Cross-selling lending and underwriting : scope economies and incentives

We highlight the implications of combining underwriting services and lending for the choice of underwriters and for competition in the underwriting business. We show that cross-selling can increase underwriters’ incentives, and we explain three phenomena: first, that cross-selling is important for universal banks to enter the investment banking business; second, that cross-selling is particularly attractive for highly leveraged borrowers; third, that less-than-market rates are no prerequisite for cross-selling to benefit a bank’s clients. In our model, cross-selling reduces rents in the underwriting business

Tying lending and underwriting : scope economies, incentives, and reputation

Informational economies of scope between lending and underwriting are a mixed blessing for universal banks. While they can reduce the cost of raising capital for a firm, they also reduce incentives in the underwriting business. We show that tying lending and underwriting helps to overcome this dilemma. First, risky debt in tied deals works as a bond to increase underwriting incentives. Second, with limitations on contracting, tying reduces the underwriting rents as the additional incentives from debt can substitute for monetary incentives. In addition, reducing the yield on the tied debt is a means to pay for the rent in the underwriting business and to transfer informational benefits to the client. Thus, tying is a double edged sword for universal banks. It helps to compete against specialized investment banks, but it can reduce the rent to be earned in investment banking when universal banks compete against each other. We derive several empirical predictions regarding the characteristics of tied deals. JEL Classification: G21, G24, D4

Secondary Pharmacotherapeutic Prevention among German Primary Care Patients with Peripheral Arterial Disease

Background. The aim of the study was to determine the secondary preventive medical supply of patients with peripheral arterial disease (PAD) in German primary care. Methods and Results. A population-based case control study was conducted using electronic medical records of patients extracted from the CONTENT primary care database of Heidelberg, Germany, between April 2007 and March 2010. The prescription rates of cardiovascular medication among symptomatic PAD patients were analysed by means of the ATC classification and compared with those of patients with cardiovascular disease (CVD). 479 cases with PAD and 958 sex- and age-matched control CVD patients were identified. PAD patients showed significantly lower prescription rates for cardiac agents (21.7% versus 37%), β-blockers (50.1% versus. 66.2%), and lipid-lowering agents (50.3% versus 55.9%) compared to CVD patients. In contrast, significantly more prescriptions of antidiabetic agents (28.2% versus 20.3%), particularly insulin and analogues (12.5% versus 8%), and calcium channel blockers (29.2% versus 24.3%) were found in PAD patients. Low-dose aspirin use among both PAD and CVD patients was underestimated, as it is available without a prescription. Conclusions. Optimal pharmacotherapeutical care of patients with PAD requires more intensive cardioprotective medication in primary care settings

PMAS: The Potsdam Multi Aperture Spectrophotometer. II. The Wide Integral Field Unit PPak

PPak is a new fiber-based Integral Field Unit (IFU), developed at the Astrophysical Institute Potsdam, implemented as a module into the existing PMAS spectrograph. The purpose of PPak is to provide both an extended field-of-view with a large light collecting power for each spatial element, as well as an adequate spectral resolution. The PPak system consists of a fiber bundle with 331 object, 36 sky and 15 calibration fibers. The object and sky fibers collect the light from the focal plane behind a focal reducer lens. The object fibers of PPak, each 2.7 arcseconds in diameter, provide a contiguous hexagonal field-of-view of 74 times 64 arcseconds on the sky, with a filling factor of 60%. The operational wavelength range is from 400 to 900nm. The PPak-IFU, together with the PMAS spectrograph, are intended for the study of extended, low surface brightness objects, offering an optimization of total light-collecting power and spectral resolution. This paper describes the instrument design, the assembly, integration and tests, the commissioning and operational procedures, and presents the measured performance at the telescope.Comment: 14 pages, 21 figures, accepted at PAS

GRIPS - Gamma-Ray Imaging, Polarimetry and Spectroscopy

We propose to perform a continuously scanning all-sky survey from 200 keV to 80 MeV achieving a sensitivity which is better by a factor of 40 or more compared to the previous missions in this energy range. The Gamma-Ray Imaging, Polarimetry and Spectroscopy (GRIPS) mission addresses fundamental questions in ESA's Cosmic Vision plan. Among the major themes of the strategic plan, GRIPS has its focus on the evolving, violent Universe, exploring a unique energy window. We propose to investigate $\gamma$-ray bursts and blazars, the mechanisms behind supernova explosions, nucleosynthesis and spallation, the enigmatic origin of positrons in our Galaxy, and the nature of radiation processes and particle acceleration in extreme cosmic sources including pulsars and magnetars. The natural energy scale for these non-thermal processes is of the order of MeV. Although they can be partially and indirectly studied using other methods, only the proposed GRIPS measurements will provide direct access to their primary photons. GRIPS will be a driver for the study of transient sources in the era of neutrino and gravitational wave observatories such as IceCUBE and LISA, establishing a new type of diagnostics in relativistic and nuclear astrophysics. This will support extrapolations to investigate star formation, galaxy evolution, and black hole formation at high redshifts.Comment: to appear in Exp. Astron., special vol. on M3-Call of ESA's Cosmic Vision 2010; 25 p., 25 figs; see also www.grips-mission.e

Replacement Of The Boiler Feedpumps During The Retrofit Of The 500 Mw Units At A German Power Station

Lecturepg. 15The Janschwalde Power Station consists of six 500 MW units that were commissioned between 1981 and 1989. These units, which were equipped with turbo feedpumps manufactured in Russia, had an average efficiency of only 78 percent and a mean time between overhauls of 25,000 hr. The test was to adapt these boiler feedpumps at the lowest possible cost (only minor modifications to the base and the pipework were envisaged), and to achieve a payback time of four to five years by improving the pump efficiency and reducing operating costs. This was accomplished by fitting new cartridges into the existing barrel casings. These cartridges consisted of six-stages of a well-proved hydraulic with a specific speed of 1700 operating at the nominated turbine speed of 5600 to 5700 rpm. The processing of the contract within the pump manufacturer’s organization is described, along with the extensive coordination and quality assurance within a tight production schedule (delivery time of only seven months before the trail operation of the first pump unit). The efficiency of the new pumps was determined onsite by means of thermodynamic measurement. The specific features of the pumps and the proof efficiency in the power station by means of thermodynamic measurement are defined in detail

Development of the wide-field IFU PPak

PPak is a new fiber-bundle, developed at the Astrophysical Institute Potsdam for the existing PMAS 3D-instrument. The intention of PPak is to provide a large integral field-of-view in combination with a large collecting area per fiber for the study of extended low-surface brightness objects. The PPak system consists of a focal reducer lens and a fiber bundle, featuring an innovative design with object, sky and calibration fibers. With a field-of-view of 74 x 65 arcseconds, PPak currently is the world's widest integral field unit that provides a semi-contiguous regular sampling of extended astronomical objects. Its pre-optics and fiber-diameter, combined with the versatility and efficiency of the PMAS spectrograph, allows PPak to make a unique trade-off between total light-collecting power and spectral resolution