Ownership, Economic Entrenchment and Allocation of Capital

In an efficient economy, capital should be quickly (re)allocated from declining firms and sectors to more profitable investment opportunities. This process is affected by the concentration of corporate control, which in turn is affected by market institutions. We employ a panel of 12,000 firms across 44 countries to estimate the functional efficiency of capital markets. We adapt a measure for the efficiency of capital allocation using the accelerator principle. Our empirical results show weak property rights and highly concentrated ownership reduce the functional efficiency of capital markets. Findings support the economic entrenchment hypothesis but not the legal origins hypothesis.Allocation of capital; accelerator principle; ownership; functional efficiency; economic entrenchment

A Methodological Note on Measuring the Functional Efficiency of Capital Markets

We apply the accelerator principle to measure the functional efficiency of capital markets. We estimate the elasticity of capital with respect to output using a panel of firms across 44 countries, and compare the results with existing approaches. Furthermore, we correlate our measure with corporate governance institutions.Allocation of capital; accelerator principle; functional efficiency:

Compressed and Split Spectra in Minimal SUSY SO(10)

The non-observation of supersymmetric signatures in searches at the Large Hadron Collider strongly constrains minimal supersymmetric models like the CMSSM. We explore the consequences on the SUSY particle spectrum in a minimal SO(10) with large D-terms and non-universal gaugino masses at the GUT scale. This changes the sparticle spectrum in a testable way and for example can sufficiently split the coloured and non-coloured sectors. The splitting provided by use of the SO(10) D-terms can be exploited to obtain light first generation sleptons or third generation squarks, the latter corresponding to a compressed spectrum scenario.Comment: 35 pages, 10 figures, published versio

Promarket Reforms and Allocation of Capital in India

The government of India initiated pro-market reforms in the 1990s, after almost five decades of socialist planning. These and subsequent policy reforms are credited as the drivers of India’s radical economic transformation. Prior to reforms, private investment was strictly regulated and restricted to certain areas and sectors. There have since been numerous changes in sectors important for investment, which should lead to changes in outcomes of firm-level strategic decision making and investment behavior. By most estimates, India will continue to grow. The purpose of this paper is to investigate changes in investment behavior from the introduction of reforms to current conditions. Reforms changed several institutional frameworks for firm operations, allowing firms to pursue more competitive strategies. Given the importance of ownership in determining firm efficiency and access to capital, we examine the effect of ownership on the performance of Indian firms for the period 1991-2006. We also examine industry differences in capital allocation. We compute a measure of investment efficiency derived from the accelerator principle: Elasticity of capital with respect to output. We examine the effect of various ownership structures on investment behavior and the efficiently of capital allocation across different sectors of the economy. We find that the allocation of capital has been slow to respond to reforms, indicating similar pace of firm responses.allocation of capital; India; institutional reforms; ownership

The Pulse Scale Conjecture and the Case of BATSE Trigger 2193

The pulses that compose gamma-ray bursts (GRBs) are hypothesized to have the same shape at all energies, differing only by scale factors in time and amplitude. This "Pulse Scale Conjecture" is confirmed here between energy channels of the dominant pulse in GRB 930214c (BATSE trigger 2193), the single most fluent single-pulsed GRB that occurred before May 1998. Furthermore, pulses are hypothesized to start at the same time independent of energy. This "Pulse Start Conjecture" is also confirmed in GRB 930214c. Analysis of GRB 930214c also shows that, in general, higher energy channels show shorter temporal scale factors. Over the energy range 100 KeV - 1 MeV, it is found that the temporal scale factors between a pulse measured at different energies are related to that energy by a power law, possibly indicating a simple relativistic mechanism is at work. To test robustness, the Pulse Start and Pulse Scale Conjectures were also tested on the four next most fluent single-pulse GRBs. Three of the four clearly passed, with a second smaller pulse possibly confounding the discrepant test. Models where the pulse rise and decay are created by different phenomena do not typically predict pulses that satisfy both the Pulse Start Conjecture and the Pulse Scale Conjecture, unless both processes are seen to undergo common time dilation.Comment: 19 pages, 9 figures, analysis revised and extended, accepted to Ap

Two-twenty Kev Spectrum of X-rays from the Crab Nebula and the Diffuse Background near Galactic Anticenter

X ray spectroscopy of Crab nebula and diffuse background by sounding balloons and rocket

Technology, crisis communication and culture: Singapore’s love-hate relationship with social media.

See attache

Local anaesthetic adjuncts for peripheral nerve blockade.

Moderate-to-severe pain is common and remains a significant problem. Compared with opioid analgesia alone, single-shot peripheral nerve blockade has been associated with improved pain relief and the potential of decreased side effects. Single-shot nerve blockade, however, is limited by its relatively short duration of action. In this review, we aim to summarize the evidence related to local anaesthetic adjuncts for peripheral nerve blockade. Dexamethasone and dexmedetomidine exhibit characteristics that most closely resemble the ideal local anaesthetic adjunct. In upper limb block, dexamethasone has been demonstrated to be superior to dexmedetomidine regardless of administration route for the duration of sensory and motor blockade as well as the duration of analgesia. No clinically significant differences between intravenous and perineural dexamethasone were found. Perineural and intravenous dexamethasone have the potential to prolong sensory blockade to a greater extent than motor blockade. The evidence indicates that the mechanism of action of perineural dexamethasone in upper limb block is systemic in nature. Unlike perineural dexmedetomidine, intravenous dexmedetomidine has not been shown to result in differences in the characteristics of regional blockade compared with local anaesthetic alone. Intravenous dexamethasone is the local anaesthetic adjunct of choice, increasing the duration of sensory and motor blockade as well as the duration of analgesia by 477, 289 and 478 min, respectively. In view of this, we recommend consideration of the intravenous administration of dexamethasone at a dose of 0.1-0.2 mg/kg for all patients undergoing surgery whatever the level of postoperative pain, mild, moderate or severe. Further research should focus on the potential synergism of action between intravenous dexamethasone and perineural dexmedetomidine