Privatization and governance regulation in frontier emerging markets: The case of Romania

We investigate the link between the regulation of control transactions and the institutional and corporate features of public companies, by analyzing the massive delisting activity in the Romanian capital market. The peculiar ownership reforms involving a large number of listed companies offer a unique opportunity to test Bebchuk and Roe’s (2000) theory of path dependence. Over time, the Romanian authorities have undertaken wide-ranging institutional reforms, most of which favoring blockholders over small and dispersed shareholders. Our empirical approach, based on logit and duration models, allows us to analyze the evolution of public companies over this period and sheds light on the likely events causing the eclipse of frontier emerging markets. Our main findings reveal that delisting is more likely to occur when (i) the shareholdings acquired from the privatization authority by circumventing the capital market are high; (ii) the company experiences frequent takeover bids; and (iii) the stock liquidity is low.ou

Observation of inter-Landau-level quantum coherence in semiconductor quantum wells

Using three-pulse four-wave-mixing femtosecond spectroscopy, we excite a non-radiative coherence between the discrete Landau levels of an undoped quantum well and study its dynamics. We observe quantum beats that reflect the time evolution of the coherence between the two lowest Landau level magnetoexcitons. We interpret our observations using a many-body theory and find that the inter Landau level coherence decays with a new time constant, substantially longer than the corresponding interband magnetoexciton dephasing times. Our results indicate a new intraband excitation dynamics that cannot be described in terms of uncorrelated interband excitations.Comment: 5 pages, 5 figures, to appear in Phys. Rev. B Rapid Communication

Ultrafast dynamics of coherences in the quantum Hall system

Using three-pulse four-wave-mixing optical spectroscopy, we study the ultrafast dynamics of the quantum Hall system. We observe striking differences as compared to an undoped system, where the 2D electron gas is absent. In particular, we observe a large off-resonant signal with strong oscillations. Using a microscopic theory, we show that these are due to many-particle coherences created by interactions between photoexcited carriers and collective excitations of the 2D electron gas. We extract quantitative information about the dephasing and interference of these coherences.Comment: 4 pages, 4 figures, to be published in Phys. Rev. Let

Photon-energy dissipation caused by an external electric circuit in "virtual" photo-excitation processes

We consider generation of an electrical pulse by an optical pulse in the ``virtual excitation'' regime. The electronic system, which is any electro-optic material including a quantum well structure biased by a dc electric field, is assumed to be coupled to an external circuit. It is found that the photon frequency is subject to an extra red shift in addition to the usual self-phase modulation, whereas the photon number is conserved. The Joule energy consumed in the external circuit is supplied only from the extra red shift.Comment: 4 pages, 1 fugur

Photonic crystals of coated metallic spheres

It is shown that simple face-centered-cubic (fcc) structures of both metallic and coated metallic spheres are ideal candidates to achieve a tunable complete photonic bandgap (CPBG) for optical wavelengths using currently available experimental techniques. For coated microspheres with the coating width to plasma wavelength ratio $l_c/\lambda_p \leq 10$ and the coating and host refractive indices $n_c$ and $n_h$, respectively, between 1 and 1.47, one can always find a sphere radius $r_s$ such that the relative gap width $g_w$ (gap width to the midgap frequency ratio) is larger than 5% and, in some cases, $g_w$ can exceed 9%. Using different coatings and supporting liquids, the width and midgap frequency of a CPBG can be tuned considerably.Comment: 14 pages, plain latex, 3 ps figures, to appear in Europhys. Lett. For more info on this subject see http://www.amolf.nl/research/photonic_materials_theory/moroz/moroz.htm

Theory of exciton-exciton correlation in nonlinear optical response

We present a systematic theory of Coulomb interaction effects in the nonlinear optical processes in semiconductors using a perturbation series in the exciting laser field. The third-order dynamical response consists of phase-space filling correction, mean-field exciton-exciton interaction, and two-exciton correlation effects expressed as a force-force correlation function. The theory provides a unified description of effects of bound and unbound biexcitons, including memory-effects beyond the Markovian approximation. Approximations for the correlation function are presented.Comment: RevTex, 35 pages, 10 PostScript figs, shorter version submitted to Physical Review

Parity forbidden excitations of Sr2CuO2Cl2 revealed by optical third-harmonic spectroscopy

We present the first study of nonlinear optical third harmonic generation in the strongly correlated charge-transfer insulator Sr2CuO2Cl2. For fundamental excitation in the near-infrared, the THG spectrum reveals a strongly resonant response for photon energies near 0.7 eV. Polarization analysis reveals this novel resonance to be only partially accounted for by three-photon excitation to the optical charge-transfer exciton, and indicates that an even-parity excitation at 2 eV, with a_1g symmetry, participates in the third harmonic susceptibility.Comment: Requires RevTeX v4.0beta

Radiative corrections to the excitonic molecule state in GaAs microcavities

The optical properties of excitonic molecules (XXs) in GaAs-based quantum well microcavities (MCs) are studied, both theoretically and experimentally. We show that the radiative corrections to the XX state, the Lamb shift $\Delta^{\rm MC}_{\rm XX}$ and radiative width $\Gamma^{\rm MC}_{\rm XX}$, are large, about $10-30$ of the molecule binding energy $\epsilon_{\rm XX}$, and definitely cannot be neglected. The optics of excitonic molecules is dominated by the in-plane resonant dissociation of the molecules into outgoing 1$\lambda$-mode and 0$\lambda$-mode cavity polaritons. The later decay channel, ``excitonic molecule $\to$ 0$\lambda$-mode polariton + 0$\lambda$-mode polariton'', deals with the short-wavelength MC polaritons invisible in standard optical experiments, i.e., refers to ``hidden'' optics of microcavities. By using transient four-wave mixing and pump-probe spectroscopies, we infer that the radiative width, associated with excitonic molecules of the binding energy $\epsilon_{\rm XX} \simeq 0.9-1.1$ meV, is $\Gamma^{\rm MC}_{\rm XX} \simeq 0.2-0.3$ meV in the microcavities and $\Gamma^{\rm QW}_{\rm XX} \simeq 0.1$ meV in a reference GaAs single quantum well (QW). We show that for our high-quality quasi-two-dimensional nanostructures the $T_2 = 2 T_1$ limit, relevant to the XX states, holds at temperatures below 10 K, and that the bipolariton model of excitonic molecules explains quantitatively and self-consistently the measured XX radiative widths. We also find and characterize two critical points in the dependence of the radiative corrections against the microcavity detuning, and propose to use the critical points for high-precision measurements of the molecule bindingenergy and microcavity Rabi splitting.Comment: 16 pages, 11 figures, accepted for publication in Phys. Rev.