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

Stress analysis of V-notches with and without cracks, with application to foreign object damage

Published versio

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

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.

Phonon spectra of pure and acceptor doped BaZrO3 investigated with visible and UV Raman spectroscopy

We report results from visible and UV Raman spectroscopy studies of the phonon spectra of a polycrystalline sample of the prototypical perovskite type oxide BaZrO3 and a 500 nm thick film of its Y-doped, proton conducting, counterpart BaZr0.8Y0.2O2.9. Analysis of the Raman spectra measured using different excitation energies (between 3.44 eV and 5.17 eV) reveals the activation of strong resonance Raman effects involving all lattice vibrational modes. Specifically, two characteristic energies were identified for BaZrO3, one around 5 eV and one at higher energy, respectively, and one for BaZr0.8Y0.2O2.9, above 5 eV. Apart from the large difference in spectral intensity between the non-resonant and resonant conditions, the spectra are overall similar to each other, suggesting that the vibrational spectra of the perovskites are stable when investigated using an UV laser as excitation source. These results encourage further use of UV Raman spectroscopy as a novel approach for the study of lattice vibrational dynamics and local structure in proton conducting perovskites, and open up for, e.g., time-resolved experiments on thin films targeted at understanding the role of lattice vibrations in proton transport in these kinds of materials

Microphysical properties and radiative impact of an intense biomass burning aerosol event measured over Ny-Ålesund, Spitsbergen in July 2015

In this work, an evaluation of an intense biomass burning event observed over Ny-Ålesund (Spitsbergen, European Arctic) in July 2015 is presented. Data from the multi-wavelengths Raman-lidar KARL, a sun photometer and radiosonde measurements are used to derive some microphysical properties of the biomass burning aerosol as size distribution, refractive index and single scattering albedo at different relative humidities. Predominantly particles in the accumulation mode have been found with a bi-modal distribution and dominance of the smaller mode. Above 80% relative humidity, hygroscopic growth in terms of an increase of particle diameter and a slight decrease of the index of refraction (real and imaginary part) has been found. Values of the single scattering albedo around 0.9 both at 355 nm and 532 nm indicate some absorption by the aerosol. Values of the lidar ratio are around 26 sr for 355 nm and around 50 sr for 532 nm, almost independent of the relative humidity. Further, data from the photometer and surface radiation values from the local baseline surface radiation network (BSRN) have been applied to derive the radiative impact of the biomass burning event purely from observational data by comparison with a clear background day. We found a strong cooling for the visible radiation and a slight warming in the infra-red. The net aerosol forcing, derived by comparison with a clear background day purely from observational data, obtained a value of –95 W/m2 per unit AOD500