Investment theory and empirical approach: a discussion on dificulties

In this paper, we analyse several contributions made concerning investment theory in the last decades. The objective of the paper is to discuss the difficulties of the testable theory identified by Chirinko (1983), Fazzari et al. (1988, 2000), Kaplan and Zingales (1997) and Hubbard (1998) to better understand the results of empirical approach. These few authors we worked with provided theoretical arguments and empirical evidences that internal finance variable of the firms may work as an indicator of financial constraint. In several developed countries, financing constraints has been identified as important to understand the investment spending. The principal indicator of financing constraints, that is, cash-flow has been questioned. However, the evidences offer a support to its relevance. We try to justify such evidence based on the few authors listed above, which have been quoted by empirical works. We try to contribute to debate adding aspect of the corporate finance to offer a logical explanation to econometric difficulties.

Power quality, smart meters and additional information from different power terms

This paper shows how the detailed examination of active and nonactive power components may produce new information for modern smart meters. For this purpose, a prototype of electronic power meter has been implemented and applied to the evaluation of the Conservative Power Theory (CPT). Considering five sorts of loads, under four different operating conditions, the experimental results indicate that the CPT is able to provide a good methodology for load characterization, which could possibly benefits consumers and power utilities in several different ways. The results also show that depending on the situation, the analysis of nonactive power terms may be more important than the observation of traditional power quality indices, such as total harmonic distortion, unbalance factors or the fundamental positive sequence power factor.

A new aspect of sign and its implications for the Theory of Communication

Este artigo propõe que a semiótica peirceana pode oferecer bases tanto lógicas quanto epistemológicas para a busca de uma teoria geral da comunicação. No entanto, o desenvolvimento de uma teoria semiótica da comunicação depende, em primeiro lugar, de uma melhor compreensão dos aspectos formais do signo, tarefa atribuída por Peirce à gramática, o primeiro ramo de sua semiótica. Nós apresentamos uma análise das relações do signo, revelando um aspecto não trabalhado por Peirce, ampliando seu número para onze. Este novo aspecto é a relação triádica entre signo, objeto dinâmico e interpretante dinâmico (S-OD-ID). Nós defendemos que esta relação é essencial para a compreensão da comunicação como semiose, por dar conta da repetição ou redundância do signo comunicativo, quando se cria ou transmite informação. O artigo pretende dar um passo a mais na direção de uma teoria da comunicação verdadeiramente universal, através do vínculo entre a semiótica peirceana e a moderna filosofia da linguagem.

COMPLEXITY MEASURE: A QUANTUM INFORMATION APPROACH

In the past decades, all of the efforts at quantifying systems complexity with a general tool has usually relied on using Shannon's classical information framework to address the disorder of the system through the Boltzmann-Gibbs-Shannon entropy, or one of its extensions. However, in recent years, there were some attempts to tackle the quantification of algorithmic complexities in quantum systems based on the Kolmogorov algorithmic complexity, obtaining some discrepant results against the classical approach. Therefore, an approach to the complexity measure is proposed here, using the quantum information formalism, taking advantage of the generality of the classical-based complexities, and being capable of expressing these systems' complexity on other framework than its algorithmic counterparts. To do so, the Shiner-Davison-Landsberg (SDL) complexity framework is considered jointly with linear entropy for the density operators representing the analyzed systems formalism along with the tangle for the entanglement measure. The proposed measure is then applied in a family of maximally entangled mixed state.

Holographic field theory models of dark energy in interaction with dark matter

We discuss two Lagrangian interacting dark energy models in the context of the holographic principle. The potentials of the interacting fields are constructed. The models are compared with CMB distance information, baryonic acoustic oscillations, lookback time and the Constitution supernovae sample. For both models, the results are consistent with a nonvanishing interaction in the dark sector of the Universe and the sign of coupling is consistent with dark energy decaying into dark matter, alleviating the coincidence problem-with more than 3 standard deviations of confidence for one of them. However, this is because the noninteracting holographic dark energy model is a bad fit to the combination of data sets used in this work as compared to the cosmological constant with cold dark matter model, so that one needs to introduce the interaction in order to improve this model.

