Investment and Internal Finance: Asymmetric Information or Managerial Discretion?

This paper examines the relation between cash-flow availability and investment spending in theNetherlands. In particular, we are interested whether managerial discretion and/or asymmetricinformation drive the positive relation between cash-flow and investment spending. This relation ispositive for both firms with low and high investment opportunities. It is however significantly larger forfirms with low investment opportunities suggesting that the managerial-discretion problem is mostimportant in the Dutch setting. Effective corporate-governance may reduce this agency problem.Specific to the Netherlands, firms with low shareholder influence posit a higher cash-flow-investmentsensitivity. The relevance of asymmetric information is confirmed as smaller firms and firms frominformation-sensitive industries show a larger cash-flow-investment sensitivity.The Netherlands;asymmetric information;Investment;financial constraints;managerial discretion

Towards a fully self-consistent spectral function of the nucleon in nuclear matter

We present a calculation of nuclear matter which goes beyond the usual quasi-particle approximation in that it includes part of the off-shell dependence of the self-energy in the self-consistent solution of the single-particle spectrum. The spectral function is separated in contributions for energies above and below the chemical potential. For holes we approximate the spectral function for energies below the chemical potential by a $\delta$-function at the quasi-particle peak and retain the standard form for energies above the chemical potential. For particles a similar procedure is followed. The approximated spectral function is consistently used at all levels of the calculation. Results for a model calculation are presented, the main conclusion is that although several observables are affected by the inclusion of the continuum contributions the physical consistency of the model does not improve with the improved self-consistency of the solution method. This in contrast to expectations based on the crucial role of self-consistency in the proofs of conservation laws.Comment: 26 pages Revtex with 4 figures, submitted to Phys. Rev.

Investment and Internal Finance: Asymmetric Information or Managerial Discretion?

This paper examines the relation between cash-flow availability and investment spending in the Netherlands. In particular, we are interested whether managerial discretion and/or asymmetric information drive the positive relation between cash-flow and investment spending. This relation is positive for both firms with lo

Attentional avoidance of high-fat food in unsuccessful dieters

Using the exogenous cueing task, this study examined whether restrained and disinhibited eaters differ in their orientation of attention towards and their difficulty to disengage from high versus low-fat food pictures in a relatively short (500 ms) and a long presentation format (1500 ms). Overall, participants in the 500 ms condition showed a tendency to direct attention away from high-fat food pictures compared to neutral pictures. No differential pattern was evident for the 1500 ms condition. Correlational analysis revealed that reduced engagement with high-fat food was particularly pronounced for disinhibited eaters. Although in the short term this seems an adaptive strategy, it may eventually become counterproductive, as it could hinder habituation and learning to cope with seductive characteristics of high-fat food. (C) 2010 Elsevier Ltd. All rights reserved

Determination of the stability limit of a thermoacoustic engine by means of finite elements

A finite element model is presented to obtain the stability limit of, as an example, 2D standing wave thermoacoustic engine. The stability limit is the required heating to obtain self-sustained (thermo)acoustic oscillations. The method used to obtain the stability limit is not restricted to the example standing wave engine. With slight modification, more commercially interesting engines like traveling wave thermoacoustic stirling heat engines can be modeled. Under the assumption that beyond the stability limit, the acoustic field does not change except for its magnitude, important properties of the system can readily be obtained, such as the impedance in the engine core, called the stack, the over-all dissipation to production ratio and others. The results are verified with a so-called 1D low reduced frequency model result where numerical integration is applied to find the transfer matrix of the stack

Stabilizing nuclear spins around semiconductor electrons via the interplay of optical coherent population trapping and dynamic nuclear polarization

We experimentally demonstrate how coherent population trapping (CPT) for donor-bound electron spins in GaAs results in autonomous feedback that prepares stabilized states for the spin polarization of nuclei around the electrons. CPT was realized by excitation with two lasers to a bound-exciton state. Transmission studies of the spectral CPT feature on an ensemble of electrons directly reveal the statistical distribution of prepared nuclear spin states. Tuning the laser driving from blue to red detuned drives a transition from one to two stable states. Our results have importance for ongoing research on schemes for dynamic nuclear spin polarization, the central spin problem and control of spin coherence.Comment: 5 pages, 4 figure

Split-gate quantum point contacts with tunable channel length

We report on developing split-gate quantum point contacts (QPCs) that have a tunable length for the transport channel. The QPCs were realized in a GaAs/AlGaAs heterostructure with a two- dimensional electron gas (2DEG) below its surface. The conventional design uses 2 gate fingers on the wafer surface which deplete the 2DEG underneath when a negative gate voltage is applied, and this allows for tuning the width of the QPC channel. Our design has 6 gate fingers and this provides additional control over the form of the electrostatic potential that defines the channel. Our study is based on electrostatic simulations and experiments and the results show that we developed QPCs where the effective channel length can be tuned from about 200 nm to 600 nm. Length-tunable QPCs are important for studies of electron many-body effects because these phenomena show a nanoscale dependence on the dimensions of the QPC channel