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Interest in impact investing is on the rise. And yet, there is a relative scarcity of academic literature on the financial performance and diversification potential of impact investments. In this paper, we apply a risk factors and dynamic correlation analysis to an original dataset essentially made of European publicly-listed impact firms. Our findings point to a risk-adjusted underperformance of impact investments compared to mainstream markets, and reveal impact firms’ failure to deliver non-negative returns to investors. This contradicts the practitioner literature, and suggests that investors must sacrifice financial returns for investing in line with their values. The results also indicate that the diversification potential of listed impact investments with regard to mainstream markets slowly decreases over time, suggesting that impact investors attach only limited weight to this aspect.

Avian Infuenza termasuk ke dalam kelompok penyakit menular strategis dan bersifat zoonosis. Penyebabnya adalah virus Highly Pathogenic Avian Influenza (HPAI) subtipe H5N1. Introduksi virus Avian Infuenza subtipe H5N1 dapat melalui jalur pasar karena berpotensi dalam penyebarannya penyakit Avian Influenza pada ayam kampung secara alamiah melalui kontak langsung dengan unggas lain. Penelitian ini dilakukan di Pasar Hewan Beringkit, Kabupaten Badung dan Pasar Umum Galiran, Kabupaten Klungkung. Tujuan penelitian ini untuk mengetahui keberadaan virus Avian Influenza subtipe H5N1 pada ayam kampung di Pasar Hewan Beringkit dan Pasar Umum Galiran. Sampel yang digunakan sebanyak 120 sampel swab kloaka dan swab trakea ayam kampung, dengan jumlah masing-masing pasar sebanyak 60 sampel. Periode pengambilan sampel dilakukan selama dua bulan dengan periode pengambilan setiap dua minggu sekali sebanyak empat kali. Pengambilan sampel dilakukan pada ayam kampung berumur di atas tiga bulan yang tidak divaksinasi. Isolasi virus pada telur ayam berembrio (TAB) berumur sembilan hari dan identifikasinya dengan uji hemaglutinasi (HA), uji hambatan hemaglutinasi (HI) serta Real Time Polymerase Chain Reaction (RT-PCR). Analisis data hasil uji antigen Avian Influenza dengan uji statistika non-parametrik Chi-square (?2). Hasil uji sampel swab kloaka dan trakea ayam kampung asal Pasar Beringkit positif virus Avian Influenza sebesar 5%, sedangkan sampel positif virus Avian Influenza asal Pasar Galiran sebesar 6,7%. Berdasarkan hasil penelitian maka dapat disimpulkan bahwa virus Avian Influenza terdeteksi pada ayam kampung di Pasar Hewan Beringkit dan Pasar Umum Galiran, virus AI masih bersikulasi pada daerah asal peternakan dan penyakit AI masih mewabah di Bali.

Along with the emergence of problems in formal education, such as: inflexible time and teaching and learning process, gave rise to a new innovation of non-formal education programs. However, non-formal education often faces problems in increasing its existence. therefore, this study aims to explore leadership strategies in increasing the existence of non-formal schools. This research was conducted at Sanggar Anak Alam (SALAM) with qualitative methods, and collecting techniques through interviews and observations. SALAM has a significant development, proven by getting an award from America in 1991. It also has several strategies to increase its existence, including: conducting regular parent gatherings, conducting discussions, holding legion and public market programs, and making books.

In this paper, we examine price dynamics, cycles and lead-lag relationships between private and public commercial real estate markets. We utilize wavelet technology to capture both the frequency and the time variations of a time series. We find that the long-run trend of prices in public commercial real estate markets is steeper than that of private commercial real estate markets. In addition, both short-term and long-term cycles are longer in the public market than the private market. We also find that the private market led the public market up until the recession of early 1990s and the public market has led the private market since then. Finally, we offer the first evidence of contagion between the two markets. We find that there is an increase in excess (high frequency) contagion between the two markets during periods of crisis, but not beyond the crises periods. An understanding of co-movements of real estate prices across these two markets is of crucial importance policy makers and for maximizing portfolio diversification benefits and managing risk.

