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Over the last four decades the literature on bond rating changes and its effects on security prices increased significantly with almost all studies not controlling for the respective reason for those. We therefore investigate the impact of rating events on the stock and the credit default swap (CDS) market incorporating rating reviews and rating changes together with the reason mentioned by the rating agency. Our results for the general effects are in line with prior findings but conditioning on the respective reason shows that the markets’ anticipation of rating actions is largely driven by events due to changes in firms’ operating performance. Furthermore, we provide empirical evidence for the hypothesis in prior literature that a surprise downgrade does not necessarily have to be bad news for stockholders when wealth is transferred from bondholders, but negative rating actions are always bad news for bondholders. The results additionally reveal increasing rating announcement effects by declining credit quality of firms for both rating reviews and changes. JEL Classification: D82, G14, G20. Keywords: Credit Default Swaps, Credit Ratings, Credit Rating Reasons, Event Study.
The objective of this paper is to test the hypothesis that in particular financially constrained firms lease a higher share of their assets to mitigate problems of asymmetric information. The assumptions are tested under a GMM framework which simultaneously controls for endogeneity problems and firms’ fixed effects. We find that the share of total annual lease expenses attributable to either finance or operating leases is considerably higher for financially strained as well as for small and fast-growing firms – those likely to face higher agency-cost premiums on marginal financing. Furthermore, our results confirm the substitution of leasing and debt financing for lessee firms. However, we find no evidence that firms use leasing as an instrument to reduce their tax burdens. Keywords: Leasing; financial constraints; capital structure; asymmetric information.
This paper addresses the question whether close borrower-lender relationships, so called hausbank-relationships, facilitate the funding and beneficial development of SME. To this end, we derive a model which relates a firm's growth rate to its need for external funds and subsequently compute the firms that exceed their predicted growth rate. We then use this measure to identify specific characteristics that are associated with long- and short-term financing of firm growth, in particular the influence of relationship lending. We find that close ties with savings banks predict firms' access to external finance to fund growth. Moreover, the long-term liabilities of firms with hausbank-relationships almost double those with multiple relationships while the overall leverage is about the same. In turn, we find an strong empirical relationship between the provision of long-term funds and firm growth. Keywords: small business lending, credit access, public banks JEL Classifications: G21, D21
The purpose of this thesis was to investigate different aspects of the promotion of selfregulated learning in primary and secondary school education by focussing on its effectiveness, and on its assessment from different perspectives. Theoretically, the thesis is based on contemporary social-cognitive and constructivist theories of self-regulated learning. Two meta-analyses were conducted, an observation instrument was developed which was tested and employed in two observation studies, and a multi-method study was conducted to investigate different perspectives on the topic. Common to all studies is the evaluation of different aspects of the promotion of self-regulated learning among students. The results of this investigation are reported in four research articles (Studies 1-4), which have been accepted for publication (Study 1 and 2) or submitted to scientific peer reviewed journals (Study 3 and 4). The data are analyzed by applying a multi-method approach, using several sources of data (primary studies, self-reports, video data, interviews) and diverse methods (meta-analysis, observation analysis, survey analysis). The present data generally indicate that self-regulated learning can be enhanced both at primary and secondary school. The results of the first and the second study showed that primary and secondary school students partly benefit from different training characteristics. However, there were also common aspects of effective training characteristics that hold for both school levels. Moreover, the third study revealed that it was possible to develop an instrument to observe teachers’ promotion of self-regulated learning in a reliable way, which can be applied in several contexts. The results indicated that the stability of teachers’ promotion of selfregulated learning varies among the school subjects. Furthermore, the results showed that only little instruction of self-regulated learning takes place in primary and secondary school mathematics lessons. Yet, secondary school teachers showed more promotion of cognitive strategies than primary school teachers did, although the former included more constructivist characteristics in the learning environment. The observation studies produced a rich pool of data, serving as pilot studies for future studies with a larger sample sizes that are needed to further strengthen the results. As the fourth study indicated, teacher ratings differ significantly from video-based observations in perceiving their promotion of self-regulated learning. However, for some aspects they agree with their students’ perception. Finally, it was found that students’ perception on their teachers’ promotion of self-regulated learning had the highest impact on their self-regulation competence. In the future, it will be crucial to include the instruction of self-regulated learning from a theoretical and a practical perspective in the teacher training curriculum. Moreover, in future research the implementation of the promotion of self-regulated learning should be investigated, and in experimental settings different ways of supporting such an implementation should be examined. A close collaboration with teachers would be helpful to get deeper insights into teachers’ behaviour and attitudes. The promotion of self-regulated learning should start as early as in primary school as students are already able to learn it then and as it takes many years to develop it fully. In addition, when investigating teachers’ promotion of self-regulated learning, the school subject should be taken into account during assessment. Long-term measurements could acknowledge such a potential instability. Moreover, in further studies, observation data of a large sample of teachers should be gathered in order to get a representative overview of teachers’ promotion of self-regulated learning. Furthermore, research on the promotion of self-regulated learning should account for the impact of students’ perspectives referring on this.
