The effects of financialisation and financial development on investment: Evidence from firm-level data in Europe

In this paper we estimate the effects of financialization on physical investment in selected western European countries using panel data based on the balance-sheets of publicly listed non-financial companies (NFCs) supplied by Worldscope for the period 1995-2015. We find robust evidence of an adverse effect of both financial payments (interests and dividends) and financial incomes on investment in fixed assets by the NFCs. This finding is robust for both the pool of all Western European firms and single country estimations. The negative impacts of financial incomes are non-linear with respect to the companies’ size: financial incomes crowd-out investment in large companies, and have a positive effect on the investment of only small, relatively more credit-constrained companies. Moreover, we find that a higher degree of financial development is associated with a stronger negative effect of financial incomes on companies’ investment. This finding challenges the common wisdom on ‘finance-growth nexus’. Our findings support the ‘financialization thesis’ that the increasing orientation of the non-financial sector towards financial activities is ultimately leading to lower physical investment, hence to stagnant or fragile growth, as well as long term stagnation in productivity

Noncommutative Burgers Equation

We present a noncommutative version of the Burgers equation which possesses the Lax representation and discuss the integrability in detail. We find a noncommutative version of the Cole-Hopf transformation and succeed in the linearization of it. The linearized equation is the (noncommutative) diffusion equation and exactly solved. We also discuss the properties of some exact solutions. The result shows that the noncommutative Burgers equation is completely integrable even though it contains infinite number of time derivatives. Furthermore, we derive the noncommutative Burgers equation from the noncommutative (anti-)self-dual Yang-Mills equation by reduction, which is an evidence for the noncommutative Ward conjecture. Finally, we present a noncommutative version of the Burgers hierarchy by both the Lax-pair generating technique and the Sato's approach.Comment: 24 pages, LaTeX, 1 figure; v2: discussions on Ward conjecture, Sato theory and the integrability added, references added, version to appear in J. Phys.

Interaction of Noncommutative Plane Waves in 2+1 Dimensions

In this paper the interaction of extended waves in a noncommutative modified 2+1 dimensional U(2) sigma model are studied. Using the dressing method, we construct an explicit two-wave solution of the noncommutative field equation. The scattering of these waves and large time factorization are discussed.Comment: 12 pages, 4 figures, latex; V.2: two references adde

Managerial power in the German model: the case of Bertelsmann and the antecedents of neoliberalism

Our article extends the research on authoritarian neoliberalism to Germany, through a history of the Bertelsmann media corporation – sponsor and namesake of Germany’s most influential neoliberal think-tank. Our article makes three conceptual moves. Firstly, we argue that conceptualizing German neoliberalism in terms of an ‘ordoliberal paradigm’ is of limited use in explaining the rise and fall of Germany’s distinctive socio-economic model (Modell Deutschland). Instead, we locate the origins of authoritarian tendencies in the corporate power exercised by managers rather than in the power of state-backed markets imagined by ordoliberals. Secondly, we focus on the managerial innovations of Bertelsmann as a key actor enmeshed with Modell Deutschland. We show that the adaptation of business management practices of an endogenous ‘Cologne School’ empowered Bertelsmann’s postwar managers to overcome existential crises and financial constraints despite being excluded from Germany’s corporate support network. Thirdly, we argue that their further development in the 1970s also enabled Bertelsmann to curtail and circumvent the forms of labour representation associated with Modell Deutschland. Inspired by cybernetic management theories that it used to limit and control rather than revive market competition among its workforce, Bertelsmann began to act and think outside the postwar settlement between capital and labour before the settlement’s hotly-debated demise since the 1990s

Spin alignment and violation of the OZI rule in exclusive ω\omega and ϕ\phi production in pp collisions

Exclusive production of the isoscalar vector mesons $\omega$ and $\phi$ is measured with a 190 GeV$/c$ proton beam impinging on a liquid hydrogen target. Cross section ratios are determined in three intervals of the Feynman variable $x_{F}$ of the fast proton. A significant violation of the OZI rule is found, confirming earlier findings. Its kinematic dependence on $x_{F}$ and on the invariant mass $M_{p\mathrm{V}}$ of the system formed by fast proton $p_\mathrm{fast}$ and vector meson $V$ is discussed in terms of diffractive production of $p_\mathrm{fast}V$ resonances in competition with central production. The measurement of the spin density matrix element $\rho_{00}$ of the vector mesons in different selected reference frames provides another handle to distinguish the contributions of these two major reaction types. Again, dependences of the alignment on $x_{F}$ and on $M_{p\mathrm{V}}$ are found. Most of the observations can be traced back to the existence of several excited baryon states contributing to $\omega$ production which are absent in the case of the $\phi$ meson. Removing the low-mass $M_{p\mathrm{V}}$ resonant region, the OZI rule is found to be violated by a factor of eight, independently of $x_\mathrm{F}$.Comment: 23 pages, 13 figures and 5 table

