Internal Finance and Firm Investment

We examine the neoclassical investment model using a panel of U.S. manufacturing firms. The standard model with no financing constraints cannot be rejected for firms with high (pre-sample) dividend payouts. However, it is decisively rejected for firms with low (pre-sample) payouts (firms we expect to face financing constraints). Hem, investment is sensitive to both firm cash flow and macroeconomic credit conditions, holding constant investment opportunities. Sample splits based on firm size or maturity do not produce such distinctions. The latter comparison identifies firms where "free-cash-flow" problems might be expected to produce correlations between investment and cash flow.

Observations of electron gyroharmonic waves and the structure of the Io torus

Narrow-banded emissions were observed by the Planetary Radio Astronomy experiment on the Voyager 1 spacecraft as it traversed the Io plasma torus. These waves occur between harmonics of the electron gyrofrequency and are the Jovian analogue of electrostatic emissions observed and theoretically studied for the terrestrial magnetosphere. The observed frequencies always include the component near the upper hybrid resonant frequency, (fuhr) but the distribution of the other observed emissions varies in a systematic way with position in the torus. A refined model of the electron density variation, based on identification of the fuhr line, is included. Spectra of the observed waves are analyzed in terms of the linear instability of an electron distribution function consisting of isotropic cold electrons and hot losscone electrons. The positioning of the observed auxiliary harmonics with respect to fuhr is shown to be an indicator of the cold to hot temperature ratio. It is concluded that this ratio increases systematically by an overall factor of perhaps 4 or 5 between the inner and outer portions of the torus

Adaptive smartphone-based sensor fusion for estimating competitive rowing kinematic metrics.

Competitive rowing highly values boat position and velocity data for real-time feedback during training, racing and post-training analysis. The ubiquity of smartphones with embedded position (GPS) and motion (accelerometer) sensors motivates their possible use in these tasks. In this paper, we investigate the use of two real-time digital filters to achieve highly accurate yet reasonably priced measurements of boat speed and distance traveled. Both filters combine acceleration and location data to estimate boat distance and speed; the first using a complementary frequency response-based filter technique, the second with a Kalman filter formalism that includes adaptive, real-time estimates of effective accelerometer bias. The estimates of distance and speed from both filters were validated and compared with accurate reference data from a differential GPS system with better than 1 cm precision and a 5 Hz update rate, in experiments using two subjects (an experienced club-level rower and an elite rower) in two different boats on a 300 m course. Compared with single channel (smartphone GPS only) measures of distance and speed, the complementary filter improved the accuracy and precision of boat speed, boat distance traveled, and distance per stroke by 44%, 42%, and 73%, respectively, while the Kalman filter improved the accuracy and precision of boat speed, boat distance traveled, and distance per stroke by 48%, 22%, and 82%, respectively. Both filters demonstrate promise as general purpose methods to substantially improve estimates of important rowing performance metrics

Towards analytic description of a transition from weak to strong coupling regime in correlated electron systems. I. Systematic diagrammatic theory with two-particle Green functions

We analyze behavior of correlated electrons described by Hubbard-like models at intermediate and strong coupling. We show that with increasing interaction a pole in a generic two-particle Green function is approached. The pole signals metal-insulator transition at half filling and gives rise to a new vanishing ``Kondo'' scale causing breakdown of weak-coupling perturbation theory. To describe the critical behavior at the metal-insulator transition a novel, self-consistent diagrammatic technique with two-particle Green functions is developed. The theory is based on the linked-cluster expansion for the thermodynamic potential with electron-electron interaction as propagator. Parquet diagrams with a generating functional are derived. Numerical instabilities due to the metal-insulator transition are demonstrated on simplifications of the parquet algebra with ring and ladder series only. A stable numerical solution in the critical region is reached by factorization of singular terms via a low-frequency expansion in the vertex function. We stress the necessity for dynamical vertex renormalizations, missing in the simple approximations, in order to describe the critical, strong-coupling behavior correctly. We propose a simplification of the full parquet approximation by keeping only most divergent terms in the asymptotic strong-coupling region. A qualitatively new, feasible approximation suitable for the description of a transition from weak to strong coupling is obtained.Comment: 17 pages, 4 figures, REVTe

