Agricultural Biotechnology's Complementary Intellectual Assets

We formulate and test a hypothesis to explain the dramatic restructuring experienced recently by the plant breeding and seed industry. The reorganization can be explained in part by the desire to exploit complementarities between intellectual assets needed to create genetically modified organisms. This hypothesis is tested using data on agricultural biotechnology patents, notices for field tests of genetically modified organisms, and firm characteristics. The presence of complementarities is identified with a positive covariance in the unexplained variation of asset holdings. Results indicate that coordination of complementary assets have increased under the consolidation of the industry

Equidistribution for higher-rank Abelian actions on Heisenberg nilmanifolds

2010 Mathematics Subject Classification: Primary: 37C85, 37A17, 37A45; Secondary: 11K36, 11L07.We prove quantitative equidistribution results for actions of Abelian subgroups of the (2g + 1)-dimensional Heisenberg group acting on compact (2g + 1)-dimensional homogeneous nilmanifolds. The results are based on the study of the C∞-cohomology of the action of such groups, on tame estimates of the associated cohomological equations and on a renormalization method initially applied by Forni to surface flows and by Forni and the second author to other parabolic flows. As an application we obtain bounds for finite Theta sums defined by real quadratic forms in g variables, generalizing the classical results of Hardy and Littlewood [25, 26] and the optimal result of Fiedler, Jurkat, and Körner [17] to higher dimension.This work was partially done while L. Flaminio visited the Isaac Newton Institute in Cambridge, UK. He wishes to thank the Institute and the organizers of the program Interactions between Dynamics of Group Actions and Number Theory for their hospitality. L. Flaminio was supported in part by the Labex CEMPI (ANR-11-LABX-07). S. Cosentino was partially supported by CMAT - Centro de Matematica da Universidade do Minho, financed by the Strategic Project PEst-OE/MAT/UI0013/2014

Asia-Latin America Free Trade Agreements: An Instrument for Inter-Regional Liberalization and Integration?

Trade integration and free trade agreement (FTA)-led cooperation between Asia and Latin America has increased since the early 2000s. Using new criteria, this paper examines whether Asia-Latin America FTAs have facilitated market-led integration by liberalizing trade and behind the border regulatory barriers. Overall Asia-Latin America FTAs provide the foundations for inter-regional integration by liberalizing goods and services trade as well as some regulatory barriers. Future FTAs can support deeper integration by reducing residual regulatory barriers. Other policy priorities include forming a large inter-regional FTA, stimulating business use of FTAs and accelerating structural reforms

The Impact of Exchange Rate on FDI and the Interdependence of FDI Over Time

The paper examines the impact of exchange rates on foreign direct investment (FDI) inflows into the United States in the context of a model that allows for the interdependence of FDI over time. Interdependence is modeled as a two-state Markov process where the two states can be interpreted as either a favorable or an unfavorable environment for FDI in an industry. Unbalanced industry-level panel data from the US wholesale trade sector are used in the analysis and yield two main results. First, the paper finds evidence that FDI is interdependent over time. Second, under a favorable FDI environment, the exchange rate has a positive and significant effect on the average rate of FDI inflows

Sparse initial data indentification for parabolic pde and its finite element approximations

We address the problem of inverse source identification for parabolic equations from the optimal control viewpoint employing measures of minimal norm as initial data. We adopt the point of view of approximate controllability so that the target is not required to be achieved exactly but only in an approximate sense. We prove an approximate inversion result and derive a characterization of the optimal initial measures by means of duality and the minimization of a suitable quadratic functional on the solutions of the adjoint system. We prove the sparsity of the optimal initial measures showing that they are supported in sets of null Lebesgue measure. As a consequence, approximate controllability can be achieved efficiently by means of controls that are activated in a finite number of pointwise locations. Moreover, we discuss the finite element numerical approximation of the control problem providing a convergence result of the corresponding optimal measures and states as the discretization parameters tend to zero.The first author was supported by Spanish Ministerio de Economía y Competitividad under project MTM2011-22711. The third author was supported by the Advanced Grant NUMERIWAVES/FP7-246775 of the European Research Council Executive Agency, FA9550-14-1-0214 of the EOARD-AFOSR, FA9550-15-1-0027 of AFOSR, the BERC 2014-2017 program of the Basque Government, the MTM2011-29306 and SEV-2013-0323 Grants of the MINECO, the CIMI-Toulouse Excellence Chair in PDEs, Control and Numerics and a Humboldt Award at the University of Erlangen-Nürnberg

Pension Accounting and Corporate Earnings: the World According to Gaap

This study's underlying premise is that current pension plan accounting has two important negative effects. First, it distorts the measurement of earnings and net worth in the short run, as well as the pattern of earnings over future periods. Second, this distortion can send incorrect signals to investors about a firm's health, resulting in the mispricing of a firm's outstanding debt and equity instruments. The author demonstrates how these distortions are introduced, examines the magnitude of the distortions, and discusses proposals for reform