Insider Trading in Germany - Do Corporate Insiders Exploit Inside Information?

Our study focuses on the question whether corporate insiders in Germany exploit inside information while trading in their company’s stock. In contrast to prior international studies, which are not able to link insider transactions to a formal definition of inside information, we relate insider transactions to subsequent releases of inside information via ad-hoc news disclosures. We find evidence that corporate insiders as a group seem to trade on inside information. Moreover, members of the supervisory board seem to be most active in exploiting inside information, since they realize exceptionally high profits with their frequent front-running transactions.

Dynamische Standsicherheit von Portalstaplern

Der Artikel beschreibt die Untersuchung der dynamischen Standsicherheit von Portalstaplern. Dazu wurde ein aktueller repräsentativer Portalstapler analysiert und in ein Mehrkörper-Simulationsmodell abgebildet. Die Validierung des Modells erfolgte auf Basis von Messfahrten am realen System. Aus den durchgeführten Simulationsstudien wurden technische Verbesserungsmaßnahmen abgeleitet, welche die dynamische Standsicherheit von Portalstaplern erhöhen.

Simulationsgestützte Untersuchung der Spurtreue von Routenzügen

Für den innerbetrieblichen Transport und besonders für die Materialversorgung in der Produktion werden zunehmend Routenzüge eingesetzt, die aus einem Schleppfahrzeug und bis zu fünf Anhängern bestehen. Um gute Manövrierbarkeit und einen geringen Platzbedarf zu gewährleisten, sollten Routenzuganhänger möglichst spurtreu sein. In diesem Beitrag wird die Spurtreue exemplarisch für zwei am Markt verfügbare Anhänger für Routenzüge mit zwei ungelenkten und vier gelenkten Rädern untersucht. Hierfür wird zunächst ein Gütekriterium definiert, das die maximale Abweichung von der Spurtreue quantitativ erfasst. Außerdem werden Testszenarien vorgeschlagen, um die verschiedenen Fahrwerks- und Lenkkonzepte vergleichen zu können. Mit Hilfe eines entwickelten analytischen Modells werden die Abweichungen in der Spurtreue bei stationärer Kreisfahrt für die zwei gewählten Konzepte berechnet und dargestellt. Zusätzlich wird eine Mehrkörper-Simulation, die eine tiefere physikalische Modellierung und die Untersuchung komplexerer Fahrmanöver erlaubt, durchgeführt und mit den analytischen Ergebnissen verglichen. Es kann gezeigt werden, dass neben der Lenkkinematik weitere Parameter wie das Schräglaufverhalten der Reifen Einfluss auf die Spurtreue haben.

“Advertising Psychology – The Blog Seminar”.

The aim of the web-based course “Advertising Psychology – The Blog Seminar” was to offer a contemporary teaching design using typical Web 2.0 characteristics such as comments, discussions and social media integration which covers facebook and Twitter support, as nowadays, this is a common part of students’ everyday life. This weblog (blog)-based seminar for Advertising Psychology was set up in order to make the course accessible to students from different campuses in the Ruhr metropolitan area. The technical aspect of the open-source content management system Drupal 6.0 and the didactical course structure, based on Merrill’s five first principles of instruction, are introduced. To date, this blog seminar has been conducted three times with a total of 84 participants, who were asked to rate the course according to the benefits of different didactical elements and with regard to Kirkpatrick’s levels of evaluation model. This model covers a) reactions such as reported enjoyment, perceived usefulness and perceived difficulty, and b) effects on learning through the subjectively reported increase in knowledge and attitude towards the seminar. Overall, the blog seminar was evaluated very positively and can be considered as providing support for achieving the learning objectives. However, a successful blended learning approach should always be tailored to the learning contents and the environment.

