7,397 research outputs found
Convergence of simple adaptive Galerkin schemes based on h − h/2 error estimators
We discuss several adaptive mesh-refinement strategies based on (h − h/2)-error estimation. This class of adaptivemethods is particularly popular in practise since it is problem independent and requires virtually no implementational overhead. We prove that, under the saturation assumption, these adaptive algorithms are convergent. Our framework applies not only to finite element methods, but also yields a first convergence proof for adaptive boundary element schemes. For a finite element model problem, we extend the proposed adaptive scheme and prove convergence even if the saturation assumption fails to hold in general
Vertical Field-Effect Transistor Based on Wavefunction Extension
We demonstrate a mechanism for a dual layer, vertical field-effect
transistor, in which nearly-depleting one layer will extend its wavefunction to
overlap the other layer and increase tunnel current. We characterize this
effect in a specially designed GaAs/AlGaAs device, observing a tunnel current
increase of two orders of magnitude at cryogenic temperatures, and we suggest
extrapolations of the design to other material systems such as graphene
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
An Extremely Bright Echo Associated With SN 2002hh
We present new, very late-time optical photometry and spectroscopy of the
interesting Type II-P supernova, SN 2002hh, in NGC 6946. Gemini/GMOS-N has been
used to acquire visible spectra at six epochs between 2004 August and 2006
July, following the evolution of the SN from age 661 to 1358 days. Few optical
spectra of Type II supernovae with ages greater than one year exist. In
addition, g'r'i' images were acquired at all six epochs. The spectral and
photometric evolution of SN 2002hh has been very unusual. Measures of the
brightness of this SN, both in the R and I bands as well as in the H-alpha
emission flux, show no significant fading over an interval of nearly two years.
The most straightforward explanation for this behavior is that the light being
measured comes not only from the SN itself but also from an echo off of nearby
dust. Echoes have been detected previously around several SNe but these echoes,
at their brightest, were ~8 mag below the maximum brightness of the SN. At V~21
mag, the putative echo dominates the light of SN 2002hh and is only ~4 mag
below the outburst's peak brightness. There is an estimated 6 magnitudes of
total extinction in V towards SN 2002hh. The proposed explanation of a
differential echo/SN absorption is inconsistent with the observed BVRI colors.Comment: 24 pages, 6 figures. Accepted for publication in the Ap
The use of indigenous knowledge in development: problems and challenges
The use of indigenous knowledge has been seen by many as an alternative way of promoting development in poor rural communities in many parts of the world. By reviewing much of the recent work on indigenous knowledge, the paper suggests that a number of problems and tensions has resulted in indigenous knowledge not being as useful as hoped for or supposed. These include problems emanating from a focus on the (arte)factual; binary tensions between western science and indigenous knowledge systems; the problem of differentiation and power relations; the romanticization of indigenous knowledge; and the all too frequent decontextualization of indigenous knowledge
Innocent Frauds Meet Goodhart’s Law in Monetary Policy
This paper discusses recent UK monetary policies as instances of Galbraith’s ‘innocent frauds’, including the idea that money is a thing rather than a relationship, the fallacy of composition that what is possible for one bank is possible for all banks, and the belief that the money supply can be controlled by reserves management. The origins of the idea of QE, and its defense when it was applied in Britain, are analysed through this lens. An empirical analysis of the effect of reserves on lending is conducted; we do not find evidence that QE ‘worked’ either by a direct effect on money spending, or through an equity market effect. These findings are placed in a historical context in a comparison with earlier money control experiments in the UK
Strategic responses to global challenges: The case of European banking, 1973–2000
In applying a strategy, structure, ownership and performance (SSOP) framework to three major clearing banks (ABN AMRO, UBS, Barclays), this article debates whether the conclusions generated by Whittington and Mayer about European manufacturing industry can be applied to the financial services sector. While European integration plays a key role in determining strategy, it is clear that global factors were far more important in determining management actions, leading to significant differences in structural adaptation. The article also debates whether this has led to improved performance, given the problems experienced with both geographical dispersion and diversification, bringing into question the quality of decision-making over the long term
Supply driven mortgage choice
Variable mortgage contracts dominate the UK mortgage market (Miles, 2004). The dominance of the variable rate mortgage contracts has important consequences for the transmission mechanism of monetary policy decisions and systemic risks (Khandani et al., 2012; Fuster and Vickery, 2013). This raises an obvious concern that a mortgage market such as that in the UK, where the major proportion of mortgage debt is either at a variable or fixed for less than two years rate (Badarinza, et al., 2013; CML, 2012), is vulnerable to alterations in the interest rate regime. Theoretically, mortgage choice is determined by demand and supply factors. So far, most of the existing literature has focused on the demand side perspective, and what is limited is consideration of supply side factors in empirical investigation on mortgage choice decisions. This paper uniquely explores whether supply side factors may partially explain observed/ex-post mortgage type decisions. Empirical results detect that lenders’ profit motives and mortgage funding/pricing issues may have assisted in preferences toward variable rate contracts. Securitisation is found to positively impact upon gross mortgage lending volumes while negatively impacting upon the share of variable lending flows. This shows that an increase in securitisation not only improves liquidity in the supply of mortgage funds, but also has the potential to shift mortgage choices toward fixed mortgage debt. The policy implications may involve a number of measures, including reconsideration of the capital requirements for the fixed, as opposed to the variable rate mortgage debt, growing securitisation and optimisation of the mortgage pricing policies
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