`Breaking and entering' of contracts as a matter of bargaining power and exclusivity clauses

We analyze the effect of liquidated damage rules in exclusive contracts that are negotiated in a sequential bargaining process between one seller and two buyers with endogenous outside options. We show that assumptions on the distribution of bargaining power influence the size of the payment of damages and determine which contractual party benefits from including liquidated damage rules. Furthermore, we show that the effect of the payment of damages on the efficiency of the consummated deals depends on the possibility to sign more than one contract. Only if this is not possible, damage rules may prevent the breaking and entering of contracts and thus lead to inefficient deals in the market of corporate control, or allow for `naked' exclusion in the context of supplier contracts with externalities.sequential bargaining, bargaining power, outside option, liquidated damage rules, termination fees, exclusivity agreements

Propellant tank pressurization system Patent

Method and apparatus for pressurizing propellant tanks used in propulsion motor feed syste

Resilience testing device Patent

Automated ball rebound resilience test equipment for determining viscoelastic properties of polymer

Theory and Evidence on Mergers and Acquisitions by Small and Medium Enterprises

The theory of mergers and acquisitions (M&As) has been developed almost exclusively from the study of large deals by large firms. In this paper we argue that the behaviour and success of M&As by small and medium sized enterprises (SMEs) may be significantly different. Accordingly, we revisit established M&A theories, and develop a theoretical framework, and several testable hypotheses, regarding the distinctive features of SME M&As. Our empirical results support our expectations and show that, compared to large firms, acquiring SMEs: rely more intensively on external growth via M&As; are more likely to be withdrawn, suggesting that SMEs are more flexible, and more able to avoid deals that turn sour; and, finally, SME M&As are more likely to be financed with equity rather than debt, indicating that the influential financial pecking order theory is of less relevance to SMEs.mergers, acquisitions, small and medium sized enterprises

Joint state-parameter estimation of a nonlinear stochastic energy balance model from sparse noisy data

While nonlinear stochastic partial differential equations arise naturally in spatiotemporal modeling, inference for such systems often faces two major challenges: sparse noisy data and ill-posedness of the inverse problem of parameter estimation. To overcome the challenges, we introduce a strongly regularized posterior by normalizing the likelihood and by imposing physical constraints through priors of the parameters and states. We investigate joint parameter-state estimation by the regularized posterior in a physically motivated nonlinear stochastic energy balance model (SEBM) for paleoclimate reconstruction. The high-dimensional posterior is sampled by a particle Gibbs sampler that combines MCMC with an optimal particle filter exploiting the structure of the SEBM. In tests using either Gaussian or uniform priors based on the physical range of parameters, the regularized posteriors overcome the ill-posedness and lead to samples within physical ranges, quantifying the uncertainty in estimation. Due to the ill-posedness and the regularization, the posterior of parameters presents a relatively large uncertainty, and consequently, the maximum of the posterior, which is the minimizer in a variational approach, can have a large variation. In contrast, the posterior of states generally concentrates near the truth, substantially filtering out observation noise and reducing uncertainty in the unconstrained SEBM

Discovering Job Preemptions in the Open Science Grid

The Open Science Grid(OSG) is a world-wide computing system which facilitates distributed computing for scientific research. It can distribute a computationally intensive job to geo-distributed clusters and process job's tasks in parallel. For compute clusters on the OSG, physical resources may be shared between OSG and cluster's local user-submitted jobs, with local jobs preempting OSG-based ones. As a result, job preemptions occur frequently in OSG, sometimes significantly delaying job completion time. We have collected job data from OSG over a period of more than 80 days. We present an analysis of the data, characterizing the preemption patterns and different types of jobs. Based on observations, we have grouped OSG jobs into 5 categories and analyze the runtime statistics for each category. we further choose different statistical distributions to estimate probability density function of job runtime for different classes.Comment: 8 page

High precision cryogenic thermal conductivity standards

New apparatus allows accurate simultaneous measurement of thermal conductivity, electrical resistivity, and thermopower for technically important materials, such as new or uncommon alloys. A list of materials investigated is presented. Sources for obtaining data on these materials, as well as the source giving a description of the apparatus, are cited

A Model of Destructive Entrepreneurship

The current research on entrepreneurship as an economic phenomenon often assumes its desirability as a driver of economic development and growth. However, entrepreneurial talent can be allocated among productive, unproductive, and destructive activities. This process is theorized as driven by institutions. Although the tradeoff between productive and unproductive entrepreneurship has been examined, destructive entrepreneurship has been largely ignored. We build from existing theory and define destructive entrepreneurship as wealth-destroying. We propose three assumptions to develop a model of destructive entrepreneurship that presents the mechanisms through which entrepreneurial talent behaves in this manner. We present four key propositions on the nature and behavior of destructive entrepreneurship. We conclude by identifying policy and research streams that emerge from our model.destructive entrepreneurship, entrepreneurship, allocation, rent-seeking, incentives, informal institutions

Der Buchhandel hofft auf ein Ende der Umsatzflaute

2002 blieb auch der Buchmarkt von der Konjunkturschwäche der deutschen Wirtschaft nicht verschont und verzeichnete leichte Umsatzeinbußen. Dieser unbefriedigende Geschäftsverlauf setzte sich im ersten Halbjahr 2003 mit sinkenden Umsätzen fort. Ab September belebte sich aber die Nachfrage, so dass der Vorjahresumsatz bei einem guten Weihnachtsgeschäft nahezu erreicht werden kann

Umsatzstabilisierung im Buchhandel mit unterschiedlichen Entwicklungstendenzen

Nachdem 2003 zum dritten Mal in Folge ein Umsatzrückgang (- 1,7%) zu verzeichnen war, konnte der Buchhandel im ersten Halbjahr 2004 ein leichtes Umsatzplus von 1,4% melden. Mit diesem Ergebnis zeichnet sich eine Stabilisierung des Buchmarktes ab