Beta als Risikomaß: eine Untersuchung am europäischen Aktienmarkt

Die theoretischen Grundlagen der modernen Portfoliotheorie haben in der Vergangenheit einen zunehmenden Einfluss auf die Verwaltung von Vermögen genommen. Insbesondere Wertpapierportfolios werden mit quantitativen Ansätzen gesteuert. Die zentralen Größen sind hierbei Rendite und Risiko. Vor allem die letztere soll in dieser Arbeit genauer betrachtet werden. Von den vielen, in der Theorie existierenden Konzepten zur Quantifizierung des Risikos, hat sich in der Praxis noch keines als eindeutig überlegen erwiesen. --

Low dose colonization of broiler chickens with ESBL-/AmpC- producing escherichia coli in a seeder-bird model independent of antimicrobial selection pressure

Extended-spectrum beta-lactamase- (ESBL-) and AmpC beta-lactamase- (AmpC-) producing Enterobacteriaceae pose a risk for both human and animal health. For livestock, highest prevalences have been reported in broiler chickens, which are therefore considered as a reservoir of multidrug-resistant bacteria. The possibility of transfer to humans either by a close contact to colonized broiler flocks or through contaminated retail meat results in the necessity to develop intervention measures for the entire broiler production chain. In this regard, a basic understanding of the colonization process is mandatory including the determination of the minimal bacterial load leading to a persistent colonization of broiler chickens. Therefore, we conducted a bivalent broiler colonization study close to real farming conditions without applying any antimicrobial selection pressure. ESBL- and AmpC- negative broiler chickens (Ross 308) were co- colonized on their third day of life with two strains: one CTX-M-15-producing Escherichia coli-ST410 and one CMY-2/mcr-1-positive E. coli-ST10. Colonization was assessed by cloacal swabs over the period of the trial, starting 24 h post inoculation. During the final necropsy, the contents of crop, jejunum, cecum, and colon were quantified for the occurrence of both bacterial strains. To define the minimal oral colonization dosage 104 to 101 colony forming units (cfu) were orally inoculated to four separately housed broiler groups (each n = 19, all animals inoculated) and a dosage of already 101 cfu E. coli led to a persistent colonization of all animals of the group after 3 days. To assure stable colonization, however, a dosage of 102 cfu E. coli was chosen for the subsequent seeder-bird trial. In the seeder-bird trial one fifth of the animals (seeder, n = 4) were orally inoculated and kept together with the non-inoculated animals (sentinel, n = 16) to mimic the route of natural infection. After 35 days of trial, all animals were colonized with both E. coli strains. Given the low colonization dosage and the low seeder/sentinel ratio, the rapid spread of ESBL- and AmpC- producing Enterobacteriaceae in conventional broiler farms currently seems inevitably resulting in an urgent need for the development of intervention strategies to reduce colonization of broilers during production

How the concentration of property rights within corporations has led to a rejection of democracy and a rise in inequality

Jean-Philippe Robé discusses how multinational enterprises morphed into political organisations with global reach and power, but without the corresponding responsibilities. He argues that the concentration of property rights within corporations has led to the rejection of democracy as an ineffective system of government and to the rise in inequality

On fuzzy frontiers and fragmented foundations : some reflections on the original and new institutional economics

This article has been published in a revised form in Journal of Institutional Economics, doi: https://doi.org/10.1017/S1744137414000307 This version is free to view and download for private research and study only. Not for re-distribution, re-sale or use in derivative works. © 2014 Millennium Economics Ltd, published by Cambridge University Press.These reflections are prompted by the papers by Ménard (2014) and Ménard and Shirley (2014). Their essays centre on the path-breaking contributions to the 'new institutional economics' (NIE) by Ronald Coase, Douglass North and Oliver Williamson. In response, while recognising their substantial achievements, it is pointed out that these three thinkers had contrasting views on key points. Furthermore, Ménard's and Shirley's three 'golden triangle' NIE concepts - transaction costs, property rights and contracts - are themselves disputed. Once all this is acknowledged, differences of view appear within the NIE, raising interesting questions concerning its identity and boundaries, including its differences with the original institutionalism. There are sizeable overlaps between the two traditions. It is argued here that the NIE can learn from the original institutionalism, particularly when elaborating more dynamic analyses, and developing more nuanced, psychologically-grounded and empirically viable theories of human motivation.Peer reviewedFinal Accepted Versio

