The influence of institutional environment on venture capital development in emerging economies: the example of Nigeria

The aim of the study is to investigate the development of venture capital (VC) in an emerging economy lacking the fully-developed legal and financial institutions necessary to support private-equity financing. This study, undertaken in Nigeria, included extended interviews with venture capitalists (VCs), entrepreneurs who were able to secure VC funding and those who were not, a government minister and their key policy staff. The findings suggest that VCs require stable trusted institutional frameworks, regulations and tax regimes, alongside clear exit strategies. They also suggest that informal institution such as networking is important for VC development. These findings have major implications for VC policy and for the development of technology-based industrial start-ups. The paper contributes to the literature on the impact of institutions on VC development processes in emerging economies

Beyond the global financial crisis: challenges facing venture capitalists operating in an emerging economy such as Nigeria

Objectives: The study investigates the challenges faced by venture capitalists (VCs) when operating in an emerging market, as well as problems in dealing with the entrepreneurs themselves. This is to gain a deeper understanding of the environmental and governmental policy factors that are hindering the growth of the industry in Nigeria. Prior Work: In light of the recent global financial downturn where people are being made redundant, many could see it as an opportunity to start up their own business. However, the smooth operation of the finance escalator has proved difficult to achieve under recent financial conditions (North et al. 2013; Gill 2010; Mason et al 2010; NESTA 2009. Moreover, in an emerging economy, small business owners are more likely to secure funding for their new business venture from traditional sources rather than venture capital (VC) since they do not know much about it (Gupta and Sapienza, 2001). Jiang et al. (2014) argue that although the role of VCs is well documented in western developed economies, limited attention has been paid to it by SMEs in emerging markets. Approach: The data was collected using qualitative method involving interviews with 4 VCs who operate in Nigeria, 5 entrepreneurs who were not able to secure venture capital (VC) funding for their ventures and a government minister and a member of staff as key informants. Results: The results show that VCs who operate in Nigeria face challenges which are unique to an emerging economy. The findings suggest that people do not fully understand what VCs look for in a business, the benefits they bring to a business, how they work and the time it takes to get things done from a bureaucratic and legal perspective. Implications: The implication of the study is that the Nigerian government should take steps to improve the country’s VC industry by setting up of a VC fund for technology-based starts-ups. The government should also meet with the heads of the major financial houses in Nigeria in an effort to create a positive public relation campaign to highlight the benefits VCs bring to businesses. This will help significantly towards the development of the industry in Nigeria. Value: This study makes contribution to the growing body of literature on venture capital and the effect of global financial crisis. A better understanding of the decision making process of deal structuring will help VCs to make better decisions regarding investments and stages of funding. Understanding how VCs decide when and where to invest, might benefit entrepreneurs and SMEs with respect to attracting VC as well as increasing the likelihood of receiving higher levels of funding, because a higher level of financing gives them a bigger level of flexibility (Payne et al. (2009)

Violence against sex workers in Portugal. Differences between indoor and street sex work

Poster presented at the 14th Congress of the European Federation of Sexology. 9-12 May 2018, Albufeira, PortugalN/

The Meladema Laporte, 1835 (Coleoptera, Dytiscidae) of the Sahara Desert

Meladema Laporte, 1835 is a genus of large diving beetles, found in the Western Palaearctic, from the Canary Islands and Madeira to western Turkey (Bilton &amp; Ribera 2017). The genus currently contains four species: the widespread M. coriacea Laporte, 1835, distributed from the Canary Islands to Turkey and ranging from southern France and the central Balkans south to the central Sahara, two Atlantic Island endemics, M. imbricata (Wollaston, 1871) from the western Canary Islands and M. lanio (Fabricius, 1775) from the main island of Madeira, and a fourth, recently described species, M. lepidoptera Bilton &amp; Ribera, 2017 from the Tyrrhenian Islands (Corsica, Sardinia, Elba, Montecristo) and parts of the Italian mainland (Bilton &amp; Ribera 2017). </jats:p

Fósforo, fosfato de rocha e fluorose em bovinos.

