On the debt Capacityof growth Options

If debt capacity is defined as the incremental debt that is optimally associated with an additional asset, then the debt capacity of growth options is negative. Underinvestment costs of debt increase and free cash flow benefits of debt fall with additional growth options. Thus, if firm value increases with additional growth options, then leverage not only declines, but the firm’s optimal total debt level declines as well. This result implies a negative relation between book leverage and growth options and provides a new economic interpretation of book leverage regressions.Growth options; Book leverage

A replacement name for Philonthus colius Hromádka, 2016 (Coleoptera: Staphylinidae)

Philonthus colius Hromádka 2016, a primary junior homonym of Philonthus colius Hromádka 2008, is replaced with Philonthus lubomirhromadkai nom. nov.Item is freely available to read and download. The attached file is the published pdf

Seatbelt Usage in Kentucky [Jan. 1978]

In this report, the effectiveness and usage of seatbelts by Kentucky motorists and factors affecting usage are examined and identified. Data were obtained from three sources: field observations, accident reports, and a questionnaire. Kentucky drivers and passengers were found to have lower seatbelt usage rates (slightly under 10 percent) than drivers and passengers in other states. The accident data showed that the chances of being killed or severely injured is greatly reduced by wearing a seatbelt. Seatbelts reduced the chance of being killed by a factor of six and the chance of being severely injured by a factor of two. Several factors were found to have significant effects on seatbelt usage. Among other factors, usage was higher among drivers over 25 years of age, in newer cars, on interstates and parkways, in large cities, in out-of-state cars, and among drivers with a college education. Records of drivers who wear seatbelts were found to be better than records of those who do not wear seatbelts. It was found that approximately one-third of the drivers were in favor, one-third were neutral, and one-third were against a mandatory, seatbelt usage law

Combining noise mapping and ventilation performance for non-domestic buildings in an urban area

Maximising the natural ventilation of a building can be beneficial in terms of comfort and reduced reliance on air-conditioning. However, in urban areas this can conflict with the need to reduce the ingress of external noise. In this paper a method is presented to quantify the interaction of building noise exposure with natural ventilation potential. Finite element models of ventilation aperture sound reduction index were used to determine façade sound insulation values for naturally ventilated buildings in two locations. Road traffic noise levels at the building façade were obtained from a calculated noise map of Manchester (UK). Window openings were adjusted in the thermal simulation package and modelled with mixed mode cooling ventilation strategies (both natural and mechanical). This enabled noise considerations to be quantified in terms of building ventilation and energy use for cooling at the whole building level. For a tolerated internal road noise ingress of 34 dB(A) cooling energy consumption for the example buildings in the quieter noise locations was found to decrease by 22%–45% compared to the noisier locations. Most importantly, the introduction of noise reduction measures equal to 10 dB(A) resulted in reductions in cooling energy consumption that varied from 28% to 45% of the original cooling energy consumption. This study illustrates the importance of an integrated approach to both noise exposure and ventilation performance in urban buildings

The influence of pre-experimental experience on social discrimination in rats (Rattus norvegicus)

The authors used laboratory rats (Rattus norvegicus) of known relatedness and contrasting familiarity to assess the potential effect of preexperimental social experience on subsequent social recognition. The authors used the habituation-discrimination technique, which assumes that multiple exposures to a social stimulus (e.g., soiled bedding) ensure a subject discriminates between the habituation stimulus and a novel stimulus when both are introduced simultaneously. The authors observed a strong discrimination if the subjects had different amounts of preexperimental experience with the donors of the 2 stimuli but a weak discrimination if the subjects had either equal amounts of preexperimental experience or no experience with the stimuli. Preexperimental social experience does, therefore, appear to influence decision making in subsequent social discriminations. Implications for recognition and memory research are discussed

