Conditional Allocation of Control Rights in Venture Capital Finance

When a young entrepreneurial firm matures, it is often necessary to replace the founding entrepreneur by a professional manager. This replacement decision can be affected by the private benefits of control enjoyed by the entrepreneur which gives rise to a conflict of interest between the entrepreneur and the venture capitalist. We show that a combination of convertible securities and contingent control rights can be used to resolve this conflict efficiently. This contractual arrangement is frequently observed in venture capital finance

Stability in the instantaneous Bethe-Salpeter formalism: harmonic-oscillator reduced Salpeter equation

A popular three-dimensional reduction of the Bethe-Salpeter formalism for the description of bound states in quantum field theory is the Salpeter equation, derived by assuming both instantaneous interactions and free propagation of all bound-state constituents. Numerical (variational) studies of the Salpeter equation with confining interaction, however, observed specific instabilities of the solutions, likely related to the Klein paradox and rendering (part of the) bound states unstable. An analytic investigation of this problem by a comprehensive spectral analysis is feasible for the reduced Salpeter equation with only harmonic-oscillator confining interactions. There we are able to prove rigorously that the bound-state solutions correspond to real discrete energy spectra bounded from below and are thus free of any instabilities.Comment: 23 pages, 3 figures, extended conclusions, version to appear in Phys. Rev.

Point Interaction in two and three dimensional Riemannian Manifolds

We present a non-perturbative renormalization of the bound state problem of n bosons interacting with finitely many Dirac delta interactions on two and three dimensional Riemannian manifolds using the heat kernel. We formulate the problem in terms of a new operator called the principal or characteristic operator. In order to investigate the problem in more detail, we then restrict the problem to one particle sector. The lower bound of the ground state energy is found for general class of manifolds, e.g., for compact and Cartan-Hadamard manifolds. The estimate of the bound state energies in the tunneling regime is calculated by perturbation theory. Non-degeneracy and uniqueness of the ground state is proven by Perron-Frobenius theorem. Moreover, the pointwise bounds on the wave function is given and all these results are consistent with the one given in standard quantum mechanics. Renormalization procedure does not lead to any radical change in these cases. Finally, renormalization group equations are derived and the beta-function is exactly calculated. This work is a natural continuation of our previous work based on a novel approach to the renormalization of point interactions, developed by S. G. Rajeev.Comment: 43 page

Spin foams with timelike surfaces

Spin foams of 4d gravity were recently extended from complexes with purely spacelike surfaces to complexes that also contain timelike surfaces. In this article, we express the associated partition function in terms of vertex amplitudes and integrals over coherent states. The coherent states are characterized by unit 3--vectors which represent normals to surfaces and lie either in the 2--sphere or the 2d hyperboloids. In the case of timelike surfaces, a new type of coherent state is used and the associated completeness relation is derived. It is also shown that the quantum simplicity constraints can be deduced by three different methods: by weak imposition of the constraints, by restriction of coherent state bases and by the master constraint.Comment: 22 pages, no figures; v2: remarks on operator formalism added in discussion; correction: the spin 1/2 irrep of the discrete series does not appear in the Plancherel decompositio

Canonical path integral measures for Holst and Plebanski gravity. I. Reduced Phase Space Derivation

An important aspect in defining a path integral quantum theory is the determination of the correct measure. For interacting theories and theories with constraints, this is non-trivial, and is normally not the heuristic "Lebesgue measure" usually used. There have been many determinations of a measure for gravity in the literature, but none for the Palatini or Holst formulations of gravity. Furthermore, the relations between different resulting measures for different formulations of gravity are usually not discussed. In this paper we use the reduced phase technique in order to derive the path-integral measure for the Palatini and Holst formulation of gravity, which is different from the Lebesgue measure up to local measure factors which depend on the spacetime volume element and spatial volume element. From this path integral for the Holst formulation of GR we can also give a new derivation of the Plebanski path integral and discover a discrepancy with the result due to Buffenoir, Henneaux, Noui and Roche (BHNR) whose origin we resolve. This paper is the first in a series that aims at better understanding the relation between canonical LQG and the spin foam approach.Comment: 27 pages, minor correction

Population-level transcriptome sequencing of nonmodel organisms Erynnis propertius and Papilio zelicaon

