Konzerneinfluss und Entkopplung vom Marktrisiko — Eine empirische Analyse der Betafaktoren bei faktischen und Vertragskonzernen

Zusammenfassung: Im vorliegenden Beitrag werden die Betafaktoren beherrschter Unternehmen bei faktischen und Vertragskonzern-Verhältnissen bis hin zum Squeeze-Out untersucht. Die Ergebnisse zeigen signifikant abnehmende Betafaktoren über verschiedene Konzernstufen. Bei Vertragskonzernen mit Beherrschungs- und Gewinnabführungsvertrag und Squeeze-Out-Unternehmen sinken die Betafaktoren der beherrschten Unternehmen auf Werte nahe Null. Die Ergebnisse sind ein Beleg für einen Marktrisiko-Entkopplungseffekt bei Unternehmen, die einem Konzerneinfluss unterliegen. Die Aktien von Minderheitsaktionären beherrschter Unternehmen haben somit im Durchschnitt eine niedrigere Risikoklasse als Aktien von Unternehmen im Streubesitz. Für die Betaschätzung zur Bewertung von Unternehmen mit einem geringen Streubesitzanteil empfehlen wir deshalb, spezielle Regressionsverfahren für unregelmäßig gehandelte Aktien (z.B. Trade-to-Trade-Verfahren) der Verwendung von Peer-Group-Betas vorzuziehe

Endosonographische Diagnostik von entzündlichen und neoplastischen Prozessen der Papilla Vateri und der periampullären Region

In einer retrospektiven Studie wurden bei 183 Patienten (n=112 Frauen, n=71 Männer, Altersdurchschnitt 64 Jahre) mit endosonographischem Nachweis eines Prozesses der Papilla Vateri oder der periampullären Region die Ergebnisse der histopathologischen Untersuchungen ausgewertet. Dabei ergab sich für das endosonographische T-Staging eine Treffsicherheit von 76.8 % und für das endosonographische N-Staging eine Treffsicherheit von 77.1 %. Bei der endosonographischen Differenzierung zwischen entzündlichen und neoplastischen Papillenveränderungen konnte eine Trefferrate von 81.9 % erreicht werden. Somit erlaubt die endosonographische Papillendiagnostik mit hoher Genauigkeit Aussagen zur Prozessdignität und zum Infiltrationsverhalten von pathologischen Papillenveränderungen

XPS Investigations of Ruthenium Deposited onto Representative Inner Surfaces of Nuclear Reactor Containment Buildings

International audienceIn the case of a hypothetical severe accident in a nuclear power plant, interactions of gaseous RuO4 with reactor containment building surfaces (stainless steel and epoxy paint) could possibly lead to a black Ru-containing deposit on these surfaces. Some scenarios include the possibility of formation of highly radiotoxic RuO4(g) by the interactions of these deposits with the oxidising medium induced by air radiolysis, in the reactor containment building, and consequently dispersion of this species. Therefore, the accurate determination of the chemical nature of ruthenium in the deposits is of the high importance for safety studies. An experiment was designed to model the interactions of RuO4(g) with samples of stainless steel and of steel covered with epoxy paint. Then, these deposits have been carefully characterised by scanning electron microscopy (SEM/EDS), electron probe microanalysis (EPMA) and X-ray photoelectron spectroscopy (XPS). The analysis by XPS of Ru deposits formed by interaction of RuO4(g), revealed that the ruthenium is likely to be in the IV oxidation state, as the shapes of the Ru3d core levels are very similar with those observed on the RuO2,xH2O reference powder sample. The analysis of O1s peaks indicates a large component attributed to the hydroxyl functional groups. From these results, it was concluded that Ru was present on the surface of the deposits as an oxyhydroxide of Ru(IV). It has also to be pointed out that the presence of “pure” RuO2, or of a thin layer of RuO3 or Ru2O5, coming from the decomposition of RuO4 on the surface of samples of stainless steel and epoxy paint, could be ruled out. These findings will be used for further investigations of the possible revolatilisation phenomena induced by ozone

