Testing for inconsistencies in the estimation of UK capital structure determinants

This article analyses the determinants of the capital structure of 1054 UK companies from 1991 to 1997, and the extent to which the influence of these determinants are affected by time-invariant firm-specific heterogeneity. Comparing the results of pooled OLS and fixed effects panel estimation, significant differences in the results are found. While the OLS results are generally consistent with prior literature, the results of our fixed effects panel estimation contradict many of the traditional theories of the determinants of corporate financial structure. This suggests that results of traditional studies may be biased owing to a failure to control for firm-specific, time-invariant heterogeneity. The results of the fixed effects panel estimation find larger companies to have higher levels of both long-term and short-term debt than do smaller firms, profitability to be negatively correlated with the level of gearing, although profitable firms tend to have more short-term bank borrowing than less profitable firms, and tangibility to positively influence the level of short-term bank borrowing, as well as all long-term debt elements. However, the level of growth opportunities appears to have little influence on the level of gearing, other than short-term bank borrowing, where a significant negative relationship is observed

The Be-test in the Li-rich star \#1657 of NGC 6397: evidence for Li-flash in RGB stars?

The Li-rich turn-off star in the globular cluster NGC 6397 could represent the smoking gun for some very rare episode of Li enrichment in globular clusters. We aim to understand the nature of the Li enrichment by performing a spectroscopic analysis of the star, in particular of its beryllium (Be) abundance, and by investigating its binary nature. We observe the near UV region where the Beii resonance doublet and the NH bands are located. We could not detect the Beii lines and derive an upper limit of log (Be/H)< -12.2, that is consistent with the Be observed in other stars of the cluster. We could detect a weak G-band, which implies a mild carbon enhancement [C/Fe]$+0.4\pm0.2$. We could not detect the UV NH band, and we derive an upper limit [N/Fe]$< 0.0$. For oxygen we could notdetect any of the near UV OH lines, which implies that oxygen cannot be strongly enhanced in this star. This is consistent with the detection of the Oi triplet at 777nm, which is consistent with [O/Fe]~0.5. Combining the UVES and Mike data, we could not detect any variation in the radial velocity greater than 0.95 kms$^{-1}$ over 8 years. The chemical composition of the star strongly resembles that of `first generation' NGC6397 stars, with the huge Li as the only deviating abundance. Not detecting Be rules out two possible explanations of the Li overabundance: capture of a substellar body and spallation caused by a nearby type II SNe. Discrepancies are also found with respect to other accretion scenarios,except for contamination by the ejecta of a star that has undergone the RGB Li-flash.Comment: Accepted for publication in A&

Capital structure and its determinants in the United Kingdom – a decompositional analysis

Prior research on capital structure by Rajan and Zingales (1995) suggests that the level of gearing in UK companies is positively related to size and tangibility, and negatively correlated with profitability and the level of growth opportunities. However, as argued by Harris and Raviv (1991), 'The interpretation of results must be tempered by an awareness of the difficulties involved in measuring both leverage and the explanatory variables of interest'. In this study the focus is on the difficulties of measuring gearing, and the sensitivity of Rajan and Zingales' results to variations in gearing measures are tested. Based on an analysis of the capital structure of 822 UK companies, Rajan and Zingales' results are found to be highly definitional-dependent. The determinants of gearing appear to vary significantly, depending upon which component of debt is being analysed. In particular, significant differences are found in the determinants of long- and short-term forms of debt. Given that trade credit and equivalent, on average, accounts for more than 62% of total debt, the results are particularly sensitive to whether such debt is included in the gearing measure. It is argued, therefore, that analysis of capital structure is incomplete without a detailed examination of all forms of corporate debt

Thinking about Politics

http://deepblue.lib.umich.edu/bitstream/2027.42/50921/1/146.pd

Skycorr: A general tool for spectroscopic sky subtraction

Airglow emission lines, which dominate the optical-to-near-IR sky radiation, show strong, line-dependent variability on various time scales. Therefore, the subtraction of the sky background in the affected wavelength regime becomes a problem if plain sky spectra have to be taken at a different time as the astronomical data. A solution of this issue is the physically motivated scaling of the airglow lines in the plain sky data to fit the sky lines in the object spectrum. We have developed a corresponding instrument-independent approach based on one-dimensional spectra. Our code skycorr separates sky lines and sky/object continuum by an iterative approach involving a line finder and airglow line data. The sky lines are grouped according to their expected variability. The line groups in the sky data are then scaled to fit the sky in the science data. Required pixel-specific weights for overlapping groups are taken from a comprehensive airglow model. Deviations in the wavelength calibration are corrected by fitting Chebyshev polynomials and rebinning via asymmetric damped sinc kernels. The scaled sky lines and the sky continuum are subtracted separately. VLT X-Shooter data covering time intervals from two minutes to about one year were selected to illustrate the performance. Except for short time intervals of a few minutes, the sky line residuals were several times weaker than for sky subtraction without fitting. Further tests show that skycorr performs consistently better than the method of Davies (2007) developed for VLT SINFONI data.Comment: 17 pages, 18 figures, accepted for publication in A&

Flux calibration of medium-resolution spectra from 300 nm to 2500 nm: Model reference spectra and telluric correction

