Exits, entrances and entrepreneurship : an exploration of economic theories of entrepreneurship through new independent entry and infant exit

The thesis began as a study of new firm formation. Preliminary research suggested that infant death rate was considered to be a closely related problem and the search was for a theory of new firm formation which would explain both. The thesis finds theories of exit and entry inadequate in this respect and focusses instead on theories of entrepreneurship, particularly those which concentrate on entrepreneurship as an agent of change. The role of information is found to be fundamental to economic change and an understanding of information generation and dissemination and the nature and direction of information flows is postulated to lead coterminously to an understanding of entrepreneurhsip and economic change. The economics of information is applied to theories of entrepreneurhsip and some testable hypotheses are derived. The testing relies on etablishing and measuring the information bases of the founders of new firms and then testing for certain hypothesised differences between the information bases of survivors and non-survivors. No theory of entrepreneurship is likely to be straightforwardly testable and many postulates have to be established to bring the theory to a testable stage. A questionnaire is used to gather information from a sample of firms taken from a new micro-data set established as part of the work of the thesis. Discriminant Analysis establishes the variables which best distinguish between survivors and non-survivors. The variables which emerge as important discriminators are consistent with the theory which the analysis is testing. While there are alternative interpretations of the important variables, collective consistency with the theory under test is established. The thesis concludes with an examination of the implications of the theory for policy towards stimulating new firm formation.

A critical evaluation of theories of nationalism

This thesis considers the main theoretical positions within the contemporary sociology of nationalism. These can be grouped into two basic types, primordialist theories which assert that nationalism is an inevitable aspect of all human societies, and modernist theories which assert that nationalism and the nation-state first developed within western Europe in recent centuries. With respect to primordialist approaches to nationalism, it is argued that the main common explanation offered is human biological propensity. Consideration is concentrated on the most recent and plausible of such theories, sociobiology. Sociobiological accounts root nationalism and racism in genetic programming which favours close kin, or rather to the redirection of this programming in complex societies, where the social group is not a kin group. It is argued that the stated assumptions of the sociobiologists do not entail the conclusions they draw as to the roots of nationalism, and that in order to arrive at such conclusions further and implausible assumptions have to be made. With respect to modernists, the first group of writers who are considered are those, represented by Carlton Hayes, Hans Kohn and Elie Kedourie, whose main thesis is that the nation-state and nationalism are recent phenomena. Next, the two major attempts to relate nationalism and the nation-state to imperatives specific either to capitalist societies (in the `orthodox' marxist theory elaborated about the turn of the twentieth century) or to the processes of modernisation and industrialisation (the `Weberian' account of Ernest Gellner) are discussed. It is argued that modernist accounts can only be sustained by starting from a definition of nationalism and the nation-state which conflates such phenomena with others which are specific to the modern world. The marxist and Gellner accounts form the necessary starting point for any explanation as to why the nation-state is apparently the sole viable form of polity in the modern world, but their assumption that no pre-modern society was national leaves them without an adequate account of the earliest origins of the nation-state and of nationalism. Finally, a case study from the history of England argues both the achievement of a national state form and the elucidation of crucial components of a nationalist ideology were attained at a period not consistent with any of the versions of the modernist thesis.

Assessing the efficacy of structural merger remedies:choosing between theories of harm?

This paper shows that many structural remedies in a sample of European merger cases result in market structures which would probably not be cleared by the Competition Authority (CA) if they were the result of merger (rather than remedy).This is explained by the fact that the CA’s objective through remedy is to restore premerger competition, but markets are often highly concentrated even before merger. If so, the CA must often choose between clearing an ‘uncompetitive’merger, or applying an unsatisfactory remedy. Here, the CA appears reluctant to intervene against coordinated effects, if doing so enhances a leader’s dominance.

Assessing the efficacy of structural merger remedies:choosing between theories of harm?

