We examine the incentives for firms to vertically integrate through vertical mergers and production. We develop a new firm-specific measure of vertical integration using 10-K text to identify the extent a firm’s products span vertically related product markets. We find that firms in high R&D industries are less likely to vertically integrate or engage in vertical mergers, and are more likely to...

There are a number of solutions to automate the monotonous task of looking at a monitor to find suspicious behaviors in video surveillance scenarios. Detecting strange objects and intruders, or tracking people and objects, is essential for surveillance and safety in crowded environments. The present work deals with the idea of jointly modeling simple and complex behaviors to report local and gl...

The population balance model which was developed and verified in the FeatFlow environment has been implemented into OpenFOAM software package. Sulzer CompaxTM mixer is numerically studied with the developed computational tool. The numerical results have been compared with experimental ones and the results have been found to be in good agreement. An interesting experimental finding, decreasing S...

A principal can make an investment anticipating a repeated relationship with an agent, but the agent may appropriate the returns through ex post bargaining. I study how this holdup problem and efficiency depend on the contracting environment. When investment returns are observable, informal contracts ex post can be more efficient than formal contracts, as they induce higher investment ex ante: ...

We describe the design and testing of a new all-metal differential ebulliometer which is capable of working in the range 230 to 400 K at pressures to 3 MPa. It can be used to measure pure fluid vapor pressures and P ,T,x,y and infinite dilution activity coefficient data for binary mixtures. Tests for superheating and adjustments for condensed vapor holdup are described. Results are shown for pu...

use su We analyze participation in international environmental agreements in a dynamic game in which countries pollute and invest in green technologies. If complete contracts are feasible, participants eliminate the holdupproblem associatedwith their investments; however,most countries prefer to free ride rather than participate. If investments are noncontractible, countries face aholdupproblem...

Here MI is the total holdup inside the column, and MD and MB are the condenser and reboiler holdups. S = yD(1 xB) (1 yD)xB is the separation factor and Is = DyD(1 yD) + BxB(1 xB) is the \impurity sum". Note that Is may be extremely small for columns with both products of high purity (1 yD and xB both small) resulting in very large linearized values of 1. The response to changes in the internal ...

The objective of the work is to analyze and predict the multiple steady states through dynamic analysis when the reactive distillation column is subject to different input disturbances. The dynamic simulations are carried out to analyze the open loop dynamic responses of the system using step changes in the manipulated variable (reflux ratio, holdup, hydrocarbon mixture feed stage, hydrocarbon ...