Managerial Overconfidence and Corporate Policies

Miscalibration is a standard measure of overconfidence in both psychology and economics. Although it is often used in lab experiments, there is scarcity of evidence about its effects in practice. We test whether top corporate executives are miscalibrated, and whether their miscalibration impacts investment behavior. Over six years, we collect a unique panel of nearly 7,000 observations of probability distributions provided by top financial executives regarding the stock market. Financial executives are miscalibrated: realized market returns are within the executives' 80% confidence intervals only 38% of the time. We show that companies with overconfident CFOs use lower discount rates to value cash flows, and that they invest more, use more debt, are less likely to pay dividends, are more likely to repurchase shares, and they use proportionally more long-term, as opposed to short-term, debt. The pervasive effect of this miscalibration suggests that the effect of overconfidence should be explicitly modeled when analyzing corporate decision-making.

Phi-four solitary waves in a parabolic potentia: existence, stability, and collisional dynamics

We explore a φ4 model with an added external parabolic potential term. This term dramatically alters the spectral properties of the system. We identify single and multiple kink solutions and examine their stability features; importantly, all of the stationary structures turn out to be unstable. We complement these with a dynamical study of the evolution of a single kink in the trap, as well as of the scattering of kink and anti-kink solutions of the model. We observe that some of the key characteristics of kink-antikink collisions, such as the critical velocity and the multi-bounce windows, are sensitively dependent on the trap strength parameter, as well as the initial displacement of the kink and antikink.Accepted manuscrip

Soils of Seabee Hook, Cape Hallett, northern Victoria Land, Antarctica

The soils of the Seabee Hook area of Cape Hallett in northern Victoria Land, Antarctica, were mapped and characterized. Seabee Hook is a low-lying gravel spit of beach deposits built up by coastal currents carrying basalt material from nearby cliffs. Seabee Hook is the location of an Adélie penguin (Pygoscelis adeliae) colony which influences the soils with additions of guano, dead birds, eggshells and feathers. A soil-landscape model was developed and a soil association was identified between the soils formed on mounds (relict beach ridges) favoured by penguins for nests (Typic Haplorthel) and the soils in the areas between the mounds (Typic Haplorthel/Typic Aquorthel). Soils formed on the mounds inhabited by penguins contained guano in the upper 50 cm, overlying sub-rounded beach-deposited gravel and sand. Soils between mounds had a thin veneer (< 5 cm) of guano overlying basaltic gravelly sand similar to that in the lower parts of the mound soils. The soils had high concentrations of nitrogen, organic carbon, phosphorus, cadmium, zinc, copper, and increased electrical conductivity, within horizons influenced by penguin guano. Five buried penguin bones were collected from the base of soil profiles and radiocarbon dated. The dates indicate that Seabee Hook has been colonized by penguins for at least 1000 years

Spectroscopy of a synthetic trapped ion qubit

$^{133}\text{Ba}^+$ has been identified as an attractive ion for quantum information processing due to the unique combination of its spin-1/2 nucleus and visible wavelength electronic transitions. Using a microgram source of radioactive material, we trap and laser-cool the synthetic $A$ = 133 radioisotope of barium II in a radio-frequency ion trap. Using the same, single trapped atom, we measure the isotope shifts and hyperfine structure of the $6^2 \text{P}_{1/2}$ $\leftrightarrow$ $6^2 \text{S}_{1/2}$ and $6^2 \text{P}_{1/2}$ $\leftrightarrow$ $5^2 \text{D}_{3/2}$ electronic transitions that are needed for laser cooling, state preparation, and state detection of the clock-state hyperfine and optical qubits. We also report the $6^2 \text{P}_{1/2}$ $\leftrightarrow$ $5^2 \text{D}_{3/2}$ electronic transition isotope shift for the rare $A$ = 130 and 132 barium nuclides, completing the spectroscopic characterization necessary for laser cooling all long-lived barium II isotopes

The Role of Cytoplasmic mRNA Cap-Binding Protein Complexes in Trypanosoma brucei and Other Trypanosomatids.

Trypanosomatid protozoa are unusual eukaryotes that are well known for having unusual ways of controlling their gene expression. The lack of a refined mode of transcriptional control in these organisms is compensated by several post-transcriptional control mechanisms, such as control of mRNA turnover and selection of mRNA for translation, that may modulate protein synthesis in response to several environmental conditions found in different hosts. In other eukaryotes, selection of mRNA for translation is mediated by the complex eIF4F, a heterotrimeric protein complex composed by the subunits eIF4E, eIF4G, and eIF4A, where the eIF4E binds to the 5'-cap structure of mature mRNAs. In this review, we present and discuss the characteristics of six trypanosomatid eIF4E homologs and their associated proteins that form multiple eIF4F complexes. The existence of multiple eIF4F complexes in trypanosomatids evokes exquisite mechanisms for differential mRNA recognition for translation

Temporal and spatial variation in active layer depth in the McMurdo Sound Region, Antarctica

A soil climate monitoring network, consisting of seven automated weather stations, was established between 1999 and 2003, ranging from Minna Bluff to Granite Harbour and from near sea level to about 1700m on the edge of the polar plateau. Active layer depth was calculated for each site for eight successive summers from 1999/2000 to 2006/2007. The active layer depth varied from year to year and was deepest in the warm summer of 2001–02 at all recording sites. No trends of overall increase or decrease in active layer depth were evident across the up-to-eight years of data investigated. Average active layer depth decreased with increasing latitude from Granite Harbour (778S, active layer depth of.90 cm) to Minna Bluff (78.58S, active layer depth of 22 ± 0.4 cm), and decreased with increasing altitude from Marble Point (50m altitude, active layer depth of 49 ± 9 cm) through to Mount Fleming (1700m altitude, active layer depth of 6 ± 2 cm). When all data from the sites were grouped together and used to predict active layer depth the mean summer air temperature, mean winter air temperature, total summer solar radiation and mean summer wind speed explained 73% of the variation (R250.73)