Enterprise Risk Management: Review, Critique, and Research Directions

© 2014 Elsevier Ltd. Many regulators, rating agencies, executives and academics have advocated a new approach to risk management: Enterprise Risk Management (ERM). ERM proposes the integrated management of all the risks an organization faces, which inherently requires alignment of risk management with corporate governance and strategy. Academic research on ERM is still in its infancy, with articles largely in accounting and finance journals but rarely in management journals. We argue that ERM offers an important new research domain for management scholars. A critical review of ERM research allows us to identify limitations and gaps that management scholars are best equipped to address. This paper not only identifies how management scholars can contribute to ERM research, but also points out why ERM research (and practice) needs management research for its development

Discriminating quantum-optical beam-splitter channels with number-diagonal signal states: Applications to quantum reading and target detection

We consider the problem of distinguishing, with minimum probability of error, two optical beam-splitter channels with unequal complex-valued reflectivities using general quantum probe states entangled over M signal and M' idler mode pairs of which the signal modes are bounced off the beam splitter while the idler modes are retained losslessly. We obtain a lower bound on the output state fidelity valid for any pure input state. We define number-diagonal signal (NDS) states to be input states whose density operator in the signal modes is diagonal in the multimode number basis. For such input states, we derive series formulas for the optimal error probability, the output state fidelity, and the Chernoff-type upper bounds on the error probability. For the special cases of quantum reading of a classical digital memory and target detection (for which the reflectivities are real valued), we show that for a given input signal photon probability distribution, the fidelity is minimized by the NDS states with that distribution and that for a given average total signal energy N_s, the fidelity is minimized by any multimode Fock state with N_s total signal photons. For reading of an ideal memory, it is shown that Fock state inputs minimize the Chernoff bound. For target detection under high-loss conditions, a no-go result showing the lack of appreciable quantum advantage over coherent state transmitters is derived. A comparison of the error probability performance for quantum reading of number state and two-mode squeezed vacuum state (or EPR state) transmitters relative to coherent state transmitters is presented for various values of the reflectances. While the nonclassical states in general perform better than the coherent state, the quantitative performance gains differ depending on the values of the reflectances.Comment: 12 pages, 7 figures. This closely approximates the published version. The major change from v2 is that Section IV has been re-organized, with a no-go result for target detection under high loss conditions highlighted. The last sentence of the abstract has been deleted to conform to the arXiv word limit. Please see the PDF for the full abstrac

Circular dichroism of magneto-phonon resonance in doped graphene

Polarization resolved, Raman scattering response due to E$_{2g}$ phonon in monolayer graphene has been investigated in magnetic fields up to 29 T. The hybridization of the E$_{2g}$ phonon with only the fundamental inter Landau level excitation (involving the n=0 Landau level) is observed and only in one of the two configurations of the circularly crossed polarized excitation and scattered light. This polarization anisotropy of the magneto-phonon resonance is shown to be inherent to relatively strongly doped graphene samples, with carrier concentration typical for graphene deposited on SiO$_2$

Charged solutions in 5d Chern-Simons supergravity

A family of solutions with mass and electric charge of five-dimensional Chern-Simons supergravity is displayed. The action contains an extra term that changes the value of the cosmological constant, as considered by Horava. It is shown that the solutions approach asymptotically the Reissner-Nordstrom spacetime. The role of the torsion tensor in providing charged solutions is stressed.Comment: Minor changes. To appear in PRD. 8 pages, RevTeX 4, two colum

Gluon mass generation without seagull divergences

Dynamical gluon mass generation has been traditionally plagued with seagull divergences, and all regularization procedures proposed over the years yield finite but scheme-dependent gluon masses. In this work we show how such divergences can be eliminated completely by virtue of a characteristic identity, valid in dimensional regularization. The ability to trigger the aforementioned identity hinges crucially on the particular Ansatz employed for the three-gluon vertex entering into the Schwinger-Dyson equation governing the gluon propagator. The use of the appropriate three-gluon vertex brings about an additional advantage: one obtains two separate (but coupled) integral equations, one for the effective charge and one for the gluon mass. This system of integral equations has a unique solution, which unambiguously determines these two quantities. Most notably, the effective charge freezes in the infrared, and the gluon mass displays power-law running in the ultraviolet, in agreement with earlier considerations.Comment: 37 pages, 9 figures; minor typos corrected and a few brief explanatory remarks adde

