Going, Going, Gone. Innovation and Exit in Manufacturing Firms

This paper examines the effect of innovation on the risk of exit of a firm, distinguishing between different modes of exits. Innovation represents a resource and a capability that helps a firm to build competitive advantage and remain in the market. At the same time, the resources and capabilities of innovative firms make them an attractive target for the acquisition process of other firms, thereby increasing the likelihood of the exiting the market. We explore these effects empirically by linking data on innovation and exits for a large sample of manufacturing firms in the Netherlands. The results show that the effect of innovation on a firm's risk of exit differs according to the mode of exit and, in addition, it is shaped by the nature of the innovation. While a firm can lower its risk of failure by innovating in either products or processes, the introduction of a new product in the absence of innovation in the production process increases the risk of exit as a result of merger and acquisition.Mergers and acquisitions;Innovation;Competing risks model;Firm exit

Extracellular electron transfer mechanism in Shewanella loihica PV- 4 biofilms formed at indium tin oxide and graphite electrodes

Electroactive biofilms are capable of extracellular electron transfer to insoluble metal oxides and electrodes; such biofilms are relevant to biogeochemistry, bioremediation, and bioelectricity production. We investigated the extracellular electron transfer mechanisms in Shewanella loihica PV-4 viable biofilms grown at indium tin oxide (ITO) and graphite electrodes in potentiostat-controlled electrochemical cells poised at 0.2 V vs. Ag/AgCl. Chronoamperometry and confocal microscopy showed higher biofilm growth at graphite compared to the ITO electrode. Cyclic voltammetry, differential pulse voltammetry, along with fluorescence spectroscopy showed that direct electron transfer through outer membrane c type cytochromes (Omcs) prevailed at the biofilm/ITO interface, while biofilms formed at graphite electrode reduced the electrode also via secreted redox mediators, such as flavins and quinones. The biofilm age does not affect the prevalent transfer mechanism at ITO electrodes. On the other hand, secreted redox mediators accumulated at biofilm/graphite interface, thus increasing mediated electron transfer as the biofilm grows over five days. Our results showed that the electrode material determined the prevalent electron transfer mechanism and the dynamic of secreted redox mediators in S. loihica PV-4 biofilms. These observations have implications for the optimization of biofilm-based electrochemical systems, such as biosensors and microbial fuel cells

Going, Going, Gone. Innovation and Exit in Manufacturing Firms

This paper examines the effect of innovation on the risk of exit of a firm, distinguishing between different modes of exits. Innovation represents a resource and a capability that helps a firm to build competitive advantage and remain in the market. At the same time, the resources and capabilities of innovative firms make them an attractive target for the acquisition process of other firms, thereby increasing the likelihood of the exiting the market. We explore these effects empirically by linking data on innovation and exits for a large sample of manufacturing firms in the Netherlands. The results show that the effect of innovation on a firm's risk of exit differs according to the mode of exit and, in addition, it is shaped by the nature of the innovation. While a firm can lower its risk of failure by innovating in either products or processes, the introduction of a new product in the absence of innovation in the production process increases the risk of exit as a result of merger and acquisition

A Matter of Life and Death: Innovation and Firm Survival

This paper examines the effects of innovation on the survival of manufacturing firms in the Netherlands. The demographics of firms according to their innovative performance and type of innovation are traced by using the Business Register population of all firms active in the Netherlands and the Community Innovation Survey. Through estimation of a parametric duration model, we observe that firms do benefit of an innovation premium that extends their life expectancy, independent of firm- specific traits such as age and size. Especially process innovation seems to have a distinctive effect on survival. Furthermore, our results confirm that survival chances increase with age and the growth rate of a firm, the latter representing a more crucial factor than the initial size. Finally, sectors at high intensity of technology, that is, science based and specialised suppliers are most favourable environments to the survival of firms

The effects of mergers and acquisitions on the firm size distribution

This paper provides new empirical evidence on the effects of mergers and acquisitions (M&As) on the shape of the firm size distribution, by using data of the population of manufacturing firms in the Netherlands. Our analysis shows that M&As do not affect the size distribution when we consider the entire population of firms. When we focus on the firms involved in an M&A event, we observe a shift of the firm size distribution towards larger sizes. Firm size distribution becomes more concentrated around the mean, less skewed to the right hand side, and thinner at the tails as a whole. The shift toward higher sizes due to M&A is not uniform but affects firms of different sizes in different ways. While the number of firms in the lower tail decreased, the number of firms in the central size classes increased substantially and outweighed the increase in the number (and mean size) of firms in the upper tail of the distribution (consequently the overall market concentration measured by the Herfindahl index declines). M&As lead to a departure from log-normality of the firm size distribution, suggesting that external growth does not follow Gibrat's law. Our counterfactual analysis highlights that only internal growth does not affect the shape of the size distribution of firms. On the contrary, it suggests that the change in the size distribution is almost entirely due to the external growth of the firms

High-efficiency WSi superconducting nanowire single-photon detectors for quantum state engineering in the near infrared

We report on high-efficiency superconducting nanowire single-photon detectors based on amorphous WSi and optimized at 1064 nm. At an operating temperature of 1.8 K, we demonstrated a 93% system detection efficiency at this wavelength with a dark noise of a few counts per second. Combined with cavity-enhanced spontaneous parametric down-conversion, this fiber-coupled detector enabled us to generate narrowband single photons with a heralding efficiency greater than 90% and a high spectral brightness of $0.6\times10^4$ photons/(s$\cdot$mW$\cdot$MHz). Beyond single-photon generation at large rate, such high-efficiency detectors open the path to efficient multiple-photon heralding and complex quantum state engineering

High-Throughput First-Principles Prediction of Interfacial Adhesion Energies in Metal-on-Metal Contacts

: Adhesion energy, a measure of the strength by which two surfaces bind together, ultimately dictates the mechanical behavior and failure of interfaces. As natural and artificial solid interfaces are ubiquitous, adhesion energy represents a key quantity in a variety of fields ranging from geology to nanotechnology. Because of intrinsic difficulties in the simulation of systems where two different lattices are matched, and despite their importance, no systematic, accurate first-principles determination of heterostructure adhesion energy is available. We have developed robust, automatic high-throughput workflow able to fill this gap by systematically searching for the optimal interface geometry and accurately determining adhesion energies. We apply it here for the first time to perform the screening of around a hundred metallic heterostructures relevant for technological applications. This allows us to populate a database of accurate values, which can be used as input parameters for macroscopic models. Moreover, it allows us to benchmark commonly used, empirical relations that link adhesion energies to the surface energies of its constituent and to improve their predictivity employing only quantities that are easily measurable or computable

Strong excitons in novel two-dimensional crystals: Silicane and germanane

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Side-dependent electron escape from graphene- and graphane-like SiC layers

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