An Empirical Investigation of Debt Contract Design: The Determinants of the Choice of Debt Terms in Eurobond Issues

This paper provides a comprehensive analysis of the determinants for the optimal choice of contract terms on Eurobonds issued by UK companies. We examine predictions of extant theories that associate the choice of debt features namely, maturity, call options, convertible options, and protective covenants to firm and market characteristics. Like in Correia (2003), a simultaneous equations approach is adopted to test the alternative use of contract features for mitigating debt-contracting costs. The evidence provides strong support to the prediction that both callable and short-term debt and convertible and debt with protective covenants are used as alternative control devises to mitigate agency costs. Further evidence suggests, however, that contrary to the fundamentals guiding the choice of maturity and callability structures, the use of conversion options and protective covenants in Eurobond contracts seems to be determined by equity agency costs rather than debt agency costs. Also, some support is found for the risk uncertainty theory underlying the use of convertibles and for liquidity risk arguments regarding the choice to include protective covenants.

Measurement of the Nodal Precession of WASP-33 b via Doppler Tomography

We have analyzed new and archival time series spectra taken six years apart during transits of the hot Jupiter WASP-33 b, and spectroscopically resolved the line profile perturbation caused by the Rossiter-McLaughlin effect. The motion of this line profile perturbation is determined by the path of the planet across the stellar disk, which we show to have changed between the two epochs due to nodal precession of the planetary orbit. We measured rates of change of the impact parameter and the sky-projected spin-orbit misalignment of $db/dt=-0.0228_{-0.0018}^{+0.0050}$ yr$^{-1}$ and $d\lambda/dt=-0.487_{-0.076}^{+0.089}$~$^{\circ}$ yr$^{-1}$, respectively, corresponding to a rate of nodal precession of $d\Omega/dt=0.373_{-0.083}^{+0.031}$~$^{\circ}$ yr$^{-1}$. This is only the second measurement of nodal precession for a confirmed exoplanet transiting a single star. Finally, we used the rate of precession to set limits on the stellar gravitational quadrupole moment of $9.4\times10^{-5}<J_2<6.1\times10^{-4}$.Comment: Published in ApJL. 5 pages, 3 figures. Corrected error in the calculation of J_

What landowners should know when considering conservation easements: insights from Colorado landowners

December 2002.Includes bibliographical references

The gold standard: accurate stellar and planetary parameters for eight Kepler M dwarf systems enabled by parallaxes

We report parallaxes and proper motions from the Hawaii Infrared Parallax Program for eight nearby M dwarf stars with transiting exoplanets discovered by Kepler. We combine our directly measured distances with mass-luminosity and radius–luminosity relationships to significantly improve constraints on the host stars’ properties. Our astrometry enables the identification of wide stellar companions to the planet hosts. Within our limited sample, all the multi-transiting planet hosts (three of three) appear to be single stars, while nearly all (four of five) of the systems with a single detected planet have wide stellar companions. By applying strict priors on average stellar density from our updated radius and mass in our transit fitting analysis, we measure the eccentricity probability distributions for each transiting planet. Planets in single-star systems tend to have smaller eccentricities than those in binaries, although this difference is not significant in our small sample. In the case of Kepler-42bcd, where the eccentricities are known to be ≃0, we demonstrate that such systems can serve as powerful tests of M dwarf evolutionary models by working in L⋆ − ρ⋆ space. The transit-fit density for Kepler- 42bcd is inconsistent with model predictions at 2.1σ (22%), but matches more empirical estimates at 0.2σ (2%), consistent with earlier results showing model radii of M dwarfs are underinflated. Gaia will provide high-precision parallaxes for the entire Kepler M dwarf sample, and TESS will identify more planets transiting nearby, late-type stars, enabling significant improvements in our understanding of the eccentricity distribution of small planets and the parameters of late-type dwarfs.Support for Program number HST-HF2-51364.001-A was provided by NASA through a grant from the Space Telescope Science Institute, which is operated by the Association of Universities for Research in Astronomy, Incorporated, under NASA contract NAS5-26555.Some of the data presented in this paper were obtained from the Mikulski Archive for Space Telescopes (MAST). STScI is operated by the Association of Universities for Research in Astronomy, Inc., under NASA contract NAS5-26555. Support for MAST for non-HST data is provided by the NASA Office of Space Science via grant NNX09AF08G and by other grants and contracts. This paper includes data collected by the Kepler mission. Funding for the Kepler mission is provided by the NASA Science Mission directorate. The authors acknowledge the Texas Advanced Computing Center (TACC) at The University of Texas at Austin for providing HPC resources that have contributed to the research results reported within this paper. URL: http://www.tacc.utexas.edu. (HST-HF2-51364.001-A - NASA through Space Telescope Science Institute; NAS5-26555 - NASA; NNX09AF08G - NASA Office of Space Science; NASA Science Mission directorate

