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.

Influence of insufflated carbon dioxide on abdominal temperature compared to oesophageal temperature during laparoscopic surgery

BACKGROUND Body core temperature is an important vital parameter during surgery and anaesthesia. It is influenced by several patient-related and surgery-related factors. Laparoscopy is considered beneficial in terms of a variety of parameters, for example, postoperative pain and length of hospital stay. Non-humidified, non-warmed insufflated CO2 applied during laparoscopy is standard of care. This prospective observational trial therefore evaluates the impact of non-humidified CO2 at room temperature on abdominal temperature and its correlation to body core temperature. METHODS Seventy patients undergoing laparoscopic surgery were included in this prospective observational study. Temperature was measured oesophageal and abdominal before induction of anaesthesia (T1), right before skin incision (T2), 15 min, 30 min and 60 min after skin incision. All patients were treated according to actual guidelines for perioperative temperature measurement. RESULTS Body core temperature and abdominal temperature correlated moderately (r = 0.6123; p < 0.0001). Bland-Altman plot for comparison of methods showed an average difference of 0.4 °C (bias - 0.3955; 95 agreement of bias from - 2.365 to 1.574). Abdominal temperature further decreased after establishing pneumoperitoneum (T2: 36.2 °C (35.9/36.4) to T5: 36.1 °C (35.6/36.4); p < 0.0001), whereas oesophageal temperature increased (T2: 36.2 °C (35.9/36.4) to 36.4 °C (36.0/36.7); p = 0.0296). Values of oesophageal and abdominal measurement points differed at T4 (36.3 °C (36.0/36.6) vs. 36.1 °C (35.4/36.6); p < 0.0001) and T5 (36.4 °C (36.0/36.7) vs. 36.1 °C (35.6/36.4) p = 0.0003). CONCLUSION This prospective observational trial shows the influence of insufflated, non-humidified carbon dioxide at room temperature on abdominal temperature during laparoscopic surgery. We show that carbon dioxide applied at these conditions decreases abdominal temperature and therefore might be a risk factor for perioperative hypothermia

Increased Anxiety After Stimulation of the Right Inferior Parietal Lobe and the Left Orbitofrontal Cortex

Sustained anxiety is a key symptom of anxiety disorders and may be associated with neural activation in the right inferior parietal lobe (rIPL), particularly under unpredictable threat. This finding suggests a moderating role of the rIPL in sustained anxiety, which we tested in the current study. We applied cathodal or sham transcranial direct current stimulation (tDCS) to the rIPL as a symptom provocation method in 22 healthy participants in a randomized, double-blind, crossover study, prior to two recordings of cerebral blood flow (CBF). In between, we applied a threat-of-shock paradigm with three conditions: unpredictable (U), predictable (P), or no electric shocks (N). We hypothesized increased anxiety under U, but not under P or N. Furthermore, we expected reduced CBF in the rIPL after tDCS compared to sham. As predicted, anxiety was higher in the U than the P and N conditions, and active tDCS augmented this effect. While tDCS did not alter CBF in the rIPL, it did attenuate the observed increase in brain regions that typically increase activation as a response to anxiety. These findings suggest that the rIPL moderates sustained anxiety as a gateway to brain regions crucial in anxiety. Alternatively, anodal tDCS over the left orbitofrontal cortex (lOFC) may have increased anxiety through disruption of OFC-amygdala interactions

