105,657 research outputs found
Joshua Davis: Author of Spare Parts
No full textCitation: K-State First (2016). Joshua Davis: Author of Spare Parts [Flier]. Manhattan, Kansas: K-State First.Flyer advertising Joshua Davis's author talk at Kansas State University
Lock-In Agreements in Venture Capital Backed UK IPOs
No full textThis paper examines the impact of venture-capital backing of UK companies issuing shares at flotation on the characteristics of the lock-in agreements entered into by the existing shareholders, and on the abnormal returns realised around the expiry of the directors' lock-in agreements.The study examines the lock-in agreements of a sample of 186 UK IPOs issued during 1992-98. 103 of these companies had venture-capital backing at the IPO.The sample is also broken down into firms classified by industrial sector: of 103 VC backed companies 48 are high-tech, and among the 83 firms without VC backing 33 are high-tech.We find that lock-in agreements in the UK show much more variety in terms of the contractual detail than US agreements.Lock-in periods are particularly long for venture-backed high-tech companies.By contrast, for firms not in the high-tech sector, venture-capital backing appears to reduce the directors' lock-in periods.This suggests that for UK IPOs venture-capital backing does not serve as a substitute for lock-in agreements.Examining the proportion of locked-in directors' shares, we find it to be significantly higher in VC-backed firms as compared to firms without VC backing in the sample of firms not classified as high tech.This suggests that for firms likely to face only moderate information asymmetries (i.e. those not in high-tech industries), venture-capital backing of the IPO is not used as a substitute for, but rather as a complement to, lock-in agreements.The higher proportion of locked-in directors' shares among VC-backed companies (not in the high-tech sector) may be because the underwriters of VC-backed IPOs expect heavy sales by the VCs in the period after the IPO and decide to lock in the directors' shares and in order to limit the downward pressure of the VC's disposals on stock prices.Alternatively, if VCs do not sell out completely in the IPO, as reported by Barry et al. 1990, they may seek to align the directors' interests with their own by locking the directors in.We also examine the share-price performance of IPOs with and without VC backing around the time of the expiry of the lock-in agreements, and find that the CAARs for the VC-backed stocks are lower for most of the short windows around the expiry date, both for the sample as a whole and separately for each industry sector.For the sample of 28 VC-backed stocks, the CAARs are statistically significantly less than zero at the 1% level for the narrow one-to three-day windows around the expiry date.For the VC-backed stocks, the CAARs range from -1.2% to -1.6% (and even to -2% for the 11-day window, but this result is not statistically significant), while the corresponding CAARs for the stocks without VC backing range only from -0.2% to -0.8.initial public offerings;lock-in;high-tech;venture capital;IPO
Prospective voluntary agreements to escape carbon lock-in
No full textThe paper looks for co-evolutionary policy responses to carbon lock-in - a persistent state that creates systemic market and policy barriers to carbon low technological alternatives. We address the coordination role for authorities rather than the corrective optimisation and analyse experiences from environmental voluntary agreements and foresight activities. The paper argues that combining the virtues of these tools into a new policy tool, named Prospective Voluntary Agreement (PVA), can help facilitate an escape from carbon lock-in and provide policy resources for addressing lock-in related issues.Lock-in , Carbon, Policy responses, Agreements
Capital Gains Taxes and Asset Prices: Capitalization or Lock-In?
No full textThis paper examines the impact on asset prices from a reduction in the long-term capital gains tax rate using an equilibrium approach that considers both demand and supply responses. We demonstrate that the equilibrium impact of capital gains taxes reflects both the capitalization effect (i.e., capital gains taxes decrease demand) and the lock-in effect (i.e., capital gains taxes decrease supply). Depending on time periods and stock characteristics, either effect may dominate. Using the Taxpayer Relief Act of 1997 as our event, we find evidence supporting a dominant capitalization effect in the week following news that sharply increased the probability of a reduction in the capital gains tax rate and a dominant lock-in effect in the week after the rate reduction became effective. Nondividend paying stocks (whose shareholders only face capital gains taxes) experience higher average returns during the week the capitalization effect dominates and stocks with large embedded capital gains and high tax sensitive investor ownership exhibit lower average returns during the week the lock-in effect dominates. We also find that the tax cut increases the trading volume during the week immediately before and after the tax cut becomes effective and in stocks with large embedded capital gains and high tax sensitive ownership during the dominant lock-in week.
