Investment Stage Research Articles

Increasing perceived predation risk through playbacks reduces Red-winged Blackbird abundance in agriculture late in the breeding season

Abstract Perceived predation and brood parasitism risks strongly influence nesting habitat selection in several bird species. Here, we report on a playback experiment evaluating whether perceived predation or brood parasitism risk can reduce Red-winged Blackbird (Agelaius phoeniceus) abundances in agricultural nesting habitat. We broadcast Cooper’s Hawk vocalizations (Accipiter cooperii, a predator of adult blackbirds and nests), Brown-headed Cowbird vocalizations (Molothrus ater, a brood parasite of many passerine species, including blackbirds), and the “Sonic Net” as treatments, the latter of which is broadcast of frequencies that overlap with blackbird vocalizations and prevent blackbirds from accessing intraspecific communication informing of predator and brood parasite risks. Neither the hawk, cowbird, nor Sonic Net treatments reduced blackbird abundances at sites early in the breeding season (April to May), when blackbirds were selecting nesting habitat. In contrast, late in the breeding season (July to August), hawk vocalizations and the Sonic Net reduced blackbird abundances at sites, but cowbird vocalizations did not. Our late-breeding season results suggest that blackbirds may flexibly change responses to perceived predation risk based on their stage of reproductive investment. Perceived predation risk could potentially be used to manage pest birds that nest in agricultural landscapes, at least for crops that are vulnerable to birds late in the breeding season.

Selection determinants and value creation in private equity investment: a systematic literature review

PurposeThis paper aims to review, systematize and map the extant literature on private equity (PE) and study the underlying research agenda for investment selection and value creation in portfolio firms of PE investors. The PE investment process entails the preinvestment stage, where PE investors screen the target firms, and the postinvestment stage, where PE investors monitor the funded firms. With the motive to understand both stages, this review consolidates the findings of existing literature.Design/methodology/approachThis research adopts a systematic literature review approach to study the underlying themes in PE investment literature. To adequately profile the key research areas, the authors have adopted citation classics in addition to keyword search and drawn the most significant papers in this field of research based on citation metrics.FindingsThe review presents a heterogeneous set of themes by encapsulating the relevant PE literature and identifies significant and emergent themes within the broad research area of investment and performance. The foundational themes found are selection determinants for PE investments, value creation in PE investments and selection vs value-adding effect of PE investors. While the emergent themes are the relative performance of PE investments; sources of value creation; skill, luck and social capital in PE; and resource dependency vis-à-vis PE. Each theme or subtheme chalks out the underlying research agendas for future researchers.Originality/valueTo build an understanding of the selection determinants and value creation, this review addresses the need to synthesize and align the PE literature concerning pre and post investment stages. PE is a fertile research area that is systematically captured in this review by identifying themes, subthemes and avenues for future research.

Application of BIM to Buildings and Structures Life Cycle Management

Introduction. Information modeling of buildings and structures (BIM) implies comprehensive examination of an object including studying engineering, technological and economic information about a building and all interrelations and 42 dependencies it has [1–2]. Such approach enables considering a building and all things referring to it as a single facility.Information modeling is an important tool to be used at various stages of the project implementation, including the design and construction stage [3]. Information modeling is used at each life cycle stage of a facility, including the investment stage, construction itself, and commissioning, which envisages maintenance of a building and management of the assets. Having the information model at this stage is a great advantage for the company managing a facility, due to reduction of the costs arising from the operational shortcomings. The aim of the research was to develop the facility’s operation stage model in the information environment, as the most expensive stage of a building life cycle and supplement it with the calculation of the need-for-repairs indicators.Materials and Methods. During the research the data-analytical environment “Information and Analytical System for Housing and Communal Services” (IAS ЖКХ) for forecasting the technical state of a constructed facility was studied. The method of creating the three models of a multi-storey residential building's operation stage at the pre-investment period was applied: a building undergoing natural depreciation; repairs of the main structural elements directly affecting the existence and functioning of a facility are carried out; regular repairs of all elements are performed.Results. Following the carried-out calculations, a rational model of building operation was approved, based on the period of efficient operation and the cost of repairs during this period.Discussion and Conclusions. The method of the constructed facility operation stage modeling allows examining various scenarios of the building life cycle after its construction and evaluating the relevance of one or another type of operation of a particular facility.

