Democracy, Diversification, and Growth Reversals

There is much evidence that less democratic countries experience more high-frequency growth volatility. In this paper we report a similar finding about volatility in the medium term: we find evidence that reversals of trend-growth are sharper and more frequent in non-democracies. Motivated by this evidence, we construct a model in which non-democracies have high barriers of entry for new firms. This leads to less sectoral diversification and so, in an uncertain environment, to larger growth swings in less democratic countries. We present empirical evidence that confirms the positive relation between democracy and industrial diversification.medium term growth, growth volatility, democracy, diversification

Untold stories in organizations

The field of organizational storytelling research is productive, vibrant and diverse. Over three decades we have come to understand how organizations are not only full of stories but also how stories are actively making, sustaining and changing organizations. This edited collection contributes to this body of work by paying specific attention to stories that are neglected, edited out, unintentionally omitted or deliberately left silent. Despite the fact that such stories are not voiced they have a role to play in organizational analysis. The chapters in this volume variously explore how certain realities become excluded or silenced. The stories that remain below the audible range in organizations offer researchers an access to study political practices which marginalise certain organisational realities whilst promoting others. This volume offers a further contribution by paying heed to silence and the processes of silencing. These silences influence the choice of issues on organisational agendas, the choice of audience(s) to which these discourses are addressed and the ways of addressing them. In exploring these relatively understudied terrains, Untold Stories in Organizations comprises an important contribution to the organizational storytelling space, opening paths for new trajectories in storytelling research

Simple Signal Extension Method for Discrete Wavelet Transform

Discrete wavelet transform of finite-length signals must necessarily handle the signal boundaries. The state-of-the-art approaches treat such boundaries in a complicated and inflexible way, using special prolog or epilog phases. This holds true in particular for images decomposed into a number of scales, exemplary in JPEG 2000 coding system. In this paper, the state-of-the-art approaches are extended to perform the treatment using a compact streaming core, possibly in multi-scale fashion. We present the core focused on CDF 5/3 wavelet and the symmetric border extension method, both employed in the JPEG 2000. As a result of our work, every input sample is visited only once, while the results are produced immediately, i.e. without buffering.Comment: preprint; presented on ICSIP 201

Bump-hunting in LHC ttbar events

We demonstrate that a purposefully normalised NNLO top pair invariant mass differential spectrum can have very small theoretical uncertainty and, in particular, a small sensitivity to the top quark mass. Such observable can thus be a very effective bump-hunting tool for resonances decaying to top pair events during LHC Run II and beyond. To illustrate how the approach works, we concentrate on one specific example of current interest, namely, the possible 750 GeV di-gamma excess resonance Phi. Considering only theoretical uncertainties, we demonstrate that it is possible to distinguish pp -> Phi -> tt signals studied in the recent literature [Hespel, Maltoni and Vryonidou, arXiv:1606.04149] from the pure SM background with very high significance. Alternatively, in case of non-observation, a strong upper limit on the decay rate Phi -> tt can be placed.Comment: 8 pages, 6 figures, analytic fits attached, plot on top-mass sensitivity for the invariant mass distribution added, appendix on top-mass sensitivity of differential distributions added, minor additional changes and comments, matches published versio

The creditworthiness of the poor: a model of the Grameen Bank

This paper analyzes the role of expected income in entrepreneurial borrowing. We claim that poorer individuals are safer borrowers because they place more value on the relationship with the bank. We study the dynamics of a monopolistic bank granting loans and taking deposits from overlapping generations of entrepreneurs with different levels of expected income. Matching the evidence of the Grameen Bank we show that a bank will focus on individuals with lower expected income, and will not disburse dividends until it reaches all the potential borrowers. We find empirical support for our theoretical results using data from a household survey from Bangladesh. We show that various measures of expected income are positively and signficantly correlated with default probabilities.