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This paper studies the impact of the concentration of control, the type of controlling shareholder and the dividend tax preference of the controlling shareholder on dividend policy for a panel of 220 German firms over 1984-2005. While the concentration of control does not have an effect on the dividend payout, there is strong evidence that the type of controlling shareholder matters as family controlled firms have high dividend payouts whereas bank controlled firms have low dividend payouts. However, there is no evidence that the dividend preference of the large shareholder has an impact on the dividend decision. JEL Classification: G32, G35 Keywords: Dividend Policy, Payout Policy, Lintner Dividend Model, Tax Clientele Effects, Corporate Governance
Poster presentation from Twentieth Annual Computational Neuroscience Meeting: CNS*2011 Stockholm, Sweden. 23-28 July 2011. Background: Oscillatory activity in high-beta and gamma bands (20-80Hz) is known to play an important role in cortical processing being linked to cognitive processes and behavior. Beta/gamma oscillations are thought to emerge in local cortical circuits via two mechanisms: the interaction between excitatory principal cells and inhibitory interneurons – the pyramidal-interneuron gamma (PING) [1], and in networks of coupled inhibitory interneurons under tonic excitation – the interneuronal gamma (ING) [2]. Experimental evidence underlines the important role of inhibitory interneurons and especially of the fast spiking (FS) interneurons [3,4]. We show in simulation that an important property of FS neurons, namely the membrane resonance (frequency preference), represents an additional mechanism – the resonance induced gamma (RING), i.e. modulation of oscillatory discharge by resonance. RING promotes frequency stability and enables oscillations in purely excitatory networks. Methods: Local circuits were modeled with small world networks of 80% excitatory and 20% inhibitory neuron populations interconnected in small-world topology by realistic conductance-based synapses. Neuron populations were leaky integrate and fire (LIF) or Izhikevich resonator (RES) neurons. We also tested networks of purely inhibitory and purely excitatory RES neurons. Networks were stimulated with miniature postsynaptic potentials (MINIs) [5] and with low frequency sinusoidal (0.5 Hz) input that mimics the effect of gratings passing trough the visual field. The activity was calibrated to match recordings from cat visual cortex (firing rate, oscillatory activity). Results: Sinusoidal input modulates network oscillation frequency. This effect is most prominent in IF excitatory and IF inhibitory (IF-IF) networks and less prominent (about 4 times) in IF-RES or RES-IF networks where frequency remains relatively stable. The most stable frequency was observed in networks of pure resonators (RES-RES, None-RES, RES-None). Interestingly, purely excitatory RES networks (RES-None) were also able to exhibit oscillations through RING. By contrast purely excitatory or inhibitory IF networks (IF-None, None-IF) were not able to express oscillations under these conditions, matching experimental parameters. Conclusions: In both PING and ING, adding membrane resonance to principal cells or inhibitory interneurons stabilizes network oscillation frequency via the RING mechanism. Notably, in networks of purely excitatory networks, where ING and PING are not defined, oscillations can emerge via the RING mechanism if membrane resonance is expressed. Thus, RING appears as a potentially important mechanism for promoting stable network oscillations.
Eight species of the genus Psilotreta Banks (Trichoptera: Odontoceridae) are currently known from Vietnam: P. albogera Mey 1997, P. androconiata Mey 1997, P. bidens Mey 1995, P. enikoae Oláh and Johanson 2010, P. frigidaria Mey 1996, P. jaroschi Malicky 1995, P. papaceki Malicky 1995, P. spitzeri Malicky 1995. A new species, Psilotreta kurenschikovorum, from Thua Thien-Hue Province is herein described. The new species differs from other species of the genus by peculiarities in wing venation, by the unusual shape of epicranial suture on the head, and by the bifid apical segment of the inferior appendage. Additional province and collection information for previously recorded species are included.
