Do Venture Capital Investors Learn from Public Markets?

We examine whether venture capital (VC) investors learn information contained in public market stock prices. VCs are less likely to stage finance startups and syndicate with other VCs when stock prices are more informative. An instrumental variable approach suggests that the relation is likely causal. The startup’s initial public offering (IPO) prospect is the plausible information contained in stock prices learned by VCs. The effect of VC learning on staging and syndication is more pronounced when collecting information is more costly and the information learned is more reliable. Evidence from a survey of VC investors confirms that they actively learn information from the public market. VCs’ learning from the public market significantly affects their investments across startup firms. Our paper sheds new light on the real effects of financial markets and suggests that the informational role of security prices is much broader than what we have thought. This paper was accepted by Gustavo Manso, finance.

IPO, private capital? Not! SPAC!

The introductory part of the article is devoted to a brief overview of the typical methods of raising funds for a company’s capital. Then, I compared The pros and cons of each approach. Further, the author introduces the company’s new fundraising – through the merger with a SPAC (from now on referred to as the merger with SPAC). The article discusses the advantages and disadvantages of this option for a company to enter public capital markets or raise capital in a company compared to the already traditional methods – raising private capital and entering public capital markets through an IPO. As a result of this comparison, the author concludes that the merger with SPAC has the advantages of both classical options for raising capital, without their disadvantages, which makes this option a unique offer on the market. Statistical data confirmed this conclusion. The separate section in the article is devoted to the peculiarities and complexities of the merge with SPAC. The advantages of the merger with SPAC for the leading Russian companies compared with other types of capital raising are separately highlighted, and the contrast between the placement on the MICEX and the merger with SPAC. The article also presents statistics on the public capital market and the impact on the public market of the new opportunity for companies to go public. In the final section of the article, the author discloses the chain of events that brought the merger with a SPAC such a fame and popularity at the current moment in time. The article resulted in an explanation of the attractiveness of institutional investors’ investment of funds in companies that have chosen the merger with a SPAC as a potentiality for entering public capital markets.

Pengaplikasian Pompa Air Otomatis di Pasar Sudimampir sebagai Bentuk Dukungan Pencegahan Penyebaran Virus Covid-19

Tujuan dari kegiatan ini adalah pengaplikasian pompa air otomatis di pasar Sudimampir sebagai bentuk dukungan pencegahan penyebaran virus covid-19 di daerah Banjarmasin serta mengedukasi masyarakat/ pengunjung pasar mengenai tata cara cuci tangan yang benar melalui papan informasi yang dipasang pada tempat yang ditentukan. Mitra kegiatan pengabdian ini adalah dinas perhubungan wilayah pasar lima (sudimampir) dikarenakan tempat pengaplikasian pompa tersebut ada di depan dermaga/ pelabuhan yang termasuk tempat dengan aktivitas yang cukup tinggi di wilayah tersebut. Metode kegiatan yang digunakan meliputi: 1) observasi awal, 2) pengaplikasian kegiatan, 3) evaluasi, dan 4) refleksi. Evaluasi dilakukan secara kuantitatif menggunakan instrumen angket respon mitra dan pengunjung pasar terhadap kegiatan yang dilakukan. Adapun hasil kegiatan pengabdian ini berupa: 1) terpasangnya pompa air otomatis dan papan informasi tata cara mencuci tangan yang baik dan benar di daerah pasar serta 2) respon mitra dan pengunjung pasar terhadap kegiatan yang dilakukan 88,88% termasuk dalam kategori sangat baik dengan skor rata-rata sebesar 3,56 dari skor maksimal rata-rata 4. Indikator respon ini dilihat dari: 1) 86,67% termasuk dalam kategori sangat baik dalam keahlian dan kesiapan dari tim dalam kegiatan, 2) 92,50% termasuk dalam kategori sangat baik dari segi kegunaan dari alat yang diaplikasikan, 3) 97,50% termasuk dalam kategori sangat baik dalam kesesuaian dengan kebutuhan masyarakat, dan 4) 78,75% termasuk dalam kategori baik dalam hal kesesuaian kegiatan dengan harapan masyarakat (mitra dan pengunjung). This activity aims to apply an automatic water pump in the Sudimampir market to prevent the spread of the Covid-19 virus in the Banjarmasin and educate the public/market visitors about washing hand procedures through information on a board installed someplace. The partner of this service activity is the Department of Transportation of the Pasar Lima area (Sudimampir) because the pump application location is in front of the pier/port, a place with quite high activity in the area. The activity methods used include 1) initial observation, 2) application of activities, 3) evaluation, and 4) reflection. The evaluation is used quantitatively using a questionnaire instrument of the responses of partners and market visitors to the activities carried out. The results of this service include 1) the installation of an automatic water pump and an information board for proper and correct handwashing procedures in the market area and 2) the response of partners and market visitors to the activities carried out by 88.88% including in the very good category with a score an average of 3.56 from the average maximum score 4. This response indicator is seen from: 1) 86.67% is included in the very good category that showed the expertise and readiness of the team in activities, 2) 92.50% is included in the category very good that showed terms of the usefulness of the tools applied, 3) 97.50% is included in the very good category that showed accordance with community needs, and 4) 78.75% is in the good category that showed terms of the suitability of activities with community expectations (partners and visitors).

