Do Banks Influence the Capital Structure Choices of Firms?

This paper investigates three capital structure decisions – leverage, debt maturity and the source of debt – in a simultaneous setting. Moreover, we investigate whether these choices are influenced by the involvement of banks in a firm. Our results based on a panel of Dutch firms show that bank relationships, measured by interlocking board memberships and equity ownership, have a significant impact on the relations among the three capital structure choices. First, less bank involvement strengthens the positive impact of leverage on maturity. This is consistent with the liquidity risk theory, because involved banks help firms to mitigate liquidity risk. Second, bank debt negatively effects leverage in firms with bank interlocks, while this relation is absent in firms without such bank involvement. This result suggests that banks maximize the value of their loans by reducing overall leverage. Third, we find a strong trade-off between bank debt and maturity, which is independent of the degree of bank involvement

Особливості квітування та плодоношення Ailanthus Altissima (Mill.) в умовах правобережного лісостепу і степу України

The authors have investigated duration and period of flowering of plants (Ailanthus altissima (Mill.)) under the conditions of the right bank forest steppe and the Ukrainian steppe. We have determined that the duration and period of flowering of introduces plants to a large extent depends on the climatic conditions in which they grow. A. altissima plants are stated to belong to a group of plants with medium flowering duration. The abundance of flowering of A. altissima plants in the conditions of the right bank forest-steppe and steppe of Ukraine is estimated. The length of laying and reaching the fruits of A. altissima plants is determined to occur at different periods of the growing season, depending on the average daily temperature of the air and the place of growth of this species. We have also revealed that A. altissima trees enter the fruiting phase at the age of 10‑15 years in the southern regions of the steppe and in the 15–18 years under the conditions of the right bank forest-steppe. A. altissima during the growing season has stable flowering and fruiting in the investigated plants. The average rate of flowering abundance in the conditions of the right bank forest-steppe was stable and was estimated at 4.5, and in the steppe – 5 points. The fertility abundance index in the right bank forest-steppe and the steppe was stable and quite high – 4.0 and 5.0 points. The authors have presented the results of the study of the average parameters of the abundance of flowering and fruiting A. altissima, in green plantations growing in the National Dendrology Park "Sofiyivka" of the National Academy of Sciences of Ukraine, Uman NPC, Uman and Uman district, Dendrology Park "Veseli Bokovenki" Kirovograd region, urban area, Chethelnik Vinnitsa region, Odessa city, and Mykolayiv city. A. altissima flowering was defined to be the most noticeable in streets of Odessa and Mykolaiv (5.0 points). We evaluated plants growing in the Dendrology Park Vesely Bokoveniy, Kirovograd region as 4.5 points. Plants growing in the National Dendrology Park "Sofiyivka" of Cherkasy region were also evaluated as 4.5 points. The fruit harvesting phase in the National Dendrology Park "Sofiyivka" begins at the end of August and lasts for 35–40 days. In Odessa and Mykolaiv regions, the term of fruit reaching is much lower. The achievement phase begins at the end of July and lasts for 30–35 days, which confirms the difference in the duration of seed formation in different regions. The decorative nature of the fruits is determined by their size, shape, color, and time of reaching and falling from the plants.Досліджено тривалість і період квітування рослин (Ailanthus altissima Mill.) в умовах Правобережного Лісостепу і Степу України. Визначено, що тривалість і період квітування рослин інтродуцентів значною мірою залежить від кліматичних умов, в яких вони зростають. Досліджено, що рослини A. altissima належать до групи рослин із середньою тривалістю квітування. Оцінено рясність квітування рослин A. altissima в умовах Правобережного Лісостепу і Степу України. Визначено, що тривалість зав'язування та достигання плодів у рослин A. altissima настає в різні строки вегетаційного періоду залежно від середньодобової температури повітря та місця зростання цього виду. Досліджено, що дерева A. altissima у фазу плодоношення вступають у віці 10–15 років у південних областях Степу і в 15–18 років – в умовах Правобережного Лісостепу. Встановлено, що у досліджуваних рослин A. altissima впродовж вегетаційного періоду спостерігається стабільне квітування та плодоношення. Середній показник рясності квітування в умовах Правобережного Лісостепу був стабільним і оцінювався балом 4,5, а в Степу – 5 балів. Показник рясності плодоношення в Правобережному Лісостепу і Степу був стабільним і досить високим – 4,0 та 5,0 балів. Наведено результати дослідження середніх показників рясності квітування та плодоношення A. altissima, які зростають у Національному дендрологічному парку "Софіївка" НАН України, Уманському НУС, у зелених насадженнях. Умані та Уманського району, дендрологічному парку "Веселі Боковеньки" Кіровоградської обл. смт Чечельник Вінницької обл., в Одесі та Миколаєві

Crossing disciplines: do architecture and planning course leaders see value in a Public Health Practitioner in Residence programme?

