Behavioral Corporate Finance: A Survey

Research in behavioral corporate finance takes two distinct approaches. The first emphasizes that investors are less than fully rational. It views managerial financing and investment decisions as rational responses to securities market mispricing. The second approach emphasizes that managers are less than fully rational. It studies the effect of nonstandard preferences and judgmental biases on managerial decisions. This survey reviews the theory, empirical challenges, and current evidence pertaining to each approach. Overall, the behavioral approaches help to explain a number of important financing and investment patterns. The survey closes with a list of open questions.

A highly efficient engineering tool for three-dimensional scramjet flowfield and heat transfer computations

The SIMPLE-based parabolic flow code, SHIP3D, was under development for use as a parametric design and analysis tool for scramjets. Some capabilities and applications of the code are demonstrated, and a report on its current status is given. The focus is on the combustor for which the code was mostly used. Recently, it was also applied to nozzle flows. Code validation results are presented for combustor unit problems involving film cooling, transverse fuel injection, and nozzle test. A parametric study of a film cooled or transpiration cooled Mach 16 combustor is also conducted to illustrate the application of the code to a design problem

Capillary-Wave Model for the Solidification of Dilute Binary Alloys

Starting from a phase-field description of the isothermal solidification of a dilute binary alloy, we establish a model where capillary waves of the solidification front interact with the diffusive concentration field of the solute. The model does not rely on the sharp-interface assumption, and includes non-equilibrium effects, relevant in the rapid-growth regime. In many applications it can be evaluated analytically, culminating in the appearance of an instability which, interfering with the Mullins-Sekerka instability, is similar to that, found by Cahn in grain-boundary motion.Comment: 17 pages, 12 figure

Local lung responses following endobronchial elastase and lipopolysaccharide instillation in sheep

Chronic lipopolysaccharide (LPS) exposure may contribute to the pathogenesis of a number of lung diseases including COPD and emphysema. We sought to develop a large- animal model of emphysema using repeated LPS administration into sheep lung segments. An experimental protocol was designed to facilitate comparisons with elastase-treated and control segments within the same lung of individual sheep. Histopathologic evaluation of segments treated with LPS demonstrated low-grade inflammation characterized by an increase in the number of intra-alveolar macrophages and lymphocytes. Treated segments demonstrated a significant reduction in airspace surface area (ASA), an increase in percent disrupted alveolar attachments and the distance between normal alveolar attachments, and a reduction in the number of normal alveolar attachments surrounding nonrespiratory bronchioles. Coefficient of variation of individual ASA measurements in elastase-treated segments was indicative of a heterogeneous parenchymal response, in contrast to that associated with chronic LPS treatment. Our results demonstrate that chronic LPS treatment of individual lung segments in sheep induces microscopic emphysema qualitatively and quantitatively consistent with both accepted pathologic definitions of this condition and with that produced by airway instillation of elastolytic enzymes. Development of this phenotype is associated with evidence of downregulated activation of transforming growth factor beta

Seismic reflections from depths of less than two meters

This is the publisher's version, also available electronically from "http://onlinelibrary.wiley.com".Three distinct seismic reflections were obtained from within the upper 2.1 m of flood-plain alluvium in the Arkansas River valley near Great Bend, Kansas. Reflections were observed at depths of 0.63, 1.46, and 2.10 m and confirmed by finite-difference wave-equation modeling. The wavefield was densely sampled by placing geophones at 5-cm intervals, and near-source nonelastic deformation was minimized by using a very small seismic impulse source. For the reflections to be visible within this shallow range, low seismic P-wave velocities (<300 m/s) and high dominant-frequency content of the data (∼450 Hz) were essential. The practical implementation of high-resolution seismic imaging at these depths has the potential to complement ground-penetrating radar (GPR), chiefly in areas where materials exhibiting high electrical conductivity, such as clays, prevent the effective use of GPR. Potential applications of these results exist in hydrogeology and environmental, Quaternary, and neotectonic geology

Concert recording 2016-04-07

[Track 01]. English horn concerto / Vincent Persichetti -- [Track 02]. Divertissement / Euguene Bozza -- [Track 03]. Parable XV / Vincent Persichetti -- [Track 04]. Sonate / Paul Hindemith -- [Track 05]. Bassango / Mathieu Lussier -- [Track 06]. Blue rondo a la turk / Dave Brubek ; arranged by Richard Bobo

Length polymorphism and head shape association among genes with polyglutamine repeats in the stalk-eyed fly, Teleopsis dalmanni

