Venture capital financing : screening and contracting under assymetric information

Structure of the Thesis This thesis consists of 5 sections. Section 1 starts with the problem definition and the presentation of the objectives of this thesis. Section 2 introduces a presentation of the theoretical foundations of Venture financing and a review of the main theories developed on Venture investing. It includes a taxonomy of contracting clauses relevant in venture contracting, the conflicts they address, and presents some general observations on contractual clauses. Section 3 presents the research findings on the analysis of a European VC's deal flow and investment screening linked to the prevailing market conditions. Section 4 focuses an empirical study of a European VC's investment process, the criteria it uses to make its investments. It presents empirical findings on the investment criteria over time, business cycles, and investment types. It also links these criteria to the VC's subsequent performance. Finally, section 5 presents an empirical research on the comparison of the legal contracts signed between European and United States Venture Capitalists and the companies they finance. This research highlights some of the contracting practices in Europe and the United States.

Disentangling the link between health and social capital: A comparison of immigrant and native-born populations in Spain

An increasing body of research has pointed to the relevance of social capital in studying a great variety of socio-economic phenomena, ranging from economics growth and development to educational attainment and public health. Conceptually, our paper is framed within the debates about the possible links between health and social capital, on one hand, and within the hypotheses regarding the importance of social and community networks in all stages of the dynamics of international migration, on the other hand. Our primary objective is to explore the ways social relations contribute to health differences between the immigrants and the native-born population of Spain. We also try to reveal differences in the nature of the social networks of foreign-born, as compared to that of the native-born persons. The empirical analysis is based on an individual-level data coming from the 2006 Spanish Health Survey, which contains a representative sample of the immigrant population. To assess the relationship between various health indicators (self-assessed health, chronic conditions and long-term illness) and social capital, controlling for other covariates, we estimate multilevel models separately for the two population groups of interest. In the estimates we distinguish between individual and community-level social capital. While the Health Survey contains information that allows us to define individual social capital measures, the collective indicators come from other official sources. In particular, for the subsample of immigrants, we proxy community-level networks and relationships by variables contained in the Spanish National Survey of Immigrants 2007. The results obtained so far point to the relevance of social capital as a covariate in the health equation, although, the significance varies according to the specific health indicator used. Additionally, and contrary to what is expected, immigrants’ social networks seem to be inferior to those of the native-born population in many aspects; and they also affect immigrant’s health to a lesser extent. Policy implications of the findings are discussed. Keywords: health status, social capital, immigration, Spain

An application of capital allocation principles to operational risk

The cost of operational risk refers to the capital needed to a fford the loss generated by ordinary activities of a firm. In this work we demonstrate how allocation principles can be used to the subdivision of the aggregate capital so that the firm can distribute this cost across its various constituents that generate operational risk. Several capital allocation principles are revised. Proportional allocation allows to calculate a relative risk premium to be charged to each unit. An example of fraud risk in the banking sector is presented and some correlation scenarios between business lines are compared. Keywords: solvency, quantile, value at risk, copulas

Endogenous growth with capital in R&D production functions

[eng] In this paper we claim that capital is as important in the production of ideas as in the production of final goods. Hence, we introduce capital in the production of knowledge and discuss the associated problems arising from the public good nature of knowledge. We show that although population growth can affect economic growth, it is not necessary for growth to arise. We derive both the social planner and the decentralized economy growth rates and show the optimal subsidy that decentralizes it. We also show numerically that the effects of population growth on the market growth rate, the optimal growth rate and the optimal subsidy are small. Besides, we find that physical capital is more important for the production of knowledge than for the production of goods.

Endogenous growth with capital in R&D production functions

[eng] In this paper we claim that capital is as important in the production of ideas as in the production of final goods. Hence, we introduce capital in the production of knowledge and discuss the associated problems arising from the public good nature of knowledge. We show that although population growth can affect economic growth, it is not necessary for growth to arise. We derive both the social planner and the decentralized economy growth rates and show the optimal subsidy that decentralizes it. We also show numerically that the effects of population growth on the market growth rate, the optimal growth rate and the optimal subsidy are small. Besides, we find that physical capital is more important for the production of knowledge than for the production of goods.

Human Capital Questionnaire (PHCQ): Assessment of European nurses' perception as indicators of human capital quality

Healthcare accreditation models generally include indicators related to healthcare employees' perceptions (e.g. satisfaction, career development, and health safety). During the accreditation process, organizations are asked to demonstrate the methods with which assessments are made. However, none of the models provide standardized systems for the assessment of employees. In this study, we analyzed the psychometric properties of an instrument for the assessment of nurses' perceptions as indicators of human capital quality in healthcare organizations. The Human Capital Questionnaire was applied to a sample of 902 nurses in four European countries (Spain, Portugal, Poland, and the UK). Exploratory factor analysis identified six factors: satisfaction with leadership, identification and commitment, satisfaction with participation, staff well-being, career development opportunities, and motivation. The results showed the validity and reliability of the questionnaire, which when applied to healthcare organizations, provide a better understanding of nurses' perceptions, and is a parsimonious instrument for assessment and organizational accreditation. From a practical point of view, improving the quality of human capital, by analyzing nurses and other healthcare employees' perceptions, is related to workforce empowerment.

