Comparative Venture Capital Governance. Private versus Labour Sponsored Venture Capital Funds

Private independent limited partnership venture capital funds receive capital from institutional investors, without tax incentives. Limited partnership investment activities are governed by restrictive covenants that are determined by negotiated contract between the fund managers (general partners) and the institutional investors (limited partners). By contrast, Canadian Labour Sponsored Venture Capital Corporations (LSVCCs) receive capital only from individual investors who receive tax breaks on capital contributions of up to CAN$5,000. LSVCC investment activities are governed by statutory restrictions. This chapter contrasts the governance of LSVCCs to limited partnerships. We also summarize Canadian evidence on the impact of LSVCC governance and tax incentives: (1) on the distribution of venture capital funding between private and LSVCC funds; (2) on the unusually large overhang of uninvested capital in the Canadian venture capital industry; (3) the portfolio size (i.e. number of investee firms per fund) of private funds versus LSVCCs; and (4) the performance of LSVCCs relative to other types of venture capital organiziations and other comparable investments for individual investors.venture capital, Canada, tax, government, crowding out, portfolio size, governance

Overcoming change fatigue: lessons from Glasgow's National Health Service

Structured Abstract Purpose of this paper This paper explores the practicalities of organizational change in complex settings where much change has already occurred. It therefore offers insights into tackling and overcoming change fatigue. Design/methodology/approach The paper uses a longitudinal study of change within a healthcare organization. The paper draws on interviews, focus groups and observations during a 2.5 year long action research project. Findings The paper reports findings on the speed at which change takes place, the importance of communication and the burden placed on senior officers during such communication and consultation processes, the use of appropriate external resources and expertise, the benefits of sharing best practice across sectors and the role of academic researchers in change processes. What is original/value of paper The paper offers valuable insights to those charged with effecting organizational change in change fatigued settings

Comparative Venture Capital Governance. Private versus Labour Sponsored Venture Capital Funds

Private independent limited partnership venture capital funds receive capital from institutional investors, without tax incentives. Limited partnership investment activities are governed by restrictive covenants that are determined by negotiated contract between the fund managers (general partners) and the institutional investors (limited partners). By contrast, Canadian Labour Sponsored Venture Capital Corporations (LSVCCs) receive capital only from individual investors who receive tax breaks on capital contributions of up to CAN$5,000. LSVCC investment activities are governed by statutory restrictions. This chapter contrasts the governance of LSVCCs to limited partnerships. We also summarize Canadian evidence on the impact of LSVCC governance and tax incentives: (1) on the distribution of venture capital funding between private and LSVCC funds; (2) on the unusually large overhang of uninvested capital in the Canadian venture capital industry; (3) the portfolio size (i.e. number of investee firms per fund) of private funds versus LSVCCs; and (4) the performance of LSVCCs relative to other types of venture capital organiziations and other comparable investments for individual investors

Direct Imaging of Multiple Planets Orbiting the Star HR 8799

Direct imaging of exoplanetary systems is a powerful technique that can reveal Jupiter-like planets in wide orbits, can enable detailed characterization of planetary atmospheres, and is a key step towards imaging Earth-like planets. Imaging detections are challenging due to the combined effect of small angular separation and large luminosity contrast between a planet and its host star. High-contrast observations with the Keck and Gemini telescopes have revealed three planets orbiting the star HR 8799, with projected separations of 24, 38, and 68 astronomical units. Multi-epoch data show counter-clockwise orbital motion for all three imaged planets. The low luminosity of the companions and the estimated age of the system imply planetary masses between 5 and 13 times that of Jupiter. This system resembles a scaled-up version of the outer portion of our Solar System.Comment: 30 pages, 5 figures, Research Article published online in Science Express Nov 13th, 200

Discovery of a 66 mas Ultracool Binary with Laser Guide Star Adaptive Optics

We present the discovery of 2MASS J21321145+1341584AB as a closely separated (0.066") very low-mass field dwarf binary resolved in the near-infrared by the Keck II Telescope using laser guide star adaptive optics. Physical association is deduced from the angular proximity of the components and constraints on their common proper motion. We have obtained a near-infrared spectrum of the binary and find that it is best described by an L5+/-0.5 primary and an L7.5+/-0.5 secondary. Model-dependent masses predict that the two components straddle the hydrogen burning limit threshold with the primary likely stellar and the secondary likely substellar. The properties of this sytem - close projected separation (1.8+/-0.3 AU) and near unity mass ratio - are consistent with previous results for very low-mass field binaries. The relatively short estimated orbital period of this system (~7-12 yr) makes it a good target for dynamical mass measurements. Interestingly, the system's angular separation is the tightest yet for any very low-mass binary published from a ground-based telescope and is the tightest binary discovered with laser guide star adaptive optics to date.Comment: 10 pages, 3 figures; accepted for publication to A

Characterizing Earth Analogs in Reflected Light: Atmospheric Retrieval Studies for Future Space Telescopes

