Business angel exits: A theory of planned behaviour perspective

Although there are a handful of studies on business angel investment returns, the business angel literature has given little or no attention to exits and the exit strategy. This is surprising given that a primary objective of investing is to achieve a capital gain through some form of liquidity event. Using the theory of planned behaviour (TPB) as an interpretative heuristic, we examine how exits happen: specifically, what are the motivations to seek an exit and to what extent are they planned or opportunistic? Based on multiple case studies in which business angels were invited to tell the story of their most recent exit(s), the evidence suggests that the majority of liquidity events are the outcome of planned behaviour. We propose a typology of angel-backed investment exits as the basis for identifying future directions for research and developing practical advice to angels on effective business practices

Effects of soil warming and nitrogen foliar applications on bud burst of black spruce

Key message: In mature black spruce, bud burst process is anticipated by soil warming, while delayed by foliar applications of nitrogen; however, the effects depend on growth conditions at the site. Abstract: The observation of phenological events can be used as biological indicator of environmental changes, especially from the perspective of climate change. In boreal forests, the onset of the bud burst is a key factor in the length of the growing season. With current climate change, the major factors limiting the growth of boreal trees (i.e., temperature and nitrogen availability) are changing and studies on mature trees are limited. The aim of this study was to investigate the effects of soil warming and increased nitrogen (N) deposition on bud burst of mature black spruce [Picea mariana (Mill.) BSP]. From 2008 onwards, an experimental manipulation of these environmental growth conditions was conducted in two stands (BER and SIM) at different altitudes in the boreal forest of Quebec, Canada. An increase in soil temperature (H treatment) and a canopy application of artificial rain enriched with nitrogen (N treatment) were performed. Observations of bud phenology were made during May–July 2012 and 2013. In BER, H treatment caused an anticipation (estimated as 1–3 days); while N treatment, a delay (estimated as 1–2 days but only in 2012) in bud burst. No treatments effect was significant in SIM. It has been demonstrated that soil temperature and N availability can play an important role in affecting bud burst in black spruce but the effects of these environmental factors on growth are closely linked with site conditions

Television pictures of Phobos: first results

In February-March 1989, 37 television images of the Martian satellite Phobos were obtained by the Phobos 2 spacecraft from distances of 200-1100 km. These images provide an important supplement to the TV data from the American Mariner 9 and Viking spacecraft in coverage of t4e surface of Phobos and in resolution in certain regions, in spectral range, and in range of phase angles. They make it possible to refine the figure and topographic and geological maps of the surface of Phobos, its spectral and angular reflective characteristics, the surface composition and texture, and characteristics of the orbital and librational motion

The comet Halley dust and gas environment

Quantitative descriptions of environments near the nucleus of comet P /Halley have been developed to support spacecraft and mission design for the flyby encounters in March, 1986. To summarize these models as they exist just before the encounters, we review the relevant data from prior Halley apparitions and from recent cometary research. Orbital elements, visual magnitudes, and parameter values and analysis for the nucleus, gas and dust are combined to predict Halley's position, production rates, gas and dust distributions, and electromagnetic radiation field for the current perihelion passage. The predicted numerical results have been useful for estimating likely spacecraft effects, such as impact damage and attitude perturbation. Sample applications are cited, including design of a dust shield for spacecraft structure, and threshold and dynamic range selection for flight experiments. We expect that the comet's activity may be more irregular than these smoothly varying models predict, and that comparison with the flyby data will be instructive.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/43774/1/11214_2004_Article_BF00175326.pd