Three essays on entrepreneurial entry, serial entrepreneurship, and labor turnover

This study explores two important aspects of entrepreneurship — liquidity constraints and serial entrepreneurs, with an additional analysis of occupational choice among wage workers. In the first essay, I revisit the question of whether entrepreneurs face liquidity constraints in business formation. The principle challenge is that wealth is correlated with unobserved ability, and adequate instruments are often difficult to identify. This paper uses the son's birth order as an instrument for household wealth. I exploit the data available in the Korean Labor and Income Panel Study, and find evidence of liquidity constraints associated with self-employment in South Korea. The second essay develops and tests a model that explains entry into serial entrepreneurship and the performance of serial entrepreneurs as the result of selection on innate ability. The model supposes that agents establish businesses with imperfect information about their entrepreneurial ability and the profitability of business ideas. Agents continually observe signals with which they update their beliefs, and this process eventually determines their next business choice. Selection on ability induces a positive correlation between entrepreneurial experience (measured by previous business earnings and founding experience) and serial business formation, as well as its subsequent performance. The predictions in the model are tested using panel data from the NLSY79. The analysis permits a distinction to be made between selection on innate ability and learning by doing. Motivated by previous empirical findings that white-collar workers had higher turnover rates than blue-collar workers during firm expansion, the third essay further examines job turnover among workers with or without specific skills. I present a search-matching model, which predicts that when firm growth is driven by technological advance, workers whose skills are specific to the obsolete technology show a higher tendency to separate from their jobs. This hypothesis is tested with data from the PSID. I find supportive evidence that in the context of technological change, having an occupation requiring specific skills, such as computer specialists or engineers, increases the odds of job separation by nearly eight percent. ^

Essays on the Impact of Stakeholders' Sentiment on the Financial Decision Making Process

The most important factor that affects the decision making process in finance is the risk which is usually measured by variance (total risk) or systematic risk (beta). Since investors' sentiment (whether she is an optimist or pessimist) plays a very important role in the choice of beta measure, any decision made for the same asset within the same time horizon will be different for different individuals. In other words, there will neither be homogeneity of beliefs nor the rational expectation prevalent in the market due to behavioral traits. This dissertation consists of three essays. In the first essay, Investor Sentiment and Intrinsic Stock Prices, a new technical trading strategy is developed using a firm specific individual sentiment measure. This behavioral based trading strategy forecasts a range within which a stock price moves in a particular period and can be used for stock trading. Results show that sample firms trade within a range and show signals as to when to buy or sell. The second essay, Managerial Sentiment and the Value of the Firm, examines the effect of managerial sentiment on the project selection process using net present value criterion and also effect of managerial sentiment on the value of firm. Findings show that high sentiment and low sentiment managers obtain different values for the same firm before and after the acceptance of a project. The last essay, Investor Sentiment and Optimal Portfolio Selection, analyzes how the investor sentiment affects the nature and composition of the optimal portfolio as well as the performance measures. Results suggest that the choice of the investor sentiment completely changes the portfolio composition, i.e., the high sentiment investor will have a completely different choice of assets in the portfolio in comparison with the low sentiment investor. The results indicate the practical application of behavioral model based technical indicators for stock trading. Additional insights developed include the valuation of firms with a behavioral component and the importance of distinguishing portfolio performance based on sentiment factors.