Wahrnehmung und Akzeptanz des „Blauen Engel“ ++ Handbuch Umweltsoziologie erschienen ++ Befragungen in Future Fleet begonnen ++ Fokusgruppen zur Nutzung von Elektrofahrzeugen abgeschlossen ++ Exploration im Sahel ++ Nachhaltig Bauen und Wohnen in Luxemburg ++ „Cariteam“ öffnet Perspektiven bei der Arbeitssuche ++ Abschlusskonferenz von „Nachhaltig Handeln“ im Mai ++ Freude über Wasser für Schulgarten in Namibia ++ Expertenrunde zu Wasser auf der Frankfurt Global Business Week ++ EU-Projekt zu Umweltrisiken von Medika menten ++ Gutachten zur CO2-Bilanz von Wald projekten ++ Vortragsreihe zu Wasser ++ Termine ++ Publikationen
Zwanzig Prozent würden Elektroautos kaufen ++ Forschungszentrum BiK-F verlängert ++ Erste Ergebnisse zu Smart-Metering ++ Kölner „KlimaHaushalte“ geworben ++ Gutachten zu Bauen und Wohnen in Luxemburg ++ Abschlusskonferenz zu nachhaltigem Konsum ++ Leitfaden zu nachhaltigem Handeln in Beruf und Alltag ++ Fahrradförderung in Mittel- und Osteuropa ++ Homepage zu Migration und Klimawandel ++ Chancen in der Postwachstumsgesellschaft ++ Termine ++ Publikationen
The intensive foraging of insectivorous birds and bats is well known to reduce the density of arboreal herbivorous arthropods but quantification of collateral leaf damage remains limited for temperate forest canopies. We conducted exclusion experiments with nets in the crowns of young and mature oaks, Quercus robur, in south and central Germany to investigate the extent to which aerial vertebrates reduce herbivory through predation. We repeatedly estimated leaf damage throughout the vegetation period. Exclusion of birds and bats led to a distinct increase in arthropod herbivory, emphasizing the prominent role of vertebrate predators in controlling arthropods. Leaf damage (e.g., number of holes) differed strongly between sites and was 59% higher in south Germany, where species richness of vertebrate predators and relative oak density were lower compared with our other study site in central Germany. The effects of bird and bat exclusion on herbivory were 19% greater on young than on mature trees in south Germany. Our results support previous studies that have demonstrated clear effects of insectivorous vertebrates on leaf damage through the control of herbivorous arthropods. Moreover, our comparative approach on quantification of leaf damage highlights the importance of local attributes such as tree age, forest composition and species richness of vertebrate predators for control of arthropod herbivory.
Nonequilibrium phase transitions in chiral fluid dynamics including dissipation and fluctuation
(2011)
Chiral fluid dynamics combines the fluid dynamic expansion of a hot and dense plasma created in a heavy-ion collision with the explicit propagation of fluctuations at the chiral phase transition of quantum chromodynamics. From systems in equilibrium long-range fluctuations are expected at a conjectured critical point. Heavy-ion collisions are, however, finite in size and time and very dynamic. It is thus likely that nonequilibrium effects diminish the signal of a critical point. They can, however, stimulate phenomena at a first order phase transitions, like nucleation and spinodal decomposition. Both of phase transition scenarios are investigated in this work. Based on the linear sigma model with constituent quarks a consistent quantum field theoretical approach using the two-particle irreducible effective action is developed to derive both, the local equilibrium properties of the expanding quark fluid and the damping and noise terms in the Langevin equation of the order parameter of the phase transition, the sigma field. Within this formalism it is possible to obtain a conserved energy-momentum tensor of the coupled system. It describes the energy dissipation from the sigma field to the heat bath during relaxation. Within this model we investigate nonequilibrium phenomena in a scenario with a critical point and a first order phase transition. We observe long relaxation times at the phase transition, phase coexistence at the first order phase transition and critical slowing down at the critical point. We find a substantial supercooling in a first order phase transition in our model and due to the energy-momentum exchange also reheating is present. While at the critical point the correlation length increases slightly we find an enhanced intensity of nonequilibrium fluctuations at the first order phase transition, which leads to an increased production of sigma mesons.
We present the current status of hybrid approaches to describe heavy ion collisions and their future challenges and perspectives. First we present a hybrid model combining a Boltzmann transport model of hadronic degrees of freedom in the initial and final state with an optional hydrodynamic evolution during the dense and hot phase. Second, we present a recent extension of the hydrodynamical model to include fluctuations near the phase transition by coupling a chiral field to the hydrodynamic evolution.
