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We study the impact of higher capital requirements on banks’ balance sheets and its transmission to the real economy. The 2011 EBA capital exercise provides an almost ideal quasi-natural experiment, which allows us to identify the effect of higher capital requirements using a difference-in-differences matching estimator. We find that treated banks increase their capital ratios not by raising their levels of equity, but by reducing their credit supply. We also show that this reduction in credit supply results in lower firm-, investment-, and sales growth for firms which obtain a larger share of their bank credit from the treated banks.
This paper studies the role of the Community Reinvestment Act (CRA) in the recent US housing boom-bust cycle. Using a difference-in-differences matching estimation, I find that the enhancement of CRA enforcement in 1998 caused a 7.7 percentage points increase in annual growth rate of mortgage lending by CRA-regulated banks to CRA-eligible census tracts relative to a group of similar-income CRA-ineligible census tracts within the same state. Financial institutions which are not subject to the CRA, however, do not show any change in their mortgage supply between these two types of census tracts after 1998. I take advantage of this exogenous shift in mortgage supply within an instrumental variable framework to identify the causal effect of mortgage supply on housing prices. I find that every 1 percentage point higher annual growth rate of mortgage supply leads to 0.3 percentage points higher annual growth rate of housing prices. Reduced form regressions show that CRA-eligible neighborhoods experienced higher house price growth during the boom and sharper decline during the bust period. I use placebo tests to confirm that this effect is in fact channeled through the shift in mortgage supply by CRA-regulated banks and not by unobserved demand factors. Furthermore, my results indicate that CRA-induced mortgages went to borrowers with lower FICO scores, carried higher interest rates, and encountered more frequent delinquencies.
In order to better differentiate the drivers of corporations’ actions, in particular shareholder wealth and stakeholder interests, the paper explores the significance of the comply or explain-principle and its underlying enforcement mechanisms more generally. Against this background, compliance rates with specific provisions may shed a light on companies’ reasons for following the code. An analysis of these rates at the example of distinct provisions of the German Corporate Governance Code is therefore entered into. In light of the current corporate governance debate and the legitimacy problems that are raised, among the code provisions that exemplify these questions very well are those regulating incentive pay, severance pay caps, and age limits for supervisory board members. Their analysis will lay a basis for an answer to the question about what motivates companies to comply with the code. The motivation then paves the way to arrive at a further specification of the determinants of the regulatory evolution of the Code and the range of stakeholders and their concerns that enter into it.
owards their best performing products; and also extend the range of products sold to that market. We develop a theoretical model of multiproduct firms and derive the specific demand and cost conditions needed to generate these product-mix reallocations. Our theoretical model highlights how the increased competition from demand shocks in export markets - and the induced product mix reallocations - induce productivity changes within the firm. We then empirically test for this connection between the demand shocks and the productivity of multi-product firms exporting to those destinations. We find that the effect of those demand shocks on productivity are substantial - and explain an important share of aggregate productivity fluctuations for French manufacturing.
We use detailed data on exporters from Costa Rica, Ecuador and Uruguay as well as on their buyers to show that: aggregate exports are disproportionally driven by few multi-buyers exporters; and each multi-buyer exporter's foreign sales of any product are in turn accounted for by few dominant buyers. We propose an analytically solvable multi-country model of endogenous selection in which dominant exporters, dominant products and dominant buyers emerge in parallel as multi-product sellers with heterogeneous technologies compete for buyers with heterogeneous needs. The model not only provides an explanation of the existence of dominant buyers but also makes specific predictions on how the relative importance of dominant buyers should vary across export destinations depending on their market size and accessibility. We show that these predictions are borne out by our data and discuss their welfare implications in terms of gains from trade.
For the transport of high-intensity hadron beams in low-energy beam lines of linear accelerators, the compensation of space charge forces by the accumulation of particles of opposite charge is an important effect, reducing the required focusing strength and potentially the emittance growth due to space charge forces. In this thesis, space charge compensation was studied by including the secondary particles in particle-in-cell simulations.
For this purpose, a new electrostatic particle-in-cell code named bender was developed. The software was tested using known self-consistent solutions for an electron plasma confined in an external potential as well as for a KV distributed beam in a periodic focusing lattice. For the simulation of compensation, models for residual gas ionisation by proton and electron impact were implemented.
The compensation process was studied for a 120 keV, 100 mA proton beam transported through a short drift section. Various features in the particle distributions were identified, which can not explained by a uniform reduction in the electric field of the beam. These were tied to the presence of thermal electrons confined within the beam potential. Using the Poisson-Boltzmann equation, their distribution could be reproduced and their influence on the beam for a wider range of parameters studied. However, the observed temperatures show a significant numerical influence. The hypothesis was formed, that stochastical heating present in particle-in-cell simulations is the mechanism leading to the formation of the observed (partial) thermal equilibrium.
For the low-energy beam transport line of the Frankfurt neutron source FRANZ, bender was used to predict the pulse shaping in the novel ExB chopper system. The code was also used for the design and the study of an electron lens for the Integrable Optics Test Accelerator at Fermi National Accelerator Laboratory. Aberrations due to guiding center drifts and the strong electric field of the electron beam as well as the current limits in such a system were investigated.
