The Genesis of Venture Capital - Lessons from the German Experience

Why does venture capital work in some countries but not in others? This clinical study of the first German venture capital firm examines the difficulties of creating a venture capital market in a bank-based financial system. The analysis identifies the problem of creating appropriate governance structures to protect investor returns. It exposes the difficulties of established banks - not to mention government - to devise venture investment strategies. It identifies the availability of high quality entrepreneurs as a critical complement. And it provides a reinterpretation of the hypothesis of Black and Gilson (1997), arguing that the existence of an active stock market is a necessary, but by no means sufficient condition for the development of venture capital.

Corporate Tax Reform and Foreign Direct Investment in Germany – Evidence from Firm-Level Data

Does the reduction of the effective tax burden on corporations trigger foreign direct investment? We take the German tax reform of 2000 as a natural experiment in order to isolate the impact of corporate taxation on the investment of foreign-held affiliates in Germany. We do so by exploiting the very rich MiDi data base from the Deutsche Bundesbank. Although we deliberately choose an approach which is likely to underestimate the tax effects on investment we find significant evidence that the tax reduction had the intended effect of - ceteris paribus - fostering inward direct investment. We find an elasticity of inward foreign direct investment with respect to the effective marginal tax rate of -0.7. We repeat the analysis for different subgroups and find high degrees of heterogeneity. Our results do not allow to decide whether the model of discrete investment choices or the model of marginal adjustment of the capital stock performs better in explaining the investment data.corporate taxation, foreign direct investment

Response functions as quantifiers of non-Markovianity

Quantum non-Markovianity is crucially related to the study of dynamical maps, which are usually derived for initially factorized system-bath states. We here demonstrate that linear response theory also provides a way to derive dynamical maps, but for initially correlated (and in general entangled) states. Importantly, these maps are always time-translational invariant and allow for a much simpler quantification of non-Markovianity compared to previous approaches. We apply our theory to the Caldeira-Leggett model, for which our quantifier is valid beyond linear response and can be expressed analytically. We find that a classical Brownian particle coupled to an Ohmic bath can already exhibit non-Markovian behaviour, a phenomenon related to the initial state preparation procedure. Furthermore, for a peaked spectral density we demonstrate that there is no monotonic relation between our quantifier and the system-bath coupling strength, the sharpness of the peak or the resonance frequency in the bath.Comment: Updated version with additional information. 5 + 5 pages incl. 2 figures. Comments are welcom

Regenerative neurogenesis: the integration of developmental, physiological and immune signals.

In fishes and salamanders, but not mammals, neural stem cells switch back to neurogenesis after injury. The signalling environment of neural stem cells is strongly altered by the presence of damaged cells and an influx of immune, as well as other, cells. Here, we summarise our recently expanded knowledge of developmental, physiological and immune signals that act on neural stem cells in the zebrafish central nervous system to directly, or indirectly, influence their neurogenic state. These signals act on several intracellular pathways, which leads to changes in chromatin accessibility and gene expression, ultimately resulting in regenerative neurogenesis. Translational approaches in non-regenerating mammals indicate that central nervous system stem cells can be reprogrammed for neurogenesis. Understanding signalling mechanisms in naturally regenerating species show the path to experimentally promoting neurogenesis in mammals

Ionization heating in rare-gas clusters under intense XUV laser pulses

The interaction of intense extreme ultraviolet (XUV) laser pulses ($\lambda=32\rm\,nm$, $I=10^{11-14}$\,W/cm$^2$) with small rare-gas clusters (Ar$_{147}$) is studied by quasi-classical molecular dynamics simulations. Our analysis supports a very general picture of the charging and heating dynamics in finite samples under short-wavelength radiation that is of relevance for several applications of free-electron lasers. First, up to a certain photon flux, ionization proceeds as a series of direct photoemission events producing a jellium-like cluster potential and a characteristic plateau in the photoelectron spectrum as observed in [Bostedt {\it et al.}, Phys. Rev. Lett. {\bf 100}, 013401 (2008)]. Second, beyond the onset of photoelectron trapping, nanoplasma formation leads to evaporative electron emission with a characteristic thermal tail in the electron spectrum. A detailed analysis of this transition is presented. Third, in contrast to the behavior in the infrared or low vacuum ultraviolet range, the nanoplasma energy capture proceeds via {\it ionization heating}, i.e., inner photoionization of localized electrons, whereas collisional heating of conduction electrons is negligible up to high laser intensities. A direct consequence of the latter is a surprising evolution of the mean energy of emitted electrons as function of laser intensity.Comment: figure problems resolve

Is Truth Relevant? On the Relevance of Relevance

An assertion can be a factual claim or the expression of a value judgment. Since Hume the view that these are two incompatible types of assertions that cannot be connected by argumentation, has often been defended, and, more recently, has also been called into question. In the following paper I attempt to show that the truth both of a descriptive sentence and of a normative sentence is derived from its “practical relevance”. The demand that an assertion must be true and must be based on knowledge of the asserter is derived from the demand that an assertion must be practically relevant to the addressee. On the basis of this claim I will sketch a model of what it m

Anomalies and large N limits in matrix string theory

We study the loop expansion for the low energy effective action for matrix string theory. For long string configurations we find the result depends on the ordering of limits. Taking $g_s\to 0$ before $N\to\infty$ we find free strings. Reversing the order of limits however we find anomalous contributions coming from the large $N$ limit that invalidate the loop expansion. We then embed the classical instanton solution into a long string configuration. We find the instanton has a loop expansion weighted by fractional powers of $N$. Finally we identify the scaling regime for which interacting long string configurations have a well defined large $N$ limit. The limit corresponds to large "classical" strings and can be identified with the "dual of the 't Hooft limit, $g_{SYM}^2\sim N$.Comment: 13 pages, 1 figure, harvmac.tex, notational errors corrected, references added. Trivial error in section 5 corrected with the result that the domain of validity of the loop expn. is slightly modifie