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.     

Diurnal and spatial variation of xylem dielectric constant in Norway Spruce (Picea abies [L.] Karst.) as related to microclimate, xylem sap flow, and xylem chemistry

Spatial and temporal variations in vegetation dielectric properties strongly influence the microwave backscatter characteristics of forested landscapes. This paper examines the relationship between xylem tissue dielectric constant, xylem sap flux density, and xylem sap chemical composition as measured in the stems of two Norway Spruce (Picea abies [L.] Karst.) trees in the Fichtelgebirge region of Northern Bavaria, Germany. Dielectric constant and xylem sap flux were monitored continuously from June through October 1995, at several heights along the tree trunks. At the end of the measurement series, each tree was harvested, and its xylem sap extracted and analyzed to determine the concentrations of amino acids and cations. Results show that the sap flux density was correlated with vapor pressure deficit (VPD) at all heights in the stem. In contrast, the xylem tissue dielectric constant is influenced by VPD but can exhibit a significant temporal lag relative to changes in VPD. This lag varies with position along the tree trunk. The temporal variability of the dielectric constant is compared with both trees at several positions along the tree trunks. Results of xylem sap chemical analysis are presented. We show that spatial and temporal variability in the xylem tissue dielectric constant is influenced not only by water content, but by variations in xylem sap chemistry as well. This has important implications for microwave remote sensing of forested landscapes, as useful information may be acquired regarding stand physiology and water relations and where variations in dielectric properties within individual trees and across geographic areas can be significant error sources for forest inventory mapping.     

A vectorial vibrating reed magnetometer with high sensitivity

A vibrating reed magnetometer with high sensitivity is constructed. Using optical signal pickup, modified excitation coils, and an acoustical reference excitation system, the high sensitivity of former constructions is combined with the detection of the magnetization component perpendicular to the bias field H. The calibration procedure providing increased reliability is simplified and allows hysteresis measurements with the magnetic easy axis of the sample oriented at an arbitrary angle with respect to H. Measurement results are given in order to demonstrate the performance of the apparatus     

Finite‐Element Implementation of a Self‐consistent Texture Model with a Hardening Law Based on Dislocation Densities

A self‐consistent texture model is implemented in the finite‐element code ABAQUS/Explicit®. Hardening of the slip systems is described by evolution laws for dislocation densities, and the Bauschinger effect is included. With these ingredients the cold rolling of an IF‐steel is simulated and the evolution of texture and anisotropy is examined. The use of the dislocation based hardening law is found to have a significant effect on the evolution of the anisotropic yield surface, but only very little influence on the texture. Furthermore, the hardening model is used to investigate the evolution of dislocation densities in differently oriented grains during plane strain compression. It is found that the dislocation density varies greatly depending on orientation, an observation which can help to explain the orientation dependence of recrystallization.     

半导体产业进入无利繁荣时代

在近期一次SEMI产业策略论坛发表的演讲中,Lam Research Corp.的总裁兼CEO Stephen Newberry认为,半导体产业已经进入了“无利的繁荣时代”。2003年以来,每比特/功能的价格已经比每比特/价格的成本下降得更快,使得整个产业的利润遭到侵蚀。这似乎成为了一个无法维继的市场,随着时间的推移必须进行自我修正才行。     

Bipolar electric fatigue behaviour as a function of field strength in antiferroelectric (Pb,Ba,La)(Zr,Sn,Ti)O3 ceramics

The bipolar electric fatigue behaviour of antiferroelectric ceramics with the composition of Pb_0.88Ba_0.10La_0.02(Zr_0.55Sn_0.35Ti_0.10)O₃ was investigated under various cycling fields. The material exhibits a degradation in the maximum field induced strain, a diffuse AFE-FE phase transition and an enhancement in the diffusion character of the FE-AFE phase transition due to electric cycling. Those variations increase with cycle number, indicating a logarithmic fatigue up to 10⁸ cycles. There is no indication for the variations to be recovered, and the symmetry of the negative and positive parts of the strain hysteresis loops still remains. Higher cycling field results in a stronger deterioration of the maximum field induced strain and a larger extent of diffusion in AFE-FE and FE-AFE phase transitions. The normalized maximum strain shows nearly the same scale of degradation when the materials are cycled at various electric fields. After a heat treatment at 500°C for 1 h, the variations in the AFE-FE and FE-AFE phase transition due to cycling disappear, whereas the maximum strain resumes almost to its original value. Electrochemical variations are considered to contribute to the main fatigue mechanism for the material under investigation.     

Formaldehyde content of milk in goats fed formaldehyde-treated soybean oil-meal

Formaldehyde is used in ruminant feeding for different purposes including the protection of dietary proteins from ruminal degradation. The formaldehyde content of milk of goats fed various levels of formaldehyde-treated soybean oil-meal has been determined by using a sensitive HPLC method. Results showed a significant linear correlation between ingested formaldehyde and formaldehyde concentration in milk. About 0.02% of ingested formaldehyde was excreted in milk, as free formaldehyde.     

Immunostimulatory DNA: sequence-dependent production of potentially harmful or useful cytokines

Certain bacterial immunostimulatory (i.s.) DNA sequences containing unmethylated CpG motifs stimulate antigen-presenting cells (APC) to express a full complement of costimulatory molecules and to produce cytokines including interleukin (IL)-12 and tumor necrosis factor (TNF)-alpha. While IL-12 is key to their T helper cell (Th)1-promoting adjuvant activity, secretion of toxic levels of TNF-alpha is harmful in that it promotes toxic shock. Given the beneficial as well as harmful consequences of i.s. DNA, we investigated the possibility of identifying DNA sequences, i.e. CpG oligodeoxynucleotides (ODN) which differentially activate IL-12 versus TNF-alpha cytokine production in APC. Here, we describe an i.s. DNA sequence with these characteristics. While its potential to induce IL-12 is preserved, its ability to trigger TNF-alpha release is strongly curtailed both in vitro and in vivo. I.s. DNA could be segregated into lethal and non-lethal in a mouse toxic shock model. The non-toxic i.s. DNA was useful as an adjuvant, thus allowing cytotoxic T cell responses to the soluble protein ovalbumin and conferring a resistant Th 1 phenotype to BALB/c mice lethally infected with Leishmania major. This i.s. CpG motif may thus be prototypic for a useful immunostimulating DNA sequence that lacks harmful side effects.