Investment, duration, and exit strategies for corporate and independent venture capital-backed start-ups

We propose a model of investment, duration, and exit strategies for start-ups backed by venture capital (VC) funds that accounts for the high level of uncertainty, the asymmetry of information between insiders and outsiders, and the discount rate. Our analysis predicts that start-ups backed by corporate VC funds remain for a longer period of time before exiting and receive larger investment amounts than those financed by independent VC funds. Although a longer duration leads to a higher likelihood of an exit through an acquisition, a larger investment increases the probability of an IPO exit. These predictions find strong empirical support.

Positioning an underwater vehicle through image mosaicking

Mosaics have been commonly used as visual maps for undersea exploration and navigation. The position and orientation of an underwater vehicle can be calculated by integrating the apparent motion of the images which form the mosaic. A feature-based mosaicking method is proposed in this paper. The creation of the mosaic is accomplished in four stages: feature selection and matching, detection of points describing the dominant motion, homography computation and mosaic construction. In this work we demonstrate that the use of color and textures as discriminative properties of the image can improve, to a large extent, the accuracy of the constructed mosaic. The system is able to provide 3D metric information concerning the vehicle motion using the knowledge of the intrinsic parameters of the camera while integrating the measurements of an ultrasonic sensor. The experimental results of real images have been tested on the GARBI underwater vehicle

Are sustainable companies less risky and more profitable?

The purpose of this study was to determine whether there were significant differences in accounting indicators when comparing sustainable enterprises to other similar companies that are not considered as sustainable. The Corporate Sustainability Index of BM (São Paulo Stock, Commodities and Futures Exchange) was the criterion selected to break down the samples into sustainable and non-sustainable enterprises. The accounting indicators were separated into two kinds: risk (dividend payout, percentage growth of assets, financial leverage, current liquidity, asset size, variability of earnings, and accounting beta) and return (ROA, ROE, asset turnover, and net margin). We individually analyzed the companies in the energy sector, followed by those in the banking sector, as well as the entire ISE portfolio as of 2008/2009, including all the sectors. Mann-Whitney tests were performed in order to verify the difference of the means between the groups (ISE and non-ISE). The results, considering the method chosen and the time span covered by the study, indicate that there are no differences between sustainable companies and the others, when they are assessed by the accounting indicators used here.

Ampliació i millora d'un sistema avançat de compartició de vehicle

Actualment el cotxe és un dels mitjans de transport més utilitzats,comportant problemes de trànsit i aparcament, contaminació acústica i ambiental i una important despesa econòmica. Ja fa uns anys, i davant d'aquesta nova realitat, va sorgir la idea del carpooling, un sistema de transport privat compartit protagonitzat per particulars i que pot esdevenir una molt bona alternativa de mobilitat sostenible. Tot i això, els projectes de carpooling són actualment poc dinàmics I majoritàriament acotats a portals web. Molt pocs disposen de portals adaptats adispositius mòbils i, encara menys, disposen d’aplicacions natives. Amb tot, avui en dia elsaparells mòbils, ja siguin smartphones o PDAs, obren un ventall de possibilitats encara noexplotat en aquest camp.Per altra banda, compartir un viatge amb algú desconegut i de qui no se’n tenenreferències és quelcom que ens fa sentir insegurs, però això es pot resoldre gràciesal trust i reputation, un sistema basat en les valoracions dels usuaris que ja han viscutl’experiència, i que per tant, ens permet conèixer la reputació i confiança de que disposaun usuari dins el sistema. A tots aquests punts, cal afegir-hi la importància que té avui endia rebre en tot moment una informació clara i actualitzada.Aquest projecte vol exprimir aquestes oportunitats donant una plataforma d’accésusable per aquesta mena de dispositius, per tal de que no hi hagi cap barrera per estarconnectat al sistema en qualsevol lloc i moment. A més a més, aquests terminals donen lapossibilitat de saber la seva localització en temps real, cosa que pot resultar molt útil per agent que comparteix viatges i que s’està movent d’un lloc a un altre.Així doncs, partint de totes aquestes possibilitats de millora, es van idear una sèried’estratègies per a un projecte de carpooling ja existent anomenat e-hitchhiking, dotant aaquest sistema d’una major comunicació, protecció i seguretat per a que l’experiència del’usuari sigui molt més gratificant, on a més, hi ha la possibilitat de rebre informaciótotalment veraç i actualitzada en certs dispositius mòbils.Per tant la motivació principal per dur a terme aquest projecte és, a part de lesesmentades anteriorment, la de dotar un sistema de compartició de vehicle d’un majordinamisme, més realisme, més fiabilitat i fer-lo més sociable. El sistema s’implanta oficialment al setembre del 2011 amb la creació de lacomunitat UdG

Dynamic modelling of an underwater vehicle

Nessie is an Autonomous Underwater Vehicle (AUV) created by a team of students in the Heriot Watt University to compete in the Student Autonomous Underwater Competition, Europe (SAUC-E) in August 2006. The main objective of the project is to find the dynamic equation of the robot, dynamic model. With it, the behaviour of the robot will be easier to understand and movement tests will be available by computer without the need of the robot, what is a way to save time, batteries, money and the robot from water inside itself. The object of the second part in this project is setting a control system for Nessie by using the model

