Credit‐constrained in risky activities? The determinants of the capital stocks of micro and mall firms in Western Africa

Micro and small enterprises (MSEs) in developing countries are typically considered to be severely credit constrained. Additionally, high business risks may partly explain why the capital stocks of MSEs remain low. This article analyzes the determinants of the capital stocks of MSEs in poor economies focusing on credit constraints and risk. The analysis is based on a unique, albeit cross-sectional but backward‐looking, micro data set on MSEs covering the economic capitals of seven West‐African countries. The main result is that capital market imperfections indeed seem to explain an important part of the variation in capital stocks in the early lifetime of MSEs. Furthermore, the analyses show that risk plays a key role in capital accumulation. Risk-averse individuals seem to adjust their initially low capital stocks upwards when enterprises grow older. MSEs in risky activities owned by wealthy individuals even seem to over-invest when they start their business and subsequently adjust capital stocks downwards. As other firms simultaneously suffer from capital shortages, such behavior may imply large inefficiencies

Credit-constrained in risky activities? The determinants of the capital stocks of micro and small firms in Western Africa

Micro and small enterprises (MSEs) in developing countries are typically considered to be severely credit constrained. Additionally, high business risks may partly explain why the capital stocks of MSEs remain low. This article analyzes the determinants of the capital stocks of MSEs in poor economies focusing on credit constraints and risk. The analysis is based on a unique, albeit cross‐sectional but backward‐looking, micro data set on MSEs covering the economic capitals of seven West‐African countries. The main result is that capital market imperfections indeed seem to explain an important part of the variation in capital stocks in the early lifetime of MSEs. Furthermore, the analyses show that risk plays a key role in capital accumulation. Risk‐averse individuals seem to adjust their initially low capital stocks upwards when enterprises grow older. MSEs in risky activities owned by wealthy individuals even seem to over‐invest when they start their business and subsequently adjust capital stocks downwards. As other firms simultaneously suffer from capital shortages, such behaviour may imply large inefficiencies

Superconducting order of Sr2RuO4\mathrm{Sr}_2\mathrm{RuO}_4 from a three-dimensional microscopic model

We compute and compare even- and odd-parity superconducting order parameters of strontium ruthenate ($\mathrm{Sr}_2\mathrm{RuO}_4$) in the limit of weak interactions, resulting from a fully microscopic three-dimensional model including spin-orbit coupling. We find that odd-parity helical and even-parity $d$-wave order are favored for smaller and larger values of the Hund's coupling parameter $J$, respectively. Both orders are found compatible with specific heat data and the recently-reported nuclear magnetic resonance (NMR) Knight shift drop [A. Pustogow et al. Nature 574, 72 (2019)]. The chiral $p$-wave order, numerically very competitive with helical order, sharply conflicts with the NMR experiment.Comment: 11 pages, 8 figure

Galaxy and Mass Assembly (GAMA): The stellar mass budget of galaxy spheroids and discs

We build on a recent photometric decomposition analysis of 7506 Galaxy and Mass Assembly (GAMA) survey galaxies to derive stellar mass function fits to individual spheroid and disc component populations down to a lower mass limit of log(M*/M⊙) = 8. We find that the spheroid/disc mass distributions for individual galaxy morphological types are well described by single Schechter function forms. We derive estimates of the total stellar mass densities in spheroids (ρspheroid = 1.24 ± 0.49 × 108 M⊙ Mpc −3h0.7) and discs (ρdisc = 1.20 ± 0.45 × 108 M⊙ Mpc −3h0.7), which translates to approximately 50 per cent of the local stellar mass density in spheroids and 48 per cent in discs. The remaining stellar mass is found in the dwarf ‘little blue spheroid’ class, which is not obviously similar in structure to either classical spheroid or disc populations. We also examine the variation of component mass ratios across galaxy mass and group halo mass regimes, finding the transition from spheroid to disc mass dominance occurs near galaxy stellar mass ∼1011 M⊙ and group halo mass ∼1012.5 M⊙h−1. We further quantify the variation in spheroid-to-total mass ratio with group halo mass for central and satellite populations as well as the radial variation of this ratio within groups

