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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
We estimate the risk and expected returns of private equity investments based on the market prices of exchange traded funds of funds that invest in unlisted private equity funds. Our results indicate that the market expects unlisted private equity funds to earn abnormal returns of about one to two percent. We also find that the market expects listed private equity funds to earn zero to marginally negative abnormal returns net of fees. Both listed and unlisted private equity funds have market betas close to one and positive factor loadings on the Fama-French SMB factor. Private equity fund returns are positively correlated with GDP growth and negatively correlated with the credit spread. Finally, we find that market returns of exchange traded funds of funds and listed private equity funds predict changes in self-reported book values of unlisted private equity funds.
A call on art investments
(2010)
The art market has seen boom and bust during the last years and, despite the downturn, has received more attention from investors given the low interest environment following the financial crisis. However, participation has been reserved for a few investors and the hedging of exposures remains dificult. This paper proposes to overcome these problems by introducing a call option on an art index, derived from one of the most comprehensive data sets of art market transactions. The option allows investors to optimize their exposure to art. For pricing purposes, non-tradability of the art index is acknowledged and option prices are derived in an equilibrium setting as well as by replication arguments. In the former, option prices depend on the attractiveness of gaining exposure to a previously non-traded risk. This setting further overcomes the problem of art market exposures being dificult to hedge. Results in the replication case are primarily driven by the ability to reduce residual hedging risk. Even if this is not entirely possible, the replication approach serves as pricing benchmark for investors who are significantly exposed to art and try to hedge their art exposure by selling a derivative. JEL Classification: G11, G13, Z11
The objective of this study is to determine whether specific industries across countries or within countries are more likely to reach a stage of profitability and make a successful exit. In particular, we assess whether firms in certain industries are more prone to exit via IPO, be acquired, or exit through a leveraged buy-out. We are also interested in analyzing whether substantial differences across industries and countries arise when looking separately at the success’ rate of firms which have received venture funding at the early seed and start-up stages, vis-à-vis firms that received funding at later stages. Our results suggest that, inasmuch as some of the differences in performance can be explained by country-specific factors, there are also important idiosyncratic differences across industries: In particular, firms in the biotech and the medical / health / life science sectors tend to be significantly more likely to have a successful exit via IPO, while firms in the computer industry and communications and media are more prone to exit via merger or acquisition. Key differences across industries also emerge when considering infant versus mature firms, and their preferred exit. JEL Classification: G24, G3 Keywords:
We study the impact of the arrival of macroeconomic news on the informational and noise-driven components in high-frequency quote processes and their conditional variances. Bid and ask returns are decomposed into a common ("efficient return") factor and two market-side-specific components capturing market microstructure effects. The corresponding variance components reflect information-driven and noise-induced volatilities. We find that all volatility components reveal distinct dynamics and are positively influenced by news. The proportion of noise-induced variances is highest before announcements and significantly declines thereafter. Moreover, news-affected responses in all volatility components are influenced by order flow imbalances. JEL Classification: C32, G14, E44
A Serious Man, der neuste Spielfilm des Regie-Brüderpaars Ethan und Joel Coen ist eine ironische bis zynische, von autobiographischen Zügen geprägte Reminiszenz an die Jugenderlebnisse der Filmemacher in einem kleinen jüdisch geprägten Vorort im mittleren Westen der USA und zudem eine gelungene Persiflage amerikanischer Alltagskultur des Jahres 1967, die spielerisch und erheiternd grundsätzlich offene philosophische Fragen thematisiert.
