DOCSLIB.ORG

Making Innovative Chemical Giants: a Firm-Level Analysis of IG Farben and Dupont

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Making Innovative Chemical Giants: a Firm-Level Analysis of IG Farben and Dupont Making Innovative Chemical Giants: A Firm-Level Analysis of IG Farben and DuPont Dogan, Muhsin Science and Technology Policy Studies, Middle East Technical University, Turkey “Without coal and IG Farben, I can have no foreign policy.” Gustav Stresemann1 “The German nation is forced to live within a much too restricted space. Barred from owning the world's sources of raw materials, it is forced to produce the raw materials it needs for its national security out of its own deposits- from coal, salts, lime and other substances, as well as from air and water through chemical means.” Carl Krauch2 “DuPont people have transformed their company successfully for two centuries, making DuPont one of the most successful and sustained industrial enterprises in the world. Their story makes for exciting history, and this timeline tells how they did it.” DuPont3 “… most business histories the responses of individuals, in their corporate setting, to the larger economy and particularly to the needs and opportunities created by rapidly changing markets and increasingly complex technologies. Nevertheless, few men in American industry [Pierre Samuel du Pont] have had a strong enough influence within a major business enterprise to provide such a focus.” Alfred D. Chandler, Jr. and Stephen Salsbury4 Introduction Recently, innovation and learning have gained importance in explaining technological divergence among economic institutions. Examining the complex nature of the learning processes in innovation can bring interesting insights that neo-classical economics is unable to provide. In this paper, the role of learning and innovation in setting up the development path in the chemistry industry between 1925 and 1945 in Germany and USA has been examined in terms of evolution of innovation process. The principal purpose of the paper is to analyse the complicated relations with respect to learning and innovation process in two giant chemical firms – IG Farben in Germany and DuPont in the USA – over the period 1925 and 1945. These two firms are selected on the basis of similarities and differences in their approach to learning and 1 Foreign Minister of Weimar Republic in Germany between 1923-1929. 2 He was the former executive in BASF until establishment of IG Farben. Also, he was a member of NSDAP (National Socialist German Workers Party), and responsible for Reich Office of Economic Development (Reichsamt für Wirtschaftsausbau) in 1936 (Hentschel, 1996, p. 162; Macrakis, 1993, p. 102). 3 DuPont’s anonomous motto. It is quoted from the website: https://goo.gl/4KC6g1 (accessed date: 2016-11-22). 4 (Chandler & Salsbury, 1971, p. 10) 1 innovation activities. They both have successful innovation paths in the selected period. Success of two firms enables us making comparison through case studies. At this point, World War II has a greater role in stimulating innovation in both Germany and the USA. Therefore, the paper predominantly focuses on pre-war and war period to understand the reasons behind the divergence among the firms as well as countries. Innovation and learning activities of firms will be examined in detail with the assistance of archival data. Researchers have long been interested in understanding the nature of innovation and role of learning in the innovation process. Joseph Schumpeter provided the first contribution on innovation process. Schumpeter is the first to define innovation and its process systematically5. The main tendency in the literature is to define innovation in order to measure it. There have been many studies that are interested in analysing innovation and its effects on economy. Classical economic theory, someway, ignored the evolutionary. The First important attempt to clarify innovative activity came from mainstream economics. In this respect, primarily, Solow’s work6 emphasizes technical change and source of economic growth. In addition to Solow’s contribution, technical change has been analysed as a source of economic growth by studies of Romer’s7 contribution. It is known as Endogenous Growth Model. According to the model, investment in human capital, innovation, and knowledge are significant contributors to economic growth8. The Second important attempt has come from evolutionary economists. For the first time, Evolutionary economists have interpreted innovation as dynamic and non-linear process9. This advancement expands our knowledge about innovation and learning process. With those contributions, the innovation framework has been drawn by collaboration of many scientists from different fields. Institutional and cultural effects have been discussed endlessly. The Third contribution has arisen from interdisciplinary areas due to the fact that complex nature of innovation and learning cannot be explained by classical theories. The paper will develop a detailed perspective that affects our knowledge regarding innovation and learning process in two cases. Learning in innovation activities has become a popular term in the literature. Some explanations on learning process were first made by philosophical debates which are related to learning and knowledge transfer. Polanyi’s contribution, in that sense, is valuable. Tacit and subjective definition of knowledge is the first effort to comprehend the effect of knowledge on economics10. Furthermore, learning process causes to create new knowledge in firms by sharing11. This analysis supports the identifying importance of firms’ actions in gaining knowledge. In addition, collective learning helps to understand 5 (Schumpeter, 1934) 6 (Solow, 1956) 7 (Romer, 1994) 8 (Solow, 1956) 9 (Fagerberg, Mowery, & Nelson, 2005) 10 (Polanyi, 1983) 11 (Nonaka & Takeuchi, 1995) 2 why firms must communicate with