York research shows small businesses benefit more from venture capital funding over bank loans
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New research out of York University, Florida Atlantic University and the University of Hong Kong indicates that venture capital funding is better than bank loans for the growth of startup businesses.
Douglas Cumming
The study, published in the Journal of International Financial Markets, Institutions and Money, analyzed data on small businesses from 1995 and investigated changes in the number of small companies in all of the states in the U.S. Researchers used data compiled by the U.S. Census Bureau.
Researchers also looked at growth in employment and payroll at the companies they studied and found there was a strong causal link between venture-capital investment and the growth rate of startups.
“Venture capital is extremely important for enabling entrepreneurial growth,” said researcher Douglas Cumming, professor of finance and the Ontario Research Chair at York University’s Schulich School of Business.
Cumming, along with Rebel Cole, professor and Kaye Family Endowed Chair of Finance at FAU’s College of Business, and Dan Li, assistant professor at the University of Hong Kong’s School of Economics and Finance, compared the venture capital data with bank loan data for each state.
Their findings show that the 15 states with highest growth in startup formation received more venture capital investment over the 15 slowest growing states, and bank loans were associated with lower growth rates.
Researchers also note a decline in small business lending from banks beginning in 2008 and say the smaller businesses appear to receive minimal help from either bank lending or venture capital.
AVP Development Wade Hall to leave York University for post at CAMH Foundation
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The following message to the University community is from York Vice-President Advancement Jeff O’Hagan:
Wade Hall
It is with mixed feelings that I announce that Assistant Vice-President, Development, Wade Hall will be leaving York University to take on the role of Vice-President, Campaign at the CAMH Foundation.
Wade began his service at York in 2009 by leading the Development team at the York University Foundation. He played an important role in the final months of the York to the Power of 50 Campaign as it achieved a then unprecedented $207 million result. Wade went on to play a leading role in the creation of the Division of Advancement, which combined team members from the Foundation, Alumni Engagement, and Advancement Services groups. Since the Division’s creation in 2011, Wade has helped shape and mold the Development team, working closely with me, the Faculties, and colleagues all across campus to collectively double annual fundraising results at York.
Wade has also played an important leadership role in the launch and achievements to date of Impact: The Campaign for York University, which has a goal of raising $500 million and doubling the number of alumni engaged in the lives of York’s students and the communities the University serves.
Wade has proven to be a strong leader and collaborator, and has played a key role as an advisor to me, to academic leaders across campus, and to the members of the senior leadership team in Advancement. His steady nature, his support for his colleagues in Advancement and beyond, and his personal management of numerous key donor relationships has been an integral part of our success to date. Please join me in thanking Wade for more than 7 years of contributions and dedication to York University. We wish him great success in his new role at CAMH Foundation.
Wade’s last day at York will be January 20, 2017. A search for Wade’s successor will commence immediately.
Ottawa ends ‘4-in-4-out’ rule for migrant workers
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York University Professor Ethel Tungohan was quoted in the Toronto Star Dec. 13. Read full story.
Grad students and postdocs recognized for research funding achievements
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FGS Reception
Close to 100 graduate students, postdoctoral fellows, faculty and staff gathered at the Faculty of Graduate Studies’ Scholars Reception on Dec. 6 to celebrate their tremendous achievements in provincial and national research funding competitions.
Student Alison Humphrey, left, FGS Associate Dean Academic Mike Zryd, and students Melonie Wilmink and Sydney Tyler
Between 2012 and 2016, York graduate students secured more than $39.9 million in major external awards to support their research. This success, coupled with approximately $77 million in internal York University awards, further highlights how graduate studies is contributing to raising the profile of the University.
Barbara Crow, dean and associate vice-president Graduate, welcomed all attendees, including the many faculty and staff members who provide guidance and support to students and their scholarship pursuits.
Crow also acknowledged Dec. 6 as the National Day of Remembrance and Action on Violence against Women in Canada, marking the anniversary of the murders in 1989 of 14 young women at l’École Polytechnique de Montréal. She said she was a fourth–year PhD student here at York when the tragedy occurred. She noted that in almost every province since the early 1990s, there has been a larger increase for females over males among full-time master’s and doctoral enrolments.
“I wanted to share this because I am very proud of the advances that have been made over the past 15 years of women pursing graduate education,” she said. “I hope today we can reflect on, and continue to raise awareness on, gender-based violence in our society.”
Student Joel Katz, left, Almey Tse Soriano, FGS Manager, Student Affairs, Tere Tilban–Rios, Graduate Program Assistant and Music Professor Mark Chambers
Also in attendance was Provost Rhonda Lenton, who joined in welcoming scholars and spoke at length on their contributions to the University’s reputation as a research-intensive institution. Celia Haig-Brown, associate vice-president Research, echoed those sentiments, noting that York’s graduate students and postdoctoral fellows are key drivers of the University’s research and scholarly success.
