Corporate Hierarchies and the Size of Nations: Theory and Evidence

Corporate organization varies within a country and across countries with country size. The paper starts by establishing some facts about corporate organization based on unique data of 660 Austrian and German corporations. The larger country (Germany) has larger firms with flatter more decentral corporate hierarchies compared to the smaller country (Austria). Firms in the larger country change their organization less fast than firms in the smaller country. Over time firms have been introducing less hierarchical organizations by delegating power to lower levels of the corporation. We develop a theory which explains these facts and which links these features to the trade environment that countries and firms face. We introduce firms with internal hierarchies in a Krugman (1980) model of trade. We show that international trade and the toughness of competition in international markets induce a power struggle in firms which eventually leads to decentralized corporate hierarchies. We offer econometric evidence which is consistent with the models predictions

Low-temperature magnetization in geometrically frustrated Tb2Ti2O7

The nature of the low temperature ground state of the pyrochlore compound Tb2Ti2O7 remains a puzzling issue. Dynamic fluctuations and short-range correlations persist down to 50 mK, as evidenced by microscopic probes. In parallel, magnetization measurements show irreversibilities and glassy behavior below 200 mK. We have performed magnetization and AC susceptibility measurements on four single crystals down to 57 mK. We did not observe a clear plateau in the magnetization as a function of field along the [111] direction, as suggested by the quantum spin ice model. In addition to a freezing around 200 mK, slow dynamics are observed in the AC susceptibility up to 4 K. The overall frequency dependence cannot be described by a canonical spin-glass behavior.Comment: 5 pages, 4 figures + Supp. Mat (3 pages, 5 figures

Exchange-Rate Risk and Business Cycles

We show that currencies with a steeper yield curve depreciate at business-cycle horizons. We identify a tent-shaped relationship between exchange-rate risk premia (ERRP) and the relative yield curve slope across horizons that peaks at 3-5 years and is robust to a number of controls, including liquidity yields. Within a no-arbitrage framework, ERRP reflect investors' changing return valuations over the business cycle. We calibrate a two-country, two-factor model of interest rates, where exchange rates are driven by business-cycle - transitory and cyclical - risk. The model quantitatively reproduces the tent-shaped relationship, as well as variation in uncovered interest parity coefficients across horizons

Evidence for unidimensional low-energy excitations as the origin of persistent spin dynamics in geometrically frustrated magnets

We report specific heat, magnetic, and muon spin relaxation measurements performed on a polycrystalline sample of the normal spinel CdHo2S4. The rare-earth ions sit on a lattice of corner-sharing regular tetrahedra as in pyrochlore compounds. Magnetic ordering is detected at Tc ~ 0.87 K. From spin-lattice relaxation rate measurements on both sides of Tc we uncover similar magnetic excitation modes driving the so-called persistent spin dynamics at T < Tc. Unidimensional excitations are argued to be at its origin. Often observed spin loop structures are suggested to support these excitations. The possibility of a generic mechanism for their existence is discussed.Comment: 7 pages, 8 figure

Interplay between the magnetic anisotropy contributions of Cobalt nanowires

We report on the magnetic properties and the crystallographic structure of the cobalt nanowire arrays as a function of their nanoscale dimensions. X-ray diffraction measurements show the appearance of an in-plane HCP-Co phase for nanowires with 50 nm diameter, suggesting a partial reorientation of the magnetocrystalline anisotropy axis along the membrane plane with increasing pore diameter. No significant changes in the magnetic behavior of the nanowire system are observed with decreasing temperature, indicating that the effective magnetoelastic anisotropy does not play a dominant role in the remagnetization processes of individual nanowires. An enhancement of the total magnetic anisotropy is found at room temperature with a decreasing nanowire diameter-to-length ratio (d/L), a result that is quantitatively analyzed on the basis of a simplified shape anisotropy model.Comment: 8 pages, 4 figure

Reflection-Free One-Way Edge Modes in a Gyromagnetic Photonic Crystal

We point out that electromagnetic one-way edge modes analogous to quantum Hall edge states, originally predicted by Raghu and Haldane in 2D gyroelectric photonic crystals possessing Dirac point-derived bandgaps, can appear in more general settings. In particular, we show that the TM modes in a gyromagnetic photonic crystal can be formally mapped to electronic wavefunctions in a periodic electromagnetic field, so that the only requirement for the existence of one-way edge modes is that the Chern number for all bands below a gap is non-zero. In a square-lattice gyromagnetic Yttrium-Iron-Garnet photonic crystal operating at microwave frequencies, which lacks Dirac points, time-reversal breaking is strong enough that the effect should be easily observable. For realistic material parameters, the edge modes occupy a 10% band gap. Numerical simulations of a one-way waveguide incorporating this crystal show 100% transmission across strong defects, such as perfect conductors several lattice constants wide, larger than the width of the waveguide.Comment: 4 pages, 3 figures (Figs. 1 and 2 revised.

Deficiência hídrica acumulada como índice de risco de incêndios florestais.

O trabalho analisa riscos de incêndios florestais em locais onde se dispõe apenas de dados de temperatura e chuva; apresenta os balanços hídricos climatológicos dos anos de 1999 e 2000, que caracterizam os períodos de maiores riscos de ocorrência de incêndios, comparando-os ainda ao balanço hídrico normal para Piracicaba-SP

Description of the ICCAT length at age data base for bluefin tuna from the eastern Atlantic, including the Mediterranean Sea

This study aims to describe the current length at age database available for Eastern Atlantic bluefin tuna management area. A total of 8 500 spines and 5 000 otoliths were read from specimens caught from 1984 to 2017 in both the Atlantic Ocean and Mediterranean Sea. Obtaining ALKs for this species is difficult, as it has a wide length range and spatial distribution, and sampling is costly. Unfortunately, there are practically no contributions to this database from the East Atlantic and Mediterranean Sea countries, and only thanks to the initiative of the GBYP has it been possible to increase the number of samples in the ICCAT database in the last 10 years. As a result, the current ICCAT length at age database has incomplete spatial, temporal and size range coverage. However, it may be suitable as conditional age-at-length data for the Stock Synthesis model