Business angel exits: A theory of planned behaviour perspective

Although there are a handful of studies on business angel investment returns, the business angel literature has given little or no attention to exits and the exit strategy. This is surprising given that a primary objective of investing is to achieve a capital gain through some form of liquidity event. Using the theory of planned behaviour (TPB) as an interpretative heuristic, we examine how exits happen: specifically, what are the motivations to seek an exit and to what extent are they planned or opportunistic? Based on multiple case studies in which business angels were invited to tell the story of their most recent exit(s), the evidence suggests that the majority of liquidity events are the outcome of planned behaviour. We propose a typology of angel-backed investment exits as the basis for identifying future directions for research and developing practical advice to angels on effective business practices

Grundlagen fuer diodengepumpte Nd-dotierte Festkoerperlaser hoher Leistung. Modulierte, diodengepumpte Festkoerperlaser fuer die Materialbearbeitung Abschlussbericht

In the frame of the project 'Diode-pumped high performance solid state lasers' different types of diode arrays have been applied, and their electro-optical properties were compared. Finally a silicon microchannel cooler has been developed as a submount for high average power laser diode arrays has been constructed and adapted to maintain effective working conditions of a 10 W-CW laser. Comparing different conceptions of diode-pumped solid state lasers, highest performance parameters were obtained using face-emitting piles of laser billets with odd symmetry of the pump modules. By resonant spiking modulation, 50% modulation of the Nd:YAG laser beam was achieved. For short-puls modulation an acousto-optical quality was integrated into the laser resonator. (WEN)SIGLEAvailable from TIB Hannover: F95B1734+a / FIZ - Fachinformationszzentrum Karlsruhe / TIB - Technische InformationsbibliothekBundesministerium fuer Forschung und Technologie (BMFT), Bonn (Germany)DEGerman