Welfare Sanctions and the Right to a Subsistence Minimum:a troubled marriage

Can welfare sanctions and the right to a subsistence minimum coexist? The present article sheds light on this question by examining recent developments in German social assistance law and placing them in the broader international legal context. In November 2019, the German Constitutional Court declared a large portion of the applicable regime unconstitutional because it violated the basic right to a guaranteed subsistence minimum. The first part of the article examines this German basic right and the way its normative requirements are applied by the Constitutional Court to welfare sanctions. Two important points of reference which are discussed relate to the effectiveness of the measures and the availability of sanction mitigation instruments that safeguard the constitutionally guaranteed subsistence minimum. The second part of the article carries out a similar examination into the international human right to social assistance and the respective case law of the international supervisory bodies. A comparative legal analysis is carried out in the third part, which highlights the similarities between the German and the international legal approach to minimum social protection and welfare sanctions. The article concludes with the observation that welfare sanctions and the right to a subsistence minimum can only coexist under the condition that states respect the absolute nature of minimum social protection and reconcile the adopted measures with the primary objective of social assistance: reintegration and social inclusion

The costs of shareholder activism : evidence from a sequential decision model

This paper provides benchmarks for monitoring costs and evaluates the net returns to shareholder activism. I model activism as a sequential decision process consisting of demand negotiations, board representation, and proxy contest and estimate the costs of each activism stage. A campaign ending in a proxy fight has average costs of $10.71 million. I find that the estimated monitoring costs reduce activist returns by more than two-thirds. The mean net activist return is close to zero but the top quartile of activists earns higher returns on their activist holdings than on their non-activist investments. The large-sample evidence presented in this paper aids in understanding the nature and evolution of activist engagements

Institutional trading and hedge fund activism

This paper investigates the role of institutional trading in the emergence of hedge fund activism—an important corporate governance mechanism. We demonstrate that institutional sales raise a firm’s probability of becoming an activist target. Furthermore, by exploiting the funding circumstances of individual institutions, we establish that such effects occur through a liquidity channel, i.e., the activist camouflages his purchases among other institutions’ liquidity sales. Additional evidence supports our conclusion. First, activist purchases closely track institutional sales at the daily frequency. Second, such synchronicity is stronger among targets with lower expected monitoring benefits, suggesting that gains from trading with other institutions supplement these benefits in the activist’s targeting decision. Finally, we find that institutional sales accelerate the timing of a campaign at firms already followed by activists rather than attract attention to unlikely targets. Taken together, our findings offer a novel empirical perspective on the liquidity theories of activism; while activists screen firms on the basis of fundamentals, they pick specific targets at a particular time by exploiting institutional liquidity shocks

Using Combined Metadata Sources to Visualize a Small Library (OBL's English Language Books)

Data from multiple knowledge organization systems are combined to provide a global overview of the content holdings of a small personal library. Subject headings and classification data are used to effectively map the combined book and topic space of the library. While harvested and manipulated by hand, the work reveals issues and potential solutions when using automated techniques to produce topic maps of much larger libraries. The small library visualized consists of the thirty-nine, digital, English language books found in the Osama Bin Laden (OBL) compound in Abbottabad, Pakistan upon his death. As this list of books has garnered considerable media attention, it is worth providing a visual overview of the subject content of these books—some of which is not readily apparent from the titles. Metadata from subject headings and classification numbers was combined to create book-subject maps. Tree maps of the classification data were also produced. The books contain 328 subject headings. In order to enhance the base map with meaningful thematic overlay, library holding count data was also harvested (and aggregated from duplicates). This additional data revealed the relative scarcity or popularity of individual books

Does shareholder coordination matter? Evidence from private placements

We propose a new role for private investments in public equity (PIPEs) as a mechanism to reduce coordination frictions among existing equity holders. We establish a causal link between the coordination ability of incumbent shareholders and PIPE issuance. This result obtains even after controlling for alternative explanations such as information asymmetry and access to public markets. Improved equity coordination following a private placement leads to favorable debt renegotiations within one year of issuance. Mitigating coordination frictions among shareholders ultimately decreases the odds of firm default in half

Dissecting the long-term emission behaviour of the BL Lac object Mrk 421

We report on long-term multiwavelengthmonitoring of blazar Mrk 421 by the GLAST-AGILE Support Program of the Whole Earth Blazar Telescope (GASP-WEBT) collaboration and Steward Observatory, and by the Swift and Fermi satellites. We study the source behaviour in the period 2007–2015, characterized by several extreme flares. The ratio between the optical, X-ray and γ -ray fluxes is very variable. The γ -ray flux variations show a fair correlation with the optical ones starting from 2012.We analyse spectropolarimetric data and find wavelengthdependence of the polarization degree (P), which is compatible with the presence of the host galaxy, and no wavelength dependence of the electric vector polarization angle (EVPA). Optical polarimetry shows a lack of simple correlation between P and flux and wide rotations of the EVPA.We build broad-band spectral energy distributions with simultaneous near-infrared and optical data from the GASP-WEBT and ultraviolet and X-ray data from the Swift satellite. They show strong variability in both flux and X-ray spectral shape and suggest a shift of the synchrotron peak up to a factor of ∼50 in frequency. The interpretation of the flux and spectral variability is compatible with jet models including at least two emitting regions that can change their orientation with respect to the line of sight.http://10.0.4.69/mnras/stx2185Accepted manuscrip

Activism mergers

Shareholder value creation from hedge fund activism occurs primarily by influencing takeover outcomes for targeted firms. Controlling for selection decisions, activist interventions substantially increase the probability of a takeover offer. Third-party bids for targets have higher returns, premia, and completion rates, but these patterns reverse when the activist is the bidder. Failed bids for activism targets lead to improvements in operating performance, financial policy, and positive long-term abnormal returns, suggesting that activism enhances value. The positive long-term performance from hedge fund activism arises from monitoring target management during merger and acquisition contests and not from target undervaluation or bidder overpayment

Urban and rural differences in child injury deaths in South Africa: A one-year review

Injury, a major cause of morbidity and mortality for children worldwide, is concentrated in low- to middle-income countries (LMICs). Despite the growing rate of childhood injury in LMICs, effective prevention and control remain inadequate owing to the lack of comprehensive epidemiological information on the external causes and magnitude of this problem. This population based study examined whether the incidence and the pattern of fatal injuries among children differ in rural and urban areas of South Africa. The National Injury Mortality Surveillance System (NIMSS) was used to select cases for the period of 2007. Age and gender-specific incidence rates for rural and urban children were computed for specific injury types. Following a cross-sectional method, we analysed all deaths among children below 15 years of age in Gauteng (urban) and Mpumalanga (rural) who died in 2007. For the year 2007, NIMSS recorded a total of 612 injury deaths among children in Mpumalanga (rural) and another 1 400 injury deaths among children in Gauteng (urban). Equally high overall injury death rates were found among children from Gauteng (31.7/100 000) and Mpumalanga (29.2/100 000). The study also revealed several differences with respect to the primary external causes of child injury-related deaths across the two provinces. In particular, passenger related motor vehicle deaths were more evident among children in rural areas than in urban areas, while other unintentional (non-transport-related) deaths – specifically those associated with burns – were more common among urban children than among rural children.Such differences may arise because of the many environmental and infrastructure-related differences that exist between rural and urban areas. Therefore, prevention and intervention efforts in South Africa should focus on the risk factors that are unique to urban and rural children respectively.Keywords: childhood, urban, rural, death