Unemployment and Portfolio Choice: Does Persistence Matter?

We use a life cycle model of consumption and portfolio choice to study the effects of social security on the investment decisions of households for the European case. Our model is mainly based on the one developed by Cocco, Gomes, and Maenhout (2005). We extend it by unemployment risk using Markov chains to model the transition between different employment states. In contrast to most models in the life cycle literature, our model allows for three different states, namely employment, short-term as well as long-term unemployment. This allows us to examine the effects of persistence in the unemployment process on portfolio choice. Our main findings are, first, that in case of short-term unemployment only, social security systems as those established in the EU are able to offset the negative impact of unemployment risk on the portfolio-share invested in risky assets. Second, the simulation results reveal that when allowing for long-term unemployment the equity-share is suppressed, especially for young investors. We show that this negative effect of unemployment is mainly driven by its persistence.Precautionary savings, unemployment insurance, long-term unemployment, income uncertainty

Financial Integration and Macroeconomic Stability: What Role for Large Banks?

This study assesses how banking sector integration and especially cross-border lending affect macroeconomic stability. I use a two-country general equilibrium model with heterogeneous banks that are hit by idiosyncratic shocks. According to the concept of granularity, idiosyncratic shocks to large firms (or: banks) do not have to cancel out under a skewed distribution of firm sizes. Given the highly skewed distribution of bank sizes, macroeconomic stability may thus be affected by shocks to large banks. Hence, to grasp the impact of financial liberalization on aggregate fluctuations, the presence of large banks as measured by high concentration in the banking industry has to be accounted for. I study the role of different forms of banking sector integration - i.e. arms-length crossborder lending versus lending via foreign affiliates - for the stability of aggregate lending. I find that banking sector integration decreases the aggregate volatility of lending due to intensified competition. The model implies that cross-border lending is more stable under lending via foreign affiliates than under arms-length cross-border lending.Cross-border banking, large banks, granularity, volatility

Don't stop me now: the impact of credit market fragmentation on firms' financing constraints

This paper investigates how the withdrawal of banks from their cross-border business impacted the borrowing costs of European firms since the crisis. We combine aggregate information on total and cross-border credit with firm-level survey data for the period 2010 - 2014. We find that the decline in cross-border lending led to a deterioration in the borrowing conditions of small firms. In countries with more pronounced reductions in cross-border credit inflows, the likelihood of a rise in firms’ external financing costs has increased. This result is mainly driven by the interbank channel, which plays a crucial role in transmitting shocks to the real sector across borders

Reduced cross-border lending and financing costs of SMEs

This paper investigates how the withdrawal of banks from their cross-border business impacted the borrowing costs of European firms since the crisis. We combine aggregate information on total and cross-border credit with firm-level survey data for the period 2010 - 2014. We find that the decline in cross-border lending led to a deterioration in the borrowing conditions of small firms. In countries with more pronounced reductions in cross-border credit inflows, the likelihood of a rise in firms’ external financing costs increased. This result is mainly driven by the interbank channel, which plays a crucial role in transmitting shocks to the real sector across borders

Unemployment and Portfolio Choice: Does Persistence Matter?

We use a life-cycle model of consumption and portfolio choice to study the effects of social security on the investment decisions of households for the European case. Our model is mainly based on the one developed by Cocco, Gomes, and Maenhout (2005). We extend it by unemployment risk using Markov chains to model the transition between different employment states. In contrast to most models in the life-cycle literature, our model allows for three different states, namely employment, short-term as well as long-term unemployment. This allows us to examine the effects of persistence in the unemployment process on portfolio choice. Our main findings are, first, that in case of short-term unemployment only, social security systems as those established in the EU are able to offset the negative impact of unemployment risk on the portfolio-share invested in risky assets. Second, the simulation results reveal that when allowing for long-term unemployment the equity-share is suppressed, especially for young investors. We show that this negative effect of unemployment is mainly driven by its persistence

Оценка точности химико-аналитических приборов по результатам их градуировки

In the production of micro devices for applications in chemistry, biotechnology and medical technologies surface properties become more and more important The microscale topography and surface chemistry have influence on wetting properties and cell behavior. Therefor the design of material surface determines the success of artificial devices in contact with biological systems. For applications in the field of medical implants laser technologies have been developed for micro structuring of polymers to modify the surface properties with respect to wettability and controlled cell growth. The technology is based on excimer laser treatment of polymer surfaces using laser wavelength 193 nm (ArF) with different fluences and cumulated energies. Depending on the processing parameters and examined polymers either hydrophobic or hydrophilic surfaces can be increased. The water contact angle of polydimethylsiloxane (PDMS) for example can be increased from 113° to approx. 150° so that the surface exhibits the so called lotus effect. The laser generated micro patterns reveal influence on cell density and cell distribution which can be used for cell guidance. Results for cell growing experiments are shown for different polymers

MANAGEMENT DECISION MAKING IN MARKETING

Miniaturized microreactors enable photochemistry with laser irradiation in flow mode to convert azidobiphenyl into carbazole with high efficiency

Unemployment and portfolio choice: Does persistence matter?

