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To sum up our findings we come to the following statements. - During the period from 1973 to 1993 inequality of the personal distribution of equivalent pre-government income increased to some extent, as was to be expected given the enormous rise in unemployment. - Inequality of post-government income also increased slightly, but was much lower than inequality of pre-government income due to the equalizing effect of the German tax and transfer system. - In 1993 inequality of pre-government income was higher, and inequality of post-government income was considerably lower in East Germany than in West Germany; the West German tax and transfer system that was transferred to East Germany after reunification - with some additional but temporary minimum regulations - seems to have had a stronger equalizing effect in the East than in the West. - A decomposition into three age groups, the young and the middle-aged group sub-divided further according to whether household members were affected by unemployment, showed that within-groups inequality explained by far more of overall inequality than between-groups inequality. - The relative positions of the two young groups as well as of the middle-aged group with unemployed members deteriorated with respect to their equivalent pre-government and post-government incomes. - During the first period with rising unemployment (1973 to 1978), the development of within-groups inequality and of between-groups inequality contributed to about the same extent to the increase of overall inequality of pre-government income. But this was fully compensated by the tax and transfer system as there were only a negligible change in inequality of equivalent net income and very slight effects of the (four) components of change which nearly compensated each other. - During the last period from 1988 to 1993 the equalizing effect of the German tax and transfer system seems to have weakened, at least in the western part of Germany. The increase in inequality of equivalent net income is mainly due to developments of within group inequalities.
Vibronic (vibrational-electronic) transition is one of the fundamental processes in molecular physics. Indeed, vibronic transition is essential both in radiative and nonradiative photophysical or photochemical properties of molecules such as absorption, emission, Raman scattering, circular dichroism, electron transfer, internal conversion, etc. A detailed understanding of these transitions in varying systems, especially for (large) biomolecules, is thus of particular interest. Describing vibronic transitions in polyatomic systems with hundreds of atoms is, however, a difficult task due to the large number of coupled degrees of freedom. Even within the relatively crude harmonic approximation, such as for Born-Oppenheimer harmonic potential energy surfaces, the brute-force evaluation of Franck-Condon intensity profiles in a time-independent sum-over-states approach is prohibitive for complex systems owing to the vast number of multi-dimensional Franck-Condon integrals. The main goal of this thesis is to describe a variety of molecular vibronic transitions, with special focus on the development of approaches that are applicable to extended molecular systems. We use various representations of Fermi’s golden rule in frequency, time and phase spaces via coherent states to reduce the computational complexity. Although each representation has benefits and shortcomings in its evaluation, they complement each other. Peak assignment of a spectrum can be made directly after calculation in the frequency domain but this sum-over-states route is usually slow. In contrast, computation is considerably faster in the time domain with Fourier transformation but the peak assignment is not directly available. The representation in phase space does not immediately provide physically-meaningful quantities but it can link frequency and time domains. This has been applied to, herein, for example (non-Condon) absorption spectra of benzene and electron transfer of bacteriochlorophyll in the photosynthetic reaction center at finite temperature. This work is a significant step in the treatment of vibronic structure, allowing for the accurate and efficient treatment of complex systems, and provides a new analysis tool for molecular science.