Highlights• We study a public health residency in a university architecture and planning department.• We assess the benefits of the residency from the perspective of the teaching staff.• The residency was successful at introducing public health issues and concepts to students.• There appeared to be a gap in the staff's understanding of public health concerns

Strategic and practical guidelines for successful structured illumination microscopy

Linear 2D- or 3D-structured illumination microscopy (SIM or3D-SIM, respectively) enables multicolor volumetric imaging of fixed and live specimens with subdiffraction resolution in all spatial dimensions. However, the reliance of SIM on algorithmic post-processing renders it particularly sensitive to artifacts that may reduce resolution, compromise data and its interpretations, and drain resources in terms of money and time spent. Here we present a protocol that allows users to generate high-quality SIM data while accounting and correcting for common artifacts. The protocol details preparation of calibration bead slides designed for SIM-based experiments, the acquisition of calibration data, the documentation of typically encountered SIM artifacts and corrective measures that should be taken to reduce them. It also includes a conceptual overview and checklist for experimental design and calibration decisions, and is applicable to any commercially available or custom platform. This protocol, plus accompanying guidelines, allows researchers from students to imaging professionals to create an optimal SIM imaging environment regardless of specimen type or structure of interest. The calibration sample preparation and system calibration protocol can be executed within 1-2 d

How different measures of cold weather affect chronic obstructive pulmonary disease (COPD) hospital admissions in London

Many COPD sufferers find that their symptoms become worse during colder weather, which can lead to an exacerbation resulting in hospital admission. This study investigates different measures of cold, assessing which most strongly relate to COPD admissions and whether they can be used to forecast risk of exacerbation. COPD admissions (ICD10 J40–J44) for the five Strategic Health Authorities (SHAs) in London and corresponding meteorological data were extracted for October–March 1997–2003. Correlations and regressions were used to compare the effects on admissions of: daily mean, maximum and minimum temperature; significant drops in temperature; weekly average maximum temperature; "cumulative cold", summing the number of degrees the daily maximum temperature was below a threshold across a week; different windchill indices. All measures of cold showed significant negative correlations with COPD admissions. Daily relationships were weaker than weekly ones (R = –0.19, p<0.001 for daily maximum temperature, R = –0.36, p<0.001 for weekly average maximum temperature) but are most significant with an 8-day lag. Windchill had the strongest correlation with one-week lag (R = –0.397, p<0.001) accounting for 20% of the variation in admissions. "Cumulative cold" is also significant at p<0.001, ranging from R = 0.28 for a 3°C threshold to R = 0.36 for 18°C. Cold measures explain sufficient variation in COPD hospital admissions to be used in a forecast model of risk of exacerbation. The Met Office uses such a model in a health forecasting and anticipatory care service in England

Developing a fire danger rating system for the United Kingdom

Prescribed burning (muirburn) is used extensively in upland Britain for habitat management for sheep, red deer (Cervus elaphus) and red grouse (Lagopus lagopus scoticus), an upland game bird that lives on heather (Calluna vulgaris) moorland. Although forest fires are unusual, wildfires are common in heathland (dominated by C. vulgaris, sometimes with Ulex gallii, western gorse), in stands of Ulex europaeus (gorse), especially where these are close to urban sites, and in grasslands dominated by Molinea caerulea (purple moor grass). Fire hazard is increasing in many areas for a variety of reasons including a reduction in man-power available for prescribed burning and reduced grazing offtake. Fire risk is also increasing due to recent changes in legislation permitting access to the countryside and an increase in recreational activities. While successfully predicting periods of exceptional fire weather conditions, the Met Office Fire Severity Index does not provide specific predictions of fire behaviour for different vegetation types, nor is it sufficiently sensitive for identifying conditions suitable for prescribed burning. C. vulgaris is a unique fuel forming a dense canopy of fine shoots with a proportion of dead fuel suspended in the canopy. The live fuel can, under certain circumstances, have a very low fuel moisture content (below 45%). This may occur when shoots are damaged by frost and ice or when the ground is cold or frozen and so reducing water uptake by the shoots. In this paper, we discuss the development of a fire danger rating system for the United Kingdom with regard to the unique situation of fuel characteristics, availability of numerical meteorological data, prescribed burning regime and infrastructure

PKM Penyelenggaraan Pemerintahan dalam Perencanaan Pembangunan Negeri Hila Kabupaten Maluku Tengah

Pengabdian Masyarakat yang dilaksanakan di Negeri Hila, Kecamatan Leihitu, Kabupaten Maluku Tengah ini untuk memberikan pemahaman bagi masyarakat dan pemerintahan negeri Hila dalam berkolaborasi pada perencanaan pembangunan di desa. Pelatihan serta FGD dilakukan oleh Akademisi FISIP Universitas Pattimura bertujuan untuk meningkatkan kapasitas pemerintah negeri Hila dalam penyelenggaran pemerintah yang baik berdasarkan prinsip tata kelola keuangan desa dan perencanaan pembangunan desa. Metode pengabdian kepada masyarakat (PKM) yang dilaksanakan terbagi menjadi dalam dua tahapan yaitu persipanan dan pelaksanaan. Tahapan persiapan meliputi survey lokasi, waktu dan menysun materi pelatihan. Sedangkan pelaksanaan meliputi turun ke lokasi, persentase materi dan analisis penyelenggaraan pemerintah desa.PKM Menggunakan pendekatan penelitian yaitu Metode pelatihan dan FGD di Kantor Desa bersama pemerintah negeri Hila dan Mahasiswa. Sumber data primer yaitu dengan melakukan wawancara secara langsung dengan pemerintah Negeri Hila dan perangkat Negeri. Simpulan pada PKM di Negeri Hila yaitu tata kelola penyelenggaran pemerintahan Negeri Hila dan lembaga saniri dalam merencanakan pembangunan di Desa Hila. &nbsp