Crise économique et travail féminin : retour à l'ordre : l'offensive contre le travail des femmes dans les services publics en Suisse et en France durant les années 1930

Résumé : Crise économique et travail féminin : retour à l'ordre. L'offensive contre le travail des femmes dans les services publics en Suisse et en France durant les années 1930 La crise économique mondiale des années 1930 se caractérise par une véritable offensive contre l'activité professionnelle féminine dans les services publics. Dans l'ensemble des pays industrialisés, le travail des femmes fonctionnaires acquiert le statut d'enjeu économique, politique, social, familial et moral. La généralisation du chômage sous l'effet de la crise économique suscite d'âpres discussions sur la répartition des postes de travail et les femmes fonctionnaires endossent le rôle de bouc émissaire. Les gouvernements et autorités publiques des pays industrialisés plébiscitent dès lors, selon des modalités diverses, la « solution » d'une réglementation restrictive du travail des salariées des services publics. Cette thèse met en lumière un épisode de l'histoire de la « ségrégation ordinaire » entre les sexes dans le monde du travail. Elle montre que la segmentation et la hiérarchisation sexuées du travail ne reflètent pas des faits « naturels », mais qu'elles constituent l'aboutissement d'un long processus de différenciation engageant une multitude d'acteurs·trices sociaux·ales. Nous avons opté pour une histoire croisée de l'offensive contre l'activité des salariées de la fonction publique en Suisse et en France, en y intégrant un « détour » par l'analyse de la dimension internationale de cette campagne contre l'emploi féminin. Cette approche permet de revisiter l'histoire politique, sociale, culturelle, économique et financière propre à la Suisse et à la France des années 1930. La sexuation de l'histoire, soit la prise en compte des rapports entre les sexes dans et par le récit historique, l'éclairage novateur de l'histoire d'une nation sur l'autre, ainsi que la prise en considération de l'internationalisation de certaines pratiques (législatives et féministes), permettent de renouveler un cadre d'analyse et de proposer de nouvelles pistes de recherche sur l'histoire du travail et des féminismes. En premier lieu, ce travail analyse les modalités de la reconfiguration des rapports entre les sexes durant les années 1930, sous le prisme de l'activité salariée. Il détermine de quelle manière le travail des femmes fonctionnaires se constitue en « problème » à cette période et quels sont les termes de l'offensive contre les salariées des services publics en Suisse et en France, mais également sur le plan international. En deuxième lieu, le coeur de la recherche porte sur les incidences de l'offensive contre les femmes fonctionnaires en Suisse et en France. Nous montrons de quelle manière les gouvernements et les autorités publiques prennent appui sur les impératifs d'austérité budgétaire pour redessiner des lignes de démarcation entre « travail masculin » et « travail féminin » dans certains domaines bien spécifiques des services publics. En troisième lieu, cette contribution propose une lecture de l'histoire de la mobilisation féministe pour défendre le droit au travail des femmes fonctionnaires, mobilisation encore trop souvent occultée par les récits historiques traditionnels. Pour les sources consultées, l'étude de la manière dont le travail des femmes fonctionnaires se constitue en « problème » sur le plan international (partie I) repose sur les archives et les publications du Bureau international du travail. Quant à l'étude des cas nationaux (parties II et III), pour chaque pays, trois types de sources ont été dépouillés : les archives des associations féministes investies dans la défense du droit au travail féminin ; les sources publiées ayant trait à l'offensive contre le travail féminin (rapports, actes de journées d'étude, organes de presse) ; les sources officielles législatives qui entérinent le processus de ségrégation sexuée dans les emplois publics.

Gestión del conocimiento y del capital intelectual en una PYME del sector textil

Se presenta una propuesta para la Gestión del Conocimiento en una empresa del sector textilque desarrolla las actividades de ennoblecimiento del producto. El objetivo ha sido diseñar unsistema de soporte para la toma de decisiones, que considere la perspectiva de la medición delCapital Intelectual, y que incorpore elementos del Cuadro de Mando Integral. La realizaciónde la propuesta se basa en una amplia documentación sobre modelos y casos, tanto de Gestióndel Conocimiento como de la Medición del Capital Intelectual.

Timing of Capacity Change: Models for Capital Intensive Industry

The suitable timing of capacity investments is a remarkable issue especially in capital intensive industries. Despite its importance, fairly few studies have been published on the topic. In the present study models for the timing of capacity change in capital intensive industry are developed. The study considers mainly the optimal timing of single capacity changes. The review of earlier research describes connections between cost, capacity and timing literature, and empirical examples are used to describe the starting point of the study and to test the developed models. The study includes four models, which describe the timing question from different perspectives. The first model, which minimizes unit costs, has been built for capacity expansion and replacement situations. It is shown that the optimal timing of an investment can be presented with the capacity and cost advantage ratios. After the unit cost minimization model the view is extended to the direction of profit maximization. The second model states that early investments are preferable if the change of fixed costs is small compared to the change of the contribution margin. The third model is a numerical discounted cash flow model, which emphasizes the roles of start-up time, capacity utilization rate and value of waiting as drivers of the profitable timing of a project. The last model expands the view from project level to company level and connects the flexibility of assets and cost structures to the timing problem. The main results of the research are the solutions of the models and analysis or simulations done with the models. The relevance and applicability of the results are verified by evaluating the logic of the models and by numerical cases.