Financial systems, innovation and economic performance

There is growing evidence of international divergence in the performance of newindustries. While the United States is at the forefront of the recent revolution ininformation technologies, European economists and policy makers are concerned thatEurope is falling behind with negative implications for long-term economicperformance. This paper investigates the role of financial systems as a crucialdeterminant of apparent differences in national abilities to promote innovativeactivities in specific sectors. Firstly, a short overview of the relevant finance andinnovation literature is provided, and a synthetic view of the finance-innovation linkis sketched. It is argued that national financial systems have an impact on thestructure of growth through their differing abilities to promote innovation in sector-specifictechnology regimes. Secondly, I apply a simple econometric model to a dataset consisting of 17 OECD countries and 20 manufacturing industries to identifyempirical patterns. The evidence suggests that sectors characterized by hightechnological opportunity and a focus on product innovation perform relatively betterin financial systems with large stock markets, competitive banking sectors and goodaccounting standards. In contrast, the performance of sectors geared towardsinnovation in processes benefits from a more bank-oriented financial system andconcentrated ownership structures.economics of technology ;

Ist das staatliche Eingreifen ins Gründungsgeschehen theoretisch legitimiert?

In der wirtschaftspolitischen Diskussion wird häufig geäußert, für Unternehmensgründer relevante Märkte würden versagen. Folglich müsse der Staat intervenieren, um das Allokationsergebnis zu verbessern. Auf Grundlage der Wohlfahrtstheorie wird in diesem Papier hinterfragt, inwieweit sich Marktversagen im Gründungsgeschehen theoretisch begründen lassen. Als Marktversagensursachen werden dabei Externe Effekte, Asymmetrische Informationen auf Faktor- und Absatzmärkten sowie Unteilbarkeiten betrachtet und auf ihre Bedeutung für den Gründungssektor hin geprüft. Abschließend werden nicht-ökonomische Zielstellungen skizziert, die in der politischen Diskussion als Rechtfertigung für einen Staatseingriff in den Gründungssektor hervorgebracht werden.Externe Effekte, Asymmetrische Information, Unteilbarkeiten, distributives Marktversagen

Cloning and characterization of an adenoviral vector for highly efficient and doxycycline – suppressible expression of bioactive human single – chain interleukin 12 in colon cancer

BACKGROUND: Interleukin-12 (IL-12) is well characterized to induce cellular antitumoral immunity by activation of NK-cells and T-lymphocytes. However, systemic administration of recombinant human IL-12 resulted in severe toxicity without perceptible therapeutic benefit. Even though intratumoral expression of IL-12 leads to tumor regression and long-term survival in a variety of animal models, clinical trials have not yet shown a significant therapeutic benefit. One major obstacle in the treatment with IL-12 is to overcome the relatively low expression of the therapeutic gene without compromising the safety of such an approach. Our objective was to generate an adenoviral vector system enabling the regulated expression of very high levels of bioactive, human IL-12. RESULTS: High gene expression was obtained utilizing the VP16 herpes simplex transactivator. Strong regulation of gene expression was realized by fusion of the VP16 to a tetracycline repressor with binding of the fusion protein to a flanking tetracycline operator and further enhanced by auto-regulated expression of its fusion gene within a bicistronic promoter construct. Infection of human colon cancer cells (HT29) at a multiplicity of infection (m.o.i.) of 10 resulted in the production of up to 8000 ng/10(6 )cells in 48 h, thus exceeding any published vector system so far. Doxycycline concentrations as low as 30 ng/ml resulted in up to 5000-fold suppression, enabling significant reduction of gene expression in a possible clinical setting. Bioactivity of the human single-chain IL-12 was similar to purified human heterodimeric IL-12. Frozen sections of human colon cancer showed high expression of the coxsackie adenovirus receptor with significant production of human single chain IL-12 in colon cancer biopsies after infection with 3*10(7 )p.f.u. Ad.3r-scIL12. Doxycycline mediated suppression of gene expression was up to 9000-fold in the infected colon cancer tissue. CONCLUSION: VP16 transactivator-mediated and doxycycline-regulated expression of the human interleukin-12 gene enables highly efficient and tightly controlled cytokine expression in human cancer. These data illustrate the potential of the described adenoviral vector system for the safe and superior expression of therapeutic genes in the treatment of colorectal cancer and other malignancies

Ist das staatliche Eingreifen ins Gründungsgeschehen theoretisch legitimiert?

