Financial Distress in the Great Depression

We use firm-level data to study corporate performance during the Great Depression era for all industrial firms on the NYSE. Our goal is to identify the factors that contribute to business insolvency and valuation changes during the period 1928 to 1938. We find that firms with more debt and lower bond ratings in 1928 became financially distressed more frequently during the Depression, consistent with the trade-off theory of leverage and the information production role of credit rating agencies. We also document for the first time that firms responded to tax incentives to use debt during the Depression era, but that the extra debt used in response to this tax-driven “debt bias” did not contribute significantly to the occurrence of distress. Finally, we conduct an out of sample test during the recent 2008-2009 Recession and find that higher leverage and lower bond ratings also increased the occurrence of financial distress during this period.

Corporate Governance, Debt, and Investment Policy during the Great Depression

We study a period of severe disequilibrium to investigate whether board characteristics are related to corporate investment, debt usage, and firm value. During the 1930-1938 Depression era, when the corporate sector was shocked by an unprecedented downturn, we document a relation between board characteristics and firm performance that varies in economically sensible ways: Complex firms (that would benefit more from board advice) exhibit a positive relation between board size and firm value, and simple firms exhibit a negative relation between board size and firm value. Moreover, simple firms with large boards do not downsize adequately in response to the severe economic contraction: they invest more (or shrink less) and use more debt during the 1930s. We document similar effects for the number of outside directors on the board. Finally, we also find that companies with properly aligned governance structures are more likely to replace the company president following poor performance.

Near room-temperature colossal magnetodielectricity and multiglass properties in partially-disordered La2NiMnO6

We report magnetic, dielectric and magnetodielectric responses of pure monoclinic bulk phase of partially-disordered La2NiMnO6, exhibiting a spectrum of unusual properties and establish that this system intrinsically is a true multiglass with a large magnetodielectric coupling (8-20%) over a wide range of temperatures (150 - 300 K). Specifically, our results establish a unique way to obtain colossal magnetodielectricity, independent of any striction effects, by engineering the asymmetric hopping contribution to the dielectric constant via the tuning of the relative spin orientations between neighboring magnetic ions in a transition metal oxide system. We discuss the role of anti-site (Ni-Mn) disorder in emergence of these unusual properties.Comment: 5 pages, 4 figures, Slightly revised version of previous article in condmat: arXiv:1202.4319v

Torque Control During Intrusion on Upper Central Incisor in Labial and Lingual bracket System - A 3D Finite Element Study

The aim of present study was to investigate the difference of torque control during intrusive force on upper central incisors with normal, under and high torque in lingual and labial orthodontic systems through 3D finite element analysis. Six 3D models of an upper right central incisor with different torque were designed in Solid Works 2006. Software ANSYS Version 16.0 was used to evaluate intrusive force on upper central incisor model . An intrusive force of 0.15 N was applied to the bracket slot in different torque models and the displacements along a path of nodes in the upper central incisor was assessed. On application of Intrusive force on under torqued upper central incisor in Labial system produce labial crown movement but in Lingual system caused lingual movement in the apical and incisal parts. The same intrusive force in normal-torqued central incisor led to a palatal movement in apical and labial displacement of incisal edge in Lingual system and a palatal displacement in apical area and a labial movement in the incisal edge in Labial systemin. In overtorqued upper central incisor, the labial crown displacement in Labial system is more than Lingual system. In labial and lingual system on application of the same forces in upper central incisor with different inclinations showed different responses. The magnitudes of torque Loss during intrusive loads in incisors with normal, under and over-torque were higher in Labial system than Lingual orthodontic appliances

Creación de personaje en la técnica clown de la puesta en escena "Los merolicos"

La creación de personaje en la técnica clown para la puesta en escena “Los merolicos

A protocol for micropropagation of Alpinia galanga

Emerging buds of rhizome of Alpinia galanga Willd produced shoots and roots simultaneously when cultured in MS medium supplemented with kinetin 3.0 mg

Electric and magnetic polarizabilities of hexagonal Ln2CuTiO6 (Ln=Y, Dy, Ho, Er and Yb)

We investigated the rare-earth transition metal oxide series, Ln2CuTiO6 (Ln=Y, Dy, Ho, Er and Yb), crystallizing in the hexagonal structure with non-centrosymmetric P63cm space group for possible occurrences of multiferroic properties. Our results show that while these compounds, except Ln=Y, exhibit a low temperature antiferromagnetic transition due to the ordering of the rare-earth moments, the expected ferroelectric transition is frustrated by the large size difference between Cu and Ti at the B-site. Interestingly, this leads these compounds to attain a rare and unique combination of desirable paraelectric properties with high dielectric constants, low losses and weak temperature and frequency dependencies. First-principles calculations establish these exceptional properties result from a combination of two effects. A significant difference in the MO5 polyhedral sizes for M = Cu and M = Ti suppress the expected co-operative tilt pattern of these polyhedra, required for the ferroelectric transition, leading to relatively large values of the dielectric constant for every compound investigated in this series. Additionally, it is shown that the majority contribution to the dielectric constant arises from intermediate-frequency polar vibrational modes, making it relatively stable against any temperature variation. Changes in the temperature stability of the dielectric constant amongst different members of this series are shown to arise from changes in relative contributions from soft polar modes.Comment: Accepted for publication in Phys. Rev. B (21 pages, 2 Table, 8 Figures

Leiomyoma of the nasal septum

Leiomyoma of nasal cavity is an extremely rare and unusual benign mass that uncommonly arises from the nasal septum. These are vascular or nonvascular masses of myogenic origin. We present a rare case of leiomyoma arising from the nasal septum and discuss its management using KTP 532 laser

Essential oil of leaves of Cinnamomum tamala Nees. & Eberm. from North East India

An essential oil (0.7%) having nD 28 = 1.4791 obtained by hyclrodistillation of fresh leaves of Cinnamomum tamala cultivated in North Cacher Hills of North East India was examined by gas chromatography. Fourteen oil components were identified which constituted 93.44% of the oil. Linalool was the main component (60.73%), whereas eugenol and cinnamic aldehyde were detected in trace amounts (<1%). Other components of significant occurrence (3%) in the oil were a-pinene (10.54%), b-pinene (10.42%), limonene (3.21%) and camphene (3.06%). &nbsp