Diffusion of solar cosmic rays and the power spectrum of the interplanetary magnetic field

Solar cosmic ray diffusion and interplanetary magnetic field power spectru

Debt maturity, risk, and asymmetric information

We test the implications of Flannery’s (1986) and Diamond’s (1991) models concerning the effects of risk and asymmetric information in determining debt maturity, and we examine the overall importance of informational asymmetries in debt maturity choices. We employ data from more than 6,000 commercial loans from 53 large U.S. banks. Our results for low-risk firms are consistent with the predictions of both theoretical models, but our findings for high-risk firms conflict with the predictions of Diamond’s model and with much of the empirical literature. Our findings also suggest a strong quantitative role for asymmetric information in explaining debt maturity.

Why do borrowers pledge collateral? new empirical evidence on the role of asymmetric information

An important theoretical literature motivates collateral as a mechanism that mitigates adverse selection, credit rationing, and other inefficiencies that arise when borrowers hold ex ante private information. There is no clear empirical evidence regarding the central implication of this literature—that a reduction in asymmetric information reduces the incidence of collateral. We exploit exogenous variation in lender information related to the adoption of an information technology that reduces ex ante private information, and compare collateral outcomes before and after adoption. Our results are consistent with this central implication of the private-information models and support the empirical importance of this theory.

Does Function Follow Organizational Form? Evidence From the Lending Practices of Large and Small Banks

Theories based on incomplete contracting suggest that small organizations may do better than large organizations in activities that require the processing of soft information. We explore this idea in the context of bank lending to small firms, an activity that is typically thought of as relying heavily on soft information. We find that large banks are less willing than small banks to lend to informationally 'difficult' credits, such as firms that do not keep formal financial records. Moreover, controlling for the endogeneity of bank-firm matching, large banks lend at a greater distance, interact more impersonally with their borrowers, have shorter and less exclusive relationships, and do not alleviate credit constraints as effectively. All of this is consistent with small banks being better able to collect and act on soft information than large banks.

Researching the critical factors for maximizing automotive innovation profitability, and their implications of systems-based innovations

Thesis (S.M.)--Massachusetts Institute of Technology, System Design & Management Program, 2004.Includes bibliographical references (p. 75).It is predicted by many in the industry that over the next decade automotive OEM's will look more and more like "vehicle-brand owners," focusing efforts on branding, marketing, and building a stronger retail channel. This is especially true of the U.S. automakers, who are today entrenched in a desperate struggle to reclaim their declining market shares from foreign counterparts. As a result, demands placed on tier-one suppliers have increased, competition throughout the supply-chain has intensified, and new strategies for sustainability are needed. The myriad engineering, development, and validation responsibilities passed down by OEM's have resulted in the formation of a new first-tier supplier - the systems integrator. The transition from components to integrated systems and modules has definite implications on the firm's innovation and product development processes. This paper focuses on supplier innovation strategies, and argues that the proper alignment between value creation and value capture aspects of an innovation are required to maximize its profitability potential. Ten ArvinMeritor (tier-one supplier) innovations are examined in attempt to determine what critical factors had the most impact on profitability (or lack thereof). The results are then placed in a systems context, and a framework is generated to conceptualize the critical inputs to the systems innovation process. The foundation of the framework is depicted as two rotating wheels, the System Architecture (value creation) wheel, and the Revenue Architecture (value capture) wheel. The wheels gain momentum from a number of critical interdependent inputs to the value creation and capture processes, and furthermore, the sustained momentum of each wheel(cont.) is needed to keep the other in motion. These framework inputs are discussed in detail, and collectively represent a conceptual path forward for ArvinMeritor as it continues its transitional journey to the realm of the systems integrator.by Nathan A. Clark.S.M

Does Function Follow Organzizational Form? Evidence From the Lending Practices of Large and Small Banks

