Pass-Through And The Prediction Of Merger Price Effects

We use Monte Carlo experiments to study how pass-through can improve merger price predictions, focusing on the first order approximation (FOA) proposed in Jaffe and Weyl [2013]. FOA addresses the functional form misspecification that can exist in standard merger simulations. We find that the predictions of FOA are tightly distributed around the true price effects if pass-through is precise, but that measurement error in pass-through diminishes accuracy. As a comparison to FOA, we also study a methodology that uses pass-through to select among functional forms for use in simulation. This alternative also increases accuracy relative to standard merger simulation and proves more robust to measurement error

Upward Pricing Pressure As A Predictor Of Merger Price Effects

We use Monte Carlo experiments to evaluate whether “upward pricing pressure” (UPP) accurately predicts the price effects of mergers, motivated by the observation that UPP is a restricted form of the first order approximation derived in Jaffe and Weyl (2013). Results indicate that UPP is quite accurate with standard log-concave demand systems, but understates price effects if demand exhibits greater convexity. Prediction error does not systematically exceed that of misspecified simulation models, nor is it much greater than that of correctly-specified models simulated with imprecise demand elasticities. The results also support that UPP provides accurate screens for anticompetitive mergers

Extending Quantum Coherence in Diamond

We experimentally demonstrate over two orders of magnitude increase in the coherence time of nitrogen vacancy centres in diamond by implementing decoupling techniques. We show that equal pulse spacing decoupling performs just as well as non-periodic Uhrig decoupling and has the additional benefit that it allows us to take advantage of "revivals" in the echo (due to the coherent nature of the bath) to explore the longest coherence times. At short times, we can extend the coherence of particular quantum states out from T_2*=2.7 us out to an effective T_2 > 340 us. For preserving arbitrary states we show the experimental importance of using pulse sequences, that through judicious choice of the phase of the pulses, compensate the imperfections of individual pulses for all input states. At longer times we use these compensated sequences to enhance the echo revivals and show a coherence time of over 1.6 ms in ultra-pure natural abundance 13C diamond.Comment: 7 pages, 7 figures; minor syntax/typo. changes and updated reference

Who gets the Carrot and Who gets the Stick? Evidence of Gender Disparities in Executive Remuneration

This paper offers a new explanation of the gender pay gap in leadership positions by examining the relationship between managerial bonuses and company performance. Drawing on findings of gender studies, agency theory, and the leadership literature, we argue that the gender pay gap is a context-specific phenomenon which results partly from the fact that company performance has a moderating impact on pay inequalities. Employing a matched sample of 192 female and male executive directors of UK listed firms we corroborate the existence of the gender pay disparities in corporate boardrooms. In line with our theoretical predictions, we find that bonuses awarded to men are not only larger than those allocated to women, but also that managerial compensation of male executive directors is much more performance-sensitive than that of female executives. The contribution of attributional and expectancy-related dynamics to these patterns is highlighted in line with previous work on gender stereotypes and implicit leadership theories such as the romance of leadership. Gender differences in risk-taking and confidence are also considered as potential explanations for the observed pay disparities. The implications of organizations’ indifference to women’s performance are examined in relation to issues surrounding the recognition and retention of female talent.executive compensation;gender pay gap;gender stereotypes;implicit leadership theories;corporate performance;romance of leadership

False discovery rate regression: an application to neural synchrony detection in primary visual cortex

Many approaches for multiple testing begin with the assumption that all tests in a given study should be combined into a global false-discovery-rate analysis. But this may be inappropriate for many of today's large-scale screening problems, where auxiliary information about each test is often available, and where a combined analysis can lead to poorly calibrated error rates within different subsets of the experiment. To address this issue, we introduce an approach called false-discovery-rate regression that directly uses this auxiliary information to inform the outcome of each test. The method can be motivated by a two-groups model in which covariates are allowed to influence the local false discovery rate, or equivalently, the posterior probability that a given observation is a signal. This poses many subtle issues at the interface between inference and computation, and we investigate several variations of the overall approach. Simulation evidence suggests that: (1) when covariate effects are present, FDR regression improves power for a fixed false-discovery rate; and (2) when covariate effects are absent, the method is robust, in the sense that it does not lead to inflated error rates. We apply the method to neural recordings from primary visual cortex. The goal is to detect pairs of neurons that exhibit fine-time-scale interactions, in the sense that they fire together more often than expected due to chance. Our method detects roughly 50% more synchronous pairs versus a standard FDR-controlling analysis. The companion R package FDRreg implements all methods described in the paper

