Corporate Governance, Corporate and Employment Law, and the Costs of Expropriation

We set up a model to study how ownership structure, corporate law and employment law interact to set the incentives that influence the decision by the large shareholder or manager effectively controlling the firm to divert resources from minority shareholders and employees. We suggest that agency problems between the controller and other investors and holdup problems between shareholders and employees are connected if the controller bears private costs of “expropriating” these groups. Corporate law and employment law may therefore somethimes be substitutes; employees may benefit from better corporate law intended to protect minority shareholder, and viceversa. Our model has implications for the domestic and comparative study of corporate governance structure and addresses, among other things, the question whether large shareholders are better able to “bond” with employees than dispersed ones, or whether the separation of ownership facilitates longterm relationships with labor.

GRB 081028 and its late-time afterglow re-brightening

‘The definitive version is available at www3.interscience.wiley.com '. Copyright Royal Astronomical SocietySwift captured for the first time a smoothly rising X-ray re-brightening of clear non-flaring origin after the steep decay in a long gamma-ray burst (GRB): GRB 081028. A rising phase is likely present in all GRBs but is usually hidden by the prompt tail emission and constitutes the first manifestation of what is later to give rise to the shallow decay phase. Contemporaneous optical observations reveal a rapid evolution of the injection frequency of a fast cooling synchrotron spectrum through the optical band, which disfavours the afterglow onset (start of the forward shock emission along our line of sight when the outflow is decelerated) as the origin of the observed re-brightening. We investigate alternative scenarios and find that the observations are consistent with the predictions for a narrow jet viewed off-axis. The high on-axis energy budget implied by this interpretation suggests different physical origins of the prompt and (late) afterglow emission. Strong spectral softening takes place from the prompt to the steep decay phase: we track the evolution of the spectral peak energy from the γ-rays to the X-rays and highlight the problems of the high latitude and adiabatic cooling interpretations. Notably, a softening of both the high and low spectral slopes with time is also observed. We discuss the low on-axis radiative efficiency of GRB 081028 comparing its properties against a sample of Swift long GRBs with secure Eγ,iso measurements.Peer reviewe

Unveiling the origin of X-ray flares in Gamma-Ray Bursts

We present an updated catalog of 113 X-ray flares detected by Swift in the ~33% of the X-ray afterglows of Gamma-Ray Bursts (GRB). 43 flares have a measured redshift. For the first time the analysis is performed in 4 different X-ray energy bands, allowing us to constrain the evolution of the flare temporal properties with energy. We find that flares are narrower at higher energies: their width follows a power-law relation w~E^{-0.5} reminiscent of the prompt emission. Flares are asymmetric structures, with a decay time which is twice the rise time on average. Both time scales linearly evolve with time, giving rise to a constant rise-to-decay ratio: this implies that both time scales are stretched by the same factor. As a consequence, the flare width linearly evolves with time to larger values: this is a key point that clearly distinguishes the flare from the GRB prompt emission. The flare 0.3-10 keV peak luminosity decreases with time, following a power-law behaviour with large scatter: L_{pk}~ t_{pk}^{-2.7}. When multiple flares are present, a global softening trend is established: each flare is on average softer than the previous one. The 0.3-10 keV isotropic energy distribution is a log-normal peaked at 10^{51} erg, with a possible excess at low energies. The flare average spectral energy distribution (SED) is found to be a power-law with spectral energy index beta~1.1. These results confirmed that the flares are tightly linked to the prompt emission. However, after considering various models we conclude that no model is currently able to account for the entire set of observations.Comment: MNRAS submitte

A novel LMNA mutation (R189W) in familial dilated cardiomyopathy: evidence for a 'hot spot' region at exon 3: a case report

We describe a case of a patient with idiopathic dilated cardiomyopathy and cardiac conduction abnormalities who presented a strong family history of sudden cardiac death. Genetic screening of lamin A/C gene revealed in proband the presence of a novel missense mutation (R189W), near the most prevalent lamin A/C mutation (R190W), suggesting a "hot spot" region at exon 3

