Privatization, Investment and Ownership Efficiency

We provide a model that explains the following empirical observations: i) private ownership is more efficient than public ownership, ii) privatizations are associated with increases in efficiency and iii) the increase in efficiency predates the privatization. The two key mechanisms explaining the results are: (i) a government owner keeping control takes into account the negative effect on employment of investment and (ii) a privatizing government has a stronger incentive to invest than an acquiring firm: the government exploits the fact that investments increase the sales price not only due to the increase in the acquirer's profit, but also due to a reduced profit for the non-acquirer.Privatization; Asset Ownership; Restructuring; Oligopoly

the Clean Development Mechanism (CDM) as a new form of governance in climate protection

Die Bewältigung des Klimawandels ist heute eine der bedeutendsten politischen Herausforderungen. Das Kyoto-Protokoll ist der am weitesten fortgeschrittene Prozess der internationalen Staatengemeinschaft im Hinblick auf die Herausforderungen des Klimawandels. Einer der interessantesten und innovativsten Bausteine des Kyoto-Protokolls ist der Clean Development Mechanismus (CDM). Seit seiner Initiierung ist dieser so genannte flexible Mechanismus der Schlüssel zur Schaffung von volatilen und boomenden Märkten für Zertifikate für die Reduktion von Kohlenstoffemissionen (CERs). Diese Zertifikate, kurz CERs, sind die ersten international gehandelten Güter, die durch ein internationales Umweltabkommen geschaffen wurden. Während des Prozesses der Marktetablierung sind private Akteure wie Firmen, Projektverifizierer, Carbon Funds und Zertifikatshändler zu den führenden Akteuren des globalen Kohlenstoffmarktes aufgestiegen. Dennoch ist der Markt weiterhin stark von den politischen Rahmenbedingungen abhängig. Die Nachfrage wird durch die Festlegung von Emissionsreduktionen für Nationalstaaten und deren Emissionsallokationen geschaffen. Der vorliegende Artikel untersucht die Transformation des Markts, der zunächst von öffentlichen Akteuren initiiert, durch Public Private Partnerships (PPPs) angestoßen, sich zu einem Markt entwickelt, wo sich die Regierungen nach und nach zurückziehen und private Akteure immer stärker Governancefunktionen wahrnehmen. Weiterhin wird der Status quo des CDM evaluiert und auf verbleibende Forschungsfragen hingewiesen

Getting a Better Price: Strategic Behaviour before Changes in Ownership of Corporate Assets

We propose a model of investments prior to corporate ownership changes. We derive conditions under which the selling of a firm triggers overinvestment by both the seller and the buyer prior to the asset transfer. In a setting with Cournot competition, we show that these incentives can drive the consumer prices in a post-acquisition duopoly below those of an ongoing triopoly. Our analysis warns against a mechanical use of pre-merger benchmarks in ex post merger evaluations.Mergers & Acquisitions; Ownership; Auctions; Strategic Investments; Merger Evaluations

ERC-ESICM guidelines on temperature control after cardiac arrest in adults

The aim of these guidelines is to provide evidence based guidance for temperature control in adults who are comatose after resuscitation from either in-hospital or out-of-hospital cardiac arrest, regardless of the underlying cardiac rhythm. These guidelines replace the recommendations on temperature management after cardiac arrest included in the 2021 post-resuscitation care guidelines co-issued by the European Resuscitation Council (ERC) and the European Society of Intensive Care Medicine (ESICM). The guideline panel included thirteen international clinical experts who authored the 2021 ERC-ESICM guidelines and two methodologists who participated in the evidence review completed on behalf of the International Liaison Committee on Resuscitation (ILCOR) of whom ERC is a member society. We followed the Grading of Recommendations Assessment, Development, and Evaluation (GRADE) approach to assess the certainty of evidence and grade recommendations. The panel provided suggestions on guideline implementation and identified priorities for future research. The certainty of evidence ranged from moderate to low. In patients who remain comatose after cardiac arrest, we recommend continuous monitoring of core temperature and actively preventing fever (defined as a temperature > 37.7 degrees C) for at least 72 hours. There was insufficient evidence to recommend for or against temperature control at 32-36 degrees C or early cooling after cardiac arrest. We recommend not actively rewarming comatose patients with mild hypothermia after return of spontaneous circulation (ROSC) to achieve normothermia. We recommend not using prehospital cooling with rapid infusion of large volumes of cold intravenous fluids immediately after ROSC.Peer reviewe

Neuropsychological outcome after cardiac arrest: a prospective case control sub-study of the Targeted hypothermia versus targeted normothermia after out-of-hospital cardiac arrest trial (TTM2)

Background: This study is designed to provide detailed knowledge on cognitive impairment after out-of-hospital cardiac arrest (OHCA) and its relation to associated factors, and to validate the neurocognitive screening of the Targeted Hypothermia versus Targeted Normothermia after Out-of-Hospital Cardiac Arrest trial (TTM2-trial), assessing effectiveness of targeted temperature management after OHCA. Methods: This longitudinal multi-center clinical study is a sub-study of the TTM2-trial, in which a comprehensive neuropsychological examination is performed in addition to the main TTM2-trial neurocognitive screening. Approximately 7 and 24 months after OHCA, survivors at selected study sites are invited to a standardized assessment, including performance-based tests of cognition and questionnaires of emotional problems, fatigue, executive function and insomnia. At 1:1 ratio, a matched control group from a cohort of acute myocardial infarction (MI) patients is recruited to perform the same assessment. We aim to include 100 patients per group. Potential differences between the OHCA patients and the MI controls at 7 and 24 months will be analyzed with a linear regression, using composite z-scores per cognitive domain (verbal, visual/constructive, working memory, episodic memory, processing speed, executive functions) as primary outcome measures. Results from OHCA survivors on the main TTM2-trial neurocognitive screening battery will be compared with neuropsychological test results at 7 months, using sensitivity and specificity analyses. Discussion: In this study we collect detailed information on cognitive impairment after OHCA and compare this to a control group of patients with acute MI. The validation of the TTM2 neurocognitive screening battery could justify its inclusion in routine follow-up. Our results may have a potential to impact on the design of future follow-up strategies and interventions after OHCA