Succinate:quinone oxidoreductases (SQORs) are integral membrane protein complexes, which couple the two-electron oxidation of succinate to fumarate (succinate → fumarate + 2H+ + 2e-) to the two-electron reduction of quinone to quinol (quinone + 2H+ + 2e- → quinol) as well as catalyzing the opposite reaction, the reduction of fumarate by quinol. In mitochondria and some aerobic bacteria, succinate:ubiquinone reductase, also known as complex II of the aerobic respiratory chain or as succinate dehydrogenase from the tricarboxylic acid (TCA or Krebs) cycle, catalyzes the oxidation of succinate by ubiquinone, which is mildly exergonic under standart conditions and not directly associated with energy storage in the form of a transmembrane electrochemical proton potential (Δp). Gram-positive bacteria do not contain ubiquinone but rather menaquinone, a quinone with significantly lower oxidation-reduction (“redox”) midpoint potential. In these cases, the catalyzed oxidation of succinate by quinone is endergonic under standard conditions. Consequently, these bacteria face a thermodynamic problem in supporting the catalysis of this reaction in vivo. Based on experimental evidence obtained on whole cells and purified membranes, it had previously been proposed that the SQR from Gram-positive bacteria supports this reaction at the expense of the protonmotive force, Δp. Nonetheless, it has been argued that the observed Δp dependence is not associated specifically with the activity of SQR because the occurrence of artifacts in experiments with bacterial membranes and whole cells can not be fully excluded. Clearly, definitive insight into the mechanism of catalysis of this intriguing reaction required a corresponding functional characterization of an isolated, membranebound SQR from a Gram-positive bacterium. The first aim of the present work addresses the question if the general feasibility of the energetically uphill electron transfer from succinate to menaquinone is associated specifically to a single enzyme complex, the SQR. The prerequisite to achieve this goal was stable preparation of this enzyme.
Vacuum-assisted closure (VAC) of complex infected wounds has recently gained popularity among various surgical specialties. The system is based on the application of negative pressure by controlled suction to the wound surface. The effectiveness of the VAC System on microcirculation and the promotion of granulation tissue proliferation are proved. In our case report we illustrate a scenario were a patient developed severe bleeding from the ascending aorta by penetration of wire fragments in the vessel. We conclude that all free particles in the sternum have to be removed completely before negative pressure is used.
The glycine receptor (GlyR) is the major inhibitory neurotransmitter receptor in spinal cord and brainstem. Heteropentameric GlyRs are clustered and anchored at inhibitory postsynaptic sites by the binding of the large intracellular loop between transmembrane domains 3 and 4 of the GlyRbeta subunit (GlyRbeta-loop) to the cytoplasmic scaffolding protein gephyrin. GlyRs are also cotransported with gephyrin along microtubules in the anterograde and retrograde direction due to the binding of gephyrin to microtubule-associated motor proteins. Additionally, GlyRs undergo lateral diffusion in the plasma membrane from extrasynaptic to synaptic sites and vice versa. Since its discovery, gephyrin has remained for many years the only binding partner interacting directly with the GlyRbeta subunit. In an attempt to elucidate further mechanisms involved in GlyR function and regulation at inhibitory postsynaptic sites, a proteomic screen for putative binding partners to the GlyRbeta loop was performed. Three proteins were identified as putative interactors. In this thesis, the interaction between these putative binding proteins and the GlyRbeta subunit was analyzed and characterized. Binding studies with glutathione-S-transferase fusion proteins revealed that all putative binding proteins, Syndapin (Sdp), Vacuolar Protein Sorting 35 (Vps35) and Neurobeachin (Nbea), interact specifically with the GlyRbeta loop. The Sdp family of proteins are F-BAR and SH3 domain containing proteins. Inmmunocytochemical experiments showed that SdpI as well as the isoforms SdpII-S and SdpIIL colocalize with the full-length GlyRbeta subunit in a mammalian cell expression system. In cultured spinal cord neurons, a partial colocalization of endogenous SdpI with several excitatory and inhibitory synaptic markers was demonstrated. Mapping experiments using deletion mutants narrowed the SdpI binding site down to 22 amino acids. Peptide competition experiments confirmed the specificity of the interaction between SdpI and this sequence of the GlyRbeta subunit. Point mutation analysis revealed a SH3-proline rich domain dependent interaction between SdpI and the GlyRbeta subunit, respectively. In addition, binding studies in mammalian cells showed that both splice variants of SdpII as well as SdpI interact with the GlyR scaffolding protein gephyrin. Although the SdpI and gephyrin binding sites do not overlap, protein competition studies revealed that interaction of the E-domain of gephyrin with the GlyRbeta loop interferes with SdpI binding. Since SdpI is a dynamin binding protein involved in vesicle endocytosis and recycling pathways, a possible function of SdpI in the regulation of GlyR synaptic distribution was investigated. Co-immunoprecipitation experiments confirmed a SdpI-GlyR association in the vesicle-enriched fraction of rat spinal cord tissue. Immunocytochemical studies of SdpI knock out mice showed that the clustering and distribution of