Motivation of german entrepreneurs to seek equity via crowdfunding: an exploratory study

Equity crowdfunding, ou financiamento de um projeto ou empreendimento através de diversos pequenos investimentos ou um grande grupo de investidores, tem recebido uma crescente atenção da mídia e acadêmicos. A discussão questiona se crowdfunding pode de uma forma geral transformar a maneira como as pessoas captam capital para os seus negócios. Enquanto que pesquisas tem até então focado em explorar porque crowdinvestors têm motivação em financiar empreitadas, este estudo foca em revelar o que motiva empreendedores a procurar soluções de crowdfund. Para isso, o estudo investigou a motivação de 11 empreendedores que usaram plataformas alemãs de crowdfunding. Como estudos existentes sobre a motivação de empreendedores são na sua grande maioria superficiais, este estudo utiliza uma nova abordagem de pesquisa na área de financiamento de projetos, a abordagem de means-end. Sob essa abordagem a forma de pensar dos empreendedores em relação ao uso de equity crowdfunding foi estudada de forma holística, revelando todo o processo de raciocínio até a decisão final de optar por uma estratégia de crowdfunding. Uma das descobertas é que empreendedores usam equity crowdfunding para arrecadar fundos de crowdinvestors consideravelmente não-racionais (emocionais) para financiar o crescimento futuro de seus negócios e também sinalizar viabilidade de investimento para futuros investidores. Além disso, empreendedores esperam que crowdinvestors sejam engajados e ajudem tanto a promover o negócio como a dar feedback. Crowdfunding também possibilita que empreendedores mantenham o poder de decisão sobre a empresa mais facilmente se comparado a outras fontes tradicionais de financiamento. As descobertas indicam que crowdfunding atrai empreendedores que não conseguiriam arrecadar investimentos a partir de outras fontes de capital assim como empreendedores que entendem os benefícios adicionais que esta oferece em relação à outras fontes.

Optimal two-sided tests for instrumental variables regression with heteroskedastic and autocorrelated errors

This paper considers two-sided tests for the parameter of an endogenous variable in an instrumental variable (IV) model with heteroskedastic and autocorrelated errors. We develop the nite-sample theory of weighted-average power (WAP) tests with normal errors and a known long-run variance. We introduce two weights which are invariant to orthogonal transformations of the instruments; e.g., changing the order in which the instruments appear. While tests using the MM1 weight can be severely biased, optimal tests based on the MM2 weight are naturally two-sided when errors are homoskedastic. We propose two boundary conditions that yield two-sided tests whether errors are homoskedastic or not. The locally unbiased (LU) condition is related to the power around the null hypothesis and is a weaker requirement than unbiasedness. The strongly unbiased (SU) condition is more restrictive than LU, but the associated WAP tests are easier to implement. Several tests are SU in nite samples or asymptotically, including tests robust to weak IV (such as the Anderson-Rubin, score, conditional quasi-likelihood ratio, and I. Andrews' (2015) PI-CLC tests) and two-sided tests which are optimal when the sample size is large and instruments are strong. We refer to the WAP-SU tests based on our weights as MM1-SU and MM2-SU tests. Dropping the restrictive assumptions of normality and known variance, the theory is shown to remain valid at the cost of asymptotic approximations. The MM2-SU test is optimal under the strong IV asymptotics, and outperforms other existing tests under the weak IV asymptotics.

Asymptotic efficiency in an instrumental variable model

Esta dissertação se propõe ao estudo de inferência usando estimação por método generalizado dos momentos (GMM) baseado no uso de instrumentos. A motivação para o estudo está no fato de que sob identificação fraca dos parâmetros, a inferência tradicional pode levar a resultados enganosos. Dessa forma, é feita uma revisão dos mais usuais testes para superar tal problema e uma apresentação dos arcabouços propostos por Moreira (2002) e Moreira & Moreira (2013), e Kleibergen (2005). Com isso, o trabalho concilia as estatísticas utilizadas por eles para realizar inferência e reescreve o teste score proposto em Kleibergen (2005) utilizando as estatísticas de Moreira & Moreira (2013), e é obtido usando a teoria assintótica em Newey & McFadden (1984) a estatística do teste score ótimo. Além disso, mostra-se a equivalência entre a abordagem por GMM e a que usa sistema de equações e verossimilhança para abordar o problema de identificação fraca.