Previous empirical assessments of the effectiveness of structural merger remedies have focused mainly on the subsequent viability of the divested assets. Here, we take a different approach by examining how competitive are the market structures which result from the divestments. We employ a tightly specified sample of markets in which the European Commission (EC) has imposed structural merger remedies. It has two key features: (i) it includes all mergers in which the EC appears to have seriously considered, simultaneously, the possibility of collective dominance, as well as single dominance; (ii) in a previous paper, for the same sample, we estimated a model which proved very successful in predicting the Commission’s merger decisions, in terms of the market shares of the leading firms. The former allows us to explore the choices between alternative theories of harm, and the latter provides a yardstick for evaluating whether markets are competitive or not – at least in the eyes of the Commission. Running the hypothetical post-remedy market shares through the model, we can predict whether the EC would have judged the markets concerned to be competitive, had they been the result of a merger rather than a remedy. We find that a significant proportion were not competitive in this sense. One explanation is that the EC has simply been inconsistent – using different criteria for assessing remedies from those for assessing the mergers in the first place. However, a more sympathetic – and in our opinion, more likely – explanation is that the Commission is severely constrained by the pre-merger market structures in many markets. We show that, typically, divestment remedies return the market to the same structure as existed before the proposed merger. Indeed, one can argue that any competition authority should never do more than this. Crucially, however, we find that this pre-merger structure is often itself not competitive. We also observe an analogous picture in a number of markets where the Commission chose not to intervene: while the post-merger structure was not competitive, nor was the pre-merger structure. In those cases, however, the Commission preferred the former to the latter. In effect, in both scenarios, the EC was faced with a no-win decision. This immediately raises a follow-up question: why did the EC intervene for some, but not for others – given that in all these cases, some sort of anticompetitive structure would prevail? We show that, in this sample at least, the answer is often tied to the prospective rank of the merged firm post-merger. In particular, in those markets where the merged firm would not be the largest post-merger, we find a reluctance to intervene even where the resulting market structure is likely to be conducive to collective dominance. We explain this by a willingness to tolerate an outcome which may be conducive to tacit collusion if the alternative is the possibility of an enhanced position of single dominance by the market leader. Finally, because the sample is confined to cases brought under the ‘old’ EC Merger Regulation, we go on to consider how, if at all, these conclusions require qualification following the 2004 revisions, which, amongst other things, made interventions for non-coordinated behaviour possible without requiring that the merged firm be a dominant market leader. Our main conclusions here are that the Commission appears to have been less inclined to intervene in general, but particularly for Collective Dominance (or ‘coordinated effects’ as it is now known in Europe as well as the US.) Moreover, perhaps contrary to expectation, where the merged firm is #2, the Commission has to date rarely made a unilateral effects decision and never made a coordinated effects decision.

Unravelling the theories of pre-eclampsia:Are the protective pathways the new paradigm?

Pre-eclampsia is a vascular disorder of pregnancy where anti-angiogenic factors, systemic inflammation and oxidative stress predominate, but none can claim to cause pre-eclampsia. This review provides an alternative to the 'two-stage model' of pre-eclampsia in which abnormal spiral arteries modification leads to placental hypoxia, oxidative stress and aberrant maternal systemic inflammation. Very high maternal soluble fms-like tyrosine kinase-1 (sFlt-1 also known as sVEGFR) and very low placenta growth factor (PlGF) are unique to pre-eclampsia; however, abnormal spiral arteries and excessive inflammation are also prevalent in other placental disorders. Metaphorically speaking, pregnancy can be viewed as a car with an accelerator and brakes, where inflammation, oxidative stress and an imbalance in the angiogenic milieu act as the 'accelerator'. The 'braking system' includes the protective pathways of haem oxygenase 1 (also referred as Hmox1 or HO-1) and cystathionine-γ-lyase (also known as CSE or Cth), which generate carbon monoxide (CO) and hydrogen sulphide (H2S) respectively. The failure in these pathways (brakes) results in the pregnancy going out of control and the system crashing. Put simply, pre-eclampsia is an accelerator-brake defect disorder. CO and H2S hold great promise because of their unique ability to suppress the anti-angiogenic factors sFlt-1 and soluble endoglin as well as to promote PlGF and endothelial NOS activity. The key to finding a cure lies in the identification of cheap, safe and effective drugs that induce the braking system to keep the pregnancy vehicle on track past the finishing line.