GlyRs in the brain stem is unchanged. However, acute down-regulation of SdpI in rat spinal cord neurons by viral shRNA expression led to a reduction in the number and size of GlyR clusters, an effect that could be rescued upon shRNA-resistant SdpI overexpression. Further immunocytochemical analysis of the localization of gephyrin, the gamma2 subunit of the type A gamma-aminobutyric acid receptor (GABAARgamma2 subunit) and the vesicular inhibitory amino acid transporter (VIAAT) under SdpI knock-down conditions showed that both the number and average size of the gamma2-subunit containing GABAA receptor clusters were significantly reduced in spinal cord neurons. In contrast to GlyR and GABAARgamma2 immunoreactivity, the number and average size of gephyrin and VIAAT clusters were barely reduced upon SdpI downregulation. These results suggest that SdpI has a role in GlyR trafficking that can be compensated by other syndapin isoforms or other trafficking pathways. Furthermore, SdpI might be required for the clusters of GlyRs and gamma2-subunit containing GABAARs in spinal cord and brainstem. Vps35 is the core protein of the retromer complex, which mediates the endosome to Golgi apparatus retrieval of different types of receptors in mammals and yeast. Here, protein-protein interaction assays revealed for the first time that Vps35 interacts directly with the GlyRbeta loop as well as with gephyrin. The generation of specific Vps35 antibodies allowed to determine the distribution of this protein in the central nervous system. Immunocytochemical analyses revealed the presence of Vps35 in the somata and neurites of spinal cord neurons, suggesting a possible interaction of Vps35 with the GlyR under physiological conditions. Nbea is a BEACH domain containing, neuron-specific protein. Binding studies revealed a direct interaction between two regions of Nbea and the GlyRbeta loop. Immunocytochemical experiments confirmed a somatic and synaptic distribution of Nbea in primary cultures. In spinal cord neurons, a partial colocalization of Nbea with excitatory and inhibitory synaptic markers suggests a possible interaction of Nbea with the GlyR at inhibitory synaptic sites.
Summary: Information and communication is critical to the successful management of infectious diseases because an effective communication strategy prevents the surge of anxious patients who have not been genuinely exposed to the pathogen ('low risk patients') affecting medical infrastructures (1) and the future transmission of the infectious agent (2). Surge of low risk patients: The arrival of large numbers of low risk patients at hospitals following an infectious diseases emergency would be problematic for three main reasons. First, it would complicate the situation at hospitals receiving exposed patients, delaying the treatment of the acutely ill, creating difficulties of crowd control and tying up medical resources. Second, for the low risk patients themselves, attending hospital following an infectious disease emergency might increase their risk of exposure to the agent in question. Third, the needs of low risk patients may be poorly attended to at hospitals which are already overstretched dealing with medical casualties. Future transmission: Obtaining early information about symptoms and isolating infected patients is the most effective strategy to interrupt the chain of infection in the public in the absence of specific prophylaxis or treatment. Particularly at the beginning of an outbreak, these nonpharmaceutical interventions play an important role in enabling the early detection of signs or symptoms and in encouraging passengers to adopt appropriate preventive behaviour in order to limit the spread of the disease. This thesis includes two papers dealing with this problem: The first part is a systemic literature review of information needs following an infectious disease emergency (Anthrax, SARS, Pneumonic Plague). The key question was: what are the information needs of the public during an infectious disease emergency? The second part is an empirical investigation of information needs and communication strategies at the airport during the early stage of the Influenza Pandemic. The key question here was: what communication strategies help to meet the information needs and to enable the public to behave appropriately and responsibly? Conclusions: Evidence from the anthrax attacks in the United States suggested that a surge of low risk patients is by no means inevitable. Data from the SARS outbreak illustrated that if hospitals are seen as sources of contagion, many patients with non-bioterrorism related health care needs may delay seeking help. Finally, the events surrounding the Pneumonic Plague outbreak of 1994 in Surat, India, highlighted the need for the public to be kept adequately informed about an incident to avoid creating rumours. Clear, consistent and credible information is key to the successful management of infectious disease outbreaks. The results of the empirical investigation suggested that the desire for information is a reflection of current anxiety and does not mirror the objective scientific assessment of exposure. The airport study showed that perceived information needs were directly related to anxiety – the least anxious did not require any further information, the most anxious reported significant information needs concerning medical treatment, public health management and the assessment of the ongoing situation – irrespective of their actual exposure. A communication strategy only focussing on the 'real' exposed individuals neglects the information needs of those worrying about having contracted the virus and seeking medical attendance. Effective communication strategies should enable the general public to detect early signs or symptoms and provide them with behaviour advice to prevent the further transmission of the infectious agent. These include the provision of clear information about the incident, the symptoms and what to do to prevent the further transmission, detailed and regularly updated information in various media formats (telephone, internet, etc.) and rapid triage at hospital entrances to guide patients to the appropriate medical infrastructures. Relevance: These research findings could contribute to a shift in the organisational and communicative approach responding to infectious diseases outbreaks and could be considered relevant for future risk communication and policy decision making.
