Three Essays on External Sources of Corporate Governance

Corporate governance is the system by which corporations are controlled. External sources of governance include regulatory and market mechanisms as well as the interplay of goals between managers, the board, and shareholders. Other external sources can include informal institutions which can shape goals as well as suggested by institutional theory, effectively constrain human behavior. In my first essay, I argue that foreign direct investors can act as agents of change in corporate governance. Investigating changes in ownership and control of Swedish firms, I find that active foreign investors\u27 participation move firms away from a Swedish stakeholder orientation toward an Anglo-American shareholder wealth maximization focus. In my second essay, I explore the relationship of informal and formal institutions on microfinance institutions (MFI). Investigating the outreach and performance of MFIs in developing nations, I find that strong formal institutions foster better efficiency and outreach while strong informal institutions\u27 impact is limited to better outreach. In my third essay, I investigate the apparent lack of market discipline in the bank subordinated debt market leading up to the 2008 finance crisis. I find that subordinated debt holders were caught off guard by the suddenness and magnitude of the crisis. I argue that bank opacity created a vulnerable environment in the banking industry that contributed to this collapse

Constraining the Atmospheric Composition of the Day-Night Terminators of HD 189733b : Atmospheric Retrieval with Aerosols

A number of observations have shown that Rayleigh scattering by aerosols dominates the transmission spectrum of HD 189733b at wavelengths shortward of 1 $\mu$m. In this study, we retrieve a range of aerosol distributions consistent with transmission spectroscopy between 0.3-24 $\mu$m that were recently re-analyzed by Pont et al. (2013). To constrain the particle size and the optical depth of the aerosol layer, we investigate the degeneracies between aerosol composition, temperature, planetary radius, and molecular abundances that prevent unique solutions for transit spectroscopy. Assuming that the aerosol is composed of MgSiO$_3$, we suggest that a vertically uniform aerosol layer over all pressures with a monodisperse particle size smaller than about 0.1 $\mu$m and an optical depth in the range 0.002-0.02 at 1 $\mu$m provides statistically meaningful solutions for the day/night terminator regions of HD 189733b. Generally, we find that a uniform aerosol layer provide adequate fits to the data if the optical depth is less than 0.1 and the particle size is smaller than 0.1 $\mu$m, irrespective of the atmospheric temperature, planetary radius, aerosol composition, and gaseous molecules. Strong constraints on the aerosol properties are provided by spectra at wavelengths shortward of 1 $\mu$m as well as longward of 8 $\mu$m, if the aerosol material has absorption features in this region. We show that these are the optimal wavelengths for quantifying the effects of aerosols, which may guide the design of future space observations. The present investigation indicates that the current data offer sufficient information to constrain some of the aerosol properties of HD189733b, but the chemistry in the terminator regions remains uncertain.Comment: Transferred to ApJ and accepted. 11 pages, 10 figures, 1 tabl

Improving DRAM Performance by Parallelizing Refreshes with Accesses

Modern DRAM cells are periodically refreshed to prevent data loss due to leakage. Commodity DDR DRAM refreshes cells at the rank level. This degrades performance significantly because it prevents an entire rank from serving memory requests while being refreshed. DRAM designed for mobile platforms, LPDDR DRAM, supports an enhanced mode, called per-bank refresh, that refreshes cells at the bank level. This enables a bank to be accessed while another in the same rank is being refreshed, alleviating part of the negative performance impact of refreshes. However, there are two shortcomings of per-bank refresh. First, the per-bank refresh scheduling scheme does not exploit the full potential of overlapping refreshes with accesses across banks because it restricts the banks to be refreshed in a sequential round-robin order. Second, accesses to a bank that is being refreshed have to wait. To mitigate the negative performance impact of DRAM refresh, we propose two complementary mechanisms, DARP (Dynamic Access Refresh Parallelization) and SARP (Subarray Access Refresh Parallelization). The goal is to address the drawbacks of per-bank refresh by building more efficient techniques to parallelize refreshes and accesses within DRAM. First, instead of issuing per-bank refreshes in a round-robin order, DARP issues per-bank refreshes to idle banks in an out-of-order manner. Furthermore, DARP schedules refreshes during intervals when a batch of writes are draining to DRAM. Second, SARP exploits the existence of mostly-independent subarrays within a bank. With minor modifications to DRAM organization, it allows a bank to serve memory accesses to an idle subarray while another subarray is being refreshed. Extensive evaluations show that our mechanisms improve system performance and energy efficiency compared to state-of-the-art refresh policies and the benefit increases as DRAM density increases.Comment: The original paper published in the International Symposium on High-Performance Computer Architecture (HPCA) contains an error. The arxiv version has an erratum that describes the error and the fix for i

Rotation in liquid 4^4He: Lessons from a toy model

This paper presents an analysis of a model problem, consisting of two interacting rigid rings, for the rotation of molecules in liquid $^4$He. Due to Bose symmetry, the excitation of the rotor corresponding to a ring of N helium atoms is restricted to states with integer multiples of N quanta of angular momentum. This minimal model shares many of the same features of the rotational spectra that have been observed for molecules in nanodroplets of $\approx 10^3 - 10^4$ helium atoms. In particular, this model predicts, for the first time, the very large enhancement of the centrifugal distortion constants that have been observed experimentally. It also illustrates the different effects of increasing rotational velocity by increases in angular momentum quantum number or by increasing the rotational constant of the molecular rotor. It is found that fixed node, diffusion Monte Carlo and a hydrodynamic model provide upper and lower bounds on the size of the effective rotational constant of the molecular rotor when coupled to the helium