Is Corporate Governance in China Related to Performance Persistence?

Peer reviewedPreprin

Post-Merger Integration von kleinen Biotechnologie-Unternehmen in die Struktur von grossen Pharma-Unternehmen

This study deals with the post-acquisition integration of small biotechnology firms into the structure of large pharmaceutical companies. In this context, pharmaceutical companies face the paradox, that they need to integrate the biotechnology companies in some way in order to get access to the desired capabilities, whereas, on the other hand, they need to preserve the autonomy of the biotechnology company in order not to endanger the future existence of the desired capabilities. This study will analyze how pharmaceutical companies have handled this paradox by investigating five different M&A case studies with special regard to their specific post-acquisition integration activities. The overall aim of this study is to further the theory of post-acquisition integration by developing a framework for the development of a successful integration strategy of small high-technology companies into the structure of large companies.Die vorliegende Arbeit beschäftigt sich mit den Problemen und Fragen, die sich im Kontext der Post-Merger Integration von kleinen Biotechnologie-Unternehmen in die Struktur von großen Pharma-Unternehmen ergeben. Das zentrale Forschungsanliegen dieser Arbeit ist es darzulegen, wie es den Pharma-Unternehmen gelingt, die akquirierten Biotechnologie-Unternehmen in ihre Struktur zu integrieren, um einerseits Zugang zu dem dort vorhandenen Wissen und den Technologien zu erhalten, gleichzeitig aber auch den unternehmerischen Geist sowie die Innovationskraft dieser Biotechnologie-Unternehmen nicht zu gefährden. Basierend auf fünf Fallstudien wird ein neues Konzept entworfen, welches für das Management der Post-Akquisitions Integration von kleinen High-Tech-Unternehmen in große Unternehmen geeignet ist

Tiny wasps, huge diversity – A review of German Pteromalidae with new generic and species records (Hymenoptera: Chalcidoidea)

Despite their ecological and economic importance, hymenopteran parasitoids are severely understudied. Even in countries with a long taxonomic history such as Germany, dating back to the 18th century and including prolific figures like Christian Gottfired Nees von Esenbeck and Otto Schmiedeknecht, those species-rich groups are seldom the subject of comprehensive research efforts, leaving their true diversity unknown. This is often due to their small size of a few millimetres on average, leading to difficulties in their identification and examination. The chalcidoid family Pteromalidae is no exception to this neglect. So far, 735 species have been reported from Germany. Estimating the diversity of this group is not possible, but it has to be assumed that many more species are still to be discovered in Germany.With this study, we improve the knowledge on pteromalid diversity and present new records of 17 genera and 41 species, previously unknown to occur in Germany. We also match and describe previously unknown sexes of two species, based on DNA barcode data. The results of this study were generated as part of the German Barcode of Life Project. The newly-recorded species are illustrated and notes on the biology and distribution are given. The ecological significance of Pteromalidae and potential value as indicators for nature conservation efforts are briefly discussed

How Do Disks Survive Mergers?

We develop a physical model for how galactic disks survive and/or are destroyed in interactions. Based on dynamical arguments, we show gas primarily loses angular momentum to internal torques in a merger. Gas within some characteristic radius (a function of the orbital parameters, mass ratio, and gas fraction of the merging galaxies), will quickly lose angular momentum to the stars sharing the perturbed disk, fall to the center and be consumed in a starburst. A similar analysis predicts where violent relaxation of the stellar disks is efficient. Our model allows us to predict the stellar and gas content that will survive to re-form a disk in the remnant, versus being violently relaxed or contributing to a starburst. We test this in hydrodynamic simulations and find good agreement as a function of mass ratio, orbital parameters, and gas fraction, in simulations spanning a wide range in these properties and others, including different prescriptions for gas physics and feedback. In an immediate sense, the amount of disk that re-forms can be understood in terms of well-understood gravitational physics, independent of details of ISM gas physics or feedback. This allows us to explicitly quantify the requirements for such feedback to (indirectly) enable disk survival, by changing the pre-merger gas content and distribution. The efficiency of disk destruction is a strong function of gas content: we show how and why sufficiently gas-rich major mergers can, under general conditions, yield systems with small bulges (B/T<0.2). We provide prescriptions for inclusion of our results in semi-analytic models.Comment: 32 pages, 16 figures, accepted to ApJ (minor revisions to match accepted version

The Effects of Gas on Morphological Transformation in Mergers: Implications for Bulge and Disk Demographics