This paper explores the impact of immigrants on the imports, exports and productivity of service- producing firms in the U.K. Immigrants may substitute for imported intermediate inputs (offshore production) and they may impact the productivity of the firm as well as its export behavior. The first effect can be understood as the re-assignment of offshore productive tasks to immigrant workers. The second can be seen as a productivity or cost cutting effect due to immigration, and the third as the effect of immigrants on specific bilateral trade costs. We test the predictions of our model using differences in immigrant inflows across U.K. labor markets, instrumented with an enclave-based instrument that distinguishes between aggregate and bilateral immigration, as well as immigrant diversity. We find that immigrants increase overall productivity in service-producing firms, revealing a cost cutting impact on these firms. Immigrants also reduce the extent of country-specific offshoring, consistent with a reallocation of tasks and, finally, they increase country-specific exports, implying an important role in reducing communication and trade costs for services.
In light of increasing division of labour in healthcare, the training and acquisition of both profession-specific and interprofessional competencies have been attributed growing significance, creating the need to test and establish specific teaching formats. Despite ever more complex and interconnected healthcare systems, an increase in patients’ active self-responsibility and innumerable pedagogical and technological innovations, educational systems have not reacted adequately to these new demands. Many authors, not lease the German Council of Science and Humanities, have therefore urged a rethinking of traditional medical education. Student-centred learning activities, such as problem-based and research-based learning, are becoming increasingly significant in view of the numbers of students achieving unsatisfactory levels of competence in critical thinking, communication and writing abilities and complex clinical decision making, for example. The Council of Science and Humanities arrived at a positive evaluation of the various model and reformed courses of study attempting to effectuate a comprehensive reorganisation of medical studies in content and structure as well as methods and didactics. The persistent pervasiveness of instructor-centred learning formats is not only to be found in medical education but in all of the health professions. Although alternative teaching and instruction formats have already been designed and their effectiveness deemed positive in empirical evaluation, the lecture remains the most practised means of transmitting knowledge. In its essence, however, learning is not a question of transmitting information but, moreover, a question of processing information. In traditional instruction units, referred to as “chalk and talk classes” by Becker and Watts, the teaching party presents material in the form of a lecture. As appropriate, questions may be permitted or short processing periods for the students may be integrated into the lecture. The knowledge-assimilating and most essential analysis of the lecture’s contents takes place in the subsequent self-instruction phase, in which the student works alone on concrete tasks. It is during the transfer of knowledge conveyed in the lectures, however, that most questions arise. Of further disadvantage in the traditional lecture is the low level of motivation among students to attend lectures as well as their often heterogeneous knowledge. The Inverted Classroom Model seems to be an eligible instrument for greater facilitation of student-centred and interprofessional learning.
Dieser Artikel beschreibt die Inverted-Classroom-Methode(ICM) im Sinne einer Einführung in die Thematik und soll als Praxisleitleitfaden für diejenigen dienen, die diese Methode in der medizinischen Aus-, Fort- und Weiterbildung einsetzen möchten. Es handelt sich bei der ICM um einen Blended-Learning-Methode, bei dem eine Selbstlernphase (individuelle Phase) vor die Präsenzunterrichtsphase gesetzt wird. In der Online-Phase wird Faktenwissen vermittelt, das als Grundlage für die Präsenzphase dient. Die Präsenzphase soll anschließend dafür genutzt werden, das erlernte Wissen zu vertiefen und anzuwenden. Dem gegenüber stehen die traditionellen Kurskonzepte, in denen das Faktenwissen beispielsweise in Vorlesungen oder in anderen Präsenzunterricht-Formaten vermittelt wird und die Vertiefung dieses Wissens durch die Studierenden im Anschluss daran im Selbststudium stattfinden soll. Das Ziel der ICM ist die Verschiebung des passiven Lernens hin zum aktivierenden Lernen, um das Lernen auf kognitiv anspruchvollen Ebenen wie Analyse, Synthese und Evaluation zu unterstützen. Dabei haben die gestiegene Produktion und Nutzung von Screencasts und Lernvideos, die „Bewegung“ der „Open Educational Resources“ und die verbreitete Nutzung von „Massive Open Online Courses“ (MOOCs) zu einer gestiegenen Verbreitung der Inverted-Classroom-Methode beigetragen. Der Artikel soll als Einführung in die Thematik dienen und dabei eine kurze Übersicht über wichtige Projekte und Forschungsergebnisse in der medizinischen Ausbildung und in weiteren Gesundheitsberufen geben. Außerdem werden die Vor- und Nachteile der Methode und ihr potentieller Nutzen für die zukünftige medizinische Aus- und Weiterbildung dargestellt.
Himaloaesalus gaoligongshanus Huang and Chen, new species (Coleoptera: Lucanidae: Aesalinae) is described from the Gaoligongshan Mts., Yunnan, China. It is the fi fth species of the genus Himaloaesalus Huang and Chen. This new species is similar to the Himalayan species Himaloaesalus himalayicus Kurosawa and H. saburoi Araya et al., from which it is distinguished. The male and female genitalia of all the known species of Himaloaesalus are illustrated. Dorcus yongreni Huang and Chen, new species (Coleoptera: Lucanidae: Lucaninae) is described from Ruili area, Yunnan, China. It belongs to the elegans group (Huang and Chen 2013). This new species is similar to the Indian species Dorcus apatani (Okuda and Maeda), new combination, originally described in Digonophorus Waterhouse. The male genitalia of both species are compared and illustrated.