Prototip culata del vehicle de baix consum (equip EPS-UdG Shell Eco)

Aquest projecte s’ha portat a terme per tal de millorar en diferentsaspectes el motor Honda Gx35 , del vehicle de baix consum de la Universitat deGirona (Udg). Aquest és un motor de combustió interna de gasolina (cicle Otto).L’objectiu és el disseny d’una culata per poder minimitzar el consum de gasolina, la qual s’ha de poder acoblar amb el motor Honda Gx35. Aquest motor,prèviament s’haurà de modificar per poder-hi instal•lari la nova culata

Industrialització i fabricació d'una carrosseria d'un vehicle de baix consum

El projecte es desenvolupa amb la intenció de millorar ell cotxe queparticipa, en nom de la Universitat de Girona, a la shell eco-marathon en lacategoria de prototips i amb gasolina com a combustible.El motiu principal que ha donat peu a aquest projecte és la realització d’unestudi aerodinàmic que ha desembocat en un disseny totalment nou de lageometria de la carrosseria. Aquest estudi i el disseny aerodinàmic de lacarrosseria obtingut es pot consultar al projecte titulat “Disseny i estudi del’aerodinàmica del vehicle àliga” de l’autor Albert Marron

Bayesian Markov chain Monte Carlo inversion of geophysical data for the purpose of estimating the hydraulic properties of the unsaturated zone

Ground-penetrating radar (GPR) has the potential to provide valuable information on hydrological properties of the vadose zone because of their strong sensitivity to soil water content. In particular, recent evidence has suggested that the stochastic inversion of crosshole GPR data within a coupled geophysical-hydrological framework may allow for effective estimation of subsurface van-Genuchten-Mualem (VGM) parameters and their corresponding uncertainties. An important and still unresolved issue, however, is how to best integrate GPR data into a stochastic inversion in order to estimate the VGM parameters and their uncertainties, thus improving hydrological predictions. Recognizing the importance of this issue, the aim of the research presented in this thesis was to first introduce a fully Bayesian inversion called Markov-chain-Monte-carlo (MCMC) strategy to perform the stochastic inversion of steady-state GPR data to estimate the VGM parameters and their uncertainties. Within this study, the choice of the prior parameter probability distributions from which potential model configurations are drawn and tested against observed data was also investigated. Analysis of both synthetic and field data collected at the Eggborough (UK) site indicates that the geophysical data alone contain valuable information regarding the VGM parameters. However, significantly better results are obtained when these data are combined with a realistic, informative prior. A subsequent study explore in detail the dynamic infiltration case, specifically to what extent time-lapse ZOP GPR data, collected during a forced infiltration experiment at the Arrenaes field site (Denmark), can help to quantify VGM parameters and their uncertainties using the MCMC inversion strategy. The findings indicate that the stochastic inversion of time-lapse GPR data does indeed allow for a substantial refinement in the inferred posterior VGM parameter distributions. In turn, this significantly improves knowledge of the hydraulic properties, which are required to predict hydraulic behaviour. Finally, another aspect that needed to be addressed involved the comparison of time-lapse GPR data collected under different infiltration conditions (i.e., natural loading and forced infiltration conditions) to estimate the VGM parameters using the MCMC inversion strategy. The results show that for the synthetic example, considering data collected during a forced infiltration test helps to better refine soil hydraulic properties compared to data collected under natural infiltration conditions. When investigating data collected at the Arrenaes field site, further complications arised due to model error and showed the importance of also including a rigorous analysis of the propagation of model error with time and depth when considering time-lapse data. Although the efforts in this thesis were focused on GPR data, the corresponding findings are likely to have general applicability to other types of geophysical data and field environments. Moreover, the obtained results allow to have confidence for future developments in integration of geophysical data with stochastic inversions to improve the characterization of the unsaturated zone but also reveal important issues linked with stochastic inversions, namely model errors, that should definitely be addressed in future research.

Particularités de la prise en charge des infections chez le patient neutropénique [Special feature in the handling of infectious in neutropenic patients]

Les progrès continus des connaissances réalisés dans le domaine de l'oncohématologie depuis quelques décennies ont permis une amélioration considérable du pronostic de la plupart des formes de cancer. Toutefois, la morbidité et la mortalité attribuables aux infections apparaissent actuellement comme les principaux facteurs limitant l'agressivité des traitements de la maladie cancéreuse, et un meilleur contrôle de ces dernières est devenu l'un des éléments essentiels de la prise en charge de ce type de patients. Une recherche clinique intense a permis d'en identifier les grands principes qui sont exposés dans cet article. Un algorithme thérapeutique susceptible de guider le clinicien face au développement d'un état fébrile, toujours suspect d'infection chez le patient cancéreux neutropénique, est ensuite proposé.

Full-Size Off-Highway Vehicle Registration Program, December 30, 2003

Report submitted by the Iowa Department of Natural Resources and the Iowa Department of Transportation to the General Assembly as required by Senate File 458, section 152, passed by the 2003 General Assembly and signed May 30, 2003.

Johnston, Special Investigation Public Works Department, July 1, 1999 - February 17, 2003

City Audit Report, Special Investigation

Report on Special Investigation of the City of Van Horne, June 01, 2000 - December 31, 2002

City Audit Report, Special Investigation