Transformation of disks into spheroids via mergers is a well-accepted element of galaxy formation models. However, recent simulations have shown that bulge formation is suppressed in increasingly gas-rich mergers. We investigate the global implications of these results in a cosmological framework, using independent approaches: empirical halo-occupation models (where galaxies are populated in halos according to observations) and semi-analytic models. In both, ignoring the effects of gas in mergers leads to the over-production of spheroids: low and intermediate-mass galaxies are predicted to be bulge-dominated (B/T~0.5 at <10^10 M_sun), with almost no bulgeless systems), even if they have avoided major mergers. Including the different physical behavior of gas in mergers immediately leads to a dramatic change: bulge formation is suppressed in low-mass galaxies, observed to be gas-rich (giving B/T~0.1 at <10^10 M_sun, with a number of bulgeless galaxies in good agreement with observations). Simulations and analytic models which neglect the similarity-breaking behavior of gas have difficulty reproducing the strong observed morphology-mass relation. However, the observed dependence of gas fractions on mass, combined with suppression of bulge formation in gas-rich mergers, naturally leads to the observed trends. Discrepancies between observations and models that ignore the role of gas increase with redshift; in models that treat gas properly, galaxies are predicted to be less bulge-dominated at high redshifts, in agreement with the observations. We discuss implications for the global bulge mass density and future observational tests.Comment: 14 pages, 11 figures, accepted to MNRAS (matched published version). A routine to return the galaxy merger rates discussed here is available at http://www.cfa.harvard.edu/~phopkins/Site/mergercalc.htm

Dissipation and Extra Light in Galactic Nuclei: II. 'Cusp' Ellipticals

We study the origin and properties of 'extra' or 'excess' central light in the surface brightness profiles of cusp or power-law ellipticals. Dissipational mergers give rise to two-component profiles: an outer profile established by violent relaxation acting on stars present in the progenitors prior to the final merger, and an inner stellar population comprising the extra light, formed in a compact starburst. Combining a large set of hydrodynamical simulations with data that span a broad range of profiles and masses, we show that this picture is borne out -- cusp ellipticals are indeed 'extra light' ellipticals -- and examine how the properties of this component scale with global galaxy properties. We show how to robustly separate the 'extra' light, and demonstrate that observed cusps are reliable tracers of the degree of dissipation in the spheroid-forming merger. We show that the typical degree of dissipation is a strong function of stellar mass, tracing observed disk gas fractions at each mass. We demonstrate a correlation between extra light content and effective radius at fixed mass: systems with more dissipation are more compact. The outer shape of the light profile does not depend on mass, with a mean outer Sersic index ~2.5. We explore how this relates to shapes, kinematics, and stellar population gradients. Simulations with the gas content needed to match observed profiles also reproduce observed age, metallicity, and color gradients, and we show how these can be used as tracers of the degree of dissipation in spheroid formation.Comment: 40 pages, 32 figures, accepted to ApJ (revised to match accepted version

Chancen und Herausforderungen von DLT (Blockchain) in Mobilität und Logistik

This basic report presents the economic potential e, the legal framework and the technical fundamentals of distributed ledger or blockchain technology necessary for understanding in order to exploit the opportunities and challenges of these technologies, especially in the mobility and logistics sector. clear. The basic report was prepared on behalf of the Federal Ministry of Transport and Digital Infrastructure (BMVI) by the blockchain laboratory of Fraunhofer FIT

Opportunities and Challenges of DLT (Blockchain) in Mobility and Logistics

This report presents the economic potential, legal framework, and technical foundations required to understand distributed ledger (DL) / blockchain technology and llustrates the opportunities and challenges they present, especially in the mobility and logistics sectors. It was compiled by the blockchain laboratory at Fraunhofer FIT on behalf of the German Federal Ministry of Transport and Digital Infrastructure (BMVI). Its intended audience comprises young companies seeking, for example, a legal assessment of data protection issues related to DL and blockchain technologies, decisionmakers in the private sector wishing concrete examples to help them understand how this technology can impact existing and emerging markets and which measures might be sensible from a business perspective, public policymakers and politicians wishing to familiarize themselves with this topic in order to take a position, particularly in the mobility and logistics sectors, and members of the general public interested in the technology and its potential. The report does not specifically address those with a purely academic or scientific interest in these topics, although parts of it definitely reflect the current state of academic discussion

NFATc1 affects mouse splenic B cell function by controlling the calcineurin–NFAT signaling network

Mouse B cells lacking NFATc1 exhibit defective proliferation, survival, isotype class switching, cytokine production, and T cell help