Kapitalstrukturtheorie in Theorie und Praxis: Ergebnisse einer Fragebogenuntersuchung

Im Rahmen einer Fragebogenuntersuchung werden die Determinanten der Kapitalstrukturpolitik bzw. der Finanzierungsentscheidungen bei deutschen, österreichischen und schweizerischen börsennotierten Unternehmen untersucht. Die Ergebnisse decken sich weitgehend mit der Befragungsstudie von Graham und Harvey (2001) bei US-amerikanischen Unternehmen. Bei Entscheidungen über die Aufnahme von Fremdkapital sind ein Bedürfnis nach Flexibilität und die Sorge um das Bonitätsrating besonders stark ausgeprägt. Bei einer Kapitalerhöhung stehen hingegen die Einhaltung eines Zielverschuldungsgrades, negative Kursreaktionen sowie eine mögliche Gewinnverwässerung im Vordergrund. Im Unterschied zu den US-amerikanischen Ergebnissen wird Markt-Timing von den befragten Unternehmen als nicht relevant eingestuft. Theoretische Ansätze wie das Trade-Off-Modell, die Signalhypothese und die Pecking-Order-Theorie erhalten insgesamt nur geringe Zustimmung, obwohl diesen in Teilaspekten praktische Bedeutung zukommt. Insgesamt zeigt sich aber, dass Finanzentsche ider immer noch eher „Faustregeln“ befolgen, deren Anwendung zwar einfach ist, die aus theoretischer Sicht aber zumeist kritisch hinterfragt werden müssen

Kapitalstrukturtheorie in Theorie und Praxis: Ergebnisse einer Fragebogenuntersuchung

Im Rahmen einer Fragebogenuntersuchung werden die Determinanten der Kapitalstrukturpolitik bzw. der Finanzierungsentscheidungen bei deutschen, österreichische n und schweizerischen börsennotierten Unternehmen untersucht. Die Ergebnisse decken sich weitgehend mit der Befragungsstudie von Graham und Harvey (2001) bei US-amerikanischen Unternehmen. Bei Entscheidungen über die Aufnahme von Fremdkapital sind ein Bedürfnis nach Flexibilität und die Sorge um das Bonitätsrating besonders stark ausgeprägt. Bei einer Kapitalerhöhung stehen hingegen die Einhaltung eines Zielverschuldungsgrades, negative Kursreaktionen sowie eine mögliche Gewinnverwässerung im Vordergrund. Im Unterschied zu den US-amerikanischen Ergebnissen wird Markt-Timing von den befragten Unternehmen als nicht relevant eingestuft. Theoretische Ansätze wie das Trade-Off-Modell, die Signalhypothese und die Pecking-Order-Theorie erhalten insgesamt nur geringe Zustimmung, obwohl diesen in Teilaspekten praktische Bedeutung zukommt. Insgesamt zeigt sich aber, dass Finanzentsche ider immer noch eher „Faustregeln“ befolgen, deren Anwendung zwar einfach ist, die aus theoretischer Sicht aber zumeist kritisch hinterfragt werden müssen.

Gene Expressio Array Exploration Using K-Formal Concept Analysis

Proceeding of: 9th International Conference, ICFCA 2011, Nicosia, Cyprus, May 2-6, 2011.DNA micro-arrays are a mechanism for eliciting gene expression values, the concentration of the transcription products of a set of genes, under different chemical conditions. The phenomena of interest—up-regulation, down-regulation and co-regulation—are hypothesized to stem from the functional relationships among transcription products. In [1,2,3] a generalisation of Formal Concept Analysis was developed with data mining applications in mind, K-Formal Concept Analysis, where incidences take values in certain kinds of semirings, instead of the usual Boolean carrier set. In this paper, we use (Rmin+)- and (Rmax+) to analyse gene expression data for Arabidopsis thaliana. We introduce the mechanism to render the data in the appropriate algebra and profit by the wealth of different Galois Connections available in Generalized Formal Concept Analysis to carry different analysis for up- and down-regulated genes.Spanish Government-Comision Interministerial de Ciencia y Tecnología projects 2008-06382/TEC and 2008-02473/TEC and the regional projects S-505/TIC/0223 (DGUI-CM) and CCG08-UC3M/TIC- 4457 (Comunidad Aut onoma de Madrid - UC3M)

Cross-analysis of the accessibility instruments

In the following, we look at how the different accessibility instruments presented in section 3 compare on the different aspects: background, conceptual framework and theoretical underpinnings, operational aspects, relevance for planning practice, strengths and limitations, and visualization. We identify, per item, significant similarities and differences and reflect on potential implications for the following steps of the Action

Making Use of Empty Intersections to Improve the Performance of CbO-Type Algorithms

