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Einige Flechten sind im Verlauf der letzten Jahre deutlich häufiger geworden oder haben sogar ihr Areal ausgedehnt. Die Ausbreitung einiger hemerophiler Flechten in Mecklenburg-Vorpommern wird nachfolgend diskutiert. Anisomeridium nyssaegenum, Strangospora moriformis und Thellomma ocellatum sind neu für Mecklenburg-Vorpommern.
No one seems to be neutral about the effects of EMU on the German economy. Roughly speaking, there are two camps: those who see the euro as the advent of a newly open, large, and efficient regime which will lead to improvements in European and in particular in German competitiveness; those who see the euro as a weakening of the German commitment to price stability. From a broader macroeconomic perspective, however, it is clear that EMU is unlikely to cause directly any meaningful change either for the better in Standort Deutschland or for the worse in the German price stability. There is ample evidence that changes in monetary regimes (so long as non leaving hyperinflation) induce little changes in real economic structures such as labor or financial markets. Regional asymmetries of the sorts in the EU do not tend to translate into monetary differences. Most importantly, there is no good reason to believe that the ECB will behave any differently than the Bundesbank.
Nach den Arbeiten über den Landkreis Harburg von ERNST et al. (1990) und FEUERER & ERNST (1993) werden für ein weiteres Gebiet des niedersächsischen Tieflandes die Ergebnisse einer abgeschlossenen Flechtenkartierung vorgelegt. Im Bereich der Gemeinde Amt Neuhaus im Tal der Elbe wurden insgesamt 148 Flechtenarten und zwei flechtenbewohnende Pilze nachgewiesen. Der besondere Wert der im Untersuchungsraum vorhandenen Sanddünen für bodenbewohnende Flechten und des Auenwaldgebietes Rens für Epiphyten wird herausgestrichen.
Kalihalden in Mitteleuropa sind in den letzten Jahrzehnten von zahlreichen Halophyten neu besiedelt worden. Aktuelle Daten zum Vorkommen von 35 ausgewählten Halophyten werden für 84 Kalihalden in Deutschland (Niedersachsen, Sachsen-Anhalt, Thüringen, Hessen, Baden-Württemberg) und 12 in Frankreich (Elsass) zusammengestellt und ausgewertet. Von diesen Arten kommen Spergularia media (68 Halden), Spergularia salina (62 Halden) und Hymenolobus procumbens (58 Halden) am häufigsten an Kalihalden vor. Die jüngste, spektakuläre Ausbreitung von Halophyten an Kalihalden wird am Beispiel von Hymenolobus procumbens besonders deutlich. Niedersächsische Kalihalden weisen die meisten Halophyten auf, im Vergleich zu anderen Regionen sind Apium graveolens, Atriplex pedunculata und Triglochin maritimum hier besonders häufig. In Sachsen-Anhalt wurden überdurchschnittlich oft Atriplex tatarica und Scorzonera laciniata an Kalihalden gefunden, in Thüringen Atriplex rosea und Bassia scoparia. Für Hessen ist einerseits eine späte Besiedlung der Kalihalden mit interessanten Halophyten auffällig, andererseits die hohe Stetigkeit von Hordeum jubatum. Für Baden-Württemberg konnten erstmalig Salicornia europaea ssp. brachystachya und Suaeda maritima nachgewiesen werden. An den Kalihalden im Eisass nördlich Mulhouse kommen nur wenige Halophyten vor, aber mit Chenopodium botryodes und Dittrichia graveolens zwei Arten, die in Deutschland an Kalihalden fehlen. Neu für Frankreich ist Atriplex longipes, die am Fuß einer Kalihalde bei Wittelsheim gefunden wurde. Die Bedeutung von Kalihalden für den botanischen Artenschutz ist groß, da an 90% der Kalihalden in Deutschland gefährdete Halophyten Vorkommen. 18 Kalihalden weisen sogar mehr als vier Rote-Liste-Arten auf, darunter hochgradig gefährdete Arten wie Bupleurum tenuissimum und Plantago maritima.
Aus dem Dogger Norddeutschlands und des nordwestlichen Polens sowie aus Dogger-Geschieben werden 1 Art der Neritimorpha und 30 Arten der Caenogastropoda beschrieben. Neu sind 7 Arten. 14 Arten werden bereits beschriebenen Arten zugeordnet und 10 unter offener Nomenklatur beschrieben. Neu sind die Gattung Bicorempterus (Aporrhaidae) und die Familien Naricopsinidae, Tripartellidae und Maturifusidae. Die beschriebenen Caenogastropoden zeigen mehr Gemeinsamkeiten zu bisher aus dem Dogger Mittel- und Westeuropas bekannt gemachten Faunen als es bei den Archaeogastropoda und den Heterostropha der Fall war. Die Gleichsetzung der hier vorgestellten Arten mit aus der Literatur bekannten ist oftmals problematisch. Taxonomisch relevante Details besonders der Frühontogenese wurden bisher kaum beschrieben. Auch Fragen der innerartlichen Variation wurden nur gelegentlich angesprochen. Vatopsis antiquus n. sp. ist der älteste genauer bekannte Vertreter der Cerithiopsoidea. Pictavia und Oonia konnten als Vertreter der Ampullospiridae erkannt werden (Ausbildung des Protoconchs). Naricopsina repräsentiert eine Gruppe, die möglicherweise zu den echten Naticidae führte. Einige Gattungen der Aporrhaidae können genauer gefaßt werden. Maturifusus ist der älteste sichere Vertreter der höheren Caenogastropoda (Neomesogastropoda).