The Culture of entrepreneurship: a study of the entrepreneurial motivation and attitudes towards business creation in the UAE in comparison to the US and Brazil

This study demonstrates the cultural dimension and the surrounding environment of different entrepreneurs selected from three countries, the United States of America, the Federative Republic of Brazil, and the United Arab Emirates. The general objective is to understand the difference in the entrepreneurial motives and spirit towards venture creation from the three different countries. After conducting field research and collecting the required data, a deep analysis was conducted to draw a comparison between the three cultures from an individual’s point of view, to help shape a set of proposed recommendations, which could be used to improve the current culture of entrepreneurship in the UAE.

Invariant tests in an instrumental variables model with unknown data generating process

In this work we focus on tests for the parameter of an endogenous variable in a weakly identi ed instrumental variable regressionmodel. We propose a new unbiasedness restriction for weighted average power (WAP) tests introduced by Moreira and Moreira (2013). This new boundary condition is motivated by the score e ciency under strong identi cation. It allows reducing computational costs of WAP tests by replacing the strongly unbiased condition. This latter restriction imposes, under the null hypothesis, the test to be uncorrelated to a given statistic with dimension given by the number of instruments. The new proposed boundary condition only imposes the test to be uncorrelated to a linear combination of the statistic. WAP tests under both restrictions to perform similarly numerically. We apply the di erent tests discussed to an empirical example. Using data from Yogo (2004), we assess the e ect of weak instruments on the estimation of the elasticity of inter-temporal substitution of a CCAPM model.

A satisfação dos clientes internos e o comprometimento organizacional: um estudo à luz do modelo ASH nas indústrias alimentícias no RN

Currently the organizations are passing for continuous cycles of changes due to necessity of survival in the work market. The administration of the future points a way to the organizations of today and tomorrow, the search of the competitiveness from loyalty and motivation of its staff. Of this form, the model of the Auditoria do Sistema Humano (ASH), developed for Spanish researchers and that now it is being applied in Brazil, contemplates a series of dimensions about Human Resources management quality in the companies and the organizational effectiveness, such as the environment where the company is inserted, the strategies, the organizational drawing, the psychological and psychosocial processes, e the reached results. In this direction, the present research analyzed the factors of job satisfaction and organizational commitment, making, also, a relation of causality between the same ones. The quantitative-descriptive research had as population the employees of twenty three nourishing industries of the State of Rio Grande do Norte (Brazil), registered in the Federacy of the Industries of the state. The collection of the data occurred for the months of October of 2005 and March of 2006, by means of the application of questionnaire of model ASH. The sample was composed for 197 employees, however it was observed presence of five outliers, that they had been excluded from the analysis of the data. To extract the dimensions of the satisfaction and the commitment and identification the factorial analysis was used, with extraction method of principal components, rotation Varimax and normalization Kaiser. The gotten dimensions had been evaluated with the calculation of the coefficient Alpha of Cronbach. The factorial analysis of the pointers of the organizational commitment and identification had extracted ten factors. Of these, four had gotten significance of the analyses inside: affective commitment, values commitment, continuance commitment and necessity commitment. The result of the analysis of the pointers of job satisfaction indicated four factors: extrinsic, motivations, relation with the friends and auto-accomplishment. To deal with the data the relation between job satisfaction and organizational commitment it was used technique of multiple regression. The correlation between commitment and satisfaction was satisfactory, detaching the affective commitment with bigger index of correlation, followed of the affective one

Reconceitualização das categorias de skemp de compreensão relacional e compreensão instrumental como critérios globais

The thesis presents a systematic description about the meaning, as Skemp, relational understanding and understanding instrumental, in the context of mathematics learning, being that we had as a guide his understanding of the schema. Especially, we analyze some academic productions, in the area of Mathematics Education, who used the categories of understanding relational and instrumental understanding how evaluative instrument and we see that in most cases the analysis is punctual. Being so, whereas the inherent understanding relational schema has a network of connected ideas and non-insulated, we investigated if the global analysis, where it is the understanding of the diversity of contributory concepts for formation of the concept to be learned, is more appropriate than the punctual, where does the understanding of concepts so isolated. For this, we apply a teaching module, having as main content the Quaternos Pythagoreans using History of Mathematics and the work of Bahier (1916). With the data we obtained the teaching module to use the global analysis and the punctual analysis, using research methodology the Case Study, and consequently we conduct our inferences about the levels of understanding of the subject which has made it possible for us to investigate the ownership of global analysis at the expense of punctual analysis. On the opportunity, we prove the thesis that we espouse in the course of the study and, in addition, we highlight as a contribution of our research evidence of need for a teaching of mathematics that entices the relational understanding and that evaluation should be global, being necessary to consider the notion of schema and therefore know the schematic diagram of the concept that will be evaluated

