Corporate Ownership Structure and Performance in Europe

In this paper, we show that ownership structures vary considerably across Europe, and that the dominant form ofownership is not necessarily the most efficient one. These findings are in contradiction to similar research basedon US samples. The results also demonstrate that firms without a dominant shareholder tend to outperform theircountry peer groups. We base our analysis on a new and unique dataset of uniform ownership data of the largest100 firms in the five major European economies. We quantify the differences in ownership by comparing threedistinct ownership structures of firms and relating them to performance. For the first time we employ aHodrick-Prescott Filter, a methodology widely used in macroeconomics to isolate the trend growth componentsfrom cyclical fluctuations, to estimate the share price trend of each firm. We take this trend as a good indirectindicator of the quality of governance.Corporate governance, ownership structures, performance, Europe

Effects of creatine monohydrate supplementation on simulated soccer performance

Purpose: To determine the effects of acute short-term creatine (Cr) supplementation on physical performance during a 90-min soccer-specific performance test. Methods: A double-blind, placebo-controlled experimental design was adopted during which 16 male amateur soccer players were required to consume 20 g/d Cr for 7 d or a placebo. A Ball-Sport Endurance and Speed Test (BEAST) comprising measures of aerobic (circuit time), speed (12- and 20-m sprint), and explosive-power (vertical jump) abilities performed over 90 min was performed presupplementation and postsupplementation. Results: Performance measures during the BEAST deteriorated during the second half relative to the first for both Cr (1.2–2.3%) and placebo (1.0–2.2%) groups, indicating a fatigue effect associated with the BEAST. However, no significant differences existed between groups, suggesting that Cr had no performance-enhancing effect or ability to offset fatigue. When effect sizes were considered, some measures (12-m sprint, –0.53 ± 0.69; 20-m sprint, –0.39 ± 0.59) showed a negative tendency, indicating chances of harm were greater than chances of benefit. Conclusions: Acute short-term Cr supplementation has no beneficial effect on physical measures obtained during a 90-min soccer-simulation test, thus bringing into question its potential as an effective ergogenic aid for soccer players

Mathematical and numerical models for membrane filtration processes

This project concerns the effects of membrane fouling on membrane filtration operations. The most significant modes of fouling (pore constriction, pore blocking, and cake formation) are considered, and two mathematical models for these effects are considered. A combined model is presented, along with simple numerical simulation results for a test case.. This project will focus on the study of mathematical and numerical methods to describe filtration processes through membranes for industrial applications such as in food or pharmaceutical industry.The aim of the project is to propose suitable models to describe correctly the physical processes taking place through the membranes and to perform simulations of simple significant test cases using finite element

Pandora’s Email Box? An Exploratory Study of Web-Based Email Forgery Detection and Validation.

Web based email systems may be a source of pristine digital evidence because of the perceived difficulty of client tampering with messages stored inside the email account. We demonstrate that such assumption is wrong in the case of Windows Live Hotmail®1 . Windows Live Mail®1 synchronises message on client-side computers with the Hotmail® server, benefiting users wishing to synchronise their email accounts and personal devices. However, this synchronisation opens an exploit for wrongdoers to tamper with existing email messages and attachments as well as facilitating the insertion of fabricated messages. The exploit process enables persistent storage of tampered and fabricated messages on the Hotmail®1 server. The exploitation favours both account owners and wrongdoers who gain unauthorised access of others’ accounts. Even if tampering were suspected, we anticipate some difficulties in validating messages to determine their reliability and relevance. We predict, with trepidation, that the exploit process will become commonplace and pose greater challenges to the cyber forensics examiner and legal practitioner during investigations and legal proceedings. Regrettably, the exploit complements the existing arsenal of tools for email forgery. More ominously, it provides opportunity for traceless injection of illicit material/malware onto any machine synchronised with the Hotmail® account

Nanomaterial structure determination using XUV diffraction

Diffraction using coherent XUV radiation is used to study the structure of nanophotonic materials, in this case an ordered array of 196nm spheres. Crystal structure and defects are visible, and the nanomaterial dielectric constant determined

Using Discrete Event Simulation to Model Integrated Commodities Consumption for a Launch Campaign of the Space Launch System