Steven Johnson Author Talk Poster
No full textK-State Book NetworkA poster advertising an author talk by Steven Johnson at Kansas State University on September 3, 2014. Steven Johnson's book "The Ghost Map" was the 2014-2015 common book
IE WP 23/04 Prospective Voluntary Agreements to Escape Carbon Lock-in
No full textThe paper looks for co-evolutionary policy responses to carbon lock-in – a persistent state that creates systemic market and policy barriers to carbon low technological alternatives. We address the coordination role for authorities rather than the corrective optimisation and analyse experiences from environmental voluntary agreements and foresight activities. The paper argues that combining the virtues of these tools into a new policy tool, named Prospective Voluntary Agreement (PVA), can help facilitate an escape from carbon lock-in and provide policy resources for addressing lock-in related issues. The merit of PVA lies with the enhancement of collaborative policy culture and inter-sectoral and interdisciplinary stakeholder learning that creates commitment to desired action for escaping lock-in.environmental voluntary agreement; foresight; increasing returns; lock-in; path-dependence
Learning or Lock-in: Optimal Technology Policies to Support Mitigation
No full textWe investigate conditions that aggravate market failures in energy innovations, and suggest optimal policy instruments to address them. Using an intertemporal general equilibrium model we show that “small” market imperfections may trigger a several decades lasting dominance of an incumbent energy technology over a dynamically more efficient competitor, given that the technologies are very good substitutes. Such a “lock-in” into an inferior technology causes significantly higher welfare losses than market failure alone, notably under ambitious mitigation targets. More than other innovative industries, energy markets are prone to these lock-ins because electricity from different technologies is an almost perfect substitute. To guide government intervention, we compare welfare-maximizing technology policies in addition to carbon pricing with regard to their efficiency, effectivity, and robustness. Technology quotas and feed-in-tariffs turn out to be only insignificantly less efficient than first-best subsidies and seem to be more robust against small perturbations.renewable energy subsidy, renewable portfolio standard, feed-in-tariffs, carbon pricing
Combo connector of USBC port and K-lock port
No full textIdea Thinking: To enhance the experience of NB user interface & product value adding. The K-lock hole is permanent exist and used to specific locations, such as Stores, exhibition, and high security Lab’s PC locked on desk. We review the NB IO port usage status and found K-lock hole occupied but useless in end user. Our team decide to redefine the k-lock hole to give addition value. We don’t remove k-lock feature, instead add an optional USBC port to laptop. K-lock hole will show up when you need it. (K-lock as known as Kensington Lock) Default port show up is USBC port (or K-lock). If you need K-lock (or USBC), shift a trigger then IO become K-lock (or USBC) in mechanism, either one
Cycling for transport and public health: a systematic review of the effect of the environment on cycling.
No full textBACKGROUND: Active transport policies are being developed across Europe designed to have health and environmental benefits. There is little evidence of impact on physical activity of active transport strategies which modify the built environment. Cycling represents one virtually carbon-neutral form of transport that can help to address declining levels of exercise. METHODS: A systematic literature review of experimental or observational studies that objectively evaluated the effect of the built environment on cycling. RESULTS: A total of 21 studies met the inclusion criteria, all of which were observational studies. Eleven studies identified objectively measured environmental factors with a significant positive association with cycling. The environmental factors identified as being positively associated with cycling included presence of dedicated cycle routes or paths, separation of cycling from other traffic, high population density, short trip distance, proximity of a cycle path or green space and for children projects promoting 'safe routes to school'. Negative environmental factors were perceived and objective traffic danger, long trip distance, steep inclines and distance from cycle paths. Of the seven studies which focused primarily on the impact of cycle routes, four demonstrated a statistically significant positive association. CONCLUSION: Although the study identified environmental factors with positive and negative associations with cycling behaviour, many other types of environmental policies and interventions have yet to be rigorously evaluated. Policies promoting cycle lane construction appear promising but the socio-demographic distribution of their effects on physical activity is unclear. The wider impact of active transport policies on health and inequalities across Europe must be explored
Thermal inactivation and conformational lock studies on glucose oxidase
No full textIn this study, the dissociative thermal inactivation
and conformational lock theories are applied for the
homodimeric enzyme glucose oxidase (GOD) in order to
analyze its structure. For this purpose, the rate of activity
reduction of glucose oxidase is studied at various temperatures
using b-D-glucose as the substrate by incubation of
enzyme at various temperatures in the wide range between
40 and 70 �C using UV–Vis spectrophotometry. It was
observed that in the two ranges of temperatures, the
enzyme has two different forms. In relatively low temperatures,
the enzyme is in its dimeric state and has normal
activity. In high temperatures, the activity almost disappears
and it aggregates. The above achievements are confirmed
by dynamic light scattering. The experimental
parameter ‘‘n’’ as the obvious number of conformational
locks at the dimer interface of glucose oxidase is obtained
by kinetic data, and the value is near to two. To confirm the
above results, the X-ray crystallography structure of the
enzyme, GOD (pdb, 1gal), was also studied. The secondary
and tertiary structures of the enzyme to track the thermal
inactivation were studied by circular dichroism and
fluorescence spectroscopy, respectively. We proposed a
mechanism model for thermal inactivation of GOD based
on the absence of the monomeric form of the enzyme by
circular dichroism and fluorescence spectroscopy
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