A Proposal And Its Application On The Type-2 Fuzzy Mamdani's Method For The Selection Classification Of The Private Small Hydropower Plant Investments In The Very Early Investment Stages In Turkey

The private small hydroelectric power plant investments (PSHPPIs) differ very much from the other types of the private hydropower plant investments. In most cases, it will be more appropriate for the private electricity generation investors to analyze the alternatives by help of the models proposed only for the PSHPPIs based on the PSHPPIs' own characteristics. This paper pro-poses an online Type-2 Mamdani's fuzzy inference method by help of a Java-based library: Juzzy toolkit, for the selection of the PSHPPIs in the very early investment stages in Turkey. The real-life PSHPPIs' applications have shown that there isn't any clear, detailed, and sharp data and information in the very early investment stages. It is believed that a sophisticated and developed version of this proposed method will help the private investors to take more convenient actions and to make more satisfying decisions in a very short evaluation period in their PSHPPIs processes.

A Compound Up-and-In Call like Option for Wind Projects Pricing

Wind energy projects represent, currently, a valid opportunity to support United Nations Sustainable Development Goal 7. However, these projects can appear financially unattractive considering the unfavorable meteorological conditions, uncertain electricity market price, uncertain market demand, unpredictable project performance, riskiness of investment stages, etc. This paper provides a real options pricing model applied for the evaluation of a wind farm project to include the uncertainty that can affect future performance. The methodology proposed uses a compound call option model with two barriers applied, respectively, to the twofold phase framework that would act as a sort of up-and-in barrier. The compound call option model allows us to valuate the managerial flexibility to proceed with the following investment stages depending on the success of the previous ones and, through the barriers, the methodology gives the investor the opportunity to consider some profitability thresholds below, past which the investment should be abandoned. We develop a discrete case methodology by using the binomial approach. A hypothetical case study is shown to implement the theoretical framework by using likely data.

Bonds with Variable Coupon as Alternative Source of State Financing for Oil and Gas Industry

The article studies the problem of searching for financing by companies of oil and gas industry. On the one hand, projects in the industry can be highly beneficial in case of positive macro-economic situation, on the other hand, such projects require serious financing on the investment stage. The goal of the research is to develop an alternative mechanism of financing oil and gas industry by bonds with variable coupon rate, which is based on the interest rate of the Central Bank of the Russian Federation, current prices on crude oil of the Urals brand, base price on crude oil fixed in accordance with the Budget Code of the Russian Federation and actual level of oil production. As a result of the research a mechanism of the floating bond coupon was developed, which is not limited in size in case of high oil prices. This mechanism is based on the current interest rate. Unrecoverable budget losses in the budget system are absent in case of granting standard investment privileges for oil and gas projects. Moreover, if situation in oil prices is positive, state can get higher coupon profit on such bonds. The given type of bonds is an alternative source of financing oil and gas projects on the part of state.

Completely relationship-specific investments, transaction costs, and the property rights theory

In the property rights approach to the theory of the firm, ownership matters if parties have to make partly relationship-specific investments, but ownership would be irrelevant if the investments were completely relationship-specific. We show that if negotiations after the investment stage require transaction costs to be paid, then ownership matters even when investments are completely relationship-specific. While in the standard model without transaction costs there are underinvestments compared to the first-best benchmark, in our setting a party may overinvest in order to induce the other party to incur the transaction costs that are necessary to enter the negotiation stage.

Compound deferrable options for the valuation of multi-stage infrastructure investment projects

Multi-stage planning is common for expanding infrastructure complexes or networks. Previous real-option studies developed a sequential compound call option (SCCO) for evaluating multi-stage infrastructure investment projects, including evaluating abandonment options during individual pre-scheduled investment stages. In practice, however, investment schedules involve risk and uncertainties forcing investors to change plans, raising an important issue regarding investors having more options at each commencement date. This study introduces a new model, the sequential compound deferrable call option (SCDCO), incorporating deferment options for each fold in an n-fold setting and generalizing the exercise of each deferment option into mn periods. A closed-form solution to the valuation of SCDCO is derived accordingly. A real-world case demonstrates that introducing deferment options increases project value, but the marginal benefit of increasing deferment time diminishes. The presence of dedicated assets for the usage of future expansions can also increase project value, but this increase is restricted by deferment options. Furthermore, the investment cost growth with an increase of deferment time rapidly decreases project value and vice versa. Inflation or deflation is therefore important to consider in deferment decisions. Finally, although deferment options only produce limited project value, they have the flexibility to manage risks, changes, and budgetary constraints.

