How Preussag became TUI : kissing too many toads can make you a toad

In the period 1997-2004, Preussag, a diversified German conglomerate of old economy businesses, changed itself into TUI, a company focused almost entirely on tourism and logistics. This paper analyzes how this strategy was executed and how it contributed to Preussag’s underperformance of the stock market. We collect 417 announcements of acquisitions, financial disclosures and other news and disentangle the impact of different parts of the company’s strategy. We find that only the divestitures created value, that the strategy to invest in tourism destroyed value, and that the acquisition premiums Preussag paid were mostly unjustified. Bad luck like the events of September 11, 2001 cannot account for the poor performance of the stock. Poor management resulted from poor governance, combining a state-owned bank as the largest shareholder, board interlocks, and insufficient managerial incentives. The case shows how divestiture programs increase the liquid resources available to management beyond free operating cash flows and casts doubt on the positive governance role of institutional blockholders

Cationic vacancy induced room-temperature ferromagnetism in transparent conducting anatase Ti_{1-x}Ta_xO_2 (x~0.05) thin films

We report room-temperature ferromagnetism in highly conducting transparent anatase Ti1-xTaxO2 (x~0.05) thin films grown by pulsed laser deposition on LaAlO3 substrates. Rutherford backscattering spectrometry (RBS), x-ray diffraction (XRD), proton induced x-ray emission (PIXE), x-ray absorption spectroscopy (XAS) and time-of-flight secondary ion mass spectrometry (TOF-SIMS) indicated negligible magnetic contaminants in the films. The presence of ferromagnetism with concomitant large carrier densities was determined by a combination of superconducting quantum interference device (SQUID) magnetometry, electrical transport measurements, soft x-ray magnetic circular dichroism (SXMCD), XAS, and optical magnetic circular dichroism (OMCD) and was supported by first-principle calculations. SXMCD and XAS measurements revealed a 90% contribution to ferromagnetism from the Ti ions and a 10% contribution from the O ions. RBS/channelling measurements show complete Ta substitution in the Ti sites though carrier activation was only 50% at 5% Ta concentration implying compensation by cationic defects. The role of Ti vacancy and Ti3+ was studied via XAS and x-ray photoemission spectroscopy (XPS) respectively. It was found that in films with strong ferromagnetism, the Ti vacancy signal was strong while Ti3+ signal was absent. We propose (in the absence of any obvious exchange mechanisms) that the localised magnetic moments, Ti vacancy sites, are ferromagnetically ordered by itinerant carriers. Cationic-defect-induced magnetism is an alternative route to ferromagnetism in wide-band-gap semiconducting oxides without any magnetic elements.Comment: 21 pages, 10 figures, to appear in Philosophical Transaction - Royal Soc.

Photoemission spectra of many-polaron systems

The cross over from low to high carrier densities in a many-polaron system is studied in the framework of the one-dimensional spinless Holstein model, using unbiased numerical methods. Combining a novel quantum Monte Carlo approach and exact diagonalization, accurate results for the single-particle spectrum and the electronic kinetic energy on fairly large systems are obtained. A detailed investigation of the quality of the Monte Carlo data is presented. In the physically most important adiabatic intermediate electron-phonon coupling regime, for which no analytical results are available, we observe a dissociation of polarons with increasing band filling, leading to normal metallic behavior, while for parameters favoring small polarons, no such density-driven changes occur. The present work points towards the inadequacy of single-polaron theories for a number of polaronic materials such as the manganites.Comment: 15 pages, 13 figures; final version, accepted for publication in Phys. Rev.

Arctic experiment for ICESat/GLAS ground validation with a Micro-Pulse Lidar at Ny-Alesund, Svalbard

A Micro-Pulse Lidar (MPL) has been operated in Ny-Alesund, Svalbard (78°55\u27N, 11°56\u27E, 0.010 km msl) to collect zenith scattering profiles of aerosols and clouds since 1998. The Ice, Cloud, and land Elevation Satellite (ICESat) was launched by NASA in January 2003 with a single payload instrument, the Geoscience Laser Altimeter System (GLAS), designed for active remote sensing of the atmosphere as well as ice sheet height change in the cryosphere. Overpass experiments for ground validation of the ICESat/GLAS atmospheric measurements were performed in 2003 and 2004. Two case-studies comparing lidar measurements from space-borne GLAS and ground-based MPL in the Arctic are described here for a geometrically thick but optically thin cloud and a geometrically thin but optically thick cloud. The result validates the basic procedure for cloud signal processing and attenuation correction of the GLAS data

Néel-type skyrmion lattice with confined orientation in the polar magnetic semiconductor GaV4S8

Following the early prediction of the skyrmion lattice (SkL)—a periodic array of spin vortices—it has been observed recently in various magnetic crystals mostly with chiral structure. Although non-chiral but polar crystals with Cnv symmetry were identified as ideal SkL hosts in pioneering theoretical studies, this archetype of SkL has remained experimentally unexplored. Here, we report the discovery of a SkL in the polar magnetic semiconductor GaV4S8 with rhombohedral (C3v) symmetry and easy axis anisotropy. The SkL exists over an unusually broad temperature range compared with other bulk crystals and the orientation of the vortices is not controlled by the external magnetic field, but instead confined to the magnetic easy axis. Supporting theory attributes these unique features to a new Néel-type of SkL describable as a superposition of spin cycloids in contrast to the Bloch-type SkL in chiral magnets described in terms of spin helices

Prevalence of Disorders Recorded in Dogs Attending Primary-Care Veterinary Practices in England

Purebred dog health is thought to be compromised by an increasing occurence of inherited diseases but inadequate prevalence data on common disorders have hampered efforts to prioritise health reforms. Analysis of primary veterinary practice clinical data has been proposed for reliable estimation of disorder prevalence in dogs. Electronic patient record (EPR) data were collected on 148,741 dogs attending 93 clinics across central and south-eastern England. Analysis in detail of a random sample of EPRs relating to 3,884 dogs from 89 clinics identified the most frequently recorded disorders as otitis externa (prevalence 10.2%, 95% CI: 9.1-11.3), periodontal disease (9.3%, 95% CI: 8.3-10.3) and anal sac impaction (7.1%, 95% CI: 6.1-8.1). Using syndromic classification, the most prevalent body location affected was the head-and-neck (32.8%, 95% CI: 30.7-34.9), the most prevalent organ system affected was the integument (36.3%, 95% CI: 33.9-38.6) and the most prevalent pathophysiologic process diagnosed was inflammation (32.1%, 95% CI: 29.8-34.3). Among the twenty most-frequently recorded disorders, purebred dogs had a significantly higher prevalence compared with crossbreds for three: otitis externa (P = 0.001), obesity (P = 0.006) and skin mass lesion (P = 0.033), and popular breeds differed significantly from each other in their prevalence for five: periodontal disease (P = 0.002), overgrown nails (P = 0.004), degenerative joint disease (P = 0.005), obesity (P = 0.001) and lipoma (P = 0.003). These results fill a crucial data gap in disorder prevalence information and assist with disorder prioritisation. The results suggest that, for maximal impact, breeding reforms should target commonly-diagnosed complex disorders that are amenable to genetic improvement and should place special focus on at-risk breeds. Future studies evaluating disorder severity and duration will augment the usefulness of the disorder prevalence information reported herein