Channels of Firm Adjustment: Theory and Empirical Evidence

We provide a comprehensive analysis of how firms choose between different expansion and contraction forms, unifying existing approaches from the industrial organization and corporate finance literature. Using novel data covering almost the entire universe of UK firms, we document firms� use of internal adjustment, greenfield investment and mergers and acquisitions (M&As). We describe frequency and aggregate importance of the different channels, and show that their use varies systematically with observable firm characteristics, in particular firm size and the magnitude of adjustment. We also demonstrate that there is positive assortative matching on the UK merger market. Based on these facts, we propose a theoretical framework which accommodates all three adjustment channels in a unified setting, and is able to replicate the adjustment and matching patterns found in the data.

Crooks' fluctuation theorem for the fluctuating lattice-Boltzmann model

We probe the validity of Crooks' fluctuation relation on the fluctuating lattice-Boltzmann model (FLBM), a highly simplified lattice model for a thermal ideal gas. We drive the system between two thermodynamic equilibrium states and compute the distribution of the work performed. By comparing the distributions of the work performed during the forward driving and time reversed driving, we show that the system satisfies Crooks' relation. The results of the numerical experiment suggest that the temperature and the free energy of the system are well defined.Comment: To be published in J. Stat. Mec

A Portrait of firm Expansion and Contraction Channels

We present a novel set of stylised facts on forms of firm expansion and contraction, using unique business register data for the United Kingdom between 1997 and 2005. We distinguish between adjustments of employment and turnover at existing establishments, expansions and contractions taking place via greenfield investments and disinvestments, and via acquisitions and sell-offs. We document the relative importance of these three channels and how firms choose between them. We interpret our findings in the light of existing theories of firm dynamics, and propose directions for future theoretical developments.

A Portrait of Firm Expansion and Contraction Channels

Note: The Discussion Papers in this series are prepared by members of the Department of Economics, University of Essex, for private circulation to interested readers. They often represent preliminary reports on work in progress and should therefore be neither quoted nor referred to in published work without the written consent of the author. A Portrait of Firm Expansion and Contraction Channels

Fluctuations of 1/f1/f noise and the low frequency cutoff paradox

Recent experiments on blinking quantum dots and weak turbulence in liquid crystals reveal the fundamental connection between $1/f$ noise and power law intermittency. The non-stationarity of the process implies that the power spectrum is random -- a manifestation of weak ergodicity breaking. Here we obtain the universal distribution of the power spectrum, which can be used to identify intermittency as the source of the noise. We solve an outstanding paradox on the non integrability of $1/f$ noise and the violation of Parseval's theorem. We explain why there is no physical low frequency cutoff and therefore cannot be found in experiments.Comment: 5 pages, 2 figures, supplementary material (4 pages

Exploring Audience’s Attitudes Towards Machine Learning-based Automation in Comment Moderation

Digital technologies, particularly the internet, led to unprecedented opportunities to freely inform oneself, debate, and share thoughts. However, the reduced level of control through traditional gatekeepers such as journalists alsoled to a surge in problematic (e.g., fake news), straight-up abusive, and hateful content (e.g., hate speech). Being under ethical and often legal pressures, many operators of platforms respond to the onslaught of abusive user-generated content by introducing automated, machine learning-enabled moderation tools. Even though meant to protect online audiences, such systems have massive implications regarding free speech, algorithmic fairness, and algorithmic transparency. We set forth to present a large-scale survey experiment that aims at illuminating how the degree of transparency influences the commenter’s acceptance of the machine-made decision, dependent on its outcome. With the presented study design, we seek to determine the necessary amount of transparency needed for automated comment moderation to be accepted by commenters

1/f^beta noise in a model for weak ergodicity breaking

In systems with weak ergodicity breaking, the equivalence of time averages and ensemble averages is known to be broken. We study here the computation of the power spectrum from realizations of a specific process exhibiting 1/f^beta noise, the Rebenshtok-Barkai model. We show that even the binned power spectrum does not converge in the limit of infinite time, but that instead the resulting value is a random variable stemming from a distribution with finite variance. However, due to the strong correlations in neighboring frequency bins of the spectrum, the exponent beta can be safely estimated by time averages of this type. Analytical calculations are illustrated by numerical simulations.Comment: 10 pages, 7 figures; extended references and summary, smaller corrections; final versio

