Market feedback, investment constraints, and managerial behavior

This paper examines the joint role of market feedback and investment constraints on managerial behavior. Using a sample of UK fixed price initial public offerings, we show that underperformance of share returns at the IPO significantly affects managerial investment decisions in the period after the offering. Firms with better investment opportunities and proportionately lower fixed (higher intangible) assets are more sensitive to negative market feedback. Over the longer term, the more responsive firms perform significantly better than their non-responsive counterparts. The findings contribute to the debate on the informational advantage of managers over investors and present strong evidence that the market, on aggregate, can provide a superior assessment of a firm's opportunities. Managers who are able to respond to negative market feedback can significantly improve their firm's future prospects

In search of patterns of land-use in Mexico City using logistic regression at the plot level

The study of big cities’ tendency to decentralisation is in the current agenda to understand the structure of Latin American cities. In general, centres and subcentres are related to specific functions. According to the theories of the movement economy and centrality as a process, the urban grid shapes land use distribution through movement and therefore is the main determinant of the location of ‘live centres’, a key component of centres. Activities related to ‘live centres’ include retail, catering and other movement dependent uses. However, the distribution of this kind of activity in cities like Mexico is not as spatially clear as it is in organically grown cities. In this paper we show that, nonetheless complex, there is a relationship between the location of ‘live centre’ uses and spatial configuration. We use multiple logistic regression to evaluate exactly how much influence each variable has on the outcome ‘shop’ given the presence of all the others. The results also suggest different spatial influences for different types of retail on different scales of centres

On the Importance of the Interclump Medium for Superionization: O VI Formation in the Wind of Zeta Pup

We have studied superionization and X-ray line formation in the spectra of Zeta Pup using our new stellar atmosphere code (XCMFGEN) that can be used to simultaneously analyze optical, UV, and X-ray observations. Here, we present results on the formation of the O VI ll1032, 1038 doublet. Our simulations, supported by simple theoretical calculations, show that clumped wind models that assume void in the interclump space cannot reproduce the observed O VI profiles. However, enough O VI can be produced if the voids are filled by a low density gas. The recombination of O VI is very efficient in the dense material but in the tenuous interclump region an observable amount of O VI can be maintained. We also find that different UV resonance lines are sensitive to different density regimes in Zeta Pup : C IV is almost exclusively formed within the densest regions, while the majority of O VI resides between clumps. N V is an intermediate case, with contributions from both the tenuous gas and clumps.Comment: Accepted for publication in ApJL, 4 pages with 3 figure

A Spectropolarimetric Comparison of the Type II-Plateau Supernovae SN 2008bk and SN 2004dj

The Type II-Plateau supernova (SN II-P) SN 2004dj was the first SN II-P for which spectropolarimetry data were obtained with fine temporal sampling before, during, and after the fall off of the photometric plateau -- the point that marks the transition from the photospheric to the nebular phase in SNe II-P. Unpolarized during the plateau, SN 2004dj showed a dramatic spike in polarization during the descent off of the plateau, and then exhibited a smooth polarization decline over the next two hundred days. This behavior was interpreted by Leonard et al. (2006) as evidence for a strongly non-spherical explosion mechanism that had imprinted asphericity only in the innermost ejecta. In this brief report, we compare nine similarly well-sampled epochs of spectropolarimetry of the Type II-P SN 2008bk to those of SN 2004dj. In contrast to SN 2004dj, SN 2008bk became polarized well before the end of the plateau and also retained a nearly constant level of polarization through the early nebular phase. Curiously, although the onset and persistence of polarization differ between the two objects, the detailed spectropolarimetric characteristics at the epochs of recorded maximum polarization for the two objects are extremely similar, feature by feature. We briefly interpret the data in light of non-Local-Thermodynamic Equilibrium, time-dependent radiative-transfer simulations specifically crafted for SN II-P ejecta.Comment: 4 pages, 1 figure, to appear in AIP conference proceedings: Stellar Polarimetry, From Birth to Death, eds. J. Hoffman, B. Whitney, and J. Bjorkma

Revolutionizing Space Propulsion Through the Characterization of Iodine as Fuel for Hall-Effect Thrusters

The demand for increased performance in space propulsion systems is higher than ever as missions are becoming more advanced. As the global supply of xenon depletes, missions demanding high thrust will require alternatives. The research presented here examines iodine as an alternate propellant. The propellant was successfully operated through a BHT-200 thruster in the T6 vacuum facility at Busek Co. Inc. A feed system for the iodine was developed for controlled thruster operation at varying conditions. An inverted pendulum was used to take thrust measurements. Thrust to power ratio, anode efficiency, and specific impulse were calculated. Iodine performance is compared to xenon. Plume measurements were taken by a nude Faraday probe, which measured current density, and an ExB probe, also known as a Wein filter, which measured individual species properties. The data validated anode efficiency from performance measurements. Plume comparisons were made between iodine and xenon. Iodine was found to perform similarly to xenon, but with superior performance at high voltage. Possible effects of iodine operation on spacecraft, thrusters, and power systems were explored

