Digital Commons Network^™

Letter From The Guest Editor, Arthur Wilson

The Journal of Entrepreneurial Finance

This year's Academy of Entrepreneurial Finance Conference at George Washington University last April was well attended and well worth attending. We were treated to a variety of good papers along numerous lines of enquiry, of which the following are examples. If there is a consistent theme to these selections (perhaps by accident?) it is in innovative explorations of new and interesting databases.

Which Loans Are Relationship Loans? Evidence From The 1998 Survey Of Small Business Finances, Karlyn Mitchell, Douglas K. Pearce

The Journal of Entrepreneurial Finance

Despite financial economists' long-standing interest in the role of lender-borrower relationships in increasing the availability of funds to small businesses, many questions remain unanswered. Numerous empirical studies investigate the effect of relationships on the availability and terms of credit to small businesses (Petersen and Rajan (1994), Berger and Udell (1995), Blackwell and Winters (1997), Cole (1998), Harhoff and Körting (1998), Elsas and Krahnen (1998), Angelini et al.(1998), Degryse and van Cayseele (2000), Bodenhorn (2003)) and many find that relationships improve the availability of credit for some categories of small businesses. But the studies present mixed results on how relationships affect …

Venture Backed Ipo's In India: Issues Of Certification And Underpricing, A. Vinay Kumar

The Journal of Entrepreneurial Finance

Indian venture capital industry is now considered as one of the predominant players among South Asian countries. As India started emerging as a country which is considered as a hi-tech and global outsourcing center, Indian venture capital industry started looking up with new investment opportunities. New funds have opened their shop here in India and are continuing to bring in more and more funds. Indian research on initial public offerings is sparse. Previous studies have highlighted the presence of significant underpricing in IPOs. Studies also review the aftermarket performance of these IPOs but the aspect of venture backed IPOs and …

Does Corporate Governance Influence Firm Value? Evidence From Indian Firms, Jayesh Kumar

The Journal of Entrepreneurial Finance

This paper examines empirically the effects of ownership structure on the firm performance for a panel of Indian corporate firms, from a corporate governance perspective. We examine the effect of interactions between corporate, foreign, institutional, and directorial ownership on firm performance. Using firm level panel data framework, we show that a large fraction of cross-sectional variation, in firm performance, can be explained by unobserved firm heterogeneity. We also provide evidence that the shareholding by institutional investors and managers affect firm performance non-linearly, after controlling for observed firm characteristics and unobserved firm heterogeneity. Institutional investors monitor the firm once their stake …

Annualized Returns Of Ventured-Backed Public Companies Stratified By Decades And By Stages Of Financing, Emanuel Shachmurove, Yochanan Shachmurove

The Journal of Entrepreneurial Finance

This paper investigates the actual performance of 2,678 Initial Public Offerings (IPOs) of companies that were backed by venture capital from 1969 to 2002. The main purpose is to compare the annual returns of the venture capital industry during the 1980s and 1990s. Comparisons between the decades provide some reasoning for the increased media coverage of the industry. There is no doubt that the media is fascinated by the release of any good news concerned with venture capital. For example, many people are familiar with the recent venture-backed Initial Public Offering (IPO) of Google, which brought in $1.7 billion on …

Letter From The Editor-In-Chief, Allan Young

The Journal of Entrepreneurial Finance

This issue of The Journal of Entrepreneurial Finance and Business Ventures is devoted exclusively to research on venture capital. As such, the issue seeks to develop and analyze research concerns relevant to an area which has come to be recognized as perhaps the singly most important lifeblood concern with respect to entrepreneurship. The financing of business ventures at the germination of idea, start-up, early growth, and public financing stages are all vital to the success of an entrepreneurial venture. Since venture capital participation is almost always essential in each of these phases of entrepreneurial development, work studying the operations of …

The Staging Of Venture Equity Capital And Venture Capitalist Bargaining Power, G. Geoffrey Booth, Orkunt M. Dalgic, Allan Young

