Optimizing venture capital investments in a jump diffusion model

We study two practical optimization problems in relation to venture capital investments and/or Research and Development (R&D) investments. In the first problem, given the amount of the initial investment and the cash flow structure at the initial public offering (IPO), the venture capitalist wants to maximize overall discounted cash flows after subtracting subsequent investments, which keep the invested company solvent. We describe this problem as a mixture of singular stochastic control and optimal stopping problems. The second problem is concerned with optimal dividend policy. Rather than selling the company at an IPO, the investor may want to harvest technological achievements in the form of dividend when it is appropriate. The optimal control policy in this problem is a mixture of singular and impulse controls. E. Bayraktar was supported in part by the National Science Foundation, under grant DMS-0604491.     

The influence of capital market laws and initial public offering (IPO) process on venture capital

This paper is concerned with the influence of capital market laws and initial public offering (IPO) process on venture capital. It discusses the impact of US federal state laws and Securities and Exchange Commission (SEC) regulations to the venture capital markets, arguing if the rules and regulatories are burdensome to entrepreneurs and new-growth businesses. The impact of Sarbanes-Oxley Act and the future Investment Act on venture capital funds and entrepreneurial companies going public are also discussed. The paper proposes the model of venture capital financing describing the process from fund raising to investment exits, the linkages of the venture capital market to the financial/capital markets and the related capital market laws. The policy implications on SEC regulations essential to the development of venture capital industry are suggested.     

The evaluation criteria of the venture capital investment activity: An interactive assessment

In this paper the modelling of venture capital decision making is being attempted, using a multicriteria decision support system (the Minora system) based on the interactive use of the Uta ordinal regression model. First, a review of the literature on the evaluation criteria for venture capital investment is outlined, and the general methodology of financing firms is presented. Then, a real world application of the Minora system is developed; this has been done in a French venture capital firm and concerned the assessment of an analytical evaluation model of firms.     

Asymptotic analysis and asymptotic domain decomposition for an integral equation of the radiative transfer type

We consider an integral equation of the radiative transfer type stated in the interval [0,τ₀] with the length τ₀1. We construct an asymptotic solution of the problem and we give a method transforming this problem to some similar problems set in the interval with the length dτ₀. Error estimates are proved.     

On the asymptotic analysis of the Boltzmann equation tending towards the Stokes equations

This work deals with the analysis of the asymptotic limit for the Boltzmann equation tending towards the linearized Navier–Stokes equations when the Knudsen number $\epsilon$ tends to zero. Global existence and uniqueness theorems are proven for regular initial fluctuations. As $\epsilon$ tends to zero, the solution converges strongly to the solution of the linearized Navier–Stokes systems.     

An asymptotic expansion for the error in a linear map that reproduces polynomials of a certain order

Han's ‘multinode higher-order expansion’ in [H] is shown to be a special case of an asymptotic error expansion available for any bounded linear map on C([a..b]) that reproduces polynomials of a certain order. The key is the formula for the divided difference at a sequence containing just two distinct points.     

An asymptotic expansion for the distribution of asymptotic maximum likelihood estimators of vector parameters

It is shown that the probability that a suitably standardized asymptotic maximum likelihood estimator of a vector parameter (i.e., an estimator which approximates the solution of the likelihood equation in a reasonably good way) lies in a measurable convex set can be approximated by an integral involving a multidimensional normal density function and a series in $\text{n}{}^{\mathrm{<mtext>?1</mtext><mtext>2</mtext>}}$ with certain polynomials as coefficients.     

Fiber architecture of the left ventricular wall: An asymptotic analysis

The goal of this paper is to derive the fiber architecture of the left ventricle from first principles. The principles used are (i) mechanical equilibrium, (ii) a stress tensor that is the sum of a hydrostatic pressure and a fiber stress, (iii) the assumption that fiber tubes have constant cross-sectional area along their length, (iv) axial symmetry, and (v) the approximation that the thickness of the ventricular wall is small in comparison with the other wall dimensions. From these hypotheses, it is deduced that the cardiac muscle fibers are approximate geodesics on a nested family of toroidal surfaces centered on a degenerate torus in the equatorial plane of the heart. (Exact geodesics are ruled out by the theory.) Formulae are derived for the fiber surfaces and the fiber-angle distribution through the wall, and a differential equation is derived for the shape of the middle surface of the left ventricle. The results are in substantial agreement with experimental observations.     

中国资本外逃影响因素的计量分析

本文采用OLS方法对中国资本外逃规模不同估计下的影响因素进行了计量分析 ,结果表明 :不同于大多数发展中国家 ,中国的资本外逃具有非经济衰退驱动特点 ,同时中国的经济增长也没有起到抑制资本外逃的作用 ,中国资本外逃的主要驱动因素是外债增加、本币高估以及 1997年亚洲金融危机的影响 ,此外 ,还有许多难以量化的因素驱动了中国的资本外逃。     

Multiplicity of ground states in quantum field models: applications of asymptotic fields

Ground states of Hamiltonian H of quantum field models are investigated. The infimum of the spectrum of H is in the edge of its essential spectrum. By means of the asymptotic field theory, we give a necessary and sufficient condition for that the expectation value of the number operator of ground states is finite, from which we give an upper bound of the multiplicity of ground states of H. Typical examples are massless GSB models and the Pauli-Fierz model with spin 1/2.     

