R&;D market value under weak intellectual property rights protection: the case of India

The relationship between R&D and market value has attracted the interest of many scholars within different fields, but scant attention has been paid to the countries with weak protection of intellectual property rights (IPR). This is unfortunate, since this problem is potentially highly relevant for IPR policy in developing countries. In particular, several questions arise when the problem of R&D market value is analyzed in a country where IPR protection is weak. First, there are concerns regarding incentives (i.e., private returns) for firms to invest in R&D when IPR is only weakly protected. Second, significant differences could emerge in the market valuation of R&D investments of domestic and foreign firms, above all in those industries where spillovers are more likely. To examine these issues, this paper investigates the market valuation of R&D investments of a panel of 219 R&D-reporting domestic and foreign firms publicly traded in India with an empirical analysis. First, the market valuation of the R&D capital for the whole sample is positive and higher than those obtained in U.S. or European countries from similar analyses. Second, in the sub-samples of the domestic and foreign firms, the market value of R&D investments of foreign firms is not significantly different from zero, while the valuation coefficient of domestic firms is four times higher than that obtained on the whole sample. Third, in science-based industries the difference between domestic and foreign firms is smaller than in the other industries. The policy implications of these findings are discussed.     

Is axillary dissection always indicated in invasive breast cancer?

In light of the changing trends in the diagnosis and management of invasive breast cancer, the practice of routine axillary dissection should be reevaluated. A growing number of patients with breast cancer are diagnosed as having small tumors with an associated low risk of lymph node metastases. The pathologic features of the primary tumor are increasingly being used as a prognostic guide for recommendations about adjuvant systemic therapy, and there are recent reports suggesting a superior prognostic value for tumor cells detected in bone marrow, as compared to axillary lymph node metastases. Consequently, axillary lymph node status is no longer the single prognostic guide for recommendations about adjuvant systemic therapy. For treatment of the axilla, there is evidence that, in clinical N0 patients, radiation therapy to the axilla is an effective alternative to axillary dissection. Finally, there are cost and morbidity considerations for patients undergoing axillary dissection in whom the indications of the procedure are equivocal. In the management of invasive breast cancer, a selective policy toward axillary lymph node dissection should be considered. This review discusses the nonsurgical management of the axilla; ie, radiation therapy to the axilla and observation of the axilla as an alternative to axillary dissection.     

Deformation-Induced Strengthening Mechanism in a Newly Designed L-40 Tool Steel Manufactured by Laser Powder Bed Fusion

The microstructural and mechanical properties of a newly designed tool steel (L-40), specifically designed to be employed in the laser powder bed fusion (LPBF) technique, were examined. Melt pool boundaries with submicron dendritic structures and about 14% retained austenite phase were evident after printing. The grain orientation after high cooling rate solidification is mostly < 110 >  _α∥ building direction (BD). Then, the heat treatment converted the microstructure into a conventional martensitic phase, reduced the retained austenite to about 1.5%, and increased < 111 >  _α∥BD texture. The heat-treated sample exhibits higher tensile strength (1720 ± 14 MPa) compared to the as-printed sample (1540 ± 26 MPa) along the building direction, mainly due to hardening caused by a lower volume fraction of retained austenite phase and precipitation of carbides. As a consequence of the strength-to-ductility trade-off, the heat-treated sample showed lower elongation (10% ± 2%) than that of the as-printed sample (18% ± 2%). It was observed that transformation-induced plasticity (TRIP) occurs in both the as-printed and heat-treated samples during tensile testing, which dynamically transforms the retained austenite into martensite, leading to improved ductility. The minimum driving force to initiate the displacive phase transformation is about 6000 J/mol, which was achieved during tensile testing. The strength and ductility of LPBF-produced L-40 were compared with the other LPBF-produced tool steels in literature; the data indicate that heat-treated L-40 has an excellent combination of strength and ductility complemented with high printability.     

Spinodal Decomposition of B2-phase and Formation of Cr-Rich Nano-precipitates in AlCoCrFeNi2.1 Eutectic High-Entropy Alloy

Herein, the occurrence of a B2-phase separation and formation of Cr-rich nano-precipitates during the solidification process of AlCoCrFeNi_2.1 eutectic high-entropy alloy is addressed. Toward this end, various advanced characterizations, including high-resolution transmission electron microscopy and atom probe tomography combined with thermodynamic calculations, are employed. The as-solidified microstructure is composed of face-centered cubic (FCC) dendrites and interdendritic regions consisting of a eutectic mixture of FCC and body-centered cubic (BCC) phases. The presence of uniformly distributed Cr-rich nano-precipitates is traced through the BCC B2 phase in the interdendritic area. Regarding the occurrence of upward diffusion and Gibbs free energy variation, the formation of Cr-rich nano-precipitates is attributed to the spinodal decomposition where the critical temperature of 800 °C is passed behind during the solidification process. The formation of dense dislocation array in the interdendritic region due to thermal stress induced during solidification is introduced as a pathway for diffusion of alloying elements in the course of cooling stage.     

Some experimental studies of lubricants in a two-stroke methanol engine

A two-stroke cycle scooter engine modified to operate on methanol fuel has been tested. Castor and synthetic oil formulations were identified as potential lubricants. A formulation based on polypropylene glycol (PPG) has demonstrated excellent miscibility in methanol fuel. It also performed well in engine tests, especially with reference to piston tightening and deposit forming tendencies.