Determinants of long-distance investing by business angels in the UK

The business angel market is usually identified as a local market, and the proximity of an investment has been shown to be key in the angel's investment preferences and an important filter at the screening stage of the investment decision. This is generally explained by the personal and localized networks used to identify potential investments, the hands-on involvement of the investor and the desire to minimize risk. However, a significant minority of investments are long distance. This paper is based on data from 373 investments made by 109 UK business angels. We classify the location of investments into three groups: local investments ( those made within the same county or in adjacent counties); intermediate investments ( those made in counties adjacent to the 'local' counties); and long-distance investments ( those made beyond this range). Using ordered logit analysis the paper develops and tests a number of hypotheses that relate long-distance investment to investment characteristics and investor characteristics. The paper concludes by drawing out the implications for entrepreneurs seeking business angel finance in investment-deficient regions, business angel networks seeking to match investors to entrepreneurs and firms ( which are normally their primary clients), and for policy-makers responsible for local and regional economic development.

First records of oceanic dive profiles for leatherback turtles, Dermochelys coriacea, indicate behavioural plasticity associated with long-distance migration

We used Satellite Relay Data Loggers to obtain the first dive profiles for critically endangered leatherback turtles outside the nesting season. As individuals moved from the Caribbean out into the Atlantic, key aspects of their diving behaviour changed markedly, in line with theoretical predictions for how dive duration should vary with foraging success. In particular, in the Atlantic, where foraging success is expected to be higher, dives became much longer than in the Caribbean. The deepest-ever dive profile recorded for a reptile was obtained in the oceanic Atlantic, with a 54-min dive to 626 m on 26 August 2002. However, dives were typically much shallower (generally

Trusting Groups in Coalition Formation using Social Distance

In environments where distributed team formation is key, and defections are possible, the use of trust as social capital allows social norms to be defied and compared. An agent can use this information, when invited to join a group or collation, to decide whether or not its utility will be increased by joining. In this work a social network approach is used to define and reason about the relationships contained in the agent community. Previous baseline work is extended with two decision making mechanisms. These are compared by simulating an abstract grid-like environment, and preliminary results are reported.

The use of process simulation methods in support of organisational learning in availability contracting

Traditional business models in the aerospace industry are based on a conventional supplier to customer relationship based on the design, manufacture and subsequent delivery of the physical product. Service provision, from the manufacturer's perspective, is typically limited to the supply of procedural documentation and the provision of spare parts to the end user as the product passes through the latter stages of its intended lifecycle. Challenging economic and political conditions have resulted in end users re-structuring their core business activities, particularly in the defence sector. This has resulted in the need for original equipment manufacturers (OEMs) to integrate and manage support service activities in partnership with the customer to deliver platform availability. This improves the probability of commercial sustainability for the OEM through shared operational risks while reducing the cost of platform ownership for the customer. The need for OEMs to evolve their design, manufacture and supply strategies by focusing on customer requirements has revealed a need for reconstruction of traditional internal behaviours and design methodologies. Application of organisational learning is now a well recognised principle for innovative companies to achieve long term growth and sustained technical development, and hence, greater market command. It focuses on the process by which the organisation's knowledge and value base changes, leading to improved problem solving ability and capacity for action. From the perspective of availability contracting, knowledge and the processes by which it is generated, used and retained, become primary assets within the learning organisation. This paper will introduce the application of digital methods to asset management by demonstrating how the process of learning can benefit from a digital approach, how product and process design can be integrated within a virtual framework and finally how the approach can be applied in a service context.

Short distance phase shifts revisited: tracking clock-shifted homing pigeons (Rock Dove Columba livia) close to the loft

Clock-shifted homing pigeons (Rock Dove Columba livia) were tracked from familiar release sites using a direction recorder. At relatively short distances from the home loft (

