International Standard Serial Number
An International Standard Serial Number is an eight-digit serial number used to uniquely identify a serial publication, such as a magazine. The ISSN is helpful in distinguishing between serials with the same title. ISSN are used in ordering, interlibrary loans, other practices in connection with serial literature; the ISSN system was first drafted as an International Organization for Standardization international standard in 1971 and published as ISO 3297 in 1975. ISO subcommittee TC 46/SC 9 is responsible for maintaining the standard; when a serial with the same content is published in more than one media type, a different ISSN is assigned to each media type. For example, many serials are published both in electronic media; the ISSN system refers to these types as electronic ISSN, respectively. Conversely, as defined in ISO 3297:2007, every serial in the ISSN system is assigned a linking ISSN the same as the ISSN assigned to the serial in its first published medium, which links together all ISSNs assigned to the serial in every medium.
The format of the ISSN is an eight digit code, divided by a hyphen into two four-digit numbers. As an integer number, it can be represented by the first seven digits; the last code digit, which may be 0-9 or an X, is a check digit. Formally, the general form of the ISSN code can be expressed as follows: NNNN-NNNC where N is in the set, a digit character, C is in; the ISSN of the journal Hearing Research, for example, is 0378-5955, where the final 5 is the check digit, C=5. To calculate the check digit, the following algorithm may be used: Calculate the sum of the first seven digits of the ISSN multiplied by its position in the number, counting from the right—that is, 8, 7, 6, 5, 4, 3, 2, respectively: 0 ⋅ 8 + 3 ⋅ 7 + 7 ⋅ 6 + 8 ⋅ 5 + 5 ⋅ 4 + 9 ⋅ 3 + 5 ⋅ 2 = 0 + 21 + 42 + 40 + 20 + 27 + 10 = 160 The modulus 11 of this sum is calculated. For calculations, an upper case X in the check digit position indicates a check digit of 10. To confirm the check digit, calculate the sum of all eight digits of the ISSN multiplied by its position in the number, counting from the right.
The modulus 11 of the sum must be 0. There is an online ISSN checker. ISSN codes are assigned by a network of ISSN National Centres located at national libraries and coordinated by the ISSN International Centre based in Paris; the International Centre is an intergovernmental organization created in 1974 through an agreement between UNESCO and the French government. The International Centre maintains a database of all ISSNs assigned worldwide, the ISDS Register otherwise known as the ISSN Register. At the end of 2016, the ISSN Register contained records for 1,943,572 items. ISSN and ISBN codes are similar in concept. An ISBN might be assigned for particular issues of a serial, in addition to the ISSN code for the serial as a whole. An ISSN, unlike the ISBN code, is an anonymous identifier associated with a serial title, containing no information as to the publisher or its location. For this reason a new ISSN is assigned to a serial each time it undergoes a major title change. Since the ISSN applies to an entire serial a new identifier, the Serial Item and Contribution Identifier, was built on top of it to allow references to specific volumes, articles, or other identifiable components.
Separate ISSNs are needed for serials in different media. Thus, the print and electronic media versions of a serial need separate ISSNs. A CD-ROM version and a web version of a serial require different ISSNs since two different media are involved. However, the same ISSN can be used for different file formats of the same online serial; this "media-oriented identification" of serials made sense in the 1970s. In the 1990s and onward, with personal computers, better screens, the Web, it makes sense to consider only content, independent of media; this "content-oriented identification" of serials was a repressed demand during a decade, but no ISSN update or initiative occurred. A natural extension for ISSN, the unique-identification of the articles in the serials, was the main demand application. An alternative serials' contents model arrived with the indecs Content Model and its application, the digital object identifier, as ISSN-independent initiative, consolidated in the 2000s. Only in 2007, ISSN-L was defined in the
History of private equity and venture capital
The history of private equity and venture capital and the development of these asset classes has occurred through a series of boom and bust cycles since the middle of the 20th century. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital experienced growth along parallel, although interrelated tracks. Since the origins of the modern private equity industry in 1946, there have been four major epochs marked by three boom and bust cycles; the early history of private equity—from 1946 through 1981—was characterized by small volumes of private equity investment, rudimentary firm organizations and limited awareness of and familiarity with the private equity industry. The first boom and bust cycle, from 1982 through 1993, was characterized by the dramatic surge in leveraged buyout activity financed by junk bonds and culminating in the massive buyout of RJR Nabisco before the near collapse of the leveraged buyout industry in the late 1980s and early 1990s.
