Spin-torque nano-oscillators (STNOs) are prospective successors of transistor-based emitters and receivers of radio-frequency signals in commonly used remote communication systems. In comparison to the conventional electronic oscillators, STNOs offer the advantage of being tunable over a wide range of frequencies simply by adjusting the applied current, the smaller lateral size (up to 50 times) and the lower power consumption as the lateral size of the device is reduced. It has already been demonstrated that the output signal characteristics of STNOs are compatible with the requirements for applications: they can provide output powers in the µW range, frequencies of the order of GHz, quality factors Q (equal to df/f, where f is the frequency, and df is the linewidth) up to several thousands (e.g., 3 200), and can be integrated into Phase-Locked Loop (PLL) circuits. The most promising type of spin-torque oscillators is the hybrid geometry STNOs utilizing an in-plane magnetized fixed layer, an out-of-plane magnetized free layer and the MgO tunnel barrier as a spacer. This geometry maximizes the output power, since the full parallel-to-antiparallel resistance variation can be exploited in the limit of large magnetization precession angle (i.e., when the magnetization oscillates fully within the plane of the STNO stack). Moreover, the considered hybrid geometry allows for the reduction of the critical currents, enables functionality regardless of the applied magnetic or current history and requires a simplified fabrication process in comparison to the opposite hybrid geometry, consisting of an in-plane magnetized free layer and an out-of-plane reference layer, which requires an additional read-out layer. Simultaneously, the choice of the spacer material in considered STNOs is motivated by the increase of both the output power (via large magnetoresistance ratios) and the power conversion rate ('output power to input power' ratio), compared to their fully metallic counterparts. Despite the many advantages of MgO-based hybrid geometry STNOs, unexplained issues related to the physics behind their principle of operation remained. In this thesis, the main focus is put on the two key aspects related to the out-of-plane steady-state precession in hybrid STNOs: the precession mechanism (combined with the analysis of the influence of the bias dependence of the tunnel magnetoresistance) and the zero-field oscillations stabilized by an in-plane shape anisotropy. State-of-the-art theoretical studies demonstrated that stable precession in hybrid geometry STNOs can only be sustained if the in-plane component of the spin-transfer torque (STT) exhibits an asymmetric dependence on the angle between the free and the polarizing layer (which is true for fully metallic devices, but not for the MgO-based magnetic tunnel junctions (MTJs)). Nevertheless, recent experimental reports showed that spin-transfer driven dynamics can also be sustained in MgO-based STNOs with this particular configuration. In this thesis, a phenomenological and straightforward mechanism responsible for sustaining the dynamics in considered system is suggested. The mechanism is based on the fact that, in MgO-based MTJs, the strong cosine-type angular dependence of the tunnel magnetoresistance, at constant applied current, translates into an angle-dependent voltage component, which results in an angle-dependent spin-transfer torque giving a rise to the angular asymmetry of the in-plane STT and, thus, enabling steady-state precession to be sustained. Subsequently, the bias dependence of the tunnel magnetoresistance (TMR), which has been so far neglected in similar calculations, is taken into account. According to the results of analytical and numerical studies, the TMR bias dependence brings about a gradual quenching of the dynamics at large applied currents. The theoretical model yields trends confirming our experimental results. The most important conclusion regarding to this part of the thesis is that, while the angular dependence of the tunnel magnetoresistance introduces an angular asymmetry for the in-plane spin transfer torque parameter (which helps maintain steady-state precession), the