Auswirkungen der IFRS-Umstellung auf die Risikoprämie von Unternehmensanleihen - Eine empirische Studie für Deutschland, Österreich und die Schweiz

Reduziert eine IFRS-Umstellung die Informationsdefizite der Fremdkapitalgeber und somit auch die Risikoprämie von Unternehmensanleihen? Entgegen bisherigen empirischen Untersuchungen betrachten wir den Zusammenhang zwischen Offenlegung und Kapitalkosten für Fremdfinanzierung. Folglich analysieren wir den Einfluss einer IFRS-Umstellung auf die Risikoprämie von Anleihen deutscher, österreichischer und schweizer Unternehmen im Zeitraum von 1997 bis 2005. Unsere Ergebnisse zeigen, dass sich die Veränderung der Risikoprämie nach einer Umstellung auf IFRS um ca. 39% verringert. Allerdings tritt dieser Effekt mit einer zeitlichen Verzögerung auf, da die Verringerung im zweiten Jahr nach der Umstellung stärker ist als im ersten Jahr.IFRS-Umstellung, Fremdkapitalkosten.

Infrared spectroscopy of bilberry extract water-in-oil emulsions: Sensing the Water-Oil Interface

Water-in-oil (w/o) emulsions are of great interest in many areas of the life sciences, including food technology, bioprocess engineering, and pharmaceuticals. Such emulsions are complex multi-component systems and the molecular mechanisms which lead to a stable emulsion are yet to be fully understood. In this work, attenuated total reflection (ATR) infrared (IR) spectroscopy is applied to a series of w/o emulsions of an aqueous anthocyanin-rich bilberry extract dispersed in a medium chain triglyceride (MCT) oil phase. The content of the emulsifier polyglycerin-polyricinoleat (PGPR) has been varied systematically in order to investigate whether or not its concentration has an impact on the molecular stabilization mechanisms. The molecular stabilization is accessed by a careful analysis of the IR spectrum, where changes in the vibrational frequencies and signal strengths indicate alterations of the molecular environment at the water/oil interface. The results suggest that adding emulsifier in excess of 1% by weight does not lead to an enhanced stabilization of the emulsion

A Computed Tomographic Study of the Premolar Teeth of Babyrousa spp.

A photographic and computed tomography (CT) scanning study was carried out on the premolar teeth of 18 adult male Babyrousa babyrussa skulls, 10 skulls of Babyrousa celebensis, including 6 adult males, 1 adult female, 1 subadult male, 1 subadult female, and 1 juvenile male. The occlusal morphology of the permanent maxillary premolar teeth of B. babyrussa was very similar to that of B. celebensis. Almost all the maxillary third premolar teeth (107/207) had 2 roots, whereas maxillary fourth premolar teeth (108/208) had 3 or 4 roots. All of the mesial tooth roots of 107/207 and 108/208 were tapering rod-like structures; each contained a single pulp canal. Almost all distal roots of 107/207 were “C” shaped and contained 2 pulp canals. The 108/208 palatal roots were “C” shaped and contained 2 pulp canals. The mesial and distal roots of the mandibular third premolar teeth (307/407) teeth were uniformly rod-like, as were the mesial roots of the mandibular fourth premolar teeth (308/408) teeth. The distal roots of the 308/408 teeth were “C” shaped. All B. babyrussa 307/407 teeth have a single pulp canal located in each of the mesial and distal roots. The 308/408 mesial tooth root contained 1 pulp canal. In all but 3 of the 36 distal 308/408 roots of B. babyrussa teeth and in 7 of the 14 distal roots of B. celebensis teeth there was a single pulp canal; in the other 7 teeth there were 2 pulp canals. Each of the 3 medial roots contained 1 pulp canal

Inner Ear

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Expression of TNF-related apoptosis-inducing ligand (TRAIL) in keratinocytes mediates apoptotic cell death in allogenic T cells