UV divergence-free QFT on noncommutative plane

We formulate Noncommutative Qauntum Field Theory in terms of fields defined as mean value over coherent states of the noncommutative plane. No *-product is needed in this formulation and noncommutativity is carried by a modified Fourier transform of fields. As a result the theory is UV finite and the cutoff is provided by the noncommutative parameter theta.Comment: 6 pages, Latex, no figures. Accepted for publication in J.Phys.A. New references adde

Phase separation and the effect of quenched disorder in Pr0.5Sr0.5MnO3Pr_{0.5}Sr_{0.5}MnO_3

The nature of phase separation in $Pr_{0.5}Sr_{0.5}MnO_3$ has been probed by linear as well as nonlinear magnetic susceptibilities and resistivity measurements across the 2nd order paramagnetic to ferromagnetic transition ($T_C$) and 1st order ferromagnetic to antiferromagnetic transition ($T_N$). We found that the ferromagnetic (metallic) clusters, which form with the onset of long-range order in the system at $T_C$, continuously decrease their size with the decrease in temperature and coexist with non-ferromagnetic (insulating) clusters. These non-ferromagnetic clusters are identified to be antiferromagnetic. Significantly, it is shown that they do not arise because of the superheating effect of the lower temperature 1st order transition. Thus reveals unique phase coexistence in a manganite around half-doping encompassing two long-range order transitions. Both the ferromagnetic and antiferromagnetic clusters form at $T_C$ and persist much below $T_N$. Substitution of quenched disorder (Ga) at Mn-site promotes antiferromagnetism at the cost of ferromagnetism without adding any magnetic interaction or introducing any significant lattice distortion. Moreover, increase in disorder decreases the ferromagnetic cluster size and with 7.5% Ga substitution clusters size reduces to the single domain limit. Yet, all the samples show significant short-range ferromagnetic interaction much above $T_C$. Resistivity measurements also reveal the novel phase coexistence identified from the magnetic measurements. It is significant that, increase in disorder up to 7.5% increases the resistivity of the low temperature antiferromagnetic phase by about four orders

Selective substitution in orbital domains of a low doped manganite : an investigation from Griffiths phenomenon and modification of glassy features

An effort is made to study the contrast in magnetic behavior resulting from minimal disorder introduced by substitution of 2.5% Ga or Al in Mn-site of La${_{0.9}}$Sr$_{0.1}$MnO${_3}$. It is considered that Ga or Al selectively creates disorder within the orbital domains or on its walls, causing enhancement of Griffiths phase (GP) singularity for the former and disappearance of it in the later case. It is shown that Ga replaces Mn$^{3+}$ which is considered to be concentrated within the domains, whereas Al replaces Mn$^{4+}$ which is segregated on the hole-rich walls, without causing any significant effect on structure or ferromagnetic transition temperatures. Thus, it is presumed that the effect of disorder created by Ga extend across the bulk of the domain having correlation over similar length-scale resulting in enhancement of GP phenomenon. On the contrary, effect of disorder created by Al remains restricted to the walls resulting in the modification of the dynamics arising from the domain walls and suppresses the GP. Moreover contrasting features are observed in the low temperature region of the compounds; a re-entrant spin glass like behavior is observed in the Ga doped sample, while the observed characteristics for the Al doped sample is ascribed only to modified domain wall dynamics with the absence of any glassy phase. Distinctive features in third order susceptibility measurements reveals that the magnetic ground state of the entire series comprises of orbital domain states. These observations bring out the role of the nature of disorder on GP phenomenon and also reconfirms the character of self-organization in low-doped manganites