Current Account Adjustment and Retained Earnings

This paper develops a formal strategy to calculate current accounts with retained earnings (RE) on equity investment and analyzes their adjustment during the global financial crisis. RE are the part of companies' profits which are reinvested and not distributed to shareholders as dividends. International statistical standards treat RE on foreign direct investment and RE on portfolio investment differently: while the former enter the current and financial account, the latter do not. We show that this differential treatment strongly affects current accounts of several advanced economies, frequently referred to as financial centers, with large positions in equity (portfolio) investment. Our em…

Dynamics of Binary Active Clusters Driven by Ion-Exchange Particles

We present a framework to quantitatively predict the linear and rotational directed motion of synthetic modular microswimmers. To this end, we study binary dimers and characterize their approach motion as effective interactions within a minimal model. We apply this framework to the assembly of small aggregates composed of a cationic ion-exchange particle with up to five passive particles or anionic ion-exchange particles at dilute conditions. Particles sediment and move close to a substrate, above which the ion-exchange particles generate flow. This flow mediates long-range attractions leading to a slow collapse during which long-lived clusters of a few particles assemble. The effective int…

Effiziente und stereodivergierende elektrochemische Synthese von optisch reinen Menthylaminen

Innentitelbild: Effiziente und stereodivergierende elektrochemische Synthese von optisch reinen Menthylaminen (Angew. Chem. 24/2011)

From scalar to polar active matter: Connecting simulations with mean-field theory

We study numerically the phase behavior of self-propelled elliptical particles interacting through the ``hard'' repulsive Gay-Berne potential at infinite P\'eclet number. Changing a single parameter, the aspect ratio, allows us to continuously go from discoid active Brownian particles to elongated polar rods. Discoids show phase separation, which changes to a cluster state of polar domains, which then form polar bands as the aspect ratio is increased. From the simulations, we identify and extract the two effective parameters entering the mean-field description: the force imbalance coefficient and the effective coupling to the local polarization. These two coefficients are sufficient to obta…

Efficient and stereodivergent electrochemical synthesis of optically pure menthylamines.

Hunting active Brownian particles: Learning optimal behavior

We numerically study active Brownian particles that can respond to environmental cues through a small set of actions (switching their motility and turning left or right with respect to some direction) which are motivated by recent experiments with colloidal self-propelled Janus particles. We employ reinforcement learning to find optimal mappings between the state of particles and these actions. Specifically, we first consider a predator-prey situation in which prey particles try to avoid a predator. Using as reward the squared distance from the predator, we discuss the merits of three state-action sets and show that turning away from the predator is the most successful strategy. We then rem…

Synthesis of borylindenides; structure of [Li(N,N′,N″-Me3-1,3,5-C3H6N3)][1-C9H6{B(NMe2)2}]

Abstract Borylation of lithium indenide (LiInd) affords indenylboranes. With BCl(NMe2)2 the primary allylic 1-indenyl derivative IndB(NMe2)2 (1) readily rearranges to the more stable vinylic bis(dimethylamino)(3-indenyl)borane 1′. With BCl(OCMe2)2 the (1-indenyl)-1,3,2-dioxaborolane IndB(OCMe2)2 (2) is obtained. Both indenylboranes 1′ and 2 readily undergo metalation when treated with lithium amides such as LiTMP or LDA to give 1-borylindenides Li[C9H6B(NMe2)2] [Li(3)] and Li[C9H6B(OCMe2)2] [Li(5)] in high yields. In the systems 1′/LiInd and 2/LiInd metalation equilibria are established with equlibrium constants K≈1 (1'/LiInd) and K≈1.4 (2/LiInd). The structure of the solvate [Li(TMHT)][1-C…

The Speed of Exchange Rate Pass-Through

Abstract On January 15, 2015, the Swiss National Bank discontinued its minimum exchange rate policy of 1 euro against 1.2 Swiss francs. This policy change resulted in a sharp, unanticipated, and permanent appreciation of the Swiss franc by more than 11% against the euro. We analyze the pass-through of this unusually clean exchange rate shock into import unit values at the daily frequency using Swiss transaction-level trade data. Our key findings are twofold. First, for goods invoiced in euros, the pass-through is immediate and complete. Second, for goods invoiced in Swiss francs, the pass-through is partial and exceptionally fast: beginning on the second working day after the exchange rate …

Inside Cover: Efficient and Stereodivergent Electrochemical Synthesis of Optically Pure Menthylamines (Angew. Chem. Int. Ed. 24/2011)

Pressure-temperature evolution during two granulite-facies metamorphic events (2.62 and 2.02 Ga) in rocks from the Central Zone of the Limpopo Belt, South Africa