Intracarotid administration of human bone marrow mononuclear cells in rat photothrombotic ischemia
(2010)
Background: Increasing evidence suggests that cell therapy improves functional recovery in experimental models of stroke and myocardial infarction. So far only small pilot trials tested the effects of cell therapy in stroke patients, whereas large clinical trials were conducted in patients with ischemic heart disease. To investigate the therapeutic benefit of cell therapy to improve the recovery after stroke, we determined the efficacy of bone marrow derived mononuclear cells, which were shown to improve the recovery in experimental and clinical acute myocardial infarction studies, in a rat stroke model. Methods: Adult male Wistar rats were randomly assigned to receive either five million human bone marrow mononuclear cells (hBMC) or placebo intraarterially 3 days after photothrombotic ischemia. For immunosuppression the animals received daily injections of cyclosporine throughout the experiment, commencing 24 hours before the cell transplantation. A battery of behavioural tests was performed before and up to 4 weeks after ischemia. Results: Body temperature and body weight revealed no difference between groups. Neurological deficits measured by the Rotarod test, the adhesive-removal test and the cylinder test were not improved by hBMC transplantation compared to placebo. Conclusions: This study demonstrates that hBMC do not improve functional recovery when transplanted intraaterially 3 days after the onset of focal cerebral ischemia. A possible reason for the failed neurological improvement after cell therapy might be the delayed treatment initiation compared to other experimental stroke studies that showed efficacy of bone marrow mononuclear cells.
Characteristics of the Christian movement in North Korea and the former GDR are fundamentally different and based on the facts presented before. While the Christians in the North can only operate in the underground, at risk of being sentenced to work in a labour camp, to torture or even to execution when identified as Christian, the Christians in the GDR were freer although they suffered from repression, too. Compared to non-members they had clearly many disadvantages. However, as a state-independent organization, they were officially recognised and therefore an institution that was capable of leading a dialogue with the government. Moreover, they were able to connect themselves to other political alternative groups representing together a quite large group that was dissatisfied with the present situation without having the prior goal to overthrow the state. Awareness, dialogue and organization - these factors can be considered as decisive advantages in this process. As for North Korea creating awareness and dialogue seems to be a target for support. Even from a humanitarian angle alone. Awareness comes through information and that should be increased, e.g. through mutual development projects, continuous human and food aid, or why not initiating town twining? Just to name a few. More contact will generate more awareness and people will start rethinking their attitudes. Even if the elite benefits it may have a positive impact. Dialogue is pivotal in order to exchange one’s ideas und rethink one’s standpoints. Thus, a dialogue with the outside world shall be maintained and a dialogue among the people within the country shall be supported. Time will show if the introduction of mobile phones and the internet in North Korea will increase dialogue and will finally lead to the third suggested step of grass roots community building - organization. An ecclesial movement alone did not cause the change in East Germany and it will not do in North Korea. But it provided an important ground to connect people and accelerate change in the long run.
Vascularization of the vertebrate brain takes place during embryonic development from a preformed perineural vascular plexus. As a consequence of the intimate contact with neuroectodermal cells the vessels, which are entering the brain exclusively via sprouting angiogenesis, acquire and maintain unique barrier properties known as the blood-brain barrier (BBB). The endothelial BBB depends upon the close association of endothelial cells with pericytes, astrocytes, neurons and microglia, which are summarized in the term neuro-vascular unit. Although it is known since decades that the CNS tissue provides the cues for BBB induction and differentiation in endothelial cells, the molecular mechanism remained obscure. Only recently, the canonical Wnt/beta-catenin pathway and the Wnt7a/7b growth factors have been implicated in brain angiogenesis on the one hand and in BBB induction on the other. This breakthrough in understanding the differentiation of the brain vasculature prompted us to review these findings embedded in the emerging concepts of Wnt signaling in the vasculature. In particular, interactions with other pathways that are crucial for vascular development such as VEGF, Notch, angiopoietins and Sonic hedgehog are discussed. Finally, we considered the potential role of the Wnt pathway in vascular brain pathologies in which BBB function is hampered, as for example in glioma, stroke and Alzheimer's disease.
