Is Secured Debt Used to Redistribute Value from Tort Claimants in Bankruptcy? An Empirical Analysis

Many scholars question the priority enjoyed by secured debt in bankruptcy. They fear that secured debt will be used to inefficiently redistribute value away from preexisting unprotected creditors of a firm. These scholars advocate a host of legal innovations, such as superpriority for tort claimants with respect to other creditors, to mitigate the redistributional problem. Other scholars minimize the redistributional problem, however, and argue that priority for secured credit is efficient. To help resolve this debate, this Article examines the redistributional theory from an empirical perspective. In particular, it focuses on secured debt usage by publicly traded firms facing large tort liabilities ( high-tort firms). In theory, secured debt should be attractive for high-tort firms because they have a large class of unsecured and uncovenanted creditors (tort claimants) exposed to redistribution in bankruptcy through the use of secured credit. The Article\u27s empirical analysis contradicts the redistributional theory\u27s prediction, however. High-tort firms have unusually low amounts of secured debt. Although this result is very difficult to explain under the redistributional theory, it can readily be explained according to other theories of secured debt. Several important policy implications for bankruptcy priorities follow from these findings

The geographical and topographical distribution of Ixodes ricinus in Finland.

Kielet ruotsi, englanti ja saksa. Helsinki 1960-1961

Selection of Norwegian police drone operators: an evaluation of selected cognitive tests from “The Vienna Test System"

A nationwide sample of 129 police officers participated in a study aimed at validating and presenting practical implications of a selection procedure for applicants to an educational program for Norwegian police drone pilots. The subjects were part of a selection program for a training and qualification course for police drone pilots. The selection program consisted of tests of spatial orientation, logical reasoning, attentional selection, sustained attention, and visual short-term memory, in addition to a performance test in a drone flight simulator. The aim of the study was to evaluate the cognitive tests used in the selection program and their relation to performance during the simulated flight. The results from the untrained applicants revealed low-to-moderate intercorrelations of the cognitive tests. Only spatial orientation, logical reasoning, and attentional selection were correlated to the performance measures of skills and proficiency. Stepwise regression analysis showed that only spatial orientation and attentional selection had unique contributions in explaining the variance in both measures of performance. Implications are discussed on both practical and scientific levels. The positive implications of using untrained respondents, the use of proficiency measures in addition to skills, the building of a clearinghouse for drone selection data, and considering both the job-analyzes and the total test-performance when interpreting the applicant’s test-scores are discussed.publishedVersio

Search for direct pair production of the top squark in all-hadronic final states in proton-proton collisions at=8 TeV with the ATLAS detector

The results of a search for direct pair production of the scalar partner to the top quark using an integrated luminosity of 20.1 fb(-1) of proton-proton collision data at = 8 TeV recorded with the ATLAS detector at the LHC are reported. The top squark is assumed to decay via or , where denotes the lightest neutralino (chargino) in supersymmetric models. The search targets a fully-hadronic final state in events with four or more jets and large missing transverse momentum. No significant excess over the Standard Model background prediction is observed, and exclusion limits are reported in terms of the top squark and neutralino masses and as a function of the branching fraction of . For a branching fraction of 100%, top squark masses in the range 270-645 GeV are excluded for masses below 30 GeV. For a branching fraction of 50% to either or , and assuming the mass to be twice the mass, top squark masses in the range 250-550 GeV are excluded for masses below 60 GeV.ATLAS Collaboration, for complete list of authors see http://dx.doi.org/10.1007/JHEP09(2014)015</p

Search for pair and single production of new heavy quarks that decay to a Z boson and a third-generation quark in ppcollisions at s√=8 TeV with the ATLAS detector

A search is presented for the production of new heavy quarks that decay to a Z boson and a third-generation Standard Model quark. In the case of a new charge +2/3 quark (T), the decay targeted is T -&gt; Zt, while the decay targeted for a new charge -1/3 quark (B) is B -&gt; Zb. The search is performed with a dataset corresponding to 20.3 fb(-1) of p p collisions at root s = 8TeV recorded in 2012 with the ATLAS detector at the CERN Large Hadron Collider. Selected events contain a high transverse momentum Z boson candidate reconstructed from a pair of oppositely charged same-flavor leptons (electrons or muons), and are analyzed in two channels defined by the absence or presence of a third lepton. Hadronic jets, in particular those with properties consistent with the decay of a b-hadron, are also required to be present in selected events. Different requirements are made on the jet activity in the event in order to enhance the sensitivity to either heavy quark pair production mediated by the strong interaction, or single production mediated by the electroweak interaction. No significant excess of events above the Standard Model expectation is observed, and lower limits are derived on the mass of vector-like T and B quarks under various branching ratio hypotheses, as well as upper limits on the magnitude of electroweak coupling parameters.ATLAS Collaboration, for complete list of authors see http://dx.doi.org/10.1007/JHEP11(2014)104</p

