Digital Commons Network^™

Corporate Governance, Illiquidity, And Valuation Issues In Privately-Owned Corporations, Chenchuramaiah T. Bathala, Oswald D. Bowlin, William P. Dukes

The Journal of Entrepreneurial Finance

Investors in private corporations face unique problems relating to corporate control, illiquidity and valuation of securities. In this research, we survey a large sample of US corporations. Our sample includes both private and public firms. Major findings of our research are as follows: Private firms use written shareholder agreements for safeguarding ownership interests and dividend payments. Family owned firms dominate the ownership structure of private firms. Insiders of private firms own a much larger proportion of common stock than insiders in public firms, and the CEOs of private firms often happen to be the largest stockholders.

Risk, Return And Degree Of Owner Involvement In Privately Held Firms, Edward Vos, Bronwyn M. Smith

The Journal of Entrepreneurial Finance

Financial theory states that the variability of an asset’s return should be explained by the relative riskiness of that asset (Sharpe, 1964). This concept has been built around, and applied to, publicly-listed companies for which market information (which forms the basis of the risk and return measures) is easily visible and obtainable. Unfortunately, the fact that such information is rarely (if ever) available for small businesses, severely limits the usefulness of such a theory for privately-held enterprises. Therefore by using data from 100 small businesses and three measures of risk, this study provides empirical evidence that for small businesses, there …

Forecasting Short Run Performance Of Initial Public Offerings In The Istanbul Stock Exchange, Ramazan Aktas, Mehmet Baha Karan, Kürsat Aydogan

The Journal of Entrepreneurial Finance

Previous research on IPOs has identified several factors or issue characteristics that play a role in the level of short term underpricing of initial public offerings. Some of those issue features are the firm size, market trend, size of the offer, investment banker reputation, method of intermediation, stock price range and investor type. The objective of this study is to develop a model based on these features to forecast the short term performance of IPOs in the Istanbul Stock Exchange. To this end we divided our sample period into a model building subperiod and a testing subperiod. After identifying 9 …

Is Entrepreneurship Only About Entering A New Business, Iraj J. Fooladi, Nargess K. Kayhani

The Journal of Entrepreneurial Finance

To most people entrepreneurship is solely about innovation and entering a new venture. For example, Hisrich and Peters (2002) define entrepreneurship as “the process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risks, and receiving the resulting rewards of monetary and personal satisfaction and independence.” According to Kuratko and Welsch (1994) “Many people now regard entrepreneurship as „pioneership? on the business frontier.” Bygrave (1994) begins with Schumpeter?s definition of an entrepreneur and continues to argue that only a few businesses would have the potential to fit Schumpeterian definition …

Patterns Of Venturing Financing: The Case Of Chinese Entrepreneurs, Jianwen Liao, Harold Welsch, David Pistrui

The Journal of Entrepreneurial Finance

This study examines the sources of venture financing of Chinese entrepreneurs in Wuhan, China. Based on a sample of 222, we found that Chinese entrepreneurs in Wuhan mainly rely on venture financing on their own or parties that are within their close social networks such as parents, relatives and friends. External financing sources are notably missing. We also found that entrepreneurs who use significantly more personal saving in venture financing are older (>37 years), female, with high school education or less, and have longer working experience. Entrepreneurs who are male with college or higher education, and who take time …

Characteristics Of Venture Capital Firms And Investment Appraisals: Australian Evidence, Alireza Tourani-Rad, Bryce England

The Journal of Entrepreneurial Finance

This study examines the characteristics of the venture capital industry in Australia. Our analysis is based on responses by thirty-two venture capitalist firms to a comprehensive questionnaire conducted in 2001. We observe that, on average, a venture capital firm has been operating for five years and consists of six investment executives with two specialist investment executives. Each firm has, on average, two formal layers in its investment decision-making process indicating two checkpoints to control risk. With respect to investment appraisal issues, it was noticed that the valuation methods based on discounted cash flows, recent transaction prices for acquisitions in the …

Panel Ii: Conflicts Of Interest In Sports, John D. Feerick, David Feher, Craig E. Fenech, Charles Grantham, Steven C. Krane, Nicole Coward

Fordham Intellectual Property, Media and Entertainment Law Journal

No abstract provided.

