Testing for inconsistencies in the estimation of UK capital structure determinants

This article analyses the determinants of the capital structure of 1054 UK companies from 1991 to 1997, and the extent to which the influence of these determinants are affected by time-invariant firm-specific heterogeneity. Comparing the results of pooled OLS and fixed effects panel estimation, significant differences in the results are found. While the OLS results are generally consistent with prior literature, the results of our fixed effects panel estimation contradict many of the traditional theories of the determinants of corporate financial structure. This suggests that results of traditional studies may be biased owing to a failure to control for firm-specific, time-invariant heterogeneity. The results of the fixed effects panel estimation find larger companies to have higher levels of both long-term and short-term debt than do smaller firms, profitability to be negatively correlated with the level of gearing, although profitable firms tend to have more short-term bank borrowing than less profitable firms, and tangibility to positively influence the level of short-term bank borrowing, as well as all long-term debt elements. However, the level of growth opportunities appears to have little influence on the level of gearing, other than short-term bank borrowing, where a significant negative relationship is observed

Non-symplectic symmetries and bi-Hamiltonian structures of the rational Harmonic Oscillator

The existence of bi-Hamiltonian structures for the rational Harmonic Oscillator (non-central harmonic oscillator with rational ratio of frequencies) is analyzed by making use of the geometric theory of symmetries. We prove that these additional structures are a consequence of the existence of dynamical symmetries of non-symplectic (non-canonical) type. The associated recursion operators are also obtained.Comment: 10 pages, submitted to J. Phys. A:Math. Ge

Formation of Galaxy Clusters

In this review, we describe our current understanding of cluster formation: from the general picture of collapse from initial density fluctuations in an expanding Universe to detailed simulations of cluster formation including the effects of galaxy formation. We outline both the areas in which highly accurate predictions of theoretical models can be obtained and areas where predictions are uncertain due to uncertain physics of galaxy formation and feedback. The former includes the description of the structural properties of the dark matter halos hosting cluster, their mass function and clustering properties. Their study provides a foundation for cosmological applications of clusters and for testing the fundamental assumptions of the standard model of structure formation. The latter includes the description of the total gas and stellar fractions, the thermodynamical and non-thermal processes in the intracluster plasma. Their study serves as a testing ground for galaxy formation models and plasma physics. In this context, we identify a suitable radial range where the observed thermal properties of the intra-cluster plasma exhibit the most regular behavior and thus can be used to define robust observational proxies for the total cluster mass. We put particular emphasis on examining assumptions and limitations of the widely used self-similar model of clusters. Finally, we discuss the formation of clusters in non-standard cosmological models, such as non-Gaussian models for the initial density field and models with modified gravity, along with prospects for testing these alternative scenarios with large cluster surveys in the near future.Comment: 66 pages, 17 figures, review to be published in 2012 Annual Reviews of Astronomy & Astrophysic

Nitrogen doping of TiO2 photocatalyst forms a second eg state in the Oxygen (1s) NEXAFS pre-edge

Close inspection of the pre-edge in oxygen near-edge x-ray absorption fine structure spectra of single step, gas phase synthesized titanium oxynitride photocatalysts with 20 nm particle size reveals an additional eg resonance in the VB that went unnoticed in previous TiO2 anion doping studies. The relative spectral weight of this Ti(3d)-O(2p) hybridized state with respect to and located between the readily established t2g and eg resonances scales qualitatively with the photocatalytic decomposition power, suggesting that this extra resonance bears co-responsibility for the photocatalytic performance of titanium oxynitrides at visible light wavelengths

Factorizations of Elements in Noncommutative Rings: A Survey

We survey results on factorizations of non zero-divisors into atoms (irreducible elements) in noncommutative rings. The point of view in this survey is motivated by the commutative theory of non-unique factorizations. Topics covered include unique factorization up to order and similarity, 2-firs, and modular LCM domains, as well as UFRs and UFDs in the sense of Chatters and Jordan and generalizations thereof. We recall arithmetical invariants for the study of non-unique factorizations, and give transfer results for arithmetical invariants in matrix rings, rings of triangular matrices, and classical maximal orders as well as classical hereditary orders in central simple algebras over global fields.Comment: 50 pages, comments welcom

Human Fetal Osteoblast Response on Poly (Methyl Methacrylate)/Polystyrene Demixed Thin Film Blends: Surface Chemistry Vs Topography Effects