The cultural grammar of governance: The UK Code of Corporate Governance, reflexivity, and the limits of 'soft' regulation

We identify limits of ‘reflexive governance’ by examining the UK Code of Corporate Governance that is celebrated for its ‘reflexivity’. By placing the historical genesis of the Code within its politico-economic context, it is shown how its scope and penetration is impeded by a shallow, ‘single loop’ of reflexivity. Legitimized by agency theory, the Code is infused by a ‘cultural grammar’ that perpetuates relations of shareholder primacy as it restricts accountability to narrow forms of information disclosure directed exclusively at shareholders. Engagement of a deeper, ‘double loop’ reflexivity allows account to be taken of the historical conditions and theoretical conceptions that shape practices and outcomes of corporate governance. Only then is it possible to disclose, challenge and reform narrow conceptions, boundaries and workings of ‘reflexive governance’

Competitive exclusion approach using an E. coli live vaccine to protect broilers from colonization with ESBL-/ pAmpC- E. coli

Antimicrobial-resistant bacteria originating from broilers pose an ongoing challenge as they can spread in the environment and food chain. One approach to lower colonization is to administer live bacteria to broilers. A live Escherichia coli (E. coli) vaccine, consisting of a single E. coli strain used as a competitive exclusion (CE) approach, was evaluated to decrease the colonization with ESBL-/pAmpC- producing E. coli. 168 ESBL-/pAmpC- negative Ranger Gold broilers were divided into six groups (3 x n = 46 experimental groups; 3 x n = 10 control groups for quality assurance). The E. coli vaccine was administered on day one through coarse spray or by drinking water on day five. Experimental groups were orally co-colonized with 102 cfu of one ESBL- (ST410, blaCTX−M−15) and one pAmpC- producing E. coli (ST10, blaCMY−2/mcr-1) on day three. Colonization status was monitored throughout the trial and quantified at the end of the study (day 49). A transient reduction in ESBL-producing E. coli colonization (p < 0.001) was observed following coarse spray administration. However, this decrease was not sustained over time. It can be concluded that a single E. coli strain originating from a live vaccine cannot decrease colonization of broilers with ESBL-/pAmpC- E. coli throughout a fattening period

Aktivitetsinriktade åtgärder för barn och ungdomar med social fobi tolkat utifrån MOHO som teoretisk referensram

Bakgrund: Personer som har social fobi har en stark rädsla för sociala situationer och prestationssituationer och att bli utsatt för dessa kan ge ångest. Detta medför ofta ett undvikande av de ångestframkallande situationerna vilket i sin tur leder till aktivitetsproblem. Syfte: Syftet med studien var att på ett explorativt sätt beskriva vilka aktivitetsinriktade åtgärder som finns dokumenterade för barn och ungdomar med social fobi och tolka dessa utifrån begreppen i MOHO. Metod: Vår studie inspirerades av metoden scoping literature review, vilket innebär att hitta befintlig litteratur inom ett specifikt intresseområde. Manifest innehållsanalys användes i ett första steg. I nästa steg användes en riktad innehållsanalys där MOHO:s begrepp var förutbestämda koder. Resultat: De mest frekvent dokumenterade aktivitetsinriktade åtgärderna blev utbildning om social fobi, uppbyggnad av social förmåga och exponeringssessioner. Tolkningen utifrån begreppen i MOHO presenterar vad åtgärderna syftar till att ge för förändringar i barnens och ungdomarnas uppfattning om den egna förmågan, värderingar, intressen, vanor, roller, utförandekapacitet och miljö. Konklusion: Arbetsterapeuter borde ha en självklar roll i att utforma åtgärder för barn och ungdomar med social fobi. De arbetsterapeutiska åtgärderna bör baseras på barnens och ungdomarnas specifika aktivitetsproblem och behov av förändringar i viljekraft, vanebildning och utförandekapacitet kopplat till sociala aktivitete