Profiling The Campus Recruiter At A Four-Year Hospitality Program

Profiling the Campus Recruiter At a Four-Year Hospitality Program, is a written profile, supported by anecdotal rather than stridently empirical evidence, by Al lzzolo, Assistant Professor, College of Hotel Administration, University of Nevada, Las Vegas. “Each year major chain corporations as well as single unit companies interview hospitality students throughout the country. A study conducted at the University of Nevada, Las Vegas, was designed to profile the hospitality industry campus recruiter and to provide meaningful data to college students who would be interviewing with these recruiters,” the author initially proffers. “Recruiting at the four-year hospitality program, by its nature, is not a science, nor is it highly quantifiable. The interviewing and selection processes are highly subjective and vary from company to company,” says Izzolo to preface his essay. “Data were collected via a questionnaire specifically designed to answer questions about the recruiters and/or the companies that sent interviewers to the placement office of the university's hospitality program,” our author says to explain the process used to gather information for the piece. Findings of the study indicate that the typical recruiter is male, college educated – but not necessarily in a Hospitality’ curriculum – and almost 80 percent of respondents said they had the authority to hire management trainees. Few campuses are visited by hospitality industry recruitment staff as evidenced by Izzolo’s observations/data. Table 3 analyzes the desirable traits a recruiter deems appropriate for the potential employee candidate. Personal appearance, work experience, grade point average, and verbal communication rank high on the list of distinguishable attributes. The most striking finding in this portion of the study is that a student’s GPA is virtually ignored. “Recruiting for the hospitality industry appears to be very subjective,” Izzolo says. “Recruiters are basing decisions to hire not on knowledge levels as determined by an academic grade point average but rather on criteria much less definitive, such as verbal skills and personal appearance,” our author opines. In closing, Izzolo concedes this is not a definitive study, but is merely a launching pad to a more comprehensive investigation on the recruitment subject.

Selection Of Students For Hotel Schools: A Comparative Study

In the discussion - Selection Of Students For Hotel Schools: A Comparative Study - by William Morgan, Professor, School of Hospitality Management at Florida International University, Morgan’s initial observation is: “Standards for the selection of students into schools of hospitality management around the world vary considerably when it comes to measuring attitudes toward the industry. The author discusses current standards and recommends some changes.” In addition to intellectual ability, Professor Morgan wants you to know that an intangible element such as attitude is an equally important consideration to students seeking curriculum and careers in the hospitality field. “…breaches in behavior or problems in the tourist employee encounter are often caused by attitudinal conditions which pre exist the training and which were not able to be totally corrected by the unfreezing, movement, and refreezing processes required in attitudinal change,” says Morgan. “…other than for some requirements for level or grade completed or marks obtained, 26 of the 54 countries sampled (48.1 percent) had no pre-selection process at all. Of those having some form of a selection process (in addition to grades), 14 schools in 12 countries (22.2 percent) had a formal admissions examination,” Professor Morgan empirically provides. “It was impossible, however, to determine the scope of this admissions examination as it might relate to attitude.” The attitude intangible is a difficult one to quantify. With an apparent sameness in hotels, restaurants, and their facilities the significant distinctions are to be found in their employees. This makes the selection process for both schools and employers a high priority. Moreover, can a student, or a prospective employee, overcome stereotypes and prejudices to provide a high degree of service in the hospitality industry? This query is an important element of this article. “If utilized in the hotel, technical, or trade school or in the hiring process at the individual facility, this [hiring] process would provide an opportunity to determine if the prospective student or worker is receptive to the training to be received,” advises Professor Morgan. “Such a student or worker is realistic in his aims and aspirations, ready in his ability to receive training, and responsive to the needs of the guest, often someone very different from himself in language, dress, or degree of creature comforts desired,” your author further counsels. Professor Morgan looks to transactional analysis, role playing, languages, and cross cultural education as playing significant roles in producing well intentioned and knowledgeable employees. He expands upon these concepts in the article. Professor Morgan holds The International Center of Glion, Switzerland in high regard and cites that program’s efforts to maintain relationships and provide graduates with ongoing attitudinal enlightenment programs.

