Oligarchs, political regime changes, and firm valuation

This paper examines the impact of a regime shift on the valuation of politically powerful oligarch firms. Focusing on the Yeltsin-Putin regime shift in Russia, we find that the valuations of outside shareholders claims are significantly higher under the Putin regime than under the Yeltsin regime after controlling for industry and time effects. The findings suggest that the increasing cost of extracting private benefits outweigh the reduction in the value of political connections following the political regime change. The results are also consistent with changes in the risk of state expropriation. Our results show that effects driven by the political regime change complement the traditional view stating that increased ownership concentration improved the performance of Russian oligarch firms.

Photophysics of conjugated polymers: interplay between Forster energy migration and defect concentration in shaping a photochemical funnel in PPV

Recent single molecule experiments have suggested the existence of a photochemical funnel in the photophysics of conjugated polymers, like poly[2-methoxy-5-(2'-ethylhexyl)oxy-1,4-phenylenevinylene] (MEH-PPV). The funnel is believed to be a consequence of the presence of conformational or chemical defects along the polymer chain and efficient non-radiative energy transfer among different chromophore segments. Here we address the effect of the excitation energy dynamics on the photophysics of PPV. The PPV chain is modeled as a polymer with the length distribution of chromophores given either by a Gaussian or by a Poisson distribution. We observe that the Poisson distribution of the segment lengths explains the photophysics of PPV better than the Gaussian distribution. A recently proposed version of an extended particle-in-a-box' model is used to calculate the exciton energies and the transition dipole moments of the chromophores, and a master equation to describe the excitation energy transfer among different chromophores. The rate of energy transfer is assumed to be given here, as a first approximation, by the well-known Forster expression. The observed excitation population dynamics confirms the photochemical funneling of excitation energy from shorter to longer chromophores of the polymer chain. The time scale of spectral shift and energy transfer for our model polymer, with realistic values of optical parameters, is in the range of 200-300 ps. We find that the excitation energy may not always migrate towards the longest chromophore segments in the polymer chain as the efficiency of energy transfer between chromophores depends on the separation distance between the two and their relative orientation.

Interplay between multiple length and time scales in complex chemical systems

Processes in complex chemical systems, such as macromolecules, electrolytes, interfaces, micelles and enzymes, can span several orders of magnitude in length and time scales. The length and time scales of processes occurring over this broad time and space window are frequently coupled to give rise to the control necessary to ensure specificity and the uniqueness of the chemical phenomena. A combination of experimental, theoretical and computational techniques that can address a multiplicity of length and time scales is required in order to understand and predict structure and dynamics in such complex systems. This review highlights recent experimental developments that allow one to probe structure and dynamics at increasingly smaller length and time scales. The key theoretical approaches and computational strategies for integrating information across time-scales are discussed. The application of these ideas to understand phenomena in various areas, ranging from materials science to biology, is illustrated in the context of current developments in the areas of liquids and solvation, protein folding and aggregation and phase transitions, nucleation and self-assembly.

Interplay of Virulence Factors in Complement Resistance of Streptococcus pneumoniae

