Have banks filled the gap? Credit as a mechanism of corporate governance in a transition country: example of Poland

Poland, as any other transition country, suffers from inefficient corporate governance as firms have difficulties with obtaining external financing. This paper aims to examine whether bank’s involvement in corporate control reduces information asymmetries, and hence lessens firm’s financial constraints – phenomenon frequently measured by investment-cash flow sensitivity. In the sample of all non-financial companies listed during 1999-2002 on the Polish stock exchange firms with a close relationship with banks are almost as much financially constrained as firms without such ties. However, the former group relies more heavily on bank loans than on internal capital in their investment activities. In contrast, firms without a close relationship with banks finance to larger extent their investment with internal capital than with credit. It may be interpreted that bank loans are more important source of financing for firms with bank ties than for firms without bank ties.corporate control and governance; firm financing; relationship banking; emerging markets

Social-cultural aspects of the functioning of an institutional network, which is the base for the regional pro-innovating strategy implementation

A technology transfer is a key to an efficient innovating strategy implementation process. The institutional network should support this process. The aim of the paper is to point out the 'soft' circumstances which appear when institutions start to co-operate in such network. Furthermore some directions will be given how to face with negative circumstances. In the first part of the paper the social cultural aspects of cooperation between institutions within the network will be presented. The analyse will be mainly focused on processes of autonomisation and enclosing on an external cooperation in these institutions. The second part of the paper is a case study. A creation process of technological parks at the Silesian region will be analysed. Using this example the methods of dealing with difficulties which are discussed will be demonstrated.

Improved bounds for Hadwiger's covering problem via thin-shell estimates

A central problem in discrete geometry, known as Hadwiger's covering problem, asks what the smallest natural number $N\left(n\right)$ is such that every convex body in ${\mathbb R}^{n}$ can be covered by a union of the interiors of at most $N\left(n\right)$ of its translates. Despite continuous efforts, the best general upper bound known for this number remains as it was more than sixty years ago, of the order of ${2n \choose n}n\ln n$. In this note, we improve this bound by a sub-exponential factor. That is, we prove a bound of the order of ${2n \choose n}e^{-c\sqrt{n}}$ for some universal constant $c>0$. Our approach combines ideas from previous work by Artstein-Avidan and the second named author with tools from Asymptotic Geometric Analysis. One of the key steps is proving a new lower bound for the maximum volume of the intersection of a convex body $K$ with a translate of $-K$; in fact, we get the same lower bound for the volume of the intersection of $K$ and $-K$ when they both have barycenter at the origin. To do so, we make use of measure concentration, and in particular of thin-shell estimates for isotropic log-concave measures. Using the same ideas, we establish an exponentially better bound for $N\left(n\right)$ when restricting our attention to convex bodies that are $\psi_{2}$. By a slightly different approach, an exponential improvement is established also for classes of convex bodies with positive modulus of convexity

Industriebeschäftigung im Wandel: Arbeiter, Angestellte und ihre Arbeitsbedingungen

In der Industrie findet ein kontinuierlicher Prozess der internen Tertiarisierung statt. Die Zahl der Angestellten ist inzwischen ebenso hoch wie die der Arbeiter. Der Frauenanteil unter den Angestellten stagniert allerdings. Das Niveau der prekären Beschäftigungsformen wie Befristungen, Minijobs oder Leiharbeit ist bei den Angestellten weit niedriger als bei den Arbeitern. Zugleich weisen Angestellte im Durchschnitt höhere Qualifikationen, einen höheren betrieblichen Status und höhere Einkommen auf. Dennoch sind die Arbeitsbedingungen widersprüchlich. Wichtigste Anzeichen dafür sind lange Arbeitszeiten, wachsende Arbeitsintensität und Klagen über schlechte Aufstiegschancen. Zugleich empfinden viele Angestellte ihre Arbeitsplätze als sicher. Zu den Gewerkschaften bleiben die Angestellten stärker auf Distanz, auch wenn ihr Organisationsgrad schwächer gesunken ist als derjenige der Arbeiter. Dafür ist ihr Anteil an aktiven Betriebsratsmitgliedern inzwischen höher als bei den Arbeitern.[Change in industrial employment - Working conditions of blue and white collar workers] Using data from the German Socio-Economic Panel (SOEP) and the German Microcensus, the paper compares the working and employment conditions of blue and white collar workers and their relation to trade unions. The aim of the paper is to develop starting points for the collective representation of white collar workers interests because employees have been less in focus in the past. In addition, our analysis shows that employees are becoming increasingly important for labour unions because the number of employees in the industry has increased while the number of workers in the direct production has decreased. Furthermore, the term 'white collar employee' has lost little of its meaning as a relevant category of social practice, although the formal distinction between workers and employees in the industry no longer exists. Our results show that employees have on average still better working and employment conditions than workers. They have higher qualifications, higher occupational status, higher incomes and they consider their employment as safer. Furthermore, precarious forms of employment such as fixed-term contracts, marginal part-time jobs (Minijob) and temporary agency work are less widespread among employees than among workers. But the working and employment conditions of white collar employees are also showing negative trends. Employees complain much more often about long working hours, increasing work intensity and a lack of career prospects than workers. Yet despite this development, white collar employees keep their distance to trade unions. However, their unionisation rate is more stable over time than the organisational degree of blue collar workers

