On the price of morals in markets: an empirical study of the Swedish AP-Funds and the Norwegian Government Pension Fund

This study empirically analyses the exclusion of companies from investors’ investment universe due to a company’s business model (sector-based exclusion) or due to a company’s violations of international norms (normbased exclusion). We conduct a time-series analysis of the performance implications of the exclusion decisions of two leading Nordic investors, Norway’s Government Pension Fund-Global (GPFG) and Sweden’s AP-funds. We find that their portfolios of excluded companies do not generate an abnormal return relative to the funds’ benchmark index. While the exclusion portfolios show higher risk than the respective benchmark, this difference is only statistically significant for the case of GPFG. These findings suggest that the exclusion of the companies generally does not harm funds’ performance. We interpret these findings as indicative that with exclusionary screening, as practiced by the sample funds, asset owners can meet the ethical objectives of their beneficiaries without compromising financial returns

Barriers to women entrepreneurship. Different methods, different results?

Building on research by Akehurst et al. (Serv Ind J 32:2489-2505, 2012), this study analysed internal and external factors in women entrepreneurship and linked these factors to the barriers that women face when starting businesses. To do so, two contrasting statistical techniques were used: PLS and QCA. After analysing results from each of these techniques, we observed that family duties and difficulties in obtaining financing (both internal and external) were the main factors related to barriers faced by women entrepreneurs

Primary Extracranial Meningiomas: An Analysis of 146 Cases

Primary extracranial meningiomas are rare neoplasms, frequently misdiagnosed, resulting in inappropriate clinical management. To date, a large clinicopathologic study has not been reported. One hundred and forty-six cases diagnosed between 1970 and 1999 were retrieved from the files of the Armed Forces Institute of Pathology. Histologic features were reviewed, immunohistochemistry analysis was performed (n = 85), and patient follow-up was obtained (n = 110). The patients included 74 (50.7%) females and 72 (49.3%) males. Tumors of the skin were much more common in males than females (1.7:1). There was an overall mean age at presentation of 42.4 years, with a range of 0.3–88 years. The overall mean age at presentation was significantly younger for skin primaries (36.2 years) than for ear (50.1 years) and nasal cavity (47.1 years) primaries. Symptoms were in general non-specific and reflected the anatomic site of involvement, affecting the following areas in order of frequency: scalp skin (40.4%), ear and temporal bone (26%), and sinonasal tract (24%). The tumors ranged in size from 0.5 up to 8 cm, with a mean size of 2.3 cm. Histologically, the majority of tumors were meningothelial (77.4%), followed by atypical (7.5%), psammomatous (4.1%) and anaplastic (2.7%). Psammoma bodies were present in 45 tumors (30.8%), and bone invasion in 31 (21.2%) of tumors. The vast majority were WHO Grade I tumors (87.7%), followed by Grade II (9.6%) and Grade III (2.7%) tumors. Immunohistochemically, the tumor cells labeled for EMA (76%; 61/80), S-100 protein (19%; 15/78), CK 7 (22%; 12/55), and while there was ki-67 labeling in 27% (21/78), <3% of cells were positive. The differential diagnosis included a number of mesenchymal and epithelial tumors (paraganglioma, schwannoma, carcinoma, melanoma, neuroendocrine adenoma of the middle ear), depending on the anatomic site of involvement. Treatment and follow-up was available in 110 patients: Biopsy, local excision, or wide excision was employed. Follow-up time ranged from 1 month to 32 years, with an average of 14.5 years. Recurrences were noted in 26 (23.6%) patients, who were further managed by additional surgery. At last follow-up, recurrent disease was persistent in 15 patients (mean, 7.7 years): 13 patients were dead (died with disease) and two were alive; the remaining patients were disease free (alive 60, mean 19.0 years, dead 35, mean 9.6 years). There is no statistically significant difference in 5-year survival rates by site: ear and temporal bone: 83.3%; nasal cavity: 81.8%; scalp skin: 78.5%; other sites: 65.5% (P = 0.155). Meningiomas can present in a wide variety of sites, especially within the head and neck region. They behave as slow-growing neoplasms with a good prognosis, with longest survival associated with younger age, and complete resection. Awareness of this diagnosis in an unexpected location will help to avoid potential difficulties associated with the diagnosis and management of these tumors

Formal and Informal Financing Decisions of Small Businesses

This study investigates small businesses’ financing decisions. Drawing upon asymmetric information theory, institutional theory and relevant literature on cognitive financial constraints, human capital and social capital, we propose a theoretical framework in which financing determinants come from three dimensions: entrepreneurs’ individual factors, organisational (firm-level) factors and contextual (institutional) factors. We employ this model to distinguish four types of firms: (1) firms that use no external finance, (2) firms that use informal finance only, (3) firms that use formal finance only and (4) firms that use both formal and informal finance. An empirical test on Vietnamese small businesses shows that factors from all three dimensions are important in understanding small businesses’ financing decisions

