Why do contracts differ between VC types? : market segmentation versus corporate governance varieties

We model the impact of bank mergers on loan competition, reserve holdings and aggregate liquidity. A merger changes the distribution of liquidity shocks and creates an internal money market, leading to financial cost efficiencies and more precise estimates of liquidity needs. The merged banks may increase their reserve holdings through an internalization effect or decrease them because of a diversification effect. The merger also affects loan market competition, which in turn modifies the distribution of bank sizes and aggregate liquidity needs. Mergers among large banks tend to increase aggregate liquidity needs and thus the public provision of liquidity through monetary operations of the central bank. JEL Classification: G24, G32, G3

Why Do Contracts Differ between VC Types? Market Segmentation versus Corporate Governance Varieties

The main objective of the present paper is to disentangle observed differences in the design of contracts across VC types into firm selection effects and corporate governance differences between VC types (different contracts). Based on a theoretical approach developed in the first part of the paper, we investigate in the second part these issues empirically by using a unique, hand-collected German data set consisting of all contractual details of VC investments into 290 entrepreneurial firms in the period 1990-2004. By employing various matching procedures, we show that VC types differ in both firm choice and corporate governance approach.Venture Capital, Corporate Governance, Matching, Contract Design

Public policy and venture capital financed innovation: a contract design approach

The effects of public policy programs which aim at internalizing spill-overs due to successful innovation are analyzed in a sequential double-sided moral hazard doublesided adverse selection framework. The central focus lies in analyzing their impact on contract design. We show that in our framework only ex post grants are a robust instrument for implementing the first-best situation, whereas the success of guarantee programs, ex ante grants and some types of investment grants depends strongly on the characteristics of the project: in certain cases they not only give no further incentives but even destroy contract mechanisms and so worsen the outcome. JEL Classification: D82, G24, G32, H25, H8

Public Policy and Venture Capital Financed Innovation: A Contract Design Approach

The effects of public policy programs which aim at internalizing spill-overs due to successful innovation are analyzed in a sequential double-sided moral hazard doublesided adverse selection framework. The central focus lies in analyzing their impact on contract design. We show that in our framework only ex post grants are a robust instrument for implementing the first-best situation, whereas the success of guarantee programs, ex ante grants and some types of investment grants depends strongly on the characteristics of the project: in certain cases they not only give no further incentives but even destroy contract mechanisms and so worsen the outcome.Public Policy, Contract Design, Venture Capital, Moral Hazard, Asymmetric Information

Diverse needs, diverse solutions: Making library trainings accessible

Bibliotheken als Wissenszentren erfüllen mehrere Funktionen, eine davon ist die Verbreitung von Wissen. Die Schulungen, die zur Erreichung dieses Ziels benötigt werden, müssen für ein vielfältiges Publikum geeignet sein. In diesem Artikel wird erörtert, warum die Erstellung barrierefreier Schulungsmaterialien wichtig ist, und es werden Leitlinien und Hilfsmittel für die Erstellung barrierefreier Schulungsmaterialien präsentiert.Libraries as knowledge hubs serve several functions, one of them is knowledge dissemination. The trainings needed for reaching this goal require them to be fit for a diverse audience. In this article we discuss why creating accessible trainings is important, and provide guidelines and tools on how to create accessible training materials

Governance und Vertragsstrukturen in der deutschen VC Industrie: eine empirische Einschätzung

Diese Arbeit analysiert die wesentlichen Elemente der Vertragsstrukturen in der Venture Capital-Industrie. Aufbauend auf einem sehr umfangreichen und detaillierten Datensatz, der die Verträge zwischen Venture Capital-Investoren und deren Portfoliounternehmen abbildet, werden die Kontroll-, Entscheidungs- und Vetorechte einer detaillierten Analyse unterzogen. Dabei zeigt sich eine klare Tendenz in der Entwicklung der Vertragsstrukturen in Deutschland hin zu angelsächsisch strukturierten Verträgen. Dies beinhaltet unter anderem eine verstärkte Verwendung von Kontroll- und Entscheidungsrechten aber auch ein breiteres Spektrum dieser Rechte. Außerdem finden wir eine klare Interaktionen zwischen Kontrollrechten, Cash-Flow Rechten und Liquidationsrechten. Insbesondere ist zu betonen, dass Cash-Flow und Kontrollrechte einerseits und Stimmrechte und Aufsichtsratsanteile andererseits separat alloziiert werden und viele Kontrollrechte als Komplemente und nicht als Substitute zueinander aufgefasst werden müssen. JEL Classification: G24, G32, D86, D80, G3

