11,692 research outputs found
TRADE LIBERALIZATION AND INTERNATIONAL MERGER IN COURNOT INDUSTRIES: THE CASE OF BARLEY MALTING IN NORTH AMERICA
When free trade merges formally distinct non-competitive industries, welfare should increase. Additional incentives for mergers may reduce these gains from free trade. We show the importance of such arguments in an analysis of the malting barley industry in North America before and after the Canadian/U.S. free trade agreement.International Relations/Trade,
Automorphisms of real Lie algebras of dimension five or less
The Lie algebra version of the Krull-Schmidt Theorem is formulated and proved. This leads to a method for constructing the automorphisms of a direct sum of Lie algebras from the automorphisms of its indecomposable components. For finite-dimensional Lie algebras, there is a well-known algorithm for finding such components, so the theorem considerably simplifies the problem of classifying the automorphism groups. We illustrate this by classifying the automorphisms of all indecomposable real Lie algebras of dimension five or less. Our results are presented very concisely, in tabular form
CHANGING STRUCTURES IN THE BARLEY PRODUCTION AND MALTING INDUSTRIES OF THE UNITED STATES AND CANADA
Substantial changes have taken place recently in the regulation of agricultural trade in North America. The effect of these changes on trade in agricultural commodities is of particular interest to producers and policymakers in the Northern Plains and Rockies region. In this paper, we discuss specifically the malt barley production, malting, and brewing industries in light of these new trade agreements and their ramifications. We evaluate the incentives that free trade provides for mergers between barley malting firms, and then we assess the consequences of these mergers on the realized gains from trade for consumers, barley producers, and malting firms. The globalization of markets has fundamentally changed the world in which economic agents operate. Trade has been liberalized through multilateral world-wide agreements such as the General Agreement on Trade and Tariffs (GATT) and through regional free trade agreements such as those within the European Union, the Canadian/United States Trade Agreement (CUSTA), and the North American Free Trade Agreement (NAFTA). A striking phenomena which has accompanied trade liberalization has been the international merger of firms and the creation of many jointly owned multinational operations. There are two distinct types of malt barley that differ in their yield and in their production areas in North America. Montana and the Canadian provinces grow primarily high-quality two row barley, while North Dakota and Minnesota produce primarily six row malting varieties. Two row barley yields more malt per bushel for maltsters, but it is more prone to disease for barley producers. The opening of the border between the United States and Canada has made large quantities of two row barley available to U.S. malting firms and brewers. The trade policy literature suggests that trade liberalization will have a profound impact on domestic policy choice, making the costs of any government action to increase market prices above the prevailing world price more expensive. Open borders should also provide discipline on how industries price in the domestic market. With import restrictions such as tariffs in place, the non-competitive industry structures that raise prices in the domestic market can exist with limited fear of foreign competition. With freer trade, however, the industry faces more potential competition. When a free trade policy merges formally distinct markets for which stable industry structures exist, this creates additional incentives for mergers within the newly combined industry that reduce these gains from free trade. This analysis was motivated by observing the malting barley industry in Canada and the United States. In 1985, prior to CUSTA, the two domestic markets for barley malt were distinctly separated by import license requirements into Canada and import tariffs in the United States. As such, both countries had large malting industries, but there was little trade flow between the two countries in malting barley, in barley malt, or in beer. Four firms controlled 90 percent of the Canadian malting market, and six firms controlled over 80 percent of the U.S. malting market before CUSTA. As a result of mergers after CUSTA, five firms owned 90 percent of the malting capacity in North America. Economies of scale and elimination of high cost plants often drive industry consolidation. Interestingly enough, despite all of the merger activity among malting firms, there were very few plant closures and very little new capacity built. Even new entrants to either the United States or Canadian industries purchased the assets of existing firms, rather than building new plants. We review relevant literature for firm behavior and report the results of a model for the incentives for plant mergers in the North American malting industry following CUSTA. We evaluate malting firm profits, the changes in malting margins, the price effects, and the overall welfare effects of the creation of the free trade area and subsequent mergers within the industry. We found that free trade, in the absence of mergers, increases output in both countries and reduces malting margins leading to large gains for consumers and producers of malt barley. The agreement, however, also increases incentives for mergers. With the mergers that took place, we show that merging barley malting firms have incentives to decrease output by about 21 percent, while their producers' surplus increased by approximately 34 percent. The net benefits of free trade to consumers and input suppliers are reduced by mergers, while the profits of merging firms are increased by them. Overall, with free trade and mergers, there is still a net social gain relative to pre-CUSTA. Malt production in Canada increases by over 12 percent, while that in the U.S. is slightly lower, leaving North American consumers, firms, and barley producers better off.malting barley, industry concentration, free trade agreement, Industrial Organization, Q1, F1,
Organisational learning and the organisational life cycle: the differential aspects of an integrated relationship in SMEs
Purpose: This study seeks to relate the practice of organisational learning (OL) in small and medium-sized enterprises (SMEs) to the organisational life cycle (OLC), contextualising the differential aspects of an integrated relationship between them.
