Characteristics and Performance of New Firms and Spinoffs in Sweden

We analyze the rate of formation, the characteristics, and the performance of different types of new firms in Sweden over a decade. Comparisons to Denmark, Brazil, and the U.S. suggest that the environment for new firm formation in Sweden is not markedly different than elsewhere. In line with previous studies, spinoffs of incumbents perform better than other types of new firms, particularly if their parent firm continues to operate. A novel findings is that the rate of employment growth of spinoffs is greater the larger the size of their parent, which contrast sharply with findings for firms with a single owner.Sweden; spinoffs; new firm formation; entrepreneurship; performance; employment growth

The Sharp Log-Sobolev Inequality on a Compact Interval

We provide a proof of the sharp log-Sobolev inequality on a compact interval

Practical application of pseudospectral optimization to robot path planning

To obtain minimum time or minimum energy trajectories for robots it is necessary to employ planning methods which adequately consider the platform’s dynamic properties. A variety of sampling, graph-based or local receding-horizon optimisation methods have previously been proposed. These typically use simplified kino-dynamic models to avoid the significant computational burden of solving this problem in a high dimensional state-space. In this paper we investigate solutions from the class of pseudospectral optimisation methods which have grown in favour amongst the optimal control community in recent years. These methods have high computational efficiency and rapid convergence properties. We present a practical application of such an approach to the robot path planning problem to provide a trajectory considering the robot’s dynamic properties. We extend the existing literature by augmenting the path constraints with sensed obstacles rather than predefined analytical functions to enable real world application

Speech Recognition on an FPGA Using Discrete and Continuous Hidden Markov Models

Speech recognition is a computationally demanding task, particularly the stage which uses Viterbi decoding for converting pre-processed speech data into words or sub-word units. Any device that can reduce the load on, for example, a PC’s processor, is advantageous. Hence we present FPGA implementations of the decoder based alternately on discrete and continuous hidden Markov models (HMMs) representing monophones, and demonstrate that the discrete version can process speech nearly 5,000 times real time, using just 12% of the slices of a Xilinx Virtex XCV1000, but with a lower recognition rate than the continuous implementation, which is 75 times faster than real time, and occupies 45% of the same device

Foreign Currency Loans - Demand or Supply Driven?

Motivated by current concerns over foreign currency exposures in emerging economies, we examine the currency denomination of business loans made in Bulgaria prior to the current crisis. We analyze information on the requested and granted currency for more than hundred thousand loans granted by one bank to sixty thousand different firms during the period 2003- 2007. This unique data set allows us to disentangle demand-side from supply-side determinants of foreign currency loans. We find that the bank in our sample often grants loans in foreign currency even when a firm requests a loan in local currency. The bank lends in foreign currency, not only to less risky firms, but also when the firm requested a large or long-term loan and after the bank itself received more funding in euro. These results suggest that foreign currency borrowing in Eastern Europe is not only be driven by borrowers who try to benefit from lower interest rates but may be partly supply-driven with banks hesitant to lend long-term in local currency and eager to match the currency structure of their assets and liabilities. --foreign currency debt,banking

Implementing a simple continuous speech recognition system on an FPGA

Speech recognition is a computationally demanding task, particularly the stage which uses Viterbi decoding for converting pre-processed speech data into words or sub-word units. We present an FPGA implementations of the decoder based on continuous hidden Markov models (HMMs) representing monophones, and demonstrate that it can process speech 75 times real time, using 45% of the slices of a Xilinx Virtex XCV100

Studies on the use of sulfites to control shrimp melanosis (Blackspot) (Presented at the 11th Annual Meeting of the Tropical and Subtropical Fisheries Technological Conference of the Americas, January 14, 1986, Tampa, Florida)