Das prognosebasierte Reservierungsverfahren - ein Ansatz zur Reduzierung der mittleren Fahrzeit in einer Regalfläche

Die neu entwickelte Belegungsstrategie basiert auf prognostizierten Verweildauern (VWD) und Zwischenankunftszeiten der Ladeeinheiten (LE) des Sortiments. Für jede Ladeeinheit, die im Lager ankommt wird berechnet, wie viele Ladeeinheiten während der Verweildauer dieser aktuellen Ladeeinheit voraussichtlich ankommen und das Lager auch in diesem VWD-Zeitraum wieder verlassen. In Abhängigkeit der aktuellen Lagerbelegung werden für die in dem Zeitraum ankommenden Ladeeinheiten Lagerfächer reserviert und erst anschließend die eingehende Ladeeinheit in das fahrzeitgünstigste, freie und nicht reservierte Lagerfach eingelagert. Eine zusätzliche Berücksichtigung des Energiebedarfes für die Ein- und Auslagerung ist möglich. Das prognosebasierte Reservierungsverfahren wurde neben den gängigen Belegungsstrategien in einem parametrisierbaren Simulationsmodell umgesetzt. Die Belegungsstrategien wurden anhand verschiedener Szenarien getestet und verglichen. Ein zusätzlich entwickelter Benchmark gibt Auskunft über die Qualität der Simulationsergebnisse.

State of the science on controversial topics: orthodontic therapy and gingival recession (a report of the Angle Society of Europe 2013 meeting)

BACKGROUND Controversy exists in the literature between the role of orthodontic treatment and gingival recession. Whilst movement of teeth outside the alveolar bone has been reported as a risk factor for gingival recession, others have found no such association. FINDINGS The Angle Society of Europe devoted a study day to explore the evidence surrounding these controversies. The aim of the day was for a panel of experts to evaluate the current evidence base in relation to either the beneficial or detrimental effects of orthodontic treatment on the gingival tissue. CONCLUSIONS There remains a relatively weak evidence base for the role of orthodontic treatment and gingival recession and thus a need to undertake a risk assessment and appropriate consent prior to the commencement of treatment. In further prospective, well designed trials are needed.

Survival of palatal miniscrews used for orthodontic appliance anchorage: a retrospective cohort study

INTRODUCTION The purpose of this study was to examine the overall success of miniscrews inserted in the paramedian palatal region for support of various appliances during orthodontic treatment. METHODS The patients received 1 or 2 miniscrews in the paramedian anterior palate of 8.0-mm length and 1.6-mm diameter placed during orthodontic treatment by the same experienced orthodontist. RESULTS In total, 196 patients (121 girls, 75 boys; median age, 11.7; interquartile range, 3.7) who received 384 miniscrews were evaluated. Two hundred four miniscrews were used with rapid palatal expansion appliances, 136 with appliances for distalization of posterior teeth, and 44 with other appliances, such as transpalatal arches for tooth stabilization. The overall survival of the miniscrews was excellent (97.9%) in the cases examined. Cox regression analysis showed no difference in the overall survival rates of miniscrews loaded with different appliances for sex (hazard ratio, 0.95; 95% confidence interval, 0.71-1.27; P = 0.73) after adjusting for appliance and age. CONCLUSIONS This study shows that miniscrews placed in the paramedian anterior palate for supporting various orthodontic appliances have excellent survival.

Beyond words: Sensory properties of depressive thoughts

Verbal thoughts (such as negative cognitions) and sensory phenomena (such as visual mental imagery) are usually conceptualised as distinct mental experiences. The present study examined to what extent depressive thoughts are accompanied by sensory experiences and how this is associated with symptom severity, insight of illness and quality of life. A large sample of mildly to moderately depressed patients (N = 356) was recruited from multiple sources and asked about sensory properties of their depressive thoughts in an online study. Diagnostic status and symptom severity were established over a telephone interview with trained raters. Sensory properties of negative thoughts were reported by 56.5% of the sample (i.e., sensation in at least one sensory modality). The highest prevalence was seen for bodily (39.6%) followed by auditory (30.6%) and visual (27.2%) sensations. Patients reporting sensory properties of thoughts showed more severe psychopathological symptoms than those who did not. The degree of perceptuality was marginally associated with quality of life. The findings support the notion that depressive thoughts are not only verbal but commonly accompanied by sensory experiences. The perceptuality of depressive thoughts and the resulting sense of authenticity may contribute to the emotional impact and pervasiveness of such thoughts, making them difficult to dismiss for their holder.

