The Impact of Stock Prices on Capital Structures: A Study on the German Stock Market

This thesis analyzes the corporate rebalancing behavior of German publicly listed firms subsequent to equity price shocks. The examined period (1990-2012) includes a total sample of 2,154 firm-years. It is found that German firms do not counteract stock induced changes in market-based capital ratios in the short run; whereas managerial rebalancing activity gradually gains importance in the long-term perspective. This behavior is largely in accordance with referential studies on the U.S. and the European stock markets. Further, a life-cycle extension of the applied research model has identified diverging rebalancing intensities across dissimilar corporate maturity classes. It was found, that those differences may be partly explained by respective adjustment cost levels

Toroidal Dipolar Supersolid with a Rotating Weak Link

Ring-shaped superfluids with weak links provide a perfect environment for studying persistent currents and dynamic stirring protocols. Here, we investigate the effects of a weak-link system on dipolar supersolids. By calculating the ground state energy at fixed angular momenta, we find that metastable persistent currents may exist in the supersolid phase near the superfluid transition point. When stirring the weak link rapidly enough, we show that vortices can enter the supersolid. These vortex entries cause phase slips, emitting solitonic excitations that interfere with the crystalline structure of the supersolid, leading to a continuous melting and recrystallization of the droplets. Finally, we examine the release of vortex-carrying supersolids from the trap, observing that the released density exhibits a discrete structure associated with the density modulation and a central hole resulting from the vortex core.Comment: 7 pages, 7 figure

Towards timing and stratigraphy of the Bronze Age burial mound royal tomb (Königsgrab) of Seddin (Brandenburg, northeastern Germany)

This study uses an integrated multi-method geoarcheological and geochronological approach to contribute to the understanding of the timing and stratigraphy of the monumental burial mound royal tomb (Königsgrab) of Seddin. We show that the hitherto established radiocarbon-based terminus post quem time frame for the construction of the burial mound of 910–800 BCE is supported by optically stimulated luminescence (OSL) dating. The radiocarbon samples were obtained from a substrate directly underneath the burial mound which supposedly represents the late glacial/Holocene soil that was buried below the structure. We use sedimentological (grain-size analyses) and geochemical analyses (element analyses, carbon, pH, and electric conductivity determinations) to reassess and confirm this hypothesis. In addition to the burial age associated with the last anthropogenic reworking during construction of the burial mound, the OSL dating results provide new insights into the primary deposition history of the original substrates used for the structure. In combination with regional information about the middle and late Quaternary development of the environment, our data allow us to provide a synoptic genetic model of the landscape development and the multiphase stratigraphy of the royal tomb of Seddin within the Late Bronze Age cultural group “Seddiner Gruppe” of northern Germany. Based on our initial experiences with OSL dating applied to the sediments of a burial mound – to the best of our knowledge the first attempt in Europe – we propose a minimal invasive approach to obtain datable material from burial mounds and discuss related opportunities and challenges

Reduction of energy input in wire arc additive manufacturing (WAAM) with gas metal arc welding (GMAW)

Wire arc additive manufacturing (WAAM) by gas metal arc welding (GMAW) is a suitable option for the production of large volume metal parts. The main challenge is the high and periodic heat input of the arc on the generated layers, which directly affects geometrical features of the layers such as height and width as well as metallurgical properties such as grain size, solidification or material hardness. Therefore, processing with reduced energy input is necessary. This can be implemented with short arc welding regimes and respectively energy reduced welding processes. A highly efficient strategy for further energy reduction is the adjustment of contact tube to work piece distance (CTWD) during the welding process. Based on the current controlled GMAW process an increase of CTWD leads to a reduction of the welding current due to increased resistivity in the extended electrode and constant voltage of the power source. This study shows the results of systematically adjusted CTWD duringWAAM of low-alloyed steel. Thereby, an energy reduction of up to 40% could be implemented leading to an adaptation of geometrical and microstructural features of additively manufactured work pieces

Production of Topology-optimised Structural Nodes Using Arc-based, Additive Manufacturing with GMAW Welding Process

The desire to generate a stress optimised structural node with maximum stability is often coupled with the goal of low manufacturing costs and an adapted and minimal use of material. The complex, three-dimensional free-form structures, which are created by means of topology-optimisation, are only partially suitable for conventional manufacturing. The wire arc additive manufacturing (WAAM), by means of arc welding processes, offer a cost-effective and flexible possibility for the individual production of complex, metallic components. Gas metal arc welding (GMAW) is particularly suitable to produce large-volume, load-bearing structures due to build-up rates of up to 5 kg/h. The generation of strength and stiffness adapted support structures by means of the numerical simulation method of topology-optimisation was investigated in this study to generate topology-optimised structural nodes. The resulting node is transferred into a robot path using CAD/CAM software and manufactured from the filler material G4Si1 using WAAM with the GMAW process. Based on the boundary conditions of the WAAM process, the path planning and thus the manufacturability of the topology-optimised supporting structure nodes is evaluated and verified using a sample structure made of the welding filler material G4Si1. Depending on the path planning, an improvement of the mechanical properties could be achieved, due to changes in t8/5 times