This paper describes how improvements in the performance of Close-by-One type algorithms can be achieved by making use of empty intersections in the computation of formal concepts. During the computation, if the intersection between the current concept extent and the next attribute-extent is empty, this fact can be simply inherited by subsequent children of the current concept. Thus subsequent intersections with the same attribute-extent can be skipped. Because these intersections require the testing of each object in the current extent, significant time savings can be made by avoiding them. The paper also shows how further time savings can be made by forgoing the traditional canonicity test for new extents, if the intersection is empty. Finally, the paper describes how, because of typical optimizations made in the implementation of CbO-type algorithms, even more time can be saved by amalgamating inherited attributes with inherited empty intersections into a single, simple test

MicroRNAs-143 and -145 induce epithelial to mesenchymal transition and modulate the expression of junction proteins

Transforming growth factor (TGF)-β is one of the major inducers of epithelial to mesenchymal transition (EMT), a crucial program that has a critical role in promoting carcinoma’s metastasis formation. MicroRNAs-143 and -145, which are both TGF-β direct transcriptional targets, are essential for the differentiation of vascular smooth muscle cells (VSMC) during embryogenesis, a TGF-β-dependent process reminiscent of EMT. Their role in adult tissues is however less well defined and even ambiguous, as their expression was correlated both positively and negatively with tumor progression. Here we show that high expression of both miRs-143 and -145 in mouse mammary tumor cells expressing constitutively active STAT3 (S3C) is involved in mediating their disrupted cell–cell junctions. Additionally, miR-143 appears to have a unique role in tumorigenesis by enhancing cell migration in vitro and extravasation in vivo while impairing anchorage-independent growth, which may explain the contradictory reports about its role in tumors. Accordingly, we demonstrate that overexpression of either miRNA in the non-transformed mammary epithelial NMuMG cells leads to upregulation of EMT markers and of several endogenous TGF-β targets, downmodulation of a number of junction proteins and increased motility, correlating with enhanced basal and TGF-β-induced SMAD-mediated transcription. Moreover, pervasive transcriptome perturbation consistent with the described phenotype was observed. In particular, the expression of several transcription factors involved in the mitogenic responses, of MAPK family members and, importantly, of several tight junction proteins and the SMAD co-repressor TGIF was significantly reduced. Our results provide important mechanistic insight into the non-redundant role of miRs-143 and -145 in EMT-related processes in both transformed and non-transformed cells, and suggest that their expression must be finely coordinated to warrant optimal migration/invasion while not interfering with cell growth

Stool microRNA profiles reflect different dietary and gut microbiome patterns in healthy individuals

Objectives MicroRNA (miRNA) profiles have been evaluated in several biospecimens in relation to common diseases for which diet may have a considerable impact. We aimed at characterising how specific diets are associated with the miRNome in stool of vegans, vegetarians and omnivores and how this is reflected in the gut microbial composition, as this is still poorly explored. Design We performed small RNA and shotgun metagenomic sequencing in faecal samples and dietary recording from 120 healthy volunteers, equally distributed for the different diets and matched for sex and age. Results We found 49 miRNAs differentially expressed among vegans, vegetarians and omnivores (adj. p 0.22, adj. p <0.05) with the estimated intake of nutrients, particularly animal proteins, phosphorus and, interestingly, lipids. In omnivores, higher Prevotella and Roseburia and lower Bacteroides abundances than in vegans and vegetarians were observed. Lipid metabolism-related miR-425-3p and miR-638 expression levels were associated with increased abundances of microbial species, such as Roseburia sp. CAG 182 and Akkermansia muciniphila, specific of different diets. An integrated analysis identified 25 miRNAs, 25 taxa and 7 dietary nutrients that clearly discriminated (area under the receiver operating characteristic curve=0.89) the three diets. Conclusion Stool miRNA profiles are associated with specific diets and support the role of lipids as a driver of epigenetic changes and host-microbial molecular interactions in the gut

Estimating the Cost of Executive Stock Options: Evidence from Switzerland

It is often argued that Black-Scholes (1973) values overstate the subjective NEWLINE value of stock options granted to risk-averse and under-diversified executives. NEWLINE We construct a “representative” Swiss executive and extend the certainty- NEWLINE equivalence approach presented by Hall and Murphy (2002) to assess NEWLINE the value-cost wedge of executive stock options. Even with low coefficients NEWLINE of relative risk aversion, the discount can be above 50% compared to the NEWLINE Black-Scholes values. Regression analysis reveals that the equilibrium level NEWLINE of executive compensation is explained by economic determinant variables NEWLINE such as firm size and growth opportunities, whereas the managers’ pay-forperformance NEWLINE sensitivity remains largely unexplained. Firms with larger NEWLINE boards of directors pay higher wages, indicating potentially unresolved NEWLINE agency conflicts. We reject the hypothesis that cross-sectional differences in NEWLINE the amount of executive pay vanish when risk-adjusted values are used as NEWLINE the dependent variable