Measurement of the charged-pion polarisability

The COMPASS collaboration at CERN has investigated pion Compton scattering, $\pi^-\gamma\rightarrow \pi^-\gamma$, at centre-of-mass energy below 3.5 pion masses. The process is embedded in the reaction $\pi^-\mathrm{Ni}\rightarrow\pi^-\gamma\;\mathrm{Ni}$, which is initiated by 190\,GeV pions impinging on a nickel target. The exchange of quasi-real photons is selected by isolating the sharp Coulomb peak observed at smallest momentum transfers, $Q^2<0.0015$\,(GeV/$c$)$^2$. From a sample of 63\,000 events the pion electric polarisability is determined to be $\alpha_\pi\ =\ (\,2.0\ \pm\ 0.6_{\mbox{\scriptsize stat}}\ \pm\ 0.7_{\mbox{\scriptsize syst}}\,) \times 10^{-4}\,\mbox{fm}^3$under the assumption$\alpha_\pi=-\beta_\pi$, which relates the electric and magnetic dipole polarisabilities. It is the most precise measurement of this fundamental low-energy parameter of strong interaction, that has been addressed since long by various methods with conflicting outcomes. While this result is in tension with previous dedicated measurements, it is found in agreement with the expectation from chiral perturbation theory. An additional measurement replacing pions by muons, for which the cross-section behavior is unambigiously known, was performed for an independent estimate of the systematic uncertainty.Comment: Published version: 9 pages, 3 figures, 1 tabl

Collins and Sivers asymmetries in muonproduction of pions and kaons off transversely polarised proton

Measurements of the Collins and Sivers asymmetries for charged pions and charged and neutral kaons produced in semi-inclusive deep-inelastic scattering of high energy muons off transversely polarised protons are presented. The results were obtained using all the available COMPASS proton data, which were taken in the years 2007 and 2010. The Collins asymmetries exhibit in the valence region a non-zero signal for pions and there are hints of non-zero signal also for kaons. The Sivers asymmetries are found to be positive for positive pions and kaons and compatible with zero otherwise.Comment: 15 pages, 13 figures and 1 tabl

Search for exclusive photoproduction of Zc±_c^{\pm}(3900) at COMPASS

A search for the exclusive production of the $Z_c^{\pm}(3900)$ hadron by virtual photons has been performed in the channel $Z_c^{\pm}(3900)\rightarrow J/\psi \pi^{\pm}$. The data cover the range from 7 GeV to 19 GeV in the centre-of-mass energy of the photon-nucleon system. The full set of the COMPASS data set collected with a muon beam between 2002 and 2011 has been used. An upper limit for the ratio $BR(Z_c^{\pm}(3900)\rightarrow J/\psi \pi^{\pm} )\times \sigma_{ \gamma~N \rightarrow Z_c^{\pm}(3900)~ N} /\sigma_{\gamma~N \rightarrow J/\psi~ N}$ of $3.7\times10^{-3}$ has been established at the confidence level of 90%.Comment: 8 pages, 3 figures, 1 tabl

Prime movers : mechanochemistry of mitotic kinesins

Mitotic spindles are self-organizing protein machines that harness teams of multiple force generators to drive chromosome segregation. Kinesins are key members of these force-generating teams. Different kinesins walk directionally along dynamic microtubules, anchor, crosslink, align and sort microtubules into polarized bundles, and influence microtubule dynamics by interacting with microtubule tips. The mechanochemical mechanisms of these kinesins are specialized to enable each type to make a specific contribution to spindle self-organization and chromosome segregation

Leading order determination of the gluon polarisation from DIS events with high-p_T hadron pairs

We present a determination of the gluon polarisation Delta g/g in the nucleon, based on the longitudinal double-spin asymmetry of DIS events with a pair of large transverse-momentum hadrons in the final state. The data were obtained by the COMPASS experiment at CERN using a 160 GeV/c polarised muon beam scattering off a polarised ^6LiD target. The gluon polarisation is evaluated by a Neural Network approach for three intervals of the gluon momentum fraction x_g covering the range 0.04 < x_g < 0.27. The values obtained at leading order in QCD do not show any significant dependence on x_g. Their average is Delta g/g = 0.125 +/- 0.060 (stat.) +/- 0.063 (syst.) at x_g=0.09 and a scale of mu^2 = 3 (GeV/c)^2.Comment: 13 pages, 6 figures and 3 table