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.

Le couple à l'épreuve du désengagement sportif : accompagnements, arrangements et tensions

At the end of a sporting career, triathletes are often living as a couple and the cessation of sport has an effect on the their relationship. While a large part of the existence and identity of the couple is dedicated to the triathlon, disengagement from sport undeniably changes the gender balance. The allocation of roles is not a linear process in a couple, and the effects of giving up sport have not really been studied. Therefore, this article focuses on how couples deal with the various ways a sporting career comes to an end, which are characterized by changes in direction and temporary or permanent cessation. Sex, roles, age, social class, respective commitments or the fact of having children are variables taken into account in this analysis. The survey is based on interviews conducted with 10 couples. The analysis suggests that the disengagement from sport depends on how compromise was established during the sporting career. Between those who support their partner's sporting career, those who share it intermittently and those who pursue their own activities even to the exclusion of the other, the way to manage disengagement can vary depending on the situation and the roles assigned to each person.

Practice guidelines for evaluation of Fever in returning travelers and migrants.

BACKGROUND: Fever upon return from tropical or subtropical regions can be caused by diseases that are rapidly fatal if left untreated. The differential diagnosis is wide. Physicians often lack the necessary knowledge to appropriately take care of such patients. OBJECTIVE: To develop practice guidelines for the initial evaluation of patients presenting with fever upon return from a tropical or subtropical country in order to reduce delays and potential fatal outcomes and to improve knowledge of physicians. TARGET AUDIENCE: Medical personnel, usually physicians, who see the returning patients, primarily in an ambulatory setting or in an emergency department of a hospital and specialists in internal medicine, infectious diseases, and travel medicine. METHOD: A systematic review of the literature--mainly extracted from the National Library of Medicine database--was performed between May 2000 and April 2001, using the keywords fever and/or travel and/or migrant and/or guidelines. Eventually, 250 articles were reviewed. The relevant elements of evidence were used in combination with expert knowledge to construct an algorithm with arborescence flagging the level of specialization required to deal with each situation. The proposed diagnoses and treatment plans are restricted to tropical or subtropical diseases (nonautochthonous diseases). The decision chart is accompanied with a detailed document that provides for each level of the tree the degree of evidence and the grade of recommendation as well as the key points of debate. PARTICIPANTS AND CONSENSUS PROCESS: Besides the 4 authors (2 specialists in travel/tropical medicine, 1 clinical epidemiologist, and 1 resident physician), a panel of 11 European physicians with different levels of expertise on travel medicine reviewed the guidelines. Thereafter, each point of the proposed recommendations was discussed with 15 experts in travel/tropical medicine from various continents. A final version was produced and submitted for evaluation to all participants. CONCLUSION: Although the quality of evidence was limited by the paucity of clinical studies, these guidelines established with the support of a large and highly experienced panel should help physicians to deal with patients coming back from the Tropics with fever.

Coping with continuous human disturbance in the wild: insights from penguin heart rate response to various stressors.

ABSTRACT: BACKGROUND: A central question for ecologists is the extent to which anthropogenic disturbances (e.g. tourism) might impact wildlife and affect the systems under study. From a research perspective, identifying the effects of human disturbance caused by research-related activities is crucial in order to understand and account for potential biases and derive appropriate conclusions from the data. RESULTS: Here, we document a case of biological adjustment to chronic human disturbance in a colonial seabird, the king penguin (Aptenodytes patagonicus), breeding on remote and protected islands of the Southern ocean. Using heart rate (HR) as a measure of the stress response, we show that, in a colony with areas exposed to the continuous presence of humans (including scientists) for over 50 years, penguins have adjusted to human disturbance and habituated to certain, but not all, types of stressors. When compared to birds breeding in relatively undisturbed areas, birds in areas of high chronic human disturbance were found to exhibit attenuated HR responses to acute anthropogenic stressors of low-intensity (i.e. sounds or human approaches) to which they had been subjected intensely over the years. However, such attenuation was not apparent for high-intensity stressors (i.e. captures for scientific research) which only a few individuals experience each year. CONCLUSIONS: Habituation to anthropogenic sounds/approaches could be an adaptation to deal with chronic innocuous stressors, and beneficial from a research perspective. Alternately, whether penguins have actually habituated to anthropogenic disturbances over time or whether human presence has driven the directional selection of human-tolerant phenotypes, remains an open question with profound ecological and conservation implications, and emphasizes the need for more knowledge on the effects of human disturbance on long-term studied populations.

