Mergers and acquisitions in Germany: social setting and regulatory framework

The paper describes the legal and economic environment of mergers and acquisitions in Germany and explores barriers to obtaining and executing corporate control. Various cases are used to demonstrate that resistance by different stakeholders including minority shareholders, organized labour and the government may present powerful obstacles to takeovers in Germany. In spite of the overall convergence of European takeover and securities trading laws, Germany still shows many peculiarities that make its market for corporate control distinct from other countries. Concentrated share ownership, cross shareholdings and pyramidal ownership structures are frequent barriers to acquiring majority stakes. Codetermination laws, the supervisory board structure and supermajority requirements for important corporate decisions limit the execution of control by majority shareholders. Bidders that disregard the German preference for consensual solutions and the specific balance of powers will risk their takeover attempt be frustrated by opposing influence groups. Revised version forthcoming in "The German Financial System", edited by Jan P. Krahnen and Reinhard H. Schmidt, Oxford University Press

On Chebyshev polynomials and torus knots

In this work we demonstrate that the q-numbers and their two-parameter generalization, the q,p-numbers, can be used to obtain some polynomial invariants for torus knots and links. First, we show that the q-numbers, which are closely connected with the Chebyshev polynomials, can also be related with the Alexander polynomials for the class T(s,2) of torus knots, s being an odd integer, and used for finding the corresponding skein relation. Then, we develop this procedure in order to obtain, with the help of q,p-numbers, the generalized two-variable Alexander polynomials, and prove their direct connection with the HOMFLY polynomials and the skein relation of the latter.Comment: 6 pages (two-column UJP style

Optimal primary end point in Phase II trials of immune checkpoint inhibitors for advanced solid cancers: An evolving issue

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Mergers and Acquisitions in Germany - Social Setting and Regulatory Framework

The paper describes the legal and economic environment of mergers and acquisitions in Germany and explores barriers to obtaining and executing corporate control. Various cases are used to demonstrate that resistance by different stakeholders including minority shareholders, organized labour and the government may present powerful obstacles to takeovers in Germany. In spite of the overall convergence of European takeover and securities trading laws, Germany still shows many peculiarities that make its market for corporate control distinct from other countries. Concentrated share ownership, cross shareholdings and pyramidal ownership structures are frequent barriers to acquiring majority stakes. Codetermination laws, the supervisory board structure and supermajority requirements for important corporate decisions limit the execution of control by majority shareholders. Bidders that disregard the German preference for consensual solutions and the specific balance of powers will risk their takeover attempt be frustrated by opposing influence groups.Mergers and Acquisitions, German Corporate Governance System

Blade loss transient dynamics analysis. Volume 3: User's manual for TETRA program

The users manual for TETRA contains program logic, flow charts, error messages, input sheets, modeling instructions, option descriptions, input variable descriptions, and demonstration problems. The process of obtaining a NASTRAN 17.5 generated modal input file for TETRA is also described with a worked sample

Neoadjuvant eribulin mesylate following anthracycline and taxane in triple negative breast cancer: Results from the HOPE study

Background Eribulin mesylate (E) is indicated for metastatic breast cancer patients previously treated with anthracycline and taxane. We argued that E could also benefit patients eligible for neoadjuvant chemotherapy. Methods Patients with primary triple negative breast cancer 2 cm received doxorubicin 60 mg/m2 and paclitaxel 200 mg/m2 x 4 cycles (AT) followed by E 1.4 mg/m2 x 4 cycles. Primary endpoint was pathological complete response (pCR) rate; secondary and explorative endpoints included clinical/metabolic response rates and safety, and biomarker analysis, respectively. Using a two-stage Simon design, 43 patients were to be included provided that 4 of 13 patients had achieved pCR in the first stage of the study. Results In stage I of the study 13 women were enrolled, median age 43 years, tumor size 2–5 cm in 9/13 (69%), positive nodal status in 8/13 (61%). Main grade 3 adverse event was neutropenia (related to AT and E in 4 and 2 cases, respectively). AT followed by E induced clinical complete + partial responses in 11/13 patients (85%), pCR in 3/13 (23%). Median measurements of maximum standardized uptake value (SUVmax) resulted 13, 3, and 1.9 at baseline, after AT and E, respectively. Complete metabolic response (CMR) occurred after AT and after E in 2 and 3 cases, respectively. Notably, 2 of the 5 (40%) patients with CMR achieved pCR at surgery. Immunostaining of paired pre-/post-treatment tumor specimens showed a reduction of β-catenin, CyclinD1, Zeb-1, and c-myc expression, in the absence of N-cadherin modulation. The study was interrupted at stage I due to the lack of the required patients with pCR. Conclusions Despite the early study closure, preoperative E following AT showed clinical and biological activity in triple negative breast cancer patients. Furthermore, the modulation of β-catenin pathway core proteins, supposedly outside the domain of epithelial–mesenchymal transition, claims for further investigation. Trial registration EU Clinical Trial Register, EudraCT number 2012-004956-12

Analysis techniques for multivariate root loci

Analysis and techniques are developed for the multivariable root locus and the multivariable optimal root locus. The generalized eigenvalue problem is used to compute angles and sensitivities for both types of loci, and an algorithm is presented that determines the asymptotic properties of the optimal root locus

Dynamics of confined gluons

Propagation of gluons in the confining vacuum is studied in the framework of the background perturbation theory, where nonperturbative background contains confining correlators. Two settings of the problem are considered. In the first the confined gluon is evolving in time together with static quark and antiquark forming the one-gluon static hybrid. The hybrid spectrum is calculated in terms of string tension and is in agreement with earlier analytic and lattice calculations. In the second setting the confined gluon is exchanged between quarks and the gluon Green's function is calculated, giving rise to the Coulomb potential modified at large distances. The resulting screening radius of 0.5 fm presents a serious problem when confronting with lattice and experimental data. A possible solution of this discrepancy is discussed.Comment: 17 pages, no figures; v2: minor numerical changes in the tabl