520 research outputs found
Ownership structure and firm performance in Russia: the case of blue chips of the stock market
Based on panel data from 1995.1997, the paper focusses on the impact of ownership concentration on the performance of Russian non-financial privatised companies that constitute the group of .blue chips. of the country.s stock market. We consider three indicators of company performance . labour productivity, profitability, and Tobins.s q . and employ instrumental variables technique to correct regression results for endogeneity of ownership. We find that ownership concentration positively affects labour productivity, but has a negative impact on Tobins.s q. The relationship between ownership concentration and profitability follows a U-shaped pattern with the turning point at 56% concentration. These findings imply that ownership concentration results in higher technical efficiency of enterprises, but the benefits from productivity improvements do not accrue to all shareholders. This is consistent with the expropriation hypothesis that large owners use their power to extract private benefits of control
Numerical test for hyperbolicity of chaotic dynamics in time-delay systems
We develop a numerical test of hyperbolicity of chaotic dynamics in
time-delay systems. The test is based on the angle criterion and includes
computation of angle distributions between expanding, contracting and neutral
manifolds of trajectories on the attractor. Three examples are tested. For two
of them previously predicted hyperbolicity is confirmed. The third one provides
an example of a time-delay system with nonhyperbolic chaos.Comment: 7 pages, 5 figure
Hyperbolic Chaos of Turing Patterns
We consider time evolution of Turing patterns in an extended system governed
by an equation of the Swift-Hohenberg type, where due to an external periodic
parameter modulation long-wave and short-wave patterns with length scales
related as 1:3 emerge in succession. We show theoretically and demonstrate
numerically that the spatial phases of the patterns, being observed
stroboscopically, are governed by an expanding circle map, so that the
corresponding chaos of Turing patterns is hyperbolic, associated with a strange
attractor of the Smale-Williams solenoid type. This chaos is shown to be robust
with respect to variations of parameters and boundary conditions.Comment: 4 pages, 4 figure
Hea õpetaja omadused ühe Ida-Virumaa kooli õpilaste kujutlustes
http://www.ester.ee/record=b4688450*es
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