The objective of this thesis is to develop new methodologies for formal verification of nonlinear analog circuits. Therefore, new approaches to discrete modeling of analog circuits, specification of analog circuit properties and formal verification algorithms are introduced. Formal approaches to verification of analog circuits are not yet introduced into industrial design flows and still subject to research. Formal verification proves specification conformance for all possible input conditions and all possible internal states of a circuit. Automatically proving that a model of the circuit satisfies a declarative machine-readable property specification is referred to as model checking. Equivalence checking proves the equivalence of two circuit implementations. Starting from the state of the art in modeling analog circuits for simulation-based verification, discrete modeling of analog circuits for state space-based formal verification methodologies is motivated in this thesis. In order to improve the discrete modeling of analog circuits, a new trajectory-directed partitioning algorithm was developed in the scope of this thesis. This new approach determines the partitioning of the state space parallel or orthogonal to the trajectories of the state space dynamics. Therewith, a high accuracy of the successor relation is achieved in combination with a lower number of states necessary for a discrete model of equal accuracy compared to the state-of-the-art hyperbox-approach. The mapping of the partitioning to a discrete analog transition structure (DATS) enables the application of formal verification algorithms. By analyzing digital specification concepts and the existing approaches to analog property specification, the requirements for a new specification language for analog properties have been discussed in this thesis. On the one hand, it shall meet the requirements for formal specification of verification approaches applied to DATS models. On the other hand, the language syntax shall be oriented on natural language phrases. By synthesis of these requirements, the analog specification language (ASL) was developed in the scope of this thesis. The verification algorithms for model checking, that were developed in combination with ASL for application to DATS models generated with the new trajectory-directed approach, offer a significant enhancement compared to the state of the art. In order to prepare a transition of signal-based to state space-based verification methodologies, an approach to transfer transient simulation results from non-formal test bench simulation flows into a partial state space representation in form of a DATS has been developed in the scope of this thesis. As has been demonstrated by examples, the same ASL specification that was developed for formal model checking on complete discrete models could be evaluated without modifications on transient simulation waveforms. An approach to counterexample generation for the formal ASL model checking methodology offers to generate transition sequences from a defined starting state to a specification-violating state for inspection in transient simulation environments. Based on this counterexample generation, a new formal verification methodology using complete state space-covering input stimuli was developed. By conducting a transient simulation with these complete state space-covering input stimuli, the circuit adopts every state and transition that were visited during stimulus generation. An alternative formal verification methodology is given by retransferring the transient simulation responses to a DATS model and by applying the ASL verification algorithms in combination with an ASL property specification. Moreover, the complete state space-covering input stimuli can be applied to develop a formal equivalence checking methodology. Therewith, the equivalence of two implementations can be proven for every inner state of both systems by comparing the transient simulation responses to the complete-coverage stimuli of both circuits. In order to visually inspect the results of the newly introduced verification methodologies, an approach to dynamic state space visualization using multi-parallel particle simulation was developed. Due to the particles being randomly distributed over the complete state space and moving corresponding to the state space dynamics, another perspective to the system's behavior is provided that covers the state space and hence offers formal results. The prototypic implementations of the formal verification methodologies developed in the scope of this thesis have been applied to several example circuits. The acquired results for the new approaches to discrete modeling, specification and verification algorithms all demonstrate the capability of the new verification methodologies to be applied to complex circuit blocks and their properties.
