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2004

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Expatriate, David Thomas Dec 2004

Expatriate, David Thomas

The Prairie Light Review

No abstract provided.


A Sacret Painting, Sarwat Khan Dec 2004

A Sacret Painting, Sarwat Khan

The Prairie Light Review

No abstract provided.


The Wind In Dry Grass, Tara Strahl Dec 2004

The Wind In Dry Grass, Tara Strahl

The Prairie Light Review

No abstract provided.


Poem For America, Richard Oberhrumer Dec 2004

Poem For America, Richard Oberhrumer

The Prairie Light Review

No abstract provided.


Genesis 4, Jason Mack Dec 2004

Genesis 4, Jason Mack

The Prairie Light Review

No abstract provided.


Win For Life #125, Maryellen Reedy Dec 2004

Win For Life #125, Maryellen Reedy

The Prairie Light Review

No abstract provided.


Empty, Natalie Gonzalez Dec 2004

Empty, Natalie Gonzalez

The Prairie Light Review

No abstract provided.


Shepard Of The Hills, Tamara Jayne Cogan Dec 2004

Shepard Of The Hills, Tamara Jayne Cogan

The Prairie Light Review

No abstract provided.


Leaving, Karen Webb Owen Dec 2004

Leaving, Karen Webb Owen

The Prairie Light Review

No abstract provided.


Entrapment 2, Jacqueline Withers Dec 2004

Entrapment 2, Jacqueline Withers

The Prairie Light Review

No abstract provided.


Policy Series;No. 5, Organization Of American States Dec 2004

Policy Series;No. 5, Organization Of American States

Latin American Energy Policies

Reliable and affordable energy services are essential to the modern world. Secure access to these services and the stability of their prices are key concerns for policymakers worldwide. For countries that are predominantly dependant on imported fossil fuels for their electricity generation, there are many associated long term risks in this regard, including the potential economic disruptions due to petroleum prices volatility, the vulnerability of fuel shipping and storage systems to terrorism and climate change impacts (i.e. increased strength and propensity of hurricanes), and negative environmental impacts associated with fuel combustion. However, there exist viable alternatives to the current patterns …


Field Crops Newsletter - December 2005, Ernest "Ernie" Flint Jr. Dec 2004

Field Crops Newsletter - December 2005, Ernest "Ernie" Flint Jr.

Ernie Flint - Mississippi State Extension Reports

Flint's field crops newsletter is mainly about a cotton growing shortcourse he attended. He also dicussed the prices of corn, growing conditions for wheat, and variety of soybeans. This is the same document as filename FCNL. Dec. 2000.


Field Crops Newsletter - December 2004b, Ernest "Ernie" Flint Jr. Dec 2004

Field Crops Newsletter - December 2004b, Ernest "Ernie" Flint Jr.

Ernie Flint - Mississippi State Extension Reports

Flint's field crops newsletter about preparing cotton, corn, and soybeans for next year's harvest. He spoke about the things he learned at a Cotton shortcourse, and the upcoming market for corn and soybeans.


Olininfo, December 2004, Olin Library Dec 2004

Olininfo, December 2004, Olin Library

OlinInfo

Newsletter of the Franklin W. Olin Library at Rollins College.


Field Crops Newsletter - December 2004, Ernest "Ernie" Flint Jr. Dec 2004

Field Crops Newsletter - December 2004, Ernest "Ernie" Flint Jr.

Ernie Flint - Mississippi State Extension Reports

Flint's field crops newsletter about preparing cotton, corn, and soybeans for next year's harvest. He spoke about the things he learned at a Cotton shortcourse, and the upcoming market for corn and soybeans.


