Philippines Trip

Postcard from Kristin Thomas, during the Linfield College Semester Abroad Program at Hong Kong Baptist Universit

Propellant variability assessment

Efforts to determine whether rocket propellant density and modulus can be reliably measured using non-destructive ultrasonic techniques are reported. The objective was not achieved, primarily due to the approach taken

Cranial and trunk neural crest cells use different mechanisms for attachment to extracellular matrices

We have used a quantitative cell attachment assay to compare the interactions of cranial and trunk neural crest cells with the extracellular matrix (ECM) molecules fibronectin, laminin and collagen types I and IV. Antibodies to the β_1 subunit of integrin inhibited attachment under all conditions tested, suggesting that integrins mediate neural crest cell interactions with these ECM molecules. The HNK-1 antibody against a surface carbohydrate epitope under certain conditions inhibited both cranial and trunk neural crest cell attachment to laminin, but not to fibronectin. An antiserum to α_1 intergrin inhibited attachment of trunk, but not cranial, neural crest cells to laminin and collagen type I, though interactions with fibronectin or collagen type IV were unaffected. The surface properties of trunk and cranial neural crest cells differed in several ways. First, trunk neural crest cells attached to collagen types I and IV, but cranial neural crest cells did not. Second, their divalent cation requirements for attachment to ECM molecules differed. For fibronectin substrata, trunk neural crest cells required divalent cations for attachment, whereas cranial neural crest cells bound in the absence of divalent cations. However, cranial neural crest cells lost this cation-independent attachment after a few days of culture. For laminin substrata, trunk cells used two integrins, one divalent cation-dependent and the other divalent cation-independent (Lallier, T. E. and Bronner-Fraser, M. (1991) Development 113, 1069–1081). In contrast, cranial neural crest cells attached to laminin using a single, divalent cation-dependent receptor system. Immunoprecipitations and immunoblots of surface labelled neural crest cells with HNK-1, α_1 integrin and β_1 integrin antibodies suggest that cranial and trunk neural crest cells possess biochemically distinct integrins. Our results demonstrate that cranial and trunk cells differ in their mechanisms of adhesion to selected ECM components, suggesting that they are non-overlapping populations of cells with regard to their adhesive properties

Capital structure decisions in family firms: empirical evidence from a bank-based economy

This study examines how family firm characteristics affect capital structure decisions. In our analysis we disentangle the influence of three distinct components of a family firm: ownership, supervisory and management board activities by the founding family. Thereby, we use a unique panel dataset of 660 publicly listed companies (5,135 firm years) in the broadest German stock index CDAX from 1995 to 2006. This paper is motivated by hitherto inconclusive empirical findings on capital structure decisions in family firms from Anglo-Saxon countries. We provide new evidence for a bank-based economy. In this sense, Germany provides a very fruitful research environment as it (i) traditionally has a bank-based financial system and (ii) family firms are considered to be the backbone of the economy. We find that family firms have significantly lower leverage ratios than non-family firms, independent of the definition of leverage applied. Among the three dimensions of a family firm, management board involvement by the founding family has a consistently negative influence on leverage across all our models. In contrast, the influence of ownership and supervisory board representation is insignificant in almost all of our models. In line with agency theory, we can show that the leverage level is the lowest if the founding family is simultaneously a large shareholder with monitoring incentives and involved in firm management with convergence-of-interest effects. Finally, we detect that the presence of a founder CEO in firm management has a significant negative effect on the leverage ratio. Our results prove to be stable against a battery of robustness tests including a matching estimator technique to demonstrate causal effects. --family firms,family ownership,family management,founder CEO,agency costs,capital structure,debt-equity ratio,leverage,corporate governance,risk aversion

Knowledge-based modeling of the non-calcareous soil depth of forest soils in the canton Basel-Landschaft (Northwest Switzerland)