Research on Influencing Factors and Internal Mechanism of International Entrepreneurship Based on Complex Network Algorithm

Entrepreneurs' social capital consists of relational dimension social capital, cognitive dimension social capital and structural dimension social capital. Relationship dimension social capital and cognitive dimension social capital have positive promotion effect on entrepreneurial survival performance, but have negative feedback effect on entrepreneurial success performance. From the investment stage, the investment intensity of Chinese venture capital institutions in the initial stage is obviously lower than that in other development stages, especially in the growth stage, which accounts for half of the venture capital. Although the entrepreneurial orientation and knowledge innovation ability of entrepreneurial individuals or teams are helpful to improve the efficiency and effectiveness of identifying and utilizing international entrepreneurial opportunities, it is necessary to choose an appropriate internationalization model according to the types of international entrepreneurial opportunities in order to achieve extraordinary international entrepreneurial performance. Based on the complex network algorithm, this paper analyzes the evolution of the concept of international entrepreneurship and its influencing factors, and reveals the internal mechanism of international entrepreneurship.

Reliability of interim performance in private equity funds

ABSTRACT We compared the interim and final realized internal rate of return for liquidated buyout funds (238) and venture capital funds (233) in the U.S. from 1985 to 2019. The results revealed that buyout funds’ interim performance tends to be underestimated, while that of venture capital funds can be underestimated or overestimated, depending on the period and associated global events. Further, we found that private equity funds’ interim performance is affected by fund performance, investment stage, and stock market performance. These results were robust to other performance measures. Our findings will assist private equity investors, policy makers, and regulators to better evaluate interim performance reliability based on fair value estimates.

Advancing a grounded theory of parental support in competitive girls’ golf

Parental support in youth sport has been associated with positive athlete outcomes, such as sport enjoyment and continued participation. Although research has demonstrated the significant and influential role parents fulfil in the youth sport context, there remains a dearth of theoretical frameworks detailing parental support in youth sport and an absence of empirical research examining parental support across athlete development stages and sports. The present study sought to examine athletes’ perceptions of parental support, with a view to advancing a grounded theory of parental support in youth golf. Fourteen online synchronous focus groups were conducted with an international sample (Australia, Canada, England, Finland, Ireland, New Zealand, Scotland) of 61 girls, in the specialising (n = 27) and investment stages (n = 34) of athlete development. Data were analysed in three phases: open-coding, axial coding, and theoretical integration. The substantive grounded theory is constructed on the core category of ‘Individual Parental Support Preferences’. This core category is underpinned by four sub-categories of parental support which were evident across development stages: instrumental, informational, emotional, and autonomy support, and is influenced by a host of athlete (e.g., athletes’ performance), parent (e.g., parents’ knowledge), and contextual characteristics (e.g., location). Unconditional parental support is an important aspect of emotional support, however the concept of adopting a person-first approach to sport parenting is novel. These results provide a rich and novel insight of parental support in girls’ golf, advancing a grounded theoretical understanding of parental support mechanisms in a youth sport context.

Athletes’ perceptions of unsupportive parental behaviours in competitive female youth golf