A theoretical analysis of eyewitness identification: Dual -process theory, signal detection theory and eyewitness confidence

Given the growing number of wrongful convictions involving faulty eyewitness evidence and the strong reliance by jurors on eyewitness testimony, researchers have sought to develop safeguards to decrease erroneous identifications. While decades of eyewitness research have led to numerous recommendations for the collection of eyewitness evidence, less is known regarding the psychological processes that govern identification responses. The purpose of the current research was to expand the theoretical knowledge of eyewitness identification decisions by exploring two separate memory theories: signal detection theory and dual-process theory. This was accomplished by examining both system and estimator variables in the context of a novel lineup recognition paradigm. Both theories were also examined in conjunction with confidence to determine whether it might add significantly to the understanding of eyewitness memory. ^ In two separate experiments, both an encoding and a retrieval-based manipulation were chosen to examine the application of theory to eyewitness identification decisions. Dual-process estimates were measured through the use of remember-know judgments (Gardiner & Richardson-Klavehn, 2000). In Experiment 1, the effects of divided attention and lineup presentation format (simultaneous vs. sequential) were examined. In Experiment 2, perceptual distance and lineup response deadline were examined. Overall, the results indicated that discrimination and remember judgments (recollection) were generally affected by variations in encoding quality and response criterion and know judgments (familiarity) were generally affected by variations in retrieval options. Specifically, as encoding quality improved, discrimination ability and judgments of recollection increased; and as the retrieval task became more difficult there was a shift toward lenient choosing and more reliance on familiarity. ^ The application of signal detection theory and dual-process theory in the current experiments produced predictable results on both system and estimator variables. These theories were also compared to measures of general confidence, calibration, and diagnosticity. The application of the additional confidence measures in conjunction with signal detection theory and dual-process theory gave a more in-depth explanation than either theory alone. Therefore, the general conclusion is that eyewitness identifications can be understood in a more complete manor by applying theory and examining confidence. Future directions and policy implications are discussed. ^

Electoral rules and elite recruitment: A comparative analysis of the Bundestag and the U.S. House of Representatives

In this research, I analyze the effects of candidate nomination rules and campaign financing rules on elite recruitment into the national legislatures of Germany and the United States. This dissertation is both theory-driven and constitutes exploratory research, too. While the effects of electoral rules are frequently studied in political science, the emphasis is thereby on electoral rules that are set post-election. My focus, in contrast, is on electoral rules that have an effect prior to the election. Furthermore, my dissertation is comparative by design.^ The research question is twofold. Do electoral rules have an effect on elite recruitment, and does it matter? To answer these question, I create a large-N original data set, in which I code the behavior and recruitment paths and patterns of members of the American House of Representatives and the German Bundestag. Furthermore, I include interviews with members of the said two national legislatures. Both the statistical analyses and the interviews provide affirmative evidence for my working hypothesis that differences in electoral rules lead to a different type of elite recruitment. To that end, I use the active-politician concept, through which I dichotomously distinguish the economic behavior of politicians.^ Thanks to the exploratory nature of my research, I also discover the phenomenon of differential valence of local and state political office for entrance into national office in comparative perspective. By statistically identifying this hitherto unknown paradox, as well as evidencing the effects of electoral rules, I show that besides ideology and culture, institutional rules are key in shaping the ruling elite. The way institutional rules are set up, in particular electoral rules, does not only affect how the electorate will vote and how seats will be distributed, but it will also affect what type of people will end up in elected office.^

Scaling limits of a model for selection at two scales

The dynamics of a population undergoing selection is a central topic in evolutionary biology. This question is particularly intriguing in the case where selective forces act in opposing directions at two population scales. For example, a fast-replicating virus strain outcompetes slower-replicating strains at the within-host scale. However, if the fast-replicating strain causes host morbidity and is less frequently transmitted, it can be outcompeted by slower-replicating strains at the between-host scale. Here we consider a stochastic ball-and-urn process which models this type of phenomenon. We prove the weak convergence of this process under two natural scalings. The first scaling leads to a deterministic nonlinear integro-partial differential equation on the interval $[0,1]$ with dependence on a single parameter, $\lambda$. We show that the fixed points of this differential equation are Beta distributions and that their stability depends on $\lambda$ and the behavior of the initial data around $1$. The second scaling leads to a measure-valued Fleming-Viot process, an infinite dimensional stochastic process that is frequently associated with a population genetics.

