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The costs and benefits of secured creditor control in bankruptcy: evidence from the UK
Stability of Few-Charge Systems in Quantum Mechanics
We consider non-relativistic systems in quantum mechanics interacting through
the Coulomb potential, and discuss the existence of bound states which are
stable against spontaneous dissociation into smaller atoms or ions. We review
the studies that have been made of specific mass configurations and also the
properties of the domain of stability in the space of masses or inverse masses.
These rigorous results are supplemented by numerical investigations using
accurate variational methods. A section is devoted to systems of three
arbitrary charges and another to molecules in a world with two
space-dimensions.Comment: 101 pages, review articl
Universal quantum fluctuations of a cavity mode driven by a Josephson junction
We analyze the quantum dynamics of a superconducting cavity coupled to a
voltage biased Josephson junction. The cavity is strongly excited at resonances
where the voltage energy lost by a Cooper pair traversing the circuit is a
multiple of the cavity photon energy. We find that the resonances are
accompanied by substantial squeezing of the quantum fluctuations of the cavity
over a broad range of parameters and are able to identify regimes where the
fluctuations in the system take on universal values.Comment: 5 pages, 4 figure
Dissipation due to tunneling two-level systems in gold nanomechanical resonators
We present measurements of the dissipation and frequency shift in
nanomechanical gold resonators at temperatures down to 10 mK. The resonators
were fabricated as doubly-clamped beams above a GaAs substrate and actuated
magnetomotively. Measurements on beams with frequencies 7.95 MHz and 3.87 MHz
revealed that from 30 mK to 500 mK the dissipation increases with temperature
as , with saturation occurring at higher temperatures. The relative
frequency shift of the resonators increases logarithmically with temperature up
to at least 400 mK. Similarities with the behavior of bulk amorphous solids
suggest that the dissipation in our resonators is dominated by two-level
systems
The costs and benefits of secured creditor control in bankruptcy: evidence from the UK
Recent theoretical literature has debated the desirability of permitting debtors to contract with lenders over control rights in bankruptcy. Proponents point to the monitoring benefits brought from concentrating control rights in the hands of a single lender. Detractors point to the costs imposed on other creditors by a senior claimantâs inadequate incentives to maximise net recoveries. The UK provides the setting for a natural experiment regarding these theories. Until recently, UK bankruptcy law permitted firms to give complete ex post control to secured creditors, through a procedure known as Receivership. Receivership was replaced in 2003 by a new procedure, Administration, which was intended to introduce greater accountability to unsecured creditors to the governance of bankrupt firms, through a combination of voting rights and fiduciary duties. We present empirical findings from a hand-coded sample of 340 bankruptcies from both before and after the change in the law, supplemented with qualitative interview data. We find robust evidence that whilst gross realisations have increased following the change in the law, these have tended to be eaten up by concomitantly increased bankruptcy costs. The net result has been that creditor recoveries have remained unchanged. This implies that dispersed and concentrated creditor governance in bankruptcy may be functionally equivalent
Nonlinear modal coupling in a high-stress doubly-clamped nanomechanical resonator
We present results from a study of the nonlinear intermodal coupling between
different flexural vibrational modes of a single high-stress, doubly-clamped
silicon nitride nanomechanical beam. The measurements were carried out at 100
mK and the beam was actuated using the magnetomotive technique. We observed the
nonlinear behavior of the modes individually and also measured the coupling
between them by driving the beam at multiple frequencies. We demonstrate that
the different modes of the resonator are coupled to each other by the
displacement induced tension in the beam, which also leads to the well known
Duffing nonlinearity in doubly-clamped beams.Comment: 15 pages, 7 figure
Dynamical instabilities of a resonator driven by a superconducting single-electron transistor
We investigate the dynamical instabilities of a resonator coupled to a
superconducting single-electron transistor (SSET) tuned to the Josephson
quasiparticle (JQP) resonance. Starting from the quantum master equation of the
system, we use a standard semiclassical approximation to derive a closed set of
mean field equations which describe the average dynamics of the resonator and
SSET charge. Using amplitude and phase coordinates for the resonator and
assuming that the amplitude changes much more slowly than the phase, we explore
the instabilities which arise in the resonator dynamics as a function of
coupling to the SSET, detuning from the JQP resonance and the resonator
frequency. We find that the locations (in parameter space) and sizes of the
limit cycle states predicted by the mean field equations agree well with
numerical solutions of the full master equation for sufficiently weak
SSET-resonator coupling. The mean field equations also give a good qualitative
description of the set of dynamical transitions in the resonator state that
occur as the coupling is progressively increased.Comment: 23 pages, 6 Figures, Accepted for NJ
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