The Global History of Corporate Governance: An Introduction

This paper presents a synopsis of recent NBER studies of the history of corporate governance in Canada, China, France, Germany, Japan, India, Italy, the Netherlands, Sweden, the United Kingdom, and the United States. Together, the studies underscore the importance of path dependence, often as far back into preindustrial period; legal system origin, though in a more nuanced form than mere statutory shareholder rights; and wealthy families. They also clarify the roles of ideologies, business groups, trust, institutional transplants, and politics in institutional evolution and financial development. Other themes are the universality of business insiders' investments in, entrenchment, and a possible behavioral basis for this.

Positioning, Articulating, and Crafting Conceptual Articles on Entrepreneurship

Conceptual Articles Are Important for Theory Building but the Special Challenges of Developing Conceptual Articles on Entrepreneurship Has Not Been Fully Considered. We Begin to Fill This Gap by Discussing the Nature of Conceptual Articles on Entrepreneurship, Particularly Those Geared for Publication in Entrepreneurship Theory and Practice. We Introduce Three Dimensions of the Entrepreneurship Discipline—uniqueness, Relevance, and Multiplicity—and Discuss How They Can Affect the Positioning of Conceptual Articles and the Articulation of their Contribution. We Also Enumerate Some Basic Principles for Crafting Good Conceptual Articles and Present Guidelines based on Our Discussion

Social structures, social relationships and family firms

In this introduction we observe that the study of social structures and social relationships constitute a common theme among the articles and commentaries contained within this special issue on Theories of Family Enterprise. Individuals and organizations are embedded in complex networks of social organization and exchange. Within business enterprises, familial relationships engender unique goals, governance structures, resources, and outcomes. We discuss these relationships, potential research directions, and the contributions made by the articles and commentaries. In so doing, we expand the literature on how social structures and social relationships affect the behavior and performance of family firms

Design and construction of an optical test bed for LISA imaging systems and tilt-to-length coupling

The laser interferometer space antenna (LISA) is a future space-based interferometric gravitational-wave detector consisting of three spacecraft in a triangular configuration. The interferometric measurements of path length changes between satellites will be performed on optical benches in the satellites. Angular misalignments of the interfering beams couple into the length measurement and represent a significant noise source. Imaging systems will be used to reduce this tilt-to-length coupling. We designed and constructed an optical test bed to experimentally investigate tilt-to-length coupling. It consists of two separate structures, a minimal optical bench and a telescope simulator. The minimal optical bench comprises the science interferometer where the local laser is interfered with light from a remote spacecraft. In our experiment, a simulated version of this received beam is generated on the telescope simulator. The telescope simulator provides a tilting beam, a reference interferometer and an additional static beam as a phase reference. The tilting beam can either be a flat-top beam or a Gaussian beam. We avoid tilt-to-length coupling in the reference interferometer by using a small photo diode placed at an image of the beam rotation point. We show that the test bed is operational with an initial measurement of tilt-to-length coupling without imaging systems. Furthermore, we show the design of two different imaging systems whose performance will be investigated in future experiments

Sub-femto-g free fall for space-based gravitational wave observatories: LISA pathfinder results

We report the first results of the LISA Pathfinder in-flight experiment. The results demonstrate that two free-falling reference test masses, such as those needed for a space-based gravitational wave observatory like LISA, can be put in free fall with a relative acceleration noise with a square root of the power spectral density of 5.2 ± 0.1 fm s−2/√Hz or (0.54 ± 0.01) × 10−15 g/√Hz, with g the standard gravity, for frequencies between 0.7 and 20 mHz. This value is lower than the LISA Pathfinder requirement by more than a factor 5 and within a factor 1.25 of the requirement for the LISA mission, and is compatible with Brownian noise from viscous damping due to the residual gas surrounding the test masses. Above 60 mHz the acceleration noise is dominated by interferometer displacement readout noise at a level of (34.8 ± 0.3) fm/√Hz, about 2 orders of magnitude better than requirements. At f ≤ 0.5 mHz we observe a low-frequency tail that stays below 12 fm s−2/√Hz down to 0.1 mHz. This performance would allow for a space-based gravitational wave observatory with a sensitivity close to what was originally foreseen for LISA

