1,181 research outputs found

    The short term debt vs. long term debt puzzle: a model for the optimal mix

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    This paper argues that the existing finance literature is inadequate with respect to its coverage of capital structure of small and medium sized enterprises (SMEs). In particular it is argued that the cost of equity (being both conceptually ill defined and empirically non quantifiable) is not applicable to the capital structure decisions for a large proportion of SMEs and the optimal capital structure depends only on the mix of short and long term debt. The paper then presents a model, developed by practitioners for optimising the debt mix and demonstrates its practical application using an Italian firm's debt structure as a case study

    First narrow-band search for continuous gravitational waves from known pulsars in advanced detector data

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    Spinning neutron stars asymmetric with respect to their rotation axis are potential sources of continuous gravitational waves for ground-based interferometric detectors. In the case of known pulsars a fully coherent search, based on matched filtering, which uses the position and rotational parameters obtained from electromagnetic observations, can be carried out. Matched filtering maximizes the signalto- noise (SNR) ratio, but a large sensitivity loss is expected in case of even a very small mismatch between the assumed and the true signal parameters. For this reason, narrow-band analysis methods have been developed, allowing a fully coherent search for gravitational waves from known pulsars over a fraction of a hertz and several spin-down values. In this paper we describe a narrow-band search of 11 pulsars using data from Advanced LIGO’s first observing run. Although we have found several initial outliers, further studies show no significant evidence for the presence of a gravitational wave signal. Finally, we have placed upper limits on the signal strain amplitude lower than the spin-down limit for 5 of the 11 targets over the bands searched; in the case of J1813-1749 the spin-down limit has been beaten for the first time. For an additional 3 targets, the median upper limit across the search bands is below the spin-down limit. This is the most sensitive narrow-band search for continuous gravitational waves carried out so far

    The Herschel–ATLAS data release 2, Paper I. Submillimeter and far-infrared images of the South and North Galactic Poles: the largest Herschel survey of the extragalactic sky

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    We present the largest submillimeter images that have been made of the extragalactic sky. The Herschel Astrophysical Terahertz Large Area Survey (H-ATLAS) is a survey of 660 deg2 with the PACS and SPIRE cameras in five photometric bands: 100, 160, 250, 350, and 500 μm. In this paper we present the images from our two largest fields, which account for ~75% of the survey. The first field is 180.1 deg2 in size, centered on the north Galactic pole (NGP), and the second is 317.6 deg2 in size, centered on the south Galactic pole. The NGP field serendipitously contains the Coma cluster. Over most (~80%) of the images, the pixel noise, including both instrumental noise and confusion noise, is approximately 3.6, and 3.5 mJy pix−1 at 100 and 160 μm, and 11.0, 11.1 and 12.3 mJy beam−1 at 250, 350 and 500 μm, respectively, but reaches lower values in some parts of the images. If a matched filter is applied to optimize point-source detection, our total 1σ map sensitivity is 5.7, 6.0, and 7.3 mJy at 250, 350, and 500 μm, respectively. We describe the results of an investigation of the noise properties of the images. We make the most precise estimate of confusion in SPIRE maps to date, finding values of 3.12 ± 0.07, 4.13 ± 0.02, and 4.45 ± 0.04 mJy beam−1 at 250, 350, and 500 μm in our un-convolved maps. For PACS we find an estimate of the confusion noise in our fast-parallel observations of 4.23 and 4.62 mJy beam−1 at 100 and 160 μm. Finally, we give recipes for using these images to carry out photometry, both for unresolved and extended sources

    High-Precision Radio and Infrared Astrometry of LSPM J1314+1320AB - II: Testing Pre--Main-Sequence Models at the Lithium Depletion Boundary with Dynamical Masses