Seawater carbonate chemistry and Mytilus edulis biological processes during experiments, 2010

CO2 emissions are leading to an acidification of the oceans. Predicting marine community vulnerability towards acidification is difficult, as adaptation processes cannot be accounted for in most experimental studies. Naturally CO2 enriched sites thus can serve as valuable proxies for future changes in community structure. Here we describe a natural analogue site in the Western Baltic Sea. Seawater pCO2 in Kiel Fjord is elevated for large parts of the year due to upwelling of CO2 rich waters. Peak pCO2 values of >230 Pa (>2300 µatm) and pHNBS values of <7.5 are encountered during summer and autumn, average pCO2 values are ~70 Pa (~700 µatm). In contrast to previously described naturally CO2 enriched sites that have suggested a progressive displacement of calcifying auto- and heterotrophic species, the macrobenthic community in Kiel Fjord is dominated by calcifying invertebrates. We show that blue mussels from Kiel Fjord can maintain control rates of somatic and shell growth at a pCO2 of 142 Pa (1400 µatm, pHNBS = 7.7). Juvenile mussel recruitment peaks during the summer months, when high water pCO2 values of ~100 Pa (~1000 µatm) prevail. Our findings indicate that calcifying keystone species may be able to cope with surface ocean pHNBS values projected for the end of this century when food supply is sufficient. However, owing to non-linear synergistic effects of future acidification and upwelling of corrosive water, peak seawater pCO2 in Kiel Fjord and many other productive estuarine habitats could increase to values >400 Pa (>4000 µatm). These changes will most likely affect calcification and recruitment, and increase external shell dissolution.

Impact of selection and demography on the diffusion of lactase persistence.

The lactase enzyme allows lactose digestion in fresh milk. Its activity strongly decreases after the weaning phase in most humans, but persists at a high frequency in Europe and some nomadic populations. Two hypotheses are usually proposed to explain the particular distribution of the lactase persistence phenotype. The gene-culture coevolution hypothesis supposes a nutritional advantage of lactose digestion in pastoral populations. The calcium assimilation hypothesis suggests that carriers of the lactase persistence allele(s) (LCT*P) are favoured in high-latitude regions, where sunshine is insufficient to allow accurate vitamin-D synthesis. In this work, we test the validity of these two hypotheses on a large worldwide dataset of lactase persistence frequencies by using several complementary approaches. Methodology We first analyse the distribution of lactase persistence in various continents in relation to geographic variation, pastoralism levels, and the genetic patterns observed for other independent polymorphisms. Then we use computer simulations and a large database of archaeological dates for the introduction of domestication to explore the evolution of these frequencies in Europe according to different demographic scenarios and selection intensities. Conclusions Our results show that gene-culture coevolution is a likely hypothesis in Africa as high LCT*P frequencies are preferentially found in pastoral populations. In Europe, we show that population history played an important role in the diffusion of lactase persistence over the continent. Moreover, selection pressure on lactase persistence has been very high in the North-western part of the continent, by contrast to the South-eastern part where genetic drift alone can explain the observed frequencies. This selection pressure increasing with latitude is highly compatible with the calcium assimilation hypothesis while the gene-culture coevolution hypothesis cannot be ruled out if a positively selected lactase gene was carried at the front of the expansion wave during the Neolithic transition in Europe.