Universal behavior of the Shannon mutual information of critical quantum chains

We consider the Shannon mutual information of subsystems of critical quantum chains in their ground states. Our results indicate a universal leading behavior for large subsystem sizes. Moreover, as happens with the entanglement entropy, its finite-size behavior yields the conformal anomaly c of the underlying conformal field theory governing the long-distance physics of the quantum chain. We study analytically a chain of coupled harmonic oscillators and numerically the Q-state Potts models (Q = 2, 3, and 4), the XXZ quantum chain, and the spin-1 Fateev-Zamolodchikov model. The Shannon mutual information is a quantity easily computed, and our results indicate that for relatively small lattice sizes, its finite-size behavior already detects the universality class of quantum critical behavior.

Research and theory driven insights: ten suggestions for L2 reading instruction

[EN]Research and theory on second language reading has reached heightened dimensions in recent years. It is through reading that learners access much information concerning the target language and culture, and consequently reading is an important part of almost all language programs across stages of acquisition. The purpose of this article is to offer informed suggestions for the foreign language instructor of reading. The ideas given in this paper constitute a collaborative project that developed as part of a graduate seminar on L2 Reading and Writing taught at Washington University in St. Louis.

Query rewriting in information retrieval: automatic context extraction from local user documents to improve query results

The central objective of research in Information Retrieval (IR) is to discover new techniques to retrieve relevant information in order to satisfy an Information Need. The Information Need is satisfied when relevant information can be provided to the user. In IR, relevance is a fundamental concept which has changed over time, from popular to personal, i.e., what was considered relevant before was information for the whole population, but what is considered relevant now is specific information for each user. Hence, there is a need to connect the behavior of the system to the condition of a particular person and his social context; thereby an interdisciplinary sector called Human-Centered Computing was born. For the modern search engine, the information extracted for the individual user is crucial. According to the Personalized Search (PS), two different techniques are necessary to personalize a search: contextualization (interconnected conditions that occur in an activity), and individualization (characteristics that distinguish an individual). This movement of focus to the individual's need undermines the rigid linearity of the classical model overtaken the ``berry picking'' model which explains that the terms change thanks to the informational feedback received from the search activity introducing the concept of evolution of search terms. The development of Information Foraging theory, which observed the correlations between animal foraging and human information foraging, also contributed to this transformation through attempts to optimize the cost-benefit ratio. This thesis arose from the need to satisfy human individuality when searching for information, and it develops a synergistic collaboration between the frontiers of technological innovation and the recent advances in IR. The search method developed exploits what is relevant for the user by changing radically the way in which an Information Need is expressed, because now it is expressed through the generation of the query and its own context. As a matter of fact the method was born under the pretense to improve the quality of search by rewriting the query based on the contexts automatically generated from a local knowledge base. Furthermore, the idea of optimizing each IR system has led to develop it as a middleware of interaction between the user and the IR system. Thereby the system has just two possible actions: rewriting the query, and reordering the result. Equivalent actions to the approach was described from the PS that generally exploits information derived from analysis of user behavior, while the proposed approach exploits knowledge provided by the user. The thesis went further to generate a novel method for an assessment procedure, according to the "Cranfield paradigm", in order to evaluate this type of IR systems. The results achieved are interesting considering both the effectiveness achieved and the innovative approach undertaken together with the several applications inspired using a local knowledge base.

Local home bias: Theory and new empirical evidence from Italy

This thesis examines the literature on local home bias, i.e. investor preference towards geographically nearby stocks, and investigates the role of firm’s visibility, profitability, and opacity in explaining such behavior. While firm’s visibility is expected to proxy for the behavioral root originating such a preference, firm’s profitability and opacity are expected to capture the informational one. I find that less visible, and more profitable and opaque firms, conditionally to the demand, benefit from being headquartered in regions characterized by a scarcity of listed firms (local supply of stocks). Specifically, research estimates suggest that firms headquartered in regions with a poor supply of stocks would be worth i) 11 percent more if non-visible, non-profitable and non-opaque; ii) 16 percent more if profitable; and iii) 28 percent more if both profitable and opaque. Overall, as these features are able to explain most, albeit not all, of the local home bias effect, I reasonably argue and then assess that most of the preference for local is determined by a successful attempt to exploit local information advantage (60 percent), while the rest is determined by a mere (irrational) feeling of familiarity with the local firm (40 percent). Several and significant methodological, theoretical, and practical implications come out.

