Improving the role of equity crowdfunding in Europe's capital markets. Bruegel Policy Contribution Issue 2014/09, August 2014

Crowdfunding is a growing phenomenon that encompasses several different models of financing for business or other ventures. Despite the hype, equity crowdfunding is still the smallest part of the crowdfunding market. Because of its legal framework, Europe has been at the forefront of equity crowdfunding market development. Equity crowdfunding is more complex than other forms of crowdfunding and requires proper checks and balances if it is to provide a viable channel for financial intermediation in the seed and early-stage market in Europe. It is important to explore this new channel of funding for young and innovative firms given the critical role these start-ups can play job creation and economic growth in Europe. We assess the potential role of equity crowdfunding in the overall seed and early-stage financing market and highlight the potential risks of equity crowdfunding. We describe the current state of play in this nascent industry, considering both the innovations introduced by market operators and existing regulation. Currently in Europe there is a patchwork of national legal frameworks related to equity crowdfunding and this should be addressed in a harmonised way

The growing intergenerational divide in Europe. Bruegel Policy Contribution Issue 2015/17, November 2015

During the economic and financial crisis, the divide between young and old in the European Union increased in terms of economic well-being and allocation of resources by governments. As youth unemployment and youth poverty rates increased, government spending shifted away from education, families and children towards pensioners. To address the sustainability of pension systems, some countries implemented pension reforms. We analysed changes to benefit ratios, meaning the ratio of the income of pensioners to the income of the active working population, and found that reforms often favoured current over future pensioners, increasing the intergenerational divide. We recommend reforms in three areas to address the intergenerational divide: improving European macroeconomic management, restoring fairness in government spending so the young are not disadvantaged, and pension reforms that share the burden fairly between generations

Tropical range extension for the temperate, endemic South-Eastern Australian Nudibranch Goniobranchus splendidus (Angas, 1864)

In contrast to many tropical animals expanding southwards on the Australian coast concomitant with climate change, here we report a temperate endemic newly found in the tropics. Chromodorid nudibranchs are bright, colourful animals that rarely go unnoticed by divers and underwater photographers. The discovery of a new population, with divergent colouration is therefore significant. DNA sequencing confirms that despite departures from the known phenotypic variation, the specimen represents northern Goniobranchus splendidus and not an unknown close relative. Goniobranchus tinctorius represents the sister taxa to G. splendidus. With regard to secondary defences, the oxygenated terpenes found previously in this specimen are partially unique but also overlap with other G. splendidus from southern Queensland (QLD) and New South Wales (NSW). The tropical specimen from Mackay contains extracapsular yolk like other G. splendidus. This previously unknown tropical population may contribute selectively advantageous genes to cold-water species threatened by climate change. Competitive exclusion may explain why G. splendidus does not strongly overlap with its widespread sister taxon

The globalization of angel investments. Bruegel Working Paper 2015/09, 1 September 2015

The last decade has seen a rapid expansion and deepening of the types of vehicles that fund start-up firms in the U.S. and worldwide. In particular, we have seen a growing role of angel groups and other more “individualistic” funding options for start-ups, such as super angels or crowd sourcing platforms. Authors seek to understand the nature and consequences of angel investments across a variety of geographies with varying levels of venture capital markets and other forms of risk capital. They ask whether angel investors improve the outcomes and performance of the start-ups they invest in. Furthermore we want to understand whether and how the types of firms that seek angel funding vary with the overall entrepreneurial ecosystem in a country. Authors examine the records of 13 angel investment groups based in 12 nations and with applicants for financing transactions from 21 nations, examining both the applicants that were considered and rejected and those that were funded. Key findings from the analysis are two-fold. First, angel investors have a positive impact on the growth of the firms they fund, their performance, and survival. Second, they find that the selection of firms that apply for angel funding is different across countries

Survival and Flight Characteristics of Captive-Reared and Wild Northern Bobwhites in Texas

Introductions of captive-reared northern bobwhite (Colinus virginianus) to bolster native populations have been largely unsuccessful. We compared the survival and flight characteristics of game-farm (n 46), first-generation (F1) (n = 48), wild translocated (n = 45), and wild native (n = 50) northern bobwhites. In November 1993, all birds were radio-collared, leg banded, sexed, and aged. Birds were then released on a study area in Brooks County, Texas in groups of about 15, 1 bird at a time. Upon release, the direction of departure, speed, and time required to reach cover were recorded. The mean flight speed and distance flown for wild bobwhites was significantly greater (P \u3c 0.01) than captive-reared bobwhites. Wild native, wild translocated, and F1 groups were non-randomly distributed in direction of departure at release site (P \u3c 0.01). Survival of wild groups was significantly higher than captive-raised groups (P \u3c 0.05). The major cause of mortality in all groups was mammalian depredation. Fifteen F1 quail and 1 game-farm quail integrated into wild coveys. Our results re-confirm the inability of game-farm and first-generation northern bobwhites to survive in the wild, and we offer flight speed as one potential causal factor