Dysbiosis by neutralizing commensal mediated inhibition of pathobionts

Dysbiosis in the periodontal microbiota is associated with the development of periodontal diseases. Little is known about the initiation of dysbiosis. It was hypothesized that some commensal bacteria suppress the outgrowth of pathobionts by H2O2 production. However, serum and blood components released due to inflammation can neutralize this suppressive effect, leading to the initiation of dysbiosis. Agar plate, dual-species and multi-species ecology experiments showed that H2O2 production by commensal bacteria decreases pathobiont growth and colonization. Peroxidase and blood components neutralize this inhibitory effect primarily by an exogenous peroxidase activity without stimulating growth and biofilm formation of pathobionts directly. In multi-species environments, neutralization of H2O2 resulted in 2 to 3 log increases in pathobionts, a hallmark for dysbiosis. Our data show that in oral biofilms, commensal species suppress the amounts of pathobionts by H2O2 production. Inflammation can neutralize this effect and thereby initiates dysbiosis by allowing the outgrowth of pathobionts

In vitro increased respiratory activity of selected oral bacteria may explain competitive and collaborative interactions in the oral microbiome

Understanding the driving forces behind the shifts in the ecological balance of the oral microbiota will become essential for the future management and treatment of periodontitis. As the use of competitive approaches for modulating bacterial outgrowth is unexplored in the oral ecosystem, our study aimed to investigate both the associations among groups of functional compounds and the impact of individual substrates on selected members of the oral microbiome. We employed the Phenotype Microarray high-throughput technology to analyse the microbial cellular phenotypes of 15 oral bacteria. Multivariate statistical analysis was used to detect respiratory activity triggers and to assess similar metabolic activities. Carbon and nitrogen were relevant for the respiration of health-associated bacteria, explaining competitive interactions when grown in biofilms. Carbon, nitrogen, and peptides tended to decrease the respiratory activity of all pathobionts, but not significantly. None of the evaluated compounds significantly increased activity of pathobionts at both 24 and 48 h. Additionally, metabolite requirements of pathobionts were dissimilar, suggesting that collective modulation of their respiratory activity may be challenging. Flow cytometry indicated that the metabolic activity detected in the Biolog plates may not be a direct result of the number of bacterial cells. In addition, damage to the cell membrane may not influence overall respiratory activity. Our methodology confirmed previously reported competitive and collaborative interactions among bacterial groups, which could be used either as marker of health status or as targets for modulation of the oral environment

Impact of incomplete ventricular coverage on diagnostic performance of myocardial perfusion imaging.

In the context of myocardial perfusion imaging (MPI) with cardiac magnetic resonance (CMR), there is ongoing debate on the merits of using technically complex acquisition methods to achieve whole-heart spatial coverage, rather than conventional 3-slice acquisition. An adequately powered comparative study is difficult to achieve given the requirement for two separate stress CMR studies in each patient. The aim of this work is to draw relevant conclusions from SPECT MPI by comparing whole-heart versus simulated 3-slice coverage in a large existing dataset. SPECT data from 651 patients with suspected coronary artery disease who underwent invasive angiography were analyzed. A computational approach was designed to model 3-slice MPI by retrospective subsampling of whole- heart data. For both whole-heart and 3-slice approaches, the diagnostic performance and the stress total perfusion deficit (TPD) score-a measure of ischemia extent/severity-were quantified and compared. Diagnostic accuracy for the 3-slice and whole-heart approaches were similar (area under the curve: 0.843 vs. 0.855, respectively; P = 0.07). The majority (54%) of cases missed by 3-slice imaging had primarily apical ischemia. Whole-heart and 3-slice TPD scores were strongly correlated (R2 = 0.93, P < 0.001) but 3-slice TPD showed a small yet significant bias compared to whole-heart TPD (- 1.19%; P < 0.0001) and the 95% limits of agreement were relatively wide (- 6.65% to 4.27%). Incomplete ventricular coverage typically acquired in 3-slice CMR MPI does not significantly affect the diagnostic accuracy. However, 3-slice MPI may fail to detect severe apical ischemia and underestimate the extent/severity of perfusion defects. Our results suggest that caution is required when comparing the ischemic burden between 3-slice and whole-heart datasets, and corroborate the need to establish prognostic thresholds specific to each approach