The second boom and bust cycle emerged from the ashes of the savings and loan crisis, the insider trading scandals, the real estate market collapse and the recession of the early 1990s. This period saw the emergence of more institutionalized private equity firms culminating in the massive Dot-com bubble in 1999 and 2000; the third boom and bust cycle came in the wake of the collapse of the Dot-com bubble—leveraged buyouts reach unparalleled size and the institutionalization of private equity firms is exemplified by the Blackstone Group's 2007 initial public offering. In its early years through to the year 2000, the private equity and venture capital asset classes were active in the United States. With the second private equity boom in the mid-1990s and liberalization of regulation for institutional investors in Europe, a mature European private equity market emerged. Investors have been acquiring businesses and making minority investments in held companies since the dawn of the industrial revolution.
Merchant bankers in London and Paris financed industrial concerns in the 1850s. J. Pierpont Morgan's J. P. Morgan & Co. would finance other industrial companies throughout the United States. In certain respects, J. Pierpont Morgan's 1901 acquisition of Carnegie Steel Company from Andrew Carnegie and Henry Phipps for $480 million represents the first true major buyout as they are thought of today. Due to structural restrictions imposed on American banks under the Glass–Steagall Act and other regulations in the 1930s, there was no private merchant banking industry in the United States, a situation, quite exceptional in developed nations; as late as the 1980s, Lester Thurow, a noted economist, decried the inability of the financial regulation framework in the United States to support merchant banks. US investment banks were confined to advisory businesses, handling mergers and acquisitions transactions and placements of equity and debt securities. Investment banks would enter the space, however long after independent firms had become well established.
With few exceptions, private equity in the first half of the 20th century was the domain of wealthy individuals and families. The Vanderbilts, Whitneys and Warburgs were notable investors in private companies in the first half of the century. In 1938, Laurance S. Rockefeller helped finance the creation of both Eastern Air Lines and Douglas Aircraft and the Rockefeller family had vast holdings in a variety of companies. Eric M. Warburg founded E. M. Warburg & Co. in 1938, which would become Warburg Pincus, with investments in both leveraged buyouts and venture capital. It was not until after World War II that what is considered today to be true private equity investments began to emerge marked by the founding of the first two venture capital firms in 1946: American Research and Development Corporation, and J. H. Whitney & Company. ARDC was founded by Georges Doriot, the "father of venture capitalism", with Ralph Flanders and Karl Compton, to encourage private sector investments in businesses run by soldiers who were returning from World War II.
ARDC's significance was that it was the first institutional private equity investment firm that raised capital from sources other than wealthy families although it had several notable investment successes as well. ARDC is credited with the first major venture capital success story when its 1957 investment of $70,000 in Digital Equipment Corporation would be valued at over $35.5 million after the company's initial public offering in 1968. Former employees of ARDC went on to found several prominent venture capital firms including Greylock Partners and Morgan, Holland Ventures, the predecessor of Flagship Ventures. ARDC continued investing until 1971 with the retirement of Doriot. In 1972, Doriot merged ARDC with Textron after having invested in over 150 companies. J. H. Whitney & Company was founded by his partner Benno Schmidt. Whitney had been investing since the 1930s, founding Pioneer Pictures in 1933 and acquiring a 15% interest in Technicolor Corporation with his cousin Cornelius Vanderbilt Whitney.
By far, Whitney's most famous investment was in Florida Foods Corporation. The company, having developed an innovative method for delivering nutrit
A public company, publicly traded company, publicly held company, publicly listed company, or public limited company is a corporation whose ownership is dispersed among the general public in many shares of stock which are traded on a stock exchange or in over the counter markets. In some jurisdictions, public companies over a certain size must be listed on an exchange. A public company can be unlisted. Public companies are formed within the legal systems of particular nations, therefore have national associations and formal designations which are distinct and separate. For example one of the main public company forms in the United States is called a limited liability company, in France is called a "society of limited responsibility", in Britain a public limited company, in Germany a company with limited liability. While the general idea of a public company may be similar, differences are meaningful, are at the core of international law disputes with regard to industry and trade. In the early modern period, the Dutch developed several financial instruments and helped lay the foundations of modern financial system.
The Dutch East India Company became the first company in history to issue bonds and shares of stock to the general public. In other words, the VOC was the first publicly traded company, because it was the first company to be actually listed on an official stock exchange. While the Italian city-states produced the first transferable government bonds, they did not develop the other ingredient necessary to produce a fledged capital market: corporate shareholders; as Edward Stringham notes, "companies with transferable shares date back to classical Rome, but these were not enduring endeavors and no considerable secondary market existed." The securities of a publicly traded company are owned by many investors while the shares of a held company are owned by few shareholders. A company with many shareholders is not a publicly traded company. In the United States, in some instances, companies with over 500 shareholders may be required to report under the Securities Exchange Act of 1934. Public companies possess some advantages over held businesses.