The research spectrum of York’s graduate population is vast, highlighted by the diversity of students present from York’s many graduate programs.
Jesse Thistle, PhD candidate in history and recipient of both the Trudeau and Vanier Canada Graduate Scholarships, spoke about his work tracing the history of Métis road allowances after 1885 across the prairies. He is the first graduate student at York to be awarded both a Trudeau and a Vanier scholarship, which are widely regarded as the most prestigious graduate scholarships in the country.
Dessi Zaharieva, PhD candidate in kinesiology and a Vanier scholar herself, highlighted her work examining various insulin strategies to maintain blood glucose concentrations in individuals with Type 1 diabetes. The findings of this research will help develop algorithms for an artificial pancreas system.
Students Nasim Beigi Mohammadi, left, and Samantha Fashler, centre, chat with Dean Barbara Crow
Also recognized were postdoctoral fellows Alana Gerecke (AMPD – theatre), Richard Last (LA&PS – humanities), Mary Elizabeth Luka (AMPD – sensorium), and Heath MacMillan (Science – biology), who are recipients of the Banting Fellowship which are provided to the very best postdoctoral researchers both nationally and internationally.
The Scholars Reception is an opportunity for graduate students and postdoctoral fellows to meet and celebrate with other researchers at York, along with faculty and staff who assist with scholarship applications and adjudications throughout the year.
The event is held annually in December.
Lion Chris Kolankowski signs with hometown Toronto Argos
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Lions football player
York University Lions football player Chris Kolankowski has signed a professional contract in the Canadian Football League (CFL) with his hometown Toronto Argonauts.
A 6-foot-2, 292-pound offensive lineman from Etobicoke, Ont., Kolankowski was selected by the Argos in the sixth round (49th overall) of the 2016 CFL draft and participated in training camp and two pre-season games last year before returning to the Lions for his fifth and final season.
Kolankowski played in 33 games over his five-year career, starting as a back-up lineman and blossoming into the team’s starting centre. He also played several games at guard. In 2015 he earned the team’s Mike Benevides Lineman of the Year Award, and in 2013 he received York’s Tom Arnott Yeoman of the Year Award for Hard Work and Character.
Kolankowski is studying law & society at York.
With the Argos, he joins former Lions teammate and fellow offensive lineman Jamal Campbell, who was also drafted last season and made the team out of training camp, going on to participate in eight games in the regular season.
Also with the Argos are former York football players Andre Durie and Ricky Foley, who have both had illustrious CFL careers that have lasted more than 10 seasons.
Passings: Remembering Osgoode Hall Law School Professor Tim Edgar
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Tim Edgar
The York University community mourns the loss of Osgoode Hall Law School Professor Tim Edgar (LLM ’88) who died Dec. 9 after a long illness. A small family memorial service in London, Ontario will be held later this month.
“Tim was an exceptional tax scholar, a wonderful colleague, and a dedicated teacher,” said Osgoode Dean Lorne Sossin. “Colleagues will remember Tim as a careful, thoughtful, and engaged person and for his many contributions during his time at the law school.”
Edgar joined the Osgoode faculty in 2011 after a long career at Western Law School where he taught tax law and policy for 21 years. He published articles on taxation in the Canadian Tax Journal, New Zealand Journal of Taxation Law and Policy, Virginia Tax Review, SMU Law Review and other periodicals.
He authored The Income Tax Treatment of Financial Instruments: Theory and Practice, which was published by the Canadian Tax Foundation and served as a consultant to the Department of Finance, the Canada Revenue Agency, the Australian Treasury Department, New Zealand Inland Revenue (Policy Advice Division), the OECD and the IMF. He was also a member of the faculty of law at the University of Sydney and was a co-editor of the Canadian Tax Journal.
Plans are already afoot for a workshop or symposium in Edgar’s honour organized by tax colleagues throughout the country. More information about this event will be announced in the new year.
Call for submissions: President’s Prizes in Creative Writing Competition
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Get writing. Organizers of the President’s Prizes in Creative Writing Competition are looking for original pieces in one or all of the following genres: poetry, short fiction, screenplay and stage play. A prize of $400 will be awarded to the best entry in each genre. Material submitted must be original, unpublished and cannot have previously won any other contests.
The contest is open to all full or part-time York University undergraduate students at the Keele and Glendon campuses. The deadline for submission at 208 Stong College, Keele campus, is Monday, Jan. 9, 2017, at 5pm EST.