Virtual Compton scattering in baryon chiral perturbation theory

This thesis is concerned with the calculation of virtual Compton scattering (VCS) in manifestly Lorentz-invariant baryon chiral perturbation theory to fourth order in the momentum and quark-mass expansion. In the one-photon-exchange approximation, the VCS process is experimentally accessible in photon electro-production and has been measured at the MAMI facility in Mainz, at MIT-Bates, and at Jefferson Lab. Through VCS one gains new information on the nucleon structure beyond its static properties, such as charge, magnetic moments, or form factors. The nucleon response to an incident electromagnetic field is parameterized in terms of 2 spin-independent (scalar) and 4 spin-dependent (vector) generalized polarizabilities (GP). In analogy to classical electrodynamics the two scalar GPs represent the induced electric and magnetic dipole polarizability of a medium. For the vector GPs, a classical interpretation is less straightforward. They are derived from a multipole expansion of the VCS amplitude. This thesis describes the first calculation of all GPs within the framework of manifestly Lorentz-invariant baryon chiral perturbation theory. Because of the comparatively large number of diagrams - 100 one-loop diagrams need to be calculated - several computer programs were developed dealing with different aspects of Feynman diagram calculations. One can distinguish between two areas of development, the first concerning the algebraic manipulations of large expressions, and the second dealing with numerical instabilities in the calculation of one-loop integrals. In this thesis we describe our approach using Mathematica and FORM for algebraic tasks, and C for the numerical evaluations. We use our results for real Compton scattering to fix the two unknown low-energy constants emerging at fourth order. Furthermore, we present the results for the differential cross sections and the generalized polarizabilities of VCS off the proton.

On the renormalization flow representation of field theory and some applications

In this thesis we discuss a representation of quantum mechanics and quantum and statistical field theory based on a functional renormalization flow equation for the one-particle-irreducible average effective action, and we employ it to get information on some specific systems.

Coordination and Control of Autonomous Mobile Robots Swarms by using Particle Swarm Optimization Algorithm and Consensus Theory

This thesis presents some different techniques designed to drive a swarm of robots in an a-priori unknown environment in order to move the group from a starting area to a final one avoiding obstacles. The presented techniques are based on two different theories used alone or in combination: Swarm Intelligence (SI) and Graph Theory. Both theories are based on the study of interactions between different entities (also called agents or units) in Multi- Agent Systems (MAS). The first one belongs to the Artificial Intelligence context and the second one to the Distributed Systems context. These theories, each one from its own point of view, exploit the emergent behaviour that comes from the interactive work of the entities, in order to achieve a common goal. The features of flexibility and adaptability of the swarm have been exploited with the aim to overcome and to minimize difficulties and problems that can affect one or more units of the group, having minimal impact to the whole group and to the common main target. Another aim of this work is to show the importance of the information shared between the units of the group, such as the communication topology, because it helps to maintain the environmental information, detected by each single agent, updated among the swarm. Swarm Intelligence has been applied to the presented technique, through the Particle Swarm Optimization algorithm (PSO), taking advantage of its features as a navigation system. The Graph Theory has been applied by exploiting Consensus and the application of the agreement protocol with the aim to maintain the units in a desired and controlled formation. This approach has been followed in order to conserve the power of PSO and to control part of its random behaviour with a distributed control algorithm like Consensus.

Essays on the Axiomatic Theory of Matching

This dissertation mimics the Turkish college admission procedure. It started with the purpose to reduce the inefficiencies in Turkish market. For this purpose, we propose a mechanism under a new market structure; as we prefer to call, semi-centralization. In chapter 1, we give a brief summary of Matching Theory. We present the first examples in Matching history with the most general papers and mechanisms. In chapter 2, we propose our mechanism. In real life application, that is in Turkish university placements, the mechanism reduces the inefficiencies of the current system. The success of the mechanism depends on the preference profile. It is easy to show that under complete information the mechanism implements the full set of stable matchings for a given profile. In chapter 3, we refine our basic mechanism. The modification on the mechanism has a crucial effect on the results. The new mechanism is, as we call, a middle mechanism. In one of the subdomain, this mechanism coincides with the original basic mechanism. But, in the other partition, it gives the same results with Gale and Shapley's algorithm. In chapter 4, we apply our basic mechanism to well known Roommate Problem. Since the roommate problem is in one-sided game patern, firstly we propose an auxiliary function to convert the game semi centralized two-sided game, because our basic mechanism is designed for this framework. We show that this process is succesful in finding a stable matching in the existence of stability. We also show that our mechanism easily and simply tells us if a profile lacks of stability by using purified orderings. Finally, we show a method to find all the stable matching in the existence of multi stability. The method is simply to run the mechanism for all of the top agents in the social preference.

