Security Analysis, Agency Costs, and UK Firm Characteristics

This paper assesses the monitoring power of security analysts from the manager-shareholder conflict perspective. Using a sample of UK firms tracked by security analysts, our evidence supports the view that security analysis acts as a monitoring mechanism in reducing agency costs. We also find that security analysts are more effective in reducing agency costs for smaller and more focused firms rather than larger and more diversified firms suggesting that for larger and more complex firms security analysis is less effective. The UK findings suggest that the monitoring role of security analysts is not restricted to the U.S. capital market environment.

Quasi-normal modes for doubly rotating black holes

Based on the work of Chen, L\"u and Pope, we derive expressions for the $D\geq 6$ dimensional metric for Kerr-(A)dS black holes with two independent rotation parameters and all others set equal to zero: $a_1\neq 0, a_2\neq0, a_3=a_4=...=0$. The Klein-Gordon equation is then explicitly separated on this background. For $D\geq 6$ this separation results in a radial equation coupled to two generalized spheroidal angular equations. We then develop a full numerical approach that utilizes the Asymptotic Iteration Method (AIM) to find radial Quasi-Normal Modes (QNMs) of doubly rotating flat Myers-Perry black holes for slow rotations. We also develop perturbative expansions for the angular quantum numbers in powers of the rotation parameters up to second order.Comment: RevTeX 4-1, various figure

Loss of Spin Entanglement For Accelerated Electrons in Electric and Magnetic Fields

Using an open quantum system we calculate the time dependence of the concurrence between two maximally entangled electron spins with one accelerated uniformly in the presence of a constant magnetic field and the other at rest and isolated from fields. We find at high Rindler temperature the proper time for the entanglement to be extinguished is proportional to the inverse of the acceleration cubed.Comment: 10 pages, 4 figures, appendix and other discussion added, fixed some typographical errors and some references were correcte

Scalar spheroidal harmonics in five dimensional Kerr-(A)dS

We derive expressions for the general five-dimensional metric for Kerr-(A)dS black holes. The Klein-Gordon equation is explicitly separated and we show that the angular part of the wave equation leads to just one spheroidal wave equation, which is also that for charged five-dimensional Kerr-(A)dS black holes. We present results for the perturbative expansion of the angular eigenvalue in powers of the rotation parameters up to 6th order and compare numerically with the continued fraction method.Comment: 11 pages, two figures, one table; vz. 2: reference added and grammar correcte

Identifying optimal technological portfolios for European power generation towards climate change mitigation: A robust portfolio analysis approach

Here, an integrative approach is proposed to link integrated assessment modelling results from the GCAM model with a novel portfolio analysis framework. This framework comprises a bi-objective optimisation model, Monte Carlo analysis and the Iterative Trichotomic Approach, aimed at carrying out stochastic uncertainty assessment and enhancing robustness. The approach is applied for identifying optimal technological portfolios for power generation in the EU towards climate change mitigation until 2050. The considered technologies include photovoltaics, concentrated solar power, wind, nuclear, biomass and carbon capture and storage, for which different subsidy curves for emissions reduction and energy security are considered. © 2019 Elsevier LtdThe most important part of this research is based on the H2020 European Commission Project “Transitions pathways and risk analysis for climate change mitigation and adaptation strategies—TRANSrisk” under grant agreement No. 642260

A multiple-uncertainty analysis framework for integrated assessment modelling of several sustainable development goals

This research introduces a two-level integration of climate-economy modelling and portfolio analysis, to simulate technological subsidisation with implications for multiple Sustainable Development Goals (SDGs), across socioeconomic trajectories and considering different levels of uncertainties. We use integrated assessment modelling outputs relevant for progress across three SDGs namely air pollution-related mortality (SDG3), access to clean energy (SDG7) and greenhouse gas emissions (SDG13) calculated with the Global Change Assessment Model (GCAM) for different subsidy levels for six sustainable technologies, across three Shared Socioeconomic Pathways (SSPs), feeding them into a portfolio analysis model. Optimal portfolios that are robust in the individual socioeconomic scenarios as well as across the socioeconomic scenarios are identified, by means of an SSP-robustness score. A second link between the two models is established, by feeding portfolio analysis results back into GCAM. Application in a case study for Eastern Africa confirms that most SSP-robust portfolios show smaller output ranges among scenarios

The importance of stakeholders in scoping risk assessments—Lessons from low-carbon transitions

Identifying the risks that could impact a low-carbon transition is a prerequisite to assessing and managing these risks. We systematically characterise risks associated with decarbonisation pathways in fifteen case studies conducted in twelve countries around the world. We find that stakeholders from business, government, NGOs, and others supplied some 40 % of these risk inputs, significantly widening the scope of risks considered by academics and experts. Overall, experts and academics consider more economic risks and assess these with quantitative methods and models, while other stakeholders consider political risks more. To avoid losing sight of risks that cannot be easily quantified and modelled, including some economic risks, impact assessment modelling should be complemented with qualitative research and active stakeholder engagement. A systematic risk elicitation facilitates communication with stakeholders, enables better risk mitigation, and increases the chance of a sustainable transition

The do-not-resuscitate order: A comparison of physician and patient preferences and decision-making

The purpose of this study was to compare the decision-making and preferences regarding do-not-resuscitate (DNR) orders of a group of family physicians with a group of outpatients from a family practice center. Complete results of the outpatient questionnaire were published in a previous study by the authors. A random sample of 202 members of the Michigan Academy of Family Practice and all 32 members of the University of Michigan Department of Family Practice were surveyed by a mailed questionnaire. The questionnaire was divided into five parts: demographics, past experiences with DNR orders, who should be involved in DNR decision-making, values clarification, and a series of scenarios matched by a variety of biomedical and non-biomedical factors. After eliminating physicians who had left no forwarding address or who had retired or died, the overall response rate was 61.8%. Most physicians (97%) had at some time written a DNR order for one of their patients; discussions most commonly took place in the hospital room. Physicians, like patients, thought that in addition to the patient, DNR decisions should involve the spouse, the physician, and the patient's children, respectively. Value clarification revealed that both groups most highly value "being able to think clearly" and "being treated with dignity." The presence of a number of quality-of-life issues (age, drug or alcohol use, wheelchair use, dementia, and severe pain) in a series of scenarios negatively affected the decision of both family physicians and patients to resuscitate. There are significant similarities and differences in the way physicians and patients make DNR decisions. It is important that physicians and their patients communicate in a timely manner about prognosis, values, and quality-of-life issues in order to make effective DNR decisions.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/29149/1/0000191.pd