The Sum of Its Parts: The Lawyer-Client Relationship in Initial Public Offerings

This Article examines the impact of the quality of a lawyer\u27s working relationship with his or her client on one of the most important types of capital markets deal in a company\u27s existence: its initial public offering (IPO). Drawing on data from interviews with equity capital markets lawyers at major law firms, and analyzing data from IPOs in the United States registered with the Securities and Exchange Commission between June 1996 and December 2010, this study finds a strong association between several measures of IPO performance and the familiarity between the lead underwriter and its counsel, as measured by the number of times a particular law firm serves as counsel to a managing underwriter within a relatively short time period. Performance is gauged according to a stock\u27s opening day returns, price performance over thirty, sixty, and ninety trading days, correct price revision, litigation rates, and the speed at which deals are completed. I also analyze the relationships between the lawyers for the lead underwriter and the lawyers for the issuer. The analysis shows some benefits from familiarity, albeit generally smaller than those associated with the underwriter-lawyer relationship. In all cases, the positive effects of repeated interaction diminish the further back in time the previous collaborations occurred. To rule out selection and reverse causality, I perform a number of tests using smaller subsets of the data to remove observations that are plausibly selection driven. I also show that the relationships between familiarity and deal quality occur independently of the level of the lawyers\u27 experience. These findings support the conclusion that lawyers\u27 relational skill can positively influence deal outcomes, independent even of substance and process knowledge. I hypothesize that the core advantage of repeated interaction is the formation of more effective lawyer-client team dynamics

Fostering circular cities : a study on urban circularity hotspot frameworks for the Western Balkan region

A main goal of this study - which also functions as deliverable 210078-D07 of the Circular Economy Beacons (CEB) project - is to evaluate currently available frameworks that measure and operationalise Circular Economy (CE), with a particular focus on the urban context. The regional focus lies on the Western Balkan region, which is at the centre of the project. Such "Urban Circularity Hotspot Frameworks" (UCHF) aim at providing decision support for policy makers, companies, citizens etc. regarding the transition to CE within cities. Based on the analysis of different frameworks, suggestions are derived regarding UCHF suitable for the specific characteristics of Western Balkan municipalities, i.e. a Circular Economy Beacons Urban Circularity Hotspot Framework (CEB-UCHF) ready for short-term implementation

Hyperelliptic Integrals and Mirrors of the Johnson-Koll\'ar del Pezzo Surfaces

For all k>0 integer, we consider the regularised I-function of the family of del Pezzo surfaces of degree 8k+4 in P(2,2k+1,2k+1, 4k+1), first constructed by Johnson and Koll\'ar. We show that this function, which is of hypergeometric type, is a period of an explicit pencil of curves. Thus the pencil is a candidate LG mirror of the family of del Pezzo surfaces. The main feature of these surfaces, which makes the mirror construction especially interesting, is that the anticanonical system is empty: because of this, our mirrors are not covered by any other construction known to us. We discuss connections to the work of Beukers, Cohen and Mellit on hypergeometric functions.Comment: 27 page

Current approaches to the digital product passport for a circular economy : an overview of projects and initiatives

A large number and variety of activities are being undertaken to introduce Digital Product Passports (DPPs). However, only a few DPPs have made it into practice so far, so there is some uncertainty about which impact DPPs will actually have. With this paper, we aim to provide a structured overview of the current development of DPPs. We provide insights of 76 current corporate, policy, and research activities that exist and their objectives. To allow for a structured assessment and discussion of the diverse approaches we defined 13 criteria for a comparable description, categorization and evaluation. We expect that this overview will not only encourage feedback and contributions from the DPP community, as well as valuable discussions with and among experts. It is also intended to help promote and facilitate the adoption of DPPs for the Circular Economy by facilitating collaborations and suggestions for ongoing activities

D10.1 A Formalised Organisational Model for the TENCompetence Associate Partners

This report describes the TENCompetence project, present and future, in terms of goals and processes, activities and resources and investigates what organisational models are most adequate to realise the goal of transformation. It provides a descriptive model of the structures and control processes to be used in the TENCompetence organisation and identifies three different membership roles: subscribers, associate partners and full members. Finally a Memorandum of Understanding regulating the relationship between the organisation and the associate partner, is presented.The work on this publication has been sponsored by the TENCompetence Integrated Project that is funded by the European Commission's 6th Framework Programme, priority IST/Technology Enhanced Learning. Contract 027087 [http://www.tencompetence.org

Mutagenesis-Based Characterization and Improvement of a Novel Inclusion Body Tag

Whereas, bacterial inclusion bodies (IBs) for long were regarded as undesirable aggregates emerging during recombinant protein production, they currently receive attention as promising nanoparticulate biomaterials with diverse applications in biotechnology and biomedicine. We previously identified ssTorA, a signal sequence that normally directs protein export via the Tat pathway in , as a tag that induces the accumulation of fused proteins into IBs under overexpression conditions. Here, we used targeted mutagenesis to identify features and motifs being either critical or dispensable for IB formation. We found that IB formation is neither related to the function of ssTorA as a Tat-signal sequence nor is it a general feature of this family of signal sequences. IB formation was inhibited by co-overexpression of ssTorA binding chaperones TorD and DnaK and by amino acid substitutions that affect the propensity of ssTorA to form an α-helix. Systematic deletion experiments identified a minimal region of ssTorA required for IB formation in the center of the signal sequence. Unbiased genetic screening of a library of randomly mutagenized ssTorA sequences for reduced aggregation properties allowed us to pinpoint residues that are critical to sustain insoluble expression. Together, the data point to possible mechanisms for the aggregation of ssTorA fusions. Additionally, they led to the design of a tag with superior IB-formation properties compared to the original ssTorA sequence

