Venture capital meets contract theory: risky claims or formal control?

This paper develops a theory of the joint allocation of formal control and cash-flow rights in venture capital deals. We argue that when the need for investor support calls for very high-powered outside claims, entrepreneurs should optimally retain formal control in order to avoid excessive interference. Hence, we predict that risky claims should be be negatively correlated to control rights, both along the life of a start-up and across deals. This challenges the idea that risky claims should a ways be associated to more formal control, and is in line with contractual terms increasingly used in venture capital, in corporate venturing and in partnership deals between biotech start-ups and large drug companies. The paper provides a theoretical explanation to some puzzling evidence documented in Gompers (1997) and Kaplan and Stromberg (2000), namely the inclusion in venture capital contracts of contingencies that trigger both a reduction in VC control and the conversion! of her preferred stocks into common stocks.

Encryption methods using formal power series rings

Recently there has been a great deal of work on noncommutative algebraic cryptography. This involves the use of noncommutative algebraic objects as the platforms for encryption systems. Most of this work, such as the Anshel-Anshel-Goldfeld scheme, the Ko-Lee scheme and the Baumslag-Fine-Xu Modular group scheme use nonabelian groups as the basic algebraic object. Some of these encryption methods have been successful and some have been broken. It has been suggested that at this point further pure group theoretic research, with an eye towards cryptographic applications, is necessary.In the present study we attempt to extend the class of noncommutative algebraic objects to be used in cryptography. In particular we explore several different methods to use a formal power series ring R && x1; :::; xn && in noncommuting variables x1; :::; xn as a base to develop cryptosystems. Although R can be any ring we have in mind formal power series rings over the rationals Q. We use in particular a result of Magnus that a finitely generated free group F has a faithful representation in a quotient of the formal power series ring in noncommuting variables.

Formal deformations of Poisson structures in low dimensions

In this paper, we study formal deformations of Poisson structures, especially for three families of Poisson varieties in dimensions two and three. For these families of Poisson structures, using an explicit basis of the second Poisson cohomology space, we solve the deformation equations at each step and obtain a large family of formal deformations for each Poisson structure which we consider. With the help of an explicit formula, we show that this family contains, modulo equivalence, all possible formal eformations. We show moreover that, when the Poisson structure is generic, all members of the family are non-equivalent.

Improving Students’ Learning Aspirations Beyond Post-Primary Education: A First Account of Two Non-Formal Education Programmes in Middle-Income

Non-formal education programmes are active in a number of developing countries. These programmes offer vulnerable students an opportunity to pursue their education although they were excluded for various reasons from the formal education systems. This paper examines the impact of two programmes (one in Mauritius, and one in Thailand) on their participants’ aspirations towards learning. We develop a methodology to measure the perception of students regarding their learning experience. More than a third of them, for example, believe that there is no barrier to their education. Most acknowledge the role of their teachers in raising their aspirations towards their educational achievement. When compared to male students, female students seem to value more the role of their education.

How to improve the formal analytic reasoning and scientific motivation in the intellectual training of medical students

A review article of the The New England Journal of Medicine refers that almost a century ago, Abraham Flexner, a research scholar at the Carnegie Foundation for the Advancement of Teaching, undertook an assessment of medical education in 155 medical schools in operation in the United States and Canada. Flexner’s report emphasized the nonscientific approach of American medical schools to preparation for the profession, which contrasted with the university-based system of medical education in Germany. At the core of Flexner’s view was the notion that formal analytic reasoning, the kind of thinking integral to the natural sciences, should hold pride of place in the intellectual training of physicians. This idea was pioneered at Harvard University, the University of Michigan, and the University of Pennsylvania in the 1880s, but was most fully expressed in the educational program at Johns Hopkins University, which Flexner regarded as the ideal for medical education. (...)

Temperature requirements of Chrysomya albiceps (Wiedemann, 1819) (Diptera, Calliphoridae) under laboratory conditions

Chrysomya albiceps specimens were obtained from colonies established with larvae and adults collected at the Federal Rural University in Rio de Janeiro, Seropédica, State of Rio de Janeiro. The larval stage of C. albiceps was allowed to develop in climatic chambers at temperatures of 18, 22, 27 and 32ºC, and the pupal stage was allowed to develop at 22, 27 and 32ºC (60 ± 10% RH and 14 hr photoperiod). The duration and viability of the larval stage of C. albiceps at 18, 22, 27 and 32ºC were 21.30, 10.61, 5.0 and 4.0 days and 76.5, 88.5, 98.5 and 99.5%, respectively, with mean mature larval weights of 45.16, 81.86, 84.35 and 70.53 mg, respectively. Mean duration and viability of the pupal stage at 22, 27 and 32ºC were 9.36, 4.7 and 3.0 days and 93.8, 100 and 100%, respectively. The basal temperature for the larval and pupal stage and for the larval and adult phase were 15.04, 17.39 and 15.38ºC, corresponding to 65.67, 44.15 and 114.23 DD.

Straightening out the concept of direct and indirect input requirements

Gim & Kim (1998) proposed a generalization of Jeong (1982, 1984) reinterpretation of the Hawkins-Simon condition for macroeconomic stability to off-diagonal matrix elements. This generalization is conceptually relevant for it offers a complementary view of interindustry linkages beyond final or net output influence. The extension is completely similar to the 'total flow' idea introduced by Szyrmer (1992) or the 'output-to-output' multiplier of Miller & Blair (2009). However the practical implementation of Gim & Kim is actually faulty since it confuses the appropriate order of output normalization. We provide a new and elementary solution for the correct formalization using standard interindustry accounting concepts.

Diagnosi de la relació entre les aplicacions didàctiques de la museografia virtual i l'educació formal anàlisi de casos

L'educació formal necessita de noves eines d'aprenentatge que s'ajustin a la revolució que ha sofert la nostra societat, i una d'elles pot ser l'aplicació de les TIC a la difusió del patrimoni museològic. Com construir aquest discurs museogràfic i l'anàlisi de diferents exemples ja existents en la xarxa, conformen aquest treball.

Non-formal education for schistosomiasis prevention: the experience of the Museu Arqueológico de Central, Bahia, Brazil

The activities described here form part of an extensive programme in place in the Região Arqueológica de Central, state of Bahia, Brazil. After malacological and socio-environmental surveys in the area, a strategy comprising formal and non-formal education with an emphasis on schistosomiasis prevention was developed, introduced, and evaluated. Interviews were conducted of 142 students and 11 teachers, totalling 11 classes at six primary schools. On the basis of those interviews, four display cases and seven panels were prepared. In addition a table was set up where students could participate directly on the subject, drawing and recognising the factors involved in the schistosomiasis cycle. The exhibition was held at the Museu Arqueológico de Central. The endeavours of this paper underline the importance of health education as well as exhibitions to disease prevention activities.