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    Trent J. Dupuy, et al, 'HIGH-PRECISION RADIO AND INFRARED ASTROMETRY OF LSPM J1314+1320AB. II. TESTING PREMAIN-SEQUENCE MODELS AT THE LITHIUM DEPLETION BOUNDARY WITH DYNAMICAL MASSES', The Astrophysical Journal, Vol. 827 (1), 14pp, August 2016. doi:10.3847/0004-637X/827/1/23. © 2016. The American Astronomical Society. All rights reserved.We present novel tests of pre-main-sequence models based on individual dynamical masses for the M7 binary LSPM J1314+1320AB. Joint analysis of our Keck adaptive optics astrometric monitoring along with Very Long Baseline Array radio data from a companion paper yield component masses of 0.0885±0.00060.0885\pm0.0006 MM_{\odot} and 0.0875±0.00100.0875\pm0.0010 MM_{\odot} and a parallactic distance of 17.249±0.01317.249\pm0.013 pc. We also derive component luminosities that are consistent with the system being coeval at an age of 80.8±2.580.8\pm2.5 Myr, according to BHAC15 evolutionary models. The presence of lithium is consistent with model predictions, marking the first time the theoretical lithium depletion boundary has been tested with ultracool dwarfs of known mass. However, we find that the average evolutionary model-derived effective temperature (2950±52950\pm5 K) is 180 K hotter than we derive from a spectral type-TeffT_{\rm eff} relation based on BT-Settl models (2770±1002770\pm100 K). We suggest that the dominant source of this discrepancy is model radii being too small by \approx13%. In a test that mimics the typical application of evolutionary models by observers, we derive masses on the H-R diagram using the luminosity and BT-Settl temperature. The estimated masses are 4619+1646^{+16}_{-19}% (2.0σ\sigma) lower than we measure dynamically and would imply that this is a system of \approx50 MJupM_{\rm Jup} brown dwarfs, highlighting the large systematic errors possible when inferring masses from the H-R diagram. This is first time masses have been measured for ultracool (\geqM6) dwarfs displaying spectral signatures of low gravity. Based on features in the infrared, LSPM J1314+1320AB appears higher gravity than typical Pleiades and AB Dor members, opposite the expectation given its younger age. The components of LSPM J1314+1320AB are now the nearest, lowest mass pre-main-sequence stars with direct mass measurements.Peer reviewe

    A REVERSE SHOCK in GRB 160509A

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    We present the second multi-frequency radio detection of a reverse shock in a γ-ray burst. By combining our extensive radio observations of the Fermi-Large Area Telescope γ-ray burst 160509A at z = 1.17 up to 20 days after the burst with Swift X-ray observations and ground-based optical and near-infrared data, we show that the afterglow emission comprises distinct reverse shock and forward shock contributions: the reverse shock emission dominates in the radio band at ≲10 days, while the forward shock emission dominates in the X-ray, optical, and near-infrared bands. Through multi-wavelength modeling, we determine a circumburst density of , supporting our previous suggestion that a low-density circumburst environment is conducive to the production of long-lasting reverse shock radiation in the radio band. We infer the presence of a large excess X-ray absorption column, N H ≈ 1.5 ×1022 , and a high rest-frame optical extinction, A V ≈ 3.4 mag. We identify a jet break in the X-ray light curve at , and thus derive a jet opening angle of , yielding a beaming-corrected kinetic energy and radiated γ-ray energy of erg and erg (1-104 keV, rest frame), respectively. Consistency arguments connecting the forward shocks and reverse shocks suggest a deceleration time of s ≈ T 90, a Lorentz factor of , and a reverse-shock-to-forward-shock fractional magnetic energy density ratio of . Our study highlights the power of rapid-response radio observations in the study of the properties and dynamics of γ-ray burst ejecta. © 2016. The American Astronomical Society. All rights reserved

    Identification and mitigation of narrow spectral artifacts that degrade searches for persistent gravitational waves in the first two observing runs of Advanced LIGO

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    Searches are under way in Advanced LIGO and Virgo data for persistent gravitational waves from continuous sources, e.g. rapidly rotating galactic neutron stars, and stochastic sources, e.g. relic gravitational waves from the Big Bang or superposition of distant astrophysical events such as mergers of black holes or neutron stars. These searches can be degraded by the presence of narrow spectral artifacts (lines) due to instrumental or environmental disturbances. We describe a variety of methods used for finding, identifying and mitigating these artifacts, illustrated with particular examples. Results are provided in the form of lists of line artifacts that can safely be treated as non-astrophysical. Such lists are used to improve the efficiencies and sensitivities of continuous and stochastic gravitational wave searches by allowing vetoes of false outliers and permitting data cleaning
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