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.     

Responses of practicing psychologists to a web site developed to promote empirically supported treatments.

Increased adoption of empirically supported treatments (ESTs) has been hindered in part by inadequate and inconvenient access to EST information and training. To improve diffusion of ESTs, the authors developed a Web application to provide practitioners with concise information by disorder on ESTs. The resulting site, therapyadvisor.com, was evaluated by 239 practicing psychologists to assess the usefulness of the site and explore possible interactions of EST attitudes on ratings of usefulness and impact. Two thirds of participants indicated using ESTs in practice, and limited time and resources were cited as primary barriers to EST adoption. The Web application was rated positively by most participants and was reported to increase awareness of and commitment to try ESTs among approximately 60% of participants. The results of this project support the feasibility of a Web application to increase diffusion and promote further adoption of ESTs. Technological and e-learning advances are promising directions for encouraging the adoption of ESTs specifically and evidence-based practice generally, particularly among busy practitioners who have inadequate time and resources for more traditional forms of dissemination and training. (PsycINFO Database Record (c) 2010 APA, all rights reserved)     

Model-driven design for the visual analysis of heterogeneous data

As heterogeneous data from different sources are being increasingly linked, it becomes difficult for users to understand how the data are connected, to identify what means are suitable to analyze a given data set, or to find out how to proceed for a given analysis task. We target this challenge with a new model-driven design process that effectively codesigns aspects of data, view, analytics, and tasks. We achieve this by using the workflow of the analysis task as a trajectory through data, interactive views, and analytical processes. The benefits for the analysis session go well beyond the pure selection of appropriate data sets and range from providing orientation or even guidance along a preferred analysis path to a potential overall speedup, allowing data to be fetched ahead of time. We illustrate the design process for a biomedical use case that aims at determining a treatment plan for cancer patients from the visual analysis of a large, heterogeneous clinical data pool. As an example for how to apply the comprehensive design approach, we present Stack'n'flip, a sample implementation which tightly integrates visualizations of the actual data with a map of available data sets, views, and tasks, thus capturing and communicating the analytical workflow through the required data sets.     

Large discrepancies between theoretical and field-determined scavenging coefficients

Below-cloud scavenging coefficients for particles in the diameter range 0.28 < da < 15 μm could be determined as a function of the aerosol diameter d_a in a field experiment. The agreement with state-of-the-art theory is best for particles of about 2 μm diameter. Particles below this size seem to be much more efficiently removed than theory predicts - the experimental values are 10 to 100 times larger for aerosols of da≈0.5 μm. Giant particles of more than 2 μm diameter seem to be less efficiently scavenged than predicted. For 5 μm particles the experimental scavenging coefficients are about 2 to 5 times lower than the theoretical values. Reasons for these deviations are discussed in detail. The dependence on rainfall rate was found to be less pronounced than predicted by theory. The overall aerosol concentration decrease by below-cloud scavenging was found to be 6% (by number) or 21% (by volume), for a mean rainfall rate of 0.85 mm/hr and a mean duration of 170 minutes.     

Bestimmung von Pentan als Indikator für die oxidative Ranzigkeit von Ölen

Determination of Pentane as an Indicator of Oil Rancidity Pentane, determined by a headspace gas chromatographic method, is an excellent indicator of oil rancidity. The methodology applied is very simple and could be performed in an oil laboratory without purchasing additional equipment. The amount of pentane correlated well with the iodometrically determined peroxide value (R²-value of 0.976). Heating the oil sample in air followed by an estimation of pentane is an alternative means to assess oil stability against oxidative deterioration.     

Properties of a single-chain antibody containing different linker peptides

Single-chain antibodies were constructed using six differentlinker peptides to join the V_H and V_L domains of an anti-2-phenyloxazolone(Ox) antibody. Four of the linker peptides originated from theinterdomain linker region of the fungal cellulase CBHI and consistedof 28, 11, six and two amino acid residues. The two other linkerpeptides used were the (GGGGS)₃ linker with 15 amino acid residuesand a modified IgG2b hinge peptide with 22 residues. Proteolyticstability and Ox binding properties of the six different scFvderivatives produced in Escherichia coli were investigated andcompared with those of the corresponding Fv fragment containingno joining peptide between the V domains. The hapten bindingproperties of different antibody fragments were studied by ELISAand BIAcore^TM. The interdomain linker peptide improved the haptenbinding properties of the antibody fragment when compared withFv fragment, but slightly increased its susceptibility to proteases.Single-chain antibodies with short CBHI linkers of 11, six andtwo residues had a tendency to form multimers which led to ahigher apparent affinity. The fragments with linkers longerthan 11 residues remained monomeric.     

Spray-Coating of Superhydrophobic Coatings for Advanced Applications

Superhydrophobic coatings are widely applicable, e.g., as self-cleaning surfaces or water–oil separation membranes, yet their wider usage is impeded due to costs of fabrication, size, or substrate limitation. Spray-coating is a versatile coating procedures and might offer a good solution for the fabrication of these superhydrophobic coatings, due to the fact that coatings can be fabricated on various materials in a simple, fast, and inexpensive manner. Most procedures rely on hybrid coatings of hydrophobized nanoparticles and a polymeric matrix, which have several drawbacks including the easy loss of nanoparticles and difficult waste handling. Here, the fabrication of the superhydrophobic material, called Fluoropor, for the first time, by spray-coating on various substrates including metals, tissues, concrete, and glass is presented. It is fabricated by spray-coating a mixture of a highly fluorinated monomer blended with porogens followed by photopolymerization. The superhydrophobicity of the material relies on the porous structure on the micro-/nanoscale across the bulk material and does not require any nanoparticles. Excellent self-cleaning ability of these coatings, resistance against thermal and abrasive impact, and their application as oil–water separation membranes are shown. This versatile applicability is highly promising for real-world application as self-cleaning coatings or oil–water separating membranes.