Digital Commons Network^™

The Optimality Of Multi-Stage Venture Capital Financing: An Option-Theoretic Approach, Robert Dubil

The Journal of Entrepreneurial Finance

For venture capital firms, facing undiversifiable risks, multi-staged financing is an optimal contract which offers significant risk reduction at a cost of only slightly lower potential return. The optimality does not depend on the presence of moral hazard and agency problems. Our theoretical model of multi-stage financing, largely based on Asian option pricing theory, allows us to compute the risk reduction ratio due to multi-staging. The return on a staged financing plan is equivalent to an exchange of a straight equity stake for that acquired through stochastic averaging over time. We compare standard deviation ratios for staged vs. up-front financings …

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 …

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: …

Grandstanding And Venture Capital Firms In Newly Established Ipo Markets, Nobuhiko Hibara

The Journal of Entrepreneurial Finance

The grandstanding theory posits that young venture capital firms (VCs) will seek to build their reputations by taking ventures public early. In this study, we examine this theory in the Japanese IPO market. With the introduction of MOTHERS and NASDAQ Japan in 1999 and 2000, respectively, with the explicit intent of catering to smaller and younger companies, we are able to examine the influence of these new markets on grandstanding and the IPO process. We find that young lead VC-backed ventures go public at a younger age than mature lead VC-backed ventures and that young lead VC-backed ventures are more …

Sources Of Capital And Debt Structure In Small Firms, Chenchuramaiah T. Bathala, Oswald D. Bowlin, William P. Dukes

The Journal of Entrepreneurial Finance

In this paper we examine the relationship between ownership differences and small firms’ financial policies using a survey of U.S. companies. The study finds that financial policies differ according to the type of ownership (private versus public) and by the ownership differences (family-owned, closely-held, or widely-held) within the private firms. The differences are in the ownership concentration, relative importance of various sources of capital, debt characteristics (sources of debt financing, debt maturity, and debt cost). A multiple regression equation estimated in the paper provides evidence relating to cross-sectional variations in debt ratios of small firms. The paper offers information asymmetry, …

Human Rights And Copyright: The Introduction Of Natural Law Considerations Into American Copyright Law , Orit Fischman Afori

Fordham Intellectual Property, Media and Entertainment Law Journal

No abstract provided.

Using Taboo Topics In An Academic Writing Classroom, Marcie M. Williams

English Language Institute Faculty Presentations

No abstract provided.

Predictors Of Kindergarten Teachers' Practice Of Developmentally Appropriate Mathematics: Attitudes Toward Mathematics, Attitudes Toward Teaching Mathematics, And Pedagogical Content Knowledge Of Mathematics, Joohi Lee

All-Inclusive List of Electronic Theses and Dissertations

This study was intended to identify possible predictors for the practice of developmentally appropriate mathematics. This study tested three possible predictors: 1) kindergarten teachers' attitudes toward mathematics; 2) kindergarten teachers' attitudes toward teaching mathematics; and 3) kindergarten teachers' pedagogical content knowledge of mathematics, and its relationship to predict the practice of developmentally appropriate mathematics. Four research questions were addressed: 1. Do combined factors (kindergarten teachers' attitudes toward mathematics, their attitudes toward teaching mathematics, and their pedagogical content knowledge of mathematics) predict the practice of developmentally appropriate mathematics? 2. Do kindergarten teachers' attitudes toward mathematics predict their use of developmentally appropriate …

Extending Asterism Decoding To Qam And Its Complexity In Rician Fading Mimo Systems, Phillip Conder, Tadeusz A. Wysocki

Department of Electrical and Computer Engineering: Faculty Publications (to 2015)

The area of Multiple Input Multiple Output (MIMO) communications systems has received enormous attention recently as they can provide a roughly linear increase in data rate by using Multiple Transmit and Receive antennas. The optimal detection strategy for a MIMO receiver is to perform a Maximum-Likelihood (ML) search over all possible transmitted symbol combinations has an exponential complexity when the constellation size of number of transmit antennas increase. A number of sub-optimal decoders, such as VBLAST, provide linear decoding only where the number of receive antennas is at least equal to the number of transmit antennas.

Certain Asterism decoding described …

Alkali-Activity Correlations In Open Clusters, Jeremy R. King, Simon C. Schuler

Publications

We present a census of correlations between activity measures and neutral resonance lines of the alkali elements Li i and K i in open clusters and star-forming regions. The majority of very young associations and star formation regions show no evidence of Li-activity correlations, perhaps because their chromospheric activity indicators have a dominant origin in accretion processes with implied disk-clearing timescales in the range of a few times 106 to $4 ;107 yr. Alkali-alkali and/or alkali-activity correlations are newly noted within IC 2391, M34, and perhaps Blanco 1 and NGC 6475. Global X-ray luminosities are not as robust indicators as …

Reading Horizons Vol. 45, No. 2

Reading Horizons: A Journal of Literacy and Language Arts

Complete issue of Reading Horizons volume 45, issue 2.

