Legal determinants of external finance revisited : the inverse relationship between investor protection and societal well-being

This paper investigates relationships between corporate governance traditions and quality of life as measured by a number of widely reported indicators. It provides an empirical analysis of indicators of societal health in developed economies using a classification based on legal traditions. Arguably the most widely cited work in the corporate governance literature has been the collection of papers by La Porta et al. which has shown, inter alia, statistically significant relationships between legal traditions and various proxies for investor protection. We show statistically significant relationships between legal traditions and various proxies for societal health. Our comparative evidence suggests that the interests of investors may not be congruent with the interests of wider society, and that the criteria for judging the effectiveness of approaches to corporate governance should not be restricted to financial metrics

U.S.-Mongolian Relations: Two Years of Progress

No abstract available DOI: http://dx.doi.org/10.5564/mjia.v0i7.134 The Mongolian Journal of International Affairs; Number 7, 2000, Pages 3-

The environmental impacts of different mask options for healthcare settings in the UK

During the COVID-19 pandemic, different strategies emerged to combat shortages of certified face masks used in the healthcare sector. These strategies included increasing production from the original manufacturing sites, commissioning new production facilities locally, exploring and allowing the reuse of single-use face masks via various decontamination methods, and developing reusable mask alternatives that meet the health and safety requirements set out in European Standards. In this article, we quantify and evaluate the life-cycle environmental impacts of selected mask options available for use by healthcare workers in the UK, with the objective of supporting decision- and policy-making. We investigate alternatives to traditional single-use face masks like surgical masks and respirators (or FFP3 masks), including cloth masks decontaminated in washing machines; FFP3 masks decontaminated via vapour hydrogen peroxide, and rigid half masks cleaned with antibacterial wipes. Our analysis demonstrates that: (1) the reuse options analysed are environmentally preferential to the traditional “use then dispose” of masks; (2) the environmental benefits increase with the number of reuses; and (3) the manufacturing location and the material composition of the masks have great influence over the life-cycle environmental impacts of each mask use option, in particular for single-use options

Decision making through use of interoperable simulation software

Many building simulation computer programs, originally developed on mainframe computers for research purposes, can now run on the powerful workstation and personal computers that are available to most architectural and engineering firms. Major efforts have been underway during the last decade to compile these programs on personal computers and make them available to a wider range of building professionals. However, even with the addition of user-friendly front- and back-ends, their use is still limited to a small number of specialized consultants. Considering the tremendous benefits of informed decisions that these programs can support, it is critical to address and resolve the issues that are associated with their limited acceptance. In this paper, the authors report on their research and development efforts to better understand decision-making and develop computer tools that will facilitate the use of simulation software during the building design process. They present a brief analysis of decision-making and then describe how they try to address it in building design through the development of the Building Design Advisor (BDA). Moreover, the authors elaborate on the major issues that they have encountered, discuss lessons learned, and offer recommendations for short- and long-term developments in this area

Political Regimes and Sovereign Credit Risk in Europe, 1750-1913

This article uses a new panel data set to perform a statistical analysis of political regimes and sovereign credit risk in Europe from 1750 to 1913. Old Regime polities typically suffered from fiscal fragmentation and absolutist rule. By the start of World War I, however, many such countries had centralized institutions and limited government. Panel regressions indicate that centralized and?or limited regimes were associated with significant improvements in credit risk relative to fragmented and absolutist ones. Structural break tests also reveal close relationships between major turning points in yield series and political transformations

Bursts of activity in collective cell migration

Dense monolayers of living cells display intriguing relaxation dynamics, reminiscent of soft and glassy materials close to the jamming transition, and migrate collectively when space is available, as in wound healing or in cancer invasion. Here we show that collective cell migration occurs in bursts that are similar to those recorded in the propagation of cracks, fluid fronts in porous media and ferromagnetic domain walls. In analogy with these systems, the distribution of activity bursts displays scaling laws that are universal in different cell types and for cells moving on different substrates. The main features of the invasion dynamics are quantitatively captured by a model of interacting active particles moving in a disordered landscape. Our results illustrate that collective motion of living cells is analogous to the corresponding dynamics in driven, but inanimate, systems

Joint 3D modelling of the polarized Galactic synchrotron and thermal dust foreground diffuse emission

We present for the first time a coherent model of the polarized Galactic synchrotron and thermal dust emissions which are the main diffuse foreground for the measurement of the polarized power spectra of the CMB fluctuations with the Planck satellite mission. We produce 3D models of the Galactic magnetic field including regular and turbulent components, and of the distribution of matter in the Galaxy, relativistic electrons and dust grains. By integrating along the line of sight we construct maps of the polarized Galactic synchrotron and thermal dust emission for each of these models and compare them to currently available data. We consider the 408 MHz all-sky continuum survey, the 23 GHz band of the Wilkinson Microwave Anisotropy Probe and the 353 GHz Archeops data.}{The best-fit parameters obtained are consistent with previous estimates in the literature based only on synchrotron emission and pulsar rotation measurements. They allows us to reproduce the large scale structures observed on the data. Poorly understood local Galactic structures and turbulence make difficult an accurate reconstruction of the observations in the Galactic plane. Finally, using the best-fit model we are able to estimate the expected polarized foreground contamination at the Planck frequency bands. For the CMB bands, 70, 100, 143 and 217 GHz, at high Galactic latitudes although the CMB signal dominates in general, a significant foreground contribution is expected at large angular scales. In particular, this contribution will dominate the CMB signal for the B modes expected from realistic models of a background of primordial gravitational waves

Optimized quantum nondemolition measurement of a field quadrature

We suggest an interferometric scheme assisted by squeezing and linear feedback to realize the whole class of field-quadrature quantum nondemolition measurements, from Von Neumann projective measurement to fully non-destructive non-informative one. In our setup, the signal under investigation is mixed with a squeezed probe in an interferometer and, at the output, one of the two modes is revealed through homodyne detection. The second beam is then amplitude-modulated according to the outcome of the measurement, and finally squeezed according to the transmittivity of the interferometer. Using strongly squeezed or anti-squeezed probes respectively, one achieves either a projective measurement, i.e. homodyne statistics arbitrarily close to the intrinsic quadrature distribution of the signal, and conditional outputs approaching the corresponding eigenstates, or fully non-destructive one, characterized by an almost uniform homodyne statistics, and by an output state arbitrarily close to the input signal. By varying the squeezing between these two extremes, or simply by tuning the internal phase-shift of the interferometer, the whole set of intermediate cases can also be obtained. In particular, an optimal quantum nondemolition measurement of quadrature can be achieved, which minimizes the information gain versus state disturbance trade-off