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This paper analyzes the impact of blockownership dispersion on firm value. Blockholdings by multiple blockholders is a widespread phenomenon in the U.S. market. It is not clear, however, whether dispersion among blockholder is preferable to having a more concentrated ownership structure. To test for the direction of the effect, we use a large dataset of U.S. firms that combines blockholder information, shareholder rights information, debt ratings, accounting information, and financial markets information. We find that a large fraction of aggregated block ownership negatively affects Tobin’s Q. The negative impact is larger if blockowners are more dispersed, suggesting that a concentrated ownership structure is to be preferred on average. Results are robust to controlling for blockholder type as well as proxies for shareholder rights. Our empirical findings are also confirmed if we study the impact of ownership dispersion on firm debt ratings rather than Tobin’s Q. JEL Classification: G3, G32
In evidence-based weight-loss programs weight regain is common after an initial weight reduction. Eating slowly significantly lowers meal energy intake and hunger ratings. Despite this knowledge, obese individuals do not implement this behaviour. We, thus tested the hypothesis of changing eating behaviour with an intra-oral medical device leading to constant weight reduction in overweight and obesity.
Six obese patients (6 men, age 56 ± 14, BMI 29 ± 2 kg / m2) with increased CVRF profile were included in this prospective study. All patients had been treated for obesity during the last 10 years in a single centre and had at least 3 frustrate evidence-based diets. Patients received a novel non-invasive intra-oral medical device to slow eating time. Further advice included not to count calories, to avoid any other form of diet, to take their time with their meals, and to eat whatever they liked.
This device was used only during meals for the first 4 to 8 weeks for a total of 88 [20–160] hours. Follow-up period was 23 [15–38] months. During this period, patients lost 11% [5–20%] (p<0.001) of their initial weight. At 12 months, all patients had lost >5%, and 67% (4/6) achieved a >10% bodyweight loss. In the course of the study, altered eating patterns were observed. There were no complications with the medical device. Of note, all patients continued to lose weight after the initial intervention period (p<0.001) and none of them had weight regain.
With this medical device, overweight and obese patients with a history of previously frustrating attempts to lose weight achieved a significant and sustained weight loss over two years. These results warrant the ongoing prospective randomised controlled trial to prove concept and mechanism of action.
Effekte eines zweijährigen Krafttrainings auf die Sprintleistung im Nachwuchsleistungssport Fußball
(2015)
In der internationalen Forschung von Effekten durch ein Krafttraining auf sportrelevante Leistungsparameter im Nachwuchsleistungssport Fußball gibt es keine langfristigen Untersuchungen mit einer Interventionsdauer von mehr als einem Jahr. Generell finden sich kaum bis keine Untersuchungen mit experimentellem Charakter über diesen Zeitraum. Demnach kommt es in der Literatur oft zu reinen Spekulationen über mögliche langfristige Anpassungen aufgrund der ermittelten Ergebnisse über kurze Interventionszeiträume. Dies führt dazu, dass eine Aufklärung bezüglich langfristiger Anpassungen von Trainingsmaßnahmen durch diese Art von Untersuchungen nicht gegeben werden kann. Gerade vor dem Hintergrund koordinativ anspruchsvoller Leistungsparameter ist der Spekulationsfaktor um ein vielfaches höher, da die Anzahl leistungslimitierender Faktoren 1 Einleitung und Problemstellung höher ist. Weiterhin sind Längsschnittuntersuchungen im leistungsorientierten Sport kaum vorhanden, da in der Praxis oft eine gewisse Skepsis vorherrscht, wenn sich Trainingsinterventionen möglicherweise negativ auswirken bzw. ohne Auswirkungen bleiben können. Diese Problematik zeigt sich nicht nur bei Profifußballspielern in hohem Maße, sondern auch im Nachwuchsbereich leistungsorientierter Fußballspieler. Zusätzlich kommt im Nachwuchsbereich neben der erwähnten Problematik noch der reduzierte Trainingsumfang für das Fußballtraining hinzu, der aus Zeitproblemen wegen der Schulpflicht resultiert. Ziel dieser Arbeit ist es daher aufzuzeigen, inwiefern sich ein langfristig periodisiertes Krafttraining über ein bzw. zwei Jahre im leistungsorientierten Nachwuchsfußball auf die im Fußball leistungsdeterminierenden Schnelligkeitsparameter, dem Linearsprint über 30m und dem Richtungswechselsprint, auswirkt. Daraus sollen sich Empfehlungen für die Praxis ableiten, um die Trainingsqualität im leistungssportlich orientierten Fußball zu steigern. Dazu werden Nachwuchsfußballspieler zweier anerkannter Nachwuchsleistungszentren des Deutschen Fußballbunds (DFB) über zwei Jahre begleitet. Aus den Daten soll ersichtlich werden, inwiefern sich Maximalkraft- und Sprintleistungen bei Fußballspielern, die ein Krafttraining durchführen, im Vergleich zu denjenigen, die nur das reguläre Fußballtraining absolvieren, entwickeln. Diese Betrachtung wird über die im Fußball gängigen Altersklassen A-, B- und C-Junioren vorgenommen. Weiterhin soll sich zeigen, ob mögliche Unterschiede der Leistungsentwicklung zwischen den Altersklassen zu erwarten sind.
