On the Geographic and Cultural Determinants of Bankruptcy

This paper examines the role of geography and culture in explaining bankruptcy. We adopt survival analyses to model the bankruptcy risk of a firm, allowing for time-varying covariates. Based on a large sample from all major sectors of the Swiss economy, we find the following results: (i) The geographic location of a firm, which is characterized using a core-periphery approach, has a significant impact on its bankruptcy risk; (ii) Variables proxying for the cultural environment of a firm have significant explanatory power; (iii) The results of the previous literature on the standard determinants of bankruptcy are confirmed.bankruptcy, geography, culture, exit

Merge or Fail? The Determinants of Mergers and Bankruptcies in Switzerland, 1995-2000

This paper examines the determinants of mergers and bankruptcies, using firm level data from the Swiss Business Census and the Dun & Bradstreet exit database for Switzerland (1995-2000). Employing duration analysis, we find considerable differences in the determinants of mergers and bankruptcies, in particular with respect to firm size, location and the impact of macroeconomic conditions. Our results support the notion that mergers are often undertaken to seize growth opportunities.merger, bankruptcy, failure, survival, exit

The geographic determinants of bankruptcy: evidence from Switzerland

This paper examines the geographic determinants of firm bankruptcy. We employ hazard rate models to study the bankruptcy risk of a firm, allowing for time-varying covariates. Based on a large sample from all geographic areas and the major sectors of the Swiss economy, we find the following main results: (1) Bankruptcy rates tend to be lower in the central municipalities of agglomerations; (2) bankruptcy rates are lower in regions with favorable business conditions (where corporate taxes and unemployment are low and public investment is high); (3) private taxes and public spending at the local level have little impact on bankruptcy rate

IFRS-Controlling von Wohnungsunternehmen: Ein Beitrag zum wertorientierten Bestandsmanagement in der Wohnungswirtschaft

Die Controllinginhalte und -instrumente von Wohnungsunternehmen stehen durch verschärfte Tranparenzanforderungen des Kapitalmarkts, durch die verstärkte Orientierung an nachhaltigen Wertentwicklungen sowie durch die Einflüsse der internationalen Rechnungslegung vor einem Anpassungs- und Erweiterungsbedarf. In der vorliegenden Arbeit eine Methodik entwickelt, die Wertentwicklungen im Anlagevermögen messbar und planbar zu machen. Die Methodik ist bereits im Einsatz und grundsätzlich übetragbar

IFRS-Controlling von Wohnungsunternehmen : ein Beitrag zum wertorientierten Bestandsmanagement in der Wohnungswirtschaft

Die Controllinginhalte und -instrumente von Wohnungsunternehmen stehen durch verschärfte Tranparenzanforderungen des Kapitalmarkts, durch die verstärkte Orientierung an nachhaltigen Wertentwicklungen sowie durch die Einflüsse der internationalen Rechnungslegung vor einem Anpassungs- und Erweiterungsbedarf. In der vorliegenden Arbeit eine Methodik entwickelt, die Wertentwicklungen im Anlagevermögen messbar und planbar zu machen. Die Methodik ist bereits im Einsatz und grundsätzlich übetragbar

Krafttraining für Läuferinnen und Läufer

Hintergrund: Traditionell wurden Leistungsverbesserungen im Mittel- und Langstreckenlauf ausschließlich in der Anwendung unterschiedlicher Methoden des Ausdauertrainings gesehen. Der Nutzen von Krafttraining zur Verbesserung der Laufleistung wurde und wird auch weiterhin vielfach angezweifelt. Untersuchungen der letzten Jahre, weisen nun darauf hin, dass die Laufökonomie durch ein zielgerichtetes Krafttraining verbessert werden kann und diese Trainingsform darüber hinaus zur Belastungsverträglichkeit und Verletzungsprophylaxe von Läuferinnen und Läufern beitragen kann. Ziel: Ziel dieser Magisterarbeit ist es, mittels einer umfassenden Literaturübersicht den derzeitigen Forschungsstand in diesem Bereich zu beleuchten und die Frage zu beantworten, ob Krafttraining tatsächlich zu Leistungsverbesserungen im leichtathletischen Mittel- und Langstreckenlauf beitragen kann, bzw. als Methode zur Verletzungsprophylaxe von Läuferinnen und Läufern eingesetzt werden sollte. Darüber hinaus sollen trainingspraktische Hinweise hinsichtlich der Periodisierung und Gestaltung eines Krafttrainings für Läuferinnen und Läufer gegeben werden. Ergebnisse: Zahlreiche kontrollierte Studien deuten darauf hin, dass speziell plyometrisches Training zur Verbesserung der Laufökonomie führt und damit die Laufleistung verbessern kann. Darüber hinaus bietet die Literaturübersicht Hinweise darauf, dass ein ergänzendes Krafttraining auch Sportverletzungen und Sportschäden von Läuferinnen und Läufern verhindern kann.Background: Traditionally it was believed, that an enhancement in distance running performance can only be achieved by executing various endurance training methods. The benefit of resistance exercise training for improvement of the running performance has been, and still is, mistrusted frequently. Recent studies however demonstrate that running economy can be improved using target-oriented forms of resistance exercise training, and moreover indicate, that strength training can enhance resilience and prevention against injuries. Purpose: This study aims to highlight the up-to-date state of research in this area based on a comprehensive review of literature and to answer the question if resistance type of exercise can improve endurance running performance and/or can prevent injuries. In addition exercise training recommendations concerning periodization and prescription of a resistance exercise training for endurance runners should be provided. Results: Numerous studies indicate that, “plyometric training” can improve running economy and thereby enhance running performance. This literature review also provides indication that complementary resistance exercise training can prevent sport injuries and damages in runners