While the near-infrared wavelength regime is becoming more and more important for astrophysics there is a marked lack of spectrophotometric standard star data that would allow the flux calibration of such data. Furthermore, flux calibrating medium- to high-resolution \'echelle spectroscopy data is challenging even in the optical wavelength range, because the available flux standard data are often too coarsely sampled. We will provide standard star reference data that allow users to derive response curves from 300nm to 2500nm for spectroscopic data of medium to high resolution, including those taken with \'echelle spectrographs. In addition we describe a method to correct for moderate telluric absorption without the need of observing telluric standard stars. As reference data for the flux standard stars we use theoretical spectra derived from stellar model atmospheres. We verify that they provide an appropriate description of the observed standard star spectra by checking for residuals in line cores and line overlap regions in the ratios of observed (X-shooter) spectra to model spectra. The finally selected model spectra are then corrected for remaining mismatches and photometrically calibrated using independent observations. The correction of telluric absorption is performed with the help of telluric model spectra.We provide new, finely sampled reference spectra without telluric absorption for six southern flux standard stars that allow the users to flux calibrate their data from 300 nm to 2500 nm, and a method to correct for telluric absorption using atmospheric models.Comment: Reference spectra available at CDS. Published in A&A 568, A9, 201

Corporate financing decisions: UK survey evidence

Despite theoretical developments in recent years, our understanding of corporate capital structure remains incomplete. Prior empirical research has been dominated by archival regression studies which are limited in their ability to fully reflect the diversity found in practice. The present paper reports on a comprehensive survey of corporate financing decision-making in UK listed companies. A key finding is that firms are heterogeneous in their capital structure policies. About half of the firms seek to maintain a target debt level, consistent with trade-off theory, but 60 per cent claim to follow a financing hierarchy, consistent with pecking order theory. These two theories are not viewed by respondents as either mutually exclusive or exhaustive. Many of the theoretical determinants of debt levels are widely accepted by respondents, in particular the importance of interest tax shield, financial distress, agency costs and also, at least implicitly, information asymmetry. Results also indicate that cross-country institutional differences have a significant impact on financial decisions

Making SPIFFI SPIFFIER: Upgrade of the SPIFFI instrument for use in ERIS and performance analysis from re-commissioning

SPIFFI is an AO-fed integral field spectrograph operating as part of SINFONI on the VLT, which will be upgraded and reused as SPIFFIER in the new VLT instrument ERIS. In January 2016, we used new technology developments to perform an early upgrade to optical subsystems in the SPIFFI instrument so ongoing scientific programs can make use of enhanced performance before ERIS arrives in 2020. We report on the upgraded components and the performance of SPIFFI after the upgrade, including gains in throughput and spatial and spectral resolution. We show results from re-commissioning, highlighting the potential for scientific programs to use the capabilities of the upgraded SPIFFI. Finally, we discuss the additional upgrades for SPIFFIER which will be implemented before it is integrated into ERIS.Comment: 20 pages, 12 figures. Proceedings from SPIE Astronomical Telescopes and Instrumentation 201

FUS affects circular RNA expression in murine embryonic stem cell-derived motor neurons

The RNA-binding protein FUS participates in several RNA biosynthetic processes and has been linked to the pathogenesis of amyotrophic lateral sclerosis (ALS) and frontotemporal dementia. Here we report that FUS controls back-splicing reactions leading to circular RNA (circRNA) production. We identified circRNAs expressed in in vitro -derived mouse motor neurons (MNs) and determined that the production of a considerable number of these circRNAs is regulated by FUS. Using RNAi and overexpression of wild-type and ALS-asso- ciated FUS mutants, we directly correlate the modulation of circRNA biogenesis with alteration of FUS nuclear levels and with putative toxic gain of function activities. We also demonstrate that FUS regulates circRNA biogenesis by binding the introns flanking the back-splicing junctions and that this control can be reproduced with artificial constructs. Most circRNAs are conserved in humans and specific ones are deregulated in human-induced pluripotent stem cell-derived MNs carrying the FUS P525L mutation associated with AL

The Gaia-ESO survey : Processing FLAMES-UVES spectra

Date of Acceptance: 19/03/2014The Gaia-ESO Survey is a large public spectroscopic survey that aims to derive radial velocities and fundamental parameters of about 105 Milky Way stars in the field and in clusters. Observations are carried out with the multi-object optical spectrograph FLAMES, using simultaneously the medium-resolution (R ~ 20 000) GIRAFFE spectrograph and the high-resolution (R ~ 47 000) UVES spectrograph. In this paper we describe the methods and the software used for the data reduction, the derivation of the radial velocities, and the quality control of the FLAMES-UVES spectra. Data reduction has been performed using a workflow specifically developed for this project. This workflow runs the ESO public pipeline optimizing the data reduction for the Gaia-ESO Survey, automatically performs sky subtraction, barycentric correction and normalisation, and calculates radial velocities and a first guess of the rotational velocities. The quality control is performed using the output parameters from the ESO pipeline, by a visual inspection of the spectra and by the analysis of the signal-to-noise ratio of the spectra. Using the observations of the first 18 months, specifically targets observed multiple times at different epochs, stars observed with both GIRAFFE and UVES, and observations of radial velocity standards, we estimated the precision and the accuracy of the radial velocities. The statistical error on the radial velocities is σ ~ 0.4 km s-1 and is mainly due to uncertainties in the zero point of the wavelength calibration. However, we found a systematic bias with respect to the GIRAFFE spectra (~0.9 km s-1) and to the radial velocities of the standard stars (~0.5 km s-1) retrieved from the literature. This bias will be corrected in the future data releases, when a common zero point for all the set-ups and instruments used for the survey is be established.Peer reviewe