Abstract The Central Zone of the Limpopo Belt in southern Africa is a classical example of a polymetamorphic terrane that experienced three metamorphic events at 3.22 Ga (M1), 2.66–2.61 Ga (M2) and 2.02 (M3). However, the geodynamic significance of these events is controversial as their P-T evolution was poorly constrained. We present new petrological and geochronological data for the M2 and M3 events. The Neoarchean M2 event is well-preserved in samples from a newly discovered enclave of supracrustal and magmatic rocks in the 2.612 Ga Bulai pluton that shielded the enclave against a Paleoproterozoic M3 overprint, which is dominant in rocks exposed outside the pluton. P-T pseudosection mode…

Self-organization of active particles by quorum sensing rules

Many microorganisms regulate their behaviour according to the density of neighbours. Such quorum sensing is important for the communication and organisation within bacterial populations. In contrast to living systems, where quorum sensing is determined by biochemical processes, the behaviour of synthetic active particles can be controlled by external fields. Accordingly they allow to investigate how variations of a density-dependent particle response affect their self-organisation. Here we experimentally and numerically demonstrate this concept using a suspension of light-activated active particles whose motility is individually controlled by an external feedback-loop, realised by a particl…

Aggregation and sedimentation of active Brownian particles at constant affinity.

We study the motility-induced phase separation of active particles driven through the interconversion of two chemical species controlled by ideal reservoirs (chemiostats). As a consequence, the propulsion speed is non-constant and depends on the actual inter-particle forces, enhancing the positive feedback between increased density and reduced motility that is responsible for the observed inhomogeneous density. For hard discs, we find that this effect is negligible and that the phase separation is controlled by the average propulsion speed. For soft particles and large propulsion speeds, however, we predict an observable impact on the collective behavior. We briefly comment on the reentrant…

The Speed of Exchange Rate Pass-Through

On January 15, 2015, the Swiss National Bank terminated its minimum exchange rate policy of one euro against 1.2 Swiss francs. This policy shift resulted in a sharp, unanticipated and permanent appreciation of the Swiss franc by more than 11% against the euro. We analyze the exchange rate pass-through into import unit values of this shock at the daily frequency using Swiss transaction-level trade data. Our key findings are twofold. First, for goods invoiced in euro the pass-through is immediate and complete. This finding is consistent with no systematic nominal price adjustment in this subset of goods. Second, for goods invoiced in Swiss francs the pass-through is partial and very fast: it …

Current account adjustment and retained earnings

First published online: 04 March 2019 This paper develops a formal strategy to calculate current accounts with retained earnings ( RE) on equity investment and analyzes their adjustment during the global financial crisis. RE are the part of companies' profits which is reinvested and not distributed to shareholders as dividends. International statistical standards treat RE on foreign direct investment and RE on portfolio investment differently: while the former enter the current and financial account, the latter do not. We show that this differential treatment strongly affects current accounts of several advanced economies, frequently referred to as financial centers, with large positions in…

Oxidomolybdenum(IV), ‐(V), ‐(VI) Complexes with Relevance to Molybdenum Enzymes: Oxygen Atom Transfer, Redox Chemistry and EPR Spectroscopy

The cis-dioxidomolybdenum(VI) complex Mo(NN′)2O2 (1) [(NN′) = N-(4-hydroxyphenyl)-2-pyrrolatocarbaldimine] transfers one oxygen atom to phosphanes PMenPh3–n (n = 0–3) to give quantitatively the respective phosphane oxides OPMenPh3–n (OAT, oxygen atom transfer). The kinetics of these OAT reactions has been investigated spectrophotometrically. When offering excess PMenPh3–n (n = 1–3), oxido(phoshane)molybdenum(IV) complexes Mo(NN′)2O(PMenPh3–n) 5a–5c are isolated and characterized by multinuclear NMR spectroscopy (1H, 13C, 31P, 15N), IR spectroscopy, UV/Vis spectroscopy and mass spectrometry. The redox chemistry of the molybdenum(IV) complexes 5a–5c and of molybdenum(VI) complex 1 has been pr…

Highly selective electrosynthesis of biphenols on graphite electrodes in fluorinated media.

The direct and selective phenol coupling reaction that provides biphenols still represents a challenge in organic synthesis. The recently developed electrosynthesis on boron-doped diamond anodes with fluorinated additives was developed further to allow the application to less-expensive electrodes and fluorinated media. This advanced protocol allows the highly selective anodic phenol coupling reaction on graphite with a broad scope.

Quorum-sensing active particles with discontinuous motility

We develop a dynamic mean-field theory for polar active particles that interact through a self-generated field, in particular one generated through emitting a chemical signal. While being a form of chemotactic response, it is different from conventional chemotaxis in that particles discontinuously change their motility when the local concentration surpasses a threshold. The resulting coupled equations for density and polarization are linear and can be solved analytically for simple geometries, yielding inhomogeneous density profiles. Specifically, here we consider a planar and circular interface. Our theory thus explains the observed coexistence of dense aggregates with an active gas. There…