Interview with Dario Azzellini, author of The Business of War and the new documentary film, Comuna Under Construction. What is it about Venezuela that is so interesting? Since 2003 I have practically lived in Venezuela. What motivates me is that I am interested in the social transformation process happening here. It’s a different type of revolution, a new left that draws from all the experiences of the 60s, 70s, 80s and 90s. ...
This thesis investigates the development of early cognition in infancy using neural network models. Fundamental events in visual perception such as caused motion, occlusion, object permanence, tracking of moving objects behind occluders, object unity perception and sequence learning are modeled in a unifying computational framework while staying close to experimental data in developmental psychology of infancy. In the first project, the development of causality and occlusion perception in infancy is modeled using a simple, three-layered, recurrent network trained with error backpropagation to predict future inputs (Elman network). The model unifies two infant studies on causality and occlusion perception. Subsequently, in the second project, the established framework is extended to a larger prediction network that models the development of object unity, object permanence and occlusion perception in infancy. It is shown that these different phenomena can be unified into a single theoretical framework thereby explaining experimental data from 14 infant studies. The framework shows that these developmental phenomena can be explained by accurately representing and predicting statistical regularities in the visual environment. The models assume (1) different neuronal populations processing different motion directions of visual stimuli in the visual cortex of the newborn infant which are supported by neuroscientific evidence and (2) available learning algorithms that are guided by the goal of predicting future events. Specifically, the models demonstrate that no innate force notions, motion analysis modules, common motion detectors, specific perceptual rules or abilities to "reason" about entities which have been widely postulated in the developmental literature are necessary for the explanation of the discussed phenomena. Since the prediction of future events turned out to be fruitful for theoretical explanation of various developmental phenomena and a guideline for learning in infancy, the third model addresses the development of visual expectations themselves. A self-organising, fully recurrent neural network model that forms internal representations of input sequences and maps them onto eye movements is proposed. The reinforcement learning architecture (RLA) of the model learns to perform anticipatory eye movements as observed in a range of infant studies. The model suggests that the goal of maximizing the looking time at interesting stimuli guides infants' looking behavior thereby explaining the occurrence and development of anticipatory eye movements and reaction times. In contrast to classical neural network modelling approaches in the developmental literature, the model uses local learning rules and contains several biologically plausible elements like excitatory and inhibitory spiking neurons, spike-timing dependent plasticity (STDP), intrinsic plasticity (IP) and synaptic scaling. It is also novel from the technical point of view as it uses a dynamic recurrent reservoir shaped by various plasticity mechanisms and combines it with reinforcement learning. The model accounts for twelve experimental studies and predicts among others anticipatory behavior for arbitrary sequences and facilitated reacquisition of already learned sequences. All models emphasize the development of the perception of the discussed phenomena thereby addressing the questions of how and why this developmental change takes place - questions that are difficult to be assessed experimentally. Despite the diversity of the discussed phenomena all three projects rely on the same principle: the prediction of future events. This principle suggests that cognitive development in infancy may largely be guided by building internal models and representations of the visual environment and using those models to predict its future development.
