Leader Emergence in Nascent Venture Teams: The Critical Roles of Individual Emotion Regulation and Team Emotions

This study advances a theory of how different aspects of emotion regulation influence individual leader emergence in the intensely emotional context of nascent venture teams. Despite the growing amount of research on the role of leadership in the entrepreneurial process, the emergence of leaders in nascent venture teams has rarely been explored. Drawing on theories and research on leadership emergence and emotion regulation, we argue that the two aspects of emotion regulation (i.e., reappraisal and suppression) exert opposite effects on the degree to which nascent venture team members come to perceive an individual as a leader. We also theorize that team emotions arising from affective events moderate the relationship between reappraisal and leader emergence in such teams. Data from 103 nascent venture teams without prior leaders show a negative relationship between individuals’ trait disposition to suppress emotions and their emergence as leaders, and a positive relationship between their trait disposition to reappraise emotions and their emergence as leaders. Moreover, we find that negative team emotions magnify the positive association between reappraisal and leader emergence, while positive team emotions mitigate it. We discuss the implications of our findings for the literature on entrepreneurial leadership, entrepreneurial emotions, and leadership in general.     

The shape of small sample biases in pricing kernel estimations

Numerous empirical studies find pricing kernels that are not-monotonically decreasing; the findings are at odds with the pricing kernel being marginal utility of a risk-averse, so-called representative agent. We study in detail the common procedure which estimates the pricing kernel as the ratio of two separate density estimations. In the first step, we analyse theoretically the functional dependence for the ratio of a density to its estimated density; this cautions the reader regarding potential computational issues coupled with statistical techniques. In the second step, we study this quantitatively; we show that small sample biases shape the estimated pricing kernel, and that estimated pricing kernels typically violate the commonly believed monotonicity at the centre even when the true pricing kernel fulfils these. This contributes to an alternative, statistical explanation for the puzzling shape in pricing kernel estimations.     

Equilibrium selection in similar repeated games: experimental evidence on the role of precedents

We report on an experiment examining behavior and equilibrium selection in two similar, infinitely repeated games, Stag Hunt and Prisoner’s Dilemma under anonymous random matching. We are interested in the role that historical precedents may play for equilibrium selection between these two repeated games. We find that a precedent for efficient play in the repeated Stag Hunt game does not carry over to the repeated Prisoner’s Dilemma game despite the possibility that efficient play can be sustained as an equilibrium of the indefinitely repeated game. Similarly, a precedent for inefficient play in the repeated Prisoner’s Dilemma game does not extend to the repeated Stag Hunt game. We conclude that equilibrium selection between similar repeated games may have less to do with historical precedents and might instead depend more on strategic considerations associated with the different payoffs of these similar repeated games.     

Electrification of a city bus network—An optimization model for cost-effective placing of charging infrastructure and battery sizing of fast-charging electric bus systems

The deployment of battery-powered electric bus systems within the public transportation sector plays an important role in increasing energy efficiency and abating emissions. Rising attention is given to bus systems using fast charging technology. This concept requires a comprehensive infrastructure to equip bus routes with charging stations. The combination of charging infrastructure and bus batteries needs a reliable energy supply to maintain a stable bus operation even under demanding conditions. An efficient layout of the charging infrastructure and an appropriate dimensioning of battery capacity are crucial to minimize the total cost of ownership and to enable an energetically feasible bus operation. In this work, the central issue of jointly optimizing the charging infrastructure and battery capacity is described by a capacitated set covering problem. A mixed-integer linear optimization model is developed to determine the minimum number and location of required charging stations for a bus network as well as the adequate battery capacity for each bus line. The bus energy consumption for each route segment is determined based on individual route, bus type, traffic, and other information. Different scenarios are examined in order to assess the influence of charging power, climate, and changing operating conditions. The findings reveal significant differences in terms of required infrastructure. Moreover, the results highlight a trade-off between battery capacity and charging infrastructure under different operational and infrastructure conditions. This paper addresses upcoming challenges for transport authorities during the electrification process of the bus fleets and sharpens the focus on infrastructural issues related to the fast charging concept.     

Zementierte Marktstrukturen aufbrechen

Ohne Zusammenfassung     

Standards anwenden – Harnwegsinfekte vermeiden

Katheterassoziierte Harnwegsinfektionen - Noch vor einigen Jahren erlitten 50% der dauerkatheterisierten Patienten nach 24 Stunden und 100% nach 36 Stunden eine Infektion. Diese Rate hat sich mittlerweile deutlich verbessert, doch der Trend darf kein Ruhekissen sein. Denn circa 3,5% aller station?r behandelten Patienten in Deutschland erleiden eine nosokomiale Infektion. Spitzenreiter dabei sind Harnwegsinfektionen.     

Market Coupling and the CWE Project

The article copes with the ongoing effort to establish implicit auctions to allocate transmission capacity on cross-border interconnectors in the power grid. By the means of implicit auctions (in contrast to explicit auctions), cross-border capacities are included in the clearing of local power exchanges. Concerning the day ahead auction, ‘market coupling’ plays an important role. Market coupling connects (formerly often national) electricity markets, simplifying cross-border trade. One of the main drivers of market coupling projects is the pursuit of European market integration i.e. allowing for convenient cross-border trade. The other reason is the perception that explicit auctions of transmission capacity (in addition to energy auctions which are often performed later) do sometimes lead to sub-optimal results. The objective function of market coupling is the maximisation of total welfare of all connected markets. Further to the explanation of different market coupling models (also regarding capacity calculation), the current development in Europe is wrapped up—including the CWE market coupling (Central Western Europe) project. The CWE market coupling is announced to start in fall 2010, coupling the day-ahead electricity markets of Belgium, France, Germany, Luxembourg and the Netherlands.     

Staged venture capital contracting with ratchets and liquidation rights

This paper uses real options analysis to study later round financing in the presence of two standard venture capital contracting provisions: anti-dilution (ratchet) and liquidation preference. We argue that such provisions can preclude financing of a positive NPV venture in the case of a large follow-on financing relative to firm value. Liquidation preference contracting at multiples greater than one is not feasible in the later round if the financing is small relative to firm value. We highlight an interaction effect between the two provisions: increasing the liquidation multiple can help to avoid dilution and the need for the prior venture capitalist to waive ratchet provisions.