Venture Capital Investors, Capital Markets, Valuation and Information: US, Europe and Asia

This paper uses a large multi-country sample of venture capital firms to compare the approaches to investee valuation and sources of information used by venture capital investors in English, French and German legal systems as well as geographical regions. Different legal systems are significantly associated with the valuation mechanism used. In particular, compared to English-based Common Law systems, VC firms operating in a Germanic legal system are significantly more likely to use DCF based measures and significantly less likely to use PE comparators. This latter result is also the case for VC firms operating in a French legal system who are also significantly more likely to adopt historic cost valuation methods. VC firms in Europe and Asia are significantly less likely than US VC firms to make use of liquidation value methods but significantly more likely to use PE comparators. European firms are significantly less likely to adopt DCF methods compared to US VC firms. VC firms operating under a Germanic legal system are less likely to utilise information from the financial press but significantly more likely to use interviews with entrepreneurs. VC firms operating under a French legal system are more likely to utilise interviews with company personnel as well as sales and marketing information. VC firms in Europe and Asia are significantly more likely than US VC firms to use financial press. VC firms in Asia are significantly less likely to make use of interviews with entrepreneurs or business plan data. VC firms in Europe are significantly more likely to utilise sales and marketing information. Copyright Springer Science+Business Media, Inc. 2004venture capital, valuation, information, Europe, emerging markets,

Le developpement de l'ingenierie financiere : bilan et perspectives

Available at INIST (FR), Document Supply Service, under shelf-number : DO 1613 / INIST-CNRS - Institut de l'Information Scientifique et TechniqueSIGLEFRFranc

Structural characterization and antioxidant activity of water-soluble polysaccharides from the Tunisian brown seaweed Cystoseira compressa

International audienceA fucoidan (CCF) and a sodium alginate (CCSA) were extracted and purified from the Tunisian brown seaweed Cystoseira compressa. CCF was a highly sulfated heterogalactofucan composed of α-(1→3), α-(1→4)-linked L-Fucp as main backbone which could be highly branched (31.84%) at O-3 and O-4 positions of α-(1→4)-L-Fucp and α-(1→3)-L-Fucp by terminal monosaccharides and side chains such as terminal α-L-Fucp, terminal β-D-Galp, β-D-Galp-(1→3)-α-L-Fucp and β-D-Galp-(1→4)-α-L-Fucp. The ratio of α-(1→3)/α-(1→4) linkages was estimated at 3.86:1. CCSA was characterized by HPAEC-PAD, GC/MS-EI, ATR-FTIR, and 1H-NMR. The M/G ratio was M/G = 0.77, indicating that CCSA respectively contained 44% and 56% of mannuronic and guluronic acids. The values of FGG, FMM, FGM (or FMG) blocks as well as the parameter η were estimated. The two polysaccharides exhibited effective antioxidant activities by ferrous ion chelation, ferric ion reduction and DPPH radical-scavenging, outlining their potentials as natural additives

Structural Features and Rheological Properties of a Sulfated Xylogalactan-Rich Fraction Isolated from Tunisian Red Seaweed Jania adhaerens

International audienceA novel sulfated xylogalactan-rich fraction (JSP for J. adhaerens Sulfated Polysaccharide) was extracted from the red Tunisian seaweed Jania adhaerens. JSP was purified using an alcoholic precipitation process and characterized by Attenuated Total Reflectance-Fourier-transform infrared spectroscopy (ATR-FTIR), high-pressure size exclusion chromatography (HPSEC) with a multi-angle laser light scattering (MALLS), gas chromatography coupled to mass spectrometry (GC-MS) and nuclear magnetic resonance spectroscopy (NMR, 1D and 2D). JSP was then evaluated regarding its physicochemical and rheological properties. Results showed that JSP was mainly composed of an agar-like xylogalactan sharing the general characteristics of corallinans. The structure of JSP was mainly composed of agaran disaccharidic repeating units (→3)-β-D-Galp-(1,4)-α-L-Galp-(1→)n and (→3)-β-D-Galp-(1,4)-3,6-α-l-AnGalp-(1→)n, mainly substituted on O-6 of (1,3)-β-D-Galp residues by β-xylosyl side chains, and less with sulfate or methoxy groups. (1,4)-α-L-Galp residues were also substituted by methoxy and/or sulfate groups in the O-2 and O-3 positions. Mass-average and number-average molecular masses (Mw) and (Mn), intrinsic viscosity ([η]) and hydrodynamic radius (Rh) for JSP were, respectively, 8.0 x 105 g/mol, 1.0 x 105 g/mol, 76 mL/g and 16.8 nm, showing a flexible random coil conformation in solution. The critical overlap concentration C* of JSP was evaluated at 7.5 g/L using the Williamson model. In the semi-diluted regime, JSP solutions displayed a shear-thinning behavior with a great viscoelasticity character influenced by temperature and monovalent salts. The flow characteristics of JSP were described by the Ostwald mode

Caractérisations structurale, physico-chimique et biologique des polysaccharides extraits d’une algue brune tunisienne, Cystoseira compressa

International audienc

Alkyl-Chitosan-Based Adhesive: Water Resistance Improvement

International audienceA chemical modification by grafting alkyl chains using an octanal (C8) on chitosan was conducted with the aim to improve its water resistance for bonding applications. The chemical structure of the modified polymers was determined by NMR analyses revealing two alkylation degrees (10 and 15%). In this study, the flow properties of alkyl-chitosans were also evaluated. An increase in the viscosity was observed in alkyl-chitosan solutions compared with solutions of the same concentration based on native chitosan. Moreover, the evaluation of the adhesive strength (bond strength and shear stress) of both native and alkyl-chitosans was performed on two different double-lap adherends (aluminum and wood). Alkyl-chitosans (10 and 15%) maintain sufficient adhesive properties on wood and exhibit better water resistance compared to native chitosan

Structural Characterization and Rheological and Antioxidant Properties of Novel Polysaccharide from Calcareous Red Seaweed

International audienceA novel sulfated xylogalactan (JASX) was extracted and purified from the rhodophyceaeJania adhaerens. JASX was characterized by chromatography (GC/MS-EI and SEC/MALLS) and spectroscopy (ATR-FTIR and 1H/13C NMR) techniques. Results showed that JASX was constitutedby repeating units of (!3)-beta-D-Galp-(1,4)-3,6-alpha-L-AnGalp-(1!)n and (!3)-beta-D-Galp-(1,4)-alpha-L-Galp-(1!)n substituted on O-2 and O-3 of the alpha-(1,4)-L-Galp units by methoxy and/or sulfate groups but also on O-6 of the beta-(1,3)-D-Galp mainly by beta-xylosyl side chains and less by methoxy and/or sulfate groups. The Mw, Mn, Ð, [h] and C* of JASX were respectively 600 and 160 kDa, 3.7, 102 mL.g-1 and 7.0 g.L-1. JASX exhibited pseudoplastic behavior influenced by temperature and monovalent salts and highly correlated to the power-law model and the Arrhenius relationship. JASX presented thixotropic characteristics, a gel-like viscoelastic behavior and a great viscoelasticity character. JASX showed important antioxidant activities, outlining its potential as a natural additive to produce functional foods