Core-Periphery Trading Networks

We study the effect of real asset liquidity on a firm's cost of capital. We find an aggregate asset-liquidity discount in firms' cost of capital that is strongly counter-cyclical. At the firm-level we find that asset liquidity affects firms' cost of capital both in the cross section and in the time series: Firms in industries with more liquid assets and during periods of high asset liquidity have lower cost of capital. This effect is stronger when the asset liquidity is provided by firms operating within the industry. We also find that higher asset liquidity reduces the cost of capital by more for firms that face more competitive risk in product markets, have less access to external capital or are closer to default, and for those facing negative demand shocks. Our results suggest that asset liquidity is valuable to firms and, more generally, that operating inflexibility is an economically important source of risk.

We present the first results of high-spectral resolution (0.023 km s−1) N2H+ observations of dense gas dynamics at core scales (∼0.01 pc) using the recently commissioned Argus instrument on the Green Bank Telescope (GBT). While the fitted linear velocity gradients across the cores measured in our targets nicely agree with the well-known power-law correlation between the specific angular momentum and core size, it is unclear if the observed gradients represent core-scale rotation. In addition, our Argus data reveal detailed and intriguing gas structures in position–velocity (PV) space for all five targets studied in this project, which could suggest that the velocity gradients previously observed in many dense cores actually originate from large-scale turbulence or convergent flow compression instead of rigid-body rotation. We also note that there are targets in this study with their star-forming discs nearly perpendicular to the local velocity gradients, which, assuming the velocity gradient represents the direction of rotation, is opposite to what is described by the classical theory of star formation. This provides important insight on the transport of angular momentum within star-forming cores, which is a critical topic on studying protostellar disc formation.

The correction to the propagation velocity of point vortex equilibria caused by allowing the vortices to have finite core size is calculated. A matched asymptotic expansion in the small parameter ϵ, given by the ratio of the core size to the dimension of the equilibrium configuration, is carried out. The resulting velocity correction is found to be of order and arises from the interaction of second- and third-order terms in the inner expansion, which are themselves forced by the strain and strain derivatives of the outer field.

This particular study tries to assess the nature of relationship of Working Capital Management (WCM) and liquidity with firm's performance.Most important issue for the firms is to decide the best suitable level of working capital which can satisfy both motives f liquidity and profitability.Financial performance is measured by return on capital employed while determinants of working capital and liquidity includes inventory turnover, accounts receivable turnover, current and quick ratio.A sample of 19 cement companies listed on Karachi Stock Exchange for a period of 2005 to 2010 has been taken out off 29 firms on the basis of availability of data.Finally outcomes of bivariate analysis suggested that efficient management of working capital and liquidity leads to financial success.

This paper provides a theory of lobby formation within a framework in which trade policy is determined through political contributions. Under certain conditions, free trade turns out to be an equilibrium outcome either when the government has a high affinity for political contributions or when it cares a great deal about social welfare. Moreover, greater inequality in asset distribution results in a greater number of lobbies and, in most cases, more protection for each of these lobbies. Furthermore, industries with higher levels of capital stock, fewer capitalists, more inelastic demand, and smaller geographical dispersion are the ones that get organized. (JEL F10, F13)

Size-dependent exchange bias in ferromagnetic (core)/antiferromagnetic (shell) nanoparticles

In a recent article, Harshman et al. [Phys. Rev. B 69, 174505 (2004)] claim that our $\ensuremath{\mu}\mathrm{SR}$ measurements [Phys. Rev. Lett. 83, 4156 (1999)] of the effective in-plane magnetic penetration depth ${\ensuremath{\lambda}}_{ab}(T,H)$ in high-quality single crystals of ${\mathrm{YBa}}_{2}{\mathrm{Cu}}_{3}{\mathrm{O}}_{6.95}$ are dominated by flux pinning effects, and hence are inconsistent with $d$-wave superconductivity. The purpose of this Comment is to point out that the phenomenological $s$-wave pinning model applied by Harshman et al. to ${\mathrm{YBa}}_{2}{\mathrm{Cu}}_{3}{\mathrm{O}}_{7}$ is invaild. The model does not account for the finite size of the vortex cores or the field-induced vortex-lattice transformation, and hence yields inaccurate information on the magnetic penetration depth. We also comment on the criticism of zero-field microwave measurements that show excellent agreement with our $\ensuremath{\mu}\mathrm{SR}$ results for the limiting low-temperature behavior of ${\ensuremath{\lambda}}_{ab}(T)$.

