AGN spectral states from simultaneous UV and X-ray observations by XMM-Newton

The supermassive black holes in active galactic nuclei (AGN) and stellar-mass black holes in X-ray binaries (XRBs) are believed to work in a similar way. While XRBs evolve rapidly and several sources have undergone a few complete cycles from quiescence to an outburst and back, most AGN remain in the same state over periods of decades, due to their longer characteristic timescale proportional to their size. However, the study of the AGN spectral states is still possible with a large sample of sources. Multi-wavelength observations are needed for this purpose since the AGN thermal disc emission dominates in the ultraviolet energy range, while the up-scattered hot-corona emission is detected in X-rays. We compared simultaneous UV and X-ray measurements of AGN obtained by the XMM-Newton satellite. The non-thermal flux was constrained from the 2-12 keV X-ray luminosity, while the thermal disc component was estimated from the UV flux at 2900A. The hardness (ratio between the X-ray and UV plus X-ray luminosity) and the total luminosity were used to construct the AGN state diagrams. For sources with reliable mass measurements, the Eddington ratio was used instead of the total luminosity. The state diagrams show that the radio-loud sources have on average higher hardness, due to the lack of the thermal disc emission in the UV band, and have flatter intrinsic X-ray spectra. In contrast, the sources with high luminosity and low hardness are radio-quiet AGN. The hardness-Eddington ratio diagram reveals that the average radio-loudness is stronger for low-accreting sources, while it decreases when the accretion rate is close to the Eddington limit. Our results indicate that the general properties of AGN accretion states are similar to those of X-ray binaries. This suggests that the AGN radio dichotomy of radio-loud and radio-quiet sources can be explained by the evolution of the accretion states.Comment: 13 pages, 12 figures, accepted in A&

Does Wage Dispersion Make All Firms Productive?

This article puts the relationship between wage dispersion and firm productivity to an updated test, taking advantage of access to detailed Belgian linked employer-employee panel data. Controlling for simultaneity issues, time-invariant workplace characteristics and dynamics in the adjustment process of productivity, empirical results reveal the existence of a positive impact from conditional intra-firm wage dispersion to firm productivity (measured by the average value added per hour worked), which however decreases for higher dispersion levels. Findings thus suggest that the incentive effect of wage dispersion, predicted for instance by the 'tournament' model, dominates 'fairness' and/or 'sabotage' considerations. Further results reveal that the influence of wage dispersion on firm productivity is stronger among firms with a larger proportion of highly skilled workers but does not depend on whether wages are collectively renegotiated at the firm level.labour productivity, matched employer-employee panel data, personnel economics, wage dispersion

Network versus portfolio structure in financial systems

The question of how to stabilize financial systems has attracted considerable attention since the global financial crisis of 2007-2009. Recently, Beale et al. ("Individual versus systemic risk and the regulator's dilemma", Proc Natl Acad Sci USA 108: 12647-12652, 2011) demonstrated that higher portfolio diversity among banks would reduce systemic risk by decreasing the risk of simultaneous defaults at the expense of a higher likelihood of individual defaults. In practice, however, a bank default has an externality in that it undermines other banks' balance sheets. This paper explores how each of these different sources of risk, simultaneity risk and externality, contributes to systemic risk. The results show that the allocation of external assets that minimizes systemic risk varies with the topology of the financial network as long as asset returns have negative correlations. In the model, a well-known centrality measure, PageRank, reflects an appropriately defined "infectiveness" of a bank. An important result is that the most infective bank need not always be the safest bank. Under certain circumstances, the most infective node should act as a firewall to prevent large-scale collective defaults. The introduction of a counteractive portfolio structure will significantly reduce systemic risk

An Optimal Self-Stabilizing Firing Squad

Consider a fully connected network where up to $t$ processes may crash, and all processes start in an arbitrary memory state. The self-stabilizing firing squad problem consists of eventually guaranteeing simultaneous response to an external input. This is modeled by requiring that the non-crashed processes "fire" simultaneously if some correct process received an external "GO" input, and that they only fire as a response to some process receiving such an input. This paper presents FireAlg, the first self-stabilizing firing squad algorithm. The FireAlg algorithm is optimal in two respects: (a) Once the algorithm is in a safe state, it fires in response to a GO input as fast as any other algorithm does, and (b) Starting from an arbitrary state, it converges to a safe state as fast as any other algorithm does.Comment: Shorter version to appear in SSS0

