Das Wertpapiererwerbs- und Übernahmegesetz

Das Wertpapiererwerbs- und Übernahmegesetz (WpÜG) schafft für deutsche Zielgesellschaften einen neuen organisierten Markt für die Konzentration von Streubesitz. Der Beitrag analysiert den Regulierungsbedarf aus ökonomischer Sicht, er präsentiert und erläutert die ausgeklügelten Vorschriften für diesen Markt und wirft schließlich eine Reihe ungeklärter Fragen auf. --Agency-Theorie,Anlegerschutz,Pflichtangebot,Übernahmeangebot,Übernahmen,Wertpapiererwerbs- und Übernahmegesetz (WpÜG)

Investing in times of inflation fears: Diversification properties of investments in liquid real assets

The financial crisis and the rescue measures taken by governments and central banks increased investors' interest in liquidity and in real assets supposed to offer a hedge against inflation. Against this background, we investigate empirically four real assets (real estate, commodities, infrastructure, and shipping) for which there are investment instruments available which trade in liquid markets. Our empirical study using data from 1999 to 2009 yields several results: First, in most cases, the addition of real assets improved portfolio performance (measured with Sharpe ratio, Sortino ratio, Omega ratio, and Modified Sharpe ratio) in comparison with a base portfolio consisting only of standard stocks and bonds. Among the four real assets, infrastructure and shipping clearly outperformed commodities and real estate. Second, the time frame chosen for the analysis matters very much. This is bad news for investors because there is no such thing as the single 'true' time frame for this purpose. Due to our analytical approach, we regard our conclusions, in spite of their general time dependence, as rather solid. Third, despite great conceptual differences, our four performance measures lead to the same conclusions. This result is interesting for investors beyond our specific setting because the selection of a specific performance measure from the vast supply of such measures does not seem to matter much. --diversification,inflation,portfolio choice,investments in real assets

Informationseffizienz von Handelsplattformen für Schiffsfonds

Geschlossene Fonds sind heutzutage ein wichtiger Bestandteil des Kapitalmarktes. Mehr und mehr haben sich für solche Fonds Handelsplattformen, sog. Zweitmärkte, herausgebildet, auf denen diese Beteiligung nach Erwerb gehandelt werden können. In diesem Artikel wird der marktmikrostrukturtheoretischen Frage nachgegangen, ob die Abschlüsse für Schiffsfonds auf solchen Plattformen informationseffizient sind. Es zeigt sich, dass die Abschlusskurse stark von theoretischen Wertdeterminanten wie beispielsweise dem Charterratenniveau abhängen. Somit kann man die Hypothese, dass informationseffiziente Abschlüsse auf solchen Plattformen zustande kommen, nicht abgelehnt werden. --Martkeffizienz,Informationseffizienz,geschlossene Fonds,Wertdeterminanten

Die Konstruktion einer marktbasierten Benchmark für Beteiligungstitel in Schiffsinvestitionen

Schiffsinvestitionen haben in Deutschland eine lange Tradition und stellen für private Anleger — meist über geschlossene Fonds — und zunehmend auch für institutionelle Anleger eine bedeutende Form der Kapitalanlage dar. Trotz ihrer schon lange anhaltenden Beliebtheit und des hohen Anlagevolumens gibt es keine belastbaren Daten über die Ertrags- und Risikoeigenschaften von Beteiligungstiteln in Schiffsinvestitionen. In diesem Aufsatz wird ein Indexkonzept als Benchmark für solche Beteiligungstitel entwickelt. Es ermöglicht das Berechnen langer (Start 1997), repräsentativer, marktbasierter Index- und damit auch Renditezeitreihen für Schiffsinvestitionen. Die Frequenz ist mit monatlichen Daten ausreichend hoch für statistische Auswertungen. Das Indexkonzept verbessert die Transparenz des gesamten Schifffahrtssegments ganz erheblich. Über das Segment hinaus erlauben die Indizes die Einbindung von Schiffsinvestitionen in quantitative Gesamtportfolioüberlegungen. Die ersten Berechnungen haben eher exemplarischen Charakter. Sie geben Anhaltspunkte hinsichtlich der Ertrags-Risiko-Kombinationen und der Diversifikationseigenschaften von Schiffsinvestitionen sowie der Verteilungseigenschaften der Indexzeitreihen.Investments in shipping have a long tradition in Germany. They are a significant form of investment for private investors - mainly through KG funds - and became increasingly relevant for institutional investors. Despite its long term lasting popularity and the high investment volume there are no relevant data available regarding risk and return of participations in shipping investments. This article develops an index concept as a benchmark for such participations. It enables the calculation of long term (since 1997), representative, market based index time series and with it also return time series for shipping investments. With the availability of monthly data the frequency is high enough for statistical evaluations. The index concept improves the transparency of the whole shipping segment considerably. Furthermore the indexes allow the integration of shipping investments in quantitative portfolio considerations. The first calculations in this article can be seen as exemplary. They provide clues regarding risk return combinations and with respect to diversification properties of shipping investments as well as characteristics about index times series distributions

