Solicited and Unsolicited Credit Ratings: A Global Perspective

We conducted a global study of the long-term issuer ratings of nonfinancial firms from Standard and Poor's Ratings Services (S&P) for the period 1998–2003. Specifically, we focused on the solicited versus unsolicited ratings and sample-selection bias in the analysis. Unlike the literature, we adopted an improved method using Wooldridge’s instrumental-variable approach to mitigate the concern of specification errors in Heckman’s model. We found that the probability of seeking a long-term issuer rating is positively related to the size and profitability of the firm, and negatively related to the growth opportunities and debt levels of the firm. The credit rating is positively related to the sovereign rating, size, and profitability of the issuer, and negatively related to the debt ratio of the issuer. Consistent with the literature, we found sample-selection bias in credit ratings. Our findings suggest that the firms with solicited ratings seem to be more profitable, more liquid, and have lower leverage than the issuers with unsolicited ratings. After controlling for sample-selection bias and some key financial ratios, we found that unsolicited firms, on average, seem to have lower long-term issuer ratings.corporate long-term issuer ratings; solicited and unsolicited

Evaluation of rice cultivars for resistance to rice yellow mottle virus

Rice yellow mottle virus (RYMV), which is only found in Africa, threatens rice farming on the continent. A local Oryza sativa cultivar collected from Burkina Faso (named BM24), was evaluated with that of well known highly resistant and tolerant cultivars. Firstly, three RYMV isolates were used to characterise the differential interaction within the cultivars. Secondly, disease kinetics of symptom expression and virus titer on leaves at 21 days after inoculation were assessed using the BF1 isolate. Thirdly, the allelic profile of O. sativa varieties using SSR marker RM101 located on chromosome 12 was also assessed. IR64 showed susceptibility to all isolates; while Tog5681 was resistant to all isolates. Ng122 overcame the resistance of Gigante, with mild leaf symptoms at 42 dpi. Azucena and BM24 had, therefore, different resistance level regarding the three isolates (Ng117b, Ng122 and Ng144). When infected with the isolate, BF1, BM24 and Azucena exhibited same resistance patterns in early growth stages with delayed of symptoms appearance, but BM24 outperformed Azucena at later stages. The virus content in the two accessions, at 14 days post inoculation, was statistically different with BM24, showing less virus compared to Azucena. However, the two accessions depicted an identical allelic profile at RM101 locus

Recommendation domains for pond aquaculture

This publication introduces the methods and results of a research project that has developed a set of decision-support tools to identify places and sets of conditions for which a particular target aquaculture technology is considered feasible and therefore good to promote. The tools also identify the nature of constraints to aquaculture development and thereby shed light on appropriate interventions to realize the potential of the target areas. The project results will be useful for policy planners and decision makers in national, regional and local governments and development funding agencies, aquaculture extension workers in regional and local governments, and researchers in aquaculture systems and rural livelihoods. (Document contains 40 pages

Recommendation domains for pond aquaculture

This publication introduces the methods and results of a research project that has developed a set of decision-support tools to identify places and sets of conditions for which a particular target aquaculture technology is considered feasible and therefore good to promote. The tools also identify the nature of constraints to aquaculture development and thereby shed light on appropriate interventions to realize the potential of the target areas. The project results will be useful for policy planners and decision makers in national, regional and local governments and development funding agencies, aquaculture extension workers in regional and local governments, and researchers in aquaculture systems and rural livelihoods.Pond culture, Freshwater aquaculture, GIS

Femtosecond laser machining of multi-depth microchannel networks onto silicon

Direct writing of multi-depth microchannel branching networks into a silicon wafer with femtosecond pulses at 200 kHz is reported. The silicon wafer with the microchannels is used as the mold for rapid prototyping of microchannels on polydimethylsiloxane. The branching network is designed to serve as a gas exchanger for use in artificial lungs and bifurcates according to Murray's law. In the development of such micro-fluidic structures, processing speed, machining range with quality surface, and precision are significant considerations. The scan speed is found to be a key parameter to reduce the processing time, to expand the machining range, and to improve the surface quality. By fabricating a multi-depth branching network as an example, the utilization of femtosecond pulses in the development of microfluidic devices is demonstrated.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/90801/1/0960-1317_21_4_045027.pd

Control of the wetting properties of an AISI 316L stainless steel surface by femtosecond laser-induced surface modification

A simple and effective method without vacuum to control the wetting properties of AISI 316L stainless steel using femtosecond laser pulses at high repetition rate has been developed. Both hydrophilic and hydrophobic surfaces were formed by creating micro-conical structures on the surface with femtosecond laser irradiation in air. The scan speed was found to be an effective parameter in controlling micro-cone morphology, size and number densities and contact angles during surface wettability experiments. It was found during surface wettability experiments that the contact angle of water varied from 0° (superhydrophilic) to 113° on laser micro-cone textured surfaces depending on processing conditions. Additionally, a superhydrophobic AISI 316L stainless steel surface was created (contact angle ∼150°) with a functionalized silane coating on already hydrophobic surface geometry.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/98609/1/0960-1317_22_10_105019.pd

Reversible Metal-Semiconductor Transition of ssDNA-Decorated Single-Walled Carbon Nanotubes

A field effect transistor (FET) measurement of a SWNT shows a transition from a metallic one to a p-type semiconductor after helical wrapping of DNA. Water is found to be critical to activate this metal-semiconductor transition in the SWNT-ssDNA hybrid. Raman spectroscopy confirms the same change in electrical behavior. According to our ab initio calculations, a band gap can open up in a metallic SWNT with wrapped ssDNA in the presence of water molecules due to charge transfer.Comment: 13 pages, 6 figure

Rheology and Dynamics of Associative Polymers in Shear and Extension: Theory and Experiment

Submitted to Macromolecules, July 2005We investigate the steady and transient shear and extensional rheological properties of a series of model hydrophobically modified ethoxylate-urethane (HEUR) polymers with varying degrees of hydrophobicity. A new nonlinear two-species network model for these telechelic polymers is described which incorporates appropriate molecular mechanisms for the creation and destruction of elastically-active chains. Like other recent models we incorporate the contributions of both the bridging chains (those between micelles) and the dangling chains to the final stress tensor. This gives rise to two distinct relaxation time scales; a short Rouse time for the relaxing chains and a longer network time–scale that depends on the aggregation number and strength of the micellar junctions. The evolution equations for the fraction of elastically-active chains and for the conformation tensors of each species are solved to obtain the total stress arising from imposed deformations. The model contains a single non-linear parameter and incorporates the non-linear chain extension, the shear-induced enhancement of associations and the stretch-induced dissociation of hydrophobic chains. In contrast to earlier closed-form models, we are able to obtain quantitative agreement between experimental measurements and the model predictions for three different series of telechelic polymers over a range of concentrations. The scaling of both the zero shear viscosity and the effective network relaxation time show good agreement with those measured in experiments. The model also quantitatively captures both the shear-thickening and subsequent shear-thinning observed in the rheology at high deformation rates and predicts transient extensional stress growth curves in close agreement with those measured using a filament stretching rheometer.Schlumberger Foundatio