Successful Exit Research Articles

Typologies of stably housed youth who experienced independent homelessness

Experiencing homelessness as an adolescent has significant effects on a person’s life course outcomes. This includes lower grades and graduation rates, as well as, serving as a barrier to the creation of healthy social networks and stable employment. Previous research focuses on homelessness and the experience youth have on the street. The current research examines the process of exiting homelessness and reconnecting with social institutions. Using the National Study of Adolescent to Adult Health (Add Health), we run hierarchical cluster analysis (HCA) to propose a typology of youth exiting homelessness. We build on previous work by establishing a fourth category to the typology of youth exiting homelessness, which we call “tenuously stable”. Additionally, we find that risky behavior, substance use, and childhood trauma are important factors in determining youth’s successful exits. Overall, our findings support the importance of wrap-around services that empower youth, as well as focus on education and employment.

Compensation incentives, geographical distance, and the successful exit of indirect CVCs

PurposeThe literature suggests that increasing the intensity of compensation incentives for corporate venture capital (CVC) managers can contribute to successful exits of direct CVCs. This study explores the impact of compensation incentives on the successful exits of indirect CVCs under different geographical distances between parent companies and indirect CVC managers.Design/methodology/approachThe authors observed the compensation terms of CVC managers through investment announcements made by listed companies and used a probit regression model to test the hypotheses from a sample of 241 investment events with indirect CVCs in China.FindingsThe results show that if parent companies are geographically close to the managers of indirect CVCs, increasing the intensity of compensation incentives for managers will help the successful exit of indirect CVCs. However, if parent companies are not geographically close to indirect CVC managers, increasing the intensity of compensation incentives for managers will not promote the successful exit of indirect CVCs.Originality/valueThis study contributes significantly to the CVC literature. First, it sharpens our understanding of the differences in operational mechanisms between direct and indirect CVCs. Second, we find that the threshold returns of indirect CVC managers are non-negligible compensation incentives. Finally, the empirical evidence supports that in indirect CVC investments, the geographical distance between parent companies and managers is concerning because it affects whether compensation incentives contribute to the successful exit of indirect CVCs.

THE EFFECTIVENESS OF USING A THEORETICAL COMMUNICATIVE MODEL TO OVERCOME A CRISIS IN COMPARISON WITH THE PRACTICAL EXPERIENCE OF BUILDING A COMMUNICATIVE FIELD DURING A CRISIS: THE EXPERIENCE OF UKRAINE

The relevance of effective communication during crisis situations cannot be overestimated, as it determines society’s ability to respond to challenges and maintain stability. The importance of communication and communication technologies from a sociological point of view lies in their influence on social cohesion, mobilization of resources and maintenance of social order.The article considers the correspondence of the components of the model of communication strategies in crisis situations in practice, in particular during the period of the COVID-19 pandemic and during the war in Ukraine, with the theoretical structural components of communication models. Theoretical models of crisis communication, such as SCCT (Situational Crisis Communication Theory), identify key principles that ensure effective communication: transparency, timeliness, credibility, consistency and empathy.This study analyzes how these theoretical principles are applied in practice in the conditions of war in Ukraine. Special attention is paid to communication strategies used by the Ukrainian government. Addressing the nation, informing the public through social media and international support campaigns are seen as key elements of successful communication.The analysis of cases made it possible to determine the correspondence of theoretical models to practical actions, confirmed the universality of the SCCT model, and also made it possible to formulate recommendations for further research on related topics. The results of the study confirm the importance of including each of the aspects for a successful exit from the crisis, as well as maintaining a stable situation in the communicative space of society during the crisis. Thus, the study emphasizes that effective communication not only contributes to the prompt resolution of crisis situations, but also ensures social cohesion and support of the nation’s morale in the face of challenges.

Private captive fund providers and the likelihood of achieving successful venture capital exits

ABSTRACT We analyze the impact of the relationship between private captive venture capital firms (VCFs) and their parent investors on the likelihood of achieving successful exits in investee firms. We argue that the differences in strategic goals and the way venture managers are appointed and incentivized may affect the exit way achieved by different types of captive VCFs. In particular, we focus on private captive VCFs solely funded by a corporation or a financial institution, as well as on semi-captive VCFs jointly funded by several entities. We find that captive VCFs backed by corporations show a higher likelihood of exiting their portfolio firms more successfully than those backed by financial institutions and semi-captive VCFs. VCFs backed by corporations seem to have strategic goals that are compatible with the maximization of portfolio return, and their venture managers may contribute with valuable specific industry knowledge. Conversely, the managers of VCFs wholly owned by financial institutions rarely contribute with industry and technology knowledge and are even more affected by the lack of adequate compensation packages.

