The Genesis of Venture Capital - Lessons from the German Experience

Why does venture capital work in some countries but not in others? This clinical study of the first German venture capital firm examines the difficulties of creating a venture capital market in a bank-based financial system. The analysis identifies the problem of creating appropriate governance structures to protect investor returns. It exposes the difficulties of established banks - not to mention government - to devise venture investment strategies. It identifies the availability of high quality entrepreneurs as a critical complement. And it provides a reinterpretation of the hypothesis of Black and Gilson (1997), arguing that the existence of an active stock market is a necessary, but by no means sufficient condition for the development of venture capital.

The Genesis of Venture Capital - Lessons from the German Experience

Why does venture capital work in some countries but not in others? This clinical study of the first German venture capital firm examines the difficulties of creating a venture capital market in a bank-based financial system. The analysis identifies the problem of creating appropriate governance structures to protect investor returns. It exposes the difficulties of established banks - not to mention government - to devise venture investment strategies. It identifies the availability of high quality entrepreneurs as a critical complement. And it provides a reinterpretation of the hypothesis of Black and Gilson (1997), arguing that the existence of an active stock market is a necessary, but by no means sufficient condition for the development of venture capital

Multipurpose Polymer Bragg Grating-Based Optomechanical Sensor Pad

Flexible epoxy waveguide Bragg gratings are fabricated on a low-modulus TPX™ polymethylpentene polyolefin substrate for an easy to manufacture and low-cost optomechanical sensor pad providing exceedingly multipurpose application potentials. Rectangular EpoCore negative resist strip waveguides are formed employing standard UV mask lithography. Highly persistent Bragg gratings are inscribed directly into the channel waveguides by permanently modifying the local refractive indices through a well-defined KrF excimer laser irradiated +1/-1 order phase mask. The reproducible and vastly versatile sensing capabilities of this easy-to-apply optomechanical sensor pad are demonstrated in the form of an optical pickup for acoustic instruments, a broadband optical accelerometer, and a biomedical vital sign sensor monitoring both respiration and pulse at the same time

UV-Writing of a Superstructure Waveguide Bragg Grating in a Planar Polymer Substrate

We report on the fabrication of a superstructure Bragg grating in a planar polymer substrate. Based on a twofold illumination process an integrated waveguide and a superstructure Bragg grating are subsequently written into bulk polymethylmethacrylate by UV-induced refractive index modification. The measured reflected spectrum of the superstructure Bragg grating exhibits multiple reflection peaks and is in good agreement with performed standard simulations based on the beam propagation method and coupled mode theory algorithms. By applying a varying tensile load we determine the strain sensitivity to be about 1.10 pm/µε and demonstrate the applicability of the superstructure Bragg grating for strain measurements with redundant sensing signals

Deep UV Formation of Long-Term Stable Optical Bragg Gratings in Epoxy Waveguides and Their Biomedical Sensing Potentials

In this article, we summarize our investigations on optimized 248 nm deep ultraviolet (UV) fabrication of highly stable epoxy polymer Bragg grating sensors and their application for biomedical purposes. Employing m-line spectroscopy, deep UV photosensitivity of cross-linked EpoCore thin films in terms of responding refractive index change is determined to a maximum of Δn = + (1.8 ± 0.2) × 10−3. All-polymer waveguide Bragg gratings are fabricated by direct laser irradiation of lithographic EpoCore strip waveguides on compatible Topas 6017 substrates through standard +1/-1-order phase masks. According near-field simulations of realistic non-ideal phase masks provide insight into UV dose-dependent characteristics of the Bragg grating formation. By means of online monitoring, arising Bragg reflections during grating inscription via beforehand fiber-coupled waveguide samples, an optimum laser parameter set for well-detectable sensor reflection peaks in respect of peak strength, full width at half maximum and grating attenuation are derived. Promising blood analysis applications of optimized epoxy-based Bragg grating sensors are demonstrated in terms of bulk refractive index sensing of whole blood and selective surface refractive index sensing of human serum albumin

The Unruh-deWitt Detector and the Vacuum in the General Boundary formalism

We discuss how to formulate a condition for choosing the vacuum state of a quantum scalar field on a timelike hyperplane in the general boundary formulation (GBF) using the coupling to an Unruh-DeWitt detector. We explicitly study the response of an Unruh-DeWitt detector for evanescent modes which occur naturally in quantum field theory in the presence of the equivalent of a dielectric boundary. We find that the physically correct vacuum state has to depend on the physical situation outside of the boundaries of the spacetime region considered. Thus it cannot be determined by general principles pertaining only to a subset of spacetime.Comment: Version as published in CQ

Waveguide Bragg Gratings in Ormocer®s for Temperature Sensing

Embedded channel waveguide Bragg gratings are fabricated in the Ormocer® hybrid polymers OrmoComp®, OrmoCore, and OrmoClad by employing a single writing step technique based on phase mask technology and KrF excimer laser irradiation. All waveguide Bragg gratings exhibit well-defined reflection peaks within the telecom wavelengths range with peak heights of up to 35 dB and −3 dB-bandwidths of down to 95 pm. Furthermore, the dependency of the fabricated embedded channel waveguide Bragg gratings on changes of the temperature and relative humidity are investigated. Here, we found that the Bragg grating in OrmoComp® is significantly influenced by humidity variations, while the Bragg gratings in OrmoCore and OrmoClad exhibit linear and considerably high temperature sensitivities of up to −250 pm/ ∘ C and a linear dependency on the relative humidity in the range of −9 pm/%

