Privatization and governance regulation in frontier emerging markets: The case of Romania

We investigate the link between the regulation of control transactions and the institutional and corporate features of public companies, by analyzing the massive delisting activity in the Romanian capital market. The peculiar ownership reforms involving a large number of listed companies offer a unique opportunity to test Bebchuk and Roe’s (2000) theory of path dependence. Over time, the Romanian authorities have undertaken wide-ranging institutional reforms, most of which favoring blockholders over small and dispersed shareholders. Our empirical approach, based on logit and duration models, allows us to analyze the evolution of public companies over this period and sheds light on the likely events causing the eclipse of frontier emerging markets. Our main findings reveal that delisting is more likely to occur when (i) the shareholdings acquired from the privatization authority by circumventing the capital market are high; (ii) the company experiences frequent takeover bids; and (iii) the stock liquidity is low.ou

Ultrafast Enhancement of Ferromagnetism via Photoexcited Holes in GaMnAs

We report on the observation of ultrafast photo-enhanced ferromagnetism in GaMnAs. It is manifested as a transient magnetization increase on a 100-ps time scale, after an initial sub-ps demagnetization. The dynamic magnetization enhancement exhibits a maximum below the Curie temperature Tc and dominates the demagnetization component when approaching Tc. We attribute the observed ultrafast collective ordering to the p-d exchange interaction between photoexcited holes and Mn spins, leading to a correlation-induced peak around 20K and a transient increase in Tc.Comment: 4 page

Transient terahertz spectroscopy of excitons and unbound carriers in quasi two-dimensional electron-hole gases

We report a comprehensive experimental study and detailed model analysis of the terahertz dielectric response and density kinetics of excitons and unbound electron-hole pairs in GaAs quantum wells. A compact expression is given, in absolute units, for the complex-valued terahertz dielectric function of intra-excitonic transitions between the 1s and higher-energy exciton and continuum levels. It closely describes the terahertz spectra of resonantly generated excitons. Exciton ionization and formation are further explored, where the terahertz response exhibits both intra-excitonic and Drude features. Utilizing a two-component dielectric function, we derive the underlying exciton and unbound pair densities. In the ionized state, excellent agreement is found with the Saha thermodynamic equilibrium, which provides experimental verification of the two-component analysis and density scaling. During exciton formation, in turn, the pair kinetics is quantitatively described by a Saha equilibrium that follows the carrier cooling dynamics. The terahertz-derived kinetics is, moreover, consistent with time-resolved luminescence measured for comparison. Our study establishes a basis for tracking pair densities via transient terahertz spectroscopy of photoexcited quasi-two-dimensional electron-hole gases.Comment: 14 pages, 8 figures, final versio

Charge transport and phase transition in exciton rings

The macroscopic exciton rings observed in the photoluminescence (PL) patterns of excitons in coupled quantum wells (CQWs) are explained by a series of experiments and a theory based on the idea of carrier imbalance, transport and recombination. The rings are found to be a source of cold excitons with temperature close to that of the lattice. We explored states of excitons in the ring over a range of temperatures down to 380 mK. These studies reveal a sharp, albeit continuous, second order phase transition to a low-temperature ordered exciton state, characterized by ring fragmentation into a periodic array of aggregates. An instability at the onset of degeneracy in the cold exciton system, due to stimulated exciton formation, is proposed as the transition mechanism.Comment: 8 pages including 4 figure

Observation of inter-Landau-level quantum coherence in semiconductor quantum wells

Using three-pulse four-wave-mixing femtosecond spectroscopy, we excite a non-radiative coherence between the discrete Landau levels of an undoped quantum well and study its dynamics. We observe quantum beats that reflect the time evolution of the coherence between the two lowest Landau level magnetoexcitons. We interpret our observations using a many-body theory and find that the inter Landau level coherence decays with a new time constant, substantially longer than the corresponding interband magnetoexciton dephasing times. Our results indicate a new intraband excitation dynamics that cannot be described in terms of uncorrelated interband excitations.Comment: 5 pages, 5 figures, to appear in Phys. Rev. B Rapid Communication