Corporate Inefficiency and the Risk of Takeover

The present study, using the Cox proportional hazard model, suggests a firm faces a significantly higher risk of takeover if its cost performance lags behind its industry benchmark. The effects of variables capturing cost inefficiency on the risk of takeover appear to be remarkably stable over the nearly two decades spanned by the sample, while the effect of the variables measuring the risk-size relationship indicate temporal changes. Once cost inefficiency is accounted for, the paper fails to find consistent evidence for the effects of other conventionally used performance measures, such as profitability and q, on the risk of takeover.

Universal transport in 2D granular superconductors

The transport properties of quench condensed granular superconductors are presented and analyzed. These systems exhibit transitions from insulating to superconducting behavior as a function of inter-grain spacing. Superconductivity is characterized by broad transitions in which the resistance drops exponentially with reducing temperature. The slope of the log R versus T curves turns out to be universaly dependent on the normal state film resistance for all measured granular systems. It does not depend on the material, critical temperature, geometry, or experimental set-up. We discuss possible physical scenarios to explain these findings.Comment: 4 pages, 3 figure

Subgap anomaly and above-energy-gap structure in chains of diffusive SNS junctions

We present the results of low-temperature transport measurements on chains of superconductor--normal-constriction--superconductor (SNS) junctions fabricated on the basis of superconducting PtSi film. A comparative study of the properties of the chains, consisting of 3 and 20 SNS junctions in series, and single SNS junctions reveals essential distinctions in the behavior of the current-voltage characteristics of the systems: (i) the gradual decrease of the effective suppression voltage for the excess conductivity observed at zero bias as the quantity of the SNS junctions increases, (ii) a rich fine structure on the dependences dV/dI-V at dc bias voltages higher than the superconducting gap and corresponding to some multiples of 2\Delta/e. A model to explain this above-energy-gap structure based on energy relaxation of electron via Cooper-pair-breaking in superconducting island connecting normal metal electrods is proposed.Comment: RevTex, 5 pages, 4 figure

Establishing spin-network topologies by repeated projective measurements

It has been recently shown that in quantum systems, the complex time evolution typical of many-bodied coupled networks can be transformed into a simple, relaxation-like dynamics, by relying on periodic dephasings of the off-diagonal density matrix elements. This represents a case of "quantum Zeno effects", where unitary evolutions are inhibited by projective measurements. We present here a novel exploitation of these effects, by showing that a relaxation-like behaviour is endowed to the polarization transfers occurring within a N-spin coupled network. Experimental implementations and coupling constant determinations for complex spin-coupling topologies, are thus demonstrated within the field of liquid-state nuclear magnetic resonance (NMR).Comment: 4+ pages, 3 figure

Maximum Likelihood Estimator for Hidden Markov Models in continuous time

The paper studies large sample asymptotic properties of the Maximum Likelihood Estimator (MLE) for the parameter of a continuous time Markov chain, observed in white noise. Using the method of weak convergence of likelihoods due to I.Ibragimov and R.Khasminskii, consistency, asymptotic normality and convergence of moments are established for MLE under certain strong ergodicity conditions of the chain.Comment: Warning: due to a flaw in the publishing process, some of the references in the published version of the article are confuse

Two-dimensional array of diffusive SNS junctions with high-transparent interfaces

We report the first comparative study of the properties of two-dimensional arrays and single superconducting film - normal wire - superconducting film (SNS) junctions. The NS interfaces of our SNS junctions are really high transparent, for superconducting and normal metal parts are made from the same material (superconducting polycrystalline PtSi film). We have found that the two-dimensional arrays reveal some novel features: (i) the significant narrowing of the zero bias anomaly (ZBA) in comparison with single SNS junctions, (ii) the appearance of subharmonic energy gap structure (SGS), with up to n=16 (eV=\pm 2\Delta/n), with some numbers being lost, (iii) the transition from 2D logarithmic weak localization behavior to metallic one. Our experiments show that coherent phenomena governed by the Andreev reflection are not only maintained over the macroscopic scale but manifest novel pronounced effects as well. The behavior of the ZBA and SGS in 2D array of SNS junctions strongly suggests that the development of a novel theoretical approach is needed which would self-consistently take into account the distribution of the currents, the potentials, and the superconducting order parameter.Comment: RevTex, 5 pages, 5 figure

Privatization and State Capacity in Postcommunist Society

Economists have used cross-national regression analysis to argue that postcommunist economic failure is the result of inadequate adherence liberal economic policies. Sociologists have relied on case study data to show that postcommunist economic failure is the outcome of too close adherence to liberal policy recommendations, which has led to an erosion of state effectiveness, and thus produced poor economic performance. The present paper advances a version of this statist theory based on a quantitative analysis of mass privatization programs in the postcommunist world. We argue that rapid large-scale privatization creates severe supply and demand shocks for enterprises, thereby inducing firm failure. The resulting erosion of tax revenues leads to a fiscal crisis for the state, and severely weakens its capacity and bureaucratic character. This, in turn, reacts back on the enterprise sector, as the state can no longer support the institutions necessary for the effective functioning of a modern economy, thus resulting in deindustrialization. Using cross-national regression techniques we find that the implementation of mass privatization programs negatively impacts measures of economic growth, state capacity and the security of property rights.http://deepblue.lib.umich.edu/bitstream/2027.42/40192/3/wp806.pd

Effect of an extract of Centella asiatica on the biodistribution of sodium pertechnetate (Na^99mTcO₄) and on the fixation of radioactivity on blood constituents

This study evaluates the effects of an acute treatment with a Centella asiatica (CA) extract on the biodistribution of the radiopharmaceutical Na99mTcO4 and on the fixation of technetium-99m on blood constituents. Wistar rats were treated with CA extract and, 1 hour after, Na99mTcO4 was administered; organs/tissues were withdrawn and weighted. The radioactivity was counted to calculate the percentage of activity per gram (%ATI/g). Also, blood samples were withdrawn, plasma (P), blood cells (BC), insoluble fraction (IF) and soluble fractions of P and BC were isolated and the radioactivity was counted to calculate the percentage of activity (%ATI). Data indicated that the acute treatment with CA extract changed significantly (p99mTcO4 and the fixation of the technetium-99m on blood constituents in an acute treatment