Comparative Venture Capital Governance. Private versus Labour Sponsored Venture Capital Funds

Private independent limited partnership venture capital funds receive capital from institutional investors, without tax incentives. Limited partnership investment activities are governed by restrictive covenants that are determined by negotiated contract between the fund managers (general partners) and the institutional investors (limited partners). By contrast, Canadian Labour Sponsored Venture Capital Corporations (LSVCCs) receive capital only from individual investors who receive tax breaks on capital contributions of up to CAN$5,000. LSVCC investment activities are governed by statutory restrictions. This chapter contrasts the governance of LSVCCs to limited partnerships. We also summarize Canadian evidence on the impact of LSVCC governance and tax incentives: (1) on the distribution of venture capital funding between private and LSVCC funds; (2) on the unusually large overhang of uninvested capital in the Canadian venture capital industry; (3) the portfolio size (i.e. number of investee firms per fund) of private funds versus LSVCCs; and (4) the performance of LSVCCs relative to other types of venture capital organiziations and other comparable investments for individual investors.venture capital, Canada, tax, government, crowding out, portfolio size, governance

The challenges of risk management in diversified financial companies

In recent years, financial institutions and their supervisors have placed increased emphasis on the importance of measuring and managing risk on a firmwide basis—a coordinated process referred to as consolidated risk management. Although the benefits of this type of risk management are widely acknowledged, few if any financial firms have fully developed systems in place today, suggesting that significant obstacles have led them to manage risk in a more segmented fashion. In this article, the authors examine the economic rationale behind consolidated risk management. Their goal is to detail some of the key issues that supervisors and practitioners have confronted in assessing and developing consolidated risk management systems. In doing so, the authors clarify why implementing consolidated risk management involves significant conceptual and practical difficulties. They also suggest areas in which additional research could help resolve some of these difficulties.Risk management ; Financial institutions ; Bank supervision

Hybridization of optical plasmonics with terahertz metamaterials to create multi-spectral filters

Multi-spectral imaging systems typically require the cumbersome integration of disparate filtering materials in order to work simultaneously in multiple spectral regions. We show for the first time how a single nano-patterned metal film can be used to filter multi-spectral content from the visible, near infrared and terahertz bands by hybridizing plasmonics and metamaterials. Plasmonic structures are well-suited to the visible band owing to the resonant dielectric properties of metals, whereas metamaterials are preferable at terahertz frequencies where metal conductivity is high. We present the simulated and experimental characteristics of our new hybrid synthetic multi-spectral material filters and demonstrate the independence of the metamaterial and plasmonic responses with respect to each other

MOSAIC: An integrated ultrasonic 2-D array system

An investigation into the development of an ultrasound imaging system capable of customization for multiple applications via the tessellation of in-system programmable scalable modules, or tiles, is presented here. Each tile contains an individual ultrasonic array, operating at +/-3.3V, which can be assembled into a larger ‘mosaic’ of multiple tiles to create arrays of any size or shape. The ability to form an imaging system from generic building blocks which are physically identical for manufacturing purposes yet functionally unique via programming to suit the application has many potential benefits in the field of ultrasonics. The system is primarily targeted at underwater sonar and non-destructive testing, as defined by the current excitation frequency, but the concept is equally applicable to applications in biomedical ultrasound

Integrated ultrasonic particle positioning and low excitation light fluorescence imaging

A compact hybrid system has been developed to position and detect fluorescent micro-particles by combining a Single Photon Avalanche Diode (SPAD) imager with an acoustic manipulator. The detector comprises a SPAD array, light-emitting diode (LED), lenses, and optical filters. The acoustic device is formed of multiple transducers surrounding an octagonal cavity. By stimulating pairs of transducers simultaneously, an acoustic landscape is created causing fluorescent micro-particles to agglomerate into lines. The fluorescent pattern is excited by a low power LED and detected by the SPAD imager. Our technique combines particle manipulation and visualization in a compact, low power, portable setup

Design and analysis of a control system for an optical delay-line circuit used as reconfigurable gain equalizer

The design and analysis of a control system for a coherent two-port lattice-form optical delay-line circuit used as reconfigurable gain equalizer is presented. The design of the control system, which is based on a real device model and a least-square optimization method, is described in detail. Analysis on a five-stage device for the 32 possible solutions of phase parameters showed that, for some filter characteristics, the variations in power dissipation can vary up to a factor of 2. Furthermore, the solution selection has influence on the optimization result and number of iterations needed. A sensitivity analysis of the phase parameters showed that the allowable error in the phase parameters should not exceed a standard deviation of /spl pi//500 in order to achieve a total maximal absolute accuracy error not greater than approximately 0.6 dB. A five-stage device has been fabricated using planar lightwave circuit technology that uses the thermooptic effect. Excellent agreement between simulations and measurements has been achieved

Lactation in Australian women : the effect of oral contraceptives on the vitamin and trace element content of breast milk

The aim of this project was to investigate the effects of oral contraceptives on the nutrient composition of breast milk. The design of the study also allowed the effects of stage of lactation and maternal diet on milk composition to be observed. A prospective study was designed to measure maternal dietary intake and vitamin and trace element concentration in milk and plasma. Vitamin A, ascorbic acid and iron, copper, zinc, manganese, selenium, cobalt, chromium, rubidium and caesium were measured. Two groups of women participated, oral contraceptive users and controls. Fasting milk and blood samples and 24-hour food records were collected from the women once a week for 20 weeks commencing 3-8 weeks post-partum, and 1-2 weeks before they began to take oral contraceptives. Fifteen women participated in the study; 5 took progestogen-only oral contraceptives, 1 took an oestrogen-progestogen oral contraceptive and 9 acted as controls. Progestogen-only oral contraceptives did not affect the milk or plasma concentration of the vitamins and trace elements measured. As only 1 subject took an oestrogen-progestogen preparation no conclusion could be drawn as to its effect. The mean milk and plasma concentration of all nutrients studied did not change significantly with the progression of lactation, with the exception of iron and zinc. The mean milk iron concentration was significantly higher at 16 weeks post-partum than at 8 and 23 weeks post-partum. The mean milk zinc concentration was significantly lower at 23 weeks post-partum than at 8 and 16 weeks post-partum. The infants1 mean estimated daily intakes of ascorbic acid and vitamin A from breast milk were above the U.S. and British Recommended Dietary Allowance for those vitamins. However, their mean estimated intakes of iron, zinc, copper, manganese and selenium were well below the U.S. recommendations. Effects of the maternal dietary intake on milk and plasma composition were variable. Implications of these findings have been discussed