11,639 research outputs found
Numerical program for analysis of three-dimensional supersonic exhaust flow fields (CHAR 3D)
Choice of reference plane orientation depends on specific nozzle geometry, with different configurations requiring different reference plane systems. In addition, for given configuration several reference systems may be used in different regions of flow field, so each system is locally aligned with flow
Quieting the Sharholders\u27 Voice: Empirical Evidence of Pervasive Bundling in Proxy Solicitations
The integrity of shareholder voting is critical to the legitimacy of corporate law. One threat to this process is proxy “bundling,” or the joinder of more than one separate item into a single proxy proposal. Bundling deprives shareholders of the right to convey their views on each separate matter being put to a vote and forces them to either reject the entire proposal or approve items they might not otherwise want implemented.
In this Paper, we provide the first comprehensive evaluation of the anti-bundling rules adopted by the Securities and Exchange Commission (“SEC”) in 1992. While we find that the courts have carefully developed a framework for the proper scope and application of the rules, the SEC and proxy advisory firms have been less vigilant in defending this instrumental shareholder right. In particular, we note that the most recent SEC interpretive guidance has undercut the effectiveness of the existing rules, and that, surprisingly, proxy advisory firms do not have well-defined heuristics to discourage bundling.
Building on the theoretical framework, this Article provides the first large-scale empirical study of bundling of management proposals. We develop four possible definitions of impermissible bundling and, utilizing a data set of over 1,300 management proposals, show that the frequency of bundling in our sample ranges from 6.2 percent to 28.8 percent (depending on which of the four bundling definitions is used). It is apparent that bundling occurs far more frequently than indicated by prior studies.
We further examine our data to report the items that are most frequently bundled and to analyze the proxy advisors’ recommendations and the voting patterns associated with bundled proposals. This Article concludes with important implications for the SEC, proxy advisors, and institutional investors as to how each party can more effectively deter impermissible bundling and thus better protect the shareholder franchise
A first order Tsallis theory
We investigate first-order approximations to both i) Tsallis' entropy
and ii) the -MaxEnt solution (called q-exponential functions ). It is
shown that the functions arising from the procedure ii) are the MaxEnt
solutions to the entropy emerging from i). The present treatment is free of the
poles that, for classic quadratic Hamiltonians, appear in Tsallis' approach, as
demonstrated in [Europhysics Letters {\bf 104}, (2013), 60003]. Additionally,
we show that our treatment is compatible with extant date on the ozone layer.Comment: 4 figures adde
Interplay of disorder and geometrical frustration in doped Gadolinium Gallium Garnet
The geometrically-frustrated, triangular antiferromagnet GGG exhibits a rich
mix of short-range order and isolated quantum states. We investigate the
effects of up to 1% Neodymium substitution for Gallium on the ac magnetic
response at temperatures below 1 K in both the linear and nonlinear regimes.
Substitutional disorder actually drives the system towards a more perfectly
frustrated state, apparently compensating for the effect of imperfect
Gadolinium/Gallium stoichiometry, while at the same time more closely
demarcating the boundaries of isolated, coherent clusters composed of hundreds
of spins. Optical measurements of the local Nd environment substantiate the
picture of an increased frustration index with doping.Comment: 5 pages, 5 figure
Backscattering Differential Ghost Imaging in Turbid Media
In this Letter we present experimental results concerning the retrieval of
images of absorbing objects immersed in turbid media via differential ghost
imaging (DGI) in a backscattering configuration. The method has been applied,
for the first time to our knowledge, to the imaging of small thin black objects
located at different depths inside a turbid solution of polystyrene nanospheres
and its performances assessed via comparison with standard imaging techniques.
A simple theoretical model capable of describing the basic optics of DGI in
turbid media is proposed.Comment: 5 pages, 6 figure
Investigation of peak shapes in the MIBETA experiment calibrations
In calorimetric neutrino mass experiments, where the shape of a beta decay
spectrum has to be precisely measured, the understanding of the detector
response function is a fundamental issue. In the MIBETA neutrino mass
experiment, the X-ray lines measured with external sources did not have
Gaussian shapes, but exhibited a pronounced shoulder towards lower energies. If
this shoulder were a general feature of the detector response function, it
would distort the beta decay spectrum and thus mimic a non-zero neutrino mass.
An investigation was performed to understand the origin of the shoulder and its
potential influence on the beta spectrum. First, the peaks were fitted with an
analytic function in order to determine quantitatively the amount of events
contributing to the shoulder, also depending on the energy of the calibration
X-rays. In a second step, Montecarlo simulations were performed to reproduce
the experimental spectrum and to understand the origin of its shape. We
conclude that at least part of the observed shoulder can be attributed to a
surface effect
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