Environment Dependence of Disk Morphology of Spiral Galaxies

We analyze the dependence of disk morphology (arm class, Hubble type, bar type) of nearby spiral galaxies on the galaxy environment by using local background density ($\Sigma_{n}$), projected distance ($r_{p}$), and tidal index ($TI$) as measures of the environment. There is a strong dependence of arm class and Hubble type on the galaxy environment, while the bar type exhibits a weak dependence with a high frequency of SB galaxies in high density regions. Grand design fractions and early-type fractions increase with increasing $\Sigma_{n}$, $1/r_{p}$, and $TI$, while fractions of flocculent spirals and late-type spirals decrease. Multiple-arm and intermediate-type spirals exhibit nearly constant fractions with weak trends similar to grand design and early-type spirals. While bar types show only a marginal dependence on $\Sigma_{n}$, they show a fairly clear dependence on $r_{p}$ with a high frequency of SB galaxies at small $r_{p}$. The arm class also exhibits a stronger correlation with $r_{p}$ than $\Sigma_{n}$ and $TI$, whereas the Hubble type exhibits similar correlations with $\Sigma_{n}$ and $r_{p}$. This suggests that the arm class is mostly affected by the nearest neighbor while the Hubble type is affected by the local densities contributed by neighboring galaxies as well as the nearest neighbor.Comment: 13 pages, 14 figure

If at first you don't succeed: an experimental investigation of the impact of repetition options on corporate takeovers

This paper models, and experimentally simulates, the free-rider problem in a takeover when the raider has the option to “resolicit,” that is, to make a new offer after an offer has been rejected. In theory, the option to resolicit, by lowering offer credibility, increases the dissipative losses associated with free riding. In practice, the outcomes of our experiment, while quite closely tracking theory in the effective absence of an option to resolicit, differed dramatically from theory when a significant probability of resolicitation was introduced: The option to resolicit reduced the costs of free riding fairly substantially. Both the raider offers and the shareholder tendering responses generally exceeded equilibrium predictions.Corporations - Finance ; Game theory

What you get is what you need? The role of venture capitalists in managing growth of new ventures

The resource-based view is suggested as a useful concept to shed light on the particular challenges of high potential companies on their way to building a thriving and growing company. In order to be able to apply the theoretical constructs of the resource-based view in the present context, a categorization of resources is elaborated that fits particularly well to high potential companies. Existing literature provides evidence that these companies in general only dispose of a small resource base and that they are characterized by strong resource needs in all relevant resource categories. The role of venture capitalists is assumed to provide high potential companies with financial and non-financial resources that help to create core and non-core competencies. Ultimately, this bundle of core and non-core competencies would allow high potential companies to achieve a sustained competitive advantage. The empirical results of this paper are based on insights from three in-depth case studies on German start-ups, each representing a different investor-investee dyad. It comprises investees from different industries such as software, biotech, and energy as well as investors with an established track record, first fund investors, and semi-government-dependent investors. The cases show that venture capitalists provide a number of resources to their portfolio companies that allow building a competitive advantage. The role of the venture capitalists is thus to help high potential companies to complement existing resources and competences in order to develop their full economic potential. However, there is great variation between the resource provisions of the analyzed venture capital firms. --Entrepreneurship,Venture Capital,Resource-based View