Changing geo-ecological functions of coral reefs in the Anthropocene

This is the author accepted manuscript. The final version is available from Wiley via the DOI in this record The ecology of many coral reefs has changed markedly over recent decades in response to various combinations of local and global stressors. These ecological changes have important implications for the abundance of taxa that regulate the production and erosion of skeletal carbonates, and thus for many of the geo-ecological functions that coral reefs provide, including reef framework production and sediment generation, the maintenance of reef habitat complexity and reef growth potential. These functional attributes underpin many of the ecosystem goods and services that reefs provide to society. Rapidly changing conditions of reefs in the Anthropocene are likely to significantly impact the capacity of reefs to sustain these geo-ecological functions. Although the Anthropocene footprint of disturbance will be expressed differently across ecoregions and habitats, the end point for many reefs may be broadly similar: (a) progressively shifting towards net neutral or negative carbonate budget states; (b) becoming structurally flatter; and (c) having lower vertical growth rates. It is also likely that a progressive depth-homogenisation will occur in terms of these processes. The Anthropocene is likely to be defined by an increasing disconnect between the ecological processes that drive carbonate production on the reef surface, and the net geological outcome of that production, that is, the accumulation of the underlying reef structure. Reef structures are thus likely to become increasingly relict or senescent features, which will reduce reef habitat complexity and sediment generation rates, and limit reef potential to accrete vertically at rates that can track rising sea levels. In the absence of pervasive stressors, recovery of degraded coral communities has been observed, resulting in high net-positive budgets being regained. However, the frequency and intensity of climate-driven bleaching events are predicted to increase over the next decades. This would increase the spatial footprint of disturbances and exacerbate the magnitude of the changes described here, limiting the capacity of many reefs to maintain their geo-ecological functions. The enforcement of effective marine protection or the benefits of geographic isolation or of favourable environmental conditions (“refugia” sites) may offer the hope of more optimistic futures in some locations. A plain language summary is available for this article.Royal Societ

CROPSTATUS--A Computer Program to Assess the Effects of Seasonal Weather Changes on Nebraska\u27s Agriculture

CROPSTATUS is a series of programs residing in Nebraska\u27s AGNET system using daily weather data to assess seasonal changes in crops, livestock, and other agricultural conditions. Assessments are based on parameters developed from accumulations of current daily temperature and precipitation data collected from a network of synoptic, climate, and automated micrometeorological stations in Nebraska in comparison with daily normals. The daily normals were derived from monthly summaries using multiple regression models to compute daily values as a function of Julian day numbers. Crop phenology models based on growing degree days were used to monitor and forecast the progress of different crop strains and times of planting. Biological time scale statistical yield models are used for production estimates. Weather probability information is also available from CROPSTATUS. Long term climatic records have been used to determine spring and autumn freeze probabilities, preseason precipitation available for subsoil moisture recharge and the probabilities of weekly averages of daily maximum and minimum temperatures. These and other features are available in a menu of over 20 different agricultural weather information items developed from a network of 60 weather stations. CROPSTATUS is also used to prepare tabular data and computer maps showing changes in conditions throughout the state. These maps are used in meetings by an interdisciplinary committee of agricultural extension specialists to prepare weekly agweather situation/advisory reports

CROPSTATUS--A Computer Program to Assess the Effects of Seasonal Weather Changes on Nebraska\u27s Agriculture

CROPSTATUS is a series of programs residing in Nebraska\u27s AGNET system using daily weather data to assess seasonal changes in crops, livestock, and other agricultural conditions. Assessments are based on parameters developed from accumulations of current daily temperature and precipitation data collected from a network of synoptic, climate, and automated micrometeorological stations in Nebraska in comparison with daily normals. The daily normals were derived from monthly summaries using multiple regression models to compute daily values as a function of Julian day numbers. Crop phenology models based on growing degree days were used to monitor and forecast the progress of different crop strains and times of planting. Biological time scale statistical yield models are used for production estimates. Weather probability information is also available from CROPSTATUS. Long term climatic records have been used to determine spring and autumn freeze probabilities, preseason precipitation available for subsoil moisture recharge and the probabilities of weekly averages of daily maximum and minimum temperatures. These and other features are available in a menu of over 20 different agricultural weather information items developed from a network of 60 weather stations. CROPSTATUS is also used to prepare tabular data and computer maps showing changes in conditions throughout the state. These maps are used in meetings by an interdisciplinary committee of agricultural extension specialists to prepare weekly agweather situation/advisory reports

Stability of Ferromagnetism in Hubbard models with degenerate single-particle ground states

A Hubbard model with a N_d-fold degenerate single-particle ground state has ferromagnetic ground states if the number of electrons is less or equal to N_d. It is shown rigorously that the local stability of ferromagnetism in such a model implies global stability: The model has only ferromagnetic ground states, if there are no single spin-flip ground states. If the number of electrons is equal to N_d, it is well known that the ferromagnetic ground state is unique if and only if the single-particle density matrix is irreducible. We present a simplified proof for this result.Comment: accepted for publication in J. Phys.