Research exploring athletes and coaches’ perceptions of parent involvement in youth sport has demonstrated the presence of maladaptive parent involvement in youth sport. This research has provided insights into inappropriate parenting practices displayed in the youth sport environment. However, representative of the broader sport parenting literature, data has been primarily gleaned from sports such as tennis and football. In a bid to diversify participant populations, the present study sought to examine female youth golfers’ views of unsupportive parental behaviors within the competitive youth golf environment. Fourteen online synchronous focus groups were conducted with 61 female youth golfers in the specializing (n = 27) and investment (n = 34) stages of development, recruited from seven countries across three continents (Australia, Canada, England, Finland, Ireland, New Zealand, and Scotland). Reflexive thematic analysis revealed three higher-order categories of unsupportive parental behaviors: Emotional Ill-Treatment; Physical Ill-Treatment; and Pressurizing Behavior. Parenting practices consistent with emotional ill-treatment (e.g., verbal ill-treatment) have been previously discussed within the sport parenting literature, however the presence of physical ill-treatment displayed by parents toward child-athletes has not been commonly reported. The present research provides novel insights into athletes’ perceptions of these maladaptive behaviors, and demonstrates that, similar to other youth sports, unsupportive parental behaviors are evident in the youth golf environment. The findings of the current research further reinforce the need for reporting mechanisms for allegations of abuse within youth sport, continued stakeholder education, the development of safeguarding cultures, and also the need to explore parents’ experiences of exhibiting maladaptive involvement. Lay summary: Female youth golfers’ views of unsupportive parental behaviors in the specializing and investment stages of development were explored. Three higher order categories of unsupportive parental behaviors in competitive youth golf were identified: Emotional Ill-Treatment; Physical Ill-Treatment; and Pressurizing Behavior. IMPLICATIONS FOR PRACTICE Findings highlight the need for applied practitioners to work with sport organizations in developing and implementing holistic safeguarding cultures, to prevent child maltreatment in youth sport. Findings can be utilized by applied practitioners, governing bodies, and sport organizations to inform the content of future educational resources and programs for parents of youth golfers,

Research on Intelligent Prediction of Engineering Cost Based on Artificial Intelligence

However, due to the limited engineering information in the investment stage of the project, the estimation of construction cost generally has the disadvantages of large error and long preparation time. Therefore, how to calculate the cost (or investment) of engineering projects accurately, reasonably and quickly is a matter of great concern to engineering project practitioners and researchers. Through the combination of systematic theoretical analysis and practical work experience, the index system for construction project cost prediction is constructed. The artificial intelligence (AI) theory of neural network (NN) is selected, and the basic principle, network model and prediction method of construction project cost prediction with this method are systematically analyzed. As a theoretical model, a new construction project cost prediction model is constructed. This paper mainly studies the application of AI methods in the field of construction project evaluation. Three kinds of AI evaluation models are established by using particle swarm optimization artificial neural network (ANN) and case-based reasoning to predict the construction project evaluation, and their effectiveness is verified by examples.

Scientific venturing for early-stage professionals (ESPs), a key concept in the innovation ecosystem

Early-stage professionals (ESPs) and senior scientists who want to transition from academia to the industry need support to develop new skills and know-how to endeavor this challenge. However, this topic is significantly underserved in the field of cell and gene therapy, slowing down ESPs' potential to make this step. The authors of this article, members of the ESPs in the South and Central America Subcommittee at the International Society for Cell and Gene Therapy, propose the concept of “scientific venturing,” which stands for the process by which scientists become entrepreneurs or part of a company. In our article, we provide key aspects to understand this concept, considering key personality traits that need to be developed and a discussion about the “innovation ecosystem.” Later, we consider how scientific venturing may result in an increase in difficulty in nascent innovation ecosystems such as Latin America, in comparison with those more advanced and mature in high-income countries. Finally, we provide key information for the ESPs and other professionals about the stages of private and public investment, including information about the resources needed for the sustainability of companies and startups. Understanding what scientific venturing involves for ESPs is key to taking advantage of the maturity of an innovation ecosystem, its network, and available opportunities.

Multi‐stage cold energy recovery/utilization: A 10 MW class cold store with liquefied natural gas

AbstractIn coastal cities, a large amount of cold energy is released into the nearby seawater during the process of regasification of liquefied natural gas (LNG) at the receiving terminal, and meanwhile, a large amount of exported and/or imported foods need to be frozen by bulk cold energy near the sea. In this paper, a new multistage cold energy recovery/utilization system is investigated to link the LNG cold energy directly to supply the coastal cold store. This design uses a realistic case in Ningbo LNG receiving station in China, and for the very first time considers how to utilize the LNG cold energy in an efficient manner regarding the technical, economic, and environmental benefits. A three‐stage LNG cold energy utilization system is designed and evaluated by considering different temperatures, pressures, and heat exchange parameters. Compared to conventional electric‐driven cold stores, the proposed multistage cold energy recovery/utilization system has a much cheaper capital cost during the initial investment stage, and also avoids the utility power consumption during the daily operation period. In the case study, from Ningbo LNG receiving station to a 10 MW class cold store, the proposed multienergy system can save the energy of 20.05 kilotons of standard coal, and the carbon emission reduction is up to 1.49 × 108 kg per year.