Die Konstruktion einer marktbasierten Benchmark für Beteiligungstitel in Schiffsinvestitionen

Schiffsinvestitionen haben in Deutschland eine lange Tradition und stellen für private Anleger — meist über geschlossene Fonds — und zunehmend auch für institutionelle Anleger eine bedeutende Form der Kapitalanlage dar. Trotz ihrer schon lange anhaltenden Beliebtheit und des hohen Anlagevolumens gibt es keine belastbaren Daten über die Ertrags- und Risikoeigenschaften von Beteiligungstiteln in Schiffsinvestitionen. In diesem Aufsatz wird ein Indexkonzept als Benchmark für solche Beteiligungstitel entwickelt. Es ermöglicht das Berechnen langer (Start 1997), repräsentativer, marktbasierter Index- und damit auch Renditezeitreihen für Schiffsinvestitionen. Die Frequenz ist mit monatlichen Daten ausreichend hoch für statistische Auswertungen. Das Indexkonzept verbessert die Transparenz des gesamten Schifffahrtssegments ganz erheblich. Über das Segment hinaus erlauben die Indizes die Einbindung von Schiffsinvestitionen in quantitative Gesamtportfolioüberlegungen. Die ersten Berechnungen haben eher exemplarischen Charakter. Sie geben Anhaltspunkte hinsichtlich der Ertrags-Risiko-Kombinationen und der Diversifikationseigenschaften von Schiffsinvestitionen sowie der Verteilungseigenschaften der Indexzeitreihen. -- Investments in shipping have a long tradition in Germany. They are a significant form of investment for private investors - mainly through KG funds - and became increasingly relevant for institutional investors. Despite its long term lasting popularity and the high investment volume there are no relevant data available regarding risk and return of participations in shipping investments. This article develops an index concept as a benchmark for such participations. It enables the calculation of long term (since 1997), representative, market based index time series and with it also return time series for shipping investments. With the availability of monthly data the frequency is high enough for statistical evaluations. The index concept improves the transparency of the whole shipping segment considerably. Furthermore the indexes allow the integration of shipping investments in quantitative portfolio considerations. The first calculations in this article can be seen as exemplary. They provide clues regarding risk return combinations and with respect to diversification properties of shipping investments as well as characteristics about index times series distributions.investments in shipping,losed funds in shipping (KG funds),total return index,Schiffsinvestitionen,geschlossene Schiffsfonds,Performanceindex

Targeted deep sequencing of mucinous ovarian tumors reveals multiple overlapping RAS-pathway activating mutations in borderline and cancerous neoplasms

Background: Mucinous ovarian tumors represent a distinct histotype of epithelial ovarian cancer. The rarest (2-4 % of ovarian carcinomas) of the five major histotypes, their genomic landscape remains poorly described. We undertook hotspot sequencing of 50 genes commonly mutated in human cancer across 69 mucinous ovarian tumors. Our goals were to establish the overall frequency of cancer-hotspot mutations across a large cohort, especially those tumors previously thought to be “RAS-pathway alteration negative”, using highly-sensitive next-generation sequencing as well as further explore a small number of cases with apparent heterogeneity in RAS-pathway activating alterations. Methods: Using the Ion Torrent PGM platform, we performed next generation sequencing analysis using the v2 Cancer Hotspot Panel. Regions of disparate ERBB2-amplification status were sequenced independently for two mucinous carcinoma (MC) cases, previously established as showing ERBB2 amplification/overexpression heterogeneity, to assess the hypothesis of subclonal populations containing either KRAS mutation or ERBB2 amplification independently or simultaneously. Results: We detected mutations in KRAS, TP53, CDKN2A, PIK3CA, PTEN, BRAF, FGFR2, STK11, CTNNB1, SRC, SMAD4, GNA11 and ERBB2. KRAS mutations remain the most frequently observed alteration among MC (64.9 %) and mucinous borderline tumors (MBOT) (92.3 %). TP53 mutation occurred more frequently in carcinomas than borderline tumors (56.8 % and 11.5 %, respectively), and combined IHC and mutation data suggest alterations occur in approximately 68 % of MC and as many as 20 % of MBOT. Proven and potential RAS-pathway activating changes were observed in all but one MC. Concurrent ERBB2 amplification and KRAS mutation were observed in a substantial number of cases (7/63 total), as was co-occurrence of KRAS and BRAF mutations (one case). Microdissection of ERBB2-amplified regions of tumors harboring KRAS mutation suggests these alterations are occurring in the same cell populations, while consistency of KRAS allelic frequency in both ERBB2 amplified and non-amplified regions suggests this mutation occurred in advance of the amplification event. Conclusions: Overall, the prevalence of RAS-alteration and striking co-occurrence of pathway “double-hits” supports a critical role for tumor progression in this ovarian malignancy. Given the spectrum of RAS-activating mutations, it is clear that targeting this pathway may be a viable therapeutic option for patients with recurrent or advanced stage mucinous ovarian carcinoma, however caution should be exercised in selecting one or more personalized therapeutics given the frequency of non-redundant RAS-activating alterations

A combinatorial TIR1/AFB–Aux/IAA co-receptor system for differential sensing of auxin