Impact of different management measures on the colonization of broiler chickens with ESBL- and pAmpC- producing Escherichia coli in an experimental seeder-bird model

The colonization of broilers with extended-spectrum beta-lactamase- (ESBL-) and plasmid-mediated AmpC beta-lactamase- (pAmpC-) producing Enterobacteriaceae has been extensively studied. However, only limited data on intervention strategies to reduce the colonization throughout the fattening period are available. To investigate practically relevant management measures for their potential to reduce colonization, a recently published seeder-bird colonization model was used. Groups of 90 broilers (breed Ross 308) were housed in pens under conventional conditions (stocking of 39 kg/m(2), no enrichment, water and feed ad libitum). Tested measures were investigated in separate trials and included (I) an increased amount of litter in the pen, (II) the reduction of stocking density to 25 kg/m(2), and (III) the use of an alternative broiler breed (Rowan x Ranger). One-fifth of ESBL- and pAmpC- negative broilers (n = 18) per group were orally co-inoculated with two E. coli strains on the third day of the trial (seeder). One CTX-M-15-positive E. coli strain (ST410) and one CMY-2 and mcr-1-positive E. coli strain (ST10) were simultaneously administered in a dosage of 10(2) cfu. Colonization of all seeders and 28 non-inoculated broilers (sentinel) was assessed via cloacal swabs during the trials and a final necropsy at a target weight of two kilograms (= d 36 (control, I-II), d 47 (III)). None of the applied intervention measures reduced the colonization of the broilers with both the ESBL- and the pAmpC- producing E. coli strains. A strain-dependent reduction of colonization for the ESBL- producing E. coli strain of ST410 by 2 log units was apparent by the reduction of stocking density to 25 kg/m(2). Consequently, the tested management measures had a negligible effect on the ESBL- and pAmpC- colonization of broilers. Therefore, intervention strategies should focus on the prevention of ESBL- and pAmpC- colonization, rather than an attempt to reduce an already existing colonization

Legal Personhood and the Firm: Avoiding Anthropomorphism and Equivocation

This article has been published in a revised form in Journal of Institutional Economics, doi: https://doi.org/10.1017/S1744137415000235. This version is free to view and download for private research and study only. Not for re-distribution, re-sale or use in derivative works. © Millennium Economics Ltd 2015. Published by Cambridge University Press.From the legal point of view, ‘person’ is not co-extensive with ‘human being’. Nor is it synonymous with ‘rational being’ or ‘responsible subject’. Much of the confusion surrounding the issue of the firm's legal personality is due to the tendency to address the matter with only these, all too often conflated, definitions of personhood in mind. On the contrary, when the term ‘person’ is defined in line with its original meaning as ‘mask’ worn in the legal drama, it is easy to see that it is only the capacity to attract legal relations that defines the legal person. This definition, that avoids the undesirable emotional associations and equivocations that often plague the debate, is important for a legally grounded view of the firmPeer reviewe

Inequality, Inc

To engage with inequality, I explore how corporate governance theory is based on inherently contingent ideas of the legal and organizational structuring of the modern public corporation in a corporate ‘architecture’ and how these contingent ideas affect the distribution of privileges, protections and proceeds to different types of actors. I argue that the currently dominant corporate governance theory ignores a specific corporate architecture that provided internal and external legitimacy to the modern public corporation by embedding a set of trade-offs between constituent groups and cementing those trade-offs into a broader institutional setting. Ignoring this architecture leads to the redirection of the privileges and protections embodied in the modern corporation to the exclusive benefit of an implicit coalition of market value-oriented shareholders and managers, while the risks to all other actors, interests and timeframes are relegated to the status of ‘externalities’. I explore how a focus on contingent conceptions of the modern corporation and of corporate governance provides an organizational-level explanation for growing inequality with which existing sectoral and state-centric approaches and means for engagement can be complemented