Background: Studies on the development of the nervous system and the musculature of invertebrates have become more sophisticated and numerous within the last decade and have proven to provide new insights into the evolutionary history of organisms. In order to provide new morphogenetic data on opisthobranch gastropods we investigated the neuromuscular development in the nudibranch Aeolidiella stephanieae Valdez, 2005 using immunocytochemistry as well as F-actin labelling in conjunction with confocal laser scanning microscopy (cLSM). Results: The ontogenetic development of Aeolidiella stephanieae can be subdivided into 8 stages, each recognisable by characteristic morphological and behavioural features as well as specific characters of the nervous system and the muscular system, respectively. The larval nervous system of A. stephanieae includes an apical organ, developing central ganglia, and peripheral neurons associated with the velum, foot and posterior, visceral part of the larva. The first serotonergic and FMRFamidergic neural structures appear in the apical organ that exhibits an array of three sensory, flask-shaped and two non-sensory, round neurons, which altogether disappear prior to metamorphosis. The postmetamorphic central nervous system (CNS) becomes concentrated, and the rhinophoral ganglia develop together with the anlage of the future rhinophores whereas oral tentacle ganglia are not found. The myogenesis in A. stephanieae begins with the larval retractor muscle followed by the accessory larval retractor muscle, the velar or prototroch muscles and the pedal retractors that all together degenerate during metamorphosis, and the adult muscle complex forms de novo. Conclusions: Aeolidiella stephanieae comprises features of the larval and postmetamorphic nervous as well as muscular system that represent the ground plan of the Mollusca or even the Trochozoa (e. g. presence of the prototrochal or velar muscle ring). On the one hand, A. stephanieae shows some features shared by all nudibranchs like the postmetamorphic condensation of the CNS, the possession of rhinophoral ganglia and the lack of oral tentacle ganglia as well as the de novo formation of the adult muscle complex. On the other hand, the structure and arrangement of the serotonergic apical organ is similar to other caenogastropod and opisthobranch gastropods supporting their sister group relationship.
Die schwarz-gelbe Regierung in Nordrhein-Westfalen übernahm 2005 von einer rot-grünen Koalition ein viergliedriges Schulsystem mit Hauptschule, Realschule, Gymnasium und Gesamtschule. Dazu kommt noch als fünfte Schulform die Sonderschule. Die letzte SPD-geführte Landesregierung konnte sich im Wahlkampf 2004, nach PISA 2000 und 2003 ein stärker integratives Schulsystem zwar vorstellen, wollte sich aber für den Umbau Zeit lassen und damit nicht den Wahlkampf belasten, den sie dann doch verlor. Die neue Landesregierung versucht in der laufenden Legislaturperiode dieses überkommene System zu stabilisieren versucht, indem sie das Siechtum der Hauptschule stoppen will und die boomende Nachfrage nach Gesamtschulplätzen so massiv ignoriert, dass in den Schuljahren 2008/09 und 2009/10 jeweils rund 15000 an Gesamtschulen angemeldeten Kinder keinen Platz fanden und so deren Eltern um das Recht der freien Schulwahl gebracht wurden. (Merkelbach 2009, S.4-6) Diese von einer CDU-Ministerin betriebene Politik ging zuletzt auch dem Koalitionspartner FDP zu weit und sie hat zugleich die beiden Oppositionsparteien zu weitgehenden Reformkonzepten herausgefordert. Es wird darum in der heißen Phase des Wahlkampfes heftiger zugehen als vor der letzten Landtagswahl.
Formen digitaler Literatur
(2010)
Seit ca. 20 Jahren wird das digitale Medium als Träger für literarische Texte verwendet. Als Pioniertat wird häufig der Hyperroman afternoon (1987) von Michael Joyce genannt. Am Anfang wurde ein für heutige Begriffe primitives Programm namens Storyspace verwendet, das nur auf Apple-Computern verwendbar war. Eastgate, ein kalifornischer Verlag, brachte dieses Programm und die ersten Hypertexte auf den Markt, und zwar auf den heute wegen ihrer geringen Speicherkapazität schon fast ausgestorbenen floppy disks, später auf CD-ROMs. Entwickelt wurde Storyspace von Mark Bernstein, dem Chef von Eastgate, zusammen mit J. David Bolter, einem Hypertexttheoretiker, und dem Autor Michael Joyce. Heute kann man einfache Hypertexte mit jeder Textverarbeitung oder mit einem Programm zur Erstellung von Webseiten erzeugen. Besonders nützlich sind allerdings die in Storyspace leicht zu generierenden maps, das sind Übersichten über die einzelnen Textblöcke und ihre Verlinkungen. Diese Baupläne sind auch für die Analyse von Hypertexten äußerst wertvoll. Ganz allgemein hat sich die Technik seit den Anfängen der digitalen Literatur, sowohl was Hardware als auch was Software betrifft, rapide weiter entwickelt und verschiedenste Formen der Nutzung des Mediums ermöglicht. Noch immer werden digitale Texte kommerziell auf CD-ROMs vertrieben, aber die überwiegende Mehrzahl digitaler Literatur kann man online lesen. Bei Eastgate sind momentan ca. 30 Werke lieferbar, was im Vergleich zur online verfügbaren Literatur nur eine verschwindend geringe Zahl ist. Man hat mit Recht die auf CD-ROMs vertriebenen Hypertexte als Laborprodukte bezeichnet, weil sie künstlich abgegrenzt sind. Der wahre Ort für Hypertexte - und selbst ein einziger gigantischer Hypertext - ist natürlich das World Wide Web.
