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Many countries offer state credit guarantees to support credit-constrained exporters. The policy instrument is commonly justified by governments as a means to mitigating adverse outcomes of financial market frictions for exporting firms. Accumulated returns to the German state credit guarantee scheme deriving from risk-compensating premia have outweighed accumulated losses over the past 60 years. Why do private financial agents not step in and provide insurance given that the state-run program yields positive returns? We argue that costs of risk diversification, liquidity management, and coordination among creditors limit the ability of private financial agents to offer comparable insurance products. Moreover, we suggest that the government’s greater effectiveness in recovering claims in foreign countries endows the state with a cost advantage in dealing with the risks involved in large export projects. We test these hypotheses using monthly firm-level data combined with official transaction-level data on covered exports of German firms and find suggestive evidence that positive effects on trade are due to mitigated financial constraints: State credit guarantees benefit firms that are dependent on external finance, if the value at risk which they seek to cover is large, and at times when refinancing conditions on the private financial market are tight.
A nonlinear mathematical model for the dynamics of permanent magnet synchronous machines with interior magnets is discussed. The model of the current dynamics captures saturation and dependency on the rotor angle. Based on the model, a flatness-based field-oriented closed-loop controller and a feed-forward compensation of torque ripples are derived. Effectiveness and robustness of the proposed algorithms are demonstrated by simulation results.
The main objective of this paper is to revisit the Euro method in a critical and constructive way.Wehave analysed some arguments against the Euro method published recently in the literature as well as some other relevant aspects of the SUT-Euro and SUT-RAS methods not covered before. Although not being the Euro method perfect, we believe that there is still space for the use of the Euro method in updating/regionalizing Supply and Use tables.
Despite the increased attention dedicated to research on the antecedents and determinants of new venture survival in entrepreneurship, defining and capturing survival as an outcome represents a challenge in quantitative studies. This paper creates awareness for ventures being inactive while still classified as surviving based on the data available. We describe this as the ‘living dead’ phenomenon, arguing that it yields potential effects on the empirical results of survival studies. Based on a systematic literature review, we find that this issue of inactivity has not been sufficiently considered in previous new venture survival studies. Based on a sample of 501 New Technology-Based Firms, we empirically illustrate that the classification of living dead ventures into either survived or failed can impact the factors determining survival. On this basis, we contribute to an understanding of the issue by defining the ‘living dead’ phenomenon and by proposing recommendations for research practice to solve this issue in survival studies, taking the data source, the period under investigation and the sample size into account.
Matrix methods for the computation of bounds for the range of a complex polynomial and its modulus over a rectangular region in the complex plane are presented. The approach relies on the expansion of the given polynomial into Bernstein polynomials. The results are extended to multivariate complex polynomials and rational functions.
This paper examines the interdependencies of tourism, Buddhism and sustainability combining in-depth-interviews with Buddhism experts and non-participant observation in a mixed-method approach. The area under investigation is the Alpine region of Austria, Germany and Switzerland, since it is home to Asian and Western forms of Buddhism tourism alike. Results show that Buddhism tourism as a value-based activity on the one hand is not commercial, but since demand is rising, on the other hand tendencies towards more commercial forms can be observed. As a modest form of activity Buddhism tourism does not shape the landscape of the Alpine area and by its nature it incorporates sustainability.
Generalized Concatenated Codes over Gaussian and Eisenstein Integers for Code-Based Cryptography
(2021)
The code-based McEliece and Niederreiter cryptosystems are promising candidates for post-quantum public-key encryption. Recently, q-ary concatenated codes over Gaussian integers were proposed for the McEliece cryptosystem together with the one-Mannheim error channel, where the error values are limited to Mannheim weight one. Due to the limited error values, the codes over Gaussian integers achieve a higher error correction capability than maximum distance separable (MDS) codes with bounded minimum distance decoding. This higher error correction capability improves the work factor regarding decoding attacks based on information-set decoding. The codes also enable a low complexity decoding algorithm for decoding beyond the guaranteed error correction capability. In this work, we extend this coding scheme to codes over Eisenstein integers. These codes have advantages for the Niederreiter system. Additionally, we propose an improved code construction based on generalized concatenated codes. These codes extent the rate region where the work factor is beneficial compared to MDS codes. Moreover, generalized concatenated codes are more robust against structural attacks than ordinary concatenated codes.
The performance and reliability of non-volatile NAND flash memories deteriorate as the number of program/erase cycles grows. The reliability also suffers from cell to cell interference, long data retention time, and read disturb. These processes effect the read threshold voltages. The aging of the cells causes voltage shifts which lead to high bit error rates (BER) with fixed pre-defined read thresholds. This work proposes two methods that aim on minimizing the BER by adjusting the read thresholds. Both methods utilize the number of errors detected in the codeword of an error correction code. It is demonstrated that the observed number of errors is a good measure for the voltage shifts and is utilized for the initial calibration of the read thresholds. The second approach is a gradual channel estimation method that utilizes the asymmetrical error probabilities for the one-to-zero and zero-to-one errors that are caused by threshold calibration errors. Both methods are investigated utilizing the mutual information between the optimal read voltage and the measured error values.
Numerical results obtained from flash measurements show that these methods reduce the BER of NAND flash memories significantly.
This paper describes the rationale and the development of a structured digital approach for measuring corporate environmental sustainability using performance metrics.
It is impossible to imagine today's age without the preservation of our environment, not even in the corporate environment. Currently, sustainability is mostly only rudimentarily considered in companies, mostly only with written down phrases on the website. This will no longer be sufficient in the future, which is why companies should record sustainability on a numerical basis. Based on the development of a workable concept for companies, a small empirical study was carried out, which can be used to numerically measure the sustainability performance of companies. Two utility analyses were completed.
One of them was supplemented by expert interviews. Well-known practitioners from the business world were interviewed and asked for their assessment of ecological performance indicators. The result of the research is an indicator-based concept that can be applied in corporate practice to determine ecological sustainability performance.
Introduction. Despite its high accuracy, polysomnography (PSG) has several drawbacks for diagnosing obstructive sleep apnea (OSA). Consequently, multiple portable monitors (PMs) have been proposed. Objective. This systematic review aims to investigate the current literature to analyze the sets of physiological parameters captured by a PM to select the minimum number of such physiological signals while maintaining accurate results in OSA detection. Methods. Inclusion and exclusion criteria for the selection of publications were established prior to the search. The evaluation of the publications was made based on one central question and several specific questions. Results. The abilities to detect hypopneas, sleep time, or awakenings were some of the features studied to investigate the full functionality of the PMs to select the most relevant set of physiological signals. Based on the physiological parameters collected (one to six), the PMs were classified into sets according to the level of evidence. The advantages and the disadvantages of each possible set of signals were explained by answering the research questions proposed in the methods. Conclusions. The minimum number of physiological signals detected by PMs for the detection of OSA depends mainly on the purpose and context of the sleep study. The set of three physiological signals showed the best results in the detection of OSA.