The objective of the present study was to evaluate the aptitude of TRAIL gene expression for inducing apoptosis in co-cultivated T-cells. This should allow preparing a strategy for the development of a durable, allogenic skin substitute based on the induction of an immune-privileged transplant. In order to counteract the significant potential of rejection in transplanted allogenic keratinocytes, we created a murine keratinocyte cell line which expressed TRAIL through stable gene transfer. The exogenic protein was localized on the cellular surface and was not found in soluble condition as sTRAIL. Contact to TRAIL expressing cells in co-culture induced cell death in sensitive Jurkat-cells, which was further intensified by lymphocyte activation. This cytotoxic effect is due to the induction of apoptosis. We therefore assume that the de-novo expression of TRAIL in keratinocytes can trigger apoptosis in activated lymphocytes and thus prevent the rejection of keratinocytes in allogenic, immune-privileged transplants

Genome-wide Association Study of Alcohol Dependence

Identification of genes contributing to alcohol dependence will improve our understanding of the mechanisms underlying this disorder

The nuclear receptor LXR limits bacterial infection of host macrophages through a mechanism that impacts cellular NAD metabolism

Macrophages exert potent effector functions against invading microorganisms but constitute, paradoxically, a preferential niche for many bacterial strains to replicate. Using a model of infection by Salmonella Typhimurium, we have identified a molecular mechanism regulated by the nuclear receptor LXR that limits infection of host macrophages through transcriptional activation of the multifunctional enzyme CD38. LXR agonists reduced the intracellular levels of NAD+ in a CD38-dependent manner, counteracting pathogen-induced changes in macrophage morphology and the distribution of the F-actin cytoskeleton and reducing the capability of nonopsonized Salmonella to infect macrophages. Remarkably, pharmacological treatment with an LXR agonist ameliorated clinical signs associated with Salmonella infection in vivo, and these effects were dependent on CD38 expression in bonemarrow- derived cells. Altogether, this work reveals an unappreciated role for CD38 in bacterial-host cell interaction that can be pharmacologically exploited by activation of the LXR pathway

Implication of the disease-associated ORMDL3 in macrophage physiology

Genome-wide association studies linked increased ORMDL3 expression levels to several inflammatory diseases via single nucleotide polymorphisms. However, the pathophysiological mechanisms underlying this association are still poorly understood. ORMDL proteins have been shown to regulate de novo sphingolipid synthesis among other functions, a process important for proper innate immune responses and its imbalance was furthermore associated to asthma disease. This thesis was aimed to provide further inside into the ORMDL-SPT complex formation and to elucidate potential involvement of ORMDL3 in macrophage physiology using a transgenic mouse model. We herein demonstrated that a structural rearrangement under high sphingolipid content takes place, in order to release SPT activity. Moreover, ORMDL3 levels decreased cellular ceramide content in macrophages, and specifically impaired the de novo synthesis during activation leading to reduced autophagy and bacterial clearance. In addition, we explore the SNP-dependent regulation of ORMDL3 gene expression in human monocytes. Taken together, this thesis contributes to a better understanding of the implication of ORMDL3 in sphingolipid homeostasis and underlines its importance in macrophage physiology.Alguns estudis d’associació genòmica han relacionat un augment dels nivells d’expressió d’ORMDL3, causat per polimorfismes d’un sol nucleòtid, amb diverses malalties inflamatòries. Tot i així, els mecanismes fisiopatològics subjacents a aquesta associació no són del tot coneguts. Les proteïnes ORMDL estan involucrades en la síntesi d’esfingolípids de novo, un procés essencial per a la resposta immunitària de tipus innat i que ha estat associat amb l’asma. Aquesta tesi té l’objectiu d’aprofundir en la formació del complex ORMDL-SPT així com d’elucidar la potencial implicació d’ORMDL3 en la fisiologia dels macròfags utilitzant un model de ratolí transgènic. Els nostres resultats demostren un rearranjament estructural quan hi ha un alt contingut d’esfingolípids, per tal d’alliberar l’activitat de l’SPT. A més, els nivells d’ORMDL3 disminueixen el contingut cel·lular de ceramides i afecten específicament la síntesi de novo durant l’activació dels macròfags, produint una reducció en l’autofàgia i la liquidació bacteriana. Addicionalment, hem explorat la regulació d’ORMDL3 depenent de polimorfismes en monòcits humans. En conjunt, aquesta tesi contribueix a un coneixement més profund de la implicació d’ORMDL3 en la homeòstasi d’esfingolípids i remarca la seva importància en la fisiologia dels macròfags