bias dependence of the resistance works to reduce this asymmetry. Thus, these two mechanisms allow us to tune the asymmetry of the in-plane STT as function of current and to control the dynamical response of the actual device. Except for the precession mechanism, the thesis is also focused on the issue of zero-field oscillations, which would be especially desirable from the point of view of potential applications. According to the state-of-the-art theoretical studies, for hybrid geometry devices with circular cross-section (i.e., exhibiting no other anisotropy terms), current-driven dynamics cannot be excited at zero applied field. Indeed, zero-field oscillations have only been experimentally observed for systems having the free layer magnetization slightly tilted from the normal to the plane, which has usually been achieved by introducing an in-plane shape anisotropy. In the thesis, the influence of the in-plane shape anisotropy of the MTJ on zero-field dynamics in the hybrid geometry MgO-based STNOs is analytically and numerically investigated. In agreement with the previous reports, no zero-field dynamics for circular nano-pillars is observed; however, according to the numerical data, an additional in-plane anisotropy smaller than the effective out-of-plane anisotropy of the free layer enables zero-field steady-state precession. Accordingly, the lack of an in-plane anisotropy component (e.g., for circular cross-section nano-pillars), or the presence of an in-plane shape anisotropy equal or greater than the out-of-plane effective anisotropy, inhibits the stabilization of dynamics in the free layer at zero field. The results of analytical and numerical studies and the general trends identified in the corresponding experimental data are found to be in excellent qualitative agreement.:1. Introduction 1.1. Short history of magnetotransport applications 1.2. Spin-transfer torque induced effects and devices 1.3. Goals of the thesis 2. Fundamentals 2.1. Electronic transport in single transition metal layers 2.2. Tunnel magnetoresistance (TMR) 2.2.1. Electronic transport in magnetic tunnel junctions 2.2.2. Tunnel magnetoresistance versus structural properties of the multilayer 2.2.3. Bias voltage and temperature dependence of tunnel magnetoresistance 2.2.4. Angular dependence of tunnel magnetoresistance 2.3. Spin-transfer torque in GMR/TMR structures 2.3.1. Spin-transfer torque 2.3.2. Landau-Lifshitz-Gilbert (LLG) equation 2.3.3. LLG equation and spin-transfer torques 2.3.4. Bias voltage dependence of spin-transfer torques in MTJs 2.3.5. Angular dependence of spin-transfer torque 2.4. Spin-torque-based phenomena 2.4.1. Current-induced switching 2.4.2. Current-induced dynamics 3. Experimental 3.1. General characteristics of MgO-based magnetic tunnel junctions 3.2. STNO samples 3.2.1. Samples by AIST (Tsukuba, Japan) 3.2.2. Samples by HZDR / SINGULUS (Dresden / Kahl am Main, Germany) 3.3. Magnetotransport measurements 3.3.1. Experimental setup and data analysis 3.3.2. Experimental results 3.4. Aspects to be explained 4 Numerical and analytical calculations 4.1 Out-of-plane steady-state precession in hybrid geometry STNO 4.1.1 Angular dependence of tunnel magnetoresistance as a mechanism of stable precession 4.1.2. Influence of the bias dependence of tunnel magnetoresistance 4.1.3. Comparison with the experimental data 4.1.4. Comparison with the GMR-type counterpart 4.1.5. Summary 4.2. Zero-field dynamics in hybrid geometry STNO stabilized by in-plane shape anisotropy 4.2.1. Effect of the in-plane shape anisotropy 4.2.2. Zero-field dynamics 4.2.3. Summary 5. Conclusions 6. Outlook Appendix Bibliography

