1,748 research outputs found

    Collateral and Debt Maturity Choice. A Signaling Model

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    This paper derives optimal loan policies under asymmetric information where banks offer loan contracts of long and short duration, backed or unbacked with collateral. The main novelty of the paper is that it analyzes a setting in which high quality firms use collateral as a complementary device along with debt maturity to signal their superiority. The least-cost signaling equilibrium depends on the relative costs of the signaling devices, the difference in firm quality and the proportion of good firms in the market. Model simulations suggest a non-monotonic relationship between firm quality and debt maturity, in which high quality firms have both long-term secured debt and short-term secured or non-secured debt.

    Plasma Physics

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    Contains reports on five research projects.United States Atomic Energy Commission (Contract AT(30-1)-1842)Project MACAdvanced Research Agency, Department of Defense, under Office of Naval Research Contract Nonr-4102(01

    Radiative recombination of bare Bi83+: Experiment versus theory

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    Electron-ion recombination of completely stripped Bi83+ was investigated at the Experimental Storage Ring (ESR) of the GSI in Darmstadt. It was the first experiment of this kind with a bare ion heavier than argon. Absolute recombination rate coefficients have been measured for relative energies between ions and electrons from 0 up to about 125 eV. In the energy range from 15 meV to 125 eV a very good agreement is found between the experimental result and theory for radiative recombination (RR). However, below 15 meV the experimental rate increasingly exceeds the RR calculation and at Erel = 0 eV it is a factor of 5.2 above the expected value. For further investigation of this enhancement phenomenon the electron density in the interaction region was set to 1.6E6/cm3, 3.2E6/cm3 and 4.7E6/cm3. This variation had no significant influence on the recombination rate. An additional variation of the magnetic guiding field of the electrons from 70 mT to 150 mT in steps of 1 mT resulted in periodic oscillations of the rate which are accompanied by considerable changes of the transverse electron temperature.Comment: 12 pages, 14 figures, to be published in Phys. Rev. A, see also http://www.gsi.de/ap/ and http://www.strz.uni-giessen.de/~k

    A comparison of vaginal versus buccal misoprostol for cervical ripening in women for labor induction at term (the IMPROVE trial): a triple-masked randomized controlled trial

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    Background Cervical ripening is commonly needed for labor induction. Finding an optimal route of misoprostol dosing for efficacy, safety, and patient satisfaction is important and not well studied for the buccal route. Objective To compare the efficacy and safety of vaginal and buccal misoprostol for women undergoing labor induction at term. Study Design The IMPROVE trial was an institutional review board–approved, triple-masked, placebo-controlled randomized noninferiority trial for women undergoing labor induction at term with a Bishop score ≀6. Enrolled women received 25 mcg (first dose), then 50 mcg (subsequent doses) of misoprostol by assigned route (vaginal or buccal) and a matching placebo tablet by the opposite route. The primary outcomes were time to delivery and the rate of cesarean delivery performed urgently for fetal nonreassurance. A sample size of 300 was planned to test the noninferiority hypothesis. Results The trial enrolled 319 women, with 300 available for analysis, 152 in the vaginal misoprostol group and 148 in the buccal. Groups had similar baseline characteristics. We were unable to demonstrate noninferiority. The time to vaginal delivery was lower for the vaginal misoprostol group (median [95% confidence interval] in hours: vaginal: 20.1 [18.2, 22.8] vs buccal: 28.1 [24.1, 31.4], log-rank test P = .006, Pnoninferiority = .663). The rate of cesarean deliveries for nonreassuring fetal status was 3.3% for the vaginal misoprostol group and 9.5% for the buccal misoprostol group (P = .033). The rate of vaginal delivery in <24 hours was higher in the vaginal group (58.6% vs 39.2%, P = .001). Conclusion We were unable to demonstrate noninferiority. In leading to a higher rate of vaginal deliveries, more rapid vaginal delivery, and fewer cesareans for fetal issues, vaginal misoprostol may be superior to buccal misoprostol for cervical ripening at term

    Modeling resilience and sustainability in ancient agricultural systems

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    The reasons why people adopt unsustainable agricultural practices, and the ultimate environmental implications of those practices, remain incompletely understood in the present world. Archaeology, however, offers unique datasets on coincident cultural and ecological change, and their social and environmental effects. This article applies concepts derived from ecological resilience thinking to assess the sustainability of agricultural practices as a result of long-term interactions between political, economic, and environmental systems. Using the urban center of Gordion, in central Turkey, as a case study, it is possible to identify mismatched social and ecological processes on temporal, spatial, and organizational scales, which help to resolve thresholds of resilience. Results of this analysis implicate temporal and spatial mismatches as a cause for local environmental degradation, and increasing extralocal economic pressures as an ultimate cause for the adoption of unsustainable land-use practices. This analysis suggests that a research approach that integrates environmental archaeology with a resilience perspective has considerable potential for explicating regional patterns of agricultural change and environmental degradation in the past
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