El género Oogenius Solier, 1851, es revisado y ahora incluye siete especies: O. arrowi Gutiérrez (Argentina), O. castilloi Martínez y Peña (Chile), O. chilensis Ohaus (Chile), O. kuscheli Gutiérrez (Chile), O. lariosae Martínez (Argentina), O. penai Mondaca (Chile), y O. virens Solier (Chile). El género es redescrito, adultos macho y hembra de cada una de las especies son caracterizados, fotografi ados, y los caracteres morfológicos de valor diagnóstico ilustrados. Se incluye una clave de identifi cación, un mapa de distribución e información general sobre la biología de las especies. Basado en el estudio del material tipo, O. chilensis barrosi Gutiérrez, 1949, es considerado un nuevo sinónimo de O. chilensis Ohaus, 1905. Se designan lectotipos para Oogenius chilensis Ohaus, 1905 y Oogenius virens Solier, 1851.
Four species of the genus Enoclerus (Coleoptera: Cleridae) are reported to prey on chemically protected Coccinellidae in North America. The possibility that aposematically colored Enoclerus also mimic prey ladybird species is discussed, and the further possibility that clerid predators acquire chemical protection through sequestration of ladybird prey’s toxic alkaloids is suggested as an important avenue of investigation. The data presented are primarily based on photographs taken by non-specialists, discovered through Internet search. The crowdsourcing of natural history observations can reveal aspects of animal behavior heretofore unreported and even unsuspected.
Two new species of Eburiini (Coleoptera, Cerambycidae, Cerambycinae) are described from Mexico (Guerrero): Susuacanga boteroi; and Eburia (Eburia) girouxae. Both are included in previous keys.
The Republic of Panama currently has 300 recorded species of Trichoptera distributed among 14 families. Herein we add 42 new country records for Panama, including one new family (Anomalopsychidae) and three new genera (Anomalopsychidae: Contulma; Hydroptilidae: Byrsopteryx and Cerasmatrichia). The newly recorded caddisfly taxa increase Panama’s total known fauna to 342 species, distributed among 15 families and 50 genera. These results are part of an ongoing effort to characterize the caddisfly fauna of Panama, and to evaluate that country’s major watersheds (cuencas).
A new species of Neostenoptera (Diptera: Cecidomyiidae: Winnertziinae) from eastern North America
(2016)
A new species of paedogenetic gall midge, Neostenoptera appalachiensis sp. nov., (Diptera: Cecidomyiidae: Winnertziinae: Heteropezini) from the eastern United States is described and illustrated, and pertinent collection and biological data are also provided. It is compared to its congeners, N. kiefferi (Meunier), a subfossil described from African copal, and N. congoensis Gagné, from the Congo. This rare, exciting discovery is the first record of the genus Neostenoptera in the New World.
Parajulid milliped studies XI : Initial assessment of the tribe Gosiulini (Diplopoda: Julida)
(2016)
The parajulid milliped tribe Gosiulini (Diplopoda: Julida) comprises two genera – Gosiulus Chamberlin, with three projections on the posterior gonopod and two species in the southcentral/southwestern United States (US) [Arizona, Colorado, New Mexico, and Texas], and monotypic Minutissimiulus Shelley, n. gen., with two projections, in Nuevo León, Mexico. Gosiulus conformatus Chamberlin occupies the plains/fl atlands of Texas, while its congener inhabits high elevations to the west in all four US states. Both are anticipated in Mexico (Coahuila, Chihuahua, and Sonora), and G. conformatus is expected in southeastern Colorado, eastern New Mexico, and the Oklahoma panhandle. The eastern boundary of G. conformatus and the genus/tribe conforms to the western border of the Piney Woods biome in eastern Texas. As shown by the posterior gonopod drawing in the original description, Parajulus timpius Chamberlin, previously considered of “uncertain generic position or validity,” is unquestionably the oldest name for the western species. The anteriormost posterior gonopod projection, absent from Minutissimiulus, is considered the “prefemoral process,” while the “solenomere” and a third branch arise from a common base.
Because of positional homology with “process ‘C’” in Nesoressini, the last projection is accorded this name, which may also apply to the “prefemoral process” in Aniulini. Minutissimiulus biramus Shelley, n. sp., is proposed along with the following new subjective synonymies: Apacheiulus Loomis under Gosiulus; Ziniulus aethes and Z. medicolens, both by Chamberlin, and Z. ambiguus and Z. nati, both by Loomis, under G. conformatus; and A. pinalensis and A. guadelupensis, both by Loomis, under G. timpius, new combination. Ziniulus navajo Chamberlin becomes an objective synonym of P. timpius because its holotype is designated neotype of the latter. Minutissimiulus biramus Shelley is the fi rst Mexican gosiuline and “mainland” Mexican parajulid not in the tribe Parajulini.
Sandrart.net
(2014)
Sandrart.net describes itself as a ‘research platform for the history of art and culture of the 17th century’. It is a digital edition of Joachim von Sandrart’s magnum opus, the ‘Teutsche Academie’, published between 1675 and 1680 in a German and between 1680 and 1684 in a Latin version. Facsimiles and full texts for both publications are provided as well as a bibliography and additional texts. Browse and search functionalities allow for easy access. Particular emphasis lies on commenting the text and identifying entities such as places, works of art or persons, for which extensive dossiers are provided. These kind of information can also be downloaded as raw XML and as semantic data expressed in RDF. The project undoubtedly marks the state of the art in the critically digitizing and editing 17th century prints.