Mechanistic modeling of fracture in asphalt mixtures under compressive loading

When an asphalt mixture is subjected to a destructive compressive load, it experiences a sequence of three deformation stages, as follows: the (1) primary, (2) secondary, and (3) tertiary stages. Most literature research focuses on plastic deformation in the primary and secondary stages, such as prediction of the flow number, which is in fact the initiation of the tertiary stage. However, little research effort has been reported on the mechanistic modeling of the damage that occurs in the tertiary stage. The main objective of this paper is to provide a mechanistic characterizing method for the damage modeling of asphalt mixtures in the tertiary stage. The preliminary study conducted by the writers illustrates that deformation during the tertiary flow of the asphalt mixtures is principally caused by the formation and propagation of cracks, which was signaled by the increase of the phase angle in the tertiary phase. The strain caused by the growth of cracks is the viscofracture strain, which can be obtained by conducting the strain decomposition of the measured total strain in the destructive compressive test. The viscofracture strain is employed in the research reported in this paper to mechanistically characterize the time-dependent fracture (viscofracture) of asphalt mixtures in compression. By using the dissipated pseudostrain energy-balance principle, the damage density and true stress are determined and both are demonstrated to increase with load cycles in the tertiary stage. The increased true stress yields extra viscoplastic strain, which is the reason why the permanent deformation is accelerated by the occurrence of cracks. To characterize the evolution of the viscofracture in the asphalt mixtures in compression, a pseudo J-integral Paris' law in terms of damage density is proposed and the material constants in the Paris' law are determined, which can be employed to predict the fracture of asphalt mixtures in compression. © 2013 American Society of Civil Engineers.

Application of the finite element method to problems in fracture mechanics

Numerical techniques have been finding increasing use in all aspects of fracture mechanics, and often provide the only means for analyzing fracture problems. The work presented here, is concerned with the application of the finite element method to cracked structures. The present work was directed towards the establishment of a comprehensive two-dimensional finite element, linear elastic, fracture analysis package. Significant progress has been made to this end, and features which can now be studied include multi-crack tip mixed-mode problems, involving partial crack closure. The crack tip core element was refined and special local crack tip elements were employed to reduce the element density in the neighbourhood of the core region. The work builds upon experience gained by previous research workers and, as part of the general development, the program was modified to incorporate the eight-node isoparametric quadrilateral element. Also. a more flexible solving routine was developed, and provided a very compact method of solving large sets of simultaneous equations, stored in a segmented form. To complement the finite element analysis programs, an automatic mesh generation program has been developed, which enables complex problems. involving fine element detail, to be investigated with a minimum of input data. The scheme has proven to be versati Ie and reasonably easy to implement. Numerous examples are given to demonstrate the accuracy and flexibility of the finite element technique.

Fracture toughness of a series of high chromium abrasion resistant alloys

The fracture properties of a series of alloys containing 15% chromium and 0.8 to 3.4% carbon are investigated using strain fracture toughness testing techniques. The object of the work is to apply a quantitative method of measuring toughness to abrasion resistant materials, which have previously been assessed on an empirical basis; and to examine the relationship between microstructure and K10 in an attempt to improve the toughness of inherently brittle materials. A review of the relevant literature includes discussion of the background to the alloy series under investigation, a survey of the development of fracture mechanics and the emergence of K10 as a toughness parameter. Metallurgical variables such as composition, heat treatment, grain size, and hot working are ???? to relate microstructure to toughness, and fractographic evidence is used to substantiate the findings. The results are applied to a model correlating ductile fracture with plastic strain instability, and the nucleation of voids. Strain induced martensite formation in austenitic structures is analysed in terms of the plastic energy dissipation mechanisms operating at the crack tip. Emphasis is placed on the lower carbon alloys in the series, and a composition put forward to optimise wear resistance and toughness. The properties of established competitive materials are compared to the proposed alloy on a toughness and cost basis.

