When does leverage hurt productivity growth? A firm-level analysis:a firm-level analysis

In the wake of the global financial crisis, several macroeconomic contributions have highlighted the risks of excessive credit expansion. In particular, too much finance can have a negative impact on growth. We examine the microeconomic foundations of this argument, positing a non-monotonic relationship between leverage and firm-level productivity growth in the spirit of the trade-off theory of capital structure. A threshold regression model estimated on a sample of Central and Eastern European countries confirms that TFP growth increases with leverage until the latter reaches a critical threshold beyond which leverage lowers TFP growth. This estimate can provide guidance to firms and policy makers on identifying "excessive" leverage. We find similar non-monotonic relationships between leverage and proxies for firm value. Our results are a first step in bridging the gap between the literature on optimal capital structure and the wider macro literature on the finance-growth nexus. © 2012 Elsevier Ltd.

New capabilities:can IT service providers leverage crowdsourcing?

Technological advancements enable new sourcing models in software development such as cloud computing, software-as-a-service, and crowdsourcing. While the first two are perceived as a re-emergence of older models (e.g., ASP), crowdsourcing is a new model that creates an opportunity for a global workforce to compete with established service providers. Organizations engaging in crowdsourcing need to develop the capabilities to successfully utilize this sourcing model in delivering services to their clients. To explore these capabilities we collected qualitative data from focus groups with crowdsourcing leaders at a large technology organization. New capabilities we identified stem from the need of the traditional service provider to assume a "client" role in the crowdsourcing context, while still acting as a "vendor" in providing services to the end client. This paper expands the research on vendor capabilities and IS outsourcing as well as offers important insights to organizations that are experimenting with, or considering, crowdsourcing.

Non-periodic quasi-stable nonlinear optical carrier pulses with sliding chirp-free points for transmission at 40 Gbit/s rate

In this paper, we demonstrate the possibility of reaching a quasi-stable nonlinear transmission regime with carrier pulses of 12.5 ps width in multi-channel 40 Gbit/s systems. The quasi-stable pulses that are presented in this work for the first time are not dispersion-managed solitons, and are indeed supported by a large normal span average dispersion and misbalanced optical amplification, and representing a new type of nonlinear carrier.

Primary vendor capabilities in a mediated outsourcing model:can IT service providers leverage crowdsourcing?

Crowdsourcing platforms that attract a large pool of potential workforce allow organizations to reduce permanent staff levels. However managing this "human cloud" requires new management models and skills. Therefore, Information Technology (IT) service providers engaging in crowdsourcing need to develop new capabilities to successfully utilize crowdsourcing in delivering services to their clients. To explore these capabilities we collected qualitative data from focus groups with crowdsourcing leaders at a large multinational technology organization. New capabilities we identified stem from the need of the traditional service provider to assume a "client" role in the crowdsourcing context, while still acting as a "vendor" in providing services to the end-client. This paper expands the research on vendor capabilities and IT outsourcing as well as offers important insights to organizations that are experimenting with, or considering, crowdsourcing. © 2014 Elsevier B.V. All rights reserved.

The General Differential Operators Generated by a Quasi-Differential Expressions with their Interior Singular Points

The general ordinary quasi-differential expression M of n-th order with complex coefficients and its formal adjoint M + are considered over a regoin (a, b) on the real line, −∞ ≤ a < b ≤ ∞, on which the operator may have a finite number of singular points. By considering M over various subintervals on which singularities occur only at the ends, restrictions of the maximal operator generated by M in L2|w (a, b) which are regularly solvable with respect to the minimal operators T0 (M ) and T0 (M + ). In addition to direct sums of regularly solvable operators defined on the separate subintervals, there are other regularly solvable restrications of the maximal operator which involve linking the various intervals together in interface like style.

Integer Points Close to a Smooth Curve

∗ This research is partially supported by the Bulgarian National Science Fund under contract MM-403/9

Implementation of Genetic Algorithms for Transit Points Arrangement

The problem of transit points arrangement is presented in the paper. This issue is connected with accuracy of tariff distance calculation and it is the urgent problem at present. Was showed that standard method of tariff distance discovering is not optimal. The Genetic Algorithms are used in optimization problem resolution. The UML application class diagram and class content are showed. In the end the example of transit points arrangement is represented.

Experimenting with Different Approaches to Test Colinearity of Points

The subject of collinearity of 3 points on a line is challenging for 7th- grade students. This article discusses the possibilities to demonstrate different approaches for solving collinearity of three points on a line: straight angle, axiom on the uniform mapping of an angle on a half-plane, parallel axiom, vector method, and homothetic features. The experiment was held using GEONExT to demonstrate by visual methods collinearity of three points on a line a district type of problems.

Two Remarkable Points of the Triangle Geometry

It is shown in the paper the discovery of two remarkable points of the triangle by means of “THE GEOMETER’S SKETCHPAD” software. Some properties of the points are considered too.

On The Critical Points of some Iteration Methods for Solving Algebraic Equations. Global Convergence Properties

In this work we give su±cient conditions for k-th approximations of the polynomial roots of f(x) when the Maehly{Aberth{Ehrlich, Werner-Borsch-Supan, Tanabe, Improved Borsch-Supan iteration methods fail on the next step. For these methods all non-attractive sets are found. This is a subsequent improvement of previously developed techniques and known facts. The users of these methods can use the results presented here for software implementation in Distributed Applications and Simulation Environ- ments. Numerical examples with graphics are shown.

Weierstrass Points with First Non-Gap Four on a Double Covering of a Hyperelliptic Curve

2000 Mathematics Subject Classification: Primary 14H55; Secondary 14H30, 14H40, 20M14.

Fibrés Vectoriels Semi-Stables sur une Courbe de Genre Deux et Association des Points dans L’espace Projectif

2000 Mathematics Subject Classification: 14D20, 14J60.

Quasi-Likelihood Estimation for Ornstein-Uhlenbeck Diffusion Observed at Random Time Points

2000 Mathematics Subject Classification: 60J60, 62M99.

PC Points and their Application to Vector Optimization

AMS subject classification: 90C29, 90C48

Estimation of uncertainty in three-dimensional coordinate measurement by comparison with calibrated points

This paper details a method of estimating the uncertainty of dimensional measurement for a three-dimensional coordinate measurement machine. An experimental procedure was developed to compare three-dimensional coordinate measurements with calibrated reference points. The reference standard used to calibrate these reference points was a fringe counting interferometer with a multilateration-like technique employed to establish three-dimensional coordinates. This is an extension of the established technique of comparing measured lengths with calibrated lengths. Specifically a distributed coordinate measurement device was tested which consisted of a network of Rotary-Laser Automatic Theodolites (R-LATs), this system is known commercially as indoor GPS (iGPS). The method was found to be practical and was used to estimate that the uncertainty of measurement for the basic iGPS system is approximately 1 mm at a 95% confidence level throughout a measurement volume of approximately 10 m × 10 m × 1.5 m. © 2010 IOP Publishing Ltd.