The Journal of Entrepreneurial Finance

In this paper we look at the effects of bargaining power on the types of entrepreneurial projects chosen by venture capitalists and show that a wealth-constrained venture capitalist prefers to provide equity financing to a two-stage rather than to a similar single-stage project. While the venture capitalist does not have bargaining power over the entrepreneur of a single-stage project and is thus unable to extract any surplus, the venture capitalist does have this advantage in a two-stage project and, provided the project is good, can demand a portion of the surplus as a pre-condition for providing follow-on capital. This suggests …

The Entrepreneur's Choice: Venture Capital Debt Financing With Adverse Selection, G. Geoffrey Booth, Orkunt M. Dalgic, Allan Young

The Journal of Entrepreneurial Finance

This paper studies the consequences of using a debt contract to raise venture capital for an entrepreneurial project in an adverse selection setting with different quality venture capitalists. The paper considers not only the likelihood of success of a one-time project being dependent on the quality of the venture capitalist, but also the problem of a reduced ownership value of future rents from the venture if the venture capitalist takes it over as the result of default of the entrepreneur. Expressions for the face value of debt required for pooling and separating equilibria are also derived. The existence of a …

A Comparative Study Of Venture Capital Performance In The Us And Europe, Xiaoqing Eleanor Xu

The Journal of Entrepreneurial Finance

For the past fifty years in the United States, venture capital (VC) has provided initial funding to innovative entrepreneurial enterprises, while the European venture capital industry has only really emerged over the past decade. Using quarterly data from 1993 to 2003, this paper examines and compares the return and risk performance of venture capital funds in US and Europe. Several results are noteworthy. First, pooled venture capital returns in US and Europe are 3.273% and 0.765% (on a quarterly basis) above the CAPM market risk-adjusted returns, respectively. Second, US venture capital fund performance dominates that of Europe in all measures: …

Prologue To Lewis And Clark: The Mackay And Evans Expedition, Greg O'Brien

Faculty Publications

No abstract provided.

Indentation Of A Square Elastomeric Thin Film By A Flat-Ended Cylindrical Punch In The Presence Of Long-Range Intersurface Forces, Bing Feng Ju, Kai-Tak Wan, Kuo Kang Liu

Mechanical and Aerospace Engineering Faculty Research & Creative Works

This paper reports an experimental study of the elastic deformation of a 200 μm thick microfabricated square membrane with sides ranging from 8.5 mm to 15 mm as indented by a fine cylindrical, flat-ended punch with diameter 500 μm in the presence of long-range intersurface forces. an apparatus was constructed to allow simultaneously measurements of the indenter displacement and the applied force. a number of interesting phenomena such as the "jump-into-contact" and the "pull-off" between the membrane and the moving cylinder were observed. a simple theoretical analysis using linear elasticity was adopted to fit the load-displacement curve (compliance) and thus …

Entering The U.S. Securities Markets: Regulation Of Non-U.S. Issuers, Barbara Black

Elisabeth Haub School of Law Faculty Publications

The U.S. securities markets offer the greatest opportunities for businesses that wish to raise additional capital or expand their shareholder base. Large non-U.S.corporations regularly tap the U.S. market for infusions of capital, and the securities of many non-U.S. corporations are listed on the New York Stock Exchange or traded on NASDAQ. Smaller non-U.S. entities, however, may be deterred from entering the U.S. markets because of concerns about the burdens of U.S. securities regulation. These concerns are legitimate: a decision to enter the highly-regulated U.S. securities markets should not be made lightly. For non-U.S. private issuers, perhaps the greatest difficulty in …

The Development Of Mexican Nonproliferation Export Controls Cits Special Report, Jonathan Benjamin-Alvarado

Latino/Latin American Studies Reports

This report by OLLAS assistant director Jonathan Benjamin-Alvarado is part of a developing research and outreach project with the Center for International Trade and Security at the University of Georgia. It involved working with Mexican government officials to design and implement national responses to international agreements and obligations to ensure command and control of critical nuclear, biological, and chemical materials in Mexico. Dr. Benjamin-Alvarado conducted a comprehensive survey, which he administered in Argentina and Cuba previously, later in 2005 to assess Mexican export controls.

