Private equity minority investments in large family firms: what influences the attitude of family firm owners?

This paper extends research in the field of private equity investments in family firms. It contributes to the literature by fundamentally analyzing the decision criteria of family firm owners for using minority investments of private equity investors. This type of financing might be of great interest to family firms, as the family firm owner is able to secure majority ownership and control over the family business. Likewise, minority investments might be attractive for private equity investors, as they are mostly not leveraged and therefore independent from capital market turbulences. Using data from 21 case studies, we identify challenges induced by the family or the business that lead to the phenomenon of private equity minority investments in family firms. We find that perceived benefits and drawbacks of private equity investments are influenced by business and family characteristics. Based on pecking-order theory, resource-based view and the strategy paradigm, propositions as well as a conceptual framework are developed. --private equity,minority investments,family firms,financing,managerial resources

Vergleich von Gastrokolopexie und Antropexie in der Linea alba zur Rezidivprophylaxe nach Torsio ventriculi des Hundes

Der Magendilatations-Torsions-Komplex stellt ein akut verlaufendes Syndrom dar. Die Pathogenese umfasst ein multifaktorielles Geschehen und basiert auf einer Vielzahl prädisponierender Faktoren vergesellschaftet mit einem auslösenden mechanischen Moment. Die chirurgische Therapie beinhaltet neben der Reposition des Magens die Durchführung einer Gastropexie, welche auf schnellem, einfachem und komplikationsarmen Weg eine effektive Rezidivprophylaxe realisieren soll. Ziel der vorliegenden Arbeit war der Vergleich zweier Operationsmethoden der Gastropexie hinsichtlich ihrer Praktikabilität, Effektivität sowie den zu erhebenden klinischen Befunden post operationem. Im Hinblick auf beschriebene Prädispositionen verhielten sich die Patienten beider Gruppen gemäß den Angaben der Literatur. Durch die prospektive Durchführung von Gastrokolopexien sollte eine Therapiemodalität untersucht werden, die mit geringem intraoperativen Aufwand eine weitgehend anatomische Position des Magens realisiert. Es wurden 34 Patienten operiert und durch eine telefonische Besitzerbefragung mit Hilfe eines Fragebogens hinsichtlich relevanter gastrointestinaler Symptome aufgearbeitet. Von den 34 Patienten erlitten 12 Tiere ein Rezidiv, so dass eine Rezidivrate von 40% bei einer Mindestbeobachtungszeit von 12 Monaten resultierte. Bei bestimmten Rassen, insbesondere der Deutschen Dogge und dem Hovawart, fielen ein relativ weit nach kranial reichendes, den Magen ohne Spannung überlappendes Kolon, sowie gehäuft Rezidive (7 von 9) auf. Relevante intra- oder postoperative Komplikationen konnten nicht festgestellt werden. Zum Vergleich dienten 100 Patienten mit Antropexie in der Linea alba die gleichermaßen, jedoch retrospektiv aufgearbeitet wurden. Neben 13 Patienten mit Rezidiv (14%, bei einer Mindestbeobachtungszeit von 12 Monaten) ließen sich 4 Tiere mit rezidivierenden Dilatationen beschreiben. Des Weiteren konnten die Vorzüge dieser Therapiemodalität, analog zu der Erstbeschreibung, als einfach, schnell, risiko- und komplikationsarm angesprochen werden. Während die erzielten Resultate nach Antropexie vergleichbar waren mit einer Vielzahl effektiver Methoden mit niedriger Rezidivrate, so stellte sich die Gastrokolopexie signifikant unterlegen dar. Nach Gastrokolopexie wurden keine rezidivierenden Dilatationen beobachtet, allerdings ist die Fallzahl relativ gering. Als Schlussfolgerung ergibt sich, dass die Gastrokolopexie, obwohl sie komplikationsarm ist und gut toleriert wurde, als Rezidivprophylaxe nicht empfohlen werden kann. Grund ist die hohe und vor dem Hintergrund wirksamer Alternativen nicht ak-zeptable Rezidivrate

Influence of dispersal processes on the global dynamics of Emperor penguin, a species threatened by climate change