Shrimp melanosis, commonly known as 'blackspot' is a harmless but objectionable surface dicoloration caused by polyphenoloxidase enzyme systems which remain active during refrigeration or ice storage. In the early 1950's sulfiting agents, particularily sodium bisulfite was first introduced to prevent or inhibit melanosis, thus yielding a more valuable harvest (1). Such use of sulfites was 'prior sanctioned1 by the U.S. Food and Drug Administration (FDA) in 1956 (2). More recent FDA decisions reaffirmed this practice, (3) but continuing regulatory scrutiny could restrict or eliminate the application of sulfite on shrimp. The regulatory action is prompted by an increasing concern for adverse 'allergic' reactions most common amongst hyper-(sulfite) sensitive asthmatics. Thus work was initiated to find alternatives to replace or reduce the amount of sulfites required to inhibit shrimp melanosis. This work would screen for possible alternatives which would require subsequent verification with field tests and statistical evaluations. (21pp.

Foreign Currency Borrowing by Small Firms

We examine the firm- and country-level determinants of the currency denomination of small business loans. We first model the choice of loan currency in a framework which features a trade-off between lower cost of debt and the risk of firm-level distress costs, and also examines the impact of information asymmetry between banks and firms. When foreign currency funds come at a lower interest rate, all foreign currency earners as well as those local currency earners with high revenues and low distress costs choose foreign currency loans. When the banks have imperfect information on the currency and level of firms revenues, even more local earners switch to foreign currency loans, as they do not bear the full cost of the corresponding credit risk. We then test the implications of our model by using a 2005 survey with responses from 9,655 firms in 26 transition countries. The survey contains details on 3,105 recent bank loans. At the firm level, our findings suggest that firms with foreign currency income and assets are more likely to borrow in a foreign currency. In contrast, firm-level distress costs and financial transparency affect the currency denomination only weakly. At the country level, the interest rate advantages of foreign currency funds and the exchange rate volatility do not explain the foreign currency borrowing in our sample. However, foreign bank presence, weak corporate governance and the absence of capital controls encourage foreign currency borrowing. All in all, we cannot confirm that "carry-trade behavior" is the key driver of foreign currency borrowing by small firms in transition economies. Our results do, however, support the conjecture that banking-sector structures and institutions that aggravate information asymmetries may facilitate foreign currency borrowing.foreign currency borrowing, competition, banking sector, market structure

A Binary Logit Analysis of Factors Impacting Adoption of Genetically Modified Cotton

Agricultural Resource Management Survey (ARMS) data for 2003 were used to estimate two binary logit models for two definitions of genetically modified (GM) cottonseed adoption. Results indicate conservation tillage did not positively affect adoption of GM cotton with either of these definitions, while adoption of GM cotton in the previous year did. Refuge cotton also did not affect these adoption decisions for the study year.Agricultural Resource Management Survey (ARMS), binary logit model, conservation tillage, cotton, genetically modified seed, herbicide-resistant cotton, jackknife procedure, refuge cotton, stacked-gene cotton, technology adoption, Crop Production/Industries,

Commensurate Nb2Zr5O15: Accessible Within the Field Nb2ZrxO2x+5 After All

Doped niobium zirconium oxides are applied in field-effect transistors and as special-purpose coatings. Whereas their material properties are sufficiently known, their crystal structures remain widely uncharacterized. Herein, we report on the comparably mild sol–gel synthesis of Nb2Zr5O15 and the elucidation of its commensurately modulated structure via neutron diffraction. We describe the structure using the most appropriate superspace as well as the convenient supercell approach. It is part of an α-PbO2-homeotypic field with the formula Nb2ZrxO2x+5, which has previously been reported only for x ≥ 5.1, and is closely related to the structure of Hf3Ta2O11. The results, supported by X-ray diffraction and additional synthesis experiments, are contextualized within the existing literature. Via the sol–gel route, metastable Nb–Zr–O compounds and their heavier congeners are accessible that shed light on possible structures of these commercially utilized materials.DFG, 198634447, SPP 1613: Regenerativ erzeugte Brennstoffe durch lichtgetriebene Wasserspaltung: Aufklärung der Elementarprozesse und Umsetzungsperspektiven auf technologische KonzepteTU Berlin, Open-Access-Mittel - 201