Banks versus venture capital when the venture capitalist values private benefits of control

If control of their firms allows entrepreneurs to derive private benefits, it also allows other controlling parties. Private benefits are especially relevant for venture capitalists, who typically get considerable control in their portfolio firms, but not for banks, which are passive loan providers. We incorporate this difference between banks and venture capital and analyze entrepreneurs' financing strategy between the two. We find that, in all strict Nash Equilibria, entrepreneurs who value private benefits more choose banks while the rest choose venture capital. Thus, bank-financed entrepreneurs allocate more resources to tasks that yield private benefits while VC-backed entrepreneurs have higher profitability

The Old-Boy Network and the Quality of Entrepreneurs

We study a model of network formation and start-up financing with endogenous entrepreneurial type distribution. A hub firm admits members to its network based on signals about entrepreneurs’ types. Network membership is observable, which allows lenders to offer different interest rates to network and stand-alone entrepreneurs. We show that a network outcome can display a smaller number of high-type entrepreneurs even though the network is neither nepotistic nor informationally disadvantaged. While a welfare-improving network can emerge as a technically stable or unstable equilibrium, one that decreases welfare is always formed by a technically unstable equilibrium. However, the adverse welfare effects of a network and its corresponding type configuration may persist because ex-post high type entrepreneurs prefer to stay high type whereas those who wish to become high-type may need some time to react.entrepreneur, network, start-up financing

Banks versus venture capital when the venture capitalist values private benefits of control

If control of their firms allows entrepreneurs to derive private benefits, it also allows other controlling parties. Private benefits are especially relevant for venture capitalists, who typically get considerable control in their portfolio firms, but not for banks, which are passive loan providers. We incorporate this difference between banks and venture capital and analyze entrepreneurs' financing strategy between the two. We find that, in all strict Nash Equilibria, entrepreneurs who value private benefits more choose banks while the rest choose venture capital. Thus, bank-financed entrepreneurs allocate more resources to tasks that yield private benefits while VC-backed entrepreneurs have higher profitability.bank, control, entrepreneurship, private benefit, venture capital

Bazı lokal selülozik atıklar üzerinde kültürü yapılan Pleurotus ostreatus (Jacq.) P. Kumm.’un besin içeriği

In this study, the effects of different cellulosic wastes on the nutritional values of Pleurotus ostreatus (Jacq.) P. Kumm. were investigated. Dry matter, moisture, protein, fat and ash contents of P. ostreatus were analyzed according to AOAC methods. Crude protein and fat contents were determined by the Kjeldahl method and Soxhlet extraction, using ether as a solvent, respectively. Chemical composition of P. ostreatus such as dry matter, moisture, crude protein, fat and organic matter were 93.5-93.7%, 6.3-6.5%, 25.2-33.5%, 1.7-2.5%, 5.3-9.7% and 84.0-88.2% of dry weight, respectvely. There were no significant differences in dry matter and moisture content of P. ostreatus grown on various local residues (p>0.05), but changeable in other nutrient composition (p<0.05). Crude protein, ash, fat and organic matter varied significantly, the lowest protein content was obtained from WS (25.2%), whereas the highest was obtained in the mixture of MS-WS (1:1) (33.5%) and MS-PP (1:1) (33.3%). P. ostreatus is highly valued as a good source of protein (25-33%), but low in fat (1.7-2.5%). It was observed that the type of substrate used for cultivation of P. ostreatus could influence the crude protein content of the fruit bodies.Bu çalışmada, farklı selülozik atıkların Pleurotus ostreatus (Jacq.) P. Kumm.’un besin değerleri üzerine etkileri araştırılmıştır. P. ostreatus’un kuru madde, nem, ham protein, yağ ve kül içerikleri AOAC yöntemlerine göre analiz edildi. Ham protein içeriği Kjeldahl yöntemi ile ham yağ ise Soxhlet ekstraksiyonu ile belirlenmiştir. P. ostreatus’un kuru madde, nem, ham protein, yağ ve organik madde içerikleri kuru ağırlığın % 93.5-93.7, % 6.3-6.5, % 25.2-33.5, % 1.7-2.5, % 5.3-9.7 ve % 84.0-88.2 olarak bulunmuştur. Değişik lokal atıklar üzerinde yetiştirilen P. ostreatus’un kuru madde ve nem içeriklerinde istatistiksel olarak önemli bir fark bulunmadığı (p>0.05), fakat diğer besin öğeleri ise değişkenlik göstermektedir (p<0.05). Ham protein, kül, yağ ve organik madde miktarları önemli ölçüde değişiklik gösterirken, en düşük ham protein içeriği BS'de (% 25.2), en yüksek ise YS-BS (1:1) (% 33.5) ve YS-PA (1:1) (% 33.3) ortamlarında elde edilmiştir. P. ostreatus iyi bir protein kaynağı olarak oldukça değerli, yağ içerikleri bakımından ise oldukça düşüktür (% 1.7-2.5). P.ostreatus kültüründe kullanılan substrat ürünlerin, mantarın ham protein gibi besin bileşimini etkileyebileceği gözlemlendi