The Glass Sneaker: Thirty Years Of Victories And Defeats Involving Title Ix And Sex Discrimination In Athletics, Diane Heckman

Fordham Intellectual Property, Media and Entertainment Law Journal

No abstract provided.

Rethinking Reexamination Reform: Is It Time For Corrective Surgery, Or Is It Time To Amputate?, Kristn Jakobsen Osenga

Fordham Intellectual Property, Media and Entertainment Law Journal

No abstract provided.

Ard News December 2003

Agricultural Research Division: News and Annual Reports

CONTENTS:

Comments from the ARD Office Staff
Recognition of Junior Faculty for Excellence in Research
William G. Whitmore Student Travel Endowment
ARD-Administered Grants and Awards Programs
CSREES Appropriation for FY 2004
Searching for Collaborators
New or Revised Projects
Proposals Submitted for Federal Grants
Grants and Contracts Received October and November, 2003

Grb 011121: A Collimated Outflow Into Wind-Blown Surroundings, J. Greiner, S. Klose, M. Salvato, A. Zeh, R. Schwarz, D. H. Hartmann, N. Masetti, B. Stecklum, G. Lamer, N. Lodieu

Publications

We report optical and near-infrared follow-up observations of GRB 011121 collected predominantly at ESO telescopes in Chile. We discover a break in the afterglow light curve after 1.3 days, which implies an initial jet opening angle of about 9°. The jet origin of this break is supported by the fact that the spectral energy distribution is achromatic during the rst four days. During later phases, GRB 011121 shows signi cant excess emission above the flux predicted by a power law, which we interpret as additional light from an underlying supernova. In particular, the spectral energy distribution of the optical transient …

Alabamans In East Tennessee: Letters From Confederate Soldiers Back Home, Dieter C. Ullrich

Faculty Research at Morehead State University

Between the summer of 1862 and the fall of 1863, tens of thousands of Confederate soldiers camped upon the hills and valleys near Chattanooga, Tennessee. Many of those men would write home of the sites and events they experienced. What follows are several letters that were recently found in the Auburn University archives located in the Ralph Brown Draughon Library.

Long-Term Employment Agreements With In-House Counsel: Employment Security Or Ethical Quagmire?, Richard E. Moberly, John Hutchins

Nebraska College of Law: Faculty Publications

The relationship between a company and its in-house corporate counsel involves a fragile mixture of the corporate counsel’s fiduciary obligations as the company’s attorney and the company’s legal and contractual responsibilities as the attorney’s employer. Although these roles and expectations often blend smoothly, the relationship can become problematic when the corporate counsel’s position as an attorney conflicts with the counsel’s status as an employee. Put another way, when a company’s expectations as a client are at odds with its responsibilities as an employer, the relationship between the employer-client and the employee-attorney can become strained and expose each to difficulty, if …

Bacteriolytic Activity Of Selected Vertebrate Sera For Borrelia Burgdorferi Sensu Stricto And Borrelia Bissettii, Amy J. Ullmann, Robert S. Lane, Klaus Kurtenbach, Michael Miller, Martin E. Schriefer, Nordin Zeidner, Joseph Piesman

United States Public Health Resources

An in vitro assay to evaluate the bacteriolytic activity of the complement pathway was applied to 2 strains of Borrelia bissettii, CO501 and DN127, and compared with that of B. burgdorferi sensu stricto B31. Sera from mule deer ( Odocoileus hemionus) and the Western Fence lizard ( Sceloporus occidentalis) were completely borreliacidal for B. burgdorferi and for both strains of B. bissettii. Serum from Bobwhite quail ( Colinus virginianus) was nonlytic for B. burgdorferi and partially lytic for B. bissettii strains, CO-501 and DN127. Serum from a New Zealand White rabbit ( Oryctolagus cuniculus) …