The single-phase induction motor:a critical appraisal of the rotating-field and cross-field theories with particular reference to skin effect

The purpose of this thesis is twofold: to examine the validity of the rotating-field and cross-field theories of the single-phase induction motor when applied to a cage rotor machine; and to examine the extent to which skin effect is likely to modify the characteristics of a cage rotor machine. A mathematical analysis is presented for a single-phase induction motor in which the rotor parameters are modified by skin effect. Although this is based on the usual type of ideal machine, a new form of model rotor allows approximations for skin effect phenomena to be included as an integral part of the analysis. Performance equations appropriate to the rotating-field and cross-field theories are deduced, and the corresponding explanations for the steady-state mode of operation are critically examined. The evaluation of the winding currents and developed torque is simplified by the introduction of new dimensionless factors which are functions of the resistance/reactance ratios of the rotor and the speed. Tables of the factors are included for selected numerical values of the parameter ratios, and these are used to deduce typical operating characteristics for both cage and wound rotor machines. It is shown that a qualitative explanation of the mode of operation of a cage rotor machine is obtained from either theory; but the operating characteristics must be deduced from the performance equations of the rotating-field theory, because of the restrictions on the values of the rotor parameters imposed by skin effect.

Effects of microstructure on long and short crack growth in nickel base superalloys

The use of engineering materials in critical applications necessitates the accurate prediction of component lifetime for inspection and renewal purposes. In fatigue limited situations, it is necessary to be able to predict the growth rates of cracks from initiation at a defect through to final fracture. To this end, fatigue crack growth data are presented for different microstructures of typical nickel base superalloys used in gas turbine engines. Crack growth behaviour throughout the life history of the crack, i.e. from the short crack through to the long crack propagation regime, is described for each microstructural condition and discussed in terms of current theories of fatigue crack propagation.

Effects of crack length and shape on the fracture toughness of a high strength steel 300m

The results of fracture toughness tests on a high strength steel 300m are presented. These results show (i) that in the presence of through-thickness cracks the toughness remains constant down to (a/W)-ratios as low as 0.01 and failure loads up to 0.85σy, and (ii) that the material is more resistant to crack growth when the cracks are semi-elliptical in shape, giving a toughness value which is almost 25 per cent higher than the through-thickness one. Three independent stress analyses are used to obtain stress intensity values for the semi-elliptical cracks and additional confirmation of the increase in toughness comes from stretch zone measurements.

Fracture and viscoelastic properties of asphalt binders during fatigue and rest periods

Viscoelastic asphalt binder plays an important role in bonding individual aggregate particles and contributes to the durability and stability of asphalt pavement. When asphalt binder is subjected to cyclic loading, deformation and fracture may develop simultaneously within it, leading to the deterioration of material properties and eventually fatigue failure. Research has found that some degree of recovery may develop if rest periods are applied after fatigue deterioration. However, it is not clear whether such recovery is caused by fracture healing, viscoelastic recovery, or both. This paper presents an analysis to differentiate the contributions of fracture healing and viscoelastic recovery to the asphalt binder during rest periods. It also evaluates the damage caused by deformation and fracture during a fatigue process. It is found that viscoelastic recovery plays an important role in the instant increase in the dynamic shear modulus at the beginning of the rest period. The effect of fracture healing on dynamic shear modulus recovery is more dominant in the long term. A healing index is developed based only on the fracture healing of asphalt binder, excluding the effect of viscoelastic recovery. It can be used to evaluate the true healing properties of different asphalt binders. Copyright © 2014 by ASTM International.