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Due to its system of air sacs connected to the lungs, the respiratory system of birds is arguably the most effective respiratory system of all air-breathers. Upon inhalation, air first flows into posterior air sacs, then into the lungs, and then into anterior air sacs on the way to being exhaled. Thus, there is one-way flow of air through the lungs, along thousands of tubules called parabronchi.
The one-way flow of air along parabronchi makes what type of gas exchange mechanism possible, at least theoretically?


Definitions:

Spinoff

A type of corporate restructuring in which a company divides itself into two or more independently operated businesses, one being separated from the parent organization.

Hostile Takeovers

Acquisition attempts opposed by the management or board of the target company, often through public offer to shareholders or proxy fight.

Stockholders

Individuals or entities that own one or more shares of stock in a corporation, making them partial owners of the company.

After Tax Cash Flows

The amount of net cash flow available after taxes have been deducted.

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