Creative Destruction and Cycles in the US Capital Market: Evidence from Fortune 500 Firms

The paper analyzes the relationship between creative destruction and cycles in the US capital market. Creative destruction in a year is measured by the number of new firms in the Fortune 500 list. Creative destruction is found to be positively associated with smoothed annual returns based on the Dow Jones Index (DJI), signifying that new entries in Fortune 500 tend to be more during boom than during recession years. Easier financing of innovative ideas during boom is hypothesized as a reason behind such positive association.Creative Destruction, Business Cycle.

Improved and Formal Proposal for Device Independent Quantum Private Query

In this paper, we propose a novel Quantum Private Query (QPQ) scheme with full Device-Independent certification. To the best of our knowledge, this is the first time we provide such a full DI-QPQ scheme using EPR-pairs. Our proposed scheme exploits self-testing of shared EPR-pairs along with the self-testing of projective measurement operators in a setting where the client and the server do not trust each other. To certify full device independence, we exploit a strategy to self-test a particular class of POVM elements that are used in the protocol. Further, we provide formal security analysis and obtain an upper bound on the maximum cheating probabilities for both the dishonest client as well as the dishonest server.Comment: 33 pages, 2 figure