The operating performance of French IPO firms

This article investigates the change in operating performance of 115 firms that go public on the French New Market over the period 1996-2000. A significant decline in operating performance subsequent to the Initial Public Offering (IPO) is found. Companies appears to sustain sales growth but not capital expenditure after the IPO. Additionally, there is a significant negative relation between post-IPO change in operating performance and equity retention by the original ownership.French; initial public offerings; IPO; operating performance; ownership structure

Measuring the NAIRU: a complementary approach

Estimates of the Nairu generally suffer from a large uncertainty, which can be reduced by adopting a bivariate framework and assuming that shifts of the Phillips curve share a common trend with the unemployment rate. We consider in this paper if this common trend assumption is empirically relevant or not for seven economies over the sample 1973-2010. First, it appears that the Nairu can substantially differ from the unemployment trend. Second, relaxing the common trend assumption improves the fit of the inflation equation. Third, this assumption is necessary for getting an important reduction of uncertainty in a bivariate framework.Nairu, inflation, uncertainty.

Effizienter, spezifischer, sicherer : neues Zentrum für Zell- und Gentherapie an der Goethe-Universität

Stammzellen aus dem Knochenmark werden seit Jahrzehnten gegen Blutkrebs eingesetzt. In der Zukunft sollen auch andere Krankheiten mit Stammzellen und therapeutischen Genen behandelt werden. Die an der Goethe-Universität geleisteten Vorarbeiten zeigen, dass der Standort wie kaum ein anderer geeignet ist, diese neuen und maßgeschneiderten Verfahren voran zubringen

International Comparisons of Industry-based Productivity Levels in the Financial and Business Service Sectors

This article attempts to explain the relatively poor productivity growth in four major EU countries (Germany, France, United Kingdom, and Netherlands) relative to the United States. Our study is carried out from a sectoral perspective, focussing on the financial and business services sectors. Instead of examining only sectoral productivity growth rates, we also examine sectoral productivity level gaps. Our results imply that the productivity differential in the business services sector is a major factor behind the US lead in productivity.sectoral productivity, growth rates, level gaps, productivity growth, financial and business services

Multiple Banking Relationships: Do SMEs Mistrust Their Banks?

This article focuses on the use of multiple banking relationships by SMEs, a key issue given their strong dependence on bank financing in a context of increasing financial constraints and higher risk of credit rationing since the crisis. We investigate whether the use of multiple banking relationships is explained by firms’ characteristics or by the quality of the banking relationship. We exploit the results of an original survey conducted on a sample of French SMEs in December 2012. According to the traditional theoretical framework of multiple banking, we find that older, bigger, and betterperforming firms are more likely to access multiple banking relationships. We further find that innovative firms are more likely to engage in multiple banking relationships. We also highlight the explanatory power of an alternative model based on the quality of banking relationship: when the manager trusts its main bank, or when he is closer to his loan officer, the firm will be less likely to engage in multiple banking relationships

"Eingriffe in die Keimbahn sind für mich ein Tabu" : Gespräch mit dem Mediziner Hubert Serve und der Politikwissenschaftlerin Anja Karnein über die ethischen Grenzen der Zell- und Gentherapie

Je besser Forscher es verstehen, defekte Gene zu reparieren oder beliebige Körperzellen zu reprogrammieren, desto gefahrloser wird die Gen- und Stammzell-Therapie für Patienten, die an heute noch unheilbaren Krankheiten leiden. Gleichzeitig zeichnet sich damit die Möglichkeit ab, in ferner Zukunft vielleicht das Genom kommender Generationen zu verändern oder Menschen zu klonieren. Der Internist Prof. Hubert Serve und die Politikwissenschaftlerin Dr. Anja Karnein wagen im Gespräch mit den beiden Redakteurinnen des Wissenschaftsmagazins »Forschung Frankfurt« Dr. Anne Hardy und Ulrike Jaspers einen Ausblick jenseits aller aktuellen Debatten. Sie diskutieren aber auch über die Themen, die Patienten wie Wissenschaftler zurzeit unmittelbar berühren

Caractères biogéochimiques de la matière organique dans la colonne d'eau et les sédiments d'un écosystème saumâtre: l'étang de Thau - Variations saisonnières

