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.     

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.     

Keine Mautdaten für Ermittlungsverfahren

Das Autobahnmautgesetz zeichnet sich durch eine strenge Zweckbindung für die Mautdaten aus. Diese dürfen ausschlie?lich für die Zwecke des Mautgesetzes erhoben und verarbeitet werden. Diese Vorgabe hat das LG Magdeburg in einem Beschluss richtungsweisend auch für die Verbindungsdaten der GSM-Kommunikation best?tigt.     

Fractal measures for meromorphic functions of finite order

We prove several essential fractal properties, such as positivity, finiteness or local infinity, of Hausdorff and packing measures of radial Julia sets for large subclasses of entire and meromorphic functions considered in our previous work: çGeometric thermodynamical formalism and real analyticity for meromorphic functions of finite order'. Most of the results proven are shown to be optimal.     

TDMoIP轻松连接两个世界

日前,对一些寻求基于VoIP融合的基础设施企业来说,TDMoIP(Internet协议时分多路复用)技术已经成为一种深受青睐的平稳演进技术。 TDMoIP用户既能继续使用他们的电话系统等现有TDM设备,同时,又能获得分组交换网络的优势,而且用户在具备一定的支付能力时,也能很平滑地过渡到全IP网络;例如,当现有设备已不再生产或新型VoIP设备价格下降到可以接受的程度。     

Binding of cadmium,copper, and zinc to humic substances originating from municipal solid waste compost

The application of municipal solid waste (MSW) compost increases both the trace metal loading and the organic matter in the soil. To characterize the quality and metal-binding capacity of the compost OM, we extracted humic acid (HA) and fulvic acid (FA) from mature MSW compost and analyzed them for elemental composition, acid-titratable functional groups, total metal content, and structural components (by ¹³C NMR). HA constituted 67% of all extracted humic substances and differed significantly from HAs of cultivated lands: The compost HA exhibited smaller molecular size, a higher N content, and lower aromaticity due to large amounts of saturated aliphatic components. Metal complexation studies of the extracted HA and FA were performed by equilibrium dialysis titration. The complexing capacity (CC) was highest for Cu: CC_HA = 3357 and CC_FA = 5221 μmol Cu g⁻¹ of dissolved organic carbon (DOC) at pH 5. Zn and Cd were bound (at pH 7) in smaller concentrations: CC_HA(Zn) = 2167, CC_FA(Zn) = 2809, CC_HA(Cd) = 2386, and CC_FA(Cd) = 2468 μmol metal g⁻¹ of DOC. Stability constants for binding on the strongest sites (pK_int) were determined as pK_intHA = 6.6 and pK_intFA = 7.3 for Cu at pH 5; and pK_intHA = 8.0 and pK_intFA = 6.4 for Cd at pH 7. Since these measured parameters fall within the ranges of values obtained for soil humic substances, we conclude that in soils with little organic matter, compost addition will significantly increase the amount of highly reactive organic complexing agents for trace metals in the soil.