Institutionelle Anleger und Publikumsgesellschaft : eine empirische Untersuchung

In den meisten Industrienationen war in den vergangenen Jahrzehnten ein deutliches Wachstum der Kapitalanlagen institutioneller Anleger zu verzeichnen. Das hat zum Ausbau ihrer Positionen vor allem in den großen Kapitalgesellschaften mit handelbaren Anteilen geführt. Besonders ausgeprägt ist diese Entwicklung in den USA. So besteht Übereinstimmung darüber, daß bei den größten 100 amerikanischen Publikumsgesellschaften, d.h. Gesellschaften mit breit gestreutem Aktienkapital, institutionelle Anleger bereits heute mehr als 50 % der Anteile halten . Auch in Deutschland scheint sich eine ähnliche Entwicklung zu vollziehen. Der Anteil institutioneller Anleger an inländischen Aktiengesellschaften hat in den vergangenen Jahren erheblich, und zwar zu Lasten des Anteils der Privataktionäre, zugenommen*. Dazu trägt offensichtlich nicht nur das Wachstum inländischer institutioneller Anleger, sondern auch ein verstärktes Engagement ausländischer institutioneller Anleger in Anteilen inländischer Publikumsgesellschaften bei. Zu den inländischen institutionellen Anlegern zählen Banken, Versicherungen, Investmentfonds und Pensionsfonds. Unter Pensionsfonds sind Einrichtungen zu verstehen, die Kapital zum Zweck der Altersvorsorge ansammeln und verwalten. Dazu gehören in Deutschland etwa die berufsständischen Versorgungswerke, die Zusatzversorgungseinrichtungen im öffentlichen Dienst sowie Pensionskassen und Unterstützungskassen im Sinne des Gesetzes zur Verbesserung der betrieblichen Altersversorgung (BetrAVG), Die Zunahme des Anteilsbesitzes institutioneller Anleger wirft neue Fragen hinsichtlich der Unternehmensverfassung der Aktiengesellschaft auf. Dies betrifft vor allem die Präsenz und die Ausübung von Stimmrechten in der Hauptversammlung3. Insbesondere seit Beginn der achtziger Jahre hat die Präsenz auf Hauptversammlungen von Gesellschaften mit breitgestreutem Aktienkapital deutlich abgenommen4. Eine mögliche Ursache besteht in der wachsenden Beteiligung vor allem ausländischer institutioneller Anleger. Im Hinblick darauf, aber auch im Hinblick auf die gegenwärtige Diskussion um das Vollmachtstimmrecht der Banken stellt sich die Frage, ob und wie andere institutionelle Anleger zur Ausübung des Stimmrechts angehalten werden können. Eine Bewertung der Rolle institutioneller Anleger im Rahmen der Unternehmensverfassung der großen Publikumsgesellschaften setzt zunächst eine ausreichende rechtstatsächliche Kenntnis von Beteiligungsumfang und Abstimmungsverhalten voraus. Ziel der vorliegenden Untersuchung ist es, für die verschiedenen Typen von institutionellen Anlegern diese Daten zur Ausübung von Stimmrechten in der Hauptversammlung zur Verfügung zu stellen. Zu diesem Zweck wurden für 24 Unternehmen in mehrheitlichem Streubesitz die Hauptversammlungsprotokolle des Jahres 1992 ausgewertet. Um feststellen zu können, inwieweit Stimmrechte trotz bestehenden Anteilsbesitzes nicht ausgeübt werden, wird zuvor die Höhe des Anteilsbesitzes ermittelt. Nach einer Beschreibung der erfaßten Unternehmen unter II. wird daher im folgenden (Ill.) zunächst die Höhe des Anteilsbesitzes aufgeschlüsselt. Hierzu wurde auf öffentlich zugängliche Quellen zurückgegriffen. Insbesondere wurden für den Anteilsbesitz der Investmentfonds die Rechenschaftsberichte der Kapitalanlagegesellschaften nach § 24 a KAGG ausgewertet. IV. untersucht sodann die Stimmrechtsausübung durch Teilnahme oder Vertretung in der Hauptversammlung. Dabei wird auch die StimmrechtsausÜbung zu einzelnen Tagesordnungspunkten behandelt, soweit die Hauptversammlungsprotokolle hierauf Rückschlüsse zulassen. Schließlich werden unter V. die Ergebnisse zusammengefaßt

