34 research outputs found

    Participation in setting technology standards and the implied cost of equity

    No full text
    This study empirically investigates the financial market's reaction to firms' participation in standard setting organizations (SSOs) in terms of firms' implied cost of equity capital-the discount rate applied by investors to a firm's expected future cash flows. Our analysis utilizes a panel of 3,350 US public firms and their membership of 183 SSOs operating in a range of technology domains between 1996 and 2014. It shows a significantly lower cost of equity for SSO participants. We then empirically document a causal link between SSO membership and a firm's cost of equity, by exploiting exogenous variations in membership count linked to SSO closures and an instrumental variable measuring SSO availability. Our results underscore the important role of SSO membership in mitigating the perceived riskiness of a firm, particularly when it faces high degrees of technological uncertainty, product-market uncertainty, and information asymmetry

    Observation of an exotic narrow doubly charmed tetraquark

    No full text
    Conventional, hadronic matter consists of baryons and mesons made of three quarks and a quark-antiquark pair, respectively(1,2). Here, we report the observation of a hadronic state containing four quarks in the Large Hadron Collider beauty experiment. This so-called tetraquark contains two charm quarks, a (u) over bar and a (d) over tilde quark. This exotic state has a mass of approximately 3,875 MeV and manifests as a narrow peak in the mass spectrum of (DD0)-D-0 pi(+) mesons just below the D*D-+(0) mass threshold. The near-threshold mass together with the narrow width reveals the resonance nature of the state

    Constraints on the CKM angle gamma from B-+/- -> Dh(+/-) decays using D -> h(+/-)h'(-/+)pi(0) final states

    No full text
    A data sample collected with the LHCb detector corresponding to an integrated luminosity of 9 fb(-1) is used to measure eleven CP violation observables in B-+/- -> Dh(+/-) decays, where h is either a kaon or a pion. The neutral D meson decay is reconstructed in the three-body final states: K-+/-pi(-/+)pi(0); pi(+)pi(-)pi(0); K+ K- pi(0) and the suppressed pi K-+(-/+)pi(0) combination. The mode where a large CP asymmetry is expected, B-+/- -> [K-+/-pi(-/+)pi(0)] K-D(+/-), is observed with a significance greater than seven standard deviations. The ratio of the partial width of this mode relative to that of the favoured mode, B-+/- -> [K-+/-pi(-/+)pi(0)] K-D(+/-), is R-ADS(K) = (1.27 +/- 0.16 +/- 0.02) x 10(-2). Evidence for a large CP asymmetry is also seen: A(ADS(K)) = - 0.38 +/- 0.12 +/- 0.02. Constraints on the CKM angle gamma are calculated from the eleven reported observables