Recent developments in German corporate governance

This paper provides an overview of the German corporate governance system. We review the governance role of large shareholders, creditors, the product market and the supervisory board. We also discuss the importance of mergers and acquisitions, the market in block trades, and the lack of a hostile takeover market. Given that Germany is often referred to as a bank-based economy, we pay particular attention to the role of the universal banks (Hausbanken). We show that the German system is characterised by a market for partial corporate control, large shareholders and bank/creditor monitoring, a two-tier (management and supervisory) board with co-determination between shareholders and employees on the supervisory board, a disciplinary product–market, and corporate governance regulation largely based on EU directives but with deep roots in the German codes and legal doctrine. Another important feature of the German system is its corporate governance efficiency criterion which is focused on the maximisation of stakeholder value rather than shareholder value. However, the German corporate governance system has experienced many important changes over the last decade. First, the relationship between ownership or control concentration and profitability has changed over time. Second, the pay-for-performance relation is influenced by large shareholder control: in firms with controlling blockholders and when a universal bank is simultaneously an equity- and debtholder, the pay-for-performance relation is lower than in widely held firms or blockholder-controlled firms. Third, since 1995 several major regulatory initiatives (including voluntary codes) have increased transparency and accountability.     

A cross‐Canada analysis of the efficiency of residential recycling services

Abstract: The primary purpose of this article is to investigate the factors that predict the efficiency of residential recycling collection services in Canadian local governments. The findings are based on a survey of 128 residential recycling producers from all regions of Canada. One of the most significant findings is the lack of a relationship between private‐sector companies collecting recyclables and the overall efficiency of collection operations. The dominance of the private‐sector collection of recyclables (over seventy‐seven per cent of all producers were contracted companies) does not translate into greater efficiencies. The most important variables in the model are amenable to local control. They include tonnes collected per vehicle per year, requiring full bins, inclusion of composting operations in the overall recycling program, the number of different kinds of materials recycled, participation rate, and reliance on side‐loading collection vehicles. Among the direct predictors of unit costs, the key underlying factor is the productivity of residential recycling operations. Because recyclables are marketed, handling them takes time, reduces the weights that collection vehicles can carry, and generally reduces productivity. Even diligent efforts to improve productivity will not bring recycling costs down to the levels for residential solid‐waste collection. Sommaire: L'objectif principal du présent article est d'examiner les facteurs qui prévoient l'efficacité des services de collecte de produits recyclables résidentiels dans les municipalités canadiennes. Les résultats reposent sur un sondage réalisé auprès de 128 producteurs de collecte de produits recyclables résidentiels opérant dans toutes les régions du Canada. L'un des résultats les plus notoires est le manque de relations entre les sociétés du secteur privé qui récupèrent les produits recyclables et l'efficacité d'ensemble des opérations de collecte. La prédominance de la collecte de produits recyclables par le secteur privé (plus de soixante‐dix‐sept pour cent de tous les producteurs étaient des sociétés contractuelles) ne se traduit pas par une plus grande efficacité. Les variables les plus importantes du modèle peuvent faire l'objet d'un contrôle local. Elles comprennent les tonnes récupérées par véhicule par an, l'exigence de poubelles pleines, l'inclusion d'opérations de compostage au programme général de recyclage, le nombre de différentes sortes de matériaux recyclés, le taux de participation, et le recours à des camions de collecte à chargement latéral. Parmi les variables explicatives directes des coûts unitaires, le principal facteur sous‐jacent est la productivité des opérations de recyclage résidentiel. Comme les produits recyclables sont commercialisés, leur manutention prend du temps, réduit le poids que les camions de collecte peuvent transporter, et réduit d'une manière générale la productivité. Même des efforts diligents pour améliorer la productivité ne feront pas baisser les coûts du recyclage aux niveaux de ceux de la collecte des déchets solides résidentiels.     

Molecular characterization of a null allele at locus DXS8378

Typing of X-chromosomal short tandem repeat (STR) loci in a deficiency paternity case revealed a single Mendelian incompatibility between a female child and her putative grandmother, consisting of an opposite homozygosity at locus DXS8378. The presence of a null allele due to a primer binding site mutation on the child's paternally inherited X chromosome was confirmed by amplification with newly designed DXS8378 external primers. Sequencing analysis showed a point mutation (C > T transition at position 168, according to GenBank accession G08098) in the binding site of the original DXS8378 reverse primer.     

Y- STRs and forensic parameters in African populations

Short Tandem Repeat polymorphisms have been widely studied in the world, since specific databases are required to produce correct estimates of forensic statistical parameters. In this regard, Y-chromosome STRs have been studied mainly in Europe but are relatively scarce for sub-Saharan populations, despite these populations are represented in most of the Western countries. The aim of this work is to detect groups of populations with the lowest genetic variability within the African context. This allows to establish the relative homogeneity of Y-STRs databases for forensic casework and eventually to provide a wider insight into the African genetic history.     

Postmortem identification of the edentulous deceased: denture tissue surface anatomy

This model evaluates the use of dental stone casts derived from maxillary tissues and from the internal aspects of maxillary dentures for edentulous postmortem identification. Tissue topography of the total cast and of rugae tracings photographed from the casts were evaluated for identification accuracy in twenty-eight trials for each of the two designs. Eight casts were examined in each trial. The trial was designed as matching or nonmatching, and as an equivocal or unequivocal decision by the examiner. Unequivocal decisions with 100% accuracy resulted when the entire dental cast was evaluated. Seventy-nine percent accuracy with equivocation in some trials resulted when only rugae tracings from the casts were evaluated. This investigation supported use of stone casts derived from the internal anatomy of maxillary dentures for forensic science identification when cast topography in toto was considered.     

Rupture of a giant splenic artery aneurysm. Report of an autopsy case.

We describe an autopsy case of a 61-year-old woman with von Recklinghausen's disease, who died suddenly following intraperitoneal hemorrhage due to the rupture of a giant splenic artery aneurysm. The aneurysm measured 16 x 13 x 5.5 cm--much larger than those in most previous reports. The pancreatic body, which was pressed by the aneurysm, was widely atrophic. In general, splenic artery aneurysms are more frequent in pregnant women or patients with portal hypertension. The pathogenesis of this aneurysm is presumed to be arterial dysplasia, focal arterial inflammation, or portal hypertension, unlike other aneurysms due to arteriosclerosis or syphilis. Since the patient had not been pregnant and had not had liver cirrhosis or arteriosclerosis, the pathogenic factor could not be determined in this case. The relationship between the genesis of the aneurysm and von Recklinghausen's disease was not clear either.