Opposing prognostic relevance of junction plakoglobin in distinct prostate cancer patient subsets

Both oncogenic and tumor suppressor functions have been described for junction plakoglobin (JUP), also known as γ-catenin. To clarify the role of JUP in prostate cancer, JUP protein expression was immunohistochemically detected in a tissue microarray containing 11 267 individual prostatectomy specimens. Considering all patients, high JUP expression was associated with adverse tumor stage (P = 0.0002), high Gleason grade (P < 0.0001), and lymph node metastases (P = 0.011). These associations were driven mainly by the subset without TMPRSS2:ERG fusion, in which high JUP expression was an independent predictor of poor prognosis (multivariate analyses, P = 0.0054) and early biochemical recurrence (P = 0.0003). High JUP expression was further linked to strong androgen receptor expression (P < 0.0001), high cell proliferation, and PTEN and FOXP1 deletion (P < 0.0001). In the ERG-negative subset, high JUP expression was additionally linked to MAP3K7 (P = 0.0007) and CHD1 deletion (P = 0.0021). Contrasting the overall prognostic effect of JUP, low JUP expression indicated poor prognosis in the fraction of CHD1-deleted patients (P = 0.039). In this subset, the association of high JUP and high cell proliferation was specifically absent. In conclusion, the controversial biological roles of JUP are reflected by antagonistic prognostic effects in distinct prostate cancer patient subsets

Malnutrition assessment methods in adult patients with tuberculosis:A systematic review

OBJECTIVES: Malnutrition is associated with a twofold higher risk of dying in patients with tuberculosis (TB) and considered an important potentially reversible risk factor for failure of TB treatment. The construct of malnutrition has three domains: intake or uptake of nutrition; body composition and physical and cognitive function. The objectives of this systematic review are to identify malnutrition assessment methods, and to quantify how malnutrition assessment methods capture the international consensus definition for malnutrition, in patients with TB. DESIGN: Different assessment methods were identified. We determined the extent of capturing of the three domains of malnutrition, that is, intake or uptake of nutrition, body composition and physical and cognitive function. RESULTS: Seventeen malnutrition assessment methods were identified in 69 included studies. In 53/69 (77%) of studies, body mass index was used as the only malnutrition assessment method. Three out of 69 studies (4%) used a method that captured all three domains of malnutrition. CONCLUSIONS: Our study focused on published articles. Implementation of new criteria takes time, which may take longer than the period covered by this review. Most patients with TB are assessed for only one aspect of the conceptual definition of malnutrition. The use of international consensus criteria is recommended to establish uniform diagnostics and treatment of malnutrition. PROSPERO REGISTRATION NUMBER: CRD42019122832

The origin of the [C II] emission in the S140 PDRs - new insights from HIFI

Using Herschel's HIFI instrument we have observed [C II] along a cut through S140 and high-J transitions of CO and HCO+ at two positions on the cut, corresponding to the externally irradiated ionization front and the embedded massive star forming core IRS1. The HIFI data were combined with available ground-based observations and modeled using the KOSMA-tau model for photon dominated regions. Here we derive the physical conditions in S140 and in particular the origin of [C II] emission around IRS1. We identify three distinct regions of [C II] emission from the cut, one close to the embedded source IRS1, one associated with the ionization front and one further into the cloud. The line emission can be understood in terms of a clumpy model of photon-dominated regions. At the position of IRS1, we identify at least two distinct components contributing to the [C II] emission, one of them a small, hot component, which can possibly be identified with the irradiated outflow walls. This is consistent with the fact that the [C II] peak at IRS1 coincides with shocked H2 emission at the edges of the outflow cavity. We note that previously available observations of IRS1 can be well reproduced by a single-component KOSMA-tau model. Thus it is HIFI's unprecedented spatial and spectral resolution, as well as its sensitivity which has allowed us to uncover an additional hot gas component in the S140 region.Comment: accepted for publication in Astronomy and Astrophysics (HIFI special issue