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The purpose of this study was to assess factors that can influence the colour stability of fresh sausage products using a pork patty model system over a typical distribution and display period. Fresh sausage is usually sold in raw; and it should have minimum 7.5% meat protein and 9% total protein. Losses of meat quality were evidenced through the discolouration of meat, depletion of endogenous antioxidant activities, proliferation of spoilage microorganisms, and reduction in the meat redox potential. <p>Both ground pork and fresh pork patties were made from pork picnic shoulder. In the first study, the quality of both ground pork patties and fresh pork sausage patties decreased over time during storage at 4°C. The fresh sausages contained ingredients that could prolong their shelf life. The activities of these antioxidant enzymes in both ground pork and fresh sausage were depleted by day 5 of the display period. Ground pork, however, had significantly (p<0.05) higher activity of catalase, glutathione peroxidase (GSHPx), superoxide dismutase (SOD) and total antioxidant activity (TEAC) than fresh sausage due to the effect of the salt. Moreover, there was no significant treatment effect on microbial numbers but there was a significant (p<0.05) elevation of microbial colony forming units by day 5 of the display period. The elevation of microbial numbers by the end of the display period was consistent with the drop in redox potential that was measured near the surface of the patties at the end of the incubation period. <p>In the second study, there was no synergistic effect (p<0.05) between sodium erythorbate and lemon juice powder that were used to enhance colour stability during storage and display in terms of antioxidant activity, colour and microbiological profile. The addition of sodium erythorbate alone, however, had a significant effect (p<0.05) on catalase activity and a* values. In other words, this catalase activity was more effective in protecting against oxidation with the addition of sodium erythorbate so that the redness of the fresh sausages (a*values) was preserved. Furthermore, the combined addition of sodium erythorbate and lemon juice powder did not have any antimicrobial activity because there was no significant difference in total microbial counts (Brochothrix thermosphacta count and lactic acid bacteria) following the addition of those ingredients. The measurement of redox potential near the surface of fresh pork patties could not be conclusively correlated with the addition of non-meat ingredients or microbiological activity. However, the measurement of redox potential in the middle of fresh pork patties showed that the addition of sodium erythorbate lowered the redox of the fresh sausage B (0.05% sodium erythorbate) and D (0.25% lemon juice powder and 0.05% sodium erythorbate) compared to fresh sausage A (0.00% lemon juice powder and 0.00% sodium erythorbate).

The purpose of this study was to assess factors that can influence the colour stability of fresh sausage products using a pork patty model system over a typical distribution and display period. Fresh sausage is usually sold in raw; and it should have minimum 7.5% meat protein and 9% total protein. Losses of meat quality were evidenced through the discolouration of meat, depletion of endogenous antioxidant activities, proliferation of spoilage microorganisms, and reduction in the meat redox potential. <p>Both ground pork and fresh pork patties were made from pork picnic shoulder. In the first study, the quality of both ground pork patties and fresh pork sausage patties decreased over time during storage at 4°C. The fresh sausages contained ingredients that could prolong their shelf life. The activities of these antioxidant enzymes in both ground pork and fresh sausage were depleted by day 5 of the display period. Ground pork, however, had significantly (p<0.05) higher activity of catalase, glutathione peroxidase (GSHPx), superoxide dismutase (SOD) and total antioxidant activity (TEAC) than fresh sausage due to the effect of the salt. Moreover, there was no significant treatment effect on microbial numbers but there was a significant (p<0.05) elevation of microbial colony forming units by day 5 of the display period. The elevation of microbial numbers by the end of the display period was consistent with the drop in redox potential that was measured near the surface of the patties at the end of the incubation period. <p>In the second study, there was no synergistic effect (p<0.05) between sodium erythorbate and lemon juice powder that were used to enhance colour stability during storage and display in terms of antioxidant activity, colour and microbiological profile. The addition of sodium erythorbate alone, however, had a significant effect (p<0.05) on catalase activity and a* values. In other words, this catalase activity was more effective in protecting against oxidation with the addition of sodium erythorbate so that the redness of the fresh sausages (a*values) was preserved. Furthermore, the combined addition of sodium erythorbate and lemon juice powder did not have any antimicrobial activity because there was no significant difference in total microbial counts (Brochothrix thermosphacta count and lactic acid bacteria) following the addition of those ingredients. The measurement of redox potential near the surface of fresh pork patties could not be conclusively correlated with the addition of non-meat ingredients or microbiological activity. However, the measurement of redox potential in the middle of fresh pork patties showed that the addition of sodium erythorbate lowered the redox of the fresh sausage B (0.05% sodium erythorbate) and D (0.25% lemon juice powder and 0.05% sodium erythorbate) compared to fresh sausage A (0.00% lemon juice powder and 0.00% sodium erythorbate).