Street food is popular in Eastern Europe, but its diversity and nutritional value are unknown. This study aimed to characterise the street food environment in Chişinău, Moldova, including the vending sites and vendors, food availability and nutritional composition of foods and beverages. All street food vending sites (single point of sale) located in a 1-km buffer centred on the main public market were systematically selected (n 439; n 328 participants). Data on vending sites’ characteristics (mobility, type of physical set-up and access to electricity), operating periods and food availability were collected. Samples of the most commonly available foods of unknown composition were collected (twenty-eight home-made and twenty-four industrial). Macronutrients, Na and K were quantified through chemical analysis. Fruits, beverages and food other than fruits were available in 2·5, 74·3 and 80·8 % of the vending sites, respectively. Among the latter, 66·4 % sold only industrial foods (e.g. pretzels, biscuits, wafers, chocolate and ice cream), 21·5 % only home-made (e.g. savoury and sweet pastries) and 12·1 % both. Home-made foods presented larger serving sizes and energy/serving (median kJ/serving: 1312·5 v. 670·3, P = 0·022); industrial foods were more energy-dense (median kJ/100 g: 1797·0 v. 1269·8, P = 0·002). High SFA, trans-fat and Na contents were found, reaching 10·9 g/serving, 1·4 g/serving and 773·7 mg/serving, respectively. Soft drinks and alcoholic beverages were available in 80·7 and 42·0 % of the vending sites selling beverages, respectively. Concluding, industrial snacks and home-made pastries high in Na and unhealthy fat were frequent in Chişinău. Prevention of diet-related diseases in Moldova may benefit from the improvement of the nutritional profile of street food. The FEEDcities project was funded by the World Health Organization Europe (WHO registration 2015/591370 and 2017/698514). This study was funded by national funds through FCT - Fundação para a Ciência e a Tecnologia, I.P., under the projects UIDB/04750/2020 and UID/QUI/50006/2020. Individual PhD grants attributed to G. A. (SFRH/BD/118630/2016) and S. S. (SFRH/BD/130650/2017) were funded by FCT and the ‘Programa Operacional Capital Humano’ (POCH/FSE).

Some research suggests that private equity returns relative to public market equivalents have declined. This analysis provides our perspective based on more recent data and performance measures. We show that returns in vintage years since the financial crisis have consistently been better than public market returns using a variety of benchmarks and adjustments, and better than returns from the 2006 to 2008 vintages. Consequently, the historical perspective is more positive than suggested by some other studies. TOPICS:Private equity, performance measurement, financial crises and financial market history

This paper uses proprietary data from a leading intermediary to explain the magnitude and determinants of transaction costs in the secondary market for private equity stakes. Most transactions occur at a discount to net asset value. Buyers average an annualized public market equivalent of 1.023 compared with 0.976 for sellers, implying that buyers outperform sellers by a market-adjusted 5 percentage points annually. Both the cross-sectional pattern of transaction costs and the identity of sellers and buyers suggest that the market is one in which relatively flexible buyers earn returns by supplying liquidity to investors wishing to exit.

Having limited financial resources is a big challenge for SMEs. If a SME enters the capital market, it will become a public company and usually can enjoy the advantages of financial and human capital. However, choosing to enter the capital market is laden with challenges even if it is a good opportunity. In this chapter, the author analyzes possible opportunities and challenges for SMEs to go public by illustrating three cases in different industries. The author highlights the motivations for a SME to go public as well as the advantages and disadvantages for a SME to entering into the public market. The key point of this chapter is that the public market is not only a source of financial capital, but it is also a chance for a SME to transform itself in both management and strategy. Therefore, how to transform well to meet the requirements of the capital market is a tough challenge for the SME successor.

The international equity market is one of the most important sources for the company to raise the money. This allows businesses to become publicly traded and raise additional financial resources for expansion of their operations by selling shares of ownership of the company in a public market, across the globe. The New York Security Exchange (NYSE) is the world’s most trusted equities exchange, with a market model designed to deliver optimal market quality to large corporates and investors.

Understanding hunter motivations and strategies is of particular importance in regions fraught with wildlife hunting, due to the critical hunter’s role in linking wildlife supply and consumption. However, such information is extremely scarce in China despite the worrisome situation of wildlife hunting. This study documents the techniques, motivations and hunting frequencies of bird hunters who have economic interests in the city of Guiyang, Southwest China, where numerous wild birds have been observed in trade. The data were collected using semi-structured questionnaires given to 50 hunters in a public market between March and July 2015. At least 9 kinds of tools and 10 kinds of techniques have been employed in local bird hunting practices. Up to eight factors have stimulated the collection of wild birds, of which commercial benefit was undoubtedly the most important. Hunting activities were conducted throughout the year, and efficient and low-cost hunting techniques, such as hunting with nets and neck snares were the predominant hunting techniques. The use of bait birds, whistles and bird song recordings was common, with the aim of improving the harvest by finding and attracting target species, highlighting a preference for hunting certain species of birds. The various hunting motivations underscore the complexity of the current hunting issue. Conservation management was discussed by considering the hunting strategies employed and the needs of hunters, as well as the market demand, which highlights the necessity of the combined actions of law enforcement, commercial breeding, social welfare, the development of hunting grounds and environmental education.

