Family firms and investments

Family firms are a widespread control structure in most countries, especially among smaller firms. A vast literature addresses the question of whether they are performing better or worse than comparable non family firms, with not entirely conclusive results. Here we take a different, indirect approach and test whether investment decisions in family firms are more sensitive to uncertainty than in other firms. By using a novel dataset that includess both a better definition of family firms than commonly used (through self evaluation) and a very good proxy of the uncertainty on future demand that firms face, we are able to verify that – as compared to other firms – family firms are significantly more sensitive to uncertainty: this might contribute to explain why in some situations they perform better, whereas in others they do worse. We find evidence that this greater sensitivity to uncertainty in family firms is basically due to the effects of risk aversion and capital irreversibility, where the latter appear to be associated to a greater opaqueness of family firms rather than to the degree of sunkness of fixed capital. Finally, we propose some evidence that the prevalence of family firms in Italy might be associated to long standing institutional factors, such as an inefficient law enforcement system and a low social capital.Family firms; investments; uncertainty; risk aversion; capital irreversibility

Scalability of Optical Interconnects Based on Microring Resonators

This letter investigates the use of optical microring resonators as switching elements (SEs) in large optical interconnection fabrics. We introduce a simple physical-layer model to assess scalability in crossbar- and Benes-based architectures.We also propose a new dilated SE that improves scalability to build fabrics of several terabits per second of aggregate capacit

Optical Interconnection Networks Based on Microring Resonators

Abstract — Interconnection networks must transport an always increasing information density and connect a rising number of processing units. Electronic technologies have been able to sustain the traffic growth rate, but are getting close to their physical limits. In this context, optical interconnection networks are becoming progressively more attractive, especially because new photonic devices can be directly integrated in CMOS technology. Indeed, interest in microring resonators as switching components is rising, but their usability in full optical interconnection architectures is still limited by their physical characteristics. Indeed, differently from classical devices used for switching, switching elements based on microring resonators exhibit asymmetric power losses depending on the output ports input signals are directed to. In this paper, we study classical interconnection architectures such as crossbar, Benes and Clos networks exploiting microring resonators as building blocks. Since classical interconnection networks lack either scalability or complexity, we propose two new architectures to improve performance of microring based interconnection networks while keeping a reasonable complexity. I

Optical Interconnection Architectures based on Microring Resonators

Abstract: Microring resonators are an interesting device to build integrated optical interconnects, but their asymmetric loss behavior could limit the scalability of classical optical interconnects. We present new interconnects able to increase scalability with limited complexity

Quantification of venous blood signal contribution to BOLD functional activation in the auditory cortex at 3 T

Most modern techniques for functional magnetic resonance imaging (fMRI) rely on blood-oxygen-level-dependent (BOLD) contrast as the basic principle for detecting neuronal activation. However, the measured BOLD effect depends on a transfer function related to neurophysiological changes accompanying electrical neural activation. The spatial accuracy and extension of the region of interest are determined by vascular effect, which introduces incertitude on real neuronal activation maps. Our efforts have been directed towards the development of a new methodology that is capable of combining morphological, vascular and functional information; obtaining new insight regarding foci of activation; and distinguishing the nature of activation on a pixel-by-pixel basis. Six healthy volunteers were studied in a parametric auditory functional experiment at 3 T; activation maps were overlaid on a high-resolution brain venography obtained through a novel technique. The BOLD signal intensities of vascular and nonvascular activated voxels were analyzed and compared: it was shown that nonvascular active voxels have lower values for signal peak (Pb10−7) and area (Pb10−8) with respect to vascular voxels. The analysis showed how venous blood influenced the measured BOLD signals, supplying a technique to filter possible venous artifacts that potentially can lead to misinterpretation of fMRI results. This methodology, although validated in the auditory cortex activation, maintains a general applicability to any cortical fMRI study, as the basic concepts on which it relies on are not limited to this cortical region. The results obtained in this study can represent the basis for new methodologies and tools that are capable of adding further characterization to the BOLD signal properties

Optical interconnection networks based on microring resonators

Optical microring resonators can be integrated on a chip to perform switching operations directly in the optical domain. Thus they become a building block to create switching elements in on-chip optical interconnection networks, which promise to overcome some of the limitations of current electronic networks. However, the peculiar asymmetric power losses of microring resonators impose new constraints on the design and control of on-chip optical networks. In this work, we study the design of multistage interconnection networks optimized for a particular metric that we name the degradation index, which characterizes the asymmetric behavior of microrings. We also propose a routing control algorithm to maximize the overall throughput, considering the maximum allowed degradation index as a constrain