Teachers' Beliefs And Practices Of Vocabulary Instruction With Social Studies Textbooks In Grades 4-8, Wanda B. Hedrick, Janis M. Harmon, Philip M. Linerode

Reading Horizons: A Journal of Literacy and Language Arts

This investigation focused on the vocabulary beliefs and instructional practices of social studies teachers in intermediate and middle school grades as well as their use of teachers' manuals. Using a self-reporting survey to measure these beliefs and practices, we found some discrepancy between what teachers believe about vocabulary learning and their actual instructional practices for supporting vocabulary in teaching social studies. While their reported beliefs appear to mirror what is currently accepted as effective vocabulary instruction, their reported practices reflect more traditional notions like those found in many social studies textbook manuals. While all teachers surveyed held many beliefs and …

Primitive Ideals Of Semigroup Graded Rings, Hema Gopalakrishnan

Mathematics Faculty Publications

Prime ideals of strong semigroup graded rings have been characterized by Bell, Stalder and Teply for some important classes of semigroups. The prime ideals correspond to certain families of ideals of the component rings called prime families. In this paper, we define the notion of a primitive family and show that primitive ideals of such rings correspond to primitive families of ideals of the component rings.

Take Me Out To The Synagogue, Michael A. Mogill

Seton Hall Journal of Sports and Entertainment Law

No abstract provided.

Calling The Internet Bluff: The Interplay Between Advertising And Internet Gambling, Lauren Hannon

Seton Hall Journal of Sports and Entertainment Law

No abstract provided.

Www.Whatsina.Name, Anthony M. Verna Iii

Seton Hall Journal of Sports and Entertainment Law

No abstract provided.

Due Process, Free Speech, And New Jersey's Athletic Codes Of Conduct: An Evaluation Of Potential Constitutional Challenges To A Good Idea, Jerry Bonanno

Seton Hall Journal of Sports and Entertainment Law

No abstract provided.

Glass Ceiling Employment And Racial Discrimination In Hiring For The Head Coaching Position In The National Football League, Erin Scanga

Seton Hall Journal of Sports and Entertainment Law

No abstract provided.

Remember My Name: Choreographing The Fit Of Section 43 (A) To An Author's Right Of Attribution, Medea B. Chillemi

Seton Hall Journal of Sports and Entertainment Law

No abstract provided.

Separate And Concomitant Use Of Lamotrigine, Lithium, And Divalproex In Bipolar Disorders., Daniel Z Lieberman, Frederick K Goodwin

Psychiatry and Behavioral Sciences Faculty Publications

Expert consensus emphasizes the need for better recognition and accurate diagnosis of bipolar disorder. Current research on lithium, divalproex, and lamotrigine provides new insight into the effective management of this illness. Advances in identifying the mechanism of action of mood stabilization has focused on signaling pathways within the cell that are associated with neurotrophic effects. Clinical research has led to confirmatory evidence of the efficacy of lithium in all phases of bipolar disorder, with the greatest effects seen in the treatment and prevention of mania. Compared to divalproex, lithium also has been found to have greater efficacy in the prevention …

Synthesis And Characterization Of Starch Acetates With High Substitution, Yixiang Xu, Vesselin Miladinov, Milford A. Hanna

Industrial Agricultural Products Center: Publications and Information

Acetylation of high-amylose (70%) maize starch to high degree of substitution (DS) was studied by reacting starch with acetic anhydride using 50% aqueous NaOH as the catalyst. DS increased with increasing reaction times and increasing ratios of acetic anhydride to starch. Reaction efficiency (RE) increased with longer reaction times and decreased with increases in the ratios of acetic anhydride to starch for extended reaction times. Increasing the amount of NaOH increased both DS and RE. A series of starch acetates with DS values of 0.57-2.23 were prepared and their crystalline structures, chemical structures, thermal stability, and morphological properties were investigated. …

Why Augsburg College? A Look At Major Influences In The College Decision-Making Process For Trio Eligible Students, Jennifer Feine Hellie

Theses and Graduate Projects

At Augsburg College, diversity plays an important role in delivering transforming education for its students and is instrumental in defining the college community. This research identifies major influencers in the college decision-making process for TRIO participants. Federally funded TRIO programs like SSS provide access to higher education for students with academic need, financial need, who are first generation college students, or students who have disabilities. In order to assess the major influencers in the college decision-making process, current TRIO students at Augsburg College were asked to complete a survey. Students were asked to rate their feelings towards predetermined influencers when …

News From Hope College, Volume 36.3: December, 2004, Hope College

News from Hope College

No abstract provided.

Regulatory Taxings, Eduardo Peñalver

Articles

The tension between the Supreme Court's expansive reading of the Takings Clause and the state's virtually limitless power to tax has been repeatedly noted, but has received little systematic exploration. Although some scholars, most notably Richard Epstein, have used the tension between takings law and taxes to argue against the legitimacy of taxation as it is presently practiced, such an approach has failed to gain a significant following. Instead, the broad legal consensus is that legislatures effectively have unlimited authority to impose tax burdens. Nevertheless, this Article demonstrates that every attempt to formulate a "Reconciling Theory," a theory that would …

New England, Wayne R. Petersen

North American Birds

No abstract provided.

The Changing Seasons Rome Burning?, Edward S. Brinkley, Paul J. Baicich

North American Birds

No abstract provided.

Editors' Notebook, North American Birds

North American Birds

No abstract provided.

First Record Of Cape Verde Shearwater (Calonectris Edwardsii) For North America, J. Brian Patteson, George L. Armistead

North American Birds

No abstract provided.

Southern Great Plains, Joseph A. Grzybowski, W. Ross Silcock

North American Birds

No abstract provided.

Great Basin, Rick Fridell, Steve Summers

North American Birds

No abstract provided.