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Supplemental material, sj-docx-1-bcb-10.1177_11782234221086992 for First-Line Treatment of HER2-Positive Metastatic Breast Cancer With Dual Blockade Including Biosimilar Trastuzumab (SB3): Population-Based Real-World Data From the DBCG by Alan Celik, Tobias Berg, Lise Birk Nielsen, Maj-Britt Jensen, Bent Ejlertsen, Ann Knoop and Michael Andersson in Breast Cancer: Basic and Clinical Research

In branching diffusions with immigration (BDI), particles travel on independent diffusion paths in $\mathbb{R}^d$, branch at position-dependent rates and leave offspring -- randomly scattered around the parent's death position -- according to position-dependent laws. We specify a set of conditions which grants ergodicity such that the invariant occupation measure is of finite total mass and admits a continuous Lebesgue density. Under discrete-time observation, BDI configurations being recorded at discrete times $i\Delta$ only, $i\in\mathbb{N}_0$, we lose information about particle identities between successive observation times. We present a reconstruction algorithm which in a high-frequency setting (asymptotics $\Delta\downarrow 0$) allows to reconstruct correctly a sufficiently large proportion of particle identities, and thus allows to recover $\Delta$-increments of unobserved diffusion paths on which particles are travelling. Picking some few well-chosen observations we fill regression schemes which, on cubes $A$ where the invariant occupation density is strictly positive, allow to estimate the diffusion coefficient of the one-particle motion at nonparametric rates., Comment: 60 Pages

Vor dem Hintergrund der immer noch anhaltenden Flächeninanspruchnahme haben Bund, Länder und Kommunen in den letzten Jahren ihre Bemühungen verstärkt, die gesetzlichen und gesellschaftspolitischen Rahmenbedingungen zu ändern, um diese Entwicklungen zu stoppen bzw. zu verlangsamen. Auch in der Stadt Solingen wurden und werden unterschiedliche Ansätze verfolgt, in denen die Reduzierung der Flächeninanspruchnahme und die Flächenkreislaufwirtschaft wichtige Aspekte darstellen. Bereits seit mehreren Jahren arbeitet die Stadt Solingen mit Flächeninformations- und Monitoringsystemen, deren Sachstand und Perspektiven nachfolgend dargestellt werden. Zudem wird herausgestellt, welcher Nutzen für die Kommune in der Teilnahme an dem ExWoSt-Forschungsfeld "Aktivierung von Innenentwicklungspotenzialen" liegt.

More than 80% of US syndicated loans contain at least one fee type and contracts typically specify a menu of spread and different types of fees. We test the predictions of existing theories about the main purposes of fees and provide supporting evidence that: (1) fees are used to Price options embedded in loan contracts such as the draw-down option for credit lines and the cancellation option in term loans; and (2) fees are used to screen borrowers about the likelihood of exercising these options. We also propose a new total-cost-of-borrowing measure that includes various fees charged by lenders.

Although the equity premium is - both from a conceptual and empirical perspective - a widely researched topic in finance, there is still no consensus in the academic literature about its magnitude. In this paper, we propose a different estimation method which is based on credit valuations. The main idea is straigtforward: We use structural models to link equity valuations to credit valuations. Based on a simple Merton model, we derive an estimator for the market Sharpe ratio. This estimator has several advantages. First, it offers a new line of thought for estimating the equity premium which is not directly linked to current methods. Second, it is only based on observable parameters. We do neither have to calibrate dividend or earnings growth - which is usually necessary in dividend/earnings discount models - nor do we have to calibrate asset values or default barriers - which is usually necessary in traditional applications of structural models. Third, it is robust to model changes. We examine the model of Duffie/Lando (2001) - which is one of the most sophisticated structural models currently discussed in the literature - to show this robustness. In an empirical analysis we have used CDS spreads of the 125 most liquid CDS in the U.S. from 2003 to 2007 to estimate the equity premium. We derive an average implicit market Sharpe ratio of appr. 40%. Adjusting for taxes and other parts of the credit spread not attributable to credit risk yields an average market Sharpe ratio below 30%. This confirms research on the equity premium, which indicates that the historically observed Sharpe ratio of 40-50% - corresponding to an equity premium of 7-9% and a volatility of 15-20% - was partly due to one-time effects. In addition, our research can be used to explain empirical findings about credit risk premia, which are usually measured as the ratio of risk-neutral to actual default probabilities. We show that the behavior of these ratios can be directly inferred from a simple Merton model and that this behavior is robust to model changes.