© The Author(s), 2017. This is the author's version of the work. It is posted here under a nonexclusive, irrevocable, paid-up, worldwide license granted to WHOI. It is made available for personal use, not for redistribution. The definitive version was published in Biological Conservation 212 (2017): 63-73, doi:10.1016/j.biocon.2017.05.017.Species endangered by rapid climate change may persist by tracking their optimal habitat; this depends on their dispersal characteristics. The Emperor Penguin (EP) is an Antarctic seabird threatened by future sea ice change, currently under consideration for listing under the US Endangered Species Act. Indeed, a climate-dependent-demographic model without dispersion projects that many EP colonies will decline by more than 50% from their current size by 2100, resulting in a dramatic global population decline. Here we assess whether or not dispersion could act as an ecological rescue, i.e. reverse the anticipated global population decline projected by a model without dispersion. To do so, we integrate de22 tailed dispersal processes in a metapopulation model|specifically, dispersal stages, dispersal distance, habitat structure, informed dispersal behaviors, and density-dependent dispersion rates. For EP, relative to a scenario without dispersion, dispersal can either offset or accelerate climate driven population declines; dispersal may increase the global population by up to 31% or decrease it by 65%, depending on the rate of emigration and distance individuals disperse. By developing simpler theoretical models, we demonstrate that the global population dynamic depends on the global landscape quality. In addition, the interaction among dispersal processes - dispersion rates, dispersal distance, and dispersal decisions - that influence landscape occupancy, impacts the global population dynamics. Our analyses bound the impact of between-colony emigration on global population size, and provides intuition as to the direction of population change depending on the EP dispersal characteristics. Our general model is flexible such that multiple dispersal scenarios could be implemented for a wide range of species to improve our understanding and predictions of species persistence under future global change.S. Jenouvrier acknowledges support from WHOI Unrestricted funds and Mission Blue / Biotherm; J. Garnier and L. Desvillettes acknowledge respectively the NONLOCAL project (ANR-14-CE25-0013) and the Kibord project (ANR-13-BS01-0004) from the French National Research Agency

Dark interlayer plasmons in colloidal gold nanoparticle bi- and few-layers

We demonstrate the excitation of dark plasmon modes with linearly polarized light at normal incidence in self-assembled layers of gold nanoparticles. Because of field retardation, the incident light field induces plasmonic dipoles that are parallel within each layer but antiparallel between the layers, resulting in a vanishing net dipole moment. Using microabsorbance spectroscopy we measured a pronounced absorbance peak and reflectance dip at 1.5 eV for bi- and trilayers of gold nanoparticles with a diameter of 46 nm and 2 nm interparticle gap size. The excitations were identified as dark interlayer plasmons by finite-difference time-domain simulations. The dark plasmon modes are predicted to evolve into standing waves when further increasing the layer number, which leads to 90% transmittance of the incident light through the nanoparticle film. Our approach is easy to implement and paves the way for large-area coatings with tunable plasmon resonance

Dark plasmon modes for efficient hot electron generation in multilayers of gold nanoparticles

The excitation of dark plasmons, i.e., coupled plasmon modes with a vanishing net dipole, is expected to favor Landau damping over radiative damping. Dark plasmon excitation might, therefore, lead to an increased absorption of energy within gold nanoparticles, resulting in a strong generation of hot electrons compared to the generation via bright plasmons. We performed transient-absorption spectroscopy on gold nanoparticle films to assess the initial electronic temperature before thermalization. We observe a significant increase in the electron–phonon coupling time when dark plasmon modes are excited in these films. The results indicate an efficient energy absorption due to the suppressed radiative decay of dark plasmon modes and a subsequent energy transformation into hot electrons

Acupuncture in Seasonal Allergic Rhinitis (ACUSAR) - Design and Protocol of a Randomised Controlled Multi-Centre Trial

