Valuing voluntary disclosure using a real options approach

This paper outlines a real options approach to valuing those announcements which are made by firms outside of their legal requirements. From the firm's perspective, information is disclosed only if the manager of the firm is sufficiently certain that the market response to the announcement will have a positive impact on the value of the firm. When debt financing is possible we find that the manager adopts a more transparent disclosure policy, thus violating the Modigliani-Miller theorem on irrelevance of capital structure

Investigation of advanced counterrotation blade configuration concepts for high speed turboprop systems, task 1: Ducted propfan analysis

The time-dependent three-dimensional Euler equations of gas dynamics were solved numerically to study the steady compressible transonic flow about ducted propfan propulsion systems. Aerodynamic calculations were based on a four-stage Runge-Kutta time-marching finite volume solution technique with added numerical dissipation. An implicit residual smoothing operator was used to aid convergence. Two calculation grids were employed in this study. The first grid utilized an H-type mesh network with a branch cut opening to represent the axisymmetric cowl. The second grid utilized a multiple-block mesh system with a C-type grid about the cowl. The individual blocks were numerically coupled in the Euler solver. Grid systems were generated by a combined algebraic/elliptic algortihm developed specifically for ducted propfans. Numerical calculations were initially performed for unducted propfans to verify the accuracy of the three-dimensional Euler formulation. The Euler analyses were then applied for the calculation of ducted propfan flows, and predicted results were compared with experimental data for two cases. The three-dimensional Euler analyses displayed exceptional accuracy, although certain parameters were observed to be very sensitive to geometric deflections. Both solution schemes were found to be very robust and demonstrated nearly equal efficiency and accuracy, although it was observed that the multi-block C-grid formulation provided somewhat better resolution of the cowl leading edge region

Lead-210 and polonium-210 in pteropod and heteropod mollusc shells from the North Pacific: Evaluation of sample treatments and variation with shell size

Lead-210 activities in carefully cleaned size groups of pteropod and heteropod shells from the eastern equatorial Pacific were typically 0.3 dpm/g shell, similar to those reported in other biogenic calcium carbonates. However, 210Po activities were in excess of levels expected from the decay of shell-incorporated 210Pb, with (210Po/210Pb) activity ratios ranging from 20 to 28 in size-fractionated samples. Sample treatment procedures were examined using pteropod shells collected from diverse locations of the North Pacific. Possible sources of 210Po in excess of 210Pb in shells include inclusion of 210Po in the organic matrix during shell formation or adsorption of 210Po from the ambient water or nuclide-rich animal tissues. We predict that other CaCO3-precipitating organisms, including foraminifera, that have high surface/volume ratios and tissues in contact with carbonate surfaces, may also contain 210Po in excess of that supported by the decay of 210Pb. Variation in 210Pb activities measured in pteropod and heteropod shells suggests differences in the depth distributions for the species analyzed. Moreover, these results suggest ontogenetic migration in the pteropod Cavolinia longirostris. Pteropods and heteropods from regions in the equatorial Pacific were enriched 8–15 times with 210Pb relative to calcium, based on reported 210Pb activities in surface water and seawater calcium concentrations. Similarly, enrichment factors calculated for pteropod shells from the North Pacific transition zone and Subarctic Current were 13–20 times 210Pb levels in surface waters. Skeletal enrichment of 210Pb is higher in pteropods and heteropods than in corals by a factor of 3–10

Full stress tensor measurement using colour centres in diamond

Stress and strain are important factors in determining the mechanical, electronic, and optical properties of materials, relating to each other by the material's elasticity or stiffness. Both are represented by second rank field tensors with, in general, six independent components. Measurements of these quantities are usually achieved by measuring a property that depends on the translational symmetry and periodicity of the crystal lattice, such as optical phonon energies using Raman spectroscopy, the electronic band gap using cathodoluminescence, photoelasticity via the optical birefringence, or Electron Back Scattering Diffraction (EBSD). A reciprocal relationship therefore exists between the maximum sensitivity of the measurements and the spatial resolution. Furthermore, of these techniques, only EBSD and off-axis Raman spectroscopy allow measurement of all six components of the stress tensor, but neither is able to provide full 3D maps. Here we demonstrate a method for measuring the full stress tensor in diamond, using the spectral and optical polarization properties of the photoluminescence from individual nitrogen vacancy (NV) colour centres. We demonstrate a sensitivity of order 10 MPa, limited by local fluctuations in the stress in the sample, and corresponding to a strain of about 10^-5, comparable with the best sensitivity provided by other techniques. By using the colour centres as built-in local sensors, the technique overcomes the reciprocal relationship between spatial resolution and sensitivity and offers the potential for measuring strains as small as 10^-9 at spatial resolution of order 10 nm. Furthermore it provides a straightforward route to volumetric stress mapping. Aside from its value in understanding strain distributions in diamond, this new approach to stress and strain measurement could be adapted for use in micro or nanoscale sensors.Comment: 12 pages, 5 figures - supplementary informations included in appendi