Understanding how biological cells organize to form complex functional tissues is a question of key interest at the interface between biology and physics. The liver is a model system for a complex three-dimensional epithelial tissue, which performs many vital functions. Recent advances in imaging methods provide access to experimental data at the subcellular level. Structural details of individual cells in bulk tissues can be resolved, which prompts for new analysis methods. In this thesis, we use concepts from soft matter physics to elucidate and quantify structural properties of mouse liver tissue. Epithelial cells are structurally anisotropic and possess a distinct apico-basal cell polarity that can be characterized, in most cases, by a vector. For the parenchymal cells of the liver (hepatocytes), however, this is not possible. We therefore develop a general method to characterize the distribution of membrane-bound proteins in cells using a multipole decomposition. We first verify that simple epithelial cells of the kidney are of vectorial cell polarity type and then show that hepatocytes are of second order (nematic) cell polarity type. We propose a method to quantify orientational order in curved geometries and reveal lobule-level patterns of aligned cell polarity axes in the liver. These lobule-level patterns follow, on average, streamlines defined by the locations of larger vessels running through the tissue. We show that this characterizes the liver as a nematic liquid crystal with biaxial order. We use the quantification of orientational order to investigate the effect of specific knock-down of the adhesion protein Integrin ß-1. Building upon these observations, we study a model of nematic interactions. We find that interactions among neighboring cells alone cannot account for the observed ordering patterns. Instead, coupling to an external field yields cell polarity fields that closely resemble the experimental data. Furthermore, we analyze the structural properties of the two transport networks present in the liver (sinusoids and bile canaliculi) and identify a nematic alignment between the anisotropy of the sinusoid network and the nematic cell polarity of hepatocytes. We propose a minimal lattice-based model that captures essential characteristics of network organization in the liver by local rules. In conclusion, using data analysis and minimal theoretical models, we found that the liver constitutes an example of a living biaxial liquid crystal.:1. Introduction 1 1.1. From molecules to cells, tissues and organisms: multi-scale hierarchical organization in animals 1 1.2. The liver as a model system of complex three-dimensional tissue 2 1.3. Biology of tissues 5 1.4. Physics of tissues 9 1.4.1. Continuum descriptions 11 1.4.2. Discrete models 11 1.4.3. Two-dimensional case study: planar cell polarity in the fly wing 15 1.4.4. Challenges of three-dimensional models for liver tissue 16 1.5. Liquids, crystals and liquid crystals 16 1.5.1. The uniaxial nematic order parameter 19 1.5.2. The biaxial nematic ordering tensor 21 1.5.3. Continuum theory of nematic order 23 1.5.4. Smectic order 25 1.6. Three-dimensional imaging of liver tissue 26 1.7. Overview of the thesis 28 2. Characterizing cellular anisotropy 31 2.1. Classifying protein distributions on cell surfaces 31 2.1.1. Mode expansion to characterize distributions on the unit sphere 31 2.1.2. Vectorial and nematic classes of surface distributions 33 2.1.3. Cell polarity on non-spherical surfaces 34 2.2. Cell polarity in kidney and liver tissues 36 2.2.1. Kidney cells exhibit vectorial polarity 36 2.2.2. Hepatocytes exhibit nematic polarity 37 2.3. Local network anisotropy 40 2.4. Summary 41 3. Order parameters for tissue organization 43 3.1. Orientational order: quantifying biaxial phases 43 3.1.1. Biaxial nematic order parameters 45 3.1.2. Co-orientational order parameters 51 3.1.3. Invariants of moment tensors 52 3.1.4. Relation between these three schemes 53 3.1.5. Example: nematic coupling to an external field 55 3.2. A tissue-level reference field 59 3.3. Orientational order in inhomogeneous systems 62 3.4. Positional order: identifying signatures of smectic and columnar order 64 3.5. Summary 67 4. The liver lobule exhibits biaxial liquid-crystal order 69 4.1. Coarse-graining reveals nematic cell polarity patterns on the lobulelevel 69 4.2. Coarse-grained patterns match tissue-level reference field 73 4.3. Apical and basal nematic cell polarity are anti-correlated 74 4.4. Co-orientational order: nematic cell polarity is aligned with network anisotropy 76 4.5. RNAi knock-down perturbs orientational order in liver tissue 78 4.6. Signatures of smectic order in liver tissue 81 4.7. Summary 86 5. Effective