Determinants Of Satisfaction With An Automated Alcohol Evaluation Program., Daniel Z Lieberman

Psychiatry and Behavioral Sciences Faculty Publications

High rates of untreated mental illness cause serious health problems in the United States and worldwide. The use of computer-administered therapy has the potential to increase access to mental health care for certain patient populations. An online version of an alcohol check-up was developed that guided subjects through a series of standardized questionnaires, and provided them with feedback designed to enhance their appreciation of the negative aspects of their alcohol use. Ratings of the helpfulness of the questionnaires were evaluated in order to determine the characteristics of individuals who would potentially benefit from an automated substance abuse intervention, and to …

News From Hope College, Volume 35.3: December, 2003, Hope College

News from Hope College

No abstract provided.

Table Of Cases

Mercer Law Review

No abstract provided.

Journal Of Cave And Karst Studies, Volume 65, No. 3, December 2003, Table Of Contents, National Speleological Society

KIP Articles

No abstract provided.

What The Supreme Court Could Learn About The Child Online Protection Act By Reading Playboy, Shaun Richardson

William & Mary Bill of Rights Journal

Due to the ease of Internet searching, Congress has passed the Child Online Protection Act to protect children from sexually explicit material. Although the Supreme Court has not directly decided the issue, it has hinted that the Act may survive a First Amendment challenge. In this Note, the author argues reasons why the Act should not survive a First Amendment challenge, and that measures such as parental empowerment via government-facilitated use of Internet filtering software are preferable

Table Of Contents And Masthead (V. 12, No. 1)

William & Mary Bill of Rights Journal

No abstract provided.

The Jurisprudential Revolution: Unlocking Human Potential In Grutter And Lawrence, Wilson Huhn

William & Mary Bill of Rights Journal

No abstract provided.

Privacy Rights Versus Foia Disclosure Policy: The "Uses And Effects" Double Standard In Access To Personally-Identifiable Information In Government Records, Michael Hoefges, Martin E. Halstuk, Bill F. Chamberlin

William & Mary Bill of Rights Journal

The U.S. government maintains a vast amount of personally-identifiable information on millions of American citizens. Much of this information is contained in electronic databases maintained by federal agencies. Various Freedom of Information Act (FOIA) requesters, such as journalists, marketers, and union organizers seek this information for different purposes including investigative reporting and targeted solicitations. These kinds of uses are known as "derivative uses" because this government-compiled information is requested for purposes other than the official purposes for which the information was originally gathered. These and other derivative uses of personally-identifiable information often implicate privacy concerns. Conversely, restrictions on public access …

United States Citizens Detained As "Enemy Combatants": The Right To Counsel As A Matter Of Ethics, Jesselyn A. Radack

William & Mary Bill of Rights Journal

The Supreme Court will decide as a matter of law whether an American citizen detained as an enemy combatant has the right to counsel. The author argues that as a matter of ethics, the answer is clear - there is a right to counsel. In this Article, the author analyzes the cases regarding Jose Padilla and Yaser Esam Hamdi discusses ABA Model Rule 4.2, and its application, and proposes an amendment to Rule 4.2's Comment.

Domestic Relations, Missouri V. Holland, And The New Federalism, Mark Strasser

William & Mary Bill of Rights Journal

No abstract provided.

Justice By Any Other Name: The Right To A Jury Trial And The Criminal Nature Of Juvenile Justice In Louisiana, Kerrin C. Wolf

William & Mary Bill of Rights Journal

The juvenile justice system has become increasingly punitive in recent decades. While the juvenile justice system has come to resemble the adult system in this way, juveniles facing adjudication nevertheless are denied the essential Sixth Amendment due process right. This Note will argue that the Louisiana Supreme Court decided State ex rel. D.J. incorrectly and, further, will demonstrate that the nation as a whole should revisit the place of juries in juvenile proceedings.