<p>Abstract</p> <p>Background</p> <p>Polymorphisms of single amino acid repeats (SARPs) are a potential source of genetic variation for rapidly evolving morphological traits. Here, we characterize variation in and test for an association between SARPs and head shape, a trait under strong sexual selection, in the stalk-eyed fly, <it>Teleopsis dalmanni</it>. Using an annotated expressed sequence tag database developed from eye-antennal imaginal disc tissues in <it>T. dalmanni </it>we identified 98 genes containing nine or more consecutive copies of a single amino acid. We then quantify variation in length and allelic diversity for 32 codon and 15 noncodon repeat regions in a large outbred population. We also assessed the frequency with which amino acid repeats are either gained or lost by identifying sequence similarities between <it>T. dalmanni </it>SARP loci and their orthologs in <it>Drosophila melanogaster</it>. Finally, to identify SARP containing genes that may influence head development we conducted a two-generation association study after assortatively mating for extreme relative eyespan.</p> <p>Results</p> <p>We found that glutamine repeats occur more often than expected by amino acid abundance among 3,400 head development genes in <it>T. dalmanni </it>and <it>D. melanogaster</it>. Furthermore, glutamine repeats occur disproportionately in transcription factors. Loci with glutamine repeats exhibit heterozygosities and allelic diversities that do not differ from noncoding dinucleotide microsatellites, including greater variation among X-linked than autosomal regions. In the majority of cases, repeat tracts did not overlap between <it>T. dalmanni </it>and <it>D. melanogaster </it>indicating that large glutamine repeats are gained or lost frequently during Dipteran evolution. Analysis of covariance reveals a significant effect of parental genotype on mean progeny eyespan, with body length as a covariate, at six SARP loci [CG33692, <it>ptip</it>, <it>band4.1 inhibitor LRP interactor</it>, <it>corto</it>, 3531953:1, and <it>ecdysone-induced protein 75B </it>(<it>Eip75B</it>)]. Mixed model analysis of covariance using the eyespan of siblings segregating for repeat length variation confirms that significant genotype-phenotype associations exist for at least one sex at five of these loci and for one gene, CG33692, longer repeats were associated with longer relative eyespan in both sexes.</p> <p>Conclusion</p> <p>Among genes expressed during head development in stalk-eyed flies, long codon repeats typically contain glutamine, occur in transcription factors and exhibit high levels of heterozygosity. Furthermore, the presence of significant associations within families between repeat length and head shape indicates that six genes, or genes linked to them, contribute genetic variation to the development of this extremely sexually dimorphic trait.</p

Genomic analysis of a sexually-selected character: EST sequencing and microarray analysis of eye-antennal imaginal discs in the stalk-eyed fly Teleopsis dalmanni (Diopsidae)

<p>Abstract</p> <p>Background</p> <p>Many species of stalk-eyed flies (Diopsidae) possess highly-exaggerated, sexually dimorphic eye-stalks that play an important role in the mating system of these flies. Eye-stalks are increasingly being used as a model system for studying sexual selection, but little is known about the genetic mechanisms producing variation in these ornamental traits. Therefore, we constructed an EST database of genes expressed in the developing eye-antennal imaginal disc of the highly dimorphic species <it>Teleopsis dalmanni</it>. We used this set of genes to construct microarray slides and compare patterns of gene expression between lines of flies with divergent eyespan.</p> <p>Results</p> <p>We generated 33,229 high-quality ESTs from three non-normalized libraries made from the developing eye-stalk tissue at different developmental stages. EST assembly and annotation produced a total of 7,066 clusters comprising 3,424 unique genes with significant sequence similarity to a protein in either <it>Drosophila melanogaster </it>or <it>Anopheles gambiae</it>. Comparisons of the transcript profiles at different stages reveal a developmental shift in relative expression from genes involved in anatomical structure formation, transcription, and cell proliferation at the larval stage to genes involved in neurological processes and cuticle production during the pupal stages. Based on alignments of the EST fragments to homologous sequences in <it>Drosophila </it>and <it>Anopheles</it>, we identified 20 putative gene duplication events in <it>T. dalmanni </it>and numerous genes undergoing significantly faster rates of evolution in <it>T. dalmanni </it>relative to the other Dipteran species. Microarray experiments identified over 350 genes with significant differential expression between flies from lines selected for high and low relative eyespan but did not reveal any primary biological process or pathway that is driving the expression differences.</p> <p>Conclusion</p> <p>The catalogue of genes identified in the EST database provides a valuable framework for a comprehensive examination of the genetic basis of eye-stalk variation. Several candidate genes, such as <it>crooked legs</it>, <it>cdc2</it>, <it>CG31917 </it>and <it>CG11577</it>, emerge from the analysis of gene duplication, protein evolution and microarray gene expression. Additional comparisons of expression profiles between, for example, males and females, and species that differ in eye-stalk sexual dimorphism, are now enabled by these resources.</p