Pesticide contaminations on vegetables are widespread and found to be one of the causes of food poisoning in the Philippines. The study examined the presence and determined the quantity of pesticide present in three (3) samples of vegetables sold at the Zamboanga City Public Market and Bagsakan Center, Sta. Cruz Market, Zamboanga City. Purposive random sampling was used in the selection of the three vegetable samples, which were Cabbage (Brassica oleraceaorvarcapitata Linn.), Lettuces (Lactucasativa Linn.), and Cauliflower (Brassica oleracea var. botrytis). This was analyzed at Cagayan de Oro Bureau of Plant Industry, Pesticide Analytical Laboratory. Gas Chromatography was used in the determination of the presence of pesticide residue. Three trials were conducted for each sample and the average was computed for the final result. A No Detection (ND) results the findings to all the samples, an implication that the vegetables which were sold and bought from the two public markets in Zamboanga City were free from pesticide residues. It is recommended that other fruits and vegetables may be analyzed on different kinds of pesticides considered to be systemic and non-systemic, and after a heavy rain fall. Similarly, recommended that periodic monitoring for pesticide residue and other hazardous chemicals by the appropriate agency responsible for the health and welfare of the general public.

The authors discuss how policy-makers could use new market-based solutions to dismantle NPLs. They examine viable solutions for NPLs and then study the Italian State Guarantee Scheme for NPL Securitization (GACS) to highlight how public actors could efficiently use public resources to solve the NPL problem.

Modeling the cash flows of private investments is an important challenge for institutional investors. While the Takahashi and Alexander (TA) model for private investment cash flows has stood the test of time, we suggest a small change in the model that makes it more amenable to be deployed in market simulation and scenario analysis. We provide a comparison between the original and modified TA model using cash flow data from Burgiss and show that our change does not detract from the spirit of the TA model but ties it with the public market in an intuitive way. We also provide a regression-based analysis to correlate the growth of public and private markets.

Objective To identify the main determinants of food consumption among adult users of a public market in a capital of Northeastern Brazil. Methods A total of 198 diners in a public market, constituting a sample comprising 149 males and 49 females over 19 years of age, was interviewed using a pre-tested questionnaires from August 2018 to January 2019. Sociodemographic variables such as gender, age, place of origin, education and income, in addition to the determinants of food choices were evaluated. The analysis was performed using the Wilcoxon test (nonparametric) that compared the means of the dimensions involved in these choices according to gender and income. Results Sensory appeal, price and health were the main determinants of food choices. When compared by gender and income, there were significant differences regarding the attributes reviewed. Conclusion The factors that influenced food choice were: sensory appeal, price and health. Ethical issues were the ones that least interfered with food choice. Thus, such aspects must be taken into account for the development of public policies in the area of collective eating and environmental education. The factors that influenced food choice were: sensory appeal, price and health. Ethical issues were the ones that least interfered with food choice. Thus, such aspects must be taken into account for the development of public policies in the area of collective eating and environmental education. RESUMO Objetivo Identificar os principais determinantes do consumo alimentar entre adultos usuários de um mercado público de uma capital do nordeste brasileiro. Métodos Foram entrevistados, por intermédio de questionários pré-testados, nos meses de agosto de 2018 até janeiro de 2019, uma amostra de 198 comensais de um mercado público, constituída por 149 indivíduos do sexo masculino e 49 do sexo feminino maiores de 19 anos. Foram avaliadas variáveis sociodemográficas como sexo, idade, local de origem, escolaridade e renda, além dos determinantes das escolhas alimentares. A análise foi feita utilizando o teste de Wilcoxon (não paramétrico), que comparou as médias das dimensões envolvidas nessas escolhas conforme sexo e renda. Resultados Apelo sensorial, preço e saúde foram os principais determinantes das escolhas alimentares. Quando comparados por sexo e renda, houve diferenças significativas quanto aos atributos analisados. Conclusão Os fatores que influenciaram a escolha alimentar foram: apelo sensorial, preço e saúde. Já as questões éticas foram as que menos interferiram na escolha alimentar. Desse modo, tais aspectos devem ser levados em consideração para o desenvolvimento de políticas públicas na área de alimentação coletiva e educação ambiental.

Communication in company has a number of objectives including for internal communication, communication to business to business (B2B) market, and communication to public market. Social media, at this point, becomes one of alternatives as the communication media. However, today many social media are available, making it necessary for the company to map the social media in line with the communication objectives to make the information on target. This research conducted the mapping of social media based on business communication requirement. The mapping was conducted by identifying the requirement based on the literature review, measuring the compatibility of social media features with the requirement, and evaluating with Weight Decision Matrix (WDM).