Design/methodology/approach: It is a mixed method study with two consecutive phases. In Phase I, 30 Hong Kong SMEs identified through theoretical sampling were classified into three life-cycle stages – inception, high-growth, and maturity. In Phase II, their employees’ learning practices (grouped by learning levels) were statistically compared using the Analysis of Variance (ANOVA) and then followed up for confirmation with qualitative semi-structured interviews.
Findings: This study uniquely suggests the nature of a relationship between SME organisational learning and the OLC. Empirical results show that three out of the four learning levels (individual, group, organisational, and inter-organisational) practised in SMEs are varied in importance between life-cycle stages.
Research limitations/implications: Comparative studies are encouraged in other parts of the world to strengthen the findings – with either SMEs or large organisations.
Practical implications: The study informs SME owner/managers about what is important for employee learning at different business stages so that appropriate learning strategies or human resource development (HRD) policies can be formulated in a timely fashion to promote competitiveness.
Originality/value: It is among the first studies to connect SME learning with organisational growth. The relationships found serve as a sound foundation for further empirical investigations
Fluid-Induced Propulsion of Rigid Particles in Wormlike Micellar Solutions
In the absence of inertia, a reciprocal swimmer achieves no net motion in a
viscous Newtonian fluid. Here, we investigate the ability of a reciprocally
actuated particle to translate through a complex fluid that possesses a network
using tracking methods and birefringence imaging. A geometrically polar
particle, a rod with a bead on one end, is reciprocally rotated using magnetic
fields. The particle is immersed in a wormlike micellar (WLM) solution that is
known to be susceptible to the formation of shear bands and other localized
structures due to shear-induced remodeling of its microstructure. Results show
that the nonlinearities present in this WLM solution break time-reversal
symmetry under certain conditions, and enable propulsion of an artificial
"swimmer." We find three regimes dependent on the Deborah number (De): net
motion towards the bead-end of the particle at low De, net motion towards the
rod-end of the particle at intermediate De, and no appreciable propulsion at
high De. At low De, where the particle time-scale is longer then the fluid
relaxation time, we believe that propulsion is caused by an imbalance in the
fluid first normal stress differences between the two ends of the particle
(bead and rod). At De~1, however, we observe the emergence of a region of
network anisotropy near the rod using birefringence imaging. This anisotropy
suggests alignment of the micellar network, which is "locked in" due to the
shorter time-scale of the particle relative to the fluid
Suppression of Classical and Quantum Radiation Pressure Noise via Electro-Optic Feedback
We present theoretical results that demonstrate a new technique to be used to
improve the sensitivity of thermal noise measurements: intra-cavity intensity
stabilisation. It is demonstrated that electro-optic feedback can be used to
reduce intra-cavity intensity fluctuations, and the consequent radiation
pressure fluctuations, by a factor of two below the quantum noise limit. We
show that this is achievable in the presence of large classical intensity
fluctuations on the incident laser beam. The benefits of this scheme are a
consequence of the sub-Poissonian intensity statistics of the field inside a
feedback loop, and the quantum non-demolition nature of radiation pressure
noise as a readout system for the intra-cavity intensity fluctuations.Comment: 4 pages, 1 figur
Pump-probe differencing technique for cavity-enhanced, noise-canceling saturation laser spectroscopy
We present an experimental technique enabling mechanical-noise free,
cavity-enhanced frequency measurements of an atomic transition and its
hyperfine structure. We employ the 532nm frequency doubled output from a Nd:YAG
laser and an iodine vapour cell. The cell is placed in a traveling-wave
Fabry-Perot interferometer (FPI) with counter-propagating pump and probe beams.
The FPI is locked using the Pound-Drever-Hall (PDH) technique. Mechanical noise
is rejected by differencing pump and probe signals. In addition, this
differenced error signal gives a sensitive measure of differential
non-linearity within the FPI.Comment: 3 pages, 5 figures, submitted to Optics Letter
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