Directed energy deposition-arc (DED-Arc) and numerical welding simulation as a hybrid data source for future machine learning applications

This research presents a hybrid approach to generate sample data for future machine learning applications for the prediction of mechanical properties in directed energy deposition-arc (DED-Arc) using the GMAW process. DED-Arc is an additive manufacturing process which offers a cost-effective way to generate 3D metal parts, due to its high deposition rate of up to 8 kg/h. The mechanical properties additively manufactured wall structures made of the filler material G4Si1 (ER70 S-6) are shown in dependency of the t8/5 cooling time. The numerical simulation is used to link the process parameters and geometrical features to a specific t8/5 cooling time. With an input of average welding power, welding speed and geometrical features such as wall thickness, layer height and heat source size a specific temperature field can be calculated for each iteration in the simulated welding process. This novel approach allows to generate large, artificial data sets as training data for machine learning methods by combining experimental results to generate a regression equation based on the experimentally measured t8/5 cooling time. Therefore, using the regression equations in combination with numerically calculated t8/5 cooling times an accurate prediction of the mechanical properties was possible in this research with an error of only 2.6%. Thus, a small set of experimentally generated data set allows to achieve regression equations which enable a precise prediction of mechanical properties. Moreover, the validated numerical welding simulation model was suitable to achieve an accurate calculation of the t8/5 cooling time, with an error of only 0.3%

Selective disulphide linkage of plant thionins with other proteins

Thionins are shown to form disulphide linkages with other proteins. The reaction with bacterial enzymes β-glucuronidase and neomycin phosphotransferase II could be prevented and reversed with dithiothreitol and blocked with N-ethylmaleimide. Other cysteine-rich low-molecular-weight toxic peptides from plants (LTP-3 from barley and P19 from potato) did not react as the thionins. Certain systeine-containing proteins, such bovine serum albumin, ovalbumin and cytochrome c, reacted with thionins, while others, including carbonic anhydrase, soybean trypsin inhibitor, bovine-lung trypsin inhibitor and phosphorylase B did not. Selectivity of the reaction with a periplasmic component of the phytopathogenic bacterium Pseudomonas solanacearum was also shown

Observing the emergence of a quantum phase transition -- shell by shell

Many-body physics describes phenomena which cannot be understood looking at a systems' constituents alone. Striking manifestations are broken symmetry, phase transitions, and collective excitations. Understanding how such collective behaviour emerges when assembling a system from individual particles has been a vision in atomic, nuclear, and solid-state physics for decades. Here, we observe the few-body precursor of a quantum phase transition from a normal to a superfluid phase. The transition is signalled by the softening of the mode associated with amplitude vibrations of the order parameter, commonly referred to as a Higgs mode. We achieve exquisite control over ultracold fermions confined to two-dimensional harmonic potentials and prepare closed-shell configurations of 2, 6 and 12 fermionic atoms in the ground state with high fidelity. Spectroscopy is then performed on our mesoscopic system while tuning the pair energy from zero to being larger than the shell spacing. Using full atom counting statistics, we find the lowest resonance to consist of coherently excited pairs only. The distinct non-monotonic interaction dependence of this many-body excitation as well as comparison with numerical calculations allows us to identify it as the precursor of the Higgs mode. Our atomic simulator opens new pathways to systematically unravel the emergence of collective phenomena and the thermodynamic limit particle by particle.Comment: 14 pages, 10 figure

Degeneration of Lumbar Intervertebral Discs: Characterization of Anulus Fibrosus Tissue and Cells of Different Degeneration Grades

Intervertebral disc (IVD) herniation and degeneration is a major source of back pain. In order to regenerate a herniated and degenerated disc, closure of the anulus fibrosus (AF) is of crucial importance. For molecular characterization of AF, genome-wide Affymetrix HG-U133plus2.0 microarrays of native AF and cultured cells were investigated. To evaluate if cells derived from degenerated AF are able to initiate gene expression of a regenerative pattern of extracellular matrix (ECM) molecules, cultivated cells were stimulated with bone morphogenetic protein 2 (BMP2), transforming growth factor β1 (TGFβ1) or tumor necrosis factor-α (TNFα) for 24 h. Comparative microarray analysis of native AF tissues showed 788 genes with a significantly different gene expression with 213 genes more highly expressed in mild and 575 genes in severe degenerated AF tissue. Mild degenerated native AF tissues showed a higher gene expression of common cartilage ECM genes, whereas severe degenerated AF tissues expressed genes known from degenerative processes, including matrix metalloproteinases (MMP) and bone associated genes. During monolayer cultivation, only 164 differentially expressed genes were found. The cells dedifferentiated and altered their gene expression profile. RTD-PCR analyses of BMP2- and TGFβ1-stimulated cells from mild and severe degenerated AF tissue after 24 h showed an increased expression of cartilage associated genes. TNFα stimulation increased MMP1, 3, and 13 expression. Cells derived from mild and severe degenerated tissues could be stimulated to a comparable extent. These results give hope that regeneration of mildly but also strongly degenerated disc tissue is possible