Börsennotierung deutscher Aktiengesellschaften in den USA

Bekanntlich hat der Handel von Anteilen deutscher Gesellschaften an US-amerikanischen Börsen in der Vergangenheit bisher ein Schattendasein geführt. An den beiden US-Börsen mit den meisten Notierungen ausländischer Gesellschaften, der New York Stock Exchange ("NYSE") und der American Stock Exchange ("AMEX") waren deutsche Aktiengesellschaften nicht vertreten. Im computergestützten Handelssystem National Association of Securities Dealers Automated Quotations System ("NASDAQ") waren gerade einmal die "ADRs" einer einzigen Gesellschaft zum Handel zugelassen. Daneben wurden Ende 1992 noch im Freiverkehr ("OTC") die "ADRs" von 12 weiteren Gesellschaften gehandelt. Die Notierung der Daimler Benz AG an der NYSE seit dem 5. Oktober 1993 sowie die bislang eher verhaltene Reaktion hierauf geben Anlaß, sich mit den Voraussetzungen und daraus erwachsenden Konsequenzen des Ganges an eine US-Börse zu befassen (11. - VI.). Insbesondere sollen aus dem Bezugsrecht der Aktionäre bei zukünftigen Kapitalerhöhungen entstehende Probleme erörtert werden (VII.)

Friction stir welding Ti-al alloys with ultrasonic impact

High performance and reduced weight and cost are gaining importance in the aviation industry. There are different approaches to meet these requirements. In this study, titanium and aluminum alloys were welded using friction stir welding. The samples were divided into two groups, one of which was welded using ultrasound. Studies have shown that the strength of samples is influenced by many factors that are usually not taken into account. For example, the complexity of the interface between dissimilar materials and its roughness. It was found that the application of ultrasound during welding often increases the complexity of the interface and decreases its roughness, which generally leads to strengthening. This effect can neutralize the increase in the volume fraction of intermetallic compounds during the intensification of the welding process. The final strength consists of the number of defects, the volume fraction of intermetallics and the complexity of the interface

Traffic-related pollution (NO2 and CO) and its association with asthma symptoms among 10-11 year old children in Malaysia

Introduction: Children attending schools located close to major traffic sources are exposed to higher indoor air pollution levels due to infiltration of outdoor air pollutants. This study investigates the respiratory health of Malaysian schoolchildren in relation to indoor air pollution in schools and at home. Methods: This cross-sectional study was conducted among 2,164 schoolchildren aged 10-11 years in 35 urban and semi-rural schools in Kuala Lumpur Negeri Sembilan. Parents completed the International Study of Asthma and Allergy in Childhood questionnaire and provided information on the home environment and socio demographic background. Concentrations of NO2 and CO were measured indoors and outdoors of 14 schools. Results: The mean (standard deviation (SD)) indoor exposure to concentrations of air pollutants measured in Malaysian schools were: 42.9 (8.77) μg/m3 of NO2 and 3.16 (2.47) ppm of CO in urban schools and 12.4 (8.79) μg/m3 of NO2 and 0.33 (0.18) ppm of CO respectively for semi-rural schools. The prevalence of asthma was significantly higher among urban compared to semi-rural children. Ever wheeze was more common in urban areas (14.3%) compared to semi-rural areas (10.6%) as was current wheeze (urban 9.1%; semi-rural 6.2%), nocturnal cough (urban 12.0%; semi-rural 7.2%) and most other symptoms. The 3 main predictors of nocturnal cough were the presence of a current smoker at home (OR 1.97; 95% CI: 1.31-2.96), the absence of exhaust system in the kitchen (OR 1.67; 95% CI: 1.03-2.68) and the use of air conditioning (OR 3.10; 95% CI: 1.37-5.71). Self-reported asthma was predicted by the occupation of mothers; managerial positions (OR 1.78; 95% CI: 1.21-2.62), mothers working in the armed forces (OR 1.92; 95% CI: 1.32- 2.78) and fathers with a high school level of education (OR 0.46; 95% CI: 0.26- 0.82) while exposure to SHS of ≥4 hours per day (OR 2.53; 95% CI: 1.55-4.14) explained approximately 6.0% of the likelihood of reporting doctor-diagnosed asthma. Conclusion: This study has identified that many Malaysian schoolchildren experience exposure to air pollution indoors that exceeds WHO guidance limits for NO2 pollution but did not exceed the RMAQG levels. Considering that traffic-related sources largely contribute towards NO2 concentrations, compliance with the standards is not indicative of the reduced health risks for air pollution exposures

Resolving structure and function of metaorganisms through a holistic framework combining reductionist and integrative approaches

