International Financial Liberalization and Industry Growth

The growth effects of international financial liberalization and integration are investigated using the methodology and data developed by Rajan and Zingales (1998). The main result is that industries highly dependent on external financing do not experience higher growth in value added in countries with liberalized financial markets. Liberalization does, however, increase the growth rates of both production and firm creation among externally dependent industries – given that countries have reached a relatively high level of financial development. These results are consistent both with increased competition and increased outsourcing. Some preliminary evidence point towards the latter explanation.Financial liberalization; Financial integration; Economic growth

International Financial Liberalization and Industry Growth

The growth effects of international financial liberalization and integration are investigated using the methodology and data developed by Rajan and Zingales (1998). The main result is that industries highly dependent on external financing do not experience higher growth in value added in countries with liberalized financial markets. Liberalization does, however, increase the growth rates of both production and firm creation among externally dependent industries - given that the countries have reached a relatively high level of financial development. These results are consistent both with increased competition and increased outsourcing. Some preliminary evidence point towards the latter explanation.Financial Liberalization; Financial Integration; Economic Growth

Flux-calibrated stellar population models of Lick absorption-line indices with variable element abundance ratios

We present new stellar population models of Lick absorption-line indices with variable element abundance ratios. The models are based on our new calibrations of absorption-line indices with stellar parameters derived from the MILES stellar library. The key novelty compared to our previous models is that they are now available at the higher spectral resolution of MILES (~2.7A FWHM) and flux-calibrated, hence not tied anymore to the Lick/IDS system. This is essential for the interpretation of galaxy spectra where calibration stars are not available, such as large galaxy redshift surveys or other high-redshift observations. We note that the MILES resolution appears to be comparable to SDSS resolution, so that our models can be applied to SDSS data without any corrections for instrumental spectral resolution. For the first time we provide random errors for the model predictions based on the uncertainties in the calibration functions and the underlying stellar parameter estimates. We show that random errors are small except at the edges of the parameter space (high/low metallicities and young ages <1 Gyr) where the stellar library is under-sampled. We calibrate the base model for the parameters age, metallicity and alpha/Fe ratio with galactic globular cluster and galaxy gradient data. We discuss two model flavours with different input stellar evolutionary tracks from the Frascati and Padova groups. The new model release now includes abundance variations of the elements C, N, Mg, Na, Si, Ca, Ti, Cr, and Fe. The individual elements that are best accessible with these models and the standard set of Lick absorption features are C, N, Mg, Ca, Ti, and Fe. The model data is available at www.icg.port.ac.uk/~thomasd.Comment: MNRAS, re-submitted including referee's comments (moderate revision

Expected neutrino fluence from short Gamma-Ray Burst 170817A and off-axis angle constraints

We compute the expected neutrino fluence from SGRB 170817A, associated with the gravitational wave event GW 170817, directly based on Fermi observations in two scenarios: structured jet and off-axis (observed) top-hat jet. While the expected neutrino fluence for the structured jet case is very small, large off-axis angles imply high radiation densities in the jet, which can enhance the neutrino production efficiency. In the most optimistic allowed scenario, the neutrino fluence can reach only $10^{-4}$ of the sensitivity of the neutrino telescopes. We furthermore demonstrate that the fact that gamma-rays can escape limits the baryonic loading (energy in protons versus photons) and the off-axis angle for the internal shock scenario. In particular, for a baryonic loading of ten, the off-axis angle is more strongly constrained by the baryonic loading than by the time delay between the gravitational wave event and the onset of the gamma-ray emission.Comment: 9 pages, 6 figure

Empirical calibrations of optical absorption line indices based on the stellar library MILES

Stellar population models of absorption line indices are an important tool for the analysis of stellar population spectra. They are most accurately modelled through empirical calibrations of absorption line indices with the stellar parameters effective temperature, metallicity, and surface gravity, the so-called fitting functions. Here we present new empirical fitting functions for the 25 optical Lick absorption line indices based on the new stellar library MILES. The major improvements with respect to the Lick/IDS library are the better sampling of stellar parameter space, a generally higher signal- to-noise, and a careful flux calibration. In fact we find that errors on individual index measurements in MILES are considerably smaller than in Lick/IDS. Instead we find the rms of the residuals between the final fitting functions and the data to be dominated by errors in the stellar parameters. We provide fitting functions for both Lick/IDS and MILES spectral resolutions, and compare our results with other fitting functions in the literature. A Fortran 90 code is available online in order to simplify the implementation in stellar population models. We further calculate the offsets in index measurements between the Lick/IDS system to a flux calibrated system. For this purpose we use the three libraries MILES, ELODIE, and STELIB. We find that offsets are negligible in some cases, most notably for the widely used indices Hbeta, Mgb, Fe5270, and Fe5335. In a number of cases, however, the difference between flux calibrated library and Lick/IDS is significant with the offsets depending on index strengths. Interestingly, there is no general agreement between the three libraries for a large number of indices, which hampers the derivation of a universal offset between the Lick/IDS and flux calibrated systems.Comment: 19 pages, MNRAS in press, online material available at http://www.icg.port.ac.uk/~johanss

Ligand design for site-selective installation of Pd and Pt centers to generate homo- and heteropolymetallic motifs

The modular synthesis of a series of nitrogen-rich polydentate ligands that feature a common pincer-type framework is reported. These ligands allow for site-selective installation of palladium and platinum to give rise to bi- and trimetallic complexes that have d^(8)–d^(8) interactions

What Determines Top Income Shares? Evidence from the Twentieth Century

This paper examines the long-run determinants of the evolution of top in-come shares. Using a newly assembled panel of 16 developed countries over the entire twentieth century, we find that financial development dis-proportionately boosts top incomes. This effect appears to be particularly strong during the early stages of a country’s development. Economic growth is strongly pro-rich which is inconsistent with globalized labor markets determining the incomes of elites. Furthermore, international trade is not associated with increases in top incomes on average, but is so in An-glo-Saxon countries. Finally, tax progressivity has a significant negative ef-fect on top income shares whereas government spending has no such clear impact on inequality.Top incomes; income inequality; financial development; trade openness; government spending; economic development

What Determines Top Income Shares? Evidence from the Twentieth Century

This paper examines the long-run determinants of the evolution of top income shares. Using a newly assembled panel of 16 developed countries over the entire twentieth century, we find that financial development disproportionately boosts top incomes. This effect appears to be particularly strong during the early stages of a country’s development. Economic growth is strongly pro-rich which is inconsistent with globalized labor markets determining the incomes of elites. Furthermore, international trade is not associated with increases in top incomes on average, but is so in Anglo-Saxon countries. Finally, tax progressivity has a significant negative effect on top income shares whereas government spending has no such clear impact on inequality.Top incomes; income inequality; financial development; trade openness; government spending; economic development