Es wird davon ausgegangen, dass das ehemalige Larven-Mikrohabitat der Asiatische Tigermücke Aedes albopictus (synonym: Stegomyia albopicta) die Phytotelmata in den Waldgebieten von Südostasien darstellte. In den letzten vier Jahrzehnten adaptierte sich die Art jedoch an urbanere Regionen und ihre Antrotelmata. Dank ihrer Eigenschaft, Eier mit einer gewissen Trocken- und Kältetoleranz zu produzieren, verbreitete sich die Art zusammen mit den international gehandelten Waren weltweit. Zudem ist Ae. albopictus ein theoretischer Vektor für mindestens 27 Viren sowie Parasiten und spielt eine Hauptrolle bei der Übertragung von Dengue-Viren und Chikungunya-Viren und Zika-Vieren. Daher wird die Art als große Gefahr für die öffentliche Gesundheit betrachtet.
Die vorliegende Arbeit thematisiert drei Untersuchungen zum Anpassungs- und Etablierungs-potential der invasiven Asiatischen Tigermücke.
In einem ersten Ansatz wurde das Problem behandelt, dass es lediglich zwei standardisierte toxikologische Testverfahren für Culicidae gab. Daher wurde ein Dosis-Wirkungs-Testsystem entwickelt, das den Weg für weitere biologische Endpunkte und ihre integrativen Parameter freimachte und dadurch ein besseres Verständnis für die Wirkweisen von Insektiziden ermöglicht. Hierdurch konnte nun der Frage nachgegangen werden, ob es Unterschiede in der ökotoxikologischen Reaktion zwischen der invasiven tropisch-subtropischen Asiatischen Tigermücke und der einheimischen nördlichen Hausstechmücke Culex pipiens auf das Insektizid λ-Cyhalothrin gibt. Weiter wurde der Einfluss von Temperatur und die Verfügbarkeit von Nahrung auf die Insektizidsensitivitäten der Arten getestet. Schließlich konnte in einer Risikobewertung festgestellt werden, dass bei falsch angewendeten Bekämpfungsmaßnahmen höhere Temperaturen sowie der Ausfall von aquatischen Top-Prädatoren zu Fitnessvorteilen für die Art führen können.
In einer zweiten Untersuchung wurde der Mechanismus der Kältetoleranz der Eier (Kälteakklimatisierung und Diapause) näher untersucht, da dieser für die erfolgreiche Invasion in gemäßigten Breitengraden verantwortlich gemacht wird. Nachdem eine lang vorherrschende Hypothese verworfen wurde, dass die Einlagerung von Polyolen die Frosttoleranz bewirken würde, war der aktuelle Stand der Wissenschaft, dass eine Verdickung der Wachsschicht des Chorions dafür verantwortlich sei. Jedoch lag keine detaillierte Evaluierung von Stechmücken-Eihüllen vor. Mittels einer transmissionselektronenmikroskopischen Studie konnte gezeigt werden, dass nicht nur die Wachsschicht nicht in der Serosa-Cuticula zu verorten ist, sondern im Endochorion und sie zudem im Zuge der Diapause in der Mächtigkeit schrumpft. Daher wird auf Basis der gewonnenen Erkenntnisse auf eine Kompaktierung der Schicht geschlossen.
Die dritte Untersuchung schließlich hatte das hohe Adaptationspotential in gemäßigten Breiten zum Gegenstand. Eine Adaptation auf genetischen Level gilt als unwahrscheinlich, da Gründerpopulationen in den neu besiedelten Gebieten eine niedrige genetische Diversität aufwiesen und ein regelmäßiger Neueintrag von Allelen unwahrscheinlich ist. Jedoch bietet das Konzept der epigenetischen Temperatur-Adaptation einen Erklärungsansatz für dieses Phänomen. Daher wurde die Frage gestellt, ob es möglich ist, eine vererbbare Diversifizierung dieses kältetoleranten Phänotyps nach einer randomisierten epigenetischen Behandlung der DNA zu detektieren. Es wurde eine transgenerationale Untersuchung der Effekte von zwei epigenetischen Agenzien (und einem Lösemittel) auf die Kältetoleranz der Eier durchgeführt. Die Ergebnisse zeigten ein Korrelationsmuster, das den durch die Agenzien veränderten Methylierungsgrad der DNA mit der Forsttoleranz verband, was die gestellte Hypothese unterstützte.
In Folge dieser drei Untersuchungen wurde festgestellt, dass Ae. albopictus ein hohes Potential hat, in weiteren Ländern – vor allem in gemäßigten Breiten – ein Gesundheitsrisiko darzustellen. Da die Art einerseits Fitnessvorteile durch falsche Bekämpfungsmaßnahmen und andererseits möglicherweise eine hohes epigenetisches Adaptationspotential besitzt, kann zusammenfassend empfohlen werden, dass der Fokus für weitere Forschung maßgeblich auf der Entwicklung von Impfstoffen für die übertragenen Viren und Pathogene liegen sollte. Dadurch kann die Bevölkerung geschützt werden, ohne Ökosysteme und ihre Dienstleistungen zu gefährden, und dies wäre zudem ökonomisch gesehen die effektivere Lösung.
