1514 search hits
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Open-End Real Estate Funds in Germany - Genesis and Crisis
(2006)
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Christina E. Bannier
Falko Fecht
Marcel Tyrell
- Open-end real estate funds are of particular importance in the German bankdominated financial system. However, recently the German open-end fund industry came under severe distress which triggered a broad discussion of required regulatory interventions. This paper gives a detailed description of the institutional structure of these funds and of the events that led to the crisis. Furthermore, it applies recent banking theory to open-end real estate funds in order to understand why the open-end fund structure was so prevalent in Germany. Based on these theoretical insights we evaluate the various policy recommendation that have been raised.
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Reinigung, biochemische Charakterisierung und Struktur der A1AO-ATPase aus Methanococcus jannaschii
(2006)
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Astrid Lingl
- Die A1AO-ATPase wurde aus Membranen von M. jannaschii unter Erhalt der Struktur isoliert. Das Enzym wurde durch eine Saccharose-Dichtegradientenzentrifugation, eine Anionenaustauschchromato-graphie an DEAE und eine Gelfiltration zur Homogenität gereinigt. Alle 9 aus der Operon-Struktur vorhergesagten Untereinheiten konnten mittels Western-Blot-Analyse oder einer N-terminalen Sequenzierung identifiziert werden. Die funktionelle Kopplung der A1- und AO-Domäne wurde durch Studien mit dem Inhibitor DCCD nachgewiesen. Das gereinigte Enzym hatte eine Masse von 670 kDa. Die ATP-Hydrolyseaktivität war bei einer Temperatur von 80°C und einem pH-Wert von 6 optimal. Der KM-Wert für MgATP wurde zu 1,2±0,2 mM bestimmt. Bei den Versuchen zur Entwicklung eines Na+-freien Tespuffers trat die strikte Abhängikeit des Enzyms von Hydrogensulfit oder Sulfit als Problem zu Tage. Aus Membranen von M. jannaschii wurden durch Chloroform/Methanol Lipide extrahiert, aus denen dann Liposomen hergestellt wurden. Die A1AO-ATPase aus M. jannaschii wurde in diese Liposomen erfolgreich rekonstituiert, eine ATP-Synthese konnte jedoch nicht nachgewiesen werden. Die elektronenmikroskopischen Analysen zeigten einen für ATPasen charakteristischen Aufbau, aus einer hydrophilen Domäne, die durch mindestens zwei Stiele mit der Membrandomäne verbunden ist. Anhand der Bildrekonstruktion von 17.238 Einzelpartikeln konnten zwei Klassen von ATPase-Molekülen unterschieden werden, die entweder über einen oder zwei periphere Stiele verfügten. Aus verschiedenen Einzelprojektionen wurden Summenbilder generiert, anhand dieser 2D- Rekonstruktion wurde die ATPase vermessen. Der Kopfteil, die Membrandomäne und der zentrale Stiel haben eine Größe von 11,5 x 9,4 nm, 10,6 x 6,4 nm und 8 x 3,9 nm (Länge x Breite). Die Gesamtlänge des Enzyms betrug 25,9 nm. Der zentrale Stiel der ATPase ist über der Membran von einer Kragen-ähnlichen Struktur umgeben, die wiederum mit den peripheren Stielen in Kontakt steht. Scheinbar steht nur einer der peripheren Stiele in direktem Kontakt mit der AO-Domäne. Die Überlagerung der 3D-Rekonstruktion eines A1-Subkomplexes aus Methanosarcina mazei mit der 2D-Rekonstruktion der A1AO-ATPase aus M. jannaschii zeigen deutlich, dass die peripheren Stiele mit dem oberen Ende der A1-Domäne in Kontakt stehen. Durch diese Analysen konnte erstmals die Struktur einer A1AO-ATPase mit einer Auflösung von 1,8 nm dargestellt werden. Sequenzanalysen haben gezeigt, dass das Proteolipid-Gen von Methanopyrus kandleri verdreizehnfacht ist. Das Gen wurde mittels PCR vervielfacht und in einen TOPO®-Vektor kloniert. Versuche das Gen in einen Expressionsvektor umzuklonieren, waren noch nicht erfolgreich.
