567 research outputs found

    Equity Crowdfunding in the United States: Evolution, Determinants and Performance

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    In recent years, equity crowdfunding has developed into an alternative form of early stage financing for startup firms. The main purpose of this dissertation is to understand the evolution, process and regulation of equity crowdfunding in the United States as well as assess the determinants of a successful campaign and whether this capital market lead to an enduring business. The first essay examines the evolution, process and regulation surrounding equity crowdfunding. I establish a clear definition of crowdfunding and its restructuring of the music industry to establishing an alternative form of raising capital for nascent firms via equity crowdfunding. I examine the regulations set forth by various countries in contrast to the United States in order to understand the differences in entrepreneurial ecosystems ability to develop new capital markets. An overview of the regulatory landscape suggests that European countries have benefited greatly from sandbox experimentations and early integration in this alternative capital market while its U.S. counterpart is just now exploring its potential. Therefore, the U.S,’s slow inclusion into equity crowdfunding as a result of preserving investor protection under the strict guidelines of the Securities Act has influenced the development and scope of this capital market. The second essay establishes signaling as an effective way to attract investments to an equity crowdfunding campaign. I analyze what could be the determinants of a successful equity crowdfunding campaign in the U.S. I then compare and contrast those findings to the state of the art in equity crowdfunding. Results from the estimations indicate the importance of human capital, social capital and their interaction effect in signaling by U.S. equity crowdfunding campaigns. Thus, revealing the differences in equity retention, third party signaling and financial projections from European and world equity crowdfunding campaigns. The third essay consists of investigating whether equity crowdfunding can lead to a successful and enduring business by attracting follow-up investments. I examine the determinants of what leads to post equity crowdfunding investments and the timing of these investments. Estimation results are indicative of U.S. equity crowdfunding campaigns necessity to locate in entrepreneurial hubs in order to entice additional funding after a successful equity crowdfunding campaign

    Aggregatibacter actinomycetemcomitans exploits and modulates the immune response by human neutrophils for survival in the anaerobic environment.

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    Aggregatibacter actinomycetemcomitans (Aa) is a Gram-negative facultative anaerobe and an opportunistic oral pathogen, strongly associated with localized periodontitis and other inflammatory diseases. Periodontitis is a chronic inflammation of the periodontium resulting from the inflammatory response of the host towards the dysbiotic microbial community present at the gingival crevice. The host immune response creates a hostile environment for microorganisms; therefore, it is important for Aa to be able to regulate the necessary genes to survive and thrive in such an environment. Aaexpresses several virulence factors such as a cytolethal distending toxin (Cdt), lipopolysaccharide (LPS) and leukotoxin A (LtxA), that allows it to evade the immune response. For example, LtxA, considered a major virulence factor, targets leukocytes by creating pores on their membranes leading to cell lysis. LtxA has also been shown to provide Aa resistance against internalization and killing by neutrophils, however the effect of the toxin on neutrophils at a non-lethal level is often overlooked. At the subgingival pocket Aa is in a tug-of-war scenario where immune cells will secrete molecules such as catecholamines (i.e., epinephrine) to sequester residual metals, so these are not available as nutrients. To compete for such mineral bacteria have evolved different mechanisms, such as two-component systems (TCS) that allow them to assess their environment and adjust accordingly. Aa expresses the QseBC TCS composed of the sensor protein QseC and the response regulator QseB. Previously, catecholamines and iron were identified as the signals that activate the QseBC TCS in Aa, necessary for the organism to acquire iron as a nutrient to survive in the anaerobic environment. However, the source of catecholamines had not been identified at the time. The main objectives presented in this dissertation are a) the characterization of epinephrine interaction with different components of QseBC TCS, b) to characterize the synthesis, storage, and release of catecholamines by neutrophils stimulated with Aa, and c) determination of the effect sublytic levels of LtxA has on neutrophils. Previously, our group showed that QseC, primarily the periplasmic domain of QseC, is required for biofilm formation and virulence. A third gene was found to be co-expressed in the qseBC operon, YgiW, a protein of unknown function, but essential for biofilm growth and virulence. Additionally, it was previously shown that in the presence of Cat-Fe the expression of the enterobactin operon remained unchanged. Among the genes in this operon there is the fepA gene encoding for the enterobactin receptor FepA. In this work we investigated the interaction of different components of the QseBC TCS and epinephrine. Using Aa mutants for the different QseBC component we determined that FepA, QseC and the QseC periplasmic domain are necessary for Aa to interact with epinephrine (Chapter 3). In contrast, YgiW was not required for epinephrine to interact with Aa. Due to the high infiltration of neutrophils that is characteristic of periodontitis we proposed neutrophils as the epinephrine source for Aa. We present evidence of the ability of human neutrophils to release epinephrine upon Aa challenge (Chapter 4). In addition, we demonstrated that epinephrine is stored in azurophilic granules and proposed that Aa gains access to it by inducing degranulation. To connect our findings, we demonstrated that chemically define media (CDM) supplemented with iron and epinephrine from human neutrophils promoted Aa growth and the induction of the qseBC operon. LtxA, a major virulence factor expressed by Aa, targets neutrophils and induces cell lysis. However, lysis only occurs when cells are exposed to high levels of the toxin, the sublytic effects of the toxin on neutrophils remains understudied. We show that the minimally leukotoxic Aa strain 652 caused minimal cytotoxicity in human neutrophils, even at MOI 50 (Chapter 5). Assessment of membrane permeability confirmed that human neutrophils suffered loss of membrane integrity. However, neutrophils were functionally active and were able to internalize Aa at MOI 10. In contrast, Aa internalization did not occur at MOI 50 for both the minimally leukotoxic strain or a LtxA mutant (JP2 DltxA). Aachallenge induced the formation of cytotoxic vacuoles, which have previously been associated with pore-forming toxins, but we observed cytoplasmic vacuolation regardless of LtxA expression of Aa strains. Siglec-9, a sialic acid-binding immunoglobulin-type lectin, has been associated with cytoplasmic vacuolation. Therefore, we measured Siglec-9 as an alternative inducer of cytoplasmic vacuolation. We were able to show that Aa 652 enhances Siglec-9 expression in human neutrophils and that IL-8 priming before Aa challenge further increases expression. The findings presented in this dissertation contribute to the current knowledge of nutrient acquisition mechanisms and provides the foundation for future studies of how Aa can modulates the inflammatory response of neutrophils through Siglec-9 activation

