Signals of foreign bank entry on real sector FDI and foreign trade and their impact on economic development in the New EU Member States

Does financial sector foreign direct investment (FSFDI) trigger general capital inflows and foreign trade? Do these inflows to New EU Member States (NMS) provide positive signals (Spence, 1973) towards economic development or crowd out investment and trade? While the direct impact of financial deepening has received much attention (Hasan, Wachtel, Zhou, 2006; Detragiache, Tressel, Gupta, 2006), indirect effects have received less consideration. To fill this gap, we review the literature on possible links and provide descriptive data for NMS. We apply regression analysis and find coherence between FSFDI and non-financial FDI and trade in Bulgaria and Croatia, but there are various directions in which developmental repercussions can go and the impact on trade is not as significant as the effect on nonfinancial FDI. We argue that the relative impact of FSFDI, real sector FDI and trade needs to be taken into consideration in shaping economic policies conducive to economic development. --foreign banks,economic development,foreign trade,FDI,signal theory

Independent particle descriptions of tunneling from a many-body perspective

Currents across thin insulators are commonly taken as single electrons moving across classically forbidden regions; this independent particle picture is well-known to describe most tunneling phenomena. Examining quantum transport from a different perspective, i.e., by explicit treatment of electron-electron interactions, we evaluate different single particle approximations with specific application to tunneling in metal-molecule-metal junctions. We find maximizing the overlap of a Slater determinant composed of single particle states to the many-body current-carrying state is more important than energy minimization for defining single particle approximations in a system with open boundary conditions. Thus the most suitable single particle effective potential is not one commonly in use by electronic structure methods, such as the Hartree-Fock or Kohn-Sham approximations.Comment: 4+ pages, 4 figures; accepted to Phys. Rev. B Rapid Communication

Privileged Interfirm/Bank Relationships in Central Europe: Trigger or Trap for Corporate Governance?

The paper focuses on the question whether banks and capital markets in Central Europe are capable of exerting a positive influence on enterprise performance at the present stage of the economic transformation. These markets are characterised by privileged, collaborative interfirm/interbank relationships demonstrated through various channels. Among them is the competition for private deposits between commercial and national banks that are simultaneously supervisors of commercial banks, as is the case in Poland. Other channels include: heavily indebted large banks that are owners of industrial companies (as is the case in Slovakia with the steel mill VSZ owning the third largest bank IRB), investment funds that are facilitating industrial restructuring, and foreign banks holding only minority stakes in large domestic financial institutions.

Privileged Interfirm/Bank Relationships in Central Europe: Trigger or Trap for Corporate Governance?

The paper focuses on the question whether banks and capital markets in Central Europe are capable of exerting a positive influence on enterprise performance at the present stage of the economic transformation. These markets are characterised by privileged, collaborative interfirm/interbank relationships demonstrated through various channels. Among them is the competition for private deposits between commercial and national banks that are simultaneously supervisors of commercial banks, as is the case in Poland. Other channels include: heavily indebted large banks that are owners of industrial companies (as is the case in Slovakia with the steel mill VSZ owning the third largest bank IRB), investment funds that are facilitating industrial restructuring, and foreign banks holding only minority stakes in large domestic financial institutions.Interfirm, bank relationship, Central Europe

Smart Tail-Light System

According to the National Highway Traffic Safety Administration (NHTSA) Safety Vehicle Research, 29% of all vehicle accidents are rear end collisions. Many are a result of failure to respond to a slowing or stopped vehicle. [1] The purposed LED rear lighting system will incorporate attention getting techniques to increase vehicle visibility to other drivers. Due to the small size and stature of the 2015 human powered vehicle called Joey, it will be out of the ordinary when traveling on roadways. “Three in four (72%) bicyclists who rode after dark said they tried to do something to make themselves more visible.” [2] When this vehicle is out on the road after dark, a strong notification system is essential. With this attention getting system, the probability of vehicle collisions can be reduced. The use of tail lights on bicycle is a very common occurrence. Most states require a minimum of a red reflector on the rear of the bicycle. Many bicycles are now outfitted with aftermarket lighting systems. The use of a sequential tail lighting notification system is an advanced method. More than a flashing light, the system design uses safety statistics to determine optimum attention getting flashing frequencies and patterns. [1] It is the inconsistent pattern is what alerts approaching vehicles. The phenomenon of losing touch or becoming detached while driving is call psychological disassociation. The approaching driver could be in this state of daydreaming and only alterations to the environment can break the disassociation. Vehicle taillights are the main defense to this syndrome, but they do not work for vehicles that are moving slowly but not breaking in front of a rapidly approaching vehicle. The principle of the smart light system is to generate this alteration and break the trance of the disassociation

