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.     

Consistent modeling of capacitances and transit times of GaAs-based HBTs

This paper investigates how time delays and capacitances observed under small-signal conditions can be consistently accounted for in heterojunction bipolar transistor (HBT) large-signal models. The approach starts at the circuit level by mapping the large-signal equivalent circuit (which consists of charge and current sources) to the well-known small-signal circuit (which consists of capacitances, transit-time, and resistances). It is shown that and how bias dependent charge sources at either pn-junction impact transit-time, base-collector capacitance, and their mutual dependence. It is demonstrated for the example of a GaAs-based HBT that the interrelation of the elements is observed in measurements as predicted. The results of the investigation enhance understanding of HBT model characteristics and provide a criterion to check model consistency.     

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.     

Analysis of the Survivability of GaN Low-Noise Amplifiers

This paper presents a detailed analysis of the stressing mechanisms for highly rugged low-noise GaN monolithic-microwave integrated-circuit amplifiers operated at extremely high input powers. As an example, a low-noise amplifier (LNA) operating in the 3-7-GHz frequency band is used. A noise figure (NF) below 2.3 dB is measured from 3.5 to 7 GHz with NF<1.8 dB between 5-7 GHz. This device survived 33 dBm of available RF input power for 16 h without any change in low-noise performance. The stress mechanisms at high input powers are identified by systematic measurements of an LNA and a single high electron-mobility transistor in the frequency and time domains. It is shown that the gate dc current, which occurs due to self-biasing, is the most critical factor regarding survivability. A series resistance in the gate dc feed can reduce this gate current by feedback, and may be used to improve LNA ruggedness     

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.