Social networks and start-up funding

This paper examines whether aggregate social networks influence start-up firms’ access to external funding. We find that start-ups in U.S. counties with higher social proximity to start-up funding (SPF) attract a larger investor base and secure more capital. The results are robust to several alternate specifications. We also show that start-ups in counties with higher SPF have high survival rates and successful exits. Our findings highlight the importance of aggregate social connections in facilitating access to early-stage funding.

Geographical distance, investment strategies and performance of venture capital: evidence from Chinese enterprises

ABSTRACT A growing body of evidence suggests that geographical distance plays an important role for venture capital (VC) investment. This study explores whether and how the geographical distance between the lead VC firms (VCFs) and the invested entrepreneurial firms (IEFs) influences the investment strategies of VCFs and their performance. The results show: (1) The geographical distance has a significant positive effect on the performance of VC investments. (2) As distance increases, lead VCFs will tend to be conservative on investments by improving project screening criteria and adopting syndication strategies and multiple-rounds of staged financing, which can dramatically improve the successful exit from the invested projects. This study has useful theory and policy implications for VCFs, entrepreneurial firms and local governments.

Pathways to Success: The Interplay of Industry and Venture Capital Clusters in Entrepreneurial Company Exits

This study investigates the dynamics within entrepreneurial ecosystems, focusing on the influence of venture capital (VC) financing clusters and industry clusters on startup success. VC financing clusters, geographic hubs with intense VC funding activities, and industry clusters, regions with concentrated sector-specific firms, are integral components. Expanding existing research that links proximity to these clusters with successful exits through mergers and acquisitions (M&A), our study includes initial public offerings (IPOs) as a vital exit strategy. Results show that affiliations with venture capitalists in prominent VC financing clusters enhance M&A and IPO success for startups. Intriguingly, startups in industry strongholds exhibit a greater likelihood of M&A success, but, this effect is not seen for IPO exits. Additionally, the absence of startup co-location with venture capitalists in VC financing hubs does not impact IPO exits but hinders M&A success. These nuanced insights highlight the complex relationships within entrepreneurial ecosystems and underscore the need for tailored perspectives considering diverse exit pathways.

Phase-space analysis of torsion-coupled dilatonic ghost condensate

We studied the cosmological dynamics of a dilatonic ghost condensate field as a source of dark energy, which is non-minimally coupled to gravity through torsion. We performed a detailed phase-space analysis by finding all the critical points and their stability conditions. Also, we compared our results with the latest H(z) and Supernovae Ia observational data. In particular, we found the conditions for the existence of scaling regimes during the dark matter era. Furthermore, we obtained the conditions for a successful exit from the scaling regime, such that, at late times, the universe tends towards an attractor point describing the dark energy-dominated era. These intriguing features can allow us to alleviate the energy scale problem of dark energy since, during a scaling regime, the field energy density is not necessarily negligible at early times.

When do startups scale? Large‐scale evidence from job postings

AbstractResearch SummaryScaling at the right time is a crucial challenge for startups. Conceptualizing “scaling” as the entrepreneurial process of acquiring and committing resources to implement the core business idea and expand the customer base, this study examines how scaling early may decrease imitation risk at the expense of increasing commitment risk. As startups typically hire managers and sales personnel when they begin to scale, we propose that this timing can be empirically measured by when startups first post these jobs. Leveraging a dataset of job postings, we find that early scalers are more likely to fail, but no evidence of a countervailing benefit in terms of successful exit. Additional analyses suggest that the commitment risk in scaling early outweighs the benefit of reducing imitation risk.Managerial SummaryIn recent years, a few high‐growth startups (e.g., Facebook and Uber) that made their fortune by scaling early—an approach often referred to as “blitzscaling”—have received much interest among academics and practitioners. However, this study presents large‐sample evidence that scaling early is positively associated with a higher rate of firm failure, especially for platform companies. These findings imply that, despite its potential benefits of preventing imitation by competitors, scaling early can suppress startup performance by prematurely curtailing learning through experimentation and committing to a business idea that lacks product‐market fit. In sum, our work cautions startups against prioritizing scaling early before finding product‐market fit, and instead highlights the importance of spending sufficient time on experimentation before scaling.

Differential Effects of Expansions and Recessions on Social Assistance Duration: The Case of Regional Minimum Income Programmes in Spain

In this paper we study the effects of the business cycle on welfare benefit duration and successful exits from the welfare programs. We construct durations for households entering these programs using administrative data for the total population participating in 2005-2016 in Minimum Income Integration programs in Spain,and combine these with province-level data on aggregate unemployment rate. We estimate discrete hazard models to analyse whether different labour conditions at entry to the program significantly affect the length of participation, and whether favourable conditions increase or decrease the hazard of a successful leaving the program. Our results show that higher unemployment rates are related to lower probability of successful exit from the program, and this effect becomes larger during recessions than in expansion periods.