<p>Abstract</p> <p>Background</p> <p>Several recent studies have demonstrated the use of Roche 454 sequencing technology for <it>de novo </it>transcriptome analysis. Low error rates and high coverage also allow for effective SNP discovery and genetic diversity estimates. However, genetically diverse datasets, such as those sourced from natural populations, pose challenges for assembly programs and subsequent analysis. Further, estimating the effectiveness of transcript discovery using Roche 454 transcriptome data is still a difficult task.</p> <p>Results</p> <p>Using the Roche 454 FLX Titanium platform, we sequenced and assembled larval transcriptomes for two butterfly species: the Propertius duskywing, <it>Erynnis propertius </it>(Lepidoptera: Hesperiidae) and the Anise swallowtail, <it>Papilio zelicaon </it>(Lepidoptera: Papilionidae). The Expressed Sequence Tags (ESTs) generated represent a diverse sample drawn from multiple populations, developmental stages, and stress treatments.</p> <p>Despite this diversity, > 95% of the ESTs assembled into long (> 714 bp on average) and highly covered (> 9.6× on average) contigs. To estimate the effectiveness of transcript discovery, we compared the number of bases in the hit region of unigenes (contigs and singletons) to the length of the best match silkworm (<it>Bombyx mori</it>) protein--this "ortholog hit ratio" gives a close estimate on the amount of the transcript discovered relative to a model lepidopteran genome. For each species, we tested two assembly programs and two parameter sets; although CAP3 is commonly used for such data, the assemblies produced by Celera Assembler with modified parameters were chosen over those produced by CAP3 based on contig and singleton counts as well as ortholog hit ratio analysis. In the final assemblies, 1,413 <it>E. propertius </it>and 1,940 <it>P. zelicaon </it>unigenes had a ratio > 0.8; 2,866 <it>E. propertius </it>and 4,015 <it>P. zelicaon </it>unigenes had a ratio > 0.5.</p> <p>Conclusions</p> <p>Ultimately, these assemblies and SNP data will be used to generate microarrays for ecoinformatics examining climate change tolerance of different natural populations. These studies will benefit from high quality assemblies with few singletons (less than 26% of bases for each assembled transcriptome are present in unassembled singleton ESTs) and effective transcript discovery (over 6,500 of our putative orthologs cover at least 50% of the corresponding model silkworm gene).</p

Euclidean three-point function in loop and perturbative gravity

We compute the leading order of the three-point function in loop quantum gravity, using the vertex expansion of the Euclidean version of the new spin foam dynamics, in the region of gamma<1. We find results consistent with Regge calculus in the limit gamma->0 and j->infinity. We also compute the tree-level three-point function of perturbative quantum general relativity in position space, and discuss the possibility of directly comparing the two results.Comment: 16 page

Asymptotics of Spinfoam Amplitude on Simplicial Manifold: Lorentzian Theory

The present paper studies the large-j asymptotics of the Lorentzian EPRL spinfoam amplitude on a 4d simplicial complex with an arbitrary number of simplices. The asymptotics of the spinfoam amplitude is determined by the critical configurations. Here we show that, given a critical configuration in general, there exists a partition of the simplicial complex into three type of regions R_{Nondeg}, R_{Deg-A}, R_{Deg-B}, where the three regions are simplicial sub-complexes with boundaries. The critical configuration implies different types of geometries in different types of regions, i.e. (1) the critical configuration restricted into R_{Nondeg}$implies a nondegenerate discrete Lorentzian geometry, (2) the critical configuration restricted into R_{Deg-A}$ is degenerate of type-A in our definition of degeneracy, but implies a nondegenerate discrete Euclidean geometry on R_{Deg-A}, (3) the critical configuration restricted into R_{Deg-B} is degenerate of type-B, and implies a vector geometry on R_{Deg-B}. With the critical configuration, we further make a subdivision of the regions R_{Nondeg} and R_{Deg-A} into sub-complexes (with boundary) according to their Lorentzian/Euclidean oriented 4-simplex volume V_4(v), such that sgn(V_4(v)) is a constant sign on each sub-complex. Then in the each sub-complex, the spinfoam amplitude at the critical configuration gives the Regge action in Lorentzian or Euclidean signature respectively on R_{Nondeg} or R_{Deg-A}. The Regge action reproduced here contains a sign factor sgn(V_4(v)) of the oriented 4-simplex volume. Therefore the Regge action reproduced here can be viewed a discretized Palatini action with on-shell connection. Finally the asymptotic formula of the spinfoam amplitude is given by a sum of the amplitudes evaluated at all possible critical configurations, which are the products of the amplitudes associated to different type of geometries.Comment: 54 pages, 2 figures, reference adde

Superconductivity on the threshold of magnetism in CePd2Si2 and CeIn3

The magnetic ordering temperature of some rare earth based heavy fermion compounds is strongly pressure-dependent and can be completely suppressed at a critical pressure, p$_c$, making way for novel correlated electron states close to this quantum critical point. We have studied the clean heavy fermion antiferromagnets CePd$_2$Si$_2$ and CeIn$_3$ in a series of resistivity measurements at high pressures up to 3.2 GPa and down to temperatures in the mK region. In both materials, superconductivity appears in a small window of a few tenths of a GPa on either side of p$_c$. We present detailed measurements of the superconducting and magnetic temperature-pressure phase diagram, which indicate that superconductivity in these materials is enhanced, rather than suppressed, by the closeness to magnetic order.Comment: 11 pages, including 9 figure