Current research highlights the importance of associated microbes in contributing to the functioning, health, and even adaptation of their animal, plant, and fungal hosts. As such, we are witnessing a shift in research that moves away from focusing on the eukaryotic host sensu stricto to research into the complex conglomerate of the host and its associated microorganisms (i.e., microbial eukaryotes, archaea, bacteria, and viruses), the so-called metaorganism, as the biological entity. While recent research supports and encourages the adoption of such an integrative view, it must be understood that microorganisms are not involved in all host processes and not all associated microorganisms are functionally important. As such, our intention here is to provide a critical review and evaluation of perspectives and limitations relevant to studying organisms in a metaorganism framework and the functional toolbox available to do so. We note that marker gene-guided approaches that primarily characterize microbial diversity are a first step in delineating associated microbes but are not sufficient to establish proof of their functional relevance. More sophisticated tools and experiments are necessary to reveal the specific functions of associated microbes. This can be accomplished through the study of metaorganisms in less complex environments, the targeted manipulation of microbial associates, or work at the mechanistic level with the toolbox available in model systems. We conclude that the metaorganism framework is a powerful new concept to help provide answers to longstanding biological questions such as the evolution and ecology of organismal complexity and the importance of organismal symbioses to ecosystem functioning. The intricacy of the metaorganism requires a holistic framework combining reductionist and integrative approaches to resolve metaorganism identities and to disclose the various roles that microorganisms play in the biology of their hosts

Molecular techniques and their limitations shape our view of the holobiont

It is now recognised that the biology of almost any organism cannot be fully understood without recognising the existence and potential functional importance of associated microbes. Arguably, the emergence of this holistic viewpoint may never have occurred without the development of a crucial molecular technique, 16S rDNA amplicon sequencing, which allowed microbial communities to be easily profiled across a broad range of contexts. A diverse array of molecular techniques are now used to profile microbial communities, infer their evolutionary histories, visualise them in host tissues, and measure their molecular activity. In this review, we examine each of these categories of measurement and inference with a focus on the questions they make tractable, and the degree to which their capabilities and limitations shape our view of the holobiont

Co-habiting amphibian species harbor unique skin bacterial communities in wild populations

Although all plant and animal species harbor microbial symbionts, we know surprisingly little about the specificity of microbial communities to their hosts. Few studies have compared the microbiomes of different species of animals, and fewer still have examined animals in the wild. We sampled four pond habitats in Colorado, USA, where multiple amphibian species were present. In total, 32 amphibian individuals were sampled from three different species including northern leopard frogs (Lithobates pipiens), western chorus frogs (Pseudacris triseriata) and tiger salamanders (Ambystoma tigrinum). We compared the diversity and composition of the bacterial communities on the skin of the collected individuals via barcoded pyrosequencing of the 16S rRNA gene. Dominant bacterial phyla included Acidobacteria, Actinobacteria, Bacteriodetes, Cyanobacteria, Firmicutes and Proteobacteria. In total, we found members of 18 bacterial phyla, comparable to the taxonomic diversity typically found on human skin. Levels of bacterial diversity varied strongly across species: L. pipiens had the highest diversity; A. tigrinum the lowest. Host species was a highly significant predictor of bacterial community similarity, and co-habitation within the same pond was not significant, highlighting that the skin-associated bacterial communities do not simply reflect those bacterial communities found in their surrounding environments. Innate species differences thus appear to regulate the structure of skin bacterial communities on amphibians. In light of recent discoveries that some bacteria on amphibian skin have antifungal activity, our finding suggests that host-specific bacteria may have a role in the species-specific resistance to fungal pathogens

Niche construction and the transition to herbivory: Phenotype switching and the organization of new nutritional modes

Gut microbiota have played important roles in the evolutionary transition from carnivory to herbivory. In the evolution of ruminants, three modes of macrobe-microbe symbiosis have facilitated the phenotypic switch into a new nutritional mode. Mutualistic microbes acquired during birth enable the building of the rumen (developmental symbiosis), the digestion of plant fiber (nutritional symbiosis), and the detoxification of plant toxins (protective symbiosis). These symbioses created a new plant dietary niche through two types of niche construction: “perturbational niche construction,” a phenotypic process whereby gut microbes initiate the building of a mature rumen from the non-functional anlagen of this stomach region; and “mediational niche construction,” whereby microbe-induced changes alter how the animal experiences environmental resources without actual modification of the environment. Thanks to microbes, plants are now edible. We argue that the reciprocal niche construction of the host and its associated microbial organisms (i.e. the “holobiont”) scaffold each other’s developmental and phenotypic processes as well as organize a new selective environment of the holobiont as a whole

Reports of the AAAI 2017 Fall Symposium Series

The AAAI 2017 Fall Symposium Series was held Thursday through Saturday, November 9–11, at the Westin Arlington Gateway in Arlington, Virginia, adjacent to Washington, DC. The titles of the six symposia were Artificial Intelligence for Human-Robot Interaction; Cognitive Assistance in Government and Public Sector Applications; Deep Models and Artificial Intelligence for Military Applications: Potentials, Theories, Practices, Tools, and Risks; Human-Agent Groups: Studies, Algorithms, and Challenges; Natural Communication for Human-Robot Collaboration; and A Standard Model of the Mind. The highlights of each symposium (except the Natural Communication for Human-Robot Collaboration symposium, whose organizers did not submit a report) are presented in this report