Recent advances in materials sciences have allowed for the development and fabrication of biomaterials that are capable of providing requisite cues to instigate cells to respond in a predictable fashion. We have developed a series of poly(methyl methacrylate)/polystyrene (PMMA/PS) polymer demixed thin films with nanotopographies ranging from nanoislands to nanopits to study the response of human fetal osteoblast cells (hFOBs). When PMMA was in excess in the blend composition, a nanoisland topography dominated, whereas a nanopit topography dominated when PS was in excess. PMMA was found to segregate to the top of the nanoisland morphology with PS preferring the substrate interface. To further ascertain the effects of surface chemistry vs topography, we plasma treated the polymer demixed films using an atmospheric pressure dielectric barrier discharge reactor to alter the surface chemistry. Our results have shown that hFOBs did not have an increased short-term cellular response on pristine polymer demixed surfaces. However, increasing the hydrophilicty/wettability of the surfaces by oxygen functionalization causes an increase in the cellular response. These results indicate that topography alone is not sufficient to induce a positive cellular response, but the underlying surface chemistry is also important in regulating cell function

Cellular adaptations to hypoxia and acidosis during somatic evolution of breast cancer

Conceptual models of carcinogenesis typically consist of an evolutionary sequence of heritable changes in genes controlling proliferation, apoptosis, and senescence. We propose that these steps are necessary but not sufficient to produce invasive breast cancer because intraductal tumour growth is also constrained by hypoxia and acidosis that develop as cells proliferate into the lumen and away from the underlying vessels. This requires evolution of glycolytic and acid-resistant phenotypes that, we hypothesise, is critical for emergence of invasive cancer. Mathematical models demonstrate severe hypoxia and acidosis in regions of intraductal tumours more than 100 m from the basement membrane. Subsequent evolution of glycolytic and acid-resistant phenotypes leads to invasive proliferation. Multicellular spheroids recapitulating ductal carcinoma in situ (DCIS) microenvironmental conditions demonstrate upregulated glucose transporter 1 (GLUT1) as adaptation to hypoxia followed by growth into normoxic regions in qualitative agreement with model predictions. Clinical specimens of DCIS exhibit periluminal distribution of GLUT-1 and Na+/H+ exchanger (NHE) indicating transcriptional activation by hypoxia and clusters of the same phenotype in the peripheral, presumably normoxic regions similar to the pattern predicted by the models and observed in spheroids. Upregulated GLUT-1 and NHE-1 were observed in microinvasive foci and adjacent intraductal cells. Adaptation to hypoxia and acidosis may represent key events in transition from in situ to invasive cancer

Niche inheritance: a cooperative pathway to enhance cancer cell fitness though ecosystem engineering

Cancer cells can be described as an invasive species that is able to establish itself in a new environment. The concept of niche construction can be utilized to describe the process by which cancer cells terraform their environment, thereby engineering an ecosystem that promotes the genetic fitness of the species. Ecological dispersion theory can then be utilized to describe and model the steps and barriers involved in a successful diaspora as the cancer cells leave the original host organ and migrate to new host organs to successfully establish a new metastatic community. These ecological concepts can be further utilized to define new diagnostic and therapeutic areas for lethal cancers.Comment: 8 pages, 1 Table, 4 Figure

On singular Lagrangians affine in velocities

The properties of Lagrangians affine in velocities are analyzed in a geometric way. These systems are necessarily singular and exhibit, in general, gauge invariance. The analysis of constraint functions and gauge symmetry leads us to a complete classification of such Lagrangians.Comment: AMSTeX, 22 page

MRI-based Surgical Planning for Lumbar Spinal Stenosis

The most common reason for spinal surgery in elderly patients is lumbar spinal stenosis(LSS). For LSS, treatment decisions based on clinical and radiological information as well as personal experience of the surgeon shows large variance. Thus a standardized support system is of high value for a more objective and reproducible decision. In this work, we develop an automated algorithm to localize the stenosis causing the symptoms of the patient in magnetic resonance imaging (MRI). With 22 MRI features of each of five spinal levels of 321 patients, we show it is possible to predict the location of lesion triggering the symptoms. To support this hypothesis, we conduct an automated analysis of labeled and unlabeled MRI scans extracted from 788 patients. We confirm quantitatively the importance of radiological information and provide an algorithmic pipeline for working with raw MRI scans