4,818 research outputs found
Foreign Ownership and Corporate Restructuring: Direct Investment by Emerging-Market Firms in the United States
This paper examines the recent upsurge in foreign direct investment by emerging-market firms into the
United States. Traditionally, direct investment flowed from developed to developing countries, bringing
with it superior technology, organizational capital, and access to international capital markets, yet
increasingly there is a trend towards Òcapital flowing uphillÓ with emerging market investors acquiring a
broad range of assets in developed countries. Using transaction-specific information and firm-level
accounting data we evaluate the operating performance of publicly traded U.S. firms that have been
acquired by firms from emerging markets over the period 1980-2007. Our empirical methodology uses a
difference-in-differences approach combined with propensity score matching to create an appropriate
control group of non-acquired firms. The results suggest that emerging country acquirers tend to choose
U.S. targets that are larger in size (measured as sales, total assets and employment), relative to matched
non-acquired U.S. firms before the acquisition year. In the years following the acquisition, sales and
employment decline while profitability rises, suggesting significant restructuring of the target firms.foreign direct investment, capital flows, emerging markets, acquisitions, firm performance
Foreign Ownership and Firm Performance: Emerging-Market Acquisitions in the United States
This paper examines the recent upsurge in foreign acquisitions of U.S. firms, specifically focusing
on acquisitions made by firms located in emerging markets. Neoclassical theory predicts that, on net,
capital should flow from countries that are capital-abundant to countries that are capital-scarce. Yet
increasingly emerging market firms are acquiring assets in developed countries. Using transaction-specific
acquisition data and firm-level accounting data we evaluate the post-acquisition performance of publicly
traded U.S. firms that have been acquired by firms from emerging markets over the period 1980-2007.
Our empirical methodology uses a difference-in-differences approach combined with propensity score
matching to create an appropriate control group of non-acquired firms. The results suggest that emerging
country acquirers tend to choose U.S. targets that are larger in size (measured as sales, total assets
and employment), relative to matched non-acquired U.S. firms before the acquisition year. In the years
following the acquisition, sales and employment decline while profitability rises, suggesting significant
restructuring of the target firms.fdi, foreign direct investment,
The quantum probability ranking principle for information retrieval
While the Probability Ranking Principle for Information Retrieval provides the basis for formal models, it makes a very strong assumption regarding the dependence between documents. However, it has been observed that in real situations this assumption does not always hold. In this paper we propose a reformulation of the Probability Ranking Principle based on quantum theory. Quantum probability theory naturally includes interference effects between events. We posit that this interference captures the dependency between the judgement of document relevance. The outcome is a more sophisticated principle, the Quantum Probability Ranking Principle, that provides a more sensitive ranking which caters for interference/dependence between documents’ relevanc
Transcriptional profiling of the epigenetic regulator Smchd1
Available online 31 December 2015Smchd1 is an epigenetic repressor with important functions in healthy cellular processes and disease. To elucidate its role in transcriptional regulation, we performed two independent genome-wide RNA-sequencing studies comparing wild-type and Smchd1 null samples in neural stem cells and lymphoma cell lines. Using an R-based analysis pipeline that accommodates observational and sample-specific weights in the linear modeling, we identify key genes dysregulated by Smchd1 deletion such as clustered protocadherins in the neural stem cells and imprinted genes in both experiments. Here we provide a detailed description of this analysis, from quality control to read mapping and differential expression analysis. These data sets are publicly available from the Gene Expression Omnibus database (accession numbers GSE64099 and GSE65747).Ruijie Liu, Kelan Chen, Natasha Jansz, Marnie E. Blewitt, Matthew E. Ritchi
Generalized Korn's inequality and conformal Killing vectors
Korn's inequality plays an important role in linear elasticity theory. This
inequality bounds the norm of the derivatives of the displacement vector by the
norm of the linearized strain tensor. The kernel of the linearized strain
tensor are the infinitesimal rigid-body translations and rotations (Killing
vectors). We generalize this inequality by replacing the linearized strain
tensor by its trace free part. That is, we obtain a stronger inequality in
which the kernel of the relevant operator are the conformal Killing vectors.
