Kimberly McCullough

Kimberly McCullough Colorado Christian UniversityCollege of Adult and Graduate StudiesBUS-301A, Business FinanceProfessor MurphyApril 18, 2018 Analyzing Your Financial RatiosIn Chapter Case â€Å"Question 1. I will give, the current proportion gauges an organization's capacity to pay momentary commitments. The snappy proportion of S;S, which is a marker of an organization's transient liquidity. make certain to show your work in computing the proportions including the proportions of the organization. (In Chapter 3, page 8, Finkler, S. 2017). With regards to their budgetary arranging at S and S Air, Inc their money related supervisor will have the option to comprehend. In Chapter Case 1, with S&S Air, Inc. with this business working capital administration they should work with specific banks about their commitment to their objectives and their accomplishment in their business. S&S Air, Inc.2016 Income Statement S&S Air. Inc.2016 Balance Sheet Light Airplane Industry Ratios Capital Budgeting The contextual analysis presents two companies (An and B) with various income esteems and costs just as factor devaluation costs, charge rates and rebate rates. With regards to my mother and father's business applying reasonable use controls to guarantee that speculations expenses accommodate with. With regards to capital planning my parent's business they are deciding the practicality to long haul speculations on buy or substitution of property. (Dlabay, L. 2008, Chapter 3, pg.12-13)Ratios and Financial Planning at S&S Air, Inc.†Calculations Chapter Case â€Å"Conch Republic Electronics†Conch Republic Electronics is a medium sized hardware maker situated in Key West, Florida. The organization president is Shelley Conc, who acquired the organization. At the point when it was established more than 70 years back, the organization initially fixed radios and other family machines. Throughout the years, the organization ventured into assembling and is presently a trustworthy maker of different electronic things. Prior to propelling another arrangement, the organization need to experience the accompanying strides as to guarantee a smooth creation of this new arrangement. 1.1 10 Steps Before Launching New ProductsAs a business develops the topic of the presenting new items/administrations emerges. Propelling new items/administrations implies facing challenges and overseeing change. Development and change must be overseen simultaneously as on-going business activities. Keeping up energy is trying for private ventures with constrained assets. (Mayo, H. 2017). QuestionsWhat is the compensation time of the project?What is the benefit file of the project?What is the IRR of the project?What is the NPV of the project?All the cases are Excel-based?First, The Cost of Research and Development Second, for them to figure organizing capital for the following initial two years their new advanced mobile phone organization their cell phones costs produce disintegration cost (negative symptom) to the current PDA. The misfortune from the all out income of existing advanced mobile phone. The net steady income of new advanced cell is equivalent to the all out income of new PDA less the all out income deficit from the current shrewd phone.The Revenue Loss of Existing Smart Phone Comes from Two Parts.Part one: the business units will be marked down, and the first value income on these business joins will be gone (the business units of the current PDA will fall by 30,000 units for each year, and the cost of the current PDA is $380 per unit). Section Two: In Conch Republic Electronics finding of the affectability of progress in amount of the rest of the units will be sold at a lower value (the cost of the current units should be brought down to $ 210 each), and the value distinction is a wellspring of income. Take First Year for Example: The estimation of net steady income of the subsequent year resembles the principal year. Beginning from the third year, there is no income loss of existing advanced mobile phone ascribed by the new PDA, in light of the fact that the creation of the current PDA is ended. The gradual income is only the income of new advanced cell. (Brigham, E. 2016, Chapter 5 pg. 9-10)Third, with regards to In Conch Republic Electronics cost they needed to take their benefit and their credit value. As a cell phone organization they realize that knowing the expense of capital it can settle on better choices on its future speculations and other such financing alternatives. (Midgley, K. and Burns, R. 1997) The estimation of net variable expense of the subsequent year resembles the main year. Beginning from the third year, there is no factor cost lessening of new advanced mobile phone. The net variable expense is only the variable expense of new brilliant phone.Four, with regards to Conch Republic Electronics organization they need to consider in regards to resource acquisitions in different ventures brought. Since it is a cell phone organization figuring the fixed expense is simply new PDA's fixed expense. Section Case â€Å"Stephenson Real Estate Recapitalization† In this report I will examine the work in an AJD land office from various perspectives: Market studying, the standard working techniques that be followed in the market, proposals to improve crafted by AJD office. (Huber, W. 2009, Chapter 5, pg. 10-12)1.2 Definitions:Real bequest is â€Å"Property comprising of land and the structures on it, alongside its normal assets, for example, yields, minerals, or water; unfaltering property of this nature; an intrigue vested in this; (likewise) a thing of genuine property; (all the more for the most part) structures or lodging as a rule. Additionally: the matter of land; the calling of purchasing, selling, or leasing area, structures or lodging. It is a legitimate term utilized in the vast majority of the proper arrangements in this field. (Davis, M. 2012, Chapter 5, pg. 2-10)†Stephenson Real Estate Recapitalization†In request for Stephenson's Real Estate recapitalization they need to viably recapitalizing the organizations by expanding the extent of obligation in the capital structure. Since Stephenson is an all-value firm with 15 million portions of regular stock exceptional, worth $35.20 per share, the market estimation of the firm is $528 million (= 15 million offers * $35.20 per share). Stephenson's reasonable worth accounting report before the declaration of the land buy is:Because of the buy, the company's pre-charge profit will increment by $27 million every year in ceaselessness. These profit are charged at a pace of 40%. In this manner, after charges, the buy expands the yearly expected profit of the firm by $16.2 million {($27 million) (1 †0.40)}. (Peiser, R. and Hamilton, D. 2012) Therefore, the net present estimation of the land buy is $19.6 million.After the declaration, the estimation of Stephenson will increment by $19.6 million, the net present estimation of the buy. Under the effective market speculation, the market estimation of the association's value will promptly ascend to mirror the NPV of the task. Accordingly, the market estimation of Stephenson's value will be $547.6 million (= $528 million + $19.6 million) after the association's announcement.Assessments and Measures Direct Versus Indirect Measures of AssessmentThe contrast among immediate and circuitous proportions of understudy learning has taken on new significance as