“Stock PIKs”- Taking a firm by its tails

Payment-in-kind bonds (PIKs) make interest payments in the form of an issue of additional bonds rather than cash. This research provides a rationale for the recent PIK issuance by firms with low credit ratings. PIKs offer a financially constrained firm in need of restructuring both an immediate automatic stay and a prepackaged bankruptcy procedure, features that make PIKs better than alternative debt instruments. In many instances PIKs are structured to facilitate a contingent transfer of control to PIK holders, and provide an avenue of obtaining equity in the firm whether the firm value is high or low in the future. The barbell strategy of acquisition that involves a deal with the equity holders (if the firm prospects improve), and a deal with the debt holders (if the firm defaults) dominates the cost of acquisition before the firm defaults, or after the firm goes bankrupt.Monetary Policy, Stock Market, Economic Development

Critical behaviour of SU(2) lattice gauge theory. A complete analysis with the χ2\chi^2-method

We determine the critical point and the ratios $\beta/\nu$ and $\gamma/\nu$ of critical exponents of the deconfinement transition in $SU(2)$ gauge theory by applying the $\chi^2$-method to Monte Carlo data of the modulus and the square of the Polyakov loop. With the same technique we find from the Binder cumulant $g_r$ its universal value at the critical point in the thermodynamical limit to $-1.403(16)$ and for the next-to-leading exponent $\omega=1\pm0.1$. From the derivatives of the Polyakov loop dependent quantities we estimate then $1/\nu$. The result from the derivative of $g_r$ is $1/\nu=0.63\pm0.01$, in complete agreement with that of the $3d$ Ising model.Comment: 11 pages, 3 Postscript figures, uses Plain Te

Does Administrative Burden Deter Young People? Evidence From Summer Jobs Programs

Administrative burden reduces the effectiveness of public social programs by deterring take up among adults, but we know little about the role these burdens play in public programs for young people. This paper uses empirical evidence to assess how different barriers shape adolescents’ take-up of summer jobs programs. In a Philadelphia experiment, we find that reminder emails increased application completion by 1.8 percentage points (12.3 percent), with bigger effects from emphasizing short-term monetary gains. In a non-experimental analysis of Philadelphia and Chicago programs, we show that without individualized support during enrollment, disconnected youth are less likely to participate when offered a slot than their more advantaged peers. However, offering universal personalized support during enrollment makes them as or more likely to participate. These findings suggest administrative burden does constrain the benefits of public spending on youth programs and that reducing burden can increase gains from social programs for young people

Low temperature expansion for the 3-d Ising Model

We compute the weak coupling expansion for the energy of the three dimensional Ising model through 48 excited bonds. We also compute the magnetization through 40 excited bonds. This was achieved via a recursive enumeration of states of fixed energy on a set of finite lattices. We use a linear combination of lattices with a generalization of helical boundary conditions to eliminate finite volume effects.Comment: 10 pages, IASSNS-HEP-92/42, BNL-4767

On Exact Supersymmetry in DLCQ

In recent years a supersymmetric form of discrete light-cone quantization (hereafter `SDLCQ') has emerged as a very powerful tool for solving supersymmetric field theories. In this scheme, one calculates the light-cone supercharge with respect to a discretized light-cone Fock basis, instead of working with the light-cone Hamiltonian. This procedure has the advantage of preserving supersymmetry even in the discretized theory, and eliminates the need for explicit renormalizations in 1+1 dimensions. In order to compare the usual DLCQ prescription with the supersymmetric prescription, we consider two dimensional SU(N) Yang-Mills theory coupled to a massive adjoint Majorana fermion, which is known to be supersymmetric at a particular value of the fermion mass. After studying how singular-valued amplitudes and intermediate zero momentum modes are regularized in both schemes, we are able to establish a precise connection between conventional DLCQ and its supersymmetric extension, SDLCQ. In particular, we derive the explicit form of the (irrelevant) interaction that renders the DLCQ formulation of the theory exactly supersymmetric for any light-cone compactification. We check our analytical results via a numerical procedure, and discuss the relevance of this interaction when supersymmetry is explicitly broken.Comment: 12 page

Electrochemistry and Spectroscopy of a Molybdenum Porphyrin Compound

Carbon dioxide has been a problematic greenhouse gas since the beginning of the industrial age. In an effort to remediate its effects on the climate, multiple techniques have been utilized in the chemical and electrochemical reduction of CO2. Homogeneous electrocatalysis for carbon dioxide reduction has been a topic of increasing interest. However, a full examination of the catalytic performance of early transition metals supported by macroligands has yet to be done. The research reported involves synthesis of a chelate of molybdenum within a tetraphenylporphyrin, and then synthesis, purification, and characterization of its ability to reduce carbon dioxide. The complex was found to be air-stable and robust. However, it was paramagnetic and not found to be an efficient electrocatalyst for CO2 reduction

A Noisy Monte Carlo Algorithm

We propose a Monte Carlo algorithm to promote Kennedy and Kuti's linear accept/reject algorithm which accommodates unbiased stochastic estimates of the probability to an exact one. This is achieved by adopting the Metropolis accept/reject steps for both the dynamical and noise configurations. We test it on the five state model and obtain desirable results even for the case with large noise. We also discuss its application to lattice QCD with stochastically estimated fermion determinants.Comment: 10 pages, 1 tabl

Innovative Technique of Vascular Repair in Intra-Operative IVC Rupture During Lumbar Microdiscectomy: A Case Report

Background: Major vascular injury during a spinal surgery is a rare but most dreaded complication. Case Presentation: A 39 years old female undergoing microscopic lumbar discectomy suddenly developed severe hypotension on table. The procedure was abandoned and the patient turned supine. It was diagnosed to be a major vessel tear and the patient was taken up for immediate successful vascular repair. To best of our knowledge such a repair procedure has not been described in literature. Conclusions: Majority of such vascular injuries are dealt with primary repair of the defect by a vascular surgeon; however in our case the rent was big and placed on the undersurface making it very difficult for the vascular surgeon to approach or repair it primarily

On the question of universality in \RPn and \On Lattice Sigma Models

We argue that there is no essential violation of universality in the continuum limit of mixed \RPn and \On lattice sigma models in 2 dimensions, contrary to opposite claims in the literature.Comment: 16 pages (latex) + 3 figures (Postscript), uuencode

New Physics and the Landau Pole

In scalar field theories the Landau pole is an ultraviolet singularity in the running coupling constant that indicates a mass scale at which the theory breaks down and new physics must intervene. However, new physics at the pole will in general affect the running of the low energy coupling constant, which will in turn affect the location of the pole and the related upper limit (``triviality'' bound) on the low energy coupling constant. If the new physics is strongly coupled to the scalar fields these effects can be significant even though they are power suppressed. We explore the possible range of such effects by deriving the one loop renormalization group equations for an effective scalar field theory with a dimension 6 operator representing the low energy effects of the new physics. As an independent check we also consider a renormalizable model of the high-scale physics constructed so that its low energy limit coincides with the effective theory.Comment: 26 pages, 5 figure