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

Luminescent conjugates between dinuclear rhenium complexes and 17α-ethynylestradiol: synthesis, photophysical characterization, and cell imaging

Three new luminescent conjugates between dinuclear rhenium complexes and an estradiol, namely E2-Re, are described. The derivatives have the general formula [Re2(\u3bc-Cl)2(CO)6(\u3bc-R-pydz-17\u3b1-ethynylestradiol)] (R-pydz = functionalized 1,2-pyridazine), where the estradiol moiety is covalently bound to the \u3b2 position of the pyridazine ligand. Different synthetic pathways are investigated, including the inverse-type [4 + 2] Diels Alder cycloaddition reaction between the electron poor 1,2,4,5-tetrazine and 17\u3b1-ethynylestradiol for the synthesis of E2-Re1. The three E2-Re conjugates are purified on silica gel and isolated in a spectroscopically pure form in moderate to good yields (28-50%). All the E2-Re conjugates are comprehensively characterized from the spectroscopic and photophysical points of view. Cellular internalization experiments on human MCF-7 and 231 cells are also reported, displaying interesting staining differences depending on the nature of the spacer linking the estradiol unit to the organometallic fragment. Furthermore, the suitability of these conjugates to also stain simple multicellular organisms, i.e. Ciona intestinalis embryos and larvae at different stages of development, is reported here for the first time

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

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

Financial intermediation and growth : causality and causes without outliers

In a seminal paper, Levine et al. (J Monet Econ 46:31–77, 2000) provide cross-sectional evidence showing that financial development has pos- itive average impact on long-run growth, using a sample of 71 countries. We argue that the evidence is sensitive to the presence of outliers.info:eu-repo/semantics/publishedVersio

Relative dispersion in fully developed turbulence: The Richardson's Law and Intermittency Corrections

Relative dispersion in fully developed turbulence is investigated by means of direct numerical simulations. Lagrangian statistics is found to be compatible with Richardson description although small systematic deviations are found. The value of the Richardson constant is estimated as $C_2 \simeq 0.55$, in a close agreement with recent experimental findings [S. Ott and J. Mann J. Fluid Mech. {\bf 422}, 207 (2000)]. By means of exit-time statistics it is shown that the deviations from Richardson's law are a consequence of Eulerian intermittency. The measured Lagrangian scaling exponents require a set of Eulerian structure function exponents $\zeta_{p}$ which are remarkably close to standard ones known for fully developed turbulence

Endogenous ownership structure:factors affecting the post-privatisation equity in largest Hungarian firms

Using a data set for the 162 largest Hungarian firms during the period of 1994-1999, this paper explores the determinants of equity shares held by both foreign investors and Hungarian corporations. Evidence is found for a post-privatisation evolution towards more homogeneous equity structures, where dominant categories of Hungarian and foreign owners aim at achieving controlling stakes. In addition, focusing on firm-level characteristics we find that exporting firms attract foreign owners who acquire controlling equity stakes. Similarly, firm-size measurements are positively associated with the presence of foreign investors. However, they are negatively associated with 100% foreign ownership, possibly because the marginal costs of acquiring additional equity are growing with the size of the assets. The results are interpreted within the framework of the existing theory. In particular, following Demsetz and Lehn (1985) and Demsetz and Villalonga (2001) we argue that equity should not be treated as an exogenous variable. As for specific determinants of equity levels, we focus on informational asymmetries and (unobserved) ownership-specific characteristics of foreign investors and Hungarian investors

Pulsed quantum optomechanics

Studying mechanical resonators via radiation pressure offers a rich avenue for the exploration of quantum mechanical behavior in a macroscopic regime. However, quantum state preparation and especially quantum state reconstruction of mechanical oscillators remains a significant challenge. Here we propose a scheme to realize quantum state tomography, squeezing and state purification of a mechanical resonator using short optical pulses. The scheme presented allows observation of mechanical quantum features despite preparation from a thermal state and is shown to be experimentally feasible using optical microcavities. Our framework thus provides a promising means to explore the quantum nature of massive mechanical oscillators and can be applied to other systems such as trapped ions.Comment: 9 pages, 4 figure

Measurement of Lagrangian velocity in fully developed turbulence

We have developed a new experimental technique to measure the Lagrangian velocity of tracer particles in a turbulent flow, based on ultrasonic Doppler tracking. This method yields a direct access to the velocity of a single particule at a turbulent Reynolds number $R_{\lambda} = 740$. Its dynamics is analyzed with two decades of time resolution, below the Lagrangian correlation time. We observe that the Lagrangian velocity spectrum has a Lorentzian form $E^{L}(\omega) = u_{rms}^{2} T_{L} / (1 + (T_{L}\omega)^{2})$, in agreement with a Kolmogorov-like scaling in the inertial range. The probability density function (PDF) of the velocity time increments displays a change of shape from quasi-Gaussian a integral time scale to stretched exponential tails at the smallest time increments. This intermittency, when measured from relative scaling exponents of structure functions, is more pronounced than in the Eulerian framework.Comment: 4 pages, 5 figures. to appear in PR