Do residential property companies systematically adjust their capital structure? : The case of Germany

This paper analyzes whether predominantly non-listed corporations in the residential property industry systematically adjust their capital structure to changing financing requirements. Since previous research almost exclusively focused on listed companies, little is known about the considerations that drive the choice of capital structure of nonlisted companies. We therefore adopt established testing approaches for the pecking order theory and the trade-off theory from the finance literature, which we then apply to a sample of 1,300 German residential property companies. These companies are characterized by various legal forms and large differences in size. We find that capital structure adjustment behavior differs largely among property companies of different legal forms. While housing cooperatives behave in line with the trade-off theory, the behavior of stock companies and corporations with limited liability is more in line with the pecking order theory

Targeting proinflammatory cytokines ameliorates calcifying phenotype conversion of vascular progenitors under uremic conditions in vitro

Severe vascular calcification develops almost invariably in chronic kidney patients posing a substantial risk to quality of life and survival. This unmet medical need demands identification of novel therapeutic modalities. We aimed to pinpoint components of the uremic microenvironment triggering differentiation of vascular progenitors to calcifying osteoblast-like cells. In an unbiased approach, assessing the individual potency of 63 uremic retention solutes to enhance calcific phenotype conversion of vascular progenitor cells, the pro-inflammatory cytokines IL-1 beta and TNF-alpha were identified as the strongest inducers followed by FGF-2, and PTH. Pharmacologic targeting of these molecules alone or in combination additively antagonized pro-calcifying properties of sera from uremic patients. Our findings stress the importance of pro-inflammatory cytokines above other characteristic components of the uremic microenvironment as key mediators of calcifying osteoblastic differentiation in vascular progenitors. Belonging to the group of "middle-sized molecules", they are neither effectively removed by conventional dialysis nor influenced by established supportive therapies. Specific pharmacologic interventions or novel extracorporeal approaches may help preserve regenerative capacity and control vascular calcification due to uremic environment

Verbal instructions override the meaning of facial expressions

Psychological research has long acknowledged that facial expressions can implicitly trigger affective psychophysiological responses. However, whether verbal information can alter the meaning of facial emotions and corresponding response patterns has not been tested. This study examined emotional facial expressions as cues for instructed threat-of-shock or safety, with a focus on defensive responding. In addition, reversal instructions were introduced to test the impact of explicit safety instructions on fear extinction. Forty participants were instructed that they would receive unpleasant electric shocks, for instance, when viewing happy but not angry faces. In a second block, instructions were reversed (e.g., now angry faces cued shock). Happy, neutral, and angry faces were repeatedly presented, and auditory startle probes were delivered in half of the trials. The defensive startle reflex was potentiated for threat compared to safety cues. Importantly, this effect occurred regardless of whether threat was cued by happy or angry expressions. Although the typical pattern of response habituation was observed, defense activation to newly instructed threat cues remained significantly enhanced in the second part of the experiment, and it was more pronounced in more socially anxious participants. Thus, anxious individuals did not exhibit more pronounced defense activation compared to less anxious participants, but their defense activation was more persistent

Continental-Scale Effects of Nutrient Pollution on Stream Ecosystem Functioning

Excessive nutrient loading is a major threat to aquatic ecosystems worldwide that leads to profound changes in aquatic biodiversity and biogeochemical processes. Systematic quantitative assessment of functional ecosystem measures for river networks is, however, lacking, especially at continental scales. Here, we narrow this gap by means of a pan-European field experiment on a fundamental ecosystem process—leaf-litter breakdown—in 100 streams across a greater than 1000-fold nutrient gradient. Dramatically slowed breakdown at both extremes of the gradient indicated strong nutrient limitation in unaffected systems, potential for strong stimulation in moderately altered systems, and inhibition in highly polluted streams. This large-scale response pattern emphasizes the need to complement established structural approaches (such as water chemistry, hydrogeomorphology, and biological diversity metrics) with functional measures (such as litter-breakdown rate, whole-system metabolism, and nutrient spiraling) for assessing ecosystem health

Seizure prediction : ready for a new era

Acknowledgements: The authors acknowledge colleagues in the international seizure prediction group for valuable discussions. L.K. acknowledges funding support from the National Health and Medical Research Council (APP1130468) and the James S. McDonnell Foundation (220020419) and acknowledges the contribution of Dean R. Freestone at the University of Melbourne, Australia, to the creation of Fig. 3.Peer reviewedPostprin

GASSING SYSTEM

Gegenstand der Erfindung ist ein neuartiges Begasungssystem, das insbesondere aber nicht ausschließlich in der Biotechnologie zur Versorgung von Zellen oder Mikroorganismen mit Sauerstoff einsetzbar ist. Das Begasungssystem umfasst eine Blasensäule und einen Verteiler. In dem Gefäß befindet sich ferner ein flüssiges Medium, das mit Gas versorgt werden soll. Es wird ein Vektor als Transportmittel für das Gas eingesetzt. Das Gas wird in die Blasensäule eingetragen und hier von dem Vektor aufgenommen. Der Vektor wird in Tropfenform über den Verteiler auf die Flüssigkeitsoberfläche aufgetragen, sinkt in dem Medium nach unten und gibt einen Teil des aufgenommenen Gases an das Medium ab. Am Boden des Gefäßes befindet sich eine Sammelvorrichtung, in der die Vektortropfen koaleszieren und wieder in die Blasensäule gelangen. Gegenstand der Erfindung ist weiterhin ein Bioreaktor umfassend das neuartige Begasungssystem. Gegenstand der Erfindung ist ferner ein Verfahren zur Begasung eines flüssigen Mediums, vorzugsweise einer Zellen oder Mikroorganismen enthaltenden wässrigen Suspension.The invention relates to a novel gassing system that can be used particularly but not exclusively in biotechnology for supplying oxygen to cells or microorganisms. The gassing system comprises a bubble column and a distributor. There is furthermore a fluid medium in the tank that is to be supplied with gas. A vector is used as a transport means for the gas. The gas is incorporated into the bubble column and taken up by the vector here. The vector is applied to the fluid surface in droplet form via the distributor, sinks down into the medium and releases a portion of the absorbed gas to the medium. There is a collection device on the floor of the tank wherein the vector drops coalesce and enter the bubble column again. The invention furthermore relates to a bioreactor comprising the novel gassing system. The invention furthermore relates to a method for gassing a fluid medium, preferably an aqueous suspension comprising cells or microorganisms