Theories based on incomplete contracting suggest that small organizations may do better than large organizations in activities that require the processing of soft information. We explore this idea in the context of bank lending to small firms, an activity that is typically thought of as relying heavily on soft information. We find that large banks are less willing than small banks to lend to informationally “difficult†credits, such as firms that do not keep formal financial records. Moreover, controlling for the endogeneity of bank-firm matching, large banks lend at a greater distance, interact more impersonally with their borrowers, have shorter and less exclusive relationships, and do not alleviate credit constraints as effectively. All of this is consistent with small banks being better able to collect and act on soft information than large banks. The opinions in this paper do not necessarily reflect those of the Federal Reserve Board or its staff. This work has been supported by the National Science Foundation (Rajan, Stein), and the George J. Stigler Center for Study of the State and Economy (Rajan). Thanks also to seminar participants at Yale, the Federal Reserve Bank of New York, Tulane, Babson, the University of Illinois, the Federal Reserve Bank of Chicago Bank Structure Conference, the NBER and the Western Finance Association meetings, as well as to Abhijit Banerjee, Michael Kremer, David Scharfstein, Andrei Shleifer, Greg Udell, Christopher Udry and James Weston for helpful comments and suggestions.

Dust Formation and He II 4686 emission in the Dense Shell of the Peculiar Type Ib Supernova 2006jc

We present evidence for the formation of dust grains in an unusual Type Ib SN based on late-time spectra of SN 2006jc. The progenitor suffered an LBV-like outburst just 2 yr earlier, and we propose that the dust formation is a consequence of the SN blast wave overtaking that LBV-like shell. The key evidence for dust formation is (a) the appearance of a red/near-IR continuum source fit by 1600 K graphite grains, and (b) fading of the redshifted sides of He I emission lines, yielding progressively more asymmetric blueshifted lines as dust obscures receding material. This provides the strongest case yet for dust formation in any SN Ib/c. Both developments occurred between 51 and 75 d after peak, while other SNe observed to form dust did so after a few hundred days. Geometric considerations indicate that dust formed in the dense swept-up shell between the forward and reverse shocks, and not in the freely expanding SN ejecta. Rapid cooling leading to dust formation may have been aided by extremely high shell densities, as indicated by He I line ratios. The brief epoch of dust formation is accompanied by He II 4686 emission and enhanced X-ray emission. These clues suggest that the unusual dust formation in this object was not due to properties of the SN itself, but instead -- like most peculiarities of SN 2006jc -- was a consequence of the dense environment created by an LBV-like eruption 2 yr before the SN.Comment: ApJ, accepted. added some discussion and 2 figures, better title, conclusions same as previous version. 12 pages, 4 color fig

Iron Deposition following Chronic Myocardial Infarction as a Substrate for Cardiac Electrical Anomalies: Initial Findings in a Canine Model

Purpose: Iron deposition has been shown to occur following myocardial infarction (MI). We investigated whether such focal iron deposition within chronic MI lead to electrical anomalies. Methods: Two groups of dogs (ex-vivo (n = 12) and in-vivo (n = 10)) were studied at 16 weeks post MI. Hearts of animals from ex-vivo group were explanted and sectioned into infarcted and non-infarcted segments. Impedance spectroscopy was used to derive electrical permittivity () and conductivity (). Mass spectrometry was used to classify and characterize tissue sections with (IRON+) and without (IRON-) iron. Animals from in-vivo group underwent cardiac magnetic resonance imaging (CMR) for estimation of scar volume (late-gadolinium enhancement, LGE) and iron deposition (T2*) relative to left-ventricular volume. 24-hour electrocardiogram recordings were obtained and used to examine Heart Rate (HR), QT interval (QT), QT corrected for HR (QTc) and QTc dispersion (QTcd). In a fraction of these animals (n = 5), ultra-high resolution electroanatomical mapping (EAM) was performed, co-registered with LGE and T2* CMR and were used to characterize the spatial locations of isolated late potentials (ILPs). Results: Compared to IRON- sections, IRON+ sections had higher, but no difference in. A linear relationship was found between iron content and (p1.5%)) with similar scar volumes (7.28%±1.02% (Iron (1.5%)), p = 0.51) but markedly different iron volumes (1.12%±0.64% (Iron (1.5%)), p = 0.02), QT and QTc were elevated and QTcd was decreased in the group with the higher iron volume during the day, night and 24-hour period (p<0.05). EAMs co-registered with CMR images showed a greater tendency for ILPs to emerge from scar regions with iron versus without iron. Conclusion: The electrical behavior of infarcted hearts with iron appears to be different from those without iron. Iron within infarcted zones may evolve as an arrhythmogenic substrate in the post MI period