Results from the solar maximum mission

The major results from SMM (Solar Max Mission) are presented as they relate to the understanding of the energy release and particle transportation processes that led to the high energy X-ray aspects of solar flares. Evidence is reviewed for a 152- to 158-day periodicity in various aspects of solar activity including the rate of occurrence of hard X-ray and gamma-ray flares. The statistical properties of over 7000 hard X-ray flares detected with the Hard X-Ray Burst Spectrometer are presented including the spectrum of peak rates and the distribution of the photo number spectrum. A flare classification scheme is used to divide flares into three different types. Type A flares have purely thermal, compact sources with very steep hard X-ray spectra. Type B flares are impulsive bursts which show double footpoints in hard X-rays, and soft-hard-soft spectral evolution. Type C flares have gradually varying hard X-ray and microwave fluxes from high altitudes and show hardening of the X-ray spectrum through the peak and on the decay. SSM data are presented for examples of Type B and Type C events. New results are presented showing coincident hard X rays, O V, and UV continuum observations in Type B events with a time resolution of 128 ms. The subsecond variations in the hard X-ray flux during 10% of the stronger events are discussed and the fastest observed variation in a time of 20 ms is presented. The properties of Type C flares are presented as determined primarily from the non-imaged hard X-ray and microwave spectral data. A model based on the association of Type C flares and coronal mass ejections is presented to explain many of the characteristics of these gradual flares

Wage Dispersion and Firm Productivity in Different Working Environments

This paper investigates the impact of wage dispersion on firm productivity in different working environments. More precisely, it examines the interaction with: i) the skills of the workforce, using a more appropriate indicator than the standard distinction between white- and blue collar workers, and ii) the uncertainty of the firm economic environment, which has, to our knowledge, never been explored on an empirical basis. Using detailed LEED for Belgium, we find a hump-shaped relationship between (conditional) wage dispersion and firm productivity. This result suggests that up to (beyond) a certain level of wage dispersion, the incentive effects of “tournaments” dominate (are dominated by) “fairness” considerations. Findings also show that the intensity of the relationship is stronger for highly skilled workers and in more stable environments. This might be explained by the fact that monitoring costs and production-effort elasticity are greater for highly skilled workers and that in the presence of high uncertainty workers have less control over their effort-output relation and associate higher uncertainty with more unfair environments.linked employer-employee data, personnel economics, working environments, labour productivity, wage dispersion

Intra-firm wage inequality and firm performance – First evidence from German linked employer-employee-data

Economic theory suggests both positive and negative relationships between intra- firm wage inequality and productivity. This paper contributes to the growing empirical literature on this subject. We combine German employer-employee-data for the years 1995-2005 with inequality measures using the whole wage distribution of a firm and rely on dynamic panel-data estimators to control for unobserved heterogeneity, simultaneity problems and possible state dependence. Our results indicate a relative minor influence of intra-firm wage inequality on firm productivity. If anything, they provide some support for a view suggesting that some inequality may be beneficial, while too much leads to a detrimental eect on productivity.Wage dispersion, labor productivity

Analyzing the Multiwavelength Spectrum and Variability of BL Lacertae During the July 1997 Outburst

The multiwavelength spectrum of BL Lacertae during its July 1997 outburst is analyzed in terms of different variations of the homogeneous leptonic jet model for the production of high-energy radiation from blazars. We find that a two-component gamma-ray spectrum, consisting of a synchrotron self-Compton and an external Compton component, is required in order to yield an acceptable fit to the broadband spectrum. Our analysis indicates that in BL Lac, unlike other BL Lac objects, the broad emission line region plays an important role for the high-energy emission. Several alternative blazar jet models are briefly discussed. In the appendix, we describe the formalism in which the process of Comptonization of reprocessed accretion disk photons is treated in the previously developed blazar jet simulation code which we use.Comment: Now accepted for publication in The Astronomical Journal. Significantly extended discussion w.r.t. original version. 3 Figures included using epsf.sty, rotate.st