Financial constraints and the decision to lease : evidence from German SME

The objective of this paper is to test the hypothesis that in particular financially constrained firms lease a higher share of their assets to mitigate problems of asymmetric information. The assumptions are tested under a GMM framework which simultaneously controls for endogeneity problems and firms' fixed effects. We find that the share of total annual lease expenses attributable to either finance or operating leases is considerably higher for smaller firms with higher average interest rates and high-growth firms - those likely to face higher agency-cost premiums on marginal financing. Furthermore, our results confirm the substitution of leasing and debt financing for lessee firms. However, we find no evidence that firms use leasing as an instrument to reduce their tax burdens. Keywords: Leasing, financial constraints, asymmetric information, GMM JEL Classifications: D23, D92, C2

Does relationship lending promote growth? : Savings banks and SME financing

This paper addresses the question whether close borrower-lender relationships, so called hausbank-relationships, facilitate the funding and beneficial development of SME. To this end, we derive a model which relates a firm's growth rate to its need for external funds and subsequently compute the firms that exceed their predicted growth rate. We then use this measure to identify specific characteristics that are associated with long- and short-term financing of firm growth, in particular the influence of relationship lending. We find that close ties with savings banks predict firms' access to external finance to fund growth. Moreover, the long-term liabilities of firms with hausbank-relationships almost double those with multiple relationships while the overall leverage is about the same. In turn, we find an strong empirical relationship between the provision of long-term funds and firm growth. Keywords: small business lending, credit access, public banks JEL Classifications: G21, D2

Does IT standardization help to boost cost and profit efficiency? Empirical evidence from German savings banks

This paper investigates the impact of IT standardization on bank performance based on a panel of 457 German savings banks over the period from 1996 to 2006. We measure IT standardization as the fraction of IT expenses for centralized services over banks' total IT expenses. Bank efficiency, in turn, is measured by traditional accounting performance indicators as well as by cost and profit efficiencies that are estimated by a stochastic frontier approach. Our results suggest that IT standardization is conducive to cost efficiency. The relation is positive and robust for small and medium-sized banks but vanishes for very large banks. Furthermore, our study confirms the often cited computer paradox by showing that total IT expenditures negatively impact cost efficiency and have no influence on bank profits. To the best of our knowledge, this paper is first to empirically explore whether IT standardization enhances efficiency by employing genuine data of banks' IT expenditures. JEL Classification: C23, G21 Keywords: IT standardization, cost and profit efficiency, savings bank

Does IT standardization help to boost cost and profit efficiency? Empirical evidence from German savings banks

This paper investigates the impact of IT standardization on bank performance based on a panel of 457 German savings banks over the period from 1996 to 2006. We measure IT standardization as the fraction of IT expenses for centralized services over banks' total IT expenses. Bank efficiency, in turn, is measured by traditional accounting performance indicators as well as by cost and profit efficiencies that are estimated by a stochastic frontier approach. Our results suggest that IT standardization is conducive to cost efficiency. The relation is positive and robust for small and medium-sized banks but vanishes for very large banks. Furthermore, our study confirms the often cited computer paradox by showing that total IT expenditures negatively impact cost efficiency and have no influence on bank profits. To the best of our knowledge, this paper is first to empirically explore whether IT standardization enhances efficiency by employing genuine data of banks' IT expenditures.

Etablierung von Kulturbedingungen für eine allogene Immuntherapie mit Melanomspezifischen zytotoxischen T-Lymphozyten

Die Generierung melanomspezifischer CTL aus PMNC gesunder Spender wurde für eine adoptive Immuntherapie in Anlehnung an GMP-Richtlinien optimiert. Bei 6 der 8 untersuchten HLA-A2-restringierten Peptidepitope aus melanomassoziierten Ag gelang die Induktion peptidspezifischer CTL, bei drei Peptiden wurde durch diese auch das endogen prozessierte Ag auf Melanomzellen spezifisch erkannt. Eine nicht-proportionale Korrelation zwischen der HLA-A2-Affinität und der Immunogenität der Peptide war zu beobachten. Die Peptide MT27-35 (Melan-A), G209-2M (gp100) und T368-376 (Tyrosinase) sind für den Einsatz in einer klinischen Studie geeignet. Die dreimalige Stimulation mit peptidbeladenen Zellen innerhalb einer 21tägigen Kulturzeit ist für die resultierende Zytotoxizität der CTL ideal. Die primäre Stimulation mit DC, gefolgt von zwei Restimulationen mit PMNC war für die Induktion peptid- und melanomspezifischer CTL aus T-Zellen gesunder Spender suffizient. Die zytolytische Aktivität dieser CTL war nicht geringer als bei wiederholter Stimulation mit DC. Es konnte eine 4-5-fache Expansion der Ausgangspopulation erreicht werden

Does trajectory matter? A study looking into the relationship of trajectory with target engagement and error accommodation in subthalamic nucleus deep brain stimulation

Background: STN-DBS is now a key treatment choice for advanced Parkinson’s disease. The optimum target area within the STN is well established. However, no emphasis on the impact of trajectory exists. The ellipsoid shape of the STN and the off-centre traditional target point mean that variation in the electrode inclination should affect STN engagement. Understanding of this relationship could inform trajectory selection during planning by improving STN engagements and margins for error. Methods: We simulated electrode placement at the clinical target through a set of trial trajectories. Twelve 3D-reconstructed STNs were created from MRI data of 6 patients. An appropriate target within each STN was then chosen. Each STN was approached through 56 simulated trajectories arranged in a grid covering a quadrant of skull around and in front of the coronal suture. A subset of 20 viable trajectories was reassessed for depth of engagement in each STN whilst approaching the chosen target. Results: Group averages for each trajectory are presented as traffic light maps and as an overlaid skull mask illustrating recommended electrode entry sites. Trajectories under 30 degrees anterior to the bregma and between 10 to 30 degrees off the midline accommodated over 2.4 degrees of wobble. A mean engagement of 6 mm was possible in half of the subset. The longest engagements are on trajectories which saddle the coronal suture, extending to 40 degrees lateral. Microelectrode tracts of 14 additional STNs were collated using above protocol and engagement exceeded 5 mm in all central trajectories without capsular side effects, suggesting placement away from STN borders. Conclusions: Trajectory selection influences engagement and flexibility to accommodate electrode wobble or brain shift whilst approaching a chosen STN target. We recommend having the first trial trajectory 20 degrees anterior to the bregma, moving postero-laterally in successive trials to balance both error and engagement. When wider margins for error are beneficial (e.g. second side during bilateral procedures), trajectories nearer the coronal suture and around 25 degrees off the midline are advised

ICAR: endoscopic skull‐base surgery

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Die kopulative Komposition im Lateinischen

von Dr. phil. Friedrich Slotty, Oberlehrer am Kgl. Viktoria-Gymnasium zu PotsdamIn Fraktu