This study is within the field of financial innovation and entrepreneurship. The thesis’s primary purpose is to investigate how and why entrepreneurs in Sweden are positioning themselves in regarding Initial Coin Offerings as a new financial vehicle based on the Swedish regulations and the underlying factors to the entrepreneur’s point of view. The literature contributes a limited knowledge of the Swedish industry concerning ICOs, and therefore this research aims to enhance awareness. Through qualitative research based on eleven interviews, we conclude there is a general lack of knowledge and risk-aversion from the absence of regulations in Sweden. Furthermore, all interviewed entrepreneurs were open-minded about an ICO with certain limitations. Considering that, on average, an enticing secondary market has existed for the tokens issued by ICOs, and a remarkable amount of money has been left on the table by project promoters, investors seeking for potential profit have hoarded the cryptocurrency space, creating a situation similar to the dot-com bubble. Thus, we also discuss the benefits, drawbacks, and the possible fate regarding ICOs, a new financing method that should not be overlooked.

Introduktion: Spirometri är en metod som utförs för att utesluta eller bekräfta en lungsjukdom. Dynamisk spirometri innebär mätning av lungvolymsförändringar över tid och omfattar både långsam och forcerad spirometri. Vid långsam spirometri mäts vitalkapacitet (VK). Vid forcerad spirometri mäts forcerad exspiratorisk volym på en sekund (FEV1), forcerad vitalkapacitet (FVK) och FEV%. Spirometri utförs i sittande position men den kan också utföras i stående position. Syftet med studien var att jämföra och se om det föreligger en signifikant skillnad för VK, FVK, FEV1 och FEV% vid dynamisk spirometri mellan sittande och stående position hos studenter utan känd lungsjukdom.  Material och Metod: Studien bestod av 21 frivilliga studenter med åldrarna 21-32 år, där 18 var kvinnor och tre män. Datainsamlingen utfördes vid Örebro universitet och variablerna som mättes vid undersökningen var: VK, FVK, FEV1 och FEV%. Mätningarna upprepades minst tre gånger i både sittande och stående position och de fick inte skilja sig åt mer än 150 ml. Ett parat t- test användes för att se om det förelåg en statistisk signifikant skillnad i mätvärdena mellan sittande och stående position. Resultat: Det parade t-testet visade att det inte föreligger någon statistiskt signifikant skillnad i variablerna VK (p = 0,19), FVK (p = 0,87), FEV1 (p = 0,37) och FEV% (p = 0,26) mellan sittande och stående position. Slutsats: Det föreligger ingen statistiskt signifikant skillnad för dynamisk spirometri mellan sittande och stående position. För att få en uppfattning om hur kroppsposition påverkar spirometri behövs en större population. / Introduction: Spirometry is a method performed to rule out or confirm a lung disease. Dynamic spirometry involves measuring lung volume changes over time. The dynamic spirometry includes slow and forced spirometry. With slow spirometry, vital capacity (VC) is measured. In forced spirometry, forced exspiratory volume of one second (FEV1), forced vital capacity (FVC) and FEV% are measured. Spirometry is performed in a sitting position but can also be performed in a standing position. The aim of the study was to compare whether there is a significant difference for VC, FVC, FEV1 and FEV% in dynamic spirometry between sitting and standing position in students without known lung disease. Method and Materials: The study consisted of 21 volunteer students aged 21-32, of whom 18 were women and three men. The data collection was performed at Örebro University and the variables that were taken into account when performing it were: VC, FVC, FEV1 and FEV%. The maneuvers were repeated at least three times in both sitting and standing positions and they did not differ more than 150ml. A paired t-test was performed to see if there is a statistically significant difference in the measured values between sitting and standing position. Result: The paired t-test showed that there is no statistically significant difference in the variables VC (p = 0.19), FVC (p = 0.87), FEV1 (p = 0.37) and FEV% (p = 0, 26) between sitting and standing position. Conclusion: There is no statistically significant difference for dynamic spirometry between sitting and standing position. To get an idea of how body position affects spirometry, a larger population is needed.

This paper seeks to understand the role of proximity to Silicon Valley and the Silicon Valley network effect on venture success. Despite the wealth of literature on the role and importance of geographic proximity in the venture capital process, no studies have specifically examined the impact of geographic proximity to Silicon Valley on venture success. I build my study on existing literature but deviate from past research in the following ways: first, I narrow the research question to the relationship between geographic proximity to Silicon Valley and successful exit; second, I consider success from the perspective of the venture rather than the venture-backing firm; third, I employ a logistical model as well as a linear probability model; fourth I control for endogeneity by isolating first rounds; lastly, I exclude syndicated deals, focusing on 1:1 venture-backing firm-to-venture deals. I use VenureXpert data for Silicon Valley-backed firms located both in and outside Silicon Valley to test hypotheses regarding geographic proximity. The results are significant and suggest that venture location in Silicon Valley is associated with greater venture success. Based on the results, it is clear that the impact of the Silicon Valley network effect is statistically meaningful and should encourage ventures to continue to strategically locate themselves in Silicon Valley.

