Does venture capital pay off? a meta-analysis on the relationship between venture capital involvement and firm performance

Venture capital (VC) as an alternative to mainstream corporate finance (Wright and Robbie, 1998) has attracted a large amount of interest in academic research and among practitioners. On e of the main questions is whether VC adds value to firms. Yet, empirical research results are highly inconsistent. Venture capitalists do not only provide capital and monitoring, but also actively assist firms with industry-specific knowledge and skills (MacMillan et al., 1989). Furthermore, they increase the legitimacy of entrepreneurial firms (Zimmerman & Zeitz, 2002). On the other hand, venture capitalists may pressure firms to an initial public offering (IPO) in a premature stage of their life cycle (Gompers, 1996). High costs associated with an IPO may, in turn, decrease profitability and even endanger the survival of firms. Whether venture capital really pays off, thus, largely depends on contextual factors. The aim of this study is to provide a review and synthesis of existing empirical research on the relationship between VC and firm performance. Specifically, we intend to answer two research questions: (1) Does VC increase the performance of firms? (2) Which variables moderate this relationship

Convex integration for Lipschitz mappings and counterexamples to regularity

We study Lispchitz solutions of partial differential relations $\nabla u\in K$, where $u$ is a vector-valued function in an open subset of $R^n$. In some cases the set of solutions turns out to be surprisingly large. The general theory is then used to construct counter-examples to regularity of solutions of Euler-Lagrange systems satisfying classical ellipticity conditions.Comment: 28 pages published versio

The attainable superconducting Tc in a model of phase coherence by percolation

The onset of macroscopic phase coherence in superconducting cuprates is considered to be determined by random percolation between mesoscopic Jahn-Teller pairs, stripes or clusters. The model is found to predict the onset of superconductivity near 6% doping, maximum Tc near 15% doping and Tc= T* at optimum doping, and accounts for the destruction of superconductivity by Zn doping near 7%. The model also predicts a relation between the pairing (pseudogap) energy and Tc in terms of experimentally measurable quantities.Comment: 3 pages + 3 postscript figure

Prospects for Higgs Boson Searches in the Channel WH -> lnbb

We present a method how to detect the WH -> lnbb in the high luminosity LHC environment with the CMS detector. This study is performed with fast detector response simulation including high luminosity event pile up. The main aspects of reconstruction are pile up jet rejection, identification of b-jets and improvement of Higgs mass resolution. The detection potential in the SM for m(H) < 130 GeV and in the MSSM is only encouraging for high integrated luminosity. Nevertheless it is possible to extract important Higgs parameters which are useful to elucidate the nature of the Higgs sector. In combination with other channels, this channel provides valuable information on Higgs boson couplings.Comment: 8 pages, 8 figure

Electro-osmosis on anisotropic super-hydrophobic surfaces

We give a general theoretical description of electro-osmotic flow at striped super-hydrophobic surfaces in a thin double layer limit, and derive a relation between the electro-osmotic mobility and hydrodynamic slip-length tensors. Our analysis demonstrates that electro-osmotic flow shows a very rich behavior controlled by slip length and charge at the gas sectors. In case of uncharged liquid-gas interface, the flow is the same or inhibited relative to flow in homogeneous channel with zero interfacial slip. By contrast, it can be amplified by several orders of magnitude provided slip regions are uniformly charged. When gas and solid regions are oppositely charged, we predict a flow reversal, which suggests a possibility of huge electro-osmotic slip even for electro-neutral surfaces. On the basis of these observations we suggest strategies for practical microfluidic mixing devices. These results provide a framework for the rational design of super-hydrophobic surfaces.Comment: 4 pages, 4 figures; submitted to PRL Revised version: several references added, typos corrected. Supplementary file was restructured, the second part of the original EPAPS was removed and is supposed to be published as a separate pape