Genetic generalised epilepsy (GGE) is the most common form of genetic epilepsy, accounting for 20% of all epilepsies. Genomic copy number variations (CNVs) constitute important genetic risk factors of common GGE syndromes. In our present genome-wide burden analysis, large (≥ 400 kb) and rare (< 1%) autosomal microdeletions with high calling confidence (≥ 200 markers) were assessed by the Affymetrix SNP 6.0 array in European case-control cohorts of 1,366 GGE patients and 5,234 ancestry-matched controls. We aimed to: 1) assess the microdeletion burden in common GGE syndromes, 2) estimate the relative contribution of recurrent microdeletions at genomic rearrangement hotspots and non-recurrent microdeletions, and 3) identify potential candidate genes for GGE. We found a significant excess of microdeletions in 7.3% of GGE patients compared to 4.0% in controls (P = 1.8 x 10-7; OR = 1.9). Recurrent microdeletions at seven known genomic hotspots accounted for 36.9% of all microdeletions identified in the GGE cohort and showed a 7.5-fold increased burden (P = 2.6 x 10-17) relative to controls. Microdeletions affecting either a gene previously implicated in neurodevelopmental disorders (P = 8.0 x 10-18, OR = 4.6) or an evolutionarily conserved brain-expressed gene related to autism spectrum disorder (P = 1.3 x 10-12, OR = 4.1) were significantly enriched in the GGE patients. Microdeletions found only in GGE patients harboured a high proportion of genes previously associated with epilepsy and neuropsychiatric disorders (NRXN1, RBFOX1, PCDH7, KCNA2, EPM2A, RORB, PLCB1). Our results demonstrate that the significantly increased burden of large and rare microdeletions in GGE patients is largely confined to recurrent hotspot microdeletions and microdeletions affecting neurodevelopmental genes, suggesting a strong impact of fundamental neurodevelopmental processes in the pathogenesis of common GGE syndromes.
The genetic make-up of an individual contributes to the susceptibility and response to viral infection. Although environmental, clinical and social factors have a role in the chance of exposure to SARS-CoV-2 and the severity of COVID-191,2, host genetics may also be important. Identifying host-specific genetic factors may reveal biological mechanisms of therapeutic relevance and clarify causal relationships of modifiable environmental risk factors for SARS-CoV-2 infection and outcomes. We formed a global network of researchers to investigate the role of human genetics in SARS-CoV-2 infection and COVID-19 severity. Here we describe the results of three genome-wide association meta-analyses that consist of up to 49,562 patients with COVID-19 from 46 studies across 19 countries. We report 13 genome-wide significant loci that are associated with SARS-CoV-2 infection or severe manifestations of COVID-19. Several of these loci correspond to previously documented associations to lung or autoimmune and inflammatory diseases3,4,5,6,7. They also represent potentially actionable mechanisms in response to infection. Mendelian randomization analyses support a causal role for smoking and body-mass index for severe COVID-19 although not for type II diabetes. The identification of novel host genetic factors associated with COVID-19 was made possible by the community of human genetics researchers coming together to prioritize the sharing of data, results, resources and analytical frameworks. This working model of international collaboration underscores what is possible for future genetic discoveries in emerging pandemics, or indeed for any complex human disease.