Total internal reflection fluorescence cross-correlation spectroscopy: theory and application for studying boundary slip phenomenon

I present a new experimental method called Total Internal Reflection Fluorescence Cross-Correlation Spectroscopy (TIR-FCCS). It is a method that can probe hydrodynamic flows near solid surfaces, on length scales of tens of nanometres. Fluorescent tracers flowing with the liquid are excited by evanescent light, produced by epi-illumination through the periphery of a high NA oil-immersion objective. Due to the fast decay of the evanescent wave, fluorescence only occurs for tracers in the ~100 nm proximity of the surface, thus resulting in very high normal resolution. The time-resolved fluorescence intensity signals from two laterally shifted (in flow direction) observation volumes, created by two confocal pinholes are independently measured and recorded. The cross-correlation of these signals provides important information for the tracers’ motion and thus their flow velocity. Due to the high sensitivity of the method, fluorescent species with different size, down to single dye molecules can be used as tracers. The aim of my work was to build an experimental setup for TIR-FCCS and use it to experimentally measure the shear rate and slip length of water flowing on hydrophilic and hydrophobic surfaces. However, in order to extract these parameters from the measured correlation curves a quantitative data analysis is needed. This is not straightforward task due to the complexity of the problem, which makes the derivation of analytical expressions for the correlation functions needed to fit the experimental data, impossible. Therefore in order to process and interpret the experimental results I also describe a new numerical method of data analysis of the acquired auto- and cross-correlation curves – Brownian Dynamics techniques are used to produce simulated auto- and cross-correlation functions and to fit the corresponding experimental data. I show how to combine detailed and fairly realistic theoretical modelling of the phenomena with accurate measurements of the correlation functions, in order to establish a fully quantitative method to retrieve the flow properties from the experiments. An importance-sampling Monte Carlo procedure is employed in order to fit the experiments. This provides the optimum parameter values together with their statistical error bars. The approach is well suited for both modern desktop PC machines and massively parallel computers. The latter allows making the data analysis within short computing times. I applied this method to study flow of aqueous electrolyte solution near smooth hydrophilic and hydrophobic surfaces. Generally on hydrophilic surface slip is not expected, while on hydrophobic surface some slippage may exists. Our results show that on both hydrophilic and moderately hydrophobic (contact angle ~85°) surfaces the slip length is ~10-15nm or lower, and within the limitations of the experiments and the model, indistinguishable from zero.

Essays in Industrial Organization and Information Technology

Chapter 1 studies how consumers’ switching costs affect the pricing and profits of firms competing in two-sided markets such as Apple and Google in the smartphone market. When two-sided markets are dynamic – rather than merely static – I show that switching costs lower the first-period price if network externalities are strong, which is in contrast to what has been found in one-sided markets. By contrast, switching costs soften price competition in the initial period if network externalities are weak and consumers are more patient than the platforms. Moreover, an increase in switching costs on one side decreases the first-period price on the other side. Chapter 2 examines firms’ incentives to invest in local and flexible resources when demand is uncertain and correlated. I find that market power of the monopolist providing flexible resources distorts investment incentives, while competition mitigates them. The extent of improvement depends critically on demand correlation and the cost of capacity: under social optimum and monopoly, if the flexible resource is cheap, the relationship between investment and correlation is positive, and if it is costly, the relationship becomes negative; under duopoly, the relationship is positive. The analysis also sheds light on some policy discussions in markets such as cloud computing. Chapter 3 develops a theory of sequential investments in cybersecurity. The regulator can use safety standards and liability rules to increase security. I show that the joint use of an optimal standard and a full liability rule leads to underinvestment ex ante and overinvestment ex post. Instead, switching to a partial liability rule can correct the inefficiencies. This suggests that to improve security, the regulator should encourage not only firms, but also consumers to invest in security.