Core–periphery detection aims to separate the nodes of a complex network into two subsets: a core that is densely connected to the entire network and a periphery that is densely connected to the core but sparsely connected internally. The definition of core–periphery structure in multiplex networks that record different types of interactions between the same set of nodes on different layers is non-trivial since a node may belong to the core in some layers and to the periphery in others. We propose a nonlinear spectral method for multiplex networks that simultaneously optimizes a node and a layer coreness vector by maximizing a suitable non-convex homogeneous objective function by a provably convergent alternating fixed-point iteration. We derive a quantitative measure for the quality of a given multiplex core–periphery structure that allows the determination of the optimal core size. Numerical experiments on synthetic and real-world networks illustrate that our approach is robust against noisy layers and significantly outperforms baseline methods while improving the latter with our novel optimized layer coreness weights. As the runtime of our method depends linearly on the number of edges of the network, it is scalable to large-scale multiplex networks.

This chapter develops a theory of coalition formation under the blocking approach when all agreements are irreversible. The concept of equilibrium binding agreements is introduced: these are agreements that cannot be blocked by other equilibrium binding agreements. The obvious circularity of this description is cut through by presuming that only subgroups of existing coalitions can deviate, thus permitting a recursive construction. It is shown that such equilibrium outcomes are often inefficient. This observation reinforces similar findings for the bargaining model studied earlier. The chapter also studies an application of the solution concept to political party formation. The last part of the chapter relaxes the restriction that only subcoalitions of existing coalitions can block proposed agreements.

We are interested in whether Preferential Trade Agreements facilitate attainment of Global Free Trade. Using a numerical general equilibrium model based on global trade data aggregated to 5 regions and 12 goods, we calculate the optimal tariffs in a Nash tariff-setting game when regions are free to form trading blocs. Using Riezman’s (1999) notion of blocking coalitions, we determine endogenously whichtradingbloc structures emerge when regions can form Free Trade Areas or Customs Unions. We nd that Global Free Trade may not be an equilibrium outcome unless constraints are placed on the way Customs Unions set their Common External Tariffs.

The Link Between Bank Competition and Risk in the United Kingdom: Two Views for Policymaking

This paper provides a systematic review of the transfer and quantification of the concept of entropy in multidisciplinary fields and delves into its future applications and research directions in organizational management psychology based on its core characteristics. We first comprehensively reviewed the conceptual evolution of entropy in disciplines such as physics, information theory, and psychology, revealing its complexity and diversity as an interdisciplinary concept. Subsequently, we analyzed the quantification methods of entropy in a multidisciplinary context and pointed out that their calculation methods have both specificity and commonality across different disciplines. Subsequently, the paper reviewed the research on how individuals cope with uncertainty in entropy increase, redefined psychological entropy from the perspective of organizational management psychology, and proposed an "entropy-based proactive control model" at the individual level. This model is built around the core connotation of entropy, covering four dimensions: learning orientation, goal orientation, change orientation, and risk taking. We believe that psychological entropy, as a meta structure of individuals, can simulate, explain, and predict the process of how individuals manage and control "entropy" in an organizational environment from a dynamic perspective. This understanding enables psychological entropy to integrate a series of positive psychological constructs (e.g., lean spirit), providing extensive predictive and explanatory power for various behaviors of individuals in organizations. This paper provides a new direction for the application of the concept of entropy in psychology, especially for theoretical development and practical application in the field of organizational management.