    THE VALUE OF THE GULF OF MEXICO RECREATIONAL RED SNAPPER FISHERY

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    This study estimates the value of recreational red snapper fishing in the Gulf of Mexico. Additionally, the study shows how to decompose the estimated red snapper recreation demand function into changes: (i) due to recreationists who were not taking recreational red snapper fishing trips but were induced to take a trip in response to changes in catch rates and (ii) due to recreationists already taking trips and responding to changes in catch rates. The decomposition allows us to also decompose the estimated elasticities and consumer surplus. The results indicate that an improvement in expected fishing quality will increase consumer surplus and that most of the increase is contributed by recreationists who initially do not take recreational red snapper fishing trips, but later take a positive number of trips. This finding has important policy implications for managing the red snapper fishery in the Gulf of Mexico.Resource /Energy Economics and Policy,

    Black male teachers: retention and importance in New Jersey

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    The purpose of this study was to investigate the experiences of Black male teachers in the K-8 teaching profession in Atlantic and Essex counties in New Jersey and their recommendations to increase hiring and retention in the teaching profession. This study implemented a qualitative approach by interviewing 12 participants from Essex and Atlantic Counties in New Jersey who identified as Black male teachers. Teacher success depends on a variety of factors that can have both a positive and negative influence on a teacher\u27s ability to stay motivated and succeed in the profession. Knowing the motives and experiences that influenced Black male teachers to enter the teaching profession is necessary. However, the current low numbers of Black male teachers hinder the amount of information and experience to be discussed and shared on how they perceive themselves and are motivated to stay. Through content analysis of the data, findings suggested that Black male teachers entering the profession want to make a difference in their community and mentor young Black students. Through content analysis the responses further suggested that both local school districts and colleges must create new programs to build the popularity of the teaching profession. Findings further reported that Black male teachers who are supported by their administration were more prone to stay and continue on in the teaching profession

    Aplicación de fibras vegetales de no tejido como refuerzo en morteros de cal para la restauración de edificios históricos