Streptococcus pneumoniae (pneumococcus) is a normal inhabitant of the human nasopharynx. Symptoms occur in only a small proportion of those who become carriers, but the ubiquity of the organism in the human population results in a large burden of disease. S. pneumoniae is the leading bacterial cause of pneumonia, sepsis, and meningitis worldwide, causing the death of a million children each year. Middle-ear infection is the most common clinical manifestation of mucosal pneumococcal infections. In invasive disease, S. pneumoniae gains access to the bloodstream and spreads to normally sterile parts of the body. The progression from asymptomatic colonization to disease depends on factors characteristic of specific pneumococcal strains as well as the status of host defenses. The polysaccharide capsule surrounding the bacterium is considered to be the most important factor affecting the virulence of pneumococci. It protects pneumococci from phagocytosis and also may determine its affinity to the respiratory epithelium. S. pneumoniae as a species comprises more than 90 different capsular serotypes, but not all of them are equally prevalent in human diseases. Invasive serotypes are rarely isolated from healthy carriers, but relatively often cause invasive disease. Serotypes that are carried asymptomatically for a long time behave like opportunistic pathogens, causing disease in patients who have impaired immune defenses. The complement system is a collection of blood and cell surface proteins that act as a major primary defense against invading microbes. Phagocytic cells with receptors for complement proteins can engulf and destroy pneumococcal cells opsonized with these proteins. S. pneumoniae has evolved a number of ways to subvert mechanisms of innate immunity, and this is likely to contribute to its pathogenicity. The capsular serotype, proteins essential for virulence, as well the genotype, may all influence the ability of pneumococcus to resist complement and its potential to cause disease. Immunization with conjugate vaccines produces opsonic antibodies, which enhance complement deposition and clearance of the bacteria. The pneumococcal vaccine included in the Finnish national immunization program in 2010 contains the most common serotypes causing invasive disease. Clinical data suggest that protection from middle-ear infection and possibly also from invasive disease depends largely on the capsular serotype, for reasons hitherto unknown. The general aim of this thesis is to assess the relative roles of the pneumococcal capsule and virulence proteins in complement evasion and subsequent opsonophagocytic killing. The main question is whether differences between serotypes to resist complement explain the different abilities of serotypes to cause disease. The importance of particular virulence factors to the complement resistance of a strain may vary depending on its genotype. Prior studies have evaluated the effect of the capsule and virulence proteins on complement resistance of S. pneumoniae by comparing only a few strains. In this thesis, the role of pneumococcal virulence factors in the complement resistance of the bacterium was studied in several genotypically different strains. The ability of pneumococci to inhibit deposition of the complement protein C3 on the bacterial surface was found to depend on the capsular serotype as well as on other features of the bacteria. The results suggest that pneumococcal histidine triad (Pht) proteins may play a role in complement inhibition, but their contribution depends on the bacterial genotype. The capsular serotype was found to influence complement resistance more than the bacterial genotype. A higher concentration of anticapsular antibodies was required for the opsonophagocytic killing of serotypes resistant to C3 deposition. The invasive serotypes were more resistant to C3 deposition than the opportunistic serotypes, suggesting that the former are better adapted to resist immune mechanisms controlling the development of invasive disease. The different susceptibilities of serotypes to complement deposition, opsonophagocytosis, and resultant antibody-mediated protection should be taken into account when guidelines for serological correlates for vaccine efficacy evaluations are made. The results of this thesis suggest that antibodies in higher quantity or quality are needed for efficient protection against the invasive serotypes.

Physics interplay of the LHC and the ILC

Physics at the Large Hadron Collider (LHC) and the International e(+)e(-) Linear Collider (ILC) will be complementary in many respects, as has been demonstrated at previous generations of hadron and lepton colliders. This report addresses the possible interplay between the LHC and ILC in testing the Standard Model and in discovering and determining the origin of new physics. Mutual benefits for the physics programme at both machines can occur both at the level of a combined interpretation of Hadron Collider and Linear Collider data and at the level of combined analyses of the data, where results obtained at one machine can directly influence the way analyses are carried out at the other machine. Topics under study comprise the physics of weak and strong electroweak symmetry breaking, supersymmetric models, new gauge theories, models with extra dimensions, and electroweak and QCD precision physics. The status of the work that has been carried out within the LHC/ILC Study Group so far is summarized in this report. Possible topics for future studies are outlined.

A study of chemically prepared small metal clusters in the nonmetallic regime

Small gold clusters [mean diameter (d)[less, similar] 1.4 nm], unlike larger clusters, show a higher Au(4f) binding energy relative to the bulk value and the presence of a conductance gap in tunnelling measurements, just as the molecular cluster compound, Au55(PPh3)12Cl6; small platinum clusters show similar nonmetallic features.

Solvation dynamics in liquid water. A novel interplay between librational and diffusive modes

A microscopic calculation of the solvation dynamics of an ion in liquid water is presented. The calculated solvation time correlation function shows an ultrafast Gaussian decay which carries about 70%–90% of the strength followed by a biexponential decay with time constants equal to 250 fs and 1 ps. These results are in excellent agreement with the computer simulations of Maroncelli and Fleming and also with the experimental findings of Barbara and Jarzeba. In addition, we find that both the rotational librations and the intermolecular translational vibrational modes of water contribute significantly to the initial Gaussian decay.