Editorial: Jürgen Stark : The ECB's Chief Economist about inflation targeting, liquidity support and the sovereign debt crisis Research Finance: Yulia Plyakha, Raman Uppal, Grigory Vilkov : "Why Does the Equally Weighted Portfolio Outperform the Value and Price Weighted Portfolios?" Research Law: Manfred Wandt : "Legal Objectives of the Solvency II Framework Directive" Research E-Finance: Roman Beck, Timm Pintner, Martin Wolf : "Individual Mindfulness to Mitigate Information Overload within Financial Organizations" Policy Platform: Peter Gomber, Björn Arndt, Marco Lutat, Tim Uhle : "Regulation of High-Frequency Trading – A European Perspective" Interview: Norbert Walter : "The Risko of Compromising on Price Stability Must not be Taken"
Editorial: Jens Weidmann : "Central Banks and Monetary Policy after the Crisis" Research Finance: Holger Kraft,Claus Munk : "Optimal Housing, Consumption, and Investment Decisions over the Life Cycle" Research Money/Macro: Ester Faia, Eleni Iliopulos : "Financial Globalization and Monetary Policy" Research Law: Andreas Cahn, D. Schöneberger : "Shareholder Governance in Europe" Policy Platform: Michael Haliassos, Dimitri Vayanos : "Getting Greece Back on Track: How?" Interview: Raimond Maurer, Ralph Rogalla : "Longevity Risk and Capital Markets Solutions"
Subject of this thesis is the non-perturbative investigation of the thermal transition in Quantum Chromodynamics by means of lattice gauge theory and a particular type of lattice fermions, the so-called twisted mass fermions. These fermions offer the possibility of improvement as compared to the standard Wilson-type formulation. We investigate the properties of these fermions at finite temperature, i.e. the structure of the bare parameter space as well as leading order cutoff effects in the weak coupling limit. Then we focus on two-flavour simulations at finite pion mass. We identify the (pseudo-)critical temperatures for our set of pion masses (300 to 500 MeV) and discuss the extrapolation to the chiral limit for which the nature of the transition is still an open question. Besides pseudo-critical temperatures we consider the magnetic equation of state and screening observables. We find that the assumption of a second order transition (in the 3d O(4) universality class) agrees with our data without being able to exclude alternatives. Finally, we discuss the future inclusion of strange and charm quarks in dynamical twisted mass simulations and look at the corresponding cutoff effects in the free limit.
Mohammeds Frage : Versuche zur theologischen Differenzierung von Vergeltung und Vergebung im Islam
(2011)
Schwerpunktthema: Lernrisiken
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Vorwort - Inhaltsverzeichnis
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Kompakt
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Bewegung – vielseitige Medizin, die wirkt. Dosierte körperliche Aktivität bei chronischen Erkrankungen steigert Gesundheit und Lebensqualität. [Christian Thiel, Lutz Vogt, Winfried Banzer]
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»Eigentlich ist es nichts Besonderes – und genau das ist gut so!« Nordic Walking in der Onkologie. [Marita Dannenmann]
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Belastungssteuerung im Spitzensport. Informations-Vorsprung für Trainer und Athleten. [Christian Thiel, Winfried Banzer]
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Wenn Bartonellen ihre Anker auswerfen. Bartonella henselae verbindet Infektionsforschung mit Blutgefäßwachstum. [Christiane Beerlage, Fiona O'Rourke und Volkhard A. J. Kempf]
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Verantwortung für die eigene Gesundheit fördern. Bewegungsprogramme stärken Langzeitarbeitslose über 50. [Lars Gabrys, Lutz Vogt]
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Kinder-Onkologie: Freude durch und an Bewegung. Pädiatrische Stammzelltransplantation und Bewegungstherapie. [Beate Meichsner]
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Privatanleger ignorieren guteAnlageberatung: Fundierte und unabhängige Empfehlungen gerne gefordert – aber nicht befolgt. [Andreas Hackethal et al.]
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»Japan danach«: Irritation jenseits kollektiver Harmonie. Zu den vielen Wahrheiten von Fukushima und der Frage nach einer kritischen Öffentlichkeit. [Lisette Gebhardt]
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Kinder kritzeln, zeichnen und malen – Warum eigentlich? Von der Welt- und Selbsterkundung. [Georg Peez]
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Die Leiden des jungen »Gretchen« Ein Frankfurter Kriminalfall anno 1771/1772: Der Prozess gegen die Kindsmörderin Susanna Margaretha Brandt. [Kent D. Lerch, Sascha Ziemann und Jörg Ziethen]
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Kleist Special: Der Unerschöpfliche - Der Unvergessene. Auch 200 Jahre nach seinem Tod: Heinrich von Kleist passt in kein Schema.