Falsifying High-Scale Leptogenesis at the LHC

Measuring a nonzero value for the cross section of any lepton number violating (LNV) process would put a strong lower limit on the washout factor for the effective lepton number density in the early Universe at times close to the electroweak phase transition and thus would lead to important constraints on any high-scale model for the generation of the observed baryon asymmetry based on LNV. In particular, for leptogenesis (LG) models with masses of the right-handed neutrinos heavier than the mass scale observed at the LHC, the implied large washout factors would lead to a violation of the out-of-equilibrium condition and exponentially suppress the net lepton number produced in such LG models. We thus demonstrate that the observation of LNV processes at the LHC results in the falsification of high-scale LG models. However, no conclusions about the viability of LG models can be drawn from the nonobservation of LNV processes

La falta de acceso al financiamiento entre las empresas queretanas del sector manufacturero

Resumen El presente trabajo analiza con base en teorías clásicas, los factores que explican si una empresa se ve afectada por la falta de posibilidades de financiamiento. Para tal propósito se usa un conjunto de datos basado en un cuestionario que se aplicó en empresas manufactureras queretanas, en su mayoría MIPYMES. Los resultados más importantes son que el grado de información asimétrica, así como la teoría de los costos fijos de transacción sólo logran explicar la problemática para las empresas que están generalmente abiertas al financiamiento externo pero no para las empresas que no están relacionadas con el sector financiero. Abstract The present paper analyzes - based on classical theories - the factors that explain if a firm perceives that the lack of financing possibilities limits its growth. Therefore, we use a data set based on a questionnaire which was answered by directives of manufacturing firms in Querétaro, mainly MSMEs. The most important results are that the degree of asymmetric information as well as the theory of fixed transaction costs can explain the problematic for those firms which are generally inclined towards external financing but not for those firms which do not have any contact with the financial sector

The potential of entomopathogenic fungal isolates as an environmentally friendly management option against Acanthoscelides obtectus

The bean bruchid, Acanthoscelides obtectus is a major threat to bean production. In Ethiopia, where this study was performed, the damage by bruchids on stored beans has been reported to reach up to 38%. To use the isolates Beauveria bassiana and Metarhizium anisopliae in the management of A. obtectus can be an environmentally safe alternative for controlling the pest. In the present work the aim was to examine if the four chosen fungal isolates, B. bassiana DLCO 43 and M. anisopliae DLCO 91, 76, 28, would provide an effective way of managing A. obtectus. To test the impact of each of the fungal isolates on A. obtectus mortality, insects were placed in a Petri dish and sprayed with the spore solutions in three concentrations; 1x105, 1x106 and 1x107 conidia/ml. All the fungal isolates had a high level of mycosis, ranging from 85-97%, meaning that a majority of the dead insects died of fungal infection. The control group had 0% in the mycosis test. The results show that all the fungal isolates, but especially the Metarhizium isolates, are effective against A. obtectus and achieve a high mortality.Acanthoscelides obtectus är ett av de allvarligaste hoten mot produktionen av bönor. I Etiopien, där denna studie har utförts, har de skador som A. obtectus gör på lagrade bönor rapporterats nå upp till 38%. Att använda svampisolaten Beauveria bassiana och Metarhizium anisopliae for att bekämpa A. obtectus kan vara ett effektivt och miljövänligt alternativ. I det aktuella arbetet var syftet att undersöka om de fyra svampisolaten, B. bassiana DLCO 43 och M. anisopliae DLCO 91, 76, 28, skulle vara ett effektivt sätt att bekämpa A. obtectus. För att testa effekten av varje svampisolat på A. obtectus dödlighet, placerades insekterna i Petriskålar och sprayades med sporlösningar i tre koncentrationer, 1x105, 1x106 and 1x107 konidier/ml. Alla svampisolaten hade en hög nivå av mykos, från 85 till 97%, vilket innebär att en majoritet av de döda insekter dog av svampinfektion. Kontrollgruppen hade 0% i mykostestet. Resultaten visar att samtliga svampisolat, särskilt Metarhizium-isolaten, är effektiva mot Acanthoscelides obtectus och uppnår en hög dödlighet