On the Hénon equation: asymptotic profile of ground states, I

This paper is concerned with the qualitative property of the ground state solutions for the Hénon equation. By studying a limiting equation on the upper half space , we investigate the asymptotic energy and the asymptotic profile of the ground states for the Hénon equation. The limiting problem is related to a weighted Sobolev type inequality which we establish in this paper.     

Mathematics capital in the educational field: Bourdieu and beyond

Mathematics education needs a better appreciation of the dominant power structures in the educational field: Bourdieu's theory of capital provides a good starting point. We argue from Bourdieu's perspective that school mathematics provides capital that is finely tuned to generationally reproduce the social structures that serve to keep the powerful in power, while ensuring that less powerful groups are led to accept their own failure in mathematics. Bourdieu's perspective thereby highlights theoretical inadequacies in much mathematics education research, insofar as it presumes a consensus about a ‘what works agenda’ for improving achievement for all. Drawing on one case where we manufactured awkward facts, we illustrate a Bourdieusian interpretation of mathematics capital as reproductive, and the crucial role of its cultural arbitrary. We then criticise the Bourdieusian concept of ‘mathematical capital’ as the value of mathematical competence in practice and propose to extend his tools to include the contradictory ‘use’ and ‘exchange’ values of mathematics instead: we will show how this conceptualisation goes ‘beyond Bourdieu’ and helps explain how teaching-learning might (ideally) produce ‘cultural use value’ in mathematical competence, while still recognising the contradictions teachers and learners face. Finally, we suggest how critical education research generally can benefit from this theoretical framework: (1) in exposing the interest of the dominant classes; but also (2) in researching critical pedagogic alternatives that challenge orthodoxy in educational policy and practice both in mathematics education and more generally.     

An asymptotic expansion for the expected number of real zeros of real random polynomials spanned by OPUC

Let ${\{{\phi }_i\}}_{i=0}^{\infty }$ be a sequence of orthonormal polynomials on the unit circle with respect to a positive Borel measure μ that is symmetric with respect to conjugation. We study asymptotic behavior of the expected number of real zeros, say ${\mathbb{E}}_n(\mu )$, of random polynomials

$P_n(z):=\sum _{i=0}^n{\eta }_i{\phi }_i(z),$

where ${\eta }_0,\dots ,{\eta }_n$ are i.i.d. standard Gaussian random variables. When μ is the acrlength measure such polynomials are called Kac polynomials and it was shown by Wilkins that ${\mathbb{E}}_n(|\mathrm{d}\xi |)$ admits an asymptotic expansion of the form

${\mathbb{E}}_n(|\mathrm{d}\xi |)～\frac{2}{\pi }\log ?(n+1)+\sum _{p=0}^{\infty }{A}_p{(n+1)}^{?p}$

(Kac himself obtained the leading term of this expansion). In this work we generalize the result of Wilkins to the case where μ is absolutely continuous with respect to arclength measure and its Radon–Nikodym derivative extends to a holomorphic non-vanishing function in some neighborhood of the unit circle. In this case ${\mathbb{E}}_n(\mu )$ admits an analogous expansion with the coefficients $A_p$ depending on the measure μ for $p\ge 1$ (the leading order term and $A_0$ remain the same).     

Stability analysis of block boundary value methods for the neutral differential equation with many delays

This paper mainly deals with the asymptotic stability properties of block boundary value methods (B₂VMs) for the neutral differential equation with many delays. For the time lagging arguments, a technique of Lagrange interpolation is considered. Under some certain conditions, it is proved that B₂VMs can preserve the asymptotic stability of exact solutions for the neutral differential equation with many delays if and only if B₂VMs are A-stable for ordinary differential equation. Moreover, some numerical experiments are given to confirm the main conclusion.     

An asymptotic formula for the number of prime solutions for multivariate linear equations

In this paper, we study the multivariate linear equations with arbitrary positive integral coefficients. Under the Generalized Riemann Hypothesis, we obtained the asymptotic formula for the linear equations with more than five prime variables. This asymptotic formula is composed of three parts, that is, the first main term, the explicit second main term and the error term. Among them, the first main term is similar with the former one, the explicit second main term is relative to the non-trivial zeros of Dirichlet L-functions, and our error term improves the former one.     

Analysis of the dynamics of fuel spray using asymptotic methods: The method of integral invariant manifolds

The current research deals with the thermal explosion and ignition of a mixture of carbon and air. The size distribution of the carbon particles is taken to be continuous and is characterized by a probability density function. The chemical reaction term is presented in the Arrhenius form with variable pre-exponential factor. Transforming the new model to a dimensionless form enables us to rewrite the model in a singular perturbed system of ordinary differential equations. This form of the model enables us to apply the method of integral manifold (MIM). As a result of this method we can derive an explicit expression for the thermal explosion limit which depends on the initial probability density function. Comparing our numerical results to the analytical results, we observe that the effect of the thermal radiation is significant, especially at high temperatures, and cannot be ignored in the analysis of the phenomena of the explosion and ignition.