The complex relationship of concentrated ownership structures and corporate governance

Concentrated ownership is perceived as an inefficient form of ownership because it allegedly increases the risk of minority expropriation, which is further exacerbated by the disproportionality of control and cash-flow rights of the controller. This thesis challenges the perception of concentration as a per se inefficient ownership structure. It argues that the 'inefficiency bias' is based on the oversimplified, incorrect assumption that concentration is characterised by the presence of one controlling shareholder and therefore disregards the variety of the forms of concentration. To substantiate this argument, this thesis categorises the forms of concentration based on the identity and number of the controllers and examines their impact on corporate governance. It is shown, that the distinct characteristics of the varieties of shareholders' profiles have an ambivalent impact on corporate governance: Families are strongly committed investors but also prone to extract private benefits of control; the state is inefficient in monitoring but can also be a driver of good corporate governance practices; multiple large shareholders improve internal contestability of control but shareholders' agreements can also be used for minority expropriation. In this context, the effectiveness of the legal framework to mitigate the arising corporate governance problems becomes the key factor which differentiates efficient from inefficient corporate ownership structures. The different corporate governance problems of concentration imply that adapted legal solutions and adequately flexible rules are the prerequisites of effective investor protection. Given the varieties of concentration, legal effectiveness and strong investor protection can therefore only be defined by reference to a given ownership structure. This thesis presents concrete examples of investor protection mechanisms which are adapted to the distinct characteristics of the varieties of concentration: In the case of family and state ownership, effective minority protection takes the form of special minority rights of board-representation; within multiple large blockholdings, shareholders' agreements limit the abuse of the governance rights of majority shareholders. Ultimately, the thesis deals with the implications of this complex interaction between ownership structures and corporate governance which compromise the reliability of indices as a metric of the quality of corporate governance, to the extent that the applied methodology fails to encompass the differences in shareholders' profiles and that a functional approach to the substantive legal analysis preceding the compilation of an index is not adopted

Carbon Fiber Reinforced Plastics in Space: Life Cycle Assessment towards Improved Sustainability of Space Vehicles

Composite materials, specifically carbon fiber reinforced plastics (CFRPs), are used in various applications such as the automotive, aerospace, and renewable energy industries, thus increasing their global production and volume consumption and creating a subsequent increase in CFRP waste. Especially in space applications and Vega launcher construction, the use of CFRP components to replace metal envisages significant benefits in the use phase by reducing weight and fuel consumption requirements. The current and future waste management and environmental legislation, considering the actual and impending EU framework on waste management, requires all engineering materials to be properly recovered and recycled from EoL products. In this study, the potential of recycling and the subsequent environmental benefits have been assessed by investigating the EoL of CFRPs through a life cycle assessment (LCA). LCA is a valuable tool for evaluating a composite material’s environmental ecological burdens over its lifetime. Therefore, it is important to the composites industry as a material selection tool when determining the applicability of recycled composites in the design phase. Particularly, the benefits from recycling methods were systematically studied in order to assess the environmental impacts of EoL scenarios, to underline the importance and necessity for the maturity increase in recycling technologies for CFRPs

Carbon Fiber Reinforced Plastics in Space: Life Cycle Assessment towards Improved Sustainability of Space Vehicles

Composite materials, specifically carbon fiber reinforced plastics (CFRPs), are used in various applications such as the automotive, aerospace, and renewable energy industries, thus increasing their global production and volume consumption and creating a subsequent increase in CFRP waste. Especially in space applications and Vega launcher construction, the use of CFRP components to replace metal envisages significant benefits in the use phase by reducing weight and fuel consumption requirements. The current and future waste management and environmental legislation, considering the actual and impending EU framework on waste management, requires all engineering materials to be properly recovered and recycled from EoL products. In this study, the potential of recycling and the subsequent environmental benefits have been assessed by investigating the EoL of CFRPs through a life cycle assessment (LCA). LCA is a valuable tool for evaluating a composite material’s environmental ecological burdens over its lifetime. Therefore, it is important to the composites industry as a material selection tool when determining the applicability of recycled composites in the design phase. Particularly, the benefits from recycling methods were systematically studied in order to assess the environmental impacts of EoL scenarios, to underline the importance and necessity for the maturity increase in recycling technologies for CFRPs

Τhe strategic role of Life Cycle Assessment in the problem of material criticality and in development of Chromium-free substitute for stainless steel

Sustainable and on-going technological developments in the field of materials require the establishment of methods and tools for assessing, comparing environmental impacts and providing solutions to the problem of “resource criticality” by identifying a policy of an economic and ecological plan. Therefore, there is a clear need for prevention and provision of additional knowledge beyond the defined protocols to achieve the reduction of impacts. For this reason, Life Cycle Assessment (LCA) has been developed as a scientific technique that systematically assesses and evaluates the environmental impacts associated with all stages of a product's life. In this work, LCA was applied in a part of a highly innovative process of production of advanced Iron-Aluminum (Fe-Al) based intermetallics. LCA role is particularly crucial, since the produced intermetallics are bound to substitute stainless steel, in specific applications, providing solution in the problem of Cr and Ni; as a result, the environmental burdens and impacts, as well as application of alternative solutions to minimize them, will decide if such an innovative, from the technical point of view, approach is also applicable/sustainable in large scale

Immunological and Structural Characterization of Titin Main Immunogenic Region; I110 Domain Is the Target of Titin Antibodies in Myasthenia Gravis

