The first pair of these sentences with perfect participles, shows a reason while the second shows a time, and this is how the teacher taught me their meaning, so I want to know why one is reason and the other is time. How can I know that one describes reason and the other time? Please convince me.
He has failed four times already, he doesn't want to appear in the examination again. (Reason)
Having failed four times, he doesn't want to appear in the examination again. (Reason)
He has a lot of money in business, he doesn't want to risk his money any more. (Time)
Having lost a lot of money in business, he doesn't want to risk his money any more. (Time)