Dynamic curricular concepts for research orientated programs in optics and photonics

Teaching and learning concepts that are adapted to the constantly evolving requirements due to rapid technological progress are essential for teaching in media photonics technology. After the development of a concept for research-oriented education in optics and photonics, the next step will be a conceptual restructuring and redesign of the entire curriculum for education in media photonics technology. By including typical research activities as essential components of the learning process, a broad platform for practical projects and applied research can be created, offering a variety of new development opportunities

Atomic resolution scanning tunneling microscopy images of Au(111) surfaces in air and polar organic solvents

Atomic features of a close‐packed metal surface have been observed for the first time by scanning tunneling microscopy in organic polar solvents. Evaporated gold films, exhibiting large reconstructed (111) terraces, have been imaged with a resolution far superior to previous results in aqueous environments

Active learning in optics and photonics: Liquid Crystal Display in the do-it-yourself

Monitors are in the center of media productions and hold an important function as the main visual interface. Tablets and smartphones are becoming more and more important work tools in the media industry. As an extension to our lecture contents an intensive discussion of different display technologies and its applications is taking place now. The established LCD (Liquid Crystal Display) technology and the promising OLED (Organic Light Emitting Diode) technology are in the focus. The classic LCD is currently the most important display technology. The paper will present how the students should develop sense for display technologies besides the theoretical scientific basics. The workshop focuses increasingly on the technical aspects of the display technology and has the goal of deepening the students understanding of the functionality by building simple Liquid Crystal Displays by themselves. The authors will present their experience in the field of display technologies. A mixture of theoretical and practical lectures has the goal of a deeper understanding in the field of digital color representation and display technologies. The design and development of a suitable learning environment with the required infrastructure is crucial. The main focus of this paper is on the hands-on optics workshop “Liquid Crystal Display in the do-it-yourself”

Asset Management in Volatile Markets

The 27th SUERF Colloquium in Munich in June 2008: New Trends in Asset Management: Exploring the Implications was already topical in the Summer of 2008. The subsequent dramatic events in the Autumn of 2008 made the presentations in Munich even more relevant to investors and bankers that want to understand what happens in their investment universe. In the present SUERF Study, we have collected a sample of outstanding colloquium contributions under the fitting headline: Asset Management in Volatile Markets.derivatives, financial innovation, asset management, finance-growth-nexus; Relative Value Strategy, Pair Trading, Slippage, Implementation Shortfall, Asset Management, Fin4Cast

Surface stress of Ni adlayers on W(110): the critical role of the surface atomic structure

Puzzling trends in surface stress were reported experimentally for Ni/W(110) as a function of Ni coverage. In order to explain this behavior, we have performed a density-functional-theory study of the surface stress and atomic structure of the pseudomorphic and of several different possible 1x7 configurations for this system. For the 1x7 phase, we predict a different, more regular atomic structure than previously proposed based on surface x-ray diffraction. At the same time, we reproduce the unexpected experimental change of surface stress between the pseudomorphic and 1x7 configuration along the crystallographic surface direction which does not undergo density changes. We show that the observed behavior in the surface stress is dominated by the effect of a change in Ni adsorption/coordination sites on the W(110) surface.Comment: 14 pages, 3 figures Published in J. Phys.: Condens. Matter 24 (2012) 13500