certifying organizations, for example, WASC have required the utilization of direct measures to be the essential wellspring of proof. Roundabout measures may serve just as supporting proof. (Linneman, P. 2010)Embedded and Add-On AssessmentEmbedded evaluations are errands that are incorporated into explicit courses. They for the most part include study hall evaluation methods however are intended to gather explicit data on program learning results. (Claus, F. 2009)ConclusionWhat I have learned? This subject gave me a review of key promoting ideas and strategies as they apply in an assortment of associations and in both customary and online situations. Additionally, this subject helped me to build up my insight and comprehension of the center job of advertising in deciding the development potential.ReferencesRoss, S., Westerfield, R., and Jordan, B. (2017). Fundamentals of Corporate Finance (ninth ed.). Dlabay, Les (2008) Business Finance (first Editio) Finkler, Steven (2017) Finance and Accounting for Nonfinancial Managers (fifth Edition) Book †Softcover Mayo, B. Herbert (2017) Fundamental Finance: An Introduction to Financial Institutions, Investments, and Management Brigham, F. Eugene (2016) Fundamentals of Financial Management (fourteenth ed.) Distributer: Cengage Learning Huber, Wait (2009) Real Estate Finance †(seventh release) Davis, Maria (2009) Accounting for Real Estate Exchanges: A Guide for Public Accountants and Corporate Financial Professionals second Edition Peiser, Richard and Hamilton, David (2012) Professional Real Estate Improvement: The ULI Guide to the Business Linneman, Subside (2010) Real Estate Finance and Investments: Risks and Opportunities Clauss, J. Frances (2009) Corporate Financial Analysis with Microsoft Excel Midgley, Kevin and Burns, G. Ronald (1979) Business Finance and the Capital Marketn.

Nursing Research Day Essay Example | Topics and Well Written Essays - 250 words

Nursing Research Day - Essay Example It feels like the framework we have that time just centered around the malady and not on what we can do to forestall event of illnesses. It is very dismal that ‘prevention’ was just a word in such a case that not, should general wellbeing attendants get progressively proficient improvement trainings to enable the network to forestall sicknesses? Should more offices and better medicinal services conveyance be acquired to forestall declining of illnesses or straightforwardness recuperation? Going to an examination gathering like this will lead members like me to analyze current practices and supporter for change. In some cases, it will leave you asking yourself various inquiries about the outcome and your quick experience as you fundamentally look at the discoveries. You see yourself in the process †straightforwardly or not legitimately included. The subsequent introduction entitled â€Å"An Update on the State of Nursing† has helped me understand that insights and numbers would not make any difference except if it will be articulated and will be given translation. From the outset, members of the examination were just given socioeconomics of the nurses’ instructive interest, position in government and association, and business rates. These were very little refreshing until these outcomes were deciphered and benchmarked. I have wanted to satisfy a few empty chances, particularly on the organization way. We, attendants, advocate for change in our status and in the conveyance of care. In any case, by what method will the organization get us if the individuals who are situated are agents, investors, or others not from the wellbeing calling? How might we advocate for change in Congress if our voices were close to nothing? Directing and dispersing research discoveries are significant in soaking up familiarity with the momentum circumstances, changing our substitute the general public, and getting effectively associated with the procedure. Without these, change won't be

Here is what you should know about The Dow Jones, today.

Here is what you should know about The Dow Jones, today. Make Money Online Queries? Struggling To Get Traffic To Your Blog? Sign Up On (HBB) Forum Now!Here is what you should know about The Dow Jones, today.Updated On 16/08/2019Author : Ram kumarTopic : BusinessShort URL : https://hbb.me/308ar8x CONNECT WITH HBB ON SOCIAL MEDIA Follow @HellBoundBlogDiscover New Knowledge About the Dow Jones, TodaAlmost everybody knows about the Dow Jones Industrial Average. Its arguably the worlds most famous stock index, representing a basket of the best thirty American large stock companies.The DJIA has become almost synonymous with the Stock Market. Its not, of course, but when people mention it, they do so as if it represents all stocks.How Does the Weighting of the DJIA Work?The DJIA is a weighted index. The way the weighting works is that any move of at least one point by any of the thirty stocks moves the index an equal number of points. That differs from other weighted indexes, like the SP 500, which uses the basis of market cap.The companies tha t make up the index tend to be household names. Firms like Boeing and American Express represent significant institutional investments. Therefore the shares of the companies in the DJIA tend to be widely held by individuals and organizations.The Dow Jones Is the Most Cited IndexThe Dow Jones has always been the most cited of all indexes, despite having more comprehensive rivals. We like it because so many people already have an idea of the DJIA in their minds. Since they think of it as representing the stock market, its become a short-form way of doing that.Those thirty stocks represent the entire U.S. market. Thats true for small-time investors and investment gurus alike. Being a member of the index is prestigious and signals that the company is a uniquely successful enterprise.What Are Other Factors to Know?The Dow Jones Today is a quick way of letting people know the overall direction of the market and sentiment of investors.Ever since Charles Dow and Edward Jones established the Dow Jones industrial average back in 1896, it remains the leading indicator for the U.S. stock market.If the market is up sharply, it means a wave of optimism is sweeping over traders and long-term shareholders. When it dumps abruptly, it means a souring in confidence and a potential trend break. The most prominent dark days in Wall Street are the so-called crashes. The stock market is said to crash when the Dow Jones drops enough in a trading session.The Dow Jones Represents Vital InformationAs an indicator, the state of the DJIA is always worth checking. It gives investors a sense of the direction of the market at all times. It may even provide a glimpse into how the largest enterprises are faring in the worldwide economy.READHow IoT technology is helpful in enhancing financial services?Its easy to understand, a relatable signal that is in such everyday use, people infer meaning from knowing the price.A Look Back for InvestorsThe Dow Jones also provides historical context for inv estors. Anyone can look back to see historical prices to look for trends. Thats a way to get a feel for current market conditions. Investors need to get a feel for the prior moves so that they can make educated guesses about the price direction.Thats never easy to do, but the Dow Jones has been serving as a guide since the earliest days. It will likely continue in the future. Its a skill to