Multinationality and performance: The role of cultural dissimilarity

The purpose of this research was to examine the influence of cultural dissimilarity on the relationship between multinationality and performance. Both direct and indirect effects were studied. In addition, the form of the multinationality-performance relationship was investigated.^ Five indicators of cultural dissimilarity were developed on the basis of Hofstede's cultural dimensions. Performance was measured along two dimensions--financial and operational. Multinationality was operationalized as the ratio of foreign sales to total sales. Secondary data was used for all variables in the study. The sample of firms comprised multinationals based in the United States from four global industries--chemicals, computers and office equipment, electrical and electrical goods, and drugs and pharmaceuticals.^ Regression analyses using pooled cross-section/time-series data indicated that the relationship between multinationality and performance is curvilinear. No direct effects of cultural dissimilarity on performance were found. However, the results show a moderating effect of cultural dissimilarity on the multinationality-performance relationship. The direction of this effect was positive for four of the five cultural dissimilarity measures. ^

Principal component and second generation wavelet analysis of Treasury yield curve evolution

Prices of U.S. Treasury securities vary over time and across maturities. When the market in Treasurys is sufficiently complete and frictionless, these prices may be modeled by a function time and maturity. A cross-section of this function for time held fixed is called the yield curve; the aggregate of these sections is the evolution of the yield curve. This dissertation studies aspects of this evolution. ^ There are two complementary approaches to the study of yield curve evolution here. The first is principal components analysis; the second is wavelet analysis. In both approaches both the time and maturity variables are discretized. In principal components analysis the vectors of yield curve shifts are viewed as observations of a multivariate normal distribution. The resulting covariance matrix is diagonalized; the resulting eigenvalues and eigenvectors (the principal components) are used to draw inferences about the yield curve evolution. ^ In wavelet analysis, the vectors of shifts are resolved into hierarchies of localized fundamental shifts (wavelets) that leave specified global properties invariant (average change and duration change). The hierarchies relate to the degree of localization with movements restricted to a single maturity at the base and general movements at the apex. Second generation wavelet techniques allow better adaptation of the model to economic observables. Statistically, the wavelet approach is inherently nonparametric while the wavelets themselves are better adapted to describing a complete market. ^ Principal components analysis provides information on the dimension of the yield curve process. While there is no clear demarkation between operative factors and noise, the top six principal components pick up 99% of total interest rate variation 95% of the time. An economically justified basis of this process is hard to find; for example a simple linear model will not suffice for the first principal component and the shape of this component is nonstationary. ^ Wavelet analysis works more directly with yield curve observations than principal components analysis. In fact the complete process from bond data to multiresolution is presented, including the dedicated Perl programs and the details of the portfolio metrics and specially adapted wavelet construction. The result is more robust statistics which provide balance to the more fragile principal components analysis. ^

Cross sections and Rosenbluth separations from kaon electroproduction on protons up to Q2 = 2.35 (GeV/c)2

The kaon electroproduction reaction H(e, e ′K+)Λ was studied as a function of the four momentum transfer, Q2, for different values of the virtual photon polarization parameter. Electrons and kaons were detected in coincidence in two High Resolution Spectrometers (HRS) at Jefferson Lab. Data were taken at electron beam energies ranging from 3.4006 to 5.7544 GeV. The kaons were identified using combined time of flight information and two Aerogel Čerenkov detectors used for particle identification. For different values of Q2 ranging from 1.90 to 2.35 GeV/c2 the center of mass cross sections for the Λ hyperon were determined for 20 kinematics and the longitudinal, σ L, and transverse, σT, terms were separated using the Rosenbluth separation technique. ^ Comparisons between available models and data have been studied. The comparison supports the t-channel dominance behavior for kaon electroproduction. All models seem to underpredict the transverse cross section. An estimate of the kaon form factor has been explored by determining the sensitivity of the separated cross sections to variations of the kaon EM form factor. From comparison between models and data we can conclude that interpreting the data using the Regge model is quite sensitive to a particular choice for the EM form factors. The data from the E98-108 experiment extends the range of the available kaon electroproduction cross section data to an unexplored region of Q2 where no separations have ever been performed. ^

Exclusive electrodisintegration of three-nucleon systems

The purpose of this research was to develop a theory of high-energy exclusive electrodisintegration of three-nucleon systems on the example of 3He(e, e'NN)N reaction with knocked-out nucleon in the final state. The scattering amplitudes and differential cross section of the reaction were calculated in details within the Generalized Eikonal Approximation(GEA). The manifestly covariant nature of Feynman diagrams derived in GEA allowed us to preserve both the relativistic dynamics and kinematics of the scattering while identifying the low momentum nuclear part of the amplitude with a nonrelativistic nuclear wave function. Numerical calculations of the residual system's total and relative momentum distribution were performed which show reasonable agreement with available experimental data. The theoretical framework of GEA, which was applied previously only for the case of two-body (deuteron) high energy break up reactions, has been practically implemented and shown to provide a valid description for more complex A = 3 systems.