When assessing global water resources with hydrological models, it is essential to know about methodological uncertainties. The values of simulated water balance components may vary due to different spatial and temporal aggregations, reference periods, and applied climate forcings, as well as due to the consideration of human water use, or the lack thereof. We analyzed these variations over the period 1901–2010 by forcing the global hydrological model WaterGAP 2.2 (ISIMIP2a) with five state-of-the-art climate data sets, including a homogenized version of the concatenated WFD/WFDEI data set. Absolute values and temporal variations of global water balance components are strongly affected by the uncertainty in the climate forcing, and no temporal trends of the global water balance components are detected for the four homogeneous climate forcings considered (except for human water abstractions). The calibration of WaterGAP against observed long-term average river discharge Q significantly reduces the impact of climate forcing uncertainty on estimated Q and renewable water resources. For the homogeneous forcings, Q of the calibrated and non-calibrated regions of the globe varies by 1.6 and 18.5 %, respectively, for 1971–2000. On the continental scale, most differences for long-term average precipitation P and Q estimates occur in Africa and, due to snow undercatch of rain gauges, also in the data-rich continents Europe and North America. Variations of Q at the grid-cell scale are large, except in a few grid cells upstream and downstream of calibration stations, with an average variation of 37 and 74 % among the four homogeneous forcings in calibrated and non-calibrated regions, respectively. Considering only the forcings GSWP3 and WFDEI_hom, i.e., excluding the forcing without undercatch correction (PGFv2.1) and the one with a much lower shortwave downward radiation SWD than the others (WFD), Q variations are reduced to 16 and 31 % in calibrated and non-calibrated regions, respectively. These simulation results support the need for extended Q measurements and data sharing for better constraining global water balance assessments. Over the 20th century, the human footprint on natural water resources has become larger. For 11–18% of the global land area, the change of Q between 1941–1970 and 1971–2000 was driven more strongly by change of human water use including dam construction than by change in precipitation, while this was true for only 9–13 % of the land area from 1911–1940 to 1941–1970.
Peptidyl arginine deiminase 4 (PAD4) is a nuclear enzyme that converts arginine residues to citrulline. Although increasingly implicated in inflammatory disease and cancer, the mechanism of action of PAD4 and its functionally relevant pathways remains unclear. E2F transcription factors are a family of master regulators that coordinate gene expression during cellular proliferation and diverse cell fates. We show that E2F-1 is citrullinated by PAD4 in inflammatory cells. Citrullination of E2F-1 assists its chromatin association, specifically to cytokine genes in granulocyte cells. Mechanistically, citrullination augments binding of the BET (bromodomain and extra-terminal domain) family bromodomain reader BRD4 (bromodomain-containing protein 4) to an acetylated domain in E2F-1, and PAD4 and BRD4 coexist with E2F-1 on cytokine gene promoters. Accordingly, the combined inhibition of PAD4 and BRD4 disrupts the chromatin-bound complex and suppresses cytokine gene expression. In the murine collagen-induced arthritis model, chromatin-bound E2F-1 in inflammatory cells and consequent cytokine expression are diminished upon small-molecule inhibition of PAD4 and BRD4, and the combined treatment is clinically efficacious in preventing disease progression. Our results shed light on a new transcription-based mechanism that mediates the inflammatory effect of PAD4 and establish the interplay between citrullination and acetylation in the control of E2F-1 as a regulatory interface for driving inflammatory gene expression.
A revised annotated checklist for the butterfly family Lycaenidae (Lepidoptera) of Trinidad is presented, updating nomenclature, and indicating synonyms from earlier lists and papers. The checklist includes 131 species of Lycaenidae, comprising 127 species of 49 genera of Eumaeini, Theclinae, and four species of three genera of Polyommatinae.
There are more than 30 new island records. No lycaenid species is endemic to Trinidad, and the fauna consists primarily of widespread species (71%) that occur from Central America to the Amazon Basin. However, the primary biogeographic affi nity is the Amazon Region, where 94% of the Trinidad lycaenid fauna also occurs.
Corrections are made to the literature cited in the first author’s earlier checklists on other Trinidad butterflies.
The genus Rhinolaemus Steel is revised. A new island and a new country record are presented for the type species, R. maculatus Steel. A new species, R. niueensis Thomas, new species, is described from Niue, and Rhinolaemus tuberculatus (Grouvelle), new combination, is transferred from Laemophloeus (sens. lat.). The members of the genus are illustrated and a key to their identification is presented.
Epimelitta Bates, 1870 (Coleoptera, Cerambycidae) is redescribed with two species: Epimelitta scoparia (Klug, 1825) and Epimelitta rufiventris Bates, 1870; Epimelitta meliponica Bates, 1870 syn. nov. and Epimelitta acutipennis Fisher, 1947 syn. nov. are considered junior synonyms of E. scoparia. Exepimelitta gen. nov. is described with five species: Exepimelitta mimica (Bates, 1873), Ex. nigerrima (Bates, 1892), Ex. consobrina (Melzer, 1931) (=Epimelitta nigerrima var. flavipubescens Fisher, 1947, syn. nov.), Ex. lestradei (Peñaherrera-Leiva and Tavakilian, 2003) and Ex. windsori sp. nov. Charisia Champion, 1892 is revalidated and redescribed with six species: Charisia euphrosyne (Newman, 1840), C. mneme (Newman, 1841), C. melanaria Gounelle, 1911, C. ornaticollis Zajciw, 1973, C. bleuzeni (Peñaherrera-Leiva and Tavakilian, 2003) and C. durantoni (Peñaherrera-Leiva and Tavakilian, 2003).