read it and use it to inform your investments. Naturally, like all other indicators, its only one significant data point. Still, you cant possibly ignore market indicators either.Investing is a game of research, but it also takes intuition and know-how. Both of those qualities come from paying attention to the game daily. Thats why indexes and indicators get so much interest. Theyre like focal points to help traders concentrate. Without considering the direction of these signs, each stock would exist in a vacuum.Free research about stocks and the market, in general, are widely available. Its a co mplicated topic, but anyone can invest with a bit of knowledge. Its probably easiest to purchase an index stock. The DJIA and all other indexes are available as ETFs with specific trading symbols. Buying shares in these funds will allow investors to own all the underlying stocks.Buying Index Funds Makes SenseThe benefit of doing that is that the return tracks that of the DJIA. In the last ten years, the index has doubled. Thats a secure investment to make because it requires buying and holding only. That way nobody has to beat the market, going along with it instead. For most investors, this is a perfectly adequate way to participate in the market. It requires much less intensive study and monitoring.Instead of studying the movement of bunches of stocks, investors now buy indexes and buy directional market moves. Its a fantastic time in the market for passive investments. The DJIA is a no-brainer for long-term holders. Its doing well this year and has been valuable since 2009.

Effects Of Venture Capital On Innovation Finance Essay - Free Essay Example

Sample details Pages: 19 Words: 5581 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? To start a successful business activities or plan to expand a current company, an entrepreneur needs a certain amount of capital. Actually, there are several options for start-up or expanding financing, but mainly, the possible sources of funding can either be internal or external. Use of internal funds such as personal savings, family and friends is most likely for small starting business. Don’t waste time! Our writers will create an original "Effects Of Venture Capital On Innovation Finance Essay" essay for you Create order However, for expansion stages or big projects, external financing in the form of debt or equity is more suitable. In particular nowadays, one of the most popular equity financing used for start-up companies is the venture capital (VC). VC is money invested in high risk start-ups by venture capitalists on behalf of institutional investors with the aim of making outsize returns. The origin of VC in its modern form may be traced to General Doriot, who established the American Research and Development Fund (ARD) at the Massachusetts Institute of Technology (MIT) in 1946. Respectively, the first VC companies in Germany were founded in the middle of the 60s. The current measures of VC investments are significantly low due to the financial crisis of 2007-2010: 18,3 billion USD in the US and 2,7 billion EUR in Germany for 2009, respectively, 16,7 billion USD in the US and 3,3 billion EUR in Germany till the 3rd quarter of 2010.[1]In spite of the fact that, the VC investments are very small percentage of the countries GDP, the returns from those investments are at very high level.[2] Nowadays, innovation is consistently associated to be one of the most important characteristic of success. Many high-growth small and medium sized enterprises (SMEs) that are very successful in their field are significantly connected to innovation. Moreover, those innovative-enterprises typically accomplish stronger growth or are more successful than enterprises that do not innovate. Similarly, entrepreneurs that gain market share and increasing profitability are those that innovate.[3]For this reason, many governments around the globe try to duplicate the success of the U.S. VC industry. These attempts share a common logic that VC has spurred innovation in the US, and can do so elsewhere.[4]Therefore, VC could be a catalyst for innovation that serves as an important industrys source for job growth, economic development and wealth.[5] In this seminar paper I investigate the correlation between the venture capital investments and the translation into innovation, namely, whether venture capitalists are catalysts for innovation or if they simply exploit it. The research is also focused on whether the collapse of venture capital, due to extraordinary internal or external processes e.g. investments bubbles or financial crisis, has crucial effect on innovation. 1.2 Structure of the analysis What I examine, my concerns, what I find in each of the main subtopics or paragraphs: short, clear, exact review ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ The remainder of the paper has the following structure. Chapter 2 describes how venture capital works and discusses what role it plays in financing innovative start-ups. Chapter 3 presents ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ . In Chapter 4 I build ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ . The final Chapter 5 summarises the most important findings, formulates conclusions and suggests further research topics. 2 Background and overview of venture capital industry Venture Capital is long term equity capital invested in new and rapidly expanding innovative entrepreneurs. Generally, start-up and other emerging enterprises lack the collateral, track of records, or earnings required to get a loan and thus the traditional debt financing is not always available to them. Most enterprisers seek initial seed capital from family members, friends or wealthy individual investors, also known as business angels, who are willing to take the risk associated with start-ups in return for a proportion of the company equity. Professionally managed venture capital firms provide the most notable venture capital money. An informal network of investors supplies the funding of these firms, it includes: insurance companies, bank holding companies and their affiliates, pension funds, endowment funds, foundations, corporations, wealthy individuals, foreign investors and the venture capital professionals. Venture capital professionals in this respect are the primary agents between new enterprises and capital sources. The typical process of VC fundraising consists of four steps investment, value creation and exit.[6] The enterprises in which venture capitalists invest are generally unproven and high-risk, but the main expectation is that such an investment will yield a greater return than other types of investment. Despite the fact that only a relatively small number of start-ups are financed with venture capital, they are often the fastest-growing ventures and most innovative.[7]Integral part after making the investment is the involvement of the venture capitalist in the management of the business, such as becoming members of the board of directors. Their role in the management spreads from the top level of the firm to the lowest levels. That includes: protection of intellectual property, providing guidance to entrepreneurs, monitoring the new company, influencing strategy, help in finding management and shaping boards, creating high-salaried and skilled positions, and creating company checks and balances by sharing investments with other investors.