Design And Analysis Of Cylindrical Antiresonant Reflecting Optical Waveguide, Chyng Wen Tee, S. F. Yu

Research Collection Lee Kong Chian School Of Business

A field-transfer matrix method is developed to analyze the modal characteristics of cylindrical multilayered waveguides with axis-symmetric geometry. A new design rule for cylindrical antiresonant reflecting optical waveguides (ARROWs), based on a three-step design process, is also proposed to minimize the radiation loss of the fundamental leaky mode. In addition, a simple approach is suggested to estimate the optimum core diameter of the cylindrical ARROWs for optimum radiation loss and radiation loss margin. Hence, it can be shown that an extra high index cladding layer is good enough to reduce the radiation loss as well as to maintain a reasonably …

Internal Phosphorus Loading In Spring Lake: Year 1, Dr. Alan Steinman, Dr. Rick Rediske

Scientific Technical Reports

The rate of phosphorus release from sediments, and the degree to which alum reduces phosphorus release from sediments, was investigated in Spring Lake during the summer of 2003. Triplicate cores were sampled from 4 sites in the lake, and exposed to one of four treatments in the laboratory: 1) oxygen/alum; 2) oxygen/ no alum; 3) nitrogen/alum; or 4) nitrogen/no alum. Both soluble reactive phosphorus (SRP) and total phosphorus (TP) release rates were virtually undetectable in the alum treatments (both with and without oxygen). Low, but detectable, release rates were measured in the oxygen/no alum treatment. The highest release rates were …

Adolescent And Adult Alcohol Attitudes In A High Alcohol Consumption Community, Laura Dehaan, Kevin M. Thompson

University Faculty Publications and Creative Works

The study examines alcohol-related attitudes among adolescents and adults in a high consumption community, exploring whether adolescents and adults hold similar or different views regarding adolescent drinking. Data were gathered from adults in a Midwestern city via random telephone survey of 487 adults (30% with children under the age of 21). Students in grades 6–12 (n = 558) also completed a youth version of the survey in classrooms. Results indicated that becoming a parent was associated with more restrictive attitudes about adolescent alcohol use, regardless of the age of their children. Adolescents aged 14 to 17 had the least …

An Investigation Of Consumer Online Trust And Purchase-Repurchase Intentions, Dan J. Kim, Donald Ferrin, Raghav Rao

Research Collection Lee Kong Chian School Of Business

There is little research on trust and satisfaction in the electronic commerce from a longitudinal (pre- and postpurchase) perspective. Based on previous frameworks and theories, this study developed a combined model of consumer trust and satisfaction in the context of Internet shopping. From the valance framework and expectation-confirmation theory, several prepurchase and post-purchase factors such as risk, benefit, consumer trust, expectation, confirmation, and satisfaction are investigated as research variables affecting consumer repurchase intention.

The results of the study show that trust is the strongest predictor of the consumer’s purchase intention. In addition, as in traditional consumer satisfaction studies, it holds …

The Demand And Supply-Side Impact Of The Kimberly-Clark, Scott Paper Products Merger In The Facial Tissues Category, Andre Bonfrer, Jagmohan S. Raju

Research Collection Lee Kong Chian School Of Business

We investigate how market behavior changed in the facial tissues category, following the 1995/1996 Kimberly-Clark merger with Scott Paper Products in the paper products industry. The facial tissues category is of interest because the US Department of Justice (DOJ), anticipating reduced competition after the merger, imposed a consent decree, requiring that Scotts’ facial tissues brands be licensed out to a third party. We utilize a two-stage budgeting demand system developed by Deaton and Muellbauer (1980a), coupled with general form supply-side first order conditions to compare demand and competitive behavior before and after the merger. Our findings indicate that the merger …