Corporate Aging and Takeover Risk

Although growth opportunities fade and profitability declines as firms mature, older firms are no more likely to be acquired than young firms are. This article documents and explains that phenomenon. We argue that, because mature organizations are rationally less flexible, they are more costly to integrate and therefore comparatively unattractive acquisition candidates. The evidence supports this explanation of the negative age dependence of takeover hazard. The evidence also shows that negative exogenous shocks to merger benefits further reduce the takeover hazard of mature firms. We test many alternative explanations and find no evidence that they can explain the hazard declin

MUVOT - Establishing an International Vocational Training Program on the Topic of Measurement Uncertainty

Measurement results represent important information, which are necessary for evaluating and improving the quality of manufactured products and to control manufacturing processes. Furthermore, they build the basis for numerous decisions in the field of quality management, process and production automation or product development and design. Knowledge about the acquisition, evaluation and interpretation of measurement data as well as an understanding of the relevant influences on those measurement results are essential for employees working in the field of manufacturing metrology. Measurement results are always afflicted with deviations, due to a variety of causes. It follows that in order to assign a value to the reliability and quality of a measurement result its uncertainty must be determined and considered. However, employees in the field of quality management or metrology are often not familiar with methods for determination and interpretation of measurement uncertainty, because appropriate opportunities for training are missing in current vocational education. This need has led to the creation of the European project MUVoT, which will create a course for advanced vocational training in determining measurement uncertainty. The training course is based on a blended learning concept, combining self-dependent learning via a web-based platform and face-to-face workshops. This allows the adaption of individual knowledge and skills by self-controlled learning of abstract contents whilst the exercises enable the practical application of typical methods, which are generally considered as quite complex by many employees, and thus assure correct understanding. The featured Blended Learning concept facilitates the integration of the training into a workplace setting, thus the idea of Lifelong Learning is promoted in new fields of application. The curriculum and training concept for this newly developed training program have been designed such that the course can be applied internationally. To facilitate this, a harmonized scheme for course structure and contents has been defined albeit with inherent flexibility, allowing the adaptation to specific constraints

Measurement strategy for a production-related multi-scale inspection of formed work pieces

Part of: Seliger, Günther (Ed.): Innovative solutions : proceedings / 11th Global Conference on Sustainable Manufacturing, Berlin, Germany, 23rd - 25th September, 2013. - Berlin: Universitätsverlag der TU Berlin, 2013. - ISBN 978-3-7983-2609-5 (online). - http://nbn-resolving.de/urn:nbn:de:kobv:83-opus4-40276. - pp. 143–148.The technology of sheet-bulk metal forming provides numerous advantages in the field of manufacturing. Work pieces with filigree and complex structures can be formed by only a few forming steps. To ensure a sustainable and effective production, the forming process has to be controlled by a production-related measurement system. A measurement system, which meets the high requirements of a forming process like a short measuring time, a high measuring point density and the ability to measure different features at the same time, is a multi-scale fringe projection system with multiple sensors of different resolutions. However, an adapted definition of a measurement strategy is necessary in order to enable a rapid conformity decision of the manufactured work piece based on the evaluated measurement data and thus to be able to inspect as many work pieces as possible. It allows to correct the manufacturing during a primary forming process and to assure a sustainable forming process

Echtzeitfähige Simulation steifer Modelle für Anwendungen in Fahrzeug-Steuergeräten

