Strategic Interaction and the Co-Determination of Firms’ Financial Policies

With a few notable exceptions, corporate finance studies of firms’ financial policies typically rely on a single firm setting, thus overlooking the possibility that firms’ financial policies are co-determined by those of their rivals. I develop and test a model in which firms interact by buying and selling productive assets. This interaction affects cash policies because a lack of cash may force a firm to sell assets at a discount, while having surplus cash may enable a firm to take advantage of other firms’ asset sales. The model generates sharp and novel empirical predictions at the industry (as opposed to the individual firm) level. I test these predictions using a carefully built methodology that tackles the endogeneity and persistence of firm-level determinants. Precisely as predicted by the theory, I find that both the average cash holdings in an industry, as well as the heterogeneity in cash policies within that industry, depend on two variables: the asset specificity of that industry and industry cashflow volatility. These results point to the importance of strategic interaction as a determinant of corporate financial policies

Strategic Interaction and the Co-Determination of Firms’ Financial Policies

With a few notable exceptions, corporate finance studies of firms’ financial policies typically rely on a single firm setting, thus overlooking the possibility that firms’ financial policies are co-determined by those of their rivals. I develop and test a model in which firms interact by buying and selling productive assets. This interaction affects cash policies because a lack of cash may force a firm to sell assets at a discount, while having surplus cash may enable a firm to take advantage of other firms’ asset sales. The model generates sharp and novel empirical predictions at the industry (as opposed to the individual firm) level. I test these predictions using a carefully built methodology that tackles the endogeneity and persistence of firm-level determinants. Precisely as predicted by the theory, I find that both the average cash holdings in an industry, as well as the heterogeneity in cash policies within that industry, depend on two variables: the asset specificity of that industry and industry cashflow volatility. These results point to the importance of strategic interaction as a determinant of corporate financial policies

A comparison of SERS and MEF of rhodamine 6G on a gold substrate

Rhodamine 6G is spin-cast onto gold surfaces and the reflectance, emission, excitation, and SERS spectra are reported. Electron microscopy shows that the particle sizes of the gold are uniform for all preparations. Reflection spectra demonstrate the spectroscopic signature for Rh6G aggregates for thicker films and that the gold plasmon band shifts due to the refractive index change on the surface. The intensity of the SERS spectra increases with increasing surface coverage but the change is nonlinear between submonolayer and multilayer surface densities. The SERS resonance frequencies are unchanged as a function of Rh6G thickness, indicating that there is no coupling between Rh6G molecules in the ground state. The emission spectra behave unexpectedly as a function of Rh6G coverage. At submonolayer coverage the emission is relatively strong, decreases as the surface density increases to a monolayer, and then increases as the Rh6G thickness increases. Excitation spectra demonstrate that the emitting species at low surface density is monomeric but for thicker layers the moiety responsible for emission is Rh6G excited state aggregates. For the thicker films, the Rh6G acts as its own dielectric layer for metal enhanced fluorescence of the aggregates, which is the first example of a system where the fluorophore acts as its own dielectric for metal enhanced fluorescence. The intensity of the aggregate emission on gold intensity is three times of that found when Rh6G is deposited on glass. The gold induces emission in the Rh6G excited state aggregates that are quenched in the absence of the plasmon field

On optimal allocations of target-date funds

We study optimal life-cycle portfolio allocation and its application to target-date fund (TDF) design. We show that optimal TDF allocation must be explicitly linked to a savings rate; for example, a higher savings rate generating higher financial wealth accumulation should necessarily come with a more conservative TDF. Further, we quantify the extent to which accumulated wealth, the investing environment, and participant characteristics affect TDF allocations and compare the resulting optimal allocations against the observed universe of US TDF products. Plan sponsors and asset managers can use these findings to improve TDF selection and design

Controlling the Luminescence of Carboxyl-Functionalized CdSe/ZnS Core–Shell Quantum Dots in Solution by Binding with Gold Nanorods

Plasmonic nanostructures offer promising routes toward artificial control of the photoluminescence properties of various emitters. Here, we investigated the photoluminescence of carboxyl-functionalized CdSe/ZnS core–shell quantum dots (c-QDs) localized near gold nanorods (AuNRs) as a function of c-QDs–AuNRs distance using the cetyltrimethylammonium bromide (CTAB) surfactant and Bovine Serum Albumin (BSA) protein layers over coating metal surface as spacer. The direct binding of negatively charged c-QDs to positively charged CTAB (3–4 nm thickness) caused close contact with the metal, resulting in an efficient metal-induced energy transfer (quenching). We found that quenching is modulated by the degree of spectral overlap between the photoluminescence band of c-QDs (620 nm) and longitudinal localized surface plasmon resonance (LSPR) of AuNRs (637 and 733 nm). Deposition of BSA layer over CTAB coated-AuNRs and subsequent decoration with c-QDs yielded an increase in photoluminescence signal when exciting in resonance with the transverse LSPR of AuNRs. On the basis of experimental studies using steady-state and time-resolved fluorescence measurements as well as finite-difference time-domain calculations, we report over 70% quenching efficiency for all investigated AuNRs along with a 4.6-fold in photoluminescence enhancement relative to free c-QDs (39-fold enhancement relative to c-QDs loaded AuNRs) after BSA deposition

Synthesis and optical properties of dyes encapsulated in gold hollow nanoshells

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