A Soft Budget Constraint Explanation for the Venture Capital Cycle

We explore why venture capital funds limit the amount of capital they raise and do not reinvest the proceeds. This structure is puzzling because it leads to a succession of several funds financing each new venture which multiplies the well known agency problems. We argue that an inside investor cannot provide a hard budget constraint while a less well informed outsider can. Therefore, the venture capitalist delegates the continuation decision to the outsider by ex ante restricting the amount of capital he has under management. The soft budget constraint problem becomes the more important the higher the entrepreneur’s private benefits are and the higher the probability of failure of a project is

Quantum Phase and Quantum Phase Operators: Some Physics and Some History

After reviewing the role of phase in quantum mechanics, I discuss, with the aid of a number of unpublished documents, the development of quantum phase operators in the 1960's. Interwoven in the discussion are the critical physics questions of the field: Are there (unique) quantum phase operators and are there quantum systems which can determine their nature? I conclude with a critique of recent proposals which have shed new light on the problem.Comment: 19 pages, 2 Figs. taken from published articles, LaTeX, to be published in Physica Scripta, Los Alamos preprint LA-UR-92-352

Doing Well by Doing Good? Community Development Venture Capital

This paper examines the investments and performance of community development venture capital (CDVC). We find substantial differences between CDVC and traditional venture capital (VC) investments: CDVC investments are far more likely to be in nonmetropolitan regions and in regions with little prior venture capital activity. Moreover, CDVC is likely to be in earlier-stage investments and in industries outside the venture capital mainstream that have lower probabilities of successful exit. Even after we control for this unattractive transaction mix, the probability of a CDVC investment being successfully exited is lower. One benefit of CDVCs may be their effect in bringing traditional VC investment to underserved regions: When we control for the presence of traditional VC investments, each additional CDVC investment results in an additional 0.06 new traditional VC fi rm in a region

On a Pathway Towards Thriving: Evaluating the Effectiveness of Tools to Promote Positive Development and Intentional Self Regulation in Youth

This article provides initial data about the reliability and validity of tools aimed at promoting youth intentional self regulation (ISR) within mentoring programs. Based on the translation of the theory-based research about ISR and youth thriving conducted within the 4-H Study of Positive Youth Development (PYD), the GPS to Success tools use the metaphor of a car’s GPS navigational system to enhance goal-directed behaviors among youth. The core GPS tools are “growth grids,” designed to help mentors appraise ISR skill development and to link these skills to other grids assessing the Five Cs of PYD and Contribution. Data from 152 mentor and youth pairs from 4-H program sites in Oregon and North Carolina indicated that the growth grids were generally reliable. Although validity evidence was mixed, rubrics for “G” and “P” and for a global GPS score were related to a well-validated measure of ISR

On a Pathway Towards Thriving: Evaluating the Effectiveness of Tools to Promote Positive Development and Intentional Self Regulation in Youth

This article provides initial data about the reliability and validity of tools aimed at promoting youth intentional self regulation (ISR) within mentoring programs. Based on the translation of the theory-based research about ISR and youth thriving conducted within the 4-H Study of Positive Youth Development (PYD), the GPS to Success tools use the metaphor of a car’s GPS navigational system to enhance goal-directed behaviors among youth. The core GPS tools are “growth grids,” designed to help mentors appraise ISR skill development and to link these skills to other grids assessing the Five Cs of PYD and Contribution. Data from 152 mentor and youth pairs from 4-H program sites in Oregon and North Carolina indicated that the growth grids were generally reliable. Although validity evidence was mixed, rubrics for “G” and “P” and for a global GPS score were related to a well-validated measure of ISR

You Can Quit Me But I’m Not Going to Quit You:” A Focus Group Study of Leaders’ Perceptions of Their Positive Influences on Youth in Boy Scouts of America

As part of a longitudinal, mixed-method study with Boy Scouts of America, we conducted five focus groups with a diverse group of 46 program leaders in order to better understand their perceptions of how they influence youth. Drawing from grounded theory analysis methods, we found that leaders believed they promoted positive youth outcomes, including character and self-confidence, through caring youth-leader relationships and facilitating opportunities for youth to participate in and lead skill-building activities and apply skills in different contexts. Leaders differed in the particular outcomes that they emphasized. Implications of these findings for future research and practice are discussed

Minimum-Uncertainty Angular Wave Packets and Quantized Mean Values

Uncertainty relations between a bounded coordinate operator and a conjugate momentum operator frequently appear in quantum mechanics. We prove that physically reasonable minimum-uncertainty solutions to such relations have quantized expectation values of the conjugate momentum. This implies, for example, that the mean angular momentum is quantized for any minimum-uncertainty state obtained from any uncertainty relation involving the angular-momentum operator and a conjugate coordinate. Experiments specifically seeking to create minimum-uncertainty states localized in angular coordinates therefore must produce packets with integer angular momentum.Comment: accepted for publication in Physical Review

Qualitative and Quantitative Assessments of Thriving and Contribution in Early Adolescence: Findings from the 4-H Study of Positive Youth Development

Research and practice in youth development converge in an interest in positive development, or thriving. They converge also in seeking to promote among youth an orientation to act in support of their own and others’ well-being through contributions to self, family, and community. Based on the results of both qualitative (open and axial coding of parents’ and students’ answers to several open-ended questions) and quantitative analyses of data from Wave 2 (Sixth Grade; 2003-2004) of the 4-H Study of Positive Youth Development (PYD), we found that adolescents and parents define a thriving youth in different ways and, as well, that the groups differ in the salience of contribution as part of their respective conceptions of thriving. We discuss the implications for research and practice of the two generational groups’ contrasting views of thriving and contribution