thus, managers undertake carve-outs only when the firm is capital constrained. Consistent with this hypothesis, firms that carve out subsidiaries exhibit poor operating performance and high leverage prior to carve-outs. Also consistent with this hypothesis, in carve-outs wherein funds raised are used to pay down debt, the average excess stock return of ϩ6.63 percent is significantly greater than the average excess stock return of Ϫ0.01 percent for carve-outs wherein funds are retained for investment purposes.IN THIS STUDY, WE INVESTIGATE the financial and operating performance of firms that undertake equity carve-outs and analyze the cross section of excess stock returns around the announcement of these transactions. In an equity carve-out, a firm offers to sell shares in a wholly owned subsidiary to the public. As such, a carve-out can be viewed as the sale of an asset or as an equity offering. Schipper and Smith (1986) focus on carve-outs as equity offerings and compare the announcement period stock returns of carve-outs with those of seasoned equity offerings. In this study, we view the carve-out as the sale of an asset which is intended to raise funds to finance other activities of the parent or the subsidiary.In viewing equity carve-outs as asset sales, we borrow from the work of Lang, Poulsen, and Stulz (1995) who propose and test a "financing hypothesis" to explain the cross section of excess stock returns around announcements of asset sales. The characterization of an equity carve-out as a sale of assets must be tempered by the fact that certain features distinguish carveouts from outright asset sales. Equity carve-outs are asset sales to public shareholders as opposed to a single buyer, carve-outs are undertaken explicitly for the purpose of raising funds in the capital market, and the parent firm typically continues to hold a substantial fraction of the equity of the carved out subsidiary following the offering. Equity carve-outs are similar to asset sales in that funds raised in the offering can be either retained within

The authors found that high intrathecal morphine concentrations lead to aseptic intrathecal inflammatory masses. The lack of effect of clonidine and the possible suppressive effects of clonidine on the local reaction suggest the utility of such coadministration.

How do entrepreneurs experience entrepreneurship, and what are the implications? The cognitive and emotional experiences of the entrepreneur as he/she performs the tasks associated with venture creation and high growth have received limited attention from researchers. The entrepreneurial context can be characterized in terms of peaks and valleys, or periods of relatively high pressure, stress, uncertainty, and ambiguity and periods of relative stability and predictability. Three inter-related psychological variables are investigated to determine their applicability in an entrepreneurial context: peak performance, peak experience, and flow. Results are reported of a series of in-depth, structured interviews conducted with two samples of entrepreneurs. Both qualitative and quantitative evidence is provided of the relevance of all three variables to entrepreneurs, with the highest scores for each variable demonstrated by entrepreneurs in high growth ventures. A number of implications are drawn for ongoing research and entrepreneurial practice, most notably in the area of entrepreneurial motivation. The findings suggest that entrepreneurship be approached as a vehicle for optimal human experiencing. Copyright Springer 2006entrepreneurship, flow, motivation, peak experience, peak performance, M13,

Neuroglial cells of the central nervous system include the astrocytes, oligodendrocytes, and microglia. Their counterparts in the peripheral nervous system are the Schwann cells. The term neuroglia comes from an erroneous concept originally coined by Virchow (1850), in which he envisioned the neurons to be embedded in a layer of connective tissue. The term, or its shortened form--glia, has persisted as the preferred generic term for these cells. A reciprocal relationship exists between neurons and glia, and this association is vital for mutual differentiation, development, and functioning of these cell types. Therefore, perturbations in glial cell function, as well as glial metabolism of chemicals to active intermediates, can lead to neuronal dysfunction. The purpose of this review is to explore neuroglial sites of neurotoxicant actions, discuss potential mechanisms of glial-induced or glial-mediated central nervous system and peripheral nervous system damage, and review the role of glial cells in neurotoxicity development.

Serial magnetic resonance imaging showed a rapid formation and regression of the masses initiated by intrathecal morphine infusion. These masses are dependent on local concentration.

Intrathecal opiate-induced granulomas are not strictly dependent on opioid receptor activation. Therefore, opiates at equianalgesic doses present different risks for granuloma formation. Importantly, D/L- and D-methadone also resulted in parenchymal necrosis, an affect associated with the N-methyl-D-aspartate antagonist action of the D-isomer.