Legal determinants of external finance revisited : the inverse relationship between investor protection and societal well-being

This paper investigates relationships between corporate governance traditions and quality of life as measured by a number of widely reported indicators. It provides an empirical analysis of indicators of societal health in developed economies using a classification based on legal traditions. Arguably the most widely cited work in the corporate governance literature has been the collection of papers by La Porta et al. which has shown, inter alia, statistically significant relationships between legal traditions and various proxies for investor protection. We show statistically significant relationships between legal traditions and various proxies for societal health. Our comparative evidence suggests that the interests of investors may not be congruent with the interests of wider society, and that the criteria for judging the effectiveness of approaches to corporate governance should not be restricted to financial metrics

Continuum-scale characterization of solute transport based on pore-scale velocity distributions

We present a methodology to characterize a continuum-scale model of transport in porous media on the basis of pore-scale distributions of velocities computed in three-dimensional pore-space images. The methodology is tested against pore-scale simulations of flow and transport for a bead pack and a sandstone sample. We employ a double continuum approach to describe transport in mobile and immobile regions. Model parameters are characterized through inputs resulting from the micron-scale reconstruction of the pore space geometry and the related velocity field. We employ the outputs of pore-scale analysis to (i) quantify the proportion of mobile and immobile fluid regions, and (ii) assign the velocity distribution in an effective representation of the medium internal structure. Our results (1) show that this simple conceptual model reproduces the spatial profiles of solute concentration rendered by pore-scale simulation without resorting to model calibration, and (2) highlight the critical role of pore-scale velocities in the characterization of the model parameters

Geospatial analysis and living urban geometry

This essay outlines how to incorporate morphological rules within the exigencies of our technological age. We propose using the current evolution of GIS (Geographical Information Systems) technologies beyond their original representational domain, towards predictive and dynamic spatial models that help in constructing the new discipline of "urban seeding". We condemn the high-rise tower block as an unsuitable typology for a living city, and propose to re-establish human-scale urban fabric that resembles the traditional city. Pedestrian presence, density, and movement all reveal that open space between modernist buildings is not urban at all, but neither is the open space found in today's sprawling suburbs. True urban space contains and encourages pedestrian interactions, and has to be designed and built according to specific rules. The opposition between traditional self-organized versus modernist planned cities challenges the very core of the urban planning discipline. Planning has to be re-framed from being a tool creating a fixed future to become a visionary adaptive tool of dynamic states in evolution

Structural Properties of Planar Graphs of Urban Street Patterns

Recent theoretical and empirical studies have focused on the structural properties of complex relational networks in social, biological and technological systems. Here we study the basic properties of twenty 1-square-mile samples of street patterns of different world cities. Samples are represented by spatial (planar) graphs, i.e. valued graphs defined by metric rather than topologic distance and where street intersections are turned into nodes and streets into edges. We study the distribution of nodes in the 2-dimensional plane. We then evaluate the local properties of the graphs by measuring the meshedness coefficient and counting short cycles (of three, four and five edges), and the global properties by measuring global efficiency and cost. As normalization graphs, we consider both minimal spanning trees (MST) and greedy triangulations (GT) induced by the same spatial distribution of nodes. The results indicate that most of the cities have evolved into networks as efficienct as GT, although their cost is closer to the one of a tree. An analysis based on relative efficiency and cost is able to characterize different classes of cities.Comment: 7 pages, 3 figures, 3 table

Vacancy-assisted domain-growth in asymmetric binary alloys: a Monte Carlo study

A Monte Carlo simulation study of the vacancy-assisted domain-growth in asymmetric binary alloys is presented. The system is modeled using a three-state ABV Hamiltonian which includes an asymmetry term, not considered in previous works. Our simulated system is a stoichiometric two-dimensional binary alloy with a single vacancy which evolves according to the vacancy-atom exchange mechanism. We obtain that, compared to the symmetric case, the ordering process slows down dramatically. Concerning the asymptotic behavior it is algebraic and characterized by the Allen-Cahn growth exponent x=1/2. The late stages of the evolution are preceded by a transient regime strongly affected by both the temperature and the degree of asymmetry of the alloy. The results are discussed and compared to those obtained for the symmetric case.Comment: 21 pages, 9 figures, accepted for publication in Phys. Rev.

