Internal funding, debt and external equity: which of these effectively improve the growth of university spin-offs?

2018 ◽  
Vol 10 (6) ◽  
pp. 638 ◽  
Author(s):  
Christian Corsi ◽  
Antonio Prencipe
Keyword(s):  
External Equity ◽  
Internal Funding

scholarly journals Internally Incentivized Interdisciplinarity: Organizational Restructuring of Research and Emerging Tensions

Minerva ◽  
2021 ◽  
Author(s):  
Mikko Salmela ◽  
Miles MacLeod ◽  
Johan Munck af Rosenschöld
Keyword(s):  
Interdisciplinary Research ◽  
Interdisciplinary Collaboration ◽  
Scientific Output ◽  
Green Technology ◽  
Academic Careers ◽  
Organizational Restructuring ◽  
Structured Interviews ◽  
Using Data ◽  
The University ◽  
Internal Funding

AbstractInterdisciplinarity is widely considered necessary to solving many contemporary problems, and new funding structures and instruments have been created to encourage interdisciplinary research at universities. In this article, we study a small technical university specializing in green technology which implemented a strategy aimed at promoting and developing interdisciplinary collaboration. It did so by reallocating its internal research funds for at least five years to “research platforms” that required researchers from at least two of the three schools within the university to participate. Using data from semi-structured interviews from researchers in three of these platforms, we identify specific tensions that the strategy has generated in this case: (1) in the allocation of platform resources, (2) in the division of labor and disciplinary relations, (3) in choices over scientific output and academic careers. We further show how the particular platform format exacerbates the identified tensions in our case. We suggest that certain features of the current platform policy incentivize shallow interdisciplinary interactions, highlighting potential limits on the value of attempting to push for interdisciplinarity through internal funding.

Effectiveness of clauses restricting equity transfer in articles of association of limited liability companies using fuzzy AHP: A data analysis of related cases in China from 2010 to 20191

2021 ◽  
pp. 1-12
Author(s):  
Peng Chen ◽  
Yingzhi Nie
Keyword(s):  
Fuzzy Ahp ◽  
Limited Liability ◽  
Limited Liability Company ◽  
Analytic Hierarchy ◽  
Legal Norms ◽  
The Past ◽  
Analytic Hierarchical Process ◽  
Closed Characteristics ◽  
A Company ◽  
External Equity

Based on the company cases published in China over the past ten years, both theoretical methods and Artificial intelligence technologies were applied to analysis cases data on the effectiveness of clauses restricting equity transfer in articles of association of limited liability companies (LLCs). With its unique characters based on shareholders and strong vitality, limited liability company (LLC), as the “evergreen tree” among the market players, is a company form adopted by many investors. Nevertheless, due to its prominent closed characteristics, equity transfer has become a bottleneck for the development of LLCs. According to this paper, it is necessary to distinguish between the effectiveness of clauses restricting internal and external equity transfer in articles of association of LLCs. Fuzzy Analytic Hierarchical Process (AHP) is utilized for which involves process of analytic hierarchy modelled with utilizing theory of fuzzy logic. Moreover, instead of being confined to the existing legal norms, the judgment standard of clauses restricting equity transfer in articles of association of LLCs should be comprehensively measured by the golden rules, i.e. “fairness”, “autonomy” and “operability”.

Capital Market Imperfections and the Sensitivity of Investment to Stock Prices

2009 ◽  
Vol 44 (3) ◽  
pp. 551-578 ◽  
Author(s):  
Alexei V. Ovtchinnikov ◽  
John J. McConnell
Keyword(s):  
Capital Markets ◽  
Stock Prices ◽  
Financial Distress ◽  
Stock Price ◽  
Debt Overhang ◽  
Capital Market Imperfections ◽  
Investment Opportunities ◽  
Imperfect Capital Markets ◽  
Empirical Tests ◽  
External Equity

AbstractPrior studies argue that investment by undervalued firms that require external equity is particularly sensitive to stock prices in irrational capital markets. We present a model in which investment can appear to be more sensitive to stock prices when capital markets are rational, but subject to imperfections such as debt overhang, information asymmetries, and financial distress costs. Our empirical tests support the rational (but imperfect) capital markets view. Specifically, investment–stock price sensitivity is related to firm leverage, financial slack, and probability of financial distress, but is not related to proxies for firm undervaluation. Because, in our model, stock prices reflect the net present values (NPVs) of investment opportunities, our results are consistent with rational capital markets improving the allocation of capital by channeling more funds to firms with positive NPV projects.

STILL A MAN'S WORLD? SECOND GENERATION GENDER BIAS IN EXTERNAL EQUITY TERM SHEET NEGOTIATIONS

2016 ◽  
Vol 21 (03) ◽  
pp. 1650015 ◽  
Author(s):  
ETHNÉ SWARTZ ◽  
FRANCES M. AMATUCCI ◽  
SUSAN COLEMAN
Keyword(s):  
Gender Bias ◽  
Women Entrepreneurs ◽  
Second Generation ◽  
Negotiation Process ◽  
Future Research ◽  
Exploratory Research ◽  
Endogenous Factors ◽  
Optimal Outcomes ◽  
Equity Funding ◽  
External Equity

Women increasingly start and lead growth ventures yet receive a small proportion of external equity funding. Term sheet negotiation is a pivotal moment for obtaining growth capital. We employ a multi-method, mixed mode research design to explore strategies of women entrepreneurs who have negotiated term sheets and discuss our quantitative findings. Results indicate that women entrepreneurs in our sample worked hard to achieve optimal outcomes yet come up short because of exogenous and endogenous factors linked to second generation gender bias in the negotiation process. Propositions for future research are generated given the results of this exploratory research.

