Advantageous Innovation in the Underwriting Market for Corporate Securities

Investment banks that develop new corporate securities systematically lead the new underwriting market despite being imitated early by equally competitive rivals. We study how innovators and imitators set underwriting fees in order to identify empirically the source of this advantage. Using data of innovative securities since 1985, we do find that innovators set systematically higher fees than imitators. This premium decreases as more issues occur, and faster for later generation products. Imitation is also quicker for later generations. This evidence supports the hypothesis that the innovator has superior skills in structuring any given issue of the new security

Characteristics of sustainable polyculture production systems on terra firme.

The combination of soil science, forestry, agronomy and biology allowed an analytical comparison of various experimental mixed culture systems. From these studies, a descriptor system was developed which allows to understand the contribution of each plant species to nutrient cycling, water distribution, litter formation, overall biomass production and crop production. This knowledge allows to combine plants so that their properties interact to form a system, which minimizes mineral losses and which regulates air humidity and water distribution and thus leads to stable crop production. The general conclusion which can be drawn after eight years of polyculture study is: a) stable productions systems for samllholder families have bee developed; b) the systems are variable; they can be adapted to the respective site conditions; c) the manager of these plantations requires a deeper understanding of the cultivation systems and an intensive dissemination of knowledge and a well develope on-farm training system for farmers

Characteristics of sustainable polyculture production systems on terra firme.

The combination of soil science, forestry, agronomy and biology allowed an analytical comparison of various experimental mixed culture systems. From these studies, a descriptor system was developed which allows to understand the contribution of each plant species to nutrient cycling, water distribution, litter formation, overall biomass production and crop production. This knowledge allows to combine plants so that their properties interact to form a system, which minimizes mineral losses and which regulates air humidity and water distribution and thus leads to stable crop production. The general conclusion which can be drawn after eight years of polyculture study is: a) stable productions systems for samllholder families have bee developed; b) the systems are variable; they can be adapted to the respective site conditions; c) the manager of these plantations requires a deeper understanding of the cultivation systems and an intensive dissemination of knowledge and a well develope on-farm training system for farmers

Structure and function of methanotrophic communities in a landfill-cover soil

In landfill-cover soils, aerobic methane-oxidizing bacteria (MOB) convert CH4 to CO2, mitigating emissions of the greenhouse gas CH4 to the atmosphere. We investigated overall MOB community structure and assessed spatial differences in MOB diversity, abundance and activity in a Swiss landfill-cover soil. Molecular cloning, terminal restriction-fragment length polymorphism (T-RFLP) and quantitative PCR of pmoA genes were applied to soil collected from 16 locations at three different depths to study MOB community structure, diversity and abundance; MOB activity was measured in the field using gas push-pull tests. The MOB community was highly diverse but dominated by Type Ia MOB, with novel pmoA sequences present. Type II MOB were detected mainly in deeper soil with lower nutrient and higher CH4 concentrations. Substantial differences in MOB community structure were observed between one high- and one low-activity location. MOB abundance was highly variable across the site [4.0 × 104 to 1.1 × 107 (g soil dry weight)-1]. Potential CH4 oxidation rates were high [1.8-58.2 mmol CH4 (L soil air)-1 day-1] but showed significant lateral variation and were positively correlated with mean CH4 concentrations (P < 0.01), MOB abundance (P < 0.05) and MOB diversity (weak correlation, P < 0.17). Our findings indicate that Methylosarcina and closely related MOB are key players and that MOB abundance and community structure are driving factors in CH4 oxidation at this landfil

Sulfate-reducing bacterial community response to carbon source amendments in contaminated aquifer microcosms

Microbial sulfate reduction is an important metabolic activity in many reduced habitats. However, little is known about the sulfate-reducing communities inhabiting petroleum hydrocarbon (PHC)-contaminated freshwater aquifer sediments. The purpose of this study was to identify the groups of sulfate-reducing bacteria (SRB) selectively stimulated when sediment from a PHC-contaminated freshwater aquifer was incubated in sulfate-reducing aquifer microcosms that were amended with specific carbon sources (acetate, butyrate, propionate, lactate, and citrate). After 2 months of incubation, the SRB community was characterized using phospholipid fatty acid (PLFA) analysis combined with multivariate statistics as well as fluorescence in situ hybridization (FISH). Molybdate was used to specifically inhibit SRB in separate microcosms to investigate the contribution of non-SRB to carbon source degradation. Results indicated that sulfate reduction in the original sediment was an important process but was limited by the availability of sulfate. Substantially lower amounts of acetate and butyrate were degraded in molybdate treatments as compared to treatments without molybdate, suggesting that SRB were the major bacterial group responsible for carbon source turnover in microcosms. All of the added carbon sources induced changes in the SRB community structure. Members of the genus Desulfobulbus were present but not active in the original sediment but an increase of the fatty acids 15:1ω6c and 17:1ω6c and FISH results showed an enrichment of these bacteria in microcosms amended with propionate or lactate. The appearance of cy17:0 revealed that bacteria affiliated with the Desulfobacteriaceae were responsible for acetate degradation. Desulfovibrio and Desulfotomaculum spp. were not important populations within the SRB community in microcosms because they did not proliferate on carbon sources usually favored by these organisms. Metabolic, PLFA, and FISH results provided information on the SRB community in a PHC-contaminated freshwater environment, which exhibited stimulation patterns similar to other (e.g. marine) environment