models for cell and network polarity coordination 89 5.1. Discretization of a uniaxial nematic free energy 89 5.2. Discretization of a biaxial nematic free energy 91 5.3. Application to cell polarity organization in liver tissue 92 5.3.1. Spatial profile of orientational order in liver tissue 93 5.3.2. Orientational order from neighbor-interactions and boundary conditions 94 5.3.3. Orientational order from coupling to an external field 99 5.4. Biaxial interaction model 101 5.5. Summary 105 6. Network self-organization in a liver-inspired lattice model 107 6.1. Cubic lattice geometry motivated by liver tissue 107 6.2. Effective energy for local network segment interactions 110 6.3. Characterizing network structures in the cubic lattice geometry 113 6.4. Local interaction rules generate macroscopic network structures 115 6.5. Effect of mutual repulsion between unlike segment types on network structure 118 6.6. Summary 121 7. Discussion and Outlook 123 A. Appendix 127 A.1. Mean field theory fo the isotropic-uniaxial nematic transition 127 A.2. Distortions of the Mollweide projection 129 A.3. Shape parameters for basal membrane around hepatocytes 130 A.4. Randomized control for network segment anisotropies 130 A.5. The dihedral symmetry group D2h 131 A.6. Relation between orientational order parameters and elements of the super-tensor 134 A.7. Formal separation of molecular asymmetry and orientation 134 A.8. Order parameters under action of axes permutation 137 A.9. Minimal integrity basis for symmetric traceless tensors 139 A.10. Discretization of distortion free energy on cubic lattice 141 A.11. Metropolis Algorithm for uniaxial cell polarity coordination 142 A.12. States in the zero-noise limit of the nearest-neighbor interaction model 143 A.13. Metropolis Algorithm for network self-organization 144 A.14. Structural quantifications for varying values of mutual network segment repulsion 146 A.15. Structural quantifications for varying values of self-attraction of network segments 148 A.16. Structural quantifications for varying values of cell demand 150 Bibliography 152 Acknowledgements 175

Using the parallel disk method of activation analysis, the (n,2n) reaction cross section in 141-Pr was measured as a function of neutron energy in the range 15.4 to 18.4 MeV. The bombarding neutrons were produced from the 3-T(d,n)4-He reaction, where the deuterons were accelerated by the 3-MV Van de Graff generator of the North Texas Regional Physics Laboratory in Denton, Texas.

Etwa 25 % der Nierenzellkarzinome (RCC) weisen bei Diagnosestellung bereits Metastasen auf. Aufgrund der schlechten Prognose des metastasierten RCC besteht ein dringender Bedarf an neuen Therapieformen sowie an prognostischen und diagnostischen Markern. microRNAs (miRNAs) bieten sich dabei als vielversprechende molekulare Biomarker an. Für den klarzelligen RCC-Subtypen (ccRCC) wurde bereits ein umfangreiches miRNA Expressionsprofil erstellt, mit dem ccRCC-relevante, vorwiegend herunterregulierte miRNAs identifiziert werden konnten. In der vorliegenden Arbeit wurde gezeigt, dass die Expression der miR-141 und miR-145 in RCC-Zelllinien durch epigenetische Mechanismen gehemmt ist und die Promotorbereiche dieser miRNAs stark methyliert vorliegen. In RCC-Zellen konnte eine tumorsuppressive Wirkung dieser miRNAs durch Hemmung der Migration (beide) und Invasion (miR-141) nachgewiesen werden. Durch die gleichzeitige Überexpression der beiden miRNAs kam es zu einer kooperativen Wirkung und so zu einer verstärkten Hemmung der Zellmigration. Weitere Untersuchungen konnten eine Reihe neuer onkogener Targets der miR 141 und miR 145 identifizieren. Dabei zeigte sich ein kooperativer Effekt durch Kombination beider miRNAs auf die Expression der Targets HS6ST2 und LOX. Die Targets LOX und MAP4K4 waren in ccRCC Gewebe auf mRNA-Ebene stark überexprimiert im Vergleich zum umliegenden Normalgewebe. Bei der anschließenden Tissue-Mikroarray-Analyse der Expression auf Proteinebene zeigte sich zudem ein prognostisches Potenzial der Targets LOX und MAP4K4 für das Gesamtüberleben von ccRCC Patienten. Diese Daten verdeutlichen den enormen Einfluss von epigenetisch dysregulierten miRNAs und deren