Influential Article Review - An Analytical Approach to Understanding Corporate Hedging

This paper examines corporate management. We present insights from a highly influential paper. Here are the highlights from this paper: This paper employs meta-analysis to aggregate and systematically analyze the mixed empirical evidence on the determinants of corporate hedging reported in 132 previously published studies covering data from more than 73,000 firms. Among the fourteen proxy variables analyzed by multivariate meta-analysis, three variables emerge as reliable explanatory factors for corporate hedging decisions supporting the bankruptcy and financial distress hypothesis: dividend yield (positive sign), liquidity (negative sign), and firm size (positive sign). Moreover, for tax-loss carry forwards (positive sign) and research and development (positive sign), our findings indicate a weak impact on corporate hedging behavior reflecting tax reasons, the coordination between financing and investment, and agency conflicts between shareholders and debtholders. Regarding the asymmetric information and agency conflicts of equity hypothesis, we find no explanatory power. The further analysis of heterogeneity via meta-regression reveals several factors that determine the mixed empirical evidence reported in previous studies. First, the results indicate that studies analyzing firms from North America report, on average, a lower impact of leverage on the corporate hedging decision. Moreover, studies examining more recent data samples tend to find a weaker relation between tangible assets and hedging, R&D and hedging, respectively. Overall, our results encourage scientific research to put more emphasis on finer-grained examinations of hedging variations and to discover rationales of corporate hedging extending classical financial theories. For our overseas readers, we then present the insights from this paper in Spanish, French, Portuguese, and German

Mode-routed fiber-optic add-drop filter

New elements mode-converting two-mode grating and mode-filtering two-mode coupler are disclosed and used as elements in a system for communications, add-drop filtering, and strain sensing. Methods of fabrication for these new two-mode gratings and mode-filtering two-mode couplers are also disclosed

Fire retardant action of mineral fillers

Endothermically decomposing mineral fillers, such as aluminium or magnesium hydroxide, magnesium carbonate, or mixed magnesium/calcium carbonates and hydroxides, such as naturally occurring mixtures of huntite and hydromagnesite are in heavy demand as sustainable, environmentally benign fire retardants. They are more difficult to deploy than the halogenated flame retardants they are replacing, as their modes of action are more complex, and are not equally effective in different polymers. In addition to their presence (at levels up to 70%), reducing the flammable content of the material, they have three quantifiable fire retardant effects: heat absorption through endothermic decomposition; increased heat capacity of the polymer residue; increased heat capacity of the gas phase through the presence of water or carbon dioxide. These three contributions have been quantified for eight of the most common fire retardant mineral fillers, and the effects on standard fire tests such as the LOI, UL 94 and cone calorimeter discussed. By quantifying these estimable contributions, more subtle effects, which they might otherwise mask, may be identified

Comparison between antithymocyte globulin and alemtuzumab and the possible impact of KIR-ligand mismatch after dose-reduced conditioning and unrelated stem cell transplantation in patients with multiple myeloma

We compared antithymocyte globulin (ATG) with alemtuzumab in 73 patients with multiple myeloma, who underwent reduced conditioning with melphalan/fludarabine, followed by allogeneic stem cell transplantation from human leucocyte antigen-matched or -mismatched unrelated donors. The ATG group had more prior high-dose chemotherapies (P < 0.001), while bone marrow was used more as the stem cell source in the alemtuzumab group (P < 0.001). Alemtuzumab resulted in faster engraftment of leucocytes (P = 0.03) and platelets (P = 0.02) and in a lower incidence of acute graft versus host disease (GvHD) grades II-IV (24% vs. 47%, P = 0.06). More cytomegalovirus (CMV) seropositive patients in the alemtuzumab group experienced CMV reactivation (100% vs. 47%, P = 0.001). The cumulative incidence of treatment-related mortality at 2 years was 26% [95% confidence interval (CI) = 12-37%] for ATG vs. 28% (95% CI = 15-55%) for alemtuzumab, P = 0.7. There was no significant difference in the estimated 2-year overall and progression-free survival between ATG and alemtuzumab: 54% (95% CI: 39-75%) vs. 45% (95% CI: 28-73%) and 30% (95% CI: 16-55%) vs. 36% (95% CI: 20-62%) respectively. In multivariate analysis, treatment with alemtuzumab had a higher risk for relapse (hazard ratio: 2.37; P = 0.05) while killer immunoglobulin-like receptor (KIR)-ligand mismatch was protective for relapse (P < 0.0001). We conclude that alemtuzumab produced less acute GvHD, but higher probability of relapse. The data implicated a major role of KIR-ligand mismatched transplantation in multiple myeloma

Dynamic scaling for 2D superconductors, Josephson junction arrays and superfluids

The value of the dynamic critical exponent $z$ is studied for two-dimensional superconducting, superfluid, and Josephson Junction array systems in zero magnetic field via the Fisher-Fisher-Huse dynamic scaling. We find $z\simeq5.6\pm0.3$, a relatively large value indicative of non-diffusive dynamics. Universality of the scaling function is tested and confirmed for the thinnest samples. We discuss the validity of the dynamic scaling analysis as well as the previous studies of the Kosterlitz-Thouless-Berezinskii transition in these systems, the results of which seem to be consistent with simple diffusion ($z=2$). Further studies are discussed and encouraged.Comment: 19 pages in two-column RevTex, 8 embedded EPS figure

‘Sell[ing] what hasn’t got a name’: An exploration of the different understandings and definitions of ‘community engagement’ work in the performing arts

Widely known to promote broader involvement in the processes which define the arts and culture (Webster, 1997), community engagement work in the performing arts — despite employing a set of commonly recognised norms — has tended to be conceptualised differently both historically and contemporarily. Drawing on ethnographic research — particularly semi-structured qualitative interview accounts of numerous British practitioners with a track record of work in the sector, the article explores these different conceptualisations. The article finds that it is the actual ‘work that matters’ and not what it is named, and that the diversity of understandings and definitions among sectoral practitioners is reflective of evolving thinking, values and practice, something that may be destabilising for better or worse