Although students can submit work to more than one category, they may only submit one work per genre. Submissions must fall within the four genres.
The entries will be judged anonymously. Results of the competition will be announced within three months of the deadline. Prizes will be awarded at the President’s and Faculty of Liberal Arts & Professional Studies Creative Writing Reception in the spring.
Winners’ names will be published in YFile and posted on the English Department and Creative Writing Program websites, as well as in the English Department’s display case.
For further information, contact Michelle Anacleto, creative writing program assistant, at ext. 33304.
Spray days pest control treatments start Friday, Dec. 16
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The next spray days on the Keele and Glendon campuses will begin on Friday, Dec. 16 at 5pm and end on Sunday, Dec. 18 at 5pm. Work is undertaken using accepted practices and approved materials.
Work is undertaken by E-Safe Pest Control which follows all practices and protocols approved by the Ministry of Environment .
A work permit/notification has been submitted and approved by York University’s Health, Safety & Employee Well-Being Office.
For further information, contact Tim Haagsma, manager of grounds, fleet & waste management, Campus Services & Business Operations (CSBO), at ext. 20303 or thaagsma@fbo.yorku.ca, or Amina Hussain, manager of food services & vending, CSBO, at ext. 55517 or ahussain@yorku.ca.
Lion Chris Kolankowski signs with hometown Toronto Argos
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Chris Kolankowski
York University Lions football player Chris Kolankowski has signed a professional contract in the Canadian Football League (CFL) with his hometown Toronto Argonauts.
A 6-foot-2, 292-pound offensive lineman from Etobicoke, Ont., Kolankowski was selected by the Argos in the sixth round (49th overall) of the 2016 CFL draft and participated in training camp and two pre-season games last year before returning to the Lions for his fifth and final season.
Kolankowski played in 33 games over his five-year career, starting as a back-up lineman and blossoming into the team’s starting centre. He also played several games at guard. In 2015 he earned the team’s Mike Benevides Lineman of the Year Award, and in 2013 he received York’s Tom Arnott Yeoman of the Year Award for Hard Work and Character.
Kolankowski is studying law & society at York University.
With the Argos, he joins former Lions teammate and fellow offensive lineman Jamal Campbell, who was also drafted last season and made the team out of training camp, going on to participate in eight games in the regular season.
Also with the Argos are former York Lions football players Andre Durie and Ricky Foley, who have both had illustrious CFL careers that have lasted more than 10 seasons.
York researcher Shayna Rosenbaum receives INS Early Career Award
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Shayna Rosenbaum
York University Faculty of Health Professor Shayna Rosenbaum, of the Clinical Neuropsychology Stream of the Department of Psychology and the Centre for Vision Research, is the recipient of a prestigious award that recognizes research contributions by an individual who is less than 10 years post completion of doctoral or postdoctoral training.
Shayna Rosenbaum
The International Neuropsychological Society (INS) will award Rosenbaum with the INS Award for Early Career Research for her “substantive independent contribution to research in the area of brain-behaviour relationships.”
Those considered for the award are expected to have a national reputation with potential for international recognition by peers.
INS is a society that brings together researchers studying brain-behaviour relationships.
Rosenbaum, a researcher who is also trained as a clinical neuropsychologist, has focused her recent studies on how memory is represented in the brain and how it changes in healthy aging and following lesions to specific brain regions.
Her work was recently featured in Current Biology, which reported the study of a person with rare selective lesions the dentate gyrus, a brain structure located within the hippocampus that is strongly associated with the development of new brain cells and in discriminating similar memories so that they are coded as separate traces.
As part of the recognition, which takes place at the INS 50th Anniversary meeting in New Orleans in February 2017, Rosenbaum will deliver a presentation on the significant role of studying single cases, how they lead to new discoveries and hypotheses that steer the field in new directions.
“Using memory as an example, I will discuss recent findings from neurological case studies that specify critical functions of the hippocampus in memory and spatial navigation, and clarify its role in non-memory abilities, such as decision-making,” said Rosenbaum. “This work provides novel insight into how the hippocampus interacts with other brain structures and better characterizes the areas of impairment observed in populations with compromised hippocampal function, such as in Alzheimer’s disease, epilepsy, encephalitis, and traumatic brain injury.”
Rosenbaum said this international award is “the greatest honour I have received” and said INS is a society that she strongly identifies with.
The award, she added, is also a nod to the work of her students.
Rosenbaum is also a member of the newly established Vision: Science to Applications (VISTA) program at York University, a $33.3-million Canada First Research Excellence Fund (CFREF) grant that supports research across a wide range of applications of vision science, from basic visual function, to computer vision and object recognition, and more.