Ziel dieser Arbeit war die Entwicklung einer allgemein anwendbaren Methode für die Simulation von ultraschnellen Prozessen und experimentellen Observablen. Hierfür wurden die Berechnung der elektronischen Struktur mit der zeitabhängigen Dichtefunktionaltheorie (TDDFT) und das Tully-Surface-Hopping-Verfahren für die nichtadiabatische Kerndynamik auf der Basis klassischer Trajektorien miteinander kombiniert. Insbesondere wurde eine Beschreibung der nichtadiabatischen Kopplungen für TDDFT entwickelt. Diese Methode wurde für die Simulation noch komplexerer Systeme durch die Tight-Binding-Näherung für TDDFT erweitert. Da die zeitaufgelöste Photoelektronenspektroskopie (TRPES) ein exzellentes experimentelles Verfahren für die Echtzeitbeobachtung von ultraschnellen Prozessen darstellt, wurde eine TDDFT-basierte Methode für die Simulation von TRPES entwickelt. Der Methode liegt die Idee zu Grunde, das System aus Kation und Photoelektron näherungsweise durch angeregte Zustände des neutralen Moleküls oberhalb der Ionisierungsgrenze zu beschreiben. Um diese Zustände mit TDDFT berechnen zu können wurde eine Beschreibung der Übergangsdipolmomente zwischen angeregten TDDFT-Zuständen entwickelt. Des Weiteren wurden Simulationen im Rahmen des Stieltjes-Imaging-Verfahrens, das eine Möglichkeit der Rekonstruktion des Photoelektronenspektrums aus den spektralen Momenten bietet, durchgeführt. Diese spektralen Momente wurden aus den diskreten TDDFT-Zuständen berechnet. Die breite Anwendbarkeit der entwickelten theoretischen Methoden für die Simulation von komplexen Systemen wurde an der Photoisomerisierung in Benzylidenanilin sowie der ultraschnellen Photodynamik in Furan, Pyrazin und mikrosolvatisiertem Adenin illustriert. Die dargestellten Beispiele demonstrieren, dass die nichtadiabatische Dynamik im Rahmen von TDDFT bzw. TDDFTB sehr gut für die Untersuchung und Interpretation der ultraschnellen photoinduzierten Prozesse in komplexen Molekülen geeignet ist. / The goal of this thesis was the development of a generally applicable theoretical framework for the simulation of ultrafast processes and experimental observables in complex molecular systems. For this purpose, a combination of the time-dependent density functional theory (TDDFT) for the description of the electronic structure with the Tully''s surface hopping procedure for the treatment of nonadiabatic nuclear dynamics based on classical trajectories was employed. In particular, a new approach for the calculation of nonadiabatic couplings within TDDFT was devised. The method was advanced for the description of more complex systems such as chromophores in a solvation shell by employing the tight binding approximation to TDDFT. Since the time-resolved photoelectron spectroscopy (TRPES) represents a powerful experimental technique for real-time observation of ultrafast processes, a TDDFT based approach for the simulation of TRPES was developed. The basic idea is the approximate representation of the combined system of cation and photoelectron by excited states of the neutral species above the ionization threshold. In order to calculate these states with TDDFT, a formulation of the transition dipole moments between excited states within TDDFT was devised. Moreover, simulations employing the Stieltjes imaging (SI) procedure were carried out providing the possibility to reconstruct photoelectron spectra from spectral moments. In this work, the spectral moments were calculated from discrete TDDFT states. The scope of the developed theoretical methods was illustrated on the photoisomerization in benzylideneaniline as well as on the ultrafast photodynamics in furan, pyrazine, and microsolvated adenine. The examples demonstrate that the nonadiabatic dynamics simulations based on TDDFT and TDDFTB are particularly suitable for the investigation and interpretation of ultrafast photoinduced processes in complex molecules.

The Support Vector (SV) machine is a novel type of learning machine, based on statistical learning theory, which contains polynomial classifiers, neural networks, and radial basis function (RBF) networks as special cases. In the RBF case, the SV algorithm automatically determines centers, weights and threshold such as to minimize an upper bound on the expected test error. The present study is devoted to an experimental comparison of these machines with a classical approach, where the centers are determined by $k$--means clustering and the weights are found using error backpropagation. We consider three machines, namely a classical RBF machine, an SV machine with Gaussian kernel, and a hybrid system with the centers determined by the SV method and the weights trained by error backpropagation. Our results show that on the US postal service database of handwritten digits, the SV machine achieves the highest test accuracy, followed by the hybrid approach. The SV approach is thus not only theoretically well--founded, but also superior in a practical application.

