Studying the micro-angels approach to micro-investment decisions

Purpose: The paper analyzes the micro-angels investment behaviour, looking both to the criteria used in the selection of their investment projects and to the characteristics of their guidance role during the investment period. Design/Methodology/Approach: The paper focuses on a double bottom line movement of French micro-angels clubs that has been operating since 1983. Our primary source of data is an online survey carried out during March 2012, asking members of clubs all over France for different aspects of their procedures. Findings: Our findings suggest that micro-angels are interested in small, socially or environmentally friendly projects having the potential to contribute to the development of their neighbourhood. We find that women are even more interested than men in such projects. Educated micro-angels value entrepreneurial motivation and understanding of the project more than less-educated micro-angels. We also point out the factors that micro-angels consider important in accompanying enterprises. Here we find that gender makes little difference. However, retired micro-angels value financial diagnosis made conjointly with entrepreneurs, while both active micro-angels and educated micro-angels value more the use of their network to help micro-entrepreneurs. Practical/Social Implications: Given the potential benefits of micro-angels investing and guiding the development of micro-enterprises, a social micro-angel investment on a major scale in developing countries could help in tackling some of the problems faced by the development of microfinance, such as the over-indebtedness of micro-entrepreneurs. Practitioners and new initiatives would gain from understanding what adaptations need to be made. Originality/value: We expect to add to the venture capital theory to take into account non-economic motives.

Multimarket contact externalities: the effect of rival's multimarket contacts on focal firm performance

Given that firms develop their activities in a network of multiple players, interfirm rivalry is not only a matter of direct competitors, but also of indirect competition. In spite of this, the literature on competitive dynamics tends to focus on analyzing rivalry as an exclusive function of the competitive relationship between a focal firm and its direct rivals. In this article, we extend competitive dynamics literature by considering how focal firms are affected by the relationships of their rivals with third-party firms. Specifically, we study the effect that the multimarket contacts of rivals produces on the performance of the focal firm. Additionally, we incorporate the idea that there are different strategic options for operating in an industry that affect the intensity of multimarket contact externalities. Our results show that multimarket contact among firms causes externalities that indirectly affect firms that are not directly involved in this competitive relationship. We find that multimarket contact externalities differ between and within strategic groups.

Market rewards to patterns on increasing earnings: do cash flow patterns, accruals manipulation and real activities manipulation matter?

This study explores whether firms have differential price-earnings multiples associated with their means of achieving a sequential pattern of increasing positive earnings. Our main findings show that market participants assign higher price-earnings multiples to firms when their pattern of increasing earnings is supported by the same pattern of increasing cash flows. Market participants assign lower price-earnings multiples to firms suspect of having engaged in accrual-based earnings management, sales manipulation, and overproduction to achieve the earnings pattern. We find, however, that market participants do not penalize firms suspect of having achieved the earnings pattern through the opportunistic reduction of discretionary expenses.

Influencia del lenguaje y lugar de origen de un lector en la formación de conductas

El estudio examinó la posible influencia del lenguaje y lugar de origen de un lector en la comprensión de mensajes de comunicación en salud y en la formación de actitud e intención de conductas preventivas. Un instrumento de medición con escala de comprensión de lectura, actitud e intención fue suministrado a un grupo de puertorriqueños y dominicanos (N=40) residentes en San Juan, Puerto Rico. La escala de comprensión tenía dos textos en diversos niveles de dificultad (bastante fácil y medio) de acuerdo con la Fórmula de Legibilidad para el idioma español de Francisco Szigriszt Pazos. Los análisis estadísticos revelaron que no se encontró diferencia estadística significativa (p>.05) en las medias aritméticas de las respuestas correctas al comparar los dos niveles de dificultad entre los participantes. No hubo diferencia estadística significativa (p>.05) entre la muestra en el nivel de dificultad bastante fácil, no obstante en el nivel de dificultad medio hubo diferencia estadística significativa (p<.05). Los análisis de regresión reflejaron que la comprensión y actitud en conjunto no predicen de manera significativa el grado de intención para la adopción de una conducta preventiva de salud.

