The evolution of debt policies: New evidence from business startups

This is the author accepted manuscript. The final version is available from the publisher via the DOI in this recordWe investigate the evolution of entrepreneurial firms' debt policies over a period of 15 years after startup, considering leverage, debt specialization, debt maturity and debt granularity. Our analysis is based on a unique sample covering all non-financial Belgian firms founded between 1996 and 1998. We find that the debt policy of entrepreneurial firms is remarkably stable over time. The debt policy in the initial year of operation is a very important determinant of future debt policies, even after controlling for traditional contemporaneous determinants. The founder-CEO has an important impact on the stability of debt policies: the influence of initial debt policies on future debt policies is significantly reduced when the founder-CEO is replaced or when (s)he dies. Combined, our findings support imprinting theory.Hercules FundNational Bank of BelgiumGhent University Special Research Fun

Equity crowdfunding and governance : toward an integrative model and research agenda

Equity crowdfunding markets have grown exponentially over the last few years. Despite this impressive growth, significant informational asymmetry problems may plague these markets, making them susceptible to difficulties and even market failure. In this paper, we depart from current equity crowdfunding research that focuses almost exclusively on the funding success and funding dynamics on platforms to study the effective governance of equity-crowdfunded (ECF) firms and how it relates to these firms’ success. We propose a conceptual model that identifies a multitude of governance mechanisms (e.g., internal or external and formal or informal) that potentially operate in equity crowdfunding markets to reduce adverse selection and moral hazard problems. Further, building on this framework, we offer a roadmap for future research that examines how different governance mechanisms may help in the selection and development of successful ECF firms

Assessing the reduction of the hydrological connectivity of gully systems through vegetation restoration: field experiments and numerical modelling

Restoration of degraded land in the Southern Ecuadorian Andes has led to alterations in the functioning of degraded catchments. Recovery of vegetation on areas affected by overgrazing, as well as the reforestation or afforestation of gully areas have given rise to modifications of hydrological connectivity within the catchments. Recent research has highlighted the ability of gully channels to trap sediment eroded from steep slopes, especially if vegetation is established along the gully bed. However, vegetation cover not only induces sediment deposition in the gully bed, but may also have a potential to reduce runoff water volume. The performance of gully beds in reducing the transfer of runoff was investigated by conducting controlled concentrated flow experiments in the field. Experimental field data for nine gullies were derived by pouring concentrated inflow into the upstream end and measuring the outflow at the downstream end of the channel. Two consecutive flow experiments per gully were carried out, so that data for dry and wet soil conditions were collected. The hydrological response to concentrated flow was estimated for each experiment by calculating its cumulative infiltration coefficient, <i>IC</i> (%). The results showed a great difference in <i>IC</i> between dry and wet soil conditions. The <i>IC</i> for wet soil conditions was on average 24%, whereas it was 60% for dry conditions. Gullies with more than 50% surface vegetation cover exhibit the highest cumulative infiltration coefficients (81% for dry runs, and 34% for wet runs), but runoff transmission losses were not as clearly related to vegetation cover as sediment storage as shown in Molina et al. (2009). The experimental field data of 16 experiments were used to calibrate a hydrological model developed by Fiener and Auerswald (2005) in order to simulate the transfer of concentrated flow along the gully beds. The calibrated model was able to simulate the transfer of runoff water well, as the error on the simulated total outflow volumes is below 13% for 15 out of 16 cases. However, predicting infiltration amounts is difficult: the high sensitivity of model results to some crucial hydraulic parameters (runoff width, hydraulic conductivity and sorptivity) is one of the reasons why the relationships between model parameter values and gully features are relatively weak. <br><br> The results obtained from the field experiments show that gully systems are key elements in the hydrological connectivity of degraded landscapes. The transfer of overland flow and sediment from the slopes towards the river system highly depends on the presence/absence of vegetation in the gully beds and should therefore be accounted for in assessments of landscape degradation and/or recovery

The orphan receptor ERRα interferes with steroid signaling

The estrogen receptor-related receptor α (ERRα) is an orphan member of the nuclear receptor superfamily that has been shown to interfere with the estrogen-signaling pathway. In this report, we demonstrate that ERRα also cross-talks with signaling driven by other steroid hormones. Treatment of human prostatic cells with a specific ERRα inverse agonist reduces the expression of several androgen-responsive genes, in a manner that does not involve perturbation of androgen receptor expression or activity. Furthermore, ERRα activates the expression of androgen response elements (ARE)-containing promoters, such as that of the prostate cancer marker PSA, in an ARE-dependent manner. In addition, promoters containing a steroid response element can be activated by all members of the ERR orphan receptor subfamily, and this, even in the presence of antisteroid compounds

Effect of milk replacer feeding program on performance of Belgian Blue double-muscled rearing calves