Cassiopeia A: dust factory revealed via submillimetre polarimetry

If Type-II supernovae - the evolutionary end points of short-lived, massive stars - produce a significant quantity of dust (>0.1 M_sun) then they can explain the rest-frame far-infrared emission seen in galaxies and quasars in the first Gyr of the Universe. Submillimetre observations of the Galactic supernova remnant, Cas A, provided the first observational evidence for the formation of significant quantities of dust in Type-II supernovae. In this paper we present new data which show that the submm emission from Cas A is polarised at a level significantly higher than that of its synchrotron emission. The orientation is consistent with that of the magnetic field in Cas A, implying that the polarised submm emission is associated with the remnant. No known mechanism would vary the synchrotron polarisation in this way and so we attribute the excess polarised submm flux to cold dust within the remnant, providing fresh evidence that cosmic dust can form rapidly. This is supported by the presence of both polarised and unpolarised dust emission in the north of the remnant, where there is no contamination from foreground molecular clouds. The inferred dust polarisation fraction is unprecedented (f_pol ~ 30%) which, coupled with the brief timescale available for grain alignment (<300 yr), suggests that supernova dust differs from that seen in other Galactic sources (where f_pol=2-7%), or that a highly efficient grain alignment process must operate in the environment of a supernova remnant.Comment: In press at MNRAS, 10 pages, print in colou

Freshly Formed Dust in the Cassiopeia A Supernova Remnant as Revealed by the Spitzer Space Telescope

We performed Spitzer Infrared Spectrograph mapping observations covering nearly the entire extent of the Cassiopeia A supernova remnant (SNR), producing mid-infrared (5.5-35 micron) spectra every 5-10". Gas lines of Ar, Ne, O, Si, S and Fe, and dust continua were strong for most positions. We identify three distinct ejecta dust populations based on their continuum shapes. The dominant dust continuum shape exhibits a strong peak at 21 micron. A line-free map of 21 micron-peak dust made from the 19-23 micron range closely resembles the [Ar II], [O IV], and [Ne II] ejecta-line maps implying that dust is freshly formed in the ejecta. Spectral fitting implies the presence of SiO2, Mg protosilicates, and FeO grains in these regions. The second dust type exhibits a rising continuum up to 21 micron and then flattens thereafter. This ``weak 21 micron'' dust is likely composed of Al2O3 and C grains. The third dust continuum shape is featureless with a gently rising spectrum and is likely composed of MgSiO3 and either Al2O3 or Fe grains. Using the least massive composition for each of the three dust classes yields a total mass of 0.02 Msun. Using the most-massive composition yields a total mass of 0.054 Msun. The primary uncertainty in the total dust mass stems from the selection of the dust composition necessary for fitting the featureless dust as well as 70 micron flux. The freshly formed dust mass derived from Cas A is sufficient from SNe to explain the lower limit on the dust masses in high redshift galaxies.Comment: 8 figures: Accepted for the publication in Ap

Draft Genome Sequences of Four Saccharibacter sp. Strains Isolated from Native Bees.

The genus Saccharibacter is currently understudied, with only one described species, Saccharibacter floricola, isolated from a flower. In an effort to better understand the microbes that come in contact with native bee pollinators, we isolated and sequenced four additional strains of Saccharibacter from native bees in the genera Melissodes and Anthophora These genomes range in size from 2,104,494 to 2,316,791 bp (mean, 2,246,664 bp) and contain between 1,860 and 2,167 (mean, 2,060) protein-coding genes

The Lillie Mae: A Capital Investment Project In Riverboat Restoration

This case involves a proposed capital investment project. It was written for use in an introductory business finance course to present students a capital budgeting scenario involving elements of both an expansion project and a replacement project that is more complex than the usual textbook problems. It also provides students an exercise in the application of standard spreadsheet software to a common analytical problem in corporate finance, namely, a proposed capital expenditure

The Lillie Mae: A Capital Investment Project In Riverboat Restoration

This case involves a proposed capital investment project.  It was written for use in an introductory business finance course to present students a capital budgeting scenario involving elements of both an expansion project and a replacement project that is more complex than the usual textbook problems.  It also provides students an exercise in the application of standard spreadsheet software to a common analytical problem in corporate finance, namely, a proposed capital expenditure

The negatively charged nitrogen-vacancy centre in diamond: the electronic solution

The negatively charged nitrogen-vacancy centre is a unique defect in diamond that possesses properties highly suited to many applications, including quantum information processing, quantum metrology, and biolabelling. Although the unique properties of the centre have been extensively documented and utilised, a detailed understanding of the physics of the centre has not yet been achieved. Indeed there persists a number of points of contention regarding the electronic structure of the centre, such as the ordering of the dark intermediate singlet states. Without a sound model of the centre's electronic structure, the understanding of the system's unique dynamical properties can not effectively progress. In this work, the molecular model of the defect centre is fully developed to provide a self consistent model of the complete electronic structure of the centre. The application of the model to describe the effects of electric, magnetic and strain interactions, as well as the variation of the centre's fine structure with temperature, provides an invaluable tool to those studying the centre and a means to design future empirical and ab initio studies of this important defect.Comment: 24 pages, 6 figures, 10 table