Sex Differences in Clinical Course and Intensive Care Unit Admission in a National Cohort of Hospitalized Patients with COVID-19

Males have a higher risk for an adverse outcome of COVID-19. The aim of the study was to analyze sex differences in the clinical course with focus on patients who received intensive care. Research was conducted as an observational retrospective cohort study. A group of 23,235 patients from 83 hospitals with PCR-confirmed infection with SARS-CoV-2 between 4 February 2020 and 22 March 2021 were included. Data on symptoms were retrieved from a separate registry, which served as a routine infection control system. Males accounted for 51.4% of all included patients. Males received more intensive care (ratio OR = 1.61, 95% CI = 1.51–1.71) and mechanical ventilation (invasive or noninvasive, OR = 1.87, 95% CI = 1.73–2.01). A model for the prediction of mortality showed that until the age 60 y, mortality increased with age with no substantial difference between sexes. After 60 y, the risk of death increased more in males than in females. At 90 y, females had a predicted mortality risk of 31%, corresponding to males of 84 y. In the intensive care unit (ICU) cohort, females of 90 y had a mortality risk of 46%, equivalent to males of 72 y. Seventy-five percent of males over 90 died, but only 46% of females of the same age. In conclusion, the sex gap was most evident among the oldest in the ICU. Understanding sex-determined differences in COVID-19 can be useful to facilitate individualized treatments

Highly Sensitive Detection of Naphthalene in Solvent Vapor Using a Functionalized PBG Refractive Index Sensor

We report an optical refractive index sensor system based on a planar Bragg grating which is functionalized by substituted γ-cyclodextrin to determine low concentrations of naphthalene in solvent vapor. The sensor system exhibits a quasi-instantaneous shift of the Bragg wavelength and is therefore capable for online detection. The overall shift of the Bragg wavelength reveals a linear relationship to the analyte concentration with a gradient of 12.5 ± 1.5 pm/ppm. Due to the spectral resolution and repeatability of the interrogation system, this corresponds to acquisition steps of 80 ppb. Taking into account the experimentally detected signal noise a minimum detection limit of 0.48 ± 0.05 ppm is deduced

Potential Contributors to Increased Pulmonary Embolism Hospitalizations During the COVID-19 Pandemic: Insights From the German-Wide Helios Hospital Network

Background: After the first COVID-19 infection wave, a constant increase of pulmonary embolism (PE) hospitalizations not linked with active PCR-confirmed COVID-19 was observed, but potential contributors to this observation are unclear. Therefore, we analyzed associations between changes in PE hospitalizations and (1) the incidence of non-COVID-19 pneumonia, (2) the use of computed tomography pulmonary angiography (CTPA), (3) volume depletion, and (4) preceding COVID-19 infection numbers in Germany. Methods: Claims data of Helios hospitals in Germany were used, and consecutive cases with a hospital admission between May 6 and December 15, 2020 (PE surplus period), were analyzed and compared to corresponding periods covering the same weeks in 2016–2019 (control period). We analyzed the number of PE cases in the target period with multivariable Poisson general linear mixed models (GLMM) including (a) cohorts of 2020 versus 2016–2019, (b) the number of cases with pneumonia, (c) CTPA, and (d) volume depletion and adjusted for age and sex. In order to associate the daily number of PE cases in 2020 with the number of preceding SARS-CoV-2 infections in Germany, we calculated the average number of daily infections (divided by 10,000) occurring between 14 up to 90 days with increasing window sizes before PE cases and modeled the data with Poisson regression. Results: There were 2,404 PE hospitalizations between May 6 and December 15, 2020, as opposed to 2,112–2,236 (total 8,717) in the corresponding 2016–2019 control periods (crude rate ratio [CRR] 1.10, 95% CI 1.05–1.15, P < 0.01). With the use of multivariable Poisson GLMM adjusted for age, sex, and volume depletion, PE cases were significantly associated with the number of cases with pneumonia (CRR 1.09, 95% CI 1.07–1.10, P < 0.01) and with CTPA (CRR 1.10, 95% CI 1.09–1.10, P < 0.01). The increase of PE cases in 2020 compared with the control period remained significant (CRR 1.07, 95% CI 1.02–1.12, P < 0.01) when controlling for those factors. In the 2020 cohort, the number of preceding average daily COVID-19 infections was associated with increased PE case incidence in all investigated windows, i.e., including preceding infections from 14 to 90 days. The best model (log likelihood −576) was with a window size of 4 days, i.e., average COVID-19 infections 14–17 days before PE hospitalization had a risk of 1.20 (95% CI 1.12–1.29, P < 0.01). Conclusions: There is an increase in PE cases since early May 2020 compared to corresponding periods in 2016–2019. This surplus was significant even when controlling for changes in potential modulators such as demographics, volume depletion, non-COVID-19 pneumonia, CTPA use, and preceding COVID-19 infections. Future studies are needed (1) to investigate a potential causal link for increased risk of delayed PE with preceding SARS-CoV-2 infection and (2) to define optimal screening for SARS-CoV-2 in patients presenting with pneumonia and PE