One hundred and four Belgian Blue double-muscled calves were divided into four groups to examine the effects of different milk replacer (MR) programs. Calves in treatment group 1 received a MR diet reconstituted at 125 g/l, fed at 10 % of their initial live weight in two meals daily. Weaning occurred abruptly at a concentrate intake of 0.5 kg/d. Treatment 2 was similar to treatment 1, except that weaning occurred at a concentrate intake of 0.75 kg/d. Treatment 3 was similar to treatment 2, except that MR was fed once daily at 5 % of initial body weight from a concentrate intake of 0.5 kg/d onwards. Treatment 4 was similar to treatment 3, except that MR at a concentration of 200 g/l was fed once daily from the third week until a concentrate intake of 0.5 kg/d. Similar concentrates and grass hay were fed. Pre-weaning gain averaged 0.51, 0.57, 0.56 and 0.53 kg/d, respectively (P < 0.05; SEM: 0.01). Daily nutrient intake was lowest for treatment 1. No effect on diarrhoea was found. Post-weaning gain did not differ among treatments. Daily gain during the whole rearing period (20 weeks) averaged 0.83 kg and was not affected by treatment. Calves assigned to treatment 1 had a lower daily intake of MR, while feed efficiency tended to be worse. Weaning can be successfully accelerated by skipping over a meal when concentrate intake exceeded 0.5 kg/d, or by combining one MR meal daily with an increased concentration of 200 g/l from an age of three weeks onwards

No substantial changes in estrogen receptor and estrogen-related receptor orthologue gene transcription in Marisa cornuarietis exposed to estrogenic chemicals

This article is made available through the Brunel Open Access Publishing Fund. This is an open-access article distributed under the terms of the Creative Commons Attribution-NonCommercial-No Derivative Works License, which permits non-commercial use, distribution, and reproduction in any medium, provided the original author and source are credited.Estrogen receptor orthologues in molluscs may be targets for endocrine disruptors, although mechanistic evidence is lacking. Molluscs are reported to be highly susceptible to effects caused by very low concentrations of environmental estrogens which, if substantiated, would have a major impact on the risk assessment of many chemicals. The present paper describes the most thorough evaluation to-date of the susceptibility of Marisa cornuarietis ER and ERR gene transcription to modulation by vertebrate estrogens in vivo and in vitro. We investigated the effects of estradiol-17β and 4-tert-Octylphenol exposure on in vivo estrogen receptor (ER) and estrogen-related receptor (ERR) gene transcription in the reproductive and neural tissues of the gastropod snail M. cornuarietis over a 12-week period. There was no significant effect (p > 0.05) of treatment on gene transcription levels between exposed and non-exposed snails. Absence of a direct interaction of estradiol-17β and 4-tert-Octylphenol with mollusc ER and ERR protein was also supported by in vitro studies in transfected HEK-293 cells. Additional in vitro studies with a selection of other potential ligands (including methyl-testosterone, 17α-ethinylestradiol, 4-hydroxytamoxifen, diethylstilbestrol, cyproterone acetate and ICI182780) showed no interaction when tested using this assay. In repeated in vitro tests, however, genistein (with mcER-like) and bisphenol-A (with mcERR) increased reporter gene expression at high concentrations only (>10−6 M for Gen and >10−5 M for BPA, respectively). Like vertebrate estrogen receptors, the mollusc ER protein bound to the consensus vertebrate estrogen-response element (ERE). Together, these data provide no substantial evidence that mcER-like and mcERR activation and transcript levels in tissues are modulated by the vertebrate estrogen estradiol-17β or 4-tert-Octylphenol in vivo, or that other ligands of vertebrate ERs and ERRs (with the possible exception of genistein and bisphenol A, respectively) would do otherwise.BBSR

Crosstalk between Integrin αvβ3 and Estrogen Receptor-α Is Involved in Thyroid Hormone-Induced Proliferation in Human Lung Carcinoma Cells

A cell surface receptor for thyroid hormone that activates extracellular regulated kinase (ERK) 1/2 has been identified on integrin αvβ3. We have examined the actions of thyroid hormone initiated at the integrin on human NCI-H522 non-small cell lung carcinoma and NCI-H510A small cell lung cancer cells. At a physiologic total hormone concentration (10−7 M), T4 significantly increased proliferating cell nuclear antigen (PCNA) abundance in these cell lines, as did 3, 5, 3′-triiodo-L-thyronine (T3) at a supraphysiologic concentration. Neutralizing antibody to integrin αvβ3 and an integrin-binding Arg-Gly-Asp (RGD) peptide blocked thyroid hormone-induced PCNA expression. Tetraiodothyroacetic acid (tetrac) lacks thyroid hormone function but inhibits binding of T4 and T3 to the integrin receptor; tetrac eliminated thyroid hormone-induced lung cancer cell proliferation and ERK1/2 activation. In these estrogen receptor-α (ERα)-positive lung cancer cells, thyroid hormone (T4>T3) caused phosphorylation of ERα; the specific ERα antagonist ICI 182,780 blocked T4-induced, but not T3-induced ERK1/2 activation, as well as ERα phosphorylation, proliferating-cell nuclear antigen (PCNA) expression and hormone-dependent thymidine uptake by tumor cells. Thus, in ERα-positive human lung cancer cells, the proliferative action of thyroid hormone initiated at the plasma membrane is at least in part mediated by ERα. In summary, thyroid hormone may be one of several endogenous factors capable of supporting proliferation of lung cancer cells. Activity as an inhibitor of lung cancer cell proliferation induced at the integrin receptor makes tetrac a novel anti-proliferative agent