In May 2013, NASA's GSDO Program requested a study to develop a discrete event simulation (DES) model that analyzes the launch campaign process of the Space Launch System (SLS) from an integrated commodities perspective. The scope of the study includes launch countdown and scrub turnaround and focuses on four core launch commodities: hydrogen, oxygen, nitrogen, and helium. Previously, the commodities were only analyzed individually and deterministically for their launch support capability, but this study was the first to integrate them to examine the impact of their interactions on a launch campaign as well as the effects of process variability on commodity availability. The study produced a validated DES model with Rockwell Arena that showed that Kennedy Space Center's ground systems were capable of supporting a 48-hour scrub turnaround for the SLS. The model will be maintained and updated to provide commodity consumption analysis of future ground system and SLS configurations

Macadamia industry benchmark report: 2009 to 2016 seasons, Project MC15005

The benchmarking project is supporting improved productivity and profitability within the Australian macadamia industry. The current project builds on previous benchmarking and best practice work conducted since 2001. Yield, quality and planting information has been collected annually from macadamia farms throughout Australia since 2009. This information is provided either directly by growers or by processors on their behalf. Cost of production data has also been collected annually since 2013. Each season all benchmarking participants receive a confidential, personalised report that compares their individual farm performance with the average performance of similar farms based on a range of criteria including region, locality, farm size, management structure, irrigation status and tree age. These reports highlight individual and average farm performance trends over multiple seasons. This industry report has been produced to provide growers, processors, consultants, investors and other industry stakeholders with a summary of yield, quality and cost of production trends within the Australian macadamia industry

Determinants of the outcome of electrophysiologic study in patients with ventricular tachyarrhythmias

To determine those factors predictive of the ability to both initiate and suppress ventricular tachyarrhythmias during electrophysiologic study, the results of programmed cardiac stimulation were evaluated in 261 patients: 66 presenting with nonsustained ventricular tachycardia, 91 with sustained ventricular tachycardia and 104 with ventricular fibrillation. Multivariate logistic regression analysis revealed that the presenting arrhythmia was a potent and independent predictor of the ability to provoke ventricular arrhythmias at electrophysiologic study; a history of myocardial infarction and male sex were also significant independent predictors. Of patients presenting with sustained ventricular tachycardia, 89% (81 of 91) had inducible ventricular arrhythmias compared with 61 (40 of 66) and 66% (69 of 104) of patients with nonsustained ventricular tachycardia and ventricular fibrillation, respectively.Complete suppression of inducible arrhythmias could be achieved in only 52% (34 of 66) of patients with sustained ventricular tachycardia, compared with 73 (24 of 33) and 75% (46 of 61) of patients presenting with nonsustained ventricular tachycardia and ventricular fibrillation, respectively. Multivariate analysis showed that the major independent determinants of the ability to suppress inducible arrhythmias were the number of drug trials performed before electrophysiologic study (inversely correlated) and the nature of the induced arrhythmia.The nature of the presenting clinical arrhythmia is, therefore, a highly significant and independent predictor of the ability to induce ventricular arrhythmias during electrophysiologic testing and an important determinant of the ability to suppress induced arrhythmias in patients with spontaneous ventricular tachyarrhythmias

The interaction of Epstein-Barr virus encoded transcription factor EBNA2 with multiple sclerosis risk loci is dependent on the risk genotype

Background: Epstein-Barr virus (EBV) infection may be necessary for the development of Multiple sclerosis (MS). Earlier we had identified six MS risk loci that are co-located with binding sites for the EBV transcription factor Epstein-Barr Nuclear Antigen 2 (EBNA2) in EBV-infected B cells (lymphoblastoid cell lines – LCLs). Methods: We used an allele-specific chromatin immunoprecipitation PCR assay to assess EBNA2 allelic preference. We treated LCLs with a peptide inhibitor of EBNA2 (EBNA2-TAT), reasoning that inhibiting EBNA2 function would alter gene expression at these loci if it was mediated by EBNA2. Findings: We found that EBNA2 binding was dependent on the risk allele for five of these six MS risk loci (p < 0·05). Treatment with EBNA2-TAT significantly altered the expression of TRAF3 (p < 0·05), CD40 (p < 0·001), CLECL1 (p <0·0001), TNFAIP8 (p < 0·001) and TNFRSF1A (p < 0·001). Interpretation: These data suggest that EBNA2 can enhance or reduce expression of the gene depending on the risk allele, likely promoting EBV infection. This is consistent with the concept that these MS risk loci affect MS risk through altering the response to EBNA2. Together with the extensive data indicating a pathogenic role for EBV in MS, this study supports targeting EBV and EBNA2 to reduce their effect on MS pathogenesis