Infrared Spectra of Meteoritic SiC Grains

We present here the first infrared spectra of meteoritic SiC grains. The mid-infrared transmission spectra of meteoritic SiC grains isolated from the Murchison meteorite were measured in the wavelength range 2.5--16.5 micron, in order to make available the optical properties of presolar SiC grains. These grains are most likely stellar condensates with an origin predominately in carbon stars. Measurements were performed on two different extractions of presolar SiC from the Murchison meteorite. The two samples show very different spectral appearance due to different grain size distributions. The spectral feature of the smaller meteoritic SiC grains is a relatively broad absorption band found between the longitudinal and transverse lattice vibration modes around 11.3 micron, supporting the current interpretation about the presence of SiC grains in carbon stars. In contrast to this, the spectral feature of the large (> 5 micron) grains has an extinction minimum around 10 micron. The obtained spectra are compared with commercially available SiC grains and the differences are discussed. This comparison shows that the crystal structure (e.g., beta-SiC versus alpha-SiC) of SiC grains plays a minor role on the optical signature of SiC grains compared to e.g. grain size.Comment: 7 pages, 6 figures. To appear in A&

THE INFLUENCE OF FINANCE AND MACROECONOMIC VARIABLES ON MANUFACTURING CAPACITY UTILIZATION IN NIGERIA

This paper estimates the response of manufacturing capacity utilization in Nigeria to changes in key macroeconomic indicators in Nigeria using annual data on exchange rate, interest rate, inflation rate, external debt, terms of trade and trade openness over the period 1975 – 2012. The variance decomposition analytical technique was adopted. The study presents the following results: (i) Both the Engle and Granger (1987) and Johansen (1991) co-integration tests show evidence of co-integration between the endogenous and exogenous variables. However, the error correction mechanism (ECM) shows that the model has a low speed of adjustment to short-run disequilibrium, of approximately 6.5 per cent; (ii) The forecast error variance decomposition analysis shows that variations in manufacturing capacity utilization in Nigeria are largely driven by its own shocks. The study further shows that exchange rate, interest rate and terms of trade contribute significantly but negatively to variations in manufacturing capacity utilization. Though it shows evidence of negative contributions from inflation rate, external debt and trade openness, they do not significantly influence movements in manufacturing capacity utilization in Nigeria; (iii) The study also presents evidence of causal impact of manufacturing capacity utilization on exchange rate and manufacturing capacity utilization on interest rate and not vice versa but did not produce evidence of causality between manufacturing capacity utilization and the other exogenous variables namely, inflation rate, external debt, terms of trade and trade openness. It is strongly recommended that government should adopt drastic measures to stabilize the flow of foreign exchange as well as enthrone and sustain low interest rate regime. Government should also emphasize local content in domestic manufacturin

THE PROBLEMS ASSOCIATED WITH FINANCING SMALL AND MEDIUM ENTERPRISES FROM THE CAPITAL MARKET

This paper on “the problems associated with Small and Medium Enterprises (SMEs) financing from the capital market”, is intended to examine why small and medium enterprises do not procure long term funds from the capital market as well as ascertaining the conditions under which small and medium enterprises will be enabled to source funds from the capital market. It gives an insight that may help owners of SMEs in Nigeria to know other options of accessing long term funds from the capital market; the unending benefits associated with listing on the capital market as well as the terms and conditions for enlisting on the exchange. The study adopted a descriptive survey. 80 small and medium enterprises in Anambra state were sampled, 40 each from Onitsha and Nnewi. The choice of the two areas was guided by the fact that they have large clusters of small and medium enterprises in the state. Questionnaires were administered on the owners of these SMEs and/ or representatives (in cases where the owner was not available as at the time of administering the questionnaire). The data generated from the survey of the study were tested using the Chi- Square (X2). Simple tabulation was used to present the survey findings, percentage distribution of the respondents was equally presented. The study reveals that information about the activities of the capital market among SMEs specifically, in respect of its relevance to access long term finance is still very low. The few SMEs that are aware fear losing control of their companies to wealthy shareholders. The study also finds that the listing requirements constitute major constraints to procuring long term finance by SMEs. In the light of this, the Nigerian Stock Exchange should carefully consider the constraints highlighted by the respondents with a view to reviewing them for the benefit of SMEs in line with global best practices. The regulatory authorities should formulate policies that would engender a more investment friendly climate particularly in the areas of infrastructure, interest rate, inflation, etc. to make procurement of long term finance more attractive to investor

