Entrepreneurial Human Capital, Complementary Assets, and Takeover Probability

Gaining access to technologies, competencies, and knowledge is observed as one of the major motives for corporate mergers and acquisitions. In this paper we show that a knowledge-based firm’s probability of being a takeover target is influenced by whether relevant specific human capital aimed for in acquisitions is directly accumulated within a specific firm or is bound to its founder or manager owner. We analyze the incentive effects of different arrangements of ownership in a firm’s assets in the spirit of the Grossman-Hart-Moore incomplete contracts theory of the firm. This approach highlights the organizational significance of ownership of complementary assets. In a small theoretical model we assume that the entrepreneur’s specific human capital, as measured by the patents they own, and the physical assets of their firm are productive only when used together. Our results show that it is not worthwhile for an acquirer to purchase the alienable assets of this firm due to weakened incentives for the initial owner. Regression analysis using a hand collected dataset of all German IPOs in the period from 1997 to 2006 subsequently provides empirical support for this prediction. This paper adds to previous research in that it puts empirical evidence to the Grossman-Hart-Moore framework of incomplete contracts or property rights respectively. Secondly, we show that relevant specific human capital that is accumulated by a firm’s founder or manager owner significantly decreases that firm’s probability of being a takeover target.ownership structure, property rights, mergers & acquisitions

Optimal Population Codes for Space: Grid Cells Outperform Place Cells

Rodents use two distinct neuronal coordinate systems to estimate their position: place fields in the hippocampus and grid fields in the entorhinal cortex. Whereas place cells spike at only one particular spatial location, grid cells fire at multiple sites that correspond to the points of an imaginary hexagonal lattice. We study how to best construct place and grid codes, taking the probabilistic nature of neural spiking into account. Which spatial encoding properties of individual neurons confer the highest resolution when decoding the animal’s position from the neuronal population response? A priori, estimating a spatial position from a grid code could be ambiguous, as regular periodic lattices possess translational symmetry. The solution to this problem requires lattices for grid cells with different spacings; the spatial resolution crucially depends on choosing the right ratios of these spacings across the population. We compute the expected error in estimating the position in both the asymptotic limit, using Fisher information, and for low spike counts, using maximum likelihood estimation. Achieving high spatial resolution and covering a large range of space in a grid code leads to a trade-off: the best grid code for spatial resolution is built of nested modules with different spatial periods, one inside the other, whereas maximizing the spatial range requires distinct spatial periods that are pairwisely incommensurate. Optimizing the spatial resolution predicts two grid cell properties that have been experimentally observed. First, short lattice spacings should outnumber long lattice spacings. Second, the grid code should be self-similar across different lattice spacings, so that the grid field always covers a fixed fraction of the lattice period. If these conditions are satisfied and the spatial “tuning curves” for each neuron span the same range of firing rates, then the resolution of the grid code easily exceeds that of the best possible place code with the same number of neurons

Radon-220 calibration of near-surface turbulent gas transport

Activity concentration profiles of the short-lived radon isotope 220Rn (half-life 56 seconds) in the lowest 50 cm above the soil are used to study near-surface gas transport processes. The experimental data are compared to profiles calculated by solving the one-dimensional diffusion equation for radioactive atoms with a linear increase of the eddy diffusion coefficient K with altitude according to K(z) = K0 + Kz.Z. The slope KZ in this model and the radon flux from the surface are continuously calculated from the activity measurements in time steps of one hour. Transport times for Rn atoms from an altitude Z1 = 5 cm to an altitude Z2 = 20 cm are typically between one and two minutes in stable meteorological conditions when the friction velocity u* is below 0.1 m/s

Whole Genome Interpretation for a Family of Five.