We use the Burgiss dataset to study private equity buyout fund performance. Our findings on performance before risk adjustments are consistent with those in the literature and indicate significant outperformance of buyout fund investments. Using a bottom-up approach, we identify the systematic risks of underlying companies in buyout funds to inform an appropriate risk-adjusted benchmark, which we determine to be a levered size- and sector-adjusted public index. After making these risk adjustments, we find no significant outperformance of buyout fund investments versus the public market equivalent on a dollar-weighted basis. We contend that even without significant risk-adjusted outperformance, buyout funds can play a valuable role in institutional investors’ portfolios.

O presente estudo objetivou avaliar a qualidade higienicossanitária de restaurantes de um mercado público em relação ao manipulador de alimentos, hortifrútis e alimentos prontos para o consumo. Trata-se de um estudo transversal descritivo, aprovado pelo Comitê de Ética em Pesquisa, realizado em 2019 em restaurantes (n=15) de um mercado público de uma capital nordestina brasileira. Aplicou-se um Checklist de verificação das boas práticas de fabricação de alimentos, adaptada da resolução brasileira, contendo 23 itens referentes as categorias dos manipuladores de alimentos, higienização dos hortifrútis e alimentos preparados. Os dados foram avaliados e classificados conforme atendimento aos itens em alta, média ou baixa adequação. Para verificar associações entre as variáveis, utilizou-se o teste Qui-quadrado ou teste exato de Fisher, e o nível de significância foi p

Public markets are transparent institutions, where disclosure is mandatory and order flow observable. We show that transparency can lead to insufficient information acquisition and inefficient investment. Our model links a firm's preference for public markets to the quality of disclosure metrics. When short-term signals diverge from the long-run value of a project, entrepreneurs prefer opaque private markets where investors can bargain over the costs of acquiring information. Imperfect communication is a mechanism by which mandatory disclosure may destroy value, leading firms to remain private.

I study venture capital firms’ (VCs) use of public market information and how attention to this information relates to private market investment outcomes. I link web traffic to public filings hosted on EDGAR to individual VCs. VCs analyze public information about industry peers before most deals. An increase in industry filing views relates positively to the probability of an exit through acquisition, suggesting that public information helps identify paths to acquisition. The effect is stronger when the VC has less access to private information, especially for low-reputation VCs. Policymakers should consider spillover effects on private markets when setting public disclosure requirements.

Meat mills in Indonesia are not halal certified. Small traders who do not have a food processor facility will choose the public market. This can be done both by traders who sell halal processed food and processed pork. It is necessary to study the content of meat mills in the public market so that it becomes critical evidence of an institution authorized to issue a policy immediately. This study aims to examine the content of porcine DNA in meat mills in Pasar Surya Kota Surabaya using the Real Time PCR (qPCR) method. QPCR amplification was performed using a porcine probe primer with annealing temperature optimization of 60oC. The amplification curve shows an increase in the curve in the positive control (EPC) with a value of Cq 34.00, while the negative control (NTC) is not amplified. The results of this study show that 2 out of 10 samples experienced an increase in the amplification curve on the FAM indicator, meaning that in the meat grinding sample there was a content of porcine DNA. The two samples are 8 and 9 with Cq values of 38.02 and 39.04, respectively. Market Halal Certification must be done immediately.

Here, we provide a comprehensive study related to the risks of all biopharmaceutical firms going public in the USA between 1996 and 2015. We found 355 firms that met our requirements for being in the sector that focuses on creating drugs for humans. Collectively, these firms spent approximately US$86.9 billion on research and development (R&D) during this time. They also lost approximately US$69.3 billion in combined net income. We also examine the delisting of these firms from a public market, their number of collaborators at the initial public offering (IPO), and estimate the percentage ownership by other biopharmaceutical firms at the IPO.

Diagnostic pathways for identification of clinically significant paroxysmal arrhythmia have historically relied on ambulatory ECG monitoring. While useful as a risk stratification tool in certain patient groups, in general, it has a limited yield for infrequent arrhythmia. This is inherently cost-inefficient, and time to diagnosis can be delayed. Smartphone-based ECG devices are now well established in the public market. However, their adoption into standard investigatory pathways is not yet widespread. Recently, the National Institute for Health and Care Excellence (NICE) published a diagnostics guidance document, which reviewed the smartphone-based devices, AliveCor Kardia and imPulse, with respect to atrial fibrillation (AF) detection. NICE concluded there was insufficient evidence to recommend routine adoption in primary care and recommended further research.1 Regardless, given the evidence that is available and their uptake by the general public, cardiologists are increasingly likely to encounter them. This article will focus on the AliveCor Kardia as the device is currently easily available to the general public. The AliveCor is a smartphone-based system which utilises a downloaded application and a battery powered pair of electrodes. It produces a …

This paper develops a novel Public Market Equivalent (PME) measure to evaluate the risk-adjusted performance of private equity investments using the standard CAPM and multi-factor extensions. Using a comprehensive sample of 7732 fully realized venture capital investments, the paper estimates PMEs using the standard CAPM, the Fama–French three-factor model, and a four-factor model that also includes the Pastor–Stambaugh traded liquidity factor. The results highlight that venture capital investments substantially outperform traded stocks and that their returns resemble those of small growth stocks. Additionally, the results show that the exposure of venture capital returns to the traded liquidity factor is negligible.

