164 research outputs found

    Financial Constraints and Foreign Market Entries or Exits: Firm-Level Evidence from France

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    This paper studies the effect of credit constraints on the expansion and survival of firms in foreign markets. It develops a model in which, lower access to external finance, or reduced internal liquidity, hampers the firm ability to finance the recurrent costs to serve foreign markets and decreases firm survival in foreign markets. Additionally, financial constraints act as a barrier to firm export expansion by decreasing the firm ability to finance the entry costs into new export markets; thus, they push firm to avoid losing destinations. We use a unique longitudinal dataset on French firms that contains information on export destinations of individual firms and allows us to construct various firm-level measures of financial constraints to test these predictions. We obtain two main results. First, credit constraints have a negative effect on the number of newly served destinations. Second, higher probability of exit from the export market is also associated with credit constraints; that is consistent with constraints limiting the financing of recurrent export costs.Firm heterogeneity, financial constraints, trade.

    Ultrafast Resonant Polarization Interferometry: Towards the First Direct Detection of Vacuum Polarization

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    Vacuum polarization, an effect predicted nearly 70 years ago, is still yet to be directly detected despite significant experimental effort. Previous attempts have made use of large liquid-helium cooled electromagnets which inadvertently generate spurious signals that mask the desired signal. We present a novel approach for the ultra-sensitive detection of optical birefringence that can be usefully applied to a laboratory detection of vacuum polarization. The new technique has a predicted birefringence measurement sensitivity of Δn1020\Delta n \sim 10^{20} in a 1 second measurement. When combined with the extreme polarizing fields achievable in this design we predict that a vacuum polarization signal will be seen in a measurement of just a few days in duration.Comment: 9 pages, 2 figures. submitted to PR

    Quantization of the Hall conductivity well beyond the adiabatic limit in pulsed magnetic fields

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    We measure the Hall conductivity, σxy\sigma_{xy}, on a Corbino geometry sample of a high-mobility AlGaAs/GaAs heterostructure in a pulsed magnetic field. At a bath temperature about 80 mK, we observe well expressed plateaux in σxy\sigma_{xy} at integer filling factors. In the pulsed magnetic field, the Laughlin condition of the phase coherence of the electron wave functions is strongly violated and, hence, is not crucial for σxy\sigma_{xy} quantization.Comment: 4 pages, 4 figures, submitted to PR

    Conservation laws for invariant functionals containing compositions

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    The study of problems of the calculus of variations with compositions is a quite recent subject with origin in dynamical systems governed by chaotic maps. Available results are reduced to a generalized Euler-Lagrange equation that contains a new term involving inverse images of the minimizing trajectories. In this work we prove a generalization of the necessary optimality condition of DuBois-Reymond for variational problems with compositions. With the help of the new obtained condition, a Noether-type theorem is proved. An application of our main result is given to a problem appearing in the chaotic setting when one consider maps that are ergodic.Comment: Accepted for an oral presentation at the 7th IFAC Symposium on Nonlinear Control Systems (NOLCOS 2007), to be held in Pretoria, South Africa, 22-24 August, 200

    Industrial relations in European hypermarkets: Home and host country influences

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    YesIn this article we examine the industrial relations practices of three large European food retailers when they transfer the hypermarket format to other countries. We ask, first, how industrial relations in hypermarkets differ from those in other food retailing outlets. Second, we examine how far the approach characteristic of each company’s country-of-origin (Germany, France and the UK) shapes the practices adopted elsewhere. Third, we ask how they respond to the specific industrial relations systems of each host country (Turkey, Poland, Ireland and Spain)
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