In many developed countries angel capital investment is the main source of external financing for high growth early-stage entrepreneurial companies. In spite of its importance, research in the angel capital market is still very limited. This is partly due the fact that data on angel capital investment is rare and unsystematic. This dissertation attempts to learn more about this important but not well-understood angel capital market. In particular, the first essay looks at the relationship between angels and venture capitalists in financing start-up ventures. This essay juxtaposes a complements hypothesis – angel financing is a springboard for venture capital, against a substitutes hypothesis – angels and venture capital are distinct financing methods that ought not to be combined. The result shows that companies that obtain angel financing subsequently obtain less venture capital, and vice versa. On average venture capitalist make larger investments, but this alone cannot explain the substitutes pattern. In addition, this essay reports that companies funded by venture capital perform better than angel backed companies, as measured by successful exits or revenues. Mixing angel and venture capital funding tends to be associated with worse performance. The second essay studies the role of geographic distance between the angel investors and the investee companies on the angel investment performance. This essay conjectures four possible channels that can explain the relationship between distance and the return to angel investment. It shows that distance has a positive relationship with the return to angel investment. Examining the effect of distance across different categories of angel investors, across angel investor’s locations, and across company’s location, this essay finds evidence that this positive relationship is mainly driven by the “objectivity effect”, which suggests that distant investors can evaluate the prospect of a company more objectively than close-by investors, who tend to be more biased in their judgments. The third essay examines why entrepreneurs find it generally hard to find angel investors. This essay modifies the standard search model introduced by Pissarides to explain this phenomenon. In this model, angels hide to force entrepreneurs to engage in a costly search. The result shows that angel investors adopt the hiding strategy to screen out low-productivity entrepreneurs who would otherwise inundate angels. Interestingly, social surplus is often increased when angels hide, though in some circumstances surplus may fall. / Graduate / 0505 / danvo@uvic.ca

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Submitted by Lucas Ferreira Matos Lima (ferreiroxlima@gmail.com) on 2018-06-21T18:41:51Z No. of bitstreams: 1 Tese_Lucas_Lima.pdf: 1109952 bytes, checksum: 4645ddffe53070ec97127022ae30d850 (MD5) / Approved for entry into archive by Katia Menezes de Souza (katia.menezes@fgv.br) on 2018-06-25T13:48:59Z (GMT) No. of bitstreams: 1 Tese_Lucas_Lima.pdf: 1109952 bytes, checksum: 4645ddffe53070ec97127022ae30d850 (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-06-25T16:51:04Z (GMT) No. of bitstreams: 1 Tese_Lucas_Lima.pdf: 1109952 bytes, checksum: 4645ddffe53070ec97127022ae30d850 (MD5) / Made available in DSpace on 2018-06-25T16:51:04Z (GMT). No. of bitstreams: 1 Tese_Lucas_Lima.pdf: 1109952 bytes, checksum: 4645ddffe53070ec97127022ae30d850 (MD5) Previous issue date: 2018-05-28 / This thesis study the damages a cartel can generate on public procurements. Specifically, we study collusion on a lowest price English auction with endogeneous entry. We show that assuming endogeneous entry with a collusive behavior can generate two important outcomes on auctions: (i) alocative inefficiency and (ii) the prices of auctions lost by the cartel can be affected. So this work contributes with the recent discussion antitrust authorities are having on the relevance of calculating cartel damages. We also study a medicine cartel case that operated in Sao Paulo public procurements and use reduced form models to find evidence of it’s presence. Lastly, we use equilibrium conditions from our model to create counterfactual scenarios of the medicine cartel case. Doing simulations, we find the cartel generated an overcharge of 10%, but did