Distance limits to intermediate- and high-velocity clouds

We present optical spectra of 403 stars and quasi-stellar objects in order to obtain distance limits towards intermediate- and high-velocity clouds (IHVCs), including new Fibre-fed Extended Range Optical Spectrograph (FEROS) observations plus archival ELODIE, FEROS, High Resolution Echelle Spectrometer (HIRES) and Ultraviolet and Visual Echelle Spectrograph (UVES) data. The non-detection of Ca II K interstellar (IS) absorption at a velocity of −130 to −60 km s−1 towards HDE 248894 (d ∼ 3 kpc) and HDE 256725 (d ∼ 8 kpc) in data at signal-to-noise ratio (S/N) > 450 provides a new firm lower distance limit of 8 kpc for the anti-centre shell HVC. Similarly, the non-detection of Ca II K IS absorption towards HD 86248 at S/N ∼ 500 places a lower distance limit of 7.6 kpc for Complex EP, unsurprising since this feature is probably related to the Magellanic System. The lack of detection of Na I D at S/N = 35 towards Mrk 595 puts an improved upper limit for the Na I column density of log (NNaD <) 10.95 cm−2 towards this part of the Cohen Stream where Ca II was detected by Wakker et al. Absorption at ∼ −40 km s−1 is detected in Na I D towards the Galactic star PG 0039+049 at S/N = 75, placing a firm upper distance limit of 1 kpc for the intermediate-velocity cloud south (IVS), where a tentative detection had previously been obtained by Centurion et al. Ca ´ II K and Na I D absorption is detected at −53 km s−1 towards HD 93521, which confirms the upper distance limit of 2.4 kpc for part of the IV arch complex obtained using the International Ultraviolet Explorer (IUE) data by Danly. Towards HD 216411 in Complex H a non-detection in Na D towards gas with log(NH I) = 20.69 cm−2 puts a lower distance limit of 6.6 kpc towards this HVC complex. Additionally, Na I D absorption is detected at −43.7 km s−1 in the star HD 218915 at a distance of 5.0 kpc in gas in the same region of the sky as Complex H. Finally, the Na I/Ca II and Ca II/H I ratios of the current sample are found to lie in the range observed for previous studies of IHVCs.

Analysis of pharmacists attitudes toward a distance learning initiative on health screening

A questionnaire was developed to investigate pharmacists' attitudes to distance learning (DL) as a vehicle for continuing education (CE). It was included in each of a two part DL course on Health Screening. Part One was mailed to all community pharmacists in England (16,400) and returns were received from 1487. The questionnaire in Part Two was returned by 436 pharmacists. Attitude statements were scored using a five-point Likert scale. The mean response to all attitude statements was positive. Participants were significantly more satisfied than non-participants with DL in general and the DL course studied (P less than or equal to 0.05). Over 80 percent of respondents completing the course found DL to be enjoyable and more suitable than other CE methods. More females and less males than expected (based on registration statistics) requested (P less than or equal to 0.001) and completed the course (P less than or equal to 0.001). Pharmacists of all ages participated, although those recently qualified showed greater interest.

Telephone survey evaluation of the educational impact of a distance learning course

The educational impact of a distance learning (DL) course entitled ''Health Screening for Health Promotion, was investigated using a telephone questionnaire survey. An introduction to the DL course was distributed to all community pharmacists in England (16,400); the main body of the course, on which pharmacists were examined, was distributed free of charge to all pharmacists who requested it (1,485). Pharmacists participating in the survey (868) were organized by random selection into groups and stratified according to age, sex and postcode. A matched control group was randomly drawn from those pharmacists who had not participated in the course. The DL course improved pharmacists' knowledge about health screening/health promotion issues (e.g., mean score of 66 percent achieved by a group who had completed the course; 51 percent achieved by the control group; P<0.001). Factors influencing score achieved included sex and year of registration. Males performed better than females (P<0.008) while performance decreased with number of years on the register (P<0.001).

The chemical composition towards the galactic anti-centre .2. Differential abundance analyses and distance determinations

In a previous paper we have published observational data for 6 early B-type stars having, galactocentric distances of between 10 and 18 kpc. Using LTE line-blanketed model at mosphere techniques we derived their atmospheric parameters, finding that all our targets had similar effective temperatures and surface gravities. In the following study we additionally include two stars which have been presented previously (Rolleston et al. 1993) and found also to have compatible atmospheric parameters to the original programme stars. The homogeneity of this sample allows quantitative line-by-line differential abundance analyses to be carried out which should reliably detect variations in the chemical compositions of the stellar photospheres. We present differential abundances for eight stars, in either young open clusters or the field, with respect to an arbitrarily chosen standard which shows a normal abundance pattern. Our method of calculating distances from the derived atmospheric parameters means that the relative distance scale should be accurate.

Structure-activity relationships of FMRFamide-related peptides contracting Schistosoma mansoni muscle

