The impact of M&A on the R&D process. An empirical analysis of the role of technological and market relatedness.

While the impact of M&A on R&D and innovation examined at the aggregate level left inconclusive evidence, we find that at the level of the R&D process both the technological and market relatedness between the target and acquirer are helpful dimensions to identify effects. Using information on 31 in-depth cases of individual M&A deals we show that technological relatedness between M&A partners directly affects the inputs and organizational structure of the R&D process. M&A partners that operate in the same technological fields tend to reduce their R&D effort and rationalize the R&D process after the M&A compared to firms active in complementary technological fields that merge. These firms will furthermore face less technological competition in the technology market, but risk creating a more bureaucratic R&D process with a less motivated workforce. Market relatedness between partners, while having comparable aggregate effects on the R&D process, operates on different dimensions of the R&D process. Former rivals that engage in a M&A are significantly less likely to expand into new R&D fields or leverage their technological competences across the products and markets of the new entity. Non-rival firms that join forces, on the contrary, significantly increase R&D output and productivity through these activities.Competition; Effects; Field; Firms; Information; Innovation; International; M&A; Market; Market relatedness; Markets; Organizational structure; Processes; Product; R&D; Risk; Scale and scope; Structure; Subsidiaries; Technolocal relatedness; Technology diffusion;

A novel CMB polarization likelihood package for large angular scales built from combined WMAP and Planck LFI legacy maps

We present a CMB large-scale polarization dataset obtained by combining WMAP Ka, Q and V with Planck 70 GHz maps. We employ the legacy frequency maps released by the WMAP and Planck collaborations and perform our own Galactic foreground mitigation technique, which relies on Planck 353 GHz for polarized dust and on Planck 30 GHz and WMAP K for polarized synchrotron. We derive a single, optimally-noise-weighted, low-residual-foreground map and the accompanying noise covariance matrix. These are shown, through $\chi^2$ analysis, to be robust over an ample collection of Galactic masks. We use this dataset, along with the Planck legacy Commander temperature solution, to build a pixel-based low-resolution CMB likelihood package, whose robustness we test extensively with the aid of simulations, finding excellent consistency. Using this likelihood package alone, we constrain the optical depth to reionazation $\tau=0.069^{+0.011}_{-0.012}$ at $68\%$ C.L., on 54\% of the sky. Adding the Planck high-$\ell$ temperature and polarization legacy likelihood, the Planck lensing likelihood and BAO observations we find $\tau=0.0714_{-0.0096}^{+0.0087}$ in a full $\Lambda$CDM exploration. The latter bounds are slightly less constraining than those obtained employing \Planck\ HFI CMB data for large angle polarization, that only include EE correlations. Our bounds are based on a largely independent dataset that does include also TE correlations. They are generally well compatible with Planck HFI preferring slightly higher values of $\tau$. We make the low-resolution Planck and WMAP joint dataset publicly available along with the accompanying likelihood code.Comment: The WMAP+LFI likelihood module is available on \http://www.fe.infn.it/u/pagano/low_ell_datasets/wmap_lfi_legacy

Nanofriction behavior of cluster-assembled carbon films

We have characterized the frictional properties of nanostructured (ns) carbon films grown by Supersonic Cluster Beam Deposition (SCBD) via an Atomic Force-Friction Force Microscope (AFM-FFM). The experimental data are discussed on the basis of a modified Amonton's law for friction, stating a linear dependence of friction on load plus an adhesive offset accounting for a finite friction force in the limit of null total applied load. Molecular Dynamics simulations of the interaction of the AFM tip with the nanostructured carbon confirm the validity of the friction model used for this system. Experimental results show that the friction coefficient is not influenced by the nanostructure of the films nor by the relative humidity. On the other hand the adhesion coefficient depends on these parameters.Comment: 22 pages, 6 figures, RevTex

A new approach to crystal growth of Hg1−xCdxTe by the travelling heater method (THM)

Crystal growth by the travelling heater method (THM) is reported using a source material preparation process that is different from all methods used before. Non-stoichiometric (Hg, Cd)Te melts were homogenized and quenched to prevent macroscopic segregation effects. Inclusions of excess Te were removed during a first THM pass, resulting in stoichiometric solid alloys with a shift of the mole fraction towards higher CdTe contents. The amount of the shift, dependent on the Te excess and on the equilibrium temperature of the first THM run, was calculated and taken into account in the preparation of x=0.22 and x=0.30 Hg1-xCdxTe single crystals. Source material ingots, as well as THM single crystals, were characterized with special emphasis of the compositional homogeneity. Radial as well as axial homogeneity are comparable with the best results on THM crystals reported so far. The described method can be used in growing all materials for which THM is possible. However, quantitative calculation requires the exact knowledge of the particular ternary phase diagram

Interplay between bending and stretching in carbon nanoribbons

We investigate the bending properties of carbon nanoribbons by combining continuum elasticity theory and tight-binding atomistic simulations. First, we develop a complete analysis of a given bended configuration through continuum mechanics. Then, we provide by tight-binding calculations the value of the bending rigidity in good agreement with recent literature. We discuss the emergence of a stretching field induced by the full atomic-scale relaxation of the nanoribbon architecture. We further prove that such an in-plane strain field can be decomposed into a first contribution due to the actual bending of the sheet and a second one due to edge effects.Comment: 5 pages, 6 figure

Orbital dynamics of "smart dust" devices with solar radiation pressure and drag

This paper investigates how perturbations due to asymmetric solar radiation pressure, in the presence of Earth shadow, and atmospheric drag can be balanced to obtain long-lived Earth centred orbits for swarms of micro-scale 'smart dust' devices, without the use of active control. The secular variation of Keplerian elements is expressed analytically through an averaging technique. Families of solutions are then identified where Sun-synchronous apse-line precession is achieved passively to maintain asymmetric solar radiation pressure. The long-term orbit evolution is characterized by librational motion, progressively decaying due to the non-conservative effect of atmospheric drag. Long-lived orbits can then be designed through the interaction of energy gain from asymmetric solar radiation pressure and energy dissipation due to drag. In this way, the usual short drag lifetime of such high area-to-mass spacecraft can be greatly extended (and indeed selected). In addition, the effect of atmospheric drag can be exploited to ensure the rapid end-of-life decay of such devices, thus preventing long-lived orbit debris