each other. Collective learning also occurs in socialization process of communities. “Communities of practice” is important to create new knowledge12. Contrary to this view, learning was defined as an individual and essential activity13. Individual carries knowledge to others within institutions like firms and corporate. Collective learning shows that firms and individuals have to learn to meet their needs. Much of this paper is concerned about understanding how new knowledge could be created. Finally, empirical studies and several case studies show that innovation is a process of organizational learning and knowledge creation14. In this paper, chemical sector was chosen due to the fact that it is general-purpose technology that spread its knowledge and inventions over all industrial sectors in the market15. According to Delorme, innovative activities are intense in chemistry corporations16. Moreover, chemistry can be seen as the main promoter in industrial production due to its side effects and externalities on economy. Conclusively, the period is intentionally chosen to eliminate divergent conditions and to standardize circumstances for two countries. As known, the two countries, Germany and the US, entered the War as great powers. Hence, two giant chemical companies were selected to pursuit what the differences and similarities in innovation and learning activities are. There are three important points in this paper in terms of innovation studies literature. The first is size of the firms affected its market strategies. They needed to join international competition for gaining advantage. Nowadays, this situation has been called as Global Value Chain. In this case, IG Farben and DuPont had benefited from those “value” chains deceptively. The second point is evolutionary sides of the cases. For those companies, evolutionary factors such as variety, dynamism etc. can be observed as Schumpeterian concept. The last point is type of conducting research activities in both company. This means that for both company and country had highly had innovation environment in terms of “system approach” to innovation. Activities were examined accordance with Nelson and Rosenberg (1993) and also Freeman and Soete’s (1997) ideas. Under the facts of the literature, the paper study will try to analyse and answer several questions what about the differences/similarities regarding the foundations of innovation between IG Farben and DuPont are? Were there differences in terms of the role of learning? How did external factors such as war, political conditions and structure, economic system, economic policies interact with the learning process and innovation process? The main target of the paper is to clarify mentioned points. The first aim is understanding and analysing innovation and learning process in IG Farben and DuPont between 1925 and 1945. The second aim is to find a pattern that explains and perceives 12 (Wenger, 1999) 13 (Simon, 1991) 14 (Fagerberg et al., 2005, pp. 115–147) 15 Christopher Freeman and Luc Soete, The Economics of Industrial Innovation, 3rd ed (Cambridge, Ma: MIT Press, 1997). 16 (Delorme, 1962) 3 innovation and learning for general theory with the help of comparative case study. To achieve my objectives, I will use historical and theoretical analyses with the help of related the literature. In addition to this approach, making a historical innovation analysis can provide a picture about the mechanism, and this framework helps us to understand today’s innovation policies and its mechanism. Novelty of the paper is to analyse innovation and learning in historically by using network tools and other comparison methods. Methodological Approach Certainly, it is not easy to set a framework for research in economic history. Data and sources could be rare and scarce. In this thesis, there
Load more

Recommended publications
  • From Complaisance to Collaboration: Analyzing Citizensâ•Ž Motives Near
    James Madison University JMU Scholarly Commons Proceedings of the Tenth Annual MadRush MAD-RUSH Undergraduate Research Conference Conference: Best Papers, Spring 2019 From Complaisance to Collaboration: Analyzing Citizens’ Motives Near Concentration and Extermination Camps During the Holocaust Jordan Green Follow this and additional works at: https://commons.lib.jmu.edu/madrush Part of the European History Commons, and the Holocaust and Genocide Studies Commons Green, Jordan, "From Complaisance to Collaboration: Analyzing Citizens’ Motives Near Concentration and Extermination Camps During the Holocaust" (2019). MAD-RUSH Undergraduate Research Conference. 1. https://commons.lib.jmu.edu/madrush/2019/holocaust/1 This Event is brought to you for free and open access by the Conference Proceedings at JMU Scholarly Commons. It has been accepted for inclusion in MAD-RUSH Undergraduate Research Conference by an authorized administrator of JMU Scholarly Commons. For more information, please contact [email protected]. From Complaisance to Collaboration: Analyzing Citizens’ Motives Near Concentration and Extermination Camps During the Holocaust Jordan Green History 395 James Madison University Spring 2018 Dr. Michael J. Galgano The Holocaust has raised difficult questions since its end in April 1945 including how could such an atrocity happen and how could ordinary people carry out a policy of extermination against a whole race? To answer these puzzling questions, most historians look inside the Nazi Party to discern the Holocaust’s inner-workings: official decrees and memos against the Jews and other untermenschen1, the role of the SS, and the organization and brutality within concentration and extermination camps. However, a vital question about the Holocaust is missing when examining these criteria: who was watching? Through research, the local inhabitants’ knowledge of a nearby concentration camp, extermination camp or mass shooting site and its purpose was evident and widespread.