This thesis consists of four chapters. Each chapter covers a topic in international macroeconomics and monetary policy. The first chapter investigates the impact of unexpected monetary policy shocks on exchange rates in a multi-country econometric model. The second chapter examines the linkage between macroeconomic fundamentals and exchange rates through the monetary policy expectation channel. The third chapter focuses on the international transmission of bank and corporate distress. The last chapter unfolds the interest rate channel of monetary policy transmission in-an emerging economy-China, where regulations and market forces co-exist in this transmission.
The pathophysiology of schizophrenia is still poorly understood. Investigating the neurophysiological correlates of cognitive dysfunction with functional neuroimaging techniques such as electroencephalography (EEG) and functional magnetic resonance imaging (fMRI) is widely considered to be a possible solution for this problem. Working memory impairment is one of the most prominent cognitive impairments found in schizophrenia. Working memory can be divided into a number of component processes, encoding, maintenance and retrieval. They appear to be differentially affected in schizophrenia, but little is known about the neurophysiological disturbances which contribute to deficits in these component processes. The aim of this dissertation was to elucidate the neurophysiological underpinnings of the component processes of working memory and their disturbance in schizophrenia. In the first study the the neurophysiological substrates of visual working memory capacity limitations were investigated during encoding, maintenance and retrieval in 12 healthy subjects using event-related fMRI. Subjects had to encode up to four abstract visual shapes and maintain them in working memory for 12 seconds. Afterwards a test stimulus was presented, which matched one of the previously shown shapes in fifty percent of the trials. A bilateral inverted U-shape pattern of BOLD activity with increasing memory load in areas closely linked with selective attention, i.e. the frontal eye fields and areas around the intraparietal sulcus, was observed already during encoding. The increase of the number of stored items from memory load three to memory load four in these regions was negatively correlated with the increase of BOLD activity from memory load three to memory load four. These results point to a crucial role of attentional processes for the limited capacity of working memory. In the second study, the contribution of early perceptual processing deficits during encoding and retrieval to working memory dysfunction was investigated in 17 patients with schizophrenia and 17 healthy control subjects using EEG and event-related fMRI. A slightly modified version of the working memory task used in the fist study was employed. Participants only had to encode and maintain up to three items. In patients the amplitude of the P1 event-related potential was significantly reduced already during encoding in all memory load conditions. Similarly, BOLD activity in early visual areas known to generate the P1 was significantly reduced in patients. In controls, a stronger P1 amplitude increase with increasing memory load predicted better performance. These findings indicate that in addition to later memory related processing stages early visual processing is disturbed in schizophrenia and contributes to working memory dysfunction by impairing the encoding of information. In the third study, which was based on the same data set as the second study, cortical activity and functional connectivity in 17 patients with schizophrenia and 17 to healthy control subjects during the working memory encoding, maintenance and retrieval was investigated using event-related fMRI. Patients had reduced working memory capacity. During encoding activation in the left ventrolateral prefrontal cortex and extrastriate visual cortex was reduced in patients but positively correlated with working memory capacity in controls. During early maintenance patients switched from hyper- to hypoactivation with increasing memory load in a fronto-parietal network which included left dorsolateral prefrontal cortex. During retrieval right ventrolateral prefrontal hyperactivation was correlated with encoding-related hypoactivation of left ventrolateral prefrontal cortex in patients. Cortical dysfunction in patients during encoding and retrieval was accompanied by abnormal functional connectivity between fronto-parietal and visual areas. These findings indicate a primary encoding deficit in patients caused by a dysfunction of prefrontal and visual areas. The findings of these studies suggest that isolating the component processes of working memory leads to more specific markers of cortical dysfunction in schizophrenia, which had been obscured in previous studies. This approach may help to identify more reliable biomarkers and endophenotypes of schizophrenia.