spezifischen Targets auf tumorassoziierte Prozesse. Zudem bietet das Netzwerk aus Epigenetik, miRNAs und deren jeweiligen Targets nicht nur eine Reihe von diagnostischen und prognostischen Möglichkeiten, sondern liefert auch viele Ansatzpunkte für die Entwicklung von neuen therapeutischen Strategien. / Approximately 25 % of diagnosed renal cell carcinoma (RCC) have already metastasized. Due to poor prognosis of metastatic RCC, there is an urgent need for new therapies and prognostic and diagnostic markers to identify high-risk patients. Here microRNAs (miRNAs) might be promising new molecular biomarkers. For the clear cell RCC subtype (ccRCC) a comprehensive miRNA expression profile was already established. In this profiling several ccRCC-associated, predominantly down-regulated miRNAs were identified. In the present study, epigenetic mechanisms were identified to play a significant role in the down regulation of miR-141 and miR-145 in RCC cell lines. In addition, a strong methylation of the corresponding promoter regions was detected at molecular level. In RCC cells a tumor suppressive effect of these miRNAs was shown by decreasing migration (both) and invasion (miR-141) and furthermore, co overexpression of both miRNAs resulted in a cooperative effect with increased inhibition of cell migration. Several new oncogenic targets of miR-141 and miR-145 were identified by further investigations. Here the two miRNAs again showed a cooperative effect, as demonstrated by a significantly increased inhibition of HS6ST2 and LOX expression. In ccRCC tissue the expression of LOX and MAP4K4 was strongly enhanced on mRNA level compared to normal tissue. In the subsequent tissue microarray analysis of protein expression, LOX and MAP4K4 showed a prognostic impact for the overall survival of patients with ccRCC. These results illustrate a huge impact of epigenetically dysregulated miRNAs and of their specific targets on tumor-associated processes. Furthermore, the network of epigenetics, miRNAs and their respective targets will offer a number of diagnostic and prognostic capabilities, but will also provide many opportunities for the development of new therapeutic strategies.

This study examines the impact of Statements of Financial Accounting Standards No. 141 and No. 142 (hereafter SFAS 141, 142) on the characteristics of financial analysts' earnings forecasts after mergers. Specifically, I predict lower forecast errors for firms that experienced mergers after the enactment of SFAS 141, 142 than for firms that went through business combinations before those accounting changes. Study results present strong evidence that earnings forecast errors for companies involved in merging and acquisition activity decreased after the adoption of SFAS 141, 142. Test results also suggest that lower earnings forecast errors are attributable to factors specific to merging companies such as SFAS 141, 142 but not common to merging and non-merging companies. In addition, evidence implies that information in corporate annual reports of merging companies plays the critical role in this decrease of earnings forecast error. Summarily, I report that SFAS 141, 142 were effective in achieving greater transparency of financial reporting after mergers. In my complementary analysis, I also document the structure of corporate analysts' coverage in "leaders/followers" terms and conduct tests for differences in this structure: (1) across post-SFAS 141,142/pre-SFAS 141, 142 environments, and (2) between merging and non-merging firms. Although I do not identify any significant differences in coverage structure across environments, my findings suggest that lead analysts are not as accurate as followers when predicting earnings for firms actively involved in mergers. I also detect a significant interaction between the SFAS-environment code and leader/follower classification, which indicates greater improvement of lead analyst forecast accuracy in the post-SFAS 141, 142 environment relative to their followers. This interesting discovery demands future investigation and confirms the importance of financial reporting transparency for the accounting treatment of business combinations.