In vorliegender Arbeit wird die Echtzeitsimulation steifer Modelle für den Einsatz auf Fahrzeug- Steuergeräten untersucht. Am Beispiel eines steifen Modells einer Rohrströmung wird untersucht, wie durch den Einsatz geeigneter numerischer Verfahren eine echtzeitfähige Simulation des Modells auf einem Fahrzeug-Steuergerät erreicht werden kann. Im Rahmen der Lösung der zu Grunde liegenden Differentialgleichung mittels eines linear-impliziten Euler-Verfahrens werden für die Berechnung einer Approximation der Jacobi-Matrix anstelle eines Differenziationsverfahrens verschiedene auf das Rohrmodell zugeschnittene Arten der Approximation der Einträge eingesetzt, was eine Verallgemeinerung der von Schiela und Bornemann beschriebenen Sparsing Methode darstellt. Dies führt zu einer signifikanten Reduktion der für die Approximation der Jacobi-Matrix benötigten Rechenzeit sowie zu einer Vereinfachung des linearen Gleichungssystems des linear-impliziten Euler-Verfahrens. Insgesamt wird hierdurch ein echtzeitfähiger Einsatz des Rohrmodells erreicht. Darüber hinaus wird untersucht, wie der Rechenaufwand zur Lösung des dünn besetzten linearen Gleichungssystems des linear-impliziten Euler-Verfahrens reduziert werden kann, falls der Ansatz der maßgeschneiderten Approximationsweise für die Jacobi-Matrix des Rohrmodells nicht eingesetzt wird. Hierzu wird eine Block-Gauß Elimination eingesetzt, bei der die mit dem Schur-Komplement assoziierten Zustände beim Rohrmodell dahingehend bestimmt werden, dass sowohl das reduzierte System als auch das Restsystem eine günstige Struktur besitzen. Für den potentiellen Einsatz auf zukünftigen Fahrzeug-Steuergeräten wird das Parareal Verfahren untersucht, das eine Parallelisierung der Zeitintegration ermöglicht. Am Beispiel der Leitanwendung wird eine Wahl der Parameter des Verfahrens diskutiert. Desweiteren wird der Einsatz eines vereinfachten Modells für die grobe Stufe des Parareal Verfahrens beim Rohrmodell angewandt. Insgesamt wird durch die Arbeit aufgezeigt, dass die Eignung von Simulationen steifer Modelle für den Einsatz bei Echtzeitanwendungen auf Fahrzeug-Steuergeräten durch die untersuchten numerischen Verfahren signifikant erhöht werden kann

Der Einfluss von Design Thinking Praktiken im Unternehmens- und Kooperationskontext: Eine empirische Untersuchung

Die Einführung innovativer Arbeitsmethoden durch etablierte Unternehmen, wie beispielsweise Design Thinking gewinnt zunehmend an Bedeutung, um den Anforderungen einer nutzerzentrierten Entwicklung gerecht zu werden. Außerdem arbeiten etablierte Unternehmen mit anderen Unternehmen, insbesondere mit Start-ups zusammen, um gemeinsam neue und innovative Produkte zu entwickeln und hierdurch mit raschen Marktveränderungen Schritt zu halten. Design Thinking und Unternehmenskooperationen bieten vielversprechende Möglichkeiten zur Steigerung des Innovationspotenzials, stellen jedoch auch verschiedene kulturelle und strukturelle Hürden dar, die es zu überwinden gilt. Das Zusammenspiel zwischen Design Thinking und Unternehmenskooperationen und wie sich ein gemeinsamer, kollaborativer Arbeitsansatz auf die Unternehmenskooperationen auswirkt, ist bisher jedoch weitgehend unklar. Dieses Zusammenspiel zwischen Design Thinking und Open Innovation ist das primäre Forschungsthema dieser Dissertation. Hierzu wurden eine multiple Fallstudie mit 41 Interviews in 20 Start-up-Industrie-Kooperationen und eine quantitative Fragebogenstudie in 212 Projekten in 78 Unternehmen durchgeführt, um den Einfluss von Design Thinking Praktiken in Unternehmenskooperationen, insbesondere in Start-up-Industrie-Kooperationen zu untersuchen. Dabei werden auch die Wechselwirkungen zwischen ausgewählten projektbezogenen Einflussfaktoren und deren Einflüsse auf die Auswirkungen von Design Thinking Praktiken analysiert. Außerdem untersucht diese Dissertation das Zusammenspiel von Design Thinking Kultur und Organisationskultur. Während die meisten Studien in diesem Zusammenhang mit qualitativen Methoden arbeiten, werden in dieser Dissertation mit einem quantitativen Forschungsansatz kulturelle Antezedenzien hinsichtlich der Organisationsperspektive, der Teamperspektive und der externen Orientierung anhand von 380 Projekten in 93 Unternehmen untersucht. Die Ergebnisse dieser Dissertation zeigen, dass Design Thinking Praktiken die Zusammenarbeit mit externen Partnern verbessern und letztlich den Projekterfolg steigern können. Für eine erfolgreiche Implementierung von Design Thinking Praktiken ist es für Unternehmen entscheidend, eine offene und unterstützende Organisationskultur zu etablieren. Diese Studie trägt zur bestehenden Literatur zu Design Thinking und Open Innovation bei, indem sie die Wirksamkeit des Design Thinking Ansatzes im Kontext der interorganisationalen Zusammenarbeit, insbesondere in Start-up-Industrie-Kooperationen aufzeigt. Außerdem erweitert diese Dissertation die Literatur auf dem Gebiet der Organisationskultur. Diese Arbeit gehört zu einer der ersten Forschungen, die quantitative Erkenntnisse über die kulturellen Antezedenzien für Design Thinking Praktiken und deren Auswirkungen auf die Implementierung liefert

