227,190 research outputs found
The Transformation of the Business Angel Market: Evidence from Scotland
No full textBusiness angel investing – a key source of finance for entrepreneurial businesses – is evolving from a fragmented and largely anonymous activity dominated by individuals investing on their own to one that is increasingly characterised by groups of investors investing together through managed angel syndicates. The implications of this change have been largely ignored by scholars. Based on research in Scotland, which has experienced a particularly rapid growth in angel groups, the paper examines the following issues: the drivers of this change, the characteristics of the groups; their investment activity and outcomes; the investment process of angel groups; and the characteristics and role of group ‘gatekeepers’. The paper concludes with an assessment of the impact of this growth of angel groups on the economy and considers the implications for other regions and countries
Business angel investing
No full textBusiness angels are conventionally defined as high net worth individuals who invest their own money, along with their time and expertise, directly in unquoted companies in which they have no family connection, in the hope of financial gain. The term angel was coined by Broadway insiders in the early 1900s to describe wealthy theatre-goers who made high risk investments in theatrical productions. Angels invested in these shows primarily for the privilege of rubbing shoulders with the theatre personalities that they admired. The term business angel was given to those individuals who perform essentially the same function in a business context (Benjamin and Margulis, 2000: 5). There is a long tradition of angel investing in businesses (Sohl, 2003). Moreover, angel investing is now an international phenomenon, found in all developed economies and now diffusing to emerging economies such as China (Lui Tingchi, and Chen Po Chang,, 2007). However, it has only attracted the attention of researchers since the 1980s
Expected returns to stock investments by angel investors in groups
No full textAngel investors invest billions of dollars in thousands of entrepreneurial projects annually, far more than the number of firms that obtain venture capital. Previous research has calculated realized internal rates of return on angel investments, but empirical estimates of expected returns have not yet been produced. Although calculations of realized returns are a valuable contribution, expected returns, rather than realized returns, drive investment decisions. We use a new data set and statistical framework to produce the first empirical estimates of expected returns on angel investments. We also allow for the time value of money, which previous research has typically ignored. Our sample of 588 investments spans the 1972–2007 period and contains 419 exited investments. We conduct extensive tests to explore potential bias in the data set and conclude that the evidence in favor of bias is tenuous at best. Our results suggest that angel investors in groups can expect to earn returns that are on the order of returns on venture capital investments. Estimated net returns are about 70 percent in excess of the riskless rate per year for an average holding period of 3.67 years. This estimate is reasonable compared to Cochrane's (2005) estimate of 59 percent per year for venture capital investments, which tend to be in lower-variance, later-stage projects. Returns have a large variance and are heavily skewed, with many losses and occasional extraordinarily high returns.
Angel M. Otero
No full textAngel M. Otero
Mr. Otero was born in Santurce, Puerto Rico and lived there for the first 23 years of his life. He has a Bachelors degree in Mechanical Engineer from the University of Puerto Rico, Mayagiez, and a Masters in Mechanical Engineering from the University of Toledo in Ohio.
Presently, Mr. Otero serves as Deputy Division Director for the NASA Space Life and Physical Sciences Research and Applications Division at NASA HQ in Washington, D.C.
He has over 30 years of experience in the design, assembly, integration, test and flight operations for microgravity research payloads, his focus today is mainly getting research done in the International Space Station. Besides NASA HQ, he has worked at the Glenn Research Center in Ohio and the Kennedy Space Center in Florida.
Mr. Otero has two sons and lives in Alexandria, Virginia.https://commons.erau.edu/space-congress-bios-2016/1035/thumbnail.jp
Payments for Watershed Services: An Application to Irrigation Pricing in the El Angel Watershed, Carchi, Ecuador
No full textWater scarcity is increasingly viewed as the principal constraint limiting agricultural production and human livelihood improvement in the rural areas of many developing countries. Policies that encourage more efficient and equitable water use - including the introduction of incentive-based water pricing systems - are an important challenge. This paper reports the results of a mathematical programming model which was constructed for the El Angel watershed in northern Ecuador with the goal of exploring the effects of several water pricing alternatives. The model incorporates farmers' crop and pasture planting and resource allocation decisions, based on maximizing regional gross margin subject to land, water, labor, seasonal, food security and other constraints. Four water pricing scenarios are examined. The results show that adequate water resources currently exist to permit a reallocation of water within the watershed, which would generate higher regional production and incomes. Several water pricing alternatives are explored which would discipline water use in those parts of the watershed where water is currently overused and unregulated. Incomes could be significantly increased in currently waterscarce parts of the watershed while generating only small reductions in production and incomes in water-abundant zones. While tradeoffs exist among economic, environmental and employment goals, significant net gains are achievable. If a differentiated system of water prices is considered to be unrealistic, a system of single seasonal prices would likely generate reduced, though significant, benefits. Introducing a system of comprehensive water charges would likely create similar benefits in other developing country watersheds facing similar resource constraints.Resource /Energy Economics and Policy,
The modernist angel: Art at the Limits of the Human in D. H. Lawrence, H. D. and Mina Loy
No full textPhDThe subject of this thesis is a figure that might provisionally be called the *modemist
angel'. Focusing on modernist literature, and more particularly on the work of D. H.
Lawrence, H. D. and Mina Loy, it aims to isolate from the many angels found in all periods
and all types of art a historically specific and intellectually coherent paradigm: an angel of
and for its modernist times. A figure of precisely this type could be said to exist in the
form of Walter Benjamin's 'angel of history'. Critics who address the question of the
modern angel in texts by Franz Kafka and Rainer Maria Rilke often do so in conjunction
with the problem posed by the angel of history. Beginning with a chapter on Benjamin,
this thesis nevertheless follows a different trajectory. Over five chapters, it explores a
modernist landscape formed not only by Lawrence, H. D. and Loy, but also by European
and American writers such as A. R. Orage, Allen Upward, Ezra Pound, Wallace Stevens,
Havelock Ellis, Edward Carpenter, Sigmund Freud and Friedrich Nietzsche. Although the
angel that emerges from this investigation might, in some respects, be said to anticipate
Benjamin's later version, this figure is also very different, standing for a project that is
distinctively, and recognisably, modernist in nature. He/she (the sex of the modernist
angel is often open to question) represents an attempt to reconcile the divine
responsibilities of the artist with the material and gendered conditions of being,
specifically of being human, in the modem world. This thesis looks again at the clash of
intellectual paradigms in the early-twentieth century - notably, the confrontation of the
Romantic view of art as a superhuman or sacred undertaking with the psychoanalytical or
evolutionary idea that all human endeavour is underpinned by sub-human motives - and
suggests the angel as a new and instructive figure through which to think the perilous
limits between the human and the divine in modernist literature
BARRIOS, Angel M.
No full textLetter from Angel M. Barrios to F.N.V. requesting questionnaires and a subscription to the newspaper called GOD. / Carta de Angel M. Barrios a F.N.V. en la que solicita cuestionarios y suscripción al periódico titulado DIOS
Oral History Interview with Angel Garcia
No full textInterview with MICASA program director, Angel Garcia, of UNCW, and his experiences with the U.S. education system its impact on his goals for the program
Oral History Interview with Angel Garcia
No full textInterview with MICASA program director, Angel Garcia, of UNCW, and his experiences with the U.S. education system its impact on his goals for the program
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