How do banks assess entrepreneurial competence? The role of voluntary information disclosure

This research adds to the literature on relationship lending in the small business context by discussing the roles of entrepreneurial competence and voluntarily disclosed information as determinants of credit access. More specifically, we propose that the loan manager’s evaluation of the information voluntarily disclosed by the entrepreneur is an important complement to publicly available financial data and soft information collected through observation and third parties in framing the loan manager’s perception of the entrepreneur’s competence. Further, we argue that banks charge lower interest rates if the loan manager perceives the entrepreneur to be competent. Econometric analysis based on 433 bank-firm relationships supports these hypothesised relationships. The results imply that entrepreneurs need to communicate their competence effectively to loan managers, and that banks should utilise their loan managers’ personal evaluations as inputs to lending decisions

New energetic ingredients for solid rocket propulsion

Two metallized solid rocket propellant formulations, based on either the standard AP/HTPB matrix commonly used in space propulsion or the new matrix ADN/GAP, were analyzed. The two formulations in terms of ideal thermochemistry and experimental combustion properties were compared. Thus, a dual-oxidizer system bound by an active binder and loaded with a dual metal fuel was proposed as optimum formulation for space exploration missions. For all configurations, only laboratory level testing was discussed. For motor applications, full-scale testing is needed to ensure a complete mastering of the process

Dual-Mode Propellant Properties and Performance Analysis of Energetic Ionic Liquids

Imidazole-based energetic ionic liquids capable of dual-mode chemical monopropellant or bipropellant and electric electrospray rocket propulsion are investigated. A literature review of ionic liquid physical properties is conducted to determine an initial set of ionic liquids that show favorable physical properties for both modes, followed by numerical and analytical performance simulations. Of the ionic liquids considered in this study, [Bmim][dca], [Bmim][NO₃], and [Emim][EtSO₄] meet or exceed the storability properties of hydrazine and their electrochemical proper ties are comparable to [Emim][Im], the current state-of-the-art electrospray propellant. Simulations show that these liquids do not perform well as chemical monopropellants, having 10-22% lower specific impulse due to their lack of oxidizing species. The ionic liquids show acceptable bipropellant performance when burned with standard oxidizers, having specific impulse 6-12% lower than monomethylhydrazine and nitrogen tetroxide combination. Considering these ionic liquids as a fuel component in a binary monopropellant mixture with hydroxyl ammonium nitrate shows 1-3% improved specific impulse over some green monopropellants, while retaining a higher molecular weight, reducing the number of electrospray emitters required to produce a given thrust level. More generally, ionic liquids with oxidizing anions perform well as chemical monopropellants while retaining high molecular weight desirable for electrospray propulsion mission