Letter From The Editor-In-Chief, Allan Young Dec 2004

Letter From The Editor-In-Chief, Allan Young

The Journal of Entrepreneurial Finance

The study and practice of entrepreneurial finance and its associated relevance for the field of business venturing is now at long last secure in its place in the pantheon of well respected academic and professional disciplines. While initially perhaps thought of as no more than grist for the mill of those involved with personal self-enrichment and beyond the pale of concern with the scholarly dissemination of the world’s accumulated valued wisdom, areas such as the study of venture capital, micro-financing, entrepreneurship management and other related pursuits have now established themselves as well worth the interest of those intimately pursuing serious …


Microfinance: A Comprehensive Review Of The Existing Literature, James C. Brau, Gary M. Woller Dec 2004

Microfinance: A Comprehensive Review Of The Existing Literature, James C. Brau, Gary M. Woller

The Journal of Entrepreneurial Finance

Although the word finance is in the term microfinance, and the core elements of microfinance are those of the finance discipline, microfinance has yet to break into the mainstream or entrepreneurial finance literature. The purpose of this article is to introduce the finance academic community to the discipline of microfinance and microfinance institutions (MFIs). We provide a comprehensive review of over 350 articles and address the issues of MFI sustainability, products and services, management practices, clientele targeting, regulation and policy, and impact assessment.


Letter From The Guest Editor, Arthur Wilson Dec 2004

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 Dec 2004

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 …


The "Liability Of Newness" And Small Firm Access To Debt Capital: Is There A Link?, Susan Coleman Dec 2004

The "Liability Of Newness" And Small Firm Access To Debt Capital: Is There A Link?, Susan Coleman

The Journal of Entrepreneurial Finance

Literature pertaining to the “liability of newness” contends that newer firms face particular difficulties and a greater risk of failure. This article seeks to determine if “newness” is also a disadvantage in the acquisition of debt capital. Results indicate that newer firms were significantly less likely to have lines of credit and were also significantly more likely to have been turned down for their most recent loan. Even when we control for length of relationship with the primary financial services provider, personal guarantees, and collateral, younger firms were still more likely to be turned down for loans. Small firms are …


Does Corporate Governance Influence Firm Value? Evidence From Indian Firms, Jayesh Kumar Dec 2004

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 Dec 2004

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 Dec 2004

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 Optimality Of Multi-Stage Venture Capital Financing: An Option-Theoretic Approach, Robert Dubil Dec 2004

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 Dec 2004

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 Dec 2004

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 Dec 2004

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 Dec 2004

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, …


The Use Of Aster Visible And Near-Infrared Reflectance Values To Estimate Aboveground Biomass In Terre Haute, In, Joel M. Overpeck Dec 2004

The Use Of Aster Visible And Near-Infrared Reflectance Values To Estimate Aboveground Biomass In Terre Haute, In, Joel M. Overpeck

All-Inclusive List of Electronic Theses and Dissertations

Researchers have established that a relationship exists between biomass and satellite reflectance values (Franklin, 1986; Anderson, 1993). Such studies focus on areas with high vegetative homogeneity, with little research being conducted in urban areas. The purpose of this study was to attain a relationship between aboveground biomass and reflectance values from ASTER's (Advanced Spacebome Thermal Emission and Reflection Radiometer) Visible and Near Infrared (VNIR) sensor. In addition a normalized difference vegetation index (NDVI) was generated from the near infrared and red bands to test its relationship with biomass. Aboveground biomass values were calculated from fifty-one 15 x 15 meter randomly …


Age Dependence Of Spiral Grain In White Oaks (Quercus Alba) In Southcentral Illinois, Julia Rauchfuss Dec 2004

Age Dependence Of Spiral Grain In White Oaks (Quercus Alba) In Southcentral Illinois, Julia Rauchfuss

All-Inclusive List of Electronic Theses and Dissertations

Spiral grain, the alignment of wood fibers (tracheids) to the longitudinal axis of trees, is thought to be an indicator of old age and is a phenomenon that has been only studied with destructive sampling methods (cutting down trees). In this study, the usefulness of non-fatal sampling methods and existing methods to quantify spiral grain patterns in living and dead deciduous trees are examined, particularly in white oaks (Quercus alba). The overall goal is to determine if spiral grain growth is a reasonable indicator of tree age. Methods that were tested included the use of a 12 mm increment borer …