The intrapreneurial state: Singapore's emergence in the smart and sustainable urban solutions field

The East Asian developmental state model and the Anglo-American entrepreneurial state model profile varied ways in which the state continues to intervene in economic development. These models are developed by different disciplines and against diverse contexts to capture extrasocietal state responses to neoliberalism and globalization but leave the intrasocietal preconditions for state evolution little explored. We elaborate the concept of state intrapreneurialism as one way of understanding the interrelationship between economic and state transformation – one ingredient of the intrasocietal preconditions underpinning the responses to extrasocietal changes emphasized in the post-developmental state literature. Drawing on the case of Singapore's emergence in the field of smart/sustainable urban solutions, the subsidiary contributions of this paper are to suggest intrapreneurship as a specific and enduring advantage within the developmental state model, especially when set against its limitations signalled in the post-developmental state literature

Anomalous X-Ray emission in GRB060904B: a Nickel line?

The detection of an extra component in GRB060904B X-ray spectra in addition to the standard single power-law behaviour has recently been reported in the literature. This component can be fit with different models; in particular the addition of a spectral line provides the best representation.In this paper we investigate the physical properties that the surrounding medium must have in order to produce a spectral feature that can explain the detected emission. We analyse and discuss how and if the detected spectral excess fits in different theoretical models developed to explain the nature of line emission during the afterglow phase of Gamma-Ray Bursts (GRBs). Trasmission and reflection models have been considered. Given the high value (>>1) of the Thomson optical depth, the emission is likely to arise in a reflection scenario. Within reflection models, the external reflection geometry fails to predict the observed luminosity. On the contrary, the detected feature can be explained in a funnel scenario with typical opening angle theta of 5 degrees, Nickel mass of the order of 0.1 M_o and T=10^6 K. For theta=20 degrees, assuming the reprocessing material to be the SN shell, the detected emission implies a Nickel mass of 0.4 M_o at T=10^7 K and a metallicity 10 times the solar value. If the giant X-ray flare that dominates the early XRT light curve is identified with the ionizing source, the SN expansion began 3000 s before the GRB event.Comment: Accepted by A&

GRB090111: extra soft steep decay emission and peculiar re-brightening

We present a detailed study of GRB090111, focusing on its extra soft power-law photon index Gamma>5 at the very steep decay phase emission (power-law index alpha=5.1, steeper than 96% of GRBs detected by Swift) and the following peculiar X-ray re-brightening. Our spectral analysis supports the hypothesis of a comoving Band spectrum with the the peak of the nu*F_nu spectrum evolving with time to lower values: a period of higher temporal variability in the 1-2 keV light-curve ends when the E_peak evolves outside the energy band. The X-ray re-brightening shows extreme temporal properties when compared to a homogeneous sample of 82 early flares detected by Swift. While an internal origin cannot be excluded, we show these properties to be consistent with the energy injection in refreshed shocks produced by slow shells colliding with the fastest ones from behind, well after the internal shocks that are believed to give rise to the prompt emission have ceased.Comment: Accepted for publication by MNRA

The metamorphosis of Supernova SN2008D/XRF080109: a link between Supernovae and GRBs/Hypernovae

The only supernovae (SNe) to have shown early gamma-ray or X-ray emission thus far are overenergetic, broad-lined Type Ic SNe (Hypernovae - HNe). Recently, SN 2008D shows several novel features: (i) weak XRF, (ii) an early, narrow optical peak, (iii) disappearance of the broad lines typical of SNIc HNe, (iv) development of He lines as in SNeIb. Detailed analysis shows that SN 2008D was not a normal SN: its explosion energy (KE ~ 6*10^{51} erg) and ejected mass (~7 Msun) are intermediate between normal SNeIbc and HNe. We derive that SN 2008D was originally a ~30Msun star. When it collapsed a black hole formed and a weak, mildly relativistic jet was produced, which caused the XRF. SN 2008D is probably among the weakest explosions that produce relativistic jets. Inner engine activity appears to be present whenever massive stars collapse to black holes.Comment: 22 pages, 7 figures. Accepted for publication in Scienc