Why do contracts differ between VC types? : market segmentation versus corporate governance varieties

We model the impact of bank mergers on loan competition, reserve holdings and aggregate liquidity. A merger changes the distribution of liquidity shocks and creates an internal money market, leading to financial cost efficiencies and more precise estimates of liquidity needs. The merged banks may increase their reserve holdings through an internalization effect or decrease them because of a diversification effect. The merger also affects loan market competition, which in turn modifies the distribution of bank sizes and aggregate liquidity needs. Mergers among large banks tend to increase aggregate liquidity needs and thus the public provision of liquidity through monetary operations of the central bank. JEL Classification: G24, G32, G3

Why Do Contracts Differ between VC Types? Market Segmentation versus Corporate Governance Varieties

The main objective of the present paper is to disentangle observed differences in the design of contracts across VC types into firm selection effects and corporate governance differences between VC types (different contracts). Based on a theoretical approach developed in the first part of the paper, we investigate in the second part these issues empirically by using a unique, hand-collected German data set consisting of all contractual details of VC investments into 290 entrepreneurial firms in the period 1990-2004. By employing various matching procedures, we show that VC types differ in both firm choice and corporate governance approach.Venture Capital, Corporate Governance, Matching, Contract Design

Behavioral and hormonal flexibility across light environments in guppies (Poecilia reticulata)

Behavior may be dramatically influenced by changing environments, and differences in light intensity environments may have important behavioral consequences. One approach to understanding changes in behavior is by studying behavioral syndromes, suites of correlated behaviors reflecting between individual consistencies in behavior expressed within a behavioral situation (e.g., correlations between antipredator behaviors in different habitats), or across behavioral contexts (e.g., correlations among feeding, antipredator, or mating behavior) (Sih et al. 2004a). Guppies (Poecilia reticulata) provide a great model system to study behavior. Guppies are small, freshwater tropical fish that inhabit still pools in swift-flowing streams, and the backwaters of small rivers in mountain forest areas of Trinidad (Houde 1997; Magurran 2005). In this study I attempted to answer the following questions using three low predation populations of guppies : 1) Do guppies display a behavioral syndrome for aggression and/or courtship across light situations?; 2) Are there mean level changes in aggression or courtship across light situations?; 3) Are mean level changes influenced by differing social environments that include or lack sexually receptive females?; 4) Are there correlations between behavior and the androgen hormones testosterone and 11-ketotestosterone?; 5) Are there correlations between behavior and the stress hormone cortisol?; 6) Are there mean level changes in hormone release rates across light environments?; and 7) Is flexibility in hormone release rates influenced by social environments that include or lack sexually receptive females? Guppies exhibit behavioral syndromes for both aggression and courtship. Furthermore, guppies exhibit behavioral flexibility for both aggression and courtship, but only in social environments that include sexually receptive females. I found no correlations between behavior and androgen hormones. I also did not find any correlations between behavior and the stress hormone cortisol. Furthermore, I did not find any mean level changes in hormone release rates across light environments. Interestingly, cortisol levels were higher in social environments in which sexually receptive females were absent. Many studies have looked at how the environment influences courtship behavior in guppies, especially employing high predation populations, but few studies have examined aggressive behavior or behavior in general with low predation populations. Furthermore, few studies have determined the role social environments play, and how hormones may interact with behavior. This study is important because it helps illuminate how low predation populations deal with changes in light intensity environments, and adds to what we understand about guppy behavior in general

Development and validation of risk profiles of West African rural communities facing multiple natural hazards

West Africa has been described as a hotspot of climate change. The reliance on rain-fed agriculture by over 65% of the population means that vulnerability to climatic hazards such as droughts, rainstorms and floods will continue. Yet, the vulnerability and risk levels faced by different rural social-ecological systems (SES) affected by multiple hazards are poorly understood. To fill this gap, this study quantifies risk and vulnerability of rural communities to drought and floods. Risk is assessed using an indicator-based approach. A stepwise methodology is followed that combines participatory approaches with statistical, remote sensing and Geographic Information System techniques to develop community level vulnerability indices in three watersheds (Dano, Burkina Faso; Dassari, Benin; Vea, Ghana). The results show varying levels of risk profiles across the three watersheds. Statistically significant high levels of mean risk in the Dano area of Burkina Faso are found whilst communities in the Dassari area of Benin show low mean risk. The high risk in the Dano area results from, among other factors, underlying high exposure to droughts and rainstorms, longer dry season duration, low caloric intake per capita, and poor local institutions. The study introduces the concept of community impact score (CIS) to validate the indicator-based risk and vulnerability modelling. The CIS measures the cumulative impact of the occurrence of multiple hazards over five years. 65.3% of the variance in observed impact of hazards/CIS was explained by the risk models and communities with high simulated disaster risk generally follow areas with high observed disaster impacts. Results from this study will help disaster managers to better understand disaster risk and develop appropriate, inclusive and well integrated mitigation and adaptation plans at the local level. It fulfills the increasing need to balance global/regional assessments with community level assessments where major decisions against risk are actually taken and implemented

Governance und Vertragsstrukturen in der deutschen VC Industrie: eine empirische Einschätzung

Diese Arbeit analysiert die wesentlichen Elemente der Vertragsstrukturen in der Venture Capital-Industrie. Aufbauend auf einem sehr umfangreichen und detaillierten Datensatz, der die Verträge zwischen Venture Capital-Investoren und deren Portfoliounternehmen abbildet, werden die Kontroll-, Entscheidungs- und Vetorechte einer detaillierten Analyse unterzogen. Dabei zeigt sich eine klare Tendenz in der Entwicklung der Vertragsstrukturen in Deutschland hin zu angelsächsisch strukturierten Verträgen. Dies beinhaltet unter anderem eine verstärkte Verwendung von Kontroll- und Entscheidungsrechten aber auch ein breiteres Spektrum dieser Rechte. Außerdem finden wir eine klare Interaktionen zwischen Kontrollrechten, Cash-Flow Rechten und Liquidationsrechten. Insbesondere ist zu betonen, dass Cash-Flow und Kontrollrechte einerseits und Stimmrechte und Aufsichtsratsanteile andererseits separat alloziiert werden und viele Kontrollrechte als Komplemente und nicht als Substitute zueinander aufgefasst werden müssen. JEL Classification: G24, G32, D86, D80, G3