[8]The venture firms are also using the synergi es channels between the various companies they have invested in. One possible example of successful integration is when a company that has better distribution technology may help another company or its management in the venture portfolio that has a great pharmaceutics or software product, but does not have adequate distribution technology. In the formal lifecycle, venture capitalists will help companies grow, but mainly they pursue to exit the investment in three to seven years. Early investments take between seven and ten years to mature, while later stage investments only need a few years, so that the demand for investment life cycle must be congruent with the appetite of the companies limited liquidity. The investment risk is neither a short nor a liquid investment, but an investment should be done with great care, constancy and expertise. Although, high-tech investments are the largest part of the venture firms financing policy in U.S and the company receives a lot of attention for its high technology investments, venture capitalists invest in companies such as construction, industrial products, services, etc.Venture firms come in various sizes from small seed specialist firms of only a few million dollars under management to firms with over a billion dollars in invested capital around the world. Likewise a venture capital investor may be a single individual but a great part of the venture capitalists are organized as a limited partnership. According to Lerner, government efforts can also stimulate growth and bring success but they must proceed with caution. The main aspect the countries with overall performance and using governmental support is to have balanced accountability and independence for the funds in which they invest and have co-invested into funds with private investors.[9] Significant entrepreneurial activity, research universities, secure property rights that can be judicially enforced in a timely manner, an educated workforce and others are examples for key elements. In their presence is considered that venture capital can accelerate innovation and force positive outcomes. The injection of venture capital can be a catalyst that brings these elements together. In the United States, Intel, Microsoft, Apple Computer, Cisco Systems, Compaq, Sun Microsystems and many others distinct companies are instances for well-known and highly successful businesses created with venture financing.[10] 3 Venture capital and innovation 3.1 Determinants of innovation How to measure innovation is a much debated topic in a number of researches and a lot of determinants have been developed in order to solve the problem. I decided to follow a scheme in which I will discuss the first major experimental studies in detail. Then, I will argue and present the results from resent experiments, which use the same or similar analysis. In thinking about the product market dimension Hellmann and Puri draw an important differentiation among the competitive strategies of new companies. In order to study the effect of VC on innovation they build a distinction between innovator and imitator strategies. As innovators are named those entrepreneurs that introduce new services and products to the market for which no close substitute is yet offered. Imitators are late adopters also engaged in relatively new products and technologies. The main difference is that they are not the first movers in their field of activity and therefore tend to complete other aspects than innovation.[11]With this differentiation between innovator and imitator strategies, a series of observations related to venture capital financing could be made. First, whether the choice of a product market strategy has connection with the type of financing obtained by a start-up company. Second, investigating the relationship between choice of an investor and ou tcomes in the product market. There might be various interaction effects pointing in different directions and therefore an empirical analysis is debated to submit these questions.[12] Another research conducted from Kortum and Lerner examines the connection between VC and innovation. The relationship is propounded through the effects of Research and Development (RD) spending and venture capital funding on the number of patented innovations a stylized model of the relationship between VC, RD, and innovation.[13] 3.2 Empirical Researches 3.2.1 Product market strategy and outcomes In this chapter the empirical research of Hellmann and Puri for the effect of VC of product market strategy and outcomes is being presented in detail.[14]The research is based on unique collection of dataset of 173 high-technology companies in Silicon Valley, where a high incidence of entrepreneurial activity with rich setting is provided. The sample consists of surveys, interviews, commercial databases and any publicly available information. Its structure also enables to observe a timeline of events for each company. The entrepreneurs are classified into two major groups according to their best described initial strategy as an innovator strategy or an imitator strategy. As innovators are considered the companies that either introduce a radical innovation in an existing market, create a new market or develop a technology that will lead to products and services that satisfy either of the above criteria. Based on that data, the two major aspects strategy and outcomes are studied usin g the method of hypotheses. While testing for interactions, the timing structure of events is carefully observed. In particular, the model consists of ex ante strategy prior to financing, the financing itself, and the ex post product market outcome. Therefore, examined is the interrelationship of the ex ante strategy (innovator or imitator) and the type of financing (VC or other) on the one hand, and the interrelationship of the type of financing and subsequent product market outcomes (in particular time to market) on the other. The first part of the analysis examines whether the product market strategy affect the investor type. First null hypothesis (H0) is that there is no connection between the type of financing and product market strategy, meaning, the type of financing is independent from the ex ante strategy of a start-up firm. Two alternative hypotheses (H1) are suggested. The first H1 is that, venture capitalists prefer to finance innovator companies, the second H1 postulates that, venture capitalists prefer to invest in imitator businesses. Innovators are characterized with the advantage in identifying and then assisting innovator companies while imitators business concepts are easier to comprehend and communicate. In a probit model is found that innovators are more likely to be financed by venture capital than are imitators, this result is statistically significant at a 5% level. Results also represent that innovators obtain VC earlier in the life cycle than do imitators and which refuse the criticisms that VC does not support the most innovative start ups, or that venture capitalists invest in innovative companies only when they are already older and less risky. Relative to imitators, innovators are 1.96 times more likely to obtain VC in any given period of time, and the result is statistically significant at 1%. These results reject the H0 that, there is no connection between and entrepreneurial companys strategy and its tendency to