A challenging marketplace for venture capital

This article looks at the contemporary situation facing the U.K. venture capital industry as it enters its second decade of activity. After 10 years of substantial growth, the industry is starting to mature. Accordingly, in an increasingly competitive marketplace, U.K. venture capital firms are having to address seriously strategic issues of product and market choice in order to meet the high investment expectations placed on them by their funders. There is evidence that the industry is already concentrating its finances into a small number of larger firms. It is likely that these better resourceed firms will have material advantages in initiating both product and market innovations. However, this concentration is unlikely to improve the supply of venture capital funds to start-up and other early stage, high risk ventures.     

The future of the bicycle —Its problems and its potentialities

In this article the author argues that the bicycle will undoubtedly be improved upon, but it is not likely to be supplanted. It will continue to provide the most energy-efficient short-distance form of individual ground transportation.Whether or not its share of the number of person-trips made in urban areas will increase dramatically depends partly on the improvements which are made to the vehicle, partly on the increasing costs and restraints on motor-vehicle use, but to a greater extent on the success with which planners solve the highway-intersection problem.     

Korean residents in Japan during the second world war: Official reports on rumours and public feeling

The article identifies some of the ways in which the ‘Victorian Gypsy’ was constructed by a group of authors known as Gypsy lorists, and develops reading strategies that highlight the politics of their writing, in particular using Jacques Derrida's theorisation of the archive. For the Victorians, it seemed that the Gypsy way of life would soon die out. The Gypsies' apparently imminent disappearance marks their world as delicate, natural and formerly pure. However, the structure of the archive means that the lorists' attempts to preserve their version of Gypsy culture are threatened from within: they hasten the forgetting of that which they would conserve and archivally silence Gypsy voices with their own. Claims of extinction have evidently been disproved, however, and new archives successfully augment what the lorists considered to be the last word on Gypsies in Britain.     

COOPERATION IN PUBLIC GOODS GAMES PREDICTS BEHAVIOR IN INCENTIVE-MATCHED BINARY DILEMMAS: EVIDENCE FOR STABLE PROSOCIALITY

We report the results of an experiment in which subjects completed second mover public goods game tasks and second mover binary social dilemma tasks. Each task was completed under three different incentive structures which were matched across tasks. The use of nonlinear incentive structures, along with a novel categorization method, allowed us to identify behavioral subtypes that cannot be distinguished using conventional linear incentive structures. We also examined how well behavior could be predicted across tasks. Subjects' average conditional cooperation levels showed significant cross-task predictability and stability. However, almost a third of responses (28%) demonstrated unambiguous preference reversals across tasks. We argue that prosociality is best described as an individual-level trait, similar to risk aversion in choice under risk. (JEL C7, C91, H41)     

Teaching Note—Integrating Theory and Research Methods in a First-Year Doctoral Sequence or Program

This teaching note describes an innovative process in which faculty members worked collaboratively to create an integrated three-course sequence of requisite course content in a PhD program, developed complementary assignments, and coordinated a classroom experience that led to the creation of an individualized area statement and eventual integrated literature review. Lessons learned from this experience are discussed.     

Muir,Roosevelt, and Yosemite National Park as an Emergent Sacred Symbol: An Interaction Ritual Analysis of a Camping Trip

We argue that interaction ritual (IR) theory provides a temporal and interactional point of origin from which to trace an influential IR chain that became a deciding factor in the unification of Yosemite Valley and the Mariposa Grove under federal control within present‐day Yosemite National Park. The emotions generated by the rituals of Roosevelt's and Muir's camping trip in May, 1903 in the short term, however, failed to result in a lasting consensus on ideology. This is a point that Roosevelt's lack of support for Muir in the subsequent controversy over the damming of the Hetch Hetchy Valley clearly documents. A video abstract is available at http://tinyurl.com/myv74yd     

Additive time-dependent hazard model with doubly truncated data

For doubly truncated data, i.e. the variables of interest are only observable if they lie in a certain random interval, an additive hazard model with time-dependent regression coefficients is investigated. Consistency and asymptotic normality are proven under mild assumptions. A simulation study investigates the finite sample properties and the influence of the truncation distribution on the estimation error. Finally, the method is applied to a doubly truncated data set of German companies, where the age at insolvency is of interest.