Should I Stay or Should I go? Founder Power and Exit via Initial Public Offering

Founders can voluntarily exit their ventures via initial public offerings (IPOs). In this study, we build on power theory to develop and test a model of founder exit using a dataset of 313 founders from 177 entrepreneurial IPOs between 2002 and 2010. We largely find support for the model—a negative relationship between founder power and full exit. To capture the underlying mechanism of the power-exit relationship, we conducted two experiments in which we randomly assigned decision makers to either a high- or low-power condition. We find that decision makers in the low-power condition are more likely to use a full exit via IPO than those in the high-power condition and that frustration mediates this relationship. However, founders can also engage in partial exits, including a managerial partial exit in which the founder leaves management but keeps ownership and a financial partial exit in which the founder divests ownership but remains in management. We find that the negative relationship between founder power and exit is more negative for full exits than partial exits. With this paper, we contribute to the literature on exit by identifying a novel mechanism—frustration—underlying power’s influence on the likelihood and type of founder exit

When Shall We Sell Our Corn?

The cost of storing corn in the crib on the farm is made up of three main items, shrink, interest and insurance, and destruction by vermin. The biggest item of cost is the shrink, or loss of moisture. This amounts to about 10 percent. This shrink, however, is offset or more than offset by the highest price received for the improved grade which results from the shrink. Interest and insurance come to nearly half a cent a bushel a month. It costs half a cent a bushel, therefore, to store corn, if the loss by vermin, or the cost of a rat-proof crib, is not included. If it is included, the total cost of storing corn is a cent a bushel a month. On the average, the price of corn rises from winter to summer· more than enough to cover this cost. After big crops, the price of corn usually rises more than it docs after small crops. After small crops, the price of corn may not rise enough to cover the cost of storing. It is advisable, then, to store corn after a big or average crop, but not after a crop 95 percent of average size, or smaller. This rule worked 21 times out of the last 23 years. If tho price of No. 3 yellow corn does not rise above say 90 cents at Chicago this winter, the chances are 11 to 1 that it will pay better to store corn until next summer than to sell it this winter

Does Iowa Dump Its Grain?

Do the farmers of Iowa dump their cash corn and oats on the market at harvest time, or are their sales well spread out thru the year? Do they sell their grain when prices are high, or do they hit the low price spots rather than the high ones? For corn, the answer is different for different parts of the state

The trend of corn prices

Since the war, the purchasing power of corn has fallen 25 percent. In terms of 1913 dollars, corn now is worth only 75 percent as much as it was before the war. A farmer who sells a load of corn today gets about as much money for it as he used to, it is true; but that money will not buy as much of other goods as it would before the war. The price of corn has gone up since the war, but the prices of other things have gone up more than the price of corn; they have gone up 25 percent more. In actual fact, corn now is worth only 75 percent as much as it was before the war. Figure 1 shows the situation in terms of 1913 dollars. This chart shows that previous to the war the purchasing power of corn had been rising steadily for many years. The population of the United States was growing rapidly, and the livestock industry was expanding in response to the constantly growing demand for food. This in turn resulted in a continual increase in the demand for corn and other feed grains. Settlers poured into the Middlewest, but the demand for corn increased faster than the supply. The trend of corn purchasing power rose steadily from the time of the Civil War to the end of the recent World War, at the rate of about 1/2 cent per bushel per year

An interdisciplinary study to explore impacts from policies for the introduction of low carbon vehicles

Driven by concerns of climate change, governments across the world are introducing a number of policies to accelerate the uptake of low carbon vehicles (LCVs), with a specific focus on electric motors. However, there is uncertainty in the effectiveness of such policies and technology pathways, which are inherently interlinked. This article considers the short-term situation to 2020 and focuses on the concern that these policies may bring about some disproportionate impacts in society due to changes in mobility. An ethical framework is established that seeks to balance obligations to reduce greenhouse gas (GHG) emissions and rights to car ownership, then selected policies are modelled within this framework to assess acceptability of implementation. Although these policies are successful in introducing LCVs and reducing GHG emissions, findings also indicate uneven cost burdens and reduced affordability of car ownership. Following this, recommendations for policy amendments and model improvements are made

Gamification techniques for raising cyber security awareness

Due to the prevalence of online services in modern society, such as internet banking and social media, it is important for users to have an understanding of basic security measures in order to keep themselves safe online. However, users often do not know how to make their online interactions secure, which demonstrates an educational need in this area. Gamification has grown in popularity in recent years and has been used to teach people about a range of subjects. This paper presents an exploratory study investigating the use of gamification techniques to educate average users about password security, with the aim of raising overall security awareness. To explore the impact of such techniques, a role-playing quiz application (RPG) was developed for the Android platform to educate users about password security. Results gained from the work highlightedthat users enjoyed learning via the use of the password application, and felt they benefitted from the inclusion of gamification techniques. Future work seeks to expand the prototype into a full solution, covering a range of security awareness issues

Persistence and photochemical decay of springtime total ozone anomalies in the Canadian Middle Atmosphere Model

The persistence and decay of springtime total ozone anomalies over the entire extratropics (midlatitudes plus polar regions) is analysed using results from the Canadian Middle Atmosphere Model (CMAM), a comprehensive chemistry-climate model. As in the observations, interannual anomalies established through winter and spring persist with very high correlation coefficients (above 0.8) through summer until early autumn, while decaying in amplitude as a result of photochemical relaxation in the quiescent summertime stratosphere. The persistence and decay of the ozone anomalies in CMAM agrees extremely well with observations, even in the southern hemisphere when the model is run without heterogeneous chemistry (in which case there is no ozone hole and the seasonal cycle of ozone is quite different from observations). However in a version of CMAM with strong vertical diffusion, the northern hemisphere anomalies decay far too rapidly compared to observations. This shows that ozone anomaly persistence and decay does not depend on how the springtime anomalies are created or on their magnitude, but reflects the transport and photochemical decay in the model. The seasonality of the long-term trends over the entire extratropics is found to be explained by the persistence of the interannual anomalies, as in the observations, demonstrating that summertime ozone trends reflect winter/spring trends rather than any change in summertime ozone chemistry. However this mechanism fails in the northern hemisphere midlatitudes because of the relatively large impact, compared to observations, of the CMAM polar anomalies. As in the southern hemisphere, the influence of polar ozone loss in CMAM increases the midlatitude summertime loss, leading to a relatively weak seasonal dependence of ozone loss in the Northern Hemisphere compared to the observations

Phenomenology of the minimal B-L extension of the Standard Model

We present the Large Hadron Collider (LHC) discovery potential in the $Z'$ and heavy neutrino sectors of a $U(1)_{B-L}$ enlarged Standard Model also encompassing three heavy Majorana neutrinos. This model exhibits novel signatures at the LHC, the most interesting arising from a $Z'$ decay chain involving heavy neutrinos, eventually decaying into leptons and jets. In particular, this signature allows one to measure the $Z'$ and heavy neutrino masses involved. In addition, over a large region of parameter space, the heavy neutrinos are rather long-lived particles producing distinctive displaced vertices that can be seen in the detectors. Lastly, the simultaneous measurement of both the heavy neutrino mass and decay length enables an estimate of the absolute mass of the parent light neutrino. For completeness, we will also compare the LHC and a future Linear Collider (LC) discovery potentials.Comment: 4 pages, no figures. LaTeX. Talk given at "The 2009 Europhysics Conference on High Energy Physics", Krakow, Poland, July 16-22, 200