Access to finance and venture capital for industrial SMEs

SMEs play a crucial role for European economies. The numbers show the high importance of SMEs for national economies. Accordingly, it is no surprise that the regulatory framework SMEs are imbedded in is the subject of an important political discussion. In the discussion it is frequently mentioned by representatives of SMEs as well as associations of SMEs, that the access to finance for SMEs is still inferior. Based on the importance of SMEs for national economies and the discussion on the accessibility of financial resources for SMEs, it is the main objective of this study to provide solid data on the access of SMEs to financial resources. To provide the data, the study is focusing on four main issues. First of all, the importance of SMEs for national economies will be shown. After that the financing of SMEs in selected countries will be analysed. Then the availability of venture capital for SMEs will be discussed. Finally the tax regimes and the influence of the tax system on the access to finance for SMEs will be analysed. Since there is still a large variety among the tax systems of the European Union member states, the study has focused on Austria, France, Germany, Poland and the United Kingdom. --SME,financial structure,venture capital,tax framework,accounting standards

Auswirkungen des Basel II Akkords auf österreichisches KMU

The paper discusses the impact of the Basel II Accord on the financing of small and medium size enterprises (SME) in Austria. Although the Basel II Accord has not been established yet, the study tries to evaluate the expected impact of the Basel II Accord on SMEs, on the bases of the current financial data of SMEs. The empirical work used the NACE datapool for Austrian SME provided by KMU Forschung Austria. In the datapool, SMEs are defined as companies with a turnover of up to 100 Mio. In addition to the statistical analysis an empirical data survey has been conducted by Triconsult. The survey focused on the expected impact of the Basel II Accord on SMEs by intermediaries (f.i. consultancies and technology transfer agencies). The results of the study show that most SME and intermediaries are not prepared for the new regulations initiated by Basel II. Accordingly three measures should be taken by policy makers to enhance SMEs capability to adjust to the new requests established by the Basel II Accord: 1. Extension of the information for SMEs on the impact of the Basel II Accord. 2. Companies should be motivated to enlarge indicators that give banks information about their financial development. 3. Measures are required to improve the financial structure of SMEs in Austria. --Basel II Accord,Innovation,Finance of Innovation

A bigger piece of the pie? State corrections spending and the politics of social order

Author's manuscript made available in accordance with the publisher's policy.The dramatic increase in American state prison populations during the past three decades has sparked considerable research interest. Empirical research has most often examined changes in prison admissions or populations, but few studies have considered shifts in state corrections budgets. This study examines variation in annual, state-level corrections expenditures as a proportion of state expenditures from 1980 to 1998, drawing together existing theoretical arguments about criminal punishment under a common rubric that focuses on state responsibility for the maintenance of social order and the need for state officials to maintain office through popular election. From this view, partisan politics, economic and racial threats, citizen preferences, fiscal considerations, policy priorities, and crime are important explanations of corrections spending because they affect strategies for maintaining social order, garnering votes, and maintaining political office. Findings generally support this perspective. Partisan politics, racial threats, state economic prosperity, and budgetary priorities all play a role in determining state corrections expenditures

PARTISAN POLITICS, ELECTORAL COMPETITION, AND IMPRISONMENT: AN ANALYSIS OF STATES OVER TIME

Author's manuscript made available in accordance with the publisher's policy.The now well-documented explosion in prison populations over the last 30 years has spurred significant attention in the literature. Early research focused primarily on economic explanations. More recently it has focused on political explanations of prison growth. Here we extend research on political explanations of imprisonment by drawing on the literature on state politics and public policy. We argue that the effect of partisan politics on punishment is conditional on how much electoral competition legislators face. We test this hypothesis using annual state level data on imprisonment from 1978 to 1996. Our findings show that the effect of Republican state legislative strength on prison admissions depends on time and the level of competition in state legislative elections. We argue that these findings suggest the need for a more nuanced understanding of the link between partisan U.S. politics and imprisonment

Ontogeny of synaptophysin and synaptoporin in the central nervous system

The expression of the synaptic vesicle antigens synaptophysin (SY) and synaptoporin (SO) was studied in the rat striatum, which contains a nearly homogeneous population of GABAergic neurons. In situ hybridization revealed high levels of SY transcripts in the striatal anlage from embryonic day (E) 14 until birth. In contrast. SO hybridization signals were low, and no immunoreactive cell bodies were detected at these stages of development. At E 14, SY-immunoreactivity was restricted to perikarya. In later prenatal stages of development SY-immunoreactivity appeared in puncta (identified as terminals containing immunostained synaptic vesicles), fibers, thick fiber bundles and ‘patches’. In postnatal and adult animals, perikarya of striatal neurons exhibited immunoreaction for SO; ultrastructurally SO antigen was found in the Golgi apparatus and in multivesicular bodies. SO-positive boutons were rare in the striatum. In the neuropil, numerous presynaptic terminals positive for SY were observed. Our data indicate that the expression of synaptic vesicle proteins in GABAergic neurons of the striatum is developmentally regulated. Whereas SY is prevalent during embryonic development, SO is the major synaptic vesicle antigen expressed postnatally by striatal neurons which project to the globus pallidus and the substantia nigra. In contrast synapses of striatal afferents (predominantly from cortex, thalamus and substantia nigra) contain SY

