Wer den Kodex nicht einhält, den bestraft der Kapitalmarkt?

Seit der Einführung des Deutschen Corporate Governance Kodex (Kodex) im Jahr 2002 sind deutsche börsennotierte Unternehmen zur Abgabe der Entsprechenserklärung gemäß § 161 AktG verpflichtet (Comply-or-Explain-Prinzip). Auf der Basis dieser Information soll durch den Druck des Kapitalmarkts die Einhaltung des Kodex überwacht und gegebenenfalls sanktioniert werden. Dabei wird regelmäßig postuliert, dass bei überdurchschnittlicher Befolgung bzw. Nichtbefolgung der Kodex-Empfehlungen eine Belohnung durch Kurszuschläge bzw. eine Sanktionierung durch Kursabschläge erfolgt. Die Ergebnisse einer Ereignisstudie zeigen, dass die Abgabe der Entsprechenserklärung keine erhebliche Kursbeeinflussung auslöst und die für das Enforcement des Kodex angenommene (und erforderliche) Selbstregulierung durch den Kapitalmarkt nicht stattfindet. Es wird daher kritisch hinterfragt, ob der für den Kodex gewählte und grundsätzlich zu begrüßende flexible Regulierungsansatz im System des zwingenden deutschen Gesellschaftsrechts einen geeigneten Enforcement-Mechanismus darstellt. This paper studies the short-run announcement effects of compliance with the German Corporate Governance Code (‘the Code’) on firm value. Event study results suggest that firm value is unaffected by the announcement, although such market reactions to the first time disclosure of the declaration of conformity were widely assumed by the private and public promoters of the Code. This result from acceptance of the German Code add evidence to the hypothesis that regulatory corporate governance initiatives that rely on mandatory disclosure without monitoring and enforcement are ineffective in civil law countries.This paper studies the short-run announcement effects of compliance with the German Corporate Governance Code (‘the Code’) on firm value. Event study results suggest that firm value is unaffected by the announcement, although such market reactions to the first time disclosure of the declaration of conformity were widely assumed by the private and public promoters of the Code. This result from acceptance of the German Code add evidence to the hypothesis that regulatory corporate governance initiatives that rely on mandatory disclosure without monitoring and enforcement are ineffective in civil law countries

Inelastic quantum transport in superlattices: success and failure of the Boltzmann equation

Electrical transport in semiconductor superlattices is studied within a fully self-consistent quantum transport model based on nonequilibrium Green functions, including phonon and impurity scattering. We compute both the drift velocity-field relation and the momentum distribution function covering the whole field range from linear response to negative differential conductivity. The quantum results are compared with the respective results obtained from a Monte Carlo solution of the Boltzmann equation. Our analysis thus sets the limits of validity for the semiclassical theory in a nonlinear transport situation in the presence of inelastic scattering.Comment: final version with minor changes, to appear in Physical Review Letters, sceduled tentatively for July, 26 (1999

Hyper-velocity impact test and simulation of a double-wall shield concept for the Wide Field Monitor aboard LOFT

The space mission LOFT (Large Observatory For X-ray Timing) was selected in 2011 by ESA as one of the candidates for the M3 launch opportunity. LOFT is equipped with two instruments, the Large Area Detector (LAD) and the Wide Field Monitor (WFM), based on Silicon Drift Detectors (SDDs). In orbit, they would be exposed to hyper-velocity impacts by environmental dust particles, which might alter the surface properties of the SDDs. In order to assess the risk posed by these events, we performed simulations in ESABASE2 and laboratory tests. Tests on SDD prototypes aimed at verifying to what extent the structural damages produced by impacts affect the SDD functionality have been performed at the Van de Graaff dust accelerator at the Max Planck Institute for Nuclear Physics (MPIK) in Heidelberg. For the WFM, where we expect a rate of risky impacts notably higher than for the LAD, we designed, simulated and successfully tested at the plasma accelerator at the Technical University in Munich (TUM) a double-wall shielding configuration based on thin foils of Kapton and Polypropylene. In this paper we summarize all the assessment, focussing on the experimental test campaign at TUM.Comment: Proc. SPIE 9144, Space Telescopes and Instrumentation 2014: Ultraviolet to Gamma Ray, 91446

Tunneling magneto thermo power in magnetic tunnel junction nanopillars

We study the tunneling magneto thermo power (TMTP) in CoFeB/MgO/CoFeB magnetic tunnel junction nanopillars. Thermal gradients across the junctions are generated by a micropatterned electric heater line. Thermo power voltages up to a few tens of \muV between the top and bottom contact of the nanopillars are measured which scale linearly with the applied heating power and hence with the applied temperature gradient. The thermo power signal varies by up to 10 \muV upon reversal of the relative magnetic configuration of the two CoFeB layers from parallel to antiparallel. This signal change corresponds to a large spin-dependent Seebeck coefficient of the order of 100 \muV/K and a large TMTP change of the tunnel junction of up to 90%.Comment: Revised version containing additional data and analyis. 13 pages, 3 figure

Zener transitions between dissipative Bloch bands. II: Current Response at Finite Temperature

We extend, to include the effects of finite temperature, our earlier study of the interband dynamics of electrons with Markoffian dephasing under the influence of uniform static electric fields. We use a simple two-band tight-binding model and study the electric current response as a function of field strength and the model parameters. In addition to the Esaki-Tsu peak, near where the Bloch frequency equals the damping rate, we find current peaks near the Zener resonances, at equally spaced values of the inverse electric field. These become more prominenent and numerous with increasing bandwidth (in units of the temperature, with other parameters fixed). As expected, they broaden with increasing damping (dephasing).Comment: 5 pages, LateX, plus 5 postscript figure