DeepNVM++: Cross-Layer Modeling and Optimization Framework of Non-Volatile Memories for Deep Learning

Non-volatile memory (NVM) technologies such as spin-transfer torque magnetic random access memory (STT-MRAM) and spin-orbit torque magnetic random access memory (SOT-MRAM) have significant advantages compared to conventional SRAM due to their non-volatility, higher cell density, and scalability features. While previous work has investigated several architectural implications of NVM for generic applications, in this work we present DeepNVM++, a framework to characterize, model, and analyze NVM-based caches in GPU architectures for deep learning (DL) applications by combining technology-specific circuit-level models and the actual memory behavior of various DL workloads. We present both iso-capacity and iso-area performance and energy analysis for systems whose last-level caches rely on conventional SRAM and emerging STT-MRAM and SOT-MRAM technologies. In the iso-capacity case, STT-MRAM and SOT-MRAM provide up to 3.8x and 4.7x energy-delay product (EDP) reduction and 2.4x and 2.8x area reduction compared to conventional SRAM, respectively. Under iso-area assumptions, STT-MRAM and SOT-MRAM provide up to 2x and 2.3x EDP reduction and accommodate 2.3x and 3.3x cache capacity when compared to SRAM, respectively. We also perform a scalability analysis and show that STT-MRAM and SOT-MRAM achieve orders of magnitude EDP reduction when compared to SRAM for large cache capacities. Our comprehensive cross-layer framework is demonstrated on STT-/SOT-MRAM technologies and can be used for the characterization, modeling, and analysis of any NVM technology for last-level caches in GPUs for DL applications.Comment: 12 pages, 10 figure

Examination of Athletes’ Anxiety, Motivation, Imagination Value in Competitions with Different Severity Level

The objective of this study was to examine athletes’ anxiety, motivation and imagination value in competitions with different severity level. The research was conducted on swimming athlete in elite level 18 female and 19 male totally 37. To measure the level of imagination, imagine inventory in sports and to measure trait anxiety levels STAI were used. For statistical analyses of parametric data, to see the difference between the groups independent groups t-test and for the non-parametric data Mann Whitney-U analyses were used. The level of significance accepted as p&lt;0.05. National team athletes and athletes that participate in 13th European Short Course Swimming Championships and Turkey National Team Selection, before the day of the event selection and on the morning of the competition the difference between the cognitive anxiety levels, somatic anxiety levels and confidence levels was not statistically significant (p&gt;0.05). Athletes that participate in 13th European Short Course Swimming Championships and Turkish national team athletes before the day of the event selection and on the morning of the competition while cognitive anxiety and self-confidence levels were statistically different (p&lt;0.05), the difference between somatic anxiety levels was not statistically significant (p&gt;0.05). The athletes that selected and non-selected for national team before the day of the event selection and on the morning of the competition the difference between the cognitive anxiety levels, somatic anxiety levels, confidence levels, motivation and imagination levels was not statistically different (p&gt;0.05)

