Collective Choice and Control Rights in Firms

Recent writers have asserted that firms controlled by workers are rare because workers have diverse preferences over firm policies, and thus suffer from high transaction costs in making collective decisions. This is contrasted with firms controlled by investors, who all support the goal of wealth maximization. However, the source of the asymmetry between capital and labor has not been clearly identified. For example, firms could attract labor inputs by selling transferable shares, and well-known unanimity theorems from the finance literature carry over to models of this kind. We resolve this puzzle by arguing that because financial capital is exceptionally mobile, capital markets are sufficiently competitive to induce unanimity. The lower mobility of human capital implies that labor markets are monopolistically competitive and hence that unanimity cannot be expected in labor-managed firms. Moreover, such firms are vulnerable to takeover by investors while capital-managed firms are substantially less vulnerable to takeover by workers.capitalist firms, labor-managed firms, collective choice, preference heterogeneity, unanimity, voting, membership markets, control rights

Hydrothermal synthesis of perovskite and pyrochlore powders of potassium tantalate

Potassium tantalate powders were hydrothermally synthesized at 100 to 200 °C in 4 to 15 M aqueous KOH solutions. A defect pyrochlore, Kta_(2)O_(5)(OH). nH2O (n ≈ 1.4), was obtained at 4 M KOH, but at 7–12 M KOH, this pyrochlore was gradually replaced by a defect perovskite as the stable phase. At 15 M KOH, there was no intermediate pyrochlore, only a defect perovskite, K_(0.85)Ta_(0.92)O_(2.43)(OH)_(0.57) 0.15H_(2)O. Synthesis at higher KOH concentrations led to greater incorporation of protons in the perovskite structures. The potassium vacancies required for charge compensation of incorporated protons could accommodate water molecules in the perovskite structure

Hydrothermal synthesis of KNbO_3 and NaNbO_3 powders

Orthorhombic KNbO_3 and NaNbO_3 powders were hydrothermally synthesized in KOH and NaOH solutions (6.7–15 M) at 150 and 200 °C. An intermediate hexaniobate species formed first before eventually converting to the perovskite phase. For synthesis in KOH solutions, the stability of the intermediate hexaniobate ion increased with decreasing KOH concentrations and temperatures. This led to significant variations in the induction periods and accounted for the large disparity in the mass of recovered powder for different processing parameters. It is also believed that protons were incorporated in the lattice of the as-synthesized KNbO_3 powders as water molecules and hydroxyl ions

Double-Peaked Narrow-Line Active Galactic Nuclei. II. The Case Of Equal Peaks

Active galactic nuclei (AGNs) with double-peaked narrow lines (DPAGNs) may be caused by kiloparsec-scale binary AGNs, bipolar outflows, or rotating gaseous disks. We examine the class of DPAGNs in which the two narrow-line components have closely similar intensity as being especially likely to involve disks or jets. Two spectroscopic indicators support this likelihood. For DPAGNs from Smith et al., the "equal-peaked" objects (EPAGNs) have [Ne V]/[O III] ratios lower than for a control sample of non-double-peaked AGNs. This is unexpected for a pair of normal AGNs in a galactic merger, but may be consistent with [O III] emission from a rotating ring with relatively little gas at small radii. Also, [O III]/H beta ratios of the redshifted and blueshifted systems in the EPAGN are more similar to each other than in a control sample, suggestive of a single ionizing source and inconsistent with the binary interpretation.University Cooperative Society of the University of Texas at AustinJane and Roland Blumberg Cenntenial Professorship in AstronomyAlfred P. Sloan FoundationNational Aeronautics and Space AdministrationNational Science FoundationU.S. Department of EnergyJapanese MonbukagakushoMax Planck SocietyUniversity of ChicagoInstitute for Advanced StudyJapan Participation GroupJohns Hopkins UniversityKorean Scientist GroupLos Alamos National LaboratoryMax-Planck-Institute for Astronomy (MPIA)Max-Planck-Institute for Astrophysics (MPA)New Mexico State UniversityUniversity of PittsburghUniversity of PortsmouthPrinceton UniversityUnited States Naval ObservatoryUniversity of WashingtonFermilabAstronom

The Jet-Driven Outflow In The Radio Galaxy SDSS J1517+3353: Implications For Double-Peaked Narrow-Line Active Galactic Nucleus