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»...zu leben in einer Zeit, die vorbei, oder nicht da ist« – Von einem, der auszog – Kleists Suche nach einer Lebensform über den Augenblick hinaus. [Nora Khuon]
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Die Doppelrolle eines simplen Strichs. Wenn der Erzähler erzählt, ohne zu erzählen – Zu Kleists (Gedanken)Strichen. [Waltraud Wiethölter]
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»Gott, mein Vater!« Neues von der Marquise von O… [Andreas Kraß]
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»Verwahr’ es wohl, es wird dir dereinst das Leben retten!« Kleist und die Biopolitik. [Davide Giuriato]
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»Der Krüge schönster ist entzwei geschlagen« Komik in der Materialität des Körpers und des Zeichens. [Heinz Drügh]
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»Was weiter erfolgte, brauchen wir nicht zu melden ...« Heinrich von Kleists »Poetik der Unschärfe«. [Christian Metz]
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»O tief, tief sinkt die Schale des Glückes« Seine zwei letzten Jahre in Berlin: Kleist als Herausgeber der ersten Berliner Tageszeitung - Das heiter inszenierte Ende am Kleinen Wannsee. [Lisette Nichtweiss]
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Von der wundersamen Vermehrung der Kleist-Lektüre. Im Gedenkjahr 2011 erweitern neue Bücher und Biografien das Wissen über den Dichter und Dramatiker. [Lisette Nichtweiss]
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Gerechtigkeit vor der Höhe. Auch das ambitionierte Projekt »Justitia Amplificata« arbeitet am Forschungskolleg Humanwissenschaften in Bad Homburg v.d.H. [Bernd Frye]
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Ein Personal Trainer mit Allround-Angebot. Goethe-Unibator ebnet Lehramtsstudenten den Weg in die Selbstständigkeit. [Anne Hardy und Mathias Wagenhoff]
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Gute Bücher
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Vorschau - Impressum
»Wo ist der Platz, den man jetzt in der Welt einzunehmen sich bestreben könnte, im Augenblick, wo alles seinen Platz in verwirrter Bewegung verwechselt.« Diese Zeilen schreibt Kleist im Juni 1807 aus der Kriegsgefangenschaft in Châlons-sur-Marne an seine Cousine Marie von Kleist. […] Seine Literatur wird gleichsam bestimmt von Figuren, deren Leben und Erleben keine Kontinuität kennt. Kleist stellt seine Figuren in einen Versuchsraum, er treibt sie in Zustände der innersten Gespanntheit und Zerspaltenheit, lässt sie gegen eine Welt anrennen, die sie nicht begreifen, stürzt sie in die Tiefe ihres Inneren, das ins Bodenlose führt, setzt sie einem ständigen Wechsel der Empfindung und der Wahrnehmung aus. […] In „Die Marquise von O….“ [markiert] [e]inzig ein Gedankenstrich […] die Geburt der Gegensätze, die im Folgenden an der Marquise zerren. In diesen Gedankenstrich legt Kleist die Zeugung des Kindes. Ob Vergewaltigung oder Liebesakt, in Ohnmacht oder bei klarem Verstand, ist hier nicht zu klären. Aber es ist ein Akt, der sich nicht im Bewusstsein der Marquise verankert und dessen Folgen doch alles verändern.
Adhesion and host cell modulation: critical pathogenicity determinants of Bartonella henselae
(2011)
Bartonella henselae, the agent of cat scratch disease and the vasculoproliferative disorders bacillary angiomatosis and peliosis hepatis, contains to date two groups of described pathogenicity factors: adhesins and type IV secretion systems. Bartonella adhesin A (BadA), the Trw system and possibly filamentous hemagglutinin act as promiscous or specific adhesins, whereas the virulence locus (Vir)B/VirD4 type IV secretion system modulates a variety of host cell functions. BadA mediates bacterial adherence to endothelial cells and extracellular matrix proteins and triggers the induction of angiogenic gene programming. The VirB/VirD4 type IV secretion system is responsible for, e.g., inhibition of host cell apoptosis, bacterial persistence in erythrocytes, and endothelial sprouting. The Trw-conjugation system of Bartonella spp. mediates host-specific adherence to erythrocytes. Filamentous hemagglutinins represent additional potential pathogenicity factors which are not yet characterized. The exact molecular functions of these pathogenicity factors and their contribution to an orchestral interplay need to be analyzed to understand B. henselae pathogenicity in detail.