A framework for the analysis and visualization of multielectrode spike trains / von Ovidiu F. Jurjut
(2009)
The brain is a highly distributed system of constantly interacting neurons. Understanding how it gives rise to our subjective experiences and perceptions depends largely on understanding the neuronal mechanisms of information processing. These mechanisms are still poorly understood and a matter of ongoing debate remains the timescale on which the coding process evolves. Recently, multielectrode recordings of neuronal activity have begun to contribute substantially to elucidating how information coding is implemented in brain circuits. Unfortunately, analysis and interpretation of multielectrode data is often difficult because of their complexity and large volume. Here we propose a framework that enables the efficient analysis and visualization of multielectrode spiking data. First, using self-organizing maps, we identified reoccurring multi-neuronal spike patterns that evolve on various timescales. Second, we developed a color-based visualization technique for these patterns. They were mapped onto a three-dimensional color space based on their reciprocal similarities, i.e., similar patterns were assigned similar colors. This innovative representation enables a quick and comprehensive inspection of spiking data and provides a qualitative description of pattern distribution across entire datasets. Third, we quantified the observed pattern expression motifs and we investigated their contribution to the encoding of stimulus-related information. An emphasis was on the timescale on which patterns evolve, covering the temporal scales from synchrony up to mean firing rate. Using our multi-neuronal analysis framework, we investigated data recorded from the primary visual cortex of anesthetized cats. We found that cortical responses to dynamic stimuli are best described as successions of multi-neuronal activation patterns, i.e., trajectories in a multidimensional pattern space. Patterns that encode stimulus-specific information are not confined to a single timescale but can span a broad range of timescales, which are tightly related to the temporal dynamics of the stimuli. Therefore, the strict separation between synchrony and mean firing rate is somewhat artificial as these two represent only extreme cases of a continuum of timescales that are expressed in cortical dynamics. Results also indicate that timescales consistent with the time constants of neuronal membranes and fast synaptic transmission (~10-20 ms) appear to play a particularly salient role in coding, as patterns evolving on these timescales seem to be involved in the representation of stimuli with both slow and fast temporal dynamics.
The mTOR kinase inhibitor rapamycin (sirolimus) is a drug with potent immunosuppressive and antiproliferative properties. We found that rapamycin induces the TGF/Smad signaling cascade in rat mesangial cells (MC) as depicted by the nuclear translocation of phospho-Smads 2, -3 and Smad-4, respectively. Concomitantly rapamycin increases the nuclear DNA binding of receptor (R)- and co-Smad proteins to a cognate Smad-binding element (SBE) which in turn causes an increase in profibrotic gene expression as exemplified by the connective tissue growth factor (CTGF) and plasminogen activator inhibitor 1 (PAI-1). Using small interfering (si)RNA we demonstrate that Smad 2/3 activation by rapamycin depends on its endogenous receptor FK-binding protein 12 (FKBP12). Mechanistically, Smad induction by rapamycin is initiated by an increase in active TGF1 as shown by ELISA and by the inhibitory effects of a neutralizing TGF antibody. Using an activin receptor-like kinase (ALK)-5 inhibitor and by siRNA against the TGF type II receptor TGF-RII) we furthermore demonstrate a functional involvement of both types of TGF receptors. However, rapamycin did not compete with TGFfor TGF-receptor binding as found in radioligand-binding assay. Besides SB203580, a specific inhibitor of the p38 MAPK, the reactive oxygen species (ROS) scavenger N-acetyl-cysteine (NAC) and a cell-permeable superoxide dismutase (SOD) mimetic strongly abrogated the stimulatory effects of rapamycin on Smad 2 and 3 phosphorylation. Furthermore, the rapid increase in Dichlorofluorescein (DCF) formation implies that rapamycin mainly acts through ROS. In conclusion, activation of the profibrotic TGFSmad signaling cascade accompanies the immunosuppressive and antiproliferative actions of rapamycin. Keywords: FK506 binding protein; p38 MAP kinase; rapamycin; renal fibrosis; Smads; TGFβ
Ernst Bloch pointed out in a particularly emphatic way that the concept of human dignity featured centrally in historical struggles against different forms of unjustified rule, i.e. domination – to which one must add that it continues to do so to the present day. The “upright gait,” putting an end to humiliation and insult: this is the most powerful demand, in both political and rhetorical terms, that a “human rights-based” claim expresses. It marks the emergence of a radical, context-transcending reference point immanent to social conflicts which raises fundamental questions concerning the customary opposition between immanent and transcendent criticism. For within the idiom of demanding respect for human dignity, a right is invoked “here and now,” in a particular, context-specific form, which at its core is owed to every human being as a person. Thus Bloch is in one respect correct when he asserts that human rights are not a natural “birthright” but must be achieved through struggle; but in another respect this struggle can develop its social power only if it has a firm and in a certain sense “absolute” normative anchor. Properly understood, it becomes apparent that these social conflicts always affect “two worlds”: the social reality, on the one hand, which is criticized in part or radically in the light of an ideal normative dimension, on the other. For those who engage in this criticism there is no doubt that the normative dimension is no less real than the reality to which they refuse to resign themselves. Those who critically transcend reality always also live elsewhere.