We report on the study of an intriguing active galaxy that was selected as a potential multiple supermassive black hole merger in the early-type host SDSS J151709.20+335324.7 (z = 0.135) from a complete search for double-peaked [O III] lines from the SDSS spectroscopic quasi-stellar object (QSO) database. Ground-based SDSS imaging reveals two blue structures on either side of the photometric center of the host galaxy, separated from each other by about 5.7 kpc. From a combination of SDSS fiber and Keck/HIRES long-slit spectroscopy, it is demonstrated that, in addition to these two features, a third distinct structure surrounds the nucleus of the host galaxy. All three structures exhibit highly ionized line emission with line ratios characteristic of Seyfert II active galactic nuclei. The analysis of spatially resolved emission-line profiles from the HIRES spectrum reveal three distinct kinematic subcomponents, one at rest and the other two moving at -350 km s(-1) and 500 km s(-1) with respect to the systemic velocity of the host galaxy. A comparison of imaging and spectral data confirm a strong association between the kinematic components and the spatial knots, which implies a highly disturbed and complex active region in this object. A comparative analysis of the broadband positions, colors, kinematics, and spectral properties of the knots in this system lead to two plausible explanations: (1) a multiple active galactic nucleus (AGN) produced due to a massive dry merger, or (2) a very powerful radio jet-driven outflow. Subsequent VLA radio imaging reveals a clear jet aligned with the emission-line gas, confirming the latter explanation. We use the broadband radio measurements to examine the impact of the jet on the interstellar medium of the host galaxy, and find that the energy in the radio lobes can heat a significant fraction of the gas to the virial temperature. Finally, we discuss tests that may help future surveys distinguish between jet-driven kinematics and true black-hole binaries. J1517+3353 is a remarkable laboratory for AGN feedback and warrants deeper follow-up study. In the Appendix, we present high-resolution radio imaging of a second AGN with double-peaked [O III] lines, SDSS J112939.78+605742.6, which shows a sub-arcsecond radio jet. If the double-peaked nature of the narrow lines in radio-loud AGNs are generally due to radio jet interactions, we suggest that extended radio structure should be expected in most of such systems.NSF AST-0507483, AST-0808133University of Texas at AustinAlfred P. Sloan FoundationParticipating InstitutionsNational Aeronautics and Space AdministrationU.S. Department of EnergyJapanese MonbukagakushoMax Planck SocietyAstronom

Enantioselective Total Synthesis of Macfarlandin C, a Spongian Diterpenoid Harboring a Concave-Substituted cis-Dioxabicyclo[3.3.0]octanone Fragment.

The enantioselective total synthesis of the rearranged spongian diterpenoid (-)-macfarlandin C is reported. This is the first synthesis of a rearranged spongian diterpenoid in which the bulky hydrocarbon fragment is joined via a quaternary carbon to the highly hindered concave face of the cis-2,8-dioxabicyclo[3.3.0]octan-3-one moiety. The strategy involves a late-stage fragment coupling between a tertiary carbon radical and an electrophilic butenolide resulting in the stereoselective formation of vicinal quaternary and tertiary stereocenters. A stereoselective Mukaiyama hydration that orients a pendant carboxymethyl side chain cis to the bulky octahydronapthalene substituent was pivotal in fashioning the challenging concave-substituted cis-dioxabicyclo[3.3.0]octanone fragment

Universality in chaotic quantum transport: The concordance between random matrix and semiclassical theories

Electronic transport through chaotic quantum dots exhibits universal, system independent, properties, consistent with random matrix theory. The quantum transport can also be rooted, via the semiclassical approximation, in sums over the classical scattering trajectories. Correlations between such trajectories can be organized diagrammatically and have been shown to yield universal answers for some observables. Here, we develop the general combinatorial treatment of the semiclassical diagrams, through a connection to factorizations of permutations. We show agreement between the semiclassical and random matrix approaches to the moments of the transmission eigenvalues. The result is valid for all moments to all orders of the expansion in inverse channel number for all three main symmetry classes (with and without time reversal symmetry and spin-orbit interaction) and extends to nonlinear statistics. This finally explains the applicability of random matrix theory to chaotic quantum transport in terms of the underlying dynamics as well as providing semiclassical access to the probability density of the transmission eigenvalues.Comment: Refereed version. 5 pages, 4 figure