The North American Transportation Security Center – SERRI Analysis Update

Executive Summary There are over 800,000 hazardous materials (hazmat) shipments over the nation’s roads each day. According to the U.S. Department of Homeland Security (DHS), terrorist activity related to the transportation of hazardous materials represents a significant threat to public safety and the nation’s critical infrastructure. Specifically, the federal government has identified the government’s inability to track hazmat shipments on a real-time basis as a significant security vulnerability. In 2004, the U.S. Federal Motor Carrier Safety Administration (FMCSA) completed a study to determine if “smart truck” technology such as GPS tracking, wireless modems, panic buttons, and on-board computers could be used to enhance hazmat shipment security. The FMCSA study concluded that “smart truck” technology will be highly effective in protecting hazmat shipments from terrorists. The FMCSA study also concluded that “smart truck” technology deployment will produce a huge security benefit and an overwhelmingly positive return on investment for hazmat carriers. The FMCSA study led to the U.S. Transportation Security Administration’s (TSA) Hazmat Truck Security Pilot (HTSP). This congressionally mandated pilot program was undertaken to demonstrate if a hazmat truck tracking center was feasible from a technology and systems perspective. The HTSP project team built a technology prototype of a hazmat truck tracking system to show that “smart truck” technology could be crafted into an effective and efficient system for tracking hazmat shipments. The HTSP project team also built the Universal Communications Interface – the XML gateway for hazmat carriers to use to provide data to a centralized truck tracking center. In August 2007, Congress enacted the 9/11 Act (PL110-53) that directs TSA to develop a program - consistent with the Hazmat Truck Security Pilot - to facilitate the tracking of motor carrier shipments of security-sensitive materials. In June 2008, TSA took a major step forward in establishing a national hazmat security program by issuing guidance for shipments of Tier 1 Highway Security Sensitive Materials (HSSMs), the riskiest shipments from a security perspective. TSA’s Tier 1 HSSM guidance includes Security Action Items which specify security measures – including vehicle tracking – that TSA believes are prudent security measures for shippers and carriers to follow. Compliance with TSA’s Tier 1 HSSM guidance is voluntary but TSA is expected to issue regulations based on the Tier 1 HSSM Security Action Items that will make compliance mandatory. Establishment of a Tier 1 HSSM truck tracking center is critical to implementation of a Tier 1 HSSM regulatory program based on the Security Action items by TSA. The HTSP technology prototype was an excellent first step toward an operational Tier 1 HSSM truck tracking system, however, it falls far short of what TSA needs in an operational system. The Kentucky Transportation Center at the University of Kentucky completed a study December 2008 that examined market drivers that would influence the design and operation of a Tier 1 HSSM truck tracking system. The study was funded by the South East Region Research Initiative (SERRI). The objective of this deliverable is to update the SERRI report with a specific focus on two item: new or enhanced fleet tracking vendor product and service offerings; and programmatic conditions that have changed since December 200

Evaluation of Rumble Strip Design and Usage

The objective of this study was to investigate the following aspects of rumble strips: the optimum height and width of elements in a rumble strip pattern, spacing between them, the effect of grouping elements into sets, the effects of speed on design criteria, and driver reaction to the audible and physical stimuli produced by rumble strips. A survey of design and usage in other states was conducted; and the results show that even though 35 of the 44 responding states have installed rumble strips, only five have warrants for usage. Two types of rumble strip design were evaluated -- one with a constant spacing between elements and another with variable spacing between elements. Simulated tests using strips of plywood showed that a distance of 10 feet (3.0 m) between elements, a strip width of 4 inches (102 mm), and a strip height of 1/2 inch (13 mm) produced the best results. Based on audible and physical stimuli, it was determined that the rumble time should not exceed 3/4 second of continuous rumble for any pattern. Evaluation of field installations failed to show a statistically significant difference in speeds for either the constant-spaced pattern or variable-spaced pattern. Based on these installations and controlled-spacing tests, it appears that the constant-spaced pattern should continue to be used. Polyvinyl strips were installed without much success because of adherence problems. A double layer of reflective marking tape performed satisfactorfly with regard to durability and reflectivity; however, the rumble effect was slight