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.     

Symbolic parametrization of curves

If algebraic varieties like curves or surfaces are to be manipulated by computers, it is essential to be able to represent these geometric objects in an appropriate way. For some applications an implicit representation by algebraic equations is desirable, whereas for others an explicit or parametric representation is more suitable. Therefore, transformation algorithms from one representation to the other are of utmost importance.We investigate the transformation of an implicit representation of a plane algebraic curve into a parametric representation. Various methods for computing a rational parametrization, if one exists, are described. As a new idea we introduce the concept of working with classes of conjugate (singular or simple) points on curves. All the necessary operations, like determining the multiplicity and the character of the singular points or passing a linear system of curves through these points, can be applied to such classes of conjugate points. Using this idea one can parametrize a curve if one knows only one simple point on it. We do not propose any new method for finding such a simple point. By classical methods a rational point on a rational curve can be computed, if such a point exists. Otherwise, one can express the coordinates of such a point in an algebraic extension of degree 2 over the ground field.