Does start-up financing influence start-up speed? Evidence from the panel study of entrepreneurial dynamics

Why are some entrepreneurs able to start a new firm more quickly than others in the venture creation process? Drawing on pecking order and agency theory, this study investigates how start-up capital structure influences the time to either new firm founding or quitting the start-up process. The temporal aspect of the start-up process is one that is often discussed, but rarely studied. Therefore, we utilize competing risk and Cox regression event history analysis on a nationally representative sample of US entrepreneurs to investigate how start-up capital structure impacts the time in gestation to particular kinds of start-up outcomes. Our findings suggest that external equity has an appreciable impact on new firm emergence over time, and that the percentage of ownership held by the founders attenuates the benefits of external equity.

Diabetic retinopathy and blockade of the renin–angiotensin system:new data from the DIRECT study programme

The pathogenesis and medical management of diabetic retinopathy is reviewed. The importance of good control of blood glucose and blood pressure remain key elements in the prevention and treatment of diabetic retinopathy, and a number of specific metabolic pathways have been identified that may be useful additional targets for therapeutic intervention. Trial data, however, aimed specifically to answer the questions of optimum medical management are limited, so the DIRECT study of renin-angiotensin blockade using oral candesartan 32 mg daily is a welcome addition to our knowledge. This arose from the promising improvement of retinopathy outcomes in the EUCLID study of lisinopril in type I diabetes. In DIRECT, 5 years of candesartan treatment in type I diabetes reduced the incidence of retinopathy by two or more steps (EDTRS) in severity by 18% (P = 0.0508) and, in a post hoc analysis, reduced the incidence of retinopathy by three-step progression by 35% (P = 0.034). In type I diabetes patients there was no effect on progression of established retinopathy. In contrast, in type II diabetes, 5 years of candesartan treatment resulted in 34% regression of retinopathy (P ≤0.009). Importantly, an overall significant change towards less-severe retinopathy was noted in both type I and II diabetes (P0.03). Although there is still no absolute proof that these effects were specific to RAS blockade, or just an effect of lower blood pressure, it is reasonable to conclude that candesartan has earned a place in the medical management of diabetic retinopathy, to prevent the problem in type I diabetes and to treat the early stages in type II diabetes. © 2010 Macmillan Publishers Limited All rights reserved.

Surface wave techniques for the study of engineering structures and materials

A wire drive pulse echo method of measuring the spectrum of solid bodies described. Using an 's' plane representation, a general analysis of the transient response of such solids has been carried out. This was used for the study of the stepped amplitude transient of high order modes of disks and for the case where there are two adjacent resonant frequencies. The techniques developed have been applied to the measurenent of the elasticities of refractory materials at high temperatures. In the experimental study of the high order in-plane resonances of thin disks it was found that the energy travelled at the edge of the disk and this initiated the work on one dimensional Rayleigh waves.Their properties were established for the straight edge condition by following an analysis similar to that of the two dimensional case. Experiments were then carried out on the velocity dispersion of various circuits including the disk and a hole in a large plate - the negative curvature condition.Theoretical analysis established the phase and group velocities for these cases and experimental tests on aluminium and glass gave good agreement with theory. At high frequencies all velocities approach that of the one dimensional Rayleigh waves. When applied to crack detection it was observed that a signal burst travelling round a disk showed an anomalous amplitude effect. In certain cases the signal which travelled the greater distance had the greater amplitude.An experiment was designed to investigate the phenanenon and it was established that the energy travelled in two nodes with different velocities.It was found by analysis that as well as the Rayleigh surface wave on the edge, a seoond node travelling at about the shear velocity was excited and the calculated results gave reasonable agreement with the experiments.

E-HR and international HRM:a critical perspective on the discursive framing of e-HR

In the current global economic climate, international HRM is facing unprecedented pressure to become more innovative, effective and efficient. New discourses are emerging around the application of information technology, with 'e-HR' (electronic-enablement of Human Resources), self-service portals and promises of improved services couched as various HR 'value propositions'. This study explores these issues through our engagement with the emergent stream of 'critical' HRM, the broader study of organizational discourse and ethical management theories. We have found that while there is growing research into the take-up of e-HR applications, there is a dearth of investigation into the impact of e-HR on the people involved; in particular, the (re)structuring of social relations between HR functions and line managers in the move away from face-to-face HR support services, to more technology-mediated 'self-service' relationships. We undertake a close reading of personal narratives from a multinational organization, deploying a critical discourse lens to examine different dimensions of e-HR and raise questions about the strong technocratic framing of the international language of people management, shaping line manager enactment of e-HR duties. We argue for a more reflexive stance in the conceptualization e-HR, and conclude with a discussion about the theoretical and practical implications of our study, limitations and suggestions for future research. © 2014 © 2014 Taylor & Francis.

