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The purpose of this paper is to examine 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 hand-collected data, the authors carry out the first detailed analysis of the German squeeze-out offers from the announcement to the outcome of post-deal litigation, examining also the determinants of the decision to squeeze-out minority investors.

Using unique data on court rulings and compensations, the authors analyze a sample of 324 squeeze-outs of publicly listed companies from 2002 to 2011 to carry out the first detailed analysis of the squeeze-out procedure and the post-deal litigation. The authors employ the event study methodology to assess the stock market reaction around the announcement of the squeeze-out.

Large firms with foreign large shareholders are the most likely to be delisted. Positive stock price performance increases the likelihood of a squeeze-out, but operating performance has the opposite effect. Stock prices react positively to squeeze-out announcements, in particular when the squeeze-out does not follow a previous takeover offer. Post-deal litigation is widespread: nearly all squeeze-outs are legally challenged by minority shareholders. Additional cash compensation is larger in appraisal procedures, but actions of avoidance are completed in less time. Overall, the evidence suggests that starting post-deal litigation by challenging the cash compensation offered in a squeeze-out delivers high returns for minority investors.

The lack of data concerning the identity of minority shareholders in firms undergoing a squeeze-out does not allow a proper investigation of the incentives of the different types of investors.

The paper provides evidence about the incentives of the different players in a squeeze-out offer. The findings of the paper could be helpful in assessing the impact of the squeeze-out rule. The results also contribute to the understanding of minority investors’ incentives to start post-deal litigation.

This paper provides new evidence about post-deal litigation, in particular how investors use the procedures that the system provides them to protect themselves against controlling shareholders. The paper examines all the phases of the squeeze-out procedure and challenges.

This chapter explores the stock price impact of expirations of lock-up provisions that prevent insiders from selling their shares after the Initial Public Offering (IPO). We examine 172 lock-up expirations of 142 IPOs floated on Germany’s Neuer Markt. We detect significant negative abnormal returns and a 25% increase in trading volume surrounding lock-up expiration. The negative abnormal returns are larger for firms with high volatility; superior performance after the IPO, low free float, and venture capital financed firms. The negative price reaction is significantly stronger for the expiration of voluntary lock-up agreements than for mandatory prohibitions of disposal.

With the opening of the Nouveau Marché in France in 1996, followed by the Neuer Markt in Germany in 1997 and the Nuovo Mercato in Italy in 1999, the opportunities for small companies to obtain a listing on European exchanges were growing rapidly. Other European countries with new stock markets included Belgium, Denmark, Finland, Greece, Ireland, the Netherlands, Poland, Portugal, Spain, Sweden and Switzerland. These stock markets had one common aim – to attract early stage, innovative and high-growth firms that would not have been viable candidates for public equity financing on the main markets of European stock exchanges. Of these new markets, the Neuer Markt emerged as Europe’s answer to NASDAQ.

Describes a methodological study to evaluate the quality of care for an elderly population in the treatment of hypertension from a fairly simple analysis of medical records in primary care, with or without the use of additional information from patients, and shows how this type of data can be used to point out shortcomings in primary care. The data derive from a community survey of elderly people in one area of Jerusalem and relied on personal interviews, blood pressure measurements and an analysis of medical records over a period of four years. The measures used are: the percentage of persons without blood pressure (BP) measurement in a given year; the maximum “gap” between consecutive BP measurements in a given year; the rate of BP measurement per clinic visit; the percentage of hypertensives treated; and the percentage of hypertensives under control. The prevalence rates for hypertension in this elderly population vary between 40 per cent and 59 per cent according to the definition used. Using a simple and straightforward analysis of sick‐fund records several shortcomings in the surveillance and control of hypertension were detected. Calculation of the percentage of untreated hypertensives required a separate information source ‐ the screening. A BP survey is an important complement to an analysis of records. An ongoing evaluation of the quality of care of hypertensives in an elderly population should be based on screening, interviews with patients and analysis of the physician′s records. These provide an overall picture of the care in each medical practice enabling the physician to improve the quality of care provided to his or her patients.

