Explaining the diversification discount

Diversified firms trade at a discount relative to similar single-segment firms. We argue in this paper that this observed discount is not per se evidence that diversification destroys value. Firms choose to diversify. Firm characteristics, which make firms diversify might also cause them to be discounted. Not taking into account these firm characteristics might wrongly attribute the observed discount to diversification. Data from the Compustat Industry Segment File from 1978 to 1996 are used to select a sample of single segment and diversifying firms. We use three alternative econometric techniques to control for the endogeneity of the diversification decision. All three methods suggest the presence of self-selection in the decision to diversify and a negative correlation between firm's choice to diversify and firm value. The diversification discount always drops, and sometimes turns into a premium, when we control for the endogeneity of the diversification decision. We do a similar analysis in a sample of refocusing firms. Again, some evidence of self-selection by firms exists and we now find a positive correlation between firm's choice to refocus and firm value. These results consistently suggest the importance of taking the endogeneity of the diversification status into account, in analyzing its effects on firm value.Diversification discount;

Functional adaptivity for digital library services in e-infrastructures: the gCube approach

We consider the problem of e-Infrastructures that wish to reconcile the generality of their services with the bespoke requirements of diverse user communities. We motivate the requirement of functional adaptivity in the context of gCube, a service-based system that integrates Grid and Digital Library technologies to deploy, operate, and monitor Virtual Research Environments defined over infrastructural resources. We argue that adaptivity requires mapping service interfaces onto multiple implementations, truly alternative interpretations of the same functionality. We then analyse two design solutions in which the alternative implementations are, respectively, full-fledged services and local components of a single service. We associate the latter with lower development costs and increased binding flexibility, and outline a strategy to deploy them dynamically as the payload of service plugins. The result is an infrastructure in which services exhibit multiple behaviours, know how to select the most appropriate behaviour, and can seamlessly learn new behaviours

Percolation-induced exponential scaling in the large current tails of random resistor networks

There is a renewed surge in percolation-induced transport properties of diverse nano-particle composites (cf. RSC Nanoscience & Nanotechnology Series, Paul O'Brien Editor-in-Chief). We note in particular a broad interest in nano-composites exhibiting sharp electrical property gains at and above percolation threshold, which motivated us to revisit the classical setting of percolation in random resistor networks but from a multiscale perspective. For each realization of random resistor networks above threshold, we use network graph representations and associated algorithms to identify and restrict to the percolating component, thereby preconditioning the network both in size and accuracy by filtering {\it a priori} zero current-carrying bonds. We then simulate many realizations per bond density and analyze scaling behavior of the complete current distribution supported on the percolating component. We first confirm the celebrated power-law distribution of small currents at the percolation threshold, and second we confirm results on scaling of the maximum current in the network that is associated with the backbone of the percolating cluster. These properties are then placed in context with global features of the current distribution, and in particular the dominant role of the large current tail that is most relevant for material science applications. We identify a robust, exponential large current tail that: 1. persists above threshold; 2. expands broadly over and dominates the current distribution at the expense of the vanishing power law scaling in the small current tail; and 3. by taking second moments, reproduces the experimentally observed power law scaling of bulk conductivity above threshold

General no-go condition for stochastic pumping

The control of chemical dynamics requires understanding the effect of time-dependent transition rates between states of chemo-mechanical molecular configurations. Pumping refers to generating a net current, e.g. per period in the time-dependence, through a cycle of consecutive states. The working of artificial machines or synthesized molecular motors depends on it. In this paper we give short and simple proofs of no-go theorems, some of which appeared before but here with essential extensions to non-Markovian dynamics, including the study of the diffusion limit. It allows to exclude certain protocols in the working of chemical motors where only the depth of the energy well is changed in time and not the barrier height between pairs of states. We also show how pre-existing steady state currents are in general modified with a multiplicative factor when this time-dependence is turned on.Comment: 8 pages; v2: minor changes, 1 reference adde

