The deep-pocket effect of internal capital markets

We provide evidence that incumbent and entrant firms' access to business group deep pockets affects entry patterns in product markets. Relying on a unique French data set on business groups, our paper shows that entry in manufacturing industries is negatively related to the cash hoarded by incumbent-affiliated groups, and positively related to entrant groups' cash. In line with theoretical predictions, we find that the impact on entry of group cash holdings is more important in environments where financial constraints are pronounced and in more financially dependent sectors. The cash holdings of incumbent and entrant groups also affect the survival rate of entrants in the 3 to 5 year post-entry window. Overall, our findings suggest that internal capital markets operate within corporate groups and affect the product market behavior of affiliated firms by mitigating financial constraints

Structural Balance via Gradient Flows over Signed Graphs

Structural balance is a classic property of signed graphs satisfying Heider's seminal axioms. Mathematical sociologists have studied balance theory since its inception in the 1940s. Recent research has focused on the development of dynamic models explaining the emergence of structural balance. In this paper, we introduce a novel class of parsimonious dynamic models for structural balance based on an interpersonal influence process. Our proposed models are gradient flows of an energy function, called the dissonance function, which captures the cognitive dissonance arising from violations of Heider's axioms. Thus, we build a new connection with the literature on energy landscape minimization. This gradient flow characterization allows us to study the transient and asymptotic behaviors of our model. We provide mathematical and numerical results describing the critical points of the dissonance function

Leaving the nest: the rise of regional financial arrangements and the future of global governance

This article examines the impact of regional financial arrangements (RFAs) on the global liquidity regime. It argues that the design of RFAs could potentially alter the global regime, whether by strengthening it and making it more coherent or by decentring the International Monetary Fund (IMF) and destabilizing it. To determine possible outcomes, this analysis deploys a ‘middle‐up’ approach that focuses on the institutional design of these RFAs. It first draws on the rational design of institutions framework to identify the internal characteristics of RFAs that are most relevant to their capabilities and capacities. It then applies these insights to the interactions of RFAs with the IMF, building on Aggarwal's (1998) concept of ‘nested’ versus ‘parallel’ institutions, to create an analytical lens through which to assess the nature and sustainability of nested linkages. Through an analysis of the Chiang Mai Initiative Multilateralization (CMIM) and the Latin American Reserve Fund (FLAR), the article demonstrates the usefulness of this lens. It concludes by considering three circumstances in which fault lines created by these RFAs’ institutional design could be activated, permitting an institution to ‘leave the nest’, including changing intentions of principals, creation of parallel capabilities and facilities, and failure of the global regime to address regional needs in a crisis.The authors would like to thank Veronica Artola, Masatsugu Asakawa, Ana Maria Carrasquilla, Junhong Chang, Paolo Hernando, Hoe Ee Khor, Kazunori Koike, Jae Young Lee, Ser-Jin Lee, Guillermo Perry, Yoichi Nemoto, Freddy Trujillo, Masaaki Watanabe, Yasuto Watanabe, Akihiko Yoshida, and others who wished to remain anonymous, for their generosity in providing in-person interviews. Further, the authors would like to thank various central bank and ministry of finance officials of both FLAR and CMIM member countries. We also thank Jose Antonio Ocampo, Diana Barrowclough, and participants in the 'Beyond Bretton Woods' Workshop at Boston University (where an earlier version of this article was presented in September 2017) for their feedback on our broader research projects on RFAs. Last but not least, the authors wish to thank the anonymous referees for their constructive comments. This work builds upon previous work funded by UNCTAD and the Global Economic Governance Initiative at the Global Development Policy Center at Boston University. (UNCTAD; Global Economic Governance Initiative at the Global Development Policy Center at Boston University)Accepted manuscrip

Synthesis and characterization of copper coatings on polyimide membranes (PIR 003)

The formation of stable metallic/polymeric joints is a huge challenge in the materials sciences. Adhesion requires interphase that is able to specifically interact with the metallic phase. The primary amino groups exhibit copolymers as highly reactive to metal surfaces. This article will give a better understanding of the mechanisms of chemo-absorption by chemical functionalization of polyimides, as well as in the wet development of metallization of materials based on H2 reduction in polymers. And it will be evidenced by comparisons by measures of polymer/metal characterization.Campus Arequip

A comprehensive mental health care system for Native Americans in New Mexico. A report of the Native American Mental Health Planning Project.