obtain VC financing. Firms pursuing an innovator strategy are more likely to obtain venture capital and to obtain more quickly. Venture capitalist are not shying away from the uncertainty of innovative business concepts, it doesnt seem to be true that they only invest at a later stage when much of the uncertainty may already have been resolved. In the second part of the analysis, the dependence between VC financing and the time it takes a company to bring its product to the market is examined. The second H0 claims that the type of financing is product market neutral, meaning, the product market outcomes of a start-up company is independent form the type of financing . As most important market outcome is distinguished the time it takes to bring a product to market. The first H1 is that, venture capitalists quickly bring a product to market because of they identify promising companies and assist them. Alternatively, venture capitalists as patient investors are giving more time for the start-up through long development cycles with a higher consideration levels. It is found that the presence of VC is associated with faster time to market. According to the modified Cox proportional hazard model, the likelihood of the first product sale increases by a factor of 1.88 with the advent of a venture capitalist, statistically significant at the 1% level. This effect is particularly strong for innovators with factor of 3.37 and significant at 1%, but statistically insignificant for imitators. These results reject the second H0 that VC is product market neutral. VC is associated with faster time to market and this association is particularly strong for innovator companies. One interpretation of these results is that venture capitalists guide the companies to bring their product to market faster. Above all, this effect is more pronounced for innovators and explains the first finding that innovators are more likely to obtain VC. In particular, there are some alternative interpretations and information from the empirical study extracted. Moreover, for the venture capital-backed companies 59% (66% innovators and 50% imitators) list obtaining VC as a milestone, for the other companies (not VC-backed) only 27% list obtaining financing from some other source as a milestone. This difference is significant at the 5% level. The outcome shows that companies are more likely to consider VC as a crucial event than obtaining financing from some other source of finance. As a robustness check whether the finding of a faster time to market could be due to the fact that venture capitalists select companies with faster time to market, could be threw off using the timeline of events. The trivial understanding typically claims that the nature of the venture capital companies is to select good entrepreneurs and to add value to them but the theory and practice suggest that these may well be complementary activities.[15]Briefly, t he allegation for picking the right industries at the right time could not be proven and therefore rejected. In that experiment I find some important advantages: the independence of the form of financing, the availability of the whole timeline of the events, the usage of interviews and surveys. However, there are some problems and limitations of the research which I am taking into consideration. First of all, the research is conducted for the timeline in 1994-1998, the effect of dot-com bubble is not observed, which is followed by the changes in the investments strategy of the venture capitalists. Another consideration is that the research is conducted in USA and more specifically in the Silicon Valley, which represent only one third[16]of the invested venture capital in USA. Moreover, according to Mayer, the market in Europe[17]significantly differs from that in USA. Gompers and Lerner point that the possibility remains, more innovative firms select VC for financing, rather than VC causing firms to be more innovative.[18]Unfortunately, the narrow focus of the sample could have only limited applicability for companies under different economic base conditions. 3.2.2 Patented inventions By way of contrast, Kortum and Lerner, examine patterns that can be discerned on an aggregate industry level, rather than on the firm level.[19]slamka, the empirical research proposed from Kortum and Lerner discuss the relationship between VC, RD and number of patents as a measure of innovation.[20]The study analyzes annual data for twenty manufacturing industries between 1965 and 1992. The study used as dependent variable the number of patents issued to U.S. investors sorted by industry and date of application, and as explanatory variables are used the money spent for innovative inventions. The data are based on the measures of VC collected by Venture Economics and industrial RD expenditures collected by the U.S. National Science Foundation (NSF). There are two important problems in the research, which are taken into consideration. First, patenting in each industry can be sometimes only indirectly classified, and second, the data rarely do not allow a clear division between VC and R D investments. In order to avoid some misleading, the problems are carefully examined and some of the data is not used in the study. That measure is less likely to influence the final conclusion. This model also suggests that the reduced-form regression may overstate the effect of venture funding. This possibility may occur when venture funding and patenting positively correlate to arrival of technological opportunities as a third unobserved factor. The concerns are addressed in two ways. First, the outbreak of a major event in the VC industry. In 1979, the U.S Department of Labor freed pensions funds to invest in VC. This kind of huge changes is to determine the role of VC as it is unlikely to be associated with the arrival of entrepreneurial opportunities. On the other hand, the RD expenses are used to identify the starting or already existing technological capabilities, which are expected by economic actors, but unobserved to econometricians. One possible solution to suppress the causality problem is to estimate the impact of VC on the patent-RD ratio, rather than on patenting itself. After taking into consideration the causality concerns, the results from the study shows that VC does have a strong positive impact on innovation. The estimates based on the ratio comparison dollar to number of patents suggest that VC appears to be about three-four times more effective in stimulating patenting than a traditional corporate RD. Although VC was less than 3% of corporate RD from 1983 to 1992, it is responsible for about 8%, of U.S. industrial innovations in this decade which corresponds to much greater share. Another problem that is monitored by Kortum and Lerner is that, VC might encourage patenting, but having no impact on innovation, this effect may occur if the VC backed companies simply patent more innovation to impress potential investors or to prevent the expropriation of their ideas by these investors. This possibility is examined by comparing the quality of patents introduced from venture-backed and non-venture-backed firms, the results show that venture backed entrepreneurs does not seem to produce lower quality patents. Furthermore they are more frequent litigators of trade sector, sustaining the goodness of the patents and verifying that VC has positive effect to innovation. In short, one very important conclusion from that observation is the consistent with the results from the first empirical research, more over the data in the first one is ex ante and in the second one ex post, which make the conclusions significantly strong. 