Bürgerbeteiligungsmodelle für erneuerbare Energien - Eine Begriffsbestimmung aus finanzwirtschaftlicher Perspektive

Because of liberalization, in response to climate change policy and as a reaction to threads of energy security the energy sector finds itself in a process of fundamental change. Renewable energies are ascribed a much greater importance than currently. Besides technical problems especially organizational and financial questions have to be solved. One type of organization for the deployment of renewable energies are citizen participation schemes. However, the term is connected with different contents and used in different contexts. In this contribution, a working definition of the term citizen participation scheme from a financial perspective is provided where some of the discussion contexts are illuminated

Entwicklung und Stand von Bürgerenergiegesellschaften und Energiegenossenschaften in Deutschland

In the paper, the authors describe an estimation of the number and development of community energy companies and energy cooperatives in Germany. The analysis is based on two databases that are maintained by the authors. An increase in the number of new community energy companies in Germany can be observed until 2014. In 2014 at the latest, the number of newly founded energy cooperatives decreased. The decline could only partly be compensated by an increase in the number of limited partnerships with a limited liability company as general partner (GmbH & Co. KG). This shift from the cooperative model to the limited partnership model is linked to a shift in the predominant electricity generation technology. An increase in onshore wind energy can be observed while photovoltaics had to struggle with a shrinking market. Moreover, more bankruptcies and liquidations have been observed since 2009 for community energy companies and energy cooperatives. The existing community energy companies are mostly producing electricity while only a smaller group runs energy grids, especially for heat distribution (small district heating networks). The main focus of community energy companies and energy cooperatives lays on the production of energy through onshore wind and photovoltaics. Bavaria, Schleswig-Holstein, Lower Saxony and North Rhine-Westphalia are the regional core areas of these companies

Internet Bondholder Relations: Explaining Differences in Transparency among German Issuers of Corporate Bonds

Internet Bondholder Relations: Explaining Differences in Transparency among German Issuers of Corporate BondsBondholder relations gains importance for German non-financial firms as the debt market environment is changing significantly. Beyond an unprecedented increase in the amount of outstanding securities, there are two other effects that we observe in the German market for corporate bonds: an increasing focus on retail investors and a growing number of small to medium-sized firms entering the market. Both developments underline the need to explore bondholder relations, its implementation and effectiveness. In the course of this study, we intend to promote the understanding of why some firms disclose more to their bondholders than others. Following the information, agency, and related frameworks, we assume that Internet financial reporting helps reduce information asymmetries between bond issuers and dispersed investors. We devote this study to identifying main factors that determine cross-sectional heterogeneity. Conducting a multivariate analysis, we test hypotheses on the influence of capital market orientation, investors' informational needs, firm complexity, default risk, and family ownership. We find that all constructs, except for the default risk, are at least partly relevant in explaining the extent of information that bond issuers disclose on their websites. (JEL D82

Cytomegalovirus cyclin-dependent kinase ortholog vCDK/pUL97 undergoes regulatory interaction with human cyclin H and CDK7 to codetermine viral replication efficiency

Human cytomegalovirus (HCMV) infection is shaped by a tightly regulated interplay between viral and cellular proteins. Distinct kinase activities, such as the viral cyclin-dependent kinase ortholog (vCDK) pUL97 and cellular CDK7 are both crucial for efficient viral replication. Previously, we reported that both kinases, vCDK/pUL97 and CDK7, interact with cyclin H, thereby achieving an enhanced level of kinase activity and overall functionality in viral replication. Here we provide a variety of novel results, as generated on a methodologically extended basis, and present a concept for the codetermination of viral replication efficiency through these kinase activities: (i) cyclin H expression, in various human cell types, is substantially upregulated by strains of HCMV including the clinically relevant HCMV Merlin; (ii) vCDK/pUL97 interacts with human cyclin H in both HCMV-infected and plasmid-transfected cell systems; (iii) a doxycycline-inducible shRNA-dependent knock-down (KD) of cyclin H significantly reduces pUL97 activity (qSox in vitro kinase assay); (iv) accordingly, pUL97 in vitro kinase activity is seen significantly increased upon addition of recombinant cyclin H; (v) as a point of specific importance, human CDK7 activity shows an increase by vCDK/pUL97-mediated trans-stimulation (whereas pUL97 is not stimulated by CDK7); (vi) phosphosite-specific antibodies indicate an upregulated CDK7 phosphorylation upon HCMV infection, as mediated through a pUL97-specific modulatory effect (i.e. shown by pUL97 inhibitor treatment or pUL97-deficient viral mutant); (vii) finally, an efficient KD of cyclin H in primary fibroblasts generally results in an impaired HCMV replication efficiency as measured on protein and genomic levels. These results show evidence for the codetermination of viral replication by vCDK/pUL97, cyclin H and CDK7, thus supporting the specific importance of cyclin H as a central regulatory factor, and suggesting novel targeting options for antiviral drugs

Association Between Use of a Flying Intervention Team vs Patient Interhospital Transfer and Time to Endovascular Thrombectomy Among Patients With Acute Ischemic Stroke in Nonurban Germany

Importance: The benefit of endovascular thrombectomy (EVT) for acute ischemic stroke is highly time-dependent, and it is challenging to expedite treatment for patients in remote areas. Objective: To determine whether deployment of a flying intervention team, compared with patient interhospital transfer, is associated with a shorter time to endovascular thrombectomy and improved clinical outcomes for patients with acute ischemic stroke. Design, Setting, and Participants: This was a nonrandomized controlled intervention study comparing 2 systems of care in alternating weeks. The study was conducted in a nonurban region in Germany including 13 primary telemedicine-assisted stroke centers within a telestroke network. A total of 157 patients with acute ischemic stroke for whom decision to pursue thrombectomy had been made and deployment of flying intervention team or patient interhospital transfer was initiated were enrolled between February 1, 2018, and October 24, 2019. The date of final follow-up was January 31, 2020. Exposures: Deployment of a flying intervention team for EVT in a primary stroke center vs patient interhospital transfer for EVT to a referral center. Main Outcomes and Measures: The primary outcome was time delay from decision to pursue thrombectomy to start of the procedure in minutes. Secondary outcomes included functional outcome after 3 months, determined by the distribution of the modified Rankin Scale score (a disability score ranging from 0 [no deficit] to 6 [death]). Results: Among the 157 patients included (median [IQR] age, 75 [66-80] y; 80 [51%] women), 72 received flying team care and 85 were transferred. EVT was performed in 60 patients (83%) in the flying team group vs 57 (67%) in the transfer group. Median (IQR) time from decision to pursue EVT to start of the procedure was 58 (51-71) minutes in the flying team group and 148 (124-177) minutes in the transfer group (difference, 90 minutes [95% CI, 75-103]; P?<?.001). There was no significant difference in modified Rankin Scale score after 3 months between patients in the flying team (n?=?59) and transfer (n?=?57) groups who received EVT (median [IQR] score, 3 [2-6] vs 3 [2-5]; adjusted common odds ratio for less disability, 1.91 [95% CI, 0.96-3.88]; P?=?.07). Conclusions and Relevance: In a nonurban stroke network in Germany, deployment of a flying intervention team to local stroke centers, compared with patient interhospital transfer to referral centers, was significantly associated with shorter time to EVT for patients with acute ischemic stroke. The findings may support consideration of a flying intervention team for some stroke systems of care, although further research is needed to confirm long-term clinical outcomes and to understand applicability to other geographic settings