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One share - one vote : a european rule?
(2006)
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Guido A. Ferrarini
- In this paper, I tackle the question whether one share - one vote should become a European law rule. I examine, first of all, the economic theory concerning one share - one vote and its optimality, and the law and economics literature on dual class recapitalizations and other deviations from one share - one vote. I also consider the agency costs of deviations from one share - one vote and examine whether they justify regulation. I subsequently analyze the rules implementing the one share - one vote standard in the US and Europe. In particular, I analyze the self-regulatory rules of US exchanges, the relevant provisions of the European Takeover Directive (including the well known break-through rule), and the European Court of Justice's position as to golden shares (which also are deviations from the one share - one vote standard). I conclude that one share - one vote is not justified by economic efficiency, as also confirmed by comparative law. Also the European breakthrough rule, which ultimately strikes down all deviations from one share - one vote, does not appear to be well grounded. Only transparency rules appear to be justified at EU level as disclosure of ownership and voting structures serves a pricing and governance function, while harmonisation of the relevant rules reduces transaction costs in integrated markets.
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Die Fremdkapitalfinanzierung der Aktiengesellschaft durch das Publikum
(2006)
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Theodor Baums
- Unter Fremdkapitalfinanzierung einer Unternehmung wird gemeinhin die Finanzierung durch Geldkredit und, bei großen Unternehmen, durch Geldkredit und durch Anleihen verstanden, wobei beide Finanzierungsinstrumente in verschiedener Hinsicht atypisch ausgestaltet sein können. Zu unterscheiden ist die Fremdkapitalfinanzierung auf der einen Seite von Leistungen, die nicht im Gewähren von Kapital bestehen (Dienstleistungen, Warenlieferungen, Verpachtungen, Lizenzen usw.). Nach der anderen Seite hin ist die Fremdkapitalfinanzierung von der Außenfinanzierung durch Eigenkapital abzugrenzen. Diese Abgrenzung kann nicht vom Gegenstand des Finanzierungsbeitrags her vorgenommen werden, jedenfalls dann nicht, wenn er in Geld besteht. Die Grenzlinie zwischen Fremd- und Eigenkapitalfinanzierung zu bestimmen ist bedeutsam, weil für diese Finanzierungsformen verschiedene (gesellschaftsrechtliche, bilanzrechtliche, insolvenzrechtliche, steuerrechtliche) Regeln gelten, deren Geltung von den Parteien mit der Wahl eines bestimmten Finanzierungsinstruments in der Regel auch gewollt ist oder erwartet wird. Die Abgrenzung kann im Einzelfall schwierig sein, wenn die zwischen demFinanzier und dem Unternehmen getroffene Vereinbarung sowohl Züge der Fremd- wie der Eigenkapitalfinanzierung trägt („hybride Finanzierungsinstrumente“), und eine anzuwendende gesetzliche Regelung keine eindeutigen Vorgaben enthält. Die folgende Darstellung orientiert sich an der dem geltenden Aktienrecht zugrunde liegenden Abgrenzung. Die Auslegung anderer gesetzlicher Normen, die jeweils nach deren Telos vorzunehmen ist, mag dazu führen, daß die Grenzlinie zwischen Eigen- und Fremdkapitalfinanzierung entsprechend dem besonderen Sinn und Zweck der anzuwendenden gesetzlichen Regelung anders zu ziehen ist.