A interpretação dos sintagmas nominais com adjetivos atributivos por alunos de inglês instrumental

This present work has as objective to analyze the interpretation of the syntactic and semantic meaning performed by third graders in the nominal groups (NGs) with attributive adjectives in the English language in a text of the final exam in the ESP (English for Specific Purposes) discipline. The corpus is made up of 30 exams of two classes from a third grade institution of the biomedical area, corresponding to the basic and advanced levels of the second term in 2006. The text has 24 NGs of different lexical content, a total of 27 NGs in the whole text summing up to 810 analyzed occurrences. The analysis is carried out at the morphologic, syntactic and semantic levels using as theoretical background the traditional and functional grammars (QUIRK et al, 1985; CELSE-MURCIA et al, 1998; TUCKER, 1998), in their semantic aspects, the Semantics (FRAWLEY, 1992) and the Cognitive Linguistics (TAYLOR, 2002). We concluded that the main difficulties were due to the lack of vocabulary and to the use of mother tongue strategies instead of using the top-down strategies for reading a text in English to compensate this gap. We also observed that even when the vocabulary was known, there were difficulties in establishing the semantic and syntactic relations between modifier and noun head. We suggested improvements for the teaching of reading English texts at the third grade grounded in the obtained results such as a more comprehensive study of the several different morphologic and syntactic structures of the NGs with premodifiers and their semantic consequences, an approach of the morphologic, syntactic and semantic aspects of the NGs and the use of both top-down and bottom-up strategies when reading a NG in the English language

A motivação e o significado do trabalho de bancários: estudo comparativo entre dois momentos do processo de reestruturação produtiva

This master s dissertation deals with motivation and the meaning of work amongst bank employees. This is done considering a cognitive perception. Work is understood here under a social and subjective comprehension, once it deals with significance attribution. Motivation is the process that rules choice of the different possibilities of individual behavior, all of which according to the Expectation Theory. This study aims to analyze the implications of the productive restructure, since it is related to technological innovation, organizational changes and management, in motivation and work significance. Thus, the objective of the research is to verify motivational differences and the meaning of work amongst bank employees. This is done in two distinct moments of the productive restructure of bank employees in Natal-RN. The research is divided in two parts. In the first one, changes that occurred in banks between 1999 until 2005 were identified by the means of interviews with 7 bank managers. The analyzed perspective was training intensifying, quality emphasis of customer attendance, the use of automation/technology, staff stabilization, change in staff profile, work intensification, etc. In the second study the Inventory of Motivation and Work Meaning was applied. Thus, questions related to work focus, social demographic data, in 187 bank employees were dealt with. The collected data was compared to data from previous work. It was observed that productive restructure has a reflection in the meaning of work increasing self-expression, economical reward, and responsibility in work conditions. All of the item mention beforehand maintain the level of inhumanness and consummation and respond as being the characteristics of the real work environment. On the other hand, bank employees value less justice, self-expression and more the survival perspective, implying instrumental values to work. As for motivation, it is increased among bank employees. These employees have greater expectations that their work produce results since they believe in their interference in work results

Motivation and frustration in cardiology trial participation: The patient perspective

OBJECTIVE: The participation of humans in clinical cardiology trials remains essential, but little is known regarding participant perceptions of such studies. We examined the factors that motivated participation in such studies, as well as those that led to participant frustration.METHODS: Patients who had participated in hypertension and coronary arterial disease (phases II, III, and IV) clinical trials were invited to answer a questionnaire. They were divided into two groups: Group I, which included participants in placebo-controlled clinical trials after randomization, and Group II, which included participants in clinical trials in which the tested treatment was compared to another drug after randomization and in which a placebo was used in the washout period.RESULTS: Eighty patients (47 patients in Group I and 33 patients in Group II) with different socio-demographic characteristics were interviewed. Approximately 60% of the patients were motivated to participate in the trial with the expectation of personal benefit. Nine participants (11.2%) expressed the desire to withdraw, which was due to their perception of risk during the testing in the clinical trial (Group I) and to the necessity of repeated returns to the institution (Group II). However, the patients did not withdraw due to fear of termination of hospital treatment.CONCLUSIONS: Although this study had a small patient sample, the possibility of receiving a benefit from the new tested treatment was consistently reported as a motivation to participate in the trials.

