Venture capital meets contract theory: risky claims or formal control?

This paper develops a theory of the joint allocation of formal control and cash-flow rights in venture capital deals. We argue that when the need for investor support calls for very high-powered outside claims, entrepreneurs should optimally retain formal control in order to avoid excessive interference. Hence, we predict that risky claims should be be negatively correlated to control rights, both along the life of a start-up and across deals. This challenges the idea that risky claims should a ways be associated to more formal control, and is in line with contractual terms increasingly used in venture capital, in corporate venturing and in partnership deals between biotech start-ups and large drug companies. The paper provides a theoretical explanation to some puzzling evidence documented in Gompers (1997) and Kaplan and Stromberg (2000), namely the inclusion in venture capital contracts of contingencies that trigger both a reduction in VC control and the conversion! of her preferred stocks into common stocks.

Estudi de casos pel control de síntesi d’instruments musicals virtuals mitjançant la veu cantada

Report for the scientific sojourn carried out at the Music Technology Area (Sound Processing and Control Lab), Faculty of Music, McGill University, Montreal, Canada, from October to December 2005.The aim of this research is to study the singing voice for controlling virtual musical instrument synthesis. It includes analysis and synthesis algorithms based on spectral audio processing. After digitalising the acoustic voice signal in the computer, a number of expressive descriptors of the singer are extracted. This process is achieved synchronously, thus all the nuance of the singer performance have been tracked. In a second stage, the extracted parameters are mapped to a sound synthesizer, the so-called digital musical instruments. In order achieve it, several tests with music students of the Faculty of Music, McGill University have been developed. These experiments have contributed to evaluate the system and to derive new control strategies to integrate: clarinet synthesis, bass guitar, visual representation of voice signals.

Freedom of choice as control over outcomes

As interactions between individuals are introduced into the freedom of choice literature by the mean of game forms, new issues appear. In particular, in this paper it is argued that individuals face uncertainty with respect to outcomes as they lose the control they implicitely exert over options in the opportunity set framework. A criterion is proposed as to compare alternative game forms in terms of the control they offer to individuals. The CardMin criterion suggests that any game form should be judged on the basis of the strategy offering the lowest number of pairwise different outcomes. An axiomatic characterization is provided in the case of two individuals.

El cop de sol en pomera: causes i control

En les condicions climàtiques del Sud d’Europa, el cop de sol és un dels factors que més incideixen en la reducció del percentatge de fruits de primera categoria, especialment en certes varietats com ‘Granny Smith’, ‘Fuji’ o ‘Gala’. Existeixen encara certs dubtes respecte les causes del desenvolupament del cop de sol, tot i que està àmpliament acceptat que les altes temperatures del fruit hi juguen un paper important. En canvi, existeix més debat pel que fa al paper de la radiació. Els mecanismes fisiològics causants dels símptomes del cop de sol no són del tot clars. Existeixen diferents hipòtesis, des de la necrosis dels teixits fins a la degradació de pigments en funció del grau de cop de sol. El mètode més efectiu pel seu control és la selecció minuciosa de varietats ben adaptades a les condicions climàtiques locals, ja que mostren diferències en quant a la sensibilitat al cop de sol. Altres experiències de control avaluades en diferents zones del món inclouen la protecció amb xarxes antipedra, refrescament evaporatiu mitjançant reg per aspersió i aplicació d’un film de partícules de caolí amb diferents graus d’èxit i implementació.