Bankers and the Performance of German Firms

In this paper we analyze the impact of banks on German non-financial companies through ownership stakes and board representation. We find that the correlation between firm value and bank representation is negative and highly significant. By exploring the time series dimension of our dataset, we show that bank presence causes lower performance while there is no evidence of causality in the opposite direction. Our results suggest that bankers are attracted to the boards of those companies where they can extract larger benefits of control: Banks are systematically more represented on the boards of companies that are larger, have more intangible assets and offer higher board remuneration. There is little evidence that banks facilitate lending or monitor existing debt contracts. Whereas block ownership by non-banks is associated with better performance, there is no such relationship for banks.

Bankers and the performance of German firms

We analyze the role of bankers on the boards of German non-financial companies for the period from 1994 to 2005. We find that banks that are represented on a firm’s board promote their own business as lenders and as M&A advisors. They also seem to act as financial experts who help firms to obtain funding, especially in difficult times. We find little evidence that bankers monitor management and suggest that bankers on the board cause a decline in the valuations of non-financial firms. Banks’ equity ownership declined sharply during our sample period and the German financial system lost some of its formerly distinctive features

Mapping climatic risks in the EU agriculture

Replaced with revised version of paper 11/18/08.Agrometeorological models, climatic risk, European Union, Vegetation indices, Environmental Economics and Policy, Risk and Uncertainty,

Agricultural risk management in Europe

Replaced with revised version of paper 11/18/08Risk management policy, agricultural insurance, calamity funds, ad-hoc aids, natural disaster, Production Economics, Risk and Uncertainty,

Influence of functional rider and horse asymmetries on saddle force distribution during stance and in sitting trot

Asymmetric forces exerted on the horse's back during riding are assumed to have a negative effect on rider–horse interaction, athletic performance, and health of the horse. Visualized on a saddle pressure mat, they are initially blamed on a nonfitting saddle. The contribution of horse and rider to an asymmetric loading pattern, however, is not well understood. The aim of this study was to investigate the effects of horse and rider asymmetries during stance and in sitting trot on the force distribution on the horse's back using a saddle pressure mat and motion capture analysis simultaneously. Data of 80 horse-rider pairs (HRP) were collected and analyzed using linear (mixed) models to determine the influence of rider and horse variables on asymmetric force distribution. Results showed high variation between HRP. Both rider and horse variables revealed significant relationships to asymmetric saddle force distribution (P < .001). During sitting trot, the collapse of the rider in one hip increased the force on the contralateral side, and the tilt of the rider's upper body to one side led to more force on the same side of the pressure mat. Analyzing different subsets of data revealed that rider posture as well as horse movements and conformation can cause an asymmetric force distribution. Because neither horse nor rider movement can be assessed independently during riding, the interpretation of an asymmetric force distribution on the saddle pressure mat remains challenging, and all contributing factors (horse, rider, saddle) need to be considered

Agricultural Insurance Schemes

Agricultural producers face a series of risks affecting the income and welfare of their households. These are mainly production risks related to weather conditions, pests and diseases, market conditions, liberalization policies, climate change, etc. In recent years the European Union has been considering a possible integration of risk management in the common agricultural policy and is analysing risk and crisis management strategies to provide an improved response to crises in the agricultural sector. This report reviews the agricultural risk management systems in the EU-27 (candidate countries Turkey and Croatia are also analysed) with a special focus on types of agricultural insurance. The study contains a collection of data on the realities and modalities of agricultural insurance in Europe. This information mainly comes from fact sheets filled in by experts or consultants from the different European countries and data from the European Committee of Insurers (CEA). Many of these data were unpublished because there is no obligation for the insurance companies to report to the EU institutions. The report quantifies and maps different types of risks, from climatic risks to yield and revenue risks. The role of Governments in helping farmers to face disasters is analyzed for every country: providing aid ex-post and offering or subsidizing insurances. The Member States definitions of crisis and disaster when authorising state aids are described and contrasted with the EU and international legislation. Aid is sometimes given on an ad-hoc basis through compensation schemes, or funds partially financed by the agricultural sector (on a voluntary or compulsory basis). Mutual funds, calamity funds and ad-hoc payments existing in European countries are summarised. The levels of ad-hoc payments per country are compared. Agricultural insurances are fostered in a number of countries. The different types of agricultural insurance systems and key figures in each country are analysed. Some technicalities are described, such as reinsurance, triggers and deductibles. The relationship between Government involvement and insurance development is highlighted. Usually private companies insure only hail and fire, and the government subsidies and public reinsurance are needed to make possible the insurance of agricultural systemic risks. One conclusion is that the risk management tools available in the Member States (MS) could be further developed. Conditions for a feasible EU-wide insurance scheme have been analysed. The possible amount of costs of an EU-supported insurance system has been roughly quantified for a few hypothetical scenarios. However, given the heterogeneous situation in the MS, the interest of a harmonised EU-wide system of agricultural insurances is debatable.JRC.G.3-Agricultur

The Bead Assay for Biofilms: A Quick, Easy and Robust Method for Testing Disinfectants

Bacteria live primarily in microbial communities (biofilms), where they exhibit considerably higher biocide tolerance than their planktonic counterparts. Current standardized efficacy testing protocols of disinfectants, however, employ predominantly planktonic bacteria. In order to test the efficacy of biocides on biofilms in a standardized manner, a new assay was developed and optimized for easy-handling, quickness, low running costs, and above all—repeatability. In this assay, 5 mm glass- or polytetrafluoroethylene beads in 24 well microtiter plates served as substrate for Pseudomonas aeruginosa biofilms. After optimizing result-relevant steps, the actual performance of the assay was explored by treating P. aeruginosa biofilms with glutaraldehyde, isopropanol, or peracetic acid in predefined concentrations. The aspired 5 log10 reduction in CFU counts was achieved by glutaraldehyde at 5% (30 min), and by peracetic acid at 0.3% (10 min). In contrast, 80% isopropanol (30 min) failed to meet the reduction goal. However, the main accomplishment of this study was to unveil the potential of the array itself; most noteworthy here, a reliable repeatability of the results. The new bead assay for biofilms is a robust, quick and cost-effective method for assessing the efficacy of biocides against biofilms

Mobile 3D sensor for documenting maintenance processes of large complex structures

With the new handheld goSCOUT3D sensor system, the entire surface of complex industrial machinery spanning several meters can be captured three-dimensionally within a matter of minutes. In addition, a comprehensive photo collection is registered and precisely assigned to the corresponding 3D object points in one hybrid 2D/3D model. At the basis of the robust 3D digitization are the measuring principles of photogrammetric reconstruction using a high-resolution color camera and simultaneous localization and imaging using a tracking unit. Following image acquisition, the process leading to generation of the complete hybrid model is fully automated. Under continuous movement of the sensor head, up to six images per second and a total of up to several thousand images can be recorded. Those images are then aligned in 3D space and used to reconstruct the 3D model. Results regarding accuracy measurements are presented as well as application examples of digitized technical machinery under maintenance and inspection