Backing the horse or the jockey? Due diligence, agency costs, information and the evaluation of risk by business angel investors

This paper explores the argument that business angel investors are more concerned with managing and minimising agency risk than market risk. Based on data on the due diligence process from a survey of business angels in the UK, the paper concludes that business angels do view entrepreneur characteristics and experience as having the greatest impact on the perceived riskiness of an investment opportunity. Further, they emphasise personal and informal over formal sources of information in the due diligence process, and seek information on both the entrepreneur and the venture in determining valuation. Indeed, the reliance of business angels on short-term and subjective information to value investment opportunities leads to the conclusion that their approach to valuation is not a function of the conventional protocols of financial analysis, but of personal relations and assessment

The Stability of Heavy Objects with Multiple Contacts

In both robot grasping and robot locomotion, we wish to hold objects stably in the presence of gravity. We present a derivation of second-order stability conditions for a supported heavy object, employing the tool of Stratified Morse theory. We then apply these general results to the case of objects in the plane

Effect of varying internal geometry on the static performance of rectangular thrust-reverser ports

An investigation has been conducted to evaluate the effects of several geometric parameters on the internal performance of rectangular thrust-reverser ports for nonaxisymmetric nozzles. Internal geometry was varied with a test apparatus which simulated a forward-flight nozzle with a single, fully deployed reverser port. The test apparatus was designed to simulate thrust reversal (conceptually) either in the convergent section of the nozzle or in the constant-area duct just upstream of the nozzle. The main geometric parameters investigated were port angle, port corner radius, port location, and internal flow blocker angle. For all reverser port geometries, the port opening had an aspect ratio (throat width to throat height) of 6.1 and had a constant passage area from the geometric port throat to the exit. Reverser-port internal performance and thrust-vector angles computed from force-balance measurements are presented

Vibrating quantum billiards on Riemannian manifolds

Quantum billiards provide an excellent forum for the analysis of quantum chaos. Toward this end, we consider quantum billiards with time-varying surfaces, which provide an important example of quantum chaos that does not require the semiclassical ($\hbar \longrightarrow 0$) or high quantum-number limits. We analyze vibrating quantum billiards using the framework of Riemannian geometry. First, we derive a theorem detailing necessary conditions for the existence of chaos in vibrating quantum billiards on Riemannian manifolds. Numerical observations suggest that these conditions are also sufficient. We prove the aforementioned theorem in full generality for one degree-of-freedom boundary vibrations and briefly discuss a generalization to billiards with two or more degrees-of-vibrations. The requisite conditions are direct consequences of the separability of the Helmholtz equation in a given orthogonal coordinate frame, and they arise from orthogonality relations satisfied by solutions of the Helmholtz equation. We then state and prove a second theorem that provides a general form for the coupled ordinary differential equations that describe quantum billiards with one degree-of-vibration boundaries. This set of equations may be used to illustrate KAM theory and also provides a simple example of semiquantum chaos. Moreover, vibrating quantum billiards may be used as models for quantum-well nanostructures, so this study has both theoretical and practical applications.Comment: 23 pages, 6 figures, a few typos corrected. To appear in International Journal of Bifurcation and Chaos (9/01

An investigation into counsellors’ perspectives of working with multicultural worldview: A qualitative study

This qualitative study aimed to explore counsellor’s perspectives of working with multicultural worldview. The literature reviewed is from the cultural and counselling psychology base, and is biased towards the client perspective and predominantly US based. Whilst not directly informing the question within the aims of the study, it provides a valuable and informative insight into the subject of worldview and validates worldview as a subject worthy of investigation from the counsellor’s perspective. Drawing on data captured from recorded semi-structured interviews with counsellors, transcripts were analysed using the constant comparative method. Ethical considerations are addressed, and a reflexive account provided by the researcher. Findings are presented in narrative form, including supportive quotations taken from the recorded interviews. Main overview of findings: Participants focussed on client worldview rather than culture. Participants suspended their own worldview when working with clients, this was more important when working with clients who have very different worldviews to the counsellor. The degree of worldview suspension was dependent on the model in which the counsellor was working. The efficacy of recommendations that counsellors should immerse themselves in client culture to aid multicultural counselling competence was challenged. Empathy was used as a guide to how well the counsellor understood client worldview. Individualist participants tended to be more stable in worldview perception that collectivist participants. Participant worldview hybridity was explored and an explanation offered in relation to the links between modality, counsellor worldview, motivational ethos, and the theory of cultural accommodation. An informed and pertinent discussion of the findings, limitations of the study and implications for practice are presented. Conclusion: The study highlights the importance of worldview. It is implied that, irrespective of a client’s culture, race or ethnicity, multi-cultural counselling practice could be improved by the counsellor’s perceptive use of their own, and their client’s worldview in the counselling relationship

On the Evolution to PAPA

A narrative account of the origins and evolution of PAPA