The Determinants of Debt and (Private) Equity Financing: The Case of Young, Innovative SMEs from Germany

Financial theory creates a puzzle. Some authors argue that high-risk entrepreneurs choose debt contracts instead of equity contracts since risky but high returns are of relatively more value for a loan-financed firm. Conversely, authors who focus explicitly on start-up finance predict that entrepreneurs are the more likely to seek equity-like venture capital contracts, the more risky their projects are. Our paper is an initial step towards resolving this puzzle empirically. We present microeconometric evidence on the determinants of debt and equity financing in young and innovative SMEs. We pay special attention to the role of risk for the choice of the method of financing. Since risk is not directly observable we use different indicators for financial and project risk. It turns out that our data generally confirms the hypothesis that the probability that a young high-tech firm receives equity financing is an increasing function of the financial risk. With regard to the intrinsic project risk, our results are less conclusive, as some of our indicators of a risky project are found to have a negative effect on the likelihood to be financed by private equity.     

Multibody simulation tool for the calculation of lashing loads on RoRo ships

Approximately 80% of the international transport of goods is carried on by means of ships. A large portion of the transport capacity is represented by Roll-on-Roll-off (RoRo) ships. Especially in Europe this is a relevant potential for the RoRo segment. Consequently, the design and construction of RoRo ships plays an increasing role for German shipyards and their suppliers. In order to make the loading and unloading procedure of trailer economically more competitive, ship owners would like to improve the lashing of trailers on the ship. On the basis of a multibody system formalism, a software tool has been developed which allows for an optimization of the loading of trailers on RoRo ships. Commemorative Contribution.     

Rationalisierung des Zeichnungswesens im Chemie-Apparatebau

Rationalizing drawings for chemical apparatus . For small and medium-sized manufacturers of apparatus, producing drawings may constitute a disproportionate waste of time and personnel, particularly when no new designs are involved but only modification or improvement of drawings supplied by the customer. One possibility for rationalizing drawing is to simplify the old-fashioned approach by using symbols for frequently drawn or standard items, or by listing alphanumerically. This presumes a kind of systematization permitting determination of those symbols and their reasonable use, as well facilitating rationalization by means of data processing. There are different approaches to computer-aided drawing (from computer controlled drawing-board to interactive screens); here a CAD programme is presented which was especially developed for graphic presentation of chemical apparatus, and which can be used without learning a programming language.     

Dynamic Complexity Theory Revisited

Dynamic complexity investigates the required effort to maintain knowledge about a property of a structure under changing operations. This article introduces a refined notion of dynamic problems which takes the initial structure into account. It develops the basic structural complexity notions accordingly. It also shows that the dynamic version of the LOGCFL-complete problem D₂LREACH(acyclic) can be maintained with first-order updates.     

Multiple object semilinear motion planning

We present a method based on extended linear real quantifier elimination for multiple object semilinear motion planning, i.e. finding collision-free trajectories for several robots in a time dependent environment. For practical applicability the method is limited to polygonal objects and linear trajectories. It can, however, deal with situations involving even non-convex objects.     

87Sr/86Sr from rock and soil into vine and wine

For provenance assignments of wines strontium isotope ratios can be used because soils from different wine-growing regions, and hence the wines grown there, each show specific ratios. Some successful applications are demonstrated.

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⁸⁷Sr/⁸⁶Sr aus Gestein und Boden in Rebe und Wein

Zusammenfassung Zur Herkunftsbestimmung von Weinen können Strontium-Isotopenverhältnisse herangezogen werden, da die Böden verschiedener Weinbaugebiete, und damit die dort gezogenen Weine, jeweils spezifische Verhältnisse aufweisen. Einige erfolgreiche Anwendungen werden demonstriert.