    [Show full text]
  • Allianz Sustainable Investin G Report 2019
    Active is: Securing a brighter future Sustainable Investing Report 2019 Value. Shared. Lorem ipsum Contents Highlights 4 Advancing ESG integration 5 Expanding our sustainable investing offering 6 Integrating ESG in Fixed Income Active stewardship 8 Presenting a viewpoint: active engagement at AllianzGI 11 Engagement for work: an external perspective 12 Proxy voting The role of sustainable investing 14 Financing the transition: funding the low-carbon economy 17 Case study on carbon management: a guest contribution by the CEO of BASF SE 18 Impact investing and the UN's sustainability goals Insights 20 ESG and your portfolio: how do ESG factors impact portfolio performance? 22 Demand for ESG investments is growing: investors need guidance to turn interest to action 24 A new regulatory environment: the European Commission’s action plan for financing sustainable growth Client voices 26 Real results: ESG in action Environmental matters 30 Sea Cleaners: it‘s time to act 32 Becoming more eco-friendly 34 Active is: Fostering a low-carbon economy Allianz Global Investors twitter.com/AllianzGI_VIEW 2 Active is: Securing a brighter future The investment industry appears to be reaching a tipping point, where sustainable investing is no longer seen as a trend but rather as an intrinsic part of the way we run – or at least are expected to run – money as asset managers. As an active investor with a long-term outlook, we consider sustainability issues intuitively in our investment decisions and engagement. For colleagues across AllianzGI, this is part of our firm’s DNA. However, we also consider these issues consciously and deliberately.
    [Show full text]
  • Nuremberg Revisited in Burma? an Assessment of the Potential Liability of Transnational Corporations and Their Officials in Burma Under International Criminal Law
    NUREMBERG REVISITED IN BURMA? AN ASSESSMENT OF THE POTENTIAL LIABILITY OF TRANSNATIONAL CORPORATIONS AND THEIR OFFICIALS IN BURMA UNDER INTERNATIONAL CRIMINAL LAW By Mary Ann Johnson Navis A dissertation submitted to the Victoria University of Wellington in partial fulfilment of the requirements for the degree of Master of Laws Victoria University of Wellington 2010 1 ABSTRACT This dissertation focuses on the role played by officials of transnational corporations and transnational corporations themselves in the situation in Burma. The main aim of this dissertation is to assess the liability of officials of transnational corporations in Burma and transnational corporations in Burma for crimes against humanity such as slave labour and for war crimes such as plunder under International Criminal Law. However at present transnational corporations cannot be prosecuted under International Criminal Law as the International Criminal Court only has jurisdiction to try natural persons and not legal persons. In doing this analysis the theory of complicity, actus reus of aiding and abetting and the mens rea of aiding and abetting in relation to officials of transnational corporations will be explored and analysed to assess the liability of these officials in Burma. In doing this analysis the jurisprudence of inter alia the Nuremberg cases, the cases decided by the International Criminal Tribunal for the Former Yugoslavia (ICTY) and the International Criminal Tribunal for Rwanda (ICTR) will be used. This dissertation also examines the problems associated with suing or prosecuting transnational corporations due to the legal personality of transnational corporations and the structure of transnational corporations. At the end of the dissertation some recommendations are made so as to enable transnational corporations to be more transparent and accountable under the law.