Publicly traded companies are able to raise funds and capital through the sale of shares of stock. This is the reason publicly traded corporations are important; the profit on stock is gained in form of capital gain to the holders. The financial media and the public are able to access additional information about the business, since the business is legally bound, motivated, to publicly disseminate information regarding the financial status and future of the company to its many shareholders and the government; because many people have a vested interest in the company's success, the company may be more popular or recognizable than a private company. The initial shareholders of the company are able to share risk by selling shares to the public. If one were to hold a 100% share of the company, he or she would have to pay all of the business's debt; this increases asset liquidity and the company does not need to depend on funding from a bank. For example, in 2013 Facebook founder Mark Zuckerberg owned 29.3% of the company's class A shares, which gave him enough voting power to control the business, while allowing Facebook to raise capital from, distribute risk to, the remaining shareholders.
Facebook was a held company prior to its initial public offering in 2012. If some shares are given to managers or other employees, potential conflicts of interest between employees and shareholders will be remitted; as an example, in many tech companies, entry-level software engineers are given stock in the company upon being hired. Therefore, the engineers have a vested interest in the company succeeding financially, are incentivized to work harder and more diligently to ensure that success. Many stock exchanges require that publicly traded companies have their accounts audited by outside auditors, publish the accounts to their shareholders. Besides the cost, this may make useful information available to competitors. Various other annual and quarterly reports are required by law. In the United States, the Sarbanes–Oxley Act imposes additional requirements; the requirement for audited books is not imposed by the exchange known as OTC Pink. The shares may be maliciously held by outside shareholders and the original founders or owners may lose benefits and control.
The principal-agent problem, or the agency problem is a key weakness of public companies. The separation of a company's ownership and control is prevalent in such countries as U. K and U. S. In the United States, the Securities and Exchange Commission requires that firms whose stock is traded publicly report their major shareholders each year; the reports identify all institutional shareholders, all company officials who own shares in their firm, any individual or institution owning more than 5% of the firm's stock. For many years, newly created companies were held but held initial
HCA Healthcare is an American for-profit operator of health care facilities, founded in 1968. It is based in Nashville, Tennessee and in 2018 it managed 178 hospitals and 119 freestanding surgery centers, including surgery centers, freestanding ERs, urgent care centers, physician clinics in the United States and United Kingdom. HCA went public on the New York Stock Exchange in 1969 followed by a substantial growth period for the next two decades; the company was ranked No. 63 in the 2018 Fortune 500 list of the largest United States corporations by total revenue. In 1993, lawsuits were filed against HCA by former employees who drew attention to the company's questionable billing practices to Medicare for hundreds of millions of dollars; some of the allegations included charging the government costs for running its hospitals, paying kickbacks to physicians for referrals, unlawfully charging for costs involving wound care facilities. A federal probe ensued, spanning nearly a decade, culminated in 2003 with "the government receiving a total of over $2 billion in criminal fines and civil penalties for systematically defrauding federal health care programs."
The federal probe has been referred to as the longest and costliest investigation for health-care fraud in U. S. history. HCA was founded in 1968, in Nashville, Tennessee by Dr. Thomas F. Frist Sr. Dr. Thomas F. Frist Jr. and Jack C. Massey; the first hospital that HCA owned was Park View Hospital, near downtown Nashville. The small group of founders worked out of a small house not far from Park View for the first few years of operation. In 1969, HCA conducted its initial public offering on the New York Stock Exchange; as HCA grew, the small house that served as office space was no longer large enough, in 1972, it built new offices behind Nashville's Centennial Park. During the 1970s and 1980s the corporation went through a tremendous growth period acquiring hundreds of hospitals across the US, 255 owned by HCA, another 208 managed by HCA. In 1988, the hospital operator was acquired for $5.1 billion in a management buyout led by chairman Thomas F. Frist, Jr. and completed a successful initial public offering in 1992.
In 1993 HCA merged with Louisville, Kentucky-based Columbia Hospital Corporation to form Columbia/HCA. In April 1998, Alabama-based HealthSouth Corporation announced it was acquiring the majority of HCA's surgical division. In 2006, Kohlberg Kravis Roberts and Bain Capital, together with Merrill Lynch and the Frist family completed a $33.6 billion acquisition, making the company held again, 17 years after it had first been taken private in a management buyout. At the time of its announcement, the HCA buyout was the first of several to set new records for the largest, eclipsing the 1989 buyout of RJR Nabisco, it would be surpassed by the buyouts of EQ Office and TXU. In May 2010, HCA announced that the corporation would once again go public with an expected $4.6-billion IPO. In March 2011, HCA sold 126.2 million shares for $30 each, raising about $3.79 billion, at that time, the largest private-equity backed IPO in U. S. history. In 2017, it acquired three hospitals from Tenet Healthcare. Milton Johnson is the current CEO of HCA, with an announced retirement at the end of 2018.