not created alocative inefficiency. / Essa tese estuda os possíveis danos que um conluio pode causar em licitações do governo. Especificamente focamos em um ambiente de leilão Inglês de menor preço com entrada endógena dos participantes. Nós mostramos que ao adotarmos as hipóteses de endogeneidade da entrada dos participantes em conjunto com a estratégia de conluio do cartel, dois possíveis danos podem ser causados: (i) ineficiência alocativa e (ii) os preços de leilões em que o cartel perdeu serem afetados. Esse trabalho contribui com a recente discussão que agências antitrustes estão tendo sobre a importância de quantificar os danos de um cartel. O trabalho também estuda um caso de cartel em licitações públicas de remédios no estado de São Paulo e utiliza modelos de forma reduzida para identificar a presença do conluio. Por fim, fazemos simulações usando as estratégias de equilíbrio derivadas do modelo teórico para construir contrafactuais das licitações mencionadas anteriormente. Neste caso encontramos um sobrepreço causado pelo cartel de 10%, mas não encontramos um aumento da ineficiência alocativa.

PHDRDV / Institute for Rural Development / Over 50% of the world's economies face high enterprise failure with African countries being on the top of the list. Specifically, South Africa is among nations with the highest rate of enterprise failure, estimated at 70%, despite sustained investments by the government to support the growth of enterprises. It has been argued that the country has no entrepreneurship models to support enterprise development, as a result, policies for entrepreneurial-supporting initiatives are not driven by correct or informed mechanisms that can adequately transform enterprises. This study investigated the indicators and critical exogenous and endogenous components associated with successful enterprises, borrowing some aspects from the Economic base theory. A mixedmethod was followed and 280 participants were drawn from 16 villages in four local municipalities of Vhembe District using snowball, purposive and cluster sampling techniques. A desktop review, semi-structured and structured questionnaires were tools used for the data collection. An analysis of the qualitative data was achieved through a thematic technique using MAX QDA and Atlas-ti v8. Microsoft Excel functions; descriptive statistics through STATA, while, Crosstabulation, Principal Component Analysis (PCA) and Multilayer Perceptron (MLP) model through SPSS v26, as well as Multiple Linear Regression (MLR) model using R v3.0, were exploited with the quantitative data. The results indicate that - profit margin, trends of new products, enterprise expansion and enterprise survival - are common success indicators in the area. The PCA fitted on exogenous data structure (n=280) computed 6 principal enterprise challenges from 45 items identified qualitatively. These are - Access to finance (AF: 14.887%), Access to market (AM: 10.297%), Physical capacity (PC: 8.858), Operational cost (OC: 6.052%), Socio-cultural issues (SC: 5.628%) and Competition (Co 4.460%). The MLP based on 83 sample structure of success enterprises, however, revealed that Co presents the most challenge followed by AM, OC, SI, AF and PC which was the least challenging. Similarly, PCA post-endogenous qualitative study computed 5 principal components from 49 initial items. Bridging networks (BN) constituted 38.044% of the variance followed by Self-belief (SB:15.802), Risk Awareness (RA:6.144), Resilience (R: 4.532), and Nonconformist (NC:4.271). The MLR employed to investigate the linear relationship of the parameters revealed that BN (𝛽1 = 7.57) is most influential and statistically significant (p=0.01). Except for SI which is negatively related to enterprise success, R, RA and NC parameters demonstrate positive influences to enterprise success. A model for successful enterprises centred on entrepreneurs’ exogenous and endogenous attributes is proposed as the main contribution of the study towards enterprises’ success in the areas of the research. The key recommendation in this study is that support to enterprises should be informed by the area-specific indicators outlined in the study. Keywords: African model, enterprise development, endogenous attributes, exogenous factors, rural areas / NRF