Die fortschreitende Versauerungsdynamik der Waldböden führt zu einer zunehmenden Gefährdung von Waldökosystemen durch Nährstoffmangel. Um eine Risikoabschätzung vornehmen zu können, werden flächendeckende Informationen zu den für die Bodenversauerung relevanten Waldbodeneigenschaften benötigt. Vor diesem Hintergrund ist auf der Grundlage von acht Prädiktoren/-gruppen ein wissensbasiertes Prognosemodell zur Mächtigkeit des kalkfreien Bodenbereiches in den Waldböden des Kantons Basel-Landschaft (Nordwestschweiz) entwickelt worden. Die Ergebniskarte liefert für 87 % der Waldfläche nachvollziehbare, kleinräumig differenzierte Informationen zur Ausprägung dieser Bodeneigenschaft. Mithilfe der vorliegenden Modellergebnisse lassen sich zukünftig die Basensättigung der Waldböden flächendifferenziert abschätzen und Waldstandorte mit unzureichender Nährstoffversorgung identifizieren. Langfristig stellt das Modell zudem eine wichtige Grundlage zur Beurteilung des Versauerungsrisikos dar.The progressive acidification of forest soils leads to a lack of nutrients and increasingly threatens forest ecologies. To assess these risks, area-wide information on forest soil properties that are relevant to soil acidification is needed. In this context, a knowledge-based prediction model to predict the non-calcareous soil depth of forest soils in the Canton Basel-Landschaft (northwest Switzerland) was developed, based on eight predictors/predictor groups. The resulting map provides comprehensible, detailed information on the relevant soil property for 87 % of the forest areas. With the help of these modeled results, the base saturation of forest soils can be estimated, and forest sites with an inadequate nutrient supply can be identified. In the long term, this model is an important tool for assessing acidification risks

Opilionids in the diet of bird nestlings

Untersuchungen über die Ernährung der Vögel sind ein traditionelles Arbeitsgebiet der Ornithologie (EMMRICH 1973). Spezielle Arbeiten zur Bedeutung von Spinnentieren (Arachnida) und ihrem Vorkommen in der Vogelnahrung sind aber selten. Gerade Angaben über Weberknechte verbergen sich oft unter dem Namen Arachnida (z. B. PFEIFER & KEJL 1958), selten ist die Ordnung Opiliones konkret angeführt (z. B. DORNBUSCH 1981, EMMRICH 1973, KRISTIN 1992). BURES (1986) erwähnt immerhin die gefundenen Gattungen. Das Spektrum der gefundenen Weberknechtarten geben nur wenige Autoren an (z. B. SACHER & DORNBUSCH 1990). Im Zuge eines Forschungsprojekts zur Ernährung von Vogelnestlingen in Wäldern und Hecken (z. B. KRISTIN 1992, 1993) konnten auch Daten über Weberknechte in der Nestlingsnahrung gesammelt werden. Sie sollen im Folgenden kurz dargestellt werden

Controlling shareholders and payout policy: do founding families have a special 'taste for dividends'?

Around the world (with the U.S. and U.K. as exceptions) concentrated ownership structures and controlling shareholders are predominant even among listed firms. We provide novel empirical evidence how such controlling shareholders, in particular founding families, affect payout policy decisions. Thereby, we use a unique panel dataset of 660 listed firms in the 1995 to 2006 period from Germany, an economy that is traditionally characterized by concentrated ownership structures and strong family capitalism. We find that family firms exhibit a higher propensity and level for both dividend payments and total payouts. This result is driven by family ownership rather than family management. Conflicts between the founding family and non-family controlling shareholders and tensions within the founding family are important determinants of payout policy. While family blockholder increase the propensity for a payout to shareholders, outside blockholder have an opposing effect. Finally, we find that common action problems and conflicts among a multitude of family members and/or generations in 'real family firms' lead to a higher 'taste for dividend payments' if compared to firms dominated by the founder ('founder-controlled firms'). Our results prove to be stable against a battery of robustness tests including a matching estimator technique to demonstrate causal effects. Overall, our paper contributes to two strands of literature: the emerging literature on family firms and the more mature literature on corporate payout policy. --family firms,founding family,family ownership,family management,controlling shareholders,agency costs,payout policy,dividends,share repurchases,corporate governance