We use a life cycle model of consumption and portfolio choice to study the effects of social security on the investment decisions of households for the European case. Our model is mainly based on the one developed by Cocco, Gomes, and Maenhout (2005). We extend it by unemployment risk using Markov chains to model the transition between different employment states. In contrast to most models in the life cycle literature, our model allows for three different states, namely employment, short-term as well as long-term unemployment. This allows us to examine the effects of persistence in the unemployment process on portfolio choice. Our main findings are, first, that in case of short-term unemployment only, social security systems as those established in the EU are able to offset the negative impact of unemployment risk on the portfolio-share invested in risky assets. Second, the simulation results reveal that when allowing for long-term unemployment the equity-share is suppressed, especially for young investors. We show that this negative effect of unemployment is mainly driven by its persistence

Optimierung und Evaluierung von Enzymimmuntests zum Nachweis von Cephalosporin-Antibiotika in Milch

Die vorliegende Arbeit befasst sich mit der Entwicklung von monoklonalen Antikörpern (mAk) zum Nachweis verschiedener relevanter Cephalosporin-Rückstände. Zu diesem Zweck wurden einfache, schnelle und effiziente Verfahren zur Synthese von Cephalosporin-Protein-Konjugaten entwickelt. Zur Gewinnung von Antikörpern wurden Mäuse mit den entsprechenden, mittels aktiver-Ester-Methode an Trägerproteine gekoppelten Cephalosporinen immunisiert. Mittels Zellfusion konnten verschiedene Hybridom-Zelllinien etabliert werden, die mAk zum Nachweis von Cefalexin und Ceftiofur sezernierten. Des Weiteren gelang es erstmals, auch mAk zum Nachweis von Cefapirin, Cefoperazon und Cefquinom herzustellen. Basierend auf diesen mAk wurden verschiedene, hauptsächlich indirekt kompetitive EIA-Verfahren entwickelt und für die Analyse von Milch optimiert. Hinsichtlich der angestrebten Sensitivität waren die in der VO (EU) Nr. 37/2010 festgelegten Rückstandshöchstmengen (MRL-Werte) maßgeblich. Alle mAks waren in der Lage, ihr Ziel-Antibiotikum in Konzentrationen weit unterhalb des entsprechenden MRLWerts nachzuweisen; die Nachweisgrenzen der optimierten EIA-Verfahren betrugen 0,3 ng/ml (Ceftiofur), 0,4 ng/ml (Cefquinom), 2,7 ng/ml (Cefalexin), 6,1 ng/ml (Cefoperazon) bzw. 17,2 ng/ml (Cefapirin) und lagen damit ca. 3,5- bis 330-fach unterhalb dem jeweiligen Grenzwert. Die Spezifität der Antikörper wurde v. a. durch die C-7-Seitenkette des zur Immunisierung verwendeten Cephalosporins geprägt. Nachweisbare Kreuzreaktionen der mAks traten daher nur mit solchen Cephalosporinen auf, die einen strukturell verwandten C-7- Substituenten aufwiesen. Diese kreuzreaktiven Cephalosporine sind jedoch nicht zur Therapie Lebensmittel liefernder Tiere zugelassen. Mit Ausnahme von Ceftiofur ermöglichen die Antikörper daher den substanzspezifischen Nachweis von Cephalosporin- Rückständen in Lebensmitteln. Die Anwendbarkeit der etablierten EIA-Verfahren zum Nachweis von Rückständen in Milch wurde anhand künstlich dotierter Milchproben überprüft. In einem Konzentrationsbereich entsprechend dem ½-, 1- sowie 2-fachen des jeweiligen MRLWerts von 20 – 100 μg/kg wurden Wiederfindungsraten von 90 – 120 % erreicht. Damit stehen erstmals unter Routinebedingungen einsetzbare quantitative immunchemische Analyseverfahren zur Verfügung, die den spezifischen Nachweis fast aller der derzeit in der Therapie von Lebensmittel liefernden Tieren eingesetzten Cephalosporine weit unterhalb der festgelegten Rückstandshöchstmengen ermöglichen