Asymmetric information, credit market condition, and entrepreneurial finance

The issue of imperfect information plays a much more important role in financing “informationally opaque” small businesses than in financing large companies.1 This chapter examines the asymmetric information issue in entrepreneurial finance from two perspectives: the effects of relationship lending and the impacts of credit market concentration on entrepreneurial financial behavior. These two perspectives are strongly linked to each other via the asymmetric information issue in entrepreneurial finance. Existing literature has recognized the important role played by relationship lending in alleviating the problem of asymmetric information. However, mixed empirical results have been reported. For example, it has been found that the development of relationship lending can improve the availability of finance for small businesses borrowers (Petersen and Rajan, 1994) and reduce the costs of finance (Berger and Udell, 1995). Meanwhile, with monopoly power, banks may extract rents, in terms of charging higher-than-market interest rates, from small businesscustomers who have very concentrated banking relationships (Ongena and Smith, 2001). In addition, both favorable and unfavorable effects of credit market concentration on financing small businesses have been acknowledged. Small business borrowers may have to pay a higher-than-market price on loans (Degryse and Ongena, 2005) and are more likely to be financially constrained (Cetorelli, 2004) than in competitive markets. On the other hand, empirical studies have shown that market concentration create a strong motive for lenders to invest in private information from small business customers, and therefore a concentrated market is more efficient in terms of private information acquisition (Han et al., 2009b). The objective of this chapter is to investigate, by reviewing existing literature, the role played by relationship lending and the effects of market concentration on financing entrepreneurial businesses that are supposed to be informationally opaque. In the first section we review literature on the important role played by asymmetric information in entrepreneurial finance from two perspectives: asymmetric information and relationship lending, and the theoretical modeling of asymmetric information. Then we examine the relationship between capital market conditions and entrepreneurial finance and attempt to answer two questions: Why is the capital market condition important for entrepreneurial finance? and What are the effects of capital market conditions on entrepreneurial financial behavior in terms of discouraged borrowers, cash holding, and the availability and costs of finance?

Scheduling satellite-based SAR acquisition for sequential assimilation of water level observations into flood modelling

Satellite-based Synthetic Aperture Radar (SAR) has proved useful for obtaining information on flood extent, which, when intersected with a Digital Elevation Model (DEM) of the floodplain, provides water level observations that can be assimilated into a hydrodynamic model to decrease forecast uncertainty. With an increasing number of operational satellites with SAR capability, information on the relationship between satellite first visit and revisit times and forecast performance is required to optimise the operational scheduling of satellite imagery. By using an Ensemble Transform Kalman Filter (ETKF) and a synthetic analysis with the 2D hydrodynamic model LISFLOOD-FP based on a real flooding case affecting an urban area (summer 2007,Tewkesbury, Southwest UK), we evaluate the sensitivity of the forecast performance to visit parameters. We emulate a generic hydrologic-hydrodynamic modelling cascade by imposing a bias and spatiotemporal correlations to the inflow error ensemble into the hydrodynamic domain. First, in agreement with previous research, estimation and correction for this bias leads to a clear improvement in keeping the forecast on track. Second, imagery obtained early in the flood is shown to have a large influence on forecast statistics. Revisit interval is most influential for early observations. The results are promising for the future of remote sensing-based water level observations for real-time flood forecasting in complex scenarios.

Linguistic interfaces and language acquisition in childhood: introduction to the special issue

Much contemporary L1 acquisition theory and empirical research are guided by the hypothesis that acquisition delays in children are often related to the integration of information across grammatical and other cognitive modules, such as syntax and discourse-pragmatics (see e.g., Grinstead, 2010). This special issue brings together cutting edge research from all relevant paradigms addressing interface issues in child language acquisition and provides a platform for the study of the interaction between different levels of linguistic knowledge. In this introduction, we present the reader with the tools needed to best understand the contributions of the individual studies and what they bring to bear on larger theoretical questions as a collective.

An investigation into knowledge acquisition idiosyncrasies in Ghanaian universities

Purpose This paper aims to fill the research and knowledge gap in knowledge management studies in Ghana. Knowledge acquisition is one of the unexploited areas in knowledge management literature, especially in the Ghanaian context. This study tries to ascertain the factors affecting knowledge acquisition in Ghanaian universities. Design/methodology/approach The study used the quantitative approach. The cross-sectional survey was adopted as the research design. A questionnaire consisting of Likert scale questions was used to collect data from the respondents. The items and the constructs were derived from the extant literature. The questionnaire was sent to 350 respondents, out of which 250 were returned fully completed. Data were quantitatively analysed using descriptive methods and factor analysis. Findings This study provides empirical evidence about the factors affecting knowledge acquisition in Ghanaian universities. Findings from the study show that programme content, lecturers’ competence, student academic background and attitude and facilities for teaching and learning influence knowledge acquisition in Ghanaian universities. Research limitations/implications Although the study seeks to generalize the findings, this should be cautiously done, as some scholars have advocated for large sample size. Nonetheless, there are some studies that have used sample size less than the one used in this study. Practical implications The study takes notice of the need for Ghanaian universities to use modern facilities and infrastructures such as electronic libraries and information technology equipment and also provide reading rooms to enhance teaching and learning. Originality/value Studies looking at knowledge acquisition in Ghanaian universities are virtually non-existent, and this study provides empirical findings on the factors affecting knowledge acquisition in Ghanaian universities.

Case study on the maintenance of a construction monitoring using USN-based data acquisition

In recent years, there has been an increasing interest in the adoption of emerging ubiquitous sensor network (USN) technologies for instrumentation within a variety of sustainability systems. USN is emerging as a sensing paradigm that is being newly considered by the sustainability management field as an alternative to traditional tethered monitoring systems. Researchers have been discovering that USN is an exciting technology that should not be viewed simply as a substitute for traditional tethered monitoring systems. In this study, we investigate how a movement monitoring measurement system of a complex building is developed as a research environment for USN and related decision-supportive technologies. To address the apparent danger of building movement, agent-mediated communication concepts have been designed to autonomously manage large volumes of exchanged information. In this study, we additionally detail the design of the proposed system, including its principles, data processing algorithms, system architecture, and user interface specifics. Results of the test and case study demonstrate the effectiveness of the USN-based data acquisition system for real-time monitoring of movement operations.

Formal linguistic approaches to heritage language acquisition: bridges for pedagogically oriented research

The goal of this chapter is to lay out the central themes of heritage language acquisition research adopting a formal/theoretical linguistic perspective.  Specifically, we aim to provide a detailed discussion of the nature of heritage language grammars. In doing so, we will address the debates on how to explain heritage speaker competence differences from monolingual baselines and more. This chapter will not be limited to discussions of Spanish as a heritage language, but rather will highlight the important role that Spanish has played and will continue to play in the development of heritage language acquisition studies. Finally, we will offer some comments/insights on how the information covered regarding the formal linguistic properties of heritage speaker knowledge should be considered for and implemented in heritage language pedagogies and thus dealing with heritage speakers in the classroom setting.