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.

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.

Priming moral self-ambivalence heightens deliberative behaviour in self-ambivalent individuals

Background: Recent work on cognitive-behavioural models of obsessive-compulsive disorder has focused on the roles played by various aspects of self-perception. In particular, moral self-ambivalence has been found to be associated with obsessive-compulsive phenomena. Aims: In this study we used an experimental task to investigate whether artificially priming moral self-ambivalence would increase participants' deliberation on ethical problems, an index that might be analogous to obsessive-compulsive behaviour. Method: Non-clinical participants completed two online tasks designed to prime either moral self-ambivalence, general uncertainty, or neither. All participants then completed a task requiring them to consider solutions to moral dilemmas. We recorded the time participants took to respond to the dilemmas and the length of their responses; we then combined these variables to create a measure of deliberation. Results: Priming moral self-ambivalence led to increases in deliberation, but this was only significant among those participants who scored highly on a baseline measure of moral self-ambivalence. Priming general uncertainty had no significant effect upon deliberation. Conclusions: The results suggest that moral self-ambivalence may play a role in the maintenance of obsessive-compulsive behaviour. We propose that individuals who are morally self-ambivalent might respond to situations in which this ambivalence is made salient by exhibiting behaviour with obsessive-compulsive characteristics. These findings have implications for the incorporation of ideas about self-concept into theories of obsessive-compulsive disorder.

Detecting expressions of blame or praise in text

The growth of social networking platforms has drawn a lot of attentions to the need for social computing. Social computing utilises human insights for computational tasks as well as design of systems that support social behaviours and interactions. One of the key aspects of social computing is the ability to attribute responsibility such as blame or praise to social events. This ability helps an intelligent entity account and understand other intelligent entities’ social behaviours, and enriches both the social functionalities and cognitive aspects of intelligent agents. In this paper, we present an approach with a model for blame and praise detection in text. We build our model based on various theories of blame and include in our model features used by humans determining judgment such as moral agent causality, foreknowledge, intentionality and coercion. An annotated corpus has been created for the task of blame and praise detection from text. The experimental results show that while our model gives similar results compared to supervised classifiers on classifying text as blame, praise or others, it outperforms supervised classifiers on more finer-grained classification of determining the direction of blame and praise, i.e., self-blame, blame-others, self-praise or praise-others, despite not using labelled training data.