The Very Dark Side of Internal Capital Markets: Evidence from Diversified Business Groups in Korea

This paper examines the capital allocation within Korean chaebol firms during the period from 1991 to 2000. We find strong evidence that, during the pre-Asian financial crisis period in the early 1990's, poorly performing firms with less investment opportunities invest more than well-performing firms with better growth opportunities. We also find the evidence of cross-subsidization among firms in the same chaebol group during the pre-crisis period. It appears that the existence of the "dark" side of internal capital markets explains most part of this striking phenomenon where "tunneling" practice has been common during the pre-crisis period. However, the inefficient capital allocation seems to disappear after the crisis as banks gain more power and market disciplines inefficient chaebol firms.

Retrospective Interference Alignment for Two-Cell Uplink MIMO Cellular Networks with Delayed CSIT

In this paper, we propose a new retrospective interference alignment for two-cell multiple-input multiple-output (MIMO) interfering multiple access channels (IMAC) with the delayed channel state information at the transmitters (CSIT). It is shown that having delayed CSIT can strictly increase the sum-DoF compared to the case of no CSIT. The key idea is to align multiple interfering signals from adjacent cells onto a small dimensional subspace over time by fully exploiting the previously received signals as side information with outdated CSIT in a distributed manner. Remarkably, we show that the retrospective interference alignment can achieve the optimal sum-DoF in the context of two-cell two-user scenario by providing a new outer bound.Comment: 7 pages, 2 figures, to appear in IEEE ICC 201

Double resonance of Raman transitions in a degenerate Fermi gas

We measure momentum-resolved Raman spectra of a spin-polarized degenerate Fermi gas of $^{173}$Yb atoms for a wide range of magnetic fields, where the atoms are irradiated by a pair of counterpropagating Raman laser beams as in the conventional spin-orbit coupling scheme. Double resonance of first- and second-order Raman transitions occurs at a certain magnetic field and the spectrum exhibits a doublet splitting for high laser intensities. The measured spectral splitting is quantitatively accounted for by the Autler-Townes effect. We show that our measurement results are consistent with the spinful band structure of a Fermi gas in the spatially oscillating effective magnetic field generated by the Raman laser fields.Comment: 7 pages, 6 figure