범주 확장이 조직 성과에 미치는 부정적 영향의 완화 조절 효과에 대한 연구: 미국 벤처 캐피탈 산업을 중심으로

This study examines how organizational status and egocentric uncertainty
 mitigate the negative effects of category spanning on organizational
 performance. Category spanning often leads to negative outcomes due to resource
 constraints and audience confusion. We focus on category spanning
 as an atypical combination of categories and identify two moderating factors,
 namely organizational status and egocentric uncertainty, that can attenuate
 these negative effects. First, we argue that high-status organizations involved
 in category spanning are less likely to confuse audiences by being perceived
 as distinctive and innovative, thereby reducing the likelihood of incurring
 penalties typically associated with such activities. Second, egocentric uncertainty
 enables similar resource allocation across categories, diminishing
 the usual downsides of category spanning without necessarily increasing audience
 confusion. To test our hypotheses, we analyzed U.S. venture-capital
 industry data from 2008 to 2016. Our main variables included the atypicality
 of the portfolio of investing industries, the status of the VC firm, and the
 average stage of invested companies. We tested the effects of these variables
 on the number of successful exits by utilizing negative binomial regression
 models. The findings support our theoretical contentions: high-status VC firms
 or those investing in ventures’ early stages are less susceptible to the negative
 ramifications of category spanning on successful exits compared to their respective
 counterparts.

Chaotic opposition learning with mirror reflection and worst individual disturbance grey wolf optimizer for continuous global numerical optimization

The effective meta-heuristic technique known as the grey wolf optimizer (GWO) has shown its proficiency. However, due to its reliance on the alpha wolf for guiding the position updates of search agents, the risk of being trapped in a local optimal solution is notable. Furthermore, during stagnation, the convergence of other search wolves towards this alpha wolf results in a lack of diversity within the population. Hence, this research introduces an enhanced version of the GWO algorithm designed to tackle numerical optimization challenges. The enhanced GWO incorporates innovative approaches such as Chaotic Opposition Learning (COL), Mirror Reflection Strategy (MRS), and Worst Individual Disturbance (WID), and it’s called CMWGWO. MRS, in particular, empowers certain wolves to extend their exploration range, thus enhancing the global search capability. By employing COL, diversification is intensified, leading to reduced solution stagnation, improved search precision, and an overall boost in accuracy. The integration of WID fosters more effective information exchange between the least and most successful wolves, facilitating a successful exit from local optima and significantly enhancing exploration potential. To validate the superiority of CMWGWO, a comprehensive evaluation is conducted. A wide array of 23 benchmark functions, spanning dimensions from 30 to 500, ten CEC19 functions, and three engineering problems are used for experimentation. The empirical findings vividly demonstrate that CMWGWO surpasses the original GWO in terms of convergence accuracy and robust optimization capabilities.

Incomplete maternal family as an object of social work

The authors examined the reasons for the emergence of single-parent families, including: divorce of a married couple; transformation of the reproductive function of the family; death of the children’s father; changes in moral standards in the field of gender relations; the spread of premarital affairs; unpreparedness of young people for marriage and excessive demands on their marriage partner. Classifications of single-parent families by number of generations are presented; the actual presence or absence of a second parent; form of institution. Social work technologies that can be used to effectively solve social problems of single-parent families are considered: technologies of social patronage, counseling, social prevention, correction, therapy and mentoring technology. An important condition for the successful exit of an incomplete maternal family from a difficult life situation is the readiness of family members to implement the recommendations of a social work specialist and the personal interest of clients in improving the quality of life.

P1033 Road to exit strategy in patients with inflammatory bowel disease: ready or not?