Erratamelitta gen. nov. is described with two species: Erratamelitta erato (Newman, 1840) (= Epimelitta bicolor (Bates, 1873), syn. nov.) and Er. eliasi sp. nov.. Adepimelitta gen. nov. is described with two species: Adepimelitta debilis (Gounelle, 1911) and Ad. eupheme (Lameere, 1884). A brief synopsis of the genus Acorethra Bates, 1873 is presented, with two species included: Acorethra chrysaspis Bates, 1873, revalidated, and Ac. aureofasciata Gounelle, 1911. All species are illustrated (including genitalia when available); and keys to the genera, and their species, are provided.
Seven specimens of Sybra alternans (Wiedemann) (Cerambycidae: Lamiinae: Apomecynini) were captured with a UV light trap and by beating branches of trees in the urban area of Easter Island (Chile) during 2011–2016, representing the fi rst record of the species in this Chilean insular territory, but not continental Chile.
Sybra alternans is native to Southeast Asia and has been introduced accidentally to Hawaii and Florida in the United States of America. Data are presented from the literature on this species’ distribution, host plants, and biological information.
Taxonomic supplement (2001 to 2015) to the catalogue of New Zealand Carabidae (Insecta: Coleoptera)
(2016)
A supplement to the “Carabidae (Insecta: Coleoptera): catalogue” published by Larochelle and Larivière (2001; Fauna of New Zealand 43), is provided. A total of 99 genera and 547 species and subspecies belonging to 21 tribes and 8 subfamilies of Carabidae (including Cicindelini and Rhysodini), is recorded for New Zealand. Endemism is high, with 93% of the species and subspecies as well as 62% of the genera recorded from this country only. Changes to the 2001 catalogue are documented. The synonymy and type locality of taxa described between 2001 and 2015 are also provided.
The description of a new species of Kessleria (Lepidoptera: Yponomeutidae) is presented, based on male and female specimens obtained from laboratory rearing of material collected on their host, Maytenus boaria, of the central region of Chile.
Andaspis recurrens Takagi and Kawai, Hypaspidiotus jordani (Kuwana), Lepidosaphes kamakurensis (Kuwana) and Selenomphalus distylii Takagi from warm temperate forests are newly documented in the Korean fauna of armored scale insects (Hemiptera: Diaspididae). Characteristics of these species are briefl y given and illustrative photographs and information on their distribution and hosts are provided.
Nine new species of Hydroptilidae (Trichoptera) are described and illustrated from the western United States, Canada, Mexico, and Belize: Seven new species in the genus Neotrichia Morton, N. buenoi, N. chihuaha, N. contrerasi, N. maya, N. palitla, N. pinnacles, and N. sandersoni, one new species in the genus Oxyethira Eaton, O. pembertonensis, and one new species in the genus Metrichia Ross, M. mastelleri. As well, new records for N. mobilensis and Mayatrichia tuscaloosa and new illustrations of the male genitalia of Neotrichia jarochita Bueno-Soria and Mayatrichia tuscaloosa Harris and Sykora are provided.
The Iranian fauna of Cucujidae, Laemophloeidae, and Silvanidae (Coleoptera: Cucujoidea) are summarized in this paper. In total 2 species of Cucujidae (1 genus: Pediacus Shuckard), 6 species of Laemophloeidae (3 genera: Cryptolestes Ganglbauer, Laemophloeus Dejean, and Placonotus MacLeay) and 7 species of Silvanidae (6 genera: Uleiota Latreille, Psammoecus Latreille, Ahasverus Gozis, Nausibius Lentz, Oryzaephilus Ganglbauer, Psammoecus Latreille, and Silvanus Latreille) are listed in this paper. Synonymies and distribution data are given.
The previously published list of Coleoptera holotypes in the Museo de Historia Natural, Noel Kempff Mercado (MNKM), Santa Cruz, Bolivia is updated to include those deposited in the Museo since then though the end of 2015. Literature citations for the original descriptions of each listed holotype are also provided along with summary comments regarding family composition and authorship of included species. Photographs of collector, authors, habitats, and major Bolivian type repositories are provided.
Descriptions or diagnoses are given for 36 species of New World Eremoleon including 12 new species:
Eremoleon attenuatus, E. durangoensis, E. jacumba, E. jamaica, E. inca, E. monagas, E. morazani, E. pygmaeus, E. samne, E. tanya, E. tepuyiensis and E. venezolanus. A neotype is designated for Hesperoleon atomarius Navás 1933.
The larvae of 25 species are described and keyed. Keys to the adults and larvae are given, and biological notes are provided. Twenty-five species were reared from larvae found in cave mouths, rock overhangs, or other less common habitats; for example, E. nigribasis were found in deep recesses of mammal burrows, E. gracile were reared from reptile holes in the ground, E. punctipennis were found in beetle frass beneath logs, and E. femoralis in small twig holes or abandoned termite galleries in termite frass. Many new bombyliid and chalcidid parasites are listed.