Search for squarks and gluinos with the ATLAS detector in final states with jets and missing transverse momentum using root s=8 TeV proton-proton collision data

A search for squarks and gluinos in final states containing high-pT jets, missing transverse momentum and no electrons or muons is presented. The data were recorded in 2012 by the ATLAS experiment in root s = 8 TeV proton-proton collisions at the Large Hadron Collider, with a total integrated luminosity of 20.3 fb(-1). Results are interpreted in a variety of simplified and specific supersymmetry-breaking models assuming that R-parity is conserved and that the lightest neutralino is the lightest supersymmetric particle. An exclusion limit at the 95% confidence level on the mass of the gluino is set at 1330 GeV for a simplified model incorporating only a gluino and the lightest neutralino. For a simplified model involving the strong production of first- and second-generation squarks, squark masses below 850 GeV (440 GeV) are excluded for a massless lightest neutralino, assuming mass degenerate ( single light-flavour) squarks. In mSUGRA/CMSSM models with tan beta = 30, A(0) = -2m(0) and mu &gt; 0, squarks and gluinos of equal mass are excluded for masses below 1700 GeV. Additional limits are set for non-universal Higgs mass models with gaugino mediation and for simplified models involving the pair production of gluinos, each decaying to a top squark and a top quark, with the top squark decaying to a charm quark and a neutralino. These limits extend the region of supersymmetric parameter space excluded by previous searches with the ATLAS detector.ATLAS Collaboration, for complete list of authors see http://dx.doi.org/10.1007/JHEP09(2014)176</p

Measurement of the production of a W boson in association with a charm quark in pp collisions at root s=7 TeV with the ATLAS detector

ATLAS Collaboration, for complete list of authors see http://dx.doi.org/10.1007/JHEP05(2014)068</p

Search for heavy lepton resonances decaying to a Z boson and a lepton in pp collisions at roots=8 TeV with the ATLAS detector

A search for heavy leptons decaying to a Z boson and an electron or a muon is presented. The search is based on pp collision data taken at root s = 8TeV by the ATLAS experiment at the CERN Large Hadron Collider, corresponding to an integrated luminosity of 20.3 fb(-1). Three high-transverse-momentum electrons or muons are selected, with two of them required to be consistent with originating from a Z boson decay. No significant excess above Standard Model background predictions is observed, and 95% confidence level limits on the production cross section of high-mass trilepton resonances are derived. The results are interpreted in the context of vector-like lepton and type-III seesaw models. For the vector-like lepton model, most heavy lepton mass values in the range 114-176 GeV are excluded. For the type-III seesaw model, most mass values in the range 100-468 GeV are excluded.ATLAS Collaboration, for complete list of authors see http://dx.doi.org/10.1007/JHEP09(2015)108Funding: We acknowledge the support of ANPCyT, Argentina; YerPhI, Armenia; ARC, Australia; BMWFW and FWF, Austria; ANAS, Azerbaijan; SSTC, Belarus; CNPq and FAPESP, Brazil; NSERC, NRC and CFI, Canada; CERN; CONICYT, Chile; CAS, MOST and NSFC, China; COLCIENCIAS, Colombia; MSMT CR, MPO CR and VSC CR, Czech Republic; DNRF, DNSRC and Lundbeck Foundation, Denmark; EPLANET, ERC and NSRF, European Union; IN2P3-CNRS, CEA-DSM/IRFU, France; GNSF, Georgia; BMBF, DFG, HGF, MPG and AvH Foundation, Germany; GSRT and NSRF, Greece; RGC, Hong Kong SAR, China; ISF, MINERVA, GIF, I-CORE and Benoziyo Center, Israel; INFN, Italy; MEXT and JSPS, Japan; CNRST, Morocco; FOM and NWO, Netherlands; BRF and RCN, Norway; MNiSW and NCN, Poland; GRICES and FCT, Portugal; MNE/IFA, Romania; MES of Russia and NRC KI, Russian Federation; JINR; MSTD, Serbia; MSSR, Slovakia; ARRS and MIZS, Slovenia; DST/NRF, South Africa; MINECO, Spain; SRC and Wallenberg Foundation, Sweden; SER, SNSF and Cantons of Bern and Geneva, Switzerland; NSC, Taiwan; TAEK, Turkey; STFC, the Royal Society and Leverhulme Trust, United Kingdom; DOE and NSF, United States of America.</p