Abstract Background Whereas there is an emerging consensus on the optimal approach to initiation of a range of therapies in inflammatory bowel disease (IBD), there remains greater uncertainty about the risks, benefits, and timing of stopping treatment when patients are in stable remission on therapy. When planning an exit strategy for drug withdrawal, the risk of disease relapse must be balanced against the risk of drug-related adverse events and healthcare costs. Our study evaluated the risks of disease relapse associated with withdrawal of the biologic therapy in both ulcerative colitis (UC) and Crohn’s disease (CD). Methods In this is a retrospective observational study, the exit strategy was proposed to 60 patients regularly followed in two IBD referral centre from 2015 to 2023. The exit startegy was performed as: (i) discontinuation without de-escalation, (ii) progressive de-escalation and (iii) azathioprine as monotherapy. Data on medical history were collected from electronic health records. Chi-square test was used to compare categorical variables. Logistic regression was used to assess the relationship between disease-related characteristics and the onset of disease relapse after the withdrawal. Results 60 IBD patients were enrolled, 46 patients withdrawal their biologic therapy and 14 patients were in a de-escalation stategy. These 46 patients (15 UC and 31 CD) performed discontinuation without de-escalation (65%), progressive de-escalation (26%) and azathioprine as monotherapy (9%). They withdraw anti-TNF (82%) or other biologics (18%). Most of patients (71%) were on first line of biologic therapy. The median follow-up period after drug withdrawal was 29 months. A disease relapse occurred in 14 patiens with a median period of 12 months. A good recapture of previous therapy was observed in 57% of patients. Logistic regression analysis revealed a trend of significance between biologic therapy duration (p 0.05) and absence of flare-up after exit strategy. No correlation was noticed with duration of endoscopic or clinical remission before starting the drug withdrawal. Conclusion There are no specific factors related to a successful exit strategy. Biologic drug discontinuation is something best considered on a case-by-case basis and determined by patient preferences and disease features. We need more specific study in order to identify patients who can stop therapy without undue risk of poor outcomes.

Evaluation of clinical outcomes of efficacy in food allergen immunotherapy trials, COFAITH EAACI task force.

Food allergy is a global public health problem that until recent years lacked any aetiological treatment supported by academy, industry and regulators. Food immunotherapy (AIT) is an evolving treatment option, supported by clinical practice and industry trial data. Recent AIT meta-analyses have highlighted the difficulty in pooling safety and efficacy data from AIT trials, due to secondary heterogeneity in the study. An EAACI task force (CO-FAITH) initiated by the Paediatric Section was created to focus on AIT efficacy outcomes for milk, egg and peanut allergy rather than in trial results. A systematic search and a narrative review of AIT controlled clinical trials and large case series was conducted. A total of 63 manuscripts met inclusion criteria, corresponding to 23, 21 and 22 studies of milk, egg and peanut AIT, respectively. The most common AIT efficacy outcome was desensitization, mostly defined as tolerating a maintenance phase dose, or reaching a particular dose upon successful exit oral food challenge (OFC). However, a large degree of heterogeneity was identified regarding the dose quantity defining this outcome. Sustained unresponsiveness and patient-reported outcomes (e.g. quality of life) were explored less frequently, and to date have been most rigorously described for peanut AIT versus other allergens. Change in allergen threshold assessed by OFC remains the most common efficacy measure, but OFC methods suffer from heterogeneity and methodological disparity. This review has identified multiple heterogeneous outcomes related to measuring the efficacy of AIT. Efforts to better standardize and harmonize which outcomes, and how to measure them must be carried out to help in the clinical development of safe and efficacious food allergy treatments.

Cross‐border buyout exit success

AbstractThis paper examines the importance of institutional contexts in cross‐border buyout exit success. After tracking 2639 cross‐border buyout investments during 1998–2007 in 38 countries and regions as of 2016, I find that the higher the institutional quality of the country where the portfolio company is located, the higher the probability of a successful exit via IPO or M&A. The larger the institutional distance between the portfolio company country and the private equity (PE) firm country, the lower the exit success, while PE firms' international experience, industrial experience, and reputation help improve exit success. Further, their industrial experience and the establishment of a local office mitigate the adverse effects of institutional distance.

Factors Associated With the Probability of Leaving Bolsa Família Program

ABSTRACT: Conditional cash transfer programs (CCTs) are increasingly common in Latin American countries and have become the main strategy for combating poverty and social inequality. Among many, noteworthy programs include Progresa-Oportunidades, later renamed Prospera, in Mexico in 1997; Programa Familias en Acción in Colombia; Chile Solidario in Chile in 2002; and Bolsa Família Program in Brazil in 2003. The central feature of the Bolsa Família Program (BFP) was that the receipt of monetary benefits by families was tied to the fulfillment of certain conditions, or conditionalities, involving healthcare and education for children and adolescents. The purpose of this design was, in the short term, to combat the negative effects of poverty on family well-being through the transfer of monetary resources, and in the long term, through the requirement of conditionalities, to break the poverty trap caused, in large part, by intergenerational transmission of income and education. The literature on conditional cash transfers has largely focused on entry conditions, paying less attention to exit conditions. This study aims to explore the trajectory of participant families in the Bolsa Família Program, using information obtained from the cohort of individuals born in the city of Pelotas in 2004. The research focuses on the socioeconomic characteristics of families at the time of their child’s birth in 2004 and the follow-up conducted in 2015. Survival analysis models are used to analyze the probability of exiting the program. The results reported by the survival analysis, Kaplan-Meier method, indicate that a BRL 1.00 (US$ 0.30) increase in income reduces, on average, the likelihood of successful departure from the BFP beneficiary family by 1%. Conversely, exercises conducted by family groups indicate that for families receiving benefits above the average, BRL 141.00 (US$ 42.32), the mother’s age and her employment status positively influence the chances of leaving the program. Overall, the results demonstrate that the values of the benefits received are subject to decreasing returns. For families receiving benefits below the average, a one-unit increase in the amount received reduces the probability of exiting the program by an average of 1%. Regarding successful exits, it was observed that having a white father increases the chances by 40%, and if the father is employed, it increases the likelihood of successfully exiting the program by 48%. These results indicate that the successful exit of families from the program is primarily associated with parental characteristics.