Effect of oral hygiene education and motivation on removable partial denture wearers: longitudinal study

The purpose of this study was to determine the effect of two different preventive oral hygiene education and motivation programmes on the plaque and gingival index, as well as denture hygiene of patients provided with removable partial denture (RPD) during a 12-month follow-up.A total of 53 partially edentulous patients were recruited for this study. The presence or absence of plaque and gingival bleeding by gentle probing was scored on all tooth surfaces at the preliminary visit. The plaque and gingival indexes were measured using the Loe index. Following treatment, the patients were randomly divided into three groups. In Control Group I, subjects were instructed to continue their personal oral hygiene routine. In Group II, participants were given verbal instructions and a self-educational manual on oral hygiene without illustrations. In Group III, oral hygiene guidance was delivered using a combination of verbal instructions and a self-teaching manual. To evaluate the effect of the different modes of instruction, the presence or absence of plaque and gingival bleeding was scored on all tooth surfaces (day zero examination) and re-examined 7, 15 and 30 days, 3, 6 and 12 months following RPD placement. The state of denture hygiene was evaluated 7, 15 and 30 days and 3, 6 and 12 months following rehabilitation. Parametric statistics was applied to dental plaque and gingival indexes. For accumulation of plaque and calculus on the RPD, non-parametric statistic was applied.The frequency of plaque found during the preliminary visit was higher than that found in the other periods. With regard to gingival index, significant difference was found between the preliminary visit examination and other periods. There was a significant difference in the plaque accumulation on the denture surface between groups I and III.The different methods of oral hygiene instruction used in this study indicate that the type of education was not of significant importance.

A controlled clinical trial on the effects of exercise on neuropsychiatric disorders and instrumental activities in women with Alzheimer's disease

OBJETIVO: Analisar os efeitos de seis meses de intervenção de um programa de atividade física sobre os distúrbios neuropsiquiátricos e o desempenho nas atividades instrumentais da vida diária de idosos com Doença de Alzheimer (DA). MÉTODOS: Foram recrutados 20 pacientes nos estágios entre leve e moderado da DA. Segundo o escore clínico de demência (CDR), foram distribuídos em dois grupos: o grupo treinamento (GT), composto por dez mulheres que participaram de um program de exercícios físicos por um período de seis meses, e o grupo controle (GC), composto por dez outras participantes que não realizaram nenhum tipo de intervenção motora estruturada durante o mesmo período. Todas as participantes foram avaliadas por meio do Miniexame do Estado Mental, para obtenção da caracterização cognitiva; Inventário Neuropsiquiátrico, para identificação dos distúrbios neuropsiquiátricos mais prevalentes e Questionário de Atividades Instrumentais de Pfeffer, para verificação do grau de comprometimento funcional. RESULTADOS: Os participantes do GC mostraram uma deterioração tanto no desempenho das atividades instrumentais quanto na intensificação dos distúrbios neuropsiquiátricos, quando comparados os momentos pré e pós-intervenção. CONCLUSÃO: O GT demonstrou uma atenuação da intensificação dos distúrbios neuropsiquiátricos e do desempenho funcional em relação ao grupo sedentário.

Análise de consistência de iogurte: correlação entre medida sensorial e instrumental

O efeito das variáveis independentes: soro desmineralizado em pó (0,0; 1,5 e 3,0 %), cultura láctica (1,0; 2,0 e 3,0 %) e temperatura de tratamento da mistura (85; 90 e 95°C) foi estudado nas respostas consistência sensorial e instrumental do iogurte. A metodologia de superfície de resposta foi usada para efetuar tratamentos estatísticos dos experimentos e desenvolver modelos matemáticos da relação entre as variáveis e as respostas. A consistência instrumental e sensorial apresentaram resultados semelhantes e correlacionáveis entre si, r = 0,65 (p < 0,01), ambas foram maiores quando aumentou-se a temperatura da mistura e diminuiu-se o teor de soro desmineralizado em pó.