IFRS adoption in Europe: the case of Germany

From 2005 onwards, consolidated financial statements of listed European companies will have to comply with IFRS (IAS). Many German companies began adopting those standards in the 1990s, on a voluntary basis, because of their need to access international capital funding. Spanish companies, by contrast, are not permitted to adopt IFRS before 2005. This paper has two purposes: first, it analyses the financial impact of initial IFRS adoption on the statement of changes in equity and the income statement of individual German companies. Second, and taking into account the German experience, it focuses on the expected impacts on a sample of listed Spanish companies in two industrial sectors: chemical-pharmaceutical and fashion. Our analysis of German companies comprised all non-financial DAX groups applying IFRS plus additional listed companies in the two selected industrial sectors identified above. The impact of initial adoption of IFRS on German companies was, both individually and overall, very significant. The analysis suggests that the expected impact on Spanish companies is likely to be significant but to a lesser degree than in respect of the German companies in the study.

Early Tithonian Saturnalidae (Radiolaria) from the Solnhofen area (Southern Franconian Alb, Southern Germany)

In order to complete the study of the very rich early Tithonian (Hybonoticeras hybonotum Zone) radiolarian fauna from the Muhlheim Member of the Mornsheim Formation outcropping in the Solnhofen area, the taxa of the family Saturnalidae are described. Although rather rare, the Saturnalidae of this member contain 14 species, ten of which are new. These species belong to four genera, one of which is new (Moebicircus n. gen.), and two subfamilies (Hexasaturnalinae and Saturnalinae). The taxonomy at generic level of these late Jurassic radiolarians is founded on the basis of the position of the blades along the ring and number and morphology of the spines. Type of spines (simple or forked) has either species level value or none, depending on species. Special attention was given to anomalies, which sometimes are rather frequent, since they can give information of paleobiological and paleoecological orders. Among them frequent cases of open ring and additional spines with Dicerosaturnalis and Siamese twins skeletons with Spongosaturninus and Dicerosaturnalis are to be noted. The authors hope that this new taxonomy will give a better image of the evolution and radiation of the Saturnalidae during the Tithonian.

New Sorex araneus karyotypes from Germany and the postglacial recolonization of central Europe

New G-banded karyotypes from populations of the common shrew Sorex araneus Linnaeus, 1758 provide a clearer picture of the distribution of chromosome races in central Europe. As expected according to their occurrence in neighbouring countries, the Jutland (kq, no), Laska (k/o) and Drnholec (ko, nr) races are also found in Germany. A new chromosome race "Rugen" (kq) is described from this Baltic Island. Together with the previously recorded races Ulm and Mooswald (kr), six chromosome races are now known from Germany. The resulting distribution pattern is characterized by high frequencies of different race-specific metacentrics at the periphery of the country and clines with decreasing frequencies towards the centre which is occupied by the Ulm race. This race is acrocentric for all chromosome arms involved in the observed race-specific fusions and represents a buffer between the surrounding, more metacentric races. According to the present distribution of these metacentrics, a scenario for the postglacial recolonization of central Europe by S. araneus populations on three different routes is proposed: from the east along the northern slopes of the Carpathian Arc, from the south-east along the Danube Valley and from the south-west through the Upper Rhine Valley.

Stable isotope composition of smectite in suevites at the Ries crater, Germany: Implications for hydrous alteration of impactites

The 24-km diameter Ries crater, Germany, exhibits well-preserved crater filling and surficial melt-rich breccia deposits that are believed to have been altered by post-impact hydrothermal fluids. The alteration mineralogy of the crater filling breccias is characterized by clay (smectite, chlorite) and a zeolite assemblage, and secondary clay phases (smectite, minor halloysite) in surficial melt-bearing breccia deposits. Using stable isotope analysis of secondary smectitic clay fractions, evidence of significant hydrous alteration of impactites at large water/rock ratios was found. The estimated fluid temperatures, using data derived by delta(18)O and delta D fractionation, suggest smectite precipitation in surficial breccias in equilibrium with meteoric fluids at temperatures 16 +/- 5 degrees C in agreement with the long-term variation of modern precipitation in the area. The stable isotope composition of smectite in crater-fill breccia, however, suggests a trend of monotonously increasing temperatures from 43 to 112 degrees C. with increasing depth through the breccia sequence. This demonstrates a different origin of alteration and temperature distribution for the surficial and crater filling melt-bearing impact breccias in the Ries crater. Our results suggest that the inverted structure of hydrothermal systems observed in some terrestrial impact craters, including the Ries crater, could indicate the initial configuration of a thermal anomaly in the crater filling sequence, but which is replaced with a normal hydrothermal convection in crater proper, during the course of post-impact cooling. (C) 2010 Elsevier B.V. All rights reserved.

On the characterisation and measurement of the welfare effects of income mobility from an ex-ante perspective

The paper employs a rank-dependent formulation of the social welfare function with time-separable utilities to evaluate the economic consequences of income mobility from an ex-ante perspective. The resultant class of measures can be decomposed not only in terms of structural and exchange mobility but also in terms of vertical and horizontal mobility, thereby encompassing two of the main approaches in the literature. We illustrate our measurement framework by comparing mobility in the USA and Germany using data from the Cross-National Equivalent File 1980-2005. We find that the pattern of income mobility in the USA was both less pro-poor and more horizontally inequitable than in Germany, but that the latter did not translate into higher levels of exchange mobility given higher levels of absolute inequality and the vertical stance of the growth process.

