8,305 research outputs found

    The asymptotics a Bessel-kernel determinant which arises in Random Matrix Theory

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    In Random Matrix Theory the local correlations of the Laguerre and Jacobi Unitary Ensemble in the hard edge scaling limit can be described in terms of the Bessel kernel (containing a parameter α\alpha). In particular, the so-called hard edge gap probabilities can be expressed as the Fredholm determinants of the corresponding integral operator restricted to the finite interval [0, R]. Using operator theoretic methods we are going to compute their asymptotics as R goes to infinity under certain assumption on the parameter α\alpha.Comment: 50 page

    From Gettysburg to Townsville, Australia and Back

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    I studied abroad in Townsville, AU in the Fall 2014 and had the semester of my life. I am biology major, who has always wanted to pursue a career with animals and I got to run hands on experiments at James Cook University. I collected research on wild rock wallabies, I got Open Water Padi Dive certified and dove throughout Australia and Bali, Indonesia. I got up close with wild sharks, eels, jellyfish, and a variety of tropical fish. I joined the co-ed soccer and disc team. Most importantly, I became friends with amazing people from all over the world

    Private benefits and minority shareholder expropriation : empirical evidence from IPOs of German family-owned firms

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    Our study examines the existence and the nature of private benefits of control in Germany. We do this by analyzing initial public offerings of founding-family owned firms and tracking their fate up to ten years following the IPO. Our sample includes a uniquely rich data set of 105 IPOs of family-owned firms floated from 1970 to 1991 on German stock exchanges. We find that, first, even ten years after the IPO, family owners, in the cross section, continue to exercise considerable control. Second, we show that there exist substantial private benefits of control in these firms and - to our understanding for the first time - we empirically measure what the nature of these private benefits really is. We also show that the separation of cash flow rights and voting rights via the issuance of dual-class shares is used to create controlling shareholder structures in order to preserve these private benefits. Third, we find a puzzling and significant underperformance of dual-class share IPOs, which can be explained by ex ante unanticipated expropriation of minority shareholders due to poor investor protection in Germany. This Version: 4th draft, November 2001 This paper has been presented at the European Financial Management Association 2001 Meeting in Lugano, the CEPR Conference "The Firm and its Stakeholders" in Courmayeur, the Fall 2000 WAFA Conference in Washington, D.C., the European Economic Association 2000 Conference in Bozen, the ABN AMRO International Conference on IPOs in Amsterdam, the SIRIF Conference on Corporate Governance in Edinburgh, the Financial Center Seminar at the Tinbergen Institute Rotterdam, and the G-Forum on Entrepreneurship Research in Vienna. Klassifikation: G14, G32, G1

    Space-saving hoist for tank manholes

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    Working platform and collapsible basket facilitate entry of men with equipment into the overhead manhole of a deep tank. A winch and pulley rigging hold the basket which is suspended in the manhole. The basket is suspended at three points without the rig impinging on the area of the manhole
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