Relocation to get venture capital : a resource dependence perspective

This is the author accepted manuscript. The final version is available from SAGE via the DOI in this record.Using a resource dependence perspective, we theorize and show that non-venture-capital-backed ventures founded in U.S. states with a lower availability of venture capital (VC) are more likely to relocate to California (CA) or Massachusetts (MA)—the two VC richest states—compared to ventures founded in states with a greater availability of VC. Moreover, controlling for self-selection, ventures that relocate to CA or MA subsequently have a greater probability of attracting initial VC compared to ventures that stay in their home state. We discuss the implications for theory, future research, and practice

Gene expression profiling and silencing reveal that monolignol biosynthesis plays a critical role in penetration defence in wheat against powdery mildew invasion

Cell wall apposition (CWA) formation is one of the first lines of defence used by plants to halt invading fungi such as powdery mildew. Lignin is a complex polymer of hydroxylated and methoxylated phenylpropane units (monolignols) and lignification renders the cell wall more resistant to pathogen attack. The role of monolignol biosynthesis in CWA-mediated defence against powdery mildew penetration into cereals is demonstrated here using RNA interference (RNAi)-mediated gene silencing and enzyme-specific inhibitors. Thirteen cDNAs representing eight genes involved in monolignol biosynthesis were cloned from an expression sequence tag (EST) library derived from the epidermis of diploid wheat (Triticum monococcum) infected with Blumeria graminis f. sp. tritici (Bgt). Differential expression patterns were found for these genes in susceptible and resistant plants after infection. Transcripts of phenylalanine ammonia lyase (PAL), caffeic acid O-methyltransferase (CAOMT), ferulic acid hydroxylase (FAH), caffeoyl-CoA O-methyltransferase (CCoAMT), and cinnamyl alcohol dehydrogenase (CAD) were accumulated, particularly in the epidermis. RNAi-mediated transient gene silencing in the epidermis led to a higher penetration efficiency of Bgt than in the controls. Gene silencing also compromised penetration resistance to varying degrees with different genes against an inappropriate pathogen, B. graminis f. sp. hordei (Bgh). Co-silencing led to greater penetration of Bgt or Bgh than when the genes were silenced separately. Fluorescence emission spectra analyses revealed that gene silencing hampered host autofluorescence response at fungal contact sites. These results illustrate that monolignol biosynthesis is critically important for host defence against both appropriate and inappropriate pathogen invasion in wheat

Spiders do not escape reproductive manipulations by Wolbachia

<p>Abstract</p> <p>Background</p> <p>Maternally inherited bacteria that reside obligatorily or facultatively in arthropods can increase their prevalence in the population by altering their hosts' reproduction. Such reproductive manipulations have been reported from the major arthropod groups such as insects (in particular hymenopterans, butterflies, dipterans and beetles), crustaceans (isopods) and mites. Despite the observation that endosymbiont bacteria are frequently encountered in spiders and that the sex ratio of particular spider species is strongly female biased, a direct relationship between bacterial infection and sex ratio variation has not yet been demonstrated for this arthropod order.</p> <p>Results</p> <p>Females of the dwarf spider <it>Oedothorax gibbosus </it>exhibit considerable variation in the sex ratio of their clutches and were infected with at least three different endosymbiont bacteria capable of altering host reproduction i.e. <it>Wolbachia</it>, <it>Rickettsia </it>and <it>Cardinium</it>. Breeding experiments show that sex ratio variation in this species is primarily maternally inherited and that removal of the bacteria by antibiotics restores an unbiased sex ratio. Moreover, clutches of females infected with <it>Wolbachia </it>were significantly female biased while uninfected females showed an even sex ratio. As female biased clutches were of significantly smaller size compared to non-distorted clutches, killing of male embryos appears to be the most likely manipulative effect.</p> <p>Conclusions</p> <p>This represents to our knowledge the first direct evidence that endosymbiont bacteria, and in particular <it>Wolbachia</it>, might induce sex ratio variation in spiders. These findings are pivotal to further understand the diversity of reproductive phenotypes observed in this arthropod order.</p