The Performance of Private Equity Funds: Does Diversification Matter?

This paper is the first systematic analysis of the impact of diversification on the performance of private equity funds. A unique data set allows the exact evaluation of diversification across the dimensions financing stages, industries, and countries. Very different levels of diversification can be observed across sample funds. While some funds are highly specialized others are highly diversified. The empirical results show that the rate of return of private equity funds declines with diversification across financing stages, but increases with diversification across industries. Accordingly, the fraction of portfolio companies which have a negative return or return nothing at all, increase with diversification across financing stages. Diversification across countries has no systematic effect on the performance of private equity funds

A terminal assessment of stages theory : introducing a dynamic states approach to entrepreneurship

Stages of Growth models were the most frequent theoretical approach to understanding entrepreneurial business growth from 1962 to 2006; they built on the growth imperative and developmental models of that time. An analysis of the universe of such models (N=104) published in the management literature shows no consensus on basic constructs of the approach, nor is there any empirical confirmations of stages theory. However, by changing two propositions of the stages models, a new dynamic states approach is derived. The dynamic states approach has far greater explanatory power than its precursor, and is compatible with leading edge research in entrepreneurship

Life After Succession in the Family Business: Is It Really the End of Problems?

The succession processes in family business are well chronicled in the business literature. Most of the research focuses on the process of transferring power within the business-family. What has not been as closely examined is the after-succession environment that exists when the management and leadership of the family business are passed on to the next generation. This article addresses that organizational climate and the potential for additional problems in the business-family if post-succession issues are not identified and addressed and suggests some steps that will be helpful in producing complete succession success.Yeshttps://us.sagepub.com/en-us/nam/manuscript-submission-guideline

Association football and the representation of homosexuality by the print media: a case study of Anton Hysén

In March 2011 Anton Hysén (a semi-professional footballer currently playing in the Swedish fourth division) became only the second association football (soccer) player of any professional disposition to publicly declare his homosexuality whilst still playing the game. This article provides a textual analysis of the print media’s reaction to Hysén coming out and examines whether, in 2011, they portray more inclusive notions towards homosexuality than they did in 1990 when British footballer Justin Fashanu came out. The results advance inclusive masculinity theory as a number of print media sources (mostly British) interview Hysén in the weeks immediately after he came out and publish articles that challenge homophobia. Highlighting a change since 1990, a significant number of articles stress the need for the key stakeholders in football (players, fans, clubs, agents, the authorities and the media) to accept gay players

The Impact of Timing and Mode of Entry on Successor Development and Successful Succession

Family businesses frequently are disrupted by the process of succession of leadership and ownership. This article focuses on causes of conflict and how to manage success after siblings have entered the business.Yeshttps://us.sagepub.com/en-us/nam/manuscript-submission-guideline

Playing with the Rules: Influences on the Development of Regulation in Sport

Sport today is a rule-governed practice: constitutive rules, both prescriptive and proscriptive, define required equipment and facilities as well as setting the formal rules of play; auxiliary rules specify and control eligibility: and regulatory rules place restraints on behaviour independent of the sport itself. This article offers a broad sweep examination of the historical process of rule development in sport including an assessment of the influence over time of gambling, fair play ideology, economic pressures, technological developments and legal intervention. En route a seven-stage scheme of constitutive rule development is postulated which it is hoped will set a research agenda for sports historians to test with case studies of particular sports

Fracture toughness and fracture mechanisms of polybutylene-terephthalate/polycarbonate/ impact-modifier blends