Comunicación de riesgo y sistemas de información en la Web: cinco modelos

Las administracionespúblicas de los países avanzadosestán llevando a caboiniciativas para gestionar lainformación y la comunicaciónde riesgo y emergencias mediantesitios web concebidos ydiseñados para ello. Estos sitiosestán pensados para facilitarinformación a los ciudadanosen caso de emergencias, perotambién contienen informaciónútil para los expertos y las autoridades.En este trabajo, y ala luz de la legislación españolasobre emergencias, se comparanlos sitios de la administraciónautonómica catalana y delgobierno de España con lossitios de tres países de referencia:Estados Unidos, Francia yReino Unido. Al mismo tiempose propone una metodologíasimple para llevar a cabo unacomparación que permita extraerconclusiones y plantearrecomendaciones en un aspectode la gestión de la información que puede resultar clave para salvar bienes materiales y vidas humanas.

El lenguaje: herramienta de reconstrucción del pensamiento

La idea de que el lenguaje ha transformado la conciencia humana porque permite el desarrollo de nuevas formas de pensamiento y la adquisición de conocimientos, nos lleva a buscar una explicación teórica sobre las relaciones existentes entre el pensamiento, lenguaje y su posible relación en la determinación de acciones de un receptor. En este escrito sepresenta un análisis teórico sobre algunos conceptos que componen el lenguaje y su potencial injerencia en los procesos de comunicación social.

"Attès los dits diputats no eran sinó procuradors...": relacions entre els braços i la diputació del general durant la celebració de les Corts Catalanes de 1599

La nostra comunicació s'emmarca en la Catalunya deIs inicis del regnat de Felip II (III de Castella). Té per objecte la complexa situació que es produeix quan, amb motiu d'una convocatoria de Corts, la Diputació del General es troba frec a frec amb els tres braços als quals està legalment subordinada. La convivència forçada d'ambdues institucions en el mateix quadre polític, ni que sigui durant lapses de temps relativament curts, esdevé cada cop més problematica a mesura que avança el segle XVI.

Is the PHY layer dead?

This article originates from a panel with the above title, held at IEEE VTC Spring 2009, in which the authors took part. The enthusiastic response it received prompted us to discuss for a wider audience whether research at the physical layer (PHY) is still relevant to the field of wireless communications. Using cellular systems as the axis of our exposition, we exemplify areas where PHY research has indeed hit a performance wall and where any improvements are expected to be marginal. We then discuss whether the research directions taken in the past have always been the right choice and how lessons learned could influence future policy decisions. Several of the raised issues are subsequently discussed in greater details, e.g., the growing divergence between academia and industry. With this argumentation at hand, we identify areas that are either under-developed or likely to be of impact in coming years - hence corroborating the relevance and importance of PHY research.

A unified treatment of optimum pilot overhead in multipath fading channels

The optimization of the pilot overhead in single-user wireless fading channels is investigated, and the dependence of this overhead on various system parameters of interest (e.g., fading rate, signal-to-noise ratio) is quantified. The achievable pilot-based spectral efficiency is expanded with respect to the fading rate about the no-fading point, which leads to an accurate order expansion for the pilot overhead. This expansion identifies that the pilot overhead, as well as the spectral efficiency penalty with respect to a reference system with genie-aided CSI (channel state information) at the receiver, depend on the square root of the normalized Doppler frequency. It is also shown that the widely-used block fading model is a special case of more accurate continuous fading models in terms of the achievable pilot-based spectral efficiency. Furthermore, it is established that the overhead optimization for multiantenna systems is effectively the same as for single-antenna systems with the normalized Doppler frequency multiplied by the number of transmit antennas.