He will be replaced by Sam Hazen. In December 2018, a historical marker was installed in the parking lot of HCA's Sarah Cannon Cancer Center in Nashville the location of HCA's first hospital, Park View Hospital; the $1.5 billion purchase of Asheville, North Carolina-based Mission Health System, announced in March 2018, was completed February 1, 2019. As of 2018, HCA operated 178 hospitals and 1,800 sites of care, including surgery centers, freestanding ERs, urgent care centers, physician clinics located in 20 U. S. in the United Kingdom. In July 2007, HCA sold its hospitals in Switzerland; the main hospital sites within the United Kingdom include: 52 Alderley Road, Manchester The Harley Street Clinic HCA at The Shard The Lister Hospital London Bridge Hospital The Portland Hospital for Women and Children The Princess Grace Hospital The Wellington HospitalIt opened urgent care walk-in centres at London Bridge Hospital and the Portland Hospital in March 2018. It claims that patients, on average, wait just seven minutes to see a nurse and 17 minutes to see a doctor.
The Princess Grace Hospital specializes in breast cancer and surgery, aided by Professor Kefah Mokbel and Dr. Nick Perry who, in 2005, founded The London Breast Institute. In 1993, lawsuits were filed by former employees regarding alleged improprieties in HCA's billing of Medicare which amounted to hundreds of millions of dollars. With federal investigations still underway, HCA was acquired by Columbia Healthcare. In 1997, amid growing evidence that HCA "had kept two sets of books, one to show the government and one with actual expenses listed" Scott resigned, became a venture capitalist. Thomas Frist, a co-founder of HCA and brother of U. S. Senator Bill Frist, took Scott's place. In March 1997, investigators from the FBI, the Internal Revenue Service and the Department of Health and Human Services served search warrants at Columbia/HCA facilities in El Paso and on dozens of doctors with suspected ties to the company. Following the raids, the Columbia/HCA board of directors forced Rick Scott to resign as chairman and CEO.
He was paid a settlement of $9.88 million and left with 10 million shares of stock worth over $350 million from his initial investment. In 1999, Columbia/HCA changed its name back to Inc.. HCA admitted fraudulently billing Medicare and other health programs by inflating the seriousness of diagnoses and to giving doctors partnerships in company ho
An institutional investor is an entity which pools money to purchase securities, real property, other investment assets or originate loans. Institutional investors include banks, insurance companies, hedge funds, REITs, investment advisors and mutual funds. Operating companies which invest excess capital in these types of assets may be included in the term. Activist institutional investors may influence corporate governance by exercising voting rights in their investments. Although institutional investors appear to be more sophisticated than retail investors, it remains unclear if professional active investment managers can reliably enhance risk adjusted returns by an amount that exceeds fees and expenses of investment management. Lending credence to doubts about active investors' ability to'beat the market', passive index funds have gained traction with the rise of passive investors: the three biggest US asset managers together owned an average of 18% in the S&P 500 Index and together constituted the largest shareholder in 88% of the S&P 500 by 2015.
The potential of institutional investors in infrastructure markets is noted after financial crises in the early twenty-first century. Roman law ignored the concept of juristic person, yet at the time the practice of private evergetism sometimes led to the creation of revenues-producing capital which may be interpreted as an early form of charitable institution. In some African colonies in particular, part of the city's entertainment was financed by the revenue generated by shops and baking-ovens offered by a wealthy benefactor. In the South of Gaul, aqueducts were sometimes financed in a similar fashion; the legal principle of juristic person might have appeared with the rise of monasteries in the early centuries of Christianity. The concept might have been adopted by the emerging Islamic law; the waqf became a cornerstone of the financing of education, waterworks and the construction of monuments. Alongside some Christian monasteries the waqfs created in the 10th century AD are amongst the longest standing charities in the world.
