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Optimizing the Timing of M&A Decisions—An Analysis of Pro- and Anticyclical M&A Behavior in Germany  [PDF]
Irmi Eisenbarth, Reinhard Meckl
American Journal of Industrial and Business Management (AJIBM) , 2014, DOI: 10.4236/ajibm.2014.49060
Abstract: If one looks at the market for corporate control from a research perspective, it is especially interesting to analyze whether the decision-makers in the companies take advantage of phases with low asset prices to buy out other companies (behaving anticyclically), or whether they tend to buy during phases with high asset prices—buying procyclically. The aim of this article is to test whether there is a correlation between a company’s M&A behavior and the situation in the capital market. Whether M&A success can be seen as dependent on different market valuations and whether differences in terms of the various factors which influence pro- and anticyclical M&A transactions can be determined. The analysis is done with regard to the development of the DAX, the German stock exchange market index. 78 transactions by German purchasing companies during the period 1998 to 2009 were analyzed. The results show that M&A behavior is a procyclical phenomenon and that anticyclical transactions are more successful than procyclical ones in the long term.
Concepts and Operationalisation of Reproductive Decisions. Implementation in Austria, Germany and Switzerland  [cached]
Dimiter Philipov,Laura Bernardi
Comparative Population Studies , 2011, DOI: 10.4232/10.cpos-2011-14en
Abstract: Recently the difference between actual and hypothetical fertility (fertility gap) has served as an indication to enforce family policies with the purpose to increase births. This paper examines the relevance of hypothetical fertility measured with fertility ideals and intentions, to the estimation of the gap. Based on a literature review we discuss the meaning of these concepts and their operationalisation with empirical observations in three German-speaking countries (Austria, Germany, and Switzerland). Although the concept of societal ideal fertility is ambiguous it can be useful for understanding reproductive decisions when measured scrupulously. Operationalisation of short-term and long-term fertility intentions is discussed, along with their realisation. Analyses of intentions should rest on a theoretical background, such as the Miller-Pasta framework and the socio-psychological theory of planned behaviour. The latter is implemented in Austria and Germany using GGS data. The paper concludes that the fertility gap can be misleading both because the indicator of actual fertility as well as indicators of intended fertility can be imprecise. Useful policy-relevant information can be received by a specific form of the gap, when realisation of individual short-term intentions is considered.
Study on the Peer Effect of Unrelated M&As Decisions  [PDF]
Lina Yu
Modern Economy (ME) , 2017, DOI: 10.4236/me.2017.812096
Abstract: This paper takes 7464 pieces of M&As events for A-share listed companies in China from 2010 to 2015 as samples and investigates the industry peer effect of unrelated M&As decisions. The research shows that there exists the peer effect when companies make unrelated M&As decisions in the same industry. This paper also makes further examinations and finds that the M&As experience and scale of companies enhance the peer effect. Moreover, companies with more industry competitions have more obvious industry peer effect. This paper enriches the M&As decisions theory and has guiding significance in practice.
Between Physics and Biology: Chemical Sciences in the Twentieth Century, München, Germany, May 29-30, 1999 (report)
Joachim Schummer
Hyle : International Journal for Philosophy of Chemistry , 1999,
Abstract: report of Between Physics and Biology: Chemical Sciences in the Twentieth Century, München, Germany, May 29-30, 1999
Gypsum karst of Germany  [PDF]
Kempe S.
International Journal of Speleology , 1996,
Abstract: Description of gypsum karst and caves in Germany
LOFAR in Germany  [PDF]
W. Reich
Advances in Radio Science : Kleinheubacher Berichte , 2007,
Abstract: The LOw Frequency ARray – LOFAR – is a new fully digital radio telescope designed for frequencies between 30 MHz and 240 MHz centered in the Netherlands. In May 2006 ten German institutes formed the German LOng Wavelength consortium – GLOW – to coordinate its contributions and scientific interests to the LOFAR project. The first LOFAR station CS1 was installed in summer 2006 near Exloo/Netherlands. The second station IS-G1 is presently been placed in the immediate vicinity of the Effelsberg 100-m radio telescope near Bad Münstereifel/Germany. This contribution briefly describes the basic properties and aims of LOFAR, the aims of the GLOW consortium and the actual activities to install a LOFAR station at the Effelsberg site.
Evaluation of the Local Pediatric Renal Transplant Program – A Single Centre Experience of Münster/Germany
B. Kranz,E. Kuwertz-Br?king,S. Fründ,H. H. Wolters
Transplantationsmedizin , 2010,
Abstract: Despite an improved conservative therapy of end stage renal failure, dialysis associated complications and diet restrictions are not compatible with the normal development of a child. Renal transplantation is the primary goal in the therapy of end stage renal disease in childhood. Due to the increasing number of patients on the waiting list and the lack of organs for transplantation each transplant centre has to optimize and to extend the renal transplant program.This study evaluated the local pediatric renal transplant program in Muenster/Germany between 1981 and 2009 with special regard to the differences between kidney transplantation before and after 1995.The data were taken from the local registry documented in the Eurotransplant ENIS program.Since 1981, 138 kidney transplantations were performed in 127 children younger than 18 years (mean age: 11.6 ± 4.5 years). Since 1995 an increase was documented in the number of kidney transplantations per year (3.6 to 6.2), the number of living related (31 versus 1) and pre-emptive transplantations (7 versus 2). The mean recipient age and the time on dialysis remained stable. Before 1995 the transplant survival after 1 and 5 years was 80.3% and 60.2%, respectively. Thereafter the transplant survival improved to 96.8% (p=0.025) and 80.4% (p=0.015).In summary an increase of pediatric kidney transplantations was documented. Living related and pre-emptive renal transplantation has been established without decreasing the time on dialysis. The 1 and 5 year transplant survival have clearly improved.