Laparoscopic Cholecystectomy in Elderly Patients

Laparoscopic surgery can be safely applied in the elderly. Complications can be minimized by carefully selecting patients aged 80 years or older and operating on these patients with experienced teams with good technical capabilities

Post-Truth Medya ve Tüketici Davranışlarına Etkisi: “Genç Yetişkinler” Üzerine Keşifsel Bir Araştırma Post-Truth Media and Its Impact on Consumer Behavior: An Exploratory Study on “Young Adults”

İnternet ve dijital teknolojilerin Web 2.0 devrimiyle yaratılan ve içerik oluşturmaya olanak sağlayan yeni sistemde kullanıcılara ortaklaşa paylaşımla sunulan ikinci nesil hizmetler, Türkiye gibi sosyal medya kullanım oranının yüksek olduğu ülkelerde tüketici davranışlarını doğrudan etkileyen iletişim ağlarının ve sosyal medya üzerinde gruplaşmaların oluşumuna zemin hazırlamıştır. Oluşan yeni iletişim ortamında, kamuoyu yargılarının rasyonellikten uzaklaşarak duygulardan ve kişisel kanaatlerden etkilenmesi sonucunda popülaritesi artan ve Oxford sözlükleri tarafından 2016 yılının kelimesi seçilen Post-Truth kavramı günlük yaşamda tüketici davranışlarını etkileyen ve kontrol edilmesi güç bir etken haline gelmiştir. Bu çalışmada, Post-Truth medyanın 18-34 yaş aralığı olarak belirlenen “Genç Yetişkinler” segmentindeki kullanıcıların tüketim davranışları üzerindeki etkisini belirlemeye yönelik odak grup çalışması yapılmış, Post-Truth kavramının ve Post-Truth medyanın artan önemi üzerinde durularak tüketici davranışları üzerindeki etkisi ortaya konulmuştur. Araştırma bulguları; tüketicilerin sadık oldukları markalar hakkında yapılan PostTruth haberlere itibar etmediklerini, aynı durumu ve haberi, haber kaynağının kendi siyasi görüşlerine uygun olup olmamasına göre farklı şekillerde yorumladıklarını, PostTruth haberlerin genellikle siyasi tabanlı olarak algılanması nedeniyle işletmelerin PostTruth medyadan etkilenmemeleri için belirli bir siyasi görüş ile ilişkilendirilen sosyal medya kanallarını ve etkinliklerini tercih etmemeleri gerektiğini ortaya koymuştur. In the new system created by the Web 2.0 revolution of Internet and digital Technologies and enabling content creation, the second generation of services offered by jointly sharing has laid the ground for its formation of communication networks that directly affect consumer behavior and grouping on social media in countries with high rate of social media usage such as Turkey. In the new communication environment, the concept of Post-Truth, which has become popular as a result of the fact that public judgements affected by emotions and personal convictions away from rationality and has been choosen as the Word of 2016 by Oxford Dictionaries, has become a factor that affects consumer behavior and difficult to control in daily life. In this study, focus group interviews was conducted to determine the effect of Post-Truth media on consumption behaviors of the “Young Adults” segment which was determined as the 18-34 age range, and the effect of Post-Truth concept and Post-Truth media on consumer behavior was emphasized. Research findings point out that; consumers do not respect the Post-Truth news about the brands they are loyal to and that they interpret the same situation and news in different ways depending on whether or not the news source is compatible with their own political views, businesses should not prefer the social media channels and activities associated with a particular political view in order not to be affected by the Post-Truth media because of the fact that Post-Truth news is generally perceived as political-based