Analyse der Übertragbarkeit allgemeiner Rankingfaktoren von Web-Suchmaschinen auf Discovery-Systeme

Ziel dieser Bachelorarbeit war es, die Übertragbarkeit der allgemeinen Rankingfaktoren, wie sie von Web-Suchmaschinen verwendet werden, auf Discovery-Systeme zu analysieren. Dadurch könnte das bisher hauptsächlich auf dem textuellen Abgleich zwischen Suchanfrage und Dokumenten basierende bibliothekarische Ranking verbessert werden. Hierfür wurden Faktoren aus den Gruppen Popularität, Aktualität, Lokalität, Technische Faktoren, sowie dem personalisierten Ranking diskutiert. Die entsprechenden Rankingfaktoren wurden nach ihrer Vorkommenshäufigkeit in der analysierten Literatur und der daraus abgeleiteten Wichtigkeit, ausgewählt. Von den 23 untersuchten Rankingfaktoren sind 14 (61 %) direkt vom Ranking der Web-Suchmaschinen auf das Ranking der Discovery-Systeme übertragbar. Zu diesen zählen unter anderem das Klickverhalten, das Erstellungsdatum, der Nutzerstandort, sowie die Sprache. Sechs (26%) der untersuchten Faktoren sind dagegen nicht übertragbar (z.B. Aktualisierungsfrequenz und Ladegeschwindigkeit). Die Linktopologie, die Nutzungshäufigkeit, sowie die Aktualisierungsfrequenz sind mit entsprechenden Modifikationen übertragbar.The purpose of this bachelor thesis was to analyze the transferability of the general ranking factors, as used by web search engines, to Discovery-Systems. As a result of this investigation, the library ranking, which used to be based primarily on textual matching between search query and documents, could be improved. For this purpose ranking factors from the groups popularity, freshness, locality, technical factors as well as the personalized ranking factors were discussed. The corresponding ranking factors were selected according to their frequency of occurrence in the literature analyzed and the importance derived therefrom. 23 ranking factors were examined, 14 (61%) are directly transferable from the web search engines to the discovery systems. These include for example click popularity, publication date, user location, and language. However, six (26%) of the investigated factors are not transferable (e.g., update frequency and page loading rate). The Link-based ranking, the frequency of usage, as well as the update frequency are transferable with appropriate modifications

Systemic Effects by Intrathecal Administration of Triamcinolone Acetonide in Patients With Multiple Sclerosis

In patients suffering from multiple sclerosis (MS), intrathecal injection of triamcinolone acetonide (TCA) has been shown to improve symptoms of spasticity. Although repeated intrathecal injection of TCA has been used in a number of studies in late-stage MS patients with spinal cord involvement, no clinical-chemical data are available on the distribution of TCA in cerebrospinal fluid (CSF) or serum. Moreover, the effects of intrathecal TCA administration on the concentrations of endogenous steroids remain poorly understood. Therefore, we have quantified TCA and selected endogenous steroids in CSF and serum of TCA-treated MS patients suffering from spasticity. Concentrations of steroids were quantified by LC-MS, ELISA, or ECLIA and compared with the blood-brain barrier status, diagnosed with the Reibergram. The concentration of TCA in CSF significantly increased during each treatment cycle up to >5 mu g/ml both in male and female patients (p30 ng/ml (p< 0.001) and severely depressed serum levels of cortisol and corticosterone (p< 0.001). In addition, concentrations of circulating estrogen were significantly suppressed (p< 0.001). Due to the potent suppressive effects of TCA on steroid hormone concentrations both in the brain and in the periphery, we recommend careful surveillance of adrenal function following repeated intrathecal TCA injections in MS patients

CGEF-1 regulates mTORC1 signaling during adult longevity and stress response in

The mechanistic target of rapamycin (mTOR) kinase is central to metabolism and growth, and has a conserved role in aging. mTOR functions in two complexes, mTORC1 and mTORC2. In diverse eukaryotes, inhibition of mTORC1 signaling increases lifespan. mTORC1 transduces anabolic signals to stimulate protein synthesis and inhibits autophagy. In this study, we demonstrate that CGEF-1, theC. eleganshomolog of the human guanine nucleotide exchange factor Dbl, is a novel binding partner of RHEB-1 and activator of mTORC1 signaling inC. elegans.cgef-1mutants display prolonged lifespan and enhanced stress resistance. The transcription factors DAF-16/FoxO and SKN-1/Nrf are required for increased longevity and stress tolerance, and induce protective gene expression incgef-1mutants. Genetic evidence indicates thatcgef-1functions in the same pathway withrheb-1, the mTOR kinaselet-363, anddaf-15/Raptor. Whencgef-1is inactivated, phosphorylation of 4E-BP, a central mTORC1 substrate for protein translation is reduced inC. elegans. Moreover, autophagy is increased uponcgef-1and mTORC1 inhibition. In addition, we show that in human cells Dbl associates with Rheb and stimulates mTORC1 downstream targets for protein synthesis suggesting that the function of CGEF-1/Dbl in the mTORC1 signaling pathway is evolutionarily conserved. These findings have important implications for mTOR functions and signaling mechanisms in aging and age-related diseases