Does Partnering Pay Off? - Stock Market Reactions to Inter-Firm Collaboration Announcements in Germany

The dramatic increase in interorganizational partnering in the last two decades raises questions for scholars and managers regarding the value impact of inter-firm collaborations. Using event study methodology, this paper tests whether stock market reactions differ when a collaboration formation or termination is announced. In addition, the study provides an in-depth analysis of potential determinants of stock market reactions to collaboration formation announcements. The sample consists of 1037 announcements in German stock markets from 1997 to 2002. The results show that an unexpected termination announcement decreases firm valuation, and a formation announcement increases firm valuation. Further, certain collaborations are more favorable than others, depending on firm industry, age, size, collaboration constellations, and equity versus non-equity investment in partner firm. The results open avenues for further research on partnering strategies

Can’t Buy Me Rights! The Contractual Structure of Asymmetrical Inter-firm Collaborations

The efficient allocation of control rights in inter-firm collaborations is a widely emphasized issue. In this paper, I empirically identify control rights and the allocation of these rights using a unique survey data set on collaborations between biotechnology and pharmaceutical firms. Fifteen control rights are identified to make up the structure of deals with five rights being the items of contention in deal making (ownership of patents, production, further development of the technology, the right to manage the collaboration, and the right to market universally). I find that the assignment of control rights is related to the bargaining position of firms and incentive issues. Hence, goliaths –pharmaceutical incumbents–subrogate critical rights to the new ventures when the final outcome of the project is depending on the venture’s effort

Does Partnering Pay Off? - Stock Market Reactions to Inter-Firm Collaboration Announcements in Germany

The dramatic increase in interorganizational partnering in the last two decades raises questions for scholars and managers regarding the value impact of inter-firm collaborations. Using event study methodology, this paper tests whether stock market reactions differ when a collaboration formation or termination is announced. In addition, the study provides an in-depth analysis of potential determinants of stock market reactions to collaboration formation announcements. The sample consists of 1037 announcements in German stock markets from 1997 to 2002. The results show that an unexpected termination announcement decreases firm valuation, and a formation announcement increases firm valuation. Further, certain collaborations are more favorable than others, depending on firm industry, age, size, collaboration constellations, and equity versus non-equity investment in partner firm. The results open avenues for further research on partnering strategies.

Can’t Buy Me Rights! The Contractual Structure of Asymmetrical Inter-firm Collaborations

The efficient allocation of control rights in inter-firm collaborations is a widely emphasized issue. In this paper, I empirically identify control rights and the allocation of these rights using a unique survey data set on collaborations between biotechnology and pharmaceutical firms. Fifteen control rights are identified to make up the structure of deals with five rights being the items of contention in deal making (ownership of patents, production, further development of the technology, the right to manage the collaboration, and the right to market universally). I find that the assignment of control rights is related to the bargaining position of firms and incentive issues. Hence, goliaths –pharmaceutical incumbents–subrogate critical rights to the new ventures when the final outcome of the project is depending on the venture’s effort.contracts; performance; inter-firm collaboration; biotechnology

Health (including Clinical Studies)

Politics, science, research and the public base their discussions on comprehensive, valid and systematic health care data. Data based information is needed in order to measure the results or success of a policy of procedure. In Germany, the Information System of the Federal Health Monitoring (IS-GBE) comprises of a comprehensive health system data collection. Currently, the information system contains health data and information from over a 100 different sources, for instance surveys done by the statistical offices of the federation or the Länder, as well as many other surveys done within the health care system. Apart from the IS-GBE additional official and non-official health care data sources exist in Germany. Within this expertise changes made from 2001 on to existing health data sources as well as newly established data sources are presented. Data sources dealt with in other expertise are not considered. The up until now one time insuree sample collected in 2001 was, for example, collected in the course of the reform of the risk structure adjustment within the statutory health insurance is one of the more recent samples. From our point of view we highly recommend an update of this representative sample.Information System of the Federal Health Monitoring (IS-FHM), Microcensus, Inpatient Diagnosis Data, Hospital statistics by Diagnosis Related Groups (DRG Statistics), Cancer Registries, Kidney Replacement Therapy Statistics (QuaSi Niere), External Comparative Quality Assurance of the In-patient Sector (BQS), Structured Reports on Quality (SQB), Compulsory Health Insurance (CHI) Claims Data: Insuree Sample, GEK Claims Data

Cluster Performance reconsidered: Structure, Linkages and Paths in the German Biotechnology Industry, 1996-2003

This paper addresses the evolution of biotechnology clusters in Germany between 1996 and 2003, paying particular attention to their respective composition in terms of venture capital, basic science institutions and biotechnology firms. Drawing upon the significance of co-location of "money and ideas", the literature stressing the importance of a cluster's openness and external linkages, and the path dependency debate, the paper aims to analyse how certain cluster characteristics correspond with its overall performance. After identifying different cluster types, we investigate their internal and external interconnectivity in comparative manner and draw on changes in cluster composition. Our results indicate that the structure, i.e. to which group the cluster belongs, and the openness towards external knowledge flows deliver merely unsystematic indications with regard to a cluster's overall success. Its ability to change composition towards a more balanced ratio of science and capital over time, on the other hand, turns out as a key explanatory factor. Hence, the dynamic perspective proves effective illuminating cluster growth and performance, where our explorative findings provide a promising avenue for further evolutionary research.Cluster evolution; dynamic perspective; basic science; venture capital; biotechnology; Germany

