Entrepreneurs' Access to Private Equity in China: The Role of Social Capital

Drawing on Social network theory, this article argues for enhancing effects of social capital of entrepreneurs on investment selection decisions of venture capitalists (to invest versus not to invest), and main effects of social capital on investment process decisions such as venture valuation, investment delivery speed and contractual warrants/provisions. The core idea of enhancing effects is that the presence of particularistic ties between venture capitalists and entrepreneurs will affect positively investment selection decisions of venture capitalists if only other main factors for investment making such as management team, industry, market attractiveness, proprietary technologies and products are perceived as strong by investors. The context of the study is People's Republic of China. The empirical data is composed of 158 venture capital investment decisions in Beijing and Shanghai. The main finding is that social capital is supplementary and additive to other investment determining factors such as project and team qualities at selection stage, and social capital is a main factor for investment process decisions once a venture has been selected for funding. The main theoretical implication is that social capital may affect outcome variables in interaction with other factors. The main practical implication for entrepreneurs is that social capital is probably necessary but insufficient for raising venture capital successfully.http://deepblue.lib.umich.edu/bitstream/2027.42/39837/3/wp453.pd

Entrepreneurs' Access to Private Equity in China: The Role of Social Capital

Drawing on Social network theory, this article argues for enhancing effects of social capital of entrepreneurs on investment selection decisions of venture capitalists (to invest versus not to invest), and main effects of social capital on investment process decisions such as venture valuation, investment delivery speed and contractual warrants/provisions. The core idea of enhancing effects is that the presence of particularistic ties between venture capitalists and entrepreneurs will affect positively investment selection decisions of venture capitalists if only other main factors for investment making such as management team, industry, market attractiveness, proprietary technologies and products are perceived as strong by investors. The context of the study is People's Republic of China. The empirical data is composed of 158 venture capital investment decisions in Beijing and Shanghai. The main finding is that social capital is supplementary and additive to other investment determining factors such as project and team qualities at selection stage, and social capital is a main factor for investment process decisions once a venture has been selected for funding. The main theoretical implication is that social capital may affect outcome variables in interaction with other factors. The main practical implication for entrepreneurs is that social capital is probably necessary but insufficient for raising venture capital successfully.Social capital, private equity, entrepreneurship, China

The Implementation Of Sponsorship In Corporate Branding: A Case Study Of Turkish Airlines

The concept of sponsorship has evolved over the years from simply being a philanthropic activity to one of the key corporate communication and marketing communications strategies. This can merely be seen by looking at the expenditure of multinational corporations’ allocated budget figures for sponsorships. In particular, the biggest investment has and still goes to sport sponsorship deals as they have wide range of audience reach and mostly multi-national reach. One of the most important events is the Olympics, where millions of pounds are invested for sponsorship deals. Up until today, various studies have been conducted on to pinpoint the effect of sponsorship from different perspectives. Despite this, there is a dearth of study in terms of qualitative perspective, especially from the perspective of corporate communication managers’ ‘decision - making’ mechanism and procedure. To accomplish and contribute to the literature, this study uses Turkish Airline’s ‘Globally Yours’ campaign as a case study

Calorimetric tunneling study of heat generation in metal-vacuum-metal tunnel junction

We have proposed novel calorimetric tunneling (CT) experiment allowing exact determination of heat generation (or heat sinking) in individual tunnel junction (TJ) electrodes which opens new possibilities in the field of design and development of experimental techniques for science and technology. Using such experiment we have studied the process of heat generation in normal-metal electrodes of the vacuum-barrier tunnel junction (VBTJ). The results show there exists dependence of the mutual redistribution of the heat on applied bias voltage and the direction of tunnel current, although the total heat generated in tunnel process is equal to Joule heat, as expected. Moreover, presented study indicates generated heat represents the energy of non-equilibrium quasiparticles coming from inelastic electron processes accompanying the process of elastic tunneling.Comment: 8 pages, 3 figures, LaTe

Marine fishes in the Black Sea: recent conservation status

A revised checklist of the fish fauna of the Black Sea is reported. This paper is the first attempt to present an actual Check List of the fishes in the Black Sea according to the data available in the Black Sea countries, as well as their current conservation status, enlisted in IUCN. The total number of the Black Sea fish species is 189. Concerning the conservation status only two species (1.06 %) are extinct (Acipenser nudiventris and A. sturio), 3.70 % are critically endangered, 16.40 % are vulnerable, 1.06% are endangered, for 10.58 % there is a lack of data, 26.46% has been classified in the category “Least concern”, 2.65 % are “Near threatened” and 38. 10% are “Not evaluated”