Non-host class II ribonucleotide reductase in Thermus viruses: sequence adaptation and host interaction

Ribonucleotide reductases (RNR) are essential enzymes for all known life forms. Their current taxonomic distribution suggests extensive horizontal gene transfer e.g., by processes involving viruses. To improve our understanding of the underlying processes, we characterized a monomeric class II RNR (NrdJm) enzyme from a Thermus virus, a subclass not present in any sequenced Thermus spp. genome. Phylogenetic analysis revealed a distant origin of the nrdJm gene with the most closely related sequences found in mesophiles or moderate thermophiles from the Firmicutes phylum. GC-content, codon usage and the ratio of coding to non-coding substitutions (dN/dS) suggest extensive adaptation of the gene in the virus in terms of nucleotide composition and amino acid sequence. The NrdJm enzyme is a monomeric B12-dependent RNR with nucleoside triphosphate specificity. It exhibits a temperature optimum at 60–70 °C, which is in the range of the growth optimum of Thermus spp. Experiments in combination with the Thermus thermophilus thioredoxin system show that the enzyme is able to retrieve electrons from the host NADPH pool via host thioredoxin and thioredoxin reductases. This is different from other characterized viral RNRs such as T4 phage RNR, where a viral thioredoxin is present. We hence show that the monomeric class II RNR, present in Thermus viruses, was likely transferred from an organism phylogenetically distant from the one they were isolated from, and adapted to the new host in genetic signature and amino acids sequence

Adverse events in thyroid surgery: observational study in three surgical units with high volume/year

Background: Thyroid surgery, performed for benign or malignant pathologies, is one of the most frequently performed procedures and its frequency has even been increasing in recent years. Postoperative bleeding, recurrent laryngeal nerve (RLN) palsy, associated to dysphonia, dysphagia, dyspnea, and hypoparathyroidism represent the most fearful and common complications. We conducted a multicenter, observational study of retrospectively collected data in three high-volume referral centers, enrolling all patients undergone to thyroid surgery between January 2016 and December 2017 in Parma University Hospital, Cagliari University Hospital and Ferrara University Hospital. Materials: Patients were divided into five groups, differentiated thyroid carcinoma, medullary thyroid carcinoma, non-toxic benign pathology, hyperfunctioning benign pathology and NIFTP (Non-invasive Follicular Thyroid neoplasm with Papillary-like nuclear features). A follow up at 7 and 30 days was executed, evaluating the onset of paresthesia, dysphonia and dysphagia. A 6-month follow-up was conducted in cases of early complications. Results: Totally, 1252 patients were eligible for the study: 907 female and 345 male, with a female to male ratio of 2.6:1 and an average age of 53.428. Total thyroidectomy was performed in 1022 cases, lobectomy in 230. After 6 months we recorded paresthesia in 0.5%, dysphonia in 1.8% and dysphagia in 0.5%. Conclusion: Our study confirms once again that a share of morbidity escapes the possibilities of prediction and control by the operator, depending on patient anamnestic, pathological or anatomical factors

Cognitive appraisals, achievement emotions, and students’ math achievement: A longitudinal analysis.