ISL1 expression is not restricted to pancreatic well-differentiated neuroendocrine neoplasms, but is also commonly found in well and poorly differentiated neuroendocrine neoplasms of extrapancreatic origin

The human insulin gene enhancer-binding protein islet-1 (ISL1) is a transcription factor involved in the differentiation of the neuroendocrine pancreatic cells. Recent studies identified ISL1 as a marker for pancreatic well-differentiated neuroendocrine neoplasms. However, little is known about ISL1 expression in pancreatic poorly differentiated and in extrapancreatic well and poorly differentiated neuroendocrine neoplasms. We studied the immunohistochemical expression of ISL1 in 124 neuroendocrine neoplasms. Among pancreatic neuroendocrine neoplasms, 12/13 with poor differentiation were negative, whereas 5/7 with good differentiation but a Ki67 >20% were positive. In extrapancreatic neuroendocrine neoplasms, strong positivity was found in Merkel cell carcinomas (25/25), pulmonary small cell neuroendocrine carcinomas (21/23), medullary thyroid carcinomas (9/9), paragangliomas/pheochromocytomas (6/6), adrenal neuroblastomas (8/8) and head and neck neuroendocrine carcinomas (4/5), whereas no or only weak staining was recorded in pulmonary carcinoids (3/15), olfactory neuroblastomas (1/4) and basaloid head and neck squamous cell carcinomas (0/15). ISL1 stained the neuroendocrine carcinoma component of 5/8 composite carcinomas and also normal neuroendocrine cells in the thyroid, adrenal medulla, stomach and colorectum. Poorly differentiated neuroendocrine neoplasms, regardless of their ISL1 expression, were usually TP53 positive. Our results show the almost ubiquitous expression of ISL1 in extrapancreatic poorly differentiated neuroendocrine neoplasms and neuroblastic malignancies and its common loss in pancreatic poorly differentiated neuroendocrine neoplasms. These findings modify the role of ISL1 as a marker for pancreatic neuroendocrine neoplasms and suggest that ISL1 has a broader involvement in differentiation and growth of neuroendocrine neoplasms than has so far been assumed.

Co-activation of JAK/STAT and p38 MAPK pathways by type I interferon enhances apoptosis in human basophils

It has previously been published that interferon-α (type I IFN) improves clinical symptoms of asthma patients. Since human basophils are major inflammatory cells in maintaining chronic allergic asthma we investigate whether type I IFN affect human blood basophils. Furthermore, previous studies have shown that spontaneous apoptosis of human basophils is slow due to constitutive expression of anti-apoptotic BCL-2 family members. In addition, IL-3 exceptionally promotes survival of basophils by enhancing constitutive expression of BCL-2 family members and by inducing de-novo expression of Pim-1 kinase. Thus, we also assessed whether type I IFN might overcome IL-3-induced survival of human basophils. Our data show that type I IFN enhances apoptosis in purified human blood basophils compared to spontaneous apoptosis of controls or type II IFN treated cells. Furthermore, we demonstrate that both type I IFN and FasL enhance apoptosis in human basophils with similar efficiency in a rather additive than synergistic way. Analyses of signaling pathways reveal that type I IFN promote prolonged phosphorylation of STAT1/STAT2. By using a pan-JAK inhibitor the phosphorylation of STAT1/STAT2 is inhibited and most importantly the pro-apoptotic effect of type I IFN is abolished. On the other hand, type I IFN do not reduce IL-3-induced de novo expression of Pim-1 and BCL-2. This is in line with our observation that IL-3-induced survival is dominant over type I IFN-enhanced apoptosis. In addition, phosphorylation of p38 MAPK in type I IFN treated cells is comparable to non-treated cells. Particularly however, inhibition of this p-p38 activity abrogates apoptosis as well. We conclude that type I IFN-enhanced apoptosis is tightly regulated by the cooperation of JAK/STAT and p38 MAPK pathways. Our study identifies a so far unknown effect of type I IFN and may explain the improved clinical symptoms of asthma patients treated with type I IFN.

