The effects of financialisation and financial development on investment: Evidence from firm-level data in Europe

In this paper we estimate the effects of financialization on physical investment in selected western European countries using panel data based on the balance-sheets of publicly listed non-financial companies (NFCs) supplied by Worldscope for the period 1995-2015. We find robust evidence of an adverse effect of both financial payments (interests and dividends) and financial incomes on investment in fixed assets by the NFCs. This finding is robust for both the pool of all Western European firms and single country estimations. The negative impacts of financial incomes are non-linear with respect to the companies’ size: financial incomes crowd-out investment in large companies, and have a positive effect on the investment of only small, relatively more credit-constrained companies. Moreover, we find that a higher degree of financial development is associated with a stronger negative effect of financial incomes on companies’ investment. This finding challenges the common wisdom on ‘finance-growth nexus’. Our findings support the ‘financialization thesis’ that the increasing orientation of the non-financial sector towards financial activities is ultimately leading to lower physical investment, hence to stagnant or fragile growth, as well as long term stagnation in productivity

Noncommutative Burgers Equation

We present a noncommutative version of the Burgers equation which possesses the Lax representation and discuss the integrability in detail. We find a noncommutative version of the Cole-Hopf transformation and succeed in the linearization of it. The linearized equation is the (noncommutative) diffusion equation and exactly solved. We also discuss the properties of some exact solutions. The result shows that the noncommutative Burgers equation is completely integrable even though it contains infinite number of time derivatives. Furthermore, we derive the noncommutative Burgers equation from the noncommutative (anti-)self-dual Yang-Mills equation by reduction, which is an evidence for the noncommutative Ward conjecture. Finally, we present a noncommutative version of the Burgers hierarchy by both the Lax-pair generating technique and the Sato's approach.Comment: 24 pages, LaTeX, 1 figure; v2: discussions on Ward conjecture, Sato theory and the integrability added, references added, version to appear in J. Phys.

Kank Is an EB1 Interacting Protein that Localises to Muscle-Tendon Attachment Sites in Drosophila

Little is known about how microtubules are regulated in different cell types during development. EB1 plays a central role in the regulation of microtubule plus ends. It directly binds to microtubule plus ends and recruits proteins which regulate microtubule dynamics and behaviour. We report the identification of Kank, the sole Drosophila orthologue of human Kank proteins, as an EB1 interactor that predominantly localises to embryonic attachment sites between muscle and tendon cells. Human Kank1 was identified as a tumour suppressor and has documented roles in actin regulation and cell polarity in cultured mammalian cells. We found that Drosophila Kank binds EB1 directly and this interaction is essential for Kank localisation to microtubule plus ends in cultured cells. Kank protein is expressed throughout fly development and increases during embryogenesis. In late embryos, it accumulates to sites of attachment between muscle and epidermal cells. A kank deletion mutant was generated. We found that the mutant is viable and fertile without noticeable defects. Further analysis showed that Kank is dispensable for muscle function in larvae. This is in sharp contrast to C. elegans in which the Kank orthologue VAB-19 is required for development by stabilising attachment structures between muscle and epidermal cells

Interaction of Noncommutative Plane Waves in 2+1 Dimensions

In this paper the interaction of extended waves in a noncommutative modified 2+1 dimensional U(2) sigma model are studied. Using the dressing method, we construct an explicit two-wave solution of the noncommutative field equation. The scattering of these waves and large time factorization are discussed.Comment: 12 pages, 4 figures, latex; V.2: two references adde

Spin alignment and violation of the OZI rule in exclusive ω\omega and ϕ\phi production in pp collisions

Exclusive production of the isoscalar vector mesons $\omega$ and $\phi$ is measured with a 190 GeV$/c$ proton beam impinging on a liquid hydrogen target. Cross section ratios are determined in three intervals of the Feynman variable $x_{F}$ of the fast proton. A significant violation of the OZI rule is found, confirming earlier findings. Its kinematic dependence on $x_{F}$ and on the invariant mass $M_{p\mathrm{V}}$ of the system formed by fast proton $p_\mathrm{fast}$ and vector meson $V$ is discussed in terms of diffractive production of $p_\mathrm{fast}V$ resonances in competition with central production. The measurement of the spin density matrix element $\rho_{00}$ of the vector mesons in different selected reference frames provides another handle to distinguish the contributions of these two major reaction types. Again, dependences of the alignment on $x_{F}$ and on $M_{p\mathrm{V}}$ are found. Most of the observations can be traced back to the existence of several excited baryon states contributing to $\omega$ production which are absent in the case of the $\phi$ meson. Removing the low-mass $M_{p\mathrm{V}}$ resonant region, the OZI rule is found to be violated by a factor of eight, independently of $x_\mathrm{F}$.Comment: 23 pages, 13 figures and 5 table

Collins and Sivers asymmetries in muonproduction of pions and kaons off transversely polarised proton