Space-based high contrast imaging mission concepts for studying rocky exoplanets in reflected light are currently under community study. We develop an inverse modeling framework to estimate the science return of such missions given different instrument design considerations. By combining an exoplanet albedo model, an instrument noise model, and an ensemble Markov chain Monte Carlo sampler, we explore retrievals of atmospheric and planetary properties for Earth twins as a function of signal-to-noise ratio (SNR) and resolution ($R$). Our forward model includes Rayleigh scattering, single-layer water clouds with patchy coverage, and pressure-dependent absorption due to water vapor, oxygen, and ozone. We simulate data at $R = 70$ and $R = 140$ from 0.4-1.0 $\mu$m with SNR $= 5, 10, 15, 20$ at 550 nm (i.e., for HabEx/LUVOIR-type instruments). At these same SNR, we simulate data for WFIRST paired with a starshade, which includes two photometric points between 0.48-0.6 $\mu$m and $R = 50$ spectroscopy from 0.6-0.97 $\mu$m. Given our noise model for WFIRST-type detectors, we find that weak detections of water vapor, ozone, and oxygen can be achieved with observations with at least $R = 70$ / SNR$\ = 15$, or $R = 140$ / SNR$\ = 10$ for improved detections. Meaningful constraints are only achieved with $R = 140$ / SNR$\ = 20$ data. The WFIRST data offer limited diagnostic information, needing at least SNR = 20 to weakly detect gases. Most scenarios place limits on planetary radius, but cannot constrain surface gravity and, thus, planetary mass.Comment: Resubmitted to AAS Journals after incorporating reviewer feedback. 26 pages, 18 figure, 9 table

The VAST Survey - III. The multiplicity of A-type stars within 75 pc

With a combination of adaptive optics imaging and a multi-epoch common proper motion search, we have conducted a large volume-limited (D $\le$ 75 pc) multiplicity survey of A-type stars, sensitive to companions beyond 30 au. The sample for the Volume-limited A-STar (VAST) survey consists of 435 A-type stars: 363 stars were observed with adaptive optics, 228 stars were searched for wide common proper motion companions and 156 stars were measured with both techniques. The projected separation coverage of the VAST survey extends from 30 to 45,000 au. A total of 137 stellar companions were resolved, including 64 new detections from the VAST survey, and the companion star fraction, projected separation distribution and mass ratio distribution were measured. The separation distribution forms a log-normal distribution similar to the solar-type binary distribution, but with a peak shifted to a significantly wider value of 387 (+132,-98) au. Integrating the fit to the distribution over the 30 to 10,000 au observed range, the companion star fraction for A-type stars is estimated as 33.8%+-2.6%. The mass ratio distribution of closer (<125 au) binaries is distinct from that of wider systems, with a flat distribution for close systems and a distribution that tends towards smaller mass ratios for wider binaries. Combining this result with previous spectroscopic surveys of A-type stars gives an estimate of the total companion star fraction of 68.9%+-7.0%. The most complete assessment of higher order multiples was estimated from the 156-star subset of the VAST sample with both adaptive optics and common proper motion measurements, combined with a literature search for companions, yielding a lower limit on the frequency of single, binary, triple, quadruple and quintuple A-type star systems of 56.4 (-4.0,+3.8), 32.1 (-3.5,+3.9), 9.0 (-1.8,+2.8), 1.9 (-0.6,+1.8) and 0.6 (-0.2,+1.4) per cent, respectively.Comment: 46 pages, 24 figures. Accepted for publication in the Monthly Notices of the Royal Astronomical Society, 7th October 201

The VAST Survey - IV. A wide brown dwarf companion to the A3V star ζ\zeta Delphini

We report the discovery of a wide co-moving substellar companion to the nearby ($D=67.5\pm1.1$ pc) A3V star $\zeta$ Delphini based on imaging and follow-up spectroscopic observations obtained during the course of our Volume-limited A-Star (VAST) multiplicity survey. $\zeta$ Del was observed over a five-year baseline with adaptive optics, revealing the presence of a previously-unresolved companion with a proper motion consistent with that of the A-type primary. The age of the $\zeta$ Del system was estimated as $525\pm125$ Myr based on the position of the primary on the colour-magnitude and temperature-luminosity diagrams. Using intermediate-resolution near-infrared spectroscopy, the spectrum of $\zeta$ Del B is shown to be consistent with a mid-L dwarf (L$5\pm2$), at a temperature of $1650\pm200$ K. Combining the measured near-infrared magnitude of $\zeta$ Del B with the estimated temperature leads to a model-dependent mass estimate of $50\pm15$ M$_{\rm Jup}$, corresponding to a mass ratio of $q=0.019\pm0.006$. At a projected separation of $910\pm14$ au, $\zeta$ Del B is among the most widely-separated and extreme-mass ratio substellar companions to a main-sequence star resolved to-date, providing a rare empirical constraint of the formation of low-mass ratio companions at extremely wide separations.Comment: 12 pages, 11 figures, accepted for publication in the Monthly Notices of the Royal Astronomical Society, 2014 September 25. Revised to incorporate typographical errors noted during the proofing proces