The concept of transport capacity and its use in different geomorphic process domains

The notion of sediment-transport capacity has been engrained in geomorphological and related literature for over 50 years, although its earliest roots date back explicitly to Gilbert in fluvial geomorphology in the 1870s and implicitly to eighteenth to nineteenth century developments in engineering. Despite cross fertilization between different process domains, there seem to have been independent inventions of the idea in aeolian geomorphology by Bagnold in the 1930s and in hillslope studies by Ellison in the 1940s. Here we review the invention and development of the idea of transport capacity in the fluvial, aeolian, coastal, hillslope, débris flow, and glacial process domains. As these various developments have occurred, different definitions have been used, which makes it both a difficult concept to test, and one that may lead to poor communications between those working in different domains of geomorphology. We argue that the original relation between the power of a flow and its ability to transport sediment can be challenged for three reasons. First, as sediment becomes entrained in a flow, the nature of the flow changes and so it is unreasonable to link the capacity of the water or wind only to the ability of the fluid to move sediment. Secondly, environmental sediment transport is complicated, and the range of processes involved in most movements means that simple relationships are unlikely to hold, not least because the movement of sediment often changes the substrate, which in turn affects the flow conditions. Thirdly, the inherently stochastic nature of sediment transport means that any capacity relationships do not scale either in time or in space. Consequently, new theories of sediment transport are needed to improve understanding and prediction and to guide measurement and management of all geomorphic systems.

Recruiting faith and non-faith based schools, adolescents and parents to a cluster randomised sexual-health trial: experiences, challenges and lessons from the mixed-methods Jack Feasibility Trial

Background: The move toward evidence-based education has led to increasing numbers of randomised trials in schools. However, the literature on recruitment to non-clinical trials is relatively underdeveloped, when compared to that of clinical trials. Recruitment to school-based randomised trials is, however, challenging; even more so when the focus of the study is a sensitive issue such as sexual health. This article reflects on the challenges of recruiting post-primary schools, adolescent pupils and parents to a cluster randomised feasibility trial of a sexual health intervention, and the strategies employed to address them.
Methods: The Jack Trial was funded by the UK National Institute for Health Research (NIHR). It comprised a feasibility study of an interactive film-based sexual health intervention entitled If I Were Jack, recruiting over 800 adolescents from eight socio-demographically diverse post-primary schools in Northern Ireland. It aimed to determine the facilitators and barriers to recruitment and retention to a school-based sexual health trial and identify optimal multi-level strategies for an effectiveness study. As part of an embedded process evaluation, we conducted semi-structured interviews and focus groups with principals, vice-principals, teachers, pupils and parents recruited to the study as well as classroom observations and a parents’ survey.
Results: With reference to Social Learning Theory, we identified a number of individual, behavioural and environmental level factors which influenced recruitment. Commonly identified facilitators included perceptions of the relevance and potential benefit of the intervention to adolescents, the credibility of the organisation and individuals running the study, support offered by trial staff, and financial incentives. Key barriers were prior commitment to other research, lack of time and resources, and perceptions that the intervention was incompatible with pupil or parent needs or the school ethos.
Conclusions: Reflecting on the methodological challenges of recruiting to a school-based sexual health feasibility trial, this study highlights pertinent general and trial-specific facilitators and barriers to recruitment, which will prove useful for future trials with schools, adolescent pupils and parents.

PROPOSAL OF AN EMPIRICAL MODEL FOR SUPPLIERS SELECTION

The problem of selecting suppliers/partners is a crucial and important part in the process of decision making for companies that intend to perform competitively in their area of activity. The selection of supplier/partner is a time and resource-consuming task that involves data collection and a careful analysis of the factors that can positively or negatively influence the choice. Nevertheless it is a critical process that affects significantly the operational performance of each company. In this work, trough the literature review, there were identified five broad suppliers selection criteria: Quality, Financial, Synergies, Cost, and Production System. Within these criteria, it was also included five sub-criteria. Thereafter, a survey was elaborated and companies were contacted in order to answer which factors have more relevance in their decisions to choose the suppliers. Interpreted the results and processed the data, it was adopted a model of linear weighting to reflect the importance of each factor. The model has a hierarchical structure and can be applied with the Analytic Hierarchy Process (AHP) method or Simple Multi-Attribute Rating Technique (SMART). The result of the research undertaken by the authors is a reference model that represents a decision making support for the suppliers/partners selection process.