This study is to analyse the changing economic policies of the North Korean government with focus on public markets (Gongseol Sijang) and it covers 20 years from the Kim Jong-il period to the current Kim Jong-un regime. First, as of 2015, public markets in Pyongyang occupy 26 areas from farming districts to vacant lots in the city centre. Second, the North Korean government began to establish farmer’s markets (Nongmin Sijang) in the suburbs of Pyongyang in the 1960s. Songshin Market was the representative farmer’s market. The North Korean government transformed a Songshin Market into a public market in the early 1990s, as a demonstrative case of a public market programme. During the same decade, in the midst of North Korean famine, Songshin Market was expanded and applied to the central area of Pyongyang. Notably, the designs and facilities of the public markets in the central areas have been more modernized and enlarged than in suburban areas because they were built relatively later than those in...

This article contributes to discussions about the spatial organization of urban food retail on empirical and theoretical grounds. As a case-study, it presents new analysis of New York City's public market system between 1790 and 1860, documenting its expansion and geography relative to urban growth, and how the deregulation of the meat trade by the 1840s reshaped this vital infrastructure. More broadly, it theorizes the municipal market system's geographic principles, emphasizing its countervailing dynamics of agglomeration and dispersal. Exploiting the city's transition from a public to a free market model, it further demonstrates how distinct political economies produced profoundly different geographies of retail food distribution.

This paper examines the discursive transformation of the historic American public market from that of a municipally regulated institution intended to ensure fair trade and equitable food distribution to “a public place” that emphasizes community identity and sociability. Using a semiotic analysis of interviews with 31 market managers of 30 historic and contemporary American public markets, data from historic documents, and multiple site visits, we compare the social construction of the contemporary public market to farmers markets, supermarkets, and the early twentieth century public market. We analyze the meanings managers create in the contemporary public market to understand the administrative rationalities within which the public market operates. Our analysis reveals evidence of competing imaginaries active in the public market, organized around broad notions of “public benefit,” “community culture” and “institutional viability.” We propose that these tensions are embedded in the public market as an institution historically implicated in regimes of food distribution. In the contemporary context, we conclude, public markets largely substitute the spectacle of community and the image of an historic public life for a legally instated commitment to the just governance of food systems.

By the end of 2010, corporate bonds had not been very popular in Poland. Most of the issues were not public, which limited their volume and value, and mainly resulted from the lack of a proper public market for trading. The situation changed in September 2009 when the Warsaw Stock Exchange launched the bond market Catalyst that is a public market for trading in debt instruments. The aim of this work is to analyse corporate bonds available on Catalyst to prove that this market has become a significant place for raising capital by companies and has influenced popularity of bonds as a source of financing business activity. The primary methods used during the preparation of this work included: analysis of legal acts and papers on the Catalyst market. The author also conducted an analysis of statistical data on, for example, number of issuers as well as the volume and value of issues over the whole period of Catalyst operations, i.e. from September 2009 until the end of the first half of 2014.The analysis allowed achieving the aim and confirmed that launching the Catalyst market encouraged companies to raise funding through issues of bonds.

PurposeThe purpose of this paper is to recognize the effect of the VAT fraud upon the market prices and to assess the occurrence of money laundering on the carbon emissions market. The paper presents an analytic breakdown of the MTIC pocketed funds and estimates the bearish impact of the VAT trade on the carbon prices. The VAT carousel could also be used for all the steps of money laundering given the lack of control and surveillance of various trading firms.Design/methodology/approachIn a previous work by Frunza and Guégan it was shown that the European carbon market is strongly influenced by fundamentals factors such as oil, energy, gas, coal and equities. Using public market prices and volumes for both futures and spot exchanges, the model allows us to assess and quantify the spread between the observed carbon prices and the theoretical fundamental prices. The dataset analysis reveals that the spot volumes remained abnormally high compared to an empirical economic level, even after the end of the VAT fraud on the organised exchange. These abnormal volumes could be explained by the occurrence of speculative trading linked to the money laundering.FindingsFindings present an analytic breakdown of the MTIC pocketed funds and a bearish impact of 2‐3 euros upon the carbon prices. The paper also explains the origin of a relative persistence of high volumes on the spot market by proposing a model of placement, layering and integration steps on the carbon emissions market, similar to the VAT carousel.Originality/valueThis paper is the first study that quantifies the market manipulation effect due to VAT fraud. The work is also unique as it provides the first estimation of money laundered on the carbon emission market.