La traducció del castellà al català en l'àmbit oral col·loquial: una aproximació pràctica

Treball en què que s'analitza la traducció del castellà al català en l'àmbit oral col·loquial a partir d'un exemple real pràctic (una pel·lícula) per tal de determinar els problemes més comuns d'aquest tipus de traducció i de quina manera s’hi ha d’enfrontar el traductor per aconseguir un producte final satisfactori.

Coloquialismo y humor en South Park: análisis del doblaje al español

Este trabajo es un estudio sobre la traducción del coloquialismo y el humor en productos audiovisuales. Tomando como referencia el doblaje al español de South Park, se analizan algunos errores habituales en obras similares y se plantean estrategias de traducción efectivas, tanto a nivel textual como oracional.

FAM-MDR: a flexible family-based multifactor dimensionality reduction technique to detect epistasis using related individuals

We propose a novel multifactor dimensionality reduction method for epistasis detection in small or extended pedigrees, FAM-MDR. It combines features of the Genome-wide Rapid Association using Mixed Model And Regression approach (GRAMMAR) with Model-Based MDR (MB-MDR). We focus on continuous traits, although the method is general and can be used for outcomes of any type, including binary and censored traits. When comparing FAM-MDR with Pedigree-based Generalized MDR (PGMDR), which is a generalization of Multifactor Dimensionality Reduction (MDR) to continuous traits and related individuals, FAM-MDR was found to outperform PGMDR in terms of power, in most of the considered simulated scenarios. Additional simulations revealed that PGMDR does not appropriately deal with multiple testing and consequently gives rise to overly optimistic results. FAM-MDR adequately deals with multiple testing in epistasis screens and is in contrast rather conservative, by construction. Furthermore, simulations show that correcting for lower order (main) effects is of utmost importance when claiming epistasis. As Type 2 Diabetes Mellitus (T2DM) is a complex phenotype likely influenced by gene-gene interactions, we applied FAM-MDR to examine data on glucose area-under-the-curve (GAUC), an endophenotype of T2DM for which multiple independent genetic associations have been observed, in the Amish Family Diabetes Study (AFDS). This application reveals that FAM-MDR makes more efficient use of the available data than PGMDR and can deal with multi-generational pedigrees more easily. In conclusion, we have validated FAM-MDR and compared it to PGMDR, the current state-of-the-art MDR method for family data, using both simulations and a practical dataset. FAM-MDR is found to outperform PGMDR in that it handles the multiple testing issue more correctly, has increased power, and efficiently uses all available information.

Aulas inclusivas y aprendizaje cooperativo

Educación inclusiva y aprendizaje cooperativo son dos conceptos distintos pero estrechamente relacionados: las aulas inclusivas requieren una estructura cooperativa de la actividad, y educar los valores relacionados con la cooperación exige que las aulas sean inclusivas. Pasar de una estructura de la actividad individualista y/o competitiva a una estructura de la actividad cooperativa es un elemento trascendental para hacer posible la inclusión de todo el alumnado en un aula común. Resultado del Proyecto PAC –desarrollado por el Grupo de Investigación sobre Atención a la Diversidad (GRAD) de la Universidad de Vic-, el Programa CA/AC (“Cooperar para Aprender / Aprender a Cooperar”) ofrece al profesorado de educación infantil, primaria y secundaria herramientas para enseñar al alumnado a aprender en equipo. Y a partir del mismo proyecto se ha desarrollado asimismo un proceso de formación/asesoramiento para introducir en las aulas nuevas prácticas docentes basadas en el aprendizaje cooperativo. Un número considerable de centros de distintas zonas de España están siguiendo este proceso y se han recogido una gran cantidad de datos que, debidamente analizados, nos sirvan para confirmar una de las hipótesis del proyecto de investigación que nos ocupa en estos momentos: que el cambio de una estructura individualista o competitiva por otra de tipo cooperativo contribuye a que puedan aprender juntos, en un aula inclusiva, todos los alumnos y las alumnas, sean cuales sean sus necesidades educativas y sus culturas de origen.

