One share - one vote : a european rule?

In this paper, I tackle the question whether one share - one vote should become a European law rule. I examine, first of all, the economic theory concerning one share - one vote and its optimality, and the law and economics literature on dual class recapitalizations and other deviations from one share - one vote. I also consider the agency costs of deviations from one share - one vote and examine whether they justify regulation. I subsequently analyze the rules implementing the one share - one vote standard in the US and Europe. In particular, I analyze the self-regulatory rules of US exchanges, the relevant provisions of the European Takeover Directive (including the well known break-through rule), and the European Court of Justice's position as to golden shares (which also are deviations from the one share - one vote standard). I conclude that one share - one vote is not justified by economic efficiency, as also confirmed by comparative law. Also the European breakthrough rule, which ultimately strikes down all deviations from one share - one vote, does not appear to be well grounded. Only transparency rules appear to be justified at EU level as disclosure of ownership and voting structures serves a pricing and governance function, while harmonisation of the relevant rules reduces transaction costs in integrated markets

Dynamic actions on bridge slabs due to heavy vehicle impact on roadside barriers

The use of roadside safety barriers in Italy has changed in recent years: the number of installed devices has increased, and so have their stiffness and resistance. These changes were necessary because early barrier design was inadequate to contain and redirect heavy vehicles. The change in barrier design led to an increase in stiffness and resistance; consequently, the action transferred to the structure by the device increased. The need for resistance on the bridge slabs can be too high because the peculiar action of the roadside barriers was not adequately taken into account in the oldest bridge design codes. In addition, characterizing the actions transferred to the bridge slab is difficult because of the dynamic nature of vehicle impacts on roadside barriers. Given the impossibility of performing a full-scale laboratory test for every bridge deck, the use of computational mechanics applied to dynamic impact/interaction problems is one of the best ways to establish these actions in the project phase. Research was conducted into the use of a three-dimensional finite element model of the bridge slab-barrier-vehicle system to perform a numerical simulation of the impact, according to the procedure used for the roadside barrier homologation crash test, described in the European Standard EN 1317

Eye movement desensitisation and reprocessing (EMDR) treatment associated with parent management training (PMT) for the acute symptoms in a patient with PANDAS syndrome: a case report

BACKGROUND: The purpose of this report was to present the results of eye movement desensitisation and reprocessing (EMDR) therapy associated with parent management training (PMT) in a child with paediatric autoimmune neuropsychiatric disorder associated with streptococcus (PANDAS), who had previously only been treated with pharmacological treatment. CASE PRESENTATION: The case concerns an 11-year-old boy who presented with simple and complex vocal tics, motor tics, obsessive-compulsive traits and irritability from the age of 6 years, in addition to a positive result for streptococcal infection. The course of symptoms followed a relapsing-remitting trend with acute phases that were contingent on the infectious episodes. CONCLUSIONS: Following eight sessions of EMDR, preceded by training sessions with the parents, the child showed a significant reduction in symptoms and disappearance of the exacerbation. These results indicate the possibility of improving the treatment outcomes of patients with PANDAS by a combined approach using both antibiotic and EMDR therapies

Supergravity one-loop corrections on AdS_7 and AdS_3, higher spins and AdS/CFT

As was shown earlier, one-loop correction in 10d supergravity on AdS_5 x S^5 corresponds to the contributions to the vacuum energy and boundary 4d conformal anomaly which are minus the values for one n=4 Maxwell supermultiplet, thus reproducing the subleading term in their N^2-1 coefficient in the dual SU(N) SYM theory. We perform similar one-loop computations in 11d supergravity on AdS_7 x S^4 and 10d supergravity on AdS_3 x S^3 x T^4. In the AdS_7 case we find that the corrections to the 6d conformal anomaly a-coefficient and the vacuum energy are again minus the ones for one (2,0) tensor multiplet, suggesting that the total a-anomaly coefficient for the dual (2,0) theory is 4 N^3 - 9/4 N - 7/4 and thus vanishes for N=1. In the AdS_3 case the one-loop correction to the vacuum energy or 2d central charge turns out to be equal to that of one free (4,4) scalar multiplet, i.e. is c=+6. This reproduces the subleading term in the central charge c= 6(Q_1 Q_5 +1) of the dual 2d CFT describing decoupling limit of D5-D1 system. We also present the expressions for the 6d anomaly a-coefficient and vacuum energy for a general-symmetry higher spin field in AdS_7 and consider their application to tests of vectorial AdS/CFT with the boundary conformal 6d theory represented by free scalars, spinors or rank 2 antisymmetric tensors.Comment: 28 pages, v2 minor addition

Ratcheted molecular-dynamics simulations identify efficiently the transition state of protein folding

The atomistic characterization of the transition state is a fundamental step to improve the understanding of the folding mechanism and the function of proteins. From a computational point of view, the identification of the conformations that build out the transition state is particularly cumbersome, mainly because of the large computational cost of generating a statistically-sound set of folding trajectories. Here we show that a biasing algorithm, based on the physics of the ratchet-and-pawl, can be used to identify efficiently the transition state. The basic idea is that the algorithmic ratchet exerts a force on the protein when it is climbing the free-energy barrier, while it is inactive when it is descending. The transition state can be identified as the point of the trajectory where the ratchet changes regime. Besides discussing this strategy in general terms, we test it within a protein model whose transition state can be studied independently by plain molecular dynamics simulations. Finally, we show its power in explicit-solvent simulations, obtaining and characterizing a set of transition--state conformations for ACBP and CI2

Statistical Analysis of Native Contact Formation in the Folding of Designed Model Proteins

The time evolution of the formation probability of native bonds has been studied for designed sequences which fold fast into the native conformation. From this analysis a clear hierarchy of bonds emerge a) local, fast forming highly stable native bonds built by some of the most strongly interacting amino acids of the protein, b) non-local bonds formed late in the folding process, in coincidence with the folding nucleus, and involving essentially the same strongly interacting amino acids already participating in the fast bonds, c) the rest of the native bonds whose behaviour is subordinated, to a large extent, to that of the local- and non-local native contacts