An Analysis of Resting-State Functional Transcranial Doppler Recordings from Middle Cerebral Arteries

Functional transcrannial Doppler (fTCD) is used for monitoring the hemodynamics characteristics of major cerebral arteries. Its resting-state characteristics are known only when considering the maximal velocity corresponding to the highest Doppler shift (so called the envelope signals). Significantly more information about the resting-state fTCD can be gained when considering the raw cerebral blood flow velocity (CBFV) recordings. In this paper, we considered simultaneously acquired envelope and raw CBFV signals. Specifically, we collected bilateral CBFV recordings from left and right middle cerebral arteries using 20 healthy subjects (10 females). The data collection lasted for 15 minutes. The subjects were asked to remain awake, stay silent, and try to remain thought-free during the data collection. Time, frequency and time-frequency features were extracted from both the raw and the envelope CBFV signals. The effects of age, sex and body-mass index were examined on the extracted features. The results showed that the raw CBFV signals had a higher frequency content, and its temporal structures were almost uncorrelated. The information-theoretic features showed that the raw recordings from left and right middle cerebral arteries had higher content of mutual information than the envelope signals. Age and body-mass index did not have statistically significant effects on the extracted features. Sex-based differences were observed in all three domains and for both, the envelope signals and the raw CBFV signals. These findings indicate that the raw CBFV signals provide valuable information about the cerebral blood flow which can be utilized in further validation of fTCD as a clinical tool. © 2013 Sejdić et al

Second-line cabozantinib versus nivolumab in advanced renal cell carcinoma: Systematic review and indirect treatment comparison

Background: Nivolumab and cabozantinib, two new treatment options for previously-treated advanced/metastatic renal cell carcinoma (aRCC), have recently been approved. Methods: Two independent reviewers performed study selection, data extraction, and risk of bias assessment. Indirect treatment comparisons were carried out by directly assessing HR differences and statistical modeling of Kaplan-Meier curves from these two trials. Results: Publications identified showed that no head-to-head comparisons had been carried out. Two indirect treatment comparisons used agreed that there was no significant difference in OS between cabozantinib and nivolumab and that cabozantinib significantly improved PFS compared to nivolumab. Conclusions: The field of aRCC treatments is evolving rapidly, creating opportunities for individualized treatments and challenges for clinicians to keep up with the evidence. In lieu of availability of direct comparisons of all options, advanced modeling results presented herein can help to inform and improve personalized treatments

Political Regimes and Sovereign Credit Risk in Europe, 1750-1913

This article uses a new panel data set to perform a statistical analysis of political regimes and sovereign credit risk in Europe from 1750 to 1913. Old Regime polities typically suffered from fiscal fragmentation and absolutist rule. By the start of World War I, however, many such countries had centralized institutions and limited government. Panel regressions indicate that centralized and?or limited regimes were associated with significant improvements in credit risk relative to fragmented and absolutist ones. Structural break tests also reveal close relationships between major turning points in yield series and political transformations

Measurement of Lagrangian velocity in fully developed turbulence

We have developed a new experimental technique to measure the Lagrangian velocity of tracer particles in a turbulent flow, based on ultrasonic Doppler tracking. This method yields a direct access to the velocity of a single particule at a turbulent Reynolds number $R_{\lambda} = 740$. Its dynamics is analyzed with two decades of time resolution, below the Lagrangian correlation time. We observe that the Lagrangian velocity spectrum has a Lorentzian form $E^{L}(\omega) = u_{rms}^{2} T_{L} / (1 + (T_{L}\omega)^{2})$, in agreement with a Kolmogorov-like scaling in the inertial range. The probability density function (PDF) of the velocity time increments displays a change of shape from quasi-Gaussian a integral time scale to stretched exponential tails at the smallest time increments. This intermittency, when measured from relative scaling exponents of structure functions, is more pronounced than in the Eulerian framework.Comment: 4 pages, 5 figures. to appear in PR