The effects of financialisation and financial development on investment: Evidence from firm-level data in Europe

In this paper we estimate the effects of financialization on physical investment in selected western European countries using panel data based on the balance-sheets of publicly listed non-financial companies (NFCs) supplied by Worldscope for the period 1995-2015. We find robust evidence of an adverse effect of both financial payments (interests and dividends) and financial incomes on investment in fixed assets by the NFCs. This finding is robust for both the pool of all Western European firms and single country estimations. The negative impacts of financial incomes are non-linear with respect to the companies’ size: financial incomes crowd-out investment in large companies, and have a positive effect on the investment of only small, relatively more credit-constrained companies. Moreover, we find that a higher degree of financial development is associated with a stronger negative effect of financial incomes on companies’ investment. This finding challenges the common wisdom on ‘finance-growth nexus’. Our findings support the ‘financialization thesis’ that the increasing orientation of the non-financial sector towards financial activities is ultimately leading to lower physical investment, hence to stagnant or fragile growth, as well as long term stagnation in productivity

Biologically active secondary metabolites from the ascomycete A111-95 - 1. Production, isolation and biological activities

Eight secondary metabolites were isolated from submerged cultures of the ascomycete A111-95 during a search for new nematicidal metabolites. (-)-Galiellalactone (7) and compound 2 are metabolites previously obtained from cultures of Galiella rufa while the compounds 1, 3, 4, 5, 6 and 8 (3 and 4 were obtained as an unseparable mixture), were isolated as natural products for the first time. Compound 2, pregaliellalactone (5) and the mixture of 3 and 4 showed nematicidal activities towards Caenorhabditis elegans and Meloidogyne incognita. All compounds showed moderate or weak cytotoxic activities

Synthesis of (-)-pregaliellalactone, conversion of (-)-pregaliellalactone to (-)-galiellalactone by mycelia of Galiella rufa

An enantioselective synthesis of (-)-pregaliellalactone (1), a biosynthetic precursor of the potent fungal metabolite ( -)-galiellalactone (3) produced by several ascomycetes, is reported. When fed to a culture of Galiella rufa, 1 was efficiently converted to 3. (C) 2002 Elsevier Science Ltd. All rights reserved

3-Hydroxypropionic acid as a nematicidal principle in endophytic fungi

3-Hydroxypropionic acid was isolated by bioactivity-guided fractionation of extracts obtained from submerged cultures of several endophytic fungi isolated from above-ground plant organs. This compound showed selective nematicidal activity against the plant-parasitic nematode Meloidogyne incognita with LD50 values of 12.5-15 mug/ml. Activity against the saprophytic Caenorhabditis elegans was fivefold lower. No antimicrobial, cytotoxic or phytotoxic effects were observed. Propionic acid and D- and L-lactic acids were not active against either nematode species. Based on morphological features and ITS, 18S and 28S rDNA analyses, the producing strains were identified as Phomopsis phaseoli isolated from the leaf of a tropical tree, and four strains of Melanconium betulinum isolated from twigs of Betula pendula and B. pubescens in Germany. This is the first report of 3-hydroxypropionic acid in fungi, and of the nematicidal activity of this metabolite. (C) 2004 Elsevier Ltd. All rights reserved

Investment and employment by manufacturing plants

The preceding article analyzed the determinants of investment at the macroeconomic level. In general, analysis of investment at this degree of aggregation implies that all firms in the economy react similarly to the same macro-level variables. Yet, examining macro data may obscure a great deal of variation in the forces that affect different firms, thus making quantification of the impact of these forces difficult. Since different types of firms face an array of different constraints, the authors analyze employment and investment at manufacturing plants at a finer level of distinction than was used in the previous study. ; The article examines some simple investment and employment equations at a more disaggregated level and compares them to an aggregate equation. Using micro data allows the incorporation of regional and industry-level data that appear to be quite important in the employment and investment decisions of these plants. Sorting the manufacturing data into four different groups allows the exploration of other important issues that cannot be examined using macro data. The findings are somewhat mixed. For many variables, examining broad aggregates does not affect the estimation of the relationship. However, regional effects do explain much of the difference in performance of firms, as regional income and relative wages determine investment and employment across regions. Also, different types of firms tend to react differently to several variables, perhaps the most interesting of which is bank lending.Employment (Economic theory) ; Investments

Testosterone substitution with a new transdermal, hydroalcoholic gel applied to scrotal or non-scrotal skin: a multicentre trial.

OBJECTIVE: Testosterone-containing gels have improved testosterone substitution therapy, but they are associated with the risk of interpersonal transfer. Therefore, we tested a new hydroalcoholic 2.5% testosterone gel (TGW), which was removed by washing 10 min after administration. DESIGN: The gel was applied to scrotal or non-scrotal skin in comparison to two 2.5 mg Androderm patches in a randomised, three-arm, parallel-group, controlled multicentre trial over a period of 24 weeks. We included symptomatic hypogonadal men whose morning testosterone levels were <10 nmol/l. Either 1 g TGW was applied to scrotal skin (n = 54) or 5 g to non-scrotal skin (n = 56) once daily; the patch group (n = 52) applied two patches/day. Dose titration was allowed. RESULTS: Whereas serum testosterone levels and the pre-post changes of the areas under the curve of testosterone and free testosterone between weeks 0 and 24 indicated equivalent treatment success for the patch and scrotal groups, the dermal gel group was significantly superior to the other two groups. Questionnaires on sexual function, mood and quality of life did not differ significantly between study groups, nor were prostate volume, prostate-specific antigen (PSA) levels and prostate symptoms different. However, tolerability was much better in the gel groups than the patch group. CONCLUSION: Efficacy, safety and tolerability suggest TGW as a favourable treatment for hypogonadal patients