Methodische Konzeption einer regionalen Ressourcenwende im Rheinischen Revier : Studie für den Revierknoten Ressourcen und Agrobusiness ; Abschlussdokument

Das Wirtschafts- und Strukturprogramm für das Rheinische Zukunftsrevier enthält eine Reihe von Zielen, die demonstrieren sollen, wie der European Green Deal modellhaft im Rheinischen Revier bis 2038 umgesetzt werden kann. Das Konzept der "Ressourcenwende" stellt dabei einen Lösungsweg für die erfolgreiche Umsetzung dieser Transformation dar. Das Wuppertal Institut hat vor diesem Hintergrund gemeinsam mit der Prognos AG die vorliegende Studie zu einer regionalen Ressourcenwende im Rheinischen Revier erarbeitet. Das Rheinische Revier ist geprägt durch die Gewinnung, Verstromung und Veredelung von Braunkohle. Darüber hinaus haben sich hier - aufgrund der Nähe zu bedeutenden europäischen Transportwegen und einer zentralen Lage zu wichtigen Märkten in Europa - viele weitere Branchen angesiedelt, wie etwa die Metall-, Chemie- und Aluminiumbranche. Im Hinblick auf den von der Bundesregierung und Nordrhein-Westfalen (NRW) beschlossenen Braunkohleausstieg 2030 und den European Green Deal wird die Notwendigkeit eines Wandels der energie- und ressourcenintensiven Industrien hin zu einer treibhausgasneutralen und ressourcenleichten Wirtschaft im Rheinischen Revier mehr als deutlich. Welchen Fußabdruck hinterlässt das Rheinische Revier, welche innovativen Ressourcenstrategien sollte die Region verfolgen und wie kann dies gemessen werden? Zu dieser Fragestellung haben die Forschenden ein methodisches Konzept einer regionalen Ressourcenwende für das Rheinischen Revier erarbeitet. Die Ressourcenwende selbst begrenzt sich dabei nicht nur auf Primärrohstoffe, sondern nimmt auch die Aspekte wie Bodennutzung bzw. Flächenverbrauch und Biodiversität bzw. Ökosystemleistungen in den Blick und setzt diese in den Kontext eines regionalen Kreislaufwirtschaftssystems

Infection of zebrafish embryos with live fluorescent Streptococcus pneumoniae as a real-time pneumococcal meningitis model

Background: Streptococcus pneumoniae is one of the most important causes of bacterial meningitis, an infection where unfavourable outcome is driven by bacterial and host-derived toxins. In this study, we developed and characterized a pneumococcal meningitis model in zebrafish embryos that allows for real-time investigation of early host-microbe interaction. Methods: Zebrafish embryos were infected in the caudal vein or hindbrain ventricle with green fluorescent wild-type S. pneumoniae D39 or a pneumolysin-deficient mutant. The kdrl:mCherry transgenic zebrafish line was used to visualize the blood vessels, whereas phagocytic cells were visualized by staining with far red anti-L-plastin or in mpx:GFP/mpeg1:mCherry zebrafish, that have green fluorescent neutrophils and red fluorescent macrophages. Imaging was performed by fluorescence confocal and time-lapse microscopy. Results: After infection by caudal vein, we saw focal clogging of the pneumococci in the blood vessels and migration of bacteria through the blood-brain barrier into the subarachnoid space and brain tissue. Infection with pneumolysin-deficient S. pneumoniae in the hindbrain ventricle showed attenuated growth and migration through the brain as compared to the wild-type strain. Time-lapse and confocal imaging revealed that the initial innate immune response to S. pneumoniae in the subarachnoid space mainly consisted of neutrophils and that pneumolysin-mediated cytolytic activity caused a marked reduction of phagocytes. Conclusions: This new meningitis model permits detailed analysis and visualization of host-microbe interaction in pneumococcal meningitis in real time and is a very promising tool to further our insights in the pathogenesis of pneumococcal meningitis

Autoimmune lymphoproliferative syndrome (ALPS) in a child from consanguineous parents: a dominant or recessive disease?

Autoimmune lymphoproliferative syndrome (ALPS) is characterized by autoimmune features and lymphoproliferations and is generally caused by defective Fas-mediated apoptosis. This report describes a child with clinical features of ALPS without detectable Fas expression on freshly isolated blood leukocytes. Detection of FAS transcripts via real-time quantitative PCR made a severe transcriptional defect unlikely. Sequencing of the FAS gene revealed a 20-nucleotide duplication in the last exon affecting the cytoplasmic signaling domain. The patient was homozygous for this mutation, whereas the consanguineous parents and the siblings were heterozygous. The patient reported here is a human homologue of the Fas-null mouse, inasmuch as she carries an autosomal homozygous mutation in the FAS gene and she shows the severe and accelerated ALPS phenotype. The heterozygous family members did not have the ALPS phenotype, indicating that the disease-causing FAS mutation in this family is autosomal recessive