Contextualised Capital: Policy Reforms and Inward Flows in Germany

Policy-makers in Germany have implemented, from the early 1990s to the mid 2000s, an impressive set of reforms designed to provide greater legal protection to minority shareholders. These reforms are linked with circumscribed changes: medium and long-term UK/US-based institutional investors have become major shareholders of large German firms; the incursions of short-term institutional investors, in contrast, have been more limited. This outcome highlights the interaction between firm-level institutional arrangements of German companies and the characteristics of different categories of shareholder value oriented funds. Institutional arrangements act as constraints that reduce the range of the strategic options of German firms. However, institutions are not specific enough to translate into predictions about the investment behaviour of different categories of investors who are themselves governed by internally defined rules that affect how they operate within an institutional framework.     

A Fatality Following Ingestion of the Designer Drug Meta‐Chlorophenylpiperazine (mCPP) in an Asthmatic—HPLC‐MS/MS Detection in Biofluids and Hair

A 20‐year‐old man, a cocaine addict and regular ecstasy user, with a medical history of allergic asthma died after ingesting half a tablet earlier the same day. The white tablet, stamped with a “smiling sun” logo looked very much like an ecstasy tablet and was sold as such. He experienced a severe asthma attack just after ingesting the half tablet and it evolved over the next few hours into fatal cardiorespiratory arrest. Biological samples, taken after embalming, were analyzed by high‐performance liquid chromatography tandem mass spectrometry (HPLC‐MS/MS). Analysis revealed meta‐chlorophenylpiperazine (mCPP) in concentrations of 45.8 mg in a similar tablet obtained later from the drug dealer, 5.1 ng/mL in the bile, 0.3 ng/g in the liver, 15.0 ng/mL in the urine, and its absence in a hair sample (<0.02 ng/mg), which indicated he was not a regular user (whereas strong concentrations of MDMA and cocaine were found in the hair). Interrogated by the police after his arrest, the dealer said that he had sold the victim and for the very first time two tablets with the same “smiling sun” logo. The tablet used for analysis was from the same brand as the one ingested by the victim. The autopsy excluded other causes of death, while the histological analyses showed a large number of polynuclear eosinophils in the bronchial walls, confirming the asthmatic pathology. None of the other organs examined (larynx, liver, heart, adrenal glands, and kidneys) showed any distinctive signs, and in particular no inflammatory infiltrate. The death was the result of an asthma attack in an asthmatic person, violently decompensated following ingestion of approximately 20 mg of mCPP.     

In Vivo Facial Tissue Depth for Canadian Aboriginal Children: A Case Study from Nova Scotia,Canada

This study examines facial tissue depth in Canadian Aboriginal children. Using ultrasound, measurements were taken at 19 points on the faces of 392 individuals aged 3–18 years old. The relationships between tissue thickness, age, and sex were investigated. A positive linear trend may exist between tissue thickness and age for Aboriginal females and males at multiple points. No points show significant differences in facial tissue depth between males and females aged 3–8 years old; seven points show significant differences in facial tissue depth between males and females aged 9–13 years old; and five points show significant differences in facial tissue depth between males and females aged 14–18 years old. Comparisons were made with White Americans and African Nova Scotians. These data can assist in 3‐D facial reconstructions and aid in establishing an individual's identity. Previously, no data existed for facial tissue thickness in Canadian Aboriginal populations.     

Human Rights Prosecutions and the Participation Rights of Victims in Latin America

Since the 1980s, there has been a significant rise in domestic and international efforts to enforce individual criminal accountability for human rights violations through trials, but we still lack complete explanations for the emergence of this trend and the variation observed in the use of human rights prosecutions in the world. In this article, we examine the role that procedural law has had in allowing societal actors to influence in this rising trend for individual criminal accountability. We do this by focusing on participation rights granted to victims, such as private prosecution in criminal cases. Based on an exploration of an original database on human rights prosecutions in Latin America and fieldwork research in three countries, we argue that private prosecution is the key causal mechanism that allows societal actors to fight in domestic courts for individual criminal accountability for human rights violations.     