Appropriate Site Development in the Application of the Green Building Concept: An Evaluation of the Planning of Gianyar Public Market

<p class="Abstract"><em>Appropriate Site Development is one of the Greenship criteria for maintaining or expanding urban greenery in order to improve microclimate quality, decrease CO2 and other pollutants, avoid soil erosion, reduce drainage system loads, and keep the balance between clean water and groundwater systems. </em><em>The GREENSHIP concept is a solution to the decline of the green spaces of Gianyar regency, which has been due to the construction of hotels and villas for tourism</em><em>. The Government of Gianyar Regency in Bali Province is committed to applying the concept by planning Gianyar Public Market as the first public facility that uses the idea. This study evaluated whether the application of the Green Building concept, particularly the one in the category of Appropriate Site Development, will be beneficial for the users and the surrounding environment. The evaluation used mixed-methods, which incorporated a case study approach</em><em>.</em><em> </em><em>Two key persons were interviewed. The collected interview data combined with the secondary data were processed with the GREENSHIP rating tools</em><em>. Results of the evaluation show that, in the category of Appropriate Site Development, the planning of Gianyar Public Market obtains 41.18% points. It means that the planning has not yet adequately fulfilled the criteria. Therefore, some efforts and improvements need to be taken and made to fulfill the criteria of the categories in which the planning has not yet obtained maximum points. One of such categories is technology application.</em><em></em></p>

21. Share capital—capital raising and payment

This chapter considers the statutory rules governing share capital requirements, especially the rules governing allotment of shares, payment for shares, and capital raising. Share capital rules are predominantly statutory and this chapter looks at the statutory framework on allotment including the authority of the directors to allot shares, the need for rights issues; the ability to accept a non-cash consideration; and the prohibitions on various types of consideration, in the case of public companies. Minimum capital requirements and the need to avoid issuing at a discount are considered. A key issue for public companies is whether to make an offer of their shares to the public or seek to have their shares traded on a public market. The regulatory framework for public offers of shares, essentially requiring a prospectus, is considered.

Detection of Campylobacter jejuni, Campylobacter coli, and virulence genes in poultry products marketed in Northeastern Brazil

In this study, we evaluated the prevalence of Campylobacter jejuni, Campylobcater coli, and virulence genes in fresh, chilled, and frozen chicken carcasses with livers and gizzards sold in public markets and supermarkets. Of the 90 samples analyzed, C. jejuni was the most prevalent, with 28.8% of positive samples, whereas C. coli was positive in 15.6% of samples. In public market samples, C. coli had a higher prevalence than C. jejuni, with 16.7% positive samples detected, whereas in supermarket samples, C. jejuni was more prevalent (36.7% positivity). C. jejuni was detected in all forms of commercialized carcasses; however, there was a higher prevalence (43.3%) in chilled samples than C. coli, which was not detected in frozen samples but showed a higher prevalence (16.7%) in fresh samples. Both species were detected in different poultry products, with C. jejuni being more prevalent (53.3%) in liver samples. C. coli showed a higher prevalence in samples of meat pieces (10%). The presence of five virulence genes related to adherence (Peb1, JlpA, CadF, and CapA) and invasion (CiaB) was also observed in both species.

MSMEs and Digitali in Covid-19

The number of MSMEs that are starting to grow very much in Indonesia, assisted by the sophistication of technology that is increasingly developing makes MSMEs very able to get the public market. The convenience that is obtained through online shopping is more felt by the people of Indonesia, making swords now starting to compete to collaborate with various existing platforms to keep getting customers and customers don't run to other stores. Digitalization has proven to be able to support the economic recovery program due to Covid-19, making the central, provincial, district and city governments including BUMN and BUMR carry out development and empowerment efforts for MSMEs in Indonesia.