La puesta en práctica de la interseccionalidad política: el caso de las políticas LGTB en Cataluña

En el marco de la discusión académica está emergiendo con fuerza la necesidad de abordar la interacción entre distintas desigualdades en el diseño e implementación de políticas públicas, siendo el enfoque interseccional una propuesta teórica muy interesante. Se detecta, sin embargo, que hacen falta más análisis empíricos que permitan dar cuenta de los avances y obstáculos con que se encuentran las políticas públicas para implementar la interseccionalidad entre diversas desigualdades. En este artículo analizamos las recientes políticas de igualdad LGTB, centrándonos en el caso catalán, para ver cómo adoptan la relación entre desigualdades, y detectar cuáles son los factores clave que interfieren en la implementación de un modelo interseccional.

Patriarchal Hauntings: Re-reading Villainy and Gender in Daphne du Maurier's Rebecca

Criticism of Daphne du Maurier’s popular classic Rebecca (1938) can be divided into two mainstream interpretations. On the one hand, it was traditionally marketed as a gothic romance where the hero and the heroine conquered the evil women that separated them. On the other, certain feminist critics have recently provided a very diff erent view of the story, aligning it with gothic narratives that deal with the dangers women suff er under the patriarchal control of their husbands. Th is would imply that du Maurier’s novel should not be read as a traditional romance that promotes patriarchy, as the former interpretation suggested. In this article, I propose, through a Gothic Studies and a Gender Studies reading, that villainy in this novel is not exclusively linked to gender and, therefore, the victim and abuser statuses cannot be equated to femininity and masculinity, respectively. Instead, I argue that villainy in the novel is inextricably connected to being in a powerful position within patriarchy, and that it is the desire to maintain this position and perpetuate the patriarchal system that leads the main characters (men and women) to commit acts of villainy.

Viral suppression rates in salvage treatment with raltegravir improved with the administration of genotypic partially active or inactive nucleoside/tide reverse transcriptase inhibitors.

BACKGROUND: Nucleoside reverse transcriptase inhibitors (NRTIs) are often administered in salvage therapy even if genotypic resistance tests (GRTs) indicate high-level resistance, but little is known about the benefit of these additional NRTIs. METHODS: The effect of <2 compared with 2 NRTIs on viral suppression (HIV-1 RNA < 50 copies/mL) at week 24 was studied in salvage patients receiving raltegravir. Intent-to-treat and per-protocol analyses were performed; last observation carried forward imputation was used to deal with missing information. Logistic regressions were weighted to create a pseudopopulation in which the probability of receiving <2 and 2 NRTIs was unrelated to baseline factors predicting treatment response. RESULTS: One-hundred thirty patients were included, of whom 58.5% (n = 76) received <2 NRTIs. NRTIs were often replaced by other drug classes. Patients with 2 NRTIs received less additional drug classes compared with patients with <2 NRTIs [median (IQR): 1 (1-2) compared with 2 (1-2), P Wilcoxon < 0.001]. The activity of non-NRTI treatment components was lower in the 2 NRTIs group compared with the <2 NRTIs group [median (IQR) genotypic sensitivity score: 2 (1.5-2.5) compared with 2.5 (2-3), P Wilcoxon < 0.001]. The administration of <2 NRTIs was associated with a worse viral suppression rate at week 24. The odds ratios were 0.34 (95% confidence interval: 0.13 to 0.89, P = 0.027) and 0.19 (95% confidence interval: 0.05 to 0.79, P = 0.023) when performing the last observation carried forward and the per-protocol approach, respectively. CONCLUSIONS: Our findings showed that partially active or inactive NRTIs contribute to treatment response, and thus the use of 2 NRTIs in salvage regimens that include raltegravir seems warranted.