The Inclusion of Nonsafety Criteria within the Regulatory Framework of Agricultural Biotechnology: Exploring Factors that Are Likely to Influence Policy Transfer

Policy makers of various countries are exposed to critiques that call for the consideration of issues that transcend human, animal, and environmental safety concerns when assessing agricultural biotechnology products. While some jurisdictions have decided to broaden the scope of their approval process for genetically modified (GM) foods, this paper analyzes legal, political, and economic factors that can influence the transfer of these initiatives. Drawing on mechanisms presented in the policy transfer literature, this article examines their mixed effects pertaining to the regulation of biotechnology. Although the mechanisms of competition and coercion do not preclude such a possibility, one must admit that they do not create any incentives for policy makers to include nonsafety criteria within biotechnology regulations. By contrast, to varying degrees, the mechanisms of mimicry and learning can foster the transfer of such a broadened scope that allows a better assessment of GM foods' social acceptability.     

Financial systems,corporate control and capital accumulation

The rise of financial markets, backed by the revolution in information technology,has been one of the pillars of the new economy. Asset price inflation, financed by debt, has now become the driving force in capital accumulation and equity-linked markets for corporate control have significant effects on both corporate strategic management and the growth of the business sector. This paper develops a model to study these relationships. One component of the new circumstances is that an active market for control forces firms to boost their share price in response to the threat of take-over and, to maintain a minimum return on equity, they have to distribute dividends or buy back shares. As a consequence, the share of profits dedicated to financing internal growth is reduced, corporations increase their indebtedness and thereby become constrained by banks. The interplay of these multi-dimensional pressures delivers a straightforward, but nonetheless important lesson: everything else being equal, the more active the market for control, the lower the growth rate.     

Shareholder value and corporate governance: some tricky questions

Shareholder value is not a new idea. But it entails a shift in control over businesses with far-reaching macro-economic consequences. They are mostly apparent in the USA. The required financial return spurs a momentous equity price appreciation which discourages private saving. Meanwhile, the achievement of a financial profitability consistently above the economic rate of return on real capital induces a rising leverage cum share buybacks. The financial dynamic is highly procyclical and generates a financial fragility which questions the hypothetical advantage of private pension funds over pay-as-you-go retirement systems.     

Fiscal Rules and the Composition of Government Expenditures in OECD Countries

Since the 1990s many OECD countries have adopted fiscal rules. After the adoption of these rules, the ratio of social transfers to government consumption substantially declined, and it recovered following the global economic crisis. Using a sample of 22 OECD countries, we found a negative effect of fiscal rules on the ratio of social transfers to government consumption. This finding implies that fiscal rules are effective, but not necessarily binding. Our examination reveals that the negative effect of fiscal rules on the social transfers to government consumption ratio is particularly evident in countries with relatively weak legal protection to social rights.     

Study of the diagnostic value of iron in fresh water drowning

The aim of our study was to test the diagnostic value of iron (Fe) in fresh water drowning by investigating the postmortem levels of hemodilution in drowning cases compared to control cases. Twenty-six typical fresh water drowning cases were selected from 128 immersion cases autopsied in our Department of Forensic Pathology between 1998 and 2004. The exclusion criteria were a long postmortem interval and other causes of death than drowning. For all selected cases, the diagnosis of drowning was based on the presence of autopsy findings and positive diatom test. A control population of 12 cases was also selected. For each drowning and control case, iron blood levels were measured in the left ventricle (LV) and right ventricle (RV) of the heart. The mean difference of iron concentration (RVFe-LVFe) between the drowning group and the control group was statistically compared. Furthermore, iron measurements were performed in 19 drowning cases showing advanced putrefaction. The mean difference of iron concentration was significantly higher in the drowning cases compared with controls (P<0.001). All drowning cases showed hemodilution. No overlap was found in the RVFe-LVFe levels between the two groups. Resuscitation attempts seemed to have no effect on the results. In cases of drowning showing advanced putrefaction, the iron test was not reliable because biochemical iron measurement was often prevented by no sufficient blood in the heart or postmortem clots. In conclusion, according to our results, iron seems to be a good biochemical marker in fresh water drowning with a short postmortem interval.