Price, credit or ambiguity? Increasing small-scale irrigation in Ethiopia

Governments in countries in Sub-Saharan Africa (SSA) are keen to expand irrigation to improve food security and are placing particular emphasis on adoption and use of smallholder private groundwater irrigation. Yet private irrigation is a multi-stage technology, the adoption of which is affected by fiscal support and extension services offered on different investment stages but also by uncertainties around actions that need to be undertaken in these stages. Groundwater-based irrigation in Ethiopia presents a case where policy has focused on fiscally easing the purchase of pumps while considerable ambiguity (unquantifiable uncertainty) exists around the outcomes of drilling boreholes (reaching water). In this paper, we examine farmers’ willingness to adopt smallholder private irrigation packages in response to lower pump prices following tax breaks, loan availability, and reduction in ambiguities related to borehole drilling, using a discrete choice experiment (DCE) in two districts of Ethiopia. The results indicate that the provision of loans and reduction in ambiguities related to well drilling have the greatest effect on the probability of farmers adopting irrigation packages. Lowering pump prices has the smallest effect. Pump-type has a small effect, with energized pumps preferred over manual ones. In exploring heterogeneity in preferences, we find that farmers without irrigated plots and those with greater market access have a greater preference for the provision of loans, while those with greater market access also have greater preferences for reductions in well drilling ambiguities. The results of this choice experiment suggest that reducing ambiguities around well drilling (initial investments) is an essential and cost-effective step toward expanding groundwater-based irrigation in Ethiopia.

What does CGIAR do to address climate change? Perspectives from a decade of science on climate change adaptation and mitigation

CGIAR consists of a network of international publicly funded agricultural research for development institutes. Over five decades it has worked to increase food abundance, reduce hunger and poverty rates, and lower the geographical footprint of agriculture in lower- and middle-income countries. CGIAR's first formalised research program on climate change was set up in 2009. Here we report on an analysis of 300 outcomes generated over the lifetime of this program, which ran until 2021. Outcomes were characterised in relation to the climate objective, geography, thematic scope, and contribution to global goals. More than half of the outcomes analysed were related to policies for agriculture development under climate change. Twenty-six percent of outcomes related to climate, information and financial services, and 22 percent were related to organisational programming. Most outcomes analysed were at an early stage of maturity, focusing on design and planning stages of policies, strategies, and investments. Fewer than five percent of outcomes had evidence of impact at scale. Outcomes were facilitated by a wide network of partners and contributed to more than ten Sustainable Development Goals. The results of the analysis show the value of outcome-oriented science in being able to harness diversity, balance strategy with opportunism, plan flexibly, work across multiple vulnerability contexts, and allocate resources towards outcomes. These elements have played a significant role in fostering change across contexts, in adjusting research to emerging needs and context changes, in creating conditions for spillovers, and in ensuring global relevance. To transform the food system, the research for development agenda needs to be bolder. It will require more outcomes of various types, achieved through diverse partnerships, spanning a diversity of geographies, vulnerable contexts, and priorities. Significant and intentional investments in strengthening monitoring, evaluation, reporting and learning capacity will be required to further realize the potential for outcome-oriented research.

Comparative-legal analysis of the structure of external functions of Ukraine and Hungary: implementation of experience (part 2)

Now a new military battle has begun for Ukraine and Ukrainians, and each component of the function is own separate front of confrontation today. The Ministry of Foreign Affairs of Ukraine is considered as a PR manager of the international level of a specific state. Based on the experience of Hungary and the legislative tasks of the Ministry of Foreign Affairs of Ukraine, which are quite extensive with a wide range of tasks, it is proposed to systematize its competences into six logical groups. The first is to promote the interests of Ukraine and support security and territorial integrity. The second is investments and information space. The third is maintaining ties with legal and physical Ukrainians. The fourth is image formation. The fifth is the EU and NATO. And considering the foreign policy strategy, as a sixth separate group we can highlight the expansion of relations with Africa and Asia, because this is not only a new breath for the renewal of relations, but also a new stage of investment and trade, which is mutually beneficial for both sides. The structure of external functions is the same for most states, the main differences between them are contained in the approaches to their implementation. For Ukraine, which until February 24 was on the verge of a full-scale military invasion and conducted its activities in an almost basic mode, today must not only review its stereotypical tasks, but must create them in a new way. The group's data are priorities for the coming years, and each of these realized directions will help not only in rebuilding the destroyed, but also in creating a new one, otherwise, we can predict that Ukraine will be thrown back decades. Under each of the proposed systematic groups, a specific component of the external function is considered, as a way of realizing the function itself and the goal of the selected group. In this part of the scientific article, we consider issues within the framework of the following components of external functions: establishing international cultural ties (humanitarian), countering international terrorism and international organized crime, nature protection or Ecological (participation in international environmental protection) function.