The new inequality has applications in General Relativity.Comment: 8 page
Universality of the thermodynamic Casimir effect
Recently a nonuniversal character of the leading spatial behavior of the
thermodynamic Casimir force has been reported [X. S. Chen and V. Dohm, Phys.
Rev. E {\bf 66}, 016102 (2002)]. We reconsider the arguments leading to this
observation and show that there is no such leading nonuniversal term in systems
with short-ranged interactions if one treats properly the effects generated by
a sharp momentum cutoff in the Fourier transform of the interaction potential.
We also conclude that lattice and continuum models then produce results in
mutual agreement independent of the cutoff scheme, contrary to the
aforementioned report. All results are consistent with the {\em universal}
character of the Casimir force in systems with short-ranged interactions. The
effects due to dispersion forces are discussed for systems with periodic or
realistic boundary conditions. In contrast to systems with short-ranged
interactions, for one observes leading finite-size contributions
governed by power laws in due to the subleading long-ranged character of
the interaction, where is the finite system size and is the
correlation length.Comment: 11 pages, revtex, to appear in Phys. Rev. E 68 (2003
Duality between quantum symmetric algebras
Using certain pairings of couples, we obtain a large class of two-sided
non-degenerated graded Hopf pairings for quantum symmetric algebras.Comment: 15 pages. Letters in Math. Phy., to appear soo
Foreign Ownership and Firm Performance: Emerging-Market Acquisitions in the United States
This paper examines the recent upsurge in foreign acquisitions of U.S. firms, specifically focusing on acquisitions made by firms located in emerging markets. Neoclassical theory predicts that, on net, capital should flow from countries that are capital-abundant to countries that are capital-scarce. Yet increasingly emerging market firms are acquiring assets in developed countries. Using transaction-specific acquisition data and firm-level accounting data we evaluate the post-acquisition performance of publicly traded U.S. firms that have been acquired by firms from emerging markets over the period 1980-2007. Our empirical methodology uses a difference-in-differences approach combined with propensity score matching to create an appropriate control group of non-acquired firms. The results suggest that emerging country acquirers tend to choose U.S. targets that are larger in size (measured as sales, total assets and employment), relative to matched non-acquired U.S. firms before the acquisition year. In the years following the acquisition, sales and employment decline while profitability rises, suggesting significant restructuring of the target firms.
Test of renormalization predictions for universal finite-size scaling functions
We calculate universal finite-size scaling functions for systems with an
n-component order parameter and algebraically decaying interactions. Just as
previously has been found for short-range interactions, this leads to a
singular epsilon-expansion, where epsilon is the distance to the upper critical
dimension. Subsequently, we check the results by numerical simulations of spin
models in the same universality class. Our systems offer the essential
advantage that epsilon can be varied continuously, allowing an accurate
examination of the region where epsilon is small. The numerical calculations
turn out to be in striking disagreement with the predicted singularity.Comment: 6 pages, including 3 EPS figures. To appear in Phys. Rev. E. Also
available as PDF file at
http://www.cond-mat.physik.uni-mainz.de/~luijten/erikpubs.htm
25th-order high-temperature expansion results for three-dimensional Ising-like systems on the simple cubic lattice
25th-order high-temperature series are computed for a general
nearest-neighbor three-dimensional Ising model with arbitrary potential on the
simple cubic lattice. In particular, we consider three improved potentials
characterized by suppressed leading scaling corrections. Critical exponents are
extracted from high-temperature series specialized to improved potentials,
obtaining , , ,
, , . Moreover, biased
analyses of the 25th-order series of the standard Ising model provide the
estimate for the exponent associated with the leading scaling
corrections. By the same technique, we study the small-magnetization expansion
of the Helmholtz free energy. The results are then applied to the construction
of parametric representations of the critical equation of state, using a
systematic approach based on a global stationarity condition. Accurate
estimates of several universal amplitude ratios are also presented.Comment: 40 pages, 15 figure
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