Limited partners' perceptions of the Central Eastern European venture capital and private equity market

Growth expectations and institutional settings in Central Eastern Europe are assumed to be favorable for the establishment of a vibrant Venture Capital and Private Equity market. Despite this, there is a lack of risk capital. We examine the obstacles to institutional investments in the region through a questionnaire addressed to (potential) Limited Partners world-wide. The respondents provide information about their perceptions of the region. The protection of property rights is the dominant concern, followed by social criteria, such as the belief in the management quality of local people, and the lacking size and liquidity of the Central Eastern European capital markets. However, Limited Partners regard the growth expectations as attractive, and those with exposure in Central Eastern Europe are satisfied with the historical risk and return ratio, they have a good knowledge of the region, are attracted by other emerging regions, and they appreciate the region's entrepreneurial opportunities and the local General Partners. Overall, the region is ranked very favorable compared to other emerging regions, and especially with respect to its economic and entrepreneurial activity.Venture Capital; Private Equity; International Asset Allocation; Institutional Investors;

Allocation determinants of institutional investments in venture capital and private equity limited partnerships in Central Eastern Europe

Growth expectations and institutional settings are favorable in CEE to establish a vibrant VC/PE market. However, there is lacking supply of risk capital. We address the obstacles for institutional investments in the region via a questionnaire addressed to (potential) Limited Partners worldwide. The respondents provide information about their criteria for international asset allocation. The protection of property rights is the dominant concern, followed by the need to find local quality General Partners and by the management quality and skills of local entrepreneurs. Further, the expected deal flow plays an important role for the allocation process, while the investors fear bribing and corruption. CEE is regarded as very attractive, especially the economic and entrepreneurial activity. However, the investors are not comfortable there with the protection of their claims.Venture capital; Private equity; International asset allocation; Institutional investors;

Cortical Sensory Responses Are Enhanced by the Higher-Order Thalamus

SummaryIn the mammalian brain, thalamic signals reach the cortex via two major routes: primary and higher-order thalamocortical pathways. While primary thalamocortical nuclei transmit sensory signals from the periphery, the function of higher-order thalamocortical projections remains enigmatic, in particular their role in sensory processing in the cortex. Here, by optogenetically controlling the thalamocortical pathway from the higher-order posteromedial thalamic nucleus (POm) during whisker stimulation, we demonstrate the integration of the two thalamocortical streams by single pyramidal neurons in layer 5 (L5) of the mouse barrel cortex under anesthesia. We report that POm input mainly enhances sub- and suprathreshold activity via net depolarization. Sensory enhancement is accompanied by prolongation of cortical responses over long (800-ms) periods after whisker stimulation. Thus, POm amplifies and temporally sustains cortical sensory signals, possibly serving to accentuate highly relevant sensory information

International allocation determinants of institutional investments in venture capital and private equity limited partnerships

We examine the determinants of institutional investors when deciding on international capital allocation in Venture Capital and Private Equity Limited Partnerships; this is done through a questionnaire addressed to (potential) Limited Partners world-wide. The respondents provide information about their criteria for international asset allocation. The protection of property rights is the dominant concern, followed by the need to find local quality General Partners, and the quality of management and skills of local entrepreneurs. Furthermore, the expected deal flow plays an important role in the allocation process, while investors fear bribery and corruption. Public funding and subsidies do not play a role at all in the international allocation process. Hence, private money does not follow public money. The IPO activity and the size of local public equity markets are not as relevant as proposed by other researchers. Our results can support policymakers to increase the attractiveness of their countries for institutional investors and, thus, to receive more risk capital for innovation, entrepreneurship, employment and growth.Venture Capital; Private Equity; International Asset Allocation; Institutional Investors;

SelfClean: A Self-Supervised Data Cleaning Strategy

Most benchmark datasets for computer vision contain irrelevant images, near duplicates, and label errors. Consequently, model performance on these benchmarks may not be an accurate estimate of generalization capabilities. This is a particularly acute concern in computer vision for medicine where datasets are typically small, stakes are high, and annotation processes are expensive and error-prone. In this paper we propose SelfClean, a general procedure to clean up image datasets exploiting a latent space learned with self-supervision. By relying on self-supervised learning, our approach focuses on intrinsic properties of the data and avoids annotation biases. We formulate dataset cleaning as either a set of ranking problems, which significantly reduce human annotation effort, or a set of scoring problems, which enable fully automated decisions based on score distributions. We demonstrate that SelfClean achieves state-of-the-art performance in detecting irrelevant images, near duplicates, and label errors within popular computer vision benchmarks, retrieving both injected synthetic noise and natural contamination. In addition, we apply our method to multiple image datasets and confirm an improvement in evaluation reliability

