Angel investor's selection criteria: a comparative institutional perspective

Despite the important role of angel investors as critical financial providers for new ventures, little is known regarding how institutions make their investment decisions. While angels make decisions based on selection criteria during the first stage, they are also embedded within and affected by different institutional settings and as a result weight these criteria differently than other investors. We compare angel investors' selection criteria in China and Denmark using the comparative institutional perspective. We use a policy capturing approach and hierarchy linear modeling, revealing that since Chinese angels are embedded within relationship-based institutional settings they tend to reply more on strong ties such as family and friends in management team, as well as weighting risks less compared to Danish angels operating within more rule-based institutional contexts

Holocene treeline history and climate change across northern Eurasia

Radiocarbon-dated macrofossils are used to document Holocene treeline history across northern Russia (including Siberia), Boreal forest development in this region commenced by 10,000 yr B.P, Over most of Russia, forest advanced to or near the current arctic coastline between 9000 and 7000 yr B.P. and retreated to its present position by between 4000 and 3000 yr B.P. Forest establishment and retreat was roughly synchronous across most of northern Russia, Treeline advance on the Kola Peninsula, however, appears to have occurred later than in other regions. During the period of maximum forest extension, the mean July temperatures along the northern coastline of Russia may have been 2.5 degrees to 7.0 degrees C warmer than modern. The development of forest and expansion of treeline likely reflects a number of complimentary environmental conditions, including heightened summer insolation, the demise of Eurasian ice sheets, reduced sea-ice cover, greater continentality with eustatically lower sea level, and extreme Arctic penetration of warm North Atlantic waters. The late Holocene retreat of Eurasian treeline coincides with declining summer insolation, cooling arctic waters, and neoglaciation, (C) 2000 University of Washington

Carbon sequestration in an expanded lake system during the Toarcian oceanic anoxic event

The Early Jurassic Toarcian oceanic anoxic event (~183 Ma) was marked by marine anoxia–euxinia and globally significant organic-matter burial, accompanied by a major global carbon-cycle perturbation probably linked to Karoo–Ferrar volcanism. Although the Toarcian oceanic anoxic event is well studied in the marine realm, accompanying climatic and environmental change on the continents is poorly understood. Here, utilizing radioisotopic, palynological and geochemical data from lacustrine black shales, we demonstrate that a large lake system developed contemporaneously with the Toarcian oceanic anoxic event in the Sichuan Basin, China, probably due to enhanced hydrological cycling under elevated atmospheric pCO 2. We attribute increased lacustrine organic productivity to elevated fluvial nutrient supply, which resulted in the burial of ~460 Gt of organic carbon in the Sichuan Basin alone, creating an important negative feedback in the global exogenic carbon cycle. We suggest that enhanced nutrient delivery to marine and large lacustrine systems was a key component in the global carbon cycle recovery during the Toarcian oceanic anoxic event and acted to shorten the duration of the recovery of global δ13C values