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Case report : Acute unintentional carbachol intoxication
(2006)
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Martin Schulz
Thomas Graefe
Klaus Stuby
Hilke Andresen
Nikolai Kupfermann
Achim Schmoldt
- Introduction: Intoxications with carbachol, a muscarinic cholinergic receptor agonist are rare. We report an interesting case investigating a (near) fatal poisoning. Methods: The son of an 84-year-old male discovered a newspaper report stating clinical success with plant extracts in Alzheimer's disease. The mode of action was said to be comparable to that of the synthetic compound 'carbamylcholin'; that is, carbachol. He bought 25 g of carbachol as pure substance in a pharmacy, and the father was administered 400 to 500 mg. Carbachol concentrations in serum and urine on day 1 and 2 of hospital admission were analysed by HPLC-mass spectrometry. Results: Minutes after oral administration, the patient developed nausea, sweating and hypotension, and finally collapsed. Bradycardia, cholinergic symptoms and asystole occurred. Initial cardiopulmonary resuscitation and immediate treatment with adrenaline (epinephrine), atropine and furosemide was successful. On hospital admission, blood pressure of the intubated, bradyarrhythmic patient was 100/65 mmHg. Further signs were hyperhidrosis, hypersalivation, bronchorrhoea, and severe miosis; the electrocardiographic finding was atrio-ventricular dissociation. High doses of atropine (up to 50 mg per 24 hours), adrenaline and dopamine were necessary. The patient was extubated 1 week later. However, increased dyspnoea and bronchospasm necessitated reintubation. Respiratory insufficiency was further worsened by Proteus mirabilis infection and severe bronchoconstriction. One week later, the patient was again extubated and 3 days later was transferred to a peripheral ward. On the next day he died, probably as a result of heart failure. Serum samples from the first and second days contained 3.6 and 1.9 mg/l carbachol, respectively. The corresponding urine concentrations amounted to 374 and 554 mg/l. Conclusion: This case started with a media report in a popular newspaper, initiated by published, peer-reviewed research on herbals, and involved human failure in a case history, medical examination and clinical treatment. For the first time, an analytical method for the determination of carbachol in plasma and urine has been developed. The analysed carbachol concentration exceeded the supposed serum level resulting from a therapeutic dose by a factor of 130 to 260. Especially in old patients, intensivists should consider intoxications (with cholinergics) as a cause of acute cardiovascular failure.
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Co-utilization of L-arabinose and D-xylose by laboratory and industrial Saccharomyces cerevisiae strains
(2006)
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Kaisa Karhumaa
Beate Wiedemann
Bärbel Hahn-Hägerdal
Eckhard Boles
Marie-Francoise Gorwa-Grauslund
- Background Fermentation of lignocellulosic biomass is an attractive alternative for the production of bioethanol. Traditionally, the yeast Saccharomyces cerevisiae is used in industrial ethanol fermentations. However, S. cerevisiae is naturally not able to ferment the pentose sugars D-xylose and L-arabinose, which are present in high amounts in lignocellulosic raw materials. Results We describe the engineering of laboratory and industrial S. cerevisiae strains to co-ferment the pentose sugars D-xylose and L-arabinose. Introduction of a fungal xylose and a bacterial arabinose pathway resulted in strains able to grow on both pentose sugars. Introduction of a xylose pathway into an arabinose-fermenting laboratory strain resulted in nearly complete conversion of arabinose into arabitol due to the L-arabinose reductase activity of the xylose reductase. The industrial strain displayed lower arabitol yield and increased ethanol yield from xylose and arabinose. Conclusion Our work demonstrates simultaneous co-utilization of xylose and arabinose in recombinant strains of S. cerevisiae. In addition, the co-utilization of arabinose together with xylose significantly reduced formation of the by-product xylitol, which contributed to improved ethanol production.
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Optimized Particle Swarm Optimization (OPSO) and its application to artificial neural network training
(2006)
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Michael Meissner
Michael Schmuker
Gisbert Schneider
- Background: Particle Swarm Optimization (PSO) is an established method for parameter optimization. It represents a population-based adaptive optimization technique that is influenced by several "strategy parameters". Choosing reasonable parameter values for the PSO is crucial for its convergence behavior, and depends on the optimization task. We present a method for parameter meta-optimization based on PSO and its application to neural network training. The concept of the Optimized Particle Swarm Optimization (OPSO) is to optimize the free parameters of the PSO by having swarms within a swarm. We assessed the performance of the OPSO method on a set of five artificial fitness functions and compared it to the performance of two popular PSO implementations. Results: Our results indicate that PSO performance can be improved if meta-optimized parameter sets are applied. In addition, we could improve optimization speed and quality on the other PSO methods in the majority of our experiments. We applied the OPSO method to neural network training with the aim to build a quantitative model for predicting blood-brain barrier permeation of small organic molecules. On average, training time decreased by a factor of four and two in comparison to the other PSO methods, respectively. By applying the OPSO method, a prediction model showing good correlation with training-, test- and validation data was obtained. Conclusion: Optimizing the free parameters of the PSO method can result in performance gain. The OPSO approach yields parameter combinations improving overall optimization performance. Its conceptual simplicity makes implementing the method a straightforward task.
