We examine the stock market performance of firms that have implemented value–based management systems. Using a novel and hand–collected panel data set covering 1,083 firm years of large German firms between 2002 and 2008 we find that firms which have adopted value–based management systems earn superior stock market returns. For instance, a simple investment strategy investing only in firms usin...

El desarrollo de las nuevas tecnologías la información, así como el perfil generaciones, han incentivado a instituciones financieras buscar una mayor inclusión sus productos y servicios en gran parte población del mundo. Debido lo anterior, se observa un incremento interés tener sociedad con cultura financiera que le permita tomar mejores decisiones su economía particular. creciente ámbito educ...

We consider a model in which banking is characterized by asset substitution moral hazard and managerial under-provision of effort in loan monitoring. The privately-optimal bank leverage efficiently balances the benefit of debt in providing the discipline to ensure that the bank monitors its loans against the benefit of equity in attenuating asset-substitution moral hazard. However, when correla...

Transfer RNA (tRNA) structure, modifications and functions are evolutionary and established in bacteria, archaea and eukaryotes. Typically the tRNA modifications are indispensable for its stability and are required for decoding the mRNA into amino acids for protein synthesis. A conserved methylation has been located on the anticodon loop specifically at the 37(th) position and it is next to the...

Using a new dataset of currency option prices, we study the evolution of investor confidence in 1992-1998 over the chance of individual currencies to converge to the Euro. Convergence risk, which may reflect uncertainty over policy commitment as well as exogenous fundamentals, induces a level of implied volatility in excess of actual volatility (volatility wedge). We show formally that confiden...

We study privatization under moral hazard and adverse selection. We show that if the fraction of efficient investors is either insignificant or productivity differences between efficient and inefficient investors are negligible, the government would offer a pooling contract and sell the same fraction of equity to both types of investors. The lower the productivity difference, the greater the eq...

The amyloid β (Aβ) peptide associated with Alzheimer's disease results from processing of the amyloid precursor protein (APP) by secretases. Cleavage of APP by β-secretase produces a 99 amino acid C-terminal fragment of APP (C99) consisting of a single transmembrane (TM) helix. Simulations of C99 congeners and structural studies of C99 in surfactant micelles and lipid vesicles have shown that a...

This paper examines minority squeeze-outs and their regulation in Germany, a country where majority shareholders have extensively used this tool since its introduction in 2002. Using unique data on court rulings and compensations, we analyze a sample of 324 squeeze-outs of publicly listed companies from 2002 to 2011. Large firms with foreign large shareholders are the most likely to be delisted...

Riboswitches are mRNA-based molecules capable of controlling the expression of genes. They undergo conformational changes upon ligand binding, and as a result, they inhibit or promote the expression of the associated gene. The close connection between structural rearrangement and function makes a detailed knowledge of the molecular interactions an important step to understand the riboswitch mec...