Uncertainty propagation in multi-agent systems for multidisciplinary optimization problems

International audienceBecause of uncertainties on models and variables, deterministic multidisciplinary optimization may achieve under-sizing (without design margins) or over-sizing (with arbitrary design margins). Thus, it is necessary to implement multidisciplinary optimization methods that take into account the uncertainties in order to design systems that are both robust and reliable. Probabilistic methods such as reliability-based design optimization (RBDO) or robust design methods, provide designers with powerful decision-making tools but may involve very time-consuming calculations. New optimization approaches have been developed to deal with such complex problems. Auto-adaptive Multi-Agent Systems (AMAS) is a new approach developed recently, allowing to take into account the various aspects of a multidisciplinary optimization problem (multi-level, computation burden etc.). This approach was suggested for solving complex deterministic optimization problem. Now, the question of the integration of uncertainties in this multi-agent based optimization arises. The aim of this paper is to propose a new methodology for integrating the treatment of uncertainties in an adaptive multi-agent system for sequential optimization. The developed method employs a single loop process in which cycles of deterministic optimization alternate with evaluations of the system reliability. For each cycle, the optimization and the reliability analysis are decoupled from each other. The reliability analysis is carried out at agent level and only after the resolution of the deterministic optimization, to verify the feasibility of the constraints under uncertainties. Following the probabilistic study, the constraints violated (with low reliability) are shifted to the area of feasibility by integrating adaptive safety coeficients whose calculations are based on the agent-level reliability information. The method developed is applied to a conceptual aircraft design problem

Indentation and self-healing mechanisms of a self-assembled monolayer:a combined experimental and modeling study

A combination of in situ vibrational sum-frequency generation (SFG) spectroscopy and molecular-dynamics (MD) simulations has allowed us to study the effects of indentation of self-assembled octadecylphosphonic acid (ODPA) monolayers on α-Al2O3(0001). Stress-induced changes in the vibrational signatures of C–H stretching vibrations in SFG spectra and the results of MD simulations provide clear evidence for an increase in gauche-defect density in the monolayer as a response to indentation. A stress-dependent analysis indicates that the defect density reaches saturation at approximately 155 MPa. After stress is released, the MD simulations show an almost instantaneous healing of pressure-induced defects in good agreement with experimental results. The lateral extent of the contact areas was studied with colocalized SFG spectroscopy and compared to theoretical predictions for pressure gradients from Hertzian contact theory. SFG experiments reveal a gradual increase in gauche-defect density with pressure before saturation close to the contact center. Furthermore, our MD simulations show a spatial anisotropy of pressure-induced effects within ODPA domains: molecules tilted in the direction of the pressure gradient increase in tilt angle while those on the opposite side form gauche-defects

Measuring and Assessing Urban Sprawl: What are the Remaining Options for Future Settlement Development in Switzerland for 2030?

Transformation of land use in and around European cities is proceeding as fast as never before, and urban sprawl is a reality in Europe. This process is coming along with significant landscape changes that can even lead to the loss of landscape identity. Is it possible to find indications of which regions are prone to urban sprawl in order to curtail undesired future settlement developments in time? To answer this question we used settlement development scenarios for Switzerland, and analysed their spatial implications using a set of four metrics, which allow for comparing the degree of urban sprawl in different regions. Two aspects were explored: (1) by how much settlement development could potentially increase in Switzerland, and (2) the suitability of the metrics as indicators for characterizing and assessing the development of urban sprawl. The results show that overall in Switzerland the urban permeation and dispersion of settlement areas is likely to increase (in all scenarios), but to different degrees. However, the results differ very much between the various types of settlement and between the cantons, and even a decrease in urban dispersion is possible. In combination with scenarios of settlement growth, the metrics provide useful evidence on regional characteristics such as the overall pressure of settlement development and likely transformations of the respective settlement types that should be taken into account in spatial development concepts. There is a need for calibration of the indicators on a regional level to define specific thresholds to limit urban spraw

Model predictive control for building automation

© 2018. The AuthorsWe propose a building HVAC system, integrating local energy production and storage, together with a model based controller. The heating system integrates several local heat production and storage devices and multiple fluid circuits at different temperatures to minimize entropy production through mixing. The controller uses a model of the System and predictive knowledge of demand and weather information to minimize electrical energy import, while maintaining thermal comfort by solving mixed integer optimization problems online. Time-varying and unknown system parameters are estimated and adapted online, using an unscented Kalman filter. The adaptation greatly reduces modeling effort and maintenance cost. The proposed setup is tested in a co-simulation, using a physical (modelica-) model of the building and energy system as well as realistic weather and demand data. Our system delivers nearly seven times more energy in the form of heat, than it needs to import (electrical) energy from external sources