    [Show full text]
  • PDF Viewing Archiving 300
    I.C.FARBEN" INDUSTRIE AKTIEN" GESELLSCHAFT FRANKFURT (MAIN) 1 9 3 8 I. G. Farbenindustrie Aktiengesellschaft Frankfurt am Main Bericht des Vorstands und des Aufsichtsrats und Jahresabschluß für das Geschäftsjahr 1938. VORSTAN Geheimer Kommerzienrat Dr. HERMANN SCHMITZ, Ludwigshafen a. Rh./Heidelberg, Vorsitzer, Dr. FRITZ GAJEWSKI, Leipzig, Professor Dr. HEINRICH HäRLEIN, Wuppertal-Elberfeld, Dr. AUGUST v. KNIERIEM, Mannheim, Zentralausschuß Dr. CARL KRAUCH, Heidelberg-Schlierbach, Dr. FRITZ TER MEER, Kronberg (Taunus), Dr. CHRISTIAN SCHNEIDER, Leuna, Dr. GEORG von SCHNITZLER, Frankfurt (Main), Dr. OTTO AMBROS, Ludwigshafen a. Rh., Dr. MAX BRÜGGEMANN, Leverkusen-Wiesdorf, Dr. ERNST BÜRGIN, Bitterfeld, Dr. HEINRICH BÜTEFISCH, Leuna, Ministerialrat a. D. Dr. BERNHARD BUHL, Frankfurt (Main), PAUL HAEFLIGER, Frankfurt (Main), Dr. MAX JLGNER, Berlin-Steglitz, Dr. CONSTANTIN JACOBI, Frankfurt (Main), Dipl. Ing. FRIEDRICH JÄHNE, Frankfurt (Main), Dr. HANS KÜHNE, Leverkusen-Wiesdorf, Professor Dr. CARL LUDWIG LAUTENSCHLÄGER, Frankfurt (Main), Generalkonsul WILHELM RUDOLF MANN, Leverkusen-Wiesdorf. Dr. HEINRICH OSTER, Berlin-Charlottenburg, Kommerzialrat WILHELM OTTO, Berlin-Zehlendorf-West, Dr. OTTO SCHARF, Halle (Saale), Kommerzienrat HERMANN WAIBEL, Wiesbaden, Dr. HANS WALTHER, Frankfurt (Main), EDUARD WEBER-ANDREAE, Frankfurt (Main), Dr. CARL WURSTER, Ludwigshafen a. Rh. Im Geschäftsjahr oder nachher ausgeschieden: Kommerzienrat Dr. LUDWIG HERMANN, Frankfurt (Main) t 31. 5. 1938. AUFSICHTSRAT. Geheimer Kommerzienrat Professor Dr. CARL BOSCH, Heidelberg, Vorsitzer, Dr. WALTHER vom RATH, Kronberg (Taunus), stellvertretender Vorsitzer, Dr. WILHELM FERDINAND KALLE, Tutzing (Oberbayern), stellvertretender Vorsitzer, Dr. AXEL AUBERT, Oslo, Dr. RICHARD BAYER, Haus Falkenberg, Trills über Wuppertal-Vohwinkel, W ALDEMAR von BÖTTINGER, Landwirt, Schloß Arensdorf i. d. Neumark, Dr. WALTER von BRÜNING, Polizeipräsident a. D., Semper a. Rügen, Kommerzienrat LOTHAR BRUNCK, Kirchheimbolanden (Pfalz), Dr. CARL LUDWIG DUISBERG, Berlin-Zehlendorf-MiUe, Kommerzienrat Dr.
    [Show full text]
  • A Month at BASF Fathi Habashi
    Laval University From the SelectedWorks of Fathi Habashi August, 2019 A Month at BASF Fathi Habashi Available at: https://works.bepress.com/fathi_habashi/421/ A Month at BASF Introduction While working as a chemist in the Municipality of Alexandria and at the same time as a graduate student at the Faculty of Engineering, University of Alexandria, I spent my holidays in Europe. In May 1955 I visited the ACHEMA exhibition in Frankfurt am Main and participated in the technical visits organized by the conference. One of these visits was at the Badische Anilin- und Soda Fabrik known as BASF at Ludwigshafen. During the visit, I learned that the company invited graduate students from all over the world to a four weeks short course. I applied for this course. In 1957 I moved to the Faculty of Chemistry at the Technische Hochschule in Vienna and to my surprise I received the BASF invitation. It was sent to me to Alexandria and somehow it was directed to me to Vienna. As a result, September 1957 was to be spent as a guest of BASF. Ludwigshafen and BASF In 1844 Ludwig I King of Bavaria constructed an urban area on the Rhine on the opposite bank of Mannheim which became Ludwigshafen. The prosperity of Ludwigshafen is due to BASF. The company started as a Gas Works in 1861 in Mannheim by Friedrich Engelhorn (1821-1902) for street lighting for the town. Map showing the River Rhine, Mannheim on the right and Ludwigshafen and Oppau on the left The lower part of the River Rhine with some of its tributaries: Main and Neckar Friedrich Engelhorn (1821-1902) The gas works produced large amounts of tar as a byproduct which created a problem.