Although best practices have emerged on how to analyse and interpret personal genomes, the utility of whole genome screening remains underdeveloped. A large amount of information can be gathered from various types of analyses via whole genome sequencing including pathogenicity screening, genetic risk scoring, fitness, nutrition, and pharmacogenomic analysis. We recognize different levels of confidence when assessing the validity of genetic markers and apply rigorous standards for evaluation of phenotype associations. We illustrate the application of this approach on a family of five. By applying analyses of whole genomes from different methodological perspectives, we are able to build a more comprehensive picture to assist decision making in preventative healthcare and well-being management. Our interpretation and reporting outputs provide input for a clinician to develop a healthcare plan for the individual, based on genetic and other healthcare data

Resolution of Nested Neuronal Representations Can Be Exponential in the Number of Neurons

Collective computation is typically polynomial in the number of computational elements, such as transistors or neurons, whether one considers the storage capacity of a memory device or the number of floating-point operations per second of a CPU. However, we show here that the capacity of a computational network to resolve real-valued signals of arbitrary dimensions can be exponential in N, even if the individual elements are noisy and unreliable. Nested, modular codes that achieve such high resolutions mirror the properties of grid cells in vertebrates, which underlie spatial navigation

Proton Lifetime and Baryon Number Violating Signatures at the LHC in Gauge Extended Models

There exist a number of models in the literature in which the weak interactions are derived from a chiral gauge theory based on a larger group than SU(2)_L x U(1)_Y. Such theories can be constructed so as to be anomaly-free and consistent with precision electroweak measurements, and may be interpreted as a deconstruction of an extra dimension. They also provide interesting insights into the issues of flavor and dynamical electroweak symmetry breaking, and can help to raise the mass of the Higgs boson in supersymmetric theories. In this work we show that these theories can also give rise to baryon and lepton number violating processes, such as nucleon decay and spectacular multijet events at colliders, via the instanton transitions associated with the extended gauge group. For a particular model based on SU(2)_1 x SU(2)_2, we find that the $B+L$ violating scattering cross sections are too small to be observed at the LHC, but that the lower limit on the lifetime of the proton implies an upper bound on the gauge couplings.Comment: 36 page

A quantitative analysis of measures of quality in science

Condensing the work of any academic scientist into a one-dimensional measure of scientific quality is a difficult problem. Here, we employ Bayesian statistics to analyze several different measures of quality. Specifically, we determine each measure's ability to discriminate between scientific authors. Using scaling arguments, we demonstrate that the best of these measures require approximately 50 papers to draw conclusions regarding long term scientific performance with usefully small statistical uncertainties. Further, the approach described here permits the value-free (i.e., statistical) comparison of scientists working in distinct areas of science.Comment: 11 pages, 8 figures, 4 table

Formation and evolution of clumpy tidal tails around globular clusters

We present some results of numerical simulations of a globular cluster orbiting in the central region of a triaxial galaxy on a set of 'loop' orbits. Tails start forming after about a quarter of the globular cluster orbital period and develop, in most cases, along the cluster orbit, showing clumpy substructures as observed, for example, in Palomar 5. If completely detectable, clumps can contain about 7,000 solar masses each, i.e. about 10% of the cluster mass at that epoch. The morphology of tails and clumps and the kinematical properties of stars in the tails are studied and compared with available observational data. Our finding is that the stellar velocity dispersion tends to level off at large radii, in agreement to that found for M15 and Omega Centauri.Comment: LaTeX 2e, uses AASTeX v5.x, 40 pages with 18 figures. Submitted to The Astronomical Journa

Effect of periodic parametric excitation on an ensemble of force-coupled self-oscillators

We report the synchronization behavior in a one-dimensional chain of identical limit cycle oscillators coupled to a mass-spring load via a force relation. We consider the effect of periodic parametric modulation on the final synchronization states of the system. Two types of external parametric excitations are investigated numerically: periodic modulation of the stiffness of the inertial oscillator and periodic excitation of the frequency of the self-oscillatory element. We show that the synchronization scenarios are ruled not only by the choice of parameters of the excitation force but depend on the initial collective state in the ensemble. We give detailed analysis of entrainment behavior for initially homogeneous and inhomogeneous states. Among other results, we describe a regime of partial synchronization. This regime is characterized by the frequency of collective oscillation being entrained to the stimulation frequency but different from the average individual oscillators frequency.Comment: Comments and suggestions are welcom

Photodissociation in Quantum Chaotic Systems: Random Matrix Theory of Cross-Section Fluctuations

Using the random matrix description of open quantum chaotic systems we calculate in closed form the universal autocorrelation function and the probability distribution of the total photodissociation cross section in the regime of quantum chaos.Comment: 4 pages+1 eps figur