Fundamentals Or Fancies? The Justification Of Returns To Equity From 1950 To 2007

Profit-maximizing firms should continue to invest in economic capital to the point where the marginal product of capital equals the marginal cost of financial capital.  As such, the returns to shareholders on the right-hand side of the balance sheet should be justified by the returns generated by assets employed on the left-hand side.  The author compares the net real after-tax marginal product of capital with returns on U.S. equities over the period 1950 to 2007.  The results show that long-term returns on large cap U.S. equities are justified by the marginal product of capital

Particle-in-cell simulation of a mildly relativistic collision of an electron-ion plasma carrying a quasi-parallel magnetic field: Electron acceleration and magnetic field amplification at supernova shocks

Plasma processes close to SNR shocks result in the amplification of magnetic fields and in the acceleration of electrons, injecting them into the diffusive acceleration mechanism. The acceleration of electrons and the B field amplification by the collision of two plasma clouds, each consisting of electrons and ions, at a speed of 0.5c is investigated. A quasi-parallel guiding magnetic field, a cloud density ratio of 10 and a plasma temperature of 25 keV are considered. A quasi-planar shock forms at the front of the dense plasma cloud. It is mediated by a circularly left-hand polarized electromagnetic wave with an electric field component along the guiding magnetic field. Its propagation direction is close to that of the guiding field and orthogonal to the collision boundary. It has a low frequency and a wavelength that equals several times the ion inertial length, which would be indicative of a dispersive Alfven wave close to the ion cyclotron resonance frequency of the left-handed mode (ion whistler), provided that the frequency is appropriate. However, it moves with the super-alfvenic plasma collision speed, suggesting that it is an Alfven precursor or a nonlinear MHD wave such as a Short Large-Amplitude Magnetic Structure (SLAMS). The growth of the magnetic amplitude of this wave to values well in excess of those of the quasi-parallel guiding field and of the filamentation modes results in a quasi-perpendicular shock. We present evidence for the instability of this mode to a four wave interaction. The waves developing upstream of the dense cloud give rise to electron acceleration ahead of the collision boundary. Energy equipartition between the ions and the electrons is established at the shock and the electrons are accelerated to relativistic speeds.Comment: 16 pages, 18 figures, Accepted for publication by Astron & Astrophy

Апробація ресурсозберігаючої технології виробництва комбікормів та БВМД в умовах господарства

Наведено результати апробації технології. Продуктивність – по 1 тонні лівої та правої частини лінії, модуль помелу комбікормів склав 2,3-2,4 мм., точність дозування вагового дозатора з тензодатчиком – 0,1 кг, якість змішування – 95,0%. Використання запропонованої технології виробництва комбікормів та БВМД дає змогу знизити питомі капітальні вкладення на 41,8%, та питомі виробничі витрати на 32,3%.This article presents the test data on resource-saving technology approbation for mixed feed and protein-vitamin-mineral supplement manufacture under operation conditions. Productivity constitutes 1 ton in both left and right-hand side of the line. Grinding module forms 2,3-2,4 mm. Dosage rate precision equals 0,1 kg by feed distributor application. Feed distributor is supplied with strain sensor. Mix quality amounts 95%. The proposed combined feed and protein-vitamin-mineral supplement manufacture technology application secures specific capital investment reduction per 41,8%. Simultaneously specific working expenses are abated by 32,3%

TRUSTS -TRACING PRINCIPLES APPLICABLE WHERE FUNDS OF TWO OR MORE CESTUIS ARE WRONGFULLY COMMINGLED

Public funds of a school district, of the village of Vassar, and of ten other municipalities were deposited in defendant bank without securing the deposit bond required by statute. After defendant bank had been declared insolvent, the school district intervened and sought to have the amount of its deposit impressed upon the cash assets of the bank as a trust, on the ground that the bank became a trustee ex maleficio. The total of the illegal deposits was greater than the cash on hand and the credits established in solvent correspondent banks at the time the receiver took over the defendant\u27s affairs. Held, preference refused. The presumption of rightful withdrawal by the trustee from the commingled fund applies only if the commingled fund equals or exceeds the total of all similar trust funds. Intervenor was left with the standing of a mere general creditor of defendant bank. Attorney General ex rel. State Banking Commissioner v. Michigan Savings Bank of Vassar, 278 Mich. 225, 270 N. W. 276 (1936)

A Ka-Band (26 GHz) Circularly Polarized 2x2 Microstrip Patch Sub-Array with Compact Feed

A Ka-Band (26 gigahertz) 2 by 2 sub-array with square-shaped microstrip patch antenna elements having two truncated corners for circular polarization (CP) is presented. In addition, the layout for a new compact microstrip feed network for the sub-array is also presented. The compact feed network offers a footprint size reduction of near 60 percent over traditional sub-array at 26 gigahertz. Experimental data indicates that a truncation amount a equals 0.741 millimeters for an isolated patch element results in a return loss (S (sub II)) of minus 35 decibels at 26.3 gigahertz. Furthermore, the measured S (sub II) for the proof-of-concept sub-array with the above elements is better than minus 10.0 decibels at 27.7 gigahertz. However, the impedance match and the operating frequency can be fine-tuned to 26 gigahertz by adjusting the feed network dimensions. Lastly, good agreement is observed between the measured and simulated S (sub II) for the subarray for both right hand and left hand CP. The goal of this effort is utilize the above sub-array as a building block for a larger N by N element array, which would serve as a feed for a reflector antenna for satellite communications