The Legitimacy Process that Supports the Formation and Development of Cluster Initiatives : The Case of a Tourism Cluster Initiative in Dalarna

Today, large public investments are being made with the aim of creating and developing cooperation between businesses in inter-organizational networks. Such initiatives are commonly denoted cluster initiatives and their underlying purpose are to spur innovation and regional growth. Much research has been conducted in this field, but relatively few studies have examined the process of cluster initiatives. By following the case of a regional cluster project within the tourism industry in the region of Dalarna, Sweden, the objective of this thesis is to deepen the understanding of the formation and development process of cluster initiatives. The investigation has been conducted by examining two main themes; the internal relationships within the cluster initiative and the relationships between the cluster initiative and its external stakeholders, such as funding agencies, regional government and local businesses. The analysis is based on a legitimacy perspective and indicates that the coordinating body of the cluster initiative, the hub, principally deals with a legitimation process. What occurs within the cluster initiative, between the members themselves and between the members and the hub, is legitimation. This also applies to external relationships, between the hub and its external stakeholders. A prerequisite for the realization of its mission is that the hub obtain and sustain legitimacy; legitimacy for itself, for the other members, for the idea, for the different activities and for the industry as such.

HIV Reverse Transcriptase Fidelity And Inhibition Are Modulated By Divalent Cations In A Concentration-Dependent Manner In Vitro

Human immunodeficiency virus (HIV) rapidly evolves through generation and selection of mutants that can escape drug therapy. This process is fueled, in part, by the presumably highly error prone polymerase reverse transcriptase (RT). Fidelity of polymerases can be influenced by cation co-factors. Physiologically, magnesium (Mg2+) is used as a co-factor by RT to perform catalysis, however, alternative cations including manganese (Mn2+), cobalt (Co2+), and zinc (Zn2+) can also be used. I demonstrate here that fidelity and inhibition of HIV RT can be influenced differently, in vitro, by divalent cations depending on their concentration. The reported mutation frequency for purified HIV RT in vitro is typically in the 10-4 range (per nucleotide addition), making the enzyme several-fold less accurate than most polymerases. Paradoxically, results examining HIV replication in cells indicate an error frequency that is ~10 times lower than the error rate obtained in the test tube. Here, I reconcile, at least in part, these discrepancies by showing that HIV RT fidelity in vitro is in the same range as cellular results, in physiological concentrations of free Mg2+ (~0.25 mM). At low Mg2+, mutation rates were 5-10 times lower compared to high Mg2+ conditions (5-10 mM). Alternative divalent cations also have a concentration-dependent effect on RT fidelity. Presumed promutagenic cations Mn2+ and Co2+ decreases the fidelity of RT only at elevated concentrations, and Zn2+, when present in low concentration, increases the fidelity of HIV-1 RT by ~2.5 fold compared to Mg2+. HIV-1 and HIV-2 RT inhibition by nucleoside (NRTIs) and non-nucleoside RT inhibitors (NNRTIs) in vitro is also affected by the Mg2+ concentration. NRTIs lacking 3'-OH group inhibited both enzymes less efficiently in low Mg2+ than in high Mg2+; whereas inhibition by the “translocation defective RT inhibitor”, which retains the 3ʹ-OH, was unaffected by Mg2+ concentration, suggesting that NRTIs with a 3ʹ-OH group may be more potent than other NRTIs. In contrast, NNRTIs were more effective in low vs. high Mg2+ conditions. Overall, the studies presented reveal strategies for designing novel RT inhibitors and strongly emphasize the need for studying HIV RT and RT inhibitors in physiologically relevant low Mg2+ conditions.

Estudo das condições que orientam a decisão de escolha de uma universidade por parte de candidatos ao ensino superior

Mestrado em Ciências Empresariais