The authors would like to thank sponsors, NL Ministry of Defence, NOR Ministry of Defence, U.S. Office of Naval Research (N00014-08-1-0984, N00014-10-1-0355, N00014-14-1-0390), FR Ministry of Defence (DGA; public market no. 15860052), World Wildlife Fund Norway (9E0682), and French Total Foundation and Bleustein-Blanchet Foundation. The statistical development work was supported by a separate grant from the U.S. Office of Naval Research (N00014-12-1-0204), under the project entitled Multi-study OCean acoustics Human effects Analysis (MOCHA). Time allocation to different activities and habitats enables individuals to modulate their perceived risks and access to resources, and can reveal important trade-offs between fitness-enhancing activities (e.g., feeding vs. social behavior). Species with long reproductive cycles and high parental investment, such as marine mammals, rely on such behavioral plasticity to cope with rapid environmental change, including anthropogenic stressors. We quantified activity budgets of free-ranging long-finned pilot whales in order to assess individual time trade-offs between foraging and other behaviors in different individual and ecological contexts, and during experimental sound exposures. The experiments included 1-2 and 6-7 kHz naval sonar exposures (a potential anthropogenic stressor), playback of killer whale (a potential predator/competitor) vocalizations, and negative controls. We combined multiple time series data from digital acoustic recording tags (DTAG) as well as group-level social behavior data from visual observations of tagged whales at the surface. The data were classified into near-surface behaviors and dive types (using a hidden Markov model for dive transitions) and aggregated into time budgets. On average, individuals (N=19) spent most of their time (69%) resting and transiting near surface, 21% in shallow dives (depth

The popularity of farmers markets in Canada has grown immensely over the past 10–15 years, driven by consumer desires for local foods, the interactive experience, and safe and fresh produce. There have been very few outbreaks linked to products purchased or consumed at farmers markets in Canada. A total of six outbreaks were reported; two due to consumption of cheese made from unpasteurized sources, two due to cheese made from pasteurized sources, one due to pork products and one due to unpasteurized fruit cider. No outbreaks have been linked to fresh fruits and vegetables sold at farmers markets in Canada. The few existing microbiological surveys have indicated that fresh fruits and vegetables sold at farmers markets and at retail outlets are comparable in terms of safety, although more surveillance data would allow for a more complete comparison. The few surveys that have been conducted on food handling and temperature control at farmers markets have shown a need for further work. Farmers markets in Canada are regulated at the federal, provincial/territorial and municipal levels. Each province/territory has its own approach to managing potentially hazardous or high risk foods at farmers markets, and may use prohibition or licensing requirements. Farmers market associations at the provincial/territorial level are active participants in the training of market managers and vendors, in partnership with their provincial/territorial governments. Food safety should be increasingly promoted through targeted training of farmers market staff, vendors, and producers.

Historically, an initial public offering (“IPO”) was a process whereby a company sold all of its underlying assets to the public. A new tax innovation, the “tax receivable agreement” (“TRA”), creates private tax benefits in public offerings by allowing pre-IPO owners to effectively keep valuable tax assets for themselves while selling the rest of the company to the public. Prior to 2005, TRAs were almost never used in IPOs. Today they have become commonplace, changing the landscape of the IPO market in ways that are likely to become even more pronounced in the future. This Article traces the history of various iterations of TRAs and shows that a new generation of more aggressive TRAs has recently developed. Although TRAs were historically used only for a small subset of companies with a certain tax profile, the new generation of innovative and aggressive TRAs can be used by virtually any company conducting an IPO, greatly expanding the potential use of TRAs. TRAs have been described by a few critics as “bizarre” and “underhanded,” yet the economic and tax consequences of the different types of TRAs have gone mostly unexplored in the literature. This Article explores whether critics’ comments regarding TRAs have merit, or whether TRAs are simply an efficient contract between pre-IPO owners and public companies. It examines TRAs within the larger landscape of financial transactions, showing that the way TRAs are used in the public market deviates from similar private transactions in ways that are likely detrimental to public shareholders. This Article also shows how the Up-C, a type of IPO transaction where TRAs are most commonly used, allows pre-IPO owners to take money that should be earmarked for public shareholders in undisclosed ways and proposes remedies for this problem.