La responsabilité entre éthique et religion. Discussion avec Paul Ricoeur

(Résumé de l'ouvrage) Ethique de la biologie, mais aussi éthique de la science, des affaires, des assurances, de lentreprise, du corps et de la sexualité, de la communication, de lenvironnement, de la famille... Les champs dapplication de léthique sont sans limites. ... Composé de trois parties, cet ouvrage présente dabord les grandes options philosophiques (libéralisme, utilitarisme, éthique de la discussion, etc.) et les grandes figures (Aristote, Kant, Spinoza, Heidegger, Foucault, etc.) en matière déthique, puis les différents domaines concernés, et enfin les grands débats (pour ou contre la pornographie, le clonage, l'euthanasie, l'éducation, l'avortement...). Écrit de façon pédagogique, il donne une bibliographie très actuelle pour chaque entrée, un index des thèmes et des noms. L'ouvrage rassemble plus de cinquante intervenants francophones. ...

Age, Life-satisfaction, and Relative Income – Insights from the UK and Germany

We first confirm previous results with the German Socio-Economic Panel by Layard et al. (2010), and obtain strong negative effects of comparison income. However, when we split the sample by age, we find quite different results for reference income. The effects on lifesatisfaction are positive and significant for those under 45, consistent with Hirschman’s (1973) ‘tunnel effect’, and only negative (and larger than in the full sample) for those over 45, when relative deprivation dominates. Thus for young respondents, reference income’s signalling role, indicating potential future prospects, can outweigh relative deprivation effects. Own-income effects are also larger for the older sample, and of greater magnitude than the comparison income effect. In East Germany the reference income effects are insignificant for all. With data from the British Household Panel Survey, we confirm standard results when encompassing all ages, but reference income loses significance in both age groups, and most surprisingly, even own income becomes insignificant for those over 45, while education has significant negative effects.

Empirical testing of genuine savings as an indicator of weak sustainability: a three-country analysis of long run trends

Genuine Savings has emerged as a widely-used indicator of sustainable development. In this paper, we use long-term data stretching back to 1870 to undertake empirical tests of the relationship between Genuine Savings (GS) and future well-being for three countries: Britain, the USA and Germany. Our tests are based on an underlying theoretical relationship between GS and changes in the present value of future consumption. Based on both single country and panel results, we find evidence supporting the existence of a cointegrating (long run equilibrium) relationship between GS and future well-being, and fail to reject the basic theoretical result on the relationship between these two macroeconomic variables. This provides some support for the GS measure of weak sustainability. We also show the effects of modelling shocks, such as World War Two and the Great Depression.

Genuine savings and future well-being in Germany, 1850-2000

Genuine Savings (GS), also known as ‘net adjusted savings’, is a composite indicator of the sustainability of economic development. Genuine Savings reflects year-on-year changes in the total wealth or capital of a country, including net investment in produced capita, investment in human capital, depletion of natural resources, and damage caused by pollution. A negative Genuine Savings rate suggests that the stock of national wealth is declining and that future utility must be less than current utility, indicating that economic development is non-sustainable (Hamilton and Clemens, 1999). We make use of data over a 150 year period to examine the relationship between Genuine Savings and a number of indicators of well-being over time, and compare the relative changes in human, produced, and components of natural capital over the period. Overall, we find that the magnitude of genuine savings is positively related to changes in future consumption, with some evidence of a cointegrating relationship. However, the relationships between genuine savings and infant mortality or average heights are less clear.

The Acts of Paul and the Canonical Acts : A Phenomenon of Rereading

(Abstract only in french) Une approche littéraire de l'intertextualité, à l'aide des catégories posées par G. Genette, permet de renouveler l'approche du rapport entre Actes de Paul et Actes canoniques. A la différence de la critique littéraire classique, qui ne repère pas de dépendance littéraire hors de similitudes verbales ou narratives, l'« hypertextualité » désigne un phénomène de relecture dans lequel un texte-source est recomposé et réinterprété au sein d'un écrit second. Grâce à cette catégorie, cette contribution rend compte du jeu dialectique de parenté et de divergence que l'on observe entre les Actes de Paul et les Actes de Luc. La recomposition de la biographie de Paul dans les Actes de Paul a usé de créativité, elle a puisé dans l'imaginaire chrétien, mais elle s'est aussi servie de traditions préservées dans la suivance de l'apôtre.

Les Actes de Paul. Un portrait inhabituel de l'apôtre

(Résumé de l'ouvrage) L'intérêt est vif aujourd'hui pour cette littérature proche de la Bible, faite d' évangiles, d' actes des apôtres et d' apocalypses non retenus dans le canon. Pourquoi ces textes apocryphes, qui ont souvent pour objet des événements évoqués ou des personnages mentionnés dans la Bible, ont-ils été mis à l' écart et largement oubliés dans le passé ? Ont-ils été écrits pour concurrencer les livres du Nouveau Testament ? Quel message religieux véhiculaient-ils ? Le lecteur se voit offrir ici de nombreux extraits de textes et des explications qui en disent la portée, l' intérêt et le charme. Enfin réédité, cet ouvrage est considéré comme un classique dans un domaine suscitant toujours plus d' engouement. Il présente l'Evangile de Thomas, l'Evangile de Nicodème, l'Evangile secret de Marc, les Actes de Paul et les Actes de Philippe. Il accueille également un essai inédit sur l'Evangile de Judas, où est évoquée notamment la filière gnostique à laquelle se rattache cet évangile apocryphe; la trahison de Jésus y est interprétée comme un mystère libérant par la mort le Jésus spirituel.