While the importance of venture capital (VC) can be highlighted by policy goals outlined in the 'Lisbon agenda', the European VC industry remains nascent in comparison to the more sophisticated VC market in the US. Researchers have identified key determinants that foster VC success on a broad level, and have often identified syndication as an important factor of success. This paper seeks to understand the role of syndication on the VC-backed company's success. I take a novel departure from past research in this area in three ways 1) I measure performance from the perspective of the portfolio company, rather than the VC firm which invests in the company 2) I isolate syndication in the first financing round and 3) I utilize a logistical model as well as a simultaneous equation model for which I introduce an instrumental variable. I gather VC data for both Europe and the US from the VentureXpert database to test various hypotheses regarding syndication. The results are significant and provide evidence to support that syndication in the first financing round is associated with greater success in achieving IPO exit in both regions. This should encourage VC firms, VC-backed companies, and policymakers to increase the practice of VC syndication in early financing rounds, thereby providing access to greater long-term growth opportunities. This paper adds to the existing, but limited, literature base on cross-region venture capital syndication.

There are plenty of things said about the financial industry, an always ongoing debate, to say the least. We have identified a complex situation with three dimensions: Initial public offerings, Venture capital, and Lockup agreements. IPOs are generally difficult to put a price on because the market is not united yet, which creates uncertainties. Venture capital firms invest into startups, often with the incentive of bringing them to an IPO and then make a fast cash out exit. Lockup agreements are contracts that prevent insiders from dumping their shares during a set period in the beginning of the IPO. Additionally, based on the market efficiency theory, a market should always be efficient. But does it play out when these characteristics are affecting each other? The purpose of this research was to investigate whether there are abnormal returns in the financial performance for publicly listed companies on the London Stock Exchange at the end of their lockup period. We sorted on venture capital backed companies and sought to explore differences between VC backed, Non-VC backed firms, and the entire market. The research question for this study is: ‘Does The theoretical aspects of this research’s ontological and epistemological views were set in positivism and objectivism with a deductive approach. The financial performance was key in this research, and it was essential to get ample and appropriate data, therefore a quantitative research method was used with an archival research strategy and explanatory research design. We explored a big research gap in this area after the financial crisis 2008, which made us look at IPOs from 2009 to 2012 with an event window as our time horizon. To answer the research question and fulfill our purpose, four hypotheses were developed with focus on VC backed firms, Non-VC backed firms, the entire market, and one shorter event window. Our results prove that the market efficiency theory does not hold. To answer the research question, we found negative abnormal returns after the lockup expiration date for both Non- VC backed firms and the entire market. However, we were unable to provide a statistically significant result for VC backed firms. There was an extra clear trend during the middle 20 days, and we suggest and encourage to further research with a longer time horizon than [- 20, +20] days.