Search for dark matter in events with heavy quarks and missing transverse momentum in pp collisions with the ATLAS detector

This article reports on a search for dark matter pair production in association with bottom or top quarks in 20.3 fb(-1) of pp collisions collected at root s = 8 TeV by the ATLAS detector at the LHC. Events with large missing transverse momentum are selected when produced in association with high-momentum jets of which one or more are identified as jets containing b-quarks. Final states with top quarks are selected by requiring a high jet multiplicity and in some cases a single lepton. The data are found to be consistent with the Standard Model expectations and limits are set on the mass scale of effective field theories that describe scalar and tensor interactions between dark matter and Standard Model particles. Limits on the dark-matter-nucleon cross-section for spin-independent and spin-dependent interactions are also provided. These limits are particularly strong for low-mass dark matter. Using a simplified model, constraints are set on the mass of dark matter and of a coloured mediator suitable to explain a possible signal of annihilating dark matter.ATLAS Collaboration, for complete list of authors see http://dx.doi.org/10.1140/epjc/s10052-015-3306-z</p

Search for invisible decays of the Higgs boson produced in association with a hadronically decaying vector boson in pp collisions at, root s=8 TeV with the ATLAS detector

A search for Higgs boson decays to invisible particles is performed using 20,3 of fb(-1) collision data at a centre-of-mass energy of 8 TeV recorded by the ArL As detector at the Large IHIadron Collider. The process considered is Higgs boson production in association with a vector boson (V = W or Z) that decays hadronically, resulting in events with two or more jets and large missing transverse momentum. No excess of candidates is observed in the data over the background expectation. The results are used to constrain V H production followed by H decaying to invisible particles for the Higgs boson mass range 115 &lt; m(H) &lt; 300 GeV. The 95 % confidence-level observed upper limit on sigma vH x BR(H -&gt; inv.) varies from 1.6 pb at 115 GeV to 0.13 ph at 300 GeV. Assuming Standard Model production and including the gg -&gt; H contribution as signal, the results also lead to an observed upper limit of 78 c/c at 95 % confidence level on the branching ratio of Higgs bosons decays to invisible particles at a mass of 125 GeV.ATLAS Collaboration, for complete list of authors see http://dx.doi.org/10.1140/epjc/s10052-015-3551-1Funding: We thank CERN for the very successful operation of the LHC, as well as the support staff from our institutions without whom ATLAS could not be operated efficiently. We acknowledge the support of ANPCyT, Argentina; YerPhI, Armenia; ARC, Australia; BMWTW and EWE, Austria; ANAS, Azerbaijan; SSTC, Belarus; CNN and FAPESP, Brazil; NSERC, NRC and CFI, Canada; CERN; CONICYT, Chile; CAS, MOST and NSFC, China; COLCIENCIAS, Colombia; MSMT CR, MPO CR and VSC CR, Czech Republic; DNRF, DNSRC and Lundbeck Foundation, Denmark; EPLANET, ERC and NSRF, European Union; IN2P3-CNRS, CEA-DSM/IRFU, France; GNSF, Georgia; BMBF, DFG, IIGT, MPG and AvH Foundation, Germany; GSRT and NSRF, Greece; RGC, Hong Kong SAR, China; ISF, MINERVA, GIF, I-CORE and Benoziyo Center, Israel; INFN, Italy; MEXT and JSPS, Japan; CNRST, Morocco; FOM and NWO, Netherlands; BRF and RCN, Norway; MNiSW and NCN, Poland; GRICES and FCT, Portugal; MNE/IFA, Romania; MES of Russia and NRC KI, Russian Federation; JINR; MSTD, Serbia; MSSR, Slovakia; ARRS and MIZS, Slovenia; DST/NRF, South Africa; MINECO, Spain; SRC and Wallenberg Foundation, Sweden; SER, SNSF and Cantons of Bern and Geneva, Switzerland; NSC, Taiwan; TAEK, Turkey; STFC, the Royal Society and Leverhulme Trust, United Kingdom; DOE and NSF, United States of America. The crucial computing support from all WLCG partners is acknowledged gratefully, in particular from CERN and the ATLAS Tier-1 facilities at TRIUMF (Canada), NDGE (Denmark, Norway, Sweden), CC-IN2P3 (France), KIT/GridKA (Germany), INFN-CNAF (Italy), NL-T1 (Netherlands), PIC (Spain), ASGC (Taiwan), RAL (UK) and BNL (USA) and in the Tier-2 facilities worldwide.</p