Does Finance Bolster Superstar Companies? Banks, Venture Capital, and Firm Size in Local U.S. Markets

We study the relative effect of venture capital and bank finance on large manufacturing firms in local U.S. markets. Theory predicts that with venture capital, the firm size distribution should become more stretched-out to the right, but it’s ambiguous on the effect of banks on large firms. The empirical evidence suggests that while the average size of firms in the top bin of the firm size distribution has remained unaffected by banking sector developments, it has increased with venture capital investment. We argue that this is due to the emergence of new corporate giants rather than the growth of existing ones. JEL Classification: G24, J24, L11banking, firm size, Venture Capital

Three Essays on Behavioral and Applied Game Theory.

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The ECMWF Ocean Analysis System: ORA-S3

International audienceA new operational ocean analysis/reanalysis system (ORA-S3) has been im- plemented at ECMWF. The reanalysis started from 01/01/1959: it is continuosly maintained up to 11 days behind real time and is used to initialize seasonal fore- casts as well as to provide a historical representation of the ocean for climate studies. It has several innovative features, including an on-line bias-correction algorithm, the assimilation of salinity data on temperature surfaces and assimi- lation of altimeter-derived sea level anomalies and global sea level trends. It is designed to reduce spurious climate variability in the resulting ocean reanaly- sis due to the non-stationary nature of the observing system, while still taking advantage of the observation information. In addition to the basic analysis, a real-time analysis is produced (RT-S3). This is needed for monthly forecasts and in future may be needed for shorter- range forecasts. It is initialised from the near-real-time ORA-S3 and run each day from it. The new analysis system is compared with the previous operational version; the equatorial temperature biases are reduced and equatorial currents are im- proved. The impact of assimilation in the ocean state is discussed by diagnosis of the assimilation increment and bias correction terms. The resulting analysis not only improves the fit to the data, but also improves the respresentation of the interannual variability

An Input-output Model of the South Central Region of Texas

In order to provide state, local, and regional policy-makers and planners as well as businessmen with an analytic tool, an Input-Output Economic Analysis was made of the South Central Region of Texas for the year 1967. The results of this study are presented in this report entitled, An Input-Output Model of the South Central Region of Texas. This report provides an overview of the study region, including ·the geographic setting, demographic characteristics and economic factors of income, employment and earnings. Methodology and procedures of analyses used in the study are discussed. Suggestions as to how the findings of the study may be used as they relate to the total regional economy are presented along with some of the results of this study. The Input-Output tables for this region are included in this report

Theory and Practice in Construction Project Bidding & Purchase

A tendering is a negotiating process for a contract through by a tenderer issuing an invitation, bidders submitting bidding documents and the tenderer accepting a bidding by sending out a notification of award. It is a main measure for completing market economy in China. According to laws and new regulations, rulers and codes new issued, this book introduces fundamental knowledge and techniques in theory and practice for a construction contract by bids, such as those of macro-economic policies, investing and constructing management, the tendering and bidding law with its regulations and how to compile a qualification document for a designing, consulting, constructing, purchasing project or a corporate body of a project management. By Smarandache multi-spaces, a mathematical evaluation model for bids is established and examples are included. The Tendering and Bidding Law of China, 5 regulations related and 100 answers for tendering and bidding in China can be found in the attachment. It is referable to researchers on theory or persons working in purchasing and students in universities