The globalization of angel investments. Bruegel Working Paper 2015/09, 1 September 2015

The last decade has seen a rapid expansion and deepening of the types of vehicles that fund start-up firms in the U.S. and worldwide. In particular, we have seen a growing role of angel groups and other more “individualistic” funding options for start-ups, such as super angels or crowd sourcing platforms. Authors seek to understand the nature and consequences of angel investments across a variety of geographies with varying levels of venture capital markets and other forms of risk capital. They ask whether angel investors improve the outcomes and performance of the start-ups they invest in. Furthermore we want to understand whether and how the types of firms that seek angel funding vary with the overall entrepreneurial ecosystem in a country. Authors examine the records of 13 angel investment groups based in 12 nations and with applicants for financing transactions from 21 nations, examining both the applicants that were considered and rejected and those that were funded. Key findings from the analysis are two-fold. First, angel investors have a positive impact on the growth of the firms they fund, their performance, and survival. Second, they find that the selection of firms that apply for angel funding is different across countries.

Who profits most from globalization? Policy Brief #2014/01

Globalization, understood as the economic, political and social interconnection of countries, leads to increased economic growth. On average, the more a country proceeds its interconnection with the rest of the world, the greater its economic growth will be. If real per capita gross domestic product (GDP) is chosen as the reference index for the economic benefits of globalization, Finland can point to the largest gain from globalization from 1990 to 2011. Ranked according to this perspective, Germany holds fourth place out of a total of 42 economies evaluated.

Separatism, Globalization, and the European Union. Jean Monnet/Robert Schuman Paper Series Vol. 15 No. 1, February 2015

Globalization is both an integrative and deconstructive process. Globalization integrates states and non-state actors into transnational and global networks (Keohane & Nye, 2000, p. 105). These networks are based on multiple channels of interdependence that include trade, politics, security, environment, and socio-cultural ties (pp. 106-107). Due to advances in telecommunications technology, the expansion of globalization “shrinks” the distance between peoples (p. 105). On the other hand, globalization can also break up the existing political and social order (Mathews, 1997, p. 50). Globalization disperses power and information flows, thus enabling local and transnational identity movements to challenge states (pp. 51-52). This can be exemplified by separatist movements that seek to break away from central authorities.

Dynamical Scenarios for Chromosome Bi-orientation

Chromosome bi-orientation at the metaphase spindle is essential for precise segregation of the genetic material. The process is error-prone, and error-correction mechanisms exist to switch misaligned chromosomes to the correct, bi-oriented configuration. Here, we analyze several possible dynamical scenarios to explore how cells might achieve correct bi-orientation in an efficient and robust manner. We first illustrate that tension-mediated feedback between the sister kinetochores can give rise to a bistable switch, which allows robust distinction between a loose attachment with low tension and a strong attachment with high tension. However, this mechanism has difficulties in explaining how bi-orientation is initiated starting from unattached kinetochores. We propose four possible mechanisms to overcome this problem (exploiting molecular noise; allowing an efficient attachment of kinetochores already in the absence of tension; a trial-and-error oscillation; and a stochastic bistable switch), and assess their impact on the bi-orientation process. Based on our results and supported by experimental data, we put forward a trial-and-error oscillation and a stochastic bistable switch as two elegant mechanisms with the potential to promote bi-orientation both efficiently and robustly.

Domain Globalization: Using Languages to Support Technical and Social Coordination

When a project is realized in a globalized environment, multiple stakeholders from different organizations work on the same system. Depending on the stakeholders and their organizations, various (possibly overlapping) concerns are raised in the development of the system. In this context a Domain Specific Language (DSL) supports the work of a group of stakeholders who are responsible for addressing a specific set of concerns. This chapter identifies the open challenges arising from the coordination of globalized domain-specific languages. We identify two types of coordination: technical coordination and social coordination. After presenting an overview of the current state of the art, we discuss first the open challenges arising from the composition of multiple DSLs, and then the open challenges associated to the collaboration in a globalized environment.

Sandbox experiments on basin inversion: testing the influence of basin orientation and basin fill

Analogue modelling experiments using brittle materials are performed to study the inversion of extensional structures. Asymmetric grabens of two different orientations are first created during a phase of extension and progressively filled. They are subsequently shortened in the same direction. The aim of our experiments is to determine factors affecting the style of deformation during inversion. We specifically investigate variations in thickness and distribution of strong and weak layers constituting the graben fill and in initial basin orientation. The main advantage of our experimental set-up is that we have a complete control on graben location, width, infill and orientation before inversion. The experiments show that shortening results only in limited reactivation of pre-existing normal faults. In general, forward thrusts and backthrusts cut across normal faults into the footwall of the graben. The forward thrusts either propagate parallel to the enveloping surface of faulted blocks or they cut across basin-limiting normal faults at various angles. The graben fill is mechanically extruded by displacement along forward thrusts that accommodate most of the shortening. Both pre-existing faults and weak graben fill act as zones of weakness during inversion and determine the orientation and location of both backthrusts and forward thrusts. The results of our experiments conform well to natural examples of inverted graben structures.

Les coalitions politiques et l'orientation du changement économique et politique aux États-Unis : la Grande Dépression et la Grande Récession comparées.

Ce mémoire s’intéresse au concept de crise, économique et politique, comme source de changement idéologique et politique. Au travers de l’étude de l’austérité économique, il sera possible d’identifier des différences majeures entre deux épisodes de troubles économiques importants, la Grande Dépression et la Grande Récession. Alors que la Grande Dépression est caractérisée par une double crise, économique et politique, la Grande Récession, elle, demeure un choc essentiellement économique. L’absence de contagion dans le système politique explique la ténacité d’une idée comme l’austérité, de retour depuis la révolution néolibérale des années 80. L’austérité économique s’est adaptée et s’aligne maintenant aux intérêts d’une frange importante de la coalition démocrate. La persistance de l’allure des coalitions politiques depuis le dernier grand réalignement témoigne de l’absence de transformation majeure du mode d’action étatique, ce qui constitue une différence importante entre les deux crises.