The capital gains tax: A curse but also a blessing for venture capital investment

This article documents a statistical association between the number and success of venture capital investments and the capital gains tax rate. To do this, we analyze investment data and taxes of 32 countries from 2000 to 2010. In our data, higher capital gains tax rates are associated with fewer firms financed and a lower probability for ventures receiving follow-up funding. However, if the first investment is received when taxes are high, the probability of a firm eventually going public or being acquired increases. We conclude that high tax rates are associated with fewer, but on average more successful companies. --capital gains tax,venture capital,investment

Datacom-Agnostic Shortwave QKD for Short-Reach Links

We investigate the co-existence of 852-nm and 1550-nm QKD with carrier-grade 4x25-Gb/s/$\lambda$ LANWDM over a short-reach interconnect. Shortwave QKD yields a higher key rate and is insensitive to Raman noise, as opposed to 1550-nm QKD.Comment: 5 pages, 7 figures (including sub-figures), conference paper (submitted

Charakteristika und Erfolgsmerkmale junger, deutscher Unternehmen: Schwerpunkt Finanzierung

Im Sommer 2003 beschlossen die StartUp-Initiative und das Center for Entrepreneurial and Financial Studies (CEFS), gemeinsam eine wissenschaftliche Untersuchung durchzuführen, um Erkenntnisse über die aktuelle Entwicklung junger, innovativer Unternehmen in Deutschland zu gewinnen. Im Mittelpunkt des Interesses standen dabei insbesondere Fragen zur Finanzierungsstrategie. Darüber hinaus sollte überprüft werden, welche Faktoren maßgeblich zum Erfolg dieser Unternehmen beitragen. Zu diesem Zweck wurden die Teilnehmer des StartUp-Wettbewerbs, der als Wettbewerb für Existenzgründer eine bundesweit herausragende Rolle einnimmt, im Frühjahr 2004 gebeten, an einer Online-Befragung teilzunehmen. --

Clinical improvement of Long-COVID is associated with reduction in autoantibodies, lipids, and inflammation following therapeutic apheresis

In the aftermath of the COVID-19 pandemic, we are witnessing an unprecedented wave of post-infectious complications. Most prominently, millions of patients with Long-Covid complain about chronic fatigue and severe post-exertional malaise. Therapeutic apheresis has been suggested as an efficient treatment option for alleviating and mitigating symptoms in this desperate group of patients. However, little is known about the mechanisms and biomarkers correlating with treatment outcomes. Here, we have analyzed in different cohorts of Long-Covid patients specific biomarkers before and after therapeutic apheresis. In patients that reported a significant improvement following two cycles of therapeutic apheresis, there was a significant reduction in neurotransmitter autoantibodies, lipids, and inflammatory markers. Furthermore, we observed a 70% reduction in fibrinogen, and following apheresis, erythrocyte rouleaux formation and fibrin fibers largely disappeared as demonstrated by dark field microscopy. This is the first study demonstrating a pattern of specific biomarkers with clinical symptoms in this patient group. It may therefore form the basis for a more objective monitoring and a clinical score for the treatment of Long-Covid and other postinfectious syndromes

Loss of Trex1 in Dendritic Cells Is Sufficient To Trigger Systemic Autoimmunity

Defects of the intracellular enzyme 3' repair exonuclease 1 (Trex1) cause the rare autoimmune condition Aicardi-Goutières syndrome and are associated with systemic lupus erythematosus. Trex1(-/-) mice develop type I IFN-driven autoimmunity, resulting from activation of the cytoplasmic DNA sensor cyclic GMP-AMP synthase by a nucleic acid substrate of Trex1 that remains unknown. To identify cell types responsible for initiation of autoimmunity, we generated conditional Trex1 knockout mice. Loss of Trex1 in dendritic cells was sufficient to cause IFN release and autoimmunity, whereas Trex1-deficient keratinocytes and microglia produced IFN but did not induce inflammation. In contrast, B cells, cardiomyocytes, neurons, and astrocytes did not show any detectable response to the inactivation of Trex1. Thus, individual cell types differentially respond to the loss of Trex1, and Trex1 expression in dendritic cells is essential to prevent breakdown of self-tolerance ensuing from aberrant detection of endogenous DNA

Absence of Type I Interferon Autoantibodies or Significant Interferon Signature Alterations in Adults With Post-COVID-19 Syndrome

Genetic defects in the interferon (IFN) system or neutralizing autoantibodies against type I IFNs contribute to severe COVID-19. Such autoantibodies were proposed to affect post-COVID-19 syndrome (PCS), possibly causing persistent fatigue for >12 weeks after confirmed SARS-CoV-2 infection. In the current study, we investigated 128 patients with PCS, 21 survivors of severe COVID-19, and 38 individuals who were asymptomatic. We checked for autoantibodies against IFN-α, IFN-β, and IFN-ω. Few patients with PCS had autoantibodies against IFNs but with no neutralizing activity, indicating a limited role of type I IFNs in PCS pathogenesis. In a subset consisting of 28 patients with PCS, we evaluated IFN-stimulated gene activity and showed that it did not correlate with fatigue. In conclusion, impairment of the type I IFN system is unlikely responsible for adult PCS

THE UTILISATION OF VALUE BASED MANAGEMENT IN THE STRATEGIC MANAGEMENT OF GERMAN’S AUTOMOTIVE INDUSTRY

The purpose of this research paper is to analyse the value-based management commitment of automotive enterprises and to examine the factors that explain the control parameters in automotive industry. There have been a few empirical studies published in the German’s automotive sector but most of the existing studies failed to provide evidence of utilisation of value-based management in the strategic management in the automotive sector. The German automotive industry’s development is closely related to global economic developments. Previous research work has considered control parameters of enterprises but there is little evidence on the factors that explain which control parameters are used in automotive industry. A survey based on annual reports from the year 2008 to 2011 is used. In total, 20 annual reports of automotive companies were analysed. The results show that automotive companies, especially Original Equipment Manufacturers (OEMs) and listed suppliers, have committed to value-oriented management and have implemented value-oriented approaches. However, not all of the suppliers are communicating this in their reports. The results also show that Economic Value Added (EVA) is the leading key indicator in the automotive industry

A 3D analysis of yeast ER structure reveals how ER domains are organized by membrane curvature

Electron tomography of continuous ER domains during budding shows that reticulons and Yop1 stabilize rather than generate membrane curvature in this organelle