Mitigation of Moral Hazard and Adverse Selection in Venture Capital Financing: The Influence of the Country’s Institutional Setting

A venture capitalist (VC) needs to trade off benefits and costs when attempting to mitigate agency problems in their investor-investee relationship. We argue that signals of ventures complement the VC’s capacity to screen and conduct a due diligence during the pre-investment phase, but its attractiveness may diminish in institutional settings supporting greater transparency. Similarly, whereas a VC may opt for contractual covenants to curb potential opportunism by ventures in the post-investment phase, this may only be effective in settings supportive of shareholder rights enforcement. Using an international sample of VC contracts, our study finds broad support for these conjectures. It delineates theoretical and practical implications for how investors can best deploy their capital in different institutional settings whilst nurturing their relationships with entrepreneurs

Symmetry breaking in mass-recruiting ants: extent of foraging biases depends on resource quality

The communication involved in the foraging behaviour of social insects is integral to their success. Many ant species use trail pheromones to make decisions about where to forage. The strong positive feedback caused by the trail pheromone is thought to create a decision between two or more options. When the two options are of identical quality, this is known as symmetry breaking, and is important because it helps colonies to monopolise food sources in a competitive environment. Symmetry breaking is thought to increase with the quantity of pheromone deposited by ants, but empirical studies exploring the factors affecting symmetry breaking are limited. Here, we tested if (i) greater disparity between two food sources increased the degree to which a higher quality food source is favoured and (ii) if the quality of identical food sources would affect the degree of symmetry breaking that occurs. Using the mass-recruiting Pharaoh ant, Monomorium pharaonis, we carried out binary choice tests to investigate how food quality affects the choice and distribution of colony foraging decisions. We found that colonies could coordinate foraging to exploit food sources of greater quality, and a greater contrast in quality between the food sources created a stronger collective decision. Contrary to prediction, we found that symmetry breaking decreased as the quality of two identical food sources increased. We discuss how stochastic effects might lead to relatively strong differences in the amount of pheromone on alternative routes when food source quality is low. Significance statement: Pheromones used by social insects should guide a colony via positive feedback to distribute colony members at resources in the most adaptive way given the current environment. This study shows that when food resources are of equal quality, Pharaoh ant foragers distribute themselves more evenly if the two food sources are both of high quality compared to if both are of low quality. The results highlight the way in which individual ants can modulate their response to pheromone trails which may lead colonies to exploiting resources more evenly when in a resource rich environment

Relocation to get venture capital : a resource dependence perspective

This is the author accepted manuscript. The final version is available from SAGE via the DOI in this record.Using a resource dependence perspective, we theorize and show that non-venture-capital-backed ventures founded in U.S. states with a lower availability of venture capital (VC) are more likely to relocate to California (CA) or Massachusetts (MA)—the two VC richest states—compared to ventures founded in states with a greater availability of VC. Moreover, controlling for self-selection, ventures that relocate to CA or MA subsequently have a greater probability of attracting initial VC compared to ventures that stay in their home state. We discuss the implications for theory, future research, and practice

Group Living Enhances Individual Resources Discrimination: The Use of Public Information by Cockroaches to Assess Shelter Quality

In group-living organisms, consensual decision of site selection results from the interplay between individual responses to site characteristics and to group-members. Individuals independently gather personal information by exploring their environment. Through social interaction, the presence of others provides public information that could be used by individuals and modulates the individual probability of joining/leaving a site. The way that individual's information processing and the network of interactions influence the dynamics of public information (depending on population size) that in turn affect discrimination in site quality is a central question. Using binary choice between sheltering sites of different quality, we demonstrate that cockroaches in group dramatically outperform the problem-solving ability of single individual. Such use of public information allows animals to discriminate between alternatives whereas isolated individuals are ineffective (i.e. the personal discrimination efficiency is weak). Our theoretical results, obtained from a mathematical model based on behavioral rules derived from experiments, highlight that the collective discrimination emerges from competing amplification processes relying on the modulation of the individual sheltering time without shelters comparison and communication modulation. Finally, we well demonstrated here the adaptive value of such decision algorithm. Without any behavioral change, the system is able to shift to a more effective strategy when alternatives are present: the modification of the spatio-temporal distributions of individuals leading to the collective selection of the best resource. This collective discrimination implying such parsimonious and widespread mechanism must be shared by many group living-species

Rôle des marques territoriales sur le recrutement alimentaire chez la fourmi Lasius Niger: Influence of territorial marking on food recruitment in the ant Lasius niger

info:eu-repo/semantics/publishe

Differential response of workers and queens of the ant Lasius niger to environments marked by workers: Are cuticular hydrocarbons involved?

info:eu-repo/semantics/nonPublishe

Acute aortoiliac occlusion in a patient with novel coronavirus disease-2019

International audienceThe severe acute respiratory syndrome novel coronavirus-2 pandemic is affecting almost every country in the world. Even if the major symptoms of coronavirus disease-2019 are respiratory, different symptoms at presentation are now recognized. Venous thromboembolism has been reported in infected patients and few but increasing cases of arterial thrombosis have been described. We report a case of acute aortoiliac and lower limb artery occlusions in a patient presenting with severe coronavirus disease-2019 infection. The mechanism of the occlusion seemed to be distal embolization from a floating thrombus in the aortic arch caused by a major inflammatory state and virus infection. The patient underwent aortoiliac and lower limb artery mechanical thrombectomy, but required unilateral major amputation

DdrO is an essential protein that regulates the radiation desiccation response and the apoptotic-like cell death in the radioresistant Deinococcus radiodurans bacterium

© 2015 John Wiley & Sons Ltd. Deinococcus radiodurans is known for its extreme radioresistance. Comparative genomics identified a radiation-desiccation response (RDR) regulon comprising genes that are highly induced after DNA damage and containing a conserved motif (RDRM) upstream of their coding region. We demonstrated that the RDRM sequence is involved in cis-regulation of the RDR gene ddrBin vivo. Using a transposon mutagenesis approach, we showed that, in addition to ddrO encoding a predicted RDR repressor and irrE encoding a positive regulator recently shown to cleave DdrO in Deinococcusdeserti, two genes encoding α-keto-glutarate dehydrogenase subunits are involved in ddrB regulation. In wild-type cells, the DdrO cell concentration decreased transiently in an IrrE-dependent manner at early times after irradiation. Using a conditional gene inactivation system, we showed that DdrO depletion enhanced expression of three RDR proteins, consistent with the hypothesis that DdrO acts as a repressor of the RDR regulon. DdrO-depleted cells loose viability and showed morphological changes evocative of an apoptotic-like response, including membrane blebbing, defects in cell division and DNA fragmentation. We propose that DNA repair and apoptotic-like death might be two responses mediated by the same regulators, IrrE and DdrO, but differently activated depending on the persistence of IrrE-dependent DdrO cleavage. Deinococcus radiodurans is known for its extreme radioresistance. We present a model for the regulation of the radiation desiccation response (RDR) regulon comprising genes highly induced after DNA damage and containing a conserved motif (RDRM) upstream of their coding region. We propose that DNA repair and apoptotic-like death might be two responses mediated by the same regulators, IrrE and DdrO, but differently activated depending on the persistence of IrrE-dependent DdrO cleavage

Numerical Analysis for an Upscaled Model for Dissolution and Precipitation in Porous Media

In this paper, we discuss some numerical schemes for an upscaled (core scale) model describing the transport, precipitation and dissolution of solutes in a porous medium. We consider two weak formulations, conformal and mixed. We discuss the time discretization in both formulations and prove the convergence of the resulting schemes. A numerical study is presented for the mixed formulation