Do Corporate Control and Product Market Competition Lead to Stronger Productivity Growth? Evidence from Market-Oriented and Blockholder-Based Governance Regimes

This study investigates the impact of corporate governance and product market competition on total factor productivity growth for two large samples of German and UK firms. In poorly performing UK firms, the presence of strong outside blockholders lead to substantial increases in productivity. Contrarily, for German poorly performing and distressed firms, it is bank debt concentration which stimulates productivity growth. Whereas high bank debt concentration also supports productivity growth in German profitable firms, leverage is unrelated to productivity growth in UK firms. Weak product market competition in the UK has a negative impact on productivity growth of in both widely-held firms and concentrated firms with the exception of firms controlled insiders (directors). These seem able to generate productivity increases in firms subject to little market discipline. For profitable German firms, the relation between strong blockholder control and productivity growth is limited. Only control by banks, insurance firms and the government can somewhat reduce the negative effect of weak product market competition.corporate governance;productivity growth;ownership and control;product market competition;financial distress

Do Corporate Control and Product Market Competition Lead to Stronger Productivity Growth? Evidence from Market-Oriented and Blockholder-Based Governance Regimes

This study investigates the impact of corporate governance and product market competition on total factor productivity growth for two large samples of German and UK firms. In poorly performing UK firms, the presence of strong outside blockholders lead to substantial increases in productivity. Contrarily, for German poorly performing and distressed firms, it is bank debt concentration which stimulates productivity growth. Whereas high bank debt concentration also supports productivity growth in German profitable firms, leverage is unrelated to productivity growth in UK firms. Weak product market competition in the UK has a negative impact on productivity growth of in both widely-held firms and concentrated firms with the exception of firms controlled insiders (directors). These seem able to generate productivity increases in firms subject to little market discipline. For profitable German firms, the relation between strong blockholder control and productivity growth is limited. Only control by banks, insurance firms and the government can somewhat reduce the negative effect of weak product market competition.

Phase retrieval via regularization in self-diffraction based spectral interferometry

A novel variant of spectral phase interferometry for direct electric-field reconstruction (SPIDER) is introduced and experimentally demonstrated. Other than most previously demonstrated variants of SPIDER, our method is based on a third-order nonlinear optical effect, namely self-diffraction, rather than the second-order effect of sum-frequency generation. On one hand, self-diffraction (SD) substantially simplifies phase-matching capabilities for multi-octave spectra that cannot be hosted by second-order processes, given manufacturing limitations of crystal lengths in the few-micrometer range. On the other hand, however, SD SPIDER imposes an additional constraint as it effectively measures the spectral phase of a self-convolved spectrum rather than immediately measuring the fundamental phase. Reconstruction of the latter from the measured phase and the spectral amplitude of the fundamental turns out to be an ill-posed problem, which we address by a regularization approach. We discuss the numerical implementation in detail and apply it to measured data from a Ti:sapphire amplifier system. Our experimental demonstration used 40-fs pulses and a 500 $\mu$m thick BaF${}_2$ crystal to show that the SD SPIDER signal is sufficiently strong to be separable from stray light. Extrapolating these measurements to the thinnest conceivable nonlinear media, we predict that bandwidths well above two optical octaves can be measured by a suitably adapted SD SPIDER apparatus, enabling the direct characterization of pulses down to single-femtosecond pulse durations. Such characteristics appear out of range for any currently established pulse measurement technique

HoloNets: Spectral Convolutions do extend to Directed Graphs

Within the graph learning community, conventional wisdom dictates that spectral convolutional networks may only be deployed on undirected graphs: Only there could the existence of a well-defined graph Fourier transform be guaranteed, so that information may be translated between spatial- and spectral domains. Here we show this traditional reliance on the graph Fourier transform to be superfluous and -- making use of certain advanced tools from complex analysis and spectral theory -- extend spectral convolutions to directed graphs. We provide a frequency-response interpretation of newly developed filters, investigate the influence of the basis used to express filters and discuss the interplay with characteristic operators on which networks are based. In order to thoroughly test the developed theory, we conduct experiments in real world settings, showcasing that directed spectral convolutional networks provide new state of the art results for heterophilic node classification on many datasets and -- as opposed to baselines -- may be rendered stable to resolution-scale varying topological perturbations.Comment: arXiv admin note: text overlap with arXiv:2310.0043

F14RS SGR No. 37 (LSU Mobile App)

A RESOLUTION To urge and request LSU Information Technologies to redesign the LSU Mobile ap

Ricardo Zorraquín Becú (1911-2000)

Ricardo Zorraquín Becú is considered one of the greatest Latin-American historians of Legal History. The present document pretends to review some of the aspects of his life –as a professor and investigator– and his connection with the magazine “Revista del Instituto de Historia del Derecho Ricardo Levene”. In turn, we pretend to give an original but brief perspective of his relationship with Alamiro de Ávila Martel and the magazine “Revista Chilena de Historia del Derecho”.Ricardo Zorraquín Becú es considerado uno de los historiadores del derecho latinoamericano más influyentes. El presente trabajo pretende revisar algunas de las facetas de su vida como la de docente e investigador y su vinculación con la Revista del Instituto de Historia del Derecho Ricardo Levene. A su vez, pretendemos entregar una perspectiva si bien escueta novedosa sobre su relación con Alamiro de Ávila Martel y la Revista Chilena de Historia del Derecho

Verbs in mothers’ input to six-month-olds:synchrony between presentation, meaning, and actions is related to later verb acquisition

In embodied theories on language, it is widely accepted that experience in acting generates an expectation of this action when hearing the word for it. However, how this expectation emerges during language acquisition is still not well understood. Assuming that the intermodal presentation of information facilitates perception, prior research had suggested that early in infancy, mothers perform their actions in temporal synchrony with language. Further research revealed that this synchrony is a form of multimodal responsive behavior related to the child’s later language development. Expanding on these findings, this article explores the relationship between action–language synchrony and the acquisition of verbs. Using qualitative and quantitative methods, we analyzed the coordination of verbs and action in mothers’ input to six-month-old infants and related these maternal strategies to the infants’ later production of verbs. We found that the verbs used by mothers in these early interactions were tightly coordinated with the ongoing action and very frequently responsive to infant actions. It is concluded that use of these multimodal strategies could significantly predict the number of spoken verbs in infants’ vocabulary at 24 months