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Venture capital and private equity contracting : an international perspective
Other books present corporate finance approaches to the venture capital and private equity industry, but many key decisions require an understanding of the ways that law and economics work together. This revised and updated 2nd edition offers broad perspectives and principles not found in other course books, enabling readers to deduce the economic implications of specific contract terms. This approach avoids the common pitfalls of implying that contractual terms apply equally to firms in any industry anywhere in the world. In the 2edition, datasets from over 40 countries are used to analyze and consider limited partnership contracts, compensation agreements, and differences in the structure of limited partnership venture capital funds, corporate venture capital funds, and government venture capital funds. There is also an in-depth study of contracts between different types of venture capital funds and entrepreneurial firms, including security design, and detailed cash flow, control and veto rights. The implications of such contracts for value-added effort and for performance are examined with reference to data from an international perspective. With seven new or completely revised chapters covering a range of topics from Fund Size and Diseconomies of Scale to Fundraising and Regulation, this new edition will be essential for financial and legal students and researchers considering international venture capital and private equity. An analysis of the structure and governance features of venture capital contractsIn-depth study of contracts between different types of venture capital funds and entrepreneurial firms. -- Provided by publisher.
Book
Key determinants of deposits volume using CAMEL rating system: The case of Saudi banks
CAMEL is considered one of the well-known banking rating systems used to build a proper bank ranking. In our paper, we investigate the CAMEL rating for Saudi banks, which is considered the second largest banking sector in GCC. The Saudi banking sector consists of 11 banks and is the leading sector in the Saudi stock index (TASI). In this research, we aim to determine the ranking of Saudi banks according to CAMEL composite and CAMEL overall ratings and explore the effects of these ratings on banks’ total deposits for the period from 2014 to 2018. The methodology involves four phases. In the first phase, we calculate the key financial ratios of CAMEL’s composites for each bank. In the second phase, we rank the banks from 1 to 11 to each one of CAMEL’s composites for each bank per year. In the third phase, we rank Saudi banks according to CAMEL composite and CAMEL overall. Finally, in the fourth phase, we run a regression model using CAMEL financial ratios rank as independent variable and banks’ total deposits as a dependent variable. Using the stepwise regression method, the results indicated that the best regression model has an adjusted R 2 of 73.4% and a standard error of around 0.58. The results further indicated that capital measured by CAR, management as an efficiency ratio, earning with ROE proxy, and liquidity as loans to deposits have positive effects on banks’ total deposits. Meanwhile, earnings as net interest income to net revenue and liquidity calculated by CASA have a negative effect on banks’ total deposits. Finally, asset quality ratios and the rest of the ratios have no significant effect on banks’ total deposits.
Journal Article
Funders improved the management of learning and clustering effects through design and analysis of randomized trials involving surgery
The objective of this study was to provide insight into current practice in planning for, and acknowledging, the presence of learning and clustering effects, by treating center and surgeon, when developing randomized surgical trials.
Complexities associated with delivering surgical interventions, such as clustering effects, by center or surgeon, and surgical learning should be considered at trial design. Main trial publications, within the wider literature, under-report these considerations. Funded applications, within a 4-year period, from a leading UK funding body were searched. Data were extracted on considerations for learning and clustering effects and the driver, funder, or applicant, behind these.
Fifty trials were eligible. Managing learning through establishing predefined center and surgeon credentials was common. One planned exploratory analysis of learning within center, and two within surgeon. Clustering, by site and surgeon, was often managed through stratifying randomization, with 81% and 60%, respectively, also planning to subsequently adjust analysis. One-third of responses to referees contained funder led changes accounting for learning and/or clustering.
This review indicates that researchers do consider impact of learning and clustering, by center and surgeon, during trial development. Furthermore, the funder is identified as a potential driver of considerations.
