Der Einfluss von Diversifikationsstrategien auf den Aktienkurs deutscher Unternehmen

Sowohl die Diversifikation als auch die Fokussierung von Unternehmensaktivitäten werden häufig mit der Maximierung des Unternehmenswertes begründet. Wir untersuchen die Auswirkungen auf den Aktienkurs für 184 Akquisitionen sowie 139 Desinvestitionen deutscher Konzerne im Zeitraum von 1996-2005. Unternehmensdiversifikationen üben, entgegen der oft geäußerten Kritik, keinen signifikant negativen Einfluss auf den Marktwert aus. Fokussierende Unternehmensakquisitionen hingegen sind mit einem signifikanten Wertaufschlag verbunden. Der Verkauf von Unternehmensteilen führt generell zu einer Marktwertsteigerung. Dabei führen Abspaltungen außerhalb des Kerngeschäfts zu einer – allerdings insignifikant – höheren Wertsteigerung als Desinvestitionen von Kerngeschäftsaktivitäten. Statt eines systematischen Diversifikationsabschlags finden wir somit einen „Fokussierungsaufschlag“ für den deutschen Markt

Reperfusion therapy for ST elevation acute myocardial infarction 2010/2011: current status in 37 ESC countries

Aims Primary percutaneous coronary intervention (PPCI) is the preferred reperfusion therapy in ST-elevation myocardial infarction (STEMI). We conducted this study to evaluate the contemporary status on the use and type of reperfusion therapy in patients admitted with STEMI in the European Society of Cardiology (ESC) member countries. Methods and results A cross-sectional descriptive study based on aggregated country-level data on the use of reperfusion therapy in patients admitted with STEMI during 2010 or 2011. Thirty-seven ESC countries were able to provide data from existing national or regional registries. In countries where no such registries exist, data were based on best expert estimates. Data were collected on the use of STEMI reperfusion treatment and mortality, the numbers of cardiologists, and the availability of PPCI facilities in each country. Our survey provides a brief data summary of the degree of variation in reperfusion therapy across Europe. The number of PPCI procedures varied between countries, ranging from 23 to 884 per million inhabitants. Primary percutaneous coronary intervention and thrombolysis were the dominant reperfusion strategy in 33 and 4 countries, respectively. The mean population served by a single PPCI centre with a 24-h service 7 days a week ranged from 31 300 inhabitants per centre to 6 533 000 inhabitants per centre. Twenty-seven of the total 37 countries participated in a former survey from 2007, and major increases in PPCI utilization were observed in 13 of these countries. Conclusion Large variations in reperfusion treatment are still present across Europe. Countries in Eastern and Southern Europe reported that a substantial number of STEMI patients are not receiving any reperfusion therapy. Implementation of the best reperfusion therapy as recommended in the guidelines should be encourage

Using slag as sorbent to remove phosphorus from wastewater

International audienceConsidering the EU legislation on phosphorus rejected in the surrounding environment including forwastewater treatment plant having a capacity less than 2000 People Equivalent (see Water FrameworkDirective [2000/60/EEC]), it appears that using additional filter systems filled with reactive materials rep-resents a valuable solution to remove phosphorus in small wastewater treatment plants such as sand fil-ters, constructed wetlands or waste stabilization ponds. To answer this new need, SLASORB waslaunched back in July 2009. The first part of the project was devoted to the selection of relevant slag inEurope to enable the design and the use of slag into demonstration scale filter for treating phosphorusfrom wastewater. The second part of the project was devoted to the design and construction of 2 demon-stration scale filters and to see the technical feasibility of using slag for phosphorus removal in existingwastewater treatment plants representative both of the French and German market. The third part of theproject was mainly focused on the economical feasibility of using slag filters for wastewater treatment. Onthe one hand the potential of recycling slag saturated with P as fertilizer was studied, on the other thecommercial offer and both the market price and demands were studied. The main objective of each WPKwill be presented in this summary.Despite a short project extension (the project ended up in Dec 2012 instead of July 2012) we can say thatthe main objectives of SLASORB were reached: Slag have been shown to be a valuable reactive materialfor P removal in Europe, technical and economical feasibilities have both been established, demonstrationscale systems were able to remove a significant amount of P without any environmental issues associated

Adefovir dipivoxil for wait-listed and post-liver transplantation patients with lamivudine-resistant hepatitis B : final long-term results

Wait-listed (n = 226) or post-liver transplantation (n = 241) chronic hepatitis B (CHB) patients with lamivudine-resistant hepatitis B virus (HBV) were treated with adefovir dipivoxil for a median of 39 and 99 weeks, respectively. Among wait-listed patients, serum HBV DNA levels became undetectable (<1,000 copies/mL) in 59% and 65% at weeks 48 and 96, respectively. After 48 weeks, alanine aminotransferase (ALT), albumin, bilirubin, and prothrombin time normalized in 77%, 76%, 60%, and 84% of wait-listed patients, respectively. Among posttransplantation patients, serum HBV DNA levels became undetectable in 40% and 65% at weeks 48 and 96, respectively. After 48 weeks, ALT, albumin, bilirubin, and prothrombin time normalized in 51%, 81%, 76%, and 56% of posttransplantation patients, respectively. Among wait-listed patients who underwent on-study liver transplantation, protection from graft reinfection over a median of 35 weeks was similar among patients who did (n = 34) or did not (n = 23) receive hepatitis B immunoglobulin (HBIg). Hepatitis B surface antigen was detected on the first measurement only in 6% and 9% of patients who did or did not receive HBIg, respectively. Serum HBV DNA was detected on consecutive visits in 6% and 0% of patients who did or did not receive HBIg, respectively. Treatment-related adverse events led to discontinuation of adefovir dipivoxil in 4% of patients. Cumulative probabilities of resistance were 0%, 2%, and 2% at weeks 48, 96, and 144, respectively. In conclusion, adefovir dipivoxil is effective and safe in wait-listed or posttransplantation CHB patients with lamivudine-resistant HBV and prevents graft reinfection with or without HBIg