Dental Anomalies In Two Species Of Canids: Red Fox (Vulpes Vulpes) And Gray Fox (Urocyon Cinereoargenteus), Teresa Gisburne

Honors Theses

Samples of 510 gray fox and 150 red fox from southern Illinois were examined for the presence of congenital dental abnormalities. Anomalies were found in 177 gray fox (34.7%) and 25 red fox (16.6%). The most frequent anomalies were oligodonty in both species. The major case of oligodonty was in m3. Anomalies affecting the placement of the tooth (rotations, misalignments) were the next most prominent abnormalities observed. One red fox showed polydonty, and two gray fox showed varying degrees of connation. Other anomalies were seen infrequently. The results from the red fox population are consistent with previous studies; however, the …

The Confederate Belle, Jory Reedy

Civil War Book Review

Fascinating Females

Book seeks to highlight historical figures

J. Franklin Dyer's The Journal Of A Civil War Surgeon, Peter J. D'Onofrio

Civil War Book Review

Healing Hands

Letters illuminate doctor's life on the front

Mckillop Library Newsbrief Dec 2004

McKillop Library Newsbrief

No abstract provided.

Why Primitive Experiences In Wilderness?, William T. Borrie

Society and Conservation Faculty Publications

No abstract provided.

Remembering The Mendiola March: Understanding The Role Of Experience And Accounts In The Construction Of History, Megan C. Mullins

Dissertations

This research project investigates the relationship between personal experiences of events and public descriptions of events. Specifically, the researcher develops a case study around a 1987 march and demonstration for land reform in the Philippines. Specifically, this research includes a discourse analysis of published, public accounts as they appeared in a national newspaper and the personal interviewee accounts of the event as remembered by U.S. participants and witnesses. Interviewees were involved in social and political work on hunger and other social justice issues as coordinated with ecumenical groups. The theoretical contributions of symbolic interaction, cultural theory and discursive practices of …

Modeling The Strategic Impact Of Management Accounting Methods On The Implementation Of Lean Manufacturing, David Joseph Meade

Dissertations

This study examines the impact from the adaptation of lean manufacturing strategies on key external financial performance measures as reported by a number of management accounting methods. The research is not concerned with creating a justification for lean manufacturing strategies but rather it evaluates the inadequacies of standard financial reporting methods to accurately reflect operational improvements possible in the key performance measures through the early stages of a lean program.

ProModel simulation software is used in conjunction with Microsoft Excel and Visual Basic to create a simulated repetitive manufacturing environment and production planning and control system. The study examines the …

Uncovering The Inner Power Of Teachers' Lives: Towards A Learning Profession, Ora W.Y. Kwo, Sam M. Intrator

Education and Child Study: Faculty Publications

No abstract provided.

Buffalograss Germplasm Resistance To Blissus Occiduus (Hemiptera: Lygaeidae), Osman Gulsen, Tiffany Heng-Moss, Robert C. Shearman, P. Stephen Baenziger, Donald J. Lee, Frederick P. Baxendale

Department of Entomology: Faculty Publications

Plant germplasm collections may offer genetic variability useful in identifying insect resistance. The goal of this project was to evaluate buffalograss genotypes [Buchloe dactyloides (Nutt.) Engelm.] for resistance to the chinch bug, Blissus occiduus Barber (Hemiptera: Lygaeidae), and to relate resistance to ploidy level, chinch bug number, and pubescence. Forty-eight buffalograss genotypes from diverse geographic locations were evaluated in replicated studies under greenhouse conditions. Of the genotypes studied, four were highly resistant, 22 were moderately resistant, 19 were moderately susceptible, and three were highly susceptible to chinch bug damage. The mean number of chinch bugs was significantly different among …

Excellence In Nursing Knowledge [Complete Issue - Digital Origin: December 2004, Vol 1, 4], Cynthia Heidt, Greg Perry, Lisa M. Pilla, Marianne Frederick, Patricia Lafaro, Scott W. Strenger, Sigma Theta Tau International