New Class of Flow Batteries for Terrestrial and Aerospace Energy Storage Applications

Future sustainable energy generation technologies such as photovoltaic and wind farms require advanced energy storage systems on a massive scale to make the alternate (green) energy options practical. The daunting requirements of such large-scale energy systems such as long operating and cycle life, safety, and low cost are not adequately met by state-of-the-art energy storage technologies such as vanadium flow cells, lead-acid, and zinc-bromine batteries. Much attention is being paid to redox batteries specifically to the vanadium redox battery (VRB) due to their simplicity, low cost, and good life characteristics compared to other related battery technologies. NASA is currently seeking high-specific- energy and long-cycle-life rechargeable batteries in the 10-to-100-kW range to support future human exploration missions, such as planetary habitats, human rovers, etc. The flow batteries described above are excellent candidates for these applications, as well as other applications that propose to use regenerative fuel cells. A new flow cell technology is proposed based on coupling two novel electrodes in the form of solvated electron systems (SES) between an alkali (or alkaline earth) metal and poly aromatic hydrocarbons (PAH), separated by an ionically conducting separator. The cell reaction involves the formation of such SES with a PAH of high voltage in the cathode, while the alkali (or alkaline earth metal) is reduced from such an MPAH complex in the anode half-cell. During recharge, the reactions are reversed in both electrodes. In other words, the alkali (alkaline earth) metal ion simply shuttles from one M-PAH complex (SES) to another, which are separated by a metal-ion conducting solid or polymer electrolyte separator. As an example, the concept was demonstrated with Li-naphthalene//Li DDQ (DDQ is 2,3-Dichloro-5,6-dicyano- 1,4-benzoquinone) separated by lithium super ion conductor, either ceramic or polymer (solid polymer or gel polymer) electrolytes. The reactants are Li-naphthalene dissolved in tetrahydrofuran (THF) with a lithium salt of 1M LiBF4 (lithium tetra fluoroborate) in the anode compartment, and DDQ again dissolved in THF and also containing 1M LiBF4 salt in the cathode half-cell. The solid electrolyte separator used in the first set of experiments is a ceramic solid electrolyte, available from a commercial source. The open circuit voltage of the cells is close to 3.0 V, as expected from the individual half-cell voltages of Li-naphthalene and Li-DDQ. Upon discharge, the cell shows steady discharge voltage of 2.7 V, which confirms that the electrochemical processes do involve lithium ion shuttling from the anodic compartment to the cathode half-cell. The reversibility or rechargeability is demonstrated by charging the partially discharged cells (i.e., with lithium present in the DDQ half). Once again, a steady voltage close to 3.0 V was observed during charge, indicating that the system is quite reversible. In the subsequent concept-demonstration studies, the ceramic electrolyte has been replaced with a gel polymer electrolyte, e.g., PVDF-HFP (poly vinylene difluoride hexafluoropropene) gel, which has several advantages such as high ionic conductivity (almost comparable to liquid electrolyte and about 2 orders of magnitude better than the ceramic equivalent), lower cost, and possibly higher chemical stability at the anode. In addition, it can be bonded to the electrode by thermal fusion to form membrane electrode assemblies (MEAs), as is done in fuel cells