Consistency and diversity of spike dynamics in the neurons of bed nucleus of Stria Terminalis of the rat: a dynamic clamp study

Neurons display a high degree of variability and diversity in the expression and regulation of their voltage-dependent ionic channels. Under low level of synaptic background a number of physiologically distinct cell types can be identified in most brain areas that display different responses to standard forms of intracellular current stimulation. Nevertheless, it is not well understood how biophysically different neurons process synaptic inputs in natural conditions, i.e., when experiencing intense synaptic bombardment in vivo. While distinct cell types might process synaptic inputs into different patterns of action potentials representing specific "motifs'' of network activity, standard methods of electrophysiology are not well suited to resolve such questions. In the current paper we performed dynamic clamp experiments with simulated synaptic inputs that were presented to three types of neurons in the juxtacapsular bed nucleus of stria terminalis (jcBNST) of the rat. Our analysis on the temporal structure of firing showed that the three types of jcBNST neurons did not produce qualitatively different spike responses under identical patterns of input. However, we observed consistent, cell type dependent variations in the fine structure of firing, at the level of single spikes. At the millisecond resolution structure of firing we found high degree of diversity across the entire spectrum of neurons irrespective of their type. Additionally, we identified a new cell type with intrinsic oscillatory properties that produced a rhythmic and regular firing under synaptic stimulation that distinguishes it from the previously described jcBNST cell types. Our findings suggest a sophisticated, cell type dependent regulation of spike dynamics of neurons when experiencing a complex synaptic background. The high degree of their dynamical diversity has implications to their cooperative dynamics and synchronization

Roadmap for a precision-medicine initiative in the Nordic region

The Nordic region, comprising primarily Denmark, Estonia, Finland, Iceland, Norway and Sweden, has many of the necessary characteristics for being at the forefront of genome-based precision medicine. These include egalitarian and universal healthcare, expertly curated patient and population registries, biobanks, large population-based prospective cohorts linked to registries and biobanks, and a widely embraced sense of social responsibility that motivates public engagement in biomedical research. However, genome-based precision medicine can be achieved only through coordinated action involving all actors in the healthcare sector. Now is an opportune time to organize scientists in the Nordic region, together with other stakeholders including patient representatives, governments, pharmaceutical companies, academic institutions and funding agencies, to initiate a Nordic Precision Medicine Initiative. We present a roadmap for how this organization can be created. The Initiative should facilitate research, clinical trials and knowledge transfer to meet regional and global health challenges.Non peer reviewe

A Parasitoid Wasp Induces Overwintering Behaviour in Its Spider Host

Parasites and parasitoids control behaviors of their hosts. However, the origin of the behavior evoked by the parasitic organism has been rarely identified. It is also not known whether the manipulation is universal or host-specific. Polysphinctine wasps, koinobiont ectoparasitoids of several spider species that manipulate host web-spinning activity for their own protection during pupation, provide an ideal system to reveal the origin of the evoked behavior. Larva of Zatypota percontatoria performed species-specific manipulation of theridiid spiders, Neottiura bimaculata and Theridion varians, shortly before pupation. Parasitized N. bimaculata produced a dense web, whereas parasitized T. varians built a cupola-like structure. The larva pupated inside of either the dense web or the cupola-like structure. We discovered that unparasitized N. bimaculata produce an analogous dense web around their eggsacs and for themselves during winter, while T. varians construct an analogous ‘cupola’ only for overwintering. We induced analogous manipulation in unparasitized hosts by altering ambient conditions. We discovered that the behavior evoked by larvae in two hosts was functionally similar. The larva evoked protective behaviors that occur in unparasitized hosts only during specific life-history periods

Density Functional Theory (DFT) Study of Triphenylamine-Based Dyes for Their Use as Sensitizers in Molecular Photovoltaics

In this work we studied three dyes which are proposed for potential photovoltaic applications and named Dye7, Dye7-2t and Dye7-3t. The Density Functional Theory (DFT) was utilized, using the M05-2X hybrid meta-GGA functional and the 6–31+G(d,p) basis set. This level of calculation was used to find the optimized molecular structure and to predict the main molecular vibrations, the absorption and emission spectra, the molecular orbitals energies, dipole moment, isotropic polarizability and the chemical reactivity parameters that arise from Conceptual DFT. Also, the pKa values were calculated with the semi-empirical PM6 method