The direct costs of raising external equity capital for US REIT IPOs

2012 ◽  
Vol 30 (6) ◽  
pp. 538-562
Author(s):  
Ranajit Kumar Bairagi ◽  
William Dimovski
Keyword(s):  
Initial Public Offerings ◽  
Economies Of Scale ◽  
Weighted Average ◽  
Direct Costs ◽  
Equity Capital ◽  
Return Volatility ◽  
Critical Determinant ◽  
Content Type ◽  
Underwriting Fees ◽  
External Equity

PurposeThe purpose of this paper is to investigate the total direct costs of raising external equity capital for US real estate investment trust (REIT) initial public offerings (IPOs).Design/methodology/approachThe study provides recent evidence on total direct costs for a comprehensive dataset of 125 US REIT IPOs from 1996 until June 2010. A multivariate OLS regression is performed to determine significant factors influencing the level of total direct costs and also underwriting fees and non‐underwriting direct expenses.FindingsThe study finds economies of scale in total direct costs, underwriting fees and non‐underwriting expenses. The equally (value) weighted average total direct costs are 8.33 percent (7.52 percent), consisting of 6.49 percent (6.30 percent) underwriting fees and 1.87 percent (1.22 percent) non‐underwriting direct expenses. The study finds a declining trend of total direct costs for post 2000 IPOs which is attributed to the declining trend in both underwriting fees and non‐underwriting direct expenses. Offer size is a critical determinant for both total direct costs and their individual components and inversely affects these costs. The total direct costs are found significantly higher for equity REITs than for mortgage REITs and are also significantly higher for offers listed in New York Stock Exchange (NYSE). Underwriting fees appear to be negatively influenced by the offer price, the number of representative underwriters involved in the issue, industry return volatility and the number of potential specific risk factors but positively influenced by prior quarter industry dividend yield and ownership limit identified in the prospectus. After controlling for time trend, the paper finds REIT IPOs incur higher non‐underwriting direct expenses in response to higher industry return volatility prior to the offer.Originality/valueThis paper adds to the international REIT IPO literature by exploring a number of new influencing factors behind total direct costs, underwriting fees and non‐underwriting direct expenses. The study includes data during the recent GFC period.

Accelerating Clinical Innovation in Biomedical Engineering Education by Using a Digital Portal for Collaboration

2019 ◽  
Vol 141 (12) ◽  
Author(s):  
Joel L. Berry ◽  
Kristen Noles ◽  
Alan Eberhardt ◽  
Nancy Wingo
Keyword(s):  
Open Access ◽  
Biomedical Engineering ◽  
Improve Patient Care ◽  
Digital Tool ◽  
Fluid Exchange ◽  
Continuous Innovation ◽  
Clinical Innovation ◽  
Stem Students ◽  
Improve Patient ◽  
Internal Funding

Abstract The rapidly changing healthcare landscape requires continuous innovation by clinicians, yet generating ideas to improve patient care is often problematic. This paper describes the development of a digital tool used in an interprofessional program designed to enhance collaborations between clinicians, undergraduate, and graduate STEM students, particularly biomedical engineering (BME). The program founders began by connecting clinicians and students through a course portal in a learning management system (LMS). They eventually secured internal funding to create an open access tool for posting and viewing problems, allowing interprofessional teams to rally around healthcare challenges and create prototypes for solving them. Results after three years of the program's inception have been encouraging, as teams have created devices and processes that have led to intellectual property disclosures, provisional patents, grant funding, and other productive interprofessional relationships. The open access tool has given clinicians and STEM students an outlet for convenient team formation around unsolved clinical problems and allowed a fluid exchange of ideas between participants across a variety of clinical disciplines.

Financial Decision Making in Family Firms

2014 ◽  
Vol 27 (4) ◽  
pp. 307-327 ◽  
Author(s):  
Christian Koropp ◽  
Franz W. Kellermanns ◽  
Dietmar Grichnik ◽  
Laura Stanley
Keyword(s):  
Behavioral Intentions ◽  
Structural Equation ◽  
Family Firms ◽  
Behavioral Control ◽  
Behavioral Approach ◽  
Equation Modeling ◽  
Future Research ◽  
Perceived Behavioral Control ◽  
External Equity ◽  
Family Norms

Adapting the theory of planned behavior to the area of financial choices in family firms, we argue that these choices in family firms are largely affected by family norms, attitude, perceived behavioral control, and behavioral intentions. A time-lagged sample, estimated via structural equation modeling of 118 German family firms, supports a behavioral approach to the study of financing decisions. Specifically, we show that family norms and attitude toward external debt and external equity affect behavioral intention to use the respective financing choices, which in turn affects financing behavior. Perceived behavioral control, however, was shown to negatively affect behavioral intentions to use external equity and was positively related to the use of internal funds. Implications of these capital structure decisions and ideas for future research are discussed.

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