Constitutive modeling of ice in the high strain rate regime

The objective of the present work is to propose a constitutive model for ice by considering the influence of important parameters such as strain rate dependence and pressure sensitivity on the response of the material. In this regard, the constitutive model proposed by Carney et al. (2006) is considered as a starting basis and subsequently modified to incorporate the effect of brittle cracking within a continuum damage mechanics framework. The damage is taken to occur in the form of distributed cracking within the material during impact which is consistent with experimental observations. At the point of failure, the material is assumed to be fluid-like with deviatoric stress almost dropping down to zero. The constitutive model is implemented in a general purpose finite element code using an explicit formulation. Several single element tests under uniaxial tension and compression, as well as biaxial loading are conducted in order to understand the performance of the model. Few large size simulations are also performed to understand the capability of the model to predict brittle damage evolution in un-notched and notched three point bend specimens. The proposed model predicts lower strength under tensile loading as compared to compressive loading which is in tune with experimental observations. Further the model also asserts the strain rate dependency of the strength behavior under both compressive as well as tensile loading, which also corroborates well with experimental results. (C) 2010 Elsevier Ltd. All rights reserved.

Origin of magnetism and trend in T-c in Cr-based double perovskites: Interplay of two driving mechanisms

Hamiltonian constructed in a first principles manner, we explored the origin of magnetism and the T-c trend in Cr-based double perovskite series, Sr2CrB'O-6 (B' = W/Re/Os). Our study shows that the apparently puzzling T-c trend in Sr2CrB'O-6 (B' = W/Re/Os) series can be understood in terms of the interplay of the hybridization driven mechanism and the superexchange mechanism.

Electron transfer reaction in the marcus inverted region: role of high frequency vibrational modes

A theoretical study of the dynamics of photo-electron transfer reactions in the Marcus inverted regime is presented. This study is motivated partly by the recent proposal of Barbara et al. (J. Phys. Chem. 96, 3728, 1991) that a minimal model of an electron transfer reaction should consist of a polar solvent mode (X), a low frequency vibrational mode (Q) and one high frequency mode (q). Interplay between these modes may be responsible for the crossover observed in the dynamics from a solvent controlled to a vibrational controlled electron transfer. The following results have been obtained. (i) In the case of slowly relaxing solvents, the proximity of the point of excitation to an effective sink on the excited surface is critical in determining the decay of the reactant population. This is because the Franck-Condon overlap between the reactant ground and the product excited states decreases rapidly with increase in the quantum number of the product vibrational state. (ii) Non-exponential solvation dynamics has an important effect in determining the rates of electron transfer. Especially, a biphasic solvation and a large coupling between the reactant and the product states both may be needed to explain the experimental results. ©1996 American Institute of Physics

Studies on BaO particles in nanosize regime

Barium oxide nanosize particles were prepared using the wet chemical route. Various capping agents were used to arrest the growth. X-ray diffraction studies reveal particle size as low as 9 Angstrom in diameter, which is close to the Bohr exciton radius of BaO. However, changes in the optical absorption features arising from the confinement effect in the nanosize regime were not observed. These results were confirmed by fluorescence measurements. The calculations based on effective mass approximations indicate that the quantum confinement effects are not significant for particle sizes as small as 15 Angstrom.

Synthesis of nonlinear controller to recover an unstable aircraft from poststall regime

Dynamics of the aircraft configuration considered in this paper show a unique characteristic in that there are no stable attractors in the entire high angle-of-attack flight envelope. As a result, once the aircraft has departed from the normal flight regime, no standard technique can be applied to recover the aircraft. In this paper, using feedback linearization technique, a nonlinear controller is designed at high angles of attack, which is engaged after the aircraft departs from normal flight regime. This controller stabilizes the aircraft into a stable spin. Then a set of synthetic pilot inputs is applied to cause an automatic transition from the spin equilibrium to low angles of attack where the second controller is connected. This controller is a normal gain-scheduled controller designed to have a large domain of attraction at low angles of attack. It traps the aircraft into a low angle-of-attack level flight. This entire concept of recovery has been verified using six-degrees-of-freedom nonlinear simulation. Feedback linearization technique used to design a controller ensures internal stability only if the nonlinear plant has stable zero dynamics. Because zero dynamics depend on the selection of outputs, a new method of choosing outputs is described to obtain a plant that has stable zero dynamics. Certain important aspects pertaining to the implementation of a feedback linearization-based controller are also discussed.