This paper provides an empirical analysis of the financial structure of large recent buyouts. We collect detailed information of the financings of 153 large buyouts (averaging over $1 billion in enterprise value). We document the manner in which these important transactions are financed. Buyout leverage is cross-sectionally unrelated to the leverage of matched public firms, and is largely driven by other factors than what explains leverage in public firms. In particular, the economy-wide cost of borrowing seems to drive leverage. Prices paid in buyouts are related to the prices observed for matched firms in the public market, but are also strongly affected by the economy-wide cost of borrowing. These results are consistent with a view in which the availability of financing impacts booms and busts in the private equity market.

We examine financing activities of newly public firms for evidence on capital staging in the public equity market. Staging (sequential financing) can increase issuance costs but can limit costs associated with overinvestment. We find evidence consistent with the hypothesis that staging is employed to help control the overinvestment problem in public firms. Initial public offering (IPO) proceeds, relative to external financing requirements, are smaller for firms with more intangible assets and more research and development (R&D)-intensive firms. Asset intangibility and R&D intensity are also both negatively related to the length of time from a firm's IPO to its first post-IPO capital infusion.

This paper examines how public market information relates to the initiation of venture capital projects. Analysis of venture capital investments in the U.S. between 1980 and 2007 indicates that venture capitalists tend to defer new investment projects in target industries with substantial market volatility. This delay effect of market volatility is reduced if the target industry experiences high sales growth or if competition among venture capitalists is intense in the target industry. The paper provides further evidence to corroborate the view that venture capitalists rationally respond to market shifts in their investment decisions.

The purpose of this research is to analyze and prove the influence of customer relationship management (CRM), service quality and entrepreneurship orientation to competitive advantage and marketing performance and to analyze and prove the influence of competitive advantage to marketing performance of the public market in East Java Province. The object of this research is the whole market unit of the public in East Java Province spread over 29 regencies and 9 cities in East Java Province amounting to 335 units of the public market. The unit of analysis (analysis unit) in this research is a revitalized public market that is 67 public market in East Java Province. While the observation unit is a trader or tenant of a community market stand in East Java Province. The number of public market traders in the market that has been revitalized today is 25,000. In this study, researchers measured the marketing performance of the Public market in East Java Province based on the perception of the trader or tenant stand, so the measure of marketing performance is perceptual. The sample used is 190 merchants. The number is spread across 67 units of the public market in East Java Province. The model to be used in this research is the model of causality or relationship. To test the proposed hypothesis, the analysis technique uses SEM (Structural Equation Modeling), with AMOS statistic software. The results of hypothesis testing: Customer relationship management, Quality of service and entrepreneurial orientation significantly influence the competitive advantage of the market public in East Java Province. Customer relationship management and service quality significantly influence the marketing performance of the public market in East Java Province, while the orientation of entrepreneurship has no significant effect on marketing performance of the public market in East Java Province. Competitive advantage influences the marketing performance of public market significantly in East Java Province.

Lacking from the options currently available to most growth-stage companies located in the emerging markets of the world is effective access to public finance. Unlike the United States, these companies are shut off from access to their local public markets. Fortunately a solution exists in the form of an alternative initial public offering (AIPO) onto the over-the-counter bulletin board market of the United States (OTC BB). As the name implies, an AIPO is an alternative form of listing that allows companies in emerging markets to gain access to the deepest and most liquid capital market in the world. © 2008 Wiley Periodicals, Inc.

This paper models a situation where an entrepreneur with assets in place and uncertain development opportunities decides whether to sell the business to public capital markets or to place it privately to a conglomerate. It finds that the two-tiered managerial hierarchy of a conglomerate is likely to cause more adverse effects of agency problem. Thus, going-public dominates private sales in motivating the entrepreneur to acquire more information about investment opportunities and in the profit performance of the business. The entrepreneur obtains less wealth if he sells the business privately at a price representing its profit potential when the entrepreneur and the manager of the conglomerate have the same managerial interests.

Lack of sufficient capital is sometimes one of the barriers for the development of family firms. In a situation when the company owners do not have the possibility to recapitalize the company, or no possibility of increasing the scale of the use of foreign capital, an important source of funding may become an issue of shares directed to external entities. The article analyzes the activity of family firms in the process of raising capital through the issue of shares on the public market of securities - Stock Exchange and in the alternative trading system – NewConnect market. The analysis was conducted based on data from 2013-2015. In that period the share issues of family firms accounted for 30% of all IPOs on the Warsaw Stock Exchange and 43% on the NewConnect market. The article also examined the phenomenon of stock prices underpricing in the initial public offering. The scale of underpricing in family firms and other companies was compared.

This study examines the ability of underwriters to properly value unfamiliar firms prior to issuance. I use a sample of IPOs in biotechnology, a relatively new but thriving industry. The first American biotech IPO was in 1980. Through the end of 2004, almost 500 biotech IPOs have appeared in the public market. I find that biotechnology differs from other industries in the attributes of individual firms valued by the market. In particular, RD in those cases, first-day market returns were predictable by firm attributes not used by underwriters to establish IPO issue prices. I also find that underwriters have learned over time, albeit slowly. Over the 20+ years of biotech history, IPO issue prices have become more dependent on firm attributes unique to biotechs while first-day market returns have become less predictable.

