Rapid internationalization and long-term performance: The knowledge link

Drawing on the knowledge-based view and organizational learning theory, we develop and test a set of hypotheses to provide a first attempt at analyzing the effect of speed of internationalization on long-term performance. Using a panel-data sample of Spanish listed firms (1986-2010), we find that there is an inverted U-shaped relationship between speed of internationalization and long-term performance. We also find that whereas technological knowledge steepens this relationship, the diversity of prior international experience flattens it. Our results contribute to the existing IB literature on the performance of FDI, cross-country knowledge transferability, and nonsequential entry

The Possible White Dwarf-Neutron Star Connection

The current status of the problem of whether neutron stars can form, in close binary systems, by accretion-induced collapse (AIC) of white dwarfs is examined. We find that, in principle, both initially cold C+O white dwarfs in the high-mass tail of their mass distribution in binaries and O+Ne+Mg white dwarfs can produce neutron stars. Which fractions of neutron stars in different types of binaries (or descendants from binaries) might originate from this process remains uncertain.Comment: 6 pages. To appear in "White Dwarfs", ed. J. Isern, M. Hernanz, and E. Garcia-Berro (Dordrecht: Kluwer

Venus Atmosphere Profile from a Maximum Entropy Principle

The variational method with constraints recently developed by Verkley and Gerkema to describe maximum-entropy atmospheric profiles is generalized to ideal gases but with temperature-dependent specific heats. In so doing, an extended and non standard potential temperature is introduced that is well suited for tackling the problem under consideration. This new formalism is successfully applied to the atmosphere of Venus. Three well defined regions emerge in this atmosphere up to a height of $100 km$ from the surface: the lowest one up to about $35 km$ is adiabatic, a transition layer located at the height of the cloud deck and finally a third region which is practically isothermal.Comment: 6 pages, 3 figure

Core compressor exit stage study, 2

A total of two three-stage compressors were designed and tested to determine the effects of aspect ratio on compressor performance. The first compressor was designed with an aspect ratio of 0.81; the other, with an aspect ratio of 1.22. Both compressors had a hub-tip ratio of 0.915, representative of the rear stages of a core compressor, and both were designed to achieve a 15.0% surge margin at design pressure ratios of 1.357 and 1.324, respectively, at a mean wheel speed of 167 m/sec. At design speed the 0.81 aspect ratio compressor achieved a pressure ratio of 1.346 at a corrected flow of 4.28 kg/sec and an adiabatic efficiency of 86.1%. The 1.22 aspect ratio design achieved a pressure ratio of 1.314 at 4.35 kg/sec flow and 87.0% adiabatic efficiency. Surge margin to peak efficiency was 24.0% with the lower aspect ratio blading, compared with 12.4% with the higher aspect ratio blading

Risk and the Strategy of Foreign Location Choice in Regulated Industries

We argue that firms in regulated industries react to macroeconomic and policy risks in sharply different ways. While they seek to avoid countries with high levels of macroeconomic uncertainty, we predict that they find it more attractive to expand into countries characterized by governments with discretionary policymaking capacities so as to be able to negotiate favorable conditions of entry. We also argue that firms are heterogeneous in their attitudes toward risk. We predict that firms in which the state holds a partial equity stake exhibit a more tolerant attitude. We also expect that as firms accumulate foreign experience, they develop an aversion toward further foreign entries into politically unstable markets. Support for these predictions is provided by an analysis of the Latin American market entries of all listed Spanish firms in regulated industries between 1987 and 2000

Search for the companions of Galactic SNe Ia

The central regions of the remnants of Galactic SNe Ia have been examined for the presence of companion stars of the exploded supernovae. We present the results of this survey for the historical SN 1572 and SN 1006. The spectra of the stars are modeled to obtain Teff, log g and the metallicity. Radial velocities are obtained with an accuracy of 5--10 km s$^{-1}$. Implications for the nature of the companion star in SNeIa follow.Comment: 8 pages, 2 Postscript figures. Appeared in "From Twilight to Highlight: the Physics of Supernovae", ed. W. Hillebrandt & B. Leibundgut (Springer), pp. 140-14

International Dispersion and Profitability: An Institution-Based Approach

This study examines the effect of international dispersion on profitability. We use an institution-based approach to propose that increases in international dispersion lead, on average, to profitability downturns. We also argue that this liability of foreignness will affect multinationals from infrastructure industries to a lesser extent because in these industries: 1) the importance of cultural fit in products is low; 2) firms possess regulatory expertise; and 3) firms have limited aggregation opportunities at the regional level. We test our hypotheses on a panel of Spanish listed firms (1986-2007). Our findings point to a negative linear relationship between international dispersion and profitability, which is flatter for infrastructure multinationals. These results contribute to a more context-based understanding of internationalization that highlights the shortcomings of establishing a dispersed international footprint