19,678 research outputs found
Intra-Firm Human Capital Externalities in Tunisia
In this case-study, we use matched worker-firm Tunisian data to elicit the roles of intra-firm human capital and modern firm features in worker remunerations. We show that the estimated return to education in wage equations is not modified when replacing in the list of regressors the firm dummies, representing observed and unobserved firm heterogeneity, by the first three factors of a Principal Component Analysis of the observed firm characteristics. These factors can be interpreted as: the activity sector, the intra-firm human capital density and the modernity of the firm. These results constitute an interesting argument in favour of the presence of intra-firm human capital externalities. Moreover, the estimated education coefficient does not change when the three factors are replaced by three surrogate variables, respectively: the textile industry dummy, the intra-firm mean education, and the firmâs age.economic development, rate of returns, human capital, wage differentials, intra-firm knowledge externalities, Tunisia.
Banking Environment, Agency Costs, and Loan Syndication : A Cross-Country Analysis
Bank loan syndicate structure can be considered as an organizational response to agency problems stemming from the syndication process. The banking environment also influences the syndication process. We investigate how syndicate structure is influenced by the characteristics of the banking environment, such as banking market structure, financial development, banking regulation and supervision, and legal risk. The results of a cross-country analysis performed on a sample of 15,586 syndicated loan facilities from 24 countries over a period of 15 years confirm that syndicate structure is influenced by banking environments consistent with agency costs minimization and efficient re-contracting objectives.Banking environment, Agency costs, Loan syndication, Syndicate structure.
Beating the teapot effect
We investigate the dripping of liquids around solid surfaces in the regime of
inertial flows, a situation commonly encountered with the so-called "teapot
effect". We demonstrate that surface wettability is an unexpected key factor in
controlling flow separation and dripping, the latter being completely
suppressed in the limit of superhydrophobic substrates. This unforeseen
coupling is rationalized in terms of a novel hydro-capillary adhesion
framework, which couples inertial flows to surface wettability effects. This
description of flow separation successfully captures the observed dependence on
the various experimental parameters - wettability, flow velocity, solid surface
edge curvature-. As a further illustration of this coupling, a real-time
control of dripping is demonstrated using electro-wetting for contact angle
actuation.Comment: 4 pages; movies at http://lpmcn.univ-lyon1.fr/~lbocque
Super-Earths in the TW Hya disc
We test the hypothesis that the sub-millimetre thermal emission and scattered
light gaps seen in recent observations of TW Hya are caused by planet-disc
interactions. We perform global three-dimensional dusty smoothed particle
hydrodynamics simulations, comparing synthetic observations of our models with
dust thermal emission, CO emission and scattered light observations. We find
that the dust gaps observed at 24 au and 41 au can be explained by two
super-Earths (). A planet of approximately
Saturn-mass can explain the CO emission and the depth and width of the gap seen
in scattered light at 94 au. Our model produces a prominent spiral arm while
there are only hints of this in the data. To avoid runaway growth and migration
of the planets we require a disc mass of
in agreement with CO observations but 10100 times lower than the estimate
from HD line emission.Comment: 6 pages, 5 figures, accepted for publication in MNRA
Collateral and Adverse Selection in Transition Countries
This paper tackles the question of knowing whether collateral helps solve adverse selection problems in transition countries. We use a unique dataset of about 400 bank loans from 16 transition countries. Our findings support the view of a positive link between the presence of collateral and the risk premium, which is in accordance with the observed-risk hypothesis. This suggests that collateral does not mitigate adverse selection problems in transition countries.Bank, collateral, transition economies.
Syndicated Loans in Emerging Markets
There has been a considerable expansion of the volume of syndicated loans in emerging markets in the recent years. We provide the first analysis of the determinants of the decision of banks to syndicate a loan on a sample of loan facilities from 50 emerging countries. We show the significant role of loan characteristics and of financial development, banking regulation, and legal institutions, on the decision to syndicate a loan. We support the efforts of authorities to increase banking competition and efficiency, and to implement binding banking regulation on capital requirement to promote the expansion of syndicated loans.Bank, Loan, Syndication, Emerging Markets, Logit Regressions.
How many banks does it take to lend? Empirical evidence from Europe
We provide empirical evidence on the determinants of the number of bank lenders using a sample of more than 3000 loans to firms from 24 European countries. Our testable hypotheses are built upon different theoretical frameworks drawn from the existing literature, referring to firm characteristics, strategic considerations, geographical distances, bank market concentration, efficiency of legal system, and development of alternative sources of funds. Our main results show that the number and the international diversity of lenders is increased by loan and firm characteristics which reduce agency costs, and by financial structure and legal environment characteristics which mitigate expropriation risk.Lending relationships, number of lenders, bank loans, financial governance, asymmetric information, Europe.
The Structure of Exoplanets
The hundreds of exoplanets that have been discovered in the past two decades
offer a new perspective on planetary structure. Instead of being the archetypal
examples of planets, those of our Solar System are merely possible outcomes of
planetary system formation and evolution, and conceivably not even terribly
common outcomes (although this remains an open question). Here, we review the
diverse range of interior structures that are known to, and speculated to,
exist in exoplanetary systems -- from mostly degenerate objects that are more
than 10 times as massive as Jupiter, to intermediate-mass Neptune-like objects
with large cores and moderate hydrogen/helium envelopes, to rocky objects with
roughly the mass of the Earth.Comment: To be published in PNAS special issue on exoplanets. 6 pages, 3
figure
Ground state of a tightly bound composite dimer immersed in a Fermi Sea
In this paper we present a theoretical investigation for the ground state of
an impurity immersed in a Fermi sea. The molecular regime is considered where a
two-body bound state between the impurity and one of the fermions is formed.
Both interaction and exchange of the bound fermion take place between the dimer
and the Fermi sea. We develop a formalism based on a two channel model allowing
us to expand systematically the ground state energy of this immersed dimer with
the scattering length . Working up to order , associated to the
creation of two particle-hole pairs, reveals the first signature of the
composite nature of the bosonic dimer. Finally, a complementary variational
study provides an accurate estimate of the dimer energy even at large
scattering length.Comment: 11 pages; 3 figure
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