Le long de la côte méditerranéenne française du Golfe du Lion, l'étang de Thau présente des caractères assez particuliers. Il est parfois soumis à des conditions anoxiques appelées "malaigues" qui résultent de l'accumulation de matières organiques durant la période chaude liée au développement des macrophytes. Ces dépôts organiques associés aux biomasses résultant des activités conchylicoles et aux apports extérieurs contribuent en cours d'année aux échanges biogéochimiques entre la colonne d'eau et les dépôts.Dans ce même milieu, l'analyse de la distribution et de la nature de la matière organique par des méthodes fines comme la chromatographie liquide haute performance ou la pyrolyse a permis de préciser son origine et son évolution dans la colonne d'eau et les dépôts. Durant les quatre saisons, les particularités de la matière organique ont donc été analysées en terme d'accumulation, de dégradation et de conservation. L'été constitue une période de production et de dégradation. L'automne est principalement caractérisé par des processus dégradatifs et des apports terrigènes (composés phénoliques). L'hiver correspond à une période de relative stabilité de la matière organique consécutive aux conditions froides. Le printemps enfin représente une période de reprise de l'activité biologique produisant une matière organique fraîche riche en sucres.Sous les tables conchylicoles on observe un accroissement de la matière organique dans la colonne d'eau et les dépôts. Mais les processus actifs de dégradation réduisent considérablement la quantité de matière organique déposée. Les résultats de ces mécanismes varient selon les stations sous table et hors table.Dans les dépôts les résultats de la dégradation dans la colonne d'eau amènent à une décroissance des composés biodégradables et à un accroissemenet des composés résistants comme les phénols et les hydrocarbures aromatiques. Ces processus de minéralisation s'accroissent vers la profondeur dans les dépôts au profit du pôle aromatique.Les relations entre les nutriments et la matière organique qui constitue à la fois leur source et leur puits se marquent bien sous les tables conchylicoles où les sels nutritifs s'accumulent en surface.The Thau lagoon along the French Mediterranean coast of the Gulf of Lions has unusual characteristics. It is sometimes subjected to anoxic conditions, known as "malaigues", which result from the accumulation of organic matter during the warmer period. Throughout the year this organic deposition, associated oyster farming and terrigenous inputs, contributes to biogeochemical exchanges between the water column and the underlying deposits. In this same environment, high-resolution analytical techniques (HPLC ; PY-GC-MS) were used to analyze the distribution and nature of the organic matter and to determine its origin and behaviour in the water column and sediments.Total suspended matter (TSM) was determined by filtration of water samples pumped up from different levels of the water column and filtered onto glass fiber filters (GF/F grade) previously heated at 450 °C for 4 hours. Particulate organic carbon (POC) was determined on the same samples with a Leco CS 125 analyzer after removal of inorganic carbonates by treatment with a H2 SO4 (2N) solution. Dissolved organic carbon (DOC) was determined on the filtrates using a Shimadzu TOC 5000 analyzer. The determination of polysaccharides in the TSM was achieved by a colorimetric method involving a H2 SO4 (3N) solution and anthrone reagent (Gallali 1972).Phenolic compounds were determined by high performance liquid chromatography (HPLC) after cupric oxide alkaline oxidation of TSM samples. The oxidized samples were acidified (HCl, 2N) and subjected to liquid-liquid extraction with ethyl acetate (Hartley & Buchan 1973; Hedges & Ertel 1982). The limit of detection is 10-4 g and the precision of the method is about 2% for each compound. Separation and quantification of phenolic monomers was carried out by HPLC (Hartley & Buchan, 1973 ; Serve et al., 1983). Of a total of 28 identified products, eleven represent the monomers constituting lignin and are taken into account according to Hedges & Parker (1976), Hedges & Mann (1979) and Hedges & Ertel (1982). The products of oxidative hydrolysis of lignin belong to the following three series : 4-hydroxybenzyl "H" (p-hydroxybenzoic acid, p-hydroxybenzaldehyde, p-hydroxyacetophenone), 3-methoxy-4-hydroxybenzylic "V" (Vanillyl) and 3,5-methoxy-4-hydroxybenzylic "S" (Syringyl). Each of these three series presents an alkyl side chain with 1, 2 or 3 carbon atoms. The compounds in C6-C1 can be acids or aldehydes, those in C6-C2 are ketones and those in C6-C3 are acids. The latter, having a phenylpropenic structure, belong to the Cinnamyl "C" series (ferulic acid, p-coumaric acid). Separation of phenols was carried out on a Merck analytical column (250 mm long x 4 mm in diameter) with a Lichrosorb reversed phase C18 stationary phase of 5 µm granulometry, equipped with a precolumn (40 mm long) containing the same phase. Elution was achieved with ternary eluents (water, acetonitrile, acetic acid), in a high pressure binary gradient (Charrière 1991). The eluted products were determined qualitatively, by comparison of their retention times with those of commercial products (detection in UV at 275 nm), after a co-injection if necessary, and quantitatively by an internal standard method (phloroglucinol : 1,3,5-benzenetriol and p-anisic acid : p-methoxybenzoic acid).Analysis of the major classes of organic compounds was carried out by coupled pyrolysis - gas chromatography - mass spectrometry. A CDS 1000 pyrolysis probe was directly fitted with a Perkin-Elmer 8700 gas chromatograph (GC) equipped with a TR-WAX capillary column (length: 30 m, diameter: 0.32 mm, phase thickness: 0.50 µm). Pyrolysis temperature was 700 °C for 10 s and the column temperature was programmed from 60°C to 240 °C at a rate of 6 °C/min according to Puigbo et al. (1989). Pyrolysis fragments were identified by coupling the GC to a HP 5989 mass spectrometer. Twenty three major peaks were selected on the pyrochromatograms and each selected compound was expressed as a percentage of the sum of the surface of these 23 peaks Pyrolysis products were grouped into five main families, each of them including similar molecules or closely related chemical structures: aromatic hydrocarbons, nitrogenous compounds, sugars, phenols and amino sugars.The survey of all these parameters showed some characteristic differences over the four seasons. Summer appears as a period when the biological production reaches maximum levels in the water column. At that time, organic matter is stratified with high levels of accumulation in the deeper layers. DOC is also abundant throughout the water column and organic compounds belonging to the class of sugars decrease according to depth. Autumn corresponds to Mediterranean storms and typical rainfalls. Terrestrial inputs increase in this season and degradative processes affect the organic matter that was produced in large quantities in the summer by the autotrophic organisms of the lagoon. DOC is recycled and reflects the degradation of autochthonous organic material. Winter, with reduced TSM levels related to low terrestrial inputs, is characterized by a homogenization of the water column and a weak biological activity. Lignin-derived phenols are abundant and correspond to a period of low biological activity. In contrast, in the spring the biological activity recovers, as indicated by the high sugar content of the DOC and by a homogenization of the water column.Under the oyster beds, an increase of organic matter is observed in the water column as well as in the sediments. However, the active degradation processes in summer and autumn reduce considerably the amount of the settling organic matter. The results of these processes are variable according to whether the stations are under or outside of the oyster beds. Degradation in the water column leads to a decrease of biodegradable compounds in the sediments and an increase in resistant compounds like phenols and aromatic hydrocarbons. These mineralization processes increase with depth in deposits, as reflected by higher proportions of aromatic compounds. The relationship between nutrients and organic matter, the latter constituting both their source and their sink, appears in sediments under oyster beds, where the inorganic nutrients accumulate at the surface

