Private Equity and Devaluation in Emerging Countries

2017 ◽  
Vol 17 (1) ◽  
pp. 20160048
Author(s):  
Hernán Herrera-Echeverri ◽  
Jerry Haar ◽  
Juan Guillermo Salazar-Duque

Abstract: Using a comprehensive database with 51 emerging countries studied over a 13 year period, we find that devaluation increases the PE investment. More years of annual devaluation have a higher impact in promoting PE investment. Conclusions are confirmed for total and high technology PE investments, but not for early stage PE investments. Devaluation does not benefit PE investment in firms in the early stages of development. Devaluation itself is not sufficient to encourage the appetite of investors; however, some country-level competitiveness variables are indispensable for making a country more fertile for PE investment when a devaluation occurs – the high relevance of competiveness increasing in the long term.

E-Management ◽  
2020 ◽  
Vol 2 (4) ◽  
pp. 30-40
Author(s):  
E. I. Konchenkova

It is impossible to imagine the development of high-tech sectors of the Russian economy without the emergence and active growth of a large number of small innovative enterprises that create and promote demanded competitive goods and services on the Russian and international markets. The development of this type of company often requires the attraction of so-called “comfortable” venture capital. The main source of such capital in the early stages of development of small innovative companies is business angels. However, the evaluation of innovative projects at an early stage of development and the decision-making of business angels about investing is a rather time-consuming process, involving the analysis and systematization of a huge amount of information.The article proposes 56 criteria for evaluating innovative projects of early stages of development. The criteria have been divided into 8 groups specific to the evaluation of projects. These criteria typically use grading scales. The most commonly used are 10-point, 5-point, 100-point rating scales and 0…1 scale.It was proposed to evaluate innovative projects of the early stages of development not only according to the rating scale, but also using colors. Red (for negative assessments) and blue (for positive assessments) colors gradients have been used in the article. An example of constructing a colorographic map based on a fictional innovative project has been adduced. The developed colorographic maps will allow the investor to evaluate visually the information on the investment application submitted for consideration using a two-dimensional image (this is essentially a table).The visualization of project estimates in the form of a colored octahedron has been presented. In constructing the octahedron, red, blue and white (no grade) gradients were also used. Each face of the octahedron corresponds to a group of criteria of this project. The criteria in the group are located in such a way that when reflected on the plane they will be located closer to the center of the octahedron. Thus, in the case of saturated color of the center of the octahedron, the project can receive either an excellent, or unsatisfactory rating. This visualization of the project can be useful if you need to analyze each group of criteria separately.


2019 ◽  
Vol 44 (4) ◽  
pp. 671-699 ◽  
Author(s):  
Congcong Zheng ◽  
Mujtaba Ahsan ◽  
Alex F. DeNoble

We examine how the prior experiences of new venture leaders (NVLs) affect networking behaviors during the early stages of opportunity exploitation. We argue that lack of prior experience increases the unknowns that NVLs face when pursuing opportunity exploitation. Lack of technical experience increases technical unknowns, whereas lack of startup experience increases startup unknowns. Using a qualitative methodology, we investigate 22 NVLs and find that they differ on three dimensions: networking time orientation (short-term vs. long-term), desired benefits (operational vs. symbolic), and networking actions (deepening vs. broadening). We find that novice NVLs, those who lack technical or startup experience, tend to utilize short-term orientation, engage in network-deepening actions, and seek operational benefits from their networks to mitigate technical and startup unknowns. In contrast , dual-experienced NVLs, those with technical and startup experience, are guided by long-term orientations, network-broadening actions, and a focus on symbolic benefits. We also find that technical and startup veterans exhibit a combination of those behaviors. We contribute to the literature by posing a set of three propositions depicting differences in NVL networking behaviors based on differences in startup and/or technical experiences. This study, thus, highlights the influence of NVL experience on early-stage networks.


Author(s):  
Oleksandr Mazur

The purpose of the article is to determine the stages of development of music broadcasting and to reveal their features in the context of the evolution of audio recording means. The methodology consists of the application of general scientific and special methods, namely: information and system approaches, terminological and historical methods, as well as methods of analysis and generalization of source information, comparison and interrelation of theory and practice. Scientific novelty. The significance of musical resources has been brought to the development of radio communications and the early stages of development of musical radio communications have been clarified in the context of the evolution by means of audio recording. Conclusions. Radio has played one of the leading roles in the field of music and, conversely, without music, radio broadcasting has not received the appropriate technical development and, accordingly, would not have had such an impact on society. Clusters of music radio recordings on the rights of subsystems are connected to the metasystem of information communications. Music publishers, who were then the most influential part of the industry, allied with the musicians. At the time of birth, radio notes were the main musical product, and songwriters were real stars. However, when the whole world began to buy records instead of music, the power from publishers and singers passed to record companies and cooperated with them performers. In the early stages of its existence, musical radio broadcasting underwent an evolutionary path from the musical telegraph (1876), the first radio shows with magnetic recording (1914), the rapid development of radio engineering and recording technology (1920–1940), and 3-minute rock ‘n’ roll from artisanal records (1950s) to «pirate music», which was broadcast from ships (1960s). The study of the historical and cultural preconditions for the formation and development of musical radio broadcasting at an early stage in the context of the evolution of audio recording allowed to identify three main stages: «search» (1870–1920), 2) «competitive» (early 1920s – second half of the 1940s). .), 3) «vinyl-tape» (first half of the 1950s – 1970s). The term «music broadcasting» is proposed to mean technological means of sound transmission to an unlimited number of listeners of musical compositions and / or other musical information on the radio, as well as wired radio networks or packet-switched networks, classifying them as «active phonograms». , broadcast) and «passive phonograms» (performed a functional role and transferred to the archive). Key words: Archive, Records, Storage, Music, Digitization, Radio.


2019 ◽  
Vol 81 (3) ◽  
pp. 185-201
Author(s):  
Michał Łukowski ◽  
Piotr Zygmanowski

The aim of the paper is to verify if equity crowdfunding has an impact on equity gap reduction among early stage companies in Poland. The analysis is based on crowdfunding campaigns organized on the three most popular platforms in Poland during the 2015–2019 period. The presented research on equity crowdfunding allowed the main goal of the paper to be accomplished, namely to characterize equity crowdfunding in Poland. The results obtained also enabled equity crowdfunding to be placed among other equity capital sources for companies in the early stages of development. The results of the study verify the hypothesis that equity crowdfunding has an impact on equity gap reduction among Polish early stage companies. Our key findings prove that equity crowdfunding in Poland is mainly used by relatively small, early stage companies that operate in various sectors. Another finding is that most of the companies raised capital that qualifies as the Macmillan gap. We also proved that there is a relatively high level of information asymmetry among equity crowdfunding campaigns and provided our own definition of equity crowdfunding.


2020 ◽  
Vol 6 (1) ◽  
pp. 49-54
Author(s):  
Khabib Barnoev ◽  

The article presents the results of a study to assess the functional reserve of the kidneys against the background of a comparative study of antiaggregant therapy dipyridamole and allthrombosepin in 50 patients with a relatively early stage of chronic kidney disease. Studies have shown that long-term administration of allthrombosepin to patients has resulted in better maintenance of kidney functional reserves. Therefore, our research has once again confirmed that diphtheridamol, which is widely used as an antiaggregant drug in chronic kidney disease, does not lag behind the domestic raw material allthrombosepin


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