The Diana project: pioneering women studying pioneering women

The 2007 winner of the International Award for Entrepreneurship and Small Business Research is the Diana Project team (Candida Brush, Nancy Carter, Elizabeth Gatewood, Patricia Greene and Myra Hart). The Diana Project builds on the vast experience of the team in the field of entrepreneurship in general and women entrepreneurship, business growth and venture capital in particular. The Diana Project has investigated the supply and demand side of growth capital for women entrepreneurs. The research contributes to entrepreneurship theory as well as to practice, filling a void in knowledge on growth-oriented women entrepreneurship. In this article we present and discuss the research contribution of the Diana Project, in the areas of entrepreneurship, women entrepreneurship and venture capital. We specifically discuss the value of researching a specific group of women entrepreneurs, those who want to grow their businesses, that very clearly demonstrates the positive potential of female entrepreneurship. The Diana Project has also moved research on women's entrepreneurship forward since its framework does not treat women entrepreneurs as 'other,' i.e., the project does not presuppose that women's entrepreneurship is similar to or different from men's entrepreneurship. It assumes that women's entrepreneurship is entrepreneurship and studies it from that point of view

Salinity and sodicity effects on respiration and microbial biomass of soil

An understanding of the effects of salinity and sodicity on soil carbon (C) stocks and fluxes is critical in environmental management, as the areal extents of salinity and sodicity are predicted to increase. The effects of salinity and sodicity on the soil microbial biomass (SMB) and soil respiration were assessed over 12weeks under controlled conditions by subjecting disturbed soil samples from a vegetated soil profile to leaching with one of six salt solutions; a combination of low-salinity (0.5dSm−1), mid-salinity (10dSm−1), or high-salinity (30dSm−1), with either low-sodicity (sodium adsorption ratio, SAR, 1), or high-sodicity (SAR 30) to give six treatments: control (low-salinity low-sodicity); low-salinity high-sodicity; mid-salinity low-sodicity; mid-salinity high-sodicity; high-salinity low-sodicity; and high-salinity high-sodicity. Soil respiration rate was highest (56–80mg CO2-C kg−1soil) in the low-salinity treatments and lowest (1–5mg CO2-C kg−1 soil) in the mid-salinity treatments, while the SMB was highest in the high-salinity treatments (459–565mg kg−1 soil) and lowest in the low-salinity treatments (158–172mg kg−1 soil). This was attributed to increased substrate availability with high salt concentrations through either increased dispersion of soil aggregates or dissolution or hydrolysis of soil organic matter, which may offset some of the stresses placed on the microbial population from high salt concentrations. The apparent disparity in trends in respiration and the SMB may be due to an induced shift in the microbial population, from one dominated by more active microorganisms to one dominated by less active microorganisms

Effect of synthetic dairy factory effluent containing different acids (H3PO4, HNO3 and CH3COOH) on soil microbial and chemical properties and nutrient leaching

The effects of addition of synthetic dairy factory effluent (DFE) containing phosphoric, nitric or acetic acids as cleaning agents on soil chemical and microbial properties and potential nutrient leaching from a dairy farm soil were studied in an 84-day open incubation/leaching experiment and in a short-term (24 days) closed incubation. Dairy factory effluent resulted in increased leaching of Na and Ca . The main anion leached in the DFE treatments was Cl , whilst in the control treatments it was NO . Leachates from DFE-treated soil had a greater electrical conductivity (EC) and lower pH than those from controls, but type of acid had little effect on the ionic content or composition of leachates. At the conclusion of the experiment, soils from DFE treatments showed a large accumulation of exchangeable Na , a reduction in exchangeable Ca and significant increases in microbial biomass C, basal respiration and β-glucosidase and arylsulphatase activities. Microbial activity was greatest from the acetic acid-DFE treatment. There was a significant increase in extractable P in the phosphoric acid-DFE treatment, but addition of nitric acid-DFE did not increase leaching of NO . In the short-term incubation experiment, EC increased over time in all treatments, while pH, microbial biomass and basal respiration decreased. During the first few days after a one-off DFE addition, there was an increase in both microbial biomass C and basal respiration, but these differences dissipated after 3 days. It was concluded that while additions of DFE have significant effects on chemical and microbial soil properties, a change in the form of acid present in the DFE has relatively minor effects on these properties