Sigma Past Publishing - Excellence Newsletters

Publishing History: In 2004, the Excellence publication was once again transformed, this time becoming Excellence in Nursing Knowledge (ENK): Voices of Evidence in Nursing, an online-only, topic-centric monthly edited by subject-matter experts. Nine issues of ENK were published from August 2004 through May 2005. The format represented the views from administration, bedside nursing, and student nursing in a single issue. Topics explored were Synergy (Martha A. Q. Curley)*, The Future of Nursing (Jean Scholz), Beyond Ratios (Karole Mourek and Ken Colbert), Preventing Surgical Infections (Marianne Fredrick and Lisa Pilla), Elevating Nurses (Susan Torres, Terri Wurmser, and Jane Bliss-Holtz), Clinical Scholars …

University Reporter - Volume 09, Number 04 - December 2004

1996-2009, University Reporter

This issue of the University Reporter includes articles about the Computer Science Department’s Visual Attention Laboratory and efforts to treat Schizophrenia, memorial services for U.S. Army Chief Warrant Officer Kyran E. Kennedy, new publications by faculty members, the establishment of the Environmental, Earth and Ocean Sciences Department, the appointment of Susan Moir as director of the Labor Resource Center, and other news from UMass Boston.

Bergmann's Clines In Ectotherms: Illustrating A Life-History Perspective With Sceloporine Lizards, Michael J. Angilletta Jr., Peter H. Niewiarowski, Arthur E. Dunham, Adam D. Leache, Warren P. Porter

Biology Faculty Research

The generality and causes of Bergmann's rule have been debated vigorously in the last few years, but Bergmann's clines are rarely explained in the context of life-history theory. We used both traditional and phylogenetic comparative analyses to explore the causes of latitudinal and thermal clines in the body size of the eastern fence lizard (Sceloporus undulatus). The proximate mechanism for larger body sizes in colder environments is delayed maturation, which results in a greater fecundity but a lower survival to maturity. Life-history theory predicts that a higher survivorship of juveniles in colder environments can favor the evolution of a Bergmann's …

Military Transformation And Joint Experimentation: Two Views From Above, Harold W. Gehman Jr., James M. Dubik

Defense Horizons

Military transformation— “a process that shapes the changing nature of military competition and cooperation through new combinations of concepts, capabilities, people and organizations”— is on the minds and agendas of everyone dealing with the military. Many people talk about transformation; the two authors of this Defense Horizons have done something about it. In fact, they are among the few who have been responsible for shaping and implementing the concept. To get a better idea of what goes into this process, particularly the element of joint experimentation that is helping to identify and define the nature of change, Defense Horizons presents …

Vessel-Based Pollution: Major Developments In 2004, Tasha J. Power

Colorado Environmental Law Journal

No abstract provided.

Developments In Land-Based Pollution In 2004, Laura M. Schaefer

Colorado Environmental Law Journal

No abstract provided.

Assessing The Metacognitive Dimensions Of Retrospective Miscue Analysis Through Discourse Analysis, Wendy L. Black

Reading Horizons: A Journal of Literacy and Language Arts

This study investigates the manner in which retrospective miscue analysis involves metacognition by analyzing the discourse of weekly retrospective miscue analysis (RMA) sessions conducted with a fourth grade reader over five months. A preliminary structural discourse analysis of the sessions reveals several procedural and format features of the sessions. Each session more or less involves the same broad procedures: a) establishing the purpose and setting the agenda; b) discussing the individual miscues; and c) reflecting on reading or what was learned in the session. Discourse analysis of participants, discussions, and reflections reveals discourse moves that involve metacognitive experiences producing metacognitive …

Annotation Manager: An Automated Web-Based Content Management System For Digital Libraries With Annotated Bibliographies, Frenny Thomas

Theses and Dissertations

With the expansion of the World Wide Web in the 90s, individuals (especially students) are always on a quest for information resources especially in the form of Web sites. Yet many of them are overwhelmed when faced with deciding which site will best suit their research needs. As a result, these individuals may select a resource for less than optimal reasons. To ease some of the burden, libraries have made great advances to provide a place to organize information resources. Such places are called library portals, and they typically provide a gateway to web resources by categorizing and annotating them …