The overvaluation hypothesis (Miller 1977) predicts that a) stocks are overvalued in the presence of short selling restrictions and that b) the overvaluation increases in the degree of divergence of opinion. We design an experiment that allows us to test these predictions in the laboratory. The results indicate that prices are higher with short selling constraints, but the overvaluation does not increase in the degree of divergence of opinion. We further find that trading volume is lower and bid-ask spreads are higher when short sale restrictions are imposed. JEL Classification: C92, G14 Keywords: Overvaluation Hypothesis , Short Selling Constraints , Divergence of Opinion
Regulations in the pre-Sarbanes–Oxley era allowed corporate insiders considerable flexibility in strategically timing their trades and SEC filings, for example, by executing several trades and reporting them jointly after the last trade. We document that even these lax reporting requirements were frequently violated and that the strategic timing of trades and reports was common. Event study abnormal re-turns are larger after reports of strategic insider trades than after reports of otherwise similar nonstrategic trades. Our results also imply that delayed reporting is detrimental to market efficiency and lend strong support to the more stringent trade reporting requirements established by the Sarbanes–Oxley Act. JEL Classification: G14, G30, G32 Keywords: Insider Trading , Directors' Dealings , Corporate Governance , Market Efficiency
This paper studies the market quality of an internalization system which is designed as part of an open limit order book (the Xetra system operated by Deutsche Börse AG). The internalization sys-tem (Xetra BEST) guarantees a price improvement over the inside spread in the Xetra order book. We develop a structural model of this unique dual market environment and show that, while adverse selection costs of internalized trades are significantly lower than those of regular order book trades, the realized spreads (the revenue earned by the suppliers of liquidity) is significantly larger. The cost savings of the internalizer are larger than the mandatory price improvement. This suggests that internalization can be profitable both for the customer and the internalizer. JEL Classification: G10
This paper reconsiders the effect of investor sentiment on stock prices. Using survey-based sentiment indicators from Germany and the US we confirm previous findings of predictability at intermediate time horizons. The main contribution of our paper is that we also analyze the immediate price reaction to the publication of sentiment indicators. We find that the sign of the immediate price reaction is the same as that of the predictability at intermediate time horizons. This is consistent with sentiment being related to mispricing but is inconsistent with the alternative explanation that sentiment indicators provide information about future expected returns. JEL Classification: G12, G14 Keywords: Investor Sentiment , Event Study , Return Predictability
This paper examines to what extent the build-up of "global imbalances" since the mid-1990s can be explained in a purely real open-economy DSGE model in which agents’ perceptions of long-run growth are based on filtering observed changes in productivity. We show that long-run growth estimates based on filtering U.S. productivity data comove strongly with long-horizon survey expectations. By simulating the model in which agents filter data on U.S. productivity growth, we closely match the U.S. current account evolution. Moreover, with household preferences that control the wealth effect on labor supply, we can generate output movements in line with the data. JEL Classification: E13, E32, D83, O40