Die Empfehlung des Corporate Governance-Kodex (Ziff. 5.4.2), „dem Aufsichtsrat soll eine nach seiner Einschätzung angemessene Anzahl unabhängiger Mitglieder angehören“, wirft in der Praxis nach wie vor Fragen auf. Im Folgenden sollen einige Thesen zur Auslegung dieser Empfehlung aufgestellt werden. Eine rechtspolitische Auseinandersetzung mit ihr und Änderungsvorschläge sind an dieser Stelle nicht beabsichtigt.
André Prüm has asked me to talk about “La Théorie de l´organe” supposing that this is a German invention. Well, we cannot claim the authorship or copyright for that, but it is true that this doctrine is still dominating German doctrinal thinking in company law. Let me first look at the historical development and background of this theory and then ask for its actual meaning and practical consequences.
„Corporate groups are a fact of life“.1 This was the starting point for a group of renowned European experts to deliver a report on a possible Directive on corporate group law in 2000.2 We all know that no such Directive has been issued.3 However, these days a fresh group of eminent experts has started, among other things, to develop an initiative „on groups of companies“.4 One reason for a European regulation to take its time might be the enormous national differences in dealing with group situations. While some countries, notably the UK,5 rely on general company law to deal with corporate groups, others provide most detailed rules specifically for groups of companies.6 German law provides an example for the latter. Do we need a law of corporate groups? Most countries regulate one or another aspect of group law.7
This is probably most common for tax and for accounting law. Insolvency law will often take group situations into account and the same is true for labour law. Regulatory oversight for financial institutions or insurance companies usually includes a group dimension. Competition law necessarily does so as well. However, in what follows when we speak about „group law“ we will focus on regulation more specifically tuned to genuine questions of company law such as the protection of minority shareholders or creditors, the standards for managerial behavior and the „enabling“ function of legal structures.
Capital maintenance rules are part of a legal capital regime that consists of rules on raising capital and rules on maintaining it. The function of these rules is the protection of the corporation’s creditors. This is evidenced by the fact that in public as well as private companies the provisions on legal capital are not open to disapplication or variation even with unanimous shareholder consent. Thus, providing the company with a minimum of funding and ensuring equal treatment of shareholders are mere reflexes of creditor protection or, at best, ancillary purposes of legal capital. Legal capital is part of a corporation’s equity. The key feature of equity is that it ranks behind the claims of other stakeholders in the distribution of a corporation’s assets. Consequently, equity will also be the first part of a corporation’s funds to be depleted by losses. Capital maintenance rules seek to enforce this order of priority of different groups of stakeholders by restricting distributions to shareholders. Such restrictions are not unique to legal systems that have adopted a legal capital regime. A prominent example of a statute that has eliminated mandatory legal capital is the Delaware General Corporation Law. § 154 DCGL leaves it up to the directors to decide whether any part of the consideration received by the corporation for its shares shall be attributed to capital. Thus, a Delaware corporation need not have any stated capital. This has significant impact on the funds available for distribution to shareholders. Pursuant to § 170 (a) DGCL dividends may only be paid out of surplus or, in the absence of surplus, out of net profits of the current or the preceding fiscal year. § 154 DGCL defines surplus as the excess of a corporation’s net assets over the amount of its capital, and net assets as the amount by which total assets exceed total liabilities. A corporation without stated capital may, therefore, distribute all of its net assets to its shareholders and continue business without any equity on its balance sheet. This highlights the difference between the different approaches to creditor protection in Germany and the U.S. Both legal systems acknowledge the priority of creditors over shareholders in corporate distributions. However, German law seeks to give creditors additional comfort by requiring companies to raise and maintain additional layers of assets above and beyond those corresponding to the company’s liabilities that may not be depleted by way of distributions to shareholders. While private companies must merely raise and maintain their stated capital, public companies are required to raise and maintain additional equity accounts unavailable for distributions to shareholders such as the share premium account1 and the legal reserve.2
In recent years a number of objections have been raised against this concept of creditor protection. Critics argue that contractual arrangements are a more efficient means for protecting the interests of creditors.3 Capital maintenance does not prevent creditors from negotiating for more stringent protection of their claims such as collateral or financial covenants. It does, however, provide a minimum standard of protection for the benefit of creditors who lack the commercial experience or the bargaining power or who, like tort victims, are simply unable to negotiate for contractual safeguards. Capital maintenance ensures that their protection against excessive distributions does not depend on large creditors who are free to waive covenants that, in effect, benefit all creditors in exchange for individual arrangements that work exclusively in their favour.
Anleihen werden in der Regel in zahlreiche Teilschuldverschreibungen aufgespalten und diese an verschiedene Investoren verkauft. Dies begründet, der Zahl der umlaufenden Teilschuldverschreibungen entsprechend, jeweils unterschiedliche Schuldverhältnisse zwischen dem Emittenten und dem jeweiligen Investor. Hält ein Investor mehrere Teilschuldverschreibungen, so entstehen dementsprechend mehrere rechtlich voneinander zu unterscheidende Schuldverhältnisse mit gleichem Inhalt.1 Diese können jeweils ein unterschiedliches rechtliches Schicksal haben, z. B. getrennt voneinander übertragen werden. Sie können auch, von atypischen Gestaltungen abgesehen, je einzeln vom Gläubiger gekündigt werden, wenn die Anleihebedingungen insoweit keine Vorkehrungen treffen. Die folgenden Bemerkungen dazu befassen sich zunächst mit der umstrittenen Frage, ob auch eine Kündigung aus wichtigem Grund seitens eines Gläubigers gemäß §§ 490 Abs. 1, 314 BGB in Betracht kommt (im Folgenden I. - VII.)