Electrochemical Solutions for Advanced Life Support

The Oxygen Generating Assembly (OGA) on-board the International Space Station (ISS) employs a polymer electrolyte membrane (PEM) water electrolysis cell stack to electrochemically dissociate water into its two components oxygen and hydrogen. Oxygen is provided to the cabin atmosphere for crew respiration while the hydrogen is delivered to a carbon dioxide reduction system to recover oxygen as water. The design of the OGA evolved over a number of years to arrive at the system solution that is currently operational on ISS. Future manned missions to space will require advanced technologies that eliminate the need for resupply from earth and feature in-situ resource utilization to sustain crew life and to provide useful materials to the crew. The architects planning such missions should consider all potential solutions at their disposal to arrive at an optimal vehicle solution that minimizes crew maintenance time, launch weight, installed volume and energy consumption demands. Skyre is developing new technologies through funding from NASA, the Department of Energy, and internal investment based on PEM technology that could become an integral part of these new vehicle solutions. At varying stages of Technology Readiness Level (TRL) are: an oxygen concentrator and compressor that can separate oxygen from an air stream and provide an enriched oxygen resource for crew medical use and space suit recharge without any moving parts in the pure oxygen stream; a regenerative carbon dioxide removal system featuring a PEM-based sorbent regenerator; a carbon dioxide reduction system that electrochemically produces organic compounds that could serve as fuels or as a useful intermediary to more beneficial compounds; and an electrochemical hydrogen separator and compressor for hydrogen recycle. The technical maturity of these projects is presented along with pertinent performance test data that could be beneficial in future study efforts

XPS and XMCD study of Fe3O4/GaAs interface

Ultrathin Fe oxide films of various thicknesses prepared by post-growth oxidation on GaAs(100) surface have been investigated with X-ray photoelectron spectroscopy (NPS), X-ray absorption spectroscopy (XAS), and X-ray magnetic circular dichroism (XMCD). The XPS confirms that the surfaces of the oxide are Fe3O4 rather than Fe2O3. XAS and XMCD measurements indicate the presence of nsulating Fe divalent oxide phases (FeO) beneath the surface Fe-3 O-4 layer with the sample thickness above 4 mn. This FeO might act as a barrier for the spin injection into the GaAs

Prospectus, January 26, 2000

https://spark.parkland.edu/prospectus_2000/1002/thumbnail.jp

Habitat and exposure modelling for ecological risk assessment: A

Contamination has a dramatic impact on the health of ecosystem and habitat suitability for the inhabited flora and fauna. The Environmental Protection Agency (EPA) mandates an ecological risk assessment (ERA) that evaluates the potential adverse impact of any anthropogenic activities on the ecosystem (US Environmental Protection Agency, 1997. Ecological Risk Assessment Guidance for Superfund: Process for Designing and Conducting Ecological Risk Assessment. EPA/630/R-021011, Washington, DC). This study provides a general framework and specific procedures to predict the contaminant exposure of midsized mammals using a geographical information system (GIS)-based Monte Carlo simulation model. The model was applied to the raccoons (Procyon lotor) on the Savannah River Site (SRS), a former nuclear production and current research facility. Habitat behavioral data of 13 radiocollared male raccoons were used to determine home range and core areas. Combined with other geographic data layers, such as distance to water, number of wetlands, and class landscape metrics, a logistic regression model was used to inductively derive the resource selection functions that define the occurrence of raccoon. The cross validation consistently revealed a high accuracy. A Monte Carlo simulation was then performed to estimate the likelihood of exposure and contaminant uptake of the species weighted by the resource selection probability. This model adopted conservative assumptions and spatial parameters. The proposed model served the purpose of assessing ecological risk and supporting decision-making. Implementation issues for a GIS-based ecological risk assessment model are discussed

Habitat and exposure modelling for ecological risk assessment: A

Contamination has a dramatic impact on the health of ecosystem and habitat suitability for the inhabited flora and fauna. The Environmental Protection Agency (EPA) mandates an ecological risk assessment (ERA) that evaluates the potential adverse impact of any anthropogenic activities on the ecosystem (US Environmental Protection Agency, 1997. Ecological Risk Assessment Guidance for Superfund: Process for Designing and Conducting Ecological Risk Assessment. EPA/630/R-021011, Washington, DC). This study provides a general framework and specific procedures to predict the contaminant exposure of midsized mammals using a geographical information system (GIS)-based Monte Carlo simulation model. The model was applied to the raccoons (Procyon lotor) on the Savannah River Site (SRS), a former nuclear production and current research facility. Habitat behavioral data of 13 radiocollared male raccoons were used to determine home range and core areas. Combined with other geographic data layers, such as distance to water, number of wetlands, and class landscape metrics, a logistic regression model was used to inductively derive the resource selection functions that define the occurrence of raccoon. The cross validation consistently revealed a high accuracy. A Monte Carlo simulation was then performed to estimate the likelihood of exposure and contaminant uptake of the species weighted by the resource selection probability. This model adopted conservative assumptions and spatial parameters. The proposed model served the purpose of assessing ecological risk and supporting decision-making. Implementation issues for a GIS-based ecological risk assessment model are discussed