ECONOMIC OPENNESS AND INDUSTRIAL DEVELOPMENT IN NIGERIA

Over the years, governments have been confronted with the implementation of a growth-oriented economic policy. The policy challenge has often been a decision between protectionist and liberalized policies. Nigeria adopted the former up to 1986. Inability of the protectionist policy to drive sustainable growth led to a policy change, in July 1986, to economic openness or liberalization. Following the adoption of policy in 1986 under the structural adjustment programme, there have been conflicting opinions on whether or not it has supported the growth of the Nigerian economy. Against this background, this study seeks to examine the effect of the economic liberalization policy on the performance of the industrial sector in Nigeria. Specifically, the study examines the extent to which changes in some key economic indicators like exchange rate, financial deepening, trade openness and lending rate account for the trend in output performance of Nigeria’s industrial sector in the post reform period. Choice of the exogenous variables was based on developments in commercial and financial sectors following the adoption of the policy. Dataover the period 1986-2014 were analyzed using econometric technique based on the Vector Error Correction Model. The study shows that rate of change in exchange rate, trade openness and lending rate exert significant negative impact on industrial output. There is also evidence of significant positive impact of financial deepening on industrial output. The Granger causality estimate shows weak causal impact of financial deepening on industrial output as well as bi-directional causation between trade openness and industrial output. There is also evidence of causal impact of industrial output on lending rate, an indication that industrial development generates demand for financial resources. The study recommends that government seeks to achieve an investment-friendly climate as well as monitor real sector operators to ensure that foreign exchange allocations are not diverted

Spherically symmetric Yang-Mills solutions in a (4+n)- dimensional space-time

We consider the Einstein-Yang-Mills Lagrangian in a (4+n)-dimensional space-time. Assuming the matter and metric fields to be independent of the n extra coordinates, a spherical symmetric Ansatz for the fields leads to a set of coupled ordinary differential equations. We find that for n > 1 only solutions with either one non-zero Higgs field or with all Higgs fields constant exist. We construct the analytic solutions which fulfill this conditions for arbitrary n, namely the Einstein-Maxwell-dilaton solutions. We also present generic solutions of the effective 4-dimensional Einstein-Yang-Mills-Higgs-dilaton model, which possesses n Higgs triplets coupled in a specific way to n independent dilaton fields. These solutions are the abelian Einstein-Maxwell- dilaton solutions and analytic non-abelian solutions, which have diverging Higgs fields. In addition, we construct numerically asymptotically flat and finite energy solutions for n=2.Comment: 15 Latex pages, 4 eps figures; v2: discussion of results revisite

Interest Rate Reform and Real Sector Performance: Evidence from Nigeria

This study seeks to identify the effect of the interest rate liberalization policy of the government (introduced in 1986 under the structural adjustment programme) on the performance of the industrial sector in Nigeria. Specifically, the study examines the extent to which movements in lending or loan rate and its major determinants like exchange rate, inflation rate and financial depth (independent variables) account for the trend in output performance of Nigeria's industrial sector (dependent variable). Annual data on the variables, sourced from the publications of the Central Bank of Nigeria, were analyzed using the analytical technique of the vector error correction model (VECM). The study shows that exchange rate volatility has an insignificant positive impact on industrial output performance. It also shows evidence of significant positive impact of lending rate and financial depth on industrial output growth. However, evidence from the study shows that inflation has a significant negative effect on the output of the sector. To enhance the performance of the sector in Nigeria, government should seek to stabilize exchange rate movements through proper diversification of sources of foreign exchange inflow as well as reduce its outflow in order to support her import-dependent industrial sector while simultaneously pursuing the development of an adequate and efficient infrastructure base for the economy. Properly functioning infrastructure will, among other things, greatly enhance the realization of low price levels and hence low level of inflation required to boost domestic production capacit