Interferon-α antagonizes IL-3-mediated immunoregulatory functions of human basophils

Human basophils are major inflammatory cells in maintaining chronic allergic asthma. It has been published that interferon-α (IFN-α) improves clinical symptoms of asthma patients. In contrast, IL-3 exacerbates airway inflammation by inducing IL-4, IL-8 and IL-13 secretion from human basophils thus regulating their immunoregulatory functions. Furthermore, IL-3 exceptionally promotes survival of basophils. Here, we assessed cellular response of human basophils treated with IFN-α alone or in combination with IL-3. Our data show that IFN-α enhances apoptosis in purified human blood basophils compared to spontaneous apoptosis of controls or IFN-γ treated cells. Furthermore, we demonstrate that both IFN-α and FasL enhance apoptosis in human basophils with similar efficiency in a rather additive than synergistic way. IFN-α inhibits IL-3-induced survival to a minor degree. Particularly however, it suppresses IL-3-induced de-novo production of IL-8 and IL-13 up to 80%. In contrast, the production of IL-4 is not affected. Analyses of signaling pathways reveal that IFN-α promotes prolonged phosphorylation of STAT1/STAT2. By using a pan-JAK inhibitor the phosphorylation of STAT1/STAT2 is inhibited and most importantly the pro-apoptotic effect of IFN-α is abolished. Although the phosphorylation of p38-MAPK in IFN-α-treated cells is comparable to non-treated cells, inhibition of p-p38 activity abrogates IFN-α-enhanced apoptosis as well. We conclude that IFN-α-enhanced apoptosis is tightly regulated by the cooperation of JAK/STAT and p38-MAPK pathways. Our study identifies IFN-α as a novel inhibitor of IL-3-induced IL-8 and IL-13 production of human basophils. Taken together our study may explain the improved clinical symptoms of asthma patients treated with IFN-α.

The EVIDENT-trial: protocol and rationale of a multicenter randomized controlled trial testing the effectiveness of an online-based psychological intervention

BACKGROUND: Depressive disorders are among the leading causes of worldwide disability with mild to moderate forms of depression being particularly common. Low-intensity treatments such as online psychological treatments may be an effective way to treat mild to moderate depressive symptoms and prevent the emergence or relapse of major depression. METHODS/DESIGN: This study is a currently recruiting multicentre parallel-groups pragmatic randomized-controlled single-blind trial. A total of 1000 participants with mild to moderate symptoms of depression from various settings including in- and outpatient services will be randomized to an online psychological treatment or care as usual (CAU). We hypothesize that the intervention will be superior to CAU in reducing depressive symptoms assessed with the Personal Health Questionnaire (PHQ-9, primary outcome measure) following the intervention (12 wks) and at follow-up (24 and 48 wks). Further outcome parameters include quality of life, use of health care resources and attitude towards online psychological treatments. DISCUSSION: The study will yield meaningful answers to the question of whether online psychological treatment can contribute to the effective and efficient prevention and treatment of mild to moderate depression on a population level with a low barrier to entry. TRIAL REGISTRATION: Trial Registration Number: NCT01636752.

Perceived usefulness of RFID-enabled information services – a systematic approach

Even though RFID technology is currently gaining importance mainly in logistics, usage areas, such as shopping or after-sales enhancements beyond the supply chain are envisioned. Yet, while RFID hits the street it is questioned if it may undermine one’s privacy while providing few customer benefits. Meeting this criticism this paper investigates RFID-enabled information services and the drivers of their usefulness for consumers. The article claims that the more risk one associates with a product the more benefit from RFID-enabled information services is perceived. We show empirically that the nature of product risk provides a useful framework to decide on the types of RFID information services a marketer should offer to create RFID usefulness perceptions and increase technology acceptance.