Effect of Agricultural Practices on Nitrate Leaching

Teagasc wishes to acknowledge with gratitude funding from the 2000-2006 EPA RTDI programme in financing this research project.End of project reportA farm-scale study, carried out at Teagasc, Moorepark (Curtin’s farm), examined the effect of four managements (treatments) on nitrate-nitrogen (NO3-N) leaching over the period 2001-`05. Leaching was measured in these treatments: (T1) plots receiving dirty water and N fertilizer which were grazed; (T2) 2-cut silage and grazing plots receiving slurry and fertilizer N; (T3) grazed plots receiving fertilizer N and (T4) 1-cut silage and grazing plots receiving slurry and fertilizer N. The soil is a free-draining sandy loam overlying Karstic fissured limestone. The mean direct N inputs (kg/ha) for T1-T4 in 2001-`04 were 311, 309, 326, 331, respectively, with stocking rates (LU/ha) of 2.12 - ~2.47. Eight ceramic cups per plot, in 3 replicate plots of each treatment, were used to collect water, on a weekly basis, from 1.0 m deep using 50 kPa suction. There were 33, 37, 26 and 24 sampling dates in the 4 years, respectively. The NO3-N and NH4-N concentrations (mg/l) were determined in the water samples. The annual average and weekly concentration of these parameters was statistically analysed for all years, using a repeated measures analysis. The aggregated data were not normally distributed. There was an interaction between treatment and year (p<0.001). Significant differences (p=0.05) in NO3-N concentrations showed between the treatments in years 1, 2, 4 but not in year 3. For the NH4-N data there was no interaction between treatment and year, p=0.12, or main effect of treatment, p=0.54 but there were differences between years, p=0.01. Mean weekly concentrations were analysed separately for each year. For NO3-N, in years 1, 2 and 4 there was an interaction between treatment and week (p<0.001). With NH4-N, there was an interaction between treatment and week in all 4 years. Dirty water was significantly higher than grazed and 1 cut silage in NO3-N concentrations in year 1; in year 2, dirty water and 2 cut silage were significantly higher than the other treatments while in year 4, dirty water and grazed were significantly higher than the other two treatments. The overall four-year weighted mean NO3-N and NH4-N concentrations were 8.2 and 0.297 mg/l. The NCYCLE (UK) model was adapted for Irish conditions as NCYCLE_IRL. The NCYCLE empirical approach proved to be suitable to predict N fluxes from Irish grassland systems in most situations. Experimental data appeared to agree quite well, in most cases, with the outputs from NCYCLE_IRL. The model was not capable of predicting data from some of the leaching experiments, which suggests that the observed leaching phenomena in these experiments could be governed by non-average conditions or other parameters not accounted for in NCYCLE_IRL. An approach that took into account denitrification, leaching and herbage yield would probably explain the differences found. NCYCLE_IRL proved to be a useful tool to analyse N leaching from grazed and cut grassland systems in Ireland.Environmental Protection Agenc

Extremely Metal-Poor Stars. VII. The Most Metal-Poor Dwarf, CS 22876-032

We report high-resolution, high-signal-to-noise, observations of the extremely metal-poor double-lined spectroscopic binary CS 22876-032. The system has a long period : P = 424.7 $\pm$ 0.6 days. It comprises two main sequence stars having effective temperatures 6300 K and 5600 K, with a ratio of secondary to primary mass of 0.89 $\pm$ 0.04. The metallicity of the system is [Fe/H] = -3.71 $\pm$ 0.11 $\pm$ 0.12 (random and systematic errors) -- somewhat higher than previous estimates. We find [Mg/Fe] = 0.50, typical of values of less extreme halo material. [Si/Fe], [Ca/Fe], and [Ti/Fe], however, all have significantly lower values, ~ 0.0-0.1, suggesting that the heavier elements might have been underproduced relative to Mg in the material from which this object formed. In the context of the hypothesis that the abundance patterns of extremely metal-poor stars are driven by individual enrichment events and the models of Woosley and Weaver (1995), the data for CS 22876-032 are consistent with its having been enriched by a zero-metallicity supernova of mass 30 M$_{\odot}$. As the most metal-poor near-main-sequence-turnoff star currently known, the primary of the system has the potential to strongly constrain the primordial lithium abundance. We find A(Li) (= log(N(Li)/N(H)) + 12.00) = 2.03 $\pm$ 0.07, which is consistent with the finding of Ryan et al. (1999) that for stars of extremely low metallicity A(Li) is a function of [Fe/H].Comment: 27 pages, 9 figures, accepted for publication in The Astrophysical Journal, Sept. 1, 2000 issu

Non-Linear Effects in Non-Kerr spacetimes

There is a chance that the spacetime around massive compact objects which are expected to be black holes is not described by the Kerr metric, but by a metric which can be considered as a perturbation of the Kerr metric. These non-Kerr spacetimes are also known as bumpy black hole spacetimes. We expect that, if some kind of a bumpy black hole exists, the spacetime around it should possess some features which will make the divergence from a Kerr spacetime detectable. One of the differences is that these non-Kerr spacetimes do not posses all the symmetries needed to make them integrable. We discuss how we can take advantage of this fact by examining EMRIs into the Manko-Novikov spacetime.Comment: 8 pages, 3 Figures; to appear in the proceedings of the conference "Relativity and Gravitation: 100 Years after Einstein in Prague" (2012