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.     

Comparison of Two Enzyme Sequences for a Novel L-Malate Biosensor

Two novel amperometric biosensors for the determination of L -malic acid in food samples have been compared. Both sensors make use of a Clark-type O₂-electrode but differ in the enzymes used. The first sensor is composed of malate dehydrogenase (decarboxylating), also known as ‘malic enzyme’ (MDH(dec.), EC 1.1.1.40) and pyruvate oxidase (POP, EC 1.2.3.3). It covers a linear detection range from 1 μmol dm⁻³ to 0·9 mmol dm⁻³ L -malate, with a response time of 1·5 min (t₉₀) and a relative standard deviation of 3·5%. Measurements with real samples offered a good correlation with the standard enzymatic assay (difference ±7%). Stored at room temperature, the response of the sensor is constant for 8 days. The second biosensor is based on the three enzyme sequence malate dehydrogenase (MDH, EC 1.1.1.37), oxaloacetate decarboxylase (OAC, EC 4.1.1.3) and pyruvate oxidase (POP, EC 1.2.3.3). It has a non-linear calibration curve. Concentrations from 5 μmol dm⁻³ to 1 mmol dm⁻³ L -malate can be detected, within a response time of 1·5 min and with a relative standard deviation of 20%. The lower detection limit for L -malate is 2 μmol dm⁻³. The response is constant for 10 days when the sensor is stored at room temperature.     

Multispectral fluorescence lifetime imaging by TCSPC

We present a fluorescence lifetime imaging technique with simultaneous spectral and temporal resolution. The technique is fully compatible with the commonly used multiphoton microscopes and nondescanned (direct) detection. An image of the back-aperture of the microscope lens is projected on the input of a fiber bundle. The input of the fiber bundle is circular, and the output is flattened to match the input slit of a spectrograph. The spectrum at the output of the spectrograph is projected on a 16-anode PMT module. For each detected photon, the encoding logics of the PMT module deliver a timing pulse and the number of the PMT channel in which the photon was detected. The photons are accumulated by a multidimensional time-correlated single photon counting (TCSPC) process. The recording process builds up a four-dimensional photon distribution over the times of the photons in the excitation pulse period, the wavelengths of the photons, and the coordinates of the scan area. The method delivers a near-ideal counting efficiency and is capable of resolving double-exponential decay functions. We demonstrate the performance of the technique for autofluorescence imaging of tissue.     

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.     

Effiziente Wasserabtrennung aus Dieselkraftstoff mittels Membrantechnik und Online‐Monitoring

The separation of water from diesel fuel is very important for safety, ecological, and economic reasons, as otherwise it can lead to lower combustion efficiency and engine problems. In addition, the free water from ultra‐low‐sulfur diesel (ULSD) can only be insufficiently separated with the classic separation systems. To solve this problem, a membrane process with different organic/inorganic membranes for the selective separation of water droplets from ULSD and an innovative water‐in‐oil online sensor were developed.     

On FEM-BEM coupling for fluid-structure interaction analyses in the time domain

The investigation of coupled fluid-structure systems, subjected to dynamic loads, calls for the use of discrete techniques such as the finite element method (FEM) and the boundary element method (BEM). This paper reports on the development of a FEM-BEM coupling procedure, where finite elements are used to model the linear elastic structure, while the adjacent fluid is represented by boundary elements. The new approach is formulated entirely in the time domain to be extensible to non-linear problems. Various numerical calculations are presented which clearly demonstrate the applicability and the merits of the hybrid method. The obtained results are in excellent agreement with solutions stemming from a boundary element analysis which uses subdomain techniques.     

Cloning and heterologous expression of three type II PKS gene clusters from Streptomyces bottropensis

Mensacarcin is a potent cytotoxic agent isolated from Streptomyces bottropensis. It possesses a high content of oxygen atoms and two epoxide groups, and shows cytostatic and cytotoxic activity comparable to that of doxorubicin, a widely used drug for antitumor therapy. Another natural compound, rishirilide A, was also isolated from the fermentation broth of S. bottropensis. Screening a cosmid library of S. bottropensis with minimal PKS-gene-specific primers revealed the presence of three different type II polyketide synthase (PKS) gene clusters in this strain: the msn cluster (mensacarcin biosynthesis), the rsl cluster (rishirilide biosynthesis), and the mec cluster (putative spore pigment biosynthesis). Interestingly, luciferase-like oxygenases, which are very rare in Streptomyces species, are enriched in both the msn cluster and the rsl cluster. Three cosmids, cos2 (containing the major part of the msn cluster), cos3 (harboring the mec cluster), and cos4 (spanning probably the whole rsl cluster) were introduced into the general heterologous host Streptomyces albus by intergeneric conjugation. Expression of cos2 and cos4 in S. albus led to the production of didesmethylmensacarcin (DDMM, a precursor of mensacarcin) and the production of rishirilide A and B (a precursor of rishirilide A), respectively. However, no product was detected from the expression of cos3. In addition, based on the results of isotope-feeding experiments in S. bottropensis, a putative biosynthesis pathway for mensacarcin is proposed.     

A rotating chimney for compressing rotating fluidized beds

The concept and use of a rotating chimney for compressing rotating fluidized beds is theoretically and experimentally studied. A rotating chimney is shown to drastically increase the operating flexibility of rotating fluidized beds and to allow a significant improvement of the particle bed uniformity. In particular, the rate of solids losses via the chimney can be reduced and bubbling can be suppressed by compressing the rotating particle bed.     

Interpolyelectrolyte complexes of diblock copolymers via interaction of complementary polyelectrolyte-surfactant complexes in chloroform

We have studied the interpolyelectrolyte complexation in chloroform between polystyrene-block-poly(cetyltrimethylammonium acrylate), (PA⁻ CTA⁺), and poly(2-(methacryloyloxy)ethyldimethylethyl-ammonium dodecyl sulfate) (quaternized poly(2-(dimethylamino)ethyl methacrylate) complexed with sodium dodecyl sulfate), (PDMAEMAQ⁺ DS⁻). Turbidimetry, dynamic/static light scattering, and transmission electron microscopy show the formation of large aggregated interpolyelectrolyte complex species, which are colloidally stable in chloroform or even chloroform-soluble if the certain conditions are met. We suggest such co-assemblies to be micellar species with a core assembled from electrostatically coupled fragments of the polymeric components. The corona is built up either from a mixture of polystyrene blocks and excessive fragments of (PDMAEMAQ⁺ DS⁻) chains or from a mixture of polystyrene blocks and excessive fragments of (PA⁻ CTA⁺) blocks, depending on which polymeric component was taken in excess for the interpolyelectrolyte complexation. However, their real structures may deviate from such idealized consideration because of the non-equilibrium character of interpolyelectrolyte complexation in organic media of low polarity.