Violent behaviour detection using local trajectory response

Surveillance systems in the United Kingdom are prominent, and the number of installed cameras is estimated to be around 1.8 million. It is common for a single person to watch multiple live video feeds when conducting active surveillance, and past research has shown that a person’s effectiveness at successfully identifying an event of interest diminishes the more monitors they must observe. We propose using computer vision techniques to produce a system that can accurately identify scenes of violent behaviour. In this paper we outline three measures of motion trajectory that when combined produce a response map that highlights regions within frames that contain behaviour typical of violence based on local information. Our proposed method demonstrates state-of-the-art classification ability when given the task of distinguishing between violent and non-violent behaviour across a wide variety of violent data, including real-world surveillance footage obtained from local police organisations

Lithium-Based High Energy Density Flow Batteries

Systems and methods in accordance with embodiments of the invention implement a lithium-based high energy density flow battery. In one embodiment, a lithium-based high energy density flow battery includes a first anodic conductive solution that includes a lithium polyaromatic hydrocarbon complex dissolved in a solvent, a second cathodic conductive solution that includes a cathodic complex dissolved in a solvent, a solid lithium ion conductor disposed so as to separate the first solution from the second solution, such that the first conductive solution, the second conductive solution, and the solid lithium ionic conductor define a circuit, where when the circuit is closed, lithium from the lithium polyaromatic hydrocarbon complex in the first conductive solution dissociates from the lithium polyaromatic hydrocarbon complex, migrates through the solid lithium ionic conductor, and associates with the cathodic complex of the second conductive solution, and a current is generated

Post-operative atrial fibrillation is influenced by beta-blocker therapy but not by pre-operative atrial cellular electrophysiology

We investigated whether post-cardiac surgery (CS) new-onset atrial fibrillation (AF) is predicted by pre-CS atrial cellular electrophysiology, and whether the antiarrhythmic effect of beta-blocker therapy may involve pre-CS pharmacological remodeling. Atrial myocytes were obtained from consenting patients in sinus rhythm, just prior to CS. Action potentials and ion currents were recorded using whole-cell patch-clamp technique. Post-CS AF occurred in 53 of 212 patients (25%). Those with post-CS AF were older than those without (67 ± 2 vs 62 ± 1 years, P = 0.005). In cells from patients with post-CS AF, the action potential duration at 50% and 90% repolarization, maximum upstroke velocity, and effective refractory period (ERP) were 13 ± 4 ms, 217 ± 16 ms, 185 ± 10 V/s, and 216 ± 14 ms, respectively (n = 30 cells, 11 patients). Peak L-type Ca2+ current, transient outward and inward rectifier K+ currents, and the sustained outward current were −5.0 ± 0.5, 12.9 ± 2.4, −4.1 ± 0.4, and 9.7 ± 1.0 pA/pF, respectively (13-62 cells, 7-19 patients). None of these values were significantly different in cells from patients without post-CS AF (P > 0.05 for each, 60-279 cells, 29-86 patients), confirmed by multiple and logistic regression. In patients treated >7 days with a beta-blocker pre-CS, the incidence of post-CS AF was lower than in non-beta-blocked patients (13% vs 27%, P = 0.038). Pre-CS beta-blockade was associated with a prolonged pre-CS atrial cellular ERP (P = 0.001), by a similar degree (∼20%) in those with and without post-CS AF. Conclusion: Pre-CS human atrial cellular electrophysiology does not predict post-CS AF. Chronic beta-blocker therapy is associated with a reduced incidence of post-CS AF, unrelated to a pre-CS ERP-prolonging effect of this treatment

Finite Element Analysis and Test Results Comparison for the Hybrid Wing Body Center Section Test Article

This report documents the comparison of test measurements and predictive finite element analysis results for a hybrid wing body center section test article. The testing and analysis efforts were part of the Airframe Technology subproject within the NASA Environmentally Responsible Aviation project. Test results include full field displacement measurements obtained from digital image correlation systems and discrete strain measurements obtained using both unidirectional and rosette resistive gauges. Most significant results are presented for the critical five load cases exercised during the test. Final test to failure after inflicting severe damage to the test article is also documented. Overall, good comparison between predicted and actual behavior of the test article is found