Field-scale 13C-labeling of phospholipid fatty acids (PLFA) and dissolved inorganic carbon: tracing acetate assimilation and mineralization in a petroleum hydrocarbon-contaminated aquifer

This study was conducted to determine the feasibility of labeling phospholipid-derived fatty acids (PLFA) of an active microbial population with a 13C-labeled organic substrate in the denitrifying zone of a petroleum hydrocarbon-contaminated aquifer during a single-well push-pull test. Anoxic test solution was prepared from 500 l of groundwater with addition of 0.5 mM Br− as a conservative tracer, 0.5 mM NO3−, and 0.25 mM [2-13C]acetate. At 4, 23 and 46 h after injection, 1000 l of test solution/groundwater mixture were sequentially extracted. During injection and extraction phases we measured Br−, NO3− and acetate concentrations, characterized the microbial community structure by PLFA and fluorescent in situ hybridization (FISH) analyses, and determined 13C/12C ratios in dissolved inorganic carbon (DIC) and PLFA. Computed first-order rate coefficients were 0.63±0.08 day−1 for NO3− and 0.70±0.05 day−1 for acetate consumption. Significant 13C incorporation in DIC and PLFA was detected as early as 4 h after injection. At 46 h we measured δ13C values of up to 5614‰ in certain PLFA (especially monounsaturated fatty acids), and up to 59.8‰ in extracted DIC. Profiles of enriched PLFA and FISH analysis suggested the presence of active denitrifiers. Our results demonstrate the applicability of 13C labeling of PLFA and DIC in combination with FISH to link microbial structure and activities at the field scale during a push-pull tes

Field-scale isotopic labeling of phospholipid fatty acids from acetate-degrading sulfate-reducing bacteria

Isotopic labeling of biomarker molecules is a technique applied to link microbial community structure with activity. Previously, we successfully labeled phospholipid fatty acids (PLFA) of suspended nitrate-reducing bacteria in an aquifer. However, the application of the method to low energy-yielding processes such as sulfate reduction, and extension of the analysis to attached communities remained to be studied. To test the feasibility of the latter application, an anoxic test solution of 500 l of groundwater with addition of 0.5 mM Br− as a conservative tracer, 1.1 mM SO2−4, and 2.0 mM [2-13C]acetate was injected in the transition zone of a petroleum hydrocarbon-contaminated aquifer where sulfate-reducing and methanogenic conditions prevailed. Thousand liters of test solution/groundwater mixture were extracted in a stepwise fashion after 2-46 h incubation. Computed apparent first-order rate coefficients were 0.31 ± 0.04 day−1 for acetate and 0.34 ± 0.05 day−1 for SO2−4 consumption. The δ13C increased from −71.03‰ to +3352.50‰ in CH4 and from −16.15‰ to +32.13‰ in dissolved inorganic carbon (DIC). A mass balance suggested that 43% of the acetate-derived 13C appeared in DIC and 57% appeared in CH4. Thus, acetate oxidation coupled to sulfate reduction and acetoclastic methanogenesis occurred simultaneously. The δ13C of PLFA increased on average by 27‰ in groundwater samples and 4‰ in sediment samples. Hence, both suspended and attached communities actively degraded acetate. The PLFA labeling patterns and fluorescent in situ hybridization (FISH) analyses of sediment and groundwater samples suggested that the main sulfate-reducing bacteria degrading the acetate were Desulfotomaculum acetoxidans and Desulfobacter sp. in groundwater, and D. acetoxidans in sedimen

Response of methanotrophic activity and community structure to temperature changes in a diffusive CH4/O2 counter gradient in an unsaturated porous medium

Microbial methane oxidation is a key process in the global methane cycle. In the context of global warming, it is important to understand the responses of the methane-oxidizing microbial community to temperature changes in terms of community structure and activity. We studied microbial methane oxidation in a laboratory-column system in which a diffusive CH4/O2 counter gradient was maintained in an unsaturated porous medium at temperatures between 4 and 20 °C. Methane oxidation was highly efficient at all temperatures, as on average 99 ± 0.5% of methane supplied to the system was oxidized. The methanotrophic community that established in the model system after initial inoculation appeared to be able to adapt quickly to different temperatures, as methane emissions remained low even after the system was subjected to abrupt temperature changes. FISH showed that Type I as well as Type II methanotrophs were probably responsible for the observed activity in the column system, with a dominance of Type I methanotrophs. Cloning and sequencing suggested that Type I methanotrophs were represented by the genus Methylobacter while Type II were represented by Methylocystis. The results suggest that in an unsaturated system with diffusive substrate supply, direct effects of temperature on apparent methanotrophic activity and community may be of minor importance. However, this remains to be verified in the fiel

Thrombolyse der Arteria cerebri media

Zusammenfassung: In den ersten 3h nach Eintritt eines akuten ischämischen Hirninfarkts ist die intravenöse Thrombolyse (IVT) die evidenzbasierte Therapie (IVT 3-4,5h: "off-label use" mit Einverständnis des Patienten). Die intraarterielle Thrombolyse (IAT) führt in der A.cerebri media (ACM) allerdings häufiger zur Rekanalisation als die IVT. Daher ist die IAT in dafür ausgerüsteten Kliniken ergänzend oder alternativ zur IVT bis zu 6h nach Symptombeginn zu erwäge