Real-time detection of overloads on the plasma-facing components of Wendelstein 7-X

Wendelstein 7-X (W7-X) is the leading experiment on the path of demonstrating that stellarators are a feasible concept for a future power plant. One of its major goals is to prove quasi-steady-state operation in a reactor-relevant parameter regime. The surveillance and protection of the water-cooled plasma-facing components (PFCs) against overheating is fundamental to guarantee a safe steady-state high-heat-flux operation. The system has to detect thermal events in real-time and timely interrupt operation if it detects a critical event. The fast reaction times required to prevent damage to the device make it imperative to automate fully the image analysis algorithms. During the past operational phases, W7-X was equipped with inertially cooled test divertor units and the system still required manual supervision. With the experience gained, we have designed a new real-time PFC protection system based on image processing techniques. It uses a precise registration of the entire field of view against the CAD model to determine the temperature limits and thermal properties of the different PFCs. Instead of reacting when the temperature limits are breached in certain regions of interest, the system predicts when an overload will occur based on a heat flux estimation, triggering the interlock system in advance to compensate for the system delay. To conclude, we present our research roadmap towards a feedback control system of thermal loads to prevent unnecessary plasma interruptions in long high-performance plasmas.This work has been carried out within the framework of the EUROfusion Consortium and has received funding from the Euratom research and training programme 2014–2018 and 2019–2020 under grant agreement No 633053.Peer ReviewedArticle signat per 22 autors/es: Aleix Puig Sitjes* 1, Marcin Jakubowski 1, Dirk Naujoks 1, Yu Gao 1, Peter Drewelow 1, Holger Niemann 1, Joris Fellinger 1, Victor Moncada 2, Fabio Pisano 3, Chakib Belafdil 2, Raphael Mitteau 2, Marie-Hélène Aumeunier 2, Barbara Cannas 3, Josep Ramon Casas 4, Philippe Salembier 4, Rocco Clemente 4, Simon Fischer 1, Axel Winter 1, Heike Laqua 1, Torsten Bluhm 1, Karsten Brandt 1, and The W7-X Team † 1. Max-Planck-Institut für Plasmaphysik, Wendelsteinstr. 1, 17491 Greifswald, Germany / 2. Commissariat à l’Énergie Atomique et aux Énergies Alternatives (CEA), Institut de Recherche sur la Fusion par Confinement Magnétique (IRFM), F-13108 Saint Paul-lez-Durance, France / 3. Department of Electrical and Electronic Engineering, University of Cagliari (UniCa), Piazza d’Armi, 09126 Cagliari, Italy / 4. Department of Signal Theory and Communications, Universitat Politècnica de Catalunya (UPC), Jordi Girona 1-3, 08034 Barcelona, Spain / * Author to whom correspondence should be addressed. / † Membership of the Team Name is provided in Acknowledgments.Postprint (published version

Real-Time Detection of Overloads on the Plasma-Facing Components of Wendelstein 7-X

Wendelstein 7-X (W7-X) is the leading experiment on the path of demonstrating that stellarators are a feasible concept for a future power plant. One of its major goals is to prove quasi-steady-state operation in a reactor-relevant parameter regime. The surveillance and protection of the water-cooled plasma-facing components (PFCs) against overheating is fundamental to guarantee a safe steady-state high-heat-flux operation. The system has to detect thermal events in real-time and timely interrupt operation if it detects a critical event. The fast reaction times required to prevent damage to the device make it imperative to automate fully the image analysis algorithms. During the past operational phases, W7-X was equipped with inertially cooled test divertor units and the system still required manual supervision. With the experience gained, we have designed a new real-time PFC protection system based on image processing techniques. It uses a precise registration of the entire field of view against the CAD model to determine the temperature limits and thermal properties of the different PFCs. Instead of reacting when the temperature limits are breached in certain regions of interest, the system predicts when an overload will occur based on a heat flux estimation, triggering the interlock system in advance to compensate for the system delay. To conclude, we present our research roadmap towards a feedback control system of thermal loads to prevent unnecessary plasma interruptions in long high-performance plasmas