Radial dependence of line profile variability in seven O9--B0.5 stars

Massive stars show a variety of spectral variability: presence of discrete absorption components in UV P-Cygni profiles, optical line profile variability, X-ray variability, radial velocity modulations. Our goal is to study the spectral variability of single OB stars to better understand the relation between photospheric and wind variability. For that, we rely on high spectral resolution, high signal-to-noise ratio optical spectra collected with the spectrograph NARVAL on the Telescope Bernard Lyot at Pic du Midi. We investigate the variability of twelve spectral lines by means of the Temporal Variance Spectrum (TVS). The selected lines probe the radial structure of the atmosphere, from the photosphere to the outer wind. We also perform a spectroscopic analysis with atmosphere models to derive the stellar and wind properties, and to constrain the formation region of the selected lines. We show that variability is observed in the wind lines of all bright giants and supergiants, on a daily timescale. Lines formed in the photosphere are sometimes variable, sometimes not. The dwarf stars do not show any sign of variability. If variability is observed on a daily timescale, it can also (but not always) be observed on hourly timescales, albeit with lower amplitude. There is a very clear correlation between amplitude of the variability and fraction of the line formed in the wind. Strong anti-correlations between the different part of the temporal variance spectrum are observed. Our results indicate that variability is stronger in lines formed in the wind. A link between photospheric and wind variability is not obvious from our study, since wind variability is observed whatever the level of photospheric variability. Different photospheric lines also show different degrees of variability.Comment: 13 pages, 9 figures + appendix. A&A accepted. Figures degraded for arxiv submissio

The Atomic Physics Underlying the Spectroscopic Analysis of Massive Stars and Supernovae

We have developed a radiative transfer code, CMFGEN, which allows us to model the spectra of massive stars and supernovae. Using CMFGEN we can derive fundamental parameters such as effective temperatures and surface gravities, derive abundances, and place constraints on stellar wind properties. The last of these is important since all massive stars are losing mass via a stellar wind that is driven from the star by radiation pressure, and this mass loss can substantially influence the spectral appearance and evolution of the star. Recently we have extended CMFGEN to allow us to undertake time-dependent radiative transfer calculations of supernovae. Such calculations will be used to place constraints on the supernova progenitor, to place constraints on the supernova explosion and nucleosynthesis, and to derive distances using a physical approach called the "Expanding Photosphere Method". We describe the assumptions underlying the code and the atomic processes involved. A crucial ingredient in the code is the atomic data. For the modeling we require accurate transition wavelengths, oscillator strengths, photoionization cross-sections, collision strengths, autoionization rates, and charge exchange rates for virtually all species up to, and including, cobalt. Presently, the available atomic data varies substantially in both quantity and quality.Comment: 8 pages, 2 figures, Accepted for publication in Astrophysics & Space Scienc

Augmented reality meeting table: a novel multi-user interface for architectural design

Immersive virtual environments have received widespread attention as providing possible replacements for the media and systems that designers traditionally use, as well as, more generally, in providing support for collaborative work. Relatively little attention has been given to date however to the problem of how to merge immersive virtual environments into real world work settings, and so to add to the media at the disposal of the designer and the design team, rather than to replace it. In this paper we report on a research project in which optical see-through augmented reality displays have been developed together with prototype decision support software for architectural and urban design. We suggest that a critical characteristic of multi user augmented reality is its ability to generate visualisations from a first person perspective in which the scale of rendition of the design model follows many of the conventions that designers are used to. Different scales of model appear to allow designers to focus on different aspects of the design under consideration. Augmenting the scene with simulations of pedestrian movement appears to assist both in scale recognition, and in moving from a first person to a third person understanding of the design. This research project is funded by the European Commission IST program (IST-2000-28559)

Properties of WNh stars in the Small Magellanic Cloud: evidence for homogeneous evolution

We derive the physical properties of three WNh stars in the SMC to constrain stellar evolution beyond the main sequence at low metallicity and to investigate the metallicity dependence of the clumping properties of massive stars. We compute atmosphere models to derive the stellar and wind properties of the three WNh targets. A FUV/UV/optical/near-infrared analysis gives access to temperatures, luminosities, mass loss rates, terminal velocities and stellar abundances. All stars still have a large hydrogen mass fraction in their atmosphere, and show clear signs of CNO processing in their surface abundances. One of the targets can be accounted for by normal stellar evolution. It is a star with initial mass around 40-50 Msun in, or close to, the core He burning phase. The other two objects must follow a peculiar evolution, governed by fast rotation. In particular, one object is likely evolving homogeneously due to its position blue-ward of the main sequence and its high H mass fraction. The clumping factor of one star is found to be 0.15+/-0.05. This is comparable to values found for Galactic Wolf-Rayet stars, indicating that within the uncertainties, the clumping factor does not seem to depend on metallicity.Comment: 16 pages. A&A accepte