Grassroot democracy: das athenische Experiment

At the centre of this paper is a re-evaluation of the theory and praxis in Athenian democracy in the light of recent research. Were Athenian politics controlled by demagogues or by an untamed demos? Or are we dealing with a system that systematically extended the demos’s sovereignty from generation to generation? How could the individual participate actively in this democracy, how could he experience and shape it? Finally, the question arises which lessons can be learned for our own notion of democracy, especially in relation to people’s active participation, the synergies in shaping public opinion, as well as drawing by lot and rotation of office holders.Im Zentrum dieser Arbeit steht der Gegensatz von Th eorie und Praxis in der athenischen Demokratie im Bild des aktuellen Forschungsstandes. Es gilt zu evaluieren, ob die athenische Politik von Demagogen oder einem ungebändigten Demos beherrscht wird oder ob wir es mit einem stabilen System zu tun haben, in dem die Souveränität des Demos über viele Generationen systematisch ausgebaut wurde. Wie konnte der Einzelne durch aktive Teilnahme diese „grassroot democracy“ erleben und selbst gestalten? Schließlich soll die Frage gestellt werden, welche Lehren wir für unser eigenes Demokratieverständnis ziehen können, vor allem in Bezug auf aktive Teilnahme, Synergieeff ekte in der Meinungsbildung, sowie Auslosung und Rotation von Ämtern

Efeito do cold pressor test na sensação dolorosa, na atividade eletrodérmica e eletromiográfica dos músculos da face

Projeto de Graduação apresentado à Universidade Fernando Pessoa como parte dos requisitos para obtenção do grau de Licenciada em FisioterapiaIntrodução: A indução da dor de uma forma experimental contribuiu para o avanço na compreensão dos mecanismos relacionados com a sensação da dor. O cold pressor test (CTP) é um método usualmente utilizado nas investigações experimentais relacionadas com a dor. A dor tem a capacidade de mudar a expressão facial e de ativar o sistema nervoso simpático. Objetivo: O objetivo do presente estudo é avaliar a resposta eletromiográfica dos músculos da frontal e masseter, bilateralmente, e eletrodérmica aquando da realização do CPT Metodologia: Onze participantes saudáveis e voluntários (mediana de idade 29,00±3,00), foram recrutados e avaliados através da eletromiografia e da atividade eletrodérmica (AED) em três momentos: em repouso, resposta imediata ao estímulo e resposta tardia ao estímulo. Utilizou-se a escala numérica da dor para avaliar a intensidade da dor sentida, aquando a imersão da mão não-dominante em água fria (4˚) durante 1 minuto. Foram avaliados dor, AED e atividade eletromiográfica dos músculos masseter e frontal (medial e lateral) bilateralmente, perante o estímulo do CPT. Resultados: Foram observadas diferenças significativas entre o repouso, resposta imediata e reposta tardia ao estímulo nos músculos avaliados (p<0,05), exceto no músculo frontal lateral esquerdo. Relativamente à AED, foi possível observar diferenças significativas entre os 3 momentos de avaliação (α=0,00).Na análise de correlação, foi possível denotar uma correlação positiva, significativa e forte (spearman’s rho=0,706, α=0,015) entre a resposta imediata ao estímulo do músculo frontal lateral direito e a intensidade da dor sentida. Conclusão: Foram observadas alterações de expressão facial e da atividade eletrodérmica aquando um estímulo doloroso induzido pelo CPT.Introduction: Experimental induction of pain has enabled the advance of our understanding on the mechanisms related to the pain sensation. The cold pressor test (CPT) has been widely used in research of experimental pain modalities. Pain has the potential to change facial mimicry and deregulate the sympathetic system. Objective: This present study aims to evaluate the electromyographic response of the masseter and frontal muscles and electrodermal skin activity (EDA). Methods: Eleven healthy volunteer participants (aged 29,00±3,00) were evaluated by surface EMG and EDA, on three occasions: rest, immediate post-stimulation and late post-stimulation. A numeric pain scale was used to assess the magnitude of pain induced by submerging the non-dominant hand in cold water (4˚C) for 1 minute. The effect of the CPT were observed on pain, EDA and electromyography activities of both masseter and frontal muscles. Results: There were significant differences between the three evaluated moments, for all the evaluated muscles (p<0,05), except for the lateral left frontal muscle, which did not show significant differences. The EDA also showed significant differences between rest, immediate- and post-stimulation (α=0,00). Analysis of the correlation showed a positive, significant and strong correlation (spearman’s rho=0,706, α=0,015), between immediate post-stimulation response of the right frontal lateral muscle and intensity of experienced pain. Conclusion: Changes in facial expression and electrodermal activity were observed during a painful stimulus induced by CPT.N/

Why Cameron shouldn’t gamble with Germany: Helmut Schmidt’s story

In his early years, Helmut Schmidt, German Chancellor during Britain’s 1974-5 renegotiation under Harold Wilson, was an unabashed admirer of Britain. In his portrait of the recently deceased German statesman, Mathias Häussler argues that Schmidt’s later disillusionment with Britain may hold some lessons for Cameron‘s renegotiation strategy today. He writes that Schmidt was embittered as a result of the British leadership’s attempt to ‘hijack’ the European Community by fighting domestic political battles on the backs of other member states, and suggests Cameron should avoid making this mistake