Twenty years of ‘Law and Finance’: time to take law seriously

This ‘state of the art’ essay provides a comprehensive discussion of the Law and Finance School (LFS) literature. We show that the first two decades of the LFS have focused on empirically investigating the question ‘does law matter?’ Yet, despite the centrality of law to the LFS, it is based on an incoherent theory of law, which leads to shortcomings in the conceptualization and empirical testing of its hypotheses. We also observe that, rather than addressing this deficiency, the LFS has moved its focus to the contentious concept of ‘legal origin’. We argue that the LFS needs to take law more seriously by returning to its initial focus on the substance of legal rules and by addressing the theoretical question ‘how does law matter?’ We propose venues for future research to develop a solid theoretical framework that would put the empirical investigation of law’s impact on economic outcomes on a more solid footing

Formation of 4-hydroxynonenal and further aldehydic mediators of inflammation during bromotrichlorornethane treatment of rat liver cells

Bromotrichloromethane (CBrCl3) treatment is a model for studies on molecular mechanisms of haloalkane toxicity with some advantages compared with CCl4 treatment. The formation of 4-hydroxynonenal and similar aldehydic products of lipid peroxidation, which play a role as mediators of inflammatory processes, was clearly demonstrated in rat hepatocytes treated with CBrCl3. It may be assumed that haloalkane toxicity is connected with the biological effects of those inflammation mediatory aldehydic compounds

In Vitro Aging of Human Skin Fibroblasts: Age-Dependent Changes in 4-Hydroxynonenal Metabolism

Evidence suggests that the increased production of free radicals and reactive oxygen species lead to cellular aging. One of the consequences is lipid peroxidation generating reactive aldehydic products, such as 4-hydroxynonenal (HNE) that modify proteins and form adducts with DNA bases. To prevent damage by HNE, it is metabolized. The primary metabolic products are the glutathione conjugate (GSH-HNE), the corresponding 4-hydroxynonenoic acid (HNA), and the alcohol 1,4-dihydroxynonene (DHN). Since HNE metabolism can potentially change during in vitro aging, cell cultures of primary human dermal fibroblasts from several donors were cultured until senescence. After different time points up to 30 min of incubation with 5 \ub5M HNE, the extracellular medium was analyzed for metabolites via liquid chromatography coupled with electrospray ionization mass spectrometry (LC/ESI-MS). The metabolites appeared in the extracellular medium 5 min after incubation followed by a time-dependent increase. But, the formation of GSH-HNL and GSH-DHN decreased with increasing in vitro age. As a consequence, the HNE levels in the cells increase and there is more protein modification observed. Furthermore, after 3 h of incubation with 5 \ub5M HNE, younger cells showed less proliferative capacity, while in older cells slight increase in the mitotic index was noticed

Company ‘Emigration’ and EC Freedom of Establishment: Daily Mail Revisited

Following the ECJ’s recent case law on EC freedom of establishment (the Centros, Überseering and Inspire Art cases), regulatory competition for corporate law within the European Union takes place at an early stage of the incorporation of new companies. In contrast, as regards the ‘moving out’ of companies from the country of incorporation, the ECJ once considered a tax law restriction against the transfer abroad of a company’s administrative seat as compatible with EC freedom of establishment (the Daily Mail case). For years, this decision has been regarded as applicable to all restrictions imposed by countries of incorporation, even the forced liquidation of the ‘emigrating’ company. This paper addresses the question whether EC freedom of establishment really allows Member States to place any limit on the ‘emigration’ of nationally registered companies. It argues that EC freedom of establishment covers the transfer of the administrative seat as well as the transfer of the registered office and, therefore, that the country of incorporation cannot liquidate ‘emigrating’ companies. In addition, it addresses the question whether a new Directive is needed to allow the transfer of a com- pany’s registered office and the identity-preserving company law changes. It argues that such a Directive is necessary to avoid legal uncertainty and to protect the interests of employees, creditors and minority shareholders, among others, who could be detrimentally affected by the ‘emigration’ of national companies

Examining the potential for energy-positive bulk-water infrastructure to provide long-term urban water security: a systems approach

Urban centres are increasingly requiring more water than existing groundwater and surface water sources can supply. Water authorities must consider energy intensive supply alternatives such as recycling and desalination, leading to a water-energy-climate conundrum. In this study, a systems perspective of the water-energy-climate nexus is applied to South-East Queensland (SEQ), Australia. Under a changing climate, SEQ is predicted to experience reduced reservoir inflows and increased evaporation rates, which will consequently lead to reduced water availability. To exacerbate this issue, anticipated high population growth in SEQ will increase water demand, putting even more stress on the traditional water supply sources. Clearly, there is a strong incentive to pursue solutions that increase water security without contributing to anthropogenic climate change. Using a system dynamics model, the water balance of the bulk water supply system is evaluated over a 100-year life cycle. The outputs of the model are used to investigate potential management and infrastructure options available to SEQ for adapting to increased water scarcity. The historical rainfall patterns of SEQ requires significant contingency to be built into surface water capacity in order to mitigate low rainfall years, and provide adequate water security. In contrast, reverse osmosis (RO) desalination plants do not require this excess capacity because they are rain-independent. However, RO has high energy consumption and associated greenhouse gas emissions when operating and their potential long periods of redundancy due to periods of sufficient surface water supplies remain unresolved issues. The model demonstrates that dual purpose pressure retarded osmosis desalination plants offer a potential solution, by providing water security at a lower cost than surface water reservoir augmentation, while offsetting energy use through renewable energy generation when RO plants would otherwise be sitting idle. Potentially this technology represents a future sustainable solution to overcome water security concerns