Made available in DSpace on 2010-04-20T20:51:24Z (GMT). No. of bitstreams: 3 61060100565.pdf.jpg: 20837 bytes, checksum: ecb09c5a7fdd6fe526137a430cca9641 (MD5) 61060100565.pdf: 372772 bytes, checksum: fe742ffcf601cb252e6a7c1dad0561bf (MD5) 61060100565.pdf.txt: 165929 bytes, checksum: 2a480140de7c74b3cdb7fab1a1d36eca (MD5) Previous issue date: 2008-02-13T00:00:00Z / This paper investigates the influence of the characteristics of private equity and venture capital (PE/VC) organizations on the performance of their funds. Specifically, the analysis seeks to detect how the profiles of investment vehicles, managers and investors determine the success of the portfolio’s companies exits. The study uses a database of PE/VC from FGVEAESP, collected in the First Brazilian Census of Private Equity and Venture Capital and the Guide GVcepe-Endeavor. The sample used in the analyses is composed of 63 investment vehicles that performed at least one exit, between 1999 and the end of the first semester of 2007. The percentage and the number of disinvestment made by initial public offerings (IPO), trade sale or secondary sale in the exits of the fund were used as measures of performance of the investment vehicles. According to the related literature, these mechanisms of disinvestment are the most efficient and profit means of liquidation of the private equity and venture capital participation in a portfolio company. The main findings indicate that only the investment vehicles and managers characteristics influence the success in the exits of PE/VC funds in Brazil, showing that the Smart Money doesn’t exist for the Brazilian PE/VC industry. Therefore, the evidences found lead to the conclusion that it is not possible to assure that some investors have the ability to identify the best managers, investing with them and than achieve better performance. The results of this study are robust and are consistent with the theory and the assumptions expected. Among the evidence found in the analysis, be highlighted that the following characteristics of the PE/VC organizations significantly affect the performance of investment vehicles: amount of committed capital, number of investments already made, the level of control of managers in the invested companies, the co-investments made, the presence of investors in investment committees, foreign origin of the PE/VC organization, focus on private equity firms, the percentage of selection of investments, intensity of contact between managers and companies in the portfolio and experience of the management team in the PE/VC industry. / Este trabalho investiga o efeito das características das organizações de private equity e venture capital (PE/VC) no desempenho dos respectivos fundos. Mais especificamente, a análise procura detectar como os perfis dos veículos de investimento, gestores e investidores determinam o sucesso nas saídas realizadas das empresas do portfolio. O estudo utiliza como base os dados de PE/VC da FGV-EAESP, coletados no Primeiro Censo Brasileiro de Private Equity e Venture Capital e no Guia GVcepe-Endeavor. A amostra usada nas análises é composta por 63 veículos de investimento que realizaram pelo menos uma saída, entre 1999 e o final do 1º semestre de 2007. Como medidas de desempenho dos veículos de investimento, foram utilizadas a porcentagem e o número de desinvestimentos realizados via abertura de capital (IPO), venda estratégica (trade sale) ou venda para outro investidor (secondary sale) das saídas realizadas pelo fundo. Segundo a literatura relacionada, estes mecanismos de desinvestimento constituem os meios mais eficientes e lucrativos de liquidação da participação de private equity e venture capital nas investidas. As principais conclusões encontradas indicam que apenas as características dos veículos de investimento e dos gestores influenciam o sucesso nas saídas dos fundos de PE/VC no Brasil, não se comprovando a existência do efeito Smart Money para esta indústria. Assim, as evidências encontradas levam à conclusão de que não é possível afirmar que alguns investidores possuem a habilidade de identificar melhores gestores, investir com eles e, assim, alcançar melhor desempenho. Os resultados obtidos neste estudo são robustos e estão de acordo com a teoria e com as hipóteses previstas. Dentre as evidências encontradas nas análises, pode-se destacar que as seguintes características das organizações de PE/VC influenciam significativamente o desempenho dos veículos de investimento: volume de capital comprometido, número de investimentos já realizados, nível de controle dos gestores das investidas, existência de co-investimentos, presença de investidores nos comitês de investimento, origem estrangeira da organização gestora, foco em empresas de private equity, percentual de seleção de investimentos, intensidade de contato entre gestores e empresas do portfolio e experiência da equipe gestora na indústria de PE/VC.

Made available in DSpace on 2010-04-20T20:55:53Z (GMT). No. of bitstreams: 3 68060200610.pdf.jpg: 19258 bytes, checksum: 57f58c27c934aeb5a0e18fbbe046c66e (MD5) 68060200610.pdf: 582683 bytes, checksum: 1d6b28b160340c81ef2783ab149416ee (MD5) 68060200610.pdf.txt: 86904 bytes, checksum: 876977839948505264e5d8411660b9db (MD5) Previous issue date: 2008-11-25T00:00:00Z / Este trabalho objetivou verificar se há evidências de que a presença de private equity e venture capital (PE/VC) nas empresas brasileiras contribui para reduzir o underpricing de suas ações durante a oferta pública inicial (IPO). Foram examinadas 98 ofertas públicas iniciais de empresas brasileiras realizadas entre 2004 e 2007, e aplicaram-se testes de diferença entre os subgrupos e modelos de regressão para se testar as hipóteses do estudo, conforme metodologia proposta por Meggison e Weiss (1991). Os resultados dos testes indicam que não há evidências estatisticamente significantes de que a presença de PE/VC influencia o underpricing nas ofertas públicas inicias das ações. Adicionalmente, há evidências de correlação positiva entre as variáveis independentes, 'volume capturado na oferta' e 'idade da empresa emissora', e a variável de interesse, 'underpricing'.

The topic of this thesis is divided in two main parts. The first is about the “tool/workpiece pair” method and the second is related to wear monitoring. The entire project will be about drilling and tapping operations done in SNECMA Vernon. In fact, the part is very expensive so they have to be closely controlled to avoid a maximum scrap pieces. Two software will be used to control it. Firstly, the “tool/workpiece pair” will be done through AMC3 (software developed at the ENSAM). And secondly the wear monitoring will be ensured by the software CTM Visu (developed by ARTIS). My task will be to learn how to use those software and then to implement them in the company.