Going, Going, Gone. Innovation and Exit in Manufacturing Firms

This paper examines the effect of innovation on the risk of exit of a firm, distinguishing between different modes of exits. Innovation represents a resource and a capability that helps a firm to build competitive advantage and remain in the market. At the same time, the resources and capabilities of innovative firms make them an attractive target for the acquisition process of other firms, thereby increasing the likelihood of the exiting the market. We explore these effects empirically by linking data on innovation and exits for a large sample of manufacturing firms in the Netherlands. The results show that the effect of innovation on a firm's risk of exit differs according to the mode of exit and, in addition, it is shaped by the nature of the innovation. While a firm can lower its risk of failure by innovating in either products or processes, the introduction of a new product in the absence of innovation in the production process increases the risk of exit as a result of merger and acquisition.Mergers and acquisitions;Innovation;Competing risks model;Firm exit

Normal Caregiver-Child Conflict in Families in a Rural Community

Researchers have highlighted the frequency of conflict that occurs every day between parents and their young children, peaking around 30 months of age. We adopt a different perspective, namely that mother-child conflict is a normal part of life and is therefore likely to vary in culturally mediated ways. The purpose of this study is to identify the particular verbal strategies used by working-class European American parents to notify their children that what they are doing (or not doing) needs to change. Across 135 half hours of in-home videotaped observation, the rate of conflict approximates 125 instances per hour and it is arrayed across 19 different types of strategies. The most common were Orders, Urges, and Prohibitions. Also common were Explanations and Promises

Criticality and finite size effects in a simple realistic model of stock market

We discuss a simple model based on the Minority Game which reproduces the main stylized facts of anomalous fluctuations in finance. We present the analytic solution of the model in the thermodynamic limit and show that stylized facts arise only close to a line of critical points with non-trivial properties. By a simple argument, we show that, in Minority Games, the emergence of critical fluctuations close to the phase transition is governed by the interplay between the signal to noise ratio and the system size. These results provide a clear and consistent picture of financial markets as critical systems.Comment: 4 pages, 4 figure

Going, Going, Gone. Innovation and Exit in Manufacturing Firms

This paper examines the effect of innovation on the risk of exit of a firm, distinguishing between different modes of exits. Innovation represents a resource and a capability that helps a firm to build competitive advantage and remain in the market. At the same time, the resources and capabilities of innovative firms make them an attractive target for the acquisition process of other firms, thereby increasing the likelihood of the exiting the market. We explore these effects empirically by linking data on innovation and exits for a large sample of manufacturing firms in the Netherlands. The results show that the effect of innovation on a firm's risk of exit differs according to the mode of exit and, in addition, it is shaped by the nature of the innovation. While a firm can lower its risk of failure by innovating in either products or processes, the introduction of a new product in the absence of innovation in the production process increases the risk of exit as a result of merger and acquisition

Timing performance of 30-nm-wide superconducting nanowire avalanche photodetectors

We investigated the timing jitter of superconducting nanowire avalanche photodetectors (SNAPs, also referred to as cascade switching superconducting single photon detectors) based on 30-nm-wide nanowires. At bias currents (IB) near the switching current, SNAPs showed sub 35 ps FWHM Gaussian jitter similar to standard 100 nm wide superconducting nanowire single-photon detectors. At lower values of IB, the instrument response function (IRF) of the detectors became wider, more asymmetric, and shifted to longer time delays. We could reproduce the experimentally observed IRF time-shift in simulations based on an electrothermal model, and explain the effect with a simple physical picture

A Matter of Life and Death: Innovation and Firm Survival

This paper examines the effects of innovation on the survival of manufacturing firms in the Netherlands. The demographics of firms according to their innovative performance and type of innovation are traced by using the Business Register population of all firms active in the Netherlands and the Community Innovation Survey. Through estimation of a parametric duration model, we observe that firms do benefit of an innovation premium that extends their life expectancy, independent of firm- specific traits such as age and size. Especially process innovation seems to have a distinctive effect on survival. Furthermore, our results confirm that survival chances increase with age and the growth rate of a firm, the latter representing a more crucial factor than the initial size. Finally, sectors at high intensity of technology, that is, science based and specialised suppliers are most favourable environments to the survival of firms