High Flashpoint and Eco-Friendly Electrolyte Solvent for Lithium-Ion Batteries

Since Sony launched the commercial lithium-ion cell in 1991, the composition of the liquid electrolytes has changed only slightly. The electrolyte consists of highly flammable solvents and thus poses a safety risk. Solid-state ion conductors, classified as non-combustible and safe, are being researched worldwide. However, they still have a long way to go before being available for commercial cells. As an alternative, this study presents glyceryl tributyrate (GTB) as a flame retardant and eco-friendly solvent for liquid electrolytes for lithium-ion cells. The remarkably high flashpoint ($_{FP}$=174 °C) and the boiling point ($_{BP}$=287 °C) of GTB are approximately 150 K higher than that of conventional linear carbonate components, such as ethyl methyl carbonate (EMC) or diethyl carbonate (DEC). The melting point ($_{MP}$=−75 °C) is more than 100 K lower than that of ethylene carbonate (EC). A life cycle test of graphite/NCM with 1 M LiTFSI dissolved in GTB:EC (85:15 wt) achieved a Coulombic efficiency of above 99.6% and the remaining capacity resulted in 97% after 50 cycles (/4) of testing. The flashpoint of the created electrolyte is $_{FP}$=172 °C and, therefore, more than 130 K higher than that of state-of-the-art liquid electrolytes. Furthermore, no thermal runaway was observed during thermal abuse tests. Compared to the reference electrolyte LP40, the conductivity of the GTB-based is reduced, but the electrochemical stability is highly improved. GTB-based electrolytes are considered an interesting alternative for improving the thermal stability and safety of lithium-ion cells, especially in low power-density applications

Combined Coronary CT-Angiography and TAVI-Planning: A Contrast-Neutral Routine Approach for Ruling-Out Significant Coronary Artery Disease

Background: Significant coronary artery disease (CAD) is a common finding in patients undergoing transcatheter aortic valve implantation (TAVI). Assessment of CAD prior to TAVI is recommended by current guidelines and is mainly performed via invasive coronary angiography (ICA). In this study we analyzed the ability of coronary CT-angiography (cCTA) to rule out significant CAD (stenosis ≥ 50%) during routine pre-TAVI evaluation in patients with high pre-test probability for CAD. Methods: In total, 460 consecutive patients undergoing pre-TAVI CT (mean age 79.6 ± 7.4 years) were included. All patients were examined with a retrospectively ECG-gated CT-scan of the heart, followed by a high-pitch-scan of the vascular access route utilizing a single intravenous bolus of 70 mL iodinated contrast medium. Images were evaluated for image quality, calcifications, and significant CAD; CT-examinations in which CAD could not be ruled out were defined as positive (CAD+). Routinely, patients received ICA (388/460; 84.3%; Group A), which was omitted if renal function was impaired and CAD was ruled out on cCTA (Group B). Following TAVI, clinical events were documented during the hospital stay. Results: cCTA was negative for CAD in 40.2% (188/460). Sensitivity, specificity, PPV, and NPV in Group A were 97.8%, 45.2%, 49.6%, and 97.4%, respectively. Median coronary artery calcium score (CAC) was higher in CAD+-patients but did not have predictive value for correct classification of patients with cCTA. There were no significant differences in clinical events between Group A and B. Conclusion: cCTA can be incorporated into pre-TAVI CT-evaluation with no need for additional contrast medium. cCTA may exclude significant CAD in a relatively high percentage of these high-risk patients. Thereby, cCTA may have the potential to reduce the need for ICA and total amount of contrast medium applied, possibly making pre-procedural evaluation for TAVI safer and faster

iWindow - Intelligentes Maschinenfenster

Das Verbundforschungsprojekt iWindow: Intelligentes Maschinenfenster beschäftigte sich mit der visuellen Unterstützung von Maschinenbedienern an Werkzeugmaschinen. Diese konnten bisher nur auf wenige bis keine Systeme, die sie bei ihren täglichen Aufgaben direkt an der Werkzeugmaschine unterstützen, zurückgreifen. Das Forschungsprojekt verbindet reale und virtuelle Welt in der Werkzeugmaschine durch Technologien wie Virtual und Augmented Reality, digitaler Zwilling, Simulation und Mehrwertdienste. Durch Nutzung jeweils für die aktuelle Arbeitssituation passender Dienste, werden Mitarbeiter befähigt, sich an die steigende Individualisierung der Produkte und die flexiblere Produktion anzupassen. Kunden und Geschäftspartner werden durch die Möglichkeit eigene mehrwertgenerierende Dienste zu entwickeln und anderen Anwendern zur Verfügung zu stellen in den Wertschöpfungsprozess eingebunden. Diese Publikation beleuchtet die im Rahmen des Forschungsprojekts erarbeiteten Ergebnisse hinsichtlich für ein intelligentes Maschinenfenster benötigter Technologien und Entwicklungen