Do you know what I think? asks Adrian Leverkuehn. "Musik ist die Zweideutigkeit als System." Music is Janus-faced by its very nature. It can move and paralyze. "What passion cannot music raise and quell," exclaims John Dryden in his Song for St. Cecilia's Day, 1687. Music is an expert in the use of opiates, asserts Settembrini in The Magic Mountain, and Nietzsche speaks of her dual, intoxicating and befogging, nature. Shakespeare's Desdemona "will sing the savageness out of a bear" (IV, i) and the merchants in Novalis' Heinrich von Ofterdingen tell the story of another Orpheus whose song so charms a sea "monster" that it saves the singer's life and returns his treasure to him. John Dryden's Thimotheus "to his breathing flute and sounding lyre, could swell the soul to rage, or kindle soft desire" (Alexander's Feast, 1697). "Musica Consolatrix" and "Musica Tremenda". She is the "Mysterium tremendum et fascinosum" in Kleist's novella about the power of music. While English late 17th and early 18th century literature offers a particularly rich harvest of poetry celebrating the contradictory qualities, or effects, of music, there is in fact testimony to this at all stages of our tradition.
Music
(2010)
The musical ending [of Goethe's Novelle] recalls the fascination with "music as metaphor", "the power of music", among recent and contemporary poets from Pope and Dryden and Collins to E.T.A. Hoffmann and Kleist and, of course to Goethe himself. Music saves Faust's life on Easter morning at the end of a dreadful night, and we'll encounter a similar role of music in his Trilogie der Leidenschaft which we'll read in this context.
A single mother and her grown children. A team now. The fathers have come and gone and are barely remembered. These are her children. By contrast, Matthew (27; 56) identifies an anonymous woman as "the mother of Zebedee's children." We'll talk about it, for what it may mean. More important is the fact that this group is headed by a dominant female. Let's see if it makes a difference. Demian, as you'll remember, was the product of matriarchy, as it were, and seemed to be none the worse for it. It wasn't even worth mentioning. Fifty years later, Edgar Wibeau of Plenzdorf's The New Sorrows of Young W. (1972), a modern version of Goethe's bestselling novel Werther written 200 years earlier, and one of the most brilliant pieces of theatre post-Brecht, does find it worth mentioning. He is "sick & tired" of being paraded as living proof that "a single mother can successfully raise a male."
At the beginning of The Judgment, we find Georg Bendemann, who has just finished a letter to his friend in Russia, reliving once more the agonizing decision to write the letter in the first place. The decision had not been easy. Like many of Kafka's characters, Georg Bendemann is obsessed with the idea of analysis, with the painstaking exploration of all sides of a given issue. "What could one write to such a man without hurting him?" had been the question. "On the other hand, by writing only casual gossip or not at all one would doubtless increase the friends isolation" had been the counter-argument. What follows now is an exercise in looking at alternatives that spawn new alternatives that leaves the reader dazzled. Each conclusion is in turn explored to its possible opposite implications, which are in turn qualified, which leads to more questions followed by more partial conclusions plus qualifications thereof. The process could continue ad infinitum, in fact, has gone on for years--we are merely presented with a condensed version of it.
Wozu Dichter?
(2010)
Goethe's Tasso is no "Dichter in duerftiger Zeit." He is rather duerftig himself, unbalanced and impulsive in the extreme. In fact, in an annoyed moment, the diplomat Antonio sees him as a useless and pampered brat and undiplomatically says so, triggering a fateful sequence of events that generate a seemingly unstoppable momentum.
The house of Tantalus
(2010)