This is a comprehensive report of a seven-month study contracted through the State Division of Mental Health to the University of New Mexico, Department of Psychiatry/Center on Alcoholism, Substance Abuse and Addictions (CASAA). A select committee of representatives from New Mexico tribes, appropriate state and federal agencies, private entities, and consumers provided input for the project. The final plan is based on the collection and triangulation of a variety of sources. The primary sources utilized in this document included: 1) literature review; 2) indirect measure of the magnitude of alcohol, drug abuse, and mental health needs using selected measures from current census data; 3) extensive survey of current agencies providing services; 4) clinical programming survey to select from optional mental health care delivery system models and a prioritization of services needed; 5) ideas, visions, suggestions and recommendations of selected committees; and 6) private interviews and focus group discussions with tribal members, service workers, and tribal leaders. The plan provides information on: 1) epidemiology of mental health problems; 2) programmatic issues for mental health services; 3) needs assessment studies and findings; 4) system and program design; 5) program development and management; 6) physical plant requirements; 7) management information system; and 8) ten-year implementation process. Based on the findings of this planning effort, a system of comprehensive mental health care for American Indians was proposed. This continuum of care extends from the tribal communities, to regional centers of care, and to a centralized facility

Nuclear data requirements for the ADS conceptual design EFIT: Uncertainty and sensitivity study

In this paper, we assess the impact of activation cross-section uncertainties on relevant fuel cycle parameters for a conceptual design of a modular European Facility for Industrial Transmutation (EFIT) with a “double strata” fuel cycle. Next, the nuclear data requirements are evaluated so that the parameters can meet the assigned design target accuracies. Different discharge burn-up levels are considered: a low burn-up, corresponding to the equilibrium cycle, and a high burn-up level, simulating the effects on the fuel of the multi-recycling scenario. In order to perform this study, we propose a methodology in two steps. Firstly, we compute the uncertainties on the system parameters by using a Monte Carlo simulation, as it is considered the most reliable approach to address this problem. Secondly, the analysis of the results is performed by a sensitivity technique, in order to identify the relevant reaction channels and prioritize the data improvement needs. Cross-section uncertainties are taken from the EAF-2007/UN library since it includes data for all the actinides potentially present in the irradiated fuel. Relevant uncertainties in some of the fuel cycle parameters have been obtained, and we conclude with recommendations for future nuclear data measurement programs, beyond the specific results obtained with the present nuclear data files and the limited available covariance information. A comparison with the uncertainty and accuracy analysis recently published by the WPEC-Subgroup26 of the OECD using BOLNA covariance matrices is performed. Despite the differences in the transmuter reactor used for the analysis, some conclusions obtained by Subgroup26 are qualitatively corroborated, and improvements for additional cross sections are suggested

Tools for adaptive governance for complex social-ecological systems: A review of role-playing-games as serious games at the community-policy interface

The management of natural resources—from forests to fisheries to freshwater—is becoming increasingly complex and requires new tools and processes for engaging with individuals, communities, and decision-makers. Policy makers and practitioners have begun using serious games (SGs) (those used for purposes other than entertainment) to overcome some of the complex challenges of governing resources in social-ecological systems. This paper uses a systematic literature review methodology to assess role-playing SGs for natural resource management. Fifty-two articles from the role-playing game (RPG) subset of SGs are identified, synthesised and analysed using a multi-criteria evaluation framework. First, we explore three theoretical and conceptual elements of games: principles of RPGs, functions of games, and (practical) game characteristics. We evaluate game elements, including game design, adherence to reality and the degree to which games integrate elements of participatory—and action research. These dimensions of RPGs are then analysed and discussed. Particular attention is paid to the value and application of RPGs to address complex problems with interacting environmental, social, cultural and economic challenges, and the extent to which they can inform adaptive governance solutions. Results show that RPGs can be a valuable tool at different levels; however, we also identify important gaps in the current state of knowledge, in particular, related to bridging community—and higher-level decision-making scales through RPGs

Investigation Into the Humaneness of Slaughter Methods for Guinea Pigs (Cavia porcelus) in the Andean Region

Guinea pigs (Cavia porcelus) are an important source of nonhuman animal protein in the Andean region of South America. Specific guidelines regarding the welfare of guinea pigs before and during slaughter have yet to be developed. This study critically assessed the humaneness of 4 different stunning/slaughter methods for guinea pigs: cervical neck dislocation (n = 60), electrical head-only stunning (n = 83), carbon dioxide (CO(2)) stunning (n = 21), and penetrating captive bolt (n = 10). Following cervical neck dislocation, 97% of guinea pigs had at least 1 behavioral or cranial/spinal response. Six percent of guinea pigs were classified as mis-stunned after electrical stunning, and 1% were classified as mis-stunned after captive bolt. Increased respiratory effort was observed during CO(2) stunning. Apart from this finding, there were no other obvious behavioral responses that could be associated with suffering. Of the methods assessed, captive bolt was deemed the most humane, effective, and practical method of stunning guinea pigs. Cervical neck dislocation should not be recommended as a slaughter method for guinea pigs