23,913 research outputs found

    Realities of long-term post investment performance for venture-backed enterprises

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    This paper constructs a model of long-run performance for SMEs that have received venture capital backing. The model explains performance by financial structure. FAME data are used for estimating performance equations over the period 1989 to 2004 for UK businesses in their post-investment period. The econometrics uses robust techniques, including least absolute error (LAE) and Tukey trimean estimation. It is shown that the key determinants of performance (measured by ROSF) are profit margins and risk, with lesser, but significant, roles played by liquidity and gearing. The sample is used to identify consistently high performers, and chronic low performers. From the latter group, two detailed case studies illustrate how chronic low performance can emerge, in each case caused by failure to achieve technological milestones, and thereby failing, ultimately, to convince investors of potential company worth

    Practitioner views on financial reporting for smaller entities

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    This paper has four purposes. First, to establish the policy background leading to a special financial reporting standard for small firms (FRSSE), aimed at reducing compliance costs. An indirect policy implication of this was that small firms would be stimulated, for example, in terms of start-up rate, performance (including survival rate, and profitability, and growth), and contribution to employment and innovation within the economy. Second, to consider the implications for FRSSE itself on compliance costs, and to ask what forms they may take. Third, to analyse new evidence on adopters and non-adopters of the FRSSE. Fourth, to cast this new evidence into a cost effectiveness framework, to judge whether adopters who engage in upgrading of skills to implement the FRSSE had attained a net benefit as compared to non-adopters. The conclusion, based on this preliminary evidence, is that upgrading of skills to implement the FRSSE has indeed led to a significant net benefit

    Co-evolution of Information Systems in Fast-Growing Small Firms

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    The paper examines the co-evolution of different dimensions of information systems for a sample of fast-growing small firms. The investigation uses primary source longitudinal empirical evidence. The data are taken from a large database on the lifecycle experience of one-hundred-and-fifty new business starts over a four-year period. They were collected by face to face interviews with owner-managers of small entrepreneurial firms. Interviews were conducted using an administered questionnaire that covered the agenda of markets, finance, costs, business strategy, the development of a management information system, human capital, organisation and technical change. This work uses primarily the data on management information systems. The basic approach used is to compare the attributes of the fastest and slowest paced firms, as identified by their growth rates. We then examine the evolution of these firms' management information systems. The measures used to identify changes in systems include: capital investment techniques, such as return on investment, residual income, net present value, internal rate of return and payback period; methods for managing costs, like just-in-time management, activity-based costing, quantitative risk analysis, value analysis, strategic pricing and transfer pricing; and using computer applications for storing information, project appraisal, financial modelling, forecasting and sensitivity analysis. 'Time lines' are graphed to show the points at which various features of information systems are introduced (e.g. data storage, forecasting, sensitivity analysis), and derived techniques (e.g. ROI, ABC) implemented. Firms are dichotomised into highgrowth and low-growth groups. Comparisons are made within firms and across firms in terms of the co-evolution of different aspects of their accounting information systems

    Venture capital investor behaviour in the backing of UK high technology firms : financial reporting and the level of investment

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    This paper is an empirical investigation into the ways in which venture capitalists value (and invest in) high technology firms, focusing on financial reporting, risk disclosure and intangible assets. It is based on questionnaire returns from UK investors in diverse sectors, ranging from biotechnology, through software/ computer services, to communications and medical services. This evidence is used to examine: (a) the usefulness of financial accounts; (b) the implications of technopole investment; (c) the extent of investor control over the investee's AIS; and (d) the role of investor opinion (e.g. on disclosure, due diligence and risk reporting) in determining the level of equity provision

    Venture capital and risk in high-technology enterprises

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    We find UK investors and entrepreneurs are significantly concordant in rankings of investments and key factors for risk but significantly discordant on risk classes. Investors emphasise agency risk (e.g., motivation, empowerment, alignment), and entrepreneurs emphasise business risk (e.g., market opportunities)

    Reflecting on the Use of Photo-elicitation Methods in IPA Research. Enhancing the Interpretative Lens and Re-balancing Power Back to the Participant. A Review of Published Studies