Fosfatos naturais na alimentação animal. Uso e abuso dos fosfatos naturais. Essencialidade do flúor. Metabolismo do flúor. Fluor e produção de leite. Flúor e reprodução. O flúor e a barreira placentária. Recuperação do animal exposto ao flúor. Antagonistas do flúor. Efeitos tóxicos do flúor. Diagnóstico de fluorese. Dentição normal dos bovinos. Fluorose dentária.bitstream/item/104565/1/Fosforo-fosfato-de-rocha.pd

Transthyretin binding to A-Beta peptide – Impact on A-Beta fibrillogenesis and toxicity

AbstractIt has been suggested that transthyretin (TTR) is involved in preventing A-Beta fibrillization in Alzheimer’s disease (AD). Here, we characterized the TTR/A-Beta interaction by competition binding assays. TTR binds to different A-Beta peptide species: soluble (Kd, 28nM), oligomers and fibrils; diverse TTR variants bind differentially to A-Beta. Transmission electron microscopy (TEM) analysis demonstrated that TTR is capable of interfering with A-Beta fibrillization by both inhibiting and disrupting fibril formation. Co-incubation of the two molecules resulted in the abolishment of A-Beta toxicity. Our results confirmed TTR as an A-Beta ligand and indicated the inhibition/disruption of A-Beta fibrils as a possible mechanism underlying the protective role of TTR in AD

Horizon Formation in High-Energy Particles Collision

We investigate a classical formation of a trapped surface in 4-dimensional flat space-time in a process of a non-head-on collision of two high-energy particles which are treated as Aichelburg-Sexl shock waves. From the condition of the horizon volume local maximality an equation for the trapped surface is deduced. Using a known solution on the shocks we find a time-dependent solution describing the trapped surface between the shocks. We analyze the horizon appearance and evolution. Obtained results may describe qualitatively the horizon formation in higher dimensional space-time.Comment: Latex2e, 8 pages, 6 figures, references adde

Produção e qualidade de frutos de cultivares de melancia em ecossistema de "terra firme" do Estado do Amazonas.

Neste trabalho, avaliaram-se diferentes cultivares de melancia e dois espaçamentos, para a produção de melancia na terra firme do Amazonas. O ensaio foi conduzido na Embrapa Amazônia Ocidental, Iranduba-AM, em Argissolo Amarelo distrófico, textura média, de junho a agosto de 2010

Frequentist p-values for large-scale-single step genome-wide association, with an application to birth weight in American Angus cattle.

Background: Single-step genomic best linear unbiased prediction (SSGBLUP) is a comprehensive method for genomic prediction. Point estimates of marker effects from SSGBLUP are often used for genome-wide association studies (GWAS) without a formal framework of hypothesis testing. Our objective was to implement p-values for singlemarker GWAS studies within the single-step GWAS (SSGWAS) framework by deriving computational algorithms and procedures, and by applying these to a large beef cattle population. Methods: P-values were obtained based on the prediction error (co)variances for single nucleotide polymorphisms (SNPs), which were obtained from the prediction error (co)variances of genomic predictions based on the inverse of the coefficient matrix and formulas to estimate SNP effects. Results: Computation of p-values took a negligible time for a dataset with almost 2 million animals in the pedigree and 1424 genotyped sires, and no inflation of statistics was observed. The SNPs that passed the Bonferroni threshold of 10-5.9 were the same as those that explained the highest proportion of additive genetic variance, but even at the same significance levels and effects, some of them explained less genetic variance due to lower allele frequency. Conclusions: The use of a p-value for SSGWAS is a very general and efficient strategy to identify quantitative trait loci (QTL). It can be used for complex datasets such as those used in animal breeding, where only a proportion of the pedigreed animals are genotyped