What is Different about Government-Controlled Acquirers in Cross-Border Acquisitions?

We examine the motives for and consequences of 5,317 failed and completed cross-border acquisitions constituting $619 billion of total activity that were led by government-controlled acquirers over the period from 1990 to 2008. We benchmark this activity at the aggregate country level and also at the deal level with cross-border acquisitions involving corporate acquirers over the same period. We find that government-led deal activity is relatively more intense for geographically-closer countries, but also relatively less sensitive to differences in the level of economic development of the acquirer’s and target’s home countries, in the quality of their legal institutions and accounting standards, and to how stringent are restrictions on FDI flows in their countries. Government-led acquirers are more likely to pursue larger targets with greater growth opportunities and more financial constraints. But, the share-price reactions to the announcements of such acquisitions are not different. Among those deals involving government-controlled acquirers, we do find important differences involving sovereign wealth funds (SWFs). SWF-led acquisitions are less likely to fail, they are more likely to pursue acquirers that are larger in total assets and with fewer financial constraints, and the market reactions to SWF-led acquisitions, while positive, are statistically and economically much smaller. We discuss policy implications in terms of recent regulatory changes in the U.S. and other countries that seek to restrict foreign acquisitions by government-controlled entities.Government-controlled Acquirers, Cross-Border Acquisitions

Deformation of a Trapped Fermi Gas with Unequal Spin Populations

The real-space densities of a polarized strongly-interacting two-component Fermi gas of $^6$Li atoms reveal two low temperature regimes, both with a fully-paired core. At the lowest temperatures, the unpolarized core deforms with increasing polarization. Sharp boundaries between the core and the excess unpaired atoms are consistent with a phase separation driven by a first-order phase transition. In contrast, at higher temperatures the core does not deform but remains unpolarized up to a critical polarization. The boundaries are not sharp in this case, indicating a partially-polarized shell between the core and the unpaired atoms. The temperature dependence is consistent with a tricritical point in the phase diagram.Comment: Accepted for publication in Physical Review Letter

Hole burning in a nanomechanical resonator coupled to a Cooper pair box

We propose a scheme to create holes in the statistical distribution of excitations of a nanomechanical resonator. It employs a controllable coupling between this system and a Cooper pair box. The success probability and the fidelity are calculated and compared with those obtained in the atom-field system via distinct schemes. As an application we show how to use the hole-burning scheme to prepare (low excited) Fock states.Comment: 7 pages, 10 figure

Orientation-Constrained Rectangular Layouts

We construct partitions of rectangles into smaller rectangles from an input consisting of a planar dual graph of the layout together with restrictions on the orientations of edges and junctions of the layout. Such an orientation-constrained layout, if it exists, may be constructed in polynomial time, and all orientation-constrained layouts may be listed in polynomial time per layout.Comment: To appear at Algorithms and Data Structures Symposium, Banff, Canada, August 2009. 12 pages, 5 figure

On the Connection Between Momentum Cutoff and Operator Cutoff Regularizations

Operator cutoff regularization based on the original Schwinger's proper-time formalism is examined. By constructing a regulating smearing function for the proper-time integration, we show how this regularization scheme simulates the usual momentum cutoff prescription yet preserves gauge symmetry even in the presence of the cutoff scales. Similarity between the operator cutoff regularization and the method of higher (covariant) derivatives is also observed. The invariant nature of the operator cutoff regularization makes it a promising tool for exploring the renormalization group flow of gauge theories in the spirit of Wilson-Kadanoff blocking transformation.Comment: 28 pages in plain TeX, no figures. revised and expande

Effects of unilateral vs. bilateral resistance training interventions on measures of strength, jump, linear and change of direction speed: a systematic review and meta-analysis

Background: Exercises can be categorized into either unilateral or bilateral movements. Despite the topic popularity, the answer to the question as to which (unilateral or bilateral) is superior for a certain athletic performance enhancement remains unclear. Purpose: To compare the effect of unilateral and bilateral resistance training interventions on measures of athletic performance. Methods: Keywords related with unilateral, bilateral and performance were used to search in the Web of Science, Pubmed databases, and Google Scholar and ResearchGate™ websites. Results: 6365 articles were initially identified, 14 met the inclusion criteria and were included in the final analysis, with overall article quality being deemed moderate. The quantitative analysis comprised 392 subjects (aged: 16 to 26 years). Sub-group analysis showed that unilateral exercise resistance training resulted in a large effect in improving unilateral jump performance compared to bilateral training (ES = 0.89 [0.52, 1.26]). In contrast, bilateral exercise resistance training showed a small effect in improving bilateral strength compared to unilateral (ES = -0.43 [-0.71, -0.14]). Non-significant differences were found in improving unilateral strength (ES = 0.26 [-0.03, 0.55]), bilateral jump performance (ES = -0.04 [-0.31, 0.23]), change of direction (COD) (ES = 0.31 [-0.01, 0.63]) and speed (ES = -0.12 [-0.46, 0.21]) performance. Conclusion: Unilateral resistance training exercises should be chosen for improving unilateral jumping performance, and bilateral resistance training exercises should be chosen for improving bilateral strength performance

Gender quotas and bank risk

We assess the effects of board gender quota laws using a sample of banks from 39 countries. We document an increase in both stand-alone and systemic risk post-quota among banks that did not meet the quota prereform; the effect is stronger for banks in countries with a smaller pool of women in finance and low gender equality. We find that the propagation of poor governance practices by overlapping female directors and deterioration in the information environment post quota are likely channels driving the results. The evidence is consistent with some banks “gaming” the reform by strategically appointing insiders, which weakens the board’s monitoring function. Our results have policy implications and suggest that supply-side factors are key determinants of the outcome of mandated quotas

Scalable Mining of Common Routes in Mobile Communication Network Traffic Data

A probabilistic method for inferring common routes from mobile communication network traffic data is presented. Besides providing mobility information, valuable in a multitude of application areas, the method has the dual purpose of enabling efficient coarse-graining as well as anonymisation by mapping individual sequences onto common routes. The approach is to represent spatial trajectories by Cell ID sequences that are grouped into routes using locality-sensitive hashing and graph clustering. The method is demonstrated to be scalable, and to accurately group sequences using an evaluation set of GPS tagged data

Simulating Ability: Representing Skills in Games

Throughout the history of games, representing the abilities of the various agents acting on behalf of the players has been a central concern. With increasingly sophisticated games emerging, these simulations have become more realistic, but the underlying mechanisms are still, to a large extent, of an ad hoc nature. This paper proposes using a logistic model from psychometrics as a unified mechanism for task resolution in simulation-oriented games

Metastability in Spin-Polarized Fermi Gases

We study the role of particle transport and evaporation on the phase separation of an ultracold, spin-polarized atomic Fermi gas. We show that the previously observed deformation of the superfluid paired core is a result of evaporative depolarization of the superfluid due to a combination of enhanced evaporation at the center of the trap and the inhibition of spin transport at the normal-superfluid phase boundary. These factors contribute to a nonequilibrium jump in the chemical potentials at the phase boundary. Once formed, the deformed state is highly metastable, persisting for times of up to 2 s.Comment: 4 pages, 6 figure