Analysis of exceedances in the daily PM10 mass concentration (50 μg m 3) at a roadside station in Leipzig, Germany
C. Engler, W. Birmili, G. Spindler,A. Wiedensohler
Atmospheric Chemistry and Physics (ACP) & Discussions (ACPD) , 2012,
Abstract: Five years of PM10 and PM2.5 ambient air measurements at a roadside, an urban, and a regional background site in Leipzig (Germany) were analyzed for violations of the legal PM10 limit value (EC, 1999). The annual mean PM10 concentrations at the three sites were well below the legal threshold of 40 μg m 3 (32.6, 22.0 and 21.7 μg m 3, respectively). At roadside, the daily maximum value of 50 μg m 3 was exceeded on 232 days (13% of all days) in 2005–2009, which led to a violation of the EC directive in three out of five years. We analysed the meteorological factors and local source contributions that eventually led to the exceedances of the daily limit value. As noted in other urban environments before, most exceedance days were observed in the cold season. Exceedance days were most probable under synoptic situations characterised by stagnant winds, low temperatures and strong temperature inversions in winter time. However, these extreme situations accounted for only less than half of the exeedance days. We also noticed a significant number of exceedance days that occurred in the cold season under south-westerly winds, and in the warm season in the presence of easterly winds. Our analysis suggests that local as well as regional sources of PM are equally responsible for exceedances days at the roadside site. The conclusion is that a combined effort of local, national and international reduction measures appears most likely to avoid systematic exceedances of the daily limit value in the future.
Conjugative IncFI plasmids carrying CTX-M-15 among Escherichia coli ESBL producing isolates at a University hospital in Germany
Stephen E Mshana, Can Imirzalioglu, Hamid Hossain, Torsten Hain, Eugen Domann, Trinad Chakraborty
BMC Infectious Diseases , 2009, DOI: 10.1186/1471-2334-9-97
Abstract: We analysed 63 non-duplicate clinical ESBL isolates obtained over an 8-month period using PCR and sequence-based ESBL allele typing, plasmid replicon typing, phylogenetic group typing. Pulsed-field gel electrophoresis (PFGE) based genotyping and plasmid profiling was performed, as well as confirmatory DNA-based hybridization assays.Examination of the 63 Escherichia coli isolates revealed an almost equal distribution among the E. coli phylogenetic groups A, B1, B2 and D. High prevalence (36/63) of the CTX-M-15 gene was observed and an analysis of PFGE-based patterns revealed the presence of this CTX-M allele in multiple clones. Resistance to cefotaxime was a transferable trait and a commonly occurring 145.5 kb conjugative IncFI plasmid was detected in 65% of E. coli carrying the CTX-M-15 allele. The rate of transferable antibiotic resistances for GM, SXT, TET, GM-SXT-TET, SXT-TET and GM-TET was 33%, 61%, 61%, 27%, 44% and 11%, respectively. The remaining strains did not have a common IncFI plasmid but harboured transferable IncFI plasmids with sizes that ranged from 97 to 242.5 kb.Our data demonstrate the presence of IncFI plasmids within the prevailing E. coli population in a hospital setting and suggest that the dissemination of CTX-M-15 allele is associated to lateral transfer of these well-adapted, conjugative IncFI plasmids among various E. coli genotypes.Emergence of resistance to β-lactam antibiotics was described even before the first β-lactam penicillin was developed. The first β-lactamase was identified in E. coli prior to the use of penicillin in medical practice [1]. In 1983, a Klebsiella ozaenae isolate from Germany was found to secrete a SHV-2 β-lactamase which efficiently hydrolyzed cefotaxime and to a lesser extent ceftazidime [2]. Many ESBL-producing enterobacterial isolates express enzyme variants that are derived from TEM-1 and SHV-1 by mutations. Recently, different types of ESBL such as CTX-M have been detected. These enzymes hydrolyze cefepime w
How to Leverage Virtual Learning Communities for Teaching Agile Communication Skills? The eGroups Case at the University of Münster in Germany and Massey University in New Zealand  [cached]
Christina vom Brocke
Knowledge Management & E-Learning : an International Journal , 2011,
Abstract: Global business life nowadays is marked by quickly evolving forms of cooperation. These are often set in virtual space where various members from different countries are brought together in order to collaborate. This trend calls for specific abilities in communication that respond to the challenges evoked by the ever evolving and newly forming nature of international virtual project teams. In this paper, these abilities are called “agile communication skills”. The paper reports on the conceptualisation and implementation of a Virtual Learning Community (VLC) in a longitude study designed to foster so-called “agile communication skills”. Our research presents an approach where VLCs are used in order to create authentic evolving cooperations between students. For this matter internet technology seemed to prove as a key enabler. However, the mere use of technology does not suffice on its own. We, thus, identified design principles of VLCs that appear to be critical factors for successfully implementing such communities. We applied design-oriented research by grounding our model in prior work and formatively evaluating it in multiple case studies over a period of two years. In this paper we present the matured model and show what features characterise an eLearning environment to teach agile communication skills in a university setting. In addition we report on evaluating this model in a real-life application scenarios by giving illustrating examples from the final case study between the players involved: the Massey University in New Zealand and the University of Münster in Germany.
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