Impact of the crisis on potential growth: An approach based on unobserved component models (in french)

This article aims at evaluating potential growth for France, Germany and the euro area during the period from after the 2007-2008 credit crisis until 2012. Such an assessment plays a central role in the determination of the structural deficit and therefore in the definition of consolidation plans. After presenting the possible effects of the crisis on potential growth identified by the literature, we use for our evaluations an unobserved component model. This helps to reconcile the so-called traditional approaches, based on the use of a production function and the statistical approaches based on filtering methods. Our evaluations show for the different areas that the crisis has had a significant impact on potential growth starting in 2009; by 2012, potential growth should remain weak. The low potential growth is caused in part by a sharp decline in labor input, particularly in France and the euro area. This decline stems mainly from an increase of structural unemployment, except in Germany.Monetary policy; Asset prices; New Keynesian general equilibrium model.

Konzentration aufs Ziel : genetische Veränderungen setzen bei der Leukämie das Verhältnis von Rot und Weiß außer Kraft

Blut steht für Leben - und für den Tod. Das ist in der Medizin nicht anders als in der Mythologie. Vor wenigen Jahrzehnten war die Diagnose Blutkrebs noch ein sicheres Todesurteil. Heute werden viele Leukämiekranke geheilt. An der Goethe-Universität setzt ein Schwerpunkt für Lymphom- und Leukämieforschung deutschlandweit Akzente bei Forschung und Diagnostik

Key Steps to Reduce Suicide

a call that was dispatched as a suicide attempt. He found a young woman, her husband, their baby, and an empty bottle of Tylenol. The distraught husband said his wife had taken a large amount of the pills to try to kill herself. Jim asked the weary-looking woman, Maria, what had happened. She said she was depressed, had a bad headache, and had taken some Tylenol. Jim asked Maria directly, but compassionately, if she had been trying to kill herself. Maria would not give a clear answer, so Jim asked if she had ever attempted suicide. Then Maria started to cry and said she had attempted when she was a teenager and had vowed to never do it again. But now life was too difficult with the new baby and her husband unemployed, and she just couldn’t take it anymore. Jim suggested that Maria and her husband go to the hospital to talk with a doctor to get some help for Maria, and Maria hesitantly agreed. At the hospital, Jim told the emergency department physician that Maria had taken a large amount of Tylenol, had attempted suicide in the past, and now “just couldn’t take it anymore. ” The physician thanked Jim for the information and said it was helpful