Coccolithophores are an abundant phytoplankton group that exhibit remarkable diversity in their biology, ecology, and calcitic exoskeletons (coccospheres). Their extensive fossil record is testament to their important biogeochemical role and is a valuable archive of biotic responses to environmental change stretching back over 200 million years. However, to realise the potential of this archive requires an understanding of the physiological processes that underpin coccosphere architecture. Using culturing experiments on four modern coccolithophore species (Calcidiscus leptoporus, Calcidiscus quadriperforatus, Helicosphaera carteri and Coccolithus braarudii) from three long-lived families, we investigate how coccosphere architecture responds to shifts from exponential (rapid cell division) to stationary (slowed cell division) growth phases as cell physiology reacts to nutrient depletion. These experiments reveal statistical differences in cell size and the number of coccoliths per cell between these two growth phases, specifically that cells in exponential-phase growth are typically smaller with fewer coccoliths, whereas cells experiencing growth-limiting nutrient depletion have larger coccosphere sizes and greater numbers of coccoliths per cell. Although the exact numbers are species-specific, these growthphase
shifts in coccosphere geometry demonstrate that the core physiological responses of cells to nutrient depletion results in increased cell sizes and coccoliths per cell across four different coccolithophore families (Calcidiscaceae, Coccolithaceae, Isochrysidaceae, Helicosphaeraceae), a representative diversity of this phytoplankton group. Building on this, direct comparison of coccosphere geometries in modern and fossil coccolithophores enables a proxy for growth phase to be developed that allows growth responses to environmental change to be investigated throughout their evolutionary history. Our data also shows that changes in growth rate and coccoliths per cell associated with growth-phase shifts can substantially alter cellular calcite production. Coccosphere geometry is therefore a valuable tool for accessing growth information in the fossil record that provides unprecedented insights into the biotic responses of species to environmental change and its potential biogeochemical consequences.
Die sog. Business Judgment Rule wurde durch Art. 1 Nr. 1a des UMAG1 auf entsprechende Vorschläge im Schrifttum2 als neuer § 93 Abs. 1 Satz 2 in das Aktiengesetz eingefügt. Der Sache nach war sie bereits zuvor in Rechtsprechung3 und Lehre4 anerkannt. Nach gängigem Verständnis soll die Business Judgment Rule einen „sicheren Hafen“ bieten, der Organmitglieder davor schützt, dass unternehmerische Misserfolge auf der Grundlage nachträglicher besserer Erkenntnis als Sorgfaltspflichtverstöße sanktioniert werden. Nach ganz überwiegen-der Auffassung beschränkt sich die Bedeutung von § 93 Abs. 1 Satz 2 AktG nicht darauf, durch ausdrückliche Regelung von Elementen der Sorgfaltspflicht klarzustellen, dass das Gesetz mit dem strengen Sorgfaltsmaßstab des ordentlichen und gewissenhaften Geschäftslei-ters nicht etwa eine Erfolgshaftung statuiert. Die Business Judgment Rule wird vielmehr als Privilegierung gegenüber dem ansonsten geltenden Haftungsmaßstab des § 93 Abs. 1 Satz 1 AktG verstanden. Ausdrückliche Stellungnahmen zur Wirkungsweise dieses Privilegs reichen von der Annahme eines der richterlichen Nachprüfung entzogenen unternehmerischen Ermes-sensspielraums5 über die Einordnung als unwiderlegliche Vermutung objektiv rechtmäßigen Verhaltens6 bis hin zu der Annahme, dass im Anwendungsbereich der Business Judgment Rule eine Haftung gegenüber der Gesellschaft nur ab der Grenze der groben Fahrlässigkeit in Betracht komme.7 Aber auch die zahlreichen Stellungnahmen, die sich nicht ausdrücklich zur Frage der Haftungserleichterung äußern, setzen eine privilegierende Wirkung der Business Judgment Rule voraus. Anderenfalls hätten die eingehenden Überlegungen zur Abgrenzung unternehmerischer von anderen, insbesondere rechtlich gebundenen Entscheidungen, für die offenbar ein strengerer Sorgfalts- und Haftungsmaßstab gelten soll, keinerlei praktische Bedeutung.
1.Hinsichtlich der Haftung von Organmitgliedern gegenüber der Gesellschaft für Fehlein-schätzungen der Rechtslage gilt kein anderer Maßstab als hinsichtlich der Haftung für Fehler bei unternehmerischen Entscheidungen (dazu sogleich, II).
2.Die Business Judgment Rule des § 93 Abs. 1 Satz 2 AktG enthält kein Haftungsprivileg; insbesondere stellt sie Organmitglieder nicht grundsätzlich von der Haftung für grobe Fahr-lässigkeit frei. Sie konkretisiert vielmehr lediglich die Sorgfaltsanforderungen an einen or-dentlichen und gewissenhaften Geschäftsleiter und stellt klar, dass dessen Haftung nicht mit nachträglicher besserer Erkenntnis begründet werden kann. Aus diesem Grund ist es unbe-denklich, dass sich die Haftung für unternehmerische, rechtliche und sonstige Fehler nach einheitlichen Haftungsgrundsätzen richtet (dazu unten, III.).