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    En la actualidad, la conservación de elementos arquitectónicos tanto en rehabilitación como en restauración de edificios son de las principales aplicaciones de la cal. Este motivo ha llevado a su investigación para conseguir un material compuesto que permita mejorar sus características mecánicas. En esta investigación emplearemos un refuerzo de fibra, puesto que las fibras forman parte esencial de los principales materiales compuestos utilizados actualmente en la construcción de edificios. Tomando en consideración el impacto ambiental de la mayoría de los componentes de las fibras comunes, utilizaremos como refuerzo un no tejido de fibra de lino para el estudio de los morteros de cal que se han planteado en este trabajo. Algunas de las ventajas de utilizar este tipo de fibra no tejida de lino son: su ligereza, resiliencia, resistencia al desgaste y un comportamiento anisotrópico; variando principalmente según el grado de ordenamiento de la fibra en el interior del material. Con este trabajo de investigación buscamos establecer cuál es el comportamiento de este no tejido con la cal, a partir de una serie de ensayos de laboratorio realizados en la Escuela Politécnica Superior de Edificaciones de Barcelona (EPSEB) y la Escuela Superior de Agricultura de Barcelona (ESAB) con la finalidad de proponer una mejora a las características del material compuestos y así poder optimizar su aplicación como material de construcción. Los resultados obtenidos en la campaña experimental de este trabajo indican que al aumentar el número de capas de las fibras de lino y al optimizar la dosificación de las materias primas que forman la matriz de cal, se puede apreciar una mejora en el comportamiento a flexión y en la resistencia mecánica del material a pesar de la poca interacción entre las fibras y la matriz, por lo cual se plantea para futuras líneas de investigación una seria de mejoras para consolidar este material compuesto de una forma más homogénea

    Hipótesis sobre la organización social en el Musteriense Europeo.

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    Se presenta como hipótesis que los grupos neandertales correspondieron a sociedades pretribales, cuya propiedad colectiva se concretó de una manera distinta a la conocida para los grupos pre-tribales de nuestra especie.It is presented as hypothesis that Neanderthal groups corresponded to pre-tribal societies with a different way to achieve the collectiveness of their property respect the way known for pretribal groups of our kind

    An Examination of the Relationship between Latino Children\u27s Knowledge of Domestic Violence and Their Attitudes Towards Violence

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    The current study is part of a larger program evaluation of Caminar Latino, a community-based organization that works with Latino families affected by domestic violence. The purpose of this study was to explore the effects that community-based programs have on children. We wanted to investigate the relationship between children’s knowledge of violence and their attitude towards it. We hypothesized that children who have more educational awareness of violence can better recognize it when it happens, and therefore have better coping skills. Sixteen Latino children were interviewed and results showed that there was no significant relationship between violence knowledge and attitudes. This study found correlations between the number of siblings and attitudes towards violence: The more siblings a child had, the more he/she endorsed “if you are mad at someone you can just ignore them” and the less likely he/she endorsed “you try to talk out a problem instead of fighting”. Findings show that it is important to consider siblings when exploring attitudes towards violence. The biggest limitation of this study was that these preliminary data’s sample size may have been too small to show effects. The current study is part of a larger program evaluation of Caminar Latino, a community-based organization that works with Latino families affected by domestic violence. The purpose of this study was to explore the effects that community-based programs have on children. We wanted to investigate the relationship between children’s knowledge of violence and their attitude towards it. We hypothesized that children who have more educational awareness of violence can better recognize it when it happens, and therefore have better coping skills. Sixteen Latino children were interviewed and results showed that there was no significant relationship between violence knowledge and attitudes. This study found correlations between the number of siblings and attitudes towards violence: The more siblings a child had, the more he/she endorsed “if you are mad at someone you can just ignore them” and the less likely he/she endorsed “you try to talk out a problem instead of fighting”. Findings show that it is important to consider siblings when exploring attitudes towards violence. The biggest limitation of this study was that these preliminary data’s sample size may have been too small to show effects

    ISO 9000 -- A MARKETING TOOL FOR U.S. AGRIBUSINESS

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    The relevance of the ISO 9000 series of quality management systems (QMS) for U.S. agribusiness is analyzed. Certified firms from several industries were surveyed to determine their before (ex ante) and after (ex post) perspectives of the QMS. Results for the agribusiness subsample are compared to those for firms from other industries to determine if they behave differently. Anticipated marketing advantages (increasing market share and providing access to new markets) of the QMS were critical factors that encouraged the pursuit of the certificate. The average cost to attain certification was 101.400andtomaintaincertificationwasanadditional101.400 and to maintain certification was an additional 26,500 per year.Agribusiness, Marketing,

    Joint Estimation of Revealed and Stated Preference Data: An Application to Recreational Red Snapper Valuation

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    This study extends the joint estimation of revealed and stated preference data literature by accounting for truncation in the revealed preference data. The analytical model and estimation procedure are used to estimate the value of recreational red snapper fishing in the Gulf of Mexico. This recreational red snapper valuation is decomposed into its direct and indirect components. As expected, the value of recreational red snapper fishing using the joint revealed-stated preference model proposed in this analysis is bracketed on the upper limit by the value obtained using the contingent valuation method and on the lower limit by the travel cost method. The results also indicate that the joint model improves the precision of estimated recreational red snapper valuation.Resource /Energy Economics and Policy,
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