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    The use of visual and creative methods, specifically photo-elicitation in qualitative research has seen an increase in popularity in applied social science research, particularly in studies of psychology. This paper considers the evolution of the photograph as a research tool, particularly when combined with one-to-one interviewing. This paper situates the use of the photograph within historical and disciplinary contexts whilst offering new perspectives on its application to psychological fields of study. We argue that there are interesting benefits associated with supplementing qualitative methods such as one-to-one interviews with photographic stimuli. We present a recent systematic review of photo-elicitation used in research which identifies as being informed by Interpretative Phenomenological Analysis (IPA). Interpretative phenomenological Analysis is a particular qualitative approach which aims produce an account of lived experience. It is often unconcerned by adhering to the application of pre-existing theoretical preconceptions and instead offers an inductive, iterative and highly idiographic account of a phenomena of which the participant has direct experience of. This may be phenomena linked to personal changes in health and illness, or even adapting to new learning environments. Central to the purpose of IPA is the recognition that this account of lived experience is an interpretative endeavor between both participant and analyst. We argue that this need for interpretation and co-construction offers space for creative methods to ‘bridge the gap’ between simply describing a phenomena and entering into the symbolic, metaphorical interpretative world of meaning making which pushes IPA research from mediocrity to excellence. In this review we aimed to capture information related to the use of photographic methods in IPA research with particular interest in exploring the body of published work across the following protocols; 1) sample for inclusion, 2) domain of study, 3) orientation of research questions, 4) design features, 5) variation of photo-method, 6) outcomes of research and 7) critical appraisal of study. There are 14 published articles utilising photographs in IPA from 2010-2018. These studies were conducted internationally and reach across different topic domains including health, developmental, education and occupational research. The reviewed studies extend across the age span and there was notable younger age participants involved. Using photographs offered particular advantages in comparison to interview alone. These include; (a) to empower marginalized, ‘hard to reach’ groups (b) to facilitate in-depth interpretative discussions of abstract, ‘metaphorical’ concepts, sensitive issues (c) to synthesise data with other methods to strengthen and d) enhance trustworthiness of findings. There was considerable variation in how photographs were ‘produced’ ranging from photos, ‘elicited’ by participants or as a secondary artefact produced by researcher as a stimulus for discussion. Visual methods using photographs vary, and include photo-narratives, photo-journals, photo-montage, photo-questionnaires. We situation our review within fast moving changes and opportunities for this method within a wider ‘open science’ framework and also pay particular attention to exploring ethical issues to ensure confidentiality, consent, privacy and wider 2018 General Data Protection Regulation adherence

    Adherence to prophylaxis in adolescents and young adults with severe haemophilia, A qualitative study with patients

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    © 2018 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group.Abstract Introduction: Reported levels of adherence to prophylaxis among young people with haemophilia (YPH) vary widely and are predominately based on estimations made by healthcare professionals and parents. Reasons for (non)adherence among YPH in particular have not been evidenced. Aim: to examine experiences in relation to prophylaxis with YPH themselves, and barriers and facilitators to their adherence. Methods: 11 Participants were recruited in five haemophilia centres across England and Wales. All patients who met the inclusion criteria (aged 12-25, diagnosed with haemophilia, on prophylaxis) were approached during a routine check-up appointment, and all participants who agreed to take part were interviewed. Interviews were audio recorded, transcribed and analysed using Interpretative Phenomenological Analysis. Results: Self-reported adherence to prophylaxis was good. Few participants admitted to intentionally skipping injections although they reported sometimes forgetting. However, due to the increasingly personalised and flexible approach to prophylaxis, adherence is not straightforward to define. Barriers to adherence included a busy lifestyle, dislike of the intravenous injection, venous access issues, anxiety or stress and being out of one’s normal routine. Support was an important facilitator to adherence, including support from health professionals at the haemophilia centre as well as friends. Parents appear to be very involved with their sons’ haemophilia management, even after their sons leave home. Conclusion: What this study adds is that the increasingly flexible and personalized approach to managing prophylaxis in haemophilia may sometimes lead to confusion around treatment frequency and dosing. This may lead to accidental non-adherence, which is distinct from both skipping and forgetting. Advice from haemophilia teams may not always be consistent, and is likely to be interpreted differently by different individuals. Some additional training and education of patients and their families to increase their knowledge and skills around prophylaxis may reduce this confusion and therefore is likely to improve adherence further.Peer reviewedFinal Published versio

    Denial of Service in Voice Over IP Networks

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    In this paper we investigate denial of service (DoS) vulnerabilities in Voice over IP (VoIP) systems, focusing on the ITU-T H.323 family of protocols. We provide a simple characterisation of DoS attacks that allows us to readily identify DoS issues in H.323 protocols. We also discuss network layer DoS vulnerabilities that affect VoIP systems. A number of improvements and further research directions are proposed

    Alignment of intended learning outcomes, curriculum and assessment in a middle school science program

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    This study focused on the intended learning outcomes, curriculum and assessment in the science curriculum offered at a regional independent Middle School in the state of Victoria, Australia. In-school assessment has indicated that the current science curriculum of this Middle School may not develop students\u27 skills in scientific literacy as effectively as intended. One hypothesis to explain this deficit is that there is a misalignment of intended outcomes, curriculum materials and assessment. This study aimed to determine the extent to which the intended curriculum and assessment in this Victorian middle years\u27 science program is aligned to its stated goals and objectives and to design, implement and evaluate a model for assessing the degree of alignment of intended outcomes, curriculum and assessment. Participants in the study were asked to analyse curriculum materials and assessment tasks from two different science courses at the case study school. These curriculum materials and assessments were scored against a series of instruments adapted from curriculum evaluation models used in previous research. The reviewers scored the material to determine the degree of alignment between the intended outcomes, curriculum materials and assessment tasks. The data provided an insight into both the degree of alignment of the curriculum as well as the features of strongly aligned curriculum materials. The effectiveness of the evaluation model was determined by analysis of the scoring data and semi-structured interviews with the participants. The current investigation established that the case study Middle School science program had some degree of alignment, but there were a number of materials and tasks which were not adequately aligned. The features of the curriculum materials and assessment tasks generally matched those identified in the literature, and provided the basis for potential reform to increase the degree of alignment in intended curriculum and assessment in science courses designed to address scientific literacy. The study also demonstrated that the model of curriculum evaluation was effective in establishing the alignment of curriculum materials and assessment with intended goals, particularly when enacted by teachers and administrators within the school context who had been trained. The curriculum analysis can highlight areas of the science curriculum which are not aligned and hence focus curriculum reform efforts

    Law, Politics and the Homeless

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