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A note on strong solutions of stochastic differential equations with a discontinuous drift coefficient
(2006)
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Nikolaos Halidias
Peter E. Kloeden
- The existence of a mean-square continuous strong solution is established for vector-valued Itö stochastic differential equations with a discontinuous drift coefficient, which is an increasing function, and with a Lipschitz continuous diffusion coefficient. A scalar stochastic differential equation with the Heaviside function as its drift coefficient is considered as an example. Upper and lower solutions are used in the proof.
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Open-charm enhancement at FAIR?
(2006)
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Laura Tolos
Jürgen Schaffner-Bielich
Horst Stöcker
- We have calculated the D-meson spectral density at finite temperature within a self-consistent coupled-channel approach that generates dynamically the Lambda_c (2593) resonance. We find a small mass shift for the D-meson in this hot and dense medium while the spectral density develops a sizeable width. The reduced attraction felt by the D-meson in hot and dense matter together with the large width observed have important consequences for the D-meson production in the future CBM experiment at FAIR.
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Stable TeV - black hole remnants at the LHC : discovery through di-jet suppression, mono-jet emission and a supersonic boom in the quark-gluon plasma
(2006)
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Horst Stöcker
- The production of Large Extra Dimension (LXD) Black Holes (BHs), with a new, fundamental mass scale of M_f = 1 TeV, has been predicted to occur at the Large Hadron Collider, LHC, with the formidable rate of 10^8 per year in p-p collisions at full energy, 14 TeV, and at full luminosity. We show that such LXD-BH formation will be experimentally observable at the LHC by the complete disappearance of all very high p_t (> 500 GeV) back-to-back correlated Di-Jets of total mass M > M_f = 1 TeV. We suggest to complement this clear cut-off signal at M > 2*500 GeV in the di-jet-correlation function by detecting the subsequent, Hawking-decay products of the LXD-BHs, namely either multiple high energy (> 100 GeV) SM Mono-Jets (i.e. away-side jet missing), sprayed off the evaporating BHs isentropically into all directions or the thermalization of the multiple overlapping Hawking-radiation in a eckler-Kapusta-Plasma. Microcanonical quantum statistical calculations of the Hawking evaporation process for these LXD-BHs show that cold black hole remnants (BHRs) of Mass sim M_f remain leftover as the ashes of these spectacular Di-Jet-suppressed events. Strong Di-Jet suppression is also expected with Heavy Ion beams at the LHC, due to Quark-Gluon-Plasma induced jet attenuation at medium to low jet energies, p_t < 200 GeV. The (Mono-)Jets in these events can be used to trigger for Tsunami-emission of secondary compressed QCD-matter at well defined Mach-angles, both at the trigger side and at the awayside (missing) jet. The Machshock-angles allow for a direct measurement of both the equation of state EoS and the speed of sound c_s via supersonic bang in the "big bang" matter. We discuss the importance of the underlying strong collective flow - the gluon storm - of the QCD- matter for the formation and evolution of these Machshock cones. We predict a significant deformation of Mach shocks from the gluon storm in central Au+Au collisions at RHIC and LHC energies, as compared to the case of weakly coupled jets propagating through a static medium. A possible complete stopping of pt > 50 GeV jets at the LHC in 2-3 fm yields nonlinear high density Mach shocks in he quark gluon plasma, which can be studied in the complex emission and disintegration pattern of the possibly supercooled matter. We report on first full 3-dimensional fluid dynamical studies of the strong effects of a first order phase transition on the evolution and the Tsunami-like Mach shock emission of the QCD matter.
