Innovation, new market and governance choices of entry : the internet brokerage market case

This paper investigates the case of market entry strategies following the introduction of a disruptive innovation. Recognizing that market entry strategies have been envisioned in the literature as a discrete phenomenon, we develop an empirical framework that portrays these strategies as a capability building process. These organizational modes are integrated into our model : acquisition, alliance, and market transaction. We compare the first two with the third one and we test our model in the setting of the online brokerage industry by using a sample of 897 moves made by 98 firms over a seven-year period (1994 to 2000). We built this dataset by collecting secondary data.By suggesting that the entry into a new industry is not a discrete phenomenon, our research should lead the path to additional research on this topic.innovation; market entry; capabilities; firm's boundaries

Topologically Massive Gauge Theories and their Dual Factorised Gauge Invariant Formulation

There exists a well-known duality between the Maxwell-Chern-Simons theory and the self-dual massive model in 2+1 dimensions. This dual description has been extended to topologically massive gauge theories (TMGT) in any dimension. This Letter introduces an unconventional approach to the construction of this type of duality through a reparametrisation of the master theory action. The dual action thereby obtained preserves the same gauge symmetry structure as the original theory. Furthermore, the dual action is factorised into a propagating sector of massive gauge invariant variables and a sector with gauge variant variables defining a pure topological field theory. Combining results obtained within the Lagrangian and Hamiltonian formulations, a new completed structure for a gauge invariant dual factorisation of TMGT is thus achieved.Comment: 1+7 pages, no figure

From Rent-Seeking Activities to Economic Activities: The Strategic Transformation of the Deregulated Firm

The political theory of regulation holds that deregulation of utilities obliges the former monopoly to abandon its rent-seeking activities to concentrate upon economic activities. However, the arguments presented by scholars to explain this strategic transformation are not entirely convincing. We argue in this paper that the role and the nature of the firm during the deregulation process have been underestimated in previous works. After describing the main steps of this process, we thus propose a dynamic explanation of the strategic transformation of the deregulated firm based on the concepts of firm capabilities, access to rents and transaction costs.rent-seeking; strategic renewal; capabilities

Should the advanced measurement approach be replaced with the standardized measurement approach for operational risk?

Recently, Basel Committee for Banking Supervision proposed to replace all approaches, including Advanced Measurement Approach (AMA), for operational risk capital with a simple formula referred to as the Standardised Measurement Approach (SMA). This paper discusses and studies the weaknesses and pitfalls of SMA such as instability, risk insensitivity, super-additivity and the implicit relationship between SMA capital model and systemic risk in the banking sector. We also discuss the issues with closely related operational risk Capital-at-Risk (OpCar) Basel Committee proposed model which is the precursor to the SMA. In conclusion, we advocate to maintain the AMA internal model framework and suggest as an alternative a number of standardization recommendations that could be considered to unify internal modelling of operational risk. The findings and views presented in this paper have been discussed with and supported by many OpRisk practitioners and academics in Australia, Europe, UK and USA, and recently at OpRisk Europe 2016 conference in London

Relativistic approach to electromagnetic imaging

A novel imaging principle based on the interaction of electromagnetic waves with a beam of relativistic electrons is proposed. Wave-particle interaction is assumed to take place in a small spatial domain, so that each electron is only briefly accelerated by the incident field. In the one-dimensional case the spatial distribution of the source density can be directly observed in the temporal spectrum of the scattered field. Whereas, in the two-dimensional case the relation between the source and the spectrum is shown to be approximately the Radon transform.Comment: 10 pages, 1 figur

Superfluid state of magnetoexcitons in double layer graphene structures

The possibility of realization of a superfluid state of bound electron-hole pairs (magnetoexcitons) with spatially separated components in a graphene double layer structure (two graphene layers separated by a dielectric layer) subjected by a strong perpendicular to the layers magnetic field is analyzed. We show that the superfluid state of magnetoexcitons may emerge only under certain imbalance of filling factors of the layers. The imbalance can be created by an electrostatic field (external gate voltage). The spectrum of elementary excitations is found and the dependence of the Berezinskii-Kosterlitz-Thouless transition temperature on the interlayer distance is obtained. The advantages of use graphene double layer systems instead of double quantum well GaAs heterostructures are discussed

Steady States of a Microwave Irradiated Quantum Hall Gas

We consider effects of a long-wavelength disorder potential on the Zero Conductance State (ZCS) of the microwave-irradiated 2D electron gas. Assuming a uniform Hall conductivity, we construct a Lyapunov functional and derive stability conditions on the domain structure of the photo-generated fields. We solve the resulting equations for a general one-dimensional and certain two-dimensional disorder potentials, and find non-zero conductances, photo-voltages, and circulating dissipative currents. In contrast, weak white noise disorder does not destroy the ZCS, but induces mesoscopic current fluctuations.Comment: 4 pages, 2 colour figure

Hypersymmetry: a Z_3-graded generalization of supersymmetry

We propose a generalization of non-commutative geometry and gauge theories based on ternary Z_3-graded structures. In the new algebraic structures we define, we leave all products of two entities free, imposing relations on ternary products only. These relations reflect the action of the Z_3-group, which may be either trivial, i.e. abc=bca=cab, generalizing the usual commutativity, or non-trivial, i.e. abc=jbca, with j=e^{(2\pi i)/3}. The usual Z_2-graded structures such as Grassmann, Lie and Clifford algebras are generalized to the Z_3-graded case. Certain suggestions concerning the eventual use of these new structures in physics of elementary particles are exposed