Journal Article
A Social Network Analysis of the Financial Links Backing Health and Fitness Apps
Objectives. To identify the major stakeholders in mobile health app development and to describe their financial relationships using social network analysis. Methods. We conducted a structured content analysis of a purposive sample of prominent health and fitness apps available in November 2015 in the United States, Canada, and Australia. We conducted a social network analysis of apps’ developers, investors, other funding sources, and content advisors to describe the financial relationships underpinning health app development. Results. Prominent health and fitness apps are largely developed by private companies based in North America, with an average of 4.7 (SD = 5.5) financial relations, including founders, external investors, acquiring companies, and commercial partnerships. Network analysis revealed a core of 41 sampled apps connected to 415 other entities by 466 financial relations. This core largely comprised apps published by major technology, pharmaceutical, and fashion corporations. About one third of apps named advisors, many of whom had commercial affiliations. Conclusions. Public health needs to extend its scrutiny and advocacy beyond the health messages contained within apps to understanding commercial influences on health and, when necessary, challenging them.
Journal Article
Predatory Publishing and Turkey
Since the beginning of this century, widespread use of the internet and some weaknesses of the existing system have changed the scientific publishing model (1). This new model, wherein authors pay publishers for their services, is termed “open access”. In the last decade, the number of open access journals and the articles they publish have increased rapidly, and some journals have gained a high level of scientific prestige in their field. Despite the rapid growth of the open access market, its share of the whole market remains small. According to an estimation by Delta Think (Carlin 2017), open access accounts for 20%-22% of market volume and 5%-9% of market value (2).
Journal Article
Mapping of health research funding in India
Background. We aimed to estimate the total annual funding available for health research in India. We also examined the trends of funding for health research since 2001 by major national and international agencies.
Methods. We did a retrospective survey of 1150 health research institutions in India to estimate the quantum of funding over 5 years. We explored the Prowess database for industry spending on health research and development and gathered data from key funding agencies. All amounts were converted to 2015 constant US$.
Results. The total health research funding available in India in 2011-12 was US$ 1.42 billion, 0.09% of the gross domestic product (GDP) including only 0.02% from public sources. The average annual increase of funding over the previous 5 years (2007-08 to 2011-12) was 8.8%. 95% of this funding was from Indian sources, including 79% by the Indian pharmaceutical industry. Of the total funding, only 3.2% was available for public health research. From 2006-10 to 2011-15 the funding for health research in India by the three major international agencies cumulatively decreased by 40.8%. The non-industry funding for non-communicable diseases doubled from 2007-08 to 2011-12, but the funding for some of the leading causes of disease burden, including neonatal disorders, cardiovascular disease, chronic respiratory disease, mental health, musculoskeletal disorders and injuries was substantially lower than their contribution to the disease burden.
Conclusion. The total funding available for health research in India is lower than previous estimates, and only a miniscule proportion is available for public health research. The non industry funding for health research in India, which is predominantly from public resources, is extremely small, and had considerable mismatches with the major causes of disease burden. The magnitude of public funding for health research and its appropriate allocation should be addressed at the highest policy level.
Journal Article
Public biotech 2013—the numbers
2013 was truly a year to remember for the public biotech sector, with the largest wave of IPOs since the 2000–2001 bubble.
Journal Article
ESG performance, capital financing decisions, and audit quality: empirical evidence from Chinese state-owned enterprises
We study the nexus between environmental, social, and governance (ESG) performance and corporate capital financing decisions. Further, we also analyze the effect of audit quality and type of ownership (state-owned enterprises (SOEs) vs non-state-owned enterprises (non-SOEs), local vs central SOEs in this relationship. By applying panel regression (fixed effects) on 6295 firm-year observations of Chinese A-listed enterprises data for 2010–2019, we conclude that firms’ ESG information is crucial to their financing decisions. In particular, firms with superior ESG performance have lower debt financing. The findings suggest that enterprises with strong ESG performance have easy access to equity funding via stock markets. Further, this relationship is more pronounced in SOE compared to non-SOEs and in central SOEs compared to local SOEs. These results demonstrate that the market may promote desired social outcomes by rewarding ESG performance; however, we find no significant effect of audit quality in this relationship. Findings are robust to different sensitivity tests, including an alternative estimation, sysGMM regression to address endogeneity issues, and lagged regressions to address reverse causality.
Journal Article