Returns to Hedge Fund Activism: An International Study

This paper provides evidence on the incidence, characteristics, and performance of activist engagements across countries. We find that the incidence of activism is greatest with high institutional ownership, particularly for U.S. institutions. We use a sample of 1,740 activist engagements across 23 countries and find that almost one-quarter of engagements are by multi-activists engaging the same target. These engagements perform strikingly better than single activist engagements. Engagement outcomes, such as board changes and takeovers, vary across countries and significantly contribute to the returns to activism. Japan is an exception, with high initial expectations and low outcomes

Ion impact induced Interatomic Coulombic Decay in neon and argon dimers

We investigate the contribution of Interatomic Coulombic Decay induced by ion impact in neon and argon dimers (Ne$_2$ and Ar$_2$) to the production of low energy electrons. Our experiments cover a broad range of perturbation strengths and reaction channels. We use 11.37 MeV/u S$^{14+}$, 0.125 MeV/u He$^{1+}$, 0.1625 MeV/u He$^{1+}$ and 0.150 MeV/u He$^{2+}$ as projectiles and study ionization, single and double electron transfer to the projectile as well as projectile electron loss processes. The application of a COLTRIMS reaction microscope enables us to retrieve the three-dimensional momentum vectors of the ion pairs of the fragmenting dimer into Ne$^{q+}$/Ne$^{1+}$ and Ar$^{q+}$/Ar$^{1+}$ (q = 1, 2, 3) in coincidence with at least one emitted electron

Personality development across adolescence and young adulthood:The role of life transitions and self-concept clarity

Personality develops across the lifespan, but most development occurs in adolescence and young adulthood. Life transitions to new social roles may be important drivers of mean-level personality development. The present study examined mean-level personality development in adolescence and young adulthood, and the role of the transition to tertiary education and working life therein in a sample of Dutch young people that were followed across 14 years (N = 497, Age(W1) = 13.03 years). We explored whether young people's self-concept clarity moderated these associations. Our hypotheses and analytical plan were pre-registered. Findings from Latent Growth Models showed support for maturation in personality across adolescence and young adulthood, but not a maturity dip. Having the role of employee was associated with higher conscientiousness, but no associations were found of the transition to tertiary education and the transition to work with mean-level development of any of the personality traits. Self-concept clarity did not moderate the role of transitions in mean-level personality development. Our findings suggest that socialization effects may not explain associations between life transitions and personality development in adolescence and young adulthood

"Excess Volatility" and the German Stock Market, 1876-1990

This paper uses long-run real price and dividends series to investigate for the German stock market the questions asked of the U.S. market by Shiller (1989). It tries to determine in what periods and to what degree the German stock market has also possessed excess volatility' in the past century. It finds no evidence of excess volatility in the pre-World War I German stock market. By contrast, there is some evidence of excess volatility in the post-World War II German stock market. The role played by the German Grosbanken in the pre-World War I stock market might be the cause of low comparative volatility of German stock indices before 1914.

Practical implications of GPR investigation using 3D data reconstruction and transmission tomography

Non-destructive investigation using ground penetrating radar is becoming more popular in the inspection of civil structures. Currently, traditional 2D imaging is used as a preliminary tool to fi nd possible areas of interest for more detailed inspection, which can be accomplished by more advanced techniques like 3D image reconstruction or tomography. In this paper, a general overview of the work done at University of Minho regarding these techniques is presented, together with their limitations and advantages over typical radargrams, with implications for civil engineering applications. For this purpose, data acquisition on two large masonry walls and one large concrete specimen have been carried out, using refl ection mode, 3D reconstruction and transmission tomography. The specimens have been specially built for non-destructive inspection techniques testing, incorporating different materials and internal voids. Radar tomography and 3D image reconstruction techniques provided much more detailed information about structural integrity and shapes and location of the voids, when compared to 2D imaging originally used for potential target identification.Fundação para a Ciência e a Tecnologia (FCT) - POCTI SFRH/BD/6409/2001"Sustainable Bridges" European project - FP6-PLT-0165

Cross-Company Effects of Common Ownership: Dealings between Borrowers and Lenders with a Common Blockholder

This paper investigates investment strategies that exploit the low-beta anomaly. Although the notion of buying low-beta stocks and selling high-beta stocks is natural, a choice is necessary with respect to the relative weighting of high-beta stocks and low-beta stocks in the investment portfolio. Our empirical results for US large-cap stocks show that this choice is very important for the risk-return characteristics of the resulting portfolios and their sensitivities to common risk factors. We also show that investment strategies based on betas have a natural-hedge component and a market-timing component due to the stochastic variation of betas. We construct indicators to exploit the market-timing component and show that they have substantial predictive power for future market returns. Corresponding market-timing strategies deliver large positive excess returns and high Sharpe ratios

Mass Spectrometry as a Highly Sensitive Method for Specific Circulating Tumor DNA Analysis in NSCLC:A Comparison Study

Simple Summary We compared the UltraSEEK (TM) Lung Panel on the MassARRAY (R) System (Agena Bioscience) with the FDA-approved Cobas (R) EGFR Mutation Test v2 for the detection of EGFR mutations in liquid biopsies of NSCLC patients, accompanied with preanalytical sample assessment using the novel Liquid IQ (R) Panel. For the detection of relevant predictive mutations using the UltraSEEK (TM) Lung Panel, an input of over 10 ng showed 100% concordance with Cobas (R) EGFR Mutation Test v2 and detection of all tissue confirmed mutations. In case of lower ccfDNA input, the risk of missing clinically relevant mutations should be considered. The use of a preanalytical ccfDNA quality control assay such as the Liquid IQ (R) Panel is recommended to confidently interpret results, avoiding bias induced by non-specific genomic DNA and low input of specific tumoral ccfDNA fragments. Plasma-based tumor mutational profiling is arising as a reliable approach to detect primary and therapy-induced resistance mutations required for accurate treatment decision making. Here, we compared the FDA-approved Cobas (R) EGFR Mutation Test v2 with the UltraSEEK (TM) Lung Panel on the MassARRAY (R) System on detection of EGFR mutations, accompanied with preanalytical sample assessment using the novel Liquid IQ (R) Panel. 137 cancer patient-derived cell-free plasma samples were analyzed with the Cobas (R) and UltraSEEK (TM) tests. Liquid IQ (R) analysis was initially validated (n = 84) and used to determine ccfDNA input for all samples. Subsequently, Liquid IQ (R) results were applied to harmonize ccfDNA input for the Cobas (R) and UltraSEEK (TM) tests for 63 NSCLC patients. The overall concordance between the Cobas (R) and UltraSEEK (TM) tests was 86%. The Cobas (R) test detected more EGFR exon19 deletions and L858R mutations, while the UltraSEEK (TM) test detected more T790M mutations. A 100% concordance in both the clinical (n = 137) and harmonized (n = 63) cohorts was observed when >10 ng of ccfDNA was used as determined by the Liquid IQ (R) Panel. The Cobas (R) and UltraSEEK (TM) tests showed similar sensitivity in EGFR mutation detection, particularly when ccfDNA input was sufficient. It is recommended to preanalytically determine the ccfDNA concentration accurately to ensure sufficient input for reliable interpretation and treatment decision making