We utilize the exact factorization of the electron-nuclear wave function [Abedi et al., PRL 105 123002 (2010)] to illuminate several aspects of laser-driven molecular dynamics in intense femtosecond laser pulses. Above factorization allows for a splitting of the full molecular wave function and leads to a time-dependent Schrödinger equation for the nuclear subsystem alone which is exact in the sense that the absolute square of the corresponding, purely nuclear, wave function yields the exact nuclear N-body density of the full electron-nuclear system. As one remarkable feature, this factorization provides the exact classical force, the force which contains the highest amount of electron-nuclear correlations that can be retained in the quantum-classical limit of the electron-nuclear system. We re-evaluate the classical limit of the nuclear Schrödinger equation from the perspective of the exact factorization, and address the long-standing question of the validity of the popular quantum-classical surface hopping approach in laserdriven cases. In particular, our access to the exact classical force allows for an elaborate evaluation of the various and completely different potential energy surfaces frequently applied in surface hopping calculations. The highlight of this work consists in a generalization of the exact factorization and its application to the laser-driven molecular wave function in the Floquet picture, where the molecule and the laser form an united quantum system exhibiting its own Hilbert space. This particular factorization enables us to establish an analytic connection between the exact nuclear force and Floquet potential energy surfaces. Complementing above topics, we combine different well-known and proven methods to give a systematic study of molecular dissociation mechanisms for the complicated electric fields provided by modern attosecond laser technology.:Contents Introduction 1 The exact factorization of time-dependent wave functions 1.1 Concern and state of the art 1.2 The exact factorization of the electron-nuclear wave function 1.3 The generalized exact factorization 1.4 The exact factorization for coupled harmonic oscillators 1.5 The exact factorization for a single particle with spin 1.6 The exact factorization of the laser-driven electron-nuclear wave function in the Floquet picture 1.7 Summary and conclusion 2 Quantum-classical molecular dynamics from an exact factorization perspective 2.1 Concern and state of the art 2.2 The exact nuclear TDSE 2.3 The Wigner-Moyal equation for the nuclear TDSE and its classical limit 2.4 The Bohmian formulation of the nuclear TDSE and its classical limit 2.5 Comparative calculations 2.5.1 Scenario 1: stationary states 2.5.2 Scenario 2: laser-driven dynamics 2.6 Summary and conclusion 3 Surface hopping in laser-driven molecular dynamics 3.1 Concern and state of the art 3.2 Surface hopping 3.3 Quantum-classical dynamics on the EPES 3.4 The benchmark model and its potential energy surfaces 3.5 Surface hopping in laser-driven molecular dynamics 3.6 Summary and conclusion 4 Beyond the limit of the Floquet picture: molecular dissociation in few-cycle laser pulses 4.1 Concern and state of the art 4.2 Theoretical few-cycle pulses 4.3 Calculation of dissociation probabilities 4.4 Dissociation in few-cycle pulses 4.4.1 Dissociation in half-cycle pulses 4.4.2 Dissociation in few-cycle pulses 4.5 Dissociation in realistic attosecond pulses 4.6 Summary and conclusion Outlook Appendices A List of abbreviations B Numerical details C Calculating electronic observables within quantum-classical molecular dynamics D Ionization in few-cycle pulses E Modeling an optical attosecond pulse Bibliography