3.3 Estimate the effects of venture capital on innovation Despite the importance of VC and its ability to support the development of both individual companies and the economy as a whole the relationship between this instrument and the innovative behavior of entrepreneurs are studied only for a short time. Similarly, the causal relationship between VC and innovation is not clear. VC may spur innovation by relaxing the financial limitations that the innovative firms collide, on the contrary, when innovation opportunities arise, innovating firms may demand venture capital investments and, as a consequence, venture capital markets grow. From the empirical research of Hellmann and Puri follows that there is an interrelationship between the type of investor and product market behavior of start-up firms, it leads that the innovation entrepreneurs are more likely to obtain VC financing. The presence of VC, especially for innovators, is also associated with significant reduction in the time taken to bring a product to market. Thus, the positive effect of VC for innovation could be observed with very high significant level.[21] On the same hand, the study article of Kortum and Lerner about the impact of VC on technological innovation suggests that the effect is positive and significant. VC investment increases number of patents more strongly then industrial RD. The results are substantial to sub samples of industries and different measures of venture activity, moreover, the representations of the relationship ratio between patenting, RD, and venture capital is with very high significant level.[22] According to another research conducted from Lerner in 2010, 10 years after the research from above, he confirms that the arrival of VC to Mexico sparks innovation, furthermore, VC is not only catalyst for innovation but also active the job growth in the region. VC speeds company growth and reduces the time for research, acts as a business accelerator, assists market development and a go-to-market strategy and appears as one of the standard maintainers of the market. The Venture-backed firms in Mexico are typically younger when they IPO and produce higher quality patents than businesses financed with other resources.[23] On a research conducted from Mayer, the bridge[24]function of VC between idea and innovation is investigated. The study is built on the information from 15 Western European countries and the USA over a period between 1993 and 2006.[25]Unlike the studies of Hellmann/Puri and Kortum/Lerner, the particularly volatile period after 2001 is covered, when the previously steady upward trend in VC investments was broken for the first time. This increases the reliability and explanatory power of the results. For considerably great extent of the analysis, the model is based on: triadic patents to measure the input of ideas, and growth in total factor productivity to measure the innovation success.[26]The discovery of positive statistical correlation between VC financing and the translation of ideas into successful innovations confirms the bridging function that VC plays. This correlation is stronger in the earlier stages of financing the company, i.e. investments have a more notable effect in the seed stage than in the expansion one. The relation appears to operate in the direction from VC investment to commercialization. The results showed that the increase in venture capital investments deepens translation of ideas into innovation, in other words, a causal relationship is observed. Another conclusion points that the investment side mainly drives the positive effect of VC rather than the funds being raised. It therefore seems unlikely that VC activity may be increased only by providing the industry with more VC capital.[27] On the other hand, applying the model of Caselli, Gatti and Perrini to the Italian market, reveals some interesting features of VC and its role in financing and developing innovation. Using data from Italian venture backed and non-venture backed companies traded on the Italian Stock Exchange between 1995 and 2004, the research shows that the role of venture capital in Italy does not seem to promote innovation. It appears to be mainly concerned with the growth of sales. In detail, the tendency to innovate is a fundamental requirement to be approved in the screening phase of the VC selection process, but on the other hand, it seems that the entry of venture capital in the company does not encourage continued innovation.[28] Similarly, Engel and Keilbach investigate the connection between venture capital and innovation in Germany. They find weak evidence of relationship between venture capital and innovative behavior, which shows that innovation plays an important role before the venture capital investment and, therefore, it is only to attract sources of venture capital. After investments are made, the innovation process slows down, this suggests that patents stimulate venture capital investment but not the other way around.[29] These results are also consistent with Stuck and Weingarten, who propose an ex post analysis about the real development of already funded companies. The sample consists of more than 800 IPOs of electronic high-tech firms listed world wide after the start-up phase, they show that innovation level drops steadily, and funded companies perform as much as non-funded companies. The research shows that after the IPO, only a small group of firms analyzed were able to increase their market value.[30] In another research, Fulghieri and Sevilir develop a theory of the organization and financing of innovation activities, in which the choice of organization and financial structure of RD plays a strategic role. In particular, they show that, alone venture capital financing is more likely to occur when RD projects have high research intensity, when competition in RD run is less intense or RD cycle involves early-stage research and when research unit is financially limited.[31] 4 Implications of the collapse in venture activity for innovation In this chapter I seek to understand the implications of the collapse in venture activity for innovation. In the years after the dot-com bubble have seen a dramatic decline in VC activity. Investment activity has fallen by more than da vzema Danni ot nekade[32]and fund-raising by VC organizations has similarly undergone a sharp fall. The same effect of decreasing VC investments is also observed during and after the 2007-2010 financial crisis.[33]When taking into consideration the findings from chapter 3, the implications of this decline could be catastrophic for the technological innovation. According to Gompers and Lerner the situation may not be as serious and dangerous as it initially appears.[34]While, as I argue in chapter 3, there are many reasons for believing that on average VC has a powerful influence on innovation, that influence could be far from uniform. The overall correlation between VC and innovation is positive, but it may be quite different across the cycles of venture activity[35]. Gompers and Lerner examine first the peak periods of VC and then make implications for the collapse ones.