Fast forward now to the endgame, after the company is public. Starting first with the performance of shares on a public market; how will they perform? Bergstrom, Nilsson, and Wahlberg present the performance of a data-set of 152 private-equity-backed IPOs against 1,370 non-private equity-backed firms in London and Paris between 1994 and 2004. Have these firms been underpriced by their issuers? Do private-equity-backed IPOs outperform their non-private-equity-backed counterparts? And how do these two groups fare against indexed performance?

This study provides new evidence that IPO underpricing is economic rents paid for investor to gather costly information. Subrahmanyam and Titman (1999) report that diverse investor information, once aggregated in the public market, could provide a more informative stock price and accurate feedback to firm’s investment decision. I investigate the hypothesis that IPO underpricing as economic rents could be higher, when investor information is diverse. In support of this hypothesis, I find a positive and significant correlation between the extent of underpricing and the information diversity measure proposed by Barron et al. (1998). There is a positive and significant correlation between this information diversity measure and an IPO firm’s subsequent (absolute) change in capital and R&D expenditures. In addition, firms with high information diversity measure and change in subsequent investment exhibit a better subsequent return performance than firms with low diversity and change in investment. This is consistent with the proposition that investor information serves as useful feedback for managers in the IPO market.

Public advisory service to SMEs is a multibillion pound activity throughout the industrialized world. Yet very little research has been done on the theoretical basis for this field. This paper proposes some elements in a theoretical understanding of the rationale behind public measures. The authors argue that public intervention should be considered at two levels, as a public market intervention and as a consultant-client relation at the micro level. At the market intervention level, public advisory service is seen in the perspective of economic theory, comparing neo-classical and neo-Austrian theory. Two different kinds of services are identified and discussed: operational and strategic. At a micro level, the concepts of client identity and clientifying power relations serve to understand the small business manager's way of responding to services. In combining both levels - the market perspective and the micro level - it is argued that the neo-classical theory is connected to operational/expert services ...

There are many efforts to revitalize traditional market as urban economic and socio-cultural place. Several creative communities in Bandung have been trying to pep up the vitality of Pasar Cihapit Bandung through socio-cultural events. Through place as assemblage approach, this paper traces the actors involved and their relation in the place-making, and also to seek how the creative movement contribute to the traditional economic activities which have been taken place before. This creative movement has identified to be able to attract public attention to the market, signified in the media publication. The emergence of new actors also generated the contested space in Cihapit market, influenced by actors’ relation to another group outside the market. The market publicities is also attracted political actors concern, stimulated by their popularity desires, that impact to space contestation intensity. It is found that creative movement can increase the physical image of the market by socio-cultural events, but it is not found its significant contribution to improve the economic role of the traditional market. This paper contributes knowledge to understand how everyday practice of power works in designing and creating built environment

Regulation A+ creates options for firms to raise capital beyond a Reg D and without a public registration but instead via a mini-IPO that can be accomplished with less cost, time commitment, and resources than a full-blown IPO. However, an IPO is an IPO and, whatever type you choose, the outcome and many of the related issues are similar. Let’s start with a basic question.

(2002). Point of View A Sector View of Public Market Ownership of Commercial Real Estate in the United States. Journal of Real Estate Portfolio Management: Vol. 8, No. 3, pp. 271-284.

We show that in#ows of capital into venture funds increase the valuation of these funds’ new investments. This e!ect is robust to (i) controlling for "rm characteristics and public market valuations, (ii) examining "rst di!erences, and (iii) using in#ows into leveraged buyout funds as an instrumental variable. Interaction terms suggest that the impact of venture capital in#ows on prices is greatest in states with the most venture capital activity. Changes in valuations do not appear related to the ultimate success of these "rms. The "ndings are consistent with competition for a limited number of attractive investments being responsible for rising prices. ( 2000 Elsevier Science S.A. All rights reserved. JEL classixcation: G24; G12

The private placement of securities by insurance companies represents a large but relatively unexplored category of investing. The author examines a sample of insurance company investment-grade-fixed-income private placements as reported to the American Council of Life Insurance for 1995 through 1998. The $97 billion in investments is similar to the public investment grade fixed-income market in terms of spread, but differs in a few special respects. Private spreads appear to track public spreads, but with a slight lag, perhaps because of institutional factors or pricing conventions. The spreads on investment -grade private placements are wider than those available in the public market. The wider spread is apparently due in part to extra monitoring costs and perhaps illiquidity.