The financial accelerator effect: concept and challenges

This review concentrates on the role of information asymmetry in financial markets in the amplification and propagation of short-run output fluctuations. We find that the financial accelerator effect, as it is known, provides a consistent, first principle based, theoretical framework for the analysis of the relationship between financial markets and short-run output fluctuations. It also provides a plausible explanation of the proximate causes of the recent crisis, and first principle-based theoretical background for the credit policy measures taken during this crisis by many central banks and fiscal authorities. Despite the theoretical plausibility, the empirical evidence about the economic importance of the financial accelerator effect is still relatively weak. We also suggest two new aspects to expand existing concept of the financial accelerator effect, which call for further research.economic forecasting, density forecasting, fan chart, stochastic simulations, uncertainty, Croatia

Investments and capital market imperfections, identification issues: a survey

If financial markets are perfect, the choice of the sources of finance does not influence investment decisions. However, financial markets are considered to be far from perfect. This review concentrates on the role of information asymmetry in determining real investment decisions. Despite the theoretical plausibility of a relationship between capital market imperfections and real investments, the empirical literature has found it difficult to identify this channel. Overall, more research is needed to identify a method that will not be subject to criticisms related to the use of cash-flow in the investment equation and will be based on the data that are relatively available across countries and over time.investment, asymmetric information, capital markets imperfections

Changes in Entrepreneurial Self-efficacy since Completion of Entrepreneurial Studies

AbstractEntrepreneurial self-efficacy (ESE) is one of the crucial constructs in the psychology of entrepreneurship research. This paper addresses the stability of ESE in time, due to changes in entrepreneurial status. One general and one specific measure of ESE were applied on 169 final-year students of entrepreneurship in two measurement points: (1) during the final semester, and (2) 18 months later. We found significant differences for general ESE measure. We conclude that ESE is a dynamic construct that changes along with entrepreneurial status. In order to determine exact impact of education on the ESE level, further research should measure changes in students’ ESE from first to their last year of study, both for students of economic and non-economic studies

Directional Ionic Bonds

Covalent and ionic bonds represent two fundamental forms of bonding between atoms. In contrast to bonds with significant covalent character, ionic bonds are of limited use for the spatial structuring of matter because of the lack of directionality of the electric field around simple ions. We describe a predictable directional orientation of ionic bonds that contain concave nonpolar shields around the charged sites. Such directional ionic bonds offer an alternative to hydrogen bonds and other directional noncovalent interactions for the structuring of organic molecules and materials

Multichannel Marketing - Potenziale des Digitaldrucks in der Unternehmenskommunikation

Diese Diplomarbeit beschäftigt sich mit den Möglichkeiten der Unternehmenskommunikation im heutigen digitalen Zeitalter. Durch die neuen Kommunikationskanäle Internet und Mobilfunk und dem daraus entstandenen veränderten Mediennutzungsverhalten müssen die Unternehmen neue crossmediale Kommunikationsstrategien entwickeln um den Dialog mit dem Kunden aufrechterhalten zu können. Andererseits ergeben sich aber vor allem dadurch viele neue Möglichkeiten sich der Unternehmensumwelt präsentieren zu können und dem Kunden einen umfassenden Service anzubieten

Site‐Selective C−H Arylation of Diverse Arenes Ortho to Small Alkyl Groups

Catalytic systems for direct C−H activation of arenes commonly show preference for electronically activated and sterically exposed C−H sites. Here we show that a range of functionally rich and pharmaceutically relevant arene classes can undergo site-selective C−H arylation ortho to small alkyl substituents, preferably endocyclic methylene groups. The C−H activation is experimentally supported as being the selectivity-determining step, while computational studies of the transition state models indicate the relevance of non-covalent interactions between the catalyst and the methylene group of the substrate. Our results suggest that preference for C(sp2)−H activation next to alkyl groups could be a general selectivity mode, distinct from common steric and electronic factors

Characterization of a novel type of HIV-1 particle assembly inhibitor using a quantitative Luciferase-Vpr packaging-based assay

The HIV-1 auxiliary protein Vpr and Vpr-fusion proteins can be copackaged with Gag precursor (Pr55Gag) into virions or membrane-enveloped virus-like particles (VLP). Taking advantage of this property, we developed a simple and sensitive method to evaluate potential inhibitors of HIV-1 assembly in a living cell system. Two proteins were coexpressed in recombinant baculovirus-infected Sf9 cells, Pr55Gag, which formed the VLP backbone, and luciferase fused to the N-terminus of Vpr (LucVpr). VLP-encapsidated LucVpr retained the enzymatic activity of free luciferase. The levels of luciferase activity present in the pelletable fraction recovered from the culture medium correlated with the amounts of extracellular VLP released by Sf9 cells assayed by conventional immunological methods. Our luciferase-based assay was then applied to the characterization of betulinic acid (BA) derivatives that differed from the leader compound PA-457 (or DSB) by their substituant on carbon-28. The beta-alanine-conjugated and lysine-conjugated DSB could not be evaluated for their antiviral potentials due to their high cytotoxicity, whereas two other compounds with a lesser cytotoxicity, glycine-conjugated and ε-NH-Boc-lysine-conjugated DSB, exerted a dose-dependent negative effect on VLP assembly and budding. A fifth compound with a low cytotoxicity, EP-39 (ethylene diamine-conjugated DSB), showed a novel type of antiviral effect. EP-39 provoked an aberrant assembly of VLP, resulting in nonenveloped, morula-like particles of 100-nm in diameter. Each morula was composed of nanoparticle subunits of 20-nm in diameter, which possibly mimicked transient intermediates of the HIV-1 Gag assembly process. Chemical cross-linking in situ suggested that EP-39 favored the formation or/and persistence of Pr55Gag trimers over other oligomeric species. EP-39 showed a novel type of negative effect on HIV-1 assembly, targeting the Pr55Gag oligomerisation. The biological effect of EP-39 underlined the critical role of the nature of the side chain at position 28 of BA derivatives in their anti-HIV-1 activity