In this thesis we report on the high pressure synthesis, crystal growth, structural characterisation and magnetic properties of the cubic vanadate pyrochlores A2V2O7 (with A = Y, Er and Dy). We have found that high pressure is requisite for the stabilization of the selected compounds. For this purpose, a multianvil high pressure apparatus was built in our laboratory and a new multianvil inset (i.e., a ceramic pressure medium and the interior parts) was developed. The multianvil press is based on a hydraulic press with a maximum force of 7.73 MN (corresponds to 788 tons), a Walker type module and a specially designed hydraulic and electric control. Pressure calibration of the multianvil setup was performed by high pressure fixed points (i.e. solid-solid transformation of Bi I-II (2.55 GPa) and Bi II-III (3.15 GPa)). A maximum pressure of 6 GPa was attained using hardened metal anvils (tungsten carbide) with truncation edge length (TEL) of 14 mm and a sample volume of ~ 70 mm3. Heating of the sample in our current multianvil setup (TEL = 14 mm) was achieved by resistive heating of a graphite furnace. Temperatures up to 1500 °C could be obtained at pressures up to 6 GPa. By systematic variation of the synthesis conditions (for instance the operation temperature or the choice of the crucible material) under high pressure and taking into account the well known ternary compounds, when accessing the phase diagram, the cubic vanadate pyrochlores A2V2O7 (with A = Y, Er and Dy) were synthesized successfully. It was found that the oxygen partial pressure is crucial for the formation of the desired pyrochlore phase. Gas-tight platinum crucibles were used as container material for the synthesis of the vanadate pyrochlores. We have investigated, that pressures of the order of 5.0 GPa and temperatures of approximately 1200 °C are necessary for the stabilization of the monophasic samples of the vanadate pyrochlores. Lu2V2O7 could be synthesized under ambient pressure conditions and is used in our studies for comparison purposes. A special graphite furnace was developed for the high pressure crystal growth of the vanadate pyrochlores. For the first time, A2V2O7 (with A = Y, Er and Dy) single crystals with a maximum size of 0.4 mm were grown by using the grain growth method at high pressure and high temperature conditions. The samples (i.e., powders and single crystals) were characterised by single crystal Xray diffraction, X-ray powder diffraction method, Laue method and scanning electron microscopy (SEM). Complementary to the X-ray diffraction methods, infrared absorsoption spectroscopy was used to distinguish between the fluorite and pyrochlore structure. It has been shown that all samples crystallize in a well-ordered cubic structure with the space group F d 3m. The vanadium (+4) content in the samples was determined by oxidative weight gain in air using a thermogravimetric (TG) balance. A structural phase transformation of cubic to tetragonal was observed by differential thermal analysis (DTA) in conjunction with high temperature diffractometry. The magnetic characterisation of the vanadate pyrochlores A2V2O7 (Y, Lu, Er and Dy) was performed by Katarina Removic-Langer in the laboratory of Prof. Dr. M. Lang. All materials studied are ferromagnetic. The ferromagnetic critical temperatures are between 70 and 73 K. In case of Er2V2O7 and Dy2V2O7 an additional increase in the magnetization was observed below 20 K. The increase in the magnetization below 20 K exhibited by Er2V2O7 and Dy2V2O7 originates from the interactions between the two magnetic sublattices (i.e., the rare earth- and the vanadium sublattice).
The objective of this paper is to test the hypothesis that in particular financially constrained firms lease a higher share of their assets to mitigate problems of asymmetric information. The assumptions are tested under a GMM framework which simultaneously controls for endogeneity problems and firms' fixed effects. We find that the share of total annual lease expenses attributable to either finance or operating leases is considerably higher for smaller firms with higher average interest rates and high-growth firms - those likely to face higher agency-cost premiums on marginal financing. Furthermore, our results confirm the substitution of leasing and debt financing for lessee firms. However, we find no evidence that firms use leasing as an instrument to reduce their tax burdens. Keywords: Leasing, financial constraints, asymmetric information, GMM JEL Classifications: D23, D92, C23
In the title compound, C27H20F6N2O2, the dihedral angles between the planes of the aromatic rings connected by the ether O atoms are 84.13 (8) and 75.06 (9)°. The crystal structure is stabilized by N-H...O and N-H...F hydrogen bonds. Key indicators: single-crystal X-ray study; T = 173 K; mean σ(C–C) = 0.004 Å; R factor = 0.037; wR factor = 0.088; data-to-parameter ratio = 8.2.
In the title compound, C17H12F2N2OS, the planar thiazole ring (r.m.s. deviation = 0.012 Å) makes dihedral angles of 15.08 (9) and 81.81 (6)° with the 4-fluorophenyl and 2-fluorophenyl rings, respectively. The 2-fluorophenyl ring is disordered over two orientations with site-occupancy factors of 0.810 (3) and 0.190 (3). The structure contains intermolecular C-H...O hydrogen bonds. Key indicators: single-crystal X-ray study; T = 173 K; mean σ(C–C) = 0.003 Å; disorder in main residue; R factor = 0.034; wR factor = 0.082; data-to-parameter ratio = 16.1.
The title compound, C16H14N4, features an aromatic ring with two 2,2´-dicyanopropyl residues in positions 1 and 3, which are located above and below the ring plane. The two residues differ in their conformation with respect to the aromatic ring: whereas one of the Cmethyl-C-Cmethylene-Caromatic torsion angles is gauche [68.93 (12)°], the other one is fully staggered [177.63 (9)°]. The crystal structure is stabilized by C-H...N hydrogen-bonding interactions. Key indicators: single-crystal X-ray study; T = 173 K; mean σ(C–C) = 0.002 Å; R factor = 0.037; wR factor = 0.101; data-to-parameter ratio = 15.0.
4-Chloro-N-m-tolylbenzamide
(2009)
In the title compound, C14H12ClNO, the dihedral angle between the two aromatic rings is 11.29 (15)°. The crystal packing is stabilized by N-H...O hydrogen bonds linking the molecules into chains running along the c axis. Key indicators: single-crystal X-ray study; T = 173 K; mean σ(C–C) = 0.004 Å; R factor = 0.066; wR factor = 0.178; data-to-parameter ratio = 13.7.