Background: We report on the study design and protocol of a randomised controlled trial (Acupuncture in Seasonal Allergic Rhinitis, ACUSAR) that investigates the efficacy of acupuncture in the treatment of seasonal allergic rhinitis (SAR). Objective: To investigate whether acupuncture is non-inferior or superior to (a) penetrating sham acupuncture and (b) rescue medication in the treatment of SAR. Design: 3-armed, randomised controlled multi-centre trial with a total follow-up time of 16 weeks in the 1st year and 8 weeks in the 2nd year. Setting: 41 physicians in 37 out-patient units in Germany specialised in acupuncture treatment. Patients: 400 seasonal allergic rhinitis patients with clinical symptoms and test-positive (skin-prick test and/or specific IgE) to both birch and grass pollen. Interventions: Patients will be randomised in a 2:1:1 ratio to one of three groups: (a) semi-standardised acupuncture plus rescue medication (cetirizine); (b) penetrating sham acupuncture at non-acupuncture points plus rescue medication; or (c) rescue medication alone for 8 weeks (standard treatment group). Acupuncture and sham acupuncture will consist of 12 treatments per patient over 8 weeks. Main Outcome Measures: Average means of the Rhinitis Quality of Life Questionnaire (RQLQ) overall score and the Rescue Medication Score (RMS) between weeks 6 and 8 in the first year, adjusted for baseline values. Outlook: The results of this trial available in 2011 will have a major impact on the decision of whether acupuncture should be considered as a therapeutic option in the treatment of SAR

Structural alterations of the motor cortex and higher order cortical areas suggest early neurodevelopmental origin of catatonia in schizophrenia.

The neurobiology of catatonia is still poorly understood. Particularly structural MRI studies yielded conflicting results. Heterogeneity of findings was suggested to stem from specifics of different rating scales. This study sought to test grey matter differences between patients with catatonia, patients without catatonia, and healthy controls using the two main instruments of catatonia rating. We included 98 patients with schizophrenia spectrum disorders and 42 healthy controls. Catatonia was measured using the Bush Francis Catatonia Rating Scale and the Northoff Catatonia Rating Scale. According to these scales, patients were classified into those with and those without catatonia. We tested whole brain grey matter volume, cortical thickness, and local gyrification across groups. Both catatonia rating scales correlated at tau = 0.65 but failed to classify identical subjects as catatonia patients. However, group differences in grey matter parameters were broadly similar with either rating scale to identify catatonia cases. Catatonia patients had reduced grey matter volume compared to controls in a large network including orbitofrontal cortex, cingulate, thalamus, and amygdala. While there was no group difference in cortical thickness, catatonia patients had increased local gyrification in premotor, motor, and parietal cortices compared to controls. Hypergyrification of the motor cortex and higher order cortical areas was found in catatonia patients compared to patients without catatonia. Both catatonia rating scales find similar symptom severity and group differences in grey matter indices. Catatonia is linked to reduced grey matter volume and increased local gyrification, suggesting some impact of early neurodevelopmental insults

Defence Chemistry Modulation by Light and Temperature Shifts and the Resulting Effects on Associated Epibacteria of Fucus vesiculosus

The goals of this study were (1) to investigate whether Fucus vesiculosus regulates the production of its antifouling defence chemicals against epibacteria in response to light limitation and temperature shifts and (2) to investigate if different surface concentrations of defence compounds shape epibacterial communities. F. vesiculosus was incubated in indoor mesocosms at five different temperature conditions (5 to 25°C) and in outdoor mesocosms under six differently reduced sunlight conditions (0 to 100%), respectively. Algal surface concentrations of previously identified antifouling compounds - dimethylsulphopropionate (DMSP), fucoxanthin and proline – were determined and the bacterial community composition was characterized by in-depth sequencing of the 16S-rRNA gene. Altogether, the effect of different treatment levels upon defence compound concentrations was limited. Under all conditions DMSP alone appeared to be sufficiently concentrated to warrant for at least a partial inhibitory action against epibiotic bacteria of F. vesiculosus. In contrast, proline and fucoxanthin rarely reached the necessary concentration ranges for self-contained inhibition. Nonetheless, in both experiments along with the direct influence of temperature and light, all three compounds apparently affected the overall bacterial community composition associated with F. vesiculosus since tendencies for insensitivity towards all three compounds were observed among bacterial taxa that typically dominate those communities. Given that the concentrations of at least one of the compounds (in most cases DMSP) were always high enough to inhibit bacterial settlement, we conclude that the capacity of F. vesiculosus for such defence will hardly be compromised by shading or warming to temperatures up to 25°C