Private equity entities and conglomerates: what are the differences?

We compare the characteristics of conglomerates and private equity entities. This is done by examining the differences among their business models. We analyze the relations of the two entity types to their investors on the one hand and to their investments on the other hand. The distinguishing characteristic of private equity entities is that they pursue a stand-alone-perspective with their investment policies, meaning that they treat each investment separately. Therefore, various linkages that exist in conglomerates do not occur in private equity entities. We describe these linkages in detail. We further argue that because of the lack of these linkages in private equity entities the shareholders and debtholders of a private equity entity and its portfolio companies are not faced with the following risks that are specific for a conglomerate: the asset shifting risk, the intra-group profit risk and the capital structure risk. Finally, we define crucial evaluation criteria for identifying a private equity entity and develop a way how regulators and other persons concerned with such a task could do so. --private equity,conglomerates,investment companies

The effect of Diabrotica-resistant corn cultivars on the larval development in lab-based studies

Der Einfluss Diabrotica-resistenter Maissorten auf die Larvenentwicklung in Laboruntersuchunge

Addition of histamine to subcutaneously injected Plasmodium berghei sporozoites increases the parasite liver load and could facilitate whole-parasite vaccination

Background: Whole-parasite immunization remains the benchmark in malaria vaccine development. A major bottleneck in the translation of whole-parasite immunization towards routine vaccination is the mode of administration, since high degrees of protection are currently only achieved by intravenous, and not by intradermal or subcutaneous injection of viable parasites. It is known that only a small proportion of subcutaneously administered parasites reach the subsequent liver stage and low parasite liver load was shown to be associated with low protective efficacy. The objective of this analysis was to evaluate whether the liver load following subcutaneous parasite injection could be augmented by co-administration of pro-inflammatory or anti-coagulatory drugs. Methods: In the C57BL/6 Plasmodium berghei ANKA model, the clinical outcome (time to patent blood stage infection and survival) and relative parasite liver load was assessed in mice infected by subcutaneous or intramuscular sporozoite (SPZ) administration in the presence or absence of histamine and heparin supplementation in comparison to intravenously administered SPZ. In addition, a vaccination experiment was carried out to assess the protective efficacy of an improved, histamine-supplemented subcutaneous immunization regimen. Results: The parasite liver load following subcutaneous SPZ administration can be significantly increased by co-administration of histamine and heparin. A dose-dependent relation between parasite liver load and histamine dosage was observed. However, despite a relatively high parasite liver load, the protective efficacy of histamine-supplemented subcutaneous immunization remains inferior as compared to intravenous SPZ administration. Conclusions: Histamine supplementation might facilitate the future development of a non-intravenous whole-parasite vaccine. Further investigations are needed to reveal the effect of histamine supplementation and subcutaneous SPZ administration on the acquisition of protective immunity

Depressive Symptoms in Adolescence: Consequences, Mechanisms, & School-based Prevention Efforts

A substantial number of adolescents experience pronounced emotional, social, and behavioral problems during the transition from childhood to adulthood. Depressive symptoms are among the most common mental health problems during adolescence (Costello, Erkanli, & Angold, 2006), and are associated with high relapse and recurrence rates (Lewinsohn, Clarke, Seeley, & Rohde, 1994) as well as a variety of comorbid disorders (Bettge et al., 2008). Depressive symptomatology is further associated with a number of adjustment difficulties (e.g., interpersonal problems, academic difficulties), affecting young individuals’ lives in various environments. Whereas the association between the family environment and depressive symptoms in adolescence has received much attention in previous research, research interest in the role of the school environment has been less pronounced. Combining theoretical and methodological approaches from clinical psychology, educational science, and developmental psychology, the present dissertation aimed to contribute new and important insights into depressive symptomatology in adolescence, emphasizing the importance of school as a developmental context. Study 1, a large-scale investigation, addressed academic and social consequences of adolescent depression (and anxiety) in the school context. In Study 2, an intervention study, factors hypothesized to influence the effectiveness of (school-based) cognitive-behavioral depression prevention programs were investigated. Study 3, an experimental study, explored the underlying mechanisms of alterations in social information processing in adolescents with depressive symptomatology. The results revealed the disadvantaged position of adolescents with depressive symptoms regarding various domains of functioning as well as social information processing. Further, moderating factors that enhance (initial symptoms, motivation) or diminish (substance use) the effects of depression prevention programs were detected. The main findings of the three studies are summarized, and implications for future efforts and directions in clinical and educational research and practice are discussed

Artificial Intelligence for Lameness Detection in Horses-A Preliminary Study

Simple Summary In the expanding field of artificial intelligence, deep learning and smart-device-technology, a diagnostic software tool was developed, which can help distinguish between lame and sound horses and locate the affected limb. As lameness influences the welfare of horses and is often difficult to detect, this tool can help owners and veterinarians in the process of evaluation. The technology is based on pose estimation, which is already used in human and veterinary science to study movement of limbs or bodies without the need to fix any devices onto the object of interest. In this study, 22 horses with unilateral fore- or hindlimb lameness and a control group of eight sound horses were analysed with the program. Based on the results of the program, it was possible to differentiate between horses with fore- and hindlimb lameness and sound horses. Difficult light settings, such as direct sunlight or darkness, or very even-coloured coats, complicate the precise placement of reference points. The analysis and detection with software-generated movement trajectories using pose estimation is very promising but requires further development. Lameness in horses is a long-known issue influencing the welfare, as well as the use, of a horse. Nevertheless, the detection and classification of lameness mainly occurs on a subjective basis by the owner and the veterinarian. The aim of this study was the development of a lameness detection system based on pose estimation, which permits non-invasive and easily applicable gait analysis. The use of 58 reference points on easily detectable anatomical landmarks offers various possibilities for gait evaluation using a simple setup. For this study, three groups of horses were used: one training group, one analysis group of fore and hindlimb lame horses and a control group of sound horses. The first group was used to train the network;afterwards, horses with and without lameness were evaluated. The results show that forelimb lameness can be detected by visualising the trajectories of the reference points on the head and both forelimbs. In hindlimb lameness, the stifle showed promising results as a reference point, whereas the tuber coxae were deemed unsuitable as a reference point. The study presents a feasible application of pose estimation for lameness detection, but further development using a larger dataset is essential