[36]To deal with, they illustrate this unevenness with both: case-study and empirical evidence. Gompers and Lerner support the field-based evidence[37]with two examples in boom periods between the years 1990-2000. The first one presenting the peak period of biotechnology investing in early 90s, and the second, the boom of internet and telecommunication investments between 1998-2000, later become famous with the name dot-com bubble. During peak periods the venture capitalists funding firms are too similar to one another, the consequences of these overgrown investments are frequently the same: same targets, intensive negotiation for scientific and technical professionals, highly duplicative researches, costly legal proceedings for intellectual property theft and misappropriation of ideas. Most of the firms yielded very disappointing returns for their venture financiers, in many cases the firms were liquidated after further financing could not be arranged. Funds appear to be extended much less efficiently during the boom period, the reason for this may be found in the presence of misleading public signals or over optimism on the part of venture capitalists. Meanwhile, many obviously promising areas stayed unfunded as venture capitalist rushed to focus on the most visible and popular investment areas. The impact of VC investment was not as powerful in spurring innovation during these periods as in others. The statistical evidence[38]of Gompers and Lerner shows the same result that the effect of venture capital on innovation is less pronounced during boom periods. This evidence is based on the same framework as the empirical research conducted from Kortum and Lerner[39], which analyze annual data for twenty manufacturing industries between 1965 and 1992 and use patents issued as a dependent variable. As the model reports, the effect of patenting is some 15% lower during the boom periods, a difference that is strongly statistically significant, the magnitude of the effect of venture capital on innovation subsides, but remains positive and significant. My observation from those results is that the field study result corroborates the statistical evidence, suggesting that venture capitals effect on innovation is less pronounced during booms but is positive. According to Gompers and Lerner[40]the patterns from above may lead us to less worry about the short-run instability in venture financing, the expected impact on entrepreneurial activity is likely to be significant but the effects on innovation should be more moderate. VC fundraising and investment has decreased considerably after the internet boom of 2000, but the level of activity is still extremely high in respect to the period before the crisis. From historical perspective, ignoring the dot-com bubble, the VC industry shows robust growth over the past decade. Mayer[41]confirms the observations of Gompers and Lerner with data for 15 European countries and the USA between 1993 and 2006, including the period of peak and weakness of the VC investments not only in the US but also i n Europe. The research demonstrates the steady positive effect of VC in the transition of the entrepreneurs ideas in successful innovations. In the following paragraphs I will discuss the implication of the financial crisis on the venture capital backed innovation. So far, there exists only small number and limited studies that have empirically analyzed the impact of a financial crisis on VC activity. In two of the few studies on this issue, Block, Sandner and De Vries analyzed the VC investments in US Internet firms and VC activity across different industries and countries (US vs. non-US).[42] Block, Sandner and De Vries summarized that there is a decrease in VC activity due to the financial crisis, although it is not as large as one might have expected. As a whole, the VC market did not come to an immediate and complete halt. The effect differs with regard to the stage of financing: firms in later financing rounds received less funds than before crisis while for those obtaining initial financing no such result is observed. Also, the slowdown of VC activity is more notable in US than outside US.[43] Due to the external shock caused by the financial crisis, the VC market dries up. The evolution of innovative industries might be long-lasting negatively affected. Innovative entrepreneurs could run into severe liquidity problems, and the commercializations speed of technological innovations might slow down. Undoubtedly, the economic growth of the countries would be negatively affected, the exogenous impact on VC activity would lead to a severe funding gap in the financing of technological development and innovation. Unlike the last slowdown of VC activities after the collapse of the dot-com bubble in the year 2000, the current slowdown came more as an exogenous shock. In the 2007-2009 crisis, what initiated the downturn of VC activity were not unrealistic expectations but instead problems in the financial sector and that could differ the impact of VC on innovation in completely other way than the internet crisis.[44] I can conclude that all recent researches only confirm that the VC investments decrease, but the effect on innovation is not clearly reviewed. One possibility is that all investors are more careful and invest only in more stable and clear ideas and in that way the innovation could be slightly lagged. Secondly, the innovation determinants like relationship between innovators-imitators and the number of patents are not deeply investigated. Taken together, the evidence supporting the negative impact of the crisis on innovation is weak. It may take some more time for the commercialization of the new innovations, especially the less profitable, but as a whole the innovation is likely to persist even during and after the crisiss downtime. Thanks to the scientific curiosity and enthusiasm the innovation process will continue in the short and long-term. https://www.bea.gov/ https://www.destatis.de/jetspeed/portal/cms/ 5 Conclusion Although, some recent researches show the role of VC to innovation as decreasing, I can say with very high significant level that positive effect is undoubted. From the all the discussions and researches I am dividing the VC fund-raising and investment in three periods and I conclude for each one. The first period is a cycle of normal distribution of VC, according to all researches, the VC have a positive effect on innovation and spurs it. The second period is a peak one, characterized with less effectiveness of the invested capital but still with positive effect. The last one is a period of collapse, although the VC investments decline, the positive effect on innovation is still there. Many questions are left unanswered and provide good opportunities for future research. For example some of them could be directed to long-term effect of the recent finance crisis. Does the impact of financial crises on VC activity differ among industries or regions? How do the start-ups respond to the challenges posed by the financial crisis and the difficulties encountered in the search for VC funding? Does a lower success rate of VC-backed companies lead to a decline in the performance of VC funds? And ultimately, over a long time period, does VC as a financing instrument for innovative start-ups become severely harmed as an effect of the crisis? What is the effect of the crisis on the performance of VC funds?