In der wirtschaftspolitischen Diskussion wird häufig geäußert, für Unternehmensgründer relevante Märkte würden versagen. Folglich müsse der Staat intervenieren, um das Allokationsergebnis zu verbessern. Auf Grundlage der Wohlfahrtstheorie wird in diesem Papier hinterfragt, inwieweit sich Marktversagen im Gründungsgeschehen theoretisch begründen lassen. Als Marktversagensursachen werden dabei Externe Effekte, Asymmetrische Informationen auf Faktor- und Absatzmärkten sowie Unteilbarkeiten betrachtet und auf ihre Bedeutung für den Gründungssektor hin geprüft. Abschließend werden nicht-ökonomische Zielstellungen skizziert, die in der politischen Diskussion als Rechtfertigung für einen Staatseingriff in den Gründungssektor hervorgebracht werden

The effect of anticipatory stress and openness and engagement on subsequently perceived sleep quality - an Experience Sampling Method Study

High stress levels can influence sleep quality negatively. If this also applies to anticipatory stress is poorly documented, however. Across insomnia severity levels, this study examined participants’ evening levels of (a) anticipatory stress and (b) their skills hypothesized to downregulate the impact of stress, namely openness to internal experiences and continuous engagement in meaningful activities (openness and engagement) and their association with the quality of the subsequent night's sleep. The moderating role of insomnia severity was also tested. We used a quasi‐experimental longitudinal design with Experience Sampling Method using smartphones over the course of 1 week (3,976 assessments; 93.2% of prompted queries). Participants recorded their sleep quality, anticipatory stress, and openness and engagement within their daily context. Participants included in the study were diagnosed with major depressive disorder (n = 118), social phobia (n = 47) or belonged to the control group (n = 119). Both anticipatory stress and openness and engagement predicted subsequent sleep quality. Diagnostic group was associated with overall sleep quality, but did not interact with the predictors. These findings were invariant across levels of self‐reported insomnia severity. Furthermore, openness and engagement and anticipatory stress did not interact in their effect on sleep quality. The results suggest that both stress reduction and increased openness and engagement are associated with improved subjective sleep quality on a day to day basis, regardless of insomnia severity. Targeting these variables may help improve sleep quality. Future research should disentangle the effects of openness and engagement on anticipatory stress

Epidemiology and Characteristics of Gastric Carcinoma in Childhood : An Analysis of Data from Population-Based and Clinical Cancer Registries

(1) Background: Gastric carcinoma is an exceptionally rare tumor in childhood. Little is known about the etiology, epidemiology, and clinical features of pediatric gastric carcinomas. This analysis aimed to fill this gap by increasing knowledge about the occurrence of gastric carcinoma in childhood. (2) Material and methods: Data from gastric carcinoma cases diagnosed between 2000 and 2017/2018 were retrieved from the Surveillance, Epidemiology, and End Results Program (SEER) and the German Center for Cancer Registry Data. Data from patients <20 years of age were analyzed for patient- and tumor-related characteristics. In addition, clinical data from patients with gastric carcinoma registered in the German Registry for Rare Pediatric Tumors (STEP) were analyzed for diagnostics, therapy, and outcome. (3) Results: Ninety-one cases of gastric carcinoma, mainly in adolescents, were identified in the epidemiologic cancer registries. Among patients with recorded staging data, advanced tumor stages were common (66.7%). Within the follow-up period covered, 63.7% of patients with clinical follow-up data died. Eight pediatric patients with gastric carcinoma were enrolled in the STEP registry, among whom two were patients with hereditary CDH1 mutations and another was a patient with Peutz–Jeghers syndrome. Three patients were found to have distinctly decreased immunoglobulin concentrations. All four patients in whom complete resection was achieved remained in remission. Three of the other four patients died despite multimodal therapy. (4) Conclusions: A combination of Helicobacter pylori infection and tumor predisposition and/or immunodeficiency appears to promote the development of gastric carcinoma in childhood. While patients with localized disease stages have a good chance of achieving durable remission through complete resection, patients with stage IV carcinomas face a dismal prognosis, highlighting the need to develop new strategies such as mutation-guided treatments

Experimental Test of Connector Rotation during DNA Packaging into Bacteriophage ϕ29 Capsids

The bacteriophage ϕ29 generates large forces to compact its double-stranded DNA genome into a protein capsid by means of a portal motor complex. Several mechanical models for the generation of these high forces by the motor complex predict coupling of DNA translocation to rotation of the head-tail connector dodecamer. Putative connector rotation is investigated here by combining the methods of single-molecule force spectroscopy with polarization-sensitive single-molecule fluorescence. In our experiment, we observe motor function in several packaging complexes in parallel using video microscopy of bead position in a magnetic trap. At the same time, we follow the orientation of single fluorophores attached to the portal motor connector. From our data, we can exclude connector rotation with greater than 99% probability and therefore answer a long-standing mechanistic question