Effects of broccoli extract and various essential oils on intestinal and faecal microflora and on xenobiotic enzymes and the antioxidant system of piglets

Objective: Since the ban of antibiotics as growth promoting feed additives in the EU in 2006 research in alternatives has gained importance. Phytogenic feed additives represent a heterogenous class of different plant derived substances that are discussed to improve the health of farm animals by direct and indirect antioxidant effects and by influencing microbial eubiosis in the gastrointestinal tract. Consequently our study aimed to investigate the influence of broccoli extract and the essential oils of tur- meric, oregano, thyme and rosemary, as selected individual additives, on intestinal and faecal microflora, on xenobiotic enzymes, and on the antioxidant system of piglets. Methods: 48 four weeks old male weaned piglets were assigned to 6 groups of 8. The piglets were housed individually in stainless steel pens with slatted floor. The control group (Con) was fed a diet without an additive for 4 weeks. The diet of group BE contained 0.15 g/kg sulforaphane in form of a broccoli extract. 535, 282, 373 and 476 mg/kg of the essential oils of turmeric (Cuo), oregano (Oo), thyme (To) and rosemary (Ro) were added to the diets of the remaining 4 groups to stan-dardise supplementation to 150 mg/kg of the oils’ key terpene compounds ar-turmerone, carvacrol, thymol and 1,8-cineole. The composition of bacterial microflora was examined by cultivating samples of jejeunal and colonic mucosa and of faeces under specific conditions. The mRNA expression of xenobiotic and antioxidant enzymes was determined by reversing transcrip- tase real time detection PCR (RT-PCR). Total antioxidant status was assayed using the Trolox Equivalent Antioxidant Capacity (TEAC), and lipid peroxidation was determined by measuring thiobarbioturic acid reactive substances (TBA- RS). Results: Compared to Con piglets all additives positively influenced weight gain and feed conversion in week 1. Over the whole trial period no significant differences in performance parameters existed between the experimental groups. Compared to group Con performance of Ro piglets was, however, slightly impaired. Com- pared to Con piglets Cuo, Oo and To increased the ratio of Lactobacilli:E. coli attached to the jejunal mucosa, whereas BE and Ro impaired this ratio slightly. In contrast in colonic mucosa Ro improved Lactobacilli:E. coli ratio. In faecal samples an improvement of Lactobacilli:E. coli ratio could be analysed for To and Ro. Ro was the only additive that reduced the incidence rate of piglets tested positive for enterotoxic E. coli (ETEC). All additives significantly increased jejunal TEAC and reduced TBA-RS. In the liver BE, Cuo, Oo and To increased TEAC in tendency and Ro significantly. Liver TBA-RS were slightly reduced by all additives compared to Con piglets. Whereas the influence of BE, To and Ro on jejunal TEAC mainly was derived from the induction of xenobiotic and antioxidant enzymes (indirect antioxidant effects), Cuo and Oo influenced TEAC by direct antioxidant effects. Discussion and Conclusions: Our results have shown: That within the labiatae oils Oo and To have the potential to improve performance slightly. That phytogenic substances have a small but not sig- nificant influence on intestinal microflora. That phytogenic feed additives up-regulate the anti- oxidant system of piglets either by direct or by indirect antioxidant effects and that they may thereby improve health status. That within the labiatae oils Oo has a high direct antioxidant potential whereas Ro potently induces xenobiotic and antioxidant enzymes. That broccoli extract is an attractive new phytogenic additive, improving antioxidant status by indirect antioxidant effects. That defined combinations of selected phytogenic substances may produce additive effects. That health promoting effects of phytogenic additives in the future should be studied systematically under the challenge with pathogenic microorganisms or food derived to-xins

An ancient pathway combining carbon dioxide fixation with the generation and utilization of a sodium ion gradient for ATP synthesis

Synthesis of acetate from carbon dioxide and molecular hydrogen is considered to be the first carbon assimilation pathway on earth. It combines carbon dioxide fixation into acetyl-CoA with the production of ATP via an energized cell membrane. How the pathway is coupled with the net synthesis of ATP has been an enigma. The anaerobic, acetogenic bacterium Acetobacterium woodii uses an ancient version of this pathway without cytochromes and quinones. It generates a sodium ion potential across the cell membrane by the sodium-motive ferredoxin:NAD oxidoreductase (Rnf). The genome sequence of A. woodii solves the enigma: it uncovers Rnf as the only ion-motive enzyme coupled to the pathway and unravels a metabolism designed to produce reduced ferredoxin and overcome energetic barriers by virtue of electron-bifurcating, soluble enzymes