DEREGULATING THE NIGERIAN ECONOMY FOR ENHANCED REAL SECTOR GROWTH

During the first two and half decades of political independence, Nigeria adopted a regulated economic policy, ostensibly to promote rapid development of her nascent economy. Of strategic importance was the real sector which, in line with government economic objectives at the time, was classified as a preferred sector. The major policy thrust of the regime was maintenance of low interest rates, fixed exchange rate, administratively controlled credit allocation, protection of domestic industries from foreign competition, etc. However, the sub-optimal performance of the Nigerian economy during the regulated regime, as shown by declining levels of domestic production capacity, rising level of inflation, high rate of illegal importation, often, of substandard products, low rate of domestic savings, etc., is testament to inability of the regime to drive rapid economic growth, hence the adoption of a deregulated regime in July 1986. Deregulation aimed at restructuring and redirecting the Nigerian economy, promoting competition and raising productivity of the real sector. Against this background, the study therefore examines the extent to which the economic deregulation policy (embodied in government’s structural adjustment programme) impacted on the performance of the real sector in Nigeria. Specifically, it examines the extent to which changes in key indicators of economic performance like exchange rate, private sector credit, trade openness and inflation rate explain industrial output performance in Nigeria. Annual data on the variables, sourced from the publications of the Central Bank of Nigeria, were analyzed using the econometric technique of the Vector Error Correction Model. Evidence from the study indicates that exchange rate and trade openness exert significant positive impact on industrial output in Nigeria. The study also shows non-significant negative impact of financial deepening and inflation on Nigeria’s industrial output. Government should stabilize the foreign exchange earning capacity of the economy through effective diversification of its revenue sources in order to enhance the performance of the sector

Continuous Hawking-Page transitions in Einstein-scalar gravity

We investigate continuous Hawking-Page transitions in Einstein's gravity coupled to a scalar field with an arbitrary potential in the weak gravity limit. We show that this is only possible in a singular limit where the black-hole horizon marginally traps a curvature singularity. Depending on the subleading terms in the potential, a rich variety of continuous phase transitions arise. Our examples include second and higher order, including the Berezinskii-Kosterlitz-Thouless type. In the case when the scalar is dilaton, the condition for a continuous phase transition lead to (asymptotically) linear-dilaton background. We obtain the scaling laws of thermodynamic functions, as well as the viscosity coefficients near the transition. In the limit of weak gravitational interactions, the bulk viscosity asymptotes to a universal constant, independent of the details of the scalar potential. As a byproduct of our analysis we obtain a one-parameter family of kink solutions in arbitrary dimension d that interpolate between AdS near the boundary and linear-dilaton background in the deep interior. The continuous Hawking-Page transitions found here serve as holographic models for normal-to superfluid transitions.Comment: 35 pages + appendice

New Massive Gravity Domain Walls

The properties of the asymptotic $AdS_3$ space-times representing flat domain walls (DW's) solutions of the New Massive 3D Gravity with scalar matter are studied. Our analysis is based on $I^{st}$ order BPS-like equations involving an appropriate superpotential. The Brown-York boundary stress-tensor is used for the calculation of DW's tensions as well as of the $CFT_2$'s central charges. The holographic renormalization group flows and the phase transitions in specific deformed $CFT_2$ dual to 3D massive gravity model with quadratic superpotential are discussed.Comment: 12 pages,v2-misprints corrected,comments concerning BPS eqs. for NMG model in d>3 added in Sect.

Impact of economic liberalization on the growth of the Nigerian economy

With the introduction of a major economic reform initiative in 1986 under the Structural Adjustment Programme (SAP), the Nigerian government sought to accelerate economic growth through elimination of price distortions, promotion of competition, and making the economy more market-oriented. To achieve these objectives, the government deregulated the mechanism for management of interest and exchange rates, liberalized the conditionalities for entry into banking business and dismantled external trade barriers. Following the sub-optimal performance of the Nigerian economy, opinions were divided on whether liberalization has aided or retarded economic growth in Nigeria. This study therefore seeks to examine the nexus between economic liberalization and economic growth in Nigeria. Specifically, the study examined the extent to which changes in major economic fundamentals like exchange rate, lending rate, inflation rate, financial deepening, trade openness and saving rate affected economic growth in Nigeria. Annual data on the variables, sourced from the publications of the Central Bank of Nigeria and National Bureau of Statistics were analyzed using the econometric technique of the ordinary least square. The study produced mixed results. For instance, there was evidence of significant positive impact of financial liberalization on the growth of the real economy. Exchange rate was however shown to have non-significant effect on economic growth. Trade liberalization had non-significant positive impact on output growth in Nigeria. Finally, the result showed significant negative effect of inflation rate on economic growth.The study concluded that economic liberalization has significant impact on the growth of the Nigerian economy. The work recommended that financial deepening programme should be strengthen through consolidation of the financial liberalization programme of the Federal Government of Nigeria; and that the government should apply substantial amount of government revenue to infrastructural development with a view of reducing the cost of productions and price levels