The notion of information pervades informal descriptions of biological systems, but formal treatments face the problem of defining a quantitative measure of information rooted in a concept of fitness, which is itself an elusive notion. Here, we present a model of population dynamics where this problem is amenable to a mathematical analysis. In the limit where any information about future environmental variations is common to the members of the population, our model is equivalent to known models of financial investment. In this case, the population can be interpreted as a portfolio of financial assets and previous analyses have shown that a key quantity of Shannon's communication theory, the mutual information, sets a fundamental limit on the value of information. We show that this bound can be violated when accounting for features that are irrelevant in finance but inherent to biological systems, such as the stochasticity present at the individual level. This leads us to generalize the measures of uncertainty and information usually encountered in information theory.

Under today’s conditions, humanity and all social and state formations, including Ukraine, as part of the world order, is experiencing many changes: we are in a radically new political, economic, spiritual and ideological situation compared to the end of the twentieth century; its main features are socio-economic stagnation, political, cultural, educational and moral-psychological uncertainty, activation of old and the emergence of new stressors at the level of both individual and group (and even mass) consciousness. The complexity and contradictions of socio-economic and political development of our country necessitate the theoretical understanding and development of scientifically sound tools with which to make more effective the process of social interaction, non-criminogenic development of society, crime prevention and counteraction. Without theoretical knowledge that directly serves a specific state-building practice, it is impossible to fulfill a strategic task - to build a democratic state and civil society in Ukraine. Scientists rightly point out that the current criminal situation is characterized by new types of crime, dynamism of development, unpredictability of changes, spread of organized forms and professionalism and the inability of the state to resist corruption necessitates the effectiveness of the fight against crime. The purpose of this article is to study the objects of crime and corruption prevention, to determine their essential characteristics and to separate them from other objects of social reality. The methodological basis of the work is the dialectical method, the application of which allows to study the object and subject of research in their epistemological unity, relationship, as well as differences. The technique used in writing the article consists of several basic methods of scientific knowledge. Using the historical method, historical and general theoretical questions of the essence of the object of crime prevention and corruption are clarified. The use of methods of analysis and synthesis made it possible to separate the objects of prevention from other objects of social reality - this was also facilitated by the use of the structural-functional method. These methods also allowed to investigate the theoretical views on the nature and elements of the object of crime and corruption prevention. The logical-semantic method was used to determine the relationships and mutual influences of crime prevention and corruption objects with other objects. Scientific abstraction and generalization of scientific and theoretical information as a process of establishing general properties and signs, allowed to reach and formulate final conclusions on the subject of research. Based on the considerations set out in the article, it can be noted that the objects of preventive influence on the prevention of crime and corruption are negative phenomena and processes of reality of material or spiritual nature, which lead to causes and conditions conducive to crime. This should keep in mind the properties that are common to such objects, namely: criminogenicity; dynamism; potentiality; latency. Separate objects are objects of victimological influence. Information sources of various origins are covered, which testify to the origins of mass, group, individual victimization and the presence of dangerous victimhood at these levels, to which the theory and practice of victimological crime prevention are directed. , and the special objects of victimological prevention are social and psychological factors of victimization and victimhood as objects of preventive victimological influence at the individual level. Specific objects are the objects of influence in the prevention of corruption, which include: corruption-causing factors; corruption risks in the activities of public authorities, local governments, legal entities of public and private law and their officials; illegal behavior of officials and officials of public authorities and local governments. Thus, a deep and comprehensive knowledge of the nature of criminogenic objects, their scientific, historical and epistemological research will serve as a basis for understanding the danger of this social phenomenon and finding appropriate effective methods, tools and measures to influence it. The state must prevent crime by influencing certain criminogenic objects, which in essence will be the object of crime and corruption prevention at various levels of preventive activities – general social, special criminological, individual, as well as in the implementation of victim prevention measures

Building on different cases of conflicts in homelands triggering diaspora mobilization, we develop a theory of diaspora formation through processes of conflict deterritorialization. We argue that an armed conflict in the country of origin can trigger specific processes of diaspora formation in the countries of settlement and in the transnational space, depending on the actors involved and the particular context in both the home and host countries. We suggest that this specific non‐linear process of diaspora formation can happen at the individual and collective levels, and can both turn a migrant into a diasporic individual as well as mobilize diasporic individuals for collective action. This mobilization, we argue, builds on narratives about and from the homeland, the country of residence, and the transnational space, and can, in turn, lead to conflict autonomization in diaspora settings.