This study reports the potent myoactivity of flatworm FMRFamide-related peptides (FaRPs) on isolated muscle fibers of the human blood fluke, Schistosoma mansoni. The turbellarian peptides YIRFamide (EC50 4 eta M), GYIRFamide (EC50 1 eta M). and RYIRFamide (EC50 7 eta M), all induced muscle contraction more potently than the cestode FaRP GNFFRFamide (EC50 500 eta M). Using a series of synthetic analogs of the flatworm peptides YIRFamide, GYIRFamide and RYIRFamide, the structure-activity relationships of the muscle FaRP receptor were examined. With a few exceptions, each residue in YIRFamide is important in the maintenance of its myoactivity. Alanine scans resulted in peptides that were inactive (Ala(1), Ala(2), Ala(3) and Ala(4) YIRFamide; Ala(4) and Ala(5) RYIRFamide) or had much reduced potencies (Ala(1), Ala(2) and Ala(3) RYIRFamide). Substitution of the N-terminal (Tyr(1)) residue of YIRFamide with the non-aromatic residues Thr or Arg produced analogs with greatly reduced potency. Replacement of the N-terminal Tyr with aromatic amino acids resulted in myoactive peptides (FIRFamide, EC50 100 eta M; WIRFamide, EC50 0.5 eta M). The activity of YIRFamide analogs which possessed a Leu(2), Phe(2) or Met(2) residue (EC50's 10, 1 and 3 eta M, respectively) instead of Ile(2) was not significantly altered, whereas, YVRFamide had a greatly reduced (EC50 200 eta M) activity. Replacement of the Phe(4) with a Tyr(4) (YIRYamide) also greatly lowered potency. Truncated analogs were either inactive (FRFamide, YRFamide, HRFamide, RFamide, Famide) or had very low potency (IRFamide and MRFamide), with the exception of nLRFamide (EC50 20 eta M). YIRF free acid was inactive. In summary, these data show the general structural requirements of this schistosome muscle FaRP receptor to be similar, but not identical, to those of previously characterized molluscan FaRP receptors. (C) 1997 Elsevier Science Inc.

Cooperative bank efficiency in Japan: a parametric distance function analysis

This study examines the relative performance of Japanese cooperative banks between 1998 and 2009, explicitly modeling non-performing loans as an undesirable output. Three key findings emerge. First, the sector is characterized by increasing returns to scale which supports the ongoing amalgamation process within the sector. Second, although restricted in product offerings, markets and their membership base, Japanese cooperatives secured both technical progress (a positive shift in the frontier) and a decrease in technical inefficiency (distance from the frontier). Third, the analysis highlighted that regulatory pressure to reduce non-performing loans will have an adverse impact on both output and performance. 

Touching at a Distance: Resistance, Tactility, Proxemics and the Development of a Hybrid Virtual/Physical Performance System

This is a paper about resistance and affordance as they relate to music-making in the most extended sense, and perhaps about empathy if this is understood as a capacity to ‘read’ the resistances and affordances of objects, bodies, people and environments. It proceeds from a set of broad working assumptions which inform one individual’s musical practice, via a description a musical-instrument making project which is a hybrid of physical and virtual elements and is designed to test those assumptions, to a speculative finale in which it is suggested that musicking might, in some circumstances, be regarded in itself as a form of resistance. It moves from the intimate and personal, through what might be regarded as local concerns to more global observation, prefiguring the structure of the performance system it describes: the Virtual-Physical Feedback flute

Psychic Distance, its Business Impact and Modes of Coping: A Study of British and Indian Partner SMEs

This paper reports one of the first investigations to analyze inter-partner perceptions of psychic distance between two countries. Its empirical focus is British and Indian SMEs engaged in business with each other. It examines different dimensions of psychic distance, their impact and modes of coping with them. Potential firm-level and individual influences are also taken into account. The paper aims to transcend some of the conceptual and methodological limitations of previous research on the subject and to identify the theoretical and practical implications that arise. A ‘mirror’ approach is applied, accessing both partners’ perceptions. These are assessed through a ‘mixed’ method combining quantitative measurement with qualitative interpretations. Psychic distance dimensions are found to vary in their impact on doing business with the other country, and there is also variation according to the firm’s sector. There is considerable asymmetry in British and Indian partners’ perceptions of psychic distance but the degree of difference between their psychic distance evaluations lacks predictive power. Culturally embedded psychic distance dimensions tend to have less impact and to be easier to cope with than institutionally embedded dimensions. Four categories of coping are identified. The principal theoretical implication of this study is that a contingency perspective needs to be adopted in the field of ‘distance’ research, taking account of factors such as a firm’s sector, and that this will require a more complex analytical framework that hitherto.

NEC Contracting: Evaluation of the Inclusion of Dispute Review Boards in lieu of Adjudication in the Construction Industry in the United Kinddom

The construction industry is renowned for spending vast sums in the resolution of disputes, but never in the prevention. The purpose of this paper is to analyse the New Engineering Contract (NEC) to determine whether or not adjudication has become misaligned with the contract’s objective of promoting effective management. In doing so, the paper examines dispute review boards in order to ascertain if they could be a viable alternative to adjudication. A sequential mixed methodology is adopted including a detailed literature review, eight semi-structured interviews, culminating in the circulation and analysis of a questionnaire, to record the significance of the factors identified. The research concludes that the majority of individuals agree that dispute review boards would be more aligned with the NEC. The familiarity of members, the potential to curb rogue behaviour of parties and the proactive nature of the board are flagged as positive features, however the cost aspect requires further investigation. The reservations made in the study about adjudication, such as the priority given to speed over accuracy and also the adversarial nature of the process, suggest that a preventative step prior to proceeding to adjudication would coincide more with the three core themes of the NEC Contract and therefore, be a positive addition.