Corporate Governance and Acquisitions: Acquirer Wealth Effects in the Netherlands

We examine 865 acquisitions by Dutch industrial firms over the period 1993–2004. Theoretical work based on principal–agent problems predicts that managers of exchange-listed corporations may pursue acquisitions even when these do not add value for the shareholders. Corporate governance structures serve to constrain managers in their acquisition activity. In this chapter we measure the shareholder wealth effects of acquisitions and the factors that determine these wealth effects, including the governance characteristics of corporations. Firms in the Netherlands are interesting from the perspective of corporate governance, because the managerial board has a relatively strong position vis-à-vis shareholders. Several takeover defenses commonly used in the Netherlands not only limit shareholder influence during takeover battles, but also in absence of such fights. On the other hand, ownership is relatively concentrated, which may provide shareholders with the incentives and power to monitor the management. The average abnormal stock return following acquisition announcements is 1.1%, which is a significant positive effect. There is only a significant negative impact of the so-called structured regime, a situation where several shareholder rights are delegated to the supervisory board. This result suggests that governance improves acquisition decisions.The Netherlands;Corporate governance;Event study;Mergers & acquisitions

Emerging Hepatitis E viruses from swine in Europe

Hepatitis E virus (HEV) is endemic in much of the developing world. Infections in humans can resulte of acute hepatitis and especially in pregnant women the infection may cause serious complications. The most important route of transmission is faecal-orally, and HEV disease outbreaks are often associated with contaminated drinking water or poor hygienic conditions

The effects of dietary fibre type on satiety-related hormones and voluntary food intake in dogs

Depending on type and inclusion level, dietary fibre may increase and maintain satiety and postpone the onset of hunger. This 7-week study evaluated the effect of fibre fermentability on physiological satiety-related metabolites and voluntary food intake (VFI) in dogs. Sixteen healthy adult dogs were fed a low-fermentable fibre (LFF) diet containing 8·5 % cellulose or a high-fermentable fibre (HFF) diet containing 8·5 % sugarbeet pulp and 2 % inulin. Large intestinal fibre degradation was evaluated by apparent faecal digestibility of nutrients and faecal SCFA and NH3 concentrations. Postprandial blood samples were obtained to determine postprandial plasma glucose, insulin, total peptide tyrosine–tyrosine (PYY), total glucagon-like peptide-1 (GLP-1) and total ghrelin concentrations. At the end of the study, the dogs were given a single meal of a dry dog food to determine VFI. Dogs fed the HFF diet had a significantly higher large intestinal fibre degradation and production of SCFA compared with the dogs fed the LFF diet. The HFF-fed dogs tended (P = 0·058) to show a lower VFI at the end of the study. No treatment effects were found for postprandial plasma glucose, PYY, GLP-1 and ghrelin responses. The concentrations of these metabolites could not be related to the observed difference in VFI. The inclusion of fermentable fibre in canine diets may contribute to the prevention or mitigation of obesity through its effects on satiety. The underlying mechanisms require further investigatio

Visible diode lasers can be used for flow cytometric immunofluorescence and DNA analysis

This report describes a feasibility study concerning the use of a visible diode laser for two important fluorescence applications in a flow cytometer. With a 3 mW 635 nm. diode laser, we performed immunofluorescence measurements using the fluorophore allophycocyanin (APC). We have measured CD8 positive lymphocytes with a two-step labeling procedure and the resulting histograms showed good separation between the negative cells and the dim and the bright fluorescent subpopulations. As a second fluorescence application, we chose DNA analysis with the recently developed DNA/ RNA stains TOTO-3 and TO-PRO-3. In our setup TO-PRO-3 yielded the best results with a CV of 3.4%. Our results indicate that a few milliwatts of 635 nm light from a visible diode laser is sufficient to do single color immunofluorescence measurements with allophycocyanin and DNA analysis with TO-PRO-3. The major advantages of using a diode laser in a flow cytometer are the small size, the low price, the high efficiency, and the long lifetime

HEV inactivation assessment using viable virus

Hepatitis E is an acute icteric hepatitis caused by hepatitis E virus (HEV). HEV is transmitted by water supplies in developing countries. Recently, HEV contamination in consumption water was also observed in a developed country (France). HEV is detected in pigs and several other animal species (e.g. wild boars and deer) and it is strongly suspected to be zoonotic, HEV has also been detected in the pork production chain: in a study conducted in a grocery in the USA 11% of livers tested were HEV positive and similar data have been observed in Europe also

Corporate Governance and Acquisitions: Acquirer Wealth Effects in the Netherlands

We examine 865 acquisitions by Dutch industrial firms over the period 1993–2004. Theoretical work based on principal–agent problems predicts that managers of exchange-listed corporations may pursue ac

Size reduction in feed technology and methods for determining, expressing and predicting particle size: A review

Particle size of diets or ingredients plays an important role in pig growth and gut health. The way the size of particles is measured and expressed, however, is limited in explaining pig growth performance differences. This review explores new possibilities to determine, express and predict particle size. Different grinding methods, including the use of roller mills, hammer mills, multicracker and multi-stage grinding were reviewed. Roller milling tends to produce a more uniform particle size distribution (PSD) and consumes less energy, whilst hammer mills have a greater grinding capacity and a higher reduction ratio compared to roller mill. The multicracker system, a more recently developed technology, can be considered cost-effective and ensures grinding capacity. Since the effects of different grinding methods vary, multi-stage grinding, combining different grinding methods, might be a solution to obtain a defined PSD. Particle size determination techniques, including dry/wet sieving, laser diffraction, microscopy, and static/dynamic image analysis are described and compared. It is concluded that more characteristics of particles (e.g. shape, volume or surface area) should be investigated. Besides geometric mean diameter (GMD), particle size can also be expressed with parameters such as D50, D4,3 and span of PSD. Equivalent particle size (EPS) is introduced as a mean of describing the size of particles related to a functional trait of the particles. A meta-analysis was performed by collecting particle size and pig performance data from scientific studies examining the effect of recalculated EPS on pig performance (feed conversion ratio, FCR). Regression/linear modelling shows that recalculated EPS was not better than GMD in explaining pig performance differences due to the high variation among studies. Different expressions of PSD may result in different conclusions. An introduction of describing the breaking behavior of diet ingredients via mathematical models is provided. The development in breakage functions of wheat in roller milling in food preparations indicates that breakage functions are applicable in predicting the output PSD. Functions may also be extended to diet ingredients to be ground in animal feed manufacture. In feed manufacturing diagrams, particle size reduction for downstream processes (e.g. pelleting, extruding, expander processing) should be taken into account when the relationship between pig performance and particle size of diets is investigated. In conclusion, the determination, expression and prediction of particle size can be a new direction for controlling the grinding process in the feed mill to better explain its relationship with pig performance.</p