Investors’ Preference for Creating Impact: (A study to understand impact investors’ preference while making investment in India)

Purpose: The main aim of this article is to analyse the preference of impact investors when it comes to the selection of ventures for investment. The study has been conducted with the sole objective of trying to evaluate the choices of impact investors in the Indian market. In addition to this, the present study strives to find out how a certain venture turns out to be the most preferred area of investment and what instrument is preferred to invest in for impact investments, and the criteria that guide investors to arrive at their choice of investment portfolios in Indian impact investment market. Design/Methodology/Approach: A choice-based conjoint experiment has been done in which respondents have to rank the different options which were generated by orthogonal arrays based on their preference. The preference function was computed by using OLS regression. Findings: It has been revealed through this study that while deciding to invest for impact, first preference is accorded to stage of investment in terms of highest importance value which was ensued by their behavioural penchant to do impact investment. Impact investors are inclined to invest in social ventures having the most innovative ideas in response to addressing social problems. The most preferred area of investment is the healthcare sector which is ensued by agriculture and education. Research Limitations: The real behaviour of an individual cannot be predicted through an online survey, which restricts the generalization of the study. Practical Implications: This study presents a simple yet empirical tool that will undoubtedly aid social entrepreneurs, impact investors and other investors to understand the leanings of impact investors and allows them to understand in a better way, how investors’ behaviour differs while making investment decisions in India. The findings will also help policymakers to create a more conducive environment for impact investing in India. Originality/Value: The article is unique in the sense that it endeavours to analyse the impact investors’ preferences and choices with the application of conjoint analysis in the Indian perspective.

Comparative legal analysis of external functions of Ukraine and Hungary: implementation of experience (Part 1)

The structure of external functions is the same for most states, the main differences between them are contained in the approaches to their implementation. For Ukraine, which until February 24 was on the verge of a full-scale military invasion and conducted its activities in an almost basic mode, today must not only review its stereotypical tasks, but must create them in a new way. Now a new military battle has begun for Ukraine and Ukrainians, and each component of the function is own separate front of confrontation today. The Ministry of Foreign Affairs of Ukraine is considered as a PR manager of the international level of a specific state. Based on the experience of Hungary and the legislative tasks of the Ministry of Foreign Affairs of Ukraine, which are quite extensive with a wide range of tasks, it is proposed to systematize its competences into six logical groups. The first is to promote the interests of Ukraine and support security and territorial integrity. The second is investments and information space. The third is maintaining ties with legal and physical Ukrainians. The fourth is image formation. The fifth is the EU and NATO. And considering the foreign policy strategy, as a sixth separate group we can highlight the expansion of relations with Africa and Asia, because this is not only a new breath for the renewal of relations, but also a new stage of investment and trade, which is mutually beneficial for both sides. The group's data are priorities for the coming years, and each of these realized directions will help not only in rebuilding the destroyed, but also in creating a new one, otherwise, we can predict that Ukraine will be thrown back decades. Under each of the proposed systematic groups, a specific component of the external function is considered, as a way of realizing the function itself and the goal of the selected group. These components of the external function in this scientific article of the first part are considered foreign-political (diplomatic), foreign-economic and foreign-informational as a comparative analysis with the experience of Hungary. A significant difference is the levels from which they operate. It is not surprising that the de jure level of a European state with all its privileges and disadvantages makes Hungary more stable and protected from external influences, Ukraine is, on the contrary, more vulnerable, because behind Hungary stands the Alliance with the latest weapons developments, behind Ukraine - Ukrainians.