Towards Reliable Dermatology Evaluation Benchmarks

Benchmark datasets for digital dermatology unwittingly contain inaccuracies that reduce trust in model performance estimates. We propose a resource-efficient data cleaning protocol to identify issues that escaped previous curation. The protocol leverages an existing algorithmic cleaning strategy and is followed by a confirmation process terminated by an intuitive stopping criterion. Based on confirmation by multiple dermatologists, we remove irrelevant samples and near duplicates and estimate the percentage of label errors in six dermatology image datasets for model evaluation promoted by the International Skin Imaging Collaboration. Along with this paper, we publish revised file lists for each dataset which should be used for model evaluation. Our work paves the way for more trustworthy performance assessment in digital dermatology.Comment: Link to the revised file lists: https://github.com/Digital-Dermatology/SelfClean-Revised-Benchmark

Cellular expression, trafficking, and function of two isoforms of human ULBP5/RAET1G

Background: The activating immunoreceptor NKG2D is expressed on Natural Killer (NK) cells and subsets of T cells. NKG2D contributes to anti-tumour and anti-viral immune responses in vitro and in vivo. The ligands for NKG2D in humans are diverse proteins of the MIC and ULBP/RAET families that are upregulated on the surface of virally infected cells and tumours. Two splicing variants of ULBP5/RAET1G have been cloned previously, but not extensively characterised. Methodology/Principal Findings: We pursue a number of approaches to characterise the expression, trafficking, and function of the two isoforms of ULBP5/RAET1G. We show that both transcripts are frequently expressed in cell lines derived from epithelial cancers, and in primary breast cancers. The full-length transcript, RAET1G1, is predicted to encode a molecule with transmembrane and cytoplasmic domains that are unique amongst NKG2D ligands. Using specific anti-RAET1G1 antiserum to stain tissue microarrays we show that RAET1G1 expression is highly restricted in normal tissues. RAET1G1 was expressed at a low level in normal gastrointestinal epithelial cells in a similar pattern to MICA. Both RAET1G1 and MICA showed increased expression in the gut of patients with celiac disease. In contrast to healthy tissues the RAET1G1 antiserum stained a wide variety or different primary tumour sections. Both endogenously expressed and transfected RAET1G1 was mainly found inside the cell, with a minority of the protein reaching the cell surface. Conversely the truncated splicing variant of RAET1G2 was shown to encode a soluble molecule that could be secreted from cells. Secreted RAET1G2 was shown to downregulate NKG2D receptor expression on NK cells and hence may represent a novel tumour immune evasion strategy. Conclusions/Significance: We demonstrate that the expression patterns of ULBP5RAET1G are very similar to the well-characterised NKG2D ligand, MICA. However the two isoforms of ULBP5/RAET1G have very different cellular localisations that are likely to reflect unique functionality

Fractal space-times under the microscope: A Renormalization Group view on Monte Carlo data

The emergence of fractal features in the microscopic structure of space-time is a common theme in many approaches to quantum gravity. In this work we carry out a detailed renormalization group study of the spectral dimension $d_s$ and walk dimension $d_w$ associated with the effective space-times of asymptotically safe Quantum Einstein Gravity (QEG). We discover three scaling regimes where these generalized dimensions are approximately constant for an extended range of length scales: a classical regime where $d_s = d, d_w = 2$, a semi-classical regime where $d_s = 2d/(2+d), d_w = 2+d$, and the UV-fixed point regime where $d_s = d/2, d_w = 4$. On the length scales covered by three-dimensional Monte Carlo simulations, the resulting spectral dimension is shown to be in very good agreement with the data. This comparison also provides a natural explanation for the apparent puzzle between the short distance behavior of the spectral dimension reported from Causal Dynamical Triangulations (CDT), Euclidean Dynamical Triangulations (EDT), and Asymptotic Safety.Comment: 26 pages, 6 figure

Very Massive Stars in the local Universe

Recent studies have claimed the existence of very massive stars (VMS) up to 300 M ⊙ in the local Universe. As this finding may represent a paradigm shift for the canonical stellar upper-mass limit of 150 M ⊙, it is timely to discuss the status of the data, as well as the far-reaching implications of such objects. We held a Joint Discussion at the General Assembly in Beijing to discuss (i) the determination of the current masses of the most massive stars, (ii) the formation of VMS, (iii) their mass loss, and (iv) their evolution and final fate. The prime aim was to reach broad consensus between observers and theorists on how to identify and quantify the dominant physical processe