Measurements of the Collins and Sivers asymmetries for charged pions and charged and neutral kaons produced in semi-inclusive deep-inelastic scattering of high energy muons off transversely polarised protons are presented. The results were obtained using all the available COMPASS proton data, which were taken in the years 2007 and 2010. The Collins asymmetries exhibit in the valence region a non-zero signal for pions and there are hints of non-zero signal also for kaons. The Sivers asymmetries are found to be positive for positive pions and kaons and compatible with zero otherwise.Comment: 15 pages, 13 figures and 1 tabl

Measurement of the charged-pion polarisability

The COMPASS collaboration at CERN has investigated pion Compton scattering, $\pi^-\gamma\rightarrow \pi^-\gamma$, at centre-of-mass energy below 3.5 pion masses. The process is embedded in the reaction $\pi^-\mathrm{Ni}\rightarrow\pi^-\gamma\;\mathrm{Ni}$, which is initiated by 190\,GeV pions impinging on a nickel target. The exchange of quasi-real photons is selected by isolating the sharp Coulomb peak observed at smallest momentum transfers, $Q^2<0.0015$\,(GeV/$c$)$^2$. From a sample of 63\,000 events the pion electric polarisability is determined to be $\alpha_\pi\ =\ (\,2.0\ \pm\ 0.6_{\mbox{\scriptsize stat}}\ \pm\ 0.7_{\mbox{\scriptsize syst}}\,) \times 10^{-4}\,\mbox{fm}^3$under the assumption$\alpha_\pi=-\beta_\pi$, which relates the electric and magnetic dipole polarisabilities. It is the most precise measurement of this fundamental low-energy parameter of strong interaction, that has been addressed since long by various methods with conflicting outcomes. While this result is in tension with previous dedicated measurements, it is found in agreement with the expectation from chiral perturbation theory. An additional measurement replacing pions by muons, for which the cross-section behavior is unambigiously known, was performed for an independent estimate of the systematic uncertainty.Comment: Published version: 9 pages, 3 figures, 1 tabl

Search for exclusive photoproduction of Zc±_c^{\pm}(3900) at COMPASS

A search for the exclusive production of the $Z_c^{\pm}(3900)$ hadron by virtual photons has been performed in the channel $Z_c^{\pm}(3900)\rightarrow J/\psi \pi^{\pm}$. The data cover the range from 7 GeV to 19 GeV in the centre-of-mass energy of the photon-nucleon system. The full set of the COMPASS data set collected with a muon beam between 2002 and 2011 has been used. An upper limit for the ratio $BR(Z_c^{\pm}(3900)\rightarrow J/\psi \pi^{\pm} )\times \sigma_{ \gamma~N \rightarrow Z_c^{\pm}(3900)~ N} /\sigma_{\gamma~N \rightarrow J/\psi~ N}$ of $3.7\times10^{-3}$ has been established at the confidence level of 90%.Comment: 8 pages, 3 figures, 1 tabl

Cohesion as ‘common sense’: Everyday narratives of community and cohesion in New Labour’s Britain

The final, definitive version of this paper has been published in Politics, Vol. 36(3) July 2016, DOI: 10.1177/0263395715620811 published by SAGE Publishing. All rights reservedThis article engages with popular narratives of community and cohesion, explored through a series of focus groups in Bradford and Birmingham. This article argues that the participants interviewed used discourses propagated by government to make sense of these narratives in their neighbourhoods and communities. The use of these discourses constructs what Gramsci calls a ‘common sense’ position, which legitimises a specific and targeted notion of cohesion. However, participants can contaminate these discourses, which can lead to subtle changes or explicit challenges to dominant discourses on community and cohesion in the United Kingdom.Peer reviewe

Rating of personality disorder features in popular movie characters

BACKGROUND: Tools for training professionals in rating personality disorders are few. We present one such tool: rating of fictional persons. However, before ratings of fictional persons can be useful, we need to know whether raters get the same results, when rating fictional characters. METHOD: Psychology students at the University of Copenhagen (N = 8) rated four different movie characters from four movies based on three systems: Global rating scales representing each of the 10 personality disorders in the DSM-IV, a criterion list of all criteria for all DSM-IV personality disorders in random order, and the Ten Item Personality Inventory for rating the five-factor model. Agreement was estimated based on intraclass-correlation. RESULTS: Agreement for rating scales for personality disorders ranged from 0.04 to 0.54. For personality disorder features based on DSM-IV criteria, agreement ranged from 0.24 to 0.89, and agreement for the five-factor model ranged from 0.05 to 0.88. The largest multivariate effect was observed for criteria count followed by the TIPI, followed by rating scales. Raters experienced personality disorder criteria as the easiest, and global personality disorder scales as the most difficult, but with significant variation between movies. CONCLUSION: Psychology students with limited or no clinical experience can agree well on the personality traits of movie characters based on watching the movie. Rating movie characters may be a way to practice assessment of personality