Criteria for the earliest possible opening to traffic of asphalt paving

Zur Bestimmung des frühestmöglichen Zeitpunktes der Verkehrsfreigabe von Asphaltbefestigungen ist die Entwicklung des Verformungswiderstandes während der Abkühlung maßgeblich. Dabei ist der Verformungswiderstand von Asphalt vornehmlich von der Temperatur und der Zeit abhängig. Die sich bei Beanspruchung einstellenden bleibenden Verformungen sind die Grundlage zur Beurteilung der Asphalteigenschaft Verformungswiderstand. In der Abkühlphase verringert sich die Gefahr, daß bleibende Verformungen durch Beanspruchung erzeugt werden. Anstatt überwiegend viskosen Stoffverhaltens tritt bei fortschreitender Abkühlung vornehmlich viskoelastisches in den Vordergrund. Die Anforderungen an ein einfaches und zerstörungsfreies Prüfverfahren, mit dem die Entwicklung des Verformungswiderstandes während der Abkühlung meßtechnisch erfaßt und beurteilt werden kann, erfüllt der dynamische Plattendruckversuch mit dem Leichten Fallgewichtsgerät. Mit der Meßgröße Gesamteindringtiefe wird dabei die Gesamtverformung und mit der bleibenden Eindringtiefe die bleibende Verformung meßtechnisch erfaßt. Damit kann anhand der Gesamteindringtiefe und insbesondere der bleibenden Eindringtiefe die Entwicklung des Verformungswiderstandes frisch eingebauter Asphaltschichten in der Abkühlphase beurteilt werden. Darüber hinaus kann für frisch eingebaute Asphaltschichten hinsichtlich des frühestmöglichen Zeitpunktes der Verkehrsfreigabe ein Anforderungskriterium formuliert werden: Sind die bleibenden Eindringtiefen Null, dann stellt dieses den Übergang von überwiegend viskosem Stoffverhalten in überwiegend elastisches dar. Bei den dann noch feststellbaren Gesamteindringtiefen handelt es sich um vornehmlich elastische Restverformungen. Diese sind reversibel und führen nicht zu bleibenden Verformungen. Allgemein kann davon ausgegangen werden, daß dann der Zuwachs an Verformungswiderstand durch den Abkühlungsprozeß und damit verbundener Strukturbildungsprozesse im Bitumen nahezu abgeschlossen ist. Es ist kein weiterer signifikanter Zuwachs an Verformungswiderstand wahrscheinlich. Die Verkehrsfreigabe kann erfolgen. Für die beiden untersuchten Asphaltsorten Splittmastixasphalt 0/11 S und Asphaltbeton 0/11 S wurden unter den vorherrschenden Abkühlbedingungen das Anforderungskriterium zur Verkehrsfreigabe ca. 9,0 Stunden nach Abschluß des Einbauvorgangs erfüllt.The development of the deformation resistance during the cooling-off period is decisive for determinating the earliest possible time for the opening to traffic of asphalt paving. The deformation resistance of asphalt is dependent on temperature and time. The permanent deformations, which occur under heavy strain, are the basis for evaluating the deformation resistance. During cooling-off the risk of permanent deformations under heavy strain is reducing. Instead of a prevailing viscous material reaction there is a mainly viscoelastic reaction under progressive cooling-off. The dynamic plate bearing test with the light falling weight deflectometer (LFGG) meets the demands on a simple and non-destructive method of testing. With this method it is possible to record and evaluate the development of the deformation resistance during the cooling-off period. The total deformation is measured with the total penetration depth as measurand, the permanent deformation is measured with the permanent penetration depth. Thus the development of the deformation resistance of newly installed asphalt coatings during cooling-off can be evaluated with the total penetration depth and, especially, with the permanent penetration depth as measurand. Moreover, concerning the earliest possible time for the opening to traffic, the following criterion can be formulated for newly installed asphalt coatings: As soon as the permanent penetration depths are zero, this represents the passing point of a mainly viscous material reaction into a mainly elastic one. The total penetration depths, which can still be measured at that point in time, are mainly elastic residual deformations. They are reversible and do not lead to permanent deformations. In general it can be assumed that, at that point in time, the increase in deformation resistance has nearly been finished by the cooling-off process, accompanied by structural forming processes in the asphalt. A further significant increase in deformation resistance is not probable. The opening to traffic can take place. Under the prevailing cooling conditions the criterion for the opening to traffic for splittmastix asphalt 0/11 S and asphalt concrete 0/11 S, which have both been analysed, was met about 9.0 hours after finishing the pavement

Equivariant neural networks for inverse problems.