Darbdavio prievolė mokėti darbo užmokestį kyla iš darbo teisinių santykių, o darbuotojo gaunamas darbo užmokestis yra svarbiausia socialinė garantija užtikrinanti jo pragyvenimo lygį. Nors šiandieną darbo užmokestis nėra vienintelis atlygis, kurį darbuotojas gauna mainais už atliktą darbą, tačiau jis vis dėlto išlieka vienu svarbiausių. Pagrindinis darbo užmokesčio mokėjimą Lietuvoje reguliuojantis teisės aktas yra Lietuvos Respublikos darbo kodeksas. Pagal Lietuvos Respublikos darbo kodekso 186 straipsnį, darbo užmokestis yra atlyginimas už darbą, atliekamą darbuotojo pagal darbo sutartį, kuris yra mokamas pinigais. Darbo užmokesčio išmokėjimo pareiga atsiranda darbo sutarties pagrindu. Jo dydis ir mokėjimo sąlygos yra nustatomos susitarimu, o tam tikri minimalūs standartai – įstatymais ir juos įgyvendinančiais teisės aktais. Darbo užmokestis yra periodinė išmoka, ir kai ši darbuotojui priklausanti išmoka nustatytu laiku neišmokama, nesvarbu visa ar iš dalies, pažeidžiamos darbuotojo teisės. Už pareigos laiku mokėti darbo užmokestį nesilaikymą, darbdaviui nustatytos sankcijos, kurios įtvirtintos Lietuvos Respublikos darbo kodekse, tai vidutinis darbo užmokestis už uždelsimo laiką (Lietuvos Respublikos darbo kodekso 141 straipsnis) bei delspinigiai (Lietuvos Respublikos darbo kodekso 207 straipsnis). Darbe bus pasirinktais aspektais aptariamos sankcijos darbdaviui už pavėluotai sumokėtą darbo užmokestį, numatytos Lietuvos Respublikos darbo kodekso 141 straipsnyje ir 207... [toliau žr. visą tekstą] / Employer's obligation to pay wage arises naturally from employment relationship. Receiving wage is the most important social guarantees for employee, which ensures a secure standard of living. Although today wage is not the only reward, which employee receives in exchange for the work completed, but it still remains one of the most important. The primary piece of legislation regulating the payment of wage in Lithuania is the Labour Code. According to Article 186 of the Labour Code, the wage is compensation for work performed by employee under employment contract, which is payable in cash. The obligation of wage payment is resulted by the nature of employment contract. The amount that shall be paid and payment terms are defined by mutual agreement, and certain minimum standards are laid by legislation. Wage is a periodical payment and when this payment which belongs to employee is not paid on time, whether in whole or in part, it shall be treated as a violation of employee’s rights. For failure to implement employer’s obligation to pay wage in timely manner, there are sanctions for the employer established in the Labour Code, namely, the average salary for the time delay (Article 141 of the Labour Code) and interest (Article 207 of the Labour Code). In this thesis based on selected aspects of the aforementioned sanctions for failure to pay wage in timely manner will be analysed. Furthermore, application of these sanctions in the Lithuanian Supreme Court case law, problems... [to full text]

The aim of this study was to investigate the effect of high hydrostatic pressure (HHP) treatment (200, 300, 400 MPa / 5

La contabilizzazione delle operazioni di M&A è radicalmente mutata nel corso degli ultimi dieci anni, nel contesto statunitense come in quello europeo. A seguito di tali cambiamenti l’ammontare di goodwill (avviamento) iscritto nei bilanci di molte società si è incrementato. Questo studio si propone in primo luogo di far luce sulla reliability di tali valori analizzando le cause della svalutazione del goodwill, a partire dall’ipotesi essa sia causata in molti casi dal pagamento di un prezzo eccessivo da parte dell’impresa acquirente, piuttosto che essere la conseguenza di eventi successivi all’operazione. L’analisi, in secondo luogo, ha lo scopo valutare se l’impairment test del goodwill, reso obbligatorio dallo SFAS 142 raggiunga l’obiettivo di individuare in modo tempestivo le perdite durevoli di valore del goodwill acquisito e, dunque, di evitare che rimangano iscritti in bilancio come assets valori che di fatto non lo sono. Lo studio ha considerato un campione di 929 acquisizioni concluse nel periodo 1999-2007 che hanno coinvolto società statunitensi quotate ed è stato condotto sviluppando un modello predittivo basato su alcune misure indicanti potenziale overpayment da parte dell’acquirente alla data di acquisizione. I risultati mostrano in primo luogo come alcuni indicatori di overpayment, come la percentuale del prezzo pagata in azioni dell’impresa acquirente e un ammontare elevato di goodwill rispetto al prezzo di acquisto, diano un contributo significativo nella stima di future svalutazioni del goodwill. Un risultato piuttosto preoccupante, poiché segnala una almeno parziale incapacità da parte degli attuali Principi Contabili (SFAS 141) di garantire che alla data di acquisizione il valore attribuito a tale asset sia effettivamente fondato sulle sinergie e sul valore di “going-concern” del target (“core goodwill”), escludendo elementi ad esso estranei, come l’ overpayment da parte dell’acquirente. Per quanto attiene al secondo obiettivo, i risultati mostrano che il lasso temporale tra la data di acquisizione e il momento della svalutazione è in media di due - tre anni, a differenza di quanto accadeva precedentemente all’entrata in vigore dello SFAS 142, quando tale distanza temporale è stata stimata essere tra i quattro e i cinque anni. Tale risultato pertanto suggerisce che l’impairment test (almeno) annuale ha ottenuto l’effetto di migliorare la tempestività dell’individuazione di eventuali perdite durevoli di valore, contribuendo a bilanciare l’effetto sopra descritto che potenzialmente si ingenera alla data di acquisizione. / The purpose of this study is to shed light on the reliability of accounting goodwill numbers by examining whether the root cause of many goodwill impairment losses is the overpayment for the target at the time of the original acquisition, rather than the deterioration of goodwill values caused by events occurred after acquisition. A second related objective is to assess whether the annual impairment test of the acquired goodwill introduced by SFAS 142 improved the ability of accounting standards to timely capture situations in which the amount of goodwill is overstated and should thus be written down. I tested these hypotheses over a sample of 929 acquisitions completed by US listed companies over the nine-year period from 1999 to 2007. To assess whether the occurrence of a goodwill impairment loss can be predicted based on overpayment indicators, I developed a prediction model of goodwill impairment losses using some indicators measured at the acquisition date that signal potential overpayment by the acquiring firm. First, I found that certain measures, such as the percentage of stock in the consideration and the amount of purchase price assigned to goodwill, in fact represent powerful indicators of the occurrence of a subsequent goodwill impairment. This result is troubling as it suggests that SFAS 141 provisions are at least partially unable to avoid that components other than “core goodwill” being included in the amount recognized as goodwill, casting some doubt on the credibility of prominent goodwill amounts included in the financial statements of many corporations. I also found that the recognition of goodwill impairments lags behind the acquisition time by an average of two to three years. Compared with findings of earlier studies this result indicates that SFAS 142 requirements for annual impairment tests in fact improved the timeliness of recognizing goodwill write-offs, eventually helping to mitigate the failure of SFAS 141.

Background: Cardiovascular diseases are currently the leading cause of death in humans. The high mortality of cardiac diseases is associated with myocardial ischemia and reperfusion (I/R). Recent studies have reported that microRNAs (miRNAs) play important roles in cell apoptosis. However, it is not known yet whether miR-141-3p contributes to the regulation of cardiomyocyte apoptosis. It has been well established that in vitro hypoxia/reoxygenation (H/R) model can follow in vivo myocardial I/R injury. This study aimed to investigate the effects of miR-141-3p and CHD8 on cardiomyocyte apoptosis following H/R. Results: We found that H/R remarkably reduces the expression of miR-141-3p but enhances CHD8 expression both in mRNA and protein in H9c2 cardiomyocytes. We also found either overexpression of miR-141-3p by transfection of miR-141-3p mimics or inhibition of CHD8 by transfection of small interfering RNA (siRNA) significantly decrease cardiomyocyte apoptosis induced by H/R. Moreover, miR-141-3p interacts with CHD8. Furthermore, miR-141-3p and CHD8 reduce the expression of p21. Conclusion: MiR-141-3p and CHD8 play critical roles in cardiomyocyte apoptosis induced by H/R. These studies suggest that miR-141-3p and CHD8 mediated cardiomyocyte apoptosis may offer a novel therapeutic strategy against myocardial I/R injury-induced cardiovascular diseases.