    [Show full text]
  • We Drive Sustainable Solutions
    We drive sustainable solutions Dr. Tim Balensiefer Investor Relations Allianz Investor Day Frankfurt, June 5, 2018 1 Cautionary note regarding forward-looking statements This presentation contains forward-looking statements. These statements are based on current estimates and projections of the Board of Executive Directors and currently available information. Forward-looking statements are not guarantees of the future developments and results outlined therein. These are dependent on a number of factors; they involve various risks and uncertainties; and they are based on assumptions that may not prove to be accurate. Such risk factors include those discussed in the Opportunities and Risks Report from page 111 to 118 of the BASF Report 2017. BASF does not assume any obligation to update the forward-looking statements contained in this presentation above and beyond the legal requirements. 2 Sustainability along the value chain Our commitments Suppliers BASF Customers We source We produce safely We drive responsibly for people and sustainable the environment solutions We produce efficiently We value people and treat them with respect 3 Sustainable development UN Sustainable Development Goals and material aspects provide strategic frame BASF material Energy Food Water Resources Responsible Products Partnering Employment aspects and and eco- production and and employ- BASF particularly climate systems solutions ability contributes to: 1 No poverty 2 No hunger 3 Good health 4 Quality education 5 Gender equality 6 Clean water and sanitation 7
    [Show full text]
  • Holocaust Glossary
    Holocaust Glossary A ● Allies: 26 nations led by Great Britain, the United States, and the Soviet Union that opposed Germany, Italy, and Japan (known as the Axis powers) in World War II. ● Antisemitism: Hostility toward or hatred of Jews as a religious or ethnic group, often accompanied by social, economic, or political discrimination. (USHMM) ● Appellplatz: German word for the roll call square where prisoners were forced to assemble. (USHMM) ● Arbeit Macht Frei: “Work makes you free” is emblazoned on the gates at Auschwitz and was intended to deceive prisoners about the camp’s function (Holocaust Museum Houston) ● Aryan: Term used in Nazi Germany to refer to non-Jewish and non-Gypsy Caucasians. Northern Europeans with especially “Nordic” features such as blonde hair and blue eyes were considered by so-called race scientists to be the most superior of Aryans, members of a “master race.” (USHMM) ● Auschwitz: The largest Nazi concentration camp/death camp complex, located 37 miles west of Krakow, Poland. The Auschwitz main camp (Auschwitz I) was established in 1940. In 1942, a killing center was established at Auschwitz-Birkenau (Auschwitz II). In 1941, Auschwitz-Monowitz (Auschwitz III) was established as a forced-labor camp. More than 100 subcamps and labor detachments were administratively connected to Auschwitz III. (USHMM) Pictured right: Auschwitz I. B ● Babi Yar: A ravine near Kiev where almost 34,000 Jews were killed by German soldiers in two days in September 1941 (Holocaust Museum Houston) ● Barrack: The building in which camp prisoners lived. The material, size, and conditions of the structures varied from camp to camp.