Anesthesiology support of rabbits during surgical interventions on the diges-tive apparatus

In today's veterinary medicine, animals such as ferrets, rabbits, and rodents must be considered not only productive animals for producing fur and meat but also as small pets, just like dogs and cats. Among the most common breeds of rabbits kept in urban dwellings are the following: English Spotted, Black Spotted and Chocolate, Lionhead White, Dwarf Dutch White, Pointed Dutch, Spotted and Beaver. Rabbit owners are increasingly turning to veterinarians for general condition assessment and treatment. They count on a high level of medical and surgical care. Therefore, veterinarians often have to treat these animals, and usually, due to the characteristics of patients, medical manipulations require anesthesia. That is why the topic of how to carry out full-fledged inhalation and intravenous anesthetic support with support during surgical intervention in rabbits and successful exit from anesthesia was raised. This article discusses the methods of anesthesia and the nuances of its provision. The article compared two types of anesthesia and confirmed the high safety of anesthesia for rabbits with experience and transparent patient monitoring under anesthesia. They developed recommendations for anesthesia care according to the study's conclusion. They described the list of equipment necessary to ensure successful anesthesia and the required drugs for anesthesia with their dosage. Based on the results of research and discussion, it was determined that intravenous anesthesia for rabbits in the absence of inhalation anesthesia is also possible. Still, inhalation anesthesia is safer and better controlled, and it also requires premedication with analgesic drugs. Intravenous anesthesia is less controlled, but its successful provision is possible with strict adherence to the conditions of anesthesiological support and monitoring of the patient.

THE WORLD IS ON THE THRESHOLD OF A NEW FINANCIAL AND ECONOMIC CRISIS

The paper provides an analysis of the current state of the world economy and a short-term forecast of its development. It is shown that the USA and the EU have become the epicenter of a new financial and economic crisis and today their economies are already in a state of stagflation, characterized by high inflation and low growth rates. The tightening of monetary policy, through aggressive increases in key interest rates by the Federal Reserve and the ECB, to curb inflation and reduce it to the target level of 2% per annum, led to a sharp reduction in investment in the economy, which, in turn, will cause recessions in 2024 with a recession depth of 1.2–1.4% in the US economy and 1.9–2.1% in the EU economy. Vanguard developing countries will only slow down slightly, and their leaders, China and India, will maintain high rates of economic growth at 4.5 and 6% per year, respectively, in the medium term. The crisis will lead to a cascade of defaults among heavily indebted, low-income developing countries. As a result, the crisis will also engulf the global economy, significantly reducing its growth rate from 5.2% in 2022 to 1.7% in 2024, with a sharp decline in global trade volumes. Recommendations are given that can contribute to a quick and successful exit from the current crisis.

Prior co-investments and exits: a study on European venture capital syndicates

ABSTRACT Building on recent developments in the literature, we investigated whether the practice of repeatedly investing with the same partners impacts outcomes for venture capital syndicates. Research shows that European venture capitalists have different attitudes to their American counterparts, which might result in a different ability in benefiting from prior co-investing activities. Hence, we analysed how successful prior collaborations and the concentration of prior ties in an investment syndicate affects the probability of successfully exiting an investment. We also examined the role of prior ties as a determinant of the time to successful exit. From an analysis of 922 first-ever syndicated rounds in Europe between 2000 and 2009, we find that prior ties are not a significant determinant of successful exits. However, prior successful collaborations do play a significant role, as does the concentration of prior ties. We also find that a U-shaped relationship links prior co-investments with the to time to exit. These results should be helpful for managers involved in inter-organisational investment collaborations and to policymakers looking for ways to spur the European venture capital ecosystem.