Myasthenia gravis (MG) is an autoimmune disease caused by antibodies targeting the neuromuscular junction (NJ) of skeletal muscles. The major MG autoantigen is nicotinic acetylcholine receptor. Other autoantigens at the NJ include MuSK, LRP4 and agrin. Autoantibodies to the intra-sarcomeric striated muscle-specific gigantic protein titin, although not directed to the NJ, are invaluable biomarkers for thymoma and MG disease severity. Thymus and thymoma are critical in MG mechanisms and management. Titin autoantibodies bind to a 30 KDa titin segment, the main immunogenic region (MIR), consisting of an Ig-FnIII-FnIII 3-domain tandem, termed I109-I111. In this work, we further resolved the localization of titin epitope(s) to facilitate the development of more specific anti-titin diagnostics. For this, we expressed protein samples corresponding to 8 MIR and non-MIR titin fragments and tested 77 anti-titin sera for antibody binding using ELISA, competition experiments and Western blots. All anti-MIR antibodies were bound exclusively to the central MIR domain, I110, and to its containing titin segments. Most antibodies were bound also to SDS-denatured I110 on Western blots, suggesting that their epitope(s) are non-conformational. No significant difference was observed between thymoma and non-thymoma patients or between early- and late-onset MG. In addition, atomic 3D-structures of the MIR and its subcomponents were elucidated using X-ray crystallography. These immunological and structural data will allow further studies into the atomic determinants underlying titin-based autoimmunity, improved diagnostics and how to eventually treat titin autoimmunity associated co-morbidities

Immunological and Structural Characterization of Titin Main Immunogenic Region; I110 Domain Is the Target of Titin Antibodies in Myasthenia Gravis

Myasthenia gravis (MG) is an autoimmune disease caused by antibodies targeting the neuromuscular junction (NJ) of skeletal muscles. The major MG autoantigen is nicotinic acetylcholine receptor. Other autoantigens at the NJ include MuSK, LRP4 and agrin. Autoantibodies to the intra-sarcomeric striated muscle-specific gigantic protein titin, although not directed to the NJ, are invaluable biomarkers for thymoma and MG disease severity. Thymus and thymoma are critical in MG mechanisms and management. Titin autoantibodies bind to a 30 KDa titin segment, the main immunogenic region (MIR), consisting of an Ig-FnIII-FnIII 3-domain tandem, termed I109–I111. In this work, we further resolved the localization of titin epitope(s) to facilitate the development of more specific anti-titin diagnostics. For this, we expressed protein samples corresponding to 8 MIR and non-MIR titin fragments and tested 77 anti-titin sera for antibody binding using ELISA, competition experiments and Western blots. All anti-MIR antibodies were bound exclusively to the central MIR domain, I110, and to its containing titin segments. Most antibodies were bound also to SDS-denatured I110 on Western blots, suggesting that their epitope(s) are non-conformational. No significant difference was observed between thymoma and non-thymoma patients or between early- and late-onset MG. In addition, atomic 3D-structures of the MIR and its subcomponents were elucidated using X-ray crystallography. These immunological and structural data will allow further studies into the atomic determinants underlying titin-based autoimmunity, improved diagnostics and how to eventually treat titin autoimmunity associated co-morbidities

Kaon beam simulations employing conventional hadron beam concepts and the RF separation technique at the CERN M2 beamline for the future AMBER experiment

The future AMBER experiment aims to measure the inner structure and the excitation spectra of kaons with a high intensity kaon beam at the CERN secondary beam line M2. One way to identify the small fraction of kaons in the available beam is tagging with the help of differential Cherenkov detectors (CEDARs), whose detection efficiency depends critically on the beam parallelism. In the framework of the Conventional Beams Working Group of the Physics Beyond Colliders Initiative at CERN, several possible improvements of the conventional beam optics have been studied, trying to achieve a better parallelism, investigating especially the reduction of multiple scattering. Additionally, with the aim of increasing the Kaon purity of the beam, a Radio-Frequency separation technique has been also studied. This method exploits the differences in velocity due to the particle mass in the beam, kicking out unwanted particles with the help of two RF cavities. The limitations posed by the beam line for intensity and purity will be presented along with preliminary results of the potential purity and intensity reach of the RF-separated beam. Finally, the RF-separated beam is compared with the conventional hadron beam in terms of potential physics reach

Opportunistic screening for hypertension in the general population in Greece: International Society of Hypertension May Measurement Month 2019

Hypertension remains a major public health issue with inadequate control worldwide. The May Measurement Month (MMM) initiative by the International Society of Hypertension was implemented in Greece in 2019 aiming to raise hypertension awareness and control. Adult volunteers (>= 18years) were recruited through opportunistic screening in five urban areas. Information on medical history and triplicate sitting blood pressure (BP) measurements were obtained using validated automated upper-arm devices. Hypertension was defined as systolic BP >= 140mmHg and/or diastolic >= 90mmHg, and/or self-reported use of drugs for hypertension. A total of 5727 were analysed [mean age 52.7 (SD 16.6) years, men 46.5%, 88.3% had BP measurement in the last 18months]. The prevalence of hypertension was (41.6%) and was higher in men and in older individuals. Among individuals with hypertension, 78.7% were diagnosed, 73.1% treated, and 48.3% controlled. Awareness, treatment, and control of hypertension were higher in women and in older individuals. Hypertensives had a higher body mass index (BMI) and were more likely to have diabetes, myocardial infarction and stroke, and less likely to smoke than normotensives (all P<0.001). Among treated hypertensives, 65.1% were on monotherapy, and with increasing number of antihypertensive drugs the BP levels were higher and hypertension control rates lower. The prevalence of hypertension in Greece is high, with considerable potential for improving awareness, treatment, and control. Screening programmes, such as MMM, need to be widely implemented at the population level, together with training programmes for healthcare professionals aiming to optimise management and control