A Quantitative Study on Indigenous Medicinal Plants used by Tribes of Kerala

A quantitative study of indigenous medicinal plants with detailed documentationamong tribal people was carried out in Idukki Wildlife Sanctuary, Idukki District, Kerala State. Nine tribal settlements were selected for the study based on the area and availability of information. Accordingly 120 informants were selected purposively. Direct observation, semi structured interview and group discussion were used to collect the data from the informants. The collected data was analysed using Micro-soft Excel spreadsheet 2010 and summarized using descriptive statistical methods. Five different quantitative statistical tools such as Relative Frequency of Citation (RFC), Use value (UV), Relative Importance Index (RI), Relative Importance Index (RI), Fidelity Level (FL) and Informants’ Consensus Factor (ICF) were analysed with score. Acacia caesia (L.) Wild had the highest RFC with rank I,; Adhatoda beddomei C.B. Clarke gave the highest use value with the maximum number of medicinal purposes (four).  A majority of species were found to be most used among the community. The highest level of ICF was obtained for urological ailments (UA) followed by gynaecological ailments (GAA) and Dermatological ailments (DA) in that order

Following the herds?: a new distribution of hunting kites in Southwest Asia

Remote-sensing analysis of open-source satellite imagery has identified a major, new distribution of undocumented hunting kite structures in northern Arabia. This new data has important implications on the environmental viability of hunting and on possible settlement patterns during the early and middle Holocene. Running across the eastern side of the Nafud Desert in Saudi Arabia, this research has identified star-shaped kites in a distribution that continues on to southern Iraq. From a broader perspective, this new distribution appears to represent a continuation of the well-known arc of kites recorded running principally through southern Syria and eastern Jordan. As well as representing an important archaeological identification in its own right, this new distribution also has important implications in terms of the paleoenvironment of the region, faunal dispersals and human cultural connections.Introduction Background Methodology Results Discussion - Distribution - Dating - Monumentality and connectivity Conclusio

The Italian dependency annotated corpus developed for the CoNLL-2007 Shared Task

This document illustrates the Italian dependency annotated corpus developed for the CoNLL-X Shared Task (henceforth referred to as ISST-CoNLL). In particular, it provides information on the background resource, the way the CoNLL Italian resource has been designed and developed, and finally documents the adopted annotation scheme

On the Permissibility of Homicidal Violence: Perspectives from Former U.S. White Supremacists

Drawing upon in-depth life-history interviews with 91 North American-based former white supremacists, we examine how participants perceive homicidal violence as either an appropriate or inappropriate political strategy. Based on the current findings, participants considered homicidal violence as largely inappropriate due to moral concerns and its politically ineffective nature but also discussed how homicidal violence could be an appropriate defensive measure in RAHOWA (Racial Holy War) or through divine mandate. Capturing how white supremacists frame the permissibility of homicidal violence is a step toward better understanding the “upper limit” or thresholds for violence among members who are trying to construct and negotiate a collective identity that involves violent and aggressive worldviews

ReLock: a resilient two-phase locking RESTful transaction model

Service composition and supporting transactions across composed services are among the major challenges characterizing service-oriented computing. REpresentational State Transfer (REST) is one of the approaches used for implementing Web services that is gaining momentum thanks to its features making it suitable for cloud computing and microservices-based contexts. This paper introduces ReLock, a resilient RESTful transaction model introducing general purpose transactions on RESTful services by a layered approach and a two-phase locking mechanism not requesting any change to the RESTful services involved in a transaction

How accurate are satellite estimates of precipitation over the north Indian Ocean?

Following the launch of the Global Precipitation Measurement (GPM) Core Observatory in early 2014, motivated from the successful Tropical Rainfall Measurement Mission (TRMM) satellite, an advanced and sophisticated global multi-satellite precipitation product – Integrated Multi- satellitE Retrievals for GPM (IMERG) was released at finer spatio-temporal scales. This precipitation product has been upgraded recently after several refinements and supposed to be superior to other existing global or quasi-global multi-satellite precipitation estimates. In the present study, IMERG precipitation is comprehensively evaluated for the first time against moored buoy observations over the north Indian Ocean at hourly scale for the study period of March 2014 to December 2015. IMERG precipitation performs considerably better over the Bay of Bengal than the Arabian Sea in both detection and estimation. The systematic error in IMERG is appreciably lower by about 14%, however, it generally overestimates in-situ precipitation and also exhibits noticeable false alarms. Furthermore, IMERG essentially shows an improvement over the TRMM Multi-satellite Precipitation Analysis (TMPA) at a daily scale over the north Indian Ocean. IMERG precipitation estimates show overall promising error characteristics, but there is still a need of substantial efforts for improvement in the satellite-based precipitation estimation algorithms especially over data sparse regions such as north Indian Ocean