Following the spread of monasteries and other hospitals, donating sometimes large sums of money to institutions became a common practice in medieval Western Europe. In the process, over the centuries those institutions acquired sizable estates and large fortunes in bullion. Following the collapse of the agrarian revenues, many of these institution moved away from rural real estate to concentrate on bonds emitted by the local sovereign; the importance of lay and religious institutional ownership in the pre-industrial European economy cannot be overstated, they possessed 10 to 30% of a given region arable land. In the 18th century, private investors pool their resources to pursue lottery tickets and tontine shares allowing them to spread risk and become some of the earliest speculative institutions known in the West. Following several waves of dissolution the weight of the traditional charities in the economy collapsed. New types of institutions emerged, yet despite some success stories, they failed to attract a large share of the public's savings and, for instance, by 1950, they owned 48% of US equities and even less in other countries.
Because of their sophistication, institutional investors may be exempt from certain securities laws. For example, in the United States, institutional investors are eligible to purchase private placements under Rule 506 of Regulation D as "accredited investors". Further, large US institutional investors may qualify to purchase certain securities restricted from retail investment under Rule 144A. In Canada, companies selling to accredited investors are waived from needing to file with the security exchange commission; as intermediaries between individual investors and companies, institutional investors are important sources of capital in financial markets. By pooling constituents' investments, institutional investors arguably reduce the cost of capital for entrepreneurs while diversifying constituents' portfolios, their greater ability to influence corporate behaviour as well to select investors profiles may help diminish agency costs. Institutional investors investment horizons' differ, but do not share the same life cycle as human beings.
Unlike individuals, they do not have a phase of accumulation followed by one of consumption, they do not die. Here insurance companies differ from the rest of the institutional investors. Therefore, they need liquid assets which reduces their investment opportunities. Others like pension funds can predict long ahead when they will have to repay their investors allowing them to invest in less liquid assets such as private equities, hedge funds or commodities. Other institutions have an extended investment horizon, allowing them to invest in illiquid assets as they are unlikely to be forced to sell them before term. In various countries different types of institutional investors may be more important. In oil-exporting countries sovereign wealth funds are important, while in developed countries, pension funds may be more important. Japan is home to the world's largest pension fund and is home to 63 of the top 300 pension funds worldwide; these include: Government Pension
Private equity firm
A private equity firm is an investment management company that provides financial backing and makes investments in the private equity of startup or operating companies through a variety of loosely affiliated investment strategies including leveraged buyout, venture capital, growth capital. Described as a financial sponsor, each firm will raise funds that will be invested in accordance with one or more specific investment strategies. A private equity firm will raise pools of capital, or private equity funds that supply the equity contributions for these transactions. Private equity firms will receive a periodic management fee as well as a share in the profits earned from each private equity fund managed. Private equity firms, with their investors, will acquire a controlling or substantial minority position in a company and look to maximize the value of that investment. Private equity firms receive a return on their investments through one of the following avenues: an initial public offering — shares of the company are offered to the public providing a partial immediate realization to the financial sponsor as well as a public market into which it can sell additional shares.
Private equity firms characteristically make longer-hold investments in target industry sectors or specific investment areas where they have expertise. Private equity firms and investment funds should not be confused with hedge fund firms which make shorter-term investments in securities and other more liquid assets within an industry sector but with less direct influence or control over the operations of a specific company. Where private equity firms take on operational roles to manage risks and achieve growth through long term investments, hedge funds more act as short-term traders of securities betting on both the up and down sides of a business or of an industry sector's financial health. According to an updated 2008 ranking created by industry magazine Private Equity International, the largest private equity firms include The Carlyle Group, Kohlberg Kravis Roberts, Goldman Sachs Principal Investment Group, The Blackstone Group, Bain Capital, Sycamore Partners and TPG Capital; these firms are direct investors in companies rather than investors in the private equity asset class and for the most part the largest private equity investment firms focused on leveraged buyouts rather than venture capital.
Preqin ltd, an independent data provider, provides a ranking of the 25 largest private equity investment managers. Among the largest firms in that ranking were AlpInvest Partners, Ardian, AIG Investments, Goldman Sachs Private Equity Group, Pantheon Ventures; because private equity firms are continuously in the process of raising and distributing their private equity funds, capital raised can be the easiest to measure. Other metrics can include the total value of companies purchased by a firm or an estimate of the size of a firm's active portfolio plus capital available for new investments; as with any list that focuses on size, the list does not provide any indication as to relative investment performance of these funds or managers. History of private equity and venture capital Leveraged buyout List of private equity firms Management buyout Private equity Private equity fund Private equity – a guide for pension fund trustees. Pensions Investment Research Consultants for the Trades Union Congress.
Krüger Andersen, Thomas. Legal Structure of Private Equity Funds. Private Equity and Hedge Funds 2007. Prowse, Stephen D; the Economics of the Private Equity Market, Federal Reserve Bank of Dallas, 1998