Slaughterhouses Wastewater Treatment Plant - 584 Words

The influent, after screening and decanting is stored to the flow and organic load equalization tank and then inflows at a rate of QF = 80m3 d-1 to the SNdN activated sludge system. The SNdN system actually functions as an autonomous treatment plant where oxidation of organic pollutants, nitrification/denitrification and suspended solids sedimentation are taking place. Furthermore a sludge recycling from the secondary clarifier to the aeration tank is performed so as to ensure the required microbiological load (5000 Â ± 450 mg L-1). The aeration tank of the SNdN activated sludge system operates under low D.O. concentration (between 0,2 to 0,7 mg L-1). According to Mercalf and Eddy (2003), under low D.O. concentration conditions, low nitrification rates result, as the activated sludge floc will be partially aerobic. Denitrification occurs in the anoxic zones within the floc particles due to oxygen depletion. These conditions results nitrogen removal in a single aeration tank, referre d as simultaneous nitrification and denitrification (Mercalf and Eddy, 2003). In such systems, although usually both nitrification and denitrification are occurring at low rates, relative high SRT and HRT values achieves significant nitrogen removal (Mercalf and Eddy, 2003). The SRT and HRT values of the SNdN system studied are 29 and 0,75 days respectively. Subsequently the overflowing effluent of the SNdN system is then transferred for further treatment in the PCMAS part of the WWTP. The PCMAS is

Analysis Of The Poem The Jubilee By Cary Davies

Cary Davies’ narrative questions the importance of the storyteller in the modern tale. Using free indirect discourse Davies plays on the internal and external thoughts of her characters. This engages the reader in thinking about the fictional portrayals we are reading through the use of multiple narratives. The metafictional engagement between the 3rd person narrator and Arthur Pritt, who tells a story within Jubilee, questions the importance of Arthur’s role as a storyteller. Metafiction is â€Å"stories [which] have something to tell us about stories themselves†. In â€Å"Jubilee†, the author differentiates between the storyteller and the narration of the short story and the metafictional qualities reveal the insignificance of the storytelling. Walter Benjamin defines a storyteller as someone who â€Å"makes [the story] the experience of those who are listening to his tale†. In â€Å"Jubilee† Arthur is the storyteller and his narrative challenges Benjamin’s view of Davies: a â€Å"novelist [who] has isolated [themselves]†. Firstly, it is important to establish how Arthur’s narrative is manipulated by Davies. Previous to this extract, Arthur had been telling his own story; in one sentence his narration is muted and internalized. Davies achieves this by beginning the paragraph in 3rd person narrative; she tells the reader that Arthur â€Å"wondered†. While wondering suggests we are reading a thought process, it is indicated that Arthur is still telling the story as â€Å"he was going to say†. However, the

One Woman, One Vote Essay Sample free essay sample

What does the term â€Å"We Demand† refer to?â€Å"We Demand† was women’s base for their rights despite preconceived impressions that adult females have no demand to be involved in political relations. It was the concluding straw for adult females and they were willing to make all in their power to be enfranchised. Rather than brood on the what they couldn’t do. the suffragists moved frontward and did all in their power to accomplish their rights. They decided their attempts were worth more than any adversity that they would meet. Women would no longer stand for the male population to ignore their right over themselves but their right as dwellers of the United States. They decided non to stand for the unequal intervention any longer and were willing to contend for it. Who attended the parade in Washington D. C. ? Who did non? Why?Inez Milholland and Lucy Burns led the great adult female right to vote parade with more than 5. We will write a custom essay sample on One Woman, One Vote Essay Sample or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page 000 marchers. It was organized by Alice Paul for the National American Woman Suffrage Association and grabbed attending for the right to vote motion. Another noteworthy leader in attending was Ida Wells-Barnett. a black adult female suffragist who led coloured suffragists in the parade. It is besides of import that there were adult females who didn’t back up the right to vote motion. The National Association Opposed to Woman Suffrage led by Mrs. Arthur Dodge included affluent. influential adult females who did non desire to free white domination nor acquire involved in such political relations. Least of all did they desire to be associated with the black suffragists at the clip. What function did the constabulary and the jurisprudence drama. in the success or deficiency of success. in the women’s motion?While the constabulary made the physical adversities of extremist suffragists harder. it besides helped make an image for the suffragist that they needed. With the rough intervention from the constabulary. people began to back up the suffragists and began to detect them. Rather than harshly direct them off. people began to back up the suffragists and chastised the authorities and constabulary for non protecting adult females when they were defenseless. Reporters wrote several articles uncovering the rough intervention of adult females who were detained and made strong advocators like Alice Paul into heroes irrespective of the population that was against affranchising adult females. What was one of the most exciting occupations to hold within the motion? Why?A woman’s topographic point was at place taking attention of her family’s domestic demands. There were really few adult females who could go and see a universe outside their family duties. Womans were attracted to going strong advocators and talkers and organisers of right to vote organisations so that they could see the universe outside their closed off universe in the house. The adult females who were organisers of the right to vote motion were able to go and run into new people and venture into new environments. They enjoyed the new chances available to them. the freedom that came with their journeys. What was Catt’s influence? What did she make?Catt grew up disputing the manner work forces viewed her. She sought for a higher instruction despite her father’s resistance and decided that she can command her ain life. It was in Mason City were Carrie Chapman Catt foremost became active in the women’s rights campaign. Her success in occupations normally reserved for work forces convinced her that since adult females could make the work of work forces. adult females should besides hold the right to vote. She was brave. intelligent and faced ridicule by people who believed a woman’s topographic point was in the place. As a immature widow she began talking and working for women’s right to vote. She joined the Iowa Woman’s Suffrage Association. She replaced Susan B. Anthony in 1900 as the president of National American Woman Suffrage Association and served in the place for four old ages. In 1915 she became president of the national association for the 2nd clip. During this clip Catt led the run for women’s right to vote with a federal amendment to the U. S. Constitution. As an organiser and a strategian she turned the National American Woman Suffrage Association from slackly run local organisations into a tightly knit political machine. Carrie Chapman Catt’s leading kept the cause of women’s right to vote alive through her Hagiographas and addresss. â€Å"Resistance to tyranny is obeisance to God. † . What does this quotation mark mean?The tribunal asked Anthony if she had anything to state before the sentence of her test was to be read. Anthony responded that she had a great many things to state. and declared that in her test every rule of justness had been violated. She argued that every right had been denied and that she had had no test by her equals. Anthony went on to state that the tribunal and jurymans were her political higher-ups and non her equals. and announced her finding to go on her labours until equality was obtained. She found that her test was an illustration of the authoritiess tyranny and decided that her mission for women’s rights were fueled by a higher power and should non be ignored.