    [Show full text]
  • Karl Heinz Roth Die Geschichte Der IG Farbenindustrie AG Von Der Gründung Bis Zum Ende
    www.wollheim-memorial.de Karl Heinz Roth Die Geschichte der I.G. Farbenindustrie AG von der Gründung bis zum Ende der Weimarer Republik Einleitung . 1 Vom „Dreibund“ und „Dreierverband“ zur Interessengemeinschaft: Entwicklungslinien bis zum Ende des Ersten Weltkriegs . 1 Der Weg zurück zum Weltkonzern: Die Interessengemeinschaft in der Weimarer Republik . 9 Kehrtwende in der Weltwirtschaftskrise (1929/30–1932/33) . 16 Norbert Wollheim Memorial J.W. Goethe-Universität / Fritz Bauer Institut Frankfurt am Main 2009 www.wollheim-memorial.de Karl Heinz Roth: I.G. Farben bis zum Ende der Weimarer Republik, S. 1 Einleitung Zusammen mit seinen Vorläufern hat der I.G. Farben-Konzern die Geschichte der ersten Hälfte des 20. Jahrhunderts in exponierter Stellung mitgeprägt. Er be- herrschte die Chemieindustrie Mitteleuropas und kontrollierte große Teile des Weltmarkts für Farben, Arzneimittel und Zwischenprodukte. Mit seinen technolo- gischen Innovationen gehörte er zu den Begründern des Chemiezeitalters, das die gesamte Wirtschaftsstruktur veränderte. Auch die wirtschaftspolitischen Rahmenbedingungen gerieten zunehmend unter den Einfluss seiner leitenden Manager. Im Ersten Weltkrieg wurden sie zu Mitgestaltern einer aggressiven „Staatskonjunktur“, hinter der sich die Abgründe des Chemiewaffeneinsatzes, der Kriegsausweitung durch synthetische Sprengstoffe, der Ausnutzung der Annexi- onspolitik und der Ausbeutung von Zwangsarbeitern auftaten. Nach dem Kriegs- ende behinderten die dabei entstandenen Überkapazitäten die Rückkehr zur Frie- denswirtschaft
    [Show full text]
  • 3 Corporate Governance Report
    Chapter 3 pages 148–184 Corporate Governance Report 149 Compensation Report 162 Compliance 157 Report of the Supervisory Board 176 Management and Supervisory Boards 159 Declaration of Conformity Pursuant to ­­ Board of Executive Directors 159 Section 161 AktG 183 Supervisory Board 160 Declaration of Corporate Governance 184 3Corporate Governance About This Report 1 To Our Shareholders 2 Management’s Report 3 Corporate Governance 4 Consolidated Financial Statements 5 Overviews Corporate Governance Report Corporate Governance Super visory Board; and the shareholders’ rights of co-administra- the establishment of appropriate systems for control, compliance tion and supervision at the Annual Shareholders’ Meeting. and risk management as well as establishing a company-wide Report compliance culture with undisputed standards. Direction and management by the Board of Executive Directors Decisions that are reserved for the Board as a whole by law, through Corporate governance refers to the entire system for the Board of Executive Directors’ Rules of Procedure or through managing and supervising a company. This includes its ▪ Board of Executive Directors strictly separate from the resolutions adopted by the Board, are made at regularly held Board organization, values, corporate principles and guidelines Supervisory Board meetings called by the Chairman of the Board of Executive Directors. as well as internal and external control and monitoring ▪ Responsible for company management Board decisions are based on detailed information and analyzes mechanisms. Effective and transparent corporate gover- ▪ Sets corporate goals and strategic direction provided by the business areas and specialist units, and, if deemed nance ensures that BASF is managed and supervised necessary, by external consultants. Board decisions can generally responsibly with a focus on value creation.
    [Show full text]
  • Euro Stoxx® 50 Ex Banks Index
    BLUE-CHIP INDICES 1 EURO STOXX® 50 EX BANKS INDEX Index description Key facts STOXX calculates several ex region, ex country and ex sector indices. This » Transparent and rules-based methodology means that from the main index a specific region, country or sector is » Buffer rule aims to reduce turnover excluded. The sector classification is based on ICB Classification (www.icbenchmark.com.) Some examples: » Weighted by free-float market cap a) Blue-chip ex sector: the EURO STOXX 50 ex Financial Index excludes all companies assigned to the ICB code 8000 b) Benchmark ex region: the STOXX Global 1800 ex Europe Index excludes all companies from Europe c) Benchmark ex country: the STOXX Europe 600 ex UK Index excludes companies from the United Kingdom d) Size ex sector: the STOXX Europe Large 200 ex Banks Index excludes all companies assigned to the ICB code 8300 Risk and return figures1 Index returns Return (%) Annualized return (%) Last month YTD 1Y 3Y 5Y Last month YTD 1Y 3Y 5Y EURO STOXX 50 ex Banks Index 0.1 3.5 1.9 29.1 49.4 N/A N/A 1.9 9.0 8.5 EURO STOXX 50 Index 0.3 0.2 -2.1 22.1 40.3 N/A N/A -2.1 7.0 7.1 Index volatility and risk Annualized volatility (%) Annualized Sharpe ratio2 EURO STOXX 50 ex Banks Index 11.5 12.9 12.1 15.6 17.0 N/A N/A 0.3 0.6 0.5 EURO STOXX 50 Index 11.3 12.9 12.0 16.6 17.9 N/A N/A -0.1 0.5 0.4 Index to benchmark Correlation Tracking error (%) EURO STOXX 50 ex Banks Index 1.0 1.0 1.0 1.0 1.0 2.4 1.9 2.0 2.9 2.7 Index to benchmark Beta Annualized information ratio EURO STOXX 50 ex Banks Index 1.0 1.0 1.0 0.9 0.9 -1.3 2.3 2.0 0.6 0.4 Performance and annual returns3 1 For information on data calculation, please refer to STOXX calculation reference guide.
