117,829 research outputs found
The Costs, Wealth Effects, and Determinants of International Capital Raising: Evidence from Public Yankee Bonds
This paper examines the costs, wealth effects, and determinants of international capital raising for a sample of 260 public debt issues made by non-U.S. firms in the U.S. (Yankee) market. We find that investors demand economically significant premiums on bonds issued by firms that are located in countries that do not protect investors' rights and do not have a prior history of on-going disclosure. The results provide support for the literature that suggests better legal protections and more detailed information disclosure increases the price investors will pay for financial assets. We also find that the average stock price reaction to Yankee bond offerings is significantly positive and that abnormal returns are largest for first-time Yankee bond issuers. In addition, we show that foreign firms tend to issue in the Yankee market when the relative interest cost is low, indicating that potential differences in borrowing costs influence where firms choose to sell bonds.http://deepblue.lib.umich.edu/bitstream/2027.42/39829/3/wp445.pd
Persistent Evidence of a Jovian Mass Solar Companion in the Oort Cloud
We present an updated dynamical and statistical analysis of outer Oort cloud
cometary evidence suggesting the sun has a wide-binary Jovian mass companion.
The results support a conjecture that there exists a companion of mass ~ 1-4
M_Jup orbiting in the innermost region of the outer Oort cloud. Our most
restrictive prediction is that the orientation angles of the orbit normal in
galactic coordinates are centered on the galactic longitude of the ascending
node Omega = 319 degree and the galactic inclination i = 103 degree (or the
opposite direction) with an uncertainty in the normal direction subtending ~ 2%
of the sky. A Bayesian statistical analysis suggests that the probability of
the companion hypothesis is comparable to or greater than the probability of
the null hypothesis of a statistical fluke. Such a companion could also have
produced the detached Kuiper Belt object Sedna. The putative companion could be
easily detected by the recently launched Wide-field Infrared Survey Explorer
(WISE).Comment: 41 pages, 9 figures, submitted to ICARU
Block Motion Changes in Japan Triggered by the 2011 Great Tohoku Earthquake
Plate motions are governed by equilibrium between basal and edge forces.
Great earthquakes may induce differential static stress changes across tectonic
plates, enabling a new equilibrium state. Here we consider the torque balance
for idealized circular plates and find a simple scalar relationship for changes
in relative plate speed as a function of its size, upper mantle viscosity, and
coseismic stress changes. Applied to Japan, the 2011
Tohoku earthquake generated coseismic stresses of
~Pa that could have induced changes in motion of small (radius
~km) crustal blocks within Honshu. Analysis of time-dependent GPS
velocities, with corrections for earthquake cycle effects, reveals that plate
speeds may have changed by up to mm/yr between -year epochs
bracketing this earthquake, consistent with an upper mantle viscosity of Pas, suggesting that great earthquakes may modulate
motions of proximal crustal blocks at frequencies as high as ~Hz
Quantum tomography for collider physics: Illustrations with lepton pair production
Quantum tomography is a method to experimentally extract all that is
observable about a quantum mechanical system. We introduce quantum tomography
to collider physics with the illustration of the angular distribution of lepton
pairs. The tomographic method bypasses much of the field-theoretic formalism to
concentrate on what can be observed with experimental data, and how to
characterize the data. We provide a practical, experimentally-driven guide to
model-independent analysis using density matrices at every step. Comparison
with traditional methods of analyzing angular correlations of inclusive
reactions finds many advantages in the tomographic method, which include
manifest Lorentz covariance, direct incorporation of positivity constraints,
exhaustively complete polarization information, and new invariants free from
frame conventions. For example, experimental data can determine the
of the production process, which is a
model-independent invariant that measures the degree of coherence of the
subprocess. We give reproducible numerical examples and provide a supplemental
standalone computer code that implements the procedure. We also highlight a
property of that guarantees in a least-squares type fit
that a local minimum of a statistic will be a global minimum: There
are no isolated local minima. This property with an automated implementation of
positivity promises to mitigate issues relating to multiple minima and
convention-dependence that have been problematic in previous work on angular
distributions.Comment: 25 pages, 3 figure
Endowment Effects and Contribution Strategies in Public Good Experiments
We investigate behavior in a laboratory public good experiment with unique endowment schemes that allow a wider range of contribution strategies than in standard voluntary contribution mechanism (VCM) experiments. A baseline treatment follows a standard VCM design (subjects receive 10 tokens in each of 10 rounds that may be allocated between a private account and a group account). In a new carry-over treatment, any tokens not allocated to the group account in the current period are made available for contributions in future periods. Under full endowment, subjects receive 100 tokens in round one (rather than 10 tokens per round for each of 10 rounds). In the pledge treatment, subjects’ allocation decisions for an initial endowment of 100 tokens may be changed in any round and are binding only for the final round. We find that the size of the effective endowment and whether contributions are binding significantly impact subject decision making. Deviations from the free riding outcome are greater when subjects have a larger portion of their total endowment earlier in the experiment, and subjects contribute less when their contribution decisions are bindin
Enhanced drag in pipe turbulent flow by an aqueous electrolyte: an electroviscous effect
Drag enhancement is reported for turbulent pipe flow of aqueous electrolyte solutions. No electroviscous effect was obtained with laminar flow. Nor was any unusual pressure drop observed for laminar or turbulent flow of non-electrolyte aqueous solutions such as sugar. An electroviscous theory was advanced that predicted the drag enhancement for a 1/1 electrolyte solution. The theory depended on consideration of Debye length
Electromagnetic Deflection of Spinning Particles
We show that it is possible to obtain self-consistent and physically
acceptable relativistic classical equations of motion for a point-like
spin-half particle possessing an electric charge and a magnetic dipole moment,
directly from a manifestly covariant Lagrangian, if the classical degrees of
freedom are appropriately chosen. It is shown that the equations obtained
encompass the well-tested Lorentz force and Thomas--Bargmann--Michel--Telegdi
spin equations, as well as providing a definite specification of the classical
_magnetic_dipole_ force_, whose exact form has been the subject of recent
debate. Radiation reaction---the force and torque on an accelerated particle
due to its self-interaction---is neglected at this stage.Comment: 18 pp. (latex, uses revtex 3), UM-P-92/9
The Foldy-Wouthuysen transformation
The Foldy-Wouthuysen transformation of the Dirac Hamiltonian is generally
taught as simply a mathematical trick that allows one to obtain a two-component
theory in the low-energy limit. It is not often emphasized that the transformed
representation is the only one in which one can take a meaningful *classical
limit*, in terms of particles and antiparticles. We briefly review the history
and physics of this transformation.Comment: Standard LaTeX, 6 page
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