Non-peaky signals in wideband fading channels: achievable bit rates and optimal bandwidth

In the context of fading channels it is well established that, with a constrained transmit power, the bit rates achievable by signals that are not peaky vanish as the bandwidth grows without bound. Stepping back from the limit, we characterize the highest bit rate achievable by such non-peaky signals and the approximate bandwidth where that apex occurs. As it turns out, the gap between the highest rate achievable without peakedness and the infinite-bandwidth capacity (with unconstrained peakedness) is small for virtually all settings of interest to wireless communications. Thus, although strictly achieving capacity in wideband fading channels does require signal peakedness, bit rates not far from capacity can be achieved with conventional signaling formats that do not exhibit the serious practical drawbacks associated with peakedness. In addition, we show that the asymptotic decay of bit rate in the absence of peakedness usually takes hold at bandwidths so large that wideband fading models are called into question. Rather, ultrawideband models ought to be used.

Transmit diversity vs. spatial multiplexing in modern MIMO systems

A contemporary perspective on the tradeoff between transmit antenna diversity andspatial multiplexing is provided. It is argued that, in the context of most modern wirelesssystems and for the operating points of interest, transmission techniques that utilizeall available spatial degrees of freedom for multiplexing outperform techniques that explicitlysacrifice spatial multiplexing for diversity. In the context of such systems, therefore,there essentially is no decision to be made between transmit antenna diversity and spatialmultiplexing in MIMO communication. Reaching this conclusion, however, requires thatthe channel and some key system features be adequately modeled and that suitable performancemetrics be adopted; failure to do so may bring about starkly different conclusions. Asa specific example, this contrast is illustrated using the 3GPP Long-Term Evolution systemdesign.

Impact of antenna correlation on the capacity of multiantenna channels

This paper applies random matrix theory to obtain analytical characterizations of the capacity of correlated multiantenna channels. The analysis is not restricted to the popular separable correlation model, but rather it embraces a more general representation that subsumesmost of the channel models that have been treated in the literature. For arbitrary signal-to-noise ratios (SNR), the characterization is conducted in the regime of large numbers of antennas. For the low- and high-SNR regions, in turn, we uncover compact capacity expansions that are valid for arbitrary numbers of antennas and that shed insight on how antenna correlation impacts the tradeoffs between power, bandwidth and rate.

Interplay of spectral efficiency, power and doppler spectrum for reference-signal-assisted wireless communication

Expressions relating spectral efficiency, power, and Doppler spectrum, are derived for Rayleigh-faded wireless channels with Gaussian signal transmission. No side information on the state of the channel is assumed at the receiver. Rather, periodic reference signals are postulated in accordance with the functioning of most wireless systems. The analysis relies on a well-established lower bound, generally tight and asymptotically exact at low SNR. In contrast with most previous studies, which relied on block-fading channel models, a continuous-fading model is adopted. This embeds the Doppler spectrum directly in the derived expressions, imbuing them with practical significance. Closed-form relationships are obtained for the popular Clarke-Jakes spectrum and informative expansions, valid for arbitrary spectra, are found for the low- and high-power regimes. While the paper focuses on scalar channels, the extension to multiantenna settings is also discussed.

Capacity-approaching rate function for layered multiantenna architectures

The simultaneous use of multiple transmit and receive antennas can unleash very large capacity increases in rich multipath environments. Although such capacities can be approached by layered multi-antenna architectures with per-antenna rate control, the need for short-term feedback arises as a potential impediment, in particular as the number of antennas—and thus the number of rates to be controlled—increases. What we show, however, is that the need for short-term feedback in fact vanishes as the number of antennas and/or the diversity order increases. Specifically, the rate supported by each transmit antenna becomes deterministic and a sole function of the signal-to-noise, the ratio of transmit and receive antennas, and the decoding order, all of which are either fixed or slowly varying. More generally, we illustrate -through this specific derivation— the relevance of some established random CDMA results to the single-user multi-antenna problem.

On fast-decodable space-time block codes

We focus on full-rate, fast-decodable space–time block codes (STBCs) for 2 x 2 and 4 x 2 multiple-input multiple-output (MIMO) transmission. We first derive conditions and design criteria for reduced-complexity maximum-likelihood (ML) decodable 2 x 2 STBCs, and we apply them to two families of codes that were recently discovered. Next, we derive a novel reduced-complexity 4 x 2 STBC, and show that it outperforms all previously known codes with certain constellations.