    [Show full text]
  • The Life Cycle of Sterling Drug, Inc.*
    22 Bull. Hist. Chem., VOLUME 25, Number 1 (2000) THE LIFE CYCLE OF STERLING DRUG, INC.* Joseph C. Collins and John R. Gwilt The foundations of Sterling Drug were laid by William partners were bought out. Weiss and Diebold realized E. Weiss and Albert H. Diebold, boyhood friends in that expansion required more product lines and that these Canton, Ohio. Weiss graduated from the Philadelphia would best be obtained by acquisition. This policy con- College of Pharmacy in 1896 and went to work in a tinued throughout the life of the organization, at least drug store in Sistersville, West Virginia. Diebold raised 130 companies being acquired, directly or indirectly, funding from his father’s company, Diebold Safe and Lock, and in 1901 the friends set up business together in Wheeling, WV. In fact, Sterling operated a plant in that town until 1962. The history of the Corporation can conveniently be divided into five periods: 1901-1917 The Neuralgyline Period 1917-1928 Sterling Products I 1928-1933 Drug Inc. 1933-1942 Sterling Products II 1942-1988 Sterling Drug, Inc. The Neuralgyline Period On May 4, 1901, Weiss and Diebold, with three local business men as partners, established the Neuralgyline Company with the sole purpose of manufacturing and Figure 1. Where it all began: in 1901 the selling a pain-relieving preparation which they called Neuralgyline Company occupied two upstairs rooms “Neuralgine.” There is now no company record of its in this house in Wheeling, WV. composition, but it seems to have been a mixture of ac- from 1902 through 1986. Ironically, the eventual fate etanilide, caffeine, and sodium salicylate.
    [Show full text]
  • I.G. Farben's Petro-Chemical Plant and Concentration Camp at Auschwitz Robert Simon Yavner Old Dominion University
    Old Dominion University ODU Digital Commons History Theses & Dissertations History Summer 1984 I.G. Farben's Petro-Chemical Plant and Concentration Camp at Auschwitz Robert Simon Yavner Old Dominion University Follow this and additional works at: https://digitalcommons.odu.edu/history_etds Part of the Economic History Commons, and the European History Commons Recommended Citation Yavner, Robert S.. "I.G. Farben's Petro-Chemical Plant and Concentration Camp at Auschwitz" (1984). Master of Arts (MA), thesis, History, Old Dominion University, DOI: 10.25777/7cqx-5d23 https://digitalcommons.odu.edu/history_etds/27 This Thesis is brought to you for free and open access by the History at ODU Digital Commons. It has been accepted for inclusion in History Theses & Dissertations by an authorized administrator of ODU Digital Commons. For more information, please contact [email protected]. 1.6. FARBEN'S PETRO-CHEMICAL PLANT AND CONCENTRATION CAMP AT AUSCHWITZ by Robert Simon Yavner B.A. May 1976, Gardner-Webb College A Thesis Submitted to the Faculty of Old Dominion University in Partial Fulfillment of the Requirements for the Degree of MASTER OF ARTS HISTORY OLD DOMINION UNIVERSITY August 1984 Approved by: )arw±n Bostick (Director) Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. Copyright by Robert Simon Yavner 1984 All Rights Reserved Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. ABSTRACT I.G. FARBEN’S PETRO-CHEMICAL PLANT AND CONCENTRATION CAMP AT AUSCHWITZ Robert Simon Yavner Old Dominion University, 1984 Director: Dr. Darwin Bostick This study examines the history of the petro­ chemical plant and concentration camp run by I.G.
    [Show full text]