A series of polybutylene-terephthalate/polycarbonate (PBT/PC) blends with different compositions were prepared using a twin-screw extruder. The morphologies of the blends were revealed by scanning electron microscopy (SEM) and transmission electron microscopy (TEM). It was found that a 50/50 PBT/PC blend possessed a bicontinuous structure and the other blends had a dispersed phase of either PBT or PC depending on which was the minor component. A relatively strong interface was observed in the blends with 20%, 40% and 50% PBT; but poor interfacial adhesion was found in the blends with 60% and 80% PBT. The strength of the interfacial boundary was believed to depend on the composition and blending conditions of the individual blend. Fracture experiments showed that the sharp-notch fracture toughness of PC could be significantly increased by mixing with up to 50% PBT without losing its modulus and yield stress. The toughening mechanisms involved in the fracture processes of the blends were studied using both SEM and TEM together with single-edge-double-notched-bend (SEDNB) specimens. It was found that in the toughened blends the growing crazes initiated by the triaxial stress in front of the crack tip were stabilized by the PC domains. The debonding-cavitation mechanism occurred at the PBT/PC interface, which relieved the plane-strain constraint and promoted shear deformation in both PBT and PC. This plastic deformation absorbed a tremendous amount of energy. Crack-interface bridging by the PC domains was clearly verified by the TEM study. Thus, the PC domains not only stabilized the growing crazes they also bridged crack surfaces after the crack has passed by. This effect definitely caused a large plastic-damage zone and hence a high crack resistance. Poor crack resistances of the blends rich in PBT was caused by the poor interfacial adhesion between PBT and PC. In these polymer blends, the growing crazes easily developed into cracks, which subsequently passed through the weak interface of PBT/PC and finally produced fast unstable fracture.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/44731/1/10853_2004_Article_BF00376274.pd

Structural studies of thermally stable, combustion-resistant polymer composites

Composites of the industrially important polymer, poly(methyl methacrylate) (PMMA), were prepared by free-radical polymerization of MMA with varying amounts (1–30 wt. %) of sodium dioctylsulfosuccinate (Aerosol OT or AOT) surfactant added to the reaction mixture. The composites with AOT incorporated show enhanced resistance to thermal degradation compared to pure PMMA homopolymer, and micro-cone combustion calorimetry measurements also show that the composites are combustion-resistant. The physical properties of the polymers, particularly at low concentrations of surfactant, are not significantly modified by the incorporation of AOT, whereas the degradation is modified considerably for even the smallest concentration of AOT (1 wt. %). Structural analyses over very different lengthscales were performed. X-ray scattering was used to determine nm-scale structure, and scanning electron microscopy was used to determine μm-scale structure. Two self-assembled species were observed: large phase-separated regions of AOT using electron microscopy and regions of hexagonally packed rods of AOT using X-ray scattering. Therefore, the combustion resistance is observed whenever AOT self-assembles. These results demonstrate a promising method of physically incorporating a small organic molecule to obtain a highly thermally stable and combustion-resistant material without significantly changing the properties of the polymer

The embedding of transnational entrepreneurs in diaspora networks:Leveraging the assets of foreignness

In this paper we examine how foreign actors capitalize on their ethnic identity to gain skills and capabilities that enable them to operate in a new and strange environment. We explore the mechanisms by which Bulgarian entrepreneurs in London use their ethnic identity to develop competitive advantage and business contacts. We find that the entrepreneurs studied gain access to a diaspora network, which enables them to develop essential business capabilities and integrate knowledge from both home and host country environments. The diaspora community possesses a collective asset (transactive memory) that allows its members to remove competition from the interfirm level to the network level (i.e., diaspora networks vs. networks of native businesspeople). Additionally, the cultural identity and networks to which community members have access provide bridging capabilities that allow diaspora businesspeople to make links to host country business partners and thus embed themselves in the host country environment. Thus, this paper adds to the growing body of work showing how foreignness can serve as an asset in addition to its better-known role as a liability

Mechanisms of international influence on domestic elite sport policy

In the analysis of sport policy the permeability of domestic policy processes and the significance of non-domestic policy influences is increasingly acknowledged. There is also a growing awareness of the role of domestic institutional arrangements in mediating influences external to the domestic policy system. Taking the interaction between non-domestic influences and domestic policy processes as its starting point the article evaluates, in relation to elite sport, the variety of mechanisms that have been identified as linking the domestic and non-domestic policy spheres. It is argued that the mechanisms vary in relation to the locus of initiative, the basis of engagement, the key relationships and the nature of power relationships. It is also argued that in many countries in relation to elite sport policy there is a dual process in operation of domestically initiated policy learning and non-domestically initiated policy harmonisation through policy regimes