Iron mining in Goa (India) : an interdisciplinary study

En aquest article es presenten breument els diferents capítols d’un treball interdisciplinari per tal d’entendre el context de prohibició de la mineria de ferro a Goa a finals del 2012 i proporcionar la informació necessària per tal d’orientar i gestionar la presa de decisions sobre l’activitat minera en un futur. Els sis primers capítols consisteixen en l’estudi del medi abiòtic, medi biòtic, fluxos de materials, aspectes socials, aspectes econòmics i finalment aspectes polítics. En canvi, en els dos últims capítols s'avaluen i es gestionen els impactes ambientals de la mineria mitjançant, per una banda, una anàlisi DPSIR i, d'altra banda, es proposen tres escenaris per integrar les diferents variables i fomentar la participació en la presa de decisions. S’ha dut a terme una extensa recerca mitjançant la recopilació de dades, entrevistes i visites a les zones d’estudi d’interès per tal d’entendre el conflicte de la mineria a Goa.

Production of Acetic Acid for CMA Deicer, HR-304, 1988

Although the overall objective for undertaking this project is to help decide on the best way to produce CMA, the tasks to be performed deal primarily with acetic acid itself. The objectives of our part of this project can be restated here: A. Evaluate the cost and composition of potential low-cost fermentation substrates that are available in large quantity at central locations in Iowa. B. Compare the nutritional and physiological properties of a variety of homoacetogenic bacteria relative to acetic acid production, based on information available in the literature. C. Using both of these pools of information, evaluate the possibilities for use of substrates for acetic acid production that are significantly cheaper than the previous sugar, starch hydrolysate or whole corn based studies; also, compare the different acetogens encountered with the most commonly discussed acetogen, Clostridium thermoaceticum; arrive at conclusions on 1-3 of the best agriculture-derived substrates that should be further examined, and on 1-3 of the best organisms to evaluate experimentally. D. Collect experimental data at the tube and fermentor scale on 1-2 of the possibilities in C above. E. Comment on our understanding of acetic acid production possibilities from our perspective as microbiologists, and provide all this above information to Paul Peterschmidt for him to consider for his portion of this report. F. In addition, we would like to point out the possible advantage of examining the use of an agricultural by-product, corn steep liquor, as a direct, non-fermented feedstock for a non-acetic acid deicer.

Direct numerical simulations of interface dynamics to link capillary pressure and total surface energy

The flow of two immiscible fluids through a porous medium depends on the complex interplay between gravity, capillarity, and viscous forces. The interaction between these forces and the geometry of the medium gives rise to a variety of complex flow regimes that are difficult to describe using continuum models. Although a number of pore-scale models have been employed, a careful investigation of the macroscopic effects of pore-scale processes requires methods based on conservation principles in order to reduce the number of modeling assumptions. In this work we perform direct numerical simulations of drainage by solving Navier-Stokes equations in the pore space and employing the Volume Of Fluid (VOF) method to track the evolution of the fluid-fluid interface. After demonstrating that the method is able to deal with large viscosity contrasts and model the transition from stable flow to viscous fingering, we focus on the macroscopic capillary pressure and we compare different definitions of this quantity under quasi-static and dynamic conditions. We show that the difference between the intrinsic phase-average pressures, which is commonly used as definition of Darcy-scale capillary pressure, is subject to several limitations and it is not accurate in presence of viscous effects or trapping. In contrast, a definition based on the variation of the total surface energy provides an accurate estimate of the macroscopic capillary pressure. This definition, which links the capillary pressure to its physical origin, allows a better separation of viscous effects and does not depend on the presence of trapped fluid clusters.

Challenges and threats to implementing the fight against doping in sport

Prominent doping cases in certain sports have recently raised public awareness of doping and reinforced the perception that doping is widespread. Efforts to deal with doping in sport have intensified in recent years, yet the general public believes that the 'cheaters' are ahead of the testers. Therefore, there is an urgent need to change the antidoping strategy. For example, the increase in the number of individual drug tests conducted between 2005 and 2012 was approximately 90 000 and equivalent to an increase of about 50%, yet the number of adverse analytical findings remained broadly the same. There is also a strikingly different prevalence of doping substances and methods in sports such as a 0.03% prevalence of anabolic steroids in football compared to 0.4% in the overall WADA statistics. Future efforts in the fight against doping should therefore be more heavily based on preventative strategies such as education and on the analysis of data and forensic intelligence and also on the experiences of relevant stakeholders such as the national antidoping organisations, the laboratories, athletes or team physicians and related biomedical support staff. This strategy is essential to instigate the change needed to more effectively fight doping in sport.