Sensor noise in LISA Pathfinder: Laser frequency noise and its coupling to the optical test mass readout

The LISA Pathfinder (LPF) mission successfully demonstrated the feasibility of the technology needed for the future space borne gravitational wave observatory LISA. A key subsystem under study was the laser interferometer, which measured the changes in relative distance in between two test masses (TMs). It achieved a sensitivity of 32.0+2.4−1.7  fm/√Hz, which was significantly better than the prelaunch tests. This improved performance allowed direct observation of the influence of laser frequency noise in the readout. The differences in optical path lengths between the measurement and reference beams in the individual interferometers of our setup determined the level of this undesired readout noise. Here, we discuss the dedicated experiments performed on LPF to measure these differences with high precision. We reached differences in path length difference between (368±5)  μm and (329.6±0.9)  μm which are significantly below the required level of 1 mm or 1000  μm. These results are an important contribution to our understanding of the overall sensor performance. Moreover, we observed varying levels of laser frequency noise over the course of the mission. We provide evidence that these do not originate from the laser frequency stabilization scheme which worked as expected. Therefore, this frequency stabilization would be applicable to other missions with similar laser frequency stability requirements

The Gravitational Universe

The last century has seen enormous progress in our understanding of the Universe. We know the life cycles of stars, the structure of galaxies, the remnants of the big bang, and have a general understanding of how the Universe evolved. We have come remarkably far using electromagnetic radiation as our tool for observing the Universe. However, gravity is the engine behind many of the processes in the Universe, and much of its action is dark. Opening a gravitational window on the Universe will let us go further than any alternative. Gravity has its own messenger: Gravitational waves, ripples in the fabric of spacetime. They travel essentially undisturbed and let us peer deep into the formation of the first seed black holes, exploring redshifts as large as z ~ 20, prior to the epoch of cosmic re-ionisation. Exquisite and unprecedented measurements of black hole masses and spins will make it possible to trace the history of black holes across all stages of galaxy evolution, and at the same time constrain any deviation from the Kerr metric of General Relativity. eLISA will be the first ever mission to study the entire Universe with gravitational waves. eLISA is an all-sky monitor and will offer a wide view of a dynamic cosmos using gravitational waves as new and unique messengers to unveil The Gravitational Universe. It provides the closest ever view of the early processes at TeV energies, has guaranteed sources in the form of verification binaries in the Milky Way, and can probe the entire Universe, from its smallest scales around singularities and black holes, all the way to cosmological dimensions

Sensor noise in LISA Pathfinder: laser frequency noise and its coupling to the optical test mass readout

The LISA Pathfinder (LPF) mission successfully demonstrated the feasibility of the technology needed for the future space borne gravitational wave observatory LISA. A key subsystem under study was the laser interferometer, which measured the changes in relative distance in between two test masses (TMs). It achieved a sensitivity of 32.0 + 2.4 − 1.7     fm / √ Hz , which was significantly better than the prelaunch tests. This improved performance allowed direct observation of the influence of laser frequency noise in the readout. The differences in optical path lengths between the measurement and reference beams in the individual interferometers of our setup determined the level of this undesired readout noise. Here, we discuss the dedicated experiments performed on LPF to measure these differences with high precision. We reached differences in path length difference between ( 368 ± 5 )     μm and ( 329.6 ± 0.9 )     μm which are significantly below the required level of 1 mm or 1000     μm . These results are an important contribution to our understanding of the overall sensor performance. Moreover, we observed varying levels of laser frequency noise over the course of the mission. We provide evidence that these do not originate from the laser frequency stabilization scheme which worked as expected. Therefore, this frequency stabilization would be applicable to other missions with similar laser frequency stability requirements