The plant hormone auxin regulates virtually every aspect of plant growth and development. Auxin acts by binding the F-box protein transport inhibitor response 1 (TIR1) and promotes the degradation of the AUXIN/INDOLE-3-ACETIC ACID (Aux/IAA) transcriptional repressors. Here we show that efficient auxin binding requires assembly of an auxin co-receptor complex consisting of TIR1 and an Aux/IAA protein. Heterologous experiments in yeast and quantitative IAA binding assays using purified proteins showed that different combinations of TIR1 and Aux/IAA proteins form co-receptor complexes with a wide range of auxin-binding affinities. Auxin affinity seems to be largely determined by the Aux/IAA. As there are 6 TIR1/AUXIN SIGNALING F-BOX proteins (AFBs) and 29 Aux/IAA proteins in Arabidopsis thaliana, combinatorial interactions may result in many co-receptors with distinct auxin-sensing properties. We also demonstrate that the AFB5–Aux/IAA co-receptor selectively binds the auxinic herbicide picloram. This co-receptor system broadens the effective concentration range of the hormone and may contribute to the complexity of auxin response

Selective auxin agonists induce specific AUX/IAA protein degradation to modulate plant development.

Auxin phytohormones control most aspects of plant development through a complex and interconnected signaling network. In the presence of auxin, AUXIN/INDOLE-3-ACETIC ACID (AUX/IAA) transcriptional repressors are targeted for degradation by the SKP1-CULLIN1-F-BOX (SCF) ubiquitin-protein ligases containing TRANSPORT INHIBITOR RESISTANT 1/AUXIN SIGNALING F-BOX (TIR1/AFB). CULLIN1-neddylation is required for SCFTIR1/AFB functionality, as exemplified by mutants deficient in the NEDD8-activating enzyme subunit AUXIN-RESISTANT 1 (AXR1). Here, we report a chemical biology screen that identifies small molecules requiring AXR1 to modulate plant development. We selected four molecules of interest, RubNeddin 1 to 4 (RN1 to -4), among which RN3 and RN4 trigger selective auxin responses at transcriptional, biochemical, and morphological levels. This selective activity is explained by their ability to consistently promote the interaction between TIR1 and a specific subset of AUX/IAA proteins, stimulating the degradation of particular AUX/IAA combinations. Finally, we performed a genetic screen using RN4, the RN with the greatest potential for dissecting auxin perception, which revealed that the chromatin remodeling ATPase BRAHMA is implicated in auxin-mediated apical hook development. These results demonstrate the power of selective auxin agonists to dissect auxin perception for plant developmental functions, as well as offering opportunities to discover new molecular players involved in auxin responses

International Consensus Based Review and Recommendations for Minimum Reporting Standards in Research on Transcutaneous Vagus Nerve Stimulation (Version 2020)

Given its non-invasive nature, there is increasing interest in the use of transcutaneous vagus nerve stimulation (tVNS) across basic, translational and clinical research. Contemporaneously, tVNS can be achieved by stimulating either the auricular branch or the cervical bundle of the vagus nerve, referred to as transcutaneous auricular vagus nerve stimulation(VNS) and transcutaneous cervical VNS, respectively. In order to advance the field in a systematic manner, studies using these technologies need to adequately report sufficient methodological detail to enable comparison of results between studies, replication of studies, as well as enhancing study participant safety. We systematically reviewed the existing tVNS literature to evaluate current reporting practices. Based on this review, and consensus among participating authors, we propose a set of minimal reporting items to guide future tVNS studies. The suggested items address specific technical aspects of the device and stimulation parameters. We also cover general recommendations including inclusion and exclusion criteria for participants, outcome parameters and the detailed reporting of side effects. Furthermore, we review strategies used to identify the optimal stimulation parameters for a given research setting and summarize ongoing developments in animal research with potential implications for the application of tVNS in humans. Finally, we discuss the potential of tVNS in future research as well as the associated challenges across several disciplines in research and clinical practice

The CEP5 Peptide Promotes Abiotic Stress Tolerance, As Revealed by Quantitative Proteomics, and Attenuates the AUX/IAA Equilibrium in Arabidopsis.

Peptides derived from non-functional precursors play important roles in various developmental processes, but also in (a)biotic stress signaling. Our (phospho)proteome-wide analyses of C-TERMINALLY ENCODED PEPTIDE 5 (CEP5)-mediated changes revealed an impact on abiotic stress-related processes. Drought has a dramatic impact on plant growth, development and reproduction, and the plant hormone auxin plays a role in drought responses. Our genetic, physiological, biochemical, and pharmacological results demonstrated that CEP5-mediated signaling is relevant for osmotic and drought stress tolerance in Arabidopsis, and that CEP5 specifically counteracts auxin effects. Specifically, we found that CEP5 signaling stabilizes AUX/IAA transcriptional repressors, suggesting the existence of a novel peptide-dependent control mechanism that tunes auxin signaling. These observations align with the recently described role of AUX/IAAs in stress tolerance and provide a novel role for CEP5 in osmotic and drought stress tolerance