Zwei Brombeerarten der Sektion Rubus ser. Glandulosi (Wimmer & Grabowski) Fokke werden neu beschrieben. Beide sind in Thüringen und Nordbayern verbreitet: Rubus exarmatus H. E. Weber & W. Jansen spec. nov. und Rubus perlongus H.E. Weber & W. Jansen spec. nov. Die Arten sind durch Fotos ihrer Holotypen abgebildet, ihre bekannte Verbreitung ist durch Rasterkarten dargestellt.
A financial system can only perform its function of channelling funds from savers to investors if it offers sufficient assurance to the providers of the funds that they will reap the rewards which have been promised to them. To the extent that this assurance is not provided by contracts alone, potential financiers will want to monitor and influence managerial decisions. This is why corporate governance is an essential part of any financial system. It is almost obvious that providers of equity have a genuine interest in the functioning of corporate governance. However, corporate governance encompasses more than investor protection. Similar considerations also apply to other stakeholders who invest their resources in a firm and whose expectations of later receiving an appropriate return on their investment also depend on decisions at the level of the individual firm which would be extremely difficult to anticipate and prescribe in a set of complete contingent contracts. Lenders, especially long-term lenders, are one such group of stakeholders who may also want to play a role in corporate governance; employees, especially those with high skill levels and firm-specific knowledge, are another. The German corporate governance system is different from that of the Anglo-Saxon countries because it foresees the possibility, and even the necessity, to integrate lenders and employees in the governance of large corporations. The German corporate governance system is generally regarded as the standard example of an insider-controlled and stakeholder-oriented system. Moreover, only a few years ago it was a consistent system in the sense of being composed of complementary elements which fit together well. The first objective of this paper is to show why and in which respect these characterisations were once appropriate. However, the past decade has seen a wave of developments in the German corporate governance system, which make it worthwhile and indeed necessary to investigate whether German corporate governance has recently changed in a fundamental way. More specifically one can ask which elements and features of German corporate governance have in fact changed, why they have changed and whether those changes which did occur constitute a structural change which would have converted the old insider-controlled system into an outsider-controlled and shareholder-oriented system and/or would have deprived it of its former consistency. It is the second purpose of this paper to answer these questions. Revised version forthcoming in "The German Financial System", edited by Jan P. Krahnen and Reinhard H. Schmidt, Oxford University Press.
This paper is a draft for the chapter "German banks and banking structure" of the forthcoming book "The German financial system" edited by J.P. Krahnen and R.H. Schmidt (Oxford University Press). As such, the paper starts out with a description of past and present structural features of the German banking industry. Given the presented empirical evidence it then argues that great care has to be taken when generalising structural trends from one financial system to another. Whilst conventional commercial banking is clearly in decline in the US, it is far from clear whether the dominance of banks in the German financial system has been significantly eroded over the last decades. We interpret the immense stability in intermediation ratios and financing patterns of firms between 1970 and 2000 as strong evidence for our view that the way in which and the extent to which German banks fulfil the central functions for the financial system are still consistent with the overall logic of the German financial system. In spite of the current dire business environment for financial intermediaries we do not expect the German financial system and its banking industry as an integral part of this system to converge to the institutional arrangements typical for a market-oriented financial system.
We present a survey on the role of initial public offerings (Epos) and venture capital (VC) in Germany after the Second World War. Between 1945 and 1983 IPOs hardly played a role at all and only a minor role thereafter. In addition, companies that chose an IPO were much older and larger than the average companies going public for the first time in the US or the UK. The level of IPO underpricing in Germany, in contrast, has not been fundamentally different from that in other countries. The picture for venture capital financing is not much different from that provided by IPOs in Germany. For a long time venture capital financing was hardly significant, particularly as a source of early stage financing. The unprecedented boom on the Neuer Markt between 1997 and 2000, when many small venture capital financed firms entered the market, provides a striking contrast to the preceding era. However, by US standards, the levels of both IPO and venture capital activities remained rather low even in this boom phase. The extent to which recent developments will have a lasting impact on the financing of German firms, the level of IPO activity, and venture capital financing, remains to be seen. At the time of writing, activity has come to a near stand still and the Neuer Markt has just been dissolved. The low number of IPOs and the fairly low volume of VC financing in Germany before the introduction of the Neuer Markt are a striking and much debated phenomenon. Understanding the reasons for these apparent peculiarities is vital to understanding the German financial system. The potential explanations that have been put forward range from differentces in mentality to legal and institutional impediments and the availability of alternative sources of financing. Moreover the recent literature discusses how interest groups may have benefited and influenced the situation. These groups include politicians, unions/workers, managers/controlling-owners of established firms as well as banks. Revised version forthcoming in "The German Financial System", edited by Jan P. Krahnen and Reinhard H. Schmidt, Oxford University Press.