Glacial facies associations in a Neoproterozoic back-arc setting, Zavkhan Basin, western Mongolia

Diamictites, many of glacial origin, are globally distributed in the Neoproterozoic. Recently, two relatively thin diamictites in the Maikhan Uul Member at the base of the Neoproterozoic Tsagaan Oloom Formation from the Zavkhan Basin of western Mongolia have been identified as being of glacial origin. The Mongolian diamictites form a series of backstepping units within the transgressive systems tract of two major depositional sequences associated with sea-level changes. In each case the diamictites of the transgressive systems tract are abruptly overlain by deeper water, upward shoaling highstand systems tracts consisting of thinly bedded sandstones and shales in sequence 1 and thinly bedded, dark carbonates in sequence 3. The fact that the sequences conform closely to depositional models established at other localities suggests that all are related to major ice ages and that the depositional sequences they have generated provide a valuable tool for global correlation in this part of the stratigraphic column. Available stratigraphic and isotope geochemical information presented by Brasier et al. (1996, this issue) suggests that both diamictites are likely to be of Sturtian age. A riftogenic setting and Sturtian age for the diamictites provide a link with eastern Australia and western America. It is possible, therefore, that these diamictites formed during the breakup of a supercontinental assembly including Siberia, Australia and Laurentia c. 750-725 Ma B

Carbon nanotubes in TiO2 nanofiber photoelectrodes for high-performance perovskite solar cells

1D semiconducting oxides are unique structures that have been widely used for photovoltaic (PV) devices due to their capability to provide a direct pathway for charge transport. In addition, carbon nanotubes (CNTs) have played multifunctional roles in a range of PV cells because of their fascinating properties. Herein, the influence of CNTs on the PV performance of 1D titanium dioxide nanofiber (TiO2 NF) photoelectrode perovskite solar cells (PSCs) is systematically explored. Among the different types of CNTs, single‐walled CNTs (SWCNTs) incorporated in the TiO2 NF photoelectrode PSCs show a significant enhancement (≈40%) in the power conversion efficiency (PCE) as compared to control cells. SWCNTs incorporated in TiO2 NFs provide a fast electron transfer within the photoelectrode, resulting in an increase in the short‐circuit current (J sc) value. On the basis of our theoretical calculations, the improved open‐circuit voltage (V oc) of the cells can be attributed to a shift in energy level of the photoelectrodes after the introduction of SWCNTs. Furthermore, it is found that the incorporation of SWCNTs into TiO2 NFs reduces the hysteresis effect and improves the stability of the PSC devices. In this study, the best performing PSC device constructed with SWCNT structures achieves a PCE of 14.03%

Ensiling Safflower (\u3ci\u3eCarthamus Tinctorius\u3c/i\u3e) As an Alternative Winter Forage Crop in Israel

Israel is a subtropical country in which the rainy season is in winter, with frequent droughts. Wheat is the major winter forage crop in Israel, along with legumes as rotation crops. Alternative forage crops are sought that would be suitable for semi-arid areas. Safflower (Carthamus tinctorius) is usually grown as a source for oil and pigments but spineless cultivars could be used as fodder. Leshem et al. (2001) reported DM yields up to 22 t/ha and high DM digestibility when used for heifers. When safflower silage substituted maize and wheat silage in the rations of lactating cows, milk yields and milk fat were similar in the two groups (Landau et al., 2004). Safflower was preserved satisfactorily by ensiling in mini-silos (Weinberg et al., 2002). However, on some farm scale trials, safflower silages spoiled upon aerobic exposure. The objective of the current experiments was to further study the ensiling characteristics of safflower

Kinetic study of Mongolian coals by thermal analysis

Thermal analysis was used for the thermal characterization of the coal samples. The experiments were performed to study the pyrolysis and gasification kinetics of typical Mongolian brown coals. Low rank coals from Shivee ovoo, Ulaan ovoo, Aduun chuluun and Baganuur deposits have been investigated. Coal samples were heated in the thermogravimetric apparatus under argon at a temperature ranges of 25-1020ºC with heating rates of 10, 20, 30 and 40ºC/min. Thermogravimetry (TG) and derivative thermogravimetry (DTG) were performed to measure weight changes and rates of weight losses used for calculating the kinetic parameters. The activation energy (Ea) was calculated from the experimental results by using an Arrhenius type kinetic model