Based on control-value theory (CVT), we examined longitudinal relations between students’ control and value appraisals, three activity-related achievement emotions (enjoyment, anger, and boredom), and math achievement (N = 1,716 fifth and seventh grade students). We assessed appraisals and emotions with self-report measures of perceived competence in math, perceived value of math, and math emotions, and achievement with school grades in math. All variables were measured in each of three consecutive annual assessments. Using structural equation modeling, we tested the CVT proposition that appraisals, emotions, and achievement show reciprocal relations over time. We hypothesized that (a) control-value appraisals influence the emotions, (b) the emotions influence achievement, and (c) achievement reciprocally influences appraisals and emotions. Supporting these hypotheses, the findings show that students’ perceived competence and perceived value positively predicted their subsequent enjoyment and negatively predicted their anger and boredom, controlling for prior levels of these variables, gender, and prior achievement. Students’ enjoyment positively predicted subsequent math achievement; anger and boredom negatively predicted achievement. Achievement showed reciprocal positive predictive effects on subsequent perceived competence, value, and enjoyment, and negative effects on subsequent anger and boredom; the effects on enjoyment and boredom were significant from Time 1 to 2 only. As posited in CVT, the effects of achievement on the emotions were mediated by perceived competence. In sum, the findings suggest that enjoyment, anger, and boredom influence students’ achievement in mathematics, and that control-value appraisals and achievement are important antecedents of these emotions. Implications for future research and educational practice are discussed

The ABC transporter DerAB of <i>Lactobacillus casei</i> mediates resistance against insect-derived defensins

Bce-like systems mediate resistance against antimicrobial peptides in Firmicutes bacteria. Lactobacillus casei BL23 encodes an “orphan” ABC transporter that, based on homology to BceAB-like systems, was proposed to contribute to antimicrobial peptide resistance. A mutant lacking the permease subunit was tested for sensitivity against a collection of peptides derived from bacteria, fungi, insects, and humans. Our results show that the transporter specifically conferred resistance against insect-derived cysteine-stabilized αβ defensins, and it was therefore renamed DerAB for defensin resistance ABC transporter. Surprisingly, cells lacking DerAB showed a marked increase in resistance against the lantibiotic nisin. This could be explained by significantly increased expression of the antimicrobial peptide resistance determinants regulated by the Bce-like systems PsdRSAB (formerly module 09) and ApsRSAB (formerly module 12). Bacterial two-hybrid studies in Escherichia coli showed that DerB could interact with proteins of the sensory complex in the Psd resistance system. We therefore propose that interaction of DerAB with this complex in the cell creates signaling interference and reduces the cell’s potential to mount an effective nisin resistance response. In the absence of DerB, this negative interference is relieved, leading to the observed hyperactivation of the Psd module and thus increased resistance to nisin. Our results unravel the function of a previously uncharacterized Bce-like orphan resistance transporter with pleiotropic biological effects on the cell.This work was financially supported by DFG grant MA2837/3-2 (to T.M.) and by funds from the former Spanish Ministry of Science and Innovation and FEDER (grant AGL2010-15679) and the Generalitat Valenciana (grant ACOMP2012/137) (to M.Z.). A.R.-G. thanks the Federation of European Microbiological Societies for research grant FEMS-RG-2014-0067. Q.Z. is financially supported by a stipend from the China Scholarship Council (CSC).Peer reviewe