A Theoretical Perspective on the Photochemistry of Boron-Nitrogen Lewis Adducts

Boron-Nitrogen (B-N) Lewis adducts form a versatile family of compounds with numerous applications in functional molecules. Despite the growing interest in this family of compounds for optoelectronic applications, little is currently known about their photophysics and photochemistry. Even the electronic absorption spectrum of ammonia borane, the textbook example of a B-N Lewis adduct, is unavailable. Given the versatility of the light-induced processes exhibited by these molecules, we propose in this work a detailed theoretical study of the photochemistry and photophysics of simple B-N Lewis adducts. We used advanced techniques in computational photochemistry to identify and characterize the possible photochemical pathways followed by ammonia borane, and extended this knowledge to the substituted B-N Lewis adducts pyridine-borane and pyridine-boric acid. The photochemistry observed for this series of molecules allows us to extract qualitative rules to rationalize the light-induced behavior of more complex B-N containing molecules

Financial instability from local market measures

We study the emergence of instabilities in a stylized model of a financial market, when different market actors calculate prices according to different (local) market measures. We derive typical properties for ensembles of large random markets using techniques borrowed from statistical mechanics of disordered systems. We show that, depending on the number of financial instruments available and on the heterogeneity of local measures, the market moves from an arbitrage-free phase to an unstable one, where the complexity of the market - as measured by the diversity of financial instruments - increases, and arbitrage opportunities arise. A sharp transition separates the two phases. Focusing on two different classes of local measures inspired by real markets strategies, we are able to analytically compute the critical lines, corroborating our findings with numerical simulations.Comment: 17 pages, 4 figure

A Theoretical Perspective on the Actinic Photochemistry of 2-Hydroperoxypropanal

[Image: see text] The photochemical reactions triggered by the sunlight absorption of transient volatile organic compounds in the troposphere are notoriously difficult to characterize experimentally due to the unstable and short-lived nature of these organic molecules. Some members of this family of compounds are likely to exhibit a rich photochemistry given the diversity of functional groups they can bear. Even more interesting is the photochemical fate of volatile organic compounds bearing more than one functional group that can absorb light—this is the case, for example, of α-hydroperoxycarbonyls, which are formed during the oxidation of isoprene. Experimental observables characterizing the photochemistry of these molecules like photoabsorption cross-sections or photolysis quantum yields are currently missing, and we propose here to leverage a recently developed computational protocol to predict in silico the photochemical fate of 2-hydroperoxypropanal (2-HPP) in the actinic region. We combine different levels of electronic structure methods—SCS-ADC(2) and XMS-CASPT2—with the nuclear ensemble approach and trajectory surface hopping to understand the mechanistic details of the possible nonradiative processes of 2-HPP. In particular, we predict the photoabsorption cross-section and the wavelength-dependent quantum yields for the observed photolytic pathways and combine them to determine in silico photolysis rate constants. The limitations of our protocol and possible future improvements are discussed

The effects of mergers and acquisitions on the firm size distribution

This paper provides new empirical evidence on the effects of mergers and acquisitions (M&As) on the shape of the firm size distribution, by using data of the population of manufacturing firms in the Netherlands. Our analysis shows that M&As do not affect the size distribution when we consider the entire population of firms. When we focus on the firms involved in an M&A event, we observe a shift of the firm size distribution towards larger sizes. Firm size distribution becomes more concentrated around the mean, less skewed to the right hand side, and thinner at the tails as a whole. The shift toward higher sizes due to M&A is not uniform but affects firms of different sizes in different ways. While the number of firms in the lower tail decreased, the number of firms in the central size classes increased substantially and outweighed the increase in the number (and mean size) of firms in the upper tail of the distribution (consequently the overall market concentration measured by the Herfindahl index declines). M&As lead to a departure from log-normality of the firm size distribution, suggesting that external growth does not follow Gibrat's law. Our counterfactual analysis highlights that only internal growth does not affect the shape of the size distribution of firms. On the contrary, it suggests that the change in the size distribution is almost entirely due to the external growth of the firms