The Routledge handbook of forensic linguistics

The Routledge Handbook of Forensic Linguistics provides a unique work of reference to the leading ideas, debates, topics, approaches and methodologies in Forensic Linguistics. Forensic Linguistics is the study of language and the law, covering topics from legal language and courtroom discourse to plagiarism. It also concerns the applied (forensic) linguist who is involved in providing evidence, as an expert, for the defence and prosecution, in areas as diverse as blackmail, trademarks and warning labels. The Routledge Handbook of Forensic Linguistics includes a comprehensive introduction to the field written by the editors and a collection of thirty-seven original chapters written by the world’s leading academics and professionals, both established and up-and-coming, designed to equip a new generation of students and researchers to carry out forensic linguistic research and analysis. The Routledge Handbook of Forensic Linguistics is the ideal resource for undergraduates or postgraduates new to the area.

Retail multinational learning:a case study of Tesco

Purpose - This article examines the internationalisation of Tesco and extracts the salient lessons learned from this process. Design/methodology/ approach - This research draws on a dataset of 62 in-depth interviews with key executives, sell- and buy-side analysts and corporate advisers at the leading investment banks in the City of London to detail the experiences of Tesco's European expansion. Findings - The case study of Tesco illuminates a number of different dimensions of the company's international experience. It offers some new insights into learning in international distribution environments such as the idea that learning is facilitated by uncertainty or "shocks" in the international retail marketplace; the size of the domestic market may inhibit change and so disable international learning; and learning is not necessarily facilitated by step-by-step incremental approaches to expansion. Research limitations/implications - The paper explores learning from a rather broad perspective, although it is hoped that these parameters can be used to raise a new set of more detailed priorities for future research on international retail learning. It is also recognised that the data gathered for this case study focus on Tesco's European operations. Practical implications - This paper raises a number of interesting issues such as whether the extremities of the business may be a more appropriate place for management to experiment and test new retail innovations, and the extent to which retailers take self-reflection seriously. Originality/value - The paper applies a new theoretical learning perspective to capture the variety of experiences during the internationalisation process, thus addressing a major gap in our understanding of the whole internationalisation process. © Emerald Group Publishing Limited.

The role of the undergraduate work placement in developing employment competences:results from a 5 year study of employers

There is increasing research interest into the nature of competences required to secure a graduate job. This paper examines the role of the undergraduate work placement in developing such employment competences. In order to do this we draw upon a framework of generic competences developed in a previous project by one of the authors, together with data on how these competences are valued by graduates and employers. We also draw upon a survey of employers and students who have participated in an Aston Business School work placement. The work placement year is an integral feature of Aston’s undergraduate business programme and gives up to 600 students a year the experience of working with well known companies. For the past five years we have conducted a survey of these companies to assess their experience of employing our undergraduates on work placements and to examine the skills and competencies developed by students in the learning process. In this paper we compare data from both pieces of research to examine how competences developed during the undergraduate work placement contribute to the enhancement of graduate employment.

The acquisition of French past tenses by tutored anglophone advanced learners : is aspect enough?

Following Andersen's (1986, 1991) study of untutored anglophone learners of Spanish, aspectual features have been at the centre of hypotheses on the development of past verbal morphology in language acquisition. The Primacy of Aspect Hypothesis claims that the association of any verb category (Aktionsart) with any aspect (perfective or imperfective) constitutes the endpoint of acquisition. However, its predictions rely on the observation of a limited number of untutored learners at the early stages of their acquisition, and have yet to be confirmed in other settings. The aim of the present thesis is to evaluate the explanatory power of the PAH in respect of the acquisition of French past tenses, an aspect of the language which constitutes a serious stumbling block for foreign learners, even those at the highest levels of proficiency (Coppieters 1987). The present research applies the PAH to the production of 61 anglophone 'advanced learners' (as defined in Bartning 1997) in a tutored environment. In so doing, it tests concurrent explanations, including the influence of the input, the influence of chunking, and the hypothesis of cyclic development. Finally, it discusses the cotextual and contextual factors that still provoke what Anderson (1991) terms "non-native glitches" at the final stage, as predicted by the PAH. The first part of the thesis provides the theoretical background to the corpus analysis. It opens with a diachronic presentation of the French past tense system focusing on present areas of competition and developments that emphasize the complexity of the system to be acquired. The concepts of time, grammatical aspect and lexical aspect (Aktionsart) are introduced and discussed in the second chapter, and a distinctive formal representation of the French past tenses is offered in the third chapter. The second part of the thesis is devoted to a corpus analysis. The data gathering procedures and the choice of tasks (oral and written film narratives based on Modern Times, cloze tests and acceptability judgement tests) are described and justified in the research methodology chapter. The research design was shaped by previous studies and consequently allows comparison with these. The second chapter is devoted to the narratives analysis and the third to the grammatical tasks. This section closes with a summary of discoveries and a comparison with previous results. The conclusion addresses the initial research questions in the light of both theory and practice. It shows that the PAH fails to account for the complex phenomenon of past tense development in the acquisitional settings under study, as it adopts a local (the verb phrase) and linear (steady progression towards native usage) approach. It is thus suggested that past tense acquisition rather follows a pendular development as learners reformulate their learning hypotheses and become increasingly able to shift from local to global cues and so to integrate the influence of cotext and context in their tense choice.