In recent years the use of convolutional layers to encode an inductive bias (translational equivariance) in neural networks has proven to be a very fruitful idea. The successes of this approach have motivated a line of research into incorporating other symmetries into deep learning methods, in the form of group equivariant convolutional neural networks. Much of this work has been focused on roto-translational symmetry of R d , but other examples are the scaling symmetry of R d and rotational symmetry of the sphere. In this work, we demonstrate that group equivariant convolutional operations can naturally be incorporated into learned reconstruction methods for inverse problems that are motivated by the variational regularisation approach. Indeed, if the regularisation functional is invariant under a group symmetry, the corresponding proximal operator will satisfy an equivariance property with respect to the same group symmetry. As a result of this observation, we design learned iterative methods in which the proximal operators are modelled as group equivariant convolutional neural networks. We use roto-translationally equivariant operations in the proposed methodology and apply it to the problems of low-dose computerised tomography reconstruction and subsampled magnetic resonance imaging reconstruction. The proposed methodology is demonstrated to improve the reconstruction quality of a learned reconstruction method with a little extra computational cost at training time but without any extra cost at test time

D,L-Lysine-Acetylsalicylate + Glycine (LASAG) Reduces SARS-CoV-2 Replication and Shows an Additive Effect with Remdesivir

The severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) causing the coronavirus disease-19 (COVID-19) is still challenging healthcare systems and societies worldwide. While vaccines are available, therapeutic strategies are developing and need to be adapted to each patient. Many clinical approaches focus on the repurposing of approved therapeutics against other diseases. However, the efficacy of these compounds on viral infection or even harmful secondary effects in the context of SARS-CoV-2 infection are sparsely investigated. Similarly, adverse effects of commonly used therapeutics against lifestyle diseases have not been studied in detail. Using mono cell culture systems and a more complex chip model, we investigated the effects of the acetylsalicylic acid (ASA) salt D,L-lysine-acetylsalicylate + glycine (LASAG) on SARS-CoV-2 infection in vitro. ASA is commonly known as Aspirin ® and is one of the most frequently used medications worldwide. Our data indicate an inhibitory effect of LASAG on SARS-CoV-2 replication and SARS-CoV-2-induced expression of pro-inflammatory cytokines and coagulation factors. Remarkably, our data point to an additive effect of the combination of LASAG and the antiviral acting drug remdesivir on SARS-CoV-2 replication in vitro

Radiation enhancement and "temperature" in the collapse regime of gravitational scattering

We generalize the semiclassical treatment of graviton radiation to gravitational scattering at very large energies $\sqrt{s}\gg m_P$ and finite scattering angles $\Theta_s$, so as to approach the collapse regime of impact parameters $b \simeq b_c \sim R\equiv 2G\sqrt{s}$. Our basic tool is the extension of the recently proposed, unified form of radiation to the ACV reduced-action model and to its resummed-eikonal exchange. By superimposing that radiation all-over eikonal scattering, we are able to derive the corresponding (unitary) coherent-state operator. The resulting graviton spectrum, tuned on the gravitational radius $R$, fully agrees with previous calculations for small angles $\Theta_s\ll 1$ but, for sizeable angles $\Theta_s(b)\leq \Theta_c = O(1)$ acquires an exponential cutoff of the large $\omega R$ region, due to energy conservation, so as to emit a finite fraction of the total energy. In the approach-to-collapse regime of $b\to b_c^+$ we find a radiation enhancement due to large tidal forces, so that the whole energy is radiated off, with a large multiplicity $\langle N \rangle\sim Gs \gg 1$ and a well-defined frequency cutoff of order $R^{-1}$. The latter corresponds to the Hawking temperature for a black hole of mass notably smaller than $\sqrt{s}$.Comment: 5 pages, 2 figures, talk presented at the European Physical Society Conference on High Energy Physics, 5-12 July, Venice, Ital

Selective trapping of DNA using glass microcapillaries

We show experimentally that a cheap glass microcapillary can accumulate {\lambda}-phage DNA at its tip and deliver the DNA into the capillary using a combination of electro-osmotic flow, pressure-driven flow, and electrophoresis. We develop an efficient simulation model for this phenomenon based on the electrokinetic equations and the finite-element method. Using our model, we explore the large parameter space of the trapping mechanism by varying the salt concentration, the capillary surface charge, the applied voltage, the pressure difference, and the mobility of the analyte molecules. Our simulation results show that this system can be tuned to capture a wide range of analyte molecules, such as DNA or proteins, based on their electrophoretic mobility. Our method for separation and pre-concentration of analytes has implications for the development of low-cost lab-on-a-chip devices.Comment: 9 pages, 4 figure