Blood cytokine pattern and clinical outcome in knee arthroplasty patients: comparative analysis 5 years after standard versus "hypoallergenic" surface coated prosthesis implantation

Background and purpose - Metal sensitivity might provoke complications after arthroplasty. Correspondingly, coated "hypoallergenic" implants are of interest but long-term follow-up data are missing. Thus, we assessed immunological and clinical parameters in such patients. Patients and methods - 5 years' follow-up data were obtained from 3 centers, which used either a standard total knee replacement (TKR) or the identical implant with multilayer surface zirconium nitride based coating. Of the 196 patients (mean age 68 years (44-84), 110 females) 97 had arthroplasty with a coated surface, and 99 were treated by a standard TKR of the same type. Investigations were Knee Society Score (KSS), Knee injury and Osteoarthritis Outcome Score (KOOS), radiographic analysis, and cytokine measurement in peripheral blood. Pro- and anti-inflammatory cytokines were evaluated by cytometric beads assay and RT-PCR. Results - Survival rate (Kaplan-Meier) was 98% for coated and 97% for uncoated implants after 5 years. Mechanical axis and KSS pain score (42 vs. 41 (0-50)) were comparable. Most serum cytokine levels were comparable, but mean interleukin-8 and interleukin-10 levels were higher in the group with an uncoated implant. IL-8: 37 (SD 7.5) pg/mL vs. 1.1 (SD 4.3) (p < 0.001);IL-10: 3.6 (SD 2.5) vs. 0.3 (SD 1.8) pg/mL (p < 0.001). Interpretation - There was similar clinical outcome 5 years after standard and surface-coated TKR. In peripheral blood there was an increased pro-inflammatory status, i.e., significant elevation of IL-8 and the anti-inflammatory IL-10, after standard uncoated prosthesis. Any long-term effects of these cytokine changes are unknown

Metabolite Profiling Uncovers Plasmid-Induced Cobalt Limitation under Methylotrophic Growth Conditions

BACKGROUND:The introduction and maintenance of plasmids in cells is often associated with a reduction of growth rate. The reason for this growth reduction is unclear in many cases. METHODOLOGY/PRINCIPAL FINDINGS:We observed a surprisingly large reduction in growth rate of about 50% of Methylobacterium extorquens AM1 during methylotrophic growth in the presence of a plasmid, pCM80 expressing the tetA gene, relative to the wild-type. A less pronounced growth delay during growth under non-methylotrophic growth conditions was observed; this suggested an inhibition of one-carbon metabolism rather than a general growth inhibition or metabolic burden. Metabolome analyses revealed an increase in pool sizes of ethylmalonyl-CoA and methylmalonyl-CoA of more than 6- and 35-fold, respectively, relative to wild type, suggesting a strongly reduced conversion of these central intermediates, which are essential for glyoxylate regeneration in this model methylotroph. Similar results were found for M. extorquens AM1 pCM160 which confers kanamycin resistance. These intermediates of the ethylmalonyl-CoA pathway have in common their conversion by coenzyme B(12)-dependent mutases, which have cobalt as a central ligand. The one-carbon metabolism-related growth delay was restored by providing higher cobalt concentrations, by heterologous expression of isocitrate lyase as an alternative path for glyoxylate regeneration, or by identification and overproduction of proteins involved in cobalt import. CONCLUSIONS/SIGNIFICANCE:This study demonstrates that the introduction of the plasmids leads to an apparent inhibition of the cobalt-dependent enzymes of the ethylmalonyl-CoA pathway. Possible explanations are presented and point to a limited cobalt concentration in the cell as a consequence of the antibiotic stress