Vision2020 and the English language : a study of the role of language in national development.

The research reported here is an investigation into the problems of social and economic development of a multiethic and multicultural country which has the added challenge of adopting a non-indigenous code to facilitate the development process. Malaysia's power to negotiate outcomes favourable to the interest of the country is critical for the successful attainment of the goals and objectives of VISION2020. Therefore the mechanisms of the human resource development programme have to be efficacious. The three hypotheses of this study are as follows: 1. there is a fear that the problems and challenges posed by the development plans, have been conceptually trivialised; 2. based on (1) above there is a concern that solutions proposed are inadequate and inappropriate and 3. the outcome of both (1) and (2) can lead to the potential underachievement of national goals and objectives. The study proposes a complex model for conceptualising the problem which looks at the relationship between society and language, which any solutions proposed must take into proper consideration. The study looks at the mechanisms available for the smooth absorption of new Malaysian members to new and international communities. A large scale investigation was undertaken with the researcher functioning as a participant observer. An in-depth study of one particular educational ecology yielded approximately 38 hours of interviews and 100 questionnaires. These data were analysed both for explicit information and implicit implications. By some criteria national policies appear to be having the desired effect, and can be given a clean bill of health. By others it is clear that major adjustments would be necessary if the nation is to achieve its objectives in full. Based on the evidence gathered, thr study proposes an apprenticeship approach to training programmes for effective participation of new members in the new ecologies.

The functional organisation of the fronto-temporal language system:evidence from syntactic and semantic ambiguity

Spoken language comprehension is known to involve a large left-dominant network of fronto-temporal brain regions, but there is still little consensus about how the syntactic and semantic aspects of language are processed within this network. In an fMRI study, volunteers heard spoken sentences that contained either syntactic or semantic ambiguities as well as carefully matched low-ambiguity sentences. Results showed ambiguity-related responses in the posterior left inferior frontal gyrus (pLIFG) and posterior left middle temporal regions. The pLIFG activations were present for both syntactic and semantic ambiguities suggesting that this region is not specialised for processing either semantic or syntactic information, but instead performs cognitive operations that are required to resolve different types of ambiguity irrespective of their linguistic nature, for example by selecting between possible interpretations or reinterpreting misparsed sentences. Syntactic ambiguities also produced activation in the posterior middle temporal gyrus. These data confirm the functional relationship between these two brain regions and their importance in constructing grammatical representations of spoken language.

The SECURE study:long-term safety of Ranibizumab 0.5 mg in neovascular age-related macular degeneration

Objective - To evaluate long-term safety of intravitreal ranibizumab 0.5-mg injections in neovascular age-related macular degeneration (nAMD). Design - Twenty-four–month, open-label, multicenter, phase IV extension study. Participants - Two hundred thirty-four patients previously treated with ranibizumab for 12 months in the EXCITE/SUSTAIN study. Methods - Ranibizumab 0.5 mg administered at the investigator's discretion as per the European summary of product characteristics 2007 (SmPC, i.e., ranibizumab was administered if a patient experienced a best-corrected visual acuity [BCVA] loss of >5 Early Treatment Diabetic Retinopathy Study letters measured against the highest visual acuity [VA] value obtained in SECURE or previous studies [EXCITE and SUSTAIN], attributable to the presence or progression of active nAMD in the investigator's opinion). Main Outcome Measures - Incidence of ocular or nonocular adverse events (AEs) and serious AEs, mean change in BCVA from baseline over time, and the number of injections. Results - Of 234 enrolled patients, 210 (89.7%) completed the study. Patients received 6.1 (mean) ranibizumab injections over 24 months. Approximately 42% of patients had 7 or more visits at which ranibizumab was not administered, although they had experienced a VA loss of more than 5 letters, indicating either an undertreatment or that factors other than VA loss were considered for retreatment decision by the investigator. The most frequent ocular AEs (study eye) were retinal hemorrhage (12.8%; 1 event related to study drug), cataract (11.5%; 1 event related to treatment procedure), and increased intraocular pressure (6.4%; 1 event related to study drug). Cataract reported as serious due to hospitalization for cataract surgery occurred in 2.6% of patients; none was suspected to be related to study drug or procedure. Main nonocular AEs were hypertension and nasopharyngitis (9.0% each). Arterial thromboembolic events were reported in 5.6% of the patients. Five (2.1%) deaths occurred during the study, none related to the study drug or procedure. At month 24, mean BCVA declined by 4.3 letters from the SECURE baseline. Conclusions - The SECURE study showed that ranibizumab administered as per a VA-guided flexible dosing regimen recommended in the European ranibizumab SmPC at the investigator's discretion was well tolerated over 2 years. No new safety signals were identified in patients who received ranibizumab for a total of 3 years. On average, patients lost BCVA from the SECURE study baseline, which may be the result of disease progression or possible undertreatment.