Financial Structure and Diversification of European Firms. ESRI WP492, September 2014

Small and medium enterprises have been shown to rely mainly on banks for funding and, unlike larger firms, rarely have direct access to capital markets. This paper looks at the extent to which SMEs avail of a wider range of funding options and how their use differs across firms and countries. Using the Survey of Access to Finance in Europe (SAFE) covering sixteen Euro Area countries, we find that firms are currently using two or three sources of finance to fund their firm’s operations and have had previous experience of other types of funding. There are some noticeable differences across countries with funding types in peripheral economies generally being less diversified. Differences across firm size and age groups are more marked than cross-country variation, with smaller and younger firms significantly more reliant on a limited set of finance types and older, larger firms having more diversified financial structures. Looking at individual sources of financing, we find that trade credit and informal sources of finance are extremely prevalent across all countries, with Irish firms being particularly likely to use them as sources of funding

Financial structure and diversification of European firms

Small and medium enterprises have been shown to rely mainly on banks for funding and, unlike larger firms, rarely have direct access to capital markets. This paper looks at the extent to which SMEs avail of a wider range of funding options and how their use differs across firms and countries. Using the Survey of Access to Finance in Europe (SAFE) covering sixteen Euro Area countries, we find that firms are currently using two or three sources of finance to fund their firm's operations and have had previous experience of other types of funding. There are some noticeable differences across countries with funding types in peripheral economies generally being less diversified. Differences across firm size and age groups are more marked than cross-country variation, with smaller and younger firms significantly more reliant on a limited set of finance types and older, larger firms having more diversified financial structures. Looking at individual sources of financing, we find that trade credit and informal sources of finance are extremely prevalent across all countries, with Irish firms being particularly likely to use them as sources of funding

SME recovery following a financial crisis: Does debt overhang matter?

The years before the financial crisis saw a dramatic build-up in private debt levels in several countries and this increase was particularly marked in Ireland. In this paper, we look at whether outstanding debt taken out by small and medium sized enterprises in Ireland constrains current performance. We find that the level of debt is generally associated with positive firm performance, facilitating growth and investment. Higher debt burdens (measured as the ratio of debt to turnover), on the other hand, have significant negative effects on all measures of firm performance, in particular investment, employment and indicators of financial distress

SME Recovery Following a Financial Crisis: Does Debt Overhang Matter?. ESRI WP491. September 2014

The years before the financial crisis saw a dramatic build-up in private debt levels in several countries and this increase was particularly marked in Ireland. In this paper, we look at whether outstanding debt taken out by small and medium sized enterprises in Ireland constrains current performance. We find that the level of debt is generally associated with positive firm performance, facilitating growth and investment. Higher debt burdens (measured as the ratio of debt to turnover), on the other hand, have significant negative effects on all measures of firm performance, in particular investment, employment and indicators of financial distress

Senior Recital: Levi Vernon Cull, percussion

This recital is presented in partial fulfillment of requirements for the degree Bachelor of Music in Music Education. Mr. Cull studies percussion with John Lawless.https://digitalcommons.kennesaw.edu/musicprograms/1446/thumbnail.jp

KSFNM: Faculty Chamber Players, Soldier\u27s and Devil\u27s Tales

This special performance of the 2017 Kennesaw State Festival of New Music (KSFNM) features KSU faculty performing Igor Stravinsky\u27s L\u27Histoire du soldat (The Soldier\u27s Tale) followed by The Devil\u27s Tale, James M. Stephenson\u27s sequel to Stravinsky\u27s esteemed work.https://digitalcommons.kennesaw.edu/musicprograms/1878/thumbnail.jp

Photoinitiated polymerisation of monolithic stationary phases in polyimide coated capillaries using visible region LEDs

The spatially controlled synthesis of poly(glycidyl methacrylate-co-ethylene dimethacrylate) monolithic stationary phases in polyimide coated fused silica capillaries by visible light induced radical polymerisation using a three-component initiator and a 660 nm light emitting diode (LED) as a light source is presented here

Cavitation-mediated transcutaneous delivery of protein and nucleotide-based antigen for rapid high-level immune responses

Alternatives are needed to remove the pain, injury, cross-infection, and hazardous waste associated with needle and syringe (N+S)-based vaccination. Reported here is the use of novel ultrasound-responsive protein cavitation nuclei (pCaN), formed using the model antigen bovine serum albumin (BSA), to achieve effective transcutaneous delivery. Upon exposure to ultrasound (US), these pCaN instigate cavitation events which propel themselves and co-located DNA vectors into the skin. US parameters as well as pCaN and DNA concentration are refined to achieve optimal expression of encoded luciferase transgene. Twenty-four hours post-treatment, luciferase expression in the skin, by IVIS imaging, was 1.67 × 106 ±941943, photons per sec for N+S intradermal injection and 1.49 × 106 ±261832 for cavitation-mediated delivery (p>0.05). Hence, there is no significant difference in luciferase level achieved, but improved homogeneity and reproducibility of expression are evident in mice treated using US-mediated cavitation. Despite this equivalence in luciferase levels, a >5× higher level (p<0.02) of anti-luciferase antibodies is achieved when cavitation is used versus N+S injection. Antibody levels against BSA, resulting from the use of BSA pCaN, are equivalent for the two groups. PCaN can be formed from a range of antigenic proteins and DNA can encode a range of antigenic proteins, so this approach has wide-ranging implications for needle-free vaccination

Sonosensitive cavitation nuclei-a customisable platform technology for enhanced therapeutic delivery

Ultrasound-mediated cavitation shows great promise for improving targeted drug delivery across a range of clinical applications. Cavitation nuclei-sound-sensitive constructs that enhance cavitation activity at lower pressures-have become a powerful adjuvant to ultrasound-based treatments, and more recently emerged as a drug delivery vehicle in their own right. The unique combination of physical, biological, and chemical effects that occur around these structures, as well as their varied compositions and morphologies, make cavitation nuclei an attractive platform for creating delivery systems tuned to particular therapeutics. In this review, we describe the structure and function of cavitation nuclei, approaches to their functionalization and customization, various clinical applications, progress toward real-world translation, and future directions for the field