Participation is a core value for health promoting schools. Student participation at schools is often implemented in various forms of councils. The aims of this article are to summarise the effects of student participation in student councils, to show who benefits most and to discuss characteristics that make student councils effective.

The article is based on a recently conducted systematic literature review. Nearly one third of all included cases were dealing with student participation in the form of student councils. The authors conducted a qualitative analysis of the diverse effects and characteristics of student councils.

Effects of student participation in student councils can be categorised into personal effects on students, effects on interactions and on the school as an organisation. Students actually participating in councils, i.e. the student representatives, benefit most in terms of personal effects (e.g. increasing life skills, self‐esteem, developing democratic skills) and in terms of improvements in peer relationships or student‐adult relationships. All students benefit from improvements in the physical or social environment of the school. The characteristics that potentially make student councils successful concern the council composition, election procedures of representatives, positions and procedures and frequency and timing of council meetings, communication between council and the student body or other actors, the decision‐making power of the council, supportive school context and training of councillors and staff.

This is the first systematic synthesis of research conducted on effects of student participation in student councils. The article discusses the potential of student councils for strengthening the whole‐school approach to health promotion.

The purpose of this paper is to examine the relationships between the civic mission of schools and students on participation in school governance through an empirical study. It articulates the importance of school mission on nurturing citizenship of high school students.

The research used a mixed method with questionnaire survey in the first phase and qualitative interviews in the second phase. Quantitative data were obtained from a survey completed by 3,209 students and 495 teachers (including principals) from 51 secondary schools in Hong Kong. Qualitative data were collected from 41 individual interviews with principals and teachers and 17 focus group interviews with 56 students in five case study schools.

Both students and teachers believed that good citizenship qualities should include students’ participation in school governance. Schools in general took up the civic mission to nurture good and participatory citizens. A mission of nurturing students to become good and participatory citizens made a significant and positive contribution toward achieving students’ actual participation in school governance. However, students’ actual impact on major school policies was minimal. A paradox existed whereby students, knowing their influence over managerial issues was much circumscribed, still gave it a higher rating than their teachers.

The paper contributes an empirical model for school leaders to develop school vision for promoting student participation in school governance. Based on a large-scale research supported by public funding, the paper contributes an empirical model for school leaders to develop school vision for promoting student participation in school governance. It further adds to the literature on relationship between citizenship education, civic mission of school and student participation in governance.

An axisymmetric shock-tube model of the high-pressure shock-tube facility at the Texas A&M University has been developed. The shock tube is non-conventional with a non-uniform cross-section and features a driver section with a smaller diameter than the driven section. The paper aims to discuss these issues.

Computations were carried out based on the finite volume approach and the AUSM+ flux-differencing scheme. The adaptive mesh refinement algorithm was applied to the time-dependent flow fields to accurately capture and resolve the shock and contact discontinuities as well as the very fine scales associated with the viscous effects. The incorporation of a conjugate heat transfer model enhanced the credibility of the results.

The shock-tube model is validated with simulation of the bifurcation phenomenon and with experimental data. The model is shown to be capable of accurately simulating the shock and expansion wave propagations and reflections as well as the flow non-uniformities behind the reflected shock wave as a result of reflected shock/boundary layer interaction or bifurcation. The pressure profiles behind the reflected shock wave agree with the experimental results.

This paper presents one of the first studies to model the entire flow field history of a non-uniform diameter shock tube with a conjugate heat transfer model beginning from the bursting of the diaphragm while simultaneously resolving the fine features of the reflected shock-boundary layer interaction and the post-shock region near the end-wall, at conditions useful for chemical kinetics experiments. An important discovery from this study is the possible existence of hot spots in the end-wall region that could lead to early non-homogeneous ignition events. More experimental and numerical work is needed to quantify the hot spots.