The unidentified TeV source (TeVJ2032+4130) and surrounding field: Final HEGRA IACT-System results

The unidentified TeV source in Cygnus is now confirmed by follow-up observations from 2002 with the HEGRA stereoscopic system of Cherenkov Telescopes. Using all data (1999 to 2002) we confirm this new source as steady in flux over the four years of data taking, extended with radius 6.2 arcmin (+-1.2 arcmin (stat) +-0.9 arcmin (sys)) and exhibiting a hard spectrum with photon index -1.9. It is located in the direction of the dense OB stellar association, Cygnus OB2. Its integral flux above energies E>1 TeV amounts to \~5% of the Crab assuming a Gaussian profile for the intrinsic source morphology. There is no obvious counterpart at radio, optical nor X-ray energies, leaving TeVJ2032+4130 presently unidentified. Observational parameters of this source are updated here and some astrophysical discussion is provided. Also included are upper limits for a number of other interesting sources in the FoV, including the famous microquasar Cygnus X-3.Comment: 7 pages, 3 figures. Accepted for publication in Astronomy & Astrophysic

Simultaneous X-Ray and TeV Gamma-Ray Observations of the TeV Blazar Markarian 421 during February and May 2000

In this paper we present the results of simultaneous observations of the TeV blazar Markarian 421 (Mrk 421) at X-ray and TeV Gamma-ray energies with the Rossi X-Ray Timing Explorer (RXTE) and the stereoscopic Cherenkov Telescope system of the HEGRA (High Energy Gamma Ray Astronomy) experiment, respectively. The source was monitored from February 2nd to February 16th and from May 3rd to May 8th, 2000. We discuss in detail the temporal and spectral properties of the source. Remarkably, the TeV observations of February 7th/8th showed statistically significant evidence for substantial TeV flux variability on 30 min time scale. We show the results of modeling the data with a time dependent homogeneous Synchrotron Self-Compton (SSC) model. The X-ray and TeV gamma-ray emission strengths and energy spectra together with the rapid flux variability strongly suggest that the emission volume is approaching the observer with a Doppler factor of 50 or higher. The different flux variability time scales observed at X-rays and TeV Gamma-rays indicate that a more detailed analysis will require inhomogeneous models with several emission zones.Comment: Accepted for Publication in ApJ, 21 Pages, 5 Figure

Transition Rates between Mixed Symmetry States: First Measurement in 94Mo

The nucleus 94Mo was investigated using a powerful combination of gamma-singles photon scattering experiments and gamma-gamma-coincidence studies following the beta-decay of 94mTc. The data survey short-lived J^pi=1+,2+ states and include branching ratios, E2/M1 mixing ratios, lifetimes, and transition strengths. The mixed-symmetry (MS) 1+ scissors mode and the 2+ MS state are identified from M1 strengths. A gamma transition between MS states was observed and its rate was measured. Nine M1 and E2 strengths involving MS states agree with the O(6) limit of the interacting boson model-2 using the proton boson E2 charge as the only free parameter.Comment: 9 pages, 3 PostScript figures included, ReVTeX, accepted for publication in Physical Review Letters, tentatively scheduled for August 9, 199

Is the giant radio galaxy M 87 a TeV gamma-ray emitter?

For the first time an excess of photons above an energy threshold of 730 GeV from the giant radio galaxy M 87 has been measured at a significance level above 4 σ. The data have been taken during the years 1998 and 1999 with the HEGRA stereoscopic system of 5 imaging atmospheric Cherenkov telescopes. The excess of 107.4 ± 26.8 events above 730 GeV corresponds to an integral flux of 3.3% of the Crab flux or Nγ (E > 730 GeV) = (0.96 ± 0.23) × 10-12 phot cm-2 s-1. M 87 is located at the center of the Virgo cluster of galaxies at a relatively small redshift of z = 0.00436 and is